Jackson Variable Series Trust NPORT-P JNL/Neuberger Berman Currency Fund (Sep 2019 report)

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares			Value ($)
JNL iShares Tactical Growth Fund
INVESTMENT COMPANIES 99.0%
Domestic Equity 40.6%
	iShares Core S&P 500 ETF (a)	60			17,815
	iShares Core S&P Mid-Cap ETF	105			20,315
	iShares Morningstar Large-Cap Value ETF	162			17,850
	iShares MSCI USA Quality Factor ETF	180			16,595
	iShares S&P SmallCap 600 Index ETF	54			4,245
	iShares U.S. Consumer Services ETF	58			12,703
	iShares U.S. Financial Services ETF	27			3,638
	iShares U.S. Technology ETF (a)	27			5,468
			98,629
Domestic Fixed Income 14.6%
	iShares 0-5 Year High Yield Corporate Bond ETF (a)	63			2,948
	iShares Core Total U.S. Bond Market ETF	76			8,586
	iShares Liquidity Income ETF	239			12,056
	iShares MBS ETF	109			11,772
			35,362
International Equity 13.8%
	iShares Core MSCI EAFE ETF	548			33,469
Emerging Markets Equity 12.1%
	iShares Core MSCI Emerging Markets ETF	600			29,410
Global Equity 8.5%
	iShares Exponential Technologies ETF (a)	532			20,569
Alternative 6.7%
	iShares Global Infrastructure ETF (a)	211			9,836
	iShares U.S. Real Estate ETF (a)	68			6,400
			16,236
Emerging Markets Fixed Income 2.7%
	iShares JPMorgan USD Emerging Markets Bond ETF	59			6,707
	Total Investment Companies (cost $220,356)		240,382
SHORT TERM INVESTMENTS 3.9%
Securities Lending Collateral 2.8%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (b) (c)	6,758			6,758
Investment Companies 1.1%
	JNL Government Money Market Fund - Institutional Class, 1.86% (b) (c)	2,656			2,656
	Total Short Term Investments (cost $9,414)		9,414
Total Investments 102.9% (cost $229,770)			249,796
Other Assets and Liabilities, Net (2.9)%			(7,060)
Total Net Assets 100.0%				242,736

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Investment in affiliate.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

JNL iShares Tactical Moderate Fund
INVESTMENT COMPANIES 97.8%
Domestic Fixed Income 48.1%
	iShares 0-5 Year High Yield Corporate Bond ETF	122			5,680
	iShares 0-5 Year TIPS Bond ETF	43			4,289
	iShares Core Total U.S. Bond Market ETF	203			22,929
	iShares Liquidity Income ETF	363			18,287
	iShares MBS ETF	177			19,159
			70,344
Domestic Equity 23.5%
	iShares Core S&P 500 ETF	31			9,368
	iShares Core S&P Mid-Cap ETF	32			6,298
	iShares Morningstar Large-Cap Value ETF	53			5,854
	iShares MSCI USA Quality Factor ETF	62			5,760
	iShares S&P SmallCap 600 Index ETF	14			1,107
	iShares U.S. Consumer Services ETF	18			3,834
	iShares U.S. Technology ETF (a)	11			2,173
			34,394
International Equity 7.9%
	iShares Core MSCI EAFE ETF	188			11,514
		Shares			Value ($)
Emerging Markets Fixed Income 6.3%
	iShares JPMorgan USD Emerging Markets Bond ETF	81			9,189
Emerging Markets Equity 5.4%
	iShares Core MSCI Emerging Markets ETF	160			7,830
Alternative 3.3%
	iShares Global Infrastructure ETF	64			2,962
	iShares U.S. Real Estate ETF (a)	20			1,907
			4,869
Global Equity 3.3%
	iShares Exponential Technologies ETF	123			4,748
	Total Investment Companies (cost $135,260)		142,888
SHORT TERM INVESTMENTS 3.8%
Investment Companies 2.2%
	JNL Government Money Market Fund - Institutional Class, 1.86% (b) (c)	3,244			3,244
Securities Lending Collateral 1.6%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (b) (c)	2,320			2,320
	Total Short Term Investments (cost $5,564)		5,564
Total Investments 101.6% (cost $140,824)			148,452
Other Assets and Liabilities, Net (1.6)%			(2,327)
Total Net Assets 100.0%				146,125

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Investment in affiliate.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

JNL iShares Tactical Moderate Growth Fund
INVESTMENT COMPANIES 98.4%
Domestic Fixed Income 32.8%
	iShares 0-5 Year High Yield Corporate Bond ETF (a)	148		6,881
	iShares 0-5 Year TIPS Bond ETF (a)	34		3,452
	iShares Core Total U.S. Bond Market ETF	273		30,918
	iShares Liquidity Income ETF (a)	489		24,619
	iShares MBS ETF	253		27,394
			93,264
Domestic Equity 30.5%
	iShares Core S&P 500 ETF (a)	64		19,040
	iShares Core S&P Mid-Cap ETF	71		13,695
	iShares Morningstar Large-Cap Value ETF	136		15,043
	iShares MSCI USA Quality Factor ETF	168		15,507
	iShares S&P SmallCap 600 Index ETF (a)	37		2,840
	iShares U.S. Consumer Services ETF (a)	55		11,898
	iShares U.S. Financial Services ETF (a)	21		2,823
	iShares U.S. Technology ETF (a)	28		5,659
			86,505
International Equity 9.9%
	iShares Core MSCI EAFE ETF	458		27,990
Emerging Markets Equity 8.4%
	iShares Core MSCI Emerging Markets ETF	486		23,838
Global Equity 6.7%
	iShares Exponential Technologies ETF (a)	494		19,124
Alternative 5.1%
	iShares Global Infrastructure ETF (a)	186		8,653
	iShares U.S. Real Estate ETF	64		5,942
			14,595
Emerging Markets Fixed Income 5.0%
	iShares JPMorgan USD Emerging Markets Bond ETF	126		14,300
	Total Investment Companies (cost $256,972)		279,616
SHORT TERM INVESTMENTS 10.0%
Securities Lending Collateral 8.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (b) (c)	22,985		22,985

1

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares			Value ($)
Investment Companies 1.9%
	JNL Government Money Market Fund - Institutional Class, 1.86% (b) (c)	5,381			5,381
	Total Short Term Investments (cost $28,366)		28,366
Total Investments 108.4% (cost $285,338)			307,982
Other Assets and Liabilities, Net (8.4)%			(23,822)
Total Net Assets 100.0%				284,160

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Investment in affiliate.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

2

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
JNL/DFA U.S. Small Cap Fund
COMMON STOCKS 99.8%
Financials 21.1%
	1st Constitution Bancorp	1	11
	1st Security Bank of Washington	—	15
	1st Source Corp.	2	93
	Affiliated Managers Group, Inc.	2	169
	Allegiance Bancshares, Inc. (a)	2	62
	A-Mark Precious Metals, Inc. (a)	1	10
	Ambac Financial Group, Inc. (a)	5	93
	American Equity Investment Life Holding Company	6	145
	American National Bankshares Inc.	1	28
	American National Insurance Company	1	170
	American River Bankshares	1	15
	Ameris Bancorp	4	172
	Amerisafe, Inc.	2	105
	Argo Group International Holdings, Ltd.	2	139
	Arrow Financial Corporation	2	55
	Artisan Partners Asset Management Inc. - Class A	3	88
	Associated Banc-Corp	8	160
	Assured Guaranty Ltd.	4	197
	Asta Funding, Inc. (a)	—	1
	Atlantic Capital Bancshares, Inc. (a)	2	33
	Atlantic Union Bankshares Corporation	5	184
	Atlanticus Holdings Corporation (a)	1	9
	Axos Financial, Inc. (a)	4	122
	Banc of California, Inc.	4	50
	BancFirst Corporation	2	114
	BancorpSouth Bank	6	188
	Bank of Hawaii Corporation	2	188
	Bank of Marin Bancorp	1	40
	Bank of N.T. Butterfield & Son Limited (The)	4	127
	Bank OZK	8	221
	BankFinancial Corporation	2	20
	BankUnited, Inc.	6	209
	Banner Corporation	3	147
	Bar Harbor Bankshares	1	27
	Berkshire Hills Bancorp, Inc.	4	109
	BGC Partners, Inc. - Class A	17	91
	Blucora, Inc. (a)	4	92
	Boston Private Financial Holdings Inc.	7	84
	Bridge Bancorp Inc.	2	56
	Bridgewater Bancshares, Inc. (a)	3	39
	Brighthouse Financial, Inc. (a)	6	255
	Brightsphere Investment Group Inc.	5	51
	Brookline Bancorp, Inc.	6	85
	Bryn Mawr Bank Corp.	1	53
	Byline Bancorp, Inc. (a)	3	58
	C&F Financial Corporation	—	21
	Cadence Bancorporation - Class A	7	123
	Cambridge Bancorp	—	30
	Camden National Corp.	1	55
	Cannae Holdings, Inc. (a)	5	147
	Capital City Bank Group Inc.	1	35
	Capitol Federal Financial	10	139
	Capstar Financial Holdings, Inc.	2	31
	Carolina Financial Corp.	2	53
	Cathay General Bancorp	5	176
	CBTX, Inc.	2	54
	Centerstate Bank Corporation	7	172
	Central Pacific Financial Corp.	2	62
	Central Valley Community Bancorp	1	19
	Century Bancorp Inc. - Class A	—	31
	Chemung Financial Corporation	—	8
	CIT Group Inc.	5	243
	Citizens & Northern Corp.	—	11
	Citizens Inc. - Class A (a) (b)	4	28
	City Holdings Co.	1	82
	Civista Bancshares Inc.	1	25
	CNB Financial Corp.	1	40
	Cohen & Steers, Inc.	3	163
	Columbia Banking System Inc.	5	167
	Columbia Financial, Inc. (a)	8	127
	Community Bank System Inc.	3	183
	Community Bankers Trust Corp.	1	12
	Community Trust Bancorp Inc.	1	52
	ConnectOne Bancorp, Inc.	2	53
	Cowen Inc. - Class A (a)	2	30
	Crawford & Co. - Class A	3	30
	Crawford & Co. - Class B	3	28
	Curo Group Holdings Corp. (a)	4	47
	Customers Bancorp, Inc. (a)	1	28
	CVB Financial Corp.	8	177
	Diamond Hill Investment Group, Inc.	—	31
	Dime Community Bancshares Inc.	2	49
	Donegal Group Inc. - Class A	4	53
	Donnelley Financial Solutions, Inc. (a)	3	36
	Eagle Bancorp Inc.	3	115
	Eaton Vance Corp.	3	154
	eHealth, Inc. (a)	2	112
	Elevate Credit, Inc. (a)	2	9
	Employer Holdings Inc.	2	98
	Encore Capital Group Inc. (a) (b)	3	84
	Enova International, Inc. (a)	2	50
	Enstar Group Limited (a)	1	209
	Enterprise Bancorp Inc.	2	55
	Enterprise Financial Services Corp.	2	77
	Equity Bancshares, Inc. - Class A (a)	1	32
	Essent Group Ltd.	4	179
	Evercore Inc. - Class A	2	175
	EzCorp Inc. - Class A (a)	4	26
	Farmers National Banc Corp.	3	39
	FB Financial Corporation	2	84
	FBL Financial Group, Inc. - Class A	2	106
	Federal Agricultural Mortgage Corp. - Class C	1	51
	Federated Investors Inc. - Class B	7	211
	Fednat Holding Company	1	20
	Financial Institutions Inc.	1	44
	First Bancorp Inc.	2	80
	First Bancorp Inc.	13	133
	First Bancshares Inc.	2	53
	First Bank of New Jersey	1	13
	First Busey Corp.	4	107
	First Commonwealth Financial Corp.	8	101
	First Community Bancshares, Inc.	1	41
	First Defiance Financial Corp.	2	46
	First Financial Bancorp	6	146
	First Financial Bancshares, Inc.	7	245
	First Financial Corp.	1	39
	First Financial Northwest, Inc.	1	11
	First Foundation Inc.	4	63
	First Hawaiian, Inc.	6	149
	First Horizon National Corp.	1	13
	First Internet Bancorp	1	17
	First Interstate BancSystem, Inc. - Class A	3	114
	First Merchants Corp.	4	146
	First Mid-Illinois Bancshares Inc.	1	46
	First Midwest Bancorp Inc.	7	128
	First of Long Island Corp.	2	41
	FirstCash, Inc.	3	237
	Flagstar Bancorp Inc.	4	132
	Flushing Financial Corp.	3	51
	FNB Corp.	19	222
	Franklin Financial Network, Inc.	1	42
	Fulton Financial Corp.	9	153
	GAIN Capital Holdings, Inc. (b)	2	11
	GAMCO Investors Inc. - Class A	1	24
	Genworth Financial, Inc. - Class A (a)	4	17
	German American Bancorp Inc.	2	63
	Glacier Bancorp, Inc.	5	218
	Global Indemnity Ltd - Class A	1	17
	Goosehead Insurance, Inc. - Class A	1	62
	Great Southern Bancorp Inc.	1	61
	Great Western Bancorp Inc.	4	127
	Green Dot Corporation - Class A (a)	3	82
	Greenhill & Co. Inc.	2	22
	Greenlight Capital Re, Ltd. - Class A (a)	2	25
	Guaranty Bancshares Inc.	1	33
	Hallmark Financial Services, Inc. (a)	2	35

3

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
Hamilton Lane Inc. - Class A	2	88
Hancock Whitney Co.	6	214
Hanmi Financial Corp.	2	44
HarborOne Bancorp, Inc. (a)	4	36
HCI Group, Inc.	1	51
Heartland Financial USA, Inc.	3	120
Hennessy Advisors Inc.	1	8
Heritage Commerce Corp.	3	41
Heritage Financial Corporation	3	81
Heritage Insurance Holdings, Inc.	2	33
Hingham Institution for Savings	—	31
Home Bancorp, Inc.	1	26
Home Bancshares Inc.	10	195
HomeStreet, Inc. (a)	2	57
HomeTrust Bancshares Inc.	1	30
Hope Bancorp, Inc.	9	127
Horace Mann Educators Corp.	3	134
Horizon Bancorp Inc.	3	54
Houlihan Lokey Inc. - Class A	2	101
Howard Bancorp Inc. (a)	1	11
IberiaBank Corp.	3	252
Impac Mortgage Holdings, Inc. (a) (b)	1	8
Independence Holding Co.	—	12
Independence Holdings, LLC	1	39
Independent Bank Corp.	2	152
Independent Bank Group, Inc.	2	125
Interactive Brokers Group, Inc. (c)	1	73
Internap Corporation (a) (b)	2	4
International Bancshares Corp.	4	146
INTL FCStone Inc. (a)	1	54
Investors Bancorp, Inc.	16	178
Investors Title Co.	—	40
James River Group, Inc.	2	110
Janus Henderson Group PLC	9	207
Kearny Financial Corp	3	40
Kemper Corp.	2	155
Kingstone Cos. Inc.	1	12
Kinsale Capital Group, Inc.	1	126
Ladenburg Thalmann Financial Services Inc.	21	50
Lakeland Bancorp Inc.	3	51
Lakeland Financial Corp.	2	84
Lazard Ltd - Class A	2	66
LCNB Corp.	1	9
LegacyTexas Financial Group, Inc.	3	131
Legg Mason Inc.	5	188
LendingClub Corporation (a)	6	76
LendingTree, Inc. (a) (b)	1	210
Live Oak Bancshares, Inc.	2	44
Longlade, Dr Charles W	1	29
Luther Burbank Corporation	3	31
Macatawa Bank Corp.	5	50
Maiden Holdings, Ltd.	5	4
Manning & Napier, Inc. - Class A	3	5
Marlin Business Services Inc.	1	18
MBIA Inc. (a)	6	51
Mercantile Bank Corp.	1	37
Merchants Bancorp, Inc.	3	43
Mercury General Corp.	3	179
Meridian Bancorp, Inc.	4	68
Meta Financial Group, Inc.	3	95
Metropolitan Bank Holding Corp. (a)	1	30
Midland States Bancorp Inc.	2	46
MidWestOne Financial Group Inc.	1	34
Moelis & Company LLC - Class A	2	71
Mr. Cooper Group Inc. (a)	7	74
National Bank Holdings Corp. - Class A	2	73
National General Holdings Corp.	5	125
National Western Life Group Inc. - Class A	—	70
Navient Corporation	15	190
NBT Bancorp Inc.	3	112
Nelnet, Inc. - Class A	2	109
Nicholas Financial, Inc. (a)	2	17
Nicolet Bankshares, Inc. (a)	1	55
NMI Holdings Inc. - Class A (a)	5	121
Northeast Bank	—	4
Northfield Bancorp Inc.	4	71
Northrim BanCorp Inc.	1	22
Northwest Bancshares Inc.	7	122
OceanFirst Financial Corp.	4	92
Ocwen Financial Corp. (a)	6	11
OFG Bancorp	3	70
Old Line Bancshares, Inc.	1	43
Old National Bancorp	10	177
Old Second Bancorp Inc.	2	24
On Deck Capital Inc. (a)	6	21
Oppenheimer Holdings Inc. - Class A	1	32
Option Care Health, Inc. (a)	5	16
Opus Bank	2	51
Origin Bancorp, Inc.	2	67
Oritani Financial Corp.	3	59
Pacific Mercantile Bancorp (a)	1	8
Pacific Premier Bancorp, Inc.	5	146
PacWest Bancorp	7	243
Park National Corp.	1	115
Paysign, Inc. (a)	3	33
Peapack Gladstone Financial Corp.	2	45
PennyMac Financial Services, Inc. (a)	3	105
Peoples Bancorp Inc.	2	55
People's Utah Bancorp	1	35
Pinnacle Financial Partners, Inc.	4	247
Piper Jaffray Cos.	1	80
PJT Partners Inc. - Class A	2	76
Preferred Bank	1	62
Primerica, Inc.	—	63
ProAssurance Corporation	3	125
Prosperity Bancshares Inc.	4	276
Protective Insurance Company - Class B	1	21
Provident Financial Holdings Inc.	1	27
Provident Financial Services, Inc.	5	119
Pzena Investment Management, Inc. - Class A	1	10
QCR Holdings, Inc.	1	43
RBB Bancorp	1	26
Regional Management Corp. (a)	1	33
Renasant Corporation	3	119
Republic Bancorp Inc. - Class A	1	54
Republic First Bancorp Inc. (a)	5	20
Riverview Bancorp Inc.	3	20
RLI Corp.	3	263
S&T Bancorp Inc.	3	97
Safeguard Scientifics Inc. (a)	1	16
Safety Insurance Group, Inc.	1	118
Sandy Spring Bancorp Inc.	3	91
Seacoast Banking Corp. of Florida (a)	2	46
Selective Insurance Group Inc.	4	283
ServisFirst Bancshares, Inc.	4	125
Sierra BanCorp	1	36
Silvercrest Asset Management Group Inc. - Class A	1	10
Simmons First National Corp. - Class A	6	150
SLM Corporation	18	156
Smartfinancial, Inc. (a)	1	22
South State Corp.	2	147
Southern First Bancshares Inc. (a)	1	25
Southern Missouri Bancorp Inc.	1	35
Southern National Bancorp of Virginia Inc.	2	27
Southside Bancshares, Inc.	2	77
Spirit Of Texas Bancshares Inc. (a)	1	31
State Auto Financial Corp.	3	98
Sterling Bancorp	12	233
Sterling Bancorp, Inc.	2	21
Stewart Information Services Corp.	2	64
Stifel Financial Corp.	4	248
Stock Yards Bancorp Inc.	2	61
Summit Financial Group, Inc.	1	20
TCF Financial Corporation	9	355
Telaria Inc. (a)	5	37
Texas Capital Bancshares, Inc. (a)	3	156
The Bancorp, Inc. (a)	5	52
The First Bancorp, Inc.	2	49
The PRA Group, Inc. (a)	3	110
Third Point Reinsurance Ltd. (a)	7	71

4

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Timberland Bancorp Inc.	1		19
	Tompkins Financial Corp.	1		95
	TowneBank	4		125
	Trico Bancshares	2		75
	Tristate Capital Holdings, Inc. (a)	2		42
	Triumph Bancorp, Inc. (a)	2		58
	Trupanion Inc. (a) (b)	1		19
	TrustCo Bank Corp.	8		62
	Trustmark Corp.	4		130
	UMB Financial Corp.	3		184
	Umpqua Holdings Corp.	12		205
	United Bankshares Inc.	6		219
	United Community Banks, Inc.	5		142
	United Community Financial Corp.	4		43
	United Financial Bancorp Inc.	3		42
	United Fire Group Inc.	2		87
	United Insurance Holdings Corp.	4		49
	Universal Insurance Holdings, Inc.	2		73
	Univest Financial Corporation	2		61
	Valley National Bancorp	20		220
	Veritex Holdings Inc.	2		54
	Victory Capital Holdings, Inc. - Class A	1		11
	Virtu Financial Inc. - Class A (b)	4		73
	Virtus Partners, Inc.	1		63
	Waddell & Reed Financial Inc. - Class A (b) (c)	4		77
	Walker & Dunlop, Inc.	2		131
	Washington Federal Inc.	2		62
	Washington Trust Bancorp Inc.	1		59
	Waterstone Financial, Inc.	2		42
	Webster Financial Corp.	5		236
	WesBanco Inc.	3		126
	West Bancorporation, Inc.	2		46
	Westamerica Bancorp	2		116
	Western Alliance Bancorp	6		263
	Western New England Bancorp Inc.	4		41
	Westwood Holdings Group Inc.	1		16
	White Mountains Insurance Group Ltd	—		195
	Wintrust Financial Corporation	3		216
	WisdomTree Investments, Inc.	10		53
	World Acceptance Corp. (a)	1		82
	WSFS Financial Corp.	4		159
			28,877
Industrials 18.3%
	AAON, Inc.	3		127
	AAR Corp.	1		26
	ABM Industries Incorporated	4		145
	ACCO Brands Corporation	7		69
	Actuant Corporation - Class A	4		83
	Advanced Disposal Services, Inc. (a)	6		192
	Advanced Drainage Systems, Inc.	3		106
	Advanced Energy Industries, Inc. (a)	2		142
	Aegion Corporation (a)	1		31
	Aerojet Rocketdyne Holdings, Inc. (a)	5		246
	AeroVironment, Inc. (a)	2		93
	Air Lease Corporation - Class A	6		269
	Air Transport Services Group, Inc. (a)	4		84
	Aircastle Limited	3		65
	Alamo Group Inc.	1		103
	Albany International Corp. - Class A	2		163
	Allegiant Travel Company	1		168
	Allied Motion Technologies Inc.	1		36
	Altra Industrial Motion Corp.	2		60
	Ameresco, Inc. - Class A (a)	2		29
	American Superconductor Corporation (a)	1		9
	American Woodmark Corporation (a)	1		103
	Apogee Enterprises, Inc.	2		81
	Applied Industrial Technologies, Inc.	2		138
	ARC Document Solutions, Inc. (a)	3		4
	Arcbest Corporation	2		56
	Arcosa, Inc.	1		45
	Ardmore Shipping Services (Ireland) Limited (a)	2		13
	Argan, Inc.	2		67
	Armstrong Flooring, Inc. (a)	2		14
	Armstrong World Industries, Inc.	3		282
	Astec Industries, Inc.	2		56
	Astronics Corporation (a)	2		60
	Astronics Corporation - Class B (a)	—		4
	Atkore International Group Inc. (a)	4		114
	Atlas Air Worldwide Holdings, Inc. (a)	2		44
	Avis Budget Group, Inc. (a)	4		119
	Axone Intelligence Inc. (a)	3		163
	AZZ Inc.	2		89
	Barnes Group Inc.	3		156
	Barrett Business Services, Inc.	1		57
	Beacon Roofing Supply, Inc. (a)	4		145
	BG Staffing, Inc.	1		19
	Blue Bird Global Corporation (a)	2		41
	Brady Corp. - Class A	3		153
	Briggs & Stratton Corp.	3		21
	Brink's Co.	3		247
	Builders FirstSource, Inc. (a)	7		136
	CAI International Inc. (a)	2		37
	Casella Waste Systems Inc. - Class A (a)	3		133
	CBIZ Inc. (a)	4		100
	Ceco Environmental Corp. (a)	3		19
	Chart Industries, Inc. (a)	2		126
	Cimpress N.V. (a) (d)	2		210
	CIRCOR International, Inc. (a)	1		49
	Civeo Corporation (a)	12		15
	Clean Harbors Inc. (a)	4		274
	Colfax Corp. (a)	7		210
	Columbus Mckinnon Corp.	2		73
	Comfort Systems USA Inc.	3		114
	Commercial Vehicle Group Inc. (a)	2		17
	Construction Partners, Inc. - Class A (a)	3		45
	Continental Building Products Inc. (a)	3		76
	Copa Holdings, S.A. - Class A	1		92
	Cornerstone Building Brands, Inc. (a)	5		28
	Costamare Inc.	8		48
	Covanta Holding Corporation	8		133
	Covenant Transportation Group, Inc. - Class A (a)	1		23
	CRA International, Inc.	—		20
	CSW Industrials Inc.	1		81
	Cubic Corp.	2		133
	Daseke Companies, Inc. (a)	5		11
	Deluxe Corp.	3		124
	Douglas Dynamics, Inc.	1		66
	Ducommun Inc. (a)	1		50
	DXP Enterprises Inc. (a)	2		52
	Dycom Industries, Inc. (a)	2		122
	Eagle Bulk Shipping Inc. (a) (b)	5		24
	Eastern Co.	1		15
	Echo Global Logistics, Inc. (a)	3		59
	EMCOR Group, Inc.	1		121
	Encore Wire Corp.	2		93
	Energy Recovery, Inc. (a) (b)	5		44
	EnerSys	3		174
	Ennis Inc.	2		48
	EnPro Industries, Inc.	1		98
	ESCO Technologies Inc.	2		127
	Evoqua Water Technologies Corp. (a)	8		142
	Exponent, Inc.	3		214
	Federal Signal Corp.	4		140
	Fluor Corp.	4		67
	Forrester Research Inc.	1		42
	Forward Air Corp.	2		129
	Franklin Covey Co. (a)	1		48
	Franklin Electric Co. Inc.	3		132
	FreightCar America Inc. (a)	1		3
	FTI Consulting Inc. (a)	2		209
	Gates Industrial Corporation PLC (a)	5		51
	GATX Corp.	2		170
	Genco Shipping & Trading Limited (a)	4		33
	Generac Holdings Inc. (a)	4		298
	Gibraltar Industries Inc. (a)	2		113
	GMS Inc. (a)	3		85
	Golden Ocean Group Limited (b)	1		8
	Goldfield Corp. (a)	1		3
	Gorman-Rupp Co.	2		62

5

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
GP Strategies Corporation (a)	1	15
GrafTech International Ltd.	12	157
Graham Corp.	1	14
Granite Construction Inc.	3	99
Great Lakes Dredge & Dock Corp. (a)	6	61
Greenbrier Cos. Inc.	2	48
Griffon Corp.	4	74
H&E Equipment Services Inc.	3	79
Harsco Corp. (a)	6	119
Hawaiian Holdings Inc.	4	93
HC2 Holdings Inc. (a) (b)	1	2
Healthcare Services Group Inc. (b)	5	111
Heartland Express Inc.	6	118
Heidrick & Struggles International Inc.	2	45
Helios Technologies, Inc.	2	99
Herc Holdings Inc. (a)	2	98
Heritage-Crystal Clean, LLC (a)	2	50
Herman Miller Inc.	4	169
Hertz Global Holdings, Inc. (a)	9	128
Hill International Inc. (a)	5	15
Hillenbrand Inc.	4	113
HNI Corp.	3	96
HUB Group Inc. - Class A (a)	2	100
Hudson Global, Inc. (a) (c)	—	2
Hudson Technologies Inc. (a) (b)	2	2
Hurco Cos. Inc.	1	20
Huron Consulting Group Inc. (a)	2	98
Huttig Building Products Inc. (a)	2	3
Hyster-Yale Materials Handling Inc. - Class A	1	53
ICF International, Inc.	1	113
IES Holdings, Inc. (a)	1	25
InnerWorkings, Inc. (a)	6	28
Innovative Solutions and Support, Inc. (a)	—	2
Insperity, Inc.	2	148
Insteel Industries, Inc.	2	32
Interface Inc.	4	57
IntriCon Corporation (a) (b)	1	27
JELD-WEN Holding, Inc. (a)	7	131
John Bean Technologies Corp.	2	172
Kadant Inc.	1	80
Kaman Corp.	2	117
Kelly Services Inc. - Class A	3	68
Kennametal Inc.	5	163
Kforce Inc.	2	74
Kimball International Inc. - Class B	3	54
Kirby Corp. (a)	3	284
Knoll Inc.	4	92
Korn Ferry	3	135
Kratos Defense & Security Solutions, Inc. (a)	8	150
Landstar System Inc.	2	187
Lawson Products Inc. (a)	1	46
LB Foster Co. (a)	1	23
Lindsay Corp.	1	68
LSC Communications, Inc.	3	4
Lydall Inc. (a)	1	33
Macquarie Infrastructure Corporation	5	199
Manitex International Inc. (a)	1	6
Manitowoc Co. Inc. (a)	3	35
Marten Transport Ltd.	4	84
Masonite International Corp. (a)	2	103
MasTec Inc. (a)	5	302
Matson Intermodal - Paragon, Inc.	3	122
Matthews International Corp. - Class A	2	85
McGrath RentCorp	2	125
Mercury Systems Inc. (a)	3	244
Meritor, Inc. (a)	6	112
Mesa Air Group, Inc. (a)	3	18
Milacron Holdings Corp. (a)	4	69
Miller Industries Inc.	1	32
Mistras Group, Inc. (a)	3	42
Mobile Mini, Inc.	4	130
Moog Inc. - Class A	2	155
MRC Global Inc. (a)	5	65
MSA Safety Inc.	2	251
Mueller Industries Inc.	4	118
Mueller Water Products Inc. - Class A	11	120
MYR Group Inc. (a)	1	46
National Presto Industries Inc.	1	55
Navigant Consulting, Inc.	2	64
Navistar International Corporation (a)	6	172
NN Inc.	3	20
Northwest Pipe Co. (a)	1	29
Now, Inc. (a)	6	74
NV5 Global, Inc. (a)	1	70
Nvent Electric Public Limited Company	10	213
Omega Flex Inc.	1	78
Orion Group Holdings, Inc. (a)	2	11
PAM Transportation Services Inc. (a)	1	31
Park-Ohio Holdings Corp.	1	29
Patrick Industries Inc. (a)	2	83
Patriot Transportation, Inc. (a) (c)	—	6
Performant Financial Corporation (a) (c)	3	3
PGT Innovations, Inc. (a)	5	82
Pitney Bowes Inc.	12	53
Powell Industries Inc.	1	43
Preformed Line Products Co.	1	29
Primoris Services Corporation	3	63
Proto Labs Inc. (a)	2	171
Quad/Graphics Inc. - Class A	3	31
Quanex Building Products Corp.	2	40
Radiant Logistics, Inc. (a)	4	20
Raven Industries Inc.	3	84
RBC Bearings Incorporated (a)	1	235
Red Violet, Inc. (a)	—	5
Regal-Beloit Corp.	3	185
Resideo Technologies, Inc. (a)	8	108
Resources Connection, Inc.	2	38
REV Group Inc.	5	52
Rexnord Corporation (a)	6	167
RR Donnelley & Sons Co.	8	31
Rush Enterprises Inc. - Class A	2	77
Saia, Inc. (a)	2	156
Schneider National, Inc. - Class B	5	118
Scorpio Bulkers Inc.	7	40
Simpson Manufacturing Co. Inc.	3	175
SiteOne Landscape Supply, Inc. (a)	2	172
SkyWest Inc.	3	175
SP Plus Corporation (a)	2	68
Spartan Motors Inc.	3	38
Spirit Airlines Inc. (a)	4	158
SPX Corp. (a)	3	126
SPX Flow, Inc. (a)	3	124
Standex International Corp.	1	64
Steelcase Inc. - Class A	6	109
Stericycle Inc. (a)	5	267
Sterling Construction Co. Inc. (a)	2	30
Stock Building Supply Holdings, LLC (a)	5	130
SunRun Inc. (a)	9	150
Team Inc. (a) (b)	2	39
Tennant Co.	1	96
Terex Corp.	5	132
Tetra Tech, Inc.	3	300
Textainer Group Holdings Limited (a)	5	54
Thermon Group Holdings, Inc. (a)	2	50
Timken Co.	5	207
Titan International, Inc.	4	10
Titan Machinery Inc. (a)	2	26
TPI Composites, Inc. (a)	3	57
Transact, Inc. (a)	—	9
Trex Company, Inc. (a)	4	335
TriMas Corp. (a)	3	97
TriNet Group Inc. (a)	3	181
Trinity Industries Inc.	8	156
Triton Container International Limited - Class A	5	165
Triumph Group Inc.	1	12
TrueBlue, Inc. (a)	3	64
Tutor Perini Corp. (a)	5	65
Twin Disc Inc. (a)	1	8
U.S. Xpress Enterprises, Inc. (a)	2	10
Ultralife Corp. (a)	—	1

6

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	UniFirst Corp.	1		162
	Universal Forest Products Inc.	4		148
	Universal Logistics Holdings, Inc.	3		59
	US Ecology, Inc.	2		102
	USA Truck Inc. (a)	1		9
	Valmont Industries Inc.	1		179
	Vectrus, Inc. (a)	1		41
	Veritiv Corp. (a)	1		20
	Viad Corp	1		95
	Vicor Corp. (a)	2		58
	VSE Corp.	1		33
	Wabash National Corp.	4		56
	Watts Water Technologies Inc. - Class A	2		153
	Welbilt Inc. (a)	8		134
	Werner Enterprises Inc.	4		148
	Wesco Aircraft Holdings Inc. (a)	7		72
	WESCO International, Inc. (a)	3		123
	Willdan Group, Inc. (a)	1		30
	Willscot Corp. (a)	3		44
	YRC Worldwide Inc. (a) (b)	4		13
			25,068
Information Technology 14.0%
	2U, Inc. (a)	3		51
	3D Systems Corporation (a) (b)	7		56
	A10 Networks, Inc. (a)	6		40
	Acacia Communications, Inc. (a)	3		170
	ACI Worldwide, Inc. (a)	7		229
	ACM Research, Inc. - Class A (a)	2		21
	Adesto Technologies Corporation (a)	3		28
	ADTRAN, Inc.	4		42
	Agilysys, Inc. (a)	2		56
	Airgain, Inc. (a)	1		10
	Alarm.Com Holdings, Inc. (a)	3		140
	Alpha and Omega Semiconductor Limited (a)	3		32
	Altair Engineering Inc. - Class A (a)	2		83
	Ambarella Inc. (a)	2		124
	American Software, Inc. - Class A	3		38
	Amkor Technology, Inc. (a)	15		133
	Amtech Systems, Inc. (a)	2		8
	Anixter International Inc. (a)	2		148
	AppFolio, Inc. - Class A (a)	1		84
	Applied Optoelectronics, Inc. (a) (b)	2		17
	Arlo Technologies, Inc. (a)	5		18
	ASGN Incorporated (a)	3		188
	AstroNova, Inc.	1		8
	Avaya Holdings Corp. (a)	8		82
	Avid Technology, Inc. (a)	3		20
	Avnet, Inc.	6		259
	AVX Corporation	9		134
	Aware Inc. (a) (c)	5		14
	Axcelis Technologies, Inc. (a)	3		43
	AXT, Inc. (a)	4		15
	Badger Meter, Inc.	2		120
	Bel Fuse Inc. - Class B	1		20
	Belden Inc.	3		154
	Benchmark Electronics, Inc.	1		37
	Blackbaud, Inc.	2		206
	Blackline, Inc. (a)	3		129
	Bottomline Technologies Inc. (a)	3		133
	Brightcove Inc. (a)	3		30
	Brooks Automation Inc.	4		159
	Cabot Microelectronics Corporation	2		225
	CACI International Inc. - Class A (a)	1		261
	CalAmp Corp. (a)	3		30
	Calix, Inc. (a)	6		37
	Carbonite Inc. (a)	2		24
	Cardtronics PLC - Class A (a)	3		105
	Casa Systems, Inc. (a)	8		61
	Cass Information Systems, Inc.	1		52
	CCUR Holdings, Inc. (a)	1		5
	CEVA Inc. (a)	2		61
	ChannelAdvisor Corp. (a)	3		25
	Cirrus Logic Inc. (a)	4		190
	Cision Ltd. (a)	8		60
	Clearfield, Inc. (a)	1		13
	Coda Octopus Group, Inc. (a) (b)	1		9
	Coherent Inc. (a)	1		218
	Cohu Inc.	3		46
	CommScope Holding Company, Inc. (a)	8		95
	CommVault Systems Inc. (a)	3		135
	Comtech Telecommunications Corp.	2		55
	Conduent Inc. (a)	9		58
	CoreLogic, Inc. (a)	5		221
	Cornerstone OnDemand, Inc. (a)	2		130
	CSG Systems International, Inc.	3		130
	CTS Corp.	2		75
	Cyberoptics Corp. (a)	1		10
	Daktronics Inc.	4		28
	Dasan Zhone Solutions, Inc. (a)	2		15
	Diebold Nixdorf Inc. (a)	1		15
	Digi International Inc. (a)	2		31
	Digital Turbine USA, Inc. (a)	8		52
	Diodes Inc. (a)	4		144
	DSP Group, Inc. (a)	2		34
	Ebix Inc. (b)	2		94
	EchoStar Corp. - Class A (a)	3		108
	Endurance International Group Holdings, Inc. (a)	12		43
	Enphase Energy, Inc. (a)	6		126
	Entegris, Inc.	3		163
	Envestnet, Inc. (a)	3		166
	ePlus Inc. (a)	1		82
	EVERTEC, Inc.	4		134
	EVO Payments, Inc. - Class A (a)	2		52
	Evolving Systems, Inc. (a) (c)	1		1
	Exela Technologies, Inc. (a) (b)	4		5
	ExlService Holdings Inc. (a)	2		127
	Extreme Networks, Inc. (a)	6		44
	Fabrinet (a)	3		144
	FARO Technologies Inc. (a)	1		60
	FireEye, Inc. (a)	9		121
	Fitbit, Inc. - Class A (a)	13		51
	FormFactor Inc. (a)	6		111
	Globalscape, Inc.	2		20
	Globant S.A. (a)	2		203
	GSI Technology, Inc. (a)	3		31
	Hackett Group Inc.	3		46
	Harmonic Inc. (a)	7		49
	I3 Verticals, Inc. - Class A (a)	1		19
	Ichor Holdings, Ltd. (a)	2		39
	II-VI Inc. (a)	5		170
	Immersion Corp. (a)	2		17
	Impinj, Inc. (a) (b)	1		20
	Infinera Corporation (a) (b)	14		74
	INPHI Corporation (a)	2		110
	Insight Enterprises, Inc. (a)	3		149
	InterDigital Communications, Inc.	2		126
	Intevac Inc. (a)	3		14
	Iteris, Inc. (a)	4		23
	Itron Inc. (a)	2		159
	J2 Cloud Services, LLC	2		217
	Jabil Inc.	7		258
	KBR, Inc.	8		207
	Kemet Corp.	5		87
	Key Tronic Corp. (a)	3		16
	Kimball Electronics Group, LLC (a)	2		32
	Knowles Corporation (a)	6		127
	Kopin Corp. (a) (b)	9		6
	Kulicke & Soffa Industries Inc.	3		71
	Lattice Semiconductor Corp. (a)	7		132
	Limelight Networks, Inc. (a)	11		32
	Littelfuse Inc.	1		185
	Liveramp, Inc. (a)	4		162
	LogMeIn, Inc.	3		219
	Lumentum Holdings Inc. (a)	4		205
	Luna Innovations Incorporated (a)	2		10
	MACOM Technology Solutions Holdings, Inc. (a)	4		95
	MagnaChip Semiconductor, Ltd. (a) (b)	2		21
	Manhattan Associates Inc. (a)	4		309
	Mantech International Corp. - Class A	1		104

7

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	MAXIMUS Inc.	—		36
	MaxLinear, Inc. - Class A (a)	5		116
	Methode Electronics Inc.	3		92
	MicroStrategy Inc. - Class A (a)	1		81
	Mimecast Uk Limited (a)	4		134
	MKS Instruments, Inc.	2		219
	MoneyGram International, Inc. (a) (b)	6		24
	Monotype Imaging Holdings Inc.	2		38
	MTS Systems Corp.	1		78
	Nanometrics Inc. (a)	2		59
	NAPCO Security Technologies Inc. (a)	1		36
	NCR Corporation (a)	5		171
	NeoPhotonics Corporation (a)	5		29
	NETGEAR, Inc. (a)	2		71
	NetScout Systems, Inc. (a)	6		128
	Network-1 Technologies, Inc.	3		6
	NIC Inc.	5		105
	Novantas Inc. (a)	2		175
	NVE Corp.	—		21
	Onespan, Inc. (a)	3		45
	OSI Systems Inc. (a)	1		140
	PAR Technology Corp. (a) (b)	—		10
	Paylocity Holding Corporation (a)	2		157
	PC Connection, Inc.	2		76
	PC-Tel, Inc.	2		13
	PDF Solutions Inc. (a)	2		33
	Perficient, Inc. (a)	2		88
	Perspecta Inc.	9		246
	PFSweb Inc. (a)	2		6
	Photronics Inc. (a)	3		35
	Pixelworks, Inc. (a)	3		10
	Plantronics Inc.	1		41
	Plexus Corp. (a)	2		121
	Power Integrations Inc.	2		151
	Presidio Inc.	4		67
	PRGX Global, Inc. (a)	4		20
	Progress Software Corp.	3		127
	Pure Storage, Inc. - Class A (a)	11		185
	QAD Inc. - Class A	2		70
	Qualys, Inc. (a)	2		185
	Rambus Inc. (a)	8		109
	Ribbon Communications Inc. (a)	8		47
	Rogers Corp. (a)	1		150
	Rudolph Technologies Inc. (a)	2		65
	SailPoint Technologies Holdings, Inc. (a)	5		100
	Sanmina Corp. (a)	5		145
	Sapiens International Corporation N.V.	4		75
	ScanSource Inc. (a)	2		48
	Science Applications International Corp.	4		307
	Semtech Corp. (a)	4		201
	Servicesource International, Inc. (a)	4		4
	Sharpspring Technologies, Inc. (a)	1		10
	ShotSpotter, Inc. (a)	1		18
	Silicon Laboratories Inc. (a)	2		224
	SMART Global Holdings, Inc. (a)	2		45
	Smith Micro Software, Inc. (a)	4		20
	SolarEdge Technologies Ltd. (a)	3		229
	SPS Commerce, Inc. (a)	2		113
	StarTek, Inc. (a)	2		11
	Stratasys, Inc. (a)	1		29
	Super Micro Computer, Inc. (a)	2		38
	Sykes Enterprises Inc. (a)	2		60
	Synaptics Incorporated (a)	2		92
	Synchronoss Technologies, Inc. (a)	3		18
	SYNNEX Corporation	3		284
	Systemax Inc.	3		63
	Tech Data Corp. (a)	2		232
	TeleNav Inc. (a)	2		12
	Teradata Corporation (a)	4		135
	Tessco Technologies Inc.	1		7
	The Rubicon Project, Inc. (a)	6		55
	Transact Technologies Inc.	—		3
	TTEC Holdings, Inc.	3		127
	TTM Technologies, Inc. (a)	8		100
	Ultra Clean Holdings, Inc. (a)	3		44
	Unisys Corp. (a)	6		44
	Upland Software, Inc. (a)	1		46
	Veeco Instruments Inc. (a)	5		57
	Verint Systems Inc. (a)	4		171
	Verra Mobility Corporation - Class A (a)	4		55
	Versum Materials, Inc.	5		277
	ViaSat, Inc. (a)	1		47
	Viavi Solutions Inc. (a)	15		204
	Virtusa Corporation (a)	2		69
	Vishay Intertechnology Inc.	8		131
	Vishay Precision Group, Inc. (a)	1		36
	Wayside Technology Group Inc.	—		5
	Xperii Corp.	4		77
	Zix Corporation (a)	4		26
			19,235
Consumer Discretionary 14.0%
	1-800-Flowers.Com, Inc. - Class A (a)	3		41
	Aaron's, Inc.	4		269
	Abercrombie & Fitch Co. - Class A	4		67
	Acushnet Holdings Corp.	5		129
	Adient Public Limited Company	6		136
	Adtalem Global Education Inc. (a)	2		95
	American Axle & Manufacturing Holdings, Inc. (a)	9		74
	American Eagle Outfitters, Inc.	11		175
	American Outdoor Brands Corporation (a)	4		24
	American Public Education, Inc. (a)	1		25
	America's Car Mart, Inc. (a)	1		48
	Ark Restaurants Corp.	1		12
	Asbury Automotive Group, Inc. (a)	1		141
	Ascena Retail Group, Inc. (a)	11		3
	At Home Group, Inc. (a) (b)	3		33
	AutoNation, Inc. (a)	5		269
	Barnes & Noble Education, Inc. (a)	4		13
	Bassett Furniture Industries, Incorporated	1		13
	BBX Capital Corporation - Class A	7		31
	Bed Bath & Beyond Inc. (b)	9		95
	Big 5 Sporting Goods Corporation (b)	3		6
	Big Lots, Inc.	3		63
	Biglari Holdings Inc. - Class A (a)	—		5
	Biglari Holdings Inc. - Class B (a)	—		19
	BJ's Restaurants, Inc.	2		58
	Bloomin' Brands, Inc.	7		132
	Boot Barn Holdings, Inc. (a)	2		85
	Brinker International Inc.	3		112
	Brunswick Corp.	4		204
	Build-A-Bear Workshop Inc. (a)	1		4
	Caleres Inc.	2		54
	Callaway Golf Co.	7		130
	Camping World Holdings, Inc. - Class A (b)	1		10
	Capri Holdings Limited (a)	6		186
	Career Education Corp. (a)	5		75
	Carriage Services Inc.	2		40
	Carrols Restaurant Group, Inc. (a)	4		30
	Carter's Inc.	2		173
	Cato Corp. - Class A	2		40
	Cavco Industries Inc. (a)	1		133
	Century Casinos Inc. (a)	3		20
	Century Communities Inc. (a)	1		42
	Cheesecake Factory Inc. (b)	3		141
	Chico's FAS Inc.	8		33
	Childrens Place Retail Stores Inc. (b)	1		90
	Choice Hotels International Inc.	1		116
	Churchill Downs Inc.	1		119
	Chuy's Holdings Inc. (a)	1		27
	Citi Trends, Inc.	1		15
	Collectors Universe, Inc.	1		38
	Conn's Inc. (a)	2		56
	Container Store Group Inc. (a)	4		19
	Cooper Tire & Rubber Co.	4		107
	Cooper-Standard Holdings Inc. (a)	1		59
	Core-Mark Holding Co. Inc.	3		106
	Cracker Barrel Old Country Store, Inc. (b)	1		237
	Crocs Inc. (a)	5		138
	CSS Industries Inc.	1		4

8

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
Culp Inc.	1	21
Dana Holding Corp.	8	118
Dave & Buster's Entertainment Inc.	3	101
Deckers Outdoor Corp. (a)	2	260
Del Taco Restaurants Inc. (a)	3	27
Delphi Technologies PLC	6	77
Delta Apparel Inc. (a)	1	23
Denny's Corporation (a)	5	107
Designer Brands Inc. - Class A (b)	4	72
Destination XL Group, Inc. (a)	6	10
Dick's Sporting Goods Inc.	5	188
Dillard's Inc. - Class A (b)	1	79
Dine Brands Global Inc.	1	96
Dixie Group Inc. - Class A (a) (c)	1	1
Dorman Products Inc. (a)	2	153
Duluth Holdings Inc. - Class B (a) (b)	1	10
El Pollo Loco Holdings Inc. (a)	3	29
Eldorado Resorts, Inc. (a)	4	162
Escalade Inc.	2	24
Ethan Allen Interiors Inc.	2	35
Everi Holdings Inc. (a)	4	36
Express, Inc. (a)	6	20
Extended Stay America, Inc. - Class B	12	177
Fiesta Restaurant Group, Inc. (a)	2	25
Flexsteel Industries Inc.	1	7
Floor & Decor Holdings Inc. (a)	5	255
Foot Locker Inc.	5	208
Fossil Group, Inc. (a)	3	43
Fox Factory Holding Corp. (a)	2	143
Francesca's Holdings Corporation (a) (b)	—	3
Franchise Group, Inc. (a)	1	14
Frontdoor, Inc. (a)	5	241
GameStop Corp. - Class A (b)	8	45
Garrett Motion Inc. (a)	4	41
Genesco Inc. (a)	1	38
Gentherm Incorporated (a)	2	94
G-III Apparel Group, Ltd. (a)	3	76
GNC Holdings, Inc. - Class A (a) (b)	1	3
Goodyear Tire & Rubber Co.	10	147
Gopro Inc. - Class A (a) (b)	11	55
Graham Holdings Co.	—	168
Grantley Adams International Airport Inc. - Class A (a)	1	5
Green Brick Partners Inc. (a)	4	41
Group 1 Automotive Inc.	1	112
Groupon Inc. - Class A (a)	39	105
Guess Inc. (b)	3	59
Hamilton Beach Brands Holding Company	1	13
Haverty Furniture Cos. Inc.	1	29
Helen of Troy Ltd (a)	1	210
Hibbett Sports Inc. (a)	2	36
Hilton Grand Vacations Inc. (a)	6	190
Hooker Furniture Corp.	1	17
Horizon Global Corporation (a)	1	5
Houghton Mifflin Harcourt Company (a)	9	48
Hudson Ltd. (a)	3	36
Installed Building Products, Inc. (a)	2	125
International Game Technology PLC (b)	11	161
iRobot Corp. (a) (b)	2	103
J. Alexander's Holdings, Inc. (a)	1	16
J.Jill, Inc. (b)	2	5
Jack in the Box Inc.	2	154
Johnson Outdoors Inc. - Class A	1	48
K12 Inc. (a)	3	78
KB Home	5	160
Kirkland's Inc. (a) (b)	3	4
Lands' End, Inc. (a)	2	21
Laureate Education Inc. - Class A (a)	7	112
La-Z-Boy Inc.	3	116
LCI Industries	2	147
Leaf Group Ltd. (a)	4	17
LGI Homes, Inc. (a)	2	134
Libbey Inc. (a)	2	7
Lifetime Brands, Inc.	2	18
Lindblad Expeditions Holdings Inc. (a)	4	61
Liquidity Services, Inc. (a)	3	25
Lithia Motors Inc. - Class A	1	161
Lumber Liquidators, Inc. (a) (b)	2	22
M/I Homes, Inc. (a)	3	95
Malibu Boats, Inc. - Class A (a)	2	57
Marine Products Corp.	2	31
MarineMax Inc. (a)	2	30
Marriott Vacations Worldwide Corporation	2	237
MasterCraft Boat Holdings, Inc. (a)	3	38
MDC Holdings Inc.	4	165
Meritage Homes Corporation (a)	4	299
Modine Manufacturing Co. (a)	4	49
Monarch Casino & Resort Inc. (a)	1	43
Monro Inc.	2	157
Motorcar Parts of America Inc. (a)	2	25
Movado Group Inc.	1	27
Murphy USA Inc. (a)	2	166
Nathan's Famous Inc.	1	37
National Vision Holdings, Inc. (a)	6	139
Nautilus, Inc. (a)	2	3
New Home Co. Inc. (a)	2	7
Noodles & Company - Class A (a)	3	15
Nordstrom Inc. (b)	7	222
Office Depot Inc.	12	21
OneSpaWorld Holdings Limited (a) (b)	1	11
Oxford Industries Inc.	1	93
Papa John's International Inc. (b)	2	125
Party City Holdco Inc. (a) (b)	7	40
Penn National Gaming Inc. (a)	5	99
Penske Automotive Group, Inc.	5	247
PetMed Express Inc. (b)	2	32
Pico Holdings Inc. (a)	1	14
Pier 1 Imports, Inc. (a) (b)	—	3
Planet Fitness, Inc. - Class A (a)	2	105
Playa Hotels & Resorts N.V. (a)	9	73
PlayAGS, Inc. (a)	2	16
Potbelly Corporation (a)	2	10
Quotient Technology Inc. (a)	5	41
RCI Hospitality Holdings, Inc.	1	21
Red Lion Hotels Corp. (a)	2	15
Red Robin Gourmet Burgers, Inc. (a)	1	35
Red Rock Resorts, Inc. - Class A	3	58
Regis Corp. (a)	2	46
Rent-A-Center, Inc.	4	114
RH (a) (b)	1	155
Rocky Brands Inc.	—	13
RTW Retailwinds, Inc. (a)	3	4
Ruth's Hospitality Group Inc.	3	53
Sally Beauty Holdings, Inc. (a)	9	133
Scientific Games Corporation - Class A (a)	7	140
Seaworld Entertainment, Inc. (a)	5	137
Shake Shack Inc. - Class A (a)	2	170
Shiloh Industries Inc. (a)	2	10
Shoe Carnival Inc. (b)	1	28
Shutterstock Inc. (a)	2	84
Signet Jewelers Limited	3	48
Six Flags Operations Inc.	3	174
Skechers U.S.A. Inc. - Class A (a)	1	26
Skyline Corp. (a)	4	121
Sleep Number Corporation (a)	2	93
Sonic Automotive, Inc. - Class A	3	87
Sonos, Inc. (a)	5	64
Sotheby's (a)	2	135
Sportsman's Warehouse Holdings, Inc. (a)	6	32
Stamps.com Inc. (a)	1	91
Standard Motor Products Inc.	2	84
Steven Madden Ltd.	5	166
Stitch Fix, Inc. - Class A (a) (b)	2	39
Stoneridge, Inc. (a)	2	57
Strategic Education, Inc.	1	163
Strattec Security Corp.	1	11
Superior Industries International Inc.	1	3
Superior Uniform Group Inc.	2	40
Tailored Brands, Inc. (b)	4	16
Tandy Leather Factory, Inc. (a) (c)	1	6

9

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Taylor Morrison Home II Corporation - Class A (a)	3		66
	Tempur Sealy International, Inc. (a)	3		245
	Tenneco Inc.	3		37
	Texas Roadhouse Inc.	3		173
	The Habit Restaurants, LLC - Class A (a)	1		11
	The Michaels Companies, Inc. (a)	11		103
	The Wendy's Company	11		212
	Thor Industries Inc.	3		172
	Tile Shop Holdings, Inc.	4		11
	Tilly's Inc. - Class A	2		22
	TopBuild Corp. (a)	2		220
	Town Sports International Holdings, Inc. (a)	2		4
	TRI Pointe Homes, Inc. (a)	6		93
	Tupperware Brands Corp.	3		49
	Twin River Worldwide Holdings, Inc. (b)	2		54
	Unifi Inc. (a)	1		28
	Universal Electronics Inc. (a)	1		49
	Urban Outfitters Inc. (a)	6		174
	Veoneer, Inc. (a) (b)	4		57
	Vera Bradley, Inc. (a)	2		15
	Vista Outdoor Inc. (a)	3		19
	Visteon Corporation (a)	2		134
	Vitamin Shoppe, Inc. (a)	2		15
	VOXX International Corporation - Class A (a)	2		7
	Weyco Group Inc.	1		13
	William Lyon Homes - Class A (a)	2		49
	Williams-Sonoma Inc.	—		5
	Wingstop Inc.	2		160
	Winmark Corp.	1		91
	Winnebago Industries Inc.	2		86
	Wolverine World Wide Inc.	5		154
	WW International, Inc. (a)	4		168
	Wyndham Destinations, Inc.	5		239
	ZAGG Inc (a)	4		26
	Zovio Inc. (a)	2		5
	Zumiez Inc. (a)	2		62
			19,124
Health Care 10.6%
	AC Immune SA (a) (b)	2		8
	Acadia Healthcare Company, Inc. (a)	5		169
	Acceleron Pharma Inc. (a)	1		56
	Accuray Incorporated (a)	7		20
	Achillion Pharmaceuticals, Inc. (a)	11		41
	Acorda Therapeutics, Inc. (a)	4		10
	Adamas Pharmaceuticals, Inc. (a) (b)	2		8
	Addus HomeCare Corporation (a)	1		101
	Aduro Biotech, Inc. (a)	4		4
	Adverum Biotechnologies, Inc. (a)	4		23
	Aeglea Biotherapeutics, Inc. (a)	3		20
	Agios Pharmaceuticals, Inc. (a) (b)	2		73
	Aimmune Therapeutics, Inc. (a) (b)	3		55
	Akcea Therapeutics, Inc. (a)	1		21
	Akebia Therapeutics, Inc. (a)	7		26
	Akorn, Inc. (a)	12		44
	Albireo Pharma, Inc. (a)	1		25
	Alder BioPharmaceuticals, Inc. (a)	5		97
	Aldeyra Therapeutics, Inc. (a)	3		13
	Alkermes Public Limited Company (a)	6		122
	Allscripts Healthcare Solutions, Inc. (a)	11		126
	AMAG Pharmaceuticals, Inc. (a) (b)	3		29
	Amedisys, Inc. (a)	2		261
	American Renal Associates Holdings, Inc. (a)	3		16
	AMN Healthcare Services, Inc. (a)	3		155
	Amphastar Pharmaceuticals, Inc. (a)	4		72
	Anaptysbio, Inc. (a)	2		60
	AngioDynamics, Inc. (a)	3		55
	ANI Pharmaceuticals, Inc. (a)	1		65
	Anika Therapeutics, Inc. (a)	1		67
	Apollo Medical Holdings, Inc. (a) (b)	—		4
	Arcus Biosciences, Inc. (a)	3		29
	Ardelyx, Inc. (a)	4		17
	Arena Pharmaceuticals, Inc. (a)	3		125
	Assembly Biosciences, Inc. (a)	2		24
	Assertio Therapeutics, Inc. (a)	6		7
	Atara Biotherapeutics, Inc. (a)	2		32
	AtriCure, Inc. (a)	3		73
	Atrion Corporation	—		110
	Audentes Therapeutics, Inc. (a)	3		87
	Avanos Medical, Inc. (a)	3		125
	AVROBIO, Inc. (a)	1		9
	BioDelivery Sciences International, Inc. (a) (b)	8		32
	BioSpecifics Technologies Corp. (a)	1		37
	BioTelemetry, Inc. (a)	2		101
	Brookdale Senior Living Inc. (a)	13		98
	Calithera Biosciences, Inc. (a)	3		10
	Calyxt, Inc. (a) (b)	1		6
	Cambrex Corp. (a)	2		97
	Cantel Medical Corp.	2		173
	Capital Senior Living Corp. (a)	4		17
	Cardiovascular Systems Inc. (a)	—		19
	Caredx, Inc. (a)	3		70
	Castlight Health, Inc. - Class B (a)	7		10
	Catalyst Bio, Inc. (a)	1		5
	Catalyst Pharmaceuticals, Inc. (a)	4		20
	Champions Oncology, Inc. (a)	1		3
	Chembio Diagnostics, Inc. (a)	2		11
	ChemoCentryx, Inc. (a)	4		26
	Chiasma, Inc. (a)	4		21
	Chimerix, Inc. (a)	4		9
	Codexis, Inc. (a)	4		58
	Collegium Pharmaceutical, Inc. (a)	3		33
	Community Health Systems Inc. (a) (b)	10		35
	Computer Programs & Systems Inc.	1		32
	Concert Pharmaceuticals Inc. (a)	2		10
	ConforMIS, Inc. (a)	3		5
	Conmed Corp.	2		170
	Corcept Therapeutics Inc. (a)	8		115
	Corvel Corp. (a)	1		97
	Corvus Pharmaceuticals Inc. (a) (b)	1		4
	Covetrus, Inc. (a)	5		58
	Cross Country Healthcare Inc. (a)	4		37
	CryoLife Inc. (a)	3		79
	Cumberland Pharmaceuticals Inc. (a) (c)	3		17
	Cutera Inc. (a)	1		30
	Cyclerion Therapeutics, Inc. (a)	3		30
	Cymabay Therapeutics, Inc. (a)	5		25
	Cytomx Therapeutics, Inc. (a)	3		22
	Deciphera Pharmaceuticals, Inc. (a)	4		124
	Denali Therapeutics Inc. (a) (b)	6		97
	Dermira, Inc. (a) (b)	1		7
	Diplomat Pharmacy, Inc. (a)	6		30
	Eagle Pharmaceuticals Inc. (a)	1		50
	Eiger Biopharmaceuticals, Inc. (a)	2		19
	Emergent BioSolutions Inc. (a)	2		85
	Enanta Pharmaceuticals, Inc. (a)	1		78
	Endo International Public Limited Company (a)	10		31
	Enzo Biochem Inc. (a)	4		13
	Epizyme, Inc. (a)	7		70
	Evolent Health, Inc. - Class A (a)	5		38
	FibroGen, Inc. (a)	4		137
	Five Prime Therapeutics, Inc. (a)	2		7
	Fluidigm Corporation (a)	4		17
	Fonar Corp. (a)	1		12
	Fulgent Genetics, Inc. (a)	1		14
	G1 Therapeutics, Inc. (a)	3		65
	Genomic Health, Inc. (a)	2		144
	Geron Corp. (a) (b)	10		13
	Global Blood Therapeutics, Inc. (a)	1		41
	Globus Medical Inc. - Class A (a)	3		130
	GlycoMimetics, Inc. (a)	3		13
	Hanger, Inc. (a)	3		57
	Harvard Bioscience Inc. (a)	3		9
	HealthEquity, Inc. (a)	3		198
	Healthstream, Inc. (a)	2		63
	Heron Therapeutics, Inc. (a) (b)	2		36
	Heska Corporation (a) (b)	1		55
	HMS Holdings Corp. (a)	6		190
	Horizon Therapeutics Public Limited Company (a)	9		245
	ICU Medical, Inc. (a)	—		33

10

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Innoviva, Inc. (a)	5		53
	Inogen, Inc. (a)	1		61
	Inovalon Holdings, Inc. - Class A (a) (b)	4		63
	Inovio Pharmaceuticals, Inc. (a) (b)	5		10
	Insmed Inc. (a)	1		25
	Inspire Medical Systems Inc. (a)	1		41
	Integer Holdings Corporation (a)	2		142
	Integra LifeSciences Holdings Corp. (a)	1		64
	Intellia Therapeutics, Inc. (a) (b)	4		56
	Intersect ENT, Inc. (a)	1		23
	Intra-Cellular Therapies, Inc. (a)	5		40
	Invacare Corp.	5		35
	Iovance Biotherapeutics Inc. (a)	4		67
	Iradimed Corp. (a) (b)	1		23
	Jounce Therapeutics Inc. (a)	2		6
	Kala Pharmaceuticals Inc. (a) (b)	2		6
	KalVista Pharmaceuticals Inc. (a)	1		14
	Karyopharm Therapeutics Inc. (a) (b)	4		35
	Kindred Healthcare Inc. (a)	3		22
	Kiniksa Pharmaceuticals Ltd. - Class A (a) (b)	1		9
	Krystal Biotech, Inc. (a)	1		24
	Kura Operations, Inc. (a)	2		35
	Lannett Co. Inc. (a) (b)	—		3
	Lantheus Holdings Inc. (a)	3		79
	LeMaitre Vascular Inc.	2		53
	LHC Group, Inc. (a)	2		209
	Ligand Pharmaceuticals Incorporated (a)	1		124
	Lipocine Operating Inc. (a) (b)	1		4
	LivaNova PLC (a)	3		195
	Luminex Corporation	3		69
	MacroGenics Inc. (a)	3		43
	Madrigal Pharmaceuticals Inc. (a) (b)	1		45
	Magellan Health Services Inc. (a)	2		102
	Mallinckrodt Public Limited Company (a) (b)	6		13
	Mednax, Inc. (a)	5		112
	Medpace Holdings, Inc. (a)	2		173
	MEI Pharma, Inc. (a)	4		7
	Meridian Bioscience Inc.	3		32
	Merit Medical Systems Inc. (a)	3		87
	Merrimack Pharmaceuticals Inc.	1		4
	Mesa Laboratories, Inc.	—		81
	Minerva Neurosciences Inc. (a)	3		21
	miRagen Therapeutics, Inc. (a) (b)	1		1
	Molecular Templates, Inc. (a)	2		16
	Momenta Pharmaceuticals, Inc. (a)	7		93
	Myokardia, Inc. (a)	3		138
	Myriad Genetics, Inc. (a)	5		137
	Nabriva Therapeutics Public Limited Company (a) (b)	6		12
	NantKwest, Inc. (a) (b)	2		3
	National Healthcare Corp.	1		82
	National Research Corp. - Class A	3		172
	Natus Medical Inc. (a)	2		74
	Neogen Corp. (a)	3		198
	Neogenomics, Inc. (a)	5		98
	Nextgen Healthcare Inc. (a)	5		74
	NuVasive Inc. (a)	3		200
	ObsEva SA (a)	2		18
	Omnicell, Inc. (a)	2		173
	OPKO Health, Inc. (a) (b)	17		35
	OptiNose, Inc. (a) (b)	—		—
	Orasure Technologies, Inc. (a)	4		29
	Orthofix Medical Inc. (a)	1		68
	Orthopediatrics Corp. (a)	1		30
	Otonomy, Inc. (a)	2		5
	Owens & Minor Inc.	5		28
	Oxford Immunotec Global PLC (a)	3		44
	Pacira Biosciences, Inc. (a)	3		122
	Patterson Cos. Inc. (b)	7		119
	PDL BioPharma, Inc. (a)	11		23
	PetIQ, Inc. - Class A (a) (b)	2		53
	Pfenex Inc. (a)	2		14
	Phibro Animal Health Corporation - Class A	1		24
	Pieris AG (a)	4		12
	PolarityTE, Inc. (a) (b)	2		7
	Prestige Consumer Healthcare Inc. (a)	4		126
	Progenics Pharmaceuticals Inc. (a)	3		15
	Protagonist Therapeutics, Inc. (a)	2		22
	Prothena Corporation Public Limited Company (a)	4		32
	Providence Services Corp. (a)	1		69
	Quidel Corporation (a)	2		146
	R1 RCM Inc. (a)	8		75
	RA Pharmaceuticals, Inc. (a)	1		22
	RadNet Inc. (a)	3		47
	Regenxbio Inc. (a)	2		86
	Repligen Corporation (a)	3		211
	Retrophin Inc. (a)	2		28
	Revance Therapeutics Inc. (a)	3		39
	Rhythm Pharmaceuticals, Inc. (a)	3		56
	Rigel Pharmaceuticals Inc. (a)	7		13
	Rocket Pharmaceuticals, Ltd. (a) (b)	3		40
	RTI Surgical, Inc. (a)	6		18
	Sangamo Therapeutics Inc. (a)	8		75
	Savara Inc. (a)	4		10
	SeaSpine Holdings Corporation (a)	2		21
	Select Medical Holdings Corporation (a)	8		138
	Sientra, Inc. (a)	6		37
	SIGA Technologies, Inc. (a)	7		35
	Simulations Plus Inc.	2		55
	Solid Biosciences Inc. (a) (b)	1		12
	Spark Therapeutics, Inc. (a)	2		159
	Spectrum Pharmaceuticals, Inc. (a)	7		62
	Spero Therapeutics, Inc. (a)	1		9
	Staar Surgical Co. (a)	1		15
	Supernus Pharmaceuticals Inc. (a)	4		111
	SurModics Inc. (a)	1		60
	Symbion, Inc. (a) (b)	5		35
	Syndax Pharmaceuticals, Inc. (a)	3		20
	Syneos Health, Inc. - Class A (a)	1		55
	Synlogic Operating Company, Inc. (a)	2		4
	Syros Pharmaceuticals, Inc. (a)	1		15
	Tactile Systems Technology, Inc. (a)	1		52
	Taro Pharmaceutical Industries Ltd	2		156
	Teladoc Health, Inc. (a) (b)	4		241
	Tenet Healthcare Corporation (a)	6		138
	The Ensign Group, Inc.	3		146
	The Joint Corp (a)	1		26
	Tivity Health, Inc. (a) (b)	3		42
	Triple-S Management Corp. - Class B (a)	1		17
	U. S. Physical Therapy, Inc.	1		125
	Ultragenyx Pharmaceutical Inc. (a)	3		108
	United Therapeutics Corporation (a)	2		150
	Utah Medical Products Inc.	1		48
	Vanda Pharmaceuticals Inc. (a)	3		44
	Varex Imaging Corporation (a)	3		90
	Vericel Corporation (a)	2		27
	ViewRay, Inc. (a) (b)	5		15
	Vocera Communications, Inc. (a)	2		48
	Wright Medical Group N.V. (a)	8		155
	Xencor, Inc. (a)	4		137
	Zogenix, Inc. (a)	3		130
			14,507
Materials 5.7%
	AdvanSix Inc. (a)	2		52
	AgroFresh Solutions, Inc. (a)	4		12
	AK Steel Holding Corporation (a) (b)	22		50
	Alcoa Corporation (a)	7		136
	Allegheny Technologies Incorporated (a)	8		159
	American Vanguard Corporation	3		42
	Andina Acquisition Corporation	1		12
	Balchem Corporation	2		207
	Boise Cascade Company	3		89
	Cabot Corp.	3		154
	Carpenter Technology Corp.	3		146
	Century Aluminum Co. (a)	7		46
	Chase Corporation	1		67
	Chemours Co.	4		66
	Clearwater Paper Corporation (a)	1		24
	Cleveland-Cliffs Inc. (b)	15		105

11

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Coeur d'Alene Mines Corp. (a)	16		79
	Commercial Metals Co.	8		145
	Compass Minerals International, Inc.	2		132
	Core Molding Technologies Inc. (a)	—		1
	Domtar Corp. (c)	4		141
	Eagle Materials Inc.	3		257
	Element Solutions, Inc. (a)	15		149
	Ferro Corp. (a)	5		58
	Ferroglobe PLC	5		6
	Ferroglobe Rep and Warranty Insurance Trust (a) (c) (e)	9		—
	Flotek Industries Inc. (a)	5		11
	FutureFuel Corp.	3		36
	GCP Applied Technologies Inc. (a)	4		85
	Gold Resource Corporation	6		17
	Graphic Packaging Holding Co.	18		268
	Greif Inc. - Class A	2		70
	Greif Inc. - Class B	1		29
	Hawkins Inc.	1		36
	Haynes International Inc.	1		50
	HB Fuller Co.	3		139
	Hecla Mining Co.	24		43
	Huntsman Corp.	1		35
	Ingevity Corporation (a)	2		154
	Innophos Holdings Inc	1		44
	Innospec Inc.	2		145
	Intrepid Potash, Inc. (a)	10		33
	Kaiser Aluminum Corp.	2		222
	Koppers Holdings Inc. (a)	2		52
	Kraton Corporation (a)	2		61
	Kronos Worldwide, Inc.	5		65
	Livent Corporation (a)	5		33
	Louisiana-Pacific Corp.	8		187
	LSB Industries Inc. (a)	3		15
	Materion Corp.	2		94
	Mercer International Inc.	5		56
	Minera Andes Inc. (b) (c)	4		6
	Minerals Technologies Inc.	3		138
	Myers Industries Inc.	3		48
	Neenah Inc.	1		82
	Nexa Resources S.A.	8		78
	Olin Corp.	10		184
	Olympic Steel, Inc.	1		9
	Omnova Solutions Inc. (a)	4		40
	Owens-Illinois Inc.	9		97
	P.H. Glatfelter Co.	3		46
	Park Aerospace Technologies Corp.	2		35
	PolyOne Corporation	5		151
	PQ Group Holdings Inc. (a)	6		93
	Quaker Chemical Corp.	1		132
	Rayonier Advanced Materials Inc.	3		11
	Resolute Forest Products Inc. (c)	6		26
	Ryerson Holding Corp. (a)	3		22
	Schnitzer Steel Industries Inc. - Class A	2		39
	Schweitzer-Mauduit International Inc.	2		79
	Scotts Miracle-Gro Co. - Class A	—		44
	Select Interior Concepts, Inc. (a)	2		24
	Sensient Technologies Corporation	3		185
	Silgan Holdings Inc.	7		208
	Stepan Co.	1		137
	Summit Materials, Inc. - Class A (a)	6		142
	SunCoke Energy, Inc. (a)	6		35
	Synalloy Corp.	2		26
	TimkenSteel Corp. (a)	4		25
	Trecora Resources (a)	1		10
	Tredegar Corp.	2		48
	Trinseo S.A.	3		131
	Tronox Holdings PLC	7		58
	U.S. Concrete, Inc. (a)	1		61
	UFP Technologies Inc. (a)	1		24
	United States Lime & Minerals Inc.	1		39
	United States Steel Corp. (b)	10		118
	Univar Inc. (a)	11		237
	Universal Stainless & Alloy Products Inc. (a)	1		16
	Valvoline, Inc.	11		246
	Venator Materials PLC (a)	3		9
	Verso Corporation - Class A (a)	3		38
	W. R. Grace & Co.	2		143
	Warrior Met Coal, Inc.	4		72
	Worthington Industries Inc.	4		144
			7,851
Energy 4.6%
	Abraxas Petroleum Corporation (a)	9		5
	Adams Resources & Energy, Inc.	1		25
	Amplify Energy Corp.	3		20
	Antero Resources Corporation (a)	6		19
	Apergy Corporation (a)	4		118
	Arch Coal, Inc. - Class A (b)	1		97
	Archrock, Inc.	12		118
	Basic Energy Services, Inc. (a)	2		2
	Berry Petroleum Company, LLC	6		60
	Blue Ridge Mountain Resources, Inc. (a) (b)	1		4
	Bonanza Creek Energy, Inc. (a)	1		33
	C&J Energy Services, Inc. (a)	3		31
	Cactus Inc. - Class A (a)	3		75
	California Resources Corporation (a) (b)	3		27
	Callon Petroleum Company (a) (b)	13		56
	CARBO Ceramics Inc. (a) (b)	2		4
	Carrizo Oil & Gas Inc. (a)	4		35
	Centennial Resource Development, LLC - Class A (a)	11		52
	Chaparral Energy, Inc. - Class A (a) (b)	1		1
	Chesapeake Energy Corp. (a) (b)	24		34
	Cimarex Energy Co.	—		13
	Clean Energy Fuels Corp. (a)	15		32
	CNX Resources Corporation (a)	11		77
	CONSOL Mining Corporation (a)	3		41
	Core Laboratories N.V. (b)	2		104
	CVR Energy, Inc.	5		218
	Dawson Geophysical Co. (a)	2		4
	Delek US Holdings, Inc.	5		181
	Denbury Resources Inc. (a) (b)	19		22
	DHT Holdings, Inc.	9		55
	Diamond Offshore Drilling, Inc. (a) (b)	4		22
	DMC Global Inc.	1		46
	Dorian LPG Ltd. (a)	5		53
	Dril-Quip Inc. (a)	3		133
	Earthstone Energy, Inc. - Class A (a)	2		7
	Enlink Midstream, LLC (b)	6		52
	EQT Corporation	10		109
	Equitrans Midstream Corp.	10		142
	ERA Group Inc. (a)	2		25
	Evolution Petroleum Corporation	3		18
	Exterran Trinidad LLC (a)	3		33
	Extraction Oil & Gas, Inc. (a) (b)	8		23
	Forum Energy Technologies, Inc. (a)	7		11
	Frank's International N.V. (a)	18		86
	FTS International, Inc. (a)	4		10
	GasLog Ltd.	4		55
	Geospace Technologies Corporation (a)	1		14
	Green Plains Renewable Energy Inc.	3		34
	Gulf Island Fabrication Inc. (a)	2		9
	Gulfport Energy Corp. (a)	7		20
	Helix Energy Solutions Group, Inc. (a)	10		82
	Helmerich & Payne Inc.	5		209
	HighPoint Resources Corporation (a)	5		7
	Hornbeck Offshore Services Inc. (a) (b)	4		3
	Independence Contract Drilling, Inc. (a)	4		5
	International Seaways, Inc. (a)	2		42
	ION Geophysical Corp. (a)	1		10
	Jagged Peak Energy Inc. (a) (b)	12		85
	Keane Group, Inc. (a)	10		58
	KLX Energy Services Holdings, Inc. (a)	2		13
	Kosmos Energy Ltd.	23		142
	Laredo Petroleum Holdings Inc. (a)	17		40
	Liberty Oilfield Services Inc. - Class A	4		43
	Lonestar Resources US Inc. - Class A (a)	2		5
	Mammoth Energy Services, Inc.	1		3
	Matador Resources Co. (a)	9		142
	Matrix Service Co. (a)	2		35

12

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	McDermott International Inc. (a) (b)	10		21
	Murphy Oil Corp.	7		165
	Nabors Industries Ltd	18		33
	NACCO Industries Inc. - Class A	—		26
	Natural Gas Services Group, Inc. (a)	1		14
	NCS Multistage Holdings Inc. (a)	1		1
	Newpark Resources Inc. (a)	6		42
	Nine Energy Service, Inc. (a)	2		11
	Noble Corporation PLC (a)	10		13
	Nordic American Tankers Limited (b)	3		7
	Northern Oil and Gas Inc. (a) (b)	15		30
	Oasis Petroleum Inc. (a)	15		52
	Oceaneering International Inc. (a)	7		96
	Oil States International Inc. (a)	4		53
	Overseas Shipholding Group, Inc. - Class A (a)	6		11
	Pacific Drilling S.A. (a) (b)	3		11
	Panhandle Oil and Gas Inc. - Class A	1		19
	Par Pacific Holdings, Inc. (a)	3		78
	Patterson-UTI Energy Inc.	13		108
	PBF Energy Inc. - Class A	6		167
	PDC Energy, Inc. (a)	4		110
	Peabody Energy Corp.	6		84
	Penn Virginia Corporation (a)	1		29
	Propetro Holding Corp. (a)	6		54
	QEP Resources, Inc.	12		44
	Range Resources Corporation (b)	13		51
	Reg Biofuels, LLC (a)	4		55
	REX Stores Corp. (a)	—		30
	RigNet Inc. (a)	1		7
	Ring Energy Inc. (a)	4		6
	RPC Inc. (b)	10		56
	SandRidge Energy, Inc. (a)	3		13
	Scorpio Tankers Inc.	4		106
	SEACOR Holdings Inc. (a)	1		57
	SEACOR Marine Holdings Inc. (a)	1		7
	Select Energy Services, Inc. - Class A (a)	6		55
	SemGroup Corporation - Class A	4		70
	Ship Finance International Limited	8		117
	SilverBow Resources, Inc. (a)	1		10
	SM Energy Company	6		59
	Solaris Oilfield Infrastructure, Inc. - Class A	2		28
	Southwestern Energy Co. (a)	32		61
	SRC Energy Inc. (a)	12		56
	Superior Energy Services Inc. (a) (e)	8		1
	Talos Energy Inc. (a)	4		74
	TETRA Technologies, Inc. (a)	11		21
	Tidewater Inc. (a)	3		38
	Transocean Ltd. (a)	25		112
	TravelCenters of America, Inc. (a)	1		6
	U.S. Silica Holdings, Inc. (b)	4		38
	Unit Corp. (a)	2		8
	VAALCO Energy, Inc. (a)	4		9
	Valaris PLC - Class A (b) (c)	6		30
	W&T Offshore, Inc. (a)	11		48
	Whiting Petroleum Corp. (a) (b)	5		40
	World Fuel Services Corp.	4		152
	WPX Energy, Inc. (a)	21		225
			6,314
Consumer Staples 3.7%
	Alico, Inc.	1		38
	Avon Products, Inc. (a)	27		120
	B&G Foods, Inc. (b)	3		58
	BJ's Wholesale Club Holdings, Inc. (a)	8		199
	Boston Beer Co. Inc. - Class A (a)	1		194
	Calavo Growers Inc. (b)	1		128
	Cal-Maine Foods Inc.	3		111
	Casey's General Stores Inc.	—		19
	Central Garden & Pet Co. (a)	1		34
	Central Garden & Pet Co. - Class A (a)	3		85
	Chefs' Warehouse Inc. (a)	2		92
	Coca-Cola Consolidated Inc.	—		107
	Craft Brewers Alliance Inc. (a)	2		15
	Darling Ingredients Inc. (a)	10		201
	Del Monte Fresh Produce Company	3		85
	E.L.F. Beauty, Inc. (a)	4		67
	Edgewell Personal Care Colombia S A S (a)	3		107
	Energizer Holdings, Inc. (b)	—		13
	Farmer Bros. Co. (a)	1		17
	Flowers Foods Inc.	2		51
	Hain Celestial Group Inc. (a)	6		125
	Hostess Brands, Inc. - Class A (a)	9		123
	Ingles Markets Inc. - Class A	1		44
	Inter Parfums Inc.	2		136
	J&J Snack Foods Corp.	1		212
	John B. Sanfilippo & Son Inc.	1		59
	Lancaster Colony Corp.	2		217
	Landec Corp. (a)	2		21
	LifeVantage Corporation (a)	1		15
	Limoneira Co.	1		24
	Medifast, Inc.	1		89
	MGPI Processing, Inc. (b)	1		48
	National Beverage Corp. (b)	2		68
	Natural Alternatives International Inc. (a)	1		7
	Natural Grocers By Vitamin Cottage, Inc. (a)	3		31
	Natural Health Trends Corp.	1		6
	Nu Skin Enterprises, Inc. - Class A	3		144
	Performance Food Group Company (a)	5		208
	Pilgrim's Pride Corporation (a)	1		36
	PriceSmart Inc.	2		151
	Primo Water Operations, Inc. (a)	2		23
	Rite Aid Corporation (a) (b)	2		11
	Rocky Mountain Chocolate Factory, Inc.	2		14
	Sanderson Farms Inc.	1		196
	Seaboard Corp.	—		18
	Seneca Foods Corp. - Class A (a)	—		13
	SpartanNash Co.	4		42
	Spectrum Brands Legacy, Inc.	2		125
	Sprouts Farmers Market, Inc. (a)	6		122
	The Andersons, Inc.	2		43
	The Simply Good Foods Company (a)	5		142
	Treehouse Foods, Inc. (a)	3		177
	Turning Point Brands, Inc. (b)	1		30
	United Natural Foods Inc. (a)	3		31
	United-Guardian Inc. (c)	—		3
	Universal Corp.	2		92
	USANA Health Sciences, Inc. (a)	2		102
	Vector Group Ltd.	11		129
	Village Super Market Inc. - Class A	1		26
	WD-40 Co.	1		155
	Weis Markets Inc.	2		71
			5,070
Utilities 3.6%
	ALLETE, Inc.	2		217
	American States Water Company	3		228
	AquaVenture Holdings Limited (a)	3		57
	Artesian Resources Corporation - Class A	1		40
	Atlantica Yield PLC	6		144
	Avista Corporation	4		187
	Black Hills Corporation	2		178
	California Water Service Group	3		150
	Chesapeake Utilities Corp.	1		124
	Clearway Energy, Inc. - Class A	2		34
	Clearway Energy, Inc. - Class C	5		93
	Connecticut Water Services Inc.	1		59
	Consolidated Water Co. Ltd.	1		25
	El Paso Electric Co.	2		163
	Genie Energy Ltd. - Class B	2		16
	Hawaiian Electric Industries Inc.	3		153
	MGE Energy, Inc.	2		158
	Middlesex Water Co.	1		89
	National Fuel Gas Co.	4		192
	New Jersey Resources Corp.	5		222
	Northwest Natural Holding Company	2		122
	NorthWestern Corp.	3		234
	One Gas, Inc.	1		111
	Ormat Technologies Inc.	3		227
	Otter Tail Corp.	2		121
	Pattern Energy Group Inc. - Class A (c)	5		142

13

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	PNM Resources, Inc.	5		247
	Portland General Electric Co.	2		117
	RGC Resources, Inc.	—		13
	SJW Corp.	2		148
	South Jersey Industries Inc.	6		186
	Southwest Gas Corp.	1		95
	Spark Energy Inc. - Class A	2		20
	Spire, Inc.	3		260
	Terraform Power, Inc. - Class A	10		188
	Unitil Corp.	1		63
	York Water Co.	1		49
			4,872
Communication Services 3.6%
	A T N International Limited	1		65
	Alaska Communications Systems Group, Inc. (a)	2		4
	AMC Entertainment Holdings, Inc. - Class A (b)	3		28
	AMC Networks, Inc. - Class A (a)	3		139
	Anterix Inc. (a)	1		44
	Bandwidth Inc. - Class A (a)	—		18
	Boingo Wireless, Inc. (a)	4		41
	Cable One, Inc.	—		25
	Care.com Inc. (a)	3		26
	Cargurus Inc. - Class A (a)	5		144
	Cars.com Inc. (a)	2		15
	Central European Media Enterprises Ltd - Class A (a)	16		70
	Cincinnati Bell Inc. (a)	4		19
	Cinemark Holdings, Inc.	6		226
	Clear Channel Outdoor Holdings, Inc. (a)	22		55
	Cogent Communications Group, Inc.	3		160
	comScore, Inc. (a)	3		7
	Consolidated Communications Holdings Inc.	6		26
	Cumulus Media Inc. - Class A (a)	1		13
	Daily Journal Corp. (a) (b) (c)	—		12
	DHI Group, Inc. (a)	6		22
	Egain Corporation (a)	2		19
	Emerald Expositions Events, Inc.	5		45
	Entercom Communications Corp. - Class A	14		45
	Entravision Communications Corporation - Class A	4		12
	EW Scripps Co. - Class A	4		55
	Fluent Inc. (a)	3		9
	Frontier Communications Corporation (a) (b)	1		1
	Gannett Co., Inc.	7		78
	GCI Liberty, Inc. - Class A (a)	1		39
	Glu Mobile Inc. (a)	5		24
	Gray Television Inc. (a)	6		100
	GTT Communications Inc. (a) (b)	2		18
	Hemisphere Media Group, Inc. - Class A (a)	2		21
	IDT Corp. - Class B (a)	3		26
	IMAX Corporation (a)	4		98
	Intelsat Investments S.A. (a)	8		171
	Iridium Communications Inc. (a)	6		134
	John Wiley & Sons Inc. - Class A	3		136
	Lee Enterprises, Incorporated (a)	3		7
	Liberty Braves Group - Class A (a)	1		19
	Liberty Braves Group - Class C (a)	3		78
	Liberty Latin America Ltd. - Class A (a)	3		50
	Liberty Latin America Ltd. - Class C (a)	7		125
	Liberty TripAdvisor Holdings Inc. - Class A (a)	5		48
	Lions Gate Entertainment Corp. - Class A	6		58
	Lions Gate Entertainment Corp. - Class B	7		63
	Loral Spacecom Corporation (a)	1		60
	Marchex, Inc. - Class B (a)	2		7
	Marcus Corp.	2		66
	Maxar Technologies Inc. (b)	5		35
	Meredith Corporation	2		88
	MSG Networks Inc. - Class A (a)	4		66
	National CineMedia Inc.	6		45
	New Media Investment Group Inc. (b)	4		33
	New York Times Co. - Class A	3		86
	Nexstar Media Group, Inc. - Class A	2		249
	ORBCOMM Inc. (a)	5		23
	QuinStreet, Inc. (a)	5		61
	Reading International Inc. - Class A (a)	1		17
	Rosetta Stone Inc. (a)	—		7
	Saga Communications Inc. - Class A	—		8
	Scholastic Corp.	2		74
	Shenandoah Telecommunications Company	3		93
	Sinclair Broadcast Group Inc. - Class A	4		180
	Spok Holdings, Inc.	1		12
	TechTarget, Inc. (a)	2		49
	TEGNA Inc.	13		206
	Telephone & Data Systems Inc.	7		173
	The Meet Group, Inc. (a)	6		20
	Townsquare Media Inc. - Class A	1		8
	Travelzoo (a)	1		15
	Tribune Publishing Company, LLC	3		23
	Truecar, Inc. (a)	7		23
	Tucows Inc. (a) (b) (c)	1		31
	US Cellular Corp. (a)	2		89
	Vonage Holdings Corp. (a)	14		154
	Yelp Inc. - Class A (a)	4		124
	Zedge, Inc. - Class B (a)	1		2
	Zynga Inc. - Class A (a)	17		101
			4,866
Real Estate 0.6%
	Altisource Portfolio Solutions S.A. (a) (b)	1		20
	Consolidated-Tomoka Land Co.	—		32
	Drive Shack Inc. (a)	5		23
	Dwight A. Walker Real Estate, Inc. - Class A	1		37
	Florida Rock Properties, Inc. (a)	1		31
	Forestar Group Inc. (a)	2		33
	Griffin Industrial Realty Inc.	1		33
	Kennedy-Wilson Holdings Inc.	8		180
	Marcus & Millichap Inc. (a)	3		103
	Maui Land & Pineapple Co. Inc. (a)	1		11
	Newmark Group, Inc. - Class A	8		75
	Rafael Holdings, Inc. - Class B (a)	1		28
	Realogy Holdings Corp. (b)	5		33
	Redfin Corporation (a) (b)	—		4
	RMR Group, Inc. - Class A	1		54
	St. Joe Co. (a) (b)	4		75
	Tejon Ranch Co. (a)	2		34
			806
	Total Common Stocks (cost $135,635)		136,590
PREFERRED STOCKS 0.0%
Communication Services 0.0%
	GCI Liberty, Inc. - Series A, 7.00%, (callable at 25 beginning 03/10/39) (f)	—		11
	Total Preferred Stocks (cost $2)		11
RIGHTS 0.0%
	LyondellBasell Industries N.V. (a) (c) (e)	2		1
	NewStar Financial, Inc. (a) (c) (e)	3		2
	Total Rights (cost $1)		3
SHORT TERM INVESTMENTS 3.7%
Securities Lending Collateral 3.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (g) (h)	4,389		4,389
Investment Companies 0.5%
	JNL Government Money Market Fund - Institutional Class, 1.86% (g) (h)	672		672
	Total Short Term Investments (cost $5,061)		5,061
Total Investments 103.5% (cost $140,699)				141,665
Other Assets and Liabilities, Net (3.5)%				(4,770)
Total Net Assets 100.0%				136,895

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

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

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

14

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

(f)Perpetual security. Next contractual call date presented, if applicable.

(g)Investment in affiliate.

(h)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Cimpress N.V.	09/18/17	164	210	0.2

15

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/DoubleLine Total Return Fund
GOVERNMENT AND AGENCY OBLIGATIONS 52.8%
Collateralized Mortgage Obligations 25.3%
	Federal Home Loan Mortgage Corporation
		Series A-4260, REMIC, 3.00%, 02/15/32	8,557		8,769
		Series AY-4092, REMIC, 3.00%, 08/15/32	8,200		8,706
		Series EY-4215, REMIC, 3.00%, 06/15/33	10,000		10,239
		Series UB-4247, REMIC, 3.00%, 09/15/33	6,199		6,562
		Series EB-4247, REMIC, 3.50%, 09/15/33	5,000		5,456
		Series A-4377, REMIC, 3.00%, 06/15/39	10,337		10,387
		Series BK-4469, REMIC, 3.00%, 08/15/39	7,752		7,866
		Series JA-3818, REMIC, 4.50%, 01/15/40	152		154
		Series GA-4376, REMIC, 3.00%, 04/15/40	9,341		9,568
		Series NY-4390, REMIC, 3.00%, 06/15/40	8,945		9,162
		Series MA-4391, REMIC, 3.00%, 07/15/40	8,743		8,956
		Interest Only, Series SP-3770, REMIC, 4.47%, (6.50% - (1M USD LIBOR * 1)), 11/15/40 (a)	1,988		198
		Interest Only, Series SM-3780, REMIC, 4.47%, (6.50% - (1M USD LIBOR * 1)), 12/15/40 (a)	11,521		2,349
		Series KA-4366, REMIC, 3.00%, 03/15/41	8,733		8,977
		Series SL-4061, REMIC, 3.16%, (7.06% - (1M USD LIBOR * 1.75)), 06/15/42 (a)	1,482		1,586
		Series B-4481, REMIC, 3.00%, 12/15/42	17,840		18,555
		Series CS-4156, REMIC, 2.88%, (5.40% - (1M USD LIBOR * 1.2)), 01/15/43 (a)	5,045		5,071
		Series UZ-4508, REMIC, 3.00%, 07/15/43	10,794		10,918
		Series ZX-4404, REMIC, 4.00%, 04/15/44	59,630		67,928
		Series CA-4573, REMIC, 3.00%, 11/15/44	30,359		31,422
		Series LZ-4410, REMIC, 4.00%, 11/15/44	1,799		2,143
		Series KZ-4440, REMIC, 3.00%, 02/15/45	12,339		12,941
		Series HA-4582, REMIC, 3.00%, 09/15/45	21,153		21,990
		Interest Only, Series MS-4291, REMIC, 3.87%, (5.90% - (1M USD LIBOR * 1)), 01/15/54 (a)	4,911		776
		Series A-4734, REMIC, 3.00%, 07/15/42	23,951		24,536
		Series KM-4141, REMIC, 1.75%, 12/15/42	23,263		22,759
		Series DA-4464, REMIC, 2.50%, 01/15/43	3,516		3,396
		Series EC-4745, REMIC, 3.00%, 12/15/44	16,074		16,191
	Federal National Mortgage Association, Inc.
		Interest Only, Series 2010-CS-134, REMIC, 4.66%, (6.68% - (1M USD LIBOR * 1)), 12/25/25 (a)	1,438		128
		Series 2013-AB-53, REMIC, 1.50%, 03/25/28	4,538		4,481
		Series 2013-QZ-54, REMIC, 3.00%, 06/25/33	1,826		1,856
		Series 2013-WB-100, REMIC, 3.00%, 10/25/33	20,000		20,426
		Interest Only, Series 2005-S-2, REMIC, 4.58%, (6.60% - (1M USD LIBOR * 1)), 02/25/35 (a)	6,418		1,218
		Interest Only, Series 2011-PS-84, REMIC, 4.58%, (6.60% - (1M USD LIBOR * 1)), 01/25/40 (a)	9,230		663
		Series 2010-KD-120, REMIC, 4.00%, 10/25/40	1,083		1,121
		Series 2014-MA-68, REMIC, 3.00%, 11/25/40	8,445		8,646
		Series 2013-PB-59, REMIC, 2.00%, 09/25/41	4,642		4,586
		Interest Only, Series 2011-ES-93, REMIC, 4.48%, (6.50% - (1M USD LIBOR * 1)), 09/25/41 (a)	1,929		384
		Series 2012-BZ-14, REMIC, 4.00%, 03/25/42	2,017		2,218
		Series 2012-Z-31, REMIC, 4.00%, 04/25/42	2,010		2,204
		Series 2012-CZ-87, REMIC, 3.00%, 08/25/42	12,395		12,582
		Series 2015-AP-95, REMIC, 3.00%, 08/25/42	12,735		13,014
		Series 2013-NZ-31, REMIC, 3.00%, 04/25/43	16,863		17,184
		Series 2015-AC-88, REMIC, 3.00%, 04/25/43	16,056		16,111
		Series 2013-ZA-52, REMIC, 3.00%, 06/25/43	4,202		4,220
		Series 2013-AZ-133, REMIC, 4.00%, 01/25/44	16,149		17,631
		Series 2014-GZ-85, REMIC, 3.00%, 12/25/44	11,590		12,140
		Series 2015-CE-78, REMIC, 2.50%, 11/25/45	23,679		24,035
		Series 2017-CH-4, REMIC, 3.00%, 06/25/42	28,995		29,029
		Series 2016-A-9, REMIC, 3.00%, 09/25/43	7,237		7,452
		Series 2016-PA-81, REMIC, 3.00%, 02/25/44	18,465		19,112
		Series 2018-JA-27, REMIC, 3.00%, 12/25/47	8,115		8,221
		Series 2018-C-33, REMIC, 3.00%, 05/25/48	45,241		45,831
		Series 2018-LA-38, REMIC, 3.00%, 06/25/48	17,003		17,298
		Series 2018-A-64, REMIC, 3.00%, 09/25/48	21,611		21,846
		Series 2019-BA-12, REMIC, 3.00%, 04/25/49	9,478		9,576
	Government National Mortgage Association
		Interest Only, Series 2010-PS-116, REMIC, 4.06%, (6.10% - (1M USD LIBOR * 1)), 03/20/40 (a)	6,309		470
		Series 2012-Z-32, REMIC, 3.50%, 03/20/42	4,402		4,567
				665,811
Mortgage-Backed Securities 22.3%
	Federal Home Loan Mortgage Corporation
		3.00%, 06/01/43 - 09/01/45	163,379		167,967
		4.00%, 09/01/43 - 02/01/44	9,245		9,893
		3.50%, 02/01/46 - 01/01/48	39,151		40,851
		3.00%, 07/01/47 (b)	9,543		9,764
		REMIC, 3.00%, 06/15/44	8,349		8,672
	Federal National Mortgage Association, Inc.
		2.39%, 10/01/31	22,600		22,978
		2.41%, 10/01/19	10,000		10,184
		4.50%, 04/01/26	2,803		2,932
		2.76%, 08/01/31	25,148		26,252
		2.46%, 09/01/31	5,000		5,063
		2.49%, 09/01/31	3,000		3,049
		2.56%, 09/01/31	3,000		3,073
		2.42%, 12/25/31	8,000		8,086
		3.50%, 09/01/43 - 04/01/48	66,554		69,214
		3.00%, 03/01/35 - 02/01/47	126,951		129,686
		3.00%, 10/01/46	2,945		3,015
		4.00%, 08/01/47 - 06/01/48	54,171		56,645
	Government National Mortgage Association
		3.50%, 10/20/45	9,653		9,909
				587,233
U.S. Treasury Bond 2.8%
	Treasury, United States Department of
		2.88%, 05/15/49	62,000		72,375
U.S. Treasury Note 2.4%
	Treasury, United States Department of
		2.88%, 08/15/28	15,100		16,605
		3.13%, 11/15/28	16,100		18,080
		2.63%, 02/15/29	20,900		22,628
		2.38%, 05/15/29	4,400		4,674
				61,987
	Total Government And Agency Obligations (cost $1,339,458)			1,387,406
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 44.0%
	Aimco CLO
		Series 2015-AR-AA, 3.15%, (3M USD LIBOR + 0.85%), 01/15/30 (a) (c)	1,000		998
	Ajax Mortgage Loan Trust
		Series 2017-A-A, 3.47%, 04/25/57 (c) (d)	6,106		6,112
	Alternative Loan Trust
		Series 2005-A2-23CB, REMIC, 5.50%, 07/25/35	3,511		3,426
		Series 2006-1A7-23CB, REMIC, 6.00%, 08/25/36	2,349		2,395
		Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36	2,340		2,116
		Series 2007-1A6-3T1, REMIC, 6.25%, 04/25/37	16,501		11,743
	Anchorage Capital CLO Ltd
		Series 2018-A1A-10A, 3.50%, (3M USD LIBOR + 1.20%), 10/15/31 (a) (c)	2,000		1,993
	Apidos CLO XVI
		Series 2013-A1R-16A, 3.28%, (3M USD LIBOR + 0.98%), 01/21/25 (a) (c)	189		190
	Aqua Finance Trust
		Series 2017-A-A, 3.72%, 10/15/24 (c)	3,875		3,918
	ArrowMark Colorado Holdings
		Series 2018-A1-9A, 3.42%, (3M USD LIBOR + 1.12%), 07/15/31 (a) (c)	2,500		2,473
	Assurant CLO III LTD
		Series 2018-A-2A, 3.51%, (3M USD LIBOR + 1.23%), 10/20/31 (a) (c)	1,500		1,498
	Assurant CLO IV LTD
		Series 2019-A-1A, 3.63%, (3M USD LIBOR + 1.35%), 04/20/30 (a) (c)	2,500		2,501
	Atlas Senior Loan Fund X Ltd
		Series 2018-A-10A, 3.39%, (3M USD LIBOR + 1.09%), 01/15/31 (a) (c)	1,000		993

16

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
Atrium Hotel Portfolio Trust
	Series 2017-E-ATRM, 5.08%, (1M USD LIBOR + 3.05%), 12/16/19 (a) (c)	2,785	2,796
Atrium IX LLC
	Series AR-9A, 3.38%, (3M USD LIBOR + 1.24%), 05/28/30 (a) (c)	2,000	2,002
Avant Loans Funding Trust
	Series 2018-A-B, 3.42%, 05/15/20 (c)	801	803
Banc of America Alternative Loan Trust
	Series 2006-1CB1-1, REMIC, 6.00%, 02/25/36	8,952	9,252
	Series 2006-5CB1-4, REMIC, 6.50%, 05/25/36	5,961	5,885
Bancorp Commercial Mortgage Trust
	Series 2018-A-CRE4, 2.93%, 08/17/21 (c)	2,838	2,837
Bank
	Series 2019-AS-BN19, REMIC, 3.45%, 07/17/29	3,534	3,750
BBCMS Mortgage Trust
	Series 2018-F-TALL, REMIC, 5.26%, (1M USD LIBOR + 3.24%), 03/16/20 (a) (c) (d)	6,125	6,148
	Series 2017-C-DELC, REMIC, 3.23%, (1M USD LIBOR + 1.20%), 08/15/36 (a) (c)	722	719
	Series 2017-D-DELC, REMIC, 3.73%, (1M USD LIBOR + 1.70%), 08/15/36 (a) (c)	823	824
	Series 2017-E-DELC, REMIC, 4.53%, (1M USD LIBOR + 2.50%), 08/15/36 (a) (c)	1,660	1,666
	Series 2017-F-DELC, REMIC, 5.53%, (1M USD LIBOR + 3.50%), 08/15/36 (a) (c)	1,653	1,665
BBCMS Trust
	Series 2015-D-STP, REMIC, 4.43%, 09/10/20 (a) (c)	2,300	2,311
	Series 2018-A-CBM, REMIC, 3.03%, (1M USD LIBOR + 1.00%), 07/15/20 (a) (c)	2,389	2,389
	Series 2018-A-BXH, REMIC, 3.03%, (1M USD LIBOR + 1.00%), 10/15/20 (a) (c)	2,559	2,552
BDS LTD
	Series 2019-A-FL4, 3.13%, (1M USD LIBOR + 1.10%), 07/15/22 (a) (c)	2,350	2,351
Bear Stearns Asset Backed Securities I LLC
	Series 2006-21A3-AC2, REMIC, 6.00%, 03/25/36	1,311	1,573
Bellemeade Re Ltd
	Series 2019-M1B-2A, 3.47%, (1M USD LIBOR + 1.45%), 04/25/29 (a) (c)	5,000	5,011
Benchmark Mortgage Trust
	Interest Only, Series 2018-XA-B7, REMIC, 0.60%, 05/16/53 (a)	91,601	2,982
BHMS
	Series 2018-A-ATLS, REMIC, 3.28%, (1M USD LIBOR + 1.25%), 07/15/20 (a) (c)	2,382	2,382
Birch Grove CLO Ltd
	Series A-19A, 3.97%, (3M USD LIBOR + 1.49%), 06/16/31 (a) (c)	2,500	2,500
BX Commercial Mortgage Trust
	Series 2018-A-IND, 2.78%, (1M USD LIBOR + 0.75%), 10/15/20 (a) (c)	2,398	2,397
Bx Trust
	Series 2018-A-GW, 2.83%, (1M USD LIBOR + 0.80%), 05/15/20 (a) (c)	2,264	2,259
	Series 2018-D-GW, 3.80%, (1M USD LIBOR + 1.77%), 05/15/20 (a) (c)	198	199
	Series 2017-D-SLCT, 4.08%, (1M USD LIBOR + 2.05%), 07/17/34 (a) (c)	914	914
	Series 2017-E-SLCT, 5.18%, (1M USD LIBOR + 3.15%), 07/17/34 (a) (c)	1,549	1,553
	Series 2018-A-EXCL, REMIC, 3.12%, (1M USD LIBOR + 1.09%), 09/15/20 (a) (c)	2,782	2,777
Caesars Palace Las Vegas Trust
	Series 2017-B-VICI, REMIC, 3.83%, 10/17/22 (c)	957	997
	Series 2017-C-VICI, REMIC, 4.14%, 10/17/22 (c)	466	487
Carrington Mortgage Loan Trust
	Series 2007-A3-RFC1, REMIC, 2.16%, (1M USD LIBOR + 0.14%), 09/25/36 (a)	7,100	6,480
Catamaran CLO Ltd
	Series 2018-A1-1A, 3.53%, (3M USD LIBOR + 1.25%), 10/27/31 (a) (c)	3,000	2,977
CBAM Ltd
	Series 2018-A-6A, 3.24%, (3M USD LIBOR + 0.94%), 07/15/31 (a) (c)	2,500	2,500
CFCRE Mortgage Trust
	Series 2016-C-C4, REMIC, 5.04%, 04/10/26 (a)	2,839	3,095
	Interest Only, Series 2016-XA-C4, REMIC, 1.88%, 05/10/58 (a)	7,108	614
CFIP CLO Ltd
	Series 2013-AR-1A, 3.62%, (3M USD LIBOR + 1.34%), 04/20/29 (a) (c)	2,000	2,000
Chase Mortgage Finance Trust
	Series 2006-2A1-S2, REMIC, 6.00%, 10/25/36	9,606	6,889
CHL Mortgage Pass-Through Trust
	Series 2006-1A35-20, REMIC, 6.00%, 02/25/37	3,309	2,675
	Series 2007-1A5-8, REMIC, 5.44%, 01/25/38	3,294	2,580
CHT Mortgage Trust
	Series 2017-E-CSMO, REMIC, 5.03%, (1M USD LIBOR + 3.00%), 11/15/19 (a) (c)	1,806	1,808
	Series 2017-F-CSMO, REMIC, 5.77%, (1M USD LIBOR + 3.74%), 11/15/19 (a) (e) (f)	963	964
CIM Trust
	Series 2017-B2-3RR, 10.97%, 01/25/57 (a) (c)	35,590	36,435
	Series 2017-A1-6, 3.02%, 06/25/57 (a) (c)	10,548	10,596
	Series 2016-B2-1RR, REMIC, 8.82%, 07/25/55 (a) (c)	26,200	25,982
	Series 2016-B2-2RR, REMIC, 7.76%, 02/29/56 (a) (c)	26,200	26,181
	Series 2016-B2-3RR, REMIC, 8.14%, 02/29/56 (a) (c)	26,200	26,044
Citigroup Commercial Mortgage Trust
	Interest Only, Series 2014-XA-GC21, REMIC, 1.35%, 05/10/47 (a)	24,993	1,148
	Interest Only, Series 2016-XA-GC36, REMIC, 1.44%, 02/12/49 (a)	21,217	1,360
	Interest Only, Series 2016-XA-P3, REMIC, 1.85%, 04/16/49 (a)	18,097	1,402
Citigroup Mortgage Loan Trust
	Series 2019-A1-C, 3.23%, 09/25/59 (c)	4,485	4,474
	Series 2009-3A2-12, REMIC, 6.00%, 05/25/37 (a) (c)	2,057	2,181
Citimortgage Alternative Loan Trust
	Series 2006-1A1-A4, REMIC, 6.00%, 09/25/36	2,006	1,941
	Series 2007-1A11-A5, REMIC, 6.00%, 05/25/37	1,827	1,806
CLI Funding VI LLC
	Series 2019-A-1A, 3.71%, 05/18/29 (c)	4,818	4,854
CLNS Trust
	Series 2017-D-IKPR, 4.10%, (1M USD LIBOR + 2.05%), 06/11/32 (a) (c)	1,973	1,972
	Series 2017-E-IKPR, 5.55%, (1M USD LIBOR + 3.50%), 06/11/32 (a) (c)	1,973	1,974
	Series 2017-F-IKPR, 6.55%, (1M USD LIBOR + 4.50%), 06/11/32 (a) (e) (f)	1,973	1,979
COMM Mortgage Trust
	Series 2018-A-HCLV, 3.03%, (1M USD LIBOR + 1.00%), 09/15/20 (a) (c)	3,070	3,062
	Series 2014-C-CR19, REMIC, 4.91%, 08/10/24 (a)	1,163	1,241
	Series 2016-C-CR28, REMIC, 4.80%, 12/12/25 (a)	2,047	2,219
	Series 2016-C-DC2, REMIC, 4.79%, 02/12/26 (a)	1,340	1,414
	Interest Only, Series 2013-XA-CR12, REMIC, 1.32%, 10/15/46 (a)	32,496	1,271
	Interest Only, Series 2014-XA-CR17, REMIC, 1.15%, 05/10/47 (a)	29,977	1,124
	Interest Only, Series 2015-XA-DC1, REMIC, 1.25%, 02/10/48 (a)	28,050	1,067
	Interest Only, Series 2015-XA-CR26, REMIC, 1.10%, 10/10/48 (a)	28,534	1,326
	Interest Only, Series 2016-XA-DC2, REMIC, 1.17%, 02/12/49 (a)	19,441	989
	Series 2015-CMD-CR23, REMIC, 3.81%, 04/10/20 (a) (c)	3,007	3,006
	Series 2016-F-GCT, REMIC, 3.58%, 08/12/21 (a) (c)	3,461	3,404

17

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
Commonbond Student Loan Trust
	Series 2018-C-BGS, REMIC, 4.12%, 08/25/28 (c)	935	952
Consumer Loan Underlying Bond (Club) Credit Trust
	Series 2017-B-P1, 3.56%, 03/15/20 (c)	2,767	2,770
Core Industrial Trust
	Series 2015-D-CALW, REMIC, 3.98%, 02/10/22 (a) (c)	2,000	2,053
Credit Suisse First Boston Mortgage Acceptance Corp.
	Series 2005-7A1-11, REMIC, 6.00%, 12/25/35	7,925	6,730
Credit Suisse Mortgage Trust
	Series 2018-A-TOP, 3.03%, (1M USD LIBOR + 1.00%), 08/17/20 (a) (c)	3,080	3,078
Credit Suisse Securities (USA) LLC
	Series 2005-3A2-9, REMIC, 6.00%, 10/25/35	4,863	2,683
	Series 2006-2A3-2, REMIC, 6.00%, 03/25/36	4,458	3,571
CSAIL Commercial Mortgage Trust
	Interest Only, Series 2015-XA-C1, REMIC, 1.00%, 01/17/25 (a)	19,822	721
	Series 2015-C-C4, REMIC, 4.73%, 11/18/25 (a)	1,911	2,049
CSMC
	Series 2011-6A9-5R, REMIC, 3.95%, 11/27/37 (a) (c)	8,342	8,515
CSMC Trust
	Series 2019-A1-JR1, 4.10%, 09/27/66 (a) (c)	4,527	4,556
	Series 2017-D-MOON, REMIC, 3.30%, 07/12/22 (a) (c)	2,373	2,387
CSMCM Trust
	Interest Only, Series 2018-CERT-SP3, 3.64%, 09/25/58 (c)	35,777	33,142
CSMLT Trust
	Series 2015-1A2-3, REMIC, 3.50%, 08/25/34 (a) (c)	3,081	3,124
CVP CLO Ltd
	Series 2017-A-2A, 3.47%, (3M USD LIBOR + 1.19%), 01/21/31 (a) (c)	2,000	1,991
DB Master Finance LLC
	Series 2019-A2I-1A, 3.79%, 02/20/24 (c)	1,496	1,548
DBJPM Mortgage Trust
	Interest Only, Series 2016-XA-C1, REMIC, 1.62%, 05/12/49 (a)	24,005	1,725
Deutsche Alt-A Securities Mortgage Loan Trust
	Series 2007-2A1-2, REMIC, 2.32%, (1M USD LIBOR + 0.30%), 09/25/47 (a)	18,447	16,878
Dryden 49 Senior Loan Fund
	Series 2017-A-49A, 3.51%, (3M USD LIBOR + 1.21%), 07/18/30 (a) (c)	2,000	2,002
Elevation CLO Ltd
	Series 2017-A-7A, 3.52%, (3M USD LIBOR + 1.22%), 07/15/30 (a) (c)	2,500	2,494
Elmwood CLO II Ltd
	Series 2019-A-2A, 4.00%, (3M USD LIBOR + 1.45%), 04/21/31 (a) (c)	3,500	3,503
Exantas Capital Corp
	Series 2019-A-RSO7, 3.02%, (1M USD LIBOR + 1.00%), 04/15/22 (a) (c)	3,531	3,531
First Horizon Mortgage Pass-Through Trust
	Series 2006-1A2-FA2, REMIC, 6.00%, 05/25/36	4,482	3,444
FMC GMSR Issuer Trust
	Series 2019-A-GT2, 4.23%, 09/25/24 (c)	13,200	13,316
	Series 2019-A-GT1, 5.07%, 05/25/26 (a) (c) (d)	10,500	10,844
FREMF Mortgage Trust
	Principal Only, Series 2014-D-K503, REMIC, 0.00%, 10/25/19 (e) (f)	35,518	35,482
	Interest Only, Series 2014-X2A-K503, REMIC, 0.10%, 10/25/47 (c)	8,203	—
	Interest Only, Series 2014-X2B-K503, REMIC, 0.10%, 10/25/47 (e) (f)	35,518	2
GCAT LLC
	Series 2019-A1-1, 4.09%, 03/25/22	7,591	7,612
GMACM Mortgage Loan Trust
	Series 2005-A7-AF1, REMIC, 5.75%, 07/25/35	4,906	4,766
	Series 2005-A1-AF2, REMIC, 6.00%, 12/25/35	10,020	9,839
GPMT Ltd
	Series 2019-A-FL2, 3.33%, 06/15/23 (c)	3,408	3,417
	Series 2018-A-FL1, 2.94%, (1M USD LIBOR + 0.90%), 11/19/35 (a) (c)	1,454	1,454
Greywolf CLO VI, Ltd.
	Series 2018-A1-1A, 3.30%, 04/26/31 (c)	1,000	990
Greywolf CLO VII, Ltd.
	Series 2018-A1-7A, 3.46%, (3M USD LIBOR + 1.18%), 10/20/31 (a) (c)	2,000	1,990
GS Mortgage Securities Corp Trust
	Series 2019-E-SOHO, 3.90%, (1M USD LIBOR + 1.88%), 06/15/21 (a) (c)	3,566	3,558
	Series 2018-A-LUAU, REMIC, 3.03%, (1M USD LIBOR + 1.00%), 11/16/20 (a) (c)	3,201	3,197
	Series 2018-C-FBLU, REMIC, 3.63%, 11/16/20 (c)	3,552	3,554
	Series 2018-F-FBLU, REMIC, 5.28%, 11/16/20 (c)	3,171	3,183
	Series 2018-A-TWR, REMIC, 2.93%, (1M USD LIBOR + 0.90%), 07/15/21 (a) (c)	1,000	998
	Series 2018-D-TWR, REMIC, 3.63%, (1M USD LIBOR + 1.60%), 07/15/21 (a) (c)	1,000	998
	Series 2018-E-TWR, REMIC, 4.13%, (1M USD LIBOR + 2.10%), 07/15/21 (a) (c)	1,000	998
	Series 2018-F-TWR, REMIC, 4.83%, (1M USD LIBOR + 2.80%), 07/15/21 (a) (c)	1,000	997
	Series 2018-G-TWR, REMIC, 5.95%, (1M USD LIBOR + 3.92%), 07/15/21 (a) (c)	1,000	997
	Series 2015-B-GC34, REMIC, 4.47%, 10/10/25 (a)	782	850
GS Mortgage Securities Trust
	Interest Only, Series 2016-XA-GS3, 1.38%, 10/13/49 (a)	27,926	1,828
	Interest Only, Series 2015-XA-GC34, REMIC, 1.48%, 10/10/25 (a)	24,147	1,478
	Interest Only, Series 2014-XA-GC24, REMIC, 0.87%, 09/10/47 (a)	43,775	1,312
	Interest Only, Series 2015-XA-GS1, REMIC, 0.94%, 11/10/48 (a)	33,866	1,401
	Interest Only, Series 2017-C-2, REMIC, 1.28%, 08/12/50 (a)	34,150	2,381
	Interest Only, Series 2019-XA-GC38, REMIC, 1.13%, 02/12/52	43,759	3,264
Halcyon Loan Advisors Funding Ltd
	Series 2012-B-1A, 5.16%, (3M USD LIBOR + 3.00%), 08/15/23 (a) (c)	500	500
	Series 2013-C-2A, 4.95%, (3M USD LIBOR + 2.70%), 08/01/25 (a) (c)	250	250
	Series 2013-D-2A, 6.05%, (3M USD LIBOR + 3.80%), 08/01/25 (a) (c)	1,000	1,000
	Series 2014-A1R-1A, 3.43%, (3M USD LIBOR + 1.13%), 04/18/26 (a) (c)	258	258
Hardee's Funding LLC
	Series 2018-AI-1A, 4.25%, 06/20/22 (c)	3,960	4,034
Headlands Residential LLC
	Series 2019-RPL1, 3.97%, 06/25/22 (c) (d)	5,800	5,856
HERO Funding Trust
	Series 2016-A2-4A, 4.29%, 09/20/37 (c)	5,359	5,732
Hilton Orlando Trust
	Series 2018-E-ORL, REMIC, 4.68%, (1M USD LIBOR + 2.65%), 12/16/19 (a) (c)	3,425	3,444
Horizon Aircraft Finance I Ltd
	Series 2018-A-1, 4.46%, 12/15/25 (c)	5,591	5,807
Hospitality Mortgage Trust
	Series 2019-F-HIT, 5.18%, (1M USD LIBOR + 3.15%), 11/15/21 (a) (c)	3,525	3,543
Hunt CRE Ltd
	Series 2018-A-FL2, 3.11%, (1M USD LIBOR + 1.08%), 06/15/23 (a) (c)	3,016	3,016
IndyMac INDA Mortgage Loan Trust
	Series 2006-4A1-AR2, REMIC, 4.13%, 09/25/36 (a)	2,901	2,789
Jamestown CLO Ltd
	Series 2014-A1AR-4A, 2.99%, (3M USD LIBOR + 0.69%), 07/15/26 (a) (c)	182	182
	Series 2018-A1-6RA, 3.43%, (3M USD LIBOR + 1.15%), 04/25/30 (a) (c)	3,000	2,989

18

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
JP Morgan Chase & Co.
	Series 2016-E-WIKI, REMIC, 4.14%, 10/07/21 (a) (c)	3,075	3,112
Jp Morgan Resecuritization Trust
	Series 2009-4A2-10, REMIC, 2.91%, 03/26/37 (a) (c)	3,160	3,103
JPMBB Commercial Mortgage Securities Trust
	Series 2014-C-C21, REMIC, 4.81%, 07/15/24 (a)	2,000	2,105
	Series 2015-C-C32, REMIC, 4.82%, 10/15/25 (a)	2,065	2,208
	Series 2015-C-C33, REMIC, 4.77%, 11/15/25 (a)	2,224	2,378
JPMDB Commercial Mortgage Securities Trust
	Interest Only, Series 2016-XA-C2, REMIC, 1.83%, 06/17/49 (a)	25,031	1,747
JPMorgan Chase Commercial Mortgage Securities Corp.
	Series 2017-B-FL10, REMIC, 3.03%, (1M USD LIBOR + 1.00%), 06/15/32 (a) (c)	331	331
	Series 2017-C-FL10, REMIC, 3.28%, (1M USD LIBOR + 1.25%), 06/15/32 (a) (c)	528	524
	Series 2017-D-FL10, REMIC, 3.93%, (1M USD LIBOR + 1.90%), 06/15/32 (a) (c)	1,709	1,704
JPMorgan Chase Commercial Mortgage Securities Trust
	Series 2018-A-LAQ, 3.03%, (1M USD LIBOR + 1.00%), 06/15/20 (a) (c)	2,285	2,283
	Series 2018-E-BCON, REMIC, 3.88%, 01/06/23 (a) (c)	1,187	1,203
	Series 2007-AM-LDPX, REMIC, 5.46%, 01/15/49 (a)	90	90
Kingsland VIII Ltd
	Series 2018-A-8A, 3.40%, (3M USD LIBOR + 1.12%), 04/21/31 (a) (c)	2,000	1,989
KREF Ltd
	Series 2018-A-FL1, 3.12%, (1M USD LIBOR + 1.10%), 11/17/20 (a) (c)	3,156	3,162
KVK CLO Ltd
	Series 2013-AR-1A, 3.20%, (3M USD LIBOR + 0.90%), 01/14/28 (a) (c)	4,000	3,983
Labrador Aviation Finance Ltd
	Series 2016-A1-1A, 4.30%, 01/15/24 (c)	16,667	17,039
Lavender Trust
	Series 2010-A3-RR2A, REMIC, 6.25%, 10/26/36 (c)	408	408
Legacy Mortgage Asset Trust
	Series 2018-A1-GS2, 4.00%, 06/25/20 (c) (d)	7,741	7,808
	Series 2019-A-SL3, REMIC, 3.47%, 07/25/21 (c)	2,177	2,214
	Series 2019-A1-GS5, REMIC, 3.20%, 05/25/59 (c) (d)	493	492
Lendmark Funding Trust
	Series 2017-A-2A, 2.80%, 05/20/26 (c)	1,000	1,000
Loancore Issuer Ltd.
	Series 2019-A-CRE3, 3.08%, (1M USD LIBOR + 1.05%), 11/15/23 (a) (c)	3,567	3,569
	Series 2019-AS-CRE2, 3.53%, (1M USD LIBOR + 1.50%), 02/15/24 (a) (c)	3,567	3,572
LSTAR Commercial Mortgage Trust
	Interest Only, Series 2017-X-5, 1.26%, 03/11/50 (a) (c)	44,167	1,826
Madison Park Funding XV Ltd
	Series 2014-CR-15A, 5.71%, (3M USD LIBOR + 3.45%), 01/27/26 (a) (c)	500	500
Madison Park Funding XVIII Ltd
	Series 2015-DR-18A, 5.23%, (3M USD LIBOR + 2.95%), 10/21/30 (a) (c)	1,500	1,438
Marathon CLO VII Ltd
	Series 2014-A1R-7A, 3.58%, (3M USD LIBOR + 1.32%), 10/28/25 (a) (c)	4,815	4,816
Marble Point CLO XIV Ltd
	Series 2018-A-2A, 3.61%, (3M USD LIBOR + 1.33%), 01/20/32 (a) (c)	2,500	2,497
Marlette Funding Trust
	Series 2018-A-4A, 3.71%, 04/15/21 (c)	2,309	2,330
Master Asset Securitization Trust
	Series 2006-1A13-1, REMIC, 5.75%, 05/25/36	4,722	4,473
MidOcean Credit CLO
	Series 2018-A1-9A, 3.43%, (3M USD LIBOR + 1.15%), 07/21/31 (a) (c)	2,500	2,479
MidOcean Partners
	Series 2017-A1-7A, 3.62%, (3M USD LIBOR + 1.32%), 07/16/29 (a) (c)	5,000	5,000
	Series 2018-A1-8A, 3.29%, (3M USD LIBOR + 1.15%), 02/20/31 (a) (c)	2,000	2,000
Monarch Beach Resort Trust
	Series 2018-A-MBR, REMIC, 2.95%, (1M USD LIBOR + 0.92%), 07/15/20 (a) (c)	3,034	3,028
Morgan Stanley & Co. LLC
	Series 2014-C-C19, REMIC, 4.00%, 12/15/24	2,000	2,053
Morgan Stanley Bank of America Merrill Lynch Trust
	Series 2014-C-C18, REMIC, 4.49%, 09/15/24	1,500	1,592
	Series 2015-C-C20, REMIC, 4.61%, 01/15/25 (a)	1,200	1,269
	Series 2015-C-C25, REMIC, 4.68%, 09/15/25 (a)	2,320	2,510
	Series 2016-C-C29, REMIC, 4.91%, 04/17/26 (a)	676	731
	Interest Only, Series 2013-XA-C7, REMIC, 1.49%, 02/15/46 (a)	19,951	725
	Interest Only, Series 2016-XA-C28, REMIC, 1.40%, 01/15/49 (a)	23,830	1,394
	Interest Only, Series 2016-XA-C30, REMIC, 1.57%, 09/17/49 (a)	18,408	1,415
	Series 2018-A-SUN, REMIC, 2.93%, (1M USD LIBOR + 0.90%), 07/15/20 (a) (c)	2,389	2,386
	Series 2016-C-C31, REMIC, 4.46%, 10/19/26 (a)	2,960	3,107
Morgan Stanley Capital Barclays Bank Trust
	Series 2016-B-MART, REMIC, 2.48%, 09/15/21 (c)	3,538	3,523
Morgan Stanley Mortgage Loan Trust
	Series 2007-A1-8XS, REMIC, 5.75%, 04/25/37 (a)	1,413	930
	Series 2007-3A22-12, REMIC, 6.00%, 08/25/37	1,804	1,413
Mosaic Solar Loan Trust
	Series 2018-A-2GS, 4.20%, 10/21/30 (c)	1,944	2,013
MP CLO III Ltd
	Series 2013-AR-1A, 3.53%, (3M USD LIBOR + 1.25%), 10/21/30 (a) (c)	4,000	3,996
MP CLO VIII Ltd
	Series 2015-AR-2A, 3.17%, (3M USD LIBOR + 0.91%), 10/28/27 (a) (c)	2,000	2,000
MSCG Trust
	Series 2018-A-SELF, 2.93%, (1M USD LIBOR + 0.90%), 10/15/20 (a) (c)	2,295	2,297
Nassau Ltd
	Series 2018-A-IA, 3.45%, (3M USD LIBOR + 1.15%), 07/15/31 (a) (c)	2,000	1,977
Natixis Commercial Mortgage Securities Trust
	Series 2018-A-FL1, 2.98%, (1M USD LIBOR + 0.95%), 01/17/22 (a) (c)	2,228	2,221
	Series 2018-E-850T, REMIC, 3.98%, (1M USD LIBOR + 1.95%), 07/15/21 (a) (c)	2,183	2,183
New Residential Mortgage Loan Trust
	Series 2019-A1-RPL1, 4.33%, 02/25/22 (c) (d)	24,103	24,258
Newtek Small Business Finance, LLC
	Series 2018-A-1, 3.72%, (1M USD LIBOR + 1.70%), 11/25/24 (a) (c)	4,326	4,318
NLY Commercial Mortgage Trust
	Series 2019-AS-FL2, 3.63%, 12/15/22 (c)	3,371	3,381
	Series 2019-B-FL2, 3.93%, 01/15/23 (c)	3,371	3,382
Nomura Asset Acceptance Corporation, Alternative Loan Trust
	Series 2006-3A-AR1, REMIC, 4.58%, 02/25/36 (a)	690	597
NP SPE II LLC
	Series 2019-A2-1A, 3.24%, 09/20/26 (c)	7,500	7,644
OFSI BSL IX, Ltd.
	Series 2018-A-1A, 3.45%, (3M USD LIBOR + 1.15%), 07/15/31 (a) (c)	2,000	1,987
Palmer Square Loan Funding Ltd
	Series 2017-A1-1A, 3.04%, (3M USD LIBOR + 0.74%), 10/15/25 (a) (c)	2,346	2,346

19

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
Park Avenue Institutional Advisers CLO Ltd
	Series 2016-A1R-1A, 3.35%, (3M USD LIBOR + 1.20%), 08/25/31 (a) (c)	2,500	2,483
Pikes Peak CLO 3
	Series 2019-A-3A, 4.01%, (3M USD LIBOR + 1.43%), 04/25/30 (a) (c)	3,500	3,500
Pioneer Aircraft Finance Ltd
	Series 2019-A-1, 3.97%, 06/15/26 (c)	4,911	5,061
Positive Results Property Management LLC
	Series 2017-A1-3A, 3.47%, 11/25/20 (c) (d)	8,773	8,734
	Series 2018-A1-3A, 4.48%, 10/25/21 (c)	16,925	17,078
	Series 2019-A1-2A, 3.97%, 04/25/22 (c) (d)	9,866	9,954
PR Mortgage Loan Trust
	Series 2014-APT-1, REMIC, 5.91%, 09/25/47 (e) (f)	9,089	8,877
Pretium Mortgage Credit Partners I LLC
	Series 2019-A1-CFL1, REMIC, 3.72%, 07/25/22 (c) (d)	1,178	1,180
Pretium Mortgage Credit Partners LLC
	Series 2019-A1-NPL3, REMIC, 3.10%, 09/27/22 (c) (d)	10,000	9,999
Primose Funding LLC
	Series 2019-A2-1A, 4.48%, 07/30/26 (c)	10,000	9,989
PRPM LLC
	Series 2019-A1-3A, 3.35%, 07/25/22 (c) (d)	2,600	2,605
Rate Adjustable Mortgage Trust
	Series 2005-6A21-4, REMIC, 4.19%, 08/25/35 (a)	5,457	5,311
RBSGC Mortgage Loan Trust
	Series 2007-1A4-B, REMIC, 2.47%, (1M USD LIBOR + 0.45%), 01/25/37 (a)	4,283	2,283
	Interest Only, Series 2007-1A6-B, REMIC, 4.03%, (6.05% - (1M USD LIBOR * 1)), 01/25/37 (a)	4,283	808
	Series 2007-2A1-A, REMIC, 6.75%, 01/25/37	5,846	5,811
Residential Accredit Loans, Inc.
	Series 2005-A41-QA10, REMIC, 5.12%, 09/25/35 (a)	1,144	1,028
	Series 2006-A21-QA1, REMIC, 4.91%, 01/25/36 (a)	5,480	4,932
	Series 2006-A4-QS4, REMIC, 6.00%, 04/25/36	3,041	2,785
	Series 2006-A4-QS5, REMIC, 6.00%, 05/25/36	3,507	3,288
Residential Asset Securitization Trust
	Series 2006-2A11-A6, REMIC, 6.00%, 07/25/36	3,413	2,853
	Series 2006-A1-A12, REMIC, 6.25%, 11/25/36	10,188	6,367
	Series 2007-1A1-A3, REMIC, 2.47%, (1M USD LIBOR + 0.45%), 04/25/37 (a)	6,603	2,970
	Series 2007-1A2-A3, REMIC, 30.91%, (46.38% - (1M USD LIBOR * 7.67)), 04/25/37 (a)	861	2,200
	Series 2007-1A1-A8, REMIC, 6.00%, 08/25/37	19,399	16,195
RFMSI Trust
	Series 2006-A14-S6, REMIC, 6.00%, 07/25/36	499	499
	Series 2006-A1-S11, REMIC, 6.00%, 11/25/36	2,866	2,748
	Series 2007-A4-S2, REMIC, 6.00%, 02/25/37	1,168	1,101
	Series 2007-A2-S4, REMIC, 6.00%, 04/25/37	2,116	1,932
	Series 2007-A2-S5, REMIC, 6.00%, 05/25/37	9,114	8,941
	Series 2007-A20-S7, REMIC, 6.00%, 07/25/37	2,174	2,096
Rockford Tower CLO Ltd
	Series 2017-A-3A, 3.47%, (3M USD LIBOR + 1.19%), 10/21/30 (a) (c)	1,000	998
	Series 2018-A-1A, 3.24%, (3M USD LIBOR + 1.10%), 05/20/31 (a) (c)	3,000	2,987
Rosslyn Portfolio Trust
	Series 2017-A-ROSS, 2.98%, (1M USD LIBOR + 0.95%), 06/15/20 (a) (c)	1,485	1,485
SBA Towers, LLC
	Series 2017-C-1, 3.17%, 04/15/22 (c)	10,000	10,131
Servpro Master Issuer LLC
	Series 2019-A2-1A, 3.88%, 10/27/26 (b) (c)	3,000	3,000
Shenton Aircraft Investment I Ltd
	Series 2015-A-1A, 4.75%, 11/15/27 (c)	10,131	10,363
SoFi Consumer Loan Program Trust
	Series 2018-A-4, 3.54%, 12/25/21 (c)	1,136	1,147
SoFi Professional Loan Program LLC
	Series 2017-BFX-F, 3.62%, 05/25/27 (c)	8,000	8,340
Sound Point CLO IX Ltd
	Series 2015-ARR-2A, 3.67%, (3M USD LIBOR + 1.39%), 07/20/32 (a) (c)	2,500	2,498
Sound Point CLO LTD
	Series 2013-A-3RA, 3.45%, (3M USD LIBOR + 1.15%), 04/18/31 (a) (c)	3,000	2,981
	Series 2018-A1A-21, 3.45%, (3M USD LIBOR + 1.17%), 10/27/31 (a) (c)	3,250	3,230
Sprite Limited
	Series 2017-A-1, 4.25%, 12/15/24 (c)	4,555	4,633
Starm Mortgage Loan Trust
	Series 2007-4A1-2, REMIC, 4.87%, 04/25/37 (a)	1,073	867
Steele Creek CLO Ltd
	Series 2015-AR-1A, 3.41%, (3M USD LIBOR + 1.26%), 05/21/29 (a) (c)	4,000	3,996
	Series 2014-A-1RA, 3.35%, 04/21/31 (c)	2,000	1,985
	Series 2016-1A, 3.24%, (3M USD LIBOR + 1.12%), 06/15/31 (a) (c)	2,000	1,982
	Series 2019-B-1A, 4.80%, (3M USD LIBOR + 2.20%), 04/15/32 (a) (c)	1,000	1,000
Structured Adjustable Rate Mortgage Loan Trust
	Series 2005-2A-21, REMIC, 4.39%, 11/25/35 (a)	6,735	6,249
Structured Asset Investment Loan Trust
	Series 2006-A1-3, REMIC, 2.18%, (1M USD LIBOR + 0.32%), 06/25/36 (a) (d)	7,494	5,835
Structured Asset Securities Corporation
	Series 2005-1A1-5, REMIC, 5.75%, 04/25/35	8,167	7,056
Taco Bell Funding, LLC
	Series 2018-A2I-1, 4.32%, 11/25/23 (c)	4,962	5,135
Textainer Marine Containers VII Ltd
	Series 2019-A-1A, 3.96%, 10/20/26 (c)	4,833	4,918
The Goldman Sachs Group, Inc.
	Series 2017-B-ROSS, 3.28%, (1M USD LIBOR + 1.25%), 06/15/20 (a) (c)	1,485	1,486
THL Credit Wind River CLO Ltd
	Series 2013-AR-2A, 3.53%, (3M USD LIBOR + 1.23%), 10/18/30 (a) (c)	2,645	2,637
	Series 2014-AR-2A, 3.44%, (3M USD LIBOR + 1.14%), 01/15/31 (a) (c)	1,000	994
Trinity Rail Leasing 2010 LLC
	Series 2010-A-1A, 5.19%, 01/16/31 (c)	4,082	4,466
UBS Commercial Mortgage Trust
	Interest Only, Series 2017-XA-C1, REMIC, 1.73%, 06/17/50 (a)	20,080	1,826
Upgrade Receivables Trust
	Series 2018-A-1A, 3.76%, 07/15/20 (c)	764	767
Upstart Securitization Trust
	Series 2018-B-2, 4.45%, 12/22/25 (c)	4,000	4,025
Vantage Data Centers Issuer, LLC
	Series 2018-A2-2A, 4.20%, 11/15/23 (c)	5,950	6,171
Velocity Commercial Capital Loan Trust
	Series 2017-AFX-2, REMIC, 3.07%, 07/25/26 (a) (c)	6,805	7,011
Venture 34 CLO Ltd
	Series 2018-A-34A, 3.53%, 10/15/31 (c)	2,750	2,734
Vericrest Opportunity Loan Transferee
	Series 2019-A1A-NPL5, REMIC, 3.35%, 08/25/22 (c) (d)	14,842	14,874
Vibrant CLO Ltd
	Series 2018-A1-10A, 3.48%, (3M USD LIBOR + 1.20%), 10/20/31 (a) (c)	3,000	2,985
	Series 2015-A1RR-3A, REMIC, 3.53%, 10/20/31 (c)	1,200	1,194
VOLT LXXII LLC
	Series 2018-A1A-NPL8, 4.21%, 10/25/21 (c) (d)	18,321	18,438
VOLT LXXX LLC
	Series 2019-A1A-NPL6, REMIC, 3.23%, 09/25/22 (c) (d)	6,900	6,958
Washington Mutual Mortgage Pass-Through Certificates Trust
	Series 2006-1A5-5, REMIC, 6.00%, 07/25/36	1,907	1,833
	Series 2006-1A7-5, REMIC, 6.00%, 07/25/36	3,406	3,343
	Series 2007-2A2-2, REMIC, 5.50%, 04/25/37	2,365	2,338

20

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Waterfall Commercial Mortgage Trust
		Series 2015-A-SBC5, REMIC, 4.10%, 09/19/22 (a) (c)	5,636		5,665
	Wellfleet CLO Ltd
		Series 2017-A1-2A, 3.53%, (3M USD LIBOR + 1.25%), 10/20/29 (a) (c)	3,000		2,997
		Series 2017-A1-3A, 3.45%, (3M USD LIBOR + 1.15%), 01/17/31 (a) (c)	3,250		3,226
		Series 2018-A1-2A, 3.48%, (3M USD LIBOR + 1.20%), 10/20/31 (a) (c)	2,000		1,986
	Wells Fargo & Company
		Interest Only, Series 2015-XA-P2, REMIC, 1.13%, 12/15/48 (a)	26,783		1,153
	Wells Fargo Alternative Loan Trust
		Series 2007-2A1-PA3, REMIC, 6.00%, 07/25/37	2,646		2,646
		Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37	3,133		2,977
		Series 2007-1A1-PA5, REMIC, 6.25%, 11/25/37	974		962
	Wells Fargo Commercial Mortgage Trust
		Series 2015-C-C31, REMIC, 4.76%, 11/15/25 (a)	1,850		1,974
		Series 2015-D-NXS4, REMIC, 3.75%, 11/18/25 (a)	2,031		2,024
		Series 2016-C-C32, REMIC, 4.88%, 01/16/26 (a)	1,577		1,674
		Series 2016-C-C33, REMIC, 3.90%, 03/17/26	1,508		1,553
		Series 2016-C-C34, REMIC, 5.20%, 04/17/26 (a)	2,855		3,128
		Interest Only, Series 2015-XA-LC20, REMIC, 1.48%, 04/15/50 (a)	23,410		1,164
		Interest Only, Series 2016-XA-C33, REMIC, 1.92%, 03/17/59 (a)	14,967		1,186
		Interest Only, Series 2017-XA-RC1, REMIC, 1.67%, 01/16/60 (a)	24,502		1,966
	Wells Fargo Mortgage Backed Securities Trust
		Series 2007-A38-7, REMIC, 6.00%, 06/25/37	2,085		2,100
	WFRBS Commercial Mortgage Trust
		Interest Only, Series 2014-XA-C19, REMIC, 1.20%, 03/15/47 (a)	20,109		684
		Interest Only, Series 2014-XA-C25, REMIC, 0.98%, 11/15/47 (a)	27,197		925
	WhiteHorse X Ltd
		Series 2015-A1R-10A, 3.23%, (3M USD LIBOR + 0.93%), 04/17/27 (a) (c)	2,587		2,584
	Willis Engine Structured Trust IV
		Series 2018-A-A, 4.75%, 09/15/26 (c) (d)	1,907		1,986
	York CLO-6 Ltd
		Series 2019-A1-1A, 3.52%, (3M USD LIBOR + 1.35%), 07/22/32 (a) (c)	3,500		3,500
	Zais CLO 2 Ltd
		Series 2014-A1AR-2A, 3.48%, (3M USD LIBOR + 1.20%), 07/27/26 (a) (c)	2,625		2,625
	Zais CLO 5 Ltd
		Series 2016-A1-2A, 3.83%, (3M USD LIBOR + 1.53%), 10/16/28 (a) (c)	2,000		2,000
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $1,137,945)			1,156,172
SHORT TERM INVESTMENTS 4.8%
Investment Companies 4.8%
	JNL Government Money Market Fund - Institutional Class, 1.86% (g) (h)		127,228		127,228
	Total Short Term Investments (cost $127,228)			127,228
Total Investments 101.6% (cost $2,604,631)					2,670,806
Other Assets and Liabilities, Net (1.6)%					(43,200)
Total Net Assets 100.0%					2,627,606

(a)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(b)All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2019, the total payable for investments purchased on a delayed delivery basis was $12,677.

(c)The 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 Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $789,436 and 30.0% of the Fund.

(d)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 September 30, 2019.

(e)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

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

(g)Investment in affiliate.

(h)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	CHT Mortgage Trust, Series 2017-F-CSMO REMIC, 5.77%, 11/15/19	12/01/17	963	964	—
	CLNS Trust, Series 2017-F-IKPR, 6.55%, 06/11/32	05/18/17	1,973	1,979	0.1
	FREMF Mortgage Trust, Series 2014-D-K503 REMIC - Principal Only, 0.00%, 10/25/19	07/17/18	35,333	35,482	1.4
	FREMF Mortgage Trust, Series 2014-X2B-K503 REMIC - Interest Only, 0.10%, 10/25/47	07/17/18	(3)	2	—
	PR Mortgage Loan Trust, Series 2014-APT-1 REMIC, 5.91%, 09/25/47	09/03/14	9,127	8,877	0.3
			47,393	47,304	1.8

21

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
GOVERNMENT AND AGENCY OBLIGATIONS 61.4%
Ukraine 20.5%
	Cabinet of Ministers of Ukraine
		15.70%, 01/20/21, UAH	44,060		1,825
		18.00%, 03/24/21, UAH	103,738		4,427
		17.00%, 05/11/22, UAH	14,700		625
		10.00%, 08/23/23, UAH	143,591		5,056
		15.84%, 02/26/25, UAH	557,064		24,299
		9.75%, 11/01/28 (a)	4,033		4,658
		0.00%, 05/31/40 (b) (c)	5,176		4,852
				45,742
Serbia 12.7%
	Government of the Republic of Serbia
		5.75%, 07/21/23, RSD	1,405,380		14,587
		4.50%, 01/11/26, RSD	443,000		4,362
		5.88%, 02/08/28, RSD	882,540		9,544
				28,493
Egypt 6.5%
	The Arab Republic of Egypt
		4.75%, 04/11/25, EUR (c)	862		974
		15.60%, 08/06/26, EGP	41,132		2,694
		16.10%, 05/07/29, EGP	49,950		3,419
		14.40%, 09/10/29, EGP	7,985		503
		5.63%, 04/16/30, EUR (c)	112		122
		6.38%, 04/11/31, EUR (c)	3,515		3,981
		8.50%, 01/31/47 (c)	635		672
		8.70%, 03/01/49 (c)	2,093		2,247
				14,612
New Zealand 4.2%
	New Zealand Government
		2.50%, 09/20/40, NZD (d)	10,315		9,324
El Salvador 3.6%
	El Salvador Government International Bond
		7.75%, 01/24/23 (c)	481		525
		8.25%, 04/10/32 (c)	1,975		2,261
	Presidencia de la Republica de El Salvador
		8.63%, 02/28/29 (c)	3,042		3,552
		7.12%, 01/20/50 (c)	1,644		1,677
				8,015
Iceland 3.1%
	Iceland, Government of
		7.25%, 10/26/22, ISK	34,308		308
		8.00%, 06/12/25, ISK	22,441		224
		6.50%, 01/24/31, ISK	488,396		5,071
	The Central Bank of Iceland
		5.00%, 11/15/28, ISK	155,234		1,406
				7,009
Sri Lanka 3.1%
	The Democratic Socialist Republic of Sri Lanka
		10.00%, 10/01/22 - 03/15/23, LKR	357,560		1,982
		11.50%, 05/15/23, LKR	8,000		46
		10.20%, 07/15/23, LKR	427,000		2,365
		11.40%, 01/01/24, LKR	160,000		911
		11.00%, 08/01/24, LKR	41,000		231
		10.25%, 03/15/25, LKR	56,730		309
		11.00%, 08/01/25, LKR	20,000		113
		6.75%, 04/18/28 (c)	200		191
		11.50%, 09/01/28, LKR	25,000		144
		7.55%, 03/28/30 (c)	685		676
				6,968
Barbados 1.6%
	Barbados, Government of
		0.00%, 12/05/35 (a) (c) (e) (f)	5,386		3,528
Benin 1.4%
	Government of the People's Republic of Benin
		5.75%, 03/26/26, EUR (c)	2,860		3,193
Thailand 1.4%
	Thailand, Kingdom of
		1.25%, 03/12/28, THB (c) (g)	96,864		3,092
Ecuador 1.0%
	Gobierno de la Republica del Ecuador
		7.88%, 03/27/25 (c)	2,240		2,239
Nigeria 1.0%
	Nigeria, Federal Government of
		8.75%, 01/21/31 (c)	1,108		1,244
		7.88%, 02/16/32 (c)	859		902
				2,146
Georgia 0.6%
	Georgia, Government of
		7.25%, 01/17/21, GEL	547		181
		7.38%, 09/27/23, GEL	360		116
		7.00%, 05/30/24, GEL	3,600		1,136
				1,433
United States of America 0.5%
	Federal Home Loan Mortgage Corporation
		Interest Only, Series S-4070, REMIC, 4.07%, (6.10% - (1M USD LIBOR * 1)), 06/15/32 (h)	2,121		334
	Federal National Mortgage Association, Inc.
		Interest Only, Series 2013-DS-15, REMIC, 4.18%, (6.20% - (1M USD LIBOR * 1)), 03/25/33 (h)	760		128
		Interest Only, Series 2010-SJ-124, REMIC, 4.03%, (6.05% - (1M USD LIBOR * 1)), 11/25/38 (h)	936		40
		Interest Only, Series 2012-SK-150, REMIC, 4.13%, (6.15% - (1M USD LIBOR * 1)), 01/25/43 (h)	1,993		294
		Interest Only, Series 2018-BI-58, REMIC, 4.00%, 08/25/48	2,221		283
				1,079
Dominican Republic 0.2%
	Presidencia de la Republica Dominicana
		9.75%, 06/05/26, DOP (c)	21,750		427
	Total Government And Agency Obligations (cost $130,286)			137,300
COMMON STOCKS 5.1%
Iceland 2.4%
	Arion Banki hf (a)		2,033		1,324
	EIK Fasteignafelag hf		6,810		408
	Eimskipafelag Islands hf		566		797
	Hagar hf		2,461		742
	Reginn hf (e)		2,692		427
	Reitir fasteignafelag hf		1,267		723
	Siminn hf		12,128		461
	Sjova-Almennar tryggingar hf		3,789		467
	Tryggingamidstodin hf		142		35
				5,384
Vietnam 1.6%
	Baoviet Holdings (e)		23		73
	Binh Minh Plastics Joint Stock Company		37		81
	Coteccons Construction Joint Stock Company		19		78
	Danang Rubber Joint Stock Company		10		10
	Domesco Medical Import-Export Joint-Stock Corporation		11		34
	Ha Tien 1 Cement Company		31		20
	Hoa Phat Group JSC (e)		163		155
	Hoa Sen Group (e)		25		7
	Joint Stock Commercial Bank for Foreign Trade of Vietnam		88		311
	Joint Stock Commercial Bank For Investment and Development of Vietnam (e)		67		115
	Kido Corp. (e)		53		47
	Kinh Bac City Development Share Holding Corporation		74		48
	Masan Group Corporation (e)		80		271
	Petrovietnam Drilling and Well Services Corporation (e)		41		33
	Petrovietnam Fertilizer And Chemicals Corporation		55		32
	Petrovietnam Gas Joint Stock Corporation		24		108

22

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Petrovietnam Power Nhon Trach 2 Joint Stock Company		127		131
	Petrovietnam Technical Services Corporation		97		82
	Pha Lai Thermal Power Joint Stock Company		31		35
	Refrigeration Electrical Engineering Corporation		37		62
	Sai Gon – Ha Noi Commercial Joint Stock Bank (e)		135		39
	Saigon Thuong Tin Commercial Joint Stock Bank (e)		213		97
	SSI Securities Corp.		96		95
	Tan Tao Investment and Industry Corporation (e)		153		22
	Viet Capital Securities Joint Stock Company		61		90
	Vietnam Dairy Products Joint Stock Company		58		326
	Vietnam Prosperity Joint-Stock Commercial Bank (e)		82		83
	Vietnam Prosperity Joint-Stock Commercial Bank (e)		21		19
	Vietnam Technological And Commercial Joint- Stock Bank (e) (i)		110		119
	Vingroup Joint Stock Company (e)		194		1,003
				3,626
Singapore 0.5%
	Yoma Strategic Holdings Ltd. (e)		4,856		1,109
Cyprus 0.3%
	Bank of Cyprus Holdings Public Limited Company (e)		491		760
Mongolia 0.2%
	Mongolian Mining Corporation (e)		886		105
	Turquoise Hill Resources Ltd. (e)		456		217
				322
Serbia 0.1%
	Komercijalna Banka Ad, Beograd (Vracar) (a) (e)		8		233
	Total Common Stocks (cost $14,339)			11,434
SENIOR LOAN INTERESTS 4.9%
Tanzania 2.8%
	Tanzania Republic
		Term Loan, 7.76%, (6M LIBOR + 5.20%), 05/23/23 (a) (h) (j)	1,940		1,911
	The Ministry of Finance and Planning, Government of the United Republic of Tanzania
		Term Loan, 7.42%, (6M LIBOR + 5.20%), 06/26/22 (a) (h) (j)	4,329		4,292
				6,203
Kenya 1.1%
	Kenya, Government of
		Term Loan, 8.65%, (3M LIBOR + 6.45%), 06/29/25 (a) (h) (j)	2,500		2,489
Barbados 1.0%
	Barbados
		Term Loan, 0.00%, 12/20/19 (a) (e) (f) (j)	3,440		2,184
	Total Senior Loan Interests (cost $12,158)			10,876
CORPORATE BONDS AND NOTES 2.7%
Iceland 1.5%
	Arion Banki hf
		6.00%, 04/12/24, ISK (c)	180,000		1,570
	Arion Banki hf.
		6.50%, 09/02/22, ISK	20,000		172
	Islandsbanki hf.
		6.40%, 10/26/23, ISK	80,000		695
	Landsbankinn hf
		5.00%, 11/23/23, ISK	120,000		989
				3,426
Moldova 0.5%
	Aragvi Finance International Designated Activity Company
		12.00%, 04/09/24 (c)	1,130		1,181
Georgia 0.5%
	JSC TBC Bank
		5.75%, 06/19/24 (c)	252		254
	Silknet JSC
		11.00%, 04/02/24 (c)	709		772
				1,026
Saint Lucia 0.1%
	Digicel Holdings (Bermuda) Limited
		8.75%, 05/25/24 (c)	262		249
Indonesia 0.1%
	PT Jasa Marga (Persero) Tbk.
		7.50%, 12/11/20, IDR (c)	2,660,000		183
	Total Corporate Bonds And Notes (cost $5,945)			6,065
SHORT TERM INVESTMENTS 16.5%
Treasury Securities 7.8%
	Cabinet of Ministers of Ukraine
		15.45%, 04/01/20, UAH (k)	55,814		2,143
	Georgia, Government of
		6.31%, 11/14/19, GEL (k)	1,850		615
		6.30%, 12/12/19, GEL (k)	499		165
		6.20%, 05/07/20, GEL (k)	225		72
		6.13%, 06/04/20, GEL (k)	330		105
		6.12%, 07/02/20, GEL (k)	2,698		853
	Nigeria, Federal Government of
		12.70%, 12/05/19, NGN (k)	85,431		230
		12.70%, 12/19/19, NGN (k)	171,743		462
		14.15%, 02/06/20, NGN (k)	66,230		175
		14.05%, 02/20/20, NGN (k)	132,470		348
		13.88%, 02/27/20, NGN (k)	331,170		869
		12.79%, 03/05/20, NGN (k)	835,598		2,184
		12.38%, 04/02/20, NGN (k)	157,713		409
		12.39%, 04/09/20, NGN (k)	123,728		319
		12.46%, 04/23/20, NGN (k)	591,336		1,516
		12.22%, 04/30/20, NGN (k)	42,054		107
		11.63%, 05/14/20, NGN (k)	451,040		1,144
		12.32%, 05/28/20, NGN (k)	550,068		1,385
	Pakistan, Government of
		13.31%, 12/05/19, PKR (k)	362,100		2,260
		13.30%, 12/19/19, PKR (k)	353,600		2,193
				17,554
Investment Companies 4.9%
	JNL Government Money Market Fund - Institutional Class, 1.86% (l) (m)		10,849		10,849
U.S. Treasury Bill 3.8%
	Treasury, United States Department of
		1.77%, 10/24/19 (k) (n)	4,500		4,495
		2.05%, 10/31/19 (k) (n)	4,000		3,994
				8,489
	Total Short Term Investments (cost $36,882)			36,892
Total Investments 90.6% (cost $199,610)					202,567
Total Purchased Options 1.7% (cost $2,931)					3,850
Other Derivative Instruments 1.4%					3,096
Other Assets and Liabilities, Net 6.3%					14,183
Total Net Assets 100.0%					223,696

(a)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(b)Security issued with a zero coupon. Income is recognized through the accretion of discount.

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

(d)Treasury inflation indexed note, par amount is not adjusted for inflation.

(e)Non-income producing security.

(f)As of September 30, 2019, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date. The aggregate value of these securities represented 2.6% of the Fund’s net assets.

(g)Treasury inflation indexed note, par amount is adjusted for inflation.

(h)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by

23

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

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

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

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

(l)Investment in affiliate.

(m)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Aragvi Finance International Designated Activity Company, 12.00%, 04/09/24	04/01/19	1,143	1,181	0.5
	Arion Banki hf, 6.00%, 04/12/24	05/07/19	1,550	1,570	0.7
	Barbados, Government of, 0.00%, 12/05/35	04/23/14	4,642	3,528	1.6
	Cabinet of Ministers of Ukraine, 0.00%, 05/31/40	04/03/19	3,961	4,852	2.2
	Digicel Holdings (Bermuda) Limited, 8.75%, 05/25/24	07/11/19	252	249	0.1
	El Salvador Government International Bond, 7.75%, 01/24/23	08/08/17	487	525	0.2
	El Salvador Government International Bond, 8.25%, 04/10/32	01/25/18	2,286	2,261	1.0
	Gobierno de la Republica del Ecuador, 7.88%, 03/27/25	09/24/19	2,240	2,239	1.0
	Government of the People's Republic of Benin, 5.75%, 03/26/26	03/19/19	3,209	3,193	1.4
	JSC TBC Bank, 5.75%, 06/19/24	06/12/19	249	254	0.1
	Nigeria, Federal Government of, 8.75%, 01/21/31	09/05/19	1,262	1,244	0.6
	Nigeria, Federal Government of, 7.88%, 02/16/32	09/12/19	916	902	0.4
	Presidencia de la Republica de El Salvador, 8.63%, 02/28/29	02/21/17	3,385	3,552	1.6
	Presidencia de la Republica de El Salvador, 7.12%, 01/20/50	07/30/19	1,644	1,677	0.7
	Presidencia de la Republica Dominicana, 9.75%, 06/05/26	05/29/19	428	427	0.2
	PT Jasa Marga (Persero) Tbk., 7.50%, 12/11/20	11/30/17	197	183	0.1
	Silknet JSC, 11.00%, 04/02/24	03/26/19	709	772	0.3
	Thailand, Kingdom of, 1.25%, 03/12/28	05/18/17	2,673	3,092	1.4
	The Arab Republic of Egypt, 4.75%, 04/11/25	07/18/19	987	974	0.4
	The Arab Republic of Egypt, 5.63%, 04/16/30	07/18/19	127	122	0.1
	The Arab Republic of Egypt, 6.38%, 04/11/31	07/18/19	4,123	3,981	1.8
	The Arab Republic of Egypt, 8.50%, 01/31/47	08/23/19	685	672	0.3
	The Arab Republic of Egypt, 8.70%, 03/01/49	08/22/19	2,311	2,247	1.0
	The Democratic Socialist Republic of Sri Lanka, 6.75%, 04/18/28	06/27/19	194	191	0.1
	The Democratic Socialist Republic of Sri Lanka, 7.55%, 03/28/30	06/27/19	685	676	0.3
			40,345	40,564	18.1

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Light Sweet Crude Oil, WTI	60	March 2020		3,249	(91)			(100)
MSCI Taiwan Index	29	October 2019		1,167	9			14
S&P/ASX 200 Index	12	December 2019	AUD	2,001	(3)			2
Topix Index	16	December 2019	JPY	246,574	(13)			70
					(98)			(14)
Short Contracts
Euro BOBL	(31)	December 2019	EUR	(4,221)	(2)			18
Euro Bund	(5)	December 2019	EUR	(872)	—			1
Light Sweet Crude Oil, WTI	(58)	November 2019		(3,218)	105			87
					103			106

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund — Centrally Cleared Interest Rate Swap Agreements
Floating Rate Index2	Paying / Receiving Floating Rate	Fixed Rate2 (%)		Expiration	Notional1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
28-Day MEXIBOR (M)	Paying	7.06	(M)	07/30/29	MXN	96,430		(9)		98
28-Day MEXIBOR (M)	Paying	6.90	(M)	08/03/29	MXN	39,380		(3)		16
28-Day MEXIBOR (M)	Paying	6.89	(M)	08/15/29	MXN	55,800		(5)		20
3M Canada Bankers Acceptance (Q)	Receiving	1.80	(S)	06/11/24	CAD	19,900		12		(41)
3M LIBOR (Q)	Receiving	2.22	(S)	03/28/24		597		—		(18)
3M LIBOR (Q)	Receiving	2.37	(S)	04/03/24		650		—		(24)
3M LIBOR (Q)	Receiving	1.87	(S)	06/14/24		240		—		(4)

24

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund — Centrally Cleared Interest Rate Swap Agreements (continued)
Floating Rate Index2	Paying / Receiving Floating Rate	Fixed Rate2 (%)		Expiration	Notional1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
3M LIBOR (Q)	Receiving	1.85	(S)	07/15/24		200		—		(3)
3M LIBOR (Q)	Receiving	1.79	(S)	07/23/24		150		—		(2)
3M LIBOR (Q)	Receiving	1.40	(S)	08/23/24		100		—		—
3M LIBOR (Q)	Receiving	1.44	(S)	09/26/24		2,281		—		7
3M LIBOR (Q)	Receiving	2.09	(S)	07/15/29		3,919		1		(185)
3M LIBOR (Q)	Receiving	2.03	(S)	07/17/29		4,874		—		(211)
3M LIBOR (Q)	Receiving	1.57	(S)	08/13/29		3,661		—		(1)
3M LIBOR (Q)	Receiving	1.42	(S)	08/19/29		1,559		—		21
3M LIBOR (Q)	Receiving	1.41	(S)	08/29/29		2,115		—		32
3M LIBOR (Q)	Receiving	1.46	(S)	09/09/29		280		—		3
3M LIBOR (Q)	Receiving	1.47	(S)	09/09/29		673		—		6
3M LIBOR (Q)	Receiving	1.49	(S)	09/10/29		57		—		—
3M LIBOR (Q)	Receiving	1.64	(S)	09/16/29		824		—		(5)
3M LIBOR (Q)	Receiving	2.99	(S)	07/03/38		297		—		(28)
3M LIBOR (Q)	Receiving	2.98	(S)	07/05/38		414		—		(39)
3M LIBOR (Q)	Receiving	3.01	(S)	07/05/38		414		—		(40)
3M LIBOR (Q)	Receiving	3.01	(S)	07/05/38		539		—		(52)
3M LIBOR (Q)	Receiving	2.98	(S)	07/06/38		580		—		(55)
3M LIBOR (Q)	Receiving	2.97	(S)	07/07/38		893		—		(83)
3M LIBOR (Q)	Receiving	3.04	(S)	12/21/38		1,961		1		(192)
3M LIBOR (Q)	Receiving	2.80	(S)	03/27/39		1,414		1		(112)
3M LIBOR (Q)	Receiving	2.81	(S)	03/28/39		1,695		1		(133)
3M LIBOR (Q)	Receiving	2.81	(S)	03/28/39		2,894		1		(226)
3M LIBOR (Q)	Receiving	2.78	(S)	04/04/39		416		—		(31)
3M LIBOR (Q)	Receiving	2.94	(S)	04/18/39		387		—		(35)
3M LIBOR (Q)	Receiving	2.94	(S)	04/18/39		774		—		(69)
3M LIBOR (Q)	Receiving	2.93	(S)	04/20/39		193		—		(17)
3M LIBOR (Q)	Receiving	2.93	(S)	04/20/39		252		—		(22)
3M LIBOR (Q)	Receiving	2.92	(S)	05/02/39		155		—		(13)
3M LIBOR (Q)	Receiving	2.91	(S)	05/03/39		232		—		(20)
3M LIBOR (Q)	Receiving	2.52	(S)	06/04/39		2,617		2		(143)
3M LIBOR (Q)	Receiving	1.87	(S)	08/07/39		971		1		(28)
3M LIBOR (Q)	Receiving	1.87	(S)	08/07/39		2,913		2		(85)
3M LIBOR (Q)	Receiving	2.73	(S)	04/04/49		744		(1)		(103)
3M LIBOR (Q)	Receiving	2.73	(S)	04/04/49		1,240		(1)		(172)
3M LIBOR (Q)	Receiving	2.80	(S)	04/05/49		271		—		(40)
3M LIBOR (Q)	Receiving	2.80	(S)	04/05/49		1,238		(1)		(185)
3M LIBOR (Q)	Receiving	2.21	(S)	08/01/49		954		(1)		(113)
3M LIBOR (Q)	Receiving	1.71	(S)	08/27/49		97		—		—
3M LIBOR (Q)	Receiving	1.70	(S)	08/27/49		111		—		—
3M LIBOR (Q)	Receiving	1.65	(S)	08/28/49		90		—		1
3M LIBOR (Q)	Receiving	1.57	(S)	08/29/49		360		(1)		12
3M LIBOR (Q)	Receiving	1.54	(S)	08/30/49		100		—		4
3M LIBOR (Q)	Receiving	1.65	(S)	09/09/49		351		(1)		5
3M LIBOR (Q)	Receiving	1.70	(S)	09/12/49		184		—		1
3M LIBOR (Q)	Receiving	1.81	(S)	09/13/49		120		—		(3)
3M LIBOR (Q)	Receiving	2.65	(S)	04/04/59		413		(1)		(78)
3M LIBOR (Q)	Receiving	2.64	(S)	04/04/59		786		(1)		(146)
3M LIBOR (Q)	Paying	2.07	(S)	07/03/38		6,759		1		133
3M LIBOR (Q)	Paying	1.66	(S)	07/07/38		3,377		1		(49)
3M LIBOR (Q)	Paying	2.54	(S)	03/28/39		5,044		(2)		284
3M LIBOR (Q)	Paying	2.55	(S)	03/28/39		1,513		(1)		87
3M LIBOR (Q)	Paying	2.08	(S)	04/18/39		3,043		(1)		59
3M LIBOR (Q)	Paying	2.52	(S)	04/04/49		2,067		3		222
3M LIBOR (Q)	Paying	1.65	(S)	04/05/49		1,653		3		(38)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	3.49	(S)	05/11/27	NZD	9,850		(3)		(1,177)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	3.17	(S)	06/26/27	NZD	12,230		(3)		(1,277)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	3.13	(S)	01/09/28	NZD	7,000		(1)		(752)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	3.24	(S)	06/07/28	NZD	3,000		—		(354)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Paying	4.96	(S)	04/29/24	NZD	6,530		2		834
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Paying	4.05	(S)	06/16/25	NZD	5,278		1		588
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Paying	4.05	(S)	06/16/25	NZD	3,210		1		358
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.78	(S)	12/19/46	JPY	161,000		21		(209)

25

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund — Centrally Cleared Interest Rate Swap Agreements (continued)
Floating Rate Index2	Paying / Receiving Floating Rate	Fixed Rate2 (%)		Expiration	Notional1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.89	(S)	09/18/47	JPY	1,000		—		(2)
6M BUBOR (S)	Receiving	1.27	(A)	12/13/21	HUF	406,479		—		(27)
6M BUBOR (S)	Receiving	1.46	(A)	01/12/22	HUF	753,650		—		(63)
6M BUBOR (S)	Receiving	1.44	(A)	01/13/22	HUF	693,350		—		(57)
6M BUBOR (S)	Receiving	1.25	(A)	02/06/23	HUF	650,326		1		(56)
6M BUBOR (S)	Receiving	1.27	(A)	02/07/23	HUF	631,444		1		(55)
6M BUBOR (S)	Receiving	1.19	(A)	03/12/23	HUF	192,000		—		(15)
6M BUBOR (S)	Receiving	1.89	(A)	06/18/23	HUF	181,774		—		(32)
6M BUBOR (S)	Receiving	1.94	(A)	08/01/26	HUF	448,000		1		(106)
6M BUBOR (S)	Receiving	1.94	(A)	09/21/26	HUF	171,688		—		(41)
6M BUBOR (S)	Receiving	1.93	(A)	09/21/26	HUF	176,090		—		(42)
6M BUBOR (S)	Receiving	1.89	(A)	09/21/26	HUF	434,356		1		(98)
6M BUBOR (S)	Receiving	2.14	(A)	10/13/26	HUF	174,916		—		(51)
6M BUBOR (S)	Receiving	2.08	(A)	10/28/26	HUF	181,556		—		(50)
6M BUBOR (S)	Receiving	2.18	(A)	11/03/26	HUF	182,148		—		(55)
6M BUBOR (S)	Receiving	2.15	(A)	11/07/26	HUF	178,600		—		(52)
6M BUBOR (S)	Receiving	2.12	(A)	11/08/26	HUF	177,417		—		(50)
6M BUBOR (S)	Receiving	2.14	(A)	11/10/26	HUF	488,487		1		(142)
6M BUBOR (S)	Receiving	2.09	(A)	02/07/28	HUF	114,925		—		(32)
6M BUBOR (S)	Receiving	2.82	(A)	06/15/28	HUF	72,386		—		(37)
6M BUBOR (S)	Receiving	2.97	(A)	06/18/28	HUF	170,084		—		(95)
6M EURIBOR (S)	Receiving	(0.30)	(A)	07/23/24	EUR	250		—		(2)
6M EURIBOR (S)	Receiving	(0.53)	(A)	08/22/24	EUR	654		—		4
6M EURIBOR (S)	Receiving	(0.52)	(A)	08/30/24	EUR	150		—		1
6M EURIBOR (S)	Receiving	0.11	(A)	07/23/29	EUR	382		—		(7)
6M EURIBOR (S)	Receiving	0.11	(A)	07/23/29	EUR	533		—		(14)
6M EURIBOR (S)	Receiving	(0.05)	(A)	08/06/29	EUR	505		—		(6)
6M EURIBOR (S)	Receiving	(0.08)	(A)	08/06/29	EUR	700		1		(7)
6M EURIBOR (S)	Receiving	(0.16)	(A)	09/12/29	EUR	460		—		—
6M GBP LIBOR (S)	Receiving	1.49	(S)	02/28/29	GBP	2,796		(5)		(277)
6M GBP LIBOR (S)	Receiving	1.49	(S)	02/28/29	GBP	3,150		(6)		(312)
6M SIBOR (S)	Paying	2.45	(S)	10/22/23	SGD	9,000		5		227
6M SIBOR (S)	Paying	2.08	(S)	12/13/23	SGD	3,970		2		60
6M SIBOR (S)	Paying	2.09	(S)	12/13/23	SGD	7,300		3		112
6M SIBOR (S)	Paying	1.55	(S)	08/14/24	SGD	1,922		1		(2)
6M SIBOR (S)	Paying	1.55	(S)	08/14/24	SGD	1,672		—		(1)
6M SIBOR (S)	Paying	1.56	(S)	08/14/24	SGD	1,880		1		—
6M SIBOR (S)	Paying	1.57	(S)	08/14/24	SGD	1,880		1		—
6M SIBOR (S)	Paying	1.57	(S)	08/14/24	SGD	2,716		1		—
6M WIBOR (S)	Paying	2.41	(A)	12/13/21	PLN	5,932		(1)		24
6M WIBOR (S)	Paying	2.46	(A)	01/12/22	PLN	11,203		(1)		51
6M WIBOR (S)	Paying	2.44	(A)	01/13/22	PLN	11,587		(1)		51
6M WIBOR (S)	Paying	2.69	(A)	02/07/23	PLN	9,007		(1)		83
6M WIBOR (S)	Paying	2.51	(A)	06/15/23	PLN	8,504		(1)		68
6M WIBOR (S)	Paying	2.28	(A)	09/21/26	PLN	2,348		—		28
6M WIBOR (S)	Paying	2.30	(A)	09/21/26	PLN	8,687		—		133
6M WIBOR (S)	Paying	2.49	(A)	10/13/26	PLN	2,483		—		39
6M WIBOR (S)	Paying	2.47	(A)	10/19/26	PLN	2,524		—		39
6M WIBOR (S)	Paying	2.47	(A)	10/28/26	PLN	2,600		—		40
6M WIBOR (S)	Paying	2.56	(A)	11/02/26	PLN	2,600		—		44
6M WIBOR (S)	Paying	2.54	(A)	11/07/26	PLN	2,600		—		43
6M WIBOR (S)	Paying	2.50	(A)	11/08/26	PLN	2,600		—		41
6M WIBOR (S)	Paying	2.52	(A)	11/10/26	PLN	7,186		—		116
6M WIBOR (S)	Paying	3.14	(A)	02/07/28	PLN	1,612		—		44
7-Day China Fixing Repo Rate (Q)	Paying	3.18	(Q)	04/30/24	CNY	12,700		2		24
7-Day China Fixing Repo Rate (Q)	Paying	3.18	(Q)	04/30/24	CNY	37,900		5		71
7-Day China Fixing Repo Rate (Q)	Paying	3.18	(Q)	04/30/24	CNY	12,600		1		24
7-Day China Fixing Repo Rate (Q)	Paying	3.18	(Q)	04/30/24	CNY	20,200		2		38
7-Day China Fixing Repo Rate (Q)	Paying	2.90	(Q)	06/06/24	CNY	12,113		2		1
7-Day China Fixing Repo Rate (Q)	Paying	2.90	(Q)	06/06/24	CNY	9,085		1		1
7-Day China Fixing Repo Rate (Q)	Paying	2.90	(Q)	06/06/24	CNY	9,085		1		1
7-Day China Fixing Repo Rate (Q)	Paying	2.90	(Q)	06/06/24	CNY	18,169		3		2
7-Day China Fixing Repo Rate (Q)	Paying	2.90	(Q)	06/06/24	CNY	4,542		—		1
7-Day China Fixing Repo Rate (Q)	Paying	2.87	(Q)	06/10/24	CNY	6,056		1		—
7-Day China Fixing Repo Rate (Q)	Paying	2.94	(Q)	06/12/24	CNY	26,000		3		9
7-Day China Fixing Repo Rate (Q)	Paying	2.94	(Q)	06/12/24	CNY	20,000		2		7
7-Day China Fixing Repo Rate (Q)	Paying	2.95	(Q)	06/12/24	CNY	16,800		2		6
7-Day China Fixing Repo Rate (Q)	Paying	2.96	(Q)	06/12/24	CNY	9,000		1		4
7-Day China Fixing Repo Rate (Q)	Paying	3.22	(Q)	06/19/24	CNY	23,600		2		50
7-Day China Fixing Repo Rate (Q)	Paying	2.67	(Q)	08/12/24	CNY	25,480		4		(37)

26

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund — Centrally Cleared Interest Rate Swap Agreements (continued)
Floating Rate Index2		Paying / Receiving Floating Rate		Fixed Rate2 (%)			Expiration		Notional1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
7-Day China Fixing Repo Rate (Q)	Paying		2.67		(Q)	08/12/24		CNY		14,519		2		(21)
HICP (A)	Receiving		1.57		(A)	08/15/32		EUR		778		(4)		(71)
HICP (A)	Receiving		1.59		(A)	08/15/32		EUR		1,783		(9)		(168)
HICP (A)	Receiving		1.60		(A)	08/15/32		EUR		1,741		(9)		(170)
HICP (A)	Receiving		1.74		(A)	02/15/33		EUR		86		—		(11)
HICP (A)	Paying		1.77		(A)	08/15/42		EUR		778		8		154
HICP (A)	Paying		1.79		(A)	08/15/42		EUR		1,741		17		359
HICP (A)	Paying		1.78		(A)	08/15/42		EUR		1,783		17		354
HICP (A)	Paying		1.93		(A)	02/15/43		EUR		86		1		23
HICP (A)	Paying		1.90		(A)	08/04/47		EUR		469		5		141
HICP (A)	Paying		1.89		(A)	08/07/47		EUR		29		—		8
U.S. CPURNSA (A)	Receiving		1.73		(A)	06/21/24				6,744		(12)		(48)
U.S. CPURNSA (A)	Receiving		1.88		(A)	07/15/24				3,470		(6)		(53)
U.S. CPURNSA (A)	Receiving		2.42		(A)	02/06/43				609		(4)		(111)
U.S. CPURNSA (A)	Receiving		2.16		(A)	08/04/47				631		(5)		(76)
U.S. CPURNSA (A)	Receiving		2.13		(A)	08/22/47				797		(7)		(88)
U.S. CPURNSA (A)	Receiving		2.15		(A)	08/25/47				792		(7)		(91)
U.S. CPURNSA (A)	Receiving		2.15		(A)	09/01/47				790		(7)		(92)
U.S. CPURNSA (A)	Paying		2.41		(A)	02/06/33				609		2		60
												37		(4,059)

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7		Value6 ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection3
CDX.EM.31 (Q)	1.00	06/20/24		735		34		—		12
Ministry of Diwan Amiri Affairs (Q)	1.00	12/20/22		2,380		(54)		(1)		(54)
Ministry of Finance of the Russian Federation (Q)	1.00	12/20/24		12,805		(87)		16		27
Penerbangan Malaysia Berhad (Q)	1.00	12/20/24		22,570		(536)		10		44
South Africa, Parliament of (Q)	1.00	12/20/23		2,215		57		3		(57)
						(586)		28		(28)
Credit default swap agreements - sell protection4
The Republic of Indonesia, The Government of (Q)	1.00	12/20/24		(6,400)		30		(2)		(8)

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund — OTC Purchased Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Foreign Currency Options
USD/BRL Spot Rate ‡	SCB	Put	BRL	3.57	07/20/20		3,350,000		8
Interest Rate Swaptions10
3M LIBOR, 04/20/39	BOA	Call		2.93	04/18/29		1,902,000		256
3M LIBOR, 05/04/39	BOA	Call		2.92	05/04/29		1,598,000		214
3M LIBOR, 04/05/49	BOA	Call		2.80	04/03/29		2,399,000		546
3M LIBOR, 04/04/39	BOA	Call		2.78	03/29/29		1,712,000		188
3M LIBOR, 07/06/38	CGM	Call		3.01	07/03/28		4,146,000		514
3M LIBOR, 04/04/59	MSC	Call		2.64	03/29/29		3,100,000		813
3M LIBOR, 07/07/38	MSC	Call		2.98	07/05/28		4,146,000		506
3M LIBOR, 05/04/39	BOA	Put		2.92	05/04/29		1,598,000		57
3M LIBOR, 04/20/39	BOA	Put		2.93	04/18/29		1,902,000		68
3M LIBOR, 04/09/49	BOA	Put		2.80	04/05/29		2,398,000		145
3M LIBOR, 04/04/39	BOA	Put		2.78	03/29/29		1,712,000		59
3M LIBOR, 07/06/38	CGM	Put		3.01	07/03/28		4,146,000		116
3M LIBOR, 04/04/59	MSC	Put		2.64	03/29/29		3,100,000		242
3M LIBOR, 07/07/38	MSC	Put		2.98	07/05/28		4,146,000		118
									3,842

^‡The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the Jackson Variable Series Trust’s Board of Trustees.

27

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
AED/USD	SCB	10/16/19	AED	5,215		1,420		2
AED/USD	BNP	02/03/20	AED	24,100		6,559		7
AED/USD	BNP	02/05/20	AED	21,650		5,891		—
AED/USD	BNP	02/18/20	AED	3,735		1,016		1
AUD/USD	CIT	10/17/19	AUD	9,766		6,595		(264)
AUD/USD	CIT	11/12/19	AUD	3,725		2,518		(11)
AUD/USD	CIT	11/18/19	AUD	4,173		2,821		(15)
AUD/USD	CIT	12/16/19	AUD	8,145		5,511		(105)
AUD/USD	CGM	01/09/20	AUD	3,161		2,140		(23)
BHD/USD	SCB	10/07/19	BHD	1,795		4,760		22
BRL/USD	MSC	10/02/19	BRL	2,231		537		(6)
BRL/USD	SCB	10/02/19	BRL	5,319		1,280		(9)
BRL/USD	SCB	10/02/19	BRL	12,775		3,075		15
BRL/USD	MSC	11/04/19	BRL	20,325		4,880		—
BRL/USD	SCB	07/23/20	BRL	3,483		823		(81)
CAD/USD	CIT	12/24/19	CAD	8,947		6,763		18
EGP/USD	HSB	10/10/19	EGP	10,633		652		67
EGP/USD	HSB	10/15/19	EGP	8,383		513		52
EGP/USD	CIT	10/17/19	EGP	11,619		710		70
EGP/USD	SCB	10/23/19	EGP	8,944		546		51
EGP/USD	CIT	10/24/19	EGP	3,342		204		20
EGP/USD	CIT	11/12/19	EGP	42,029		2,551		222
EGP/USD	BOA	11/13/19	EGP	17,990		1,092		95
EGP/USD	MSC	11/14/19	EGP	19,320		1,172		100
EGP/USD	CIT	11/27/19	EGP	19,264		1,165		90
EGP/USD	HSB	11/27/19	EGP	5,665		342		26
EGP/USD	BNP	12/03/19	EGP	25,343		1,529		40
EGP/USD	MSC	12/03/19	EGP	46,000		2,776		174
EGP/USD	BNP	12/09/19	EGP	10,945		659		16
EGP/USD	GSC	12/09/19	EGP	9,770		589		13
EGP/USD	CIT	12/10/19	EGP	924		56		3
EGP/USD	GSC	12/16/19	EGP	5,352		322		16
EGP/USD	MSC	12/16/19	EGP	19,540		1,175		103
EGP/USD	JPM	01/22/20	EGP	23,600		1,403		51
EGP/USD	GSC	02/10/20	EGP	89,659		5,300		363
EGP/USD	GSC	04/21/20	EGP	10,730		621		59
EGP/USD	HSB	04/21/20	EGP	32,700		1,892		180
EGP/USD	GSC	05/07/20	EGP	58,212		3,352		297
EGP/USD	JPM	08/03/20	EGP	5,506		309		7
EUR/USD	CGM	10/10/19	EUR	304		332		(4)
EUR/USD	BOA	10/25/19	EUR	215		235		(2)
EUR/USD	UBS	10/25/19	EUR	299		326		(5)
EUR/USD	CIT	11/01/19	EUR	11,676		12,759		(118)
EUR/PLN	GSC	10/10/19	PLN	(1,140)		(284)		(2)
EUR/PLN	SCB	10/10/19	PLN	(3,188)		(795)		35
HUF/EUR	SCB	10/09/19	EUR	(1,199)		(1,308)		(38)
JPY/USD	CIT	10/28/19	JPY	308,148		2,856		(84)
JPY/USD	CIT	11/12/19	JPY	609,528		5,653		(157)
JPY/USD	CIT	11/27/19	JPY	484,692		4,499		(39)
KRW/USD	ANZ	10/08/19	KRW	551,937		462		—
KRW/USD	SCB	10/10/19	KRW	2,424,671		2,028		(9)
KRW/USD	SCB	10/17/19	KRW	1,935,051		1,618		(5)
MXN/USD	CIT	10/31/19	MXN	66,490		3,352		(22)
MYR/USD	GSC	10/02/19	MYR	2,279		544		1
MYR/USD	UBS	10/02/19	MYR	3,196		763		1
NOK/USD	CIT	12/20/19	NOK	64,290		7,076		(65)
NZD/USD	CIT	10/03/19	NZD	11,065		6,929		(180)
NZD/USD	CIT	10/03/19	NZD	1,938		1,214		—
NZD/USD	CIT	11/25/19	NZD	1,445		906		—
NZD/USD	CIT	12/06/19	NZD	4,109		2,577		(1)
PHP/USD	CIT	10/10/19	PHP	58,900		1,136		(6)
PHP/USD	SCB	12/06/19	PHP	23,828		458		4
PHP/USD	SCB	12/10/19	PHP	97,222		1,870		12
PHP/USD	UBS	12/10/19	PHP	68,860		1,325		7
RSD/EUR	JPM	10/22/19	EUR	(1,622)		(1,771)		13
RUB/USD	MSC	10/28/19	RUB	17,750		273		(3)
SEK/EUR	JPM	10/23/19	EUR	(1,798)		(1,963)		(3)
SEK/USD	CIT	10/25/19	SEK	22,410		2,280		(35)
SEK/USD	CIT	11/13/19	SEK	22,732		2,316		(80)
THB/USD	SCB	10/07/19	THB	30,707		1,004		2
THB/USD	SCB	12/06/19	THB	316		10		—
THB/USD	SCB	12/16/19	THB	35,470		1,161		3
TRY/USD	GSC	02/03/20	TRY	23,946		4,080		(1,133)
TRY/USD	GSC	02/03/20	TRY	185		32		5
TRY/USD	JPM	02/03/20	TRY	12,677		2,160		(572)
TRY/USD	JPM	02/03/20	TRY	38		6		1
TRY/USD	DUB	02/10/20	TRY	9,945		1,691		(467)
TRY/USD	DUB	02/10/20	TRY	57		10		1
TRY/USD	SCB	02/10/20	TRY	18,225		3,099		(862)
TRY/USD	SCB	02/10/20	TRY	80		14		2
TRY/USD	GSC	02/14/20	TRY	18,069		3,069		(855)
TRY/USD	SCB	02/14/20	TRY	12,701		2,157		(602)
TRY/USD	SCB	02/14/20	TRY	113		19		3
UGX/USD	CIT	10/04/19	UGX	2,017,611		548		24
UGX/USD	CIT	10/15/19	UGX	1,113,153		301		14
UGX/USD	SCB	10/23/19	UGX	1,155,790		312		15
UGX/USD	CIT	10/25/19	UGX	512,400		138		6
UGX/USD	SCB	10/31/19	UGX	1,153,410		311		14
UGX/USD	SCB	11/07/19	UGX	264,500		71		3
UGX/USD	SCB	11/20/19	UGX	464,879		125		6
UGX/USD	SCB	03/16/20	UGX	477,315		125		6
UGX/USD	CIT	04/03/20	UGX	2,100,320		547		23
UGX/USD	SCB	04/14/20	UGX	223,645		58		3
UGX/USD	CIT	04/20/20	UGX	503,750		130		5
UGX/USD	SCB	06/15/20	UGX	465,123		119		3
UGX/USD	SCB	06/17/20	UGX	1,980,960		505		15
UGX/USD	CIT	06/26/20	UGX	518,750		132		2
UGX/USD	SCB	07/02/20	UGX	2,457,463		624		8
UGX/USD	SCB	07/10/20	UGX	2,088,947		529		4
UGX/USD	CIT	08/10/20	UGX	366,090		92		—
UGX/USD	SCB	08/14/20	UGX	512,942		129		—
USD/AED	SCB	10/16/19	AED	(5,215)		(1,420)		(6)
USD/AED	BNP	02/03/20	AED	(35,804)		(9,743)		(36)
USD/AED	BNP	02/05/20	AED	(48,790)		(13,277)		(49)
USD/AED	BNP	02/18/20	AED	(3,735)		(1,016)		(4)
USD/AED	BNP	04/05/21	AED	(16,620)		(4,513)		(2)
USD/AED	BNP	04/08/21	AED	(26,150)		(7,100)		(3)
USD/AED	BNP	04/08/21	AED	(18,934)		(5,141)		—
USD/AED	BNP	04/12/21	AED	(33,749)		(9,163)		(4)
USD/AED	MSC	04/12/21	AED	(35,551)		(9,653)		(2)
USD/AED	BNP	07/26/21	AED	(1,100)		(298)		—
USD/AUD	CIT	10/04/19	AUD	(3,350)		(2,261)		43
USD/AUD	CIT	10/17/19	AUD	(517)		(350)		16
USD/AUD	CIT	12/16/19	AUD	(483)		(327)		6
USD/BHD	SCB	10/03/19	BHD	(352)		(934)		(18)
USD/BHD	SCB	10/07/19	BHD	(1,795)		(4,761)		(90)
USD/BHD	BOA	10/15/19	BHD	(235)		(623)		(13)
USD/BHD	BOA	10/31/19	BHD	(389)		(1,032)		(22)
USD/BHD	BOA	11/04/19	BHD	(538)		(1,427)		(30)
USD/BHD	BNP	12/23/19	BHD	(728)		(1,930)		(2)
USD/BHD	SCB	12/24/19	BHD	(875)		(2,320)		(2)
USD/BHD	BNP	02/24/20	BHD	(351)		(930)		(17)
USD/BHD	BNP	03/02/20	BHD	(351)		(930)		(19)
USD/BHD	BNP	03/19/20	BHD	(268)		(710)		(17)
USD/BHD	BNP	03/23/20	BHD	(335)		(888)		(20)
USD/BHD	BNP	03/26/20	BHD	(257)		(681)		(15)
USD/BRL	MSC	10/02/19	BRL	(20,325)		(4,892)		(2)
USD/BRL	SCB	07/23/20	BRL	(3,483)		(823)		81
USD/CNH	ANZ	10/18/19	CNH	(2,000)		(280)		3
USD/CNY	CIT	10/23/19	CNY	(4,499)		(630)		4
USD/CNY	GSC	10/23/19	CNY	(3,901)		(546)		3
USD/EGP	JPM	10/10/19	EGP	(10,633)		(652)		(6)
USD/EGP	SCB	10/15/19	EGP	(8,383)		(513)		(5)
USD/EGP	SCB	12/03/19	EGP	(46,000)		(2,776)		(92)
USD/EUR	MSC	10/04/19	EUR	(8,501)		(9,267)		293
USD/EUR	CGM	10/10/19	EUR	(6,851)		(7,472)		94
USD/EUR	CGM	10/18/19	EUR	(2,690)		(2,936)		24
USD/EUR	MSC	10/18/19	EUR	(1,291)		(1,409)		29

28

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
USD/EUR	BOA	10/25/19	EUR	(116)		(127)		1
USD/EUR	UBS	10/25/19	EUR	(137)		(149)		2
USD/EUR	CIT	11/01/19	EUR	(16,857)		(18,419)		164
USD/EUR	CIT	12/13/19	EUR	(10,590)		(11,607)		369
USD/EUR	CIT	01/10/20	EUR	(15,893)		(17,462)		477
USD/EUR	GSC	01/15/20	EUR	(7,970)		(8,760)		349
USD/EUR	CIT	01/22/20	EUR	(4,343)		(4,777)		172
USD/EUR	MSC	01/27/20	EUR	(1,666)		(1,833)		52
USD/EUR	MSC	01/31/20	EUR	(174)		(192)		5
USD/GHS	JPM	05/22/20	GHS	(1,521)		(255)		(4)
USD/GHS	JPM	05/29/20	GHS	(472)		(79)		(2)
USD/GHS	SCB	05/29/20	GHS	(238)		(40)		(1)
USD/GHS	JPM	06/03/20	GHS	(599)		(100)		(3)
USD/GHS	SCB	06/04/20	GHS	(1,966)		(328)		(12)
USD/GHS	JPM	06/08/20	GHS	(736)		(123)		(4)
USD/GHS	SCB	06/08/20	GHS	(1,227)		(204)		(4)
USD/GHS	SCB	06/15/20	GHS	(1,204)		(200)		(4)
USD/GHS	JPM	06/17/20	GHS	(709)		(118)		(2)
USD/GHS	SCB	06/19/20	GHS	(709)		(118)		(3)
USD/GHS	JPM	06/22/20	GHS	(978)		(162)		(1)
USD/GHS	CIT	07/02/20	GHS	(1,277)		(211)		(2)
USD/GHS	JPM	07/13/20	GHS	(1,259)		(207)		(1)
USD/KRW	CIT	10/08/19	KRW	(5,341,855)		(4,466)		(43)
USD/KRW	ANZ	10/17/19	KRW	(424,380)		(355)		—
USD/KRW	ANZ	11/01/19	KRW	(127,557)		(107)		—
USD/KRW	CIT	11/12/19	KRW	(1,925,937)		(1,612)		(22)
USD/KRW	JPM	11/12/19	KRW	(1,180,751)		(988)		(14)
USD/KRW	JPM	11/12/19	KRW	(38,500)		(32)		—
USD/KRW	MSC	11/12/19	KRW	(2,072,661)		(1,735)		(27)
USD/KRW	CIT	12/11/19	KRW	(770,554)		(646)		3
USD/KRW	JPM	12/11/19	KRW	(1,261,003)		(1,056)		3
USD/KRW	SCB	12/11/19	KRW	(2,522,008)		(2,112)		8
USD/KRW	CIT	01/29/20	KRW	(2,719,449)		(2,282)		39
USD/MXN	CIT	10/31/19	MXN	(66,490)		(3,352)		(4)
USD/MYR	GSC	10/02/19	MYR	(1,885)		(450)		(1)
USD/MYR	UBS	10/02/19	MYR	(3,590)		(857)		10
USD/MYR	UBS	10/29/19	MYR	(3,196)		(763)		(2)
USD/MYR	UBS	10/29/19	MYR	(2,614)		(624)		—
USD/MYR	GSC	11/27/19	MYR	(1,960)		(468)		—
USD/MYR	UBS	11/27/19	MYR	(1,961)		(468)		—
USD/MYR	GSC	12/18/19	MYR	(2,279)		(544)		(2)
USD/NGN	SCB	11/29/19	NGN	(1,092,194)		(2,956)		60
USD/NOK	CIT	10/25/19	NOK	(13,734)		(1,511)		29
USD/NZD	CIT	10/03/19	NZD	(13,003)		(8,143)		330
USD/NZD	CIT	10/09/19	NZD	(5,720)		(3,583)		66
USD/NZD	CIT	10/16/19	NZD	(5,450)		(3,413)		95
USD/NZD	CIT	10/24/19	NZD	(2,953)		(1,850)		9
USD/NZD	CIT	10/29/19	NZD	(5,367)		(3,363)		206
USD/NZD	CIT	11/12/19	NZD	(3,824)		(2,396)		43
USD/NZD	CIT	11/18/19	NZD	(5,870)		(3,680)		118
USD/NZD	CIT	11/25/19	NZD	(5,491)		(3,443)		55
USD/NZD	CIT	12/06/19	NZD	(5,511)		(3,456)		2
USD/OMR	BNP	08/17/20	OMR	(347)		(897)		(15)
USD/OMR	BNP	02/16/21	OMR	(501)		(1,286)		(18)
USD/OMR	BNP	04/08/21	OMR	(1,932)		(4,953)		(34)
USD/OMR	BNP	05/03/21	OMR	(1,401)		(3,589)		(20)
USD/OMR	SCB	05/27/21	OMR	(723)		(1,851)		(10)
USD/OMR	SCB	06/10/21	OMR	(2,031)		(5,198)		(38)
USD/OMR	BNP	08/19/21	OMR	(1,903)		(4,860)		(12)
USD/OMR	BNP	08/23/21	OMR	(185)		(473)		(1)
USD/RUB	SCB	10/07/19	RUB	(297,960)		(4,591)		(92)
USD/RUB	MSC	10/28/19	RUB	(295,520)		(4,540)		43
USD/SGD	CIT	10/10/19	SGD	(1,571)		(1,137)		21
USD/THB	SCB	10/07/19	THB	(123,873)		(4,051)		(12)
USD/THB	SCB	10/24/19	THB	(28,529)		(933)		3
USD/THB	SCB	12/16/19	THB	(16,978)		(556)		(2)
USD/TRY	GSC	02/03/20	TRY	(24,131)		(4,111)		644
USD/TRY	JPM	02/03/20	TRY	(12,714)		(2,166)		351
USD/TRY	DUB	02/10/20	TRY	(10,002)		(1,701)		270
USD/TRY	SCB	02/10/20	TRY	(18,305)		(3,113)		496
USD/TRY	GSC	02/14/20	TRY	(18,069)		(3,069)		538
USD/TRY	SCB	02/14/20	TRY	(12,814)		(2,176)		338
USD/UAH	JPM	11/22/19	UAH	(5,181)		(215)		(18)
USD/ZAR	CIT	10/30/19	ZAR	(55,467)		(3,648)		206
USD/ZAR	UBS	10/30/19	ZAR	(12,357)		(813)		41
USD/ZAR	BOA	11/29/19	ZAR	(7,683)		(503)		(6)
USD/ZAR	SCB	11/29/19	ZAR	(36,549)		(2,395)		124
USD/ZAR	CIT	12/20/19	ZAR	(97,970)		(6,402)		(54)
ZAR/USD	UBS	10/30/19	ZAR	5,761		379		(11)
ZAR/USD	SCB	11/29/19	ZAR	2,800		183		4
ZAR/USD	CIT	12/20/19	ZAR	68,010		4,444		25
						(137,534)		1,948

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund — OTC Interest Rate Swap Agreements
Floating Rate Index2	Paying/ Receiving Floating Rate	Counterparty	Fixed Rate2 (%)		Expiration	Notional1		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
6M Thailand BIBOR (S)	Paying	BOA	2.18	(S)	02/22/29	THB	6,700		—		15
6M Thailand BIBOR (S)	Paying	CGM	2.18	(S)	02/22/29	THB	33,300		—		74
6M Thailand BIBOR (S)	Paying	GSC	2.19	(S)	02/22/29	THB	72,800		—		162
Chilean Interbank Rate (S)	Receiving	GSC	2.72	(S)	06/27/24	CLP	2,363,752		—		(107)
Chilean Interbank Rate (S)	Receiving	GSC	2.77	(S)	07/01/24	CLP	472,750		—		(23)
Chilean Interbank Rate (S)	Receiving	GSC	2.73	(S)	07/08/24	CLP	945,501		—		(43)
Chilean Interbank Rate (S)	Receiving	GSC	2.71	(S)	07/10/24	CLP	3,545,627		—		(156)
Chilean Interbank Rate (S)	Receiving	GSC	2.69	(S)	07/11/24	CLP	1,452,019		—		(62)
Chilean Interbank Rate (S)	Receiving	GSC	2.46	(S)	07/23/24	CLP	472,750		—		(13)
Chilean Interbank Rate (S)	Receiving	GSC	2.44	(S)	07/26/24	CLP	1,924,750		—		(49)
Chilean Interbank Rate (S)	Receiving	GSC	2.12	(S)	08/22/24	CLP	632,630		—		(2)
Chilean Interbank Rate (S)	Receiving	MSC	2.13	(S)	08/19/24	CLP	1,431,720		—		(6)
U.S. CPURNSA (A)	Receiving	BOA	1.97	(A)	06/23/27		10,060		—		(208)
									—		(418)

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund — OTC Credit Default Swap Agreements

Reference Entity2

Counter-party

Implied Credit Spread5 (%)

Fixed Receive/ Pay Rate8 (%)

Expiration

Notional1,7 ($)

Value6 ($)

Premiums Paid (Received) ($)

Unrealized Appreciation (Depreciation) ($)

Credit default swap agreements - purchase protection3

Government of the Sultanate of Oman (Q)

BOA

N/A

1.00

12/20/22

2,216

99

125

(26)

Government of the Sultanate of Oman (Q)

BOA

N/A

1.00

06/20/26

1,600

213

262

(49)

29

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Ministry of Diwan Amiri Affairs (Q)	GSC	N/A	1.00	12/20/20	1,930	(21)	30	(51)
Ministry of Diwan Amiri Affairs (Q)	GSC	N/A	1.00	12/20/20	1,850	(20)	42	(62)
Ministry of Diwan Amiri Affairs (Q)	BNP	N/A	1.00	06/20/21	3,140	(45)	15	(60)
Ministry of Diwan Amiri Affairs (Q)	CGM	N/A	1.00	06/20/21	400	(6)	3	(9)
Ministry of Diwan Amiri Affairs (Q)	CGM	N/A	1.00	06/20/21	270	(3)	1	(4)
Ministry of Diwan Amiri Affairs (Q)	CGM	N/A	1.00	06/20/21	590	(8)	3	(11)
Ministry of Diwan Amiri Affairs (Q)	CGM	N/A	1.00	06/20/21	990	(14)	7	(21)
Ministry of Diwan Amiri Affairs (Q)	GSC	N/A	1.00	06/20/21	1,190	(17)	10	(27)
Ministry of Diwan Amiri Affairs (Q)	GSC	N/A	1.00	06/20/21	920	(13)	—	(13)
Ministry of Diwan Amiri Affairs (Q)	GSC	N/A	1.00	06/20/21	530	(8)	3	(11)
Ministry of Diwan Amiri Affairs (Q)	GSC	N/A	1.00	06/20/21	3,150	(45)	18	(63)
Ministry of Diwan Amiri Affairs (Q)	GSC	N/A	1.00	12/20/23	700	(18)	2	(20)
Ministry of Diwan Amiri Affairs (Q)	GSC	N/A	1.00	12/20/23	2,506	(62)	4	(66)
South Africa, Parliament of (Q)	GSC	N/A	1.00	12/20/23	9,200	233	1,206	(973)
South Africa, Parliament of (Q)	BNP	N/A	1.00	12/20/25	3,800	249	710	(461)
South Africa, Parliament of (Q)	CGM	N/A	1.00	06/20/29	2,930	378	376	2
					37,912	892	2,817	(1,925)
Credit default swap agreements - sell protection4
The Republic of Indonesia, The Government of (Q)	BOA	0.91	1.00	12/20/24	(2,535)	12	16	(4)
The Republic of Indonesia, The Government of (Q)	CGM	0.91	1.00	12/20/24	(3,145)	15	19	(4)
The Republic of Indonesia, The Government of (Q)	GSC	0.91	1.00	12/20/24	(2,750)	14	17	(3)
The Republic of Indonesia, The Government of (Q)	JPM	0.91	1.00	12/20/24	(1,630)	9	10	(1)
					(10,060)	50	62	(12)

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund — OTC Cross-Currency Swap Agreements

Receive Rate2,10	Pay Rate2,10	Counterparty	Expiration		Notional1 Received		Notional1 Delivered		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
Fixed Rate of -0.02% (S)	1-Day CLICP (S)	GSC	07/26/24	CLF		63	CLP	(1,766,069)	—	56
Fixed Rate of 0.03% (S)	1-Day CLICP (S)	GSC	07/10/24	CLF		119	CLP	(3,338,822)	—	166
Fixed Rate of 0.03% (S)	1-Day CLICP (S)	GSC	07/11/24	CLF		47	CLP	(1,321,498)	—	63
Fixed Rate of 0.05% (S)	1-Day CLICP (S)	GSC	07/08/24	CLF		32	CLP	(887,121)	—	47
Fixed Rate of 0.07% (S)	1-Day CLICP (S)	GSC	06/27/24	CLF		80	CLP	(2,220,471)	—	121
Fixed Rate of 0.10% (S)	1-Day CLICP (S)	GSC	07/01/24	CLF		16	CLP	(442,941)	—	24
Fixed Rate of -0.21% (S)	1-Day CLICP (S)	GSC	07/23/24	CLF		16	CLP	(443,649)	—	15
Fixed Rate of -0.49% (S)	1-Day CLICP (S)	MSC	08/19/24	CLF		50	CLP	(1,385,314)	—	20
Fixed Rate of -0.51% (S)	1-Day CLICP (S)	GSC	08/22/24	CLF		21	CLP	(589,584)	—	8
									—		520

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund — OTC Non-Deliverable Bond Forward Contracts
Reference Entity2	Counterparty	Expiration	Notional1		Premiums Paid (Received) ($)	Unrealized Appreciation (Depreciation) ($)
CSI 500 Net Total Return Index (A)	JPM	10/18/19	CNY	139	—	6
CSI 500 Net Total Return Index (B)	JPM	11/15/19	CNY	64	—	30
					—	36

30

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/FAMCO Flex Core Covered Call Fund
COMMON STOCKS 102.7%
Information Technology 26.7%
	Apple Inc. (a)	41		9,183
	Broadcom Inc. (a)	17		4,804
	Cisco Systems, Inc. (a)	126		6,245
	International Business Machines Corp. (a)	23		3,330
	MasterCard Incorporated - Class A (a)	24		6,491
	Microsoft Corp. (a)	63		8,731
	Oracle Corporation (a)	53		2,900
			41,684
Industrials 16.8%
	Delta Air Lines Inc. (a)	61		3,542
	Honeywell International Inc. (a)	40		6,836
	Lockheed Martin Corporation (a)	17		6,748
	Raytheon Co. (a)	17		3,276
	Union Pacific Corp. (a)	18		2,883
	United Technologies Corp. (a)	22		3,058
			26,343
Consumer Staples 12.8%
	Constellation Brands, Inc. - Class A (a)	12		2,570
	Costco Wholesale Corporation (a)	20		5,705
	General Mills Inc. (a)	57		3,131
	Mondelez International Inc. - Class A (a)	108		5,980
	Philip Morris International Inc. (a)	35		2,688
			20,074
Financials 12.8%
	American Express Company (a)	37		4,317
	BlackRock, Inc. (a)	11		4,768
	JPMorgan Chase & Co. (a)	62		7,285
	The Allstate Corporation (a)	33		3,619
			19,989
Health Care 10.6%
	Celgene Corp. (a) (b)	29		2,870
	Medtronic Public Limited Company (a)	69		7,462
	Merck & Co., Inc. (a)	45		3,797
	Thermo Fisher Scientific Inc. (a)	8		2,418
			16,547
Consumer Discretionary 9.3%
	Home Depot Inc. (a)	25		5,684
	Ross Stores Inc. (a)	36		3,911
	Whirlpool Corp. (a)	32		4,988
			14,583
Communication Services 5.9%
	AT&T Inc. (a)	96		3,644
	CBS Corporation - Class B (a)	56		2,277
	Verizon Communications Inc. (a)	55		3,332
			9,253
Energy 4.0%
	Chevron Corp. (a)	52		6,179
Materials 3.8%
	Dow Holdings Inc. (a)	29		1,377
	DuPont de Nemours, Inc (a)	63		4,514
			5,891
	Total Common Stocks (cost $127,660)		160,543
SHORT TERM INVESTMENTS 1.5%
Investment Companies 1.5%
	JNL Government Money Market Fund - Institutional Class, 1.86% (c) (d)	2,361		2,361
	Total Short Term Investments (cost $2,361)		2,361
Total Investments 104.2% (cost $130,021)				162,904
Other Derivative Instruments (4.9)%				(7,684)
Other Assets and Liabilities, Net 0.7%				1,129
Total Net Assets 100.0%				156,349

(a)All or a portion of the security is subject to a written call option.

(b)Non-income producing security.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

JNL/FAMCO Flex Core Covered Call Fund — Exchange Traded Written Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Options on Securities
American Express Company		Call		125.00	01/17/20		365		(94)
Apple Inc.		Call		215.00	11/15/19		205		(294)
Apple Inc.		Call		215.00	12/20/19		205		(335)
AT&T Inc.		Call		38.00	01/17/20		963		(137)
BlackRock, Inc.		Call		440.00	01/17/20		107		(280)
Broadcom Inc.		Call		290.00	10/18/19		174		(31)
CBS Corporation		Call		45.00	12/20/19		564		(38)
Celgene Corporation		Call		92.50	10/18/19		289		(219)
Chevron Corporation		Call		120.00	11/15/19		521		(147)
Cisco Systems, Inc.		Call		49.00	10/18/19		1,264		(131)
Constellation Brands, Inc.		Call		205.00	01/17/20		124		(176)
Costco Wholesale Corporation		Call		280.00	10/18/19		198		(260)
Delta Air Lines, Inc.		Call		60.00	12/20/19		615		(105)
Dow Inc.		Call		45.00	12/20/19		289		(127)
DuPont de Nemours, Inc		Call		67.50	12/20/19		633		(389)
General Mills, Inc.		Call		55.00	01/17/20		568		(141)
Honeywell International Inc.		Call		175.00	12/20/19		200		(66)
Honeywell International Inc.		Call		170.00	12/20/19		204		(115)
International Business Machines Corporation		Call		140.00	01/17/20		229		(230)
JPMorgan Chase & Co.		Call		105.00	12/20/19		619		(843)
Lockheed Martin Corporation		Call		410.00	01/17/20		173		(140)
MasterCard Incorporated		Call		280.00	01/17/20		239		(245)
Medtronic Public Limited Company		Call		115.00	01/17/20		687		(131)
Merck & Co., Inc.		Call		87.50	01/17/20		451		(99)
Microsoft Corporation		Call		140.00	12/20/19		628		(371)
Mondelez International, Inc.		Call		55.00	12/20/19		1,081		(246)
Oracle Corporation		Call		55.00	12/20/19		527		(129)
Philip Morris International Inc.		Call		90.00	12/20/19		354		(8)
Raytheon Company		Call		185.00	01/17/20		167		(291)
Ross Stores, Inc.		Call		105.00	11/15/19		356		(238)
The Allstate Corporation		Call		105.00	01/17/20		333		(225)

31

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/FAMCO Flex Core Covered Call Fund — Exchange Traded Written Options (continued)
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
The Home Depot, Inc.		Call		225.00	01/17/20		245		(360)
Thermo Fisher Scientific Inc.		Call		310.00	12/20/19		83		(46)
Union Pacific Corporation		Call		175.00	01/17/20		178		(65)
United Technologies Corporation		Call		130.00	01/17/20		224		(248)
Verizon Communications Inc.		Call		57.50	01/17/20		552		(211)
Whirlpool Corporation		Call		150.00	12/20/19		315		(473)
									(7,684)

32

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Lazard International Strategic Equity Fund
COMMON STOCKS 91.7%
United Kingdom 19.3%
	Aon PLC - Class A	28		5,476
	Bunzl Public Limited Company	84		2,182
	Coca-Cola European Partners PLC	66		3,685
	Compass Group PLC	105		2,692
	Diageo PLC	105		4,280
	Informa Switzerland Limited	456		4,775
	Melrose Holdings Limited	435		1,077
	Relx PLC	147		3,486
	Rentokil Initial PLC	459		2,638
	Rio Tinto PLC	60		3,132
	Weir Group PLC(The)	84		1,467
			34,890
Japan 12.8%
	AEON Financial Service Co. Ltd. (a)	98		1,480
	Daiwa House Industry Co. Ltd.	87		2,853
	Digital Garage Inc.	29		940
	Kao Corp.	35		2,569
	Komatsu Ltd.	120		2,782
	Makita Corp.	75		2,388
	NEXON Co.,Ltd. (b)	183		2,234
	Pan Pacific International Holdings Corporation	85		1,419
	Suzuki Motor Corp.	62		2,633
	Tokyo Electron Ltd. (a)	8		1,499
	Yamaha Corp.	36		1,629
	ZOZO, Inc.	27		626
			23,052
Canada 9.1%
	CAE Inc.	234		5,945
	National Bank of Canada (a)	74		3,677
	Suncor Energy Inc.	107		3,380
	Toromont Industries Ltd.	72		3,472
			16,474
France 8.9%
	AtoS SE	24		1,707
	Engie	211		3,440
	Sanofi SA	54		5,000
	Ubisoft Entertainment (b)	6		460
	Vivendi SA	197		5,413
			16,020
Ireland 8.8%
	Accenture Public Limited Company - Class A	28		5,409
	CRH Plc	93		3,211
	Medtronic Public Limited Company	45		4,919
	Ryanair Holdings Plc - ADR (b)	37		2,427
			15,966
Switzerland 6.7%
	ABB Ltd.	156		3,064
	Alcon AG (b)	20		1,157
	Julius Bar Gruppe AG	81		3,605
	Novartis AG	49		4,237
			12,063
Hong Kong 4.5%
	AIA Group Limited	709		6,705
	Techtronic Industries Company Limited	213		1,488
			8,193
Sweden 3.7%
	Assa Abloy AB - Class B	122		2,719
	Hexagon Aktiebolag - Class B	42		2,029
	Saab AB - Class B	68		1,957
			6,705
Netherlands 3.3%
	ABN AMRO Bank N.V. - CVA (c)	133		2,353
	Wolters Kluwer NV	49		3,571
			5,924
Denmark 2.9%
	Carlsberg A/S - Class B	20		2,903
	Genmab A/S (b)	12		2,370
			5,273
Finland 2.9%
	Sampo Oyj - Class A	130		5,164
Germany 2.5%
	Beiersdorf AG	27		3,136
	TeamViewer AG (b)	50		1,351
			4,487
Singapore 1.9%
	DBS Group Holdings Ltd.	194		3,512
Israel 1.7%
	Bank Leumi Le-Israel BM	189		1,344
	Israel Discount Bank Ltd. - Class A	402		1,768
			3,112
Norway 1.7%
	Equinor ASA	161		3,052
Italy 1.0%
	Banca Mediolanum SpA	232		1,740
	Total Common Stocks (cost $160,495)		165,627
PREFERRED STOCKS 2.7%
Germany 2.7%
	Volkswagen AG (d)	29		4,942
	Total Preferred Stocks (cost $5,110)		4,942
SHORT TERM INVESTMENTS 6.8%
Investment Companies 4.9%
	JNL Government Money Market Fund - Institutional Class, 1.86% (e) (f)	8,854		8,854
Securities Lending Collateral 1.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (e) (f)	3,454		3,454
	Total Short Term Investments (cost $12,308)		12,308
Total Investments 101.2% (cost $177,913)				182,877
Other Assets and Liabilities, Net (1.2)%				(2,255)
Total Net Assets 100.0%				180,622

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Non-income producing security.

(c)The 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 Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $2,353 and 1.3% of the Fund.

(d)Convertible security.

(e)Investment in affiliate.

(f)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
ILS/USD	SSB	10/03/19	ILS	85		24		—

33

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Mellon Equity Income Fund
COMMON STOCKS 99.5%
Financials 31.3%
	American International Group, Inc.	146		8,115
	Ameriprise Financial, Inc.	13		1,925
	Assurant, Inc.	36		4,515
	Bank of America Corporation	292		8,504
	Berkshire Hathaway Inc. - Class B (a)	77		15,989
	Capital One Financial Corporation	25		2,253
	Chubb Limited	22		3,591
	Citigroup Inc.	179		12,342
	JPMorgan Chase & Co.	139		16,374
	LPL Financial Holdings Inc.	21		1,722
	Morgan Stanley	125		5,336
	Raymond James Financial Inc.	20		1,609
	The Goldman Sachs Group, Inc.	46		9,465
	The Hartford Financial Services Group, Inc.	60		3,619
	U.S. Bancorp	122		6,734
	Voya Financial Inc.	105		5,713
	Wells Fargo & Co.	60		3,032
	Willis Towers Watson Public Limited Company	12		2,393
			113,231
Materials 10.3%
	CF Industries Holdings Inc.	179		8,801
	Dow Holdings Inc.	37		1,783
	DuPont de Nemours, Inc	25		1,791
	Freeport-McMoRan Inc. - Class B	178		1,704
	Martin Marietta Materials Inc.	31		8,506
	MOS Holdings Inc.	152		3,124
	Newmont Goldcorp Corporation (b)	95		3,611
	Vulcan Materials Co.	53		7,995
			37,315
Information Technology 10.2%
	Applied Materials, Inc.	71		3,520
	Broadcom Inc.	11		2,900
	Cisco Systems, Inc.	147		7,256
	Corning Inc.	187		5,330
	International Business Machines Corp.	34		4,994
	Microchip Technology Incorporated (c)	29		2,703
	Qualcomm Incorporated	60		4,564
	Texas Instruments Incorporated	23		2,979
	Western Digital Corp.	45		2,709
			36,955
Energy 10.1%
	Apergy Corporation (a)	71		1,924
	Hess Corporation	128		7,747
	Marathon Petroleum Corporation	159		9,661
	Occidental Petroleum Corporation	88		3,924
	Phillips 66	57		5,831
	Pioneer Natural Resources Co.	19		2,399
	Valero Energy Corporation	59		4,997
			36,483
Health Care 10.0%
	Anthem, Inc.	12		2,981
	Becton, Dickinson and Company	17		4,360
	CVS Health Corporation	37		2,353
	Humana Inc.	7		1,746
	Medtronic Public Limited Company	108		11,782
	Merck & Co., Inc.	85		7,179
	Pfizer Inc.	161		5,768
			36,169
Industrials 8.3%
	Delta Air Lines Inc.	67		3,888
	Honeywell International Inc.	41		6,857
	L3Harris Technologies, Inc.	22		4,667
	Northrop Grumman Systems Corp.	5		1,745
	Quanta Services, Inc.	77		2,908
	Union Pacific Corp.	15		2,401
	United Technologies Corp.	54		7,346
			29,812
Communication Services 5.9%
	AT&T Inc.	349		13,212
	Comcast Corporation - Class A	64		2,883
	Omnicom Group Inc.	65		5,105
			21,200
Consumer Staples 4.7%
	Archer-Daniels-Midland Company	65		2,686
	Colgate-Palmolive Co.	61		4,520
	ConAgra Brands Inc. (c)	181		5,552
	PepsiCo Inc.	31		4,267
			17,025
Utilities 3.7%
	Clearway Energy, Inc. - Class C	241		4,400
	Edison International	71		5,381
	PPL Corporation	118		3,710
			13,491
Consumer Discretionary 3.4%
	General Motors Company	103		3,844
	Lennar Corp. - Class A	86		4,807
	Target Corporation	33		3,507
			12,158
Real Estate 1.6%
	Lamar Advertising Co. - Class A	36		2,975
	OUTFRONT Media Inc.	100		2,787
			5,762
	Total Common Stocks (cost $335,253)		359,601
SHORT TERM INVESTMENTS 0.2%
Investment Companies 0.2%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)	791		791
Securities Lending Collateral 0.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)	10		10
	Total Short Term Investments (cost $801)		801
Total Investments 99.7% (cost $336,054)				360,402
Other Assets and Liabilities, Net 0.3%				1,182
Total Net Assets 100.0%				361,584

(a)Non-income producing security.

(b)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(c)All or a portion of the security was on loan as of September 30, 2019.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

34

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Neuberger Berman Commodity Strategy Fund (a)
CORPORATE BONDS AND NOTES 63.4%
Financials 35.5%
	AIG Global Funding
		2.80%, (3M USD LIBOR + 0.48%), 07/02/20 (b) (c)	185		185
	American Express Company
		2.65%, (3M USD LIBOR + 0.53%), 05/17/21 (b)	2,150		2,156
	American Honda Finance Corporation
		2.58%, (3M USD LIBOR + 0.28%), 10/19/20 (b)	1,630		1,632
	Bank of America Corporation
		2.76%, (3M USD LIBOR + 0.65%), 06/25/22 (b)	1,650		1,654
	Bayer US Finance II LLC
		2.74%, (3M USD LIBOR + 0.63%), 06/25/21 (b) (c)	1,935		1,931
	BMW US Capital, LLC
		2.55%, (3M USD LIBOR + 0.37%), 08/14/20 (b) (c)	1,370		1,371
	Capital One Financial Corporation
		3.05%, (3M USD LIBOR + 0.95%), 03/09/22 (b)	2,130		2,145
	Caterpillar Financial Services Corporation
		2.38%, (3M USD LIBOR + 0.28%), 09/07/21 (b)	2,280		2,279
	Citigroup Inc.
		3.24%, (3M USD LIBOR + 0.96%), 04/25/22 (b)	2,540		2,567
	Harley-Davidson Financial Services, Inc.
		2.65%, (3M USD LIBOR + 0.50%), 05/21/20 (b) (c)	1,350		1,351
	HSBC Holdings PLC
		2.72%, (3M USD LIBOR + 0.60%), 05/18/21 (b)	1,895		1,897
	John Deere Capital Corporation
		2.50%, (3M USD LIBOR + 0.40%), 06/07/21 (b)	575		576
	JPMorgan Chase & Co.
		2.65%, (3M USD LIBOR + 0.55%), 03/09/21 (b)	1,130		1,131
		2.76%, (3M USD LIBOR + 0.61%), 06/18/22 (b)	710		714
	Marsh & Mclennan Companies, Inc.
		3.30%, (3M USD LIBOR + 1.20%), 12/29/21 (b)	1,060		1,061
	Morgan Stanley
		3.46%, (3M USD LIBOR + 1.18%), 01/20/22 (b)	2,525		2,567
	New York Life Global Funding
		2.78%, (3M USD LIBOR + 0.44%), 07/12/22 (b) (c)	1,360		1,359
	PNC Bank, National Association
		2.71%, (3M USD LIBOR + 0.45%), 07/22/22 (b)	1,565		1,564
	Santander UK PLC
		2.76%, (3M USD LIBOR + 0.62%), 06/01/21 (b)	1,185		1,186
	The Goldman Sachs Group, Inc.
		3.38%, (3M USD LIBOR + 1.11%), 04/26/22 (b)	2,585		2,607
	The Toronto-Dominion Bank
		2.57%, (3M USD LIBOR + 0.43%), 06/11/21 (b)	1,020		1,024
	U.S. Bank National Association
		2.59%, (3M USD LIBOR + 0.32%), 04/26/21 (b)	1,375		1,375
	Wells Fargo & Company
		3.11%, (3M USD LIBOR + 0.93%), 02/11/22 (b)	2,425		2,439
	Westpac Banking Corporation
		2.97%, (3M USD LIBOR + 0.85%), 08/19/21 (b)	2,380		2,403
				39,174
Communication Services 6.6%
	AT&T Inc.
		3.25%, (3M USD LIBOR + 0.95%), 07/15/21 (b)	2,435		2,456
	Comcast Corporation
		2.76%, (3M USD LIBOR + 0.44%), 10/01/21 (b)	1,570		1,574
	NBCUniversal Enterprise, Inc.
		2.72%, (3M USD LIBOR + 0.40%), 04/01/21 (b) (c)	775		777
	Verizon Communications Inc.
		3.12%, (3M USD LIBOR + 1.00%), 03/16/22 (b)	2,400		2,435
				7,242
Energy 5.0%
	BP Capital Markets P.L.C.
		2.38%, (3M USD LIBOR + 0.25%), 11/24/20 (b)	1,120		1,121
		2.99%, 09/16/21	375		379
	Enterprise Products Operating LLC
		5.25%, 01/31/20	965		975
	MPLX LP
		3.00%, (3M USD LIBOR + 0.90%), 09/09/21 (b)	1,515		1,524
	Occidental Petroleum Corporation
		3.44%, 08/13/21	1,520		1,529
				5,528
Health Care 4.5%
	Bristol-Myers Squibb Company
		2.55%, (3M USD LIBOR + 0.38%), 05/16/22 (b) (c)	825		825
	Cigna Holding Company
		2.79%, 09/17/21	1,490		1,493
	CVS Health Corporation
		2.82%, (3M USD LIBOR + 0.72%), 03/09/21 (b)	1,900		1,910
	GlaxoSmithKline Capital PLC
		2.53%, (3M USD LIBOR + 0.35%), 05/14/21 (b)	785		786
				5,014
Utilities 4.1%
	Duke Energy Progress, LLC
		2.28%, (3M USD LIBOR + 0.18%), 09/08/20 (b)	1,000		1,000
	Florida Power & Light Company
		2.64%, (3M USD LIBOR + 0.40%), 05/06/22 (b)	1,515		1,515
	Sempra Energy
		2.80%, (3M USD LIBOR + 0.50%), 01/15/21 (b)	2,040		2,037
				4,552
Industrials 2.6%
	Honeywell International Inc.
		2.56%, (3M USD LIBOR + 0.37%), 08/08/22 (b)	860		864
	United Technologies Corporation
		2.60%, 11/01/19	640		640
		2.82%, (3M USD LIBOR + 0.65%), 08/16/21 (b)	1,330		1,336
				2,840
Consumer Staples 2.4%
	BAT Capital Corp.
		2.77%, (3M USD LIBOR + 0.59%), 08/14/20 (b)	1,505		1,507
	Diageo Capital PLC
		2.36%, (3M USD LIBOR + 0.24%), 05/18/20 (b)	1,150		1,151
				2,658
Information Technology 2.0%
	International Business Machines Corporation
		2.58%, (3M USD LIBOR + 0.40%), 05/13/21 (b)	2,160		2,168
Consumer Discretionary 0.7%
	Daimler Finance North America LLC
		3.06%, 02/15/22 (c)	765		769
	Total Corporate Bonds And Notes (cost $69,825)			69,945
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 15.3%
	BMW Vehicle Lease Trust
		Series 2019-A2-1, 2.79%, 08/20/20	1,790		1,794
	CARDS II Trust
		Series 2019-A-1A, 2.42%, (1M USD LIBOR + 0.39%), 05/17/21 (b) (c)	630		629
	Chase Issuance Trust
		Series 2018-A1-A1, 2.23%, (1M USD LIBOR + 0.20%), 04/15/21 (b)	1,400		1,401
	Evergreen Credit Card Trust
		Series 2019-A-1, 2.51%, (1M USD LIBOR + 0.48%), 01/15/21 (b) (c)	1,500		1,505
	Fifth Third Auto Trust
		Series 2019-A2B-1, 2.26%, (1M USD LIBOR + 0.17%), 01/15/21 (b)	490		490
	Ford Credit Auto Lease Trust
		Series 2017-A3-A, 1.67%, 01/15/20	640		639
		Series 2019-A2A-A, REMIC, 2.78%, 10/15/20	482		484
	Ford Credit Auto Lease Trust
		Series 2019-A2B-B, 2.29%, (1M USD LIBOR + 0.26%), 02/15/21 (b)	750		750
	GM Financial Automobile Leasing Trust
		Series 2019-A2B-2, 2.22%, (1M USD LIBOR + 0.18%), 09/20/20 (b)	510		510
		Series 2019-A2B-3, 2.31%, 12/20/20	1,350		1,350
	GM Financial Consumer Automobile Receivables Trust
		Series 2018-A2A-1, 2.08%, 01/19/21	60		60
		Series 2018-A2A-2, 2.55%, 05/17/21	447		448

35

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Mercedes-Benz Auto Lease Trust
		Series 2019-A2-A, 3.01%, 02/16/21	2,132		2,137
	Navient Student Loan Trust
		Series 2018-A1-3A, 2.29%, (1M USD LIBOR + 0.27%), 06/25/20 (b) (c)	398		398
	Toyota Auto Receivables Owner Trust
		Series 2018-A2A-C, 2.77%, 05/15/20	986		989
	USAA Auto Owner Trust
		Series 2019-A2-1, REMIC, 2.26%, 01/15/21	400		400
	Verizon Owner Trust
		Series 2017-A-1A, 2.06%, 09/20/21 (c)	915		915
		Series 2019-A1B-A, 2.37%, (1M USD LIBOR + 0.33%), 04/20/22 (b)	1,000		999
	World Omni Auto Receivables Trust
		Series 2019-A2-A, 3.02%, 10/15/20	907		911
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $16,779)			16,809
SHORT TERM INVESTMENTS 14.4%
Investment Companies 14.4%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)		15,861		15,861
	Total Short Term Investments (cost $15,861)			15,861
Total Investments 93.1% (cost $102,465)					102,615
Other Derivative Instruments (0.9)%					(1,008)
Other Assets and Liabilities, Net 7.8%					8,644
Total Net Assets 100.0%					110,251

(a)Consolidated Schedule of Investments.

(b)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(c)The 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 Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $12,015 and 10.9% of the Fund.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Aluminum	48	November 2019		2,129	(65)			(63)
Brent Crude	122	November 2019		7,173	(209)			(38)
Cattle Feeder	38	October 2019		2,630	(36)			76
Cocoa	70	December 2019		1,672	(34)			38
Coffee "C"	25	December 2019		970	2			(22)
Copper	68	December 2019		4,587	(32)			(204)
Corn	397	December 2019		8,437	328			(735)
Cotton No. 2	52	December 2019		1,753	(2)			(172)
Crude Oil, WTI	117	December 2019		6,866	(212)			(550)
Gasoline, RBOB	106	November 2019		7,236	(178)			(262)
Gold, 100 Oz.	69	December 2019		9,709	(231)			454
KC HRW Wheat	150	December 2019		3,380	56			(268)
Lead	88	November 2019		4,554	150			151
Lean Hogs	63	December 2019		1,618	69			211
Live Cattle	63	January 2020		2,611	(7)			169
Low Sulfur Gasoil	77	November 2019		4,422	(87)			94
Natural Gas	89	November 2019		2,027	(66)			47
New York Harbor ULSD	93	November 2019		7,541	(151)			(130)
Nickel	35	November 2019		3,355	279			238
Platinum	127	January 2020		6,148	(298)			(502)
Silver	57	December 2019		4,181	(186)			663
Soybean	61	November 2019		2,710	70			54
Soybean Meal	139	December 2019		4,400	82			(216)
Soybean Oil	113	December 2019		1,917	16			55
Sugar No. 11	79	May 2020		1,059	3			60
Wheat	133	December 2019		3,338	57			(42)
Zinc	71	November 2019		4,084	197			196
					(485)			(698)

36

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Neuberger Berman Currency Fund
GOVERNMENT AND AGENCY OBLIGATIONS 27.0%
U.S. Government Agency Obligations 27.0%
	Federal Farm Credit Banks Funding Corporation
		1.30%, 11/07/19 (a)	3,000		2,997
	Federal Home Loan Mortgage Corporation
		1.25%, 10/02/19 (a)	8,500		8,500
	Federal National Mortgage Association, Inc.
		Principal Only, 0.00%, 10/09/19 (a) (b)	8,000		7,996
	Total Government And Agency Obligations (cost $19,492)			19,493
SHORT TERM INVESTMENTS 70.6%
U.S. Treasury Bill 48.8%
	Treasury, United States Department of
		2.04%, 10/01/19 (c)	7,000		7,000
		1.94%, 10/15/19 (c)	3,000		2,998
		1.98%, 10/29/19 (c)	20,000		19,969
		1.91%, 11/19/19 (c)	5,250		5,236
				35,203
Discount Notes 18.0%
	Farm Credit Banks Consolidated Systemwide Bonds and Discount Notes
		1.98%, 10/28/19 (a) (c)	5,000		4,992
	Federal Home Loan Banks Office of Finance
		2.01%, 10/01/19 (a) (c)	2,000		2,000
		1.97%, 11/07/19 (a) (c)	6,000		5,988
				12,980
Investment Companies 3.8%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)		2,741		2,741
	Total Short Term Investments (cost $50,926)			50,924
Total Investments 97.6% (cost $70,418)					70,417
Other Derivative Instruments (1.3)%					(972)
Other Assets and Liabilities, Net 3.7%					2,672
Total Net Assets 100.0%					72,117

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

(b)Security issued with a zero coupon. Income is recognized through the accretion of discount.

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

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
AUD/USD	CIT	10/17/19	AUD	31,134		21,027		(506)
AUD/USD	CIT	10/17/19	AUD	2,149		1,451		5
AUD/USD	GSC	10/17/19	AUD	61,092		41,258		(1,380)
AUD/USD	SCB	10/17/19	AUD	1,007		680		(22)
AUD/USD	SGB	10/17/19	AUD	20,960		14,155		(391)
BRL/USD	GSC	10/17/19	BRL	27,551		6,623		(185)
BRL/USD	SSB	10/17/19	BRL	25,064		6,025		(502)
CAD/USD	CIT	10/17/19	CAD	28,507		21,523		(222)
CAD/USD	CIT	10/17/19	CAD	3,982		3,006		2
CAD/USD	GSC	10/17/19	CAD	3,006		2,269		(14)
CAD/USD	JPM	10/17/19	CAD	3,695		2,790		(29)
CAD/USD	SCB	10/17/19	CAD	2,074		1,566		(23)
CAD/USD	SGB	10/17/19	CAD	109,785		82,887		(970)
CAD/USD	SSB	10/17/19	CAD	39,999		30,199		(332)
CHF/USD	CIT	10/17/19	CHF	22,241		22,319		(314)
CHF/USD	GSC	10/17/19	CHF	16,620		16,675		(275)
CHF/USD	JPM	10/17/19	CHF	1,606		1,611		(22)
CHF/USD	SCB	10/17/19	CHF	6,476		6,498		(106)
CHF/USD	SSB	10/17/19	CHF	86,341		86,634		(1,195)
CLP/USD	GSC	10/17/19	CLP	1,318,479		1,809		(115)
CZK/USD	CIT	10/17/19	CZK	45,560		1,926		(80)
CZK/USD	GSC	10/17/19	CZK	34,016		1,438		(21)
CZK/USD	SSB	10/17/19	CZK	51,112		2,160		(6)
EUR/USD	CIT	10/17/19	EUR	9,576		10,450		(276)
EUR/USD	GSC	10/17/19	EUR	33,474		36,531		(1,316)
EUR/USD	JPM	10/17/19	EUR	36,719		40,072		(1,428)
EUR/USD	RBC	10/17/19	EUR	6,650		7,257		(293)
EUR/USD	SCB	10/17/19	EUR	9,084		9,913		(343)
EUR/USD	SGB	10/17/19	EUR	119		130		(5)
EUR/USD	SSB	10/17/19	EUR	13,458		14,687		(487)
GBP/USD	CIT	10/17/19	GBP	1,189		1,462		(7)
GBP/USD	GSC	10/17/19	GBP	12,635		15,546		(311)
GBP/USD	JPM	10/17/19	GBP	26,012		32,004		(578)
GBP/USD	RBC	10/17/19	GBP	29,936		36,832		(845)
GBP/USD	SGB	10/17/19	GBP	6,056		7,451		(136)
GBP/USD	SSB	10/17/19	GBP	9,467		11,648		(225)
HUF/USD	GSC	10/17/19	HUF	1,137,570		3,706		(107)
JPY/USD	CIT	10/17/19	JPY	820,743		7,600		(79)
JPY/USD	CIT	10/17/19	JPY	638,105		5,908		8
JPY/USD	GSC	10/17/19	JPY	627,324		5,808		(17)
JPY/USD	RBC	10/17/19	JPY	2,550,191		23,612		(151)
JPY/USD	SCB	10/17/19	JPY	1,373,787		12,720		(26)
JPY/USD	SCB	10/17/19	JPY	275,467		2,550		—
JPY/USD	SSB	10/17/19	JPY	3,196,381		29,595		32
MXN/USD	CIT	10/17/19	MXN	28,216		1,426		(16)
MXN/USD	GSC	10/17/19	MXN	53,197		2,688		(31)
MXN/USD	GSC	10/17/19	MXN	57,737		2,918		40
MXN/USD	RBC	10/17/19	MXN	15,226		769		(14)
MXN/USD	SSB	10/17/19	MXN	138,898		7,019		(109)
NOK/USD	CIT	10/17/19	NOK	306,203		33,668		(1,545)
NOK/USD	GSC	10/17/19	NOK	16,672		1,833		(10)
NOK/USD	JPM	10/17/19	NOK	10,133		1,114		(61)
NOK/USD	RBC	10/17/19	NOK	125,152		13,760		(909)
NOK/USD	SGB	10/17/19	NOK	203,049		22,325		(1,231)
NOK/USD	SSB	10/17/19	NOK	95,318		10,480		(529)
NOK/USD	SSB	10/17/19	NOK	2,682		295		—
NZD/USD	CIT	10/17/19	NZD	59,352		37,181		(1,871)
NZD/USD	GSC	10/17/19	NZD	50,721		31,773		(1,917)
NZD/USD	RBC	10/17/19	NZD	17,223		10,789		(718)
NZD/USD	SSB	10/17/19	NZD	33,142		20,761		(951)
PLN/USD	CIT	10/17/19	PLN	9,449		2,357		(130)
PLN/USD	GSC	10/17/19	PLN	5,843		1,457		(35)
SEK/USD	GSC	10/17/19	SEK	50,576		5,144		(157)
SEK/USD	JPM	10/17/19	SEK	68,361		6,952		(310)
SEK/USD	RBC	10/17/19	SEK	363,074		36,922		(2,015)
SEK/USD	SCB	10/17/19	SEK	50,957		5,182		(265)
SEK/USD	SSB	10/17/19	SEK	317,184		32,256		(1,361)
TRY/USD	GSC	10/17/19	TRY	8,365		1,473		25
TRY/USD	SSB	10/17/19	TRY	4,069		717		3
USD/AUD	CIT	10/17/19	AUD	(21,106)		(14,255)		361
USD/AUD	GSC	10/17/19	AUD	(2,128)		(1,437)		(1)
USD/AUD	GSC	10/17/19	AUD	(6,451)		(4,356)		24
USD/AUD	JPM	10/17/19	AUD	(14,200)		(9,590)		266
USD/AUD	RBC	10/17/19	AUD	(19,900)		(13,440)		483
USD/AUD	SCB	10/17/19	AUD	(9,460)		(6,388)		201
USD/AUD	SSB	10/17/19	AUD	(45,440)		(30,688)		824
USD/BRL	CIT	10/17/19	BRL	(7,372)		(1,772)		170
USD/BRL	GSC	10/17/19	BRL	(11,950)		(2,873)		241
USD/CAD	CIT	10/17/19	CAD	(2,013)		(1,519)		(3)
USD/CAD	CIT	10/17/19	CAD	(10,334)		(7,802)		59
USD/CAD	GSC	10/17/19	CAD	(2,030)		(1,533)		(5)
USD/CAD	GSC	10/17/19	CAD	(81,393)		(61,452)		713
USD/CAD	JPM	10/17/19	CAD	(18,339)		(13,846)		146
USD/CAD	RBC	10/17/19	CAD	(56,831)		(42,907)		704

37

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
USD/CAD	SCB	10/17/19	CAD	(4,658)		(3,517)		51
USD/CAD	SSB	10/17/19	CAD	(33,359)		(25,186)		277
USD/CHF	CIT	10/17/19	CHF	(10,688)		(10,724)		190
USD/CHF	JPM	10/17/19	CHF	(2,712)		(2,721)		37
USD/CHF	RBC	10/17/19	CHF	(40,104)		(40,240)		790
USD/CHF	SCB	10/17/19	CHF	(7,140)		(7,164)		112
USD/CHF	SGB	10/17/19	CHF	(69,273)		(69,508)		872
USD/CHF	SSB	10/17/19	CHF	(19,509)		(19,575)		271
USD/CLP	CIT	10/17/19	CLP	(303,615)		(417)		26
USD/CLP	GSC	10/17/19	CLP	(1,014,855)		(1,392)		49
USD/CZK	GSC	10/17/19	CZK	(45,563)		(1,926)		78
USD/EUR	CIT	10/17/19	EUR	(23,436)		(25,576)		746
USD/EUR	GSC	10/17/19	EUR	(4,679)		(5,106)		129
USD/EUR	RBC	10/17/19	EUR	(128)		(139)		6
USD/EUR	SSB	10/17/19	EUR	(91,952)		(100,348)		3,623
USD/GBP	CIT	10/17/19	GBP	(1,200)		(1,476)		(5)
USD/GBP	CIT	10/17/19	GBP	(12,850)		(15,810)		277
USD/GBP	GSC	10/17/19	GBP	(2,168)		(2,668)		(19)
USD/GBP	GSC	10/17/19	GBP	(21,212)		(26,099)		478
USD/GBP	SCB	10/17/19	GBP	(6,400)		(7,874)		172
USD/GBP	SSB	10/17/19	GBP	(40,308)		(49,594)		960
USD/HUF	CIT	10/17/19	HUF	(699,054)		(2,278)		143
USD/HUF	GSC	10/17/19	HUF	(438,623)		(1,429)		48
USD/HUF	SSB	10/17/19	HUF	(220,279)		(718)		2
USD/JPY	CIT	10/17/19	JPY	(530,173)		(4,909)		(6)
USD/JPY	CIT	10/17/19	JPY	(692,530)		(6,412)		105
USD/JPY	GSC	10/17/19	JPY	(736,009)		(6,815)		42
USD/JPY	JPM	10/17/19	JPY	(1,331,522)		(12,328)		(17)
USD/JPY	RBC	10/17/19	JPY	(1,255,226)		(11,622)		74
USD/JPY	SCB	10/17/19	JPY	(609,196)		(5,640)		11
USD/JPY	SGB	10/17/19	JPY	(1,428,258)		(13,224)		(24)
USD/JPY	SSB	10/17/19	JPY	(1,480,573)		(13,708)		(15)
USD/JPY	SSB	10/17/19	JPY	(74,743)		(692)		4
USD/KRW	SSB	10/17/19	KRW	(865,791)		(724)		(3)
USD/MXN	CIT	10/17/19	MXN	(264,273)		(13,355)		201
USD/MXN	GSC	10/17/19	MXN	(30,164)		(1,524)		(4)
USD/MXN	GSC	10/17/19	MXN	(85,796)		(4,336)		55
USD/MXN	SSB	10/17/19	MXN	(28,754)		(1,453)		(19)
USD/NOK	CIT	10/17/19	NOK	(28,678)		(3,153)		200
USD/NOK	GSC	10/17/19	NOK	(191,748)		(21,083)		1,294
USD/NOK	JPM	10/17/19	NOK	(124,876)		(13,730)		747
USD/NOK	SCB	10/17/19	NOK	(77,408)		(8,511)		462
USD/NOK	SSB	10/17/19	NOK	(63,374)		(6,968)		167
USD/NZD	CIT	10/17/19	NZD	(8,000)		(5,011)		236
USD/NZD	GSC	10/17/19	NZD	(13,313)		(8,339)		470
USD/NZD	JPM	10/17/19	NZD	(9,482)		(5,940)		329
USD/NZD	RBC	10/17/19	NZD	(14,527)		(9,100)		606
USD/NZD	SCB	10/17/19	NZD	(27,295)		(17,099)		956
USD/NZD	SGB	10/17/19	NZD	(76,556)		(47,957)		2,654
USD/NZD	SSB	10/17/19	NZD	(17,853)		(11,184)		632
USD/PLN	GSC	10/17/19	PLN	(15,292)		(3,814)		102
USD/SEK	CIT	10/17/19	SEK	(254,896)		(25,921)		988
USD/SEK	GSC	10/17/19	SEK	(351,153)		(35,711)		1,842
USD/SEK	JPM	10/17/19	SEK	(3,532)		(359)		16
USD/SEK	SGB	10/17/19	SEK	(144,121)		(14,656)		686
USD/SEK	SSB	10/17/19	SEK	(61,600)		(6,265)		222
USD/ZAR	SSB	10/17/19	ZAR	(10,278)		(677)		7
ZAR/USD	CIT	10/17/19	ZAR	21,152		1,394		(78)
ZAR/USD	GSC	10/17/19	ZAR	7		—		—
						7,101		(972)

38

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Nicholas Convertible Arbitrage Fund
CORPORATE BONDS AND NOTES 92.0%
Information Technology 31.3%
	Akamai Technologies, Inc.
		0.38%, 09/01/27 (a) (b)	4,000		4,077
	Alteryx, Inc.
		0.50%, 08/01/24 (a) (b) (c)	3,080		2,989
	Coupa Software Incorporated
		0.13%, 06/15/25 (a) (b) (c)	1,960		2,147
	Cree, Inc.
		0.88%, 09/01/23 (a) (c)	3,420		3,745
	CSG Systems International, Inc.
		4.25%, 03/15/36 (a) (c)	3,000		3,413
	DocuSign, Inc.
		0.50%, 09/15/23 (a) (b)	2,900		3,253
	Envestnet, Inc.
		1.75%, 06/01/23 (a) (c)	2,160		2,331
	LivePerson, Inc.
		0.75%, 03/01/24 (a) (b)	1,200		1,406
	Lumentum Holdings Inc.
		0.25%, 03/15/24 (a) (c)	2,100		2,443
	Microchip Technology Incorporated
		1.63%, 02/15/27 (a) (c)	2,160		2,786
	Okta, Inc.
		0.13%, 09/01/25 (a) (b)	2,400		2,193
	On Semiconductor Corporation
		1.63%, 10/15/23 (a)	2,355		2,838
	Proofpoint, Inc.
		0.25%, 08/15/24 (a) (b)	2,200		2,387
	Splunk Inc.
		0.50%, 09/15/23 (a) (b)	4,285		4,590
	Square, Inc.
		0.50%, 05/15/23 (a)	3,365		3,736
	Viavi Solutions Inc.
		1.00%, 03/01/24 (a)	2,060		2,538
				46,872
Communication Services 18.4%
	Dish Network Corporation
		3.38%, 08/15/26 (a) (c)	3,750		3,432
	GCI Liberty, Inc.
		1.75%, 09/30/46 (a) (b) (c)	2,740		3,355
	Iac Financeco, Inc.
		0.88%, 06/15/26 (a) (b) (c)	2,160		2,244
	Liberty Media Corporation
		1.38%, 10/15/23 (a)	3,935		4,722
		2.25%, 12/01/48 (a) (b) (c)	1,925		2,199
	Snap Inc.
		0.75%, 08/01/26 (a) (b)	3,740		3,856
	Twitter, Inc.
		0.25%, 06/15/24 (a)	3,900		4,146
	Vonage Holdings Corp.
		1.75%, 06/01/24 (a) (b)	1,725		1,788
	Zillow Group, Inc.
		1.38%, 09/01/26 (a) (b)	2,000		1,886
				27,628
Health Care 15.2%
	Exact Sciences Corporation
		0.38%, 03/15/27 (a)	3,000		3,246
	Horizon Pharma Investment Limited
		2.50%, 03/15/22 (a) (c)	1,935		2,253
	Illumina, Inc.
		0.50%, 06/15/21 (a) (c)	1,750		2,328
	Insulet Corporation
		0.38%, 09/01/26 (a) (b)	1,885		1,909
	Neurocrine Biosciences, Inc.
		2.25%, 05/15/24 (a)	1,100		1,509
	Repligen Corporation
		0.38%, 07/15/24 (a)	2,825		2,822
	Sarepta Therapeutics, Inc.
		1.50%, 11/15/24 (a)	1,000		1,317
	Teladoc Health, Inc.
		1.38%, 05/15/25 (a)	1,880		2,802
	The Medicines Company
		2.50%, 01/15/22 (a)	3,000		4,526
				22,712
Financials 11.1%
	Ares Capital Corporation
		4.63%, 03/01/24 (a)	2,360		2,498
	MGIC Investment Corporation
		9.00%, 04/01/63 (a) (b)	2,250		2,999
	Palo Alto Networks, Inc.
		0.75%, 07/01/23 (a)	3,840		4,056
	The PRA Group, Inc.
		3.50%, 06/01/23 (a)	3,200		3,228
	Wix.Com Ltd.
		0.00%, 07/01/23 (a) (d)	1,735		1,933
	Workiva Inc.
		1.13%, 08/15/26 (a) (b)	2,155		1,986
				16,700
Industrials 7.7%
	Chart Industries, Inc.
		1.00%, 11/15/24 (a) (b)	2,000		2,520
	Dycom Industries, Inc.
		0.75%, 09/15/21 (a) (c)	2,360		2,259
	Meritor, Inc.
		3.25%, 10/15/37 (a) (c)	3,975		3,885
	The Greenbrier Companies, Inc.
		2.88%, 02/01/24 (a) (c)	3,030		2,893
				11,557
Consumer Discretionary 5.2%
	Chegg, Inc.
		0.13%, 03/15/25 (a) (b) (c)	3,945		3,614
	Marriott Vacations Worldwide Corporation
		1.50%, 09/15/22 (a) (c)	4,100		4,104
				7,718
Energy 2.1%
	Golar LNG Limited
		2.75%, 02/15/22 (a) (c)	3,500		3,062
Real Estate 1.0%
	Hannon Armstrong Sustainable Infrastructure Capital, Inc.
		4.13%, 09/01/22 (a) (c)	1,385		1,552
	Total Corporate Bonds And Notes (cost $134,479)			137,801
PREFERRED STOCKS 4.8%
Health Care 2.2%
	Danaher Corporation, 4.75%, 04/15/22 (a)		3		3,352
Real Estate 1.5%
	Crown Castle International Corp. - Series A, 6.88%, 08/01/20 (a)		2		2,253
Information Technology 1.1%
	Broadcom Inc., 8.00%, 09/30/22 (a) (e)		2		1,569
	Total Preferred Stocks (cost $6,516)			7,174
SHORT TERM INVESTMENTS 9.0%
Investment Companies 9.0%
	JNL Government Money Market Fund - Institutional Class, 1.86% (f) (g)		13,518		13,518
	Total Short Term Investments (cost $13,518)			13,518
Total Investments 105.8% (cost $154,513)					158,493
Total Securities Sold Short(35.5)% (proceeds $51,854)					(53,177)
Other Assets and Liabilities, Net 29.7%					44,558
Total Net Assets 100.0%					149,874

(a)Convertible security.

(b)The 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 Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $51,398 and 34.3% of the Fund.

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

(d)Security issued with a zero coupon. Income is recognized through the accretion of discount.

(e)Non-income producing security.

(f)Investment in affiliate.

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

39

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

as of September 30, 2019.

			Shares/Par1		Value ($)
SECURITIES SOLD SHORT (35.5%)
COMMON STOCKS (35.5%)
Information Technology (14.6%)
		Akamai Technologies, Inc.	(19)		(1,782)
		Alteryx, Inc. - Class A	(6)		(655)
		Broadcom Inc.	(4)		(1,035)
		Coupa Software Incorporated	(7)		(955)
		Cree, Inc.	(28)		(1,382)
		CSG Systems International, Inc.	(18)		(946)
		DocuSign, Inc.	(20)		(1,238)
		Envestnet, Inc.	(14)		(811)
		LivePerson, Inc.	(20)		(728)
		Lumentum Holdings Inc.	(21)		(1,114)
		Microchip Technology Incorporated	(24)		(2,193)
		Okta, Inc. - Class A	(6)		(581)
		On Semiconductor Corporation	(59)		(1,133)
		Palo Alto Networks, Inc.	(6)		(1,182)
		Proofpoint, Inc.	(6)		(736)
		Splunk Inc.	(12)		(1,362)
		Square, Inc. - Class A	(24)		(1,467)
		Viavi Solutions Inc.	(93)		(1,309)
		Wix.Com Ltd.	(7)		(782)
		Workiva Inc. - Class A	(11)		(478)
				(21,869)
Health Care (8.8%)
		Danaher Corporation	(14)		(2,017)
		Exact Sciences Corporation	(17)		(1,581)
		Horizon Therapeutics Public Limited Company	(24)		(644)
		Illumina, Inc.	(5)		(1,430)
		Insulet Corporation	(4)		(684)
		Medicines Co.	(63)		(3,150)
		Neurocrine Biosciences, Inc.	(8)		(718)
		Repligen Corporation	(12)		(920)
		Sarepta Therapeutics, Inc.	(11)		(829)
		Teladoc Health, Inc.	(19)		(1,262)
				(13,235)
Communication Services (7.2%)
		Charter Communications, Inc. - Class A	(5)		(1,937)
		Dish Network Corporation - Class A	(29)		(981)
		IAC/InterActiveCorp	(4)		(894)
		Live Nation Inc.	(16)		(1,061)
		Sirius XM Holdings Inc.	(342)		(2,139)
		Snap Inc. - Class A	(71)		(1,127)
		Twitter, Inc.	(31)		(1,265)
		Vonage Holdings Corp.	(52)		(583)
		Zillow Group, Inc. - Class C	(29)		(877)
				(10,864)
Real Estate (1.4%)
		Crown Castle International Corp.	(10)		(1,376)
		Hannon Armstrong Sustainable Infrastructure Capital, Inc.	(23)		(666)
				(2,042)
Industrials (1.4%)
		Chart Industries, Inc.	(19)		(1,185)
		Dycom Industries, Inc.	(3)		(135)
		Greenbrier Cos. Inc.	(13)		(392)
		Meritor, Inc.	(18)		(329)
				(2,041)
Consumer Discretionary (1.1%)
		Chegg, Inc.	(39)		(1,180)
		Marriott Vacations Worldwide Corporation	(4)		(430)
				(1,610)
Financials (0.8%)
		Ares Capital Corporation	(5)		(93)
		The PRA Group, Inc.	(32)		(1,098)
				(1,191)
Energy (0.2%)
		Golar LNG Limited	(25)		(325)
	Total Common Stocks (proceeds $51,854)			(53,177)
	Total Securities Sold Short (35.5%) (proceeds $51,854)				(53,177)

40

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1	Value ($)
JNL/PIMCO Investment Grade Credit Bond Fund
CORPORATE BONDS AND NOTES 85.0%
Financials 38.7%
	AerCap Ireland Capital Designated Activity Company
		3.50%, 05/26/22 - 01/15/25	400	409
		4.45%, 04/03/26	600	640
		3.65%, 07/21/27	1,900	1,935
	AerCap Ireland Limited
		4.25%, 07/01/20	500	508
		4.50%, 05/15/21	450	466
		3.95%, 02/01/22	400	414
	AIA Group Limited
		3.60%, 04/09/29 (a)	1,200	1,285
	AIB Group Public Limited Company
		4.26%, 04/10/25 (a)	600	623
	Ally Financial Inc.
		3.88%, 05/21/24	100	103
		8.00%, 11/01/31	500	691
	Altice Financing S.A.
		6.63%, 02/15/23 (a)	300	308
	Ambac LSNI, LLC
		7.10%, (3M USD LIBOR + 5.00%), 02/12/23 (a) (b)	534	540
	Amcor Finance (USA), Inc.
		3.63%, 04/28/26 (c) (d)	400	411
	American Express Company
		2.75%, 05/20/22	400	406
	American Financial Group, Inc.
		3.50%, 08/15/26	900	925
	American International Group, Inc.
		5.75%, 04/01/48	100	107
		4.38%, 01/15/55	400	427
	Axis Bank Limited
		3.25%, 05/21/20 (a)	500	501
	Axis Bank Limited Singapore Branch
		3.25%, 05/21/20 (d)	200	200
	AXIS Specialty Finance PLC
		4.00%, 12/06/27	700	746
	Azul Investments LLP
		5.88%, 10/26/24 (a)	100	100
	B.A.T. International Finance P.L.C.
		2.75%, 06/15/20 (a)	200	201
	Banco Bilbao Vizcaya Argentaria, S.A.
		5.88%, (callable at 100 beginning 09/24/23), EUR (d) (e)	600	691
		6.75%, (callable at 100 beginning 02/18/20), EUR (d) (e)	800	888
	Banco General, S.A.
		4.13%, 08/07/27 (a)	200	209
	Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte
		6.75%, (callable at 100 beginning 09/27/24) (a) (e)	1,000	1,000
	Banco Santander, S.A.
		3.31%, 06/27/29	600	619
	Bank of America Corporation
		5.13%, (callable at 100 beginning 06/20/24) (e)	1,600	1,654
		3.56%, 04/23/27	500	528
		3.82%, 01/20/28 (b)	5,000	5,369
		3.42%, 12/20/28	631	658
		4.27%, 07/23/29	900	1,000
	Barclays Bank PLC
		7.63%, 11/21/22	2,400	2,650
	Barclays PLC
		7.13%, (callable at 100 beginning 06/15/25), GBP (e)	900	1,171
		7.75%, (callable at 100 beginning 09/15/23) (e) (f)	1,100	1,144
		3.55%, (3M USD LIBOR + 1.38%), 05/16/24 (b)	2,200	2,178
		4.34%, 05/16/24 (b) (f)	200	209
	Bayer US Finance II LLC
		3.88%, 12/15/23 (a)	500	522
		4.25%, 12/15/25 (a)	300	320
	BBVA Bancomer, S.A.
		5.13%, 01/18/33 (d) (g)	600	572
		5.88%, 09/13/34 (a)	500	497
	BGC Partners, Inc.
		5.13%, 05/27/21	1,100	1,135
	Blackstone Holdings Finance Co LLC
		1.50%, 04/10/29, EUR (a)	800	936
	BNP Paribas
		7.00%, (callable at 100 beginning 08/16/28) (a) (e)	200	220
		4.40%, 08/14/28 (a)	900	994
	Boral Finance Pty Limited
		3.75%, 05/01/28 (a)	1,600	1,639
	BPCE
		3.37%, (3M USD LIBOR + 1.22%), 05/22/22 (a) (b)	500	506
		2.75%, 01/11/23 (a)	2,500	2,541
	Braskem Finance Ltd
		5.38%, 05/02/22 (d)	1,200	1,256
	Brighthouse Financial, Inc.
		4.70%, 06/22/47	200	179
	Brookfield Financial, Inc.
		3.90%, 01/25/28	500	524
	Brookfield Financial, LLC
		4.00%, 04/01/24	500	532
	BTG Pactual Holding S.A.
		5.50%, 01/31/23 (a)	600	626
	Cantor Fitzgerald, L.P.
		4.88%, 05/01/24 (a) (h)	600	633
	Carlyle Finance LLC
		3.50%, 09/19/29 (a)	500	495
	Cemex Finance LLC
		6.00%, 04/01/24 (d)	300	308
	Citigroup Inc.
		5.00%, (callable at 100 beginning 09/12/24) (e)	2,200	2,223
		5.95%, (callable at 100 beginning 05/15/25) (e)	1,100	1,162
		2.90%, 12/08/21	100	101
		2.88%, 07/24/23	900	912
		3.22%, (3M USD LIBOR + 1.10%), 05/17/24 (b)	200	202
		3.16%, (3M USD LIBOR + 1.02%), 06/01/24 (b)	600	605
		4.08%, 04/23/29	1,200	1,306
	Citizens Bank, National Association
		3.75%, 02/18/26	600	642
	CME Group Inc.
		3.00%, 03/15/25	725	759
	CNOOC Limited
		3.00%, 05/09/23	600	610
	Cooperatieve Rabobank U.A.
		6.63%, (callable at 100 beginning 06/29/21), EUR (d) (e)	1,400	1,662
		3.75%, 07/21/26	1,000	1,038
	Credit Agricole SA
		3.75%, 04/24/23 (a)	250	261
	Credit Suisse (USA), Inc.
		3.00%, 10/29/21	300	305
	Credit Suisse Group AG
		6.38%, (callable at 100 beginning 08/21/26) (a) (e)	1,100	1,143
		7.25%, (callable at 100 beginning 09/12/25) (a) (e)	500	536
		7.50%, (callable at 100 beginning 07/17/23) (a) (e)	400	428
		6.50%, 08/08/23 (d)	300	333
		6.50%, 08/08/23 (a)	200	223
		2.59%, 09/11/25 (a)	1,700	1,682
		3.87%, 01/12/29 (a)	700	737
	Credit Suisse Group Funding (Guernsey) Ltd
		3.80%, 09/15/22	900	936
		3.75%, 03/26/25	800	840
		4.55%, 04/17/26	700	769
	CRH America Finance, Inc.
		3.40%, 05/09/27 (a)	800	824
	CSN Resources S.A.
		6.50%, 07/21/20 (d)	200	204

41

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
DAE Funding LLC
	5.75%, 11/15/23 (a)	1,100	1,157
Danske Bank A/S
	3.24%, 12/20/25 (a)	1,000	1,008
Deutsche Bank Aktiengesellschaft
	3.27%, (3M USD LIBOR + 0.97%), 07/13/20 (b)	1,100	1,100
	3.15%, 01/22/21	500	499
	4.25%, 10/14/21	2,200	2,238
	5.00%, 02/14/22	900	931
	3.30%, 11/16/22	300	299
	3.36%, (3M USD LIBOR + 1.19%), 11/16/22 (b)	500	489
Diamond Finance International Limited
	4.42%, 06/15/21 (a)	1,400	1,444
	5.45%, 06/15/23 (a)	2,125	2,313
Discover Bank
	3.10%, 06/04/20	250	251
Discover Financial Services
	4.10%, 02/09/27	400	426
E*Trade Financial Corporation
	5.88%, (callable at 100 beginning 09/15/26) (e)	1,000	1,068
Emerald Bay SA
	0.00%, 10/19/20, EUR (c) (d) (i)	100	106
Enel Finance International N.V.
	4.25%, 09/14/23 (a)	1,000	1,061
	3.63%, 05/25/27 (a)	400	415
ERAC USA Finance LLC
	2.70%, 11/01/23 (a)	2,000	2,025
Fairfax Financial Holdings Limited
	2.75%, 03/29/28, EUR (a)	600	719
Fidelity National Financial, Inc.
	5.50%, 09/01/22	300	325
First American Financial Corporation
	4.30%, 02/01/23	650	678
	4.60%, 11/15/24	200	215
Flagstar Bancorp, Inc.
	6.13%, 07/15/21	800	829
FMR LLC
	4.95%, 02/01/33 (c) (d)	700	862
Ford Motor Credit Company LLC
	2.68%, 01/09/20	300	300
	8.13%, 01/15/20	150	152
	5.88%, 08/02/21	300	314
	5.60%, 01/07/22	1,700	1,783
	3.37%, (3M USD LIBOR + 1.08%), 08/03/22 (b)	1,400	1,371
	3.10%, 05/04/23	200	196
Freedom Mortgage Corporation
	10.75%, 04/01/24 (a)	1,200	1,189
	8.13%, 11/15/24 (a)	100	92
	8.25%, 04/15/25 (a)	100	92
GE Capital International Funding Company Unlimited Company
	4.42%, 11/15/35	800	841
General Motors Financial Company, Inc.
	3.85%, (3M USD LIBOR + 1.55%), 01/14/22 (b)	200	201
	3.41%, (3M USD LIBOR + 1.31%), 06/30/22 (b)	400	400
	3.55%, 07/08/22	1,500	1,531
Glencore Funding LLC
	4.13%, 03/12/24 (a)	1,000	1,050
	4.88%, 03/12/29 (a)	1,200	1,296
Global Payments Inc.
	4.15%, 08/15/49 (g)	500	527
GLP Financing, LLC
	5.30%, 01/15/29	700	772
Greene King Finance PLC
	5.32%, 09/15/31, GBP (d) (j)	404	585
High Street Funding Trust I
	4.11%, 02/15/28 (a)	100	108
HSBC Holdings PLC
	5.88%, (callable at 100 beginning 09/28/26), GBP (e)	700	908
	6.00%, (callable at 100 beginning 09/29/23), EUR (d) (e)	395	489
	6.50%, (callable at 100 beginning 03/23/28) (e) (f)	400	418
	3.60%, 05/25/23	800	831
	4.30%, 03/08/26	725	784
	3.90%, 05/25/26	600	636
	3.51%, (3M USD LIBOR + 1.38%), 09/12/26 (b) (f)	500	504
	3.00%, 07/22/28, GBP (f)	700	917
	3.97%, 05/22/30	1,600	1,708
Hyundai Capital America
	2.95%, (3M USD LIBOR + 0.80%), 09/18/20 (a) (b)	800	801
Imperial Brands Finance PLC
	3.75%, 07/21/22 (a)	1,300	1,337
ING Groep N.V.
	4.63%, 01/06/26 (a)	1,000	1,106
Intesa Sanpaolo S.p.A.
	6.50%, 02/24/21 (a)	250	263
	5.71%, 01/15/26 (a) (g)	875	929
Jefferies Finance LLC
	7.25%, 08/15/24 (a)	400	398
JPMorgan Chase & Co.
	5.74%, (callable at 100 beginning 01/30/20) (e)	788	790
	3.22%, 03/01/25	1,380	1,428
	3.90%, 07/15/25	200	215
	2.30%, 10/15/25	2,800	2,790
	3.30%, 04/01/26	1,700	1,776
	3.78%, 02/01/28 (b)	7,000	7,491
Lazard Group LLC
	3.75%, 02/13/25	300	314
	4.50%, 09/19/28	1,200	1,310
	4.38%, 03/11/29	400	434
Legg Mason, Inc.
	3.95%, 07/15/24	100	106
Lloyds Bank PLC
	3.30%, 05/07/21 (f)	300	305
Lloyds Banking Group PLC
	7.63%, (callable at 100 beginning 06/27/23), GBP (d) (e) (f)	1,000	1,337
	2.96%, (3M USD LIBOR + 0.80%), 06/21/21 (b)	400	401
	4.05%, 08/16/23 (f)	1,600	1,682
	4.45%, 05/08/25 (f)	800	862
Meiji Yasuda Life Insurance Company
	5.10%, 04/26/48 (a)	200	224
Mitsubishi UFJ Financial Group Inc
	3.13%, (3M USD LIBOR + 0.86%), 07/26/23 (b)	300	301
	2.80%, 07/18/24	1,800	1,829
Mitsubishi UFJ Lease & Finance Company Limited
	2.65%, 09/19/22 (a)	700	703
Mitsubishi UFJ Trust & Banking Corp
	2.45%, 10/16/19 (a)	3,600	3,600
Mizuho Financial Group Inc
	2.63%, 04/12/21 (a)	700	703
	3.02%, (3M USD LIBOR + 0.88%), 09/11/22 (b)	800	804
	2.98%, (3M USD LIBOR + 0.85%), 09/13/23 (b)	2,200	2,205
Moody's Corporation
	4.50%, 09/01/22	200	212
	4.88%, 02/15/24	290	319
Morgan Stanley
	3.13%, 01/23/23	3,400	3,488
	4.00%, 07/23/25	1,000	1,079
	3.88%, 01/27/26 (g)	300	322
	3.63%, 01/20/27	3,700	3,911
MUFG Americas Holdings Corporation
	3.00%, 02/10/25	800	816
Multibank, Inc.
	4.38%, 11/09/22 (a)	200	206
Nationwide Building Society
	10.25%, GBP (c) (e)	535	1,030
	2.35%, 01/21/20 (a)	2,150	2,151
NatWest Markets PLC
	7.50%, (callable at 100 beginning 08/10/20) (e) (f)	700	715
Navient Corporation
	5.88%, 03/25/21	100	103
	6.50%, 06/15/22	200	213
New York Life Insurance Company
	4.45%, 05/15/69 (a)	600	700

42

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
Nordea Bank Abp
	6.63%, (callable at 100 beginning 03/26/26) (a) (e)	300	323
Novatek Finance Designated Activity Company
	4.42%, 12/13/22 (d)	500	521
Nuveen Finance, LLC
	4.13%, 11/01/24 (a)	500	540
Pacific National Finance Pty Ltd
	4.63%, 09/23/20 (a)	600	611
Petrobras Global Finance B.V.
	5.09%, 01/15/30 (a)	178	186
Principal Financial Group, Inc.
	3.70%, 05/15/29	100	108
Protective Life Corporation
	4.30%, 09/30/28 (a)	1,000	1,095
	3.40%, 01/15/30 (a)	700	714
Quicken Loans Inc.
	5.25%, 01/15/28 (a)	800	825
RBS Capital Trust II
	6.43%, (callable at 100 beginning 01/03/34) (e)	400	540
Reckitt Benckiser Treasury Services PLC
	2.75%, 06/26/24 (a)	900	916
Reckson Operating Partnership, L.P.
	7.75%, 03/15/20	1,400	1,435
Reinsurance Group of America, Incorporated
	3.95%, 09/15/26	600	635
Rio Oil Finance Trust
	9.25%, 07/06/24 (d) (j)	358	399
	9.25%, 07/06/24 (a)	149	166
	9.75%, 01/06/27 (a)	177	207
	8.20%, 04/06/28 (a)	600	688
Santander Holdings USA, Inc.
	4.45%, 12/03/21	1,000	1,039
	3.70%, 03/28/22	1,200	1,233
	3.40%, 01/18/23	1,100	1,125
	3.50%, 06/07/24	600	616
	4.40%, 07/13/27	100	107
Santander UK Group Holdings PLC
	7.38%, (callable at 100 beginning 06/24/22), GBP (d) (e)	295	383
	4.75%, 09/15/25 (a)	600	627
Santander UK PLC
	3.40%, 06/01/21 (f)	500	509
	3.75%, 11/15/21 (f)	2,100	2,167
	5.00%, 11/07/23 (a)	300	319
	2.88%, 06/18/24 (g)	800	812
Sasol Financing USA LLC
	5.88%, 03/27/24	400	431
SB Capital S.A.
	6.13%, 02/07/22 (d)	1,500	1,611
	5.13%, 10/29/22 (d)	200	208
	5.25%, 05/23/23 (d)	200	211
SLM Corporation
	8.00%, 03/25/20	300	306
	7.25%, 01/25/22	100	108
	5.13%, 04/05/22	400	413
SMBC Aviation Capital Finance Designated Activity Company
	2.65%, 07/15/21 (a)	600	601
	3.00%, 07/15/22 (a)	800	810
	3.55%, 04/15/24 (a)	1,100	1,140
Spirit Realty, L.P.
	4.00%, 07/15/29	500	524
Springleaf Finance Corporation
	8.25%, 12/15/20	100	107
	7.75%, 10/01/21	800	872
Standard Chartered PLC
	3.79%, 05/21/25 (a)	1,000	1,035
State Bank of India
	3.25%, 01/24/22 (d)	700	707
State Street Corporation
	5.63%, (callable at 100 beginning 12/15/23) (e)	400	414
Stearns Holdings, LLC
	0.00%, 08/15/20 (c) (d) (k) (l)	482	234
Stichting AK Rabobank Certificaten II
	6.50%, EUR (d) (e) (j)	600	821
Sumitomo Mitsui Financial Group, Inc.
	3.78%, (3M USD LIBOR + 1.68%), 03/09/21 (b)	1,200	1,222
	3.44%, (3M USD LIBOR + 1.14%), 10/19/21 (b)	1,300	1,316
	3.12%, (3M USD LIBOR + 0.78%), 07/12/22 (b)	500	502
Sunac China Holdings Limited
	8.63%, 07/27/20 (d)	300	306
	6.88%, 08/08/20 (d)	200	201
	8.38%, 01/15/21 (d)	700	714
Sydney Airport Finance Company Pty Limited
	3.63%, 04/28/26 (a)	200	209
Synchrony Financial
	2.70%, 02/03/20	100	100
	3.52%, (3M USD LIBOR + 1.23%), 02/03/20 (b)	200	200
	4.38%, 03/19/24	400	425
	4.25%, 08/15/24	100	106
	3.95%, 12/01/27	300	308
Syngenta Finance N.V.
	3.93%, 04/23/21 (a)	300	305
	4.44%, 04/24/23 (a)	200	209
	4.89%, 04/24/25 (a)	200	211
	5.18%, 04/24/28 (a)	1,200	1,272
Tesco Property Finance 5 PLC
	5.66%, 10/13/41, GBP (d)	589	930
The Bank of New York Mellon Corporation
	3.00%, 02/24/25	500	518
	2.80%, 05/04/26	1,800	1,846
The Blackstone Group L.P.
	2.50%, 01/10/30 (a)	5,700	5,530
	5.00%, 06/15/44 (a)	300	362
The Charles Schwab Corporation
	5.00%, (callable at 100 beginning 12/01/27) (e)	500	510
The Depository Trust & Clearing Corporation
	4.88%, (callable at 100 beginning 06/15/20) (a) (e)	250	252
The Goldman Sachs Group, Inc.
	5.25%, 07/27/21	500	527
	2.90%, (3M USD LIBOR + 0.75%), 02/23/23 (b)	600	599
	3.50%, 01/23/25	600	626
	3.75%, 02/25/26	1,000	1,058
	3.69%, 06/05/28 (b)	400	420
	4.22%, 05/01/29	2,400	2,617
The Royal Bank of Scotland Group Public Limited Co
	7.65%, (callable at 100 beginning 09/30/31) (e)	100	138
The Royal Bank of Scotland Group Public Limited Company
	8.63%, (callable at 100 beginning 08/15/21) (e) (f)	1,300	1,391
	2.00%, 03/08/23, EUR	200	226
	3.66%, (3M USD LIBOR + 1.55%), 06/25/24 (b)	200	200
	4.52%, 06/25/24 (b) (f)	1,100	1,155
	4.27%, 03/22/25 (f)	1,400	1,465
	1.75%, 03/02/26, EUR (d)	600	682
	5.08%, 01/27/30 (b) (f)	200	224
UBS AG
	2.45%, 12/01/20 (a)	200	201
	7.63%, 08/17/22	2,403	2,708
	4.75%, 02/12/26, EUR (b) (d)	400	461
UBS Group AG
	3.13%, 08/13/30 (a)	400	403
UBS Group Funding (Jersey) Limited
	4.13%, 09/24/25 (a)	250	270
UBS Group Funding (Switzerland) AG
	3.49%, 05/23/23 (a)	2,600	2,669
UniCredit S.p.A.
	6.57%, 01/14/22 (a) (g)	500	537
	7.83%, 12/04/23 (a)	1,200	1,398
Union Pacific Corporation
	3.95%, 08/15/59	300	320
UnitedHealth Group Incorporated
	3.50%, 08/15/39	800	835
Virgin Media Secured Finance PLC
	6.25%, 03/28/29, GBP (d)	90	118

43

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Volkswagen Group of America, Inc.
		2.97%, (3M USD LIBOR + 0.86%), 09/24/21 (a) (b)	900		902
		3.12%, (3M USD LIBOR + 0.94%), 11/12/21 (a) (b)	500		503
	Volkswagen Leasing Gesellschaft Mit Beschrankter Haftung
		2.13%, 04/04/22, EUR (d)	700		800
	Wand Merger Corporation
		8.13%, 07/15/23 (a)	300		312
	Wells Fargo & Company
		2.63%, 07/22/22	300		303
		3.39%, (3M USD LIBOR + 1.11%), 01/24/23 (b)	1,500		1,515
		3.49%, (3M USD LIBOR + 1.23%), 10/31/23 (b)	1,400		1,421
		3.30%, 09/09/24	950		991
		3.55%, 09/29/25	900		952
		3.20%, 06/17/27	800		825
		3.58%, 05/22/28 (b)	4,800		5,083
	Wells Fargo Bank, National Association
		2.75%, (3M USD LIBOR + 0.62%), 05/27/22 (b)	250		251
		2.90%, 05/27/22	350		354
		3.55%, 08/14/23	1,000		1,050
	Willis North America Inc.
		2.95%, 09/15/29	5,500		5,404
	Woodside Finance Limited
		4.60%, 05/10/21 (a)	600		617
		3.65%, 03/05/25 (a)	600		620
		4.50%, 03/04/29 (a)	2,000		2,172
	XLIT Ltd
		4.45%, 03/31/25 (g)	400		434
	ZLS Prestigia Ltd
		4.75%, 08/01/28	400		447
				252,111
Real Estate 8.3%
	Alexandria Real Estate Equities, Inc.
		4.00%, 01/15/24	300		320
		4.50%, 07/30/29	500		567
		2.75%, 12/15/29	2,600		2,559
	American Campus Communities Operating Partnership LP
		3.75%, 04/15/23	1,050		1,094
	American Homes 4 Rent, L.P.
		4.25%, 02/15/28	1,200		1,295
	American Tower Corporation
		3.45%, 09/15/21	200		205
		2.25%, 01/15/22	100		100
		3.50%, 01/31/23	750		777
		3.00%, 06/15/23	600		614
		2.95%, 01/15/25	1,700		1,737
		4.00%, 06/01/25	1,000		1,068
		2.75%, 01/15/27	1,900		1,898
		3.13%, 01/15/27	400		408
		3.80%, 08/15/29	700		745
	Brixmor Operating Partnership LP
		3.25%, 09/15/23	200		205
		3.90%, 03/15/27	700		733
	CBL & Associates Limited Partnership
		5.95%, 12/15/26 (g)	1,600		1,128
	China Evergrande Group
		7.00%, 03/23/20 (d)	300		294
		6.25%, 06/28/21 (d)	1,000		899
	Columbia Property Trust Operating Partnership, L.P.
		3.65%, 08/15/26	700		710
	Country Garden Holdings Company Limited
		7.50%, 03/09/20 (d)	1,000		1,014
	Crown Castle International Corp.
		3.40%, 02/15/21	500		507
		4.88%, 04/15/22	300		319
		5.25%, 01/15/23	400		436
		3.80%, 02/15/28	900		959
		4.30%, 02/15/29	1,800		1,989
		4.00%, 11/15/49	1,501		1,581
	EPR Properties
		4.50%, 04/01/25	100		105
		4.75%, 12/15/26	200		216
		4.95%, 04/15/28	1,100		1,198
		3.75%, 08/15/29	200		200
	Essex Portfolio, L.P.
		3.50%, 04/01/25	900		940
	Fideicomiso Fibra Uno
		6.95%, 01/30/44 (a)	1,000		1,159
	GLP Financing, LLC
		3.35%, 09/01/24	400		403
	Highwoods Realty Limited Partnership
		3.05%, 02/15/30	400		392
	Hospitality Properties Trust
		4.50%, 06/15/23 (g)	200		206
		4.95%, 02/15/27	300		305
	Host Hotels & Resorts, L.P.
		6.00%, 10/01/21	50		53
		3.88%, 04/01/24	200		210
		4.00%, 06/15/25	300		317
		4.50%, 02/01/26	100		108
	Kilroy Realty, L.P.
		4.38%, 10/01/25	300		323
		3.05%, 02/15/30	6,000		5,884
	KiMcO Realty Corporation
		2.80%, 10/01/26	700		703
	Mid-America Apartments, L.P.
		4.30%, 10/15/23	50		53
		3.75%, 06/15/24	100		105
		3.95%, 03/15/29	600		654
	Mitsui Fudosan Co., Ltd.
		3.65%, 07/20/27 (a) (g)	900		963
	Newmark Group, Inc.
		6.13%, 11/15/23 (g) (h)	700		762
	Omega Healthcare Investors, Inc.
		4.38%, 08/01/23	800		842
	Physicians Realty L.P.
		4.30%, 03/15/27	100		107
		3.95%, 01/15/28	200		209
	Reckson Operating Partnership, L.P.
		4.50%, 12/01/22	100		105
	Regency Centers, L.P.
		2.95%, 09/15/29	300		299
	Sabra Health Care Limited Partnership
		4.80%, 06/01/24	1,000		1,056
	Select Income REIT
		4.25%, 05/15/24	100		102
	SL Green Operating Partnership, L.P.
		3.25%, 10/15/22	500		510
	Spirit Realty, L.P.
		4.45%, 09/15/26	200		214
	Store Capital Corporation
		4.63%, 03/15/29	200		219
	UDR, Inc.
		4.63%, 01/10/22	671		701
		4.00%, 10/01/25	350		379
	Vanke Real Estate (Hong Kong) Company Limited
		3.95%, 12/23/19 (d)	700		702
		4.20%, 06/07/24 (d)	800		830
	Ventas Realty, Limited Partnership
		4.40%, 01/15/29	900		997
	Vereit Operating Partnership, L.P.
		3.95%, 08/15/27	400		422
	W.P. Carey Inc.
		4.00%, 02/01/25	1,000		1,049
		4.25%, 10/01/26	700		750
	Washington Prime Group, L.P.
		6.45%, 08/15/24 (g)	1,500		1,467
	Welltower Inc.
		3.63%, 03/15/24 (g)	500		525
	Weyerhaeuser Company
		4.63%, 09/15/23	500		541
		8.50%, 01/15/25	500		640
		7.38%, 03/15/32	1,600		2,242
				54,328

44

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
Energy 6.5%
	APT Pipelines Limited
		4.20%, 03/23/25 (a)	500		531
	Azure Power Solar Energy Private Limited
		5.65%, 12/24/24 (a)	600		601
	Cenovus Energy Inc.
		4.25%, 04/15/27	1,100		1,144
	Cheniere Corpus Christi Holdings, LLC
		7.00%, 06/30/24	650		746
	Cimarex Energy Co.
		4.38%, 06/01/24	875		918
	Cnooc Curtis Funding No.1 Pty Ltd
		4.50%, 10/03/23 (d)	1,100		1,182
	Concho Resources Inc.
		3.75%, 10/01/27	300		310
	Continental Resources, Inc.
		3.80%, 06/01/24	500		510
	El Paso LLC
		6.50%, 09/15/20	200		208
	Enable Midstream Partners, LP
		4.40%, 03/15/27	800		801
		4.95%, 05/15/28	500		520
		5.00%, 05/15/44 (j)	645		590
	Endeavor Energy Resources, L.P.
		5.75%, 01/30/28 (a)	500		532
	Energy Transfer LP
		4.25%, 03/15/23	200		209
		4.20%, 04/15/27	100		105
		4.90%, 03/15/35	554		576
		7.50%, 07/01/38	200		258
		6.05%, 06/01/41	1,300		1,492
		6.50%, 02/01/42	100		120
	Energy Transfer Operating, L.P.
		6.25%, 04/15/49	800		972
	Enterprise Products Operating LLC
		3.90%, 02/15/24	100		106
		3.75%, 02/15/25	400		426
		4.88%, 08/16/77 (b)	500		483
	EQM Midstream Partners, LP
		4.00%, 08/01/24 (g)	500		485
		4.13%, 12/01/26	300		278
		5.50%, 07/15/28	500		498
	EQT Corporation
		3.90%, 10/01/27	300		260
	Gaz Capital S.A.
		6.00%, 01/23/21 (a)	200		209
		6.51%, 03/07/22 (d)	500		544
		3.13%, 11/17/23, EUR (a)	400		478
		2.95%, 01/24/24, EUR (d)	1,600		1,896
		2.25%, 11/22/24, EUR (d)	200		231
		4.95%, 03/23/27 (d)	600		647
	GPN Capital S.A.
		4.38%, 09/19/22 (d)	300		311
	Greenko Dutch B.V.
		5.25%, 07/24/24 (d)	400		401
		5.25%, 07/24/24 (a)	200		200
	Hess Corporation
		7.30%, 08/15/31	65		80
	Marathon Oil Corporation
		4.40%, 07/15/27	300		320
	Midwest Connector Capital Company LLC
		3.63%, 04/01/22 (a)	400		410
	MPLX LP
		5.25%, 01/15/25 (a)	600		633
		4.50%, 04/15/38	200		208
		4.90%, 04/15/58	300		307
	Occidental Petroleum Corporation
		6.95%, 07/01/24	300		352
		4.40%, 08/15/49	600		620
	Odebrecht Offshore Drilling Finance Ltd.
		6.35%, 12/01/21 (a)	46		45
		6.72%, 12/01/22 (d)	34		33
		7.35%, 12/01/26 (a) (m)	134		80
		7.72%, 12/01/26 (c) (d) (m)	143		38
	Odebrecht Oleo E Gas S/A
		0.00%, (callable at 100 beginning 11/12/19) (a) (e) (i)	89		1
	Oneok Partners, L.P.
		4.90%, 03/15/25	1,000		1,099
		6.85%, 10/15/37	200		256
	ONEOK, Inc.
		4.00%, 07/13/27	300		313
		4.35%, 03/15/29	2,500		2,674
	Parsley Energy, LLC
		5.63%, 10/15/27 (a)	100		103
	Petroleos Mexicanos
		6.50%, 03/13/27	1,000		1,040
		6.84%, 01/23/30 (a)	1,700		1,760
	Pioneer Natural Resources Company
		7.50%, 01/15/20	100		102
		3.45%, 01/15/21	1,400		1,419
		4.45%, 01/15/26	400		437
	Plains All American Pipeline, L.P.
		2.85%, 01/31/23	200		200
		3.60%, 11/01/24	100		102
		5.15%, 06/01/42	200		204
	Ras Laffan Liquefied Natural Gas Company Limited (II)
		5.84%, 09/30/27 (a)	250		287
	Regency Energy Partners LP
		5.75%, 09/01/20	200		205
		5.88%, 03/01/22	1,000		1,070
		5.00%, 10/01/22	100		106
	Sabine Pass Liquefaction, LLC
		5.63%, 02/01/21 (j)	100		103
		6.25%, 03/15/22	300		323
		5.63%, 04/15/23	800		869
		5.75%, 05/15/24	1,510		1,682
		5.88%, 06/30/26	1,200		1,376
	Terraform Power Operating, LLC
		4.25%, 01/31/23 (a)	100		102
	TransCanada PipeLines Limited
		4.63%, 03/01/34	800		908
	TransCanada Trust
		5.30%, 03/15/77 (b)	875		875
	Transcontinental Gas Pipe Line Company, LLC
		4.00%, 03/15/28	800		850
	Transocean Guardian Limited
		5.88%, 01/15/24 (a)	356		361
	Transocean Ltd.
		5.38%, 05/15/23 (a)	200		200
	Transocean Pontus Limited
		6.13%, 08/01/25 (a)	89		90
	WPX Energy, Inc.
		5.75%, 06/01/26 (g)	100		102
				42,123
Industrials 6.4%
	A.P. Moller - Maersk A/S
		3.88%, 09/28/25 (a)	800		821
	Adani Ports and Special Economic Zone Limited
		3.38%, 07/24/24 (a)	600		604
	Air Lease Corporation
		3.00%, 09/15/23	300		304
	Aircastle Limited
		4.40%, 09/25/23	600		630
	Allegion Public Limited Company
		3.50%, 10/01/29	2,100		2,121
	Allegion US Holding Company Inc.
		3.20%, 10/01/24	400		406
		3.55%, 10/01/27	100		102
	Aviation Capital Group LLC
		7.13%, 10/15/20 (a)	750		785
		2.88%, 01/20/22 (a)	300		302
		3.88%, 05/01/23 (a)	100		103
		4.38%, 01/30/24 (a)	200		211
		3.50%, 11/01/27 (a)	100		100
	Beacon Roofing Supply, Inc.
		4.88%, 11/01/25 (a) (g)	200		196

45

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	BOC Aviation Limited
		2.75%, 09/18/22 (a) (g)	400		400
		3.50%, 10/10/24 - 09/18/27 (a)	2,800		2,879
	DP World Crescent Limited
		4.85%, 09/26/28 (a)	1,500		1,646
	FedEx Corporation
		3.10%, 08/05/29	400		398
	Fortress Transportation and Infrastructrue Investors LLC
		6.50%, 10/01/25 (a)	600		617
	Fortune Brands Home & Security, Inc.
		3.00%, 06/15/20	200		201
		4.00%, 09/21/23	200		211
		3.25%, 09/15/29	800		796
	GATX Corporation
		3.50%, 03/15/28	500		515
	General Electric Capital Corporation
		5.55%, 01/05/26	1,800		2,032
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (e)	2,300		2,182
		0.38%, 05/17/22, EUR	1,200		1,301
	GMR Hyderabad International Airport Limited
		5.38%, 04/10/24 (d)	600		619
	Harris Corporation
		2.70%, 04/27/20	100		100
		2.75%, (3M USD LIBOR + 0.48%), 04/30/20 (b)	300		300
	International Lease Finance Corporation
		8.25%, 12/15/20	600		641
		8.63%, 01/15/22	200		227
	J. B. Hunt Transport Services, Inc.
		3.88%, 03/01/26	400		424
	Kansas City Southern
		3.00%, 05/15/23	200		205
		3.13%, 06/01/26	500		510
	Masco Corporation
		5.95%, 03/15/22	650		697
	Massachusetts Institute of Technology
		4.68%, 07/01/14	200		280
	Norfolk Southern Corporation
		4.15%, 02/28/48	400		453
	Owens Corning
		4.20%, 12/01/24	200		211
		3.40%, 08/15/26	800		803
	Park Aerospace Holdings Limited
		5.25%, 08/15/22 (a)	300		317
		4.50%, 03/15/23 (a)	900		933
	Penske Truck Leasing Co., L.P.
		3.40%, 11/15/26 (a)	1,000		1,019
	Pitney Bowes Inc.
		3.63%, 09/15/20 (h)	200		202
	Rockwell Collins, Inc.
		3.20%, 03/15/24	100		104
	Spirit AeroSystems, Inc.
		4.60%, 06/15/28	3,300		3,571
	SPX Flow, Inc.
		5.88%, 08/15/26 (a)	200		209
	Standard Industries Inc.
		5.00%, 02/15/27 (a)	200		207
		4.75%, 01/15/28 (a)	2,100		2,157
	Textron Inc.
		2.73%, (3M USD LIBOR + 0.55%), 11/10/20 (b)	700		700
	The ADT Security Corporation
		3.50%, 07/15/22	100		100
	The Boeing Company
		2.95%, 02/01/30	300		309
	Triumph Group, Inc.
		4.88%, 04/01/21	400		400
		6.25%, 09/15/24 (a)	300		312
	Verisk Analytics, Inc.
		4.13%, 09/12/22 - 03/15/29	500		546
	Waste Management, Inc.
		3.20%, 06/15/26	1,500		1,583
	ZLS Prestigia Ltd
		3.63%, 05/01/24	1,100		1,141
		4.25%, 05/01/29	2,100		2,259
				41,402
Communication Services 6.0%
	Activision Blizzard, Inc.
		3.40%, 09/15/26	900		937
	Altice France
		7.38%, 05/01/26 (a)	900		966
	America Movil, S.A.B. De C.V.
		5.00%, 03/30/20	58		59
	AT&T Inc.
		2.89%, (3M USD LIBOR + 0.75%), 06/01/21 (b)	2,100		2,110
		3.95%, 01/15/25	100		107
		4.10%, 02/15/28	220		238
		4.80%, 06/15/44	200		222
		4.35%, 06/15/45	100		105
		5.15%, 11/15/46	2,200		2,552
		5.45%, 03/01/47	1,400		1,690
		4.50%, 03/09/48	600		645
		4.55%, 03/09/49	700		757
	Baidu, Inc.
		3.00%, 06/30/20	400		401
		4.38%, 05/14/24	200		213
		4.88%, 11/14/28	1,100		1,240
	CC Holdings GS V LLC
		3.85%, 04/15/23	200		210
	Charter Communications Operating, LLC
		4.50%, 02/01/24	1,500		1,609
		3.75%, 02/15/28	300		308
		5.05%, 03/30/29	100		112
		5.38%, 05/01/47	400		435
		5.75%, 04/01/48	300		342
	Comcast Corporation
		3.15%, 03/01/26	200		209
		2.35%, 01/15/27	200		199
		3.30%, 02/01/27	400		422
		4.15%, 10/15/28	1,700		1,906
		4.50%, 01/15/43	500		583
		4.60%, 08/15/45	400		479
		3.40%, 07/15/46	1,200		1,221
		4.00%, 11/01/49	300		333
	Crown Communication Inc.
		4.24%, 07/15/28 (a)	100		110
	Discovery Communications, LLC
		3.45%, 03/15/25	100		102
	DISH DBS Corporation
		6.75%, 06/01/21	1,000		1,053
	Globo Comunicacao e Participacoes S.A.
		4.88%, 04/11/22 (a)	200		208
	MTN (Mauritius) Investments Limited
		4.76%, 11/11/24 (a)	200		203
	Netflix, Inc.
		3.88%, 11/15/29, EUR (a)	400		462
	OI S.A. - In Judicial Reorganization
		12.00%, 07/27/25 (c) (m)	400		368
	RELX Capital Inc.
		3.50%, 03/16/23	200		207
	Spectrum Management Holding Company, LLC
		4.13%, 02/15/21	1,000		1,017
		6.75%, 06/15/39	700		856
		4.50%, 09/15/42	300		295
	Sprint Corporation
		7.25%, 09/15/21	1,300		1,388
	Sprint Spectrum Co LLC
		3.36%, 09/20/21 (a)	750		755
	Telefonica Emisiones, S.A.U.
		4.10%, 03/08/27	1,100		1,199
	Tencent Holdings Limited
		3.98%, 04/11/29 (a)	2,100		2,244
	Time Warner Cable Enterprises LLC
		8.38%, 07/15/33	100		138
	TWDC Enterprise 18 Corp.
		2.00%, 09/01/29	3,200		3,115
	United Group B.V.
		4.38%, 07/01/22, EUR (a)	200		222

46

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Univision Communications Inc.
		5.13%, 02/15/25 (a)	400		389
	Verizon Communications Inc.
		3.26%, (3M USD LIBOR + 1.10%), 05/15/25 (b)	2,200		2,235
		4.13%, 03/16/27	300		331
		4.27%, 01/15/36	700		788
		5.25%, 03/16/37	100		124
	Vodafone Group Public Limited Company
		4.38%, 05/30/28	200		221
		7.00%, 04/04/79	200		230
				38,870
Consumer Discretionary 4.6%
	Alibaba Group Holding Limited
		3.60%, 11/28/24	300		315
	Amazon.com, Inc.
		2.60%, 12/05/19	100		100
		3.80%, 12/05/24	100		109
		5.20%, 12/03/25	100		117
		3.15%, 08/22/27	300		319
	Aptiv PLC
		4.35%, 03/15/29	800		867
	Bacardi Limited
		4.45%, 05/15/25 (a)	2,100		2,242
		2.75%, 07/15/26 (a)	300		291
	Cedar Fair, L.P.
		5.38%, 04/15/27	200		214
	Cox Communications, Inc.
		3.15%, 08/15/24 (a)	800		822
	D.R. Horton, Inc.
		4.38%, 09/15/22	200		209
	Discovery Communications, LLC
		4.13%, 05/15/29	700		737
	Ford Motor Credit Company LLC
		3.55%, 10/07/22	2,200		2,204
	GLP Financing, LLC
		5.25%, 06/01/25	400		441
		5.75%, 06/01/28	300		341
	Hilton Worldwide Holdings Inc.
		4.88%, 04/01/27	400		423
	IHO Verwaltungs GmbH
		4.63%, 05/15/27, EUR (a) (m)	400		444
		7.13%, 05/15/29 (a) (m)	100		101
	Las Vegas Sands Corp.
		3.20%, 08/08/24	5,400		5,501
		3.50%, 08/18/26	800		814
	McDonald's Corporation
		3.63%, 09/01/49	400		407
	MCE Finance Limited
		4.88%, 06/06/25 (a)	800		808
		5.25%, 04/26/26 (a)	500		508
		5.63%, 07/17/27 (a)	200		206
	MGM China Holdings Limited
		5.88%, 05/15/26 (a)	1,200		1,259
	MGM Resorts International
		5.50%, 04/15/27	100		110
	Newell Brands Inc.
		3.85%, 04/01/23 (h)	1,300		1,339
	Nissan Motor Acceptance Corporation
		2.65%, 07/13/22 (a)	500		503
	QVC, Inc.
		5.13%, 07/02/22	200		211
		4.38%, 03/15/23	900		930
		4.85%, 04/01/24	200		211
		4.45%, 02/15/25	500		517
	Restaurant Brands International Limited Partnership
		4.25%, 05/15/24 (a)	200		206
	Sands China Ltd.
		4.60%, 08/08/23 (h)	200		212
		5.13%, 08/08/25 (h)	600		660
	Schaeffler Finance B.V.
		3.25%, 05/15/25, EUR (d)	100		112
	Studio City Company Limited
		5.88%, 11/30/19 (c) (d)	300		301
	Studio City Finance Ltd.
		7.25%, 02/11/24 (a)	500		527
	Whirlpool Corporation
		4.75%, 02/26/29	200		223
	Wyndham Destinations, Inc.
		5.75%, 04/01/27 (h)	800		866
	Wynn Macau, Limited
		4.88%, 10/01/24 (a)	400		398
		5.50%, 10/01/27 (a)	1,800		1,812
	Wynn Resorts Finance, LLC
		5.13%, 10/01/29 (a)	1,100		1,153
				30,090
Health Care 4.3%
	Allergan Funding SCS
		3.45%, 03/15/22	975		999
	Amgen Inc.
		2.25%, 08/19/23 (g)	800		804
		2.60%, 08/19/26	700		703
		3.20%, 11/02/27 (g)	1,900		1,984
	Anthem, Inc.
		4.10%, 03/01/28	600		648
		2.88%, 09/15/29	900		891
	Bausch Health Companies Inc.
		9.25%, 04/01/26 (a)	700		795
	Boston Scientific Corporation
		3.38%, 05/15/22	775		797
		3.75%, 03/01/26	700		748
		4.00%, 03/01/29	600		662
	Bristol-Myers Squibb Company
		3.40%, 07/26/29 (a)	1,300		1,390
	Celgene Corporation
		4.35%, 11/15/47	200		234
		4.55%, 02/20/48	100		121
	CommonSpirit Health
		2.76%, 10/01/24	500		505
	Community Health Systems, Inc.
		5.13%, 08/01/21 (g)	100		100
		6.25%, 03/31/23	400		398
		8.63%, 01/15/24 (a) (g)	600		622
	CVS Health Corporation
		4.30%, 03/25/28	1,100		1,194
		3.25%, 08/15/29	1,600		1,609
		7.51%, 01/10/32 (a)	51		63
	Fresenius Medical Care
		4.75%, 10/15/24 (a)	700		753
	GlaxoSmithKline Capital Inc.
		6.38%, 05/15/38	200		287
	HCA Inc.
		5.25%, 06/15/26	300		335
		5.50%, 06/15/47	900		1,017
	Humana Inc.
		3.95%, 08/15/49	400		401
	Kinetic Concepts, Inc.
		7.88%, 02/15/21 (a)	88		90
	Laboratory Corporation of America Holdings
		3.60%, 02/01/25	900		943
	Medtronic, Inc.
		3.50%, 03/15/25	112		120
	Merck & Co., Inc.
		2.75%, 02/10/25	300		310
	Mylan N.V.
		3.95%, 06/15/26	3,000		3,102
	Stryker Corporation
		3.50%, 03/15/26	475		505
	Teva Pharmaceutical Finance Netherlands II B.V.
		0.38%, 07/25/20, EUR (d)	200		212
		1.13%, 10/15/24, EUR (d)	200		163
	Teva Pharmaceutical Finance Netherlands III B.V.
		2.20%, 07/21/21	1,500		1,372
	Teva Pharmaceutical Industries Ltd
		3.65%, 11/10/21	600		559
	Zimmer Biomet Holdings, Inc.
		3.70%, 03/19/23	900		938
		3.55%, 04/01/25	900		945

47

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Zoetis Inc.
		4.50%, 11/13/25	200		222
		3.00%, 09/12/27	300		308
				27,849
Information Technology 3.8%
	Apple Inc.
		2.85%, 05/11/24	1,100		1,141
		2.20%, 09/11/29	1,500		1,472
	Arrow Electronics, Inc.
		3.25%, 09/08/24	600		609
	Broadcom Corporation
		3.00%, 01/15/22	1,400		1,413
		3.63%, 01/15/24	1,500		1,532
		3.88%, 01/15/27	1,700		1,706
	Broadcom Inc.
		3.63%, 10/15/24 (a)	200		204
		4.25%, 04/15/26 (a)	500		516
		4.75%, 04/15/29 (a)	500		529
	Dell International L.L.C.
		4.00%, 07/15/24 (a) (h)	1,200		1,256
		4.90%, 10/01/26 (a) (h)	100		107
	Fiserv, Inc.
		3.20%, 07/01/26	3,000		3,112
	Flex Ltd.
		5.00%, 02/15/23	100		106
		4.75%, 06/15/25	300		320
	KLA Corporation
		4.10%, 03/15/29	900		993
	Marvell Technology Group Ltd
		4.20%, 06/22/23	500		523
		4.88%, 06/22/28	400		443
	Microchip Technology Incorporated
		3.92%, 06/01/21	1,100		1,122
	Micron Technology, Inc.
		4.64%, 02/06/24	800		850
		5.50%, 02/01/25	700		720
		4.19%, 02/15/27	800		823
	Motorola Solutions, Inc.
		4.60%, 05/23/29	1,300		1,417
	NXP B.V.
		4.13%, 06/01/21 (a)	500		513
		3.88%, 09/01/22 (a)	700		722
	QualityTech, LP
		4.75%, 11/15/25 (a)	100		103
	Thomson Reuters Corporation
		3.35%, 05/15/26	700		722
	Visa Inc.
		3.15%, 12/14/25	400		427
	VMware, Inc.
		3.90%, 08/21/27	600		617
	Western Digital Corporation
		4.75%, 02/15/26	500		514
				24,532
Utilities 3.5%
	American Electric Power Company, Inc.
		3.20%, 11/13/27	400		418
	CenterPoint Energy, Inc.
		2.50%, 09/01/24	700		699
	Cleco Corporate Holdings LLC
		3.74%, 05/01/26	2,200		2,265
	Duke Energy Corporation
		2.79%, (3M USD LIBOR + 0.65%), 03/11/22 (b)	1,100		1,106
	Duquesne Light Holdings, Inc.
		5.90%, 12/01/21 (a)	50		53
		3.62%, 08/01/27 (a)	1,200		1,228
	Exelon Corporation
		2.85%, 06/15/20	600		603
		3.95%, 06/15/25	500		536
		4.45%, 04/15/46	600		679
	FirstEnergy Corp.
		4.25%, 03/15/23 (h)	300		317
	Ipalco Enterprises Inc
		3.70%, 09/01/24	503		521
	NextEra Energy Capital Holdings, Inc.
		3.15%, 04/01/24	700		723
		3.25%, 04/01/26	800		830
		3.50%, 04/01/29	500		529
		5.65%, 05/01/79	800		868
	NiSource Inc.
		2.95%, 09/01/29	700		705
	Pacific Gas And Electric Company
		0.00%, 10/01/20 - 12/01/27 (c) (k) (l)	1,500		1,492
		0.00%, 08/01/28 (c) (d) (k) (l)	200		212
	PECO Energy Company
		3.00%, 09/15/49	800		783
	San Diego Gas & Electric Company
		4.10%, 06/15/49	200		227
	Sempra Energy
		3.55%, 06/15/24	200		208
		3.75%, 11/15/25	200		211
		3.40%, 02/01/28 (g)	800		826
	Southern California Edison Company
		3.70%, 08/01/25	1,100		1,168
		6.05%, 03/15/39	400		519
		3.60%, 02/01/45	400		406
		4.00%, 04/01/47	1,100		1,183
	Southern Company Gas Capital Corporation
		3.25%, 06/15/26	2,700		2,779
	The Southern Company
		2.95%, 07/01/23	200		204
		4.25%, 07/01/36	400		434
		5.50%, 03/15/57	200		208
				22,940
Consumer Staples 1.9%
	Adecoagro S.A.
		6.00%, 09/21/27 (d)	200		192
	Anheuser-Busch InBev
		3.70%, 02/01/24	2,200		2,344
	BAT Capital Corp.
		3.56%, 08/15/27	900		905
	Campbell Soup Company
		3.65%, 03/15/23	1,000		1,040
	Conagra Brands, Inc.
		4.60%, 11/01/25	1,200		1,320
	Constellation Brands, Inc.
		4.75%, 12/01/25	1,050		1,177
	General Mills, Inc.
		4.55%, 04/17/38	100		113
	Imperial Brands Finance PLC
		3.13%, 07/26/24 (a) (h)	500		501
		3.50%, 07/26/26 (a) (h)	200		200
	Kraft Heinz Foods Company
		3.38%, 06/15/21	1,900		1,926
		3.00%, (3M USD LIBOR + 0.82%), 08/10/22 (b)	1,400		1,400
		4.88%, 02/15/25 (a)	888		918
		3.95%, 07/15/25	100		105
	Tesco PLC
		6.13%, 02/24/22, GBP	50		68
	The J. M. Smucker Company
		3.50%, 03/15/25	100		105
				12,314
Materials 1.0%
	Boise Cascade Company
		5.63%, 09/01/24 (a)	300		310
	Crown Americas LLC
		4.75%, 02/01/26	100		105
	Gerdau S.A.
		4.88%, 10/24/27 (d) (g)	300		315
	Graphic Packaging International, LLC
		4.75%, 04/15/21	50		52
	Huntsman International LLC
		4.50%, 05/01/29	400		421
	Joint-Stock Company Alrosa (Public Joint-Stock Company)
		4.65%, 04/09/24 (a)	900		942
	Newmont Goldcorp Corporation
		3.63%, 06/09/21	100		102

48

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Reynolds Group Holdings Inc.
		5.80%, (3M USD LIBOR + 3.50%), 07/15/21 (a) (b)	200		200
	Unigel Luxembourg SA
		8.75%, 10/01/26 (a)	600		600
	Vale Overseas Ltd
		4.38%, 01/11/22	76		79
		6.25%, 08/10/26	1,500		1,734
	Westlake Chemical Corporation
		3.60%, 07/15/22	30		31
	Westrock Company, Inc.
		4.00%, 03/15/28	381		406
	WestRock RKT, LLC
		4.90%, 03/01/22	30		32
	WRKCo Inc.
		3.90%, 06/01/28	400		422
	Yara International ASA
		3.80%, 06/06/26 (a)	300		308
		4.75%, 06/01/28 (a)	300		328
				6,387
	Total Corporate Bonds And Notes (cost $535,043)			552,946
GOVERNMENT AND AGENCY OBLIGATIONS 27.1%
Mortgage-Backed Securities 11.9%
	Federal National Mortgage Association, Inc.
		3.00%, 07/01/43 - 08/01/43	500		515
		TBA, 2.50%, 11/15/47 (n) (o)	4,700		4,676
		TBA, 4.00%, 11/15/47 (o)	12,900		13,392
		TBA, 4.50%, 11/15/47 (o)	10,000		10,535
		TBA, 3.00%, 12/15/47 (o)	7,600		7,704
		TBA, 3.50%, 11/15/47 - 12/15/47 (o)	39,800		40,829
				77,651
U.S. Treasury Bond 7.3%
	Treasury, United States Department of
		3.50%, 02/15/39	814		1,020
		Principal Only, 0.00%, 08/15/44 - 05/15/45 (i)	50		29
		2.50%, 02/15/46 (o) (p)	8,175		8,809
		2.50%, 05/15/46	5,657		6,097
		2.88%, 11/15/46	182		211
		2.75%, 11/15/47	8		9
		3.00%, 02/15/48 (p)	411		488
		3.13%, 05/15/48	2,956		3,595
		3.00%, 02/15/49	11,797		14,077
		2.88%, 05/15/49	11,470		13,389
				47,724
U.S. Treasury Note 4.4%
	Treasury, United States Department of
		1.88%, 07/31/22 (p)	31		31
		2.00%, 11/30/22 (p)	20		20
		1.75%, 01/31/23 (p)	16		16
		2.00%, 05/31/24 (o)	4,780		4,877
		2.13%, 05/15/25 (p)	2,940		3,024
		2.25%, 08/15/27 (o) (p)	8,600		8,991
		2.88%, 08/15/28 (p)	2,776		3,053
		2.38%, 05/15/29	7,954		8,449
				28,461
Sovereign 1.8%
	Comision De Promocion Del Peru Para La Exportacion Y El Turismo
		8.20%, 08/12/26, PEN (a)	9,800		3,686
		6.35%, 08/12/28, PEN (a)	5,000		1,734
		6.95%, 08/12/31, PEN (a)	2,400		867
	Kuwait, Government of
		3.50%, 03/20/27 (a)	1,300		1,399
	Ministry of Diwan Amiri Affairs
		3.88%, 04/23/23 (a)	1,400		1,481
	Presidencia De La Nacion
		67.42%, (Argentina Central Bank 7 Day Repurchase Rate), 06/21/20, ARS (b)	13,250		104
		55.47%, (Argentina Deposit Rates Badlar + 2.00%), 04/03/22, ARS (b)	230		2
		6.88%, 01/26/27	300		126
		3.75%, 12/31/38 (j)	1,100		436
	Saudi Arabia, Government of
		4.00%, 04/17/25 (a)	900		965
	Saudi Arabia, Kingdom of
		3.25%, 10/26/26 (d)	800		826
	The Republic of Indonesia, The Government of
		2.88%, 07/08/21, EUR (a)	100		114
				11,740
U.S. Treasury Inflation Indexed Securities 1.6%
	Treasury, United States Department of
		0.38%, 01/15/27 (p) (q)	2,762		2,796
		0.50%, 01/15/28 (p) (q)	707		725
		0.25%, 07/15/29 (o) (q)	6,620		6,690
				10,211
Treasury Inflation Indexed Securities 0.1%
	Segretariato Generale Della Presidenza Della Repubblica
		2.10%, 09/15/21, EUR (d) (q)	566		652
	Total Government And Agency Obligations (cost $175,683)			176,439
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 4.7%
	Air Canada
		Series 2013-A-1, 4.13%, 05/15/25 (a)	74		78
		Series 2017-A-1, 3.55%, 01/15/30 (c) (d)	1,613		1,643
	Alternative Loan Trust
		Series 2005-2A1-27, REMIC, 3.80%, (12M US Federal Reserve Cumulative Average CMT + 1.35%), 08/25/35 (b)	104		92
	American Airlines, Inc.
		Series 2011-A-1, 5.25%, 01/31/21	22		22
		Series 2015-A-1, 3.38%, 05/01/27	241		249
		Series 2016-AA-2, 3.20%, 06/15/28	175		180
		Series 2017-AA-2, 3.35%, 10/15/29	946		982
		Series 2017-A-2, 3.60%, 10/15/29	568		580
	American Home Mortgage Assets Trust
		Series 2006-2A11-3, REMIC, 3.42%, (12M US Federal Reserve Cumulative Average CMT + 0.94%), 10/25/46 (b) (j)	493		447
	Banc of America Alternative Loan Trust
		Series 2005-4A1-10, REMIC, 5.75%, 11/25/35	35		34
	Bayview Koitere Fund Trust
		Series 2019-A1-RN3, 3.97%, 04/29/24 (a) (j)	528		532
	Bear Stearns ALT-A Trust
		Series 2005-2A3-2, REMIC, 4.25%, 04/25/35 (b)	678		665
	British Airways PLC
		Series 2013-A-1, 4.63%, 06/20/24 (a)	587		622
	Centex LLC
		Series 2004-MV1-D, REMIC, 2.95%, (1M USD LIBOR + 0.93%), 09/25/34 (b)	34		33
	CHL Mortgage Pass-Through Trust
		Series 2007-A2-13, 6.00%, 08/25/37	904		743
	Citigtoup Mortgage Loan Trust
		Series 2007-A2B-AHL1, REMIC, 2.16%, (1M USD LIBOR + 0.14%), 12/25/36 (b)	90		88
		Series 2007-3A3A-10, REMIC, 4.38%, 09/25/37 (b)	8		7
	Countrywide Home Loans, Inc.
		Series 2004-1AF2-R2, REMIC, 2.52%, (1M USD LIBOR + 0.42%), 11/25/34 (a) (b)	1,086		970
	Credit Suisse Mortgage Capital Certificates
		Series 2019-A1-RPL4, 3.83%, 04/25/22 (a)	291		293
	CVS Health Corporation
		Series 2013-PTC, 4.70%, 01/10/36 (a)	832		914
	CWABS Asset-Backed Certificates Trust
		Series 2006-1A-24, REMIC, 2.16%, (1M USD LIBOR + 0.14%), 07/25/35 (b)	88		79
		Series 2007-1A1-12, REMIC, 2.76%, (1M USD LIBOR + 0.74%), 06/25/37 (b) (j)	1,155		1,148
	CWABS, Inc.
		Series 2004-M1-4, REMIC, 2.74%, (1M USD LIBOR + 0.72%), 07/25/34 (b)	53		52
		Series 2004-M1-5, REMIC, 2.87%, (1M USD LIBOR + 0.86%), 08/25/34 (b)	18		18
		Series 2005-1A-AB4, REMIC, 2.50%, (1M USD LIBOR + 0.48%), 03/25/36 (b)	33		30

49

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Delta Air Lines, Inc.
		Series 2007-A-1, 6.82%, 08/10/22	371		408
	First Franklin Mortgage Loan Trust Asset-Backed Certificates
		Series 2004-M3-FF8, REMIC, 3.44%, (1M USD LIBOR + 1.43%), 10/25/34 (b)	36		34
	GS Mortgage Securities Corp Trust
		Series 2005-1A1-15, REMIC, 2.53%, (1M USD LIBOR + 0.26%), 01/25/36 (b) (j)	880		829
	GSAMP Trust
		Series 2006-A1-FM2, REMIC, 2.16%, (1M USD LIBOR + 0.14%), 09/25/36 (b) (j)	3,236		1,563
	GTP Acquisition Partners I, LLC
		Series 2015-A-2, 3.48%, 06/16/25 (a)	300		312
	HomeBanc Mortgage Trust
		Series 2005-A1-4, REMIC, 2.56%, (1M USD LIBOR + 0.54%), 10/25/35 (b)	9		9
	HSI Asset Securitization Corporation
		Series 2006-M1-OPT1, REMIC, 2.38%, (1M USD LIBOR + 0.36%), 12/25/35 (b)	100		98
	IndyMac MBS, Inc.
		Series 2005-2A1A-AR12, REMIC, 2.50%, (1M USD LIBOR + 0.48%), 07/25/35 (b) (j)	544		536
	J.P. Morgan Mortgage Acquisition Trust
		Series 2006-M1-NC2, REMIC, 2.29%, (1M USD LIBOR + 0.27%), 07/25/36 (b)	300		287
		Series 2006-AF3-CW2, REMIC, 5.78%, 08/25/36 (j)	1,400		1,067
	Legacy Mortgage Asset Trust
		Series 2019-A1-GS3, 3.75%, 04/25/21 (a) (j)	2,275		2,311
	Lehman ABS Corporation
		Series 2004-M1-HE6, REMIC, 2.96%, (1M USD LIBOR + 0.95%), 09/25/34 (b)	40		40
	Morgan Stanley Home Equity Loan Trust
		Series 2007-A1-2, REMIC, 2.12%, (1M USD LIBOR + 0.10%), 04/25/37 (b)	12		8
	MortgageIT Mortgage Loan Trust
		Series 2006-1A2-1, REMIC, 2.22%, (1M USD LIBOR + 0.20%), 04/25/36 (b) (j)	625		559
	New Century Home Equity Loan Trust
		Series 2005-M2-D, REMIC, 2.49%, (1M USD LIBOR + 0.47%), 02/25/36 (b) (j)	300		259
	New Century Home Equity Loan Trust
		Series 2006-A2B-2, REMIC, 2.18%, (1M USD LIBOR + 0.16%), 08/25/36 (b) (j)	666		645
	New Residential Mortgage Loan Trust
		Series 2018-A1-3A, REMIC, 4.50%, 05/25/58 (a) (b)	990		1,056
	Northwest Airlines, LLC
		Series 2002-G-2-1, 6.26%, 05/20/23	31		31
	OMX Timber Finance Investments II, LLC
		Series 2014-A1, 5.42%, 01/29/20 (a)	300		301
	Park Place Securities, Inc.
		Series 2004-M2-WHQ1, REMIC, 3.01%, (1M USD LIBOR + 0.99%), 09/25/34 (b)	47		47
	Renaissance Home Equity Loan Trust
		Series 2007-AF3-3, REMIC, 7.24%, 09/25/37 (j)	165		99
	Residential Accredit Loans, Inc.
		Series 2005-A10-QS17, REMIC, 6.00%, 12/25/35	61		58
		Series 2007-A2-QS3, REMIC, 6.00%, 02/25/37	67		61
	Residential Asset Mortgage Products, Inc.
		Series 2005-A2-EFC7, REMIC, 2.48%, (1M USD LIBOR + 0.46%), 12/25/35 (b)	203		172
	Residential Asset Securities Corporation
		Series 2006-AI3-KS9, REMIC, 2.18%, (1M USD LIBOR + 0.16%), 09/25/36 (b)	116		114
	SBA Towers, LLC
		Series 2016-C-1, 2.88%, 07/15/21 (a)	600		605
	S-JETS Limited
		Series 2017-A-1, 3.97%, 08/15/25 (a)	414		426
	Spirit Airlines
		Series 2015-A-1, 4.10%, 04/01/28	798		838
	Sprite Limited
		Series 2017-A-1, 4.25%, 12/15/24 (a)	280		285
	Structured Asset Securities Corporation
		Series 2005-2A4-2, REMIC, 5.17%, 08/25/35	9		10
	United Airlines Pass Through Trust 2019-2AA
		Series 2019-AA-2, REMIC, 2.70%, 05/01/32	4,500		4,491
	United Airlines Pass-Through Trust
		Series 2014-A-2, 3.75%, 09/03/26	77		82
		Series 2016-A-2, 3.10%, 10/07/28	460		467
	United Airlines, Inc.
		Series 2009-A-2, 7.25%, 11/10/19	40		40
		Series 2012-A-1, 4.15%, 04/11/24	1,186		1,245
	US Airways, Inc.
		Series 2013-B-1, 5.38%, 11/15/21	112		116
		Series 2013-A-1, 3.95%, 11/15/25	619		648
Industrials 0.0%
	Air Canada
		3.60%, 03/15/27 (a)	163		171
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $30,341)			30,829
SENIOR LOAN INTERESTS 2.0%
Financials 0.7%
	Citadel Securities LP
		Term Loan B, 5.54%, (3M LIBOR + 3.50%), 02/20/26 (b)	298		299
	Fortress Investment Group LLC
		Term Loan, 4.11%, (3M LIBOR + 2.00%), 12/27/22 (b)	147		148
	ILFC Delos Finance SARL
		Term Loan, 4.08%, (3M LIBOR + 1.50%), 10/06/23 (b)	250		251
	Jefferies Finance LLC
		2019 Term Loan, 5.87%, (3M LIBOR + 3.75%), 05/22/26 (b)	1,097		1,096
	Level 3 Financing Inc.
		2017 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 02/16/24 (b)	2,200		2,203
	RPI Finance Trust
		Term Loan B6, 4.04%, (3M LIBOR + 2.00%), 03/13/23 (b)	315		316
				4,313
Consumer Discretionary 0.5%
	Altra Industrial Motion Corp.
		2018 Term Loan B, 4.11%, (3M LIBOR + 2.00%), 09/26/25 (b)	184		183
	Aramark Services, Inc.
		Term Loan, 3.79%, (3M LIBOR + 1.75%), 03/01/25 (b)	233		233
	Caesars Resort Collection, LLC
		2017 1st Lien Term Loan B, 4.79%, (3M LIBOR + 2.75%), 12/23/24 (b)	688		683
	Charter Communications Operating, LLC
		2017 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 04/30/25 (b)	1,075		1,081
	CSC Holdings, LLC
		2018 Term Loan B, 4.53%, (3M LIBOR + 2.50%), 01/12/26 (b)	296		296
	Diamond Resorts International, Inc.
		Term Loan, 5.86%, (3M LIBOR + 3.75%), 09/02/23 (b)	396		384
	Univision Communications Inc.
		Term Loan C5, 4.79%, (3M LIBOR + 2.75%), 03/15/24 (b)	100		97
	Wyndham Hotels & Resorts, Inc.
		Term Loan B, 3.79%, (3M LIBOR + 1.75%), 03/29/25 (b)	297		298
				3,255
Industrials 0.3%
	Brand Energy & Infrastructure Services, Inc.
		Term Loan, 6.35%, (3M LIBOR + 4.25%), 06/16/24 (b)	1		1
		Term Loan, 6.52%, (3M LIBOR + 4.25%), 06/16/24 (b)	229		223
		2017 Term Loan, 6.51%, (3M LIBOR + 4.25%), 06/17/24 (b)	113		110
		Term Loan, 6.51%, (3M LIBOR + 4.25%), 06/17/24 (b)	145		142

50

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	NCI Building Systems, Inc.
		Term Loan, 5.79%, (3M LIBOR + 3.75%), 04/12/25 (b)	1,393		1,362
	Sequa Corporation
		Term Loan, 7.19%, (3M LIBOR + 5.00%), 11/28/21 (b)	195		194
				2,032
Information Technology 0.2%
	Dell International LLC
		2019 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 09/07/23 (b)	519		522
	MH Sub I, LLC
		2017 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 08/09/24 (b)	980		972
				1,494
Health Care 0.1%
	Envision Healthcare Corporation
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/27/25 (b)	198		161
	HCA Inc.
		2018 Term Loan B10, 4.33%, (3M LIBOR + 2.00%), 03/07/25 (b)	295		296
	Ortho-Clinical Diagnostics SA
		2018 Term Loan B, 5.56%, (3M LIBOR + 3.25%), 06/01/25 (b)	284		275
				732
Communication Services 0.1%
	E.W. Scripps Company (The)
		Incremental Term Loan B1, 4.79%, (3M LIBOR + 2.75%), 04/04/26 (b)	100		99
	Intelsat Jackson Holdings S.A.
		2017 Term Loan B3, 5.80%, (3M LIBOR + 3.75%), 11/27/23 (b)	400		401
				500
Materials 0.1%
	CPG International Inc.
		Term Loan, 5.93%, (3M LIBOR + 3.75%), 05/03/24 (b)	387		385
	W. R. Grace & Co.
		Term Loan, 4.35%, (3M LIBOR + 1.75%), 02/23/25 (b)	99		100
				485
Energy 0.0%
	TEX Operations Co. LLC
		Exit Term Loan B, 4.11%, (3M LIBOR + 2.00%), 08/04/23 (b)	68		68
	Total Senior Loan Interests (cost $12,920)			12,879
PREFERRED STOCKS 0.1%
Financials 0.1%
	CoBank, ACB, 6.20%, (callable at 100 beginning 01/01/25) (c) (e)		3		314
Real Estate 0.0%
	VEREIT, Inc., 6.70%, (callable at 25 beginning 11/14/19) (e)		2		39
	Total Preferred Stocks (cost $334)			353
SHORT TERM INVESTMENTS 1.1%
Securities Lending Collateral 1.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (r) (s)		6,956		6,956
Treasury Securities 0.0%
	Presidencia De La Nacion
		79.65%, 03/11/20, ARS (t)	159		2
		46.69%, 04/08/20, ARS (t)	3,338		36
		68.92%, 04/28/20, ARS (t)	259		3
		51.35%, 05/13/20, ARS (t)	4,760		46
		58.25%, 08/27/20, ARS (t)	3,338		27
				114
	Total Short Term Investments (cost $7,250)			7,070
Total Investments 120.0% (cost $761,571)					780,516
Total Forward Sales Commitments(0.5)% (proceeds $2,994)					(2,998)
Other Derivative Instruments 0.0%					218
Other Assets and Liabilities, Net (19.5)%					(127,041)
Total Net Assets 100.0%					650,695

(a)The 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 Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $149,152 and 22.9% of the Fund.

(b)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

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

(e)Perpetual security. Next contractual call date presented, if applicable.

(f)Convertible security.

(g)All or a portion of the security was on loan as of September 30, 2019.

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

(i)Security issued with a zero coupon. Income is recognized through the accretion of discount.

(j)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 September 30, 2019.

(k)Non-income producing security.

(l)As of September 30, 2019, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(m)Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(n)All or a portion of the security is subject to a written call option.

(o)All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2019, the total payable for investments purchased on a delayed delivery basis was $106,537.

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

(q)Treasury inflation indexed note, par amount is adjusted for inflation.

(r)Investment in affiliate.

(s)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

			Shares/Par1		Value ($)
FORWARD SALES COMMITMENTS (0.5%)
GOVERNMENT AND AGENCY OBLIGATIONS (0.5%)
U.S. Treasury Note (0.5%)
	Treasury, United States Department of
		1.63%, 08/15/29	(3,010)		(2,998)
	Total Government And Agency Obligations (proceeds $2,994)			(2,998)
	Total Forward Sales Commitments (0.5%) (proceeds $2,994)				(2,998)

51

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Adecoagro S.A., 6.00%, 09/21/27	09/14/17	200	192	—
	Air Canada, Series 2017-A-1, 3.55%, 01/15/30	12/07/17	1,613	1,643	0.3
	Amcor Finance (USA), Inc., 3.63%, 04/28/26	06/15/18	400	411	0.1
	Axis Bank Limited Singapore Branch, 3.25%, 05/21/20	02/16/18	200	200	—
	Banco Bilbao Vizcaya Argentaria, S.A., 5.88%, callable at 100 beginning 09/24/23	02/04/19	663	691	0.1
	Banco Bilbao Vizcaya Argentaria, S.A., 6.75%, callable at 100 beginning 02/18/20	12/08/17	944	888	0.1
	BBVA Bancomer, S.A., 5.13%, 01/18/33	01/11/18	597	572	0.1
	Braskem Finance Ltd, 5.38%, 05/02/22	06/09/16	1,178	1,256	0.2
	Cemex Finance LLC, 6.00%, 04/01/24	12/18/15	274	308	0.1
	China Evergrande Group, 7.00%, 03/23/20	02/19/19	299	294	—
	China Evergrande Group, 6.25%, 06/28/21	10/31/18	954	899	0.1
	Cnooc Curtis Funding No.1 Pty Ltd, 4.50%, 10/03/23	08/04/17	1,159	1,182	0.2
	Cooperatieve Rabobank U.A., 6.63%, callable at 100 beginning 06/29/21	08/19/16	1,617	1,662	0.3
	Country Garden Holdings Company Limited, 7.50%, 03/09/20	07/06/18	1,004	1,014	0.2
	Credit Suisse Group AG, 6.50%, 08/08/23	03/19/15	322	333	0.1
	CSN Resources S.A., 6.50%, 07/21/20	10/11/18	196	204	—
	Emerald Bay SA, 0.00%, 10/19/20	09/20/17	112	106	—
	FMR LLC, 4.95%, 02/01/33	02/06/15	776	862	0.1
	Gaz Capital S.A., 6.51%, 03/07/22	03/01/19	526	544	0.1
	Gaz Capital S.A., 2.95%, 01/24/24	02/28/19	1,851	1,896	0.3
	Gaz Capital S.A., 2.25%, 11/22/24	03/13/19	225	231	—
	Gaz Capital S.A., 4.95%, 03/23/27	09/18/18	570	647	0.1
	Gerdau S.A., 4.88%, 10/24/27	10/12/17	298	315	0.1
	GMR Hyderabad International Airport Limited, 5.38%, 04/10/24	09/23/19	620	619	0.1
	GPN Capital S.A., 4.38%, 09/19/22	03/22/19	301	311	0.1
	Greene King Finance PLC, 5.32%, 09/15/31	04/02/19	609	585	0.1
	Greenko Dutch B.V., 5.25%, 07/24/24	09/19/19	402	401	0.1
	HSBC Holdings PLC, 6.00%, callable at 100 beginning 09/29/23	09/01/16	456	489	0.1
	Lloyds Banking Group PLC, 7.63%, callable at 100 beginning 06/27/23	09/27/16	1,304	1,337	0.2
	Novatek Finance Designated Activity Company, 4.42%, 12/13/22	02/27/19	509	521	0.1
	Odebrecht Offshore Drilling Finance Ltd., 6.72%, 12/01/22	01/10/17	43	33	—
	Odebrecht Offshore Drilling Finance Ltd., 7.72%, 12/01/26	01/10/17	75	38	—
	Pacific Gas And Electric Company, 0.00%, 08/01/28	08/02/18	199	212	—
	Rio Oil Finance Trust, 9.25%, 07/06/24	07/26/16	331	399	0.1
	Santander UK Group Holdings PLC, 7.38%, callable at 100 beginning 06/24/22	09/28/16	381	383	0.1
	Saudi Arabia, Kingdom of, 3.25%, 10/26/26	10/19/16	792	826	0.1
	SB Capital S.A., 6.13%, 02/07/22	04/17/19	1,573	1,611	0.3
	SB Capital S.A., 5.13%, 10/29/22	09/19/19	209	208	—
	SB Capital S.A., 5.25%, 05/23/23	09/19/19	211	211	—
	Schaeffler Finance B.V., 3.25%, 05/15/25	03/27/15	108	112	—
	Segretariato Generale Della Presidenza Della Repubblica, 2.10%, 09/15/21	06/01/15	636	652	0.1
	State Bank of India, 3.25%, 01/24/22	07/17/17	702	707	0.1
	Stearns Holdings, LLC, 0.00%, 08/15/20	11/18/15	483	234	—
	Stichting AK Rabobank Certificaten II, 6.50%	01/17/17	745	821	0.1
	Studio City Company Limited, 5.88%, 11/30/19	11/22/16	300	301	—
	Sunac China Holdings Limited, 8.63%, 07/27/20	12/04/18	300	306	0.1
	Sunac China Holdings Limited, 6.88%, 08/08/20	05/17/19	202	201	—
	Sunac China Holdings Limited, 8.38%, 01/15/21	03/01/19	714	714	0.1
	Tesco Property Finance 5 PLC, 5.66%, 10/13/41	01/31/17	724	930	0.1
	Teva Pharmaceutical Finance Netherlands II B.V., 0.38%, 07/25/20	01/18/18	241	212	—
	Teva Pharmaceutical Finance Netherlands II B.V., 1.13%, 10/15/24	08/03/18	211	163	—
	The Royal Bank of Scotland Group Public Limited Company, 1.75%, 03/02/26	06/04/19	679	682	0.1
	UBS AG, 4.75%, 02/12/26	08/27/19	471	461	0.1
	Vanke Real Estate (Hong Kong) Company Limited, 3.95%, 12/23/19	12/07/17	701	702	0.1
	Vanke Real Estate (Hong Kong) Company Limited, 4.20%, 06/07/24	08/22/19	834	830	0.1
	Virgin Media Secured Finance PLC, 6.25%, 03/28/29	07/06/16	116	118	—
	Volkswagen Leasing Gesellschaft Mit Beschrankter Haftung, 2.13%, 04/04/22	02/04/19	821	800	0.1
			32,981	33,480	5.1

JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
United States 10 Year Note	269	December 2019		35,454	(21)			(401)
United States Ultra Bond	45	December 2019		8,818	3			(182)
					(18)			(583)

52

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts (continued)
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Short Contracts
Euro Bund	(26)	December 2019	EUR	(4,553)	2			26
United States 2 Year Note	(40)	January 2020		(8,640)	1			20
United States 5 Year Note	(66)	January 2020		(7,888)	3			24
					6			70

JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements
Floating Rate Index2	Paying / Receiving Floating Rate	Fixed Rate2 (%)		Expiration	Notional1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
28-Day MEXIBOR (M)	Paying	5.61	(M)	07/07/21	MXN	14,100		(1)		(9)
28-Day MEXIBOR (M)	Paying	5.84	(M)	09/14/21	MXN	1,600		—		—
28-Day MEXIBOR (M)	Paying	5.81	(M)	09/29/21	MXN	1,300		—		(4)
28-Day MEXIBOR (M)	Paying	5.75	(M)	09/30/21	MXN	1,600		—		(5)
28-Day MEXIBOR (M)	Paying	5.63	(M)	10/11/21	MXN	12,900		(1)		(6)
28-Day MEXIBOR (M)	Paying	7.68	(M)	12/29/22	MXN	52,400		(12)		100
28-Day MEXIBOR (M)	Paying	8.04	(M)	02/29/24	MXN	18,500		(6)		57
28-Day MEXIBOR (M)	Paying	7.85	(M)	04/17/24	MXN	92,800		(30)		256
28-Day MEXIBOR (M)	Paying	7.91	(M)	04/18/24	MXN	8,600		(3)		25
3M LIBOR (Q)	Receiving	2.50	(S)	06/20/48		500		—		(129)
6M British Bankers' Association Yen LIBOR (S)	Receiving	1.00	(S)	09/20/24	JPY	127,500		2		(66)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.30	(S)	03/20/28	JPY	146,700		4		(42)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.45	(S)	03/20/29	JPY	132,800		3		(56)
6M BUBOR (S)	Paying	1.00	(A)	09/19/23	HUF	297,000		(2)		25
6M BUBOR (S)	Paying	1.25	(A)	09/19/23	HUF	906,900		(5)		73
6M EURIBOR (S)	Receiving	0.50	(A)	12/18/29	EUR	5,400		7		(151)
6M EURIBOR (S)	Receiving	(0.15)	(A)	03/18/30	EUR	3,500		5		(50)
6M EURIBOR (S)	Receiving	0.25	(A)	03/18/50	EUR	500		7		(31)
6M GBP LIBOR (S)	Receiving	1.00	(S)	12/18/29	GBP	100		(1)		(2)
6M GBP LIBOR (S)	Receiving	0.75	(S)	03/18/30	GBP	1,500		(6)		(36)
6M GBP LIBOR (S)	Receiving	0.75	(S)	03/18/50	GBP	1,700		7		(69)
6M GBP LIBOR (S)	Paying	0.75	(S)	03/18/25	GBP	300		1		3
BRAZIBOR (A)	Paying	0.00	(A)	01/02/23	BRL	25,400		6		60
BRAZIBOR (A)	Paying	0.00	(A)	01/04/27	BRL	14,400		3		45
								(22)		(12)

JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7		Value6 ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection3
Darden Restaurants, Inc. (Q)	1.00	06/20/20		200		(1)		—		2
Newell Brands Inc. (Q)	1.00	06/20/23		1,300		(13)		1		4
						(14)		1		6
Credit default swap agreements - sell protection4
Anadarko Petroleum Corporation (Q)	1.00	06/20/21		(100)		1		—		4
Anadarko Petroleum Corporation (Q)	1.00	12/20/21		(400)		7		—		25
Anadarko Petroleum Corporation (Q)	1.00	06/20/22		(700)		12		—		25
Berkshire Hathaway Inc. (Q)	1.00	12/20/20		(200)		2		—		6
Berkshire Hathaway Inc. (Q)	1.00	06/20/21		(500)		7		—		1
Berkshire Hathaway Inc. (Q)	1.00	12/20/22		(900)		20		—		3
Berkshire Hathaway Inc. (Q)	1.00	12/20/22		(5,600)		123		—		(2)
Canadian Natural Resources Limited (Q)	1.00	06/20/22		(200)		4		—		6
CDX.NA.IG.27 (Q)	1.00	12/20/21		(800)		13		—		—
CDX.NA.IG.32 (Q)	1.00	06/20/29		(85,800)		(259)		45		(160)
CDX.NA.IG.33 (Q)	1.00	12/20/29		(60,200)		(411)		48		(99)
D.R. Horton, Inc. (Q)	1.00	03/20/21		(100)		1		—		1
Daimler AG (Q)	1.00	12/20/20		(400)		5		—		(1)
Enbridge Inc. (Q)	1.00	12/20/21		(100)		2		—		6
Enbridge Inc. (Q)	1.00	06/20/22		(50)		1		—		1
Ford Motor Company (Q)	5.00	12/20/21		(100)		10		—		(5)
Ford Motor Company (Q)	5.00	06/20/23		(700)		89		(1)		(19)
General Electric Company (Q)	1.00	06/20/24		(300)		(2)		—		2

53

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements (continued)
Reference Entity2	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7		Value6 ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
General Electric Company (Q)	1.00	12/20/24		(400)		(6)		—		1
Goldman Sachs Group Inc. (Q)	1.00	12/20/20		(800)		7		—		(5)
Goldman Sachs Group Inc. (Q)	1.00	06/20/21		(1,700)		20		—		(5)
Goldman Sachs Group Inc. (Q)	1.00	12/20/21		(1,400)		20		—		3
Host Hotels & Resorts, L.P. (Q)	1.00	12/20/20		(300)		3		—		1
ITRAXX.EUR.SR.26 (Q)	1.00	12/20/21		(1,400)		27		(1)		26
MetLife, Inc. (Q)	1.00	06/20/22		(800)		15		(1)		5
MetLife, Inc. (Q)	1.00	12/20/22		(1,100)		22		—		—
Morgan Stanley (Q)	1.00	12/20/20		(300)		3		—		(2)
Prudential Financial (Q)	1.00	06/20/21		(100)		1		—		1
Rolls-Royce Group PLC (Q)	1.00	06/20/24		(1,400)		5		(1)		2
Ryder System, Inc. (Q)	1.00	06/20/22		(500)		8		—		(1)
Simon Property Group, L.P. (Q)	1.00	06/20/22		(400)		8		—		7
Sprint Communications, Inc. (Q)	5.00	09/20/20		(100)		4		—		1
The Sherwin-Williams Company (Q)	1.00	12/20/22		(1,000)		20		—		4
Viacom Inc. (Q)	1.00	06/20/21		(300)		4		—		1
Vodafone Group Public Limited Company (Q)	1.00	06/20/23		(400)		9		—		6
Vodafone Group Public Limited Company (Q)	1.00	06/20/24		(800)		17		—		9
						(188)		89		(152)

JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options
Reference Entity	Purchased (Written) Contracts1		Exercise Price		Expiration	Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Interest Options
Euro Schatz Future, Dec. 2019		(160)	EUR	112.20	11/22/19		3		9

JNL/PIMCO Investment Grade Credit Bond Fund — OTC Purchased Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Interest Rate Swaptions10
3M LIBOR, 12/18/49	GSC	Put		3.63	12/16/19		600,000		—

JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate(%)		Expiration		Notional/ Contracts1		Value ($)
Credit Default Swaptions10
CDX.NA.IG.32, 06/20/24	BNP	Call		0.45		11/20/19		2,100,000		(1)
CDX.NA.IG.32, 06/20/24	CSI	Call		0.45		11/20/19		3,900,000		(1)
CDX.NA.IG.32, 06/20/24	MSC	Call		0.48		10/16/19		2,300,000		—
CDX.NA.IG.32, 06/20/24	MSC	Call		0.45		11/20/19		2,300,000		(1)
CDX.NA.IG.32, 06/20/24	BCL	Put		0.90		11/20/19		900,000		—
CDX.NA.IG.32, 06/20/24	BNP	Put		0.90		11/20/19		600,000		—
CDX.NA.IG.32, 06/20/24	BOA	Put		0.85		11/20/19		1,000,000		—
CDX.NA.IG.32, 06/20/24	CGM	Put		0.65		10/16/19		3,400,000		—
CDX.NA.IG.32, 06/20/24	CGM	Put		0.90		11/20/19		1,500,000		—
CDX.NA.IG.32, 06/20/24	CSI	Put		0.70		10/16/19		1,000,000		—
CDX.NA.IG.32, 06/20/24	CSI	Put		0.75		11/20/19		1,000,000		—
CDX.NA.IG.32, 06/20/24	CSI	Put		0.95		12/18/19		2,400,000		(1)
CDX.NA.IG.32, 06/20/24	GSC	Put		0.65		10/16/19		1,700,000		—
CDX.NA.IG.32, 06/20/24	GSC	Put		0.85		11/20/19		2,200,000		—
CDX.NA.IG.32, 06/20/24	GSC	Put		0.90		11/20/19		14,000,000		(3)
CDX.NA.IG.32, 06/20/24	GSC	Put		2.90		06/17/20		2,600,000		—
CDX.NA.IG.32, 06/20/24	MSC	Put		0.75		11/20/19		2,900,000		(1)
CDX.NA.IG.33, 12/20/24	MSC	Call		0.53		12/18/19		2,700,000		(1)
CDX.NA.IG.33, 12/20/24	CGM	Put		0.80		12/18/19		1,600,000		(2)
CDX.NA.IG.33, 12/20/24	CGM	Put		1.20		01/15/20		3,100,000		(1)
ITRAXX.EUR.31.V2, 06/20/24	BCL	Call		0.40		12/18/19	EUR	900,000		—
ITRAXX.EUR.31.V2, 06/20/24	BNP	Call		0.40		11/20/19	EUR	4,000,000		(1)
ITRAXX.EUR.31.V2, 06/20/24	BNP	Call		0.40		12/18/19	EUR	2,300,000		(1)
ITRAXX.EUR.31.V2, 06/20/24	CIT	Call		0.43		11/20/19	EUR	3,000,000		(1)
ITRAXX.EUR.31.V2, 06/20/24	DUB	Call		0.40		12/18/19	EUR	1,700,000		—
ITRAXX.EUR.31.V2, 06/20/24	JPM	Call		0.43		11/20/19	EUR	7,100,000		(3)
ITRAXX.EUR.31.V2, 06/20/24	BCL	Put		0.70		12/18/19	EUR	900,000		(1)

54

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate(%)		Expiration		Notional/ Contracts1		Value ($)
ITRAXX.EUR.31.V2, 06/20/24	CIT	Put		0.75		11/20/19	EUR	3,000,000		(1)
ITRAXX.EUR.31.V2, 06/20/24	CSI	Put		0.85		11/20/19	EUR	14,000,000		(3)
ITRAXX.EUR.31.V2, 06/20/24	DUB	Put		0.70		12/18/19	EUR	1,700,000		(2)
ITRAXX.EUR.31.V2, 06/20/24	GSC	Put		3.00		06/17/20	EUR	2,800,000		—
ITRAXX.EUR.31.V2, 06/20/24	JPM	Put		0.85		11/20/19	EUR	2,900,000		(1)
ITRAXX.EUR.31.V2, 06/20/24	JPM	Put		0.75		11/20/19	EUR	7,100,000		(2)
ITRAXX.EUR.31.V2, 06/20/24	JPM	Put		0.80		11/20/19	EUR	2,900,000		(1)
ITRAXX.EUR.32, 12/20/24	BNP	Call		0.48		01/15/20	EUR	500,000		—
ITRAXX.EUR.32, 12/20/24	DUB	Call		0.48		01/15/20	EUR	1,200,000		(1)
ITRAXX.EUR.32, 12/20/24	BNP	Put		0.80		01/15/20	EUR	500,000		(1)
ITRAXX.EUR.32, 12/20/24	DUB	Put		0.80		01/15/20	EUR	1,200,000		(2)
										(33)
Interest Rate Swaptions10
3M LIBOR, 12/17/49	GSC	Call		0.25		12/13/19	EUR	1,400,000		(71)
3M LIBOR, 12/18/24	GSC	Put		3.75		12/16/19		2,800,000		—
										(71)
Options on Securities
Federal National Mortgage Association, Inc.,2.5%, 08/25/2049	JPM	Call		100.47		11/06/19		1,200,000		(3)
Federal National Mortgage Association, Inc., 2.5%, 08/25/2049	JPM	Put		98.47		11/06/19		1,200,000		(4)
										(7)

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
BRL/USD	CIT	10/02/19	BRL	2,845		685		(11)
BRL/USD	DUB	10/02/19	BRL	10,454		2,516		4
BRL/USD	CSI	11/04/19	BRL	13,300		3,193		16
COP/USD	CIT	10/15/19	COP	3,451,700		991		(88)
EUR/USD	BNP	10/02/19	EUR	948		1,034		(17)
EUR/USD	CIT	10/02/19	EUR	783		853		(8)
EUR/USD	JPM	10/02/19	EUR	16,746		18,252		(31)
GBP/USD	BOA	10/02/19	GBP	4,861		5,977		(13)
GBP/USD	CIT	10/02/19	GBP	1,361		1,673		(11)
GBP/USD	JPM	10/02/19	GBP	1,586		1,950		(6)
IDR/USD	SCB	12/18/19	IDR	22,307,786		1,558		23
JPY/USD	UBS	10/02/19	JPY	1,788,400		16,540		(412)
JPY/USD	UBS	11/05/19	JPY	1,788,400		16,581		(74)
MXN/USD	BCL	10/09/19	MXN	23,388		1,184		(10)
MXN/USD	BCL	10/16/19	MXN	2,111		107		(1)
MXN/USD	BNP	10/23/19	MXN	7,488		378		(4)
MXN/USD	CIT	11/05/19	MXN	2,504		126		(1)
MXN/USD	BNP	01/16/20	MXN	7,488		373		(6)
MXN/USD	CIT	01/22/20	MXN	23,388		1,165		(30)
MXN/USD	JPM	01/22/20	MXN	2,363		118		—
PLN/USD	SCB	02/10/20	PLN	5,068		1,266		(27)
RUB/USD	CIT	10/17/19	RUB	70,733		1,088		(19)
RUB/USD	SCB	11/15/19	RUB	69,720		1,069		7
RUB/USD	CIT	12/16/19	RUB	6,752		103		3
TRY/USD	JPM	10/16/19	TRY	7,221		1,272		14
USD/BRL	CSI	10/02/19	BRL	(13,300)		(3,201)		(17)
USD/EUR	BNP	10/02/19	EUR	(17,979)		(19,596)		370
USD/EUR	CIT	10/02/19	EUR	(498)		(543)		8
USD/EUR	JPM	11/04/19	EUR	(16,746)		(18,301)		27
USD/GBP	CIT	10/02/19	GBP	(7,808)		(9,600)		(73)
USD/GBP	BOA	11/04/19	GBP	(4,861)		(5,985)		12
USD/JPY	UBS	10/02/19	JPY	(1,788,400)		(16,540)		77
USD/MXN	CIT	10/09/19	MXN	(23,388)		(1,184)		31
USD/MXN	CIT	10/16/19	MXN	(2,111)		(107)		(2)
USD/MXN	BNP	10/23/19	MXN	(7,488)		(378)		6
USD/PEN	BNP	11/25/19	PEN	(11,181)		(3,310)		76
USD/PEN	CIT	11/29/19	PEN	(2,247)		(665)		(6)
ZAR/USD	CIT	10/07/19	ZAR	19,191		1,266		(77)
						1,908		(270)

JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements
Reference Entity2	Counter-party	Implied Credit Spread5 (%)	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7 ($)		Value6 ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - sell protection4
BHP Billiton Finance (USA) Limited (Q)	BNP	0.13	1.00	06/20/21		(200)		3		(6)		9
CDX.NA.HY.25.V7 (Q)	BOA	N/A	5.00	12/20/20		(100)		6		1		5
CDX.NA.HY.27.V5 (Q)	BOA	N/A	5.00	12/20/21		(300)		32		46		(14)
CDX.NA.HY.27.V5 (Q)	CGM	N/A	5.00	12/20/21		(600)		63		52		11
CDX.NA.HY.27.V5 (Q)	JPM	N/A	5.00	12/20/21		(200)		21		17		4
CDX.NA.HY.29.V3 (Q)	GSC	N/A	5.00	12/20/22		(100)		15		14		1
CDX.NA.HY.29.V3 (Q)	JPM	N/A	5.00	12/20/22		(200)		29		32		(3)
CDX.NA.HY.31.V4 (Q)	BNP	N/A	5.00	12/20/23		(100)		17		12		5
CDX.NA.HY.31.V4 (Q)	CGM	N/A	5.00	12/20/23		(200)		33		21		12
CDX.NA.HY.31.V4 (Q)	GSC	N/A	5.00	12/20/23		(500)		80		59		21

55

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements (continued)
Reference Entity2	Counter-party	Implied Credit Spread5 (%)	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7 ($)		Value6 ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
CDX.NA.HY.31.V4 (Q)	JPM	N/A	5.00	12/20/23		(400)		64		45		19
CDX.NA.HY.31.V4 (Q)	MSC	N/A	5.00	12/20/23		(100)		16		12		4
CMBX.NA.AAA.10 (M)	GSC	N/A	0.50	11/17/59		(100)		1		(3)		4
CMBX.NA.AAA.10 (M)	MSC	N/A	0.50	11/17/59		(100)		1		(3)		4
CMBX.NA.AAA.10 (M)	UBS	N/A	0.50	11/17/59		(100)		1		(3)		4
CMBX.NA.AAA.8 (M)	CSI	N/A	0.50	10/17/57		(300)		4		(15)		19
CMBX.NA.AAA.9 (M)	GSC	N/A	0.50	09/17/58		(4,000)		52		(161)		213
CMBX.NA.AAA.9 (M)	MSC	N/A	0.50	09/17/58		(500)		6		(19)		25
CNAC (HK) Finbridge Company Limited (Q)	BCL	1.44	1.00	12/20/24		(300)		(6)		(6)		—
Gazprom OAO (Q)	BOA	0.25	1.00	06/20/20		(100)		1		(16)		17
Gazprom OAO (Q)	JPM	0.25	1.00	06/20/20		(50)		1		(8)		9
Gobierno Federal de los Estados Unidos Mexicanos (Q)	BCL	0.84	1.00	06/20/23		(800)		5		(8)		13
Gobierno Federal de los Estados Unidos Mexicanos (Q)	BNP	0.92	1.00	12/20/23		(300)		1		(6)		7
Gobierno Federal de los Estados Unidos Mexicanos (Q)	BNP	1.06	1.00	06/20/24		(200)		—		(3)		3
Gobierno Federal de los Estados Unidos Mexicanos (Q)	CGM	1.06	1.00	06/20/24		(100)		(1)		(2)		1
Gobierno Federal de los Estados Unidos Mexicanos (Q)	GSC	0.84	1.00	06/20/23		(1,300)		8		(12)		20
Gobierno Federal de los Estados Unidos Mexicanos (Q)	GSC	1.16	1.00	12/20/24		(100)		(1)		(1)		—
Gobierno Federal de los Estados Unidos Mexicanos (Q)	JPM	1.06	1.00	06/20/24		(100)		(1)		(2)		1
Gobierno Federal de los Estados Unidos Mexicanos (Q)	MSC	1.16	1.00	12/20/24		(800)		(7)		(5)		(2)
MCDX.CDSI.24 (Q)	MSC	N/A	1.00	06/20/25		(150)		5		(5)		10
Mexico (United Mexican States) (Q)	BCL	0.66	1.00	06/20/22		(2,600)		25		(37)		62
Pemex Project Funding Master Trust (Q)	BCL	1.92	1.00	06/20/22		(400)		(10)		(17)		7
Pemex Project Funding Master Trust (Q)	BCL	1.00	1.00	09/20/20		(900)		1		(46)		47
Pemex Project Funding Master Trust (Q)	BNP	1.92	1.00	06/20/22		(1,700)		(41)		(103)		62
Pemex Project Funding Master Trust (Q)	DUB	1.64	1.00	12/20/21		(200)		(3)		(18)		15
Pemex Project Funding Master Trust (Q)	DUB	1.92	1.00	06/20/22		(700)		(16)		(28)		12
Pemex Project Funding Master Trust (Q)	GSC	1.00	1.00	09/20/20		(250)		—		(13)		13
Petrobras International Finance Co (Q)	BNP	0.17	1.00	12/20/19		(400)		—		(45)		45
Presidência Da República Federativa Do Brasil (Q)	CGM	1.37	1.00	12/20/24		(600)		(10)		(10)		—
Presidência Da República Federativa Do Brasil (Q)	CSI	0.53	1.00	09/20/20		(200)		1		(14)		15
Presidência Da República Federativa Do Brasil (Q)	DUB	0.80	1.00	06/20/22		(200)		1		(13)		14
Presidência Da República Federativa Do Brasil (Q)	GSC	1.37	1.00	12/20/24		(500)		(9)		(8)		(1)
Presidencia de la República de Colombia (Q)	DUB	0.37	1.00	06/20/21		(650)		7		(19)		26
Presidencia de la República de Colombia (Q)	UBS	0.37	1.00	06/20/21		(650)		7		(19)		26
PT Pertamina (Persero) (Q)	BCL	1.23	1.00	12/20/24		(400)		(4)		(4)		—
Segretariato Generale Della Presidenza Della Repubblica (Q)	BCL	0.23	1.00	06/20/20		(1,200)		7		(2)		9
Segretariato Generale Della Presidenza Della Repubblica (Q)	BCL	1.25	1.00	06/20/24		(400)		(5)		(9)		4
Segretariato Generale Della Presidenza Della Repubblica (Q)	BOA	0.23	1.00	06/20/20		(400)		2		(1)		3
Segretariato Generale Della Presidenza Della Repubblica (Q)	BOA	1.25	1.00	06/20/24		(400)		(4)		(8)		4
Segretariato Generale Della Presidenza Della Repubblica (Q)	GSC	0.23	1.00	06/20/20		(300)		2		—		2
South Africa, Parliament of (Q)	CGM	1.00	1.00	06/20/21		(600)		—		(50)		50
State Grid Overseas Investment Limited (Q)	BCL	0.72	1.00	12/20/24		(300)		4		4		—
The Central People's Government of the People's Republic of China (Q)	BCL	0.14	1.00	06/20/21		(900)		13		(10)		23
The Central People's Government of the People's Republic of China (Q)	BNP	0.14	1.00	06/20/21		(600)		9		(6)		15
The Central People's Government of the People's Republic of China (Q)	CGM	0.09	1.00	09/20/20		(100)		1		—		1
The Central People's Government of the People's Republic of China (Q)	GSC	0.14	1.00	06/20/21		(100)		1		(1)		2
The Central People's Government of the People's Republic of China (Q)	JPM	0.14	1.00	06/20/21		(100)		1		(1)		2
The Central People's Government of the People's Republic of China (Q)	MSC	0.14	1.00	06/20/21		(300)		5		(2)		7
The Central People's Government of the People's Republic of China (Q)	UBS	0.14	1.00	06/20/21		(200)		3		(2)		5
The Republic of Indonesia, The Government of (Q)	GSC	0.62	1.00	06/20/23		(300)		5		(4)		9
						(28,950)		442		(459)		901

56

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/PIMCO Investment Grade Credit Bond Fund — OTC Total Return Swap Agreements
Reference Entity2	Rate Paid/Received by Fund2	Counter-party	Expiration	Notional1		Premiums Paid (Received) ($)	Unrealized Appreciation (Depreciation) ($)
Total return swap agreements - receiving return
INDEX
iBoxx Liquid High Yield Index (E)	3M LIBOR +0.00% (Q)	MSC	12/20/19		2,100	—		98

57

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/T. Rowe Price Capital Appreciation Fund
COMMON STOCKS 58.2%
Information Technology 15.3%
	Fiserv Inc. (a) (b)		1,584		164,050
	Global Payments Inc.		288		45,760
	Maxim Integrated Products, Inc.		1,230		71,220
	Microsoft Corp. (b)		1,419		197,228
	NXP Semiconductors N.V.		540		58,911
	TE Connectivity Ltd.		908		84,581
	Texas Instruments Incorporated (b)		685		88,555
	Visa Inc. - Class A (b)		782		134,580
				844,885
Health Care 12.5%
	Alcon AG (a)		1,327		77,413
	Anthem, Inc. (b)		35		8,513
	Avantor, Inc. (a)		952		13,999
	Becton, Dickinson and Company		510		128,937
	Danaher Corporation (b)		1,142		164,922
	PerkinElmer Inc.		1,801		153,400
	Thermo Fisher Scientific Inc.		412		120,040
	UnitedHealth Group Incorporated (b)		108		23,435
				690,659
Industrials 8.0%
	Fortive Corporation		1,553		106,504
	General Electric Company		17,949		160,468
	Roper Industries Inc.		332		118,433
	Waste Connections, Inc. (c)		575		52,870
				438,275
Utilities 6.9%
	American Electric Power Company, Inc. (b)		787		73,712
	American Water Works Company, Inc.		317		39,354
	Eversource Energy		867		74,136
	NextEra Energy, Inc. (b)		292		68,120
	NiSource Inc.		1,588		47,500
	Xcel Energy Inc.		1,218		79,057
				381,879
Financials 5.8%
	Intercontinental Exchange, Inc.		688		63,517
	Marsh & McLennan Cos. Inc.		1,561		156,222
	PNC Financial Services Group Inc. (b)		97		13,525
	S&P Global Inc. (b)		340		83,247
				316,511
Consumer Discretionary 4.9%
	Amazon.com, Inc. (a) (b)		60		104,835
	Aptiv PLC (c)		605		52,892
	Hilton Worldwide Holdings Inc.		672		62,534
	McDonald's Corporation (b)		73		15,695
	Yum! Brands Inc. (b)		282		31,998
				267,954
Communication Services 3.4%
	Alphabet Inc. - Class A (a) (b)		8		9,801
	Alphabet Inc. - Class C (a) (b)		96		117,443
	Facebook, Inc. - Class A (a) (b)		339		60,458
				187,702
Consumer Staples 0.8%
	Keurig Dr Pepper Inc.		1,524		41,634
Real Estate 0.4%
	American Tower Corporation (b)		107		23,624
Energy 0.2%
	Concho Resources Inc.		182		12,378
	Total Common Stocks (cost $2,787,540)			3,205,501
CORPORATE BONDS AND NOTES 15.2%
Communication Services 5.1%
	CCO Holdings, LLC
		5.25%, 03/15/21 - 09/30/22	9,050		9,142
		5.13%, 02/15/23	2,550		2,588
		4.00%, 03/01/23 (d)	3,972		4,032
		5.13%, 05/01/23 - 05/01/27 (d)	27,321		28,364
		5.75%, 09/01/23 - 01/15/24	11,990		12,240
		5.88%, 04/01/24 (d)	6,915		7,212
		5.00%, 02/01/28 (d)	25,039		25,920
	Charter Communications Operating, LLC
		3.58%, 07/23/20	2,525		2,547
	Comcast Corporation
		2.65%, (3M USD LIBOR + 0.33%), 10/01/20 (e)	5,085		5,093
		3.30%, 10/01/20	6,020		6,102
		2.76%, (3M USD LIBOR + 0.44%), 10/01/21 (e)	2,335		2,341
		3.45%, 10/01/21	2,730		2,814
	Netflix, Inc.
		5.38%, 02/01/21	2,870		2,960
		4.38%, 11/15/26	19,735		20,013
		4.88%, 04/15/28	36,597		37,200
		5.88%, 02/15/25 - 11/15/28	44,465		48,459
		6.38%, 05/15/29 (d)	20,815		23,053
	SBA Communications Corporation
		4.88%, 09/01/24	3,230		3,352
	Sirius XM Radio Inc.
		3.88%, 08/01/22 (d)	5,070		5,160
		4.63%, 05/15/23 (d)	4,215		4,294
	T-Mobile USA, Inc.
		6.00%, 03/01/23	1,815		1,849
	Verizon Communications Inc.
		3.12%, (3M USD LIBOR + 1.00%), 03/16/22 (e)	3,100		3,145
		3.13%, 03/16/22	5,400		5,557
	Zayo Group, LLC
		5.75%, 01/15/27 (d)	15,110		15,475
				278,912
Health Care 2.2%
	Avantor, Inc.
		6.00%, 10/01/24 (d)	10,440		11,184
		9.00%, 10/01/25 (d)	41,415		46,568
	Becton, Dickinson and Company
		2.68%, 12/15/19	673		673
		2.89%, 06/06/22	9,005		9,143
		3.14%, (3M USD LIBOR + 1.03%), 06/06/22 (e)	2,765		2,776
		3.36%, 06/06/24	6,350		6,625
	Bristol-Myers Squibb Company
		2.37%, (3M USD LIBOR + 0.20%), 11/16/20 (d) (e)	7,380		7,381
		2.55%, 05/14/21 (d)	11,285		11,401
	Centene Corporation
		5.63%, 02/15/21	1,245		1,263
	Elanco Animal Health
		3.91%, 08/27/21 (f)	3,940		4,029
		4.27%, 08/28/23 (f)	460		483
		4.90%, 08/28/28 (f)	2,335		2,548
	Fresenius Medical Care
		5.75%, 02/15/21 (d)	380		394
	HCA Healthcare, Inc.
		6.25%, 02/15/21	1,725		1,807
	Hologic, Inc.
		4.38%, 10/15/25 (d)	4,536		4,649
	Teleflex Incorporated
		4.88%, 06/01/26	4,900		5,131
		4.63%, 11/15/27	2,755		2,876
				118,931
Consumer Discretionary 2.0%
	Amazon.com, Inc.
		2.60%, 12/05/19	3,865		3,865
	Aptiv PLC
		4.35%, 03/15/29	415		450
	AutoZone, Inc.
		2.50%, 04/15/21	2,740		2,755
	Cedar Fair, L.P.
		5.38%, 06/01/24 - 04/15/27	12,337		13,036
	Dollar Tree, Inc.
		3.00%, (3M USD LIBOR + 0.70%), 04/17/20 (e)	945		946
	Hilton Domestic Operating Company Inc.
		4.25%, 09/01/24	3,095		3,154
	KFC Holding Co.
		5.00%, 06/01/24 (d)	6,235		6,465
		5.25%, 06/01/26 (d)	13,015		13,762
		4.75%, 06/01/27 (d)	19,350		20,165

58

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Marriott International, Inc.
		2.75%, (3M USD LIBOR + 0.65%), 03/08/21 (e)	1,485		1,488
	Netflix, Inc.
		5.50%, 02/15/22	2,080		2,207
	Restaurant Brands International Limited Partnership
		4.63%, 01/15/22 (d)	3,298		3,298
	Service Corporation International
		5.38%, 05/15/24	3,800		3,921
	Six Flags Operations Inc.
		4.88%, 07/31/24 (d)	1,600		1,657
		5.50%, 04/15/27 (d)	575		614
	The Home Depot, Inc.
		2.45%, (3M USD LIBOR + 0.31%), 03/01/22 (e)	2,235		2,238
		3.25%, 03/01/22	1,860		1,924
	Yum! Brands, Inc.
		3.75%, 11/01/21	10,046		10,275
		3.88%, 11/01/20 - 11/01/23	11,095		11,341
		6.88%, 11/15/37	3,355		3,760
		5.35%, 11/01/43	6,035		5,733
				113,054
Financials 1.7%
	Caterpillar Financial Services Corporation
		2.25%, 12/01/19	1,935		1,936
	Level 3 Financing, Inc.
		5.38%, 08/15/22	4,775		4,792
	Marsh & Mclennan Companies, Inc.
		2.35%, 03/06/20	440		440
		2.75%, 01/30/22	1,090		1,103
		3.30%, 03/14/23	1,205		1,247
	Reckitt Benckiser Treasury Services PLC
		2.38%, 06/24/22 (d)	7,925		7,969
		2.69%, (3M USD LIBOR + 0.56%), 06/24/22 (d) (e)	3,800		3,785
	Shell International Finance B.V.
		2.63%, (3M USD LIBOR + 0.45%), 05/11/20 (e)	7,290		7,309
	Solera, LLC
		10.50%, 03/01/24 (d)	31,290		33,104
	State Street Corporation
		5.25%, (callable at 100 beginning 09/15/20) (g)	2,150		2,193
	The Bank of New York Mellon Corporation
		4.63%, (callable at 100 beginning 09/20/26) (g)	7,025		7,157
		4.95%, (callable at 100 beginning 06/20/20) (g)	6,475		6,550
	The PNC Financial Services Group, Inc.
		5.00%, (callable at 100 beginning 11/01/26) (g)	9,685		10,110
	Trinity Acquisition PLC
		4.40%, 03/15/26	1,715		1,860
	U.S. Bancorp
		5.30%, (callable at 100 beginning 04/15/27) (g)	2,995		3,206
				92,761
Real Estate 0.9%
	American Tower Corporation
		3.30%, 02/15/21	4,075		4,132
	Crown Castle International Corp.
		4.88%, 04/15/22	8,850		9,403
		5.25%, 01/15/23	15,275		16,648
	Equinix, Inc.
		5.38%, 01/01/22 - 04/01/23	2,150		2,197
	SBA Communications Corporation
		4.88%, 07/15/22	9,862		9,997
		4.00%, 10/01/22	8,155		8,315
				50,692
Consumer Staples 0.8%
	B&G Foods, Inc.
		4.63%, 06/01/21	3,825		3,826
	Conagra Brands, Inc.
		3.03%, (3M USD LIBOR + 0.75%), 10/22/20 (e)	1,510		1,510
		3.80%, 10/22/21	11,360		11,719
	Nestle Holdings, Inc.
		3.10%, 09/24/21 (d) (h)	16,155		16,497
	Philip Morris International Inc.
		2.00%, 02/21/20	2,650		2,649
		2.57%, (3M USD LIBOR + 0.42%), 02/21/20 (e)	1,280		1,282
		2.63%, 02/18/22	4,360		4,410
	Unilever Capital Corporation
		3.00%, 03/07/22	1,930		1,979
				43,872
Industrials 0.7%
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (g)	15,862		15,049
	Lennox International Inc.
		3.00%, 11/15/23	340		343
	Manitowoc Foodservice Companies, LLC
		9.50%, 02/15/24	2,067		2,224
	Moog Inc.
		5.25%, 12/01/22 (d)	160		163
	Northrop Grumman Corporation
		2.55%, 10/15/22	5,385		5,455
	Roper Technologies, Inc.
		3.65%, 09/15/23	4,780		5,017
		4.20%, 09/15/28	1,440		1,584
	Sensata Technologies B.V.
		4.88%, 10/15/23 (d)	2,715		2,862
		5.63%, 11/01/24 (d)	670		729
		5.00%, 10/01/25 (d)	4,400		4,709
	Sensata Technologies UK Financing Co. PLC
		6.25%, 02/15/26 (d)	2,235		2,383
	Xylem Inc.
		4.88%, 10/01/21	125		132
		3.25%, 11/01/26	250		257
				40,907
Utilities 0.7%
	American Electric Power Company, Inc.
		3.65%, 12/01/21	720		742
	Berkshire Hathaway Energy Company
		2.40%, 02/01/20	1,255		1,257
	DTE Energy Company
		3.70%, 08/01/23	2,685		2,816
	Edison International
		2.13%, 04/15/20	1,740		1,737
	Eversource Energy
		2.75%, 03/15/22	2,725		2,760
		3.80%, 12/01/23	1,160		1,227
	NextEra Energy Capital Holdings, Inc.
		2.90%, 04/01/22	2,535		2,580
	NiSource Finance Corp.
		3.49%, 05/15/27	10,385		10,894
		4.38%, 05/15/47	5,555		6,218
	NiSource Inc.
		5.65%, (callable at 100 beginning 06/15/23) (g)	4,655		4,670
	Wisconsin Public Service Corporation
		3.35%, 11/21/21	1,850		1,901
				36,802
Materials 0.5%
	Reynolds Group Holdings Inc.
		5.75%, 10/15/20	14,843		14,882
		6.88%, 02/15/21	1,670		1,675
		5.80%, (3M USD LIBOR + 3.50%), 07/15/21 (d) (e) (h)	3,425		3,432
		5.13%, 07/15/23 (d)	4,670		4,794
	Sealed Air Corporation
		6.50%, 12/01/20 (d)	4,560		4,715
				29,498
Information Technology 0.5%
	Amphenol Corporation
		2.20%, 04/01/20	2,765		2,763
	Fiserv, Inc.
		2.70%, 06/01/20	4,825		4,848
		3.80%, 10/01/23 (f)	3,100		3,278
	Refinitiv US Holdings Inc.
		6.25%, 05/15/26 (d)	7,023		7,542
		8.25%, 11/15/26 (d)	8,750		9,650
				28,081
Energy 0.1%
	Enterprise Products Operating LLC
		3.50%, 02/01/22	2,960		3,055

59

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	NuStar Logistics, L.P.
		4.80%, 09/01/20	2,190		2,225
				5,280
Telecommunication Services 0.0%
	T-Mobile USA, Inc.
		6.50%, 01/15/26	1,025		1,103
	Total Corporate Bonds And Notes (cost $811,670)			839,893
PREFERRED STOCKS 4.5%
Financials 1.6%
	Charles Schwab Corp., 5.95%, (callable at 25 beginning 06/01/21) (g) (h)		4		108
	Charles Schwab Corp. - Series C, 6.00%, (callable at 25 beginning 12/01/20) (g) (h)		75		1,978
	JPMorgan Chase & Co., 5.75%, (callable at 25 beginning 12/01/23) (g) (h)		275		7,549
	State Street Corp. - Series S, 6.00%, (callable at 25 beginning 12/15/19) (g) (h)		6		163
	U.S. Bancorp - Series F, 6.50%, (callable at 25 beginning 01/15/22) (g) (h)		25		684
	U.S. Bancorp, 5.50%, (callable at 25 beginning 10/15/23) (g) (h)		200		5,386
	Wells Fargo & Co. - Series L, 7.50% (g) (i)		45		69,167
				85,035
Health Care 1.4%
	Avantor, Inc., 6.25%, 05/15/22 (i)		707		37,940
	Becton, Dickinson and Company - Series A, 6.13%, 05/01/20 (i)		667		41,322
				79,262
Utilities 1.3%
	Alabama Power Company - Series A, 5.00%, (callable at 25 beginning 10/01/22) (g) (h)		55		1,458
	American Electric Power Company, Inc., 6.13%, 03/15/22 (i)		128		7,055
	CMS Energy Corporation, 5.88%, 10/15/78 (h)		525		14,842
	CMS Energy Corporation, 5.88%, 03/01/79 (h)		750		21,187
	DTE Energy Company, 5.25%, 12/01/77 (h)		367		10,221
	Duke Energy Corporation, 5.63%, 09/15/78		280		7,689
	NiSource Inc., 6.50%, (callable at 25 beginning 03/15/24) (g) (h)		330		9,152
				71,604
Industrials 0.2%
	Fortive Corporation - Series A, 5.00%, 07/01/21 (i)		13		11,355
	Total Preferred Stocks (cost $224,476)			247,256
SENIOR LOAN INTERESTS 3.8%
Information Technology 2.2%
	Cypress Intermediate Holdings III, Inc.
		2017 1st Lien Term Loan, 0.00%, (1M LIBOR + 2.75%), 03/30/24 (e) (j)	235		234
		2017 1st Lien Term Loan, 4.87%, (1M LIBOR + 2.75%), 03/30/24 (e)	15,233		15,154
	Emerald TopCo Inc
		Term Loan, 0.00%, (3M LIBOR + 3.50%), 07/16/26 (e) (j)	1,540		1,535
		Term Loan, 5.54%, (3M LIBOR + 3.50%), 07/16/26 (e)	3,535		3,523
	Financial & Risk US Holdings, Inc.
		2018 USD Term Loan, 0.00%, (3M LIBOR + 3.75%), 09/12/25 (e) (j)	1,910		1,920
		2018 USD Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/12/25 (e)	42,847		43,061
	Gartner, Inc.
		2016 Term Loan A, 3.61%, (3M LIBOR + 1.50%), 03/20/22 (e)	855		859
	Kronos Incorporated
		2017 Term Loan B, 0.00%, (3M LIBOR + 3.00%), 11/01/23 (e) (j)	5,950		5,959
		2017 Term Loan B, 5.25%, (3M LIBOR + 3.00%), 11/01/23 (e)	46,579		46,653
	Ultimate Software Group Inc(The)
		Term Loan B, 5.79%, (3M LIBOR + 3.75%), 04/08/26 (e)	1,890		1,899
				120,797
Financials 0.6%
	Hub International Limited
		2018 Term Loan B, 5.27%, (3M LIBOR + 3.00%), 04/25/25 (e)	33,498		33,084
Consumer Staples 0.3%
	Nestle Skin Health SA
		Term Loan, 0.00%, (3M LIBOR + 4.25%), 07/12/26 (e) (j)	16,765		16,835
Health Care 0.2%
	NVA Holdings, Inc.
		Term Loan, 0.00%, (3M LIBOR + 2.25%), 09/19/22 (e) (j)	11,625		11,567
	Prestige Brands, Inc.
		Term Loan B4, 4.11%, (3M LIBOR + 2.00%), 01/20/24 (e)	103		103
				11,670
Industrials 0.2%
	Trans Union, LLC
		Term Loan A2, 3.61%, (3M LIBOR + 1.50%), 08/09/22 (e)	6,241		6,202
		2018 Term Loan B4, 4.11%, (3M LIBOR + 2.00%), 06/12/25 (e)	4,468		4,480
				10,682
Consumer Discretionary 0.2%
	Delta 2 (LUX) S.a.r.l.
		Term Loan, 4.54%, (3M LIBOR + 2.50%), 02/01/24 (e)	3,050		3,007
	NVA Holdings, Inc.
		Term Loan B3, 4.79%, (3M LIBOR + 2.75%), 01/31/25 (e)	4,232		4,226
				7,233
Communication Services 0.1%
	Zayo Group, LLC
		2017 Term Loan B1, 4.11%, (3M LIBOR + 2.00%), 01/19/21 (e)	2,178		2,181
		2017 Incremental Term Loan, 4.36%, (3M LIBOR + 2.25%), 01/19/24 (e)	4,550		4,557
				6,738
Materials 0.0%
	H.B. Fuller Company
		2017 Term Loan B, 4.04%, (3M LIBOR + 2.00%), 10/11/24 (e)	1,158		1,152
	Total Senior Loan Interests (cost $207,831)			208,191
TRUST PREFERREDS 0.3%
Utilities 0.3%
	SCE Trust III, 5.75%, (callable at 25 beginning 03/15/24) (g)		149		3,669
	SCE Trust IV, 5.38%, (callable at 25 beginning 09/15/25) (g)		366		8,721
	SCE Trust V, 5.45%, (callable at 25 beginning 03/15/26) (g) (h)		21		510
	SCE Trust VI, 5.00%, (callable at 25 beginning 06/26/22) (g) (h)		47		1,104
	Total Trust Preferreds (cost $12,559)			14,004
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.2%
	Domino's Pizza, Inc.
		Series 2018-A2I-1A, 4.12%, 10/25/25 (d)	3,402		3,552
		Series 2017-A23-1A, 4.12%, 07/26/27 (d)	3,680		3,886
	United Airlines, Inc.
		Series 2012-A-1, 4.15%, 04/11/24	14		15
	US Airways, Inc.
		Series 2012-B-2, 6.75%, 06/03/21 (c)	122		131
		Series 2012-PTT-2A, 4.63%, 06/03/25	330		356
		Series 2013-A-1, 3.95%, 11/15/25	202		212
	Wendy's Funding, LLC
		Series 2018-A2I-1A, 3.57%, 03/15/48 (d)	2,309		2,339
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $9,995)			10,491
INVESTMENT COMPANIES 0.0%
	T. Rowe Price Institutional Floating Rate Fund (k)		126		1,242
	Total Investment Companies (cost $1,288)			1,242

60

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
SHORT TERM INVESTMENTS 18.9%
Investment Companies 18.8%
	JNL Government Money Market Fund - Institutional Class, 1.86% (k) (l)	29,096		29,096
	T. Rowe Price Government Reserve Fund, 1.95% (k) (l)	1,005,608		1,005,608
			1,034,704
Securities Lending Collateral 0.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (k) (l)	8,828		8,828
	Total Short Term Investments (cost $1,043,532)		1,043,532
Total Investments 101.1% (cost $5,098,891)				5,570,110
Other Derivative Instruments (0.7)%				(38,442)
Other Assets and Liabilities, Net (0.4)%				(24,059)
Total Net Assets 100.0%				5,507,609

(a)Non-income producing security.

(b)All or a portion of the security is subject to a written call option.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)The 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 Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $353,159 and 6.4% of the Fund.

(e)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

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

(g)Perpetual security. Next contractual call date presented, if applicable.

(h)All or a portion of the security was on loan as of September 30, 2019.

(i)Convertible security.

(j)This senior loan will settle after September 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

(k)Investment in affiliate.

(l)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Long Term Investments in Affiliates

Affiliated Investment		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Dividend Income($)	Realized Gain (Loss)($)	Change in Unrealized Appreciation (Depreciation) ($)	Value End of Period($)	Percentage of Net Assets(%)
	T. Rowe Price Institutional Floating Rate Fund	1,159	49	—	48	—	34	1,242	—

JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate(%)		Expiration		Notional/ Contracts1		Value ($)
Options on Securities
Alphabet Inc.	CGM	Call		1,400.00		01/17/20		40		(38)
Alphabet Inc.	CGM	Call		1,350.00		01/17/20		65		(112)
Alphabet Inc.	CGM	Call		1,365.00		01/17/20		172		(246)
Alphabet Inc.	CGM	Call		1,340.00		01/17/20		40		(80)
Alphabet Inc.	CGM	Call		1,500.00		01/17/20		41		(11)
Alphabet Inc.	CGM	Call		1,300.00		01/17/20		187		(588)
Alphabet Inc.	GSC	Call		1,270.00		01/17/20		25		(110)
Alphabet Inc.	GSC	Call		1,300.00		01/17/20		25		(81)
Alphabet Inc.	GSC	Call		1,350.00		01/17/20		25		(45)
Amazon.com, Inc.	CGM	Call		2,100.00		01/17/20		12		(11)
Amazon.com, Inc.	CGM	Call		2,300.00		01/17/20		44		(10)
Amazon.com, Inc.	CGM	Call		2,025.00		01/17/20		12		(20)
Amazon.com, Inc.	CGM	Call		1,800.00		01/17/20		35		(268)
Amazon.com, Inc.	CGM	Call		2,000.00		01/17/20		12		(24)
Amazon.com, Inc.	CSI	Call		2,700.00		01/17/20		21		—
Amazon.com, Inc.	CSI	Call		2,600.00		01/17/20		21		—
Amazon.com, Inc.	CSI	Call		2,500.00		01/17/20		20		(2)
American Electric Power Company, Inc.	CGM	Call		95.00		01/17/20		1,336		(358)
American Electric Power Company, Inc.	CGM	Call		85.00		01/17/20		1,551		(1,489)
American Electric Power Company, Inc.	CGM	Call		82.50		01/17/20		336		(397)
American Tower Corporation	CGM	Call		175.00		01/17/20		247		(1,191)
American Tower Corporation	CSI	Call		175.00		01/17/20		506		(2,438)
American Tower Corporation	CSI	Call		170.00		01/17/20		265		(1,403)
Anthem, Inc.	CGM	Call		330.00		01/17/20		108		(2)
Anthem, Inc.	CGM	Call		310.00		01/17/20		62		(4)
Anthem, Inc.	CGM	Call		300.00		01/17/20		62		(7)
Danaher Corporation	CGM	Call		150.00		01/17/20		214		(103)
Facebook, Inc.	JPM	Call		220.00		01/17/20		1,036		(106)
Facebook, Inc.	JPM	Call		200.00		01/17/20		630		(238)

61

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate(%)		Expiration		Notional/ Contracts1		Value ($)
Fiserv, Inc.	CSI	Call		95.00		12/20/19		523		(581)
McDonald's Corporation	CGM	Call		200.00		01/17/20		241		(441)
McDonald's Corporation	CGM	Call		195.00		01/17/20		241		(532)
McDonald's Corporation	CSI	Call		200.00		01/17/20		96		(176)
McDonald's Corporation	CSI	Call		195.00		01/17/20		97		(214)
Microsoft Corporation	CGM	Call		130.00		01/17/20		916		(1,191)
Microsoft Corporation	CGM	Call		135.00		01/17/20		969		(950)
Microsoft Corporation	CGM	Call		125.00		01/17/20		914		(1,554)
Microsoft Corporation	CGM	Call		120.00		01/17/20		562		(1,188)
Microsoft Corporation	CSI	Call		130.00		01/17/20		280		(364)
Microsoft Corporation	CSI	Call		125.00		01/17/20		1,212		(2,060)
Microsoft Corporation	RDR	Call		130.00		01/17/20		872		(1,133)
NextEra Energy, Inc.	CSI	Call		200.00		01/17/20		1,166		(4,041)
NextEra Energy, Inc.	CSI	Call		195.00		01/17/20		196		(773)
S&P Global Inc.	CGM	Call		230.00		01/17/20		423		(987)
S&P Global Inc.	CGM	Call		220.00		01/17/20		424		(1,296)
Texas Instruments Incorporated	GSC	Call		130.00		01/17/20		69		(47)
Texas Instruments Incorporated	GSC	Call		135.00		01/17/20		128		(58)
Texas Instruments Incorporated	GSC	Call		140.00		01/17/20		128		(36)
Texas Instruments Incorporated	JPM	Call		120.00		01/17/20		390		(508)
Texas Instruments Incorporated	JPM	Call		130.00		01/17/20		969		(656)
Texas Instruments Incorporated	RDR	Call		125.00		01/17/20		1,891		(1,816)
The PNC Financial Services Group, Inc.	CSI	Call		140.00		01/17/20		965		(651)
UnitedHealth Group Incorporated	CGM	Call		290.00		01/17/20		131		(3)
UnitedHealth Group Incorporated	CGM	Call		300.00		01/17/20		228		(4)
UnitedHealth Group Incorporated	CGM	Call		270.00		01/17/20		171		(12)
UnitedHealth Group Incorporated	CGM	Call		280.00		01/17/20		171		(8)
UnitedHealth Group Incorporated	GSC	Call		290.00		01/17/20		83		(2)
UnitedHealth Group Incorporated	JPM	Call		310.00		01/17/20		20		—
Visa Inc.	CSI	Call		165.00		01/17/20		420		(640)
Visa Inc.	CSI	Call		170.00		01/17/20		483		(558)
Visa Inc.	CSI	Call		175.00		01/17/20		484		(404)
Visa Inc.	CSI	Call		155.00		01/17/20		262		(553)
Visa Inc.	CSI	Call		150.00		01/17/20		262		(707)
Visa Inc.	CSI	Call		160.00		01/17/20		434		(759)
Visa Inc.	GSC	Call		180.00		01/17/20		425		(217)
Visa Inc.	GSC	Call		170.00		01/17/20		489		(564)
Visa Inc.	GSC	Call		175.00		01/17/20		1,194		(998)
Yum! Brands, Inc.	CGM	Call		115.00		01/17/20		425		(170)
Yum! Brands, Inc.	CGM	Call		120.00		01/17/20		419		(84)
Yum! Brands, Inc.	CGM	Call		100.00		01/17/20		482		(706)
Yum! Brands, Inc.	CGM	Call		105.00		01/17/20		907		(950)
Yum! Brands, Inc.	MLP	Call		105.00		01/17/20		448		(468)
										(38,442)

62

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/The London Company Focused U.S. Equity Fund
COMMON STOCKS 97.4%
Financials 22.1%
	Berkshire Hathaway Inc. - Class B (a)	25		5,217
	BlackRock, Inc.	7		3,035
	Charles Schwab Corp.	45		1,866
	MBIA Inc. (a)	208		1,918
	Wells Fargo & Co.	49		2,467
			14,503
Industrials 16.8%
	General Dynamics Corp.	15		2,681
	Norfolk Southern Corp.	17		3,092
	Old Dominion Freight Line Inc.	21		3,545
	Southwest Airlines Co.	32		1,735
			11,053
Information Technology 14.3%
	Apple Inc.	18		4,047
	Citrix Systems Inc.	25		2,459
	Versum Materials, Inc.	55		2,920
			9,426
Consumer Discretionary 12.4%
	Carnival Plc (b)	35		1,514
	Dollar Tree Inc. (a)	30		3,401
	Mohawk Industries Inc. (a)	10		1,264
	Penske Automotive Group, Inc.	42		1,988
			8,167
Materials 10.0%
	Martin Marietta Materials Inc.	15		4,166
	NewMarket Corp.	5		2,434
			6,600
Consumer Staples 7.9%
	Altria Group, Inc.	34		1,404
	Lamb Weston Holdings Inc.	52		3,780
			5,184
Health Care 4.3%
	Johnson & Johnson	22		2,839
Real Estate 3.5%
	STORE Capital Corp.	61		2,263
Communication Services 3.2%
	Fox Corporation - Class A	67		2,111
Energy 2.9%
	Chevron Corp.	16		1,898
	Total Common Stocks (cost $50,757)		64,044
SHORT TERM INVESTMENTS 3.6%
Investment Companies 2.6%
	JNL Government Money Market Fund - Institutional Class, 1.86% (c) (d)	1,683		1,683
Securities Lending Collateral 1.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (c) (d)	675		675
	Total Short Term Investments (cost $2,358)		2,358
Total Investments 101.0% (cost $53,115)				66,402
Other Assets and Liabilities, Net (1.0)%				(658)
Total Net Assets 100.0%				65,744

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

63

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/VanEck International Gold Fund
COMMON STOCKS 99.8%
Materials 99.8%
	Agnico Eagle Mines Limited	66		3,562
	Alamos Gold Inc - Class A	223		1,295
	Allegiant Gold Ltd. (a) (b)	130		9
	AngloGold Ashanti - ADR	40		729
	Argonaut Gold Inc. (a)	362		573
	Auryn Resources Inc (a)	107		129
	B2Gold Corp. (a)	1,351		4,364
	Barrick Gold Corporation	274		4,741
	Bear Creek Mining Corp. (a)	334		499
	Bellevue Gold Limited (a)	2,273		932
	BonTerra Resources Inc. (a) (b)	64		112
	BonTerra Resources Inc. (a)	287		477
	Cardinal Resources Limited (a) (c)	1,973		564
	Columbus Gold Corp. (a) (b)	486		48
	Continental Gold, Inc. (a)	681		1,892
	Corvus Gold Inc. (a) (c)	597		983
	Detour Gold Corporation (a)	42		611
	Eastmain Resources Inc. (a)	709		64
	Endeavour Mining Corporation (a) (c)	18		344
	Equinox Gold Corp. (a)	48		252
	Evolution Mining Limited	1,253		3,817
	First Mining Gold Corp. (a)	383		71
	Fresnillo PLC (c)	91		763
	Gold Fields Limited - ADR	73		357
	Gold Road Resources Limited (a)	1,874		1,570
	Gold Standard Ventures Corp. (a) (c)	406		312
	Kinross Gold Corp. (a)	438		2,015
	Kirkland Lake Gold Ltd. (c)	125		5,592
	Leagold Mining Corp. (a)	385		744
	Liberty Gold Corp. (a)	304		153
	Liberty Gold Corp. (a) (c)	1,604		848
	Lundin Gold Inc. (a) (c)	62		359
	Marathon Gold Corp. (a)	340		389
	Midas Gold Corp. (a)	276		125
	Newcrest Mining Ltd.	74		1,727
	Newmont Goldcorp Corporation (b)	84		3,201
	Nighthawk Gold Corp. (a) (c)	308		107
	Northern Star Resources Ltd.	287		2,126
	NovaGold Resources Inc. (a)	48		290
	Oceana Gold Pty Ltd	412		1,077
	Orezone Gold Corporation (a) (b)	1,287		651
	Osisko Gold Royalties Ltd (c)	35		321
	Osisko Mining Inc. (a) (c)	483		1,141
	Otis Gold Corp. (a) (b)	405		29
	Premier Gold Mines Limited (a)	224		316
	Pretium Resources Inc. (a)	86		994
	Probe Metals Inc. (a) (b)	337		278
	Pure Gold Mining Inc. (a) (b)	566		266
	Pure Gold Mining Inc. (a) (c)	1,031		451
	Rio2 Limited (a)	786		255
	Royal Gold Inc.	8		983
	Sabina Gold & Silver Corp. (a)	902		1,171
	Saracen Mineral Holdings Ltd. (a) (c)	526		1,225
	SEMAFO Inc. (a)	442		1,419
	SSR Mining Inc. (a)	83		1,212
	TMAC Resources Inc (a)	121		407
	West African Resources Ltd. (a) (c)	4,201		1,371
	Wheaton Precious Metals Corp.	112		2,942
	Yamana Gold Inc. (c)	548		1,743
	Total Common Stocks (cost $56,143)		64,998
WARRANTS 0.3%
	Liberty Gold Corp. (a) (b) (d)	826		172
	Probe Metals Inc. (a) (b) (d)	164		16
	Pure Gold Mining Inc. (a) (b) (d)	427		12
	Total Warrants (cost $98)		200
RIGHTS 0.0%
	Alio Gold Inc. (a) (b) (d)	175		—
	Allegiant Gold Ltd. (a) (b) (d)	130		—
	BonTerra Resources Inc. (a) (b) (d)	25		—
	Leagold Mining Corp. (a) (b) (c) (d)	90		12
	Total Rights (cost $124)		12
SHORT TERM INVESTMENTS 12.2%
Securities Lending Collateral 12.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (e) (f)	7,960		7,960
	Total Short Term Investments (cost $7,960)		7,960
Total Investments 112.3% (cost $64,325)				73,170
Other Assets and Liabilities, Net (12.3)%				(8,039)
Total Net Assets 100.0%				65,131

(a)Non-income producing security.

(b)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(c)All or a portion of the security was on loan as of September 30, 2019.

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

(e)Investment in affiliate.

(f)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

64

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/WCM Focused International Equity Fund
COMMON STOCKS 94.4%
France 12.2%
	Cie Generale d'Optique Essilor International SA	383		55,171
	LVMH Moet Hennessy Louis Vuitton SE	144		57,351
	Pernod-Ricard SA	233		41,497
	Ubisoft Entertainment (a)	373		26,989
			181,008
Switzerland 10.7%
	Alcon AG (a)	749		43,656
	Geberit AG	64		30,610
	Nestle SA	517		56,113
	Sika AG	196		28,634
			159,013
United Kingdom 10.3%
	Compass Group PLC	1,984		51,065
	Experian PLC	1,963		62,667
	Smith & Nephew PLC	1,593		38,407
			152,139
United States of America 9.3%
	Chubb Limited	329		53,127
	Mettler-Toledo International Inc. (a)	49		34,220
	ResMed Inc.	368		49,765
			137,112
Canada 9.2%
	Canadian Pacific Railway Limited (b)	258		57,485
	Dollarama Inc.	611		21,876
	Shopify Inc. - Class A (a)	184		57,314
			136,675
Ireland 5.9%
	Accenture Public Limited Company - Class A	324		62,247
	Icon Public Limited Company (a)	166		24,463
			86,710
Australia 4.3%
	CSL Ltd.	402		63,534
Germany 3.8%
	Adidas AG	180		56,137
Denmark 3.8%
	Chr. Hansen Holding A/S	297		25,208
	DSV A/S	319		30,368
			55,576
Taiwan 3.4%
	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	1,095		50,894
India 3.3%
	HDFC Bank Limited - ADR	866		49,428
Hong Kong 3.3%
	AIA Group Limited	5,117		48,392
China 3.2%
	Tencent Holdings Limited	1,117		47,040
Japan 2.8%
	Keyence Corp.	67		41,759
Spain 2.4%
	Amadeus IT Group SA	504		36,101
Mexico 2.4%
	Wal - Mart de Mexico, S.A.B. de C.V.	12,061		35,711
Netherlands 2.3%
	ASML Holding - ADR	140		34,718
Sweden 1.8%
	Atlas Copco Aktiebolag - Class A	869		26,719
	Total Common Stocks (cost $1,017,793)		1,398,666
SHORT TERM INVESTMENTS 6.3%
Investment Companies 5.4%
	JNL Government Money Market Fund - Institutional Class, 1.86% (c) (d)	79,701		79,701
Securities Lending Collateral 0.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (c) (d)	13,260		13,260
	Total Short Term Investments (cost $92,961)		92,961
Total Investments 100.7% (cost $1,110,754)				1,491,627
Other Assets and Liabilities, Net (0.7)%				(10,551)
Total Net Assets 100.0%				1,481,076

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

65

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Abbreviations:

ADR - American Depositary Receipt	LIBOR - London Interbank Offer Rate
ASX - Australian Stock Exchange	MBS - Mortgage-Backed Security
BIBOR - Bangkok Interbank Offered Rate	MCDX.CDSI – Municipal Credit Default Swap Index
BRAZIBOR – Brazil Interbank Offered Rate	MEXIBOR - Mexico Interbank Offered Rate
BUBOR - Budapest Interbank Offered Rate	MSCI - Morgan Stanley Capital International
CDX.EM - Credit Default Swap Index - Emerging Markets	OAO - Russian Open Joint Stock Company
CDX.NA.HY - Credit Default Swap Index - North American - High Yield	RBOB - Reformulated Gasoline Blendstock for Oxygen Blending
CDX.NA.IG - Credit Default Swap Index - North American - Investment Grade	REMIC - Real Estate Mortgage Investment Conduit
CLICP – Sinacofi Chile Interbank Rate Average	SIBOR - Singapore Interbank Offered Rate
CMBX.NA - Commercial Mortgage-Backed Securities Index - North American	S&P - Standard & Poor’s
CPURNSA - CPI Consumers Index Non-Seasonally Adjusted	TIPS – Treasury Inflation-Protected Securities
CVA - Commanditaire Vennootschap op Aandelen	ULSD - Ultra Low Sulfur Diesel
EAFE - Europe, Australia and Far East	UK - United Kingdom
ETF - Exchange Traded Fund	US - United States
EURIBOR - Europe Interbank Offered Rate	WIBOR - Warsaw Interbank Offered Rate
HICP - Harmonised Index of Consumer Prices	WTI - West Texas Intermediate
iTraxx - Group of international credit derivative indexes monitored
by the International Index Company

Currency Abbreviations:

AED - United Arab Emirates Dirham	GHS - Ghanaian Cedi	PLN - Polish Zloty
AUD - Australian Dollar	HUF - Hungarian Forint	RSD - Serbian Dinar
BHD - Bahraini Dinar	IDR - Indonesian Rupiah	RUB - Russian Ruble
BRL - Brazilian Real	JPY - Japanese Yen	SEK - Swedish Krona
CAD - Canadian Dollar	KRW - Korean Won	SGD - Singapore Dollar
CHF - Swiss Franc	MXN - Mexican Peso	THB - Thai Baht
CLP - Chilean Peso	MYR - Malaysian Ringgit	TRY - New Turkish Lira
CNY - Chinese Yuan	NGN - Nigerian Naira	UAH - Ukrainian Hryvnia
COP - Colombian Peso	NOK - Norwegian Krone	UGX - Ugandan Shilling
CZK - Czech Republic Korunas	NZD - New Zealand Dollar	USD - United States Dollar
EGP - Egyptian Pound	OMR - Omani Rial	ZAR - South African Rand
EUR - European Currency Unit (Euro)	PEN - Peruvian Nuevo Sol
GBP - British Pound	PHP - Philippine Peso
GEL - Georgian Lari

Counterparty Abbreviations:

BCL - Barclays Capital Inc.	MSC - Morgan Stanley & Co., Incorporated
BNP - BNP Paribas Securities	NMS - NatWest Markets Securities Inc.
BOA - Bank of America	NSI - Nomura Securities International Inc
CGM - Citigroup Global Markets	RBC - Royal Bank of Canada
CIT - Citibank, Inc.	RDR - RBC Dain Raucher Inc.
CSI - Credit Suisse Securities, LLC	SCB - Standard Chartered Bank
DUB - Deutsche Bank Alex Brown Inc.	SGB - Societe Generale Bannon LLC
GSC - Goldman Sachs & Co.	SSB - State Street Brokerage Services, Inc.
HSB - HSBC Securities Inc.	TDS - TD Securities Inc.
JPM - JPMorgan Chase Bank N.A.	UBS - UBS Securities LLC
MLP - Merrill Lynch, Pierce, Fenner, & Smith

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

²For Funds with derivatives that received or paid periodic payments, the frequency of periodic payments are defined as follows: (A) - Annually; (B) - Bi-Monthly; (E) - Expiration Date; (M) - Monthly; (Q) - Quarterly; (S) - Semi-Annually.

³If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the referenced obligation agreement and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁴If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the referenced obligation and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the reference obligation or underlying securities comprising the referenced index.

⁵Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues and sovereign issues serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the applicable agreement.

⁶The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

66

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

⁷The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is limited to the total notional amount which is defined under the terms of each swap agreement.

⁸If the Fund is a buyer of protection, the Fund pays the fixed rate. If the Fund is a seller of protection, the Fund receives the fixed rate.

⁹Payments delivered or received are based on the notional amount.

¹⁰Swaptions are illiquid investments.

"-" Amount rounds to less than one thousand or 0.05%.

67

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Short Term Investments in Affiliates

Certain Funds invested in a money market fund which is managed by Jackson National Asset Management, LLC ("JNAM" or "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. JNAM serves as the Adviser and Administrator for the JNL Government Money Market Fund. JNL/T. Rowe Price Capital Appreciation Fund is sub-advised by T. Rowe Price Associates, Inc. and invested in T. Rowe Price Government Reserve Fund as a cash management tool. There was no realized or unrealized gain or loss relating to transactions in these investments during the period ended September 30, 2019. The following table details the investments held during the period ended September 30, 2019.

JNL Government Money Market Fund	Beginning Amortized Cost/ Value($)	Purchases ($)	Sales Proceeds($)	Dividend Income($)	Ending Amortized Cost/ Value($)	Percentage of Net Assets(%)
JNL iShares Tactical Growth Fund	7,555	32,597	37,496	85	2,656	1.1
JNL iShares Tactical Moderate Fund	9,516	30,089	36,361	120	3,244	2.2
JNL iShares Tactical Moderate Growth Fund	13,858	33,576	42,053	167	5,381	1.9
JNL/DFA U.S. Small Cap Fund	551	33,651	33,530	14	672	0.5
JNL/DoubleLine Total Return Fund	205,649	750,692	829,113	2,498	127,228	4.8
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	17,062	378,670	384,883	210	10,849	4.8
JNL/FAMCO Flex Core Covered Call Fund	4,574	43,186	45,399	51	2,361	1.5
JNL/Lazard International Strategic Equity Fund	4,997	32,144	28,287	131	8,854	4.9
JNL/Mellon Equity Income Fund	2,299	96,278	97,786	69	791	0.2
JNL/Neuberger Berman Commodity Strategy Fund	15,021	178,901	178,061	314	15,861	14.4
JNL/Neuberger Berman Currency Fund	2,655	300,240	300,154	52	2,741	3.8
JNL/Nicholas Convertible Arbitrage Fund	6,569	104,066	97,117	219	13,518	9.0
JNL/T. Rowe Price Capital Appreciation Fund	5,165	434,466	410,535	286	29,096	0.5
JNL/The London Company Focused U.S. Equity Fund	3,583	12,410	14,310	46	1,683	2.6
JNL/VanEck International Gold Fund	486	22,761	23,247	11	—	—
JNL/WCM Focused International Equity Fund	51,322	271,614	243,235	891	79,701	5.4

T. Rowe Price Government Reserve Fund	Beginning Amortized Cost/ Value($)	Purchases ($)	Sales Proceeds($)	Dividend Income($)	Ending Amortized Cost/ Value($)	Percentage of Net Assets(%)
JNL/T. Rowe Price Capital Appreciation Fund	124,990	1,674,535	793,917	8,382	1,005,608	18.3

Certain Funds participating in securities lending receive cash collateral daily, which is invested by JPMorgan Chase Bank, N.A. (“JPM Chase”) or State Street Bank and Trust Company (“State Street”) in the JNL Securities Lending Collateral Fund, which is an affiliate of the Funds' Adviser. JNAM serves as the Adviser and Administrator for the JNL Securities Lending Collateral Fund. The Fund receives income from the investment in the JNL Securities Lending Collateral Fund, which is aggregated with lending fees and rebates negotiated with the borrower. There was no realized or unrealized gain or loss relating to transactions in the cash collateral investments during the period ended September 30, 2019.

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

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

68

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

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

The net asset value ("NAV") of a Fund's shares is generally determined once each day on which the New York Stock Exchange (“NYSE”) is open, at the close of the regular trading session of the NYSE (normally, 4:00 PM Eastern Time, Monday through Friday). Equity securities are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security on the valuation date, the security may be valued at the most recent sale or quoted bid price prior to close. Stocks not listed on a national or foreign stock exchange may be valued at the closing bid price on the over the counter (“OTC”) market. The Adviser has retained an independent statistical fair value pricing service to assist in the fair valuation process for equities traded in foreign markets in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which the NAVs are determined. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. Short-term securities maturing within sixty (60) days are valued at amortized cost, unless it is determined that such practice does not approximate market value. Debt securities are generally valued by independent pricing services approved by the Board. Pricing services utilized to value debt and derivative instruments 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. Futures contracts traded on an exchange are generally valued at the exchange’s settlement price. If the settlement price is not available, exchange traded futures are valued at the last sales price as of the close of business on the primary exchange. Options traded on an exchange are generally valued at the last traded price as of the close of business on the local exchange. If the last trade is determined to not be representative of fair value, exchange traded options are valued at the current day’s mid-price. Forward foreign currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE. Derivatives, including swaps and certain types of over-the-counter options, are generally valued by approved pricing services. If the pricing services are unable to provide valuations, OTC derivatives are valued at the most recent bid quotation or evaluated price, as applicable, obtained from a broker/dealer or by pricing models using observable inputs.

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

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

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

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

Level 2 includes valuations determined from significant direct or indirect observable inputs. Direct observable inputs include 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, including certain term loans, OTC derivatives, centrally cleared swap agreements, broker quotes in active markets, securities subject to corporate actions, securities valued at amortized cost,

69

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

international equity securities priced by an independent statistical fair value pricing service, swap agreements valued by pricing services, or ADRs and GDRs for which quoted prices in active markets are not available or securities limited by foreign ownership.

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, currency exchange rates and forward foreign currency contracts where forward rates are not available; term loans that do not meet certain liquidity thresholds; securities where prices may be unavailable due to halted trading, restricted to resale due to market events, or newly issued; or investments for which reliable quotes are otherwise not available.

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

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

The following table summarizes each Fund’s investments in securities and other financial instruments as of September 30, 2019 by valuation level. For Funds with significant Level 1 and Level 2 investments in common stock, additional detail regarding the sector or country, as applicable, is disclosed.

	. Level 1 ($) .	. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
JNL iShares Tactical Growth Fund
Assets - Securities
Investment Companies	240,382	—	—	240,382
Short Term Investments	9,414	—	—	9,414
	249,796	—	—	249,796
JNL iShares Tactical Moderate Fund
Assets - Securities
Investment Companies	142,888	—	—	142,888
Short Term Investments	5,564	—	—	5,564
	148,452	—	—	148,452
JNL iShares Tactical Moderate Growth Fund
Assets - Securities
Investment Companies	279,616	—	—	279,616
Short Term Investments	28,366	—	—	28,366
	307,982	—	—	307,982
JNL/DFA U.S. Small Cap Fund
Assets - Securities
Common Stocks	136,589	—	1	136,590
Preferred Stocks	11	—	—	11
Rights	—	—	3	3
Short Term Investments	5,061	—	—	5,061
	141,661	—	4	141,665
JNL/DoubleLine Total Return Fund
Assets - Securities
Government And Agency Obligations	—	1,387,406	—	1,387,406
Non-U.S. Government Agency Asset-Backed Securities	—	1,156,172	—	1,156,172
Short Term Investments	127,228	—	—	127,228
	127,228	2,543,578	—	2,670,806
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
Assets - Securities
Government And Agency Obligations	—	137,300	—	137,300
Common Stocks	450	10,984	—	11,434
Senior Loan Interests	—	—	10,876	10,876
Corporate Bonds And Notes	—	6,065	—	6,065
Short Term Investments	10,849	26,043	—	36,892
	11,299	180,392	10,876	202,567
Assets - Investments in Other Financial Instruments1
Futures Contracts	192	—	—	192
Centrally Cleared Interest Rate Swap Agreements	—	5,377	—	5,377
Centrally Cleared Credit Default Swap Agreements	—	83	—	83
OTC Purchased Options	—	3,850	—	3,850
Open Forward Foreign Currency Contracts	—	8,788	—	8,788
OTC Interest Rate Swap Agreements	—	251	—	251
OTC Cross-Currency Swap Agreements	—	520	—	520
OTC Credit Default Swap Agreements	—	2	—	2
OTC Non-Deliverable Bond Forward Contracts	—	36	—	36
	192	18,907	—	19,099

70

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (continued)
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(100	)	—		—	(100	)
Centrally Cleared Interest Rate Swap Agreements	—		(9,436	)	—	(9,436	)
Centrally Cleared Credit Default Swap Agreements	—		(119	)	—	(119	)
Open Forward Foreign Currency Contracts	—		(6,840	)	—	(6,840	)
OTC Interest Rate Swap Agreements	—		(669	)	—	(669	)
OTC Credit Default Swap Agreements	—		(1,939	)	—	(1,939	)
	(100	)	(19,003	)	—	(19,103	)
JNL/FAMCO Flex Core Covered Call Fund
Assets - Securities
Common Stocks	160,543		—		—	160,543
Short Term Investments	2,361		—		—	2,361
	162,904		—		—	162,904
Liabilities - Investments in Other Financial Instruments1
Exchange Traded Written Options	(7,684	)	—		—	(7,684	)
	(7,684	)	—		—	(7,684	)
JNL/Lazard International Strategic Equity Fund
Assets - Securities
Common Stocks	36,056		129,571		—	165,627
Preferred Stocks	4,942		—		—	4,942
Short Term Investments	12,308		—		—	12,308
	53,306		129,571		—	182,877
Assets - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—		—		—	—
	—		—		—	—
JNL/Mellon Equity Income Fund
Assets - Securities
Common Stocks	359,601		—		—	359,601
Short Term Investments	801		—		—	801
	360,402		—		—	360,402
JNL/Neuberger Berman Commodity Strategy Fund
Assets - Securities
Corporate Bonds And Notes	—		69,945		—	69,945
Non-U.S. Government Agency Asset-Backed Securities	—		16,809		—	16,809
Short Term Investments	15,861		—		—	15,861
	15,861		86,754		—	102,615
Assets - Investments in Other Financial Instruments1
Futures Contracts	2,506		—		—	2,506
	2,506		—		—	2,506
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(3,204	)	—		—	(3,204	)
	(3,204	)	—		—	(3,204	)
JNL/Neuberger Berman Currency Fund
Assets - Securities
Government And Agency Obligations	—		19,493		—	19,493
Short Term Investments	2,741		48,183		—	50,924
	2,741		67,676		—	70,417
Assets - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—		26,752		—	26,752
	—		26,752		—	26,752
Liabilities - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—		(27,724	)	—	(27,724	)
	—		(27,724	)	—	(27,724	)
JNL/Nicholas Convertible Arbitrage Fund
Assets - Securities
Corporate Bonds And Notes	—		137,801		—	137,801
Preferred Stocks	7,174		—		—	7,174
Short Term Investments	13,518		—		—	13,518
	20,692		137,801		—	158,493
Liabilities - Securities
Common Stocks	(53,177	)	—		—	(53,177	)
	(53,177	)	—		—	(53,177	)
JNL/PIMCO Investment Grade Credit Bond Fund
Assets - Securities
Corporate Bonds And Notes	—		552,946		—	552,946
Government And Agency Obligations	—		176,439		—	176,439
Non-U.S. Government Agency Asset-Backed Securities	—		30,829		—	30,829
Senior Loan Interests	—		12,879		—	12,879
Preferred Stocks	353		—		—	353
Short Term Investments	6,956		114		—	7,070
	7,309		773,207		—	780,516

71

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/PIMCO Investment Grade Credit Bond Fund (continued)
Liabilities - Securities
Government And Agency Obligations	—		(2,998	)	—	(2,998	)
	—		(2,998	)	—	(2,998	)
Assets - Investments in Other Financial Instruments1
Futures Contracts	70		—		—	70
Centrally Cleared Interest Rate Swap Agreements	—		644		—	644
Centrally Cleared Credit Default Swap Agreements	—		153		—	153
Exchange Traded Futures Options	9		—		—	9
OTC Purchased Options	—		—		—	—
Open Forward Foreign Currency Contracts	—		674		—	674
OTC Credit Default Swap Agreements	—		921		—	921
OTC Total Return Swap Agreements	—		98		—	98
	79		2,490		—	2,569
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(583	)	—		—	(583	)
Centrally Cleared Interest Rate Swap Agreements	—		(656	)	—	(656	)
Centrally Cleared Credit Default Swap Agreements	—		(299	)	—	(299	)
OTC Written Options	—		(111	)	—	(111	)
Open Forward Foreign Currency Contracts	—		(944	)	—	(944	)
OTC Credit Default Swap Agreements	—		(20	)	—	(20	)
	(583	)	(2,030	)	—	(2,613	)
JNL/T. Rowe Price Capital Appreciation Fund
Assets - Securities
Common Stocks	3,128,088		77,413		—	3,205,501
Corporate Bonds And Notes	—		839,893		—	839,893
Preferred Stocks	247,256		—		—	247,256
Senior Loan Interests	—		208,191		—	208,191
Trust Preferreds	14,004		—		—	14,004
Non-U.S. Government Agency Asset-Backed Securities	—		10,491		—	10,491
Investment Companies	1,242		—		—	1,242
Short Term Investments	1,043,532		—		—	1,043,532
	4,434,122		1,135,988		—	5,570,110
Liabilities - Investments in Other Financial Instruments1
OTC Written Options	—		(38,442	)	—	(38,442	)
	—		(38,442	)	—	(38,442	)
JNL/The London Company Focused U.S. Equity Fund
Assets - Securities
Common Stocks	64,044		—		—	64,044
Short Term Investments	2,358		—		—	2,358
	66,402		—		—	66,402
JNL/VanEck International Gold Fund
Assets - Securities
Common Stocks	49,983		15,015		—	64,998
Warrants	—		200		—	200
Rights	—		12		—	12
Short Term Investments	7,960		—		—	7,960
	57,943		15,227		—	73,170
JNL/WCM Focused International Equity Fund
Assets - Securities
Common Stocks
France	—		181,008		—	181,008
Switzerland	—		159,013		—	159,013
United Kingdom	—		152,139		—	152,139
United States of America	137,112		—		—	137,112
Canada	136,675		—		—	136,675
Ireland	86,710		—		—	86,710
Australia	—		63,534		—	63,534
Germany	—		56,137		—	56,137
Denmark	—		55,576		—	55,576
Taiwan	50,894		—		—	50,894
India	49,428		—		—	49,428
Hong Kong	—		48,392		—	48,392
China	—		47,040		—	47,040
Japan	—		41,759		—	41,759
Spain	—		36,101		—	36,101
Mexico	35,711		—		—	35,711
Netherlands	34,718		—		—	34,718
Sweden	—		26,719		—	26,719
Short Term Investments	92,961		—		—	92,961
	624,209		867,418		—	1,491,627

¹ Derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

72

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

The Funds recognize transfers between levels as of the beginning of the period for financial reporting purposes. The following table is a rollforward of individually significant securities by issuer Level 3 valuations and transfers by category for which significant unobservable inputs were used to determine fair value during the period ended September 30, 2019:

		Balance at Beginning of Period ($)		Transfers into Level 3 During the Period2 ($)		Transfers out of Level 3 During the Period2 ($)		Total Realized and Change in Unrealized Gain/(Loss) ($)		Purchases ($)		(Sales) ($)		Balance at End of Period ($)		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at End of Period1 ($)
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
	Senior Loan Interests		4,991		—		—		(699)		—		—		4,2923		(699)
	Senior Loan Interests		—		—		—		1		2,488		—		2,4894		1
JNL/VanEck International Gold Fund
	Common Stocks		—		568		(568)5		—		—		—		—		—

¹ Reflects the change in unrealized appreciation/ (depreciation) for Level 3 investments held at September 30, 2019.

² There were no significant transfers between Level 3 and Level 2 valuations during the period ended September 30, 2019, other than those noted.

³The fair value measurement of the senior loan interests held in JNL/Eaton Vance Global Macro Absolute Return Advantage Fund were determined based on discounted cash flow pricing model used to value the investment. The senior loan interest’s spread over the LIBOR rate is considered an unobservable input. Changes to the model inputs may results in changes to the senior loan interest’s fair value measurements.

Valuation Technique	Unobservable Input	Range
Discounted cash flow model	LIBOR Spread	1,434.32 bps

⁴ The fair value measurement of the senior loan interests held in JNL/Eaton Vance Global Macro Absolute Return Advantage Fund were determined based on discounted cash flow pricing model used to value the investment. The senior loan interest’s spread over the LIBOR rate is considered an unobservable input. Changes to the model inputs may result in changes to the senior loan interest’s fair value measurements.

Valuation Technique	Unobservable Input	Range
Discounted cash flow model	LIBOR Spread	1,084.42 bps

⁵During the period, the valuation of the common stock held in JNL/VanEck International Gold Fund was transferred from a Level 3 valuation to a Level 2 valuation. At period end, the securities were valued by an independent pricing service and were considered a Level 2. Previously, they were valued using the last traded price due to a trading halt and considered a Level 3 valuation.

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.

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

73