Jackson Variable Series Trust NPORT-P JNL/PIMCO Investment Grade Credit Bond Fund (Mar 2020 report)

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares			Value ($)
JNL iShares Tactical Growth Fund
INVESTMENT COMPANIES 99.9%
Domestic Equity 36.3%
	iShares Core S&P 500 ETF (a)	38			9,937
	iShares Core S&P Mid-Cap ETF	128			18,365
	iShares Edge MSCI USA Quality Factor ETF (a)	290			23,461
	iShares Morningstar Large-Cap Value ETF	78			6,784
	iShares S&P SmallCap 600 Index ETF (a)	64			3,612
	iShares U.S. Consumer Services ETF (a)	25			4,415
	iShares U.S. Technology ETF (a)	31			6,283
			72,857
Domestic Fixed Income 18.7%
	iShares 0-5 Year High Yield Corporate Bond ETF (a)	51			2,081
	iShares Core Total U.S. Bond Market ETF (a)	78			8,963
	iShares Liquidity Income ETF (a)	148			7,411
	iShares MBS ETF (a)	133			14,649
	iShares Short-Term Corporate Bond ETF (a)	84			4,420
			37,524
Global Equity 13.8%
	iShares Exponential Technologies ETF	512			18,247
	iShares Global Healthcare ETF (a)	155			9,413
			27,660
International Equity 12.6%
	iShares Core MSCI EAFE ETF	188			9,393
	iShares Edge MSCI Intl Quality Factor ETF (a)	615			15,892
			25,285
Emerging Markets Equity 11.3%
	iShares Core MSCI Emerging Markets ETF	561			22,710
Alternative 5.2%
	iShares Global Infrastructure ETF (a)	192			6,564
	iShares U.S. Real Estate ETF (a)	57			3,933
			10,497
Emerging Markets Fixed Income 2.0%
	iShares JPMorgan USD Emerging Markets Bond ETF (a)	43			4,127
	Total Investment Companies (cost $221,280)		200,660
SHORT TERM INVESTMENTS 15.7%
Securities Lending Collateral 15.6%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (b) (c)	31,367			31,367
Investment Companies 0.1%
	JNL Government Money Market Fund - Institutional Class, 0.23% (b) (c)	143			143
	Total Short Term Investments (cost $31,510)		31,510
Total Investments 115.6% (cost $252,790)			232,170
Other Assets and Liabilities, Net (15.6)%			(31,293)
Total Net Assets 100.0%				200,877

(a)All or a portion of the security was on loan as of March 31, 2020.

(b)Investment in affiliate.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

JNL iShares Tactical Moderate Fund
INVESTMENT COMPANIES 99.4%
Domestic Fixed Income 55.9%
	iShares 0-5 Year High Yield Corporate Bond ETF (a)	101			4,134
	iShares 0-5 Year TIPS Bond ETF (a)	37			3,732
	iShares Core Total U.S. Bond Market ETF	166			19,182
	iShares Liquidity Income ETF (a)	265			13,216
	iShares MBS ETF	270			29,836
	iShares Short-Term Corporate Bond ETF (a)	168			8,779
			78,879
Domestic Equity 20.1%
	iShares Core S&P 500 ETF	28			7,241
	iShares Core S&P Mid-Cap ETF	44			6,386
	iShares Edge MSCI USA Quality Factor ETF (a)	105			8,506
	iShares Morningstar Large-Cap Value ETF	22			1,917
	iShares S&P SmallCap 600 Index ETF (a)	16			886
	iShares U.S. Consumer Services ETF (a)	7			1,290
		Shares			Value ($)
	iShares U.S. Technology ETF (a)	10			2,074
			28,300
International Equity 6.4%
	iShares Core MSCI EAFE ETF	53			2,615
	iShares Edge MSCI Intl Quality Factor ETF (a)	249			6,439
			9,054
Global Equity 5.6%
	iShares Exponential Technologies ETF (a)	123			4,366
	iShares Global Healthcare ETF (a)	58			3,562
			7,928
Emerging Markets Fixed Income 4.7%
	iShares JPMorgan USD Emerging Markets Bond ETF (a)	69			6,657
Emerging Markets Equity 4.6%
	iShares Core MSCI Emerging Markets ETF	158			6,400
Alternative 2.1%
	iShares Global Infrastructure ETF (a)	51			1,733
	iShares U.S. Real Estate ETF (a)	17			1,149
			2,882
	Total Investment Companies (cost $147,265)		140,100
SHORT TERM INVESTMENTS 16.0%
Securities Lending Collateral 15.7%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (b) (c)	22,119			22,119
Investment Companies 0.3%
	JNL Government Money Market Fund - Institutional Class, 0.23% (b) (c)	475			475
	Total Short Term Investments (cost $22,594)		22,594
Total Investments 115.4% (cost $169,859)			162,694
Other Assets and Liabilities, Net (15.4)%			(21,666)
Total Net Assets 100.0%				141,028

(a)All or a portion of the security was on loan as of March 31, 2020.

(b)Investment in affiliate.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

JNL iShares Tactical Moderate Growth Fund
INVESTMENT COMPANIES 99.9%
Domestic Fixed Income 37.1%
	iShares 0-5 Year High Yield Corporate Bond ETF (a)	125		5,102
	iShares 0-5 Year TIPS Bond ETF (a)	35		3,443
	iShares Core Total U.S. Bond Market ETF (a)	215		24,754
	iShares Liquidity Income ETF	296		14,763
	iShares MBS ETF	319		35,230
	iShares Short-Term Corporate Bond ETF (a)	207		10,841
			94,133
Domestic Equity 28.8%
	iShares Core S&P 500 ETF	52		13,436
	iShares Core S&P Mid-Cap ETF (a)	122		17,486
	iShares Edge MSCI USA Quality Factor ETF (a)	303		24,574
	iShares Morningstar Large-Cap Value ETF	62		5,340
	iShares S&P SmallCap 600 Index ETF (a)	49		2,761
	iShares U.S. Consumer Services ETF	20		3,596
	iShares U.S. Technology ETF (a)	28		5,771
			72,964
Global Equity 10.6%
	iShares Exponential Technologies ETF	490		17,437
	iShares Global Healthcare ETF	157		9,554
			26,991
International Equity 9.3%
	iShares Core MSCI EAFE ETF	146		7,280
	iShares Edge MSCI Intl Quality Factor ETF (a)	628		16,242
			23,522
Emerging Markets Equity 7.0%
	iShares Core MSCI Emerging Markets ETF	440		17,808
Emerging Markets Fixed Income 3.9%
	iShares JPMorgan USD Emerging Markets Bond ETF (a)	102		9,896

1

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares			Value ($)
Alternative 3.2%
	iShares Global Infrastructure ETF (a)	141			4,822
	iShares U.S. Real Estate ETF (a)	46			3,205
			8,027
	Total Investment Companies (cost $267,833)		253,341
SHORT TERM INVESTMENTS 13.3%
Securities Lending Collateral 12.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (b) (c)	32,625			32,625
Investment Companies 0.4%
	JNL Government Money Market Fund - Institutional Class, 0.23% (b) (c)	1,161			1,161
	Total Short Term Investments (cost $33,786)		33,786
Total Investments 113.2% (cost $301,619)			287,127
Other Assets and Liabilities, Net (13.2)%			(33,562)
Total Net Assets 100.0%				253,565

(a)All or a portion of the security was on loan as of March 31, 2020.

(b)Investment in affiliate.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

2

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1	Value ($)
JNL/DFA U.S. Small Cap Fund
COMMON STOCKS 100.0%
Financials 20.8%
	1st Constitution Bancorp	1	8
	1st Security Bank of Washington	—	17
	1st Source Corporation	2	66
	ACNB Corporation	1	22
	Affiliated Managers Group, Inc.	3	160
	Allegiance Bancshares, Inc.	2	46
	A-Mark Precious Metals, Inc. (a)	1	10
	Ambac Financial Group, Inc. (a)	5	59
	American Equity Investment Life Holding Company	7	137
	American National Bankshares Inc.	1	26
	American National Insurance Company	2	140
	American River Bankshares	1	9
	Ameris Bancorp	5	124
	Amerisafe, Inc.	2	102
	Argo Group International Holdings, Ltd.	3	113
	Arrow Financial Corporation	2	46
	Artisan Partners Asset Management Inc. - Class A	4	89
	Associated Banc-Corp	12	152
	Associated Capital Group Inc. - Class A	—	11
	Assured Guaranty Ltd.	6	146
	Asta Funding, Inc. (a)	—	2
	Atlantic Capital Bancshares, Inc. (a)	3	30
	Atlantic Union Bank	6	132
	Atlanticus Holdings Corporation (a)	2	19
	Axos Financial, Inc. (a)	5	93
	Banc of California, Inc.	5	38
	BancFirst Corporation	3	87
	BancorpSouth Bank	8	142
	Bank of Hawaii Corporation (b)	2	121
	Bank of Marin Bancorp	1	38
	Bank of N.T. Butterfield & Son Limited (The)	4	73
	Bank OZK	8	135
	BankFinancial Corporation	2	14
	BankUnited, Inc.	6	116
	Banner Corporation	3	99
	Bar Harbor Bankshares	2	26
	Baycom Corp (a)	1	13
	BCB Bancorp, Inc.	2	21
	Berkshire Hills Bancorp, Inc.	4	61
	BGC Partners, Inc. - Class A	24	60
	Blucora, Inc. (a)	4	51
	Boston Private Financial Holdings Inc.	7	51
	Bridge Bancorp Inc.	2	40
	Bridgewater Bancshares, Inc. (a)	3	32
	Brighthouse Financial, Inc. (a)	6	153
	Brightsphere Investment Group Inc.	8	49
	Brookline Bancorp, Inc.	6	73
	Bryn Mawr Bank Corp.	2	50
	Byline Bancorp, Inc.	3	34
	C&F Financial Corporation	—	16
	Cadence Bancorporation - Class A	9	60
	Cambridge Bancorp (b)	1	31
	Camden National Corp.	2	49
	Cannae Holdings, Inc. (a)	5	180
	Capital City Bank Group Inc.	2	37
	Capitol Federal Financial	11	127
	Capstar Financial Holdings, Inc.	2	19
	Carolina Financial Corp.	1	39
	Cathay General Bancorp	6	140
	CBTX, Inc.	2	42
	Centerstate Bank Corporation	7	124
	Central Pacific Financial Corp.	2	35
	Central Valley Community Bancorp	1	12
	Century Bancorp Inc. - Class A	—	22
	Chemung Financial Corporation	—	6
	CIT Group Inc.	6	104
	Citizens & Northern Corp.	—	8
	Citizens Inc. - Class A (a) (b)	4	26
	City Holdings Co.	1	79
	Civista Bancshares Inc.	2	30
	CNB Financial Corp.	1	26
	Cohen & Steers, Inc.	4	162
	Columbia Banking System Inc.	6	155
	Columbia Financial, Inc. (a)	9	124
	Community Bank System Inc.	3	175
	Community Bankers Trust Corp.	1	7
	Community Trust Bancorp Inc.	2	48
	ConnectOne Bancorp, Inc.	3	46
	Cowen Inc. - Class A	2	19
	Crawford & Co. - Class A	3	20
	Crawford & Co. - Class B	3	18
	Curo Group Holdings Corp.	3	19
	Customers Bancorp, Inc. (a)	2	27
	CVB Financial Corp.	8	170
	Diamond Hill Investment Group, Inc.	—	34
	Dime Community Bancshares Inc.	2	31
	Donegal Group Inc. - Class A	4	55
	Donnelley Financial Solutions, Inc. (a)	4	21
	Eagle Bancorp Inc.	3	82
	Eaton Vance Corp.	3	95
	eHealth, Inc. (a)	2	236
	Elevate Credit, Inc. (a)	4	5
	Employer Holdings Inc.	3	104
	Encore Capital Group, Inc. (a)	3	59
	Enova International, Inc. (a)	3	46
	Enstar Group Limited (a)	1	175
	Enterprise Bancorp Inc.	2	49
	Enterprise Financial Services Corp.	2	61
	Equity Bancshares, Inc. - Class A (a)	2	27
	Esquire Financial Holdings, Inc. (a)	1	14
	Essent Group Ltd.	4	101
	Evercore Inc. - Class A	3	143
	EZCORP, Inc. - Class A (a)	4	17
	Farmers National Banc Corp.	3	39
	FB Financial Corporation	3	50
	FBL Financial Group, Inc. - Class A	2	101
	Federal Agricultural Mortgage Corporation - Class C	1	50
	Federated Investors, Inc. - Class B	8	147
	Fednat Holding Company	1	17
	Financial Institutions Inc.	1	26
	First Bancorp.	3	58
	First Bancorp.	18	94
	First Bancshares Inc.	2	31
	First Bank of New Jersey	1	9
	First Busey Corporation	5	80
	First Commonwealth Financial Corporation	8	77
	First Community Bancshares, Inc.	2	39
	First Defiance Financial Corp.	3	45
	First Financial Bancorp.	8	122
	First Financial Bankshares, Inc.	8	208
	First Financial Corporation	1	40
	First Financial Northwest, Inc.	1	7
	First Foundation Inc.	4	42
	First Hawaiian, Inc.	8	130
	First Horizon National Corporation	2	18
	First Internet Bancorp	1	22
	First Interstate BancSystem, Inc. - Class A	3	93
	First Merchants Corporation	5	124
	First Mid Bancshares, Inc.	1	31
	First Midwest Bancorp, Inc.	9	118
	First United Corporation	—	7
	FirstCash, Inc.	3	185
	Flagstar Bancorp, Inc.	5	96
	Flushing Financial Corp.	3	34
	FNB Corp.	19	142
	Franklin Financial Network, Inc.	1	28
	Fulton Financial Corp.	13	151
	GAIN Capital Holdings, Inc. (b)	2	12
	GAMCO Investors Inc. - Class A	1	14
	Genworth Financial, Inc. - Class A (a)	4	13
	German American Bancorp Inc.	3	70
	Glacier Bancorp, Inc.	5	184
	Global Indemnity Ltd - Class A	1	18
	Goosehead Insurance, Inc. - Class A (a)	1	56
	Great Southern Bancorp Inc.	1	51
	Great Western Bancorp Inc.	5	99

3

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

	Shares/Par1	Value ($)
Green Dot Corporation - Class A (a)	4	106
Greenhill & Co. Inc.	2	23
Greenlight Capital Re, Ltd. - Class A (a)	4	21
Guaranty Bancshares Inc.	1	25
Hallmark Financial Services, Inc. (a)	2	7
Hamilton Lane Inc. - Class A	2	85
Hancock Whitney Co.	7	130
Hanmi Financial Corp.	3	31
HarborOne Bancorp, Inc. (a)	5	37
HCI Group, Inc.	1	37
Heartland Financial USA, Inc.	3	85
Hennessy Advisors Inc. (b)	1	5
Heritage Commerce Corp.	5	38
Heritage Financial Corporation	3	60
Heritage Insurance Holdings, Inc.	3	33
Hingham Institution for Savings	—	36
Home Bancorp, Inc.	1	16
Home BancShares, Inc.	12	146
HomeStreet, Inc.	2	46
HomeTrust Bancshares Inc.	1	18
Hope Bancorp, Inc.	10	84
Horace Mann Educators Corp.	4	132
Horizon Bancorp Inc.	4	37
Houlihan Lokey Inc. - Class A	2	117
Howard Bancorp Inc. (a)	2	23
IberiaBank Corp.	3	121
Impac Mortgage Holdings, Inc. (a) (b)	1	3
Independence Holding Co.	—	8
Independence Holdings, LLC	1	21
Independent Bank Corp.	2	157
Independent Bank Group, Inc.	3	73
Interactive Brokers Group, Inc.	4	173
International Bancshares Corporation	5	143
INTL FCStone Inc. (a)	2	58
Investors Bancorp, Inc.	17	137
Investors Title Co.	—	32
James River Group, Inc.	2	89
Janus Henderson Group PLC	11	164
Kearny Financial Corp	3	26
Kemper Corp.	1	106
Kingstone Cos. Inc.	1	7
Kinsale Capital Group, Inc.	1	127
Lakeland Bancorp Inc.	5	50
Lakeland Financial Corp.	2	81
Lazard Ltd - Class A	3	63
LCNB Corp.	1	6
Legg Mason, Inc.	5	266
LendingClub Corporation (a)	8	59
LendingTree, Inc. (a) (b)	1	124
Live Oak Bancshares, Inc.	3	41
Longlade, Dr Charles W	2	29
Luther Burbank Corporation	4	38
Macatawa Bank Corp.	5	34
Maiden Holdings, Ltd. (a)	5	4
Manning & Napier, Inc. - Class A (b)	3	3
Marlin Business Services Inc.	1	8
MBIA Inc. (a)	6	39
Mercantile Bank Corp.	1	31
Merchants Bancorp, Inc.	3	39
Mercury General Corp.	4	150
Meridian Bancorp, Inc.	5	54
Meta Financial Group, Inc.	3	63
Metropolitan Bank Holding Corp. (a)	1	21
Midland States Bancorp Inc.	2	38
MidWestOne Financial Group Inc.	1	30
Moelis & Company LLC - Class A	4	117
Mr. Cooper Group Inc. (a)	8	57
MVB Financial Corp.	1	16
National Bank Holdings Corp. - Class A	3	65
National Bankshares Inc.	—	10
National General Holdings Corp.	5	90
National Western Life Group Inc. - Class A	—	53
Navient Corporation	15	112
NBT Bancorp Inc.	3	109
Nelnet, Inc. - Class A	2	102
Nicholas Financial, Inc. (a)	2	11
Nicolet Bankshares, Inc. (a)	1	45
NMI Holdings Inc. - Class A (a)	5	60
Northeast Bank	—	2
Northfield Bancorp Inc.	4	49
Northrim BanCorp Inc.	1	15
Northwest Bancshares Inc.	9	102
OceanFirst Financial Corp.	5	83
Ocwen Financial Corp. (a)	6	3
OFG Bancorp	4	47
Old National Bancorp	10	136
Old Second Bancorp Inc.	3	19
On Deck Capital Inc. (a)	8	12
Oppenheimer Holdings Inc. - Class A	2	31
Opus Bank	4	62
Origin Bancorp, Inc.	2	40
Pacific Mercantile Bancorp (a)	1	5
Pacific Premier Bancorp, Inc.	5	88
PacWest Bancorp	7	120
Park National Corp.	1	94
Peapack Gladstone Financial Corp.	2	36
PennyMac Financial Services, Inc.	6	129
Peoples Bancorp Inc.	2	47
People's Utah Bancorp	2	31
Pinnacle Financial Partners, Inc.	4	164
Piper Jaffray Cos.	1	54
PJT Partners Inc. - Class A	2	78
Popular Inc.	1	41
Preferred Bank	1	40
Primerica, Inc.	—	44
ProAssurance Corporation	4	107
Protective Insurance Company - Class B	1	17
Provident Financial Holdings Inc.	1	20
Provident Financial Services, Inc.	5	69
Pzena Investment Management, Inc. - Class A	1	5
QCR Holdings, Inc.	1	37
Radian Group Inc.	2	23
RBB Bancorp	2	25
Regional Management Corp. (a)	1	16
Renasant Corporation	5	100
Republic Bancorp Inc. - Class A	2	51
Republic First Bancorp Inc. (a)	5	11
Riverview Bancorp Inc.	3	13
RLI Corp.	3	249
S&T Bancorp Inc.	3	72
Safeguard Scientifics Inc.	1	8
Safety Insurance Group, Inc.	1	99
Sandy Spring Bancorp Inc.	3	75
Seacoast Banking Corp. of Florida (a)	4	79
Selective Insurance Group Inc.	4	187
ServisFirst Bancshares, Inc.	4	119
Sierra BanCorp	2	32
Silvercrest Asset Management Group Inc. - Class A	1	8
Simmons First National Corp. - Class A	8	148
SLM Corporation	26	186
Smartfinancial, Inc.	2	24
South State Corp.	2	135
Southern First Bancshares Inc. (a)	1	24
Southern Missouri Bancorp Inc.	1	23
Southern National Bancorp of Virginia Inc.	2	24
Southside Bancshares, Inc.	3	85
Spirit Of Texas Bancshares Inc. (a)	2	19
State Auto Financial Corp.	3	95
Sterling Bancorp	12	121
Sterling Bancorp, Inc.	5	20
Stewart Information Services Corp.	2	65
Stifel Financial Corp.	4	179
Stock Yards Bancorp Inc.	2	57
Summit Financial Group, Inc.	1	17
Synovus Financial Corp.	1	15
TCF Financial Corporation	9	212
Telaria Inc. (a)	5	32
Territorial Bancorp Inc.	1	26
Texas Capital Bancshares, Inc. (a)	3	63
The Bancorp, Inc. (a)	5	32

4

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
	The First Bancorp, Inc.	2		39
	The First of Long Island Corporation	2		43
	The PRA Group, Inc. (a)	4		99
	Third Point Reinsurance Ltd. (a)	9		66
	Timberland Bancorp Inc.	1		13
	Tompkins Financial Corp.	1		84
	TowneBank	6		106
	Trico Bancshares	3		76
	Tristate Capital Holdings, Inc. (a)	3		28
	Triumph Bancorp, Inc. (a)	2		55
	Trupanion Inc. (a) (b)	1		37
	TrustCo Bank Corp.	9		49
	Trustmark Corp.	5		110
	UMB Financial Corp.	3		132
	Umpqua Holdings Corp.	13		143
	United Bankshares Inc.	6		140
	United Community Banks, Inc.	6		112
	United Fire Group Inc.	2		70
	United Insurance Holdings Corp.	5		43
	Universal Insurance Holdings, Inc.	3		59
	Univest Financial Corporation	2		39
	Valley National Bancorp	26		187
	Veritex Holdings Inc.	2		31
	Virtu Financial Inc. - Class A	6		116
	Virtus Partners, Inc.	1		44
	Waddell & Reed Financial Inc. - Class A (b)	4		51
	Walker & Dunlop, Inc.	2		95
	Washington Federal Inc.	6		161
	Washington Trust Bancorp, Inc.	1		52
	Waterstone Financial, Inc.	2		36
	Webster Financial Corp.	6		130
	WesBanco Inc.	5		129
	West Bancorporation, Inc.	2		34
	Westamerica Bancorp	2		128
	Western Alliance Bancorp	3		86
	Western New England Bancorp Inc.	4		29
	Westwood Holdings Group Inc.	1		18
	White Mountains Insurance Group Ltd	—		165
	Wintrust Financial Corporation	4		137
	WisdomTree Investments, Inc.	12		29
	World Acceptance Corp. (a)	1		35
	WSFS Financial Corp.	4		101
			22,745
Industrials 17.8%
	AAON, Inc.	3		133
	AAR Corp.	3		50
	ABM Industries Incorporated	5		119
	ACCO Brands Corporation	7		35
	Actuant Corporation	5		79
	Advanced Disposal Services, Inc. (a)	6		194
	Advanced Drainage Systems, Inc.	3		97
	Aegion Corporation (a)	1		26
	Aerojet Rocketdyne Holdings, Inc. (a)	5		216
	AeroVironment, Inc. (a)	2		124
	Air Lease Corporation - Class A	4		79
	Air Transport Services Group, Inc. (a)	5		89
	Alamo Group Inc.	1		93
	Albany International Corp. - Class A	2		118
	Allegiant Travel Company	1		92
	Allied Motion Technologies Inc.	1		24
	Altra Industrial Motion Corp.	1		9
	Ameresco, Inc. - Class A (a)	3		43
	American Superconductor Corporation (a) (b)	2		14
	American Woodmark Corporation (a)	1		62
	Apogee Enterprises, Inc.	3		53
	Applied Industrial Technologies, Inc.	3		137
	ARC Document Solutions, Inc.	3		3
	Arcbest Corporation	2		32
	Arcosa, Inc.	3		130
	Ardmore Shipping Services (Ireland) Limited	4		19
	Argan, Inc.	2		59
	Armstrong Flooring, Inc. (a)	2		3
	Armstrong World Industries, Inc.	3		232
	Astec Industries, Inc.	2		73
	Astronics Corporation (a)	3		23
	Astronics Corporation - Class B (a)	—		1
	Atkore International Group Inc. (a)	4		79
	Atlas Air Worldwide Holdings, Inc. (a)	2		56
	Avis Budget Group, Inc. (a)	6		90
	Axone Intelligence Inc. (a)	3		216
	AZZ Inc.	3		71
	Barnes Group Inc.	4		152
	Barrett Business Services, Inc.	1		25
	Beacon Roofing Supply, Inc. (a)	5		84
	BG Staffing, Inc.	2		12
	Blue Bird Global Corporation (a)	3		34
	BlueLinx Holdings Inc. (a) (b)	1		4
	Brady Corp. - Class A	3		130
	Briggs & Stratton Corp.	3		6
	BrightView Holdings, Inc. (a)	7		74
	Brink's Co.	3		155
	Builders FirstSource, Inc. (a)	10		118
	CAI International Inc. (a)	2		24
	Casella Waste Systems Inc. - Class A (a)	3		121
	CBIZ Inc. (a)	4		89
	Ceco Environmental Corp. (a)	3		13
	Chart Industries, Inc. (a)	3		92
	Cimpress Public Limited Company (a) (b)	2		100
	CIRCOR International, Inc. (a)	2		19
	Civeo Corporation (a)	12		5
	Clean Harbors Inc. (a)	4		182
	Colfax Corp. (a)	7		143
	Columbus Mckinnon Corp.	2		50
	Comfort Systems USA Inc.	3		109
	Commercial Vehicle Group Inc. (a)	4		6
	Construction Partners, Inc. - Class A (a)	3		49
	Copa Holdings, S.A. - Class A	2		105
	Cornerstone Building Brands, Inc. (a)	2		11
	Costamare Inc.	9		41
	Covanta Holding Corporation	10		86
	Covenant Transportation Group, Inc. - Class A (a)	1		12
	CRA International, Inc.	1		30
	CSW Industrials Inc.	1		76
	Cubic Corp.	2		101
	Daseke Companies, Inc. (a)	7		10
	Deluxe Corp.	3		84
	Douglas Dynamics, Inc.	2		66
	Ducommun Inc. (a)	1		29
	DXP Enterprises Inc. (a)	2		23
	Dycom Industries, Inc. (a)	3		72
	Eagle Bulk Shipping Inc. (a) (b)	8		14
	Eastern Co.	1		11
	Echo Global Logistics, Inc. (a)	3		44
	Elance, Inc. (a)	8		52
	EMCOR Group, Inc.	2		102
	Encore Wire Corp.	2		69
	Energy Recovery, Inc. (a) (b)	6		42
	EnerSys	3		131
	Ennis Inc.	2		44
	EnPro Industries, Inc.	2		64
	ESCO Technologies Inc.	2		143
	Evoqua Water Technologies Corp. (a)	8		93
	Exponent, Inc.	3		220
	Federal Signal Corporation	5		134
	Fluor Corp.	4		24
	Forrester Research Inc. (a)	2		55
	Forward Air Corp.	2		118
	Franklin Covey Co. (a)	1		21
	Franklin Electric Co. Inc.	3		153
	FreightCar America Inc. (a)	1		1
	FTI Consulting Inc. (a)	2		237
	Gates Industrial Corporation PLC (a)	9		64
	GATX Corporation	2		137
	Genco Shipping & Trading Limited	5		32
	Generac Holdings Inc. (a)	4		355
	Gibraltar Industries Inc. (a)	2		105
	GMS Inc. (a)	3		54
	Golden Ocean Group Limited (b)	1		4
	Goldfield Corp. (a)	1		4

5

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

	Shares/Par1	Value ($)
Gorman-Rupp Co.	2	65
GP Strategies Corporation (a)	1	8
GrafTech International Ltd.	12	99
Graham Corp.	1	15
Granite Construction Incorporated	4	55
Great Lakes Dredge & Dock Corp. (a)	6	48
Greenbrier Cos. Inc.	3	48
Griffon Corp.	5	58
H&E Equipment Services, Inc.	3	51
Harsco Corporation (a)	6	44
Hawaiian Holdings, Inc.	4	41
HC2 Holdings, Inc. (a) (b)	1	2
Healthcare Services Group Inc.	6	147
Heartland Express Inc.	7	133
Heidrick & Struggles International Inc.	2	37
Helios Technologies, Inc.	3	104
Herc Holdings Inc. (a)	3	54
Heritage-Crystal Clean, LLC (a)	2	31
Herman Miller Inc.	5	103
Hertz Global Holdings, Inc. (a)	11	66
Hill International Inc. (a)	5	7
Hillenbrand Inc.	1	14
HNI Corp.	4	93
HUB Group Inc. - Class A (a)	2	98
Hudson Global, Inc. (a)	—	1
Hurco Cos. Inc.	1	30
Huron Consulting Group Inc. (a)	2	86
Huttig Building Products Inc. (a)	2	1
Hyster-Yale Materials Handling Inc. - Class A	1	47
ICF International, Inc.	2	108
IES Holdings, Inc. (a)	2	35
InnerWorkings, Inc. (a)	6	7
Innovative Solutions and Support, Inc. (a)	—	1
Insperity, Inc.	2	86
Insteel Industries, Inc.	2	27
Interface Inc.	5	39
IntriCon Corporation (a)	1	17
JELD-WEN Holding, Inc. (a)	8	78
John Bean Technologies Corp.	2	129
Kadant Inc.	1	68
Kaman Corp.	2	88
Kelly Services Inc. - Class A	3	36
Kennametal Inc.	6	111
Kforce Inc.	2	50
Kimball International Inc. - Class B	4	45
Kirby Corp. (a)	2	86
Knoll Inc.	4	46
Korn Ferry	5	113
Kratos Defense & Security Solutions, Inc. (a)	9	120
Landstar System Inc.	2	208
Lawson Products Inc. (a)	1	32
LB Foster Co. (a)	1	13
Lindsay Corp.	1	77
LSI Industries Inc.	3	12
Lydall Inc. (a)	2	12
Macquarie Infrastructure Corporation	5	128
Manitex International Inc. (a)	1	4
Manitowoc Co. Inc. (a)	4	35
Marten Transport Ltd.	5	94
Masonite International Corporation (a)	2	98
MasTec Inc. (a)	5	152
Mastech Digital, Inc. (a)	1	10
Matson Intermodal - Paragon, Inc.	3	99
Matthews International Corp. - Class A	3	68
McGrath RentCorp	2	104
Mercury Systems Inc. (a)	3	215
Meritor, Inc. (a)	6	80
Mesa Air Group, Inc. (a)	4	13
Miller Industries Inc.	1	38
Mistras Group, Inc. (a)	3	11
Mobile Mini, Inc.	4	92
Moog Inc. - Class A	2	118
MRC Global Inc. (a)	7	29
MSA Safety Inc.	2	233
MSC Industrial Direct Co. - Class A	1	82
Mueller Industries Inc.	5	108
Mueller Water Products Inc. - Class A	13	101
MYR Group Inc. (a)	1	38
National Presto Industries Inc.	1	44
Navistar International Corporation (a)	6	101
NN Inc.	4	7
Northwest Pipe Co. (a)	1	23
Now, Inc. (a)	9	48
NV5 Global, Inc. (a)	1	42
Nvent Electric Public Limited Company	10	163
Omega Flex Inc.	1	64
Orion Energy Systems, Inc. (a)	1	3
Orion Group Holdings, Inc. (a)	2	6
PAM Transportation Services Inc. (a)	1	16
Park-Ohio Holdings Corp.	1	22
Patrick Industries, Inc.	2	55
Patriot Transportation, Inc.	—	3
Performant Financial Corporation (a)	3	3
PGT Innovations, Inc. (a)	5	40
Pitney Bowes Inc.	17	34
Powell Industries Inc.	1	28
Preformed Line Products Co.	1	26
Primoris Services Corporation	5	76
Proto Labs Inc. (a)	2	149
Quad/Graphics Inc. - Class A	3	8
Quanex Building Products Corp.	2	22
Radiant Logistics, Inc. (a)	6	22
Raven Industries Inc.	3	60
RBC Bearings Incorporated (a)	1	160
Red Violet, Inc. (a) (b)	1	23
Regal-Beloit Corp.	3	160
Resideo Technologies, Inc. (a)	8	37
Resources Connection, Inc.	4	41
REV Group Inc.	6	23
Rexnord Corporation	6	140
RR Donnelley & Sons Co.	8	8
Rush Enterprises Inc. - Class A	2	64
Saia, Inc. (a)	2	145
Schneider National, Inc. - Class B	5	105
Scorpio Bulkers Inc.	7	17
Sharps Compliance Corp. (a)	—	1
Simpson Manufacturing Co. Inc.	3	156
SiteOne Landscape Supply, Inc. (a)	2	171
SkyWest Inc.	4	95
SP Plus Corporation (a)	2	38
Spartan Motors Inc.	3	45
Spirit Airlines Inc. (a)	6	75
SPX Corp. (a)	4	122
SPX Flow, Inc. (a)	4	104
Standex International Corp.	1	56
Steelcase Inc. - Class A	8	78
Stericycle Inc. (a)	2	105
Sterling Construction Co. Inc. (a)	3	31
Stock Building Supply Holdings, LLC (a)	5	95
SunRun Inc. (a)	9	90
Team, Inc. (a)	3	19
Tennant Co.	2	90
Terex Corp.	6	82
Tetra Tech, Inc.	3	244
Textainer Group Holdings Limited (a)	5	45
Thermon Group Holdings, Inc. (a)	3	48
Timken Co.	5	154
Titan International, Inc.	9	14
Titan Machinery Inc. (a)	2	16
TPI Composites, Inc. (a)	3	45
Transact, Inc. (a)	1	20
Trex Company, Inc. (a)	4	295
TriMas Corp. (a)	4	85
TriNet Group Inc. (a)	4	146
Trinity Industries Inc.	9	149
Triton Container International Limited - Class A	6	147
Triumph Group Inc.	1	10
TrueBlue, Inc. (a)	4	46
Tutor Perini Corp. (a)	5	31
Twin Disc Inc. (a)	1	5

6

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
	U.S. Xpress Enterprises, Inc. (a) (b)	5		16
	Ultralife Corp. (a)	—		1
	UniFirst Corp.	1		125
	Universal Forest Products Inc.	4		138
	Universal Logistics Holdings, Inc.	3		33
	US Ecology Parent, Inc.	2		48
	USA Truck Inc. (a)	1		4
	Valmont Industries Inc.	1		137
	Vectrus, Inc. (a)	1		41
	Veritiv Corp. (a)	2		13
	Viad Corp	2		37
	Vicor Corp. (a)	2		109
	Virgin Galactic Holdings, Inc. (a) (b)	3		41
	VSE Corp.	1		16
	Wabash National Corp.	4		28
	Watts Water Technologies Inc. - Class A	2		138
	Welbilt Inc. (a)	10		53
	Werner Enterprises Inc.	4		152
	WESCO International, Inc. (a)	3		72
	Willscot Corp. (a) (b)	9		88
	YRC Worldwide Inc. (a) (b)	4		7
			19,460
Information Technology 15.5%
	2U, Inc. (a) (b)	6		118
	3D Systems Corporation (a) (b)	9		72
	A10 Networks, Inc. (a)	7		46
	Acacia Communications, Inc. (a)	3		175
	ACI Worldwide, Inc. (a)	7		177
	ACM Research, Inc. - Class A (a) (b)	1		27
	Adesto Technologies Corporation (a) (b)	3		37
	ADS Alliance Data Systems, Inc.	2		79
	ADTRAN, Inc.	5		38
	Advanced Energy Industries, Inc. (a)	3		140
	Agilysys, Inc. (a)	2		36
	Airgain, Inc. (a)	1		6
	Alarm.Com Holdings, Inc. (a)	3		117
	Alpha and Omega Semiconductor Limited (a)	3		16
	Altair Engineering Inc. - Class A (a)	3		76
	Ambarella Inc. (a)	3		130
	American Software, Inc. - Class A	3		47
	Amkor Technology, Inc. (a)	15		114
	Amtech Systems, Inc. (a)	2		7
	Anixter International Inc. (a)	2		188
	AppFolio, Inc. - Class A (a)	1		97
	Applied Optoelectronics, Inc. (a) (b)	2		12
	Arlo Technologies, Inc. (a)	8		19
	ASGN Incorporated (a)	4		137
	AstroNova, Inc.	—		4
	Avaya Holdings Corp. (a) (b)	9		73
	Avid Technology, Inc. (a)	5		37
	Avnet, Inc.	6		146
	Aware Inc. (a)	5		14
	Axcelis Technologies, Inc. (a)	3		59
	AXT, Inc. (a)	4		14
	Badger Meter, Inc.	2		120
	Bel Fuse Inc. - Class B	1		13
	Belden Inc.	3		122
	Benchmark Electronics, Inc.	1		26
	Blackbaud, Inc.	3		161
	Blackline, Inc. (a)	1		74
	Bottomline Technologies Inc. (a)	3		124
	Brightcove Inc. (a)	4		31
	Brooks Automation Inc.	5		155
	Cabot Microelectronics Corporation	2		182
	CACI International Inc. - Class A (a)	1		238
	CalAmp Corp. (a)	5		21
	Calix, Inc. (a)	6		41
	Cardtronics Group Limited - Class A (a)	3		72
	Casa Systems, Inc. (a)	8		27
	Cass Information Systems, Inc.	1		41
	CCUR Holdings, Inc.	1		5
	CEVA Inc. (a)	2		51
	ChannelAdvisor Corp. (a)	3		20
	Cirrus Logic Inc. (a)	4		232
	Clearfield, Inc. (a)	1		13
	Coda Octopus Group, Inc. (a) (b)	1		6
	Coherent Inc. (a)	1		151
	Cohu Inc.	3		42
	CommScope Holding Company, Inc. (a)	5		47
	CommVault Systems Inc. (a)	4		144
	Comtech Telecommunications Corp.	2		32
	Conduent Inc. (a)	17		42
	CoreLogic, Inc.	5		146
	Cornerstone OnDemand, Inc. (a)	4		127
	Cree, Inc. (a)	—		14
	CSG Systems International, Inc.	3		105
	CTS Corp.	3		68
	Cyberoptics Corp. (a)	1		12
	Daktronics Inc.	6		27
	Dasan Zhone Solutions, Inc. (a)	3		12
	Digi International Inc. (a)	3		29
	Digital Turbine USA, Inc. (a)	8		35
	Diodes Inc. (a)	4		145
	DSP Group, Inc. (a)	2		32
	Eastman Kodak Company (a)	4		6
	Ebix Inc.	3		42
	EchoStar Corp. - Class A (a)	3		87
	Endurance International Group Holdings, Inc. (a)	14		27
	Enphase Energy, Inc. (a)	4		126
	Entegris, Inc.	3		155
	Envestnet, Inc. (a)	3		157
	ePlus Inc. (a)	1		67
	EVERTEC, Inc.	5		115
	EVO Payments, Inc. - Class A (a)	3		47
	ExlService Holdings Inc. (a)	2		127
	Extreme Networks, Inc. (a)	6		19
	Fabrinet (a)	3		150
	FARO Technologies Inc. (a)	2		73
	FireEye, Inc. (a)	11		118
	Fitbit, Inc. - Class A (a)	13		89
	FormFactor Inc. (a)	6		119
	Globalscape, Inc.	2		12
	Globant S.A. (a)	2		195
	GreenSky, Inc. - Class A (a) (b)	2		9
	GSI Technology, Inc. (a)	3		24
	GTT Communications Inc. (a) (b)	2		15
	Hackett Group Inc.	3		36
	Harmonic, Inc. (a)	10		55
	I3 Verticals, Inc. - Class A (a)	1		18
	Ichor Holdings, Ltd. (a)	2		42
	Immersion Corp. (a)	4		20
	Impinj, Inc. (a) (b)	2		37
	Infinera Corporation (a)	16		84
	INPHI Corporation (a)	2		135
	Inseego Corp. (a) (b)	4		23
	Insight Enterprises, Inc. (a)	3		113
	Intelligent Systems Corporation (a) (b)	1		17
	InterDigital Communications, Inc.	2		107
	Intevac Inc. (a)	3		11
	Iteris, Inc. (a)	4		13
	Itron Inc. (a)	2		120
	J2 Cloud Services, LLC	3		196
	Jabil Inc.	5		128
	KBR, Inc.	8		175
	Kemet Corp.	5		115
	Key Tronic Corp. (a)	3		7
	Kimball Electronics Group, LLC (a)	2		24
	Knowles Corporation (a)	7		97
	Kulicke & Soffa Industries Inc.	5		101
	Lattice Semiconductor Corp. (a)	9		154
	Limelight Networks, Inc. (a)	11		61
	Littelfuse Inc.	1		181
	Liveramp, Inc. (a)	4		148
	LogMeIn, Inc.	3		247
	Lumentum Holdings Inc. (a)	3		194
	Luna Innovations Incorporated (a)	3		20
	MACOM Technology Solutions Holdings, Inc. (a)	3		63
	MagnaChip Semiconductor, Ltd. (a)	3		32
	Manhattan Associates Inc. (a)	4		191

7

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
	Mantech International Corp. - Class A	1		106
	MAXIMUS Inc.	—		27
	MaxLinear, Inc. - Class A (a)	6		73
	Methode Electronics Inc.	3		89
	MicroStrategy Inc. - Class A (a)	1		81
	Mimecast Uk Limited (a)	4		132
	Mitek Systems, Inc. (a)	5		36
	MKS Instruments, Inc.	1		87
	MoneyGram International, Inc. (a) (b)	6		8
	MTS Systems Corp.	1		32
	NAPCO Security Technologies Inc. (a)	1		22
	NCR Corporation (a)	8		150
	NeoPhotonics Corporation (a)	5		35
	NETGEAR, Inc. (a)	2		50
	NetScout Systems, Inc. (a)	6		131
	Network-1 Technologies, Inc.	3		6
	New Relic, Inc. (a)	1		39
	NIC Inc.	6		138
	Novantas Inc. (a)	2		171
	Nuance Communications, Inc. (a)	2		30
	NVE Corp.	1		35
	Onespan, Inc. (a)	4		70
	Onto Innovation Inc. (a)	4		113
	OSI Systems Inc. (a)	1		95
	PAR Technology Corp.	—		5
	Paylocity Holding Corporation (a)	1		110
	Paysign, Inc. (a) (b)	3		17
	PC Connection, Inc.	2		81
	PC-Tel, Inc.	3		18
	PDF Solutions Inc. (a)	3		37
	Perficient, Inc. (a)	3		74
	Perspecta Inc.	9		172
	PFSweb Inc. (a)	2		7
	Photronics Inc. (a)	3		33
	Pixelworks, Inc. (a)	6		16
	Plantronics Inc. (b)	3		33
	Plexus Corp. (a)	2		127
	Power Integrations Inc.	2		148
	PRGX Global, Inc. (a)	4		11
	Progress Software Corp.	3		106
	Pure Storage, Inc. - Class A (a)	1		14
	QAD Inc. - Class A	2		60
	Qualys, Inc. (a)	2		213
	Quantum Corporation (a)	3		10
	Rambus Inc. (a)	10		106
	Ribbon Communications Inc. (a)	12		37
	Rogers Corp. (a)	2		144
	Rosetta Stone Inc. (a)	2		34
	Sabre Corporation	13		77
	SailPoint Technologies Holdings, Inc. (a)	4		66
	Sanmina Corp. (a)	6		156
	Sapiens International Corporation N.V.	4		73
	ScanSource Inc. (a)	2		50
	Science Applications International Corp.	4		262
	Secureworks Corp. - Class A (a)	1		13
	Semtech Corp. (a)	4		155
	Servicesource International, Inc. (a)	4		4
	Sharpspring Technologies, Inc. (a) (b)	1		6
	ShotSpotter, Inc. (a) (b)	1		33
	Silicon Laboratories Inc. (a)	2		129
	SMART Global Holdings, Inc. (a)	2		60
	SolarEdge Technologies Ltd. (a)	3		205
	SPS Commerce, Inc. (a)	3		129
	StarTek, Inc. (a)	2		6
	Stratasys, Inc. (a) (b)	1		22
	Super Micro Computer, Inc. (a)	4		79
	Sykes Enterprises Inc. (a)	2		53
	Synaptics Incorporated (a)	3		154
	Synchronoss Technologies, Inc. (a)	3		10
	SYNNEX Corporation	1		108
	Systemax Inc.	3		61
	Tech Data Corp. (a)	2		291
	TeleNav Inc. (a)	5		20
	Teradata Corporation (a)	5		110
	Tessco Technologies Inc.	—		2
	Transact Technologies Inc.	—		1
	TTEC Holdings, Inc.	4		132
	TTM Technologies, Inc. (a)	8		84
	Tucows Inc. (a) (b)	1		28
	Ultra Clean Holdings, Inc. (a)	4		51
	Unisys Corp. (a)	6		73
	Upland Software, Inc. (a)	1		36
	Veeco Instruments Inc. (a)	5		47
	Verint Systems Inc. (a)	4		172
	ViaSat, Inc. (a)	3		120
	Viavi Solutions Inc. (a)	15		164
	Virtusa Corporation (a)	2		67
	Vishay Intertechnology Inc.	8		112
	Vishay Precision Group, Inc. (a)	1		22
	Wayside Technology Group Inc.	—		4
	Xperii Corp.	4		52
	Zix Corporation (a)	4		16
			16,871
Health Care 12.9%
	Abeona Therapeutics Inc. (a)	4		9
	AC Immune SA (a) (b)	2		11
	Acadia Healthcare Company, Inc. (a)	5		100
	Acceleron Pharma Inc. (a)	1		84
	Accuray Incorporated (a)	10		19
	Acorda Therapeutics, Inc. (a)	4		3
	Adamas Pharmaceuticals, Inc. (a)	2		4
	Addus HomeCare Corporation (a)	1		86
	Aduro Biotech, Inc. (a)	8		21
	Adverum Biotechnologies, Inc. (a)	6		61
	Aeglea Biotherapeutics, Inc. (a)	3		12
	Aerie Pharmaceuticals, Inc. (a)	2		22
	Agios Pharmaceuticals, Inc. (a)	2		64
	Akcea Therapeutics, Inc. (a) (b)	1		20
	Akebia Therapeutics, Inc. (a)	10		73
	Akorn, Inc. (a)	12		7
	Albireo Pharma, Inc. (a)	2		28
	Aldeyra Therapeutics, Inc. (a)	3		6
	Alkermes Public Limited Company (a)	6		90
	Allscripts Healthcare Solutions, Inc. (a)	13		93
	AMAG Pharmaceuticals, Inc. (a) (b)	3		16
	Amedisys, Inc. (a)	2		366
	American Renal Associates Holdings, Inc. (a)	4		24
	Amicus Therapeutics, Inc. (a)	7		62
	AMN Healthcare Services, Inc. (a)	3		156
	Amphastar Pharmaceuticals, Inc. (a)	4		61
	Anaptysbio, Inc. (a)	2		34
	AngioDynamics, Inc. (a)	3		31
	ANI Pharmaceuticals, Inc. (a)	1		37
	Anika Therapeutics, Inc. (a)	1		35
	Apex Medical Corp. (a)	4		14
	Apollo Medical Holdings, Inc. (a)	—		3
	Applied Genetic Technologies Corporation (a)	2		7
	Aravas Inc. (a)	—		1
	Aravive Biologics, Inc. (a) (b)	2		12
	Arcus Biosciences, Inc. (a)	4		61
	Ardelyx, Inc. (a)	9		51
	Arena Pharmaceuticals, Inc. (a)	2		77
	Assembly Biosciences, Inc. (a)	3		49
	Assertio Therapeutics, Inc. (a)	6		4
	Atara Biotherapeutics, Inc. (a)	5		43
	AtriCure, Inc. (a)	2		68
	Atrion Corporation	—		92
	Avanos Medical, Inc. (a)	4		101
	AVROBIO, Inc. (a)	3		46
	AxoGen, Inc. (a)	4		41
	BioDelivery Sciences International, Inc. (a)	7		28
	BioLife Solutions, Inc. (a) (b)	3		25
	BioSpecifics Technologies Corp. (a)	1		40
	BioTelemetry, Inc. (a)	3		103
	Bioxcel Therapeutics, Inc. (a)	1		29
	Bluebird Bio, Inc. (a)	1		29
	Brookdale Senior Living Inc. (a)	16		49
	Calithera Biosciences, Inc. (a)	6		25
	Calyxt, Inc. (a) (b)	1		3

8

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

	Shares/Par1	Value ($)
Cantel Medical Corp.	2	83
Capital Senior Living Corp. (a)	4	2
Cara Therapeutics, Inc. (a) (b)	3	40
Cardiovascular Systems Inc. (a)	2	71
Caredx, Inc. (a) (b)	3	68
Cassava Sciences, Inc. (a)	1	4
Castlight Health, Inc. - Class B (a)	7	5
Catalyst Bio, Inc. (a)	1	4
Catalyst Pharmaceuticals, Inc. (a) (b)	12	44
Champions Oncology, Inc. (a)	—	4
Chembio Diagnostics, Inc. (a)	2	9
ChemoCentryx, Inc. (a)	4	151
Chiasma, Inc. (a)	4	15
Chimerix, Inc. (a)	4	6
Cidara Therapeutics Inc. (a) (b)	1	2
Codexis, Inc. (a) (b)	5	55
Collegium Pharmaceutical, Inc. (a)	3	47
Community Health Systems Inc. (a) (b)	10	33
Computer Programs & Systems Inc.	1	31
Concert Pharmaceuticals Inc. (a)	3	25
ConforMIS, Inc. (a) (b)	2	2
Conmed Corp.	2	101
Corcept Therapeutics Inc. (a)	10	116
Corvel Corp. (a)	2	83
Corvus Pharmaceuticals Inc. (a) (b)	1	3
Covetrus, Inc. (a)	8	62
Crinetics Pharmaceuticals, Inc. (a) (b)	—	4
CRISPR Therapeutics AG (a)	1	22
Cross Country Healthcare Inc. (a)	4	24
CryoLife Inc. (a)	2	42
Cumberland Pharmaceuticals Inc. (a)	3	10
Cutera Inc. (a)	1	13
Cyclerion Therapeutics, Inc. (a)	2	7
Cymabay Therapeutics, Inc. (a) (b)	5	7
Cytomx Therapeutics, Inc. (a)	5	35
Deciphera Pharmaceuticals, Inc. (a)	4	150
Denali Therapeutics Inc. (a)	7	123
Eagle Pharmaceuticals Inc. (a)	1	59
Eiger Biopharmaceuticals, Inc. (a)	3	19
Electromed, Inc. (a)	1	9
Emergent BioSolutions Inc. (a)	2	95
Enanta Pharmaceuticals, Inc. (a)	2	84
Endo International Public Limited Company (a)	19	70
Enzo Biochem Inc. (a)	4	9
Epizyme, Inc. (a)	4	61
Evolent Health, Inc. - Class A (a)	7	37
Exelixis, Inc. (a)	—	8
Fate Therapeutics, Inc. (a)	1	29
FibroGen, Inc. (a)	5	163
Five Prime Therapeutics, Inc. (a)	5	10
Five Star Senior Living Inc. (a)	2	6
Fluidigm Corporation (a)	7	18
Fonar Corporation (a)	1	8
Fulgent Genetics, Inc. (a)	1	14
G1 Therapeutics, Inc. (a)	3	32
Geron Corp. (a) (b)	10	12
Glaukos Corp. (a)	1	22
Global Blood Therapeutics, Inc. (a)	1	70
Globus Medical Inc. - Class A (a)	3	108
GlycoMimetics, Inc. (a)	5	10
Gritstone Oncology, Inc. (a) (b)	1	6
Hanger, Inc. (a)	3	52
Harvard Bioscience Inc. (a)	3	6
HealthEquity, Inc. (a)	—	7
Healthstream, Inc. (a)	2	58
Heron Therapeutics, Inc. (a)	2	23
Heska Corporation (a)	1	43
HMS Holdings Corp. (a)	6	140
Horizon Therapeutics Public Limited Company (a)	9	266
ICU Medical, Inc. (a)	1	144
InfuSystem Holdings, Inc. (a)	2	14
Innoviva, Inc. (a)	7	84
Inogen, Inc. (a)	2	110
Inovalon Holdings, Inc. - Class A (a)	4	64
Inovio Pharmaceuticals, Inc. (a) (b)	5	36
Insmed Inc. (a) (b)	3	42
Integer Holdings Corporation (a)	2	118
Integra LifeSciences Holdings Corp. (a)	2	91
Intellia Therapeutics, Inc. (a) (b)	4	52
Intersect ENT, Inc. (a)	1	16
Intra-Cellular Therapies, Inc. (a)	5	83
Invacare Corp.	5	34
Iovance Biotherapeutics Inc. (a)	1	34
Iradimed Corp. (a) (b)	1	23
Ironwood Pharmaceuticals, Inc. - Class A (a) (b)	12	117
Iveric Bio, Inc. (a)	5	19
Jounce Therapeutics Inc. (a)	3	13
Kala Pharmaceuticals Inc. (a)	2	15
KalVista Pharmaceuticals Inc. (a)	2	16
Karyopharm Therapeutics Inc. (a)	4	69
Kindred Healthcare Inc. (a)	4	18
Kiniksa Pharmaceuticals Ltd. - Class A (a)	2	31
Kura Oncology, Inc. (a)	3	29
Lannett Co. Inc. (a) (b)	—	2
Lantheus Holdings Inc. (a)	3	40
LeMaitre Vascular Inc.	2	49
Lexicon Pharmaceuticals, Inc. (a) (b)	4	8
LHC Group, Inc. (a)	2	258
Ligand Pharmaceuticals Incorporated (a) (b)	1	97
LivaNova PLC (a)	3	120
Luminex Corporation	4	112
MacroGenics Inc. (a)	4	25
Madrigal Pharmaceuticals Inc. (a)	1	80
Magellan Health Services Inc. (a)	2	92
Magenta Therapeutics, Inc. (a)	1	6
Mallinckrodt Public Limited Company (a) (b)	6	11
MediciNova, Inc. (a) (b)	3	11
Mednax, Inc. (a)	7	76
Medpace Holdings, Inc. (a)	2	151
MEI Pharma, Inc. (a)	4	7
Menlo Therapeutics Inc. (a)	2	5
Meridian Bioscience Inc. (a)	5	46
Merit Medical Systems Inc. (a)	3	90
Merrimack Pharmaceuticals Inc.	1	2
Mersana Therapeutics, Inc. (a)	4	26
Mesa Laboratories, Inc.	—	77
Millendo Therapeutics, Inc. (a)	1	6
Minerva Neurosciences Inc. (a)	3	16
Molecular Templates, Inc. (a)	2	32
Momenta Pharmaceuticals, Inc. (a)	5	146
Myokardia, Inc. (a)	1	65
Myriad Genetics, Inc. (a)	6	80
Nabriva Therapeutics Public Limited Company (a) (b)	6	3
NantKwest, Inc. (a) (b)	4	13
National Healthcare Corp.	1	87
National Research Corp. - Class A	3	135
Natus Medical Inc. (a)	3	70
Nektar Therapeutics (a)	2	31
Neogen Corp. (a)	3	194
Neogenomics Laboratories, Inc. (a)	5	127
Nextgen Healthcare Inc. (a)	6	58
NuVasive Inc. (a)	3	160
ObsEva SA (a) (b)	5	13
Omnicell, Inc. (a)	2	157
OPKO Health, Inc. (a) (b)	17	23
OptiNose, Inc. (a) (b)	—	—
Option Care Health, Inc. (a) (b)	1	12
Orasure Technologies, Inc. (a)	7	72
Orthofix Medical Inc. (a)	2	45
Orthopediatrics Corp. (a)	1	34
Otonomy, Inc. (a)	2	4
Owens & Minor Inc.	8	75
Oxford Immunotec Global PLC (a)	3	25
Pacira Biosciences, Inc. (a)	3	99
Patterson Cos. Inc.	7	106
PDL BioPharma, Inc. (a)	11	31
PetIQ, Inc. - Class A (a) (b)	2	45
Pfenex Inc. (a)	4	32
Phibro Animal Health Corporation - Class A	2	40

9

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
	Pieris AG (a)	4		8
	PolarityTE, Inc. (a) (b)	2		2
	Premier Healthcare Solutions, Inc. - Class A (a)	3		94
	Prestige Consumer Healthcare Inc. (a)	4		134
	Principia Biopharma Inc. (a) (b)	1		79
	Progenics Pharmaceuticals Inc. (a)	3		11
	Protagonist Therapeutics, Inc. (a)	2		13
	Proteostasis Therapeutics, Inc. (a) (b)	4		4
	Prothena Corporation Public Limited Company (a)	4		44
	Providence Services Corp. (a)	1		53
	Quidel Corporation (a)	2		233
	R1 RCM Inc. (a)	10		91
	RA Pharmaceuticals, Inc. (a)	1		44
	RadNet Inc. (a)	4		43
	Regenxbio Inc. (a)	2		79
	Repligen Corporation (a)	3		245
	Retrophin Inc. (a)	3		49
	Revance Therapeutics Inc. (a)	3		44
	Rhythm Pharmaceuticals, Inc. (a)	2		31
	Rigel Pharmaceuticals Inc. (a)	7		10
	Rocket Pharmaceuticals, Ltd. (a)	3		47
	RTI Surgical, Inc. (a)	9		15
	Sangamo Therapeutics Inc. (a) (b)	8		53
	scPharmaceuticals Inc. (a)	—		1
	SeaSpine Holdings Corporation (a)	2		20
	Select Medical Holdings Corporation (a)	8		125
	Sientra, Inc. (a)	6		11
	SIGA Technologies, Inc. (a)	7		32
	Simulations Plus Inc.	2		55
	Solid Biosciences Inc. (a)	1		3
	Spectrum Pharmaceuticals, Inc. (a)	9		22
	Spero Therapeutics, Inc. (a)	2		19
	Staar Surgical Co. (a)	3		109
	Strongbridge Biopharma Public Limited Company (a)	3		6
	Supernus Pharmaceuticals Inc. (a)	4		73
	SurModics Inc. (a)	1		44
	Symbion, Inc. (a)	5		31
	Syndax Pharmaceuticals, Inc. (a)	3		29
	Syneos Health, Inc. - Class A (a)	1		41
	Synlogic Operating Company, Inc. (a)	2		3
	Syros Pharmaceuticals, Inc. (a)	4		22
	Tactile Systems Technology, Inc. (a)	2		66
	Taro Pharmaceutical Industries Ltd (a)	2		127
	Tenet Healthcare Corporation (a)	6		90
	The Ensign Group, Inc.	3		116
	The Joint Corp (a)	1		15
	The Pennant Group, Inc. (a)	2		22
	Translate Bio, Inc. (a) (b)	3		30
	Triple-S Management Corp. - Class B (a)	2		26
	U. S. Physical Therapy, Inc.	1		66
	Ultragenyx Pharmaceutical Inc. (a)	2		99
	United Therapeutics Corporation (a)	2		237
	Utah Medical Products Inc.	—		47
	Vanda Pharmaceuticals Inc. (a)	4		40
	Varex Imaging Corporation (a)	3		63
	Vericel Corporation (a)	4		33
	ViewRay, Inc. (a) (b)	11		29
	Viking Therapeutics, Inc. (a) (b)	3		14
	Vocera Communications, Inc. (a) (b)	2		52
	Voyager Therapeutics, Inc. (a)	3		24
	Wave Life Sciences Ltd. (a) (b)	2		17
	Wright Medical Group N.V. (a)	8		215
	Xencor, Inc. (a)	4		122
	Zogenix, Inc. (a)	2		45
	Zynex, Inc. (a)	2		18
			14,077
Consumer Discretionary 11.6%
	1-800-Flowers.Com, Inc. - Class A (a)	3		37
	Aaron's, Inc.	4		95
	Abercrombie & Fitch Co. - Class A	5		50
	Acushnet Holdings Corp.	6		142
	Adient Public Limited Company (a)	7		63
	Adtalem Global Education Inc. (a)	2		67
	American Axle & Manufacturing Holdings, Inc. (a)	11		41
	American Eagle Outfitters, Inc.	13		106
	American Outdoor Brands Corporation (a)	5		44
	American Public Education, Inc. (a)	1		27
	America's Car Mart, Inc. (a)	1		30
	Ark Restaurants Corp.	1		6
	Asbury Automotive Group, Inc. (a)	2		87
	Ascena Retail Group, Inc. (a) (b)	1		1
	Aspen Group, Inc. (a)	3		22
	At Home Group, Inc. (a) (b)	8		17
	AutoNation, Inc. (a)	5		149
	Barnes & Noble Education, Inc. (a)	5		7
	Bassett Furniture Industries, Incorporated	1		5
	BBX Capital Corporation - Class A	8		19
	Bed Bath & Beyond Inc.	9		38
	Big 5 Sporting Goods Corporation	3		3
	Big Lots, Inc.	3		37
	BJ's Restaurants, Inc.	2		26
	Bloomin' Brands, Inc.	7		50
	Boot Barn Holdings, Inc. (a)	2		31
	Brinker International Inc.	3		37
	Brunswick Corp.	3		110
	Buckle Inc. (b)	4		56
	Build-A-Bear Workshop Inc. (a)	1		2
	Caleres Inc.	2		12
	Callaway Golf Co.	8		78
	Camping World Holdings, Inc. - Class A (b)	3		19
	Capri Holdings Limited (a)	3		27
	Carriage Services Inc.	2		32
	Carrols Restaurant Group, Inc. (a)	4		7
	Carter's Inc.	3		172
	Cato Corp. - Class A	2		24
	Cavco Industries Inc. (a)	1		100
	Century Casinos Inc. (a)	3		6
	Century Communities Inc. (a)	2		32
	Cheesecake Factory Inc. (b)	3		58
	Chico's FAS Inc.	13		17
	Childrens Place Retail Stores Inc. (b)	1		23
	Choice Hotels International Inc.	1		80
	Churchill Downs Inc.	1		99
	Chuy's Holdings Inc. (a)	2		15
	Citi Trends, Inc.	1		7
	Collectors Universe, Inc.	1		21
	Conn's Inc. (a)	2		9
	Container Store Group Inc. (a) (b)	7		16
	Cooper Tire & Rubber Co.	4		67
	Cooper-Standard Holdings Inc. (a)	1		15
	Core-Mark Holding Co. Inc.	3		94
	Cracker Barrel Old Country Store, Inc.	1		121
	Crocs Inc. (a)	5		84
	Culp Inc.	1		10
	Dana Holding Corp.	12		92
	Dave & Buster's Entertainment Inc.	3		34
	Deckers Outdoor Corp. (a)	2		236
	Del Taco Restaurants Inc. (a)	3		9
	Delphi Technologies PLC (a)	7		60
	Delta Apparel Inc. (a)	1		10
	Denny's Corporation (a)	5		36
	Designer Brands Inc. - Class A	5		27
	Destination XL Group, Inc. (a)	6		2
	Dick's Sporting Goods Inc.	5		98
	Dillard's Inc. - Class A (b)	1		44
	Dine Brands Global Inc.	2		43
	Dixie Group Inc. - Class A (a)	1		1
	Dorman Products Inc. (a)	3		149
	Duluth Holdings Inc. - Class B (a) (b)	1		5
	El Pollo Loco Holdings Inc. (a)	4		35
	Eldorado Resorts, Inc. (a)	4		59
	Escalade Inc.	2		13
	Ethan Allen Interiors Inc.	2		25
	Everi Holdings Inc. (a)	7		22
	Express, Inc. (a)	6		9
	Extended Stay America, Inc. - Class B	14		105
	Fiesta Restaurant Group, Inc. (a)	3		14
	Flexsteel Industries Inc.	1		12

10

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

	Shares/Par1	Value ($)
Floor & Decor Holdings Inc. (a)	4	131
Foot Locker, Inc.	4	80
Fossil Group, Inc. (a)	3	11
Fox Factory Holding Corp. (a)	3	136
Francesca's Holdings Corporation (a) (b)	—	—
Frontdoor, Inc. (a)	5	173
Funko Inc. - Class A (a) (b)	2	9
GameStop Corp. - Class A (b)	8	29
Garrett Motion Inc. (a)	8	22
Genesco Inc. (a)	1	18
Gentherm Incorporated (a)	3	87
G-III Apparel Group, Ltd. (a)	3	23
GNC Holdings, Inc. - Class A (a) (b)	1	1
Gopro Inc. - Class A (a)	11	28
Graham Holdings Co.	—	107
Grand Canyon Education, Inc. (a)	2	137
Grantley Adams International Airport Inc. - Class A (a) (b)	1	7
Green Brick Partners Inc. (a)	4	31
Group 1 Automotive Inc.	1	54
Groupon Inc. - Class A (a)	48	47
Grubhub Holdings Inc. (a)	1	24
Guess Inc.	5	36
H & R Block, Inc.	4	54
Hamilton Beach Brands Holding Company	1	8
Haverty Furniture Cos. Inc.	1	17
Helen of Troy Ltd (a)	1	192
Hibbett Sports Inc. (a)	2	17
Hilton Grand Vacations Inc. (a)	6	93
Hooker Furniture Corp.	2	26
Horizon Global Corporation (a)	1	2
Houghton Mifflin Harcourt Company (a)	11	20
Hudson Ltd. (a)	3	15
Installed Building Products, Inc. (a)	2	87
International Game Technology PLC	11	68
iRobot Corp. (a) (b)	2	68
J. Alexander's Holdings, Inc. (a)	1	5
J.Jill, Inc. (b)	2	1
Jack in the Box Inc.	2	69
Johnson Outdoors Inc. - Class A	1	51
K12 Inc. (a)	3	56
KAR Auction Services, Inc.	9	106
KB Home	6	117
Kontoor Brands, Inc.	4	80
Lakeland Industries Inc. (a)	2	25
Lands' End, Inc. (a)	3	17
Laureate Education Inc. - Class A (a)	7	71
La-Z-Boy Inc.	4	78
LCI Industries	2	129
Leaf Group Ltd. (a)	4	6
LGI Homes, Inc. (a)	2	86
Libbey Inc. (a) (b)	2	1
Lifetime Brands, Inc.	2	12
Lindblad Expeditions Holdings Inc. (a)	4	18
Liquidity Services, Inc. (a)	3	13
Lithia Motors Inc. - Class A	2	138
Lumber Liquidators, Inc. (a) (b)	2	10
M/I Homes, Inc. (a)	3	42
Macy's, Inc. (b)	14	70
Malibu Boats, Inc. - Class A (a)	2	53
Marine Products Corp.	2	18
MarineMax Inc. (a)	2	20
Marriott Vacations Worldwide Corporation	2	127
MasterCraft Boat Holdings, Inc. (a)	3	18
Mattel, Inc. (a) (b)	2	16
MDC Holdings Inc.	5	112
Meritage Homes Corporation (a)	4	155
Modine Manufacturing Co. (a)	6	18
Monarch Casino & Resort Inc. (a)	1	29
Monro Inc.	2	100
Motorcar Parts of America Inc. (a)	2	25
Movado Group Inc.	1	13
Murphy USA Inc. (a)	2	164
Nathan's Famous Inc.	1	31
National Vision Holdings, Inc. (a)	6	112
Nautilus, Inc. (a)	2	6
New Home Co. Inc. (a)	2	2
Noodles & Company - Class A (a)	5	22
Nordstrom Inc.	2	37
Obh Inc. - Class A (a)	—	3
Obh Inc. - Class B (a)	—	13
Office Depot Inc.	46	76
Ollie's Bargain Outlet Holdings Inc. (a)	3	129
Oxford Industries Inc.	2	58
Papa John's International Inc.	2	128
Party City Holdco Inc. (a)	7	3
Penn National Gaming Inc. (a) (b)	5	67
Penske Automotive Group, Inc.	5	147
Perdoceo Education Corporation (a)	5	59
PetMed Express Inc.	2	51
Pico Holdings Inc. (a)	1	11
Playa Hotels & Resorts N.V. (a)	9	16
PlayAGS, Inc. (a)	4	11
Potbelly Corporation (a)	2	7
Purple Innovation, Inc. (a)	2	11
Quotient Technology Inc. (a)	7	47
Qurate Retail, Inc. - Class A (a)	16	98
Red Lion Hotels Corp. (a)	2	3
Red Robin Gourmet Burgers, Inc. (a)	1	11
Red Rock Resorts, Inc. - Class A	5	47
Regis Corp. (a)	3	20
Rent-A-Center, Inc.	4	62
RH (a)	1	125
Rocky Brands Inc.	1	17
Ruth's Hospitality Group Inc.	3	17
Sally Beauty Holdings, Inc. (a)	9	72
Scientific Games Corporation - Class A (a)	7	67
Seaworld Entertainment, Inc. (a)	7	74
ServiceMaster Holding Corporation (a)	1	21
Shake Shack Inc. - Class A (a)	3	107
Shiloh Industries Inc. (a)	2	3
Shoe Carnival Inc. (b)	1	18
Shutterstock Inc.	3	91
Signet Jewelers Limited	5	29
Six Flags Operations Inc.	6	79
Skyline Corp. (a)	5	74
Sleep Number Corporation (a)	2	43
Sonic Automotive, Inc. - Class A	3	37
Sonos, Inc. (a)	6	48
Sportsman's Warehouse Holdings, Inc. (a)	6	38
Stamps.com Inc. (a)	2	197
Standard Motor Products Inc.	2	72
Steven Madden Ltd.	6	141
Stitch Fix, Inc. - Class A (a) (b)	2	26
Stoneridge, Inc. (a)	2	37
Strategic Education, Inc.	1	136
Strattec Security Corp.	1	8
Superior Industries International Inc.	1	1
Superior Uniform Group Inc.	2	21
Tailored Brands, Inc. (b)	4	6
Tandy Leather Factory, Inc. (a)	1	4
Taylor Morrison Home II Corporation - Class A (a)	4	49
Tempur Sealy International, Inc. (a)	3	139
Tenneco Inc. (b)	2	6
Texas Roadhouse Inc.	4	169
The Goodyear Tire & Rubber Company	17	97
The Lovesac Company (a)	2	9
The Michaels Companies, Inc. (a) (b)	13	21
The Rubicon Project, Inc. (a)	6	35
The Wendy's Company	11	158
Thor Industries Inc.	2	88
Tilly's Inc. - Class A	2	10
TopBuild Corp. (a)	2	163
Town Sports International Holdings, Inc. (a)	2	1
TRI Pointe Homes, Inc. (a)	6	54
Tupperware Brands Corp.	6	9
Twin River Worldwide Holdings, Inc.	2	31
Unifi Inc. (a)	2	20
Universal Electronics Inc. (a)	1	52
Universal Technical Institute Inc. (a)	3	17

11

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
	Urban Outfitters Inc. (a)	7		96
	Veoneer, Inc. (a) (b)	4		28
	Vera Bradley, Inc. (a)	1		6
	Vincent Holding Corp. (a)	1		3
	Vista Outdoor Inc. (a)	5		48
	Visteon Corporation (a)	2		108
	VOXX International Corporation - Class A (a)	1		4
	Weyco Group Inc.	1		12
	Williams-Sonoma Inc.	—		3
	Wingstop Inc.	2		146
	Winmark Corp.	1		66
	Winnebago Industries Inc.	3		74
	Wolverine World Wide, Inc.	5		83
	WW International, Inc. (a)	4		75
	Wyndham Destinations, Inc.	6		123
	YETI Holdings, Inc. (a)	2		37
	ZAGG Inc (a)	4		13
	Zovio Inc. (a)	2		4
	Zumiez Inc. (a)	3		45
			12,716
Materials 5.6%
	AdvanSix Inc. (a)	3		24
	AgroFresh Solutions, Inc. (a)	4		7
	Alcoa Corporation (a)	12		72
	Allegheny Technologies Incorporated (a)	8		67
	American Vanguard Corporation	3		39
	Andina Acquisition Corporation (b)	1		6
	Ashland Global Holdings Inc.	2		97
	Balchem Corporation	2		206
	Boise Cascade Company	3		78
	Cabot Corp.	4		108
	Carpenter Technology Corp.	3		60
	Century Aluminum Co. (a)	11		39
	Chase Corporation	1		67
	Clearwater Paper Corporation (a)	2		36
	Cleveland-Cliffs Inc. (b)	23		92
	Coeur d'Alene Mines Corp. (a)	19		61
	Commercial Metals Co.	9		144
	Compass Minerals International, Inc.	3		105
	Core Molding Technologies Inc. (a)	—		—
	Domtar Corp.	4		92
	Eagle Materials Inc.	3		167
	Element Solutions, Inc. (a)	18		147
	Ferro Corporation (a)	7		62
	Ferroglobe PLC (a)	5		2
	Ferroglobe Rep and Warranty Insurance Trust (a) (c)	9		—
	Flotek Industries Inc. (a)	5		5
	Forterra, Inc. (a)	5		32
	FutureFuel Corp.	4		44
	GCP Applied Technologies Inc. (a)	6		98
	Gold Resource Corporation	8		22
	Graphic Packaging Holding Company	13		163
	Greif Inc. - Class A	2		70
	Greif Inc. - Class B	1		38
	H.B. Fuller Company	4		104
	Hawkins Inc.	1		39
	Haynes International Inc.	1		29
	Hecla Mining Co.	39		72
	Huntsman Corp.	4		54
	Ingevity Corporation (a)	3		113
	Innospec Inc.	2		127
	Intrepid Potash, Inc. (a)	10		8
	Kaiser Aluminum Corporation	2		156
	Koppers Holdings Inc. (a)	2		22
	Kraton Corporation (a)	2		15
	Kronos Worldwide, Inc.	7		56
	Livent Corporation (a)	13		66
	Louisiana-Pacific Corp.	9		151
	LSB Industries Inc. (a)	3		6
	Materion Corp.	2		66
	Mercer International Inc.	6		46
	Minera Andes Inc.	4		3
	Minerals Technologies Inc.	3		94
	Myers Industries Inc.	4		43
	Neenah Inc.	1		54
	Nexa Resources S.A.	8		29
	O-I Glass, Inc.	13		95
	Olin Corporation	12		138
	Olympic Steel, Inc.	1		10
	Omnova Solutions Inc. (a)	4		40
	P.H. Glatfelter Co.	4		44
	Park Aerospace Technologies Corp.	2		25
	PolyOne Corporation	7		127
	PQ Group Holdings Inc. (a)	9		98
	Rayonier Advanced Materials Inc.	7		7
	Resolute Forest Products Inc. (a)	8		10
	Ryerson Holding Corp. (a)	4		19
	Schnitzer Steel Industries Inc. - Class A	2		31
	Schweitzer-Mauduit International Inc.	2		67
	Select Interior Concepts, Inc. (a)	2		4
	Sensient Technologies Corporation	3		141
	Silgan Holdings Inc.	7		201
	Stepan Co.	2		151
	Summit Materials, Inc. - Class A (a)	8		118
	SunCoke Energy, Inc.	10		37
	Synalloy Corp. (a)	2		14
	The Chemours Company	13		111
	TimkenSteel Corp. (a)	6		20
	Trecora Resources (a)	1		7
	Tredegar Corp.	3		49
	Trinseo S.A.	4		69
	Tronox Holdings PLC	13		64
	U.S. Concrete, Inc. (a)	2		30
	UFP Technologies Inc. (a)	1		40
	United States Lime & Minerals Inc.	1		38
	United States Steel Corporation (b)	10		64
	Univar Solutions Inc. (a)	11		123
	Universal Stainless & Alloy Products Inc. (a)	1		8
	Valvoline, Inc.	11		146
	Venator Materials PLC (a)	8		14
	Verso Corporation - Class A (a)	3		35
	W. R. Grace & Co.	4		136
	Warrior Met Coal, Inc.	4		39
	Worthington Industries Inc.	5		121
			6,094
Consumer Staples 4.5%
	Alico, Inc.	1		35
	B&G Foods, Inc. (b)	3		56
	BJ's Wholesale Club Holdings, Inc. (a)	8		196
	Boston Beer Co. Inc. - Class A (a)	1		196
	Calavo Growers Inc.	1		78
	Cal-Maine Foods Inc.	4		155
	Central Garden & Pet Co. (a)	1		32
	Central Garden & Pet Co. - Class A (a)	3		78
	Coca-Cola Consolidated Inc.	1		118
	Craft Brewers Alliance Inc. (a)	2		28
	Darling Ingredients Inc. (a)	10		201
	Del Monte Fresh Produce Company	2		69
	E.L.F. Beauty, Inc. (a) (b)	5		49
	Edgewell Personal Care Colombia S A S (a)	4		97
	Energizer Holdings, Inc.	1		30
	Farmer Bros. Co. (a)	2		16
	Flowers Foods Inc.	5		101
	Freshpet Inc. (a)	2		141
	Hain Celestial Group Inc. (a)	6		151
	Hostess Brands, Inc. - Class A (a)	9		94
	Ingles Markets Inc. - Class A	1		41
	Inter Parfums Inc.	2		113
	J&J Snack Foods Corp.	1		134
	John B. Sanfilippo & Son Inc.	1		76
	Lancaster Colony Corp.	2		226
	Landec Corp. (a)	3		27
	LifeVantage Corporation (a)	2		19
	Limoneira Co.	2		25
	Medifast, Inc. (b)	1		54
	MGPI Processing, Inc. (b)	1		38
	National Beverage Corp. (a) (b)	2		65
	Natura & Co Holding SA - ADR (a)	8		80

12

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
	Natural Alternatives International Inc. (a)	1		5
	Natural Grocers By Vitamin Cottage, Inc.	3		27
	Natural Health Trends Corp. (b)	1		3
	Nu Skin Enterprises, Inc. - Class A	4		92
	Oil-Dri Corp. of America	—		13
	Performance Food Group Company (a)	7		167
	PriceSmart Inc.	2		127
	Rite Aid Corporation (a) (b)	3		38
	Rocky Mountain Chocolate Factory, Inc.	1		7
	Sanderson Farms Inc.	1		159
	Seaboard Corp.	—		11
	Seneca Foods Corp. - Class A (a)	—		17
	SpartanNash Co.	4		50
	Spectrum Brands Legacy, Inc.	2		86
	Sprouts Farmers Market, Inc. (a)	10		186
	The Andersons, Inc.	3		61
	The Chefs' Warehouse, Inc. (a)	3		29
	The Simply Good Foods Company (a)	7		128
	Tootsie Roll Industries Inc. (b)	1		38
	Treehouse Foods, Inc. (a)	4		167
	Turning Point Brands, Inc.	1		28
	United Natural Foods Inc. (a)	5		49
	United-Guardian Inc.	—		2
	Universal Corp.	2		83
	USANA Health Sciences, Inc. (a)	2		98
	Vector Group Ltd.	12		110
	Village Super Market Inc. - Class A	1		24
	WD-40 Co.	1		170
	Weis Markets Inc.	2		94
			4,888
Utilities 4.1%
	ALLETE, Inc.	3		190
	American States Water Company	3		208
	Artesian Resources Corporation - Class A	1		41
	Atlantica Yield PLC	7		151
	Avista Corporation	4		164
	Black Hills Corporation	2		129
	California Water Service Group	3		142
	Chesapeake Utilities Corporation	1		111
	Clearway Energy, Inc. - Class A	3		54
	Clearway Energy, Inc. - Class C	5		95
	Consolidated Water Co. Ltd.	1		24
	El Paso Electric Company	2		166
	Genie Energy Ltd. - Class B	3		25
	Hawaiian Electric Industries Inc.	3		144
	MGE Energy, Inc.	2		155
	Middlesex Water Co.	1		82
	National Fuel Gas Company	5		175
	New Jersey Resources Corp.	5		181
	Northwest Natural Holding Company	2		150
	NorthWestern Corp.	3		187
	One Gas, Inc.	2		155
	Ormat Technologies Inc.	3		207
	Otter Tail Corp.	3		134
	PNM Resources, Inc.	5		180
	Portland General Electric Co.	2		117
	Pure Cycle Corporation (a)	2		28
	RGC Resources, Inc.	1		25
	SJW Corp.	2		125
	South Jersey Industries Inc.	6		142
	Southwest Gas Corp.	3		215
	Spark Energy Inc. - Class A (b)	2		12
	Spire, Inc.	3		222
	Terraform Power, Inc. - Class A	12		186
	Unitil Corp.	1		70
	Vivint Solar, Inc. (a) (b)	6		28
	York Water Co.	1		48
			4,468
Communication Services 3.4%
	Alaska Communications Systems Group, Inc. (a)	2		4
	AMC Entertainment Holdings, Inc. - Class A	3		8
	AMC Networks, Inc. - Class A (a)	4		88
	Anterix Inc. (a) (b)	1		67
	ATN International Limited	1		78
	Bandwidth Inc. - Class A (a)	—		18
	Boingo Wireless, Inc. (a)	5		55
	Boston Omaha Corporation - Class A (a) (b)	2		41
	Cable One, Inc.	—		33
	Cargurus Inc. - Class A (a)	5		99
	Cars.com Inc. (a)	6		26
	Central European Media Enterprises Ltd - Class A (a)	16		49
	Cincinnati Bell Inc. (a)	4		56
	Cinemark Holdings, Inc.	6		65
	Clear Channel Outdoor Holdings, Inc. (a)	37		23
	Cogent Communications Group, Inc.	3		238
	comScore, Inc. (a)	6		17
	Consolidated Communications Holdings Inc.	6		29
	Cumulus Media Inc. - Class A (a)	2		13
	Daily Journal Corp. (a) (b)	—		11
	DHI Group, Inc. (a)	6		12
	Egain Corporation (a)	4		28
	Emerald Holding, Inc.	5		14
	Entercom Communications Corp. - Class A	14		23
	Entravision Communications Corporation - Class A	4		8
	Eventbrite, Inc. - Class A (a) (b)	6		45
	EW Scripps Co. - Class A	5		41
	Fluent Inc. (a)	7		8
	Gannett Media Corp. (b)	8		11
	Glu Mobile Inc. (a)	13		84
	Gogo LLC (a) (b)	7		15
	Gray Television, Inc. (a)	6		66
	Hemisphere Media Group, Inc. - Class A (a)	2		15
	IDT Corp. - Class B (a)	3		14
	IMAX Corporation (a)	5		47
	Intelsat Investments S.A. (a) (b)	8		13
	Iridium Communications Inc. (a)	7		159
	John Wiley & Sons Inc. - Class A	3		127
	Lee Enterprises, Incorporated (a)	3		3
	Liberty Braves Group - Class A (a)	1		21
	Liberty Braves Group - Class C (a)	3		61
	Liberty Latin America Ltd. - Class A (a)	3		31
	Liberty Latin America Ltd. - Class C (a)	9		91
	Liberty TripAdvisor Holdings Inc. - Class A (a)	5		9
	Lions Gate Entertainment Corp. - Class A (a)	7		43
	Lions Gate Entertainment Corp. - Class B (a)	9		50
	Loral Spacecom Corporation (a)	2		30
	Marchex, Inc. - Class B (a)	2		3
	Marcus Corp.	2		22
	Maxar Technologies Inc. (b)	5		49
	Meredith Corporation (b)	3		40
	MSG Networks Inc. - Class A (a)	4		41
	National CineMedia, Inc.	7		22
	New York Times Co. - Class A	3		92
	Nexstar Media Group, Inc. - Class A	2		141
	ORBCOMM Inc. (a)	7		18
	QuinStreet, Inc. (a)	5		39
	Reading International Inc. - Class A (a)	2		10
	Saga Communications Inc. - Class A	—		8
	Scholastic Corp.	2		50
	Shenandoah Telecommunications Company	4		174
	Spok Holdings, Inc.	1		11
	TechTarget, Inc. (a)	3		61
	TEGNA Inc.	13		144
	Telephone & Data Systems Inc.	8		134
	The Meet Group, Inc. (a)	6		35
	Townsquare Media Inc. - Class A	1		5
	Travelzoo (a)	1		6
	Tribune Publishing Company, LLC	4		29
	TripAdvisor Inc.	2		32
	Truecar, Inc. (a)	10		25
	US Cellular Corp. (a)	2		69
	Vonage Holdings Corp. (a)	19		135
	World Wrestling Entertainment, Inc. - Class A (b)	2		67
	Yelp Inc. - Class A (a)	6		102
	Zedge, Inc. - Class B (a)	1		1
	Zynga Inc. - Class A (a)	12		81
			3,733

13

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
Energy 3.0%
	Adams Resources & Energy, Inc.	1		19
	Amplify Energy Corp.	5		3
	Antero Resources Corporation (a) (b)	24		17
	Apache Corporation	11		46
	Apergy Corporation (a)	6		34
	Arch Coal, Inc. - Class A	1		38
	Archrock, Inc.	12		44
	Aspen Aerogels, Inc. (a)	2		15
	Berry Corporation (Bry)	8		19
	Bonanza Creek Energy, Inc. (a)	2		22
	Cactus Inc. - Class A	4		49
	California Resources Corporation (a) (b)	3		3
	Callon Petroleum Company (a)	25		14
	Centennial Resource Development, LLC - Class A (a)	21		6
	Chesapeake Energy Corporation (a) (b)	24		4
	Cimarex Energy Co.	7		115
	Clean Energy Fuels Corp. (a)	24		42
	CNX Resources Corporation (a)	15		78
	CONSOL Mining Corporation (a)	3		10
	Contango Oil & Gas Company (a) (b)	12		18
	Core Laboratories N.V.	3		34
	CVR Energy, Inc.	6		96
	Dawson Geophysical Co. (a)	2		2
	Delek US Holdings, Inc.	5		78
	Denbury Resources Inc. (a) (b)	19		3
	DHT Holdings, Inc.	12		91
	Diamond Offshore Drilling, Inc. (a) (b)	4		7
	DMC Global Inc.	2		36
	Dorian LPG Ltd. (a)	5		45
	Dril-Quip Inc. (a)	3		90
	Earthstone Energy, Inc. - Class A (a)	4		7
	Enlink Midstream, LLC	23		26
	EQT Corporation	18		130
	Equitrans Midstream Corp. (b)	17		86
	ERA Group Inc. (a)	2		12
	Evolution Petroleum Corporation	3		8
	Exterran Trinidad LLC (a)	3		12
	Extraction Oil & Gas, Inc. (a) (b)	8		3
	Forum Energy Technologies, Inc. (a)	7		1
	Frank's International N.V. (a)	18		47
	FTS International, Inc. (a)	4		1
	GasLog Ltd.	4		16
	Geospace Technologies Corporation (a)	2		14
	Green Plains Renewable Energy Inc.	3		16
	Gulf Island Fabrication Inc. (a)	2		5
	Gulfport Energy Corporation (a) (b)	11		5
	Helix Energy Solutions Group, Inc. (a)	10		17
	Helmerich & Payne Inc.	7		115
	HighPoint Resources Corporation (a)	5		1
	Independence Contract Drilling, Inc. (a) (b)	—		—
	International Seaways, Inc.	3		64
	ION Geophysical Corp. (a)	1		1
	KLX Energy Services Holdings, Inc. (a) (b)	1		1
	Kosmos Energy Ltd.	23		20
	Laredo Petroleum Holdings Inc. (a)	20		8
	Liberty Oilfield Services Inc. - Class A	6		16
	Lonestar Resources US Inc. - Class A (a)	2		1
	Mammoth Energy Services, Inc. (b)	1		1
	Matador Resources Co. (a)	10		25
	Matrix Service Co. (a)	3		29
	Montage Resources Corporation (a) (b)	4		9
	Murphy Oil Corporation (b)	9		58
	Nabors Industries Ltd	33		13
	NACCO Industries Inc. - Class A	—		11
	Natural Gas Services Group, Inc. (a)	1		5
	NCS Multistage Holdings Inc. (a)	1		—
	Newpark Resources Inc. (a)	8		7
	NexTier Oilfield Solutions Inc. (a)	16		19
	Nine Energy Service, Inc. (a) (b)	2		1
	Noble Corporation PLC (a)	10		3
	Nordic American Tankers Limited	13		59
	Northern Oil and Gas Inc. (a) (b)	30		20
	Oasis Petroleum Inc. (a)	30		10
	Oceaneering International, Inc. (a)	8		25
	Oil States International Inc. (a)	5		10
	Overseas Shipholding Group, Inc. - Class A (a)	6		14
	Pacific Drilling S.A. (a) (b)	3		1
	Panhandle Oil and Gas Inc. - Class A	1		5
	Par Pacific Holdings, Inc. (a)	4		30
	Patterson-UTI Energy Inc.	18		41
	PBF Energy Inc. - Class A	7		48
	PDC Energy, Inc. (a)	7		42
	Peabody Energy Corp.	6		17
	Penn Virginia Corporation (a)	1		4
	Primeenergy Resources Corporation (a)	—		8
	Propetro Holding Corp. (a)	6		15
	QEP Resources, Inc.	12		4
	Range Resources Corporation (b)	13		30
	Reg Biofuels, LLC (a)	4		75
	REX Stores Corp. (a)	—		18
	RigNet Inc. (a)	1		2
	Ring Energy Inc. (a) (b)	8		5
	RPC Inc. (b)	16		33
	SandRidge Energy, Inc. (a)	3		3
	Scorpio Tankers Inc.	5		94
	SEACOR Holdings Inc. (a)	2		56
	SEACOR Marine Holdings Inc. (a)	1		6
	Select Energy Services, Inc. - Class A (a)	8		25
	SFL Corporation Ltd.	9		88
	SilverBow Resources, Inc. (a) (b)	1		3
	SM Energy Company	9		11
	Solaris Oilfield Infrastructure, Inc. - Class A	3		15
	Southwestern Energy Co. (a)	32		54
	Talos Energy Inc. (a)	4		24
	Targa Resources Corp.	12		86
	Teekay Tankers Ltd. - Class A (a)	3		58
	TETRA Technologies, Inc. (a)	11		3
	Tidewater Inc. (a)	3		22
	Transocean Ltd. (a) (b)	25		29
	TravelCenters of America, Inc. (a)	1		11
	U.S. Silica Holdings, Inc. (b)	8		14
	VAALCO Energy, Inc. (a)	4		4
	Valaris PLC - Class A (b)	6		3
	W&T Offshore, Inc. (a) (b)	16		27
	Whiting Petroleum Corporation (a) (b)	5		3
	World Fuel Services Corp.	5		118
	WPX Energy, Inc. (a)	35		105
			3,270
Real Estate 0.8%
	Altisource Portfolio Solutions S.A. (a) (b)	1		7
	Consolidated-Tomoka Land Co.	—		22
	Cushman & Wakefield Plc (a)	6		68
	Drive Shack Inc. (a)	5		8
	Dwight A. Walker Real Estate, Inc. - Class A	2		37
	Five Point Holdings, LLC - Class A (a) (b)	6		30
	Florida Rock Properties, Inc. (a)	1		40
	Forestar Group Inc. (a)	4		42
	Griffin Industrial Realty Inc.	1		29
	Kennedy-Wilson Holdings Inc.	10		129
	Marcus & Millichap Inc. (a)	3		87
	Maui Land & Pineapple Co. Inc. (a)	1		11
	Newmark Group, Inc. - Class A	11		45
	Rafael Holdings, Inc. - Class B (a)	2		25
	Realogy Holdings Corp. (b)	5		15
	Redfin Corporation (a)	5		70
	St. Joe Co. (a) (b)	5		87
	Tejon Ranch Co. (a)	3		38
	The Howard Hughes Corporation (a)	1		38
	The Rmr Group Inc. - Class A	1		39
			867
	Total Common Stocks (cost $150,842)		109,189
PREFERRED STOCKS 0.0%
Communication Services 0.0%
	GCI Liberty, Inc. - Series A, 7.00%, (callable at 25 beginning 03/10/39) (d)	—		10
	Total Preferred Stocks (cost $2)		10

14

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
RIGHTS 0.0%
	Achillion Pharmaceuticals, Inc. (a) (c)	11		5
	First Eagle Private Credit, LLC (a) (c)	3		2
	LyondellBasell Industries N.V. (a) (c)	2		1
	Total Rights (cost $1)		8
OTHER EQUITY INTERESTS 0.0%
	Calamos Asset Management Inc. (a) (e)	4		6
	Total Other Equity Interests (cost $0)		6
SHORT TERM INVESTMENTS 4.6%
Securities Lending Collateral 3.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (f) (g)	3,692		3,692
Investment Companies 1.2%
	JNL Government Money Market Fund - Institutional Class, 0.23% (f) (g)	1,346		1,346
	Total Short Term Investments (cost $5,038)		5,038
Total Investments 104.6% (cost $155,883)				114,251
Other Assets and Liabilities, Net (4.6)%				(5,022)
Total Net Assets 100.0%				109,229

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of March 31, 2020.

(c)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.

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

(e)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.

(f)Investment in affiliate.

(g)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

15

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
JNL/DoubleLine Total Return Fund
GOVERNMENT AND AGENCY OBLIGATIONS 54.8%
Collateralized Mortgage Obligations 25.5%
	Federal Home Loan Mortgage Corporation
		Series A-4260, REMIC, 3.00%, 02/15/32	7,550		7,898
		Series AY-4092, REMIC, 3.00%, 08/15/32	8,200		9,107
		Series EY-4215, REMIC, 3.00%, 06/15/33	10,000		11,015
		Series UB-4247, REMIC, 3.00%, 09/15/33	6,199		6,865
		Series EB-4247, REMIC, 3.50%, 09/15/33	5,000		5,663
		Series A-4377, REMIC, 3.00%, 06/15/39	8,866		9,021
		Series BK-4469, REMIC, 3.00%, 08/15/39	6,783		7,002
		Series JA-3818, REMIC, 4.50%, 01/15/40	75		75
		Series GA-4376, REMIC, 3.00%, 04/15/40	8,363		8,758
		Series NY-4390, REMIC, 3.00%, 06/15/40	7,894		8,266
		Series MA-4391, REMIC, 3.00%, 07/15/40	7,666		8,027
		Interest Only, Series SP-3770, REMIC, 5.80%, (6.50% - (1M USD LIBOR * 1)), 11/15/40 (a)	1,634		189
		Interest Only, Series SM-3780, REMIC, 5.80%, (6.50% - (1M USD LIBOR * 1)), 12/15/40 (a)	10,702		2,571
		Series KA-4366, REMIC, 3.00%, 03/15/41	7,637		8,044
		Series SL-4061, REMIC, 4.29%, (7.06% - (1M USD LIBOR * 1.75)), 06/15/42 (a)	1,482		1,571
		Series B-4481, REMIC, 3.00%, 12/15/42	16,174		17,420
		Series CS-4156, REMIC, 3.50%, (5.40% - (1M USD LIBOR * 1.2)), 01/15/43 (a)	5,045		5,249
		Series UZ-4508, REMIC, 3.00%, 07/15/43	10,957		11,137
		Series ZX-4404, REMIC, 4.00%, 04/15/44	60,833		67,546
		Series CA-4573, REMIC, 3.00%, 11/15/44	27,425		29,370
		Series LZ-4410, REMIC, 4.00%, 11/15/44	1,841		2,314
		Series KZ-4440, REMIC, 3.00%, 02/15/45	12,526		13,259
		Series HA-4582, REMIC, 3.00%, 09/15/45	19,343		20,859
		Interest Only, Series MS-4291, REMIC, 5.20%, (5.90% - (1M USD LIBOR * 1)), 01/15/54 (a)	4,533		763
		Series A-4734, REMIC, 3.00%, 07/15/42	18,400		19,312
		Series KM-4141, REMIC, 1.75%, 12/15/42	21,178		21,530
		Series DA-4464, REMIC, 2.50%, 01/15/43	3,459		3,604
		Series EA-4951, REMIC, 2.50%, 09/15/44	2,881		2,969
		Series EC-4745, REMIC, 3.00%, 12/15/44	14,152		14,573
		Series 2020-M2-DNA2, REMIC, 3.50%, (1M USD LIBOR + 1.85%), 02/25/50 (a)	5,700		3,393
	Federal National Mortgage Association, Inc.
		Interest Only, Series 2010-CS-134, REMIC, 5.73%, (6.68% - (1M USD LIBOR * 1)), 12/25/25 (a)	1,188		114
		Series 2013-AB-53, REMIC, 1.50%, 03/25/28	3,983		4,031
		Series 2013-QZ-54, REMIC, 3.00%, 06/25/33	1,863		1,886
		Series 2013-WB-100, REMIC, 3.00%, 10/25/33	20,000		21,504
		Interest Only, Series 2005-S-2, REMIC, 5.65%, (6.60% - (1M USD LIBOR * 1)), 02/25/35 (a)	5,924		1,283
		Interest Only, Series 2011-PS-84, REMIC, 5.65%, (6.60% - (1M USD LIBOR * 1)), 01/25/40 (a)	7,298		566
		Series 2010-KD-120, REMIC, 4.00%, 10/25/40	946		1,005
		Series 2014-MA-68, REMIC, 3.00%, 11/25/40	7,337		7,679
		Series 2013-PB-59, REMIC, 2.00%, 09/25/41	4,069		4,141
		Interest Only, Series 2011-ES-93, REMIC, 5.55%, (6.50% - (1M USD LIBOR * 1)), 09/25/41 (a)	1,794		410
		Series 2012-BZ-14, REMIC, 4.00%, 03/25/42	2,071		2,344
		Series 2012-Z-31, REMIC, 4.00%, 04/25/42	2,065		2,321
		Series 2012-CZ-87, REMIC, 3.00%, 08/25/42	12,582		13,407
		Series 2015-AP-95, REMIC, 3.00%, 08/25/42	10,421		10,879
		Series 2013-NZ-31, REMIC, 3.00%, 04/25/43	17,118		17,597
		Series 2015-AC-88, REMIC, 3.00%, 04/25/43	14,478		14,885
		Series 2013-ZA-52, REMIC, 3.00%, 06/25/43	4,266		4,310
		Series 2013-AZ-133, REMIC, 4.00%, 01/25/44	16,475		18,934
		Series 2014-GZ-85, REMIC, 3.00%, 12/25/44	11,765		13,105
		Series 2015-CE-78, REMIC, 2.50%, 11/25/45	21,748		22,748
		Series 2014-KZ-11, REMIC, 2.50%, 10/25/41	3,894		4,049
		Series 2017-CH-4, REMIC, 3.00%, 06/25/42	22,559		23,086
		Series 2016-A-9, REMIC, 3.00%, 09/25/43	6,643		7,051
		Series 2016-PA-81, REMIC, 3.00%, 02/25/44	15,874		16,919
		Series 2018-JA-27, REMIC, 3.00%, 12/25/47	6,784		6,968
		Series 2018-C-33, REMIC, 3.00%, 05/25/48	38,045		39,922
		Series 2018-LA-38, REMIC, 3.00%, 06/25/48	14,070		14,739
		Series 2018-A-64, REMIC, 3.00%, 09/25/48	17,857		18,715
		Series 2019-BA-12, REMIC, 3.00%, 04/25/49	8,428		8,848
	Government National Mortgage Association
		Interest Only, Series 2010-PS-116, REMIC, 5.33%, (6.10% - (1M USD LIBOR * 1)), 03/20/40 (a)	5,159		429
		Series 2012-Z-32, REMIC, 3.50%, 03/20/42	3,862		4,069
				635,314
Mortgage-Backed Securities 24.4%
	Federal Home Loan Mortgage Corporation
		4.00%, 09/01/43 - 02/01/44	8,386		9,152
		3.00%, 06/01/43 - 07/01/47	160,314		169,701
		3.50%, 02/01/46 - 01/01/48	35,535		37,837
		2.50%, 02/01/35 - 11/01/49	20,852		21,661
		REMIC, 3.00%, 06/15/44	7,725		8,306
	Federal National Mortgage Association, Inc.
		4.50%, 04/01/26	2,433		2,572
		2.41%, 10/01/29	10,000		10,983
		2.48%, 11/01/29	25,000		26,632
		2.31%, 12/01/29	9,100		9,707
		2.32%, 12/01/29	4,800		5,127
		2.44%, 01/01/32	10,000		10,813
		2.50%, 02/01/35 - 01/01/40	34,629		36,019
		2.71%, (1Y USD LIBOR + 1.67%), 05/01/44 (a)	16,434		16,764
		3.50%, 09/01/43 - 04/01/48	60,261		64,217
		3.00%, 10/01/46	2,721		2,863
		3.00%, 03/01/35 - 02/01/47	115,552		121,503
		4.00%, 08/01/47 - 06/01/48	43,680		46,696
	Government National Mortgage Association
		3.50%, 10/20/45	8,015		8,471
				609,024
U.S. Treasury Bond 3.3%
	Treasury, United States Department of
		2.88%, 05/15/49	50,200		68,076
		2.00%, 02/15/50	12,500		14,516
				82,592
U.S. Treasury Note 1.6%
	Treasury, United States Department of
		3.13%, 11/15/28	2,000		2,413
		2.63%, 02/15/29	20,900		24,407
		2.38%, 05/15/29	4,400		5,059
		1.50%, 02/15/30 (b)	8,000		8,624
				40,503
	Total Government And Agency Obligations (cost $1,279,781)			1,367,433
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 41.8%
	522 Funding Clo I Ltd
		Series 2019-A1-1A, 2.64%, (3M USD LIBOR + 1.39%), 01/18/33 (a)	2,500		2,325
	ABFC Trust
		Series 2007-A1A-WMC1, REMIC, 2.20%, (1M USD LIBOR + 1.25%), 06/25/37 (a) (c)	4,779		3,778
	Aimco CLO
		Series 2015-AR-AA, 2.68%, (3M USD LIBOR + 0.85%), 01/15/30 (a)	1,000		947
	Alternative Loan Trust
		Series 2005-A2-23CB, REMIC, 5.50%, 07/25/35	3,258		2,919
		Series 2006-1A7-23CB, REMIC, 6.00%, 08/25/36	2,172		2,034
		Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36	2,200		1,730
		Series 2007-1A6-3T1, REMIC, 6.25%, 04/25/37	14,904		10,092
	AMSR Trust
		Series 2019-E-SFR1, 3.47%, 01/20/27	3,300		2,505
	Anchorage Capital CLO Ltd
		Series 2018-A1A-10A, 3.03%, (3M USD LIBOR + 1.20%), 10/15/31 (a)	2,000		1,899
	Aqua Finance Trust
		Series 2017-A-A, 3.72%, 10/15/24	3,279		3,365
	Assurant CLO III LTD
		Series 2018-A-2A, 3.05%, (3M USD LIBOR + 1.23%), 10/20/31 (a)	1,500		1,370

16

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1	Value ($)
Assurant CLO IV LTD
	Series 2019-A-1A, 3.17%, (3M USD LIBOR + 1.35%), 04/22/30 (a)	2,500	2,342
Atlas Senior Loan Fund X Ltd
	Series 2018-A-10A, 2.92%, (3M USD LIBOR + 1.09%), 01/15/31 (a)	1,000	942
Atrium Hotel Portfolio Trust
	Series 2017-E-ATRM, 3.76%, (1M USD LIBOR + 3.05%), 12/15/36 (a)	2,785	2,172
Avant Loans Funding Trust
	Series 2018-A-B, 3.42%, 05/15/20	157	157
Banc of America Alternative Loan Trust
	Series 2006-1CB1-1, REMIC, 6.00%, 02/25/36	8,448	8,545
	Series 2006-5CB1-4, REMIC, 6.50%, 05/25/36	5,250	4,881
	Series 2005-CB2-7, REMIC, 5.00%, 08/25/35	8,923	8,615
Bank 2019-BNK19
	Series 2019-AS-BN19, REMIC, 3.45%, 07/17/29	3,534	3,456
Bank 2020-BNK25
	Series 2020-AS-BN25, REMIC, 2.84%, 01/17/30	306	288
BBCMS Mortgage Trust
	Series 2020-ASB-C6, 2.60%, 11/16/29	4,395	4,320
	Series 2020-A4-C6, 2.64%, 01/17/30	867	870
	Series 2020-AS-C6, 2.84%, 01/17/30	4,395	4,087
	Series 2017-C-DELC, REMIC, 1.90%, (1M USD LIBOR + 1.20%), 08/15/36 (a)	722	599
	Series 2017-D-DELC, REMIC, 2.40%, (1M USD LIBOR + 1.70%), 08/15/36 (a)	823	666
	Series 2017-E-DELC, REMIC, 3.20%, (1M USD LIBOR + 2.50%), 08/15/36 (a)	1,660	1,325
	Series 2017-F-DELC, REMIC, 4.20%, (1M USD LIBOR + 3.50%), 08/15/36 (a)	1,653	1,146
	Series 2018-F-TALL, REMIC, 3.94%, (1M USD LIBOR + 3.24%), 03/16/37 (a) (c)	6,125	4,105
BBCMS Trust
	Series 2015-D-STP, REMIC, 4.28%, 09/10/20 (a)	2,300	2,272
	Series 2018-A-CBM, REMIC, 1.70%, (1M USD LIBOR + 1.00%), 07/15/20 (a)	2,389	2,133
	Series 2018-A-BXH, REMIC, 1.70%, (1M USD LIBOR + 1.00%), 10/15/20 (a)	2,559	2,284
Bear Stearns Asset Backed Securities I Trust
	Series 2006-21A3-AC2, REMIC, 6.00%, 03/25/36	1,151	1,161
Bellemeade Re Ltd
	Series 2019-M1B-2A, 2.40%, (1M USD LIBOR + 1.45%), 04/25/29 (a)	4,027	3,769
Benchmark Mortgage Trust
	Series 2019-A4-B13, REMIC, 2.95%, 10/17/29	2,199	2,283
	Interest Only, Series 2018-XA-B7, REMIC, 0.45%, 05/16/53 (a)	91,436	2,631
BHMS
	Series 2018-A-ATLS, REMIC, 1.95%, (1M USD LIBOR + 1.25%), 07/15/20 (a)	2,382	1,989
Birch Grove CLO Ltd
	Series A-19A, 2.23%, (3M USD LIBOR + 1.49%), 06/16/31 (a)	2,500	2,338
BX Commercial Mortgage Trust
	Series 2018-A-IND, 1.46%, (1M USD LIBOR + 0.75%), 10/15/20 (a)	1,727	1,632
BX Trust
	Series 2017-D-SLCT, 2.76%, (1M USD LIBOR + 2.05%), 07/17/34 (a)	914	749
	Series 2017-E-SLCT, 3.85%, (1M USD LIBOR + 3.15%), 07/17/34 (a)	1,549	1,084
	Series 2018-A-GW, 1.51%, (1M USD LIBOR + 0.80%), 05/15/37 (a)	2,264	1,947
	Series 2018-D-GW, 2.48%, (1M USD LIBOR + 1.77%), 05/15/37 (a)	198	156
	Series 2018-A-EXCL, REMIC, 1.79%, (1M USD LIBOR + 1.09%), 09/15/20 (a)	2,782	2,536
	Series 2019-E-OC11, REMIC, 4.08%, 12/11/29	5,172	3,723
Carrington Mortgage Loan Trust
	Series 2007-A3-RFC1, REMIC, 1.09%, (1M USD LIBOR + 0.14%), 09/25/36 (a)	7,100	5,943
Catamaran CLO Ltd
	Series 2018-A1-1A, 3.04%, (3M USD LIBOR + 1.25%), 10/27/31 (a)	3,000	2,770
CFCRE Mortgage Trust
	Series 2016-C-C4, REMIC, 4.87%, 04/10/26 (a)	2,839	2,599
	Interest Only, Series 2016-XA-C4, REMIC, 1.70%, 05/10/58 (a)	7,057	534
CFIP CLO Ltd
	Series 2013-AR-1A, 3.16%, (3M USD LIBOR + 1.34%), 04/20/29 (a)	2,000	1,912
Chase Mortgage Finance Trust
	Series 2006-2A1-S2, REMIC, 6.00%, 10/25/36	9,215	6,188
CHL Mortgage Pass-Through Trust
	Series 2006-1A35-20, REMIC, 6.00%, 02/25/37	3,069	2,313
	Series 2007-1A5-8, REMIC, 5.44%, 01/25/38	3,142	2,190
CHT Mortgage Trust
	Series 2017-E-CSMO, REMIC, 3.71%, (1M USD LIBOR + 3.00%), 11/17/36 (a)	1,806	1,264
	Series 2017-F-CSMO, REMIC, 4.45%, (1M USD LIBOR + 3.74%), 11/17/36 (a)	853	554
CIM Trust
	Series 2017-B2-3RR, 10.50%, 01/29/57 (a)	35,590	34,522
	Series 2016-B2-1RR, REMIC, 6.96%, 07/25/55 (a)	26,200	23,733
	Series 2016-B2-2RR, REMIC, 7.57%, 02/29/56 (a)	26,200	23,858
	Series 2016-B2-3RR, REMIC, 7.97%, 02/29/56 (a)	26,200	23,707
Citigroup Commercial Mortgage Trust
	Interest Only, Series 2014-XA-GC21, REMIC, 1.18%, 05/10/47 (a)	24,157	954
	Interest Only, Series 2016-XA-GC36, REMIC, 1.36%, 02/12/49 (a)	21,062	1,164
	Interest Only, Series 2016-XA-P3, REMIC, 1.70%, 04/16/49 (a)	16,710	1,197
Citigroup Mortgage Loan Trust
	Series 2019-A1-C, 3.23%, 09/25/59	4,294	4,031
	Series 2007-1A1A-AR8, REMIC, 3.84%, 07/25/47 (a)	3,008	2,807
Citimortgage Alternative Loan Trust
	Series 2006-1A1-A4, REMIC, 6.00%, 09/25/36	1,856	1,688
	Series 2007-1A11-A5, REMIC, 6.00%, 05/25/37	1,612	1,541
CLI Funding VI LLC
	Series 2019-A-1A, 3.71%, 05/18/29	4,594	4,515
CLNC Ltd
	Series 2019-A-FL1, 2.90%, 09/19/25	3,766	3,311
COMM Mortgage Trust
	Series 2018-A-HCLV, 1.70%, (1M USD LIBOR + 1.00%), 09/15/20 (a)	3,070	2,783
	Series 2014-C-CR19, REMIC, 4.73%, 08/10/24 (a)	1,163	1,102
	Series 2016-C-CR28, REMIC, 4.65%, 12/12/25 (a)	2,047	1,849
	Series 2016-C-DC2, REMIC, 4.64%, 02/12/26 (a)	1,340	1,003
	Interest Only, Series 2013-XA-CR12, REMIC, 1.13%, 10/15/46 (a)	31,311	1,055
	Interest Only, Series 2014-XA-CR17, REMIC, 0.97%, 05/10/47 (a)	29,026	951
	Interest Only, Series 2015-XA-DC1, REMIC, 1.03%, 02/10/48 (a)	24,708	907
	Interest Only, Series 2015-XA-CR26, REMIC, 0.95%, 10/10/48 (a)	28,300	1,145
	Interest Only, Series 2016-XA-DC2, REMIC, 1.00%, 02/12/49 (a)	19,264	852
	Series 2016-F-GCT, REMIC, 3.46%, 08/12/21 (a)	3,461	3,176
Commonbond Student Loan Trust
	Series 2018-C-BGS, REMIC, 4.12%, 08/25/28	288	280
Credit Suisse First Boston Mortgage Acceptance Corp.
	Series 2005-7A1-11, REMIC, 6.00%, 12/25/35	7,413	5,974
Credit Suisse Mortgage Trust
	Series 2018-A-TOP, 1.70%, (1M USD LIBOR + 1.00%), 08/17/20 (a)	2,700	2,443
Credit Suisse Securities (USA) LLC
	Series 2005-3A2-9, REMIC, 6.00%, 10/25/35	4,566	2,431

17

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1	Value ($)
	Series 2006-2A3-2, REMIC, 6.00%, 03/25/36	4,259	3,178
CSAIL Commercial Mortgage Trust
	Interest Only, Series 2015-XA-C1, REMIC, 0.84%, 01/17/25 (a)	18,857	613
	Series 2015-C-C4, REMIC, 4.58%, 11/18/25 (a)	1,911	1,762
	Series 2019-A3-C19, REMIC, 2.56%, 03/15/30	4,374	4,319
CSMC
	Series 2011-6A9-5R, REMIC, 3.82%, 11/27/37 (a)	7,111	6,884
CSMC Trust
	Series 2019-A1-JR1, 4.10%, 09/27/66 (a)	3,885	3,763
	Series 2017-D-MOON, REMIC, 3.30%, 07/12/22 (a)	2,373	2,245
CSMCM Trust
	Interest Only, Series 2018-CERT-SP3, 3.57%, 09/25/58	32,072	30,548
CSMLT Trust
	Series 2015-1A2-3, REMIC, 3.50%, 08/25/34 (a)	2,054	2,057
CVP CLO Ltd
	Series 2017-A-2A, 3.01%, (3M USD LIBOR + 1.19%), 01/21/31 (a) (d)	2,000	1,875
DB Master Finance LLC
	Series 2019-A2I-1A, 3.79%, 02/20/24	1,489	1,409
DBJPM Mortgage Trust
	Interest Only, Series 2016-XA-C1, REMIC, 1.45%, 05/12/49 (a)	23,820	1,497
Deutsche Alt-A Securities Mortgage Loan Trust
	Series 2007-2A1-2, REMIC, 1.25%, (1M USD LIBOR + 0.30%), 09/25/47 (a)	17,086	14,673
Domino's Pizza, Inc.
	Series 2019-A2-1A, 3.67%, 10/25/29 (d)	4,987	4,440
Dryden 49 Senior Loan Fund
	Series 2017-A-49A, 3.03%, (3M USD LIBOR + 1.21%), 07/18/30 (a) (d)	2,000	1,904
Elevation CLO Ltd
	Series 2017-A-7A, 3.05%, (3M USD LIBOR + 1.22%), 07/15/30 (a) (d)	2,500	2,342
Elevation CLO, Ltd.
	Series 2018-A1-9A, 2.95%, (3M USD LIBOR + 1.12%), 07/15/31 (a)	2,500	2,296
Elmwood CLO II Ltd
	Series 2019-A-2A, 3.27%, (3M USD LIBOR + 1.45%), 04/21/31 (a)	500	467
Elmwood CLO III Ltd
	Series 2019-A1-3A, 3.23%, (3M USD LIBOR + 1.37%), 10/15/32 (a)	5,000	4,559
Exantas Capital Corp
	Series 2019-A-RSO7, 1.80%, (1M USD LIBOR + 1.00%), 04/15/22 (a)	3,484	3,073
First Horizon Mortgage Pass-Through Trust
	Series 2006-1A2-FA2, REMIC, 6.00%, 05/25/36	4,073	2,886
FMC GMSR Issuer Trust
	Series 2019-A-GT2, 4.23%, 09/25/24	13,200	8,291
	Series 2019-A-GT1, 5.07%, 05/25/26 (a) (c)	10,500	10,625
Fort Washington CLO
	Series 2019-A-1A, 3.33%, (3M USD LIBOR + 1.42%), 10/20/32 (a)	2,000	1,850
GCAT LLC
	Series 2020-A1-1, 2.98%, 01/25/23 (c)	10,997	10,813
GMACM Mortgage Loan Trust
	Series 2005-A7-AF1, REMIC, 5.75%, 07/25/35	4,632	4,157
	Series 2005-A1-AF2, REMIC, 6.00%, 12/25/35	9,742	8,909
Great Wolf Trust
	Series 2019-E-WOLF, REMIC, 3.44%, (1M USD LIBOR + 2.73%), 12/15/21 (a)	3,908	3,126
	Series 2019-F-WOLF, REMIC, 3.84%, (1M USD LIBOR + 3.13%), 12/15/21 (a)	3,908	2,931
Greywolf CLO VI, Ltd.
	Series 2018-A1-1A, 2.82%, (3M USD LIBOR + 1.03%), 04/26/31 (a)	1,000	944
Greywolf CLO VII, Ltd.
	Series 2018-A1-7A, 3.00%, (3M USD LIBOR + 1.18%), 10/20/31 (a) (d)	2,000	1,885
GS Mortgage Securities Corp Trust
	Series 2019-E-SOHO, 2.58%, (1M USD LIBOR + 1.87%), 06/15/21 (a)	3,566	2,938
	Series 2018-A-LUAU, REMIC, 1.70%, (1M USD LIBOR + 1.00%), 11/16/20 (a)	3,201	2,885
GS Mortgage Securities Trust
	Interest Only, Series 2016-XA-GS3, 1.25%, 10/13/49 (a)	27,732	1,579
	Interest Only, Series 2015-XA-GC34, REMIC, 1.27%, 10/10/25 (a)	23,323	1,221
	Interest Only, Series 2014-XA-GC24, REMIC, 0.74%, 09/10/47 (a)	43,159	1,160
	Interest Only, Series 2015-XA-GS1, REMIC, 0.78%, 11/10/48 (a)	33,654	1,232
	Series 2018-A-TWR, REMIC, 1.60%, (1M USD LIBOR + 0.90%), 07/15/21 (a)	1,000	914
	Series 2018-D-TWR, REMIC, 2.30%, (1M USD LIBOR + 1.60%), 07/15/21 (a)	1,000	709
	Series 2018-E-TWR, REMIC, 2.80%, (1M USD LIBOR + 2.10%), 07/15/21 (a)	1,000	679
	Series 2018-F-TWR, REMIC, 3.50%, (1M USD LIBOR + 2.80%), 07/15/21 (a)	1,000	666
	Series 2018-G-TWR, REMIC, 4.63%, (1M USD LIBOR + 3.92%), 07/15/21 (a)	1,000	631
	Series 2015-B-GC34, REMIC, 4.47%, 10/10/25 (a)	782	765
	Interest Only, Series 2017-C-2, REMIC, 1.13%, 08/12/50 (a)	34,081	1,370
	Interest Only, Series 2019-XA-GC38, REMIC, 0.96%, 02/12/52	43,699	2,791
	Interest Only, Series 2020-XA-GC45, REMIC, 0.68%, 02/14/53 (a)	48,971	2,332
Halcyon Loan Advisors Funding Ltd
	Series 2012-B-1A, 4.69%, (3M USD LIBOR + 3.00%), 08/15/23 (a)	322	317
	Series 2013-C-2A, 4.46%, (3M USD LIBOR + 2.70%), 08/01/25 (a) (d)	250	241
	Series 2013-D-2A, 5.56%, (3M USD LIBOR + 3.80%), 08/01/25 (a)	1,000	920
	Series 2014-A1R-1A, 2.95%, (3M USD LIBOR + 1.13%), 04/18/26 (a)	87	87
Halsey Point CLO I Ltd
	Series 2019-A1A1-1A, 3.26%, (3M USD LIBOR + 1.35%), 01/20/33 (a)	5,000	4,516
	Series 2019-B1-1A, 4.11%, (3M USD LIBOR + 2.20%), 01/20/33 (a)	3,000	2,555
Hardee's Funding LLC
	Series 2018-AI-1A, 4.25%, 06/20/22	3,940	3,803
Headlands Residential LLC
	Series 2019-RPL1, 3.97%, 06/25/22 (c)	5,800	4,956
HERO Funding Trust
	Series 2016-A2-4A, 4.29%, 09/20/37	4,851	4,995
Hilton Orlando Trust
	Series 2018-E-ORL, REMIC, 3.35%, (1M USD LIBOR + 2.65%), 12/15/34 (a)	3,425	2,681
Horizon Aircraft Finance I Limited
	Series 2018-A-1, 4.46%, 12/15/25	5,334	3,905
Hospitality Investors Trust, Inc.
	Series 2019-F-HIT, 3.85%, (1M USD LIBOR + 3.15%), 11/15/21 (a)	3,081	2,064
IndyMac INDA Mortgage Loan Trust
	Series 2006-4A1-AR2, REMIC, 3.95%, 09/25/36 (a)	2,139	1,874
IndyMac MBS, Inc.
	Series 2005-A6-A8CB, REMIC, 5.00%, 07/25/35	10,039	7,516
J.P. Morgan Chase Commercial Mortgage Securities Trust
	Series 2018-A-LAQ, 1.70%, (1M USD LIBOR + 1.00%), 06/15/20 (a)	2,025	1,825
	Series 2020-E-LOOP, 3.86%, 12/07/26	2,666	2,124
	Series 2018-E-BCON, REMIC, 3.76%, 01/06/23 (a)	1,187	1,087
	Series 2018-FFX-WPT, REMIC, 5.54%, 07/07/23	2,666	2,090
Jamestown CLO Ltd
	Series 2014-A1AR-4A, 2.52%, (3M USD LIBOR + 0.69%), 07/15/26 (a)	107	106

18

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1	Value ($)
	Series 2018-A1-6RA, 3.09%, (3M USD LIBOR + 1.15%), 04/25/30 (a) (d)	3,000	2,804
	Series 2019-A1-14A, 3.29%, (3M USD LIBOR + 1.38%), 10/20/32 (a)	1,000	910
	Series 2019-A2-14A, 4.11%, (3M USD LIBOR + 2.20%), 10/20/32 (a)	500	435
JP Morgan Chase & Co.
	Series 2016-E-WIKI, REMIC, 4.01%, 10/07/21 (a)	3,075	2,535
JPMBB Commercial Mortgage Securities Trust
	Series 2014-C-C21, REMIC, 4.66%, 07/15/24 (a)	2,000	1,876
	Series 2015-C-C32, REMIC, 4.66%, 10/15/25 (a)	2,065	1,891
	Series 2015-C-C33, REMIC, 4.62%, 11/15/25 (a)	2,224	2,029
JPMDB Commercial Mortgage Securities Trust
	Interest Only, Series 2016-XA-C2, REMIC, 1.67%, 06/17/49 (a)	24,908	1,456
	Series 2019-A4-COR6, REMIC, 3.06%, 10/15/29	2,201	2,286
	Series 2019-AS-COR6, REMIC, 3.41%, 11/15/29	4,415	4,249
JPMorgan Chase Commercial Mortgage Securities Corp.
	Series 2017-D-FL10, REMIC, 2.60%, (1M USD LIBOR + 1.90%), 06/15/32 (a)	109	92
JPMorgan Resecuritization Trust
	Series 2009-4A2-10, REMIC, 2.78%, 03/26/37 (a)	2,825	2,615
Kingsland VIII Ltd
	Series 2018-A-8A, 2.94%, (3M USD LIBOR + 1.12%), 04/21/31 (a)	2,000	1,844
KVK CLO Ltd
	Series 2013-AR-1A, 2.74%, (3M USD LIBOR + 0.90%), 01/14/28 (a) (d)	4,000	3,827
Labrador Aviation Finance Limited
	Series 2016-A1-1A, 4.30%, 01/15/24	16,042	12,279
Legacy Mortgage Asset Trust
	Series 2018-A1-GS2, 4.00%, 06/25/20 (c)	7,473	7,187
	Series 2019-A1-GS5, REMIC, 3.20%, 07/25/21 (c)	465	437
	Series 2019-A-SL3, REMIC, 3.47%, 07/25/21	1,908	1,810
Loancore Issuer Ltd.
	Series 2019-AS-CRE2, 2.20%, (1M USD LIBOR + 1.50%), 02/15/24 (a)	3,567	3,144
LSTAR Commercial Mortgage Trust
	Interest Only, Series 2017-X-5, 1.00%, 03/11/50 (a)	41,064	1,480
Madison Park Funding XL, Ltd.
	Series AR-9A, 2.85%, (3M USD LIBOR + 1.24%), 05/28/30 (a) (d)	2,000	1,902
Madison Park Funding XV, Ltd.
	Series 2014-CR-15A, 5.24%, (3M USD LIBOR + 3.45%), 01/27/26 (a)	500	439
Madison Park Funding XVIII, Ltd.
	Series 2015-DR-18A, 4.77%, (3M USD LIBOR + 2.95%), 10/21/30 (a)	1,500	1,123
Marathon CLO VII Ltd
	Series 2014-A1R-7A, 3.12%, (3M USD LIBOR + 1.32%), 10/28/25 (a)	2,412	2,356
Marble Point CLO XIV Ltd
	Series 2018-A-2A, 3.15%, (3M USD LIBOR + 1.33%), 01/20/32 (a)	2,500	2,324
Marlette Funding Trust
	Series 2018-A-4A, 3.71%, 04/15/21	1,392	1,376
Master Asset Securitization Trust
	Series 2006-1A13-1, REMIC, 5.75%, 05/25/36	4,291	3,776
MidOcean Credit CLO
	Series 2018-A1-9A, 2.97%, (3M USD LIBOR + 1.15%), 07/21/31 (a) (d)	2,500	2,322
MidOcean Partners
	Series 2018-A1-8A, 2.84%, (3M USD LIBOR + 1.15%), 02/20/31 (a) (d)	2,000	1,879
Morgan Stanley & Co. LLC
	Series 2014-C-C19, REMIC, 4.00%, 12/15/24	2,000	1,510
Morgan Stanley Bank of America Merrill Lynch Trust
	Series 2014-C-C18, REMIC, 4.52%, 09/15/24	1,500	1,399
	Series 2015-C-C20, REMIC, 4.46%, 01/15/25 (a)	1,200	1,112
	Series 2015-C-C25, REMIC, 4.53%, 09/15/25 (a)	2,320	1,755
	Series 2016-C-C29, REMIC, 4.75%, 04/17/26 (a)	676	610
	Interest Only, Series 2013-XA-C7, REMIC, 1.34%, 02/15/46 (a)	19,675	589
	Interest Only, Series 2016-XA-C28, REMIC, 1.20%, 01/15/49 (a)	21,224	1,053
	Interest Only, Series 2016-XA-C30, REMIC, 1.56%, 09/17/49 (a)	18,280	1,218
	Series 2018-A-SUN, REMIC, 1.60%, (1M USD LIBOR + 0.90%), 07/15/20 (a)	2,389	1,792
	Series 2016-C-C31, REMIC, 4.31%, 10/19/26 (a)	2,960	2,607
Morgan Stanley Capital Barclays Bank Trust
	Series 2016-B-MART, REMIC, 2.48%, 09/15/21	3,538	3,281
Morgan Stanley Capital I Trust
	Series 2020-ASB-L4, REMIC, 2.62%, 11/16/29	1,788	1,775
	Series 2019-AS-L3, REMIC, 3.49%, 11/16/29	3,847	3,648
	Interest Only, Series 2019-XA-L3, REMIC, 0.65%, 11/18/52 (a)	71,140	3,366
Morgan Stanley Mortgage Loan Trust
	Series 2007-A1-8XS, REMIC, 5.75%, 04/25/37 (a)	1,363	852
	Series 2007-3A22-12, REMIC, 6.00%, 08/25/37	1,638	1,114
MP CLO VIII Ltd
	Series 2015-AR-2A, 2.71%, (3M USD LIBOR + 0.91%), 10/28/27 (a)	1,145	1,071
MRCD Mortgage Trust
	Series 2019-G-PARK, 2.72%, 12/15/36	7,083	6,009
Nassau Ltd
	Series 2018-A-IA, 2.98%, (3M USD LIBOR + 1.15%), 07/15/31 (a)	2,000	1,819
Natixis Commercial Mortgage Securities Trust
	Series 2018-A-FL1, 2.61%, (1M USD LIBOR + 0.95%), 01/17/22 (a)	2,227	2,071
	Series 2020-D-2PAC, 3.75%, 04/17/25	4,415	4,016
	Series 2018-E-850T, REMIC, 2.66%, (1M USD LIBOR + 1.95%), 07/15/21 (a)	2,183	1,864
Newtek Small Business Finance, LLC
	Series 2018-A-1, 3.33%, (1M USD LIBOR + 1.70%), 11/25/24 (a)	3,871	3,736
NLY 2019-FL2 Issuer Ltd.
	Series 2019-AS-FL2, 2.30%, (1M USD LIBOR + 1.60%), 12/15/22 (a)	3,371	3,044
	Series 2019-B-FL2, 2.60%, (1M USD LIBOR + 1.90%), 01/15/23 (a)	3,371	2,995
Nomura Asset Acceptance Corporation, Alternative Loan Trust
	Series 2006-3A-AR1, REMIC, 3.98%, 02/25/36 (a)	599	461
Nomura Resecuritization Trust
	Series 2011-2A10-4RA, REMIC, 2.93%, 07/26/41 (a)	10,761	9,140
NP SPE II LLC
	Series 2019-A2-1A, 3.24%, 09/20/26	7,500	7,011
OFSI BSL IX, Ltd.
	Series 2018-A-1A, 2.98%, (3M USD LIBOR + 1.15%), 07/15/31 (a) (d)	2,000	1,844
Park Avenue Institutional Advisers CLO Ltd
	Series 2016-A1R-1A, 2.88%, (3M USD LIBOR + 1.20%), 08/25/31 (a) (d)	2,500	2,315
Pioneer Aircraft Finance Ltd
	Series 2019-A-1, 3.97%, 06/15/26	4,732	3,309
PMT Credit Risk Transfer Trust
	Series 2019-A-3R, REMIC, 3.66%, 10/27/22 (a)	3,884	2,983
PR Mortgage Loan Trust
	Series 2014-APT-1, REMIC, 5.91%, 09/25/47	8,593	8,462
Pretium Mortgage Credit Partners I LLC
	Series 2019-A1-CFL1, REMIC, 3.72%, 07/25/22 (c)	1,143	1,000

19

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1	Value ($)
Pretium Mortgage Credit Partners LLC
	Series 2019-A1-NPL3, REMIC, 3.10%, 09/27/22 (c)	7,181	6,694
Primose Funding LLC
	Series 2019-A2-1A, 4.48%, 07/30/26	9,975	9,061
PRPM, LLC
	Series 2019-A1-2A, 3.97%, 04/25/22 (c)	8,881	8,400
	Series 2019-A1-3A, 3.35%, 07/25/22 (c)	2,371	2,068
	Series 2020-A1-1A, REMIC, 2.98%, 02/25/23 (c)	22,514	19,792
	Series 2019-A1-GS1, REMIC, 3.47%, 10/25/23	7,116	6,269
Raptor Aircraft Finance I Limited
	Series 2019-A-1, 4.21%, 08/23/26 (d)	4,098	3,072
Rate Adjustable Mortgage Trust
	Series 2005-6A21-4, REMIC, 3.81%, 08/25/35 (a)	5,167	4,608
RBSGC Mortgage Loan Trust
	Series 2007-1A4-B, REMIC, 1.40%, (1M USD LIBOR + 0.45%), 01/25/37 (a)	3,907	1,689
	Interest Only, Series 2007-1A6-B, REMIC, 5.10%, (6.05% - (1M USD LIBOR * 1)), 01/25/37 (a)	3,907	737
	Series 2007-2A1-A, REMIC, 6.75%, 01/25/37	5,095	4,687
Residential Accredit Loans, Inc.
	Series 2005-A41-QA10, REMIC, 5.01%, 09/25/35 (a)	893	731
	Series 2006-A21-QA1, REMIC, 4.68%, 01/25/36 (a)	5,118	4,039
	Series 2006-A4-QS4, REMIC, 6.00%, 04/25/36	2,794	2,506
	Series 2006-A4-QS5, REMIC, 6.00%, 05/25/36	3,245	2,994
Residential Asset Securitization Trust
	Series 2006-2A11-A6, REMIC, 6.00%, 07/25/36	3,371	2,681
	Series 2006-A1-A12, REMIC, 6.25%, 11/25/36	9,863	5,847
	Series 2007-1A1-A3, REMIC, 1.40%, (1M USD LIBOR + 0.45%), 04/25/37 (a)	6,441	2,304
	Series 2007-1A2-A3, REMIC, 39.13%, (46.38% - (1M USD LIBOR * 7.67)), 04/25/37 (a)	840	2,459
	Series 2007-1A1-A8, REMIC, 6.00%, 08/25/37	18,829	13,992
RFMSI Trust
	Series 2006-A14-S6, REMIC, 6.00%, 07/25/36	443	409
	Series 2006-A1-S11, REMIC, 6.00%, 11/25/36	2,601	2,297
	Series 2007-A4-S2, REMIC, 6.00%, 02/25/37	1,046	911
	Series 2007-A2-S4, REMIC, 6.00%, 04/25/37	1,675	1,391
	Series 2007-A2-S5, REMIC, 6.00%, 05/25/37	8,355	7,611
	Series 2007-A20-S7, REMIC, 6.00%, 07/25/37	1,954	1,732
Rockford Tower CLO Ltd
	Series 2017-A-3A, 3.01%, (3M USD LIBOR + 1.19%), 10/21/30 (a) (d)	1,000	941
	Series 2018-A-1A, 2.79%, (3M USD LIBOR + 1.10%), 05/20/31 (a) (d)	3,000	2,805
Rosslyn Portfolio Trust
	Series 2017-A-ROSS, 1.94%, (1M USD LIBOR + 0.95%), 06/15/20 (a)	1,485	1,376
Sapphire Aviation Finance II Limited
	Series 2020-A-1A, 3.23%, 03/15/27	10,000	6,470
SBA Towers, LLC
	Series 2017-C-1, 3.17%, 04/15/22 (d)	10,000	10,351
Servpro Master Issuer LLC
	Series 2019-A2-1A, 3.88%, 10/27/26	2,992	2,877
Shenton Aircraft Investment I Ltd
	Series 2015-A-1A, 4.75%, 11/15/27	9,499	7,668
Short-Term Investments Trust
	Series 2018-A-SELF, 1.60%, (1M USD LIBOR + 0.90%), 10/15/20 (a)	2,295	2,089
SoFi Consumer Loan Program Trust
	Series 2018-A-4, 3.54%, 12/25/21	691	691
SoFi Professional Loan Program LLC
	Series 2017-BFX-F, 3.62%, 05/25/27	8,000	7,684
Sound Point CLO, Ltd.
	Series 2013-A-3RA, 2.97%, (3M USD LIBOR + 1.15%), 04/18/31 (a) (d)	3,000	2,747
	Series 2018-A1A-21, 2.97%, (3M USD LIBOR + 1.18%), 10/27/31 (a) (d)	3,250	2,980
	Series 2015-ARR-2A, 3.21%, (3M USD LIBOR + 1.39%), 07/20/32 (a)	2,500	2,246
Sprite Limited
	Series 2017-A-1, 4.25%, 12/15/24	4,343	3,265
Starm Mortgage Loan Trust
	Series 2007-4A1-2, REMIC, 4.05%, 04/25/37 (a)	841	578
Steele Creek CLO Ltd
	Series 2015-AR-1A, 2.96%, (3M USD LIBOR + 1.26%), 05/21/29 (a)	4,000	3,806
	Series 2014-A-1RA, 2.89%, (3M USD LIBOR + 1.07%), 04/21/31 (a)	2,000	1,861
	Series 2016-1A, 1.86%, (3M USD LIBOR + 1.12%), 06/16/31 (a) (d)	2,000	1,822
	Series 2019-B-1A, 4.03%, (3M USD LIBOR + 2.20%), 04/15/32 (a)	1,000	849
Structured Adjustable Rate Mortgage Loan Trust
	Series 2005-2A-21, REMIC, 4.03%, 11/25/35 (a)	6,341	5,330
Structured Asset Investment Loan Trust
	Series 2006-A1-3, REMIC, 1.11%, (1M USD LIBOR + 0.16%), 06/25/36 (a) (c)	7,163	5,041
Structured Asset Securities Corporation
	Series 2005-1A1-5, REMIC, 5.75%, 04/25/35	7,897	6,292
Textainer Marine Containers VII Ltd
	Series 2019-A-1A, 3.96%, 10/20/26	4,633	4,432
The Goldman Sachs Group, Inc.
	Series 2017-B-ROSS, 2.24%, (1M USD LIBOR + 1.25%), 06/15/20 (a) (d)	1,485	1,310
THL Credit Wind River CLO Ltd
	Series 2013-AR-2A, 3.05%, (3M USD LIBOR + 1.23%), 10/18/30 (a)	2,645	2,487
	Series 2014-AR-2A, 2.97%, (3M USD LIBOR + 1.14%), 01/15/31 (a)	1,000	937
Toorak Mortgage Corp Ltd
	Series 2020-A2-1, 3.23%, 03/25/23 (c)	5,100	5,011
TPG Real Estate Finance Issuer LTD
	Series 2019-AS-FL3, 2.25%, (1M USD LIBOR + 1.45%), 03/15/24 (a)	3,766	3,370
Trinity Rail Leasing LLC
	Series 2010-A-1A, 5.19%, 01/16/31 (d)	4,001	4,203
UBS Commercial Mortgage Trust
	Interest Only, Series 2017-XA-C1, REMIC, 1.56%, 06/17/50 (a)	19,939	1,587
Upgrade Receivables Trust
	Series 2018-A-1A, 3.76%, 07/15/20	175	175
Upstart Securitization Trust
	Series 2018-B-2, 4.45%, 12/22/25	2,133	2,044
Vantage Data Centers Issuer, LLC
	Series 2018-A2-2A, 4.20%, 11/15/23	4,687	4,493
VCAT, LLC
	Series 2019-A1-NPL2, 3.57%, 11/25/22	2,789	2,605
Velocity Commercial Capital Loan Trust
	Series 2017-AFX-2, REMIC, 3.07%, 07/25/26 (a)	5,931	5,899
Venture 34 CLO Ltd
	Series 2018-A-34A, 3.06%, (3M USD LIBOR + 1.23%), 10/15/31 (a)	2,750	2,549
Vericrest Opportunity Loan Transferee
	Series 2019-A1A-NPL5, REMIC, 3.35%, 08/25/22 (c)	12,973	11,616
Vibrant Clo III Ltd
	Series 2015-A1RR-3A, REMIC, 3.07%, (3M USD LIBOR + 1.25%), 10/20/31 (a)	1,200	1,094
Vibrant Clo Ltd
	Series 2018-A1-10A, 3.02%, (3M USD LIBOR + 1.20%), 10/20/31 (a) (d)	3,000	2,832
Volt LXXX, LLC
	Series 2019-A1A-NPL6, REMIC, 3.23%, 09/25/22 (c)	5,696	5,320
Volt LXXXV, LLC
	Series 2020-A1A-NPL1, REMIC, 3.23%, 12/26/22 (c)	29,647	26,761
Volt LXXXVII, LLC
	Series 2020-A1A-NPL3, 2.98%, 01/25/23 (c)	11,034	7,911
WaMu Mortgage Pass-Through Certificates Trust
	Series 2006-1A5-5, REMIC, 6.00%, 07/25/36	1,748	1,622
	Series 2006-1A7-5, REMIC, 6.00%, 07/25/36	3,122	2,912
	Series 2007-2A2-2, REMIC, 5.50%, 04/25/37	2,166	2,095

20

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
		Series 2006-A4-7, REMIC, 4.24%, 09/25/36 (c)	20,971		9,447
	Waterfall Commercial Mortgage Trust
		Series 2015-A-SBC5, REMIC, 4.10%, 09/19/22 (a)	5,170		5,205
	Wellfleet CLO Ltd
		Series 2017-A1-3A, 2.99%, (3M USD LIBOR + 1.15%), 01/17/31 (a)	3,250		3,049
		Series 2018-A1-2A, 3.03%, (3M USD LIBOR + 1.20%), 10/20/31 (a)	2,000		1,866
	Wells Fargo Alternative Loan Trust
		Series 2007-2A1-PA3, REMIC, 6.00%, 07/25/37	2,428		2,276
		Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37	2,920		2,514
		Series 2007-1A1-PA5, REMIC, 6.25%, 11/25/37	885		833
	Wells Fargo Commercial Mortgage Trust
		Series 2015-C-C31, REMIC, 4.61%, 11/15/25 (a)	1,850		1,419
		Series 2015-D-NXS4, REMIC, 3.67%, 11/18/25 (a)	2,031		1,685
		Series 2016-C-C32, REMIC, 4.73%, 01/16/26 (a)	1,577		1,189
		Series 2016-C-C33, REMIC, 3.90%, 03/17/26	1,508		1,323
		Series 2016-C-C34, REMIC, 5.03%, 04/17/26 (a)	2,855		2,170
		Interest Only, Series 2015-XA-P2, REMIC, 0.98%, 12/15/48 (a)	26,616		978
		Interest Only, Series 2015-XA-LC20, REMIC, 1.33%, 04/15/50 (a)	22,219		962
		Interest Only, Series 2016-XA-C33, REMIC, 1.72%, 03/17/59 (a)	14,073		924
		Series 2020-ASB-C55, REMIC, 2.65%, 10/17/29	2,920		2,873
		Series 2019-A4-C54, REMIC, 3.15%, 11/16/29	4,415		4,600
		Series 2020-A5-C55, REMIC, 2.73%, 01/17/30	1,460		1,463
		Series 2020-AS-C55, REMIC, 2.94%, 01/17/30	2,920		2,732
		Interest Only, Series 2019-XA-C54, REMIC, 0.97%, 12/17/52 (a)	37,669		2,261
		Interest Only, Series 2017-XA-RC1, REMIC, 1.50%, 01/16/60 (a)	24,366		1,685
	Wells Fargo Mortgage Backed Securities Trust
		Series 2007-A38-7, REMIC, 6.00%, 06/25/37	1,809		1,734
	WFRBS Commercial Mortgage Trust
		Interest Only, Series 2014-XA-C19, REMIC, 1.03%, 03/15/47 (a)	19,831		569
		Interest Only, Series 2014-XA-C25, REMIC, 0.82%, 11/15/47 (a)	26,084		794
	WhiteHorse X, Ltd.
		Series 2015-A1R-10A, 2.77%, (3M USD LIBOR + 0.93%), 04/19/27 (a) (d)	1,828		1,780
	Willis Engine Structured Trust IV
		Series 2018-A-A, 4.75%, 09/15/26 (c) (d)	1,806		1,262
	York CLO-6 Ltd
		Series 2019-A1-1A, 3.15%, (3M USD LIBOR + 1.35%), 07/22/32 (a)	3,500		3,258
	ZAIS CLO 2, Limited
		Series 2014-A1AR-2A, 2.99%, (3M USD LIBOR + 1.20%), 07/27/26 (a)	1,383		1,363
	ZAIS CLO 5, Limited
		Series 2016-A1-2A, 3.36%, (3M USD LIBOR + 1.53%), 10/16/28 (a)	2,000		1,907
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $1,142,740)			1,042,918
SHORT TERM INVESTMENTS 3.6%
Investment Companies 3.3%
	JNL Government Money Market Fund - Institutional Class, 0.23% (e) (f)		81,400		81,400
Securities Lending Collateral 0.3%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (e) (f)		8,820		8,820
	Total Short Term Investments (cost $90,220)			90,220
Total Investments 100.2% (cost $2,512,741)					2,500,571
Other Assets and Liabilities, Net (0.2)%					(5,668)
Total Net Assets 100.0%					2,494,903

(a)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2020. 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 on loan as of March 31, 2020.

(c)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 March 31, 2020.

(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 March 31, 2020, the value and the percentage of net assets of these liquid securities was $65,685 and 2.6% of the Fund.

(e)Investment in affiliate.

(f)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

21

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (a)
GOVERNMENT AND AGENCY OBLIGATIONS 21.0%
Serbia 14.8%
	Government of the Republic of Serbia
		5.75%, 07/21/23, RSD	1,214,860		12,585
		4.50%, 01/11/26, RSD	547,870		5,609
		5.88%, 02/08/28, RSD	882,540		9,946
				28,140
Romania 4.3%
	Ministerul Finantelor Publice
		4.63%, 04/03/49, EUR (b)	4,580		5,311
		3.38%, 01/28/50, EUR (b)	2,849		2,795
				8,106
Benin 0.7%
	Government of the People's Republic of Benin
		5.75%, 03/26/26, EUR (b)	1,428		1,312
United States of America 0.5%
	Federal Home Loan Mortgage Corporation
		Interest Only, Series S-4070, REMIC, 5.40%, (6.10% - (1M USD LIBOR * 1)), 06/15/32 (c)	1,947		279
	Federal National Mortgage Association, Inc.
		Interest Only, Series 2013-DS-15, REMIC, 5.25%, (6.20% - (1M USD LIBOR * 1)), 03/25/33 (c)	673		128
		Interest Only, Series 2010-SJ-124, REMIC, 5.10%, (6.05% - (1M USD LIBOR * 1)), 11/25/38 (c)	700		24
		Interest Only, Series 2012-SK-150, REMIC, 5.20%, (6.15% - (1M USD LIBOR * 1)), 01/25/43 (c)	1,722		303
		Interest Only, Series 2018-BI-58, REMIC, 4.00%, 08/25/48	1,865		147
				881
Suriname 0.4%
	Republic of Suriname, Government of the
		9.25%, 10/26/26 (b)	1,402		778
Egypt 0.3%
	The Arab Republic of Egypt
		8.50%, 01/31/47 (b)	635		515
	Total Government And Agency Obligations (cost $41,062)			39,732
SENIOR LOAN INTERESTS 1.3%
Kenya 1.3%
	Kenya, Government of
		Term Loan, 8.37%, (3M LIBOR + 6.45%), 06/29/25 (c) (d)	2,500		2,351
	Total Senior Loan Interests (cost $2,489)			2,351
CORPORATE BONDS AND NOTES 0.5%
Moldova 0.4%
	Aragvi Finance International Designated Activity Company
		12.00%, 04/09/24 (b)	919		767
Georgia 0.1%
	Silknet JSC
		11.00%, 04/02/24 (b)	289		244
	Total Corporate Bonds And Notes (cost $1,239)			1,011
COMMON STOCKS 0.4%
Iceland 0.4%
	EIK Fasteignafelag hf		6,445		289
	Eimskipafelag Islands HF.		524		486
				775
Vietnam 0.0%
	Domesco Medical Import-Export Joint-Stock Corporation		1		2
	Vietnam Prosperity Joint-Stock Commercial Bank (e)		61		44
				46
Greece 0.0%
	OPAP SA		1		7
	Total Common Stocks (cost $1,765)			828
SHORT TERM INVESTMENTS 58.9%
Investment Companies 54.9%
	JNL Government Money Market Fund - Institutional Class, 0.23% (f) (g)		103,956		103,956
U.S. Treasury Bill 4.0%
	Treasury, United States Department of
		1.60%, 04/09/20 (h) (i)	4,000		3,998
		0.46%, 04/30/20 (h) (i)	3,500		3,499
				7,497
	Total Short Term Investments (cost $111,454)			111,453
Total Investments 82.1% (cost $158,009)					155,375
Total Securities Sold Short(0.6)% (proceeds $1,537)					(1,050)
Total Purchased Options 0.0% (cost $57)					—
Other Derivative Instruments 4.6%					8,776
Other Assets and Liabilities, Net 13.9%					26,201
Total Net Assets 100.0%					189,302

(a)Consolidated Schedule of Investments.

(b)Security is restricted to resale to institutional investors. See Restricted Securities table following the Schedules of Investments.

(c)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2020. 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.

(d)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.

(e)Non-income producing security.

(f)Investment in affiliate.

(g)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

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

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

			Shares/Par1		Value ($)
SECURITIES SOLD SHORT (0.6%)
COMMON STOCKS (0.6%)
United Kingdom (0.6%)
		Ashmore Group PLC	(239)		(1,050)
	Total Common Stocks (proceeds $1,537)			(1,050)
	Total Securities Sold Short (0.6%) (proceeds $1,537)				(1,050)

22

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Aragvi Finance International Designated Activity Company, 12.00%, 04/09/24	04/01/19	950	767	0.4
	Government of the People's Republic of Benin, 5.75%, 03/26/26	03/19/19	1,604	1,312	0.7
	Ministerul Finantelor Publice, 4.63%, 04/03/49	02/14/20	6,691	5,311	2.8
	Ministerul Finantelor Publice, 3.38%, 01/28/50	02/14/20	3,475	2,795	1.5
	Republic of Suriname, Government of the, 9.25%, 10/26/26	01/21/20	1,211	778	0.4
	Silknet JSC, 11.00%, 04/02/24	03/26/19	289	244	0.1
	The Arab Republic of Egypt, 8.50%, 01/31/47	08/23/19	684	515	0.3
			14,904	11,722	6.2

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
S&P/ASX 200 Index	10	June 2020	AUD	1,275	(12)			5
Short Contracts
Euro BOBL	(13)	June 2020	EUR	(1,770)	4			13

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) ($)		Unrealized Appreciation (Depreciation) ($)
3M Canada Bankers Acceptance (Q)	Receiving	1.80	(S)	06/11/24	CAD	5,180		7		(139)
3M Canada Bankers Acceptance (Q)	Receiving	1.70	(S)	02/19/25	CAD	2,580		5		(67)
3M Canada Bankers Acceptance (Q)	Receiving	1.71	(S)	02/19/25	CAD	2,960		5		(78)
3M LIBOR (Q)	Receiving	2.22	(S)	03/28/24		177		—		(12)
3M LIBOR (Q)	Receiving	2.37	(S)	04/03/24		650		—		(49)
3M LIBOR (Q)	Receiving	1.40	(S)	08/23/24		100		—		(4)
3M LIBOR (Q)	Receiving	1.59	(S)	01/23/25		380		—		(20)
3M LIBOR (Q)	Receiving	1.46	(S)	01/30/25		201		—		(9)
3M LIBOR (Q)	Receiving	1.41	(S)	02/03/25		500		—		(22)
3M LIBOR (Q)	Receiving	1.16	(S)	02/28/25		200		—		(6)
3M LIBOR (Q)	Receiving	1.71	(S)	08/27/49		97		2		(22)
3M LIBOR (Q)	Receiving	1.70	(S)	08/27/49		111		3		(25)
3M LIBOR (Q)	Receiving	1.65	(S)	08/28/49		90		2		(19)
6M EURIBOR (S)	Receiving	0.37	(A)	02/12/50	EUR	236		5		(16)
6M EURIBOR (S)	Receiving	0.38	(A)	02/13/50	EUR	58		1		(4)
6M EURIBOR (S)	Receiving	0.38	(A)	02/13/50	EUR	200		4		(14)
6M EURIBOR (S)	Receiving	0.39	(A)	02/13/50	EUR	233		5		(17)
6M EURIBOR (S)	Receiving	0.37	(A)	02/17/50	EUR	423		8		(29)
6M EURIBOR (S)	Receiving	0.32	(A)	02/21/50	EUR	552		11		(29)
6M EURIBOR (S)	Receiving	0.26	(A)	02/25/50	EUR	2,000		39		(68)
7-Day China Fixing Repo Rate (Q)	Paying	3.18	(Q)	04/30/24	CNY	12,700		4		72
7-Day China Fixing Repo Rate (Q)	Paying	2.90	(Q)	06/06/24	CNY	12,113		4		49
7-Day China Fixing Repo Rate (Q)	Paying	2.90	(Q)	06/06/24	CNY	9,085		3		37
7-Day China Fixing Repo Rate (Q)	Paying	2.90	(Q)	06/06/24	CNY	9,085		3		37
7-Day China Fixing Repo Rate (Q)	Paying	2.90	(Q)	06/06/24	CNY	4,542		2		19
7-Day China Fixing Repo Rate (Q)	Paying	2.87	(Q)	06/10/24	CNY	6,056		2		24
7-Day China Fixing Repo Rate (Q)	Paying	2.95	(Q)	06/12/24	CNY	16,800		6		74
7-Day China Fixing Repo Rate (Q)	Paying	2.96	(Q)	06/12/24	CNY	9,000		3		40
HICP (A)	Receiving	1.57	(A)	08/15/32	EUR	778		(2)		(118)
HICP (A)	Receiving	1.59	(A)	08/15/32	EUR	1,783		(6)		(276)
HICP (A)	Receiving	1.60	(A)	08/15/32	EUR	1,741		(6)		(276)
HICP (A)	Receiving	1.74	(A)	02/15/33	EUR	86		—		(16)
HICP (A)	Paying	1.77	(A)	08/15/42	EUR	778		2		221
HICP (A)	Paying	1.79	(A)	08/15/42	EUR	1,741		3		511
HICP (A)	Paying	1.78	(A)	08/15/42	EUR	1,783		4		509
HICP (A)	Paying	1.93	(A)	02/15/43	EUR	86		—		30
HICP (A)	Paying	1.90	(A)	08/04/47	EUR	469		(1)		192
HICP (A)	Paying	1.89	(A)	08/07/47	EUR	29		—		12
U.S. CPURNSA (A)	Receiving	2.42	(A)	02/06/43		609		(3)		(216)
U.S. CPURNSA (A)	Receiving	2.16	(A)	08/04/47		631		(2)		(198)
U.S. CPURNSA (A)	Receiving	2.13	(A)	08/22/47		797		(3)		(239)
U.S. CPURNSA (A)	Receiving	2.15	(A)	08/25/47		792		(3)		(243)

23

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

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) ($)		Unrealized Appreciation (Depreciation) ($)
U.S. CPURNSA (A)	Receiving	2.15	(A)	09/01/47		790		(3)		(243)
U.S. CPURNSA (A)	Paying	2.41	(A)	02/06/33		609		3		118
								107		(529)

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate (%)	Expiration	Notional1		Value ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection
CDX.EM.31 (Q)	1.00	06/20/24		735		71		(1)		49
South Africa, Parliament of (Q)	1.00	12/20/23		2,215		210		(10)		97
						281		(11)		146

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		—

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund — Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
AED/USD	BNP	04/05/21	AED	16,620		4,515		—
AED/USD	BNP	04/08/21	AED	45,084		12,246		1
AED/USD	BNP	04/12/21	AED	33,749		9,167		1
AED/USD	BNP	07/26/21	AED	1,100		299		—
AED/USD	BNP	01/31/22	AED	11,704		3,171		(2)
AED/USD	BNP	02/03/22	AED	27,140		7,352		(4)
AUD/USD	CIT	04/06/20	AUD	9,849		6,047		174
AUD/USD	CIT	04/07/20	AUD	8,159		5,010		144
AUD/USD	CIT	04/14/20	AUD	22,084		13,560		(1,036)
AUD/USD	SCB	04/16/20	AUD	3,725		2,287		66
AUD/USD	CIT	06/09/20	AUD	3,725		2,288		(182)
BRL/USD	SCB	07/23/20	BRL	3,483		667		(237)
CLP/USD	GSC	05/07/20	CLP	1,729,502		2,023		(183)
CNY/USD	CIT	04/21/20	CNY	2,000		282		1
CNY/USD	UBS	04/23/20	CNY	5,900		832		3
EGP/USD	GSC	04/06/20	EGP	163,601		10,373		65
EGP/USD	HSB	04/16/20	EGP	4,000		252		16
EGP/USD	CIT	04/21/20	EGP	3,488		220		3
EGP/USD	GSC	04/21/20	EGP	10,730		675		113
EGP/USD	HSB	04/21/20	EGP	32,700		2,058		346
EGP/USD	GSC	05/07/20	EGP	58,212		3,636		580
EGP/USD	JPM	08/03/20	EGP	5,506		332		30
EGP/USD	MSC	11/09/20	EGP	42,029		2,437		68
EGP/USD	GSC	11/12/20	EGP	5,000		290		8
EUR/USD	BOA	04/02/20	EUR	1,128		1,243		26
EUR/USD	JPM	04/02/20	EUR	2,763		3,044		(9)
EUR/USD	JPM	04/02/20	EUR	4,217		4,645		68
EUR/USD	MSC	04/02/20	EUR	2,403		2,648		(4)
EUR/USD	SCB	04/02/20	EUR	5,866		6,462		(160)
EUR/USD	SCB	04/02/20	EUR	14,688		16,182		239
EUR/USD	BOA	04/15/20	EUR	1,985		2,188		(2)
EUR/USD	JPM	04/15/20	EUR	5,038		5,553		30
EUR/USD	TDS	04/15/20	EUR	8,524		9,396		71
EUR/USD	GSC	04/24/20	EUR	2,284		2,519		(38)
EUR/USD	MSC	05/08/20	EUR	174		192		4
EUR/USD	MSC	07/10/20	EUR	6,118		6,765		124
GBP/USD	BNP	04/06/20	GBP	1,188		1,478		86
GHS/USD	JPM	05/22/20	GHS	1,521		260		3
GHS/USD	JPM	05/29/20	GHS	472		81		1
GHS/USD	SCB	05/29/20	GHS	238		41		—
GHS/USD	JPM	06/03/20	GHS	599		102		1
GHS/USD	SCB	06/04/20	GHS	1,966		335		4
GHS/USD	JPM	06/08/20	GHS	736		125		2
GHS/USD	SCB	06/08/20	GHS	1,227		208		3
GHS/USD	SCB	06/15/20	GHS	1,204		204		3
GHS/USD	JPM	06/17/20	GHS	709		120		2
GHS/USD	SCB	06/19/20	GHS	709		120		2
GHS/USD	JPM	06/22/20	GHS	978		165		3
GHS/USD	JPM	07/13/20	GHS	1,259		210		4
IDR/USD	SCB	07/21/20	IDR	18,969,443		1,151		(82)
INR/USD	CIT	04/03/20	INR	90,850		1,201		(61)
INR/USD	SCB	04/03/20	INR	90,850		1,201		(6)
INR/USD	CIT	04/07/20	INR	98,435		1,300		(2)
INR/USD	JPM	04/07/20	INR	130,030		1,718		—
INR/USD	SCB	04/07/20	INR	237,443		3,137		(13)
INR/USD	SCB	04/07/20	INR	8,978		119		—
INR/USD	SCB	04/13/20	INR	242,079		3,196		(43)
INR/USD	SCB	04/13/20	INR	75,251		993		1
INR/USD	CIT	04/15/20	INR	8,380		111		(6)
INR/USD	CIT	04/15/20	INR	155		2		—
INR/USD	CIT	05/22/20	INR	98,435		1,294		(71)
INR/USD	JPM	05/22/20	INR	130,030		1,709		(94)
JPY/USD	CIT	04/13/20	JPY	308,148		2,864		(97)
JPY/USD	CIT	04/13/20	JPY	1,104,632		10,266		315
JPY/USD	CIT	05/26/20	JPY	484,692		4,513		136
JPY/USD	CIT	06/10/20	JPY	609,528		5,678		(105)
KRW/USD	SCB	04/06/20	KRW	779,124		640		(15)
KRW/USD	SCB	04/06/20	KRW	16,947		14		—
KRW/USD	MSC	04/09/20	KRW	2,294,920		1,886		41
KRW/USD	SCB	04/09/20	KRW	1,907,953		1,568		(41)
KRW/USD	ANZ	04/22/20	KRW	177,840		146		3
KRW/USD	BOA	04/22/20	KRW	583,372		480		9
KRW/USD	SCB	04/22/20	KRW	934,993		769		16
KRW/USD	CIT	04/29/20	KRW	4,583,366		3,768		88
KRW/USD	CIT	05/12/20	KRW	7,415,268		6,100		141
NOK/USD	CIT	04/06/20	NOK	41,423		3,979		61
NOK/USD	CIT	04/17/20	NOK	41,423		3,979		(136)
NZD/USD	BOA	04/06/20	NZD	12,400		7,381		343

24

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
NZD/USD	CIT	04/07/20	NZD	2,510		1,494		71
NZD/USD	CIT	04/14/20	NZD	5,010		2,982		(160)
NZD/USD	CIT	04/14/20	NZD	8,108		4,826		229
NZD/USD	CIT	05/20/20	NZD	4,693		2,793		114
OMR/USD	BNP	08/17/20	OMR	347		889		(3)
OMR/USD	BNP	02/16/21	OMR	501		1,253		(12)
OMR/USD	BNP	04/08/21	OMR	1,932		4,803		(85)
OMR/USD	BNP	05/03/21	OMR	1,401		3,474		(22)
OMR/USD	SCB	05/27/21	OMR	723		1,788		6
OMR/USD	SCB	06/10/21	OMR	2,031		5,016		19
OMR/USD	BNP	08/19/21	OMR	1,903		4,664		(124)
OMR/USD	BNP	08/23/21	OMR	185		454		(3)
PHP/USD	ANZ	04/02/20	PHP	98,926		1,945		(2)
PHP/USD	SCB	04/02/20	PHP	104,466		2,054		19
PHP/USD	CIT	04/03/20	PHP	98,926		1,945		18
PHP/USD	SCB	04/03/20	PHP	98,926		1,945		5
PHP/USD	SCB	04/13/20	PHP	232,773		4,573		(16)
PHP/USD	SCB	04/13/20	PHP	102,046		2,004		11
PHP/USD	SCB	06/02/20	PHP	32,543		637		7
RUB/USD	CIT	04/09/20	RUB	284,440		3,625		(155)
SEK/USD	CIT	04/06/20	SEK	24,812		2,500		(92)
SGD/USD	BNP	04/06/20	SGD	702		494		8
SGD/USD	JPM	04/06/20	SGD	80		56		1
SGD/USD	SCB	04/06/20	SGD	789		555		(6)
SGD/USD	CIT	08/06/20	SGD	1,571		1,107		20
THB/USD	SCB	04/07/20	THB	316		10		—
THB/USD	SCB	04/10/20	THB	93,166		2,839		(114)
THB/USD	SCB	04/24/20	THB	28,529		869		(35)
TRY/USD	SCB	05/29/20	TRY	58,162		8,661		(177)
TWD/USD	SCB	04/06/20	TWD	1,000		33		(1)
TWD/USD	SCB	04/06/20	TWD	1,000		33		—
TWD/USD	SCB	04/09/20	TWD	128,700		4,258		(57)
TWD/USD	MSC	06/09/20	TWD	136,120		4,521		(58)
UAH/USD	GSC	04/03/20	UAH	4,975		180		2
UAH/USD	CIT	04/13/20	UAH	5,441		195		2
UAH/USD	GSC	04/13/20	UAH	7,191		258		3
UAH/USD	CIT	04/14/20	UAH	47,895		1,718		16
UAH/USD	CIT	04/16/20	UAH	48,951		1,753		15
UAH/USD	CIT	05/06/20	UAH	57,471		2,026		2
UAH/USD	GSC	05/12/20	UAH	9,170		322		2
UGX/USD	CIT	04/03/20	UGX	3,420,631		902		34
UGX/USD	SCB	04/14/20	UGX	223,645		59		3
UGX/USD	CIT	04/20/20	UGX	503,750		132		7
UGX/USD	SCB	06/15/20	UGX	465,123		121		5
UGX/USD	SCB	06/17/20	UGX	1,980,960		513		24
UGX/USD	CIT	06/26/20	UGX	518,750		134		5
UGX/USD	SCB	07/02/20	UGX	2,457,463		636		20
UGX/USD	SCB	07/10/20	UGX	2,088,947		539		15
UGX/USD	CIT	08/10/20	UGX	366,090		94		2
UGX/USD	SCB	08/14/20	UGX	512,942		131		2
USD/AED	BNP	04/05/21	AED	(16,620)		(4,515)		(4)
USD/AED	BNP	04/08/21	AED	(45,084)		(12,246)		(8)
USD/AED	BNP	04/12/21	AED	(33,749)		(9,167)		(7)
USD/AED	MSC	04/12/21	AED	(35,551)		(9,656)		(5)
USD/AED	BNP	07/26/21	AED	(1,100)		(298)		—
USD/AED	BNP	01/31/22	AED	(11,704)		(3,171)		5
USD/AED	BNP	02/03/22	AED	(27,140)		(7,352)		11
USD/AUD	CIT	04/06/20	AUD	(9,849)		(6,047)		414
USD/AUD	CIT	04/14/20	AUD	(18,008)		(11,058)		(320)
USD/AUD	CIT	04/14/20	AUD	(4,076)		(2,503)		162
USD/AUD	SCB	04/16/20	AUD	(3,725)		(2,287)		82
USD/AUD	CIT	06/09/20	AUD	(3,725)		(2,288)		(66)
USD/BRL	CIT	04/02/20	BRL	(3,945)		(760)		69
USD/BRL	SCB	04/02/20	BRL	(1,580)		(304)		55
USD/BRL	SCB	07/23/20	BRL	(3,483)		(667)		237
USD/CLP	SCB	05/07/20	CLP	(1,729,502)		(2,023)		199
USD/CNH	UBS	04/23/20	CNH	(5,900)		(832)		27
USD/CNY	CIT	04/21/20	CNY	(2,000)		(282)		8
USD/EGP	BNP	04/13/20	EGP	(33,964)		(2,146)		(37)
USD/EGP	CIT	04/13/20	EGP	(19,642)		(1,241)		(23)
USD/EGP	BNP	04/16/20	EGP	(28,477)		(1,797)		(34)
USD/EGP	GSC	04/21/20	EGP	(10,730)		(675)		(3)
USD/EGP	HSB	04/21/20	EGP	(10,500)		(661)		(4)
USD/EGP	GSC	05/07/20	EGP	(58,212)		(3,636)		(22)
USD/EGP	GSC	11/12/20	EGP	(5,000)		(290)		(1)
USD/EUR	JPM	04/01/20	EUR	(326)		(359)		2
USD/EUR	MSC	04/02/20	EUR	(6,292)		(6,931)		(132)
USD/EUR	SCB	04/02/20	EUR	(54,233)		(59,746)		(83)
USD/EUR	SCB	04/02/20	EUR	(5,409)		(5,959)		7
USD/EUR	CIT	04/15/20	EUR	(3,817)		(4,208)		(51)
USD/EUR	SCB	04/15/20	EUR	(4,891)		(5,392)		(80)
USD/EUR	SCB	04/15/20	EUR	(8,524)		(9,396)		104
USD/EUR	TDS	04/15/20	EUR	(43,394)		(47,831)		(363)
USD/EUR	MSC	05/08/20	EUR	(174)		(192)		2
USD/EUR	MSC	07/10/20	EUR	(6,118)		(6,765)		160
USD/GHS	JPM	05/22/20	GHS	(1,521)		(260)		(10)
USD/GHS	JPM	05/29/20	GHS	(472)		(81)		(4)
USD/GHS	SCB	05/29/20	GHS	(238)		(41)		(2)
USD/GHS	JPM	06/03/20	GHS	(599)		(102)		(5)
USD/GHS	SCB	06/04/20	GHS	(1,966)		(335)		(18)
USD/GHS	JPM	06/08/20	GHS	(736)		(125)		(6)
USD/GHS	SCB	06/08/20	GHS	(1,227)		(208)		(8)
USD/GHS	SCB	06/15/20	GHS	(1,204)		(204)		(8)
USD/GHS	JPM	06/17/20	GHS	(709)		(120)		(5)
USD/GHS	SCB	06/19/20	GHS	(709)		(120)		(5)
USD/GHS	JPM	06/22/20	GHS	(978)		(165)		(4)
USD/GHS	CIT	07/02/20	GHS	(1,277)		(214)		(6)
USD/GHS	JPM	07/13/20	GHS	(1,259)		(210)		(4)
USD/IDR	BOA	07/21/20	IDR	(8,436,116)		(512)		97
USD/IDR	SCB	07/21/20	IDR	(10,533,327)		(639)		121
USD/INR	CIT	04/03/20	INR	(90,850)		(1,201)		5
USD/INR	SCB	04/03/20	INR	(90,850)		(1,201)		42
USD/INR	CIT	04/07/20	INR	(98,435)		(1,300)		5
USD/INR	JPM	04/07/20	INR	(130,030)		(1,718)		7
USD/INR	SCB	04/07/20	INR	(246,421)		(3,256)		91
USD/INR	SCB	04/13/20	INR	(325,865)		(4,302)		48
USD/INR	CIT	05/22/20	INR	(98,435)		(1,294)		(18)
USD/INR	JPM	05/22/20	INR	(130,030)		(1,709)		6
USD/JPY	CIT	04/06/20	JPY	(15,131)		(141)		(5)
USD/JPY	CIT	04/13/20	JPY	(1,412,780)		(13,130)		(350)
USD/JPY	CIT	05/26/20	JPY	(341,329)		(3,178)		(99)
USD/JPY	CIT	05/26/20	JPY	(143,363)		(1,335)		4
USD/JPY	CIT	06/10/20	JPY	(487,173)		(4,539)		(141)
USD/JPY	CIT	06/10/20	JPY	(122,356)		(1,140)		21
USD/KRW	SCB	04/06/20	KRW	(796,071)		(654)		(14)
USD/KRW	MSC	04/09/20	KRW	(2,294,920)		(1,886)		51
USD/KRW	SCB	04/09/20	KRW	(1,907,953)		(1,568)		(34)
USD/KRW	ANZ	04/22/20	KRW	(177,840)		(146)		3
USD/KRW	BOA	04/22/20	KRW	(583,372)		(480)		22
USD/KRW	SCB	04/22/20	KRW	(934,993)		(769)		40
USD/KRW	CIT	04/29/20	KRW	(4,583,366)		(3,768)		176
USD/KRW	CIT	05/12/20	KRW	(7,415,268)		(6,099)		143
USD/NOK	CIT	04/17/20	NOK	(41,423)		(3,979)		(61)
USD/NZD	CIT	04/06/20	NZD	(12,264)		(7,300)		(347)
USD/NZD	CIT	04/07/20	NZD	(2,510)		(1,494)		127
USD/NZD	CIT	04/14/20	NZD	(13,118)		(7,809)		428
USD/NZD	CIT	05/20/20	NZD	(4,694)		(2,793)		2
USD/OMR	BNP	08/17/20	OMR	(347)		(889)		(7)
USD/OMR	BNP	02/16/21	OMR	(501)		(1,253)		15
USD/OMR	BNP	04/08/21	OMR	(1,932)		(4,803)		116
USD/OMR	BNP	05/03/21	OMR	(1,401)		(3,474)		96
USD/OMR	SCB	05/27/21	OMR	(723)		(1,788)		53
USD/OMR	SCB	06/10/21	OMR	(2,031)		(5,016)		144
USD/OMR	BNP	08/19/21	OMR	(1,903)		(4,664)		184
USD/OMR	BNP	08/23/21	OMR	(185)		(454)		18
USD/PHP	SCB	04/02/20	PHP	(203,392)		(3,999)		(16)
USD/PHP	CIT	04/03/20	PHP	(98,926)		(1,945)		(4)
USD/PHP	SCB	04/03/20	PHP	(98,926)		(1,945)		(5)
USD/PHP	SCB	04/13/20	PHP	(334,819)		(6,577)		(59)
USD/PHP	SCB	06/02/20	PHP	(32,543)		(637)		(4)
USD/RUB	CIT	04/09/20	RUB	(284,440)		(3,625)		897
USD/SEK	CIT	04/06/20	SEK	(24,812)		(2,500)		32

25

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
USD/SGD	CIT	04/06/20	SGD	(1,571)		(1,106)		(20)
USD/SGD	CIT	08/06/20	SGD	(1,571)		(1,107)		40
USD/THB	SCB	04/07/20	THB	(316)		(10)		—
USD/THB	SCB	04/10/20	THB	(93,166)		(2,839)		236
USD/THB	SCB	04/24/20	THB	(28,529)		(869)		70
USD/TRY	SCB	04/06/20	TRY	(58,162)		(8,794)		176
USD/TRY	SCB	04/15/20	TRY	(28,762)		(4,337)		263
USD/TRY	SCB	05/29/20	TRY	(58,162)		(8,659)		480
USD/TWD	SCB	04/06/20	TWD	(2,000)		(66)		—
USD/TWD	SCB	04/09/20	TWD	(128,700)		(4,258)		11
USD/TWD	MSC	06/09/20	TWD	(136,120)		(4,521)		28
USD/UAH	GSC	04/03/20	UAH	(4,975)		(180)		25
USD/UAH	CIT	04/13/20	UAH	(5,441)		(195)		24
USD/UAH	GSC	04/13/20	UAH	(7,191)		(258)		32
USD/UAH	BOA	04/14/20	UAH	(47,895)		(1,718)		248
USD/UAH	BOA	04/16/20	UAH	(48,951)		(1,753)		175
USD/UAH	CIT	05/06/20	UAH	(57,471)		(2,026)		270
USD/UAH	BOA	05/12/20	UAH	(12,099)		(425)		63
USD/UAH	MSC	05/12/20	UAH	(9,170)		(322)		45
USD/UGX	CIT	04/03/20	UGX	(3,420,631)		(903)		4
USD/UGX	SCB	04/14/20	UGX	(223,645)		(59)		1
USD/UGX	CIT	04/20/20	UGX	(503,750)		(132)		2
USD/UGX	SCB	06/15/20	UGX	(465,123)		(121)		1
USD/UGX	SCB	06/17/20	UGX	(1,980,960)		(513)		3
USD/UGX	CIT	06/26/20	UGX	(518,750)		(134)		1
USD/UGX	SCB	07/10/20	UGX	(2,088,947)		(539)		5
USD/UGX	CIT	08/10/20	UGX	(366,090)		(94)		1
USD/UGX	SCB	08/14/20	UGX	(512,942)		(131)		(2)
USD/UYU	JPM	05/11/20	UYU	(27,560)		(633)		(8)
USD/UYU	JPM	05/19/20	UYU	(20,465)		(469)		(5)
USD/ZAR	CIT	04/06/20	ZAR	(215,160)		(12,074)		126
USD/ZAR	CIT	04/20/20	ZAR	(106,054)		(5,938)		1,204
USD/ZAR	CIT	05/26/20	ZAR	(89,156)		(4,968)		1,095
USD/ZAR	SCB	07/20/20	ZAR	(46,151)		(2,556)		450
UYU/USD	JPM	05/11/20	UYU	27,560		633		(85)
UYU/USD	JPM	05/19/20	UYU	20,465		469		(62)
ZAR/USD	CIT	04/20/20	ZAR	106,054		5,938		(847)
ZAR/USD	CIT	05/26/20	ZAR	89,156		4,968		(30)
ZAR/USD	SCB	07/20/20	ZAR	46,151		2,556		(21)
						(101,637)		6,430

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) ($)		Unrealized Appreciation (Depreciation) ($)
U.S. CPURNSA (A)	Receiving	BOA	1.97	(A)	06/23/27		10,060		—		(905)

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund — OTC Credit Default Swap Agreements
Reference Entity2	Counter-party	Implied Credit Spread (%)	Fixed Receive/ Pay Rate (%)	Expiration	Notional1 ($)		Value ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection
Cabinet of Ministers of Ukraine (Q)	CGM	N/A	5.00	12/20/24		332		38		(2)		40
Cabinet of Ministers of Ukraine (Q)	JPM	N/A	5.00	12/20/24		317		37		—		37
Dubai, Government of (Q)	BOA	N/A	1.00	12/20/24		198		16		3		13
Government of the Sultanate of Oman (Q)	BOA	N/A	1.00	12/20/22		2,216		281		125		156
Government of the Sultanate of Oman (Q)	BOA	N/A	1.00	06/20/26		1,600		441		262		179
South Africa, Parliament of (Q)	GSC	N/A	1.00	12/20/23		9,200		870		1,206		(336)
South Africa, Parliament of (Q)	BNP	N/A	1.00	12/20/25		3,800		604		709		(105)
South Africa, Parliament of (Q)	CGM	N/A	1.00	06/20/29		2,930		743		376		367
The Arab Republic of Egypt (Q)	JPM	N/A	1.00	12/20/24		664		121		67		54
						21,257		3,151		2,746		405

26

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
JNL/FAMCO Flex Core Covered Call Fund
COMMON STOCKS 104.6%
Information Technology 31.2%
	Apple Inc. (a)	25		6,459
	Broadcom Inc. (a)	17		4,126
	Corning Incorporated (a)	117		2,397
	International Business Machines Corporation (a)	23		2,540
	MasterCard Incorporated - Class A (a)	24		5,773
	Microsoft Corporation (a)	50		7,822
	Oracle Corporation (a)	64		3,074
	Texas Instruments Incorporated (a)	29		2,858
			35,049
Industrials 16.3%
	Caterpillar Inc. (a)	20		2,367
	Delta Air Lines Inc. (a)	67		1,903
	Lockheed Martin Corporation (a)	11		3,627
	Raytheon Company (a)	15		2,007
	The Boeing Company (a)	20		3,042
	Union Pacific Corporation (a)	11		1,523
	United Parcel Service Inc. - Class B (a)	18		1,654
	United Technologies Corporation (a)	22		2,113
			18,236
Financials 16.2%
	American Express Company (a)	37		3,125
	BlackRock, Inc. (a)	11		4,708
	JPMorgan Chase & Co. (a)	52		4,727
	The Allstate Corporation (a)	26		2,403
	The Blackstone Group Inc. (a)	71		3,235
			18,198
Consumer Staples 13.0%
	Constellation Brands, Inc. - Class A (a)	12		1,778
	Costco Wholesale Corporation (a)	17		4,933
	Mondelez International, Inc. - Class A (a)	80		4,011
	The Kroger Co. (a)	127		3,825
			14,547
Health Care 12.3%
	Bristol-Myers Squibb Company (a)	59		3,300
	Medtronic Public Limited Company (a)	51		4,644
	Merck & Co., Inc. (a)	45		3,470
	Stryker Corporation (a)	15		2,431
			13,845
Consumer Discretionary 7.9%
	The Home Depot, Inc. (a)	30		5,601
	Whirlpool Corporation (a)	38		3,260
			8,861
Energy 4.3%
	Chevron Corporation (a)	44		3,152
	ConocoPhillips (a)	54		1,657
			4,809
Materials 2.1%
	Dow Inc. (a)	29		845
	Nucor Corporation (a)	41		1,477
			2,322
Communication Services 1.3%
	AT&T Inc. (a)	49		1,420
	Total Common Stocks (cost $118,008)		117,287
SHORT TERM INVESTMENTS 1.9%
Investment Companies 1.9%
	JNL Government Money Market Fund - Institutional Class, 0.23% (b) (c)	2,063		2,063
	Total Short Term Investments (cost $2,063)		2,063
Total Investments 106.5% (cost $120,071)				119,350
Other Derivative Instruments (7.1)%				(7,926)
Other Assets and Liabilities, Net 0.6%				686
Total Net Assets 100.0%				112,110

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

(b)Investment in affiliate.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

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		140.00	07/17/20		365		(14)
Apple Inc.		Call		300.00	06/19/20		254		(104)
AT&T Inc.		Call		39.00	10/16/20		487		(10)
BlackRock, Inc.		Call		450.00	09/18/20		54		(281)
BlackRock, Inc.		Call		480.00	10/16/20		53		(195)
Bristol-Myers Squibb Company		Call		65.00	09/18/20		592		(68)
Broadcom Inc.		Call		230.00	09/18/20		174		(579)
Caterpillar Inc.		Call		115.00	08/21/20		204		(245)
Chevron Corporation		Call		90.00	09/18/20		435		(130)
ConocoPhillips		Call		40.00	06/19/20		288		(30)
ConocoPhillips		Call		36.00	08/21/20		250		(65)
Constellation Brands, Inc.		Call		175.00	07/17/20		124		(59)
Corning Incorporated		Call		25.00	08/21/20		263		(28)
Corning Incorporated		Call		22.00	08/21/20		904		(226)
Costco Wholesale Corporation		Call		320.00	07/17/20		173		(136)
Delta Air Lines, Inc.		Call		35.00	09/18/20		385		(157)
Delta Air Lines, Inc.		Call		30.00	09/18/20		282		(168)
Dow Inc.		Call		35.00	09/18/20		289		(59)
International Business Machines Corporation		Call		115.00	09/18/20		229		(223)
JPMorgan Chase & Co.		Call		105.00	09/18/20		525		(252)
Lockheed Martin Corporation		Call		320.00	09/18/20		107		(520)
MasterCard Incorporated		Call		250.00	10/16/20		239		(690)
Medtronic Public Limited Company		Call		90.00	08/21/20		515		(492)
Merck & Co., Inc.		Call		87.50	06/19/20		451		(32)
Microsoft Corporation		Call		180.00	09/18/20		248		(164)
Microsoft Corporation		Call		175.00	09/18/20		248		(218)
Mondelez International, Inc.		Call		60.00	06/19/20		578		(30)
Mondelez International, Inc.		Call		55.00	09/18/20		223		(53)
Nucor Corporation		Call		40.00	10/16/20		410		(177)
Oracle Corporation		Call		55.00	09/18/20		636		(148)
Raytheon Company		Call		140.00	06/19/20		153		(152)

27

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

JNL/FAMCO Flex Core Covered Call Fund — Exchange Traded Written Options (continued)
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Stryker Corporation		Call		185.00	01/15/21		146		(270)
Texas Instruments Incorporated		Call		120.00	09/18/20		286		(104)
The Allstate Corporation		Call		115.00	07/17/20		262		(49)
The Blackstone Group Inc.		Call		52.50	01/15/21		223		(107)
The Blackstone Group Inc.		Call		47.00	01/15/21		487		(390)
The Boeing Company		Call		240.00	10/16/20		122		(96)
The Boeing Company		Call		200.00	10/16/20		82		(138)
The Home Depot, Inc.		Call		245.00	09/18/20		245		(99)
The Home Depot, Inc.		Call		230.00	09/18/20		55		(38)
The Kroger Co.		Call		30.00	06/19/20		634		(167)
The Kroger Co.		Call		31.00	10/16/20		636		(232)
Union Pacific Corporation		Call		155.00	06/19/20		108		(61)
United Parcel Service, Inc.		Call		100.00	07/17/20		177		(93)
United Technologies Corporation		Call		155.00	04/17/20		224		(2)
Whirlpool Corporation		Call		95.00	09/18/20		380		(375)
									(7,926)

28

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
JNL/Lazard International Strategic Equity Fund
COMMON STOCKS 92.2%
United Kingdom 18.1%
	Aon PLC - Class A	36		5,907
	Coca-Cola European Partners PLC	84		3,177
	Compass Group PLC	106		1,651
	Dechra Pharmaceuticals PLC	31		897
	Diageo PLC	133		4,264
	Informa Switzerland Limited	415		2,262
	Linde Public Limited Company	8		1,323
	Relx PLC	186		4,002
	Rentokil Initial PLC	365		1,757
	Rio Tinto PLC	107		4,894
	Tesco PLC	1,426		4,030
			34,164
Japan 12.8%
	AEON Financial Service Co. Ltd.	124		1,319
	Digital Garage Inc.	52		1,649
	Fanuc Ltd.	7		915
	Kao Corp.	53		4,366
	Makita Corp.	130		3,945
	NEXON Co.,Ltd.	175		2,857
	Nintendo Co. Ltd.	15		5,947
	Suzuki Motor Corp.	60		1,426
	Yamaha Corp.	46		1,778
			24,202
France 10.7%
	AtoS SE	31		2,066
	Engie	410		4,227
	Eurazeo SA	25		1,149
	Sanofi SA	81		7,052
	Vivendi SA	269		5,788
			20,282
Germany 8.5%
	Beiersdorf AG	41		4,173
	Infineon Technologies AG	81		1,169
	Knorr - Bremse Aktiengesellschaft	20		1,746
	SAP SE	36		4,024
	TeamViewer AG (a)	43		1,715
	Vonovia SE	66		3,262
			16,089
Switzerland 8.3%
	ABB Ltd.	258		4,486
	Alcon AG (a)	44		2,259
	Julius Bar Gruppe AG	78		2,627
	Novartis AG	77		6,323
			15,695
Ireland 7.7%
	Accenture Public Limited Company - Class A	18		3,002
	CRH Plc	118		3,232
	Medtronic Public Limited Company	57		5,184
	Ryanair Holdings Plc - ADR (a)	58		3,077
			14,495
Canada 6.4%
	CAE Inc.	262		3,310
	National Bank of Canada (b)	94		3,618
	Suncor Energy Inc.	136		2,168
	Toromont Industries Ltd.	67		2,935
			12,031
Hong Kong 5.1%
	AIA Group Limited	762		6,865
	ESR Cayman Limited (a)	451		965
	Techtronic Industries Company Limited	270		1,742
			9,572
Denmark 3.1%
	Carlsberg A/S - Class B	25		2,815
	Genmab A/S (a)	15		3,039
			5,854
Italy 2.6%
	Enel SpA	645		4,500
	Technogym S.p.A.	81		534
			5,034
Israel 2.2%
	Bank Leumi Le-Israel BM	240		1,321
	Israel Discount Bank Ltd. - Class A	946		2,794
			4,115
Finland 2.0%
	Sampo Oyj - Class A	127		3,715
Singapore 1.3%
	DBS Group Holdings Ltd.	188		2,428
Spain 1.1%
	Siemens Gamesa Renewable Energy, S.A.	142		2,131
Norway 1.1%
	Equinor ASA	165		2,042
Sweden 0.7%
	Hexagon Aktiebolag - Class B	31		1,323
Netherlands 0.5%
	ASML Holding	4		1,029
Portugal 0.0%
	Energias de Portugal SA	30		120
	Total Common Stocks (cost $207,133)		174,321
PREFERRED STOCKS 2.3%
Germany 2.3%
	Volkswagen AG (c)	37		4,338
	Total Preferred Stocks (cost $6,652)		4,338
SHORT TERM INVESTMENTS 5.1%
Investment Companies 5.0%
	JNL Government Money Market Fund - Institutional Class, 0.23% (d) (e)	9,534		9,534
Securities Lending Collateral 0.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (d) (e)	102		102
	Total Short Term Investments (cost $9,636)		9,636
Total Investments 99.6% (cost $223,421)				188,295
Other Assets and Liabilities, Net 0.4%				674
Total Net Assets 100.0%				188,969

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of March 31, 2020.

(c)Convertible security.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

29

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
JNL/Mellon Equity Income Fund
COMMON STOCKS 98.2%
Financials 30.0%
	American International Group, Inc.	111		2,680
	Assurant, Inc.	43		4,450
	Bank of America Corporation	277		5,880
	Berkshire Hathaway Inc. - Class B (a)	71		12,975
	Capital One Financial Corporation	28		1,392
	Chubb Limited	42		4,698
	Citigroup Inc.	90		3,805
	JPMorgan Chase & Co.	133		12,002
	LPL Financial Holdings Inc.	51		2,796
	Morgan Stanley	195		6,622
	State Street Corporation	36		1,894
	The Charles Schwab Corporation	75		2,525
	The Goldman Sachs Group, Inc.	54		8,388
	U.S. Bancorp	100		3,453
	Voya Financial, Inc.	129		5,224
	Willis Towers Watson Public Limited Company	13		2,291
			81,075
Health Care 13.7%
	AbbVie Inc. (b)	52		3,950
	Anthem, Inc.	16		3,715
	Becton, Dickinson and Company	25		5,829
	Bristol-Myers Squibb Company	53		2,963
	CVS Health Corporation	44		2,627
	Eli Lilly & Co.	13		1,835
	Humana Inc.	8		2,624
	Medtronic Public Limited Company	102		9,181
	Merck & Co., Inc.	58		4,458
			37,182
Information Technology 11.4%
	Apple Inc.	8		2,008
	Applied Materials, Inc.	91		4,173
	Broadcom Inc.	6		1,478
	Cisco Systems, Inc.	64		2,532
	Corning Incorporated	173		3,548
	Intel Corporation	115		6,200
	International Business Machines Corporation	21		2,312
	Microchip Technology Incorporated (b)	26		1,792
	Qualcomm Incorporated	43		2,913
	Western Digital Corporation	95		3,934
			30,890
Materials 10.3%
	CF Industries Holdings Inc.	314		8,531
	Dow Inc.	39		1,155
	Freeport-McMoRan Inc. - Class B	409		2,759
	Louisiana-Pacific Corp.	106		1,828
	Martin Marietta Materials Inc.	26		4,941
	MOS Holdings Inc. (b)	130		1,402
	Newmont Corporation (b)	46		2,071
	Vulcan Materials Co.	47		5,060
			27,747
Industrials 9.6%
	Delta Air Lines Inc.	95		2,697
	Eaton Corporation Public Limited Company	46		3,580
	L3Harris Technologies, Inc. (b)	24		4,256
	Northrop Grumman Systems Corp.	5		1,409
	Quanta Services, Inc.	91		2,893
	Trane Technologies Public Limited Company	22		1,799
	Union Pacific Corporation	20		2,820
	United Technologies Corporation	69		6,502
			25,956
Energy 6.5%
	ConocoPhillips	109		3,355
	Hess Corporation	148		4,934
	Marathon Petroleum Corporation	157		3,717
	Phillips 66	61		3,259
	Pioneer Natural Resources Co.	31		2,184
			17,449
Consumer Staples 4.8%
	Archer-Daniels-Midland Company	102		3,572
	Colgate-Palmolive Co.	52		3,477
	ConAgra Brands Inc.	44		1,282
	PepsiCo, Inc.	20		2,373
	Philip Morris International Inc.	33		2,410
			13,114
Consumer Discretionary 4.2%
	General Motors Company	168		3,498
	Las Vegas Sands Corp.	62		2,632
	Lennar Corporation - Class A	71		2,695
	Lowe`s Companies, Inc.	29		2,463
			11,288
Utilities 3.6%
	Clearway Energy, Inc. - Class C	82		1,548
	PPL Corporation	337		8,320
			9,868
Communication Services 3.1%
	Alphabet Inc. - Class A (a)	2		2,553
	AT&T Inc.	117		3,406
	Omnicom Group Inc.	42		2,317
			8,276
Real Estate 1.0%
	OUTFRONT Media Inc.	121		1,630
	Weyerhaeuser Company	66		1,126
			2,756
	Total Common Stocks (cost $357,626)		265,601
SHORT TERM INVESTMENTS 4.3%
Securities Lending Collateral 2.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (c) (d)	6,625		6,625
Investment Companies 1.8%
	JNL Government Money Market Fund - Institutional Class, 0.23% (c) (d)	4,928		4,928
	Total Short Term Investments (cost $11,553)		11,553
Total Investments 102.5% (cost $369,179)				277,154
Other Assets and Liabilities, Net (2.5)%				(6,727)
Total Net Assets 100.0%				270,427

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of March 31, 2020.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

30

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
JNL/Neuberger Berman Commodity Strategy Fund (a)
CORPORATE BONDS AND NOTES 46.4%
Financials 27.0%
	AIG Global Funding
		2.39%, (3M USD LIBOR + 0.48%), 07/02/20 (b) (c)	185		184
	Bayer US Finance II LLC
		1.85%, (3M USD LIBOR + 0.63%), 06/25/21 (b) (c)	1,935		1,821
	BMW US Capital, LLC
		2.26%, (3M USD LIBOR + 0.41%), 04/12/21 (b) (c)	425		414
	Capital One Financial Corporation
		1.95%, (3M USD LIBOR + 0.95%), 03/09/22 (b)	705		675
	Capital One, National Association
		2.92%, (3M USD LIBOR + 1.15%), 01/30/23 (b)	1,430		1,360
	Caterpillar Financial Services Corporation
		1.28%, (3M USD LIBOR + 0.28%), 09/07/21 (b)	230		223
	Daimler Finance North America LLC
		2.59%, (3M USD LIBOR + 0.90%), 02/15/22 (b) (c)	1,015		959
	Harley-Davidson Financial Services, Inc.
		2.20%, (3M USD LIBOR + 0.50%), 05/21/20 (b) (c)	1,350		1,351
	HSBC Holdings PLC
		2.29%, (3M USD LIBOR + 0.60%), 05/18/21 (b)	1,895		1,856
	Marsh & Mclennan Companies, Inc.
		2.57%, (3M USD LIBOR + 1.20%), 12/29/21 (b)	1,060		1,059
	MET Tower Global Funding
		1.74%, (SOFR + 0.55%), 01/17/23 (b) (c)	935		851
	Morgan Stanley
		1.86%, (SOFR + 0.70%), 01/20/23 (b)	2,645		2,462
	New York Life Global Funding
		2.29%, (3M USD LIBOR + 0.44%), 07/12/22 (b) (c)	1,360		1,304
	Santander UK PLC
		2.20%, (3M USD LIBOR + 0.62%), 06/01/21 (b)	1,185		1,185
	The Goldman Sachs Group, Inc.
		2.43%, (3M USD LIBOR + 0.75%), 02/23/23 (b)	1,930		1,821
	The Toronto-Dominion Bank
		1.63%, (SOFR + 0.48%), 01/27/23 (b) (d)	1,225		1,145
	U.S. Bank National Association
		1.40%, (3M USD LIBOR + 0.40%), 12/09/22 (b)	395		384
	Wells Fargo Bank, National Association
		2.14%, (3M USD LIBOR + 0.31%), 01/15/21 (b)	930		921
	Westpac Banking Corporation
		2.23%, (3M USD LIBOR + 0.39%), 01/13/23 (b)	405		388
				20,363
Health Care 7.4%
	AbbVie Inc.
		2.35%, (3M USD LIBOR + 0.65%), 11/21/22 (b) (c)	1,880		1,758
	Bristol-Myers Squibb Company
		2.07%, (3M USD LIBOR + 0.38%), 05/16/22 (b) (c)	825		805
	Cigna Holding Company
		1.49%, (3M USD LIBOR + 0.65%), 09/17/21 (b)	995		954
	CVS Health Corporation
		1.72%, (3M USD LIBOR + 0.72%), 03/09/21 (b)	2,125		2,067
				5,584
Communication Services 6.7%
	AT&T Inc.
		2.78%, (3M USD LIBOR + 0.95%), 07/15/21 (b)	2,435		2,376
		2.59%, (3M USD LIBOR + 0.89%), 02/15/23 (b)	70		68
	Comcast Corporation
		2.35%, (3M USD LIBOR + 0.44%), 10/01/21 (b)	355		344
	Verizon Communications Inc.
		1.74%, (3M USD LIBOR + 1.00%), 03/16/22 (b)	2,400		2,266
				5,054
Energy 2.6%
	BP Capital Markets P.L.C.
		1.61%, (3M USD LIBOR + 0.87%), 09/16/21 (b)	375		366
	MPLX LP
		1.90%, (3M USD LIBOR + 0.90%), 09/09/21 (b)	1,690		1,631
				1,997
Utilities 2.0%
	Florida Power & Light Company
		2.14%, (3M USD LIBOR + 0.40%), 05/06/22 (b)	1,590		1,492
Industrials 0.7%
	Otis Worldwide Corporation
		2.09%, (3M USD LIBOR + 0.45%), 04/05/23 (b) (c)	510		510
	Total Corporate Bonds And Notes (cost $36,565)			35,000
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 10.2%
	Fifth Third Auto Trust
		Series 2019-A2B-1, 0.87%, (1M USD LIBOR + 0.17%), 01/15/21 (b)	299		291
	Ford Credit Auto Lease Trust
		Series 2019-A2B-B, 0.96%, (1M USD LIBOR + 0.26%), 02/15/21 (b)	720		721
		Series 2017-A3-A, 1.67%, 06/15/21	151		151
		Series 2019-A2A-A, REMIC, 2.78%, 10/15/20	267		266
	GM Financial Automobile Leasing Trust
		Series 2019-A2B-2, 0.95%, (1M USD LIBOR + 0.18%), 09/20/20 (b)	327		327
		Series 2019-A2B-3, 1.04%, (1M USD LIBOR + 0.27%), 12/20/20 (b)	1,262		1,262
	Madison Avenue Trust, LLC
		Series 2013-B-650M, 4.03%, 10/15/20 (b)	1,350		1,341
	Nelnet Student Loan Trust
		Series 2019-A1-7A, 1.45%, (1M USD LIBOR + 0.50%), 01/25/68 (b)	772		734
	Toyota Auto Receivables Owner Trust
		Series 2018-A2A-C, 2.77%, 05/15/20	433		434
	USAA Auto Owner Trust
		Series 2019-A2-1, REMIC, 2.26%, 01/15/21	328		327
	Verizon Owner Trust
		Series 2017-A-1A, 2.06%, 09/20/21	141		141
		Series 2019-A1B-A, 1.10%, (1M USD LIBOR + 0.33%), 04/20/22 (b)	1,000		983
		Series 2019-A1B-C, 1.19%, (1M USD LIBOR + 0.42%), 11/21/22 (b)	300		294
	World Omni Auto Receivables Trust
		Series 2019-A2-A, 3.02%, 10/15/20	467		465
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $7,824)			7,737
SHORT TERM INVESTMENTS 34.1%
Investment Companies 34.1%
	JNL Government Money Market Fund - Institutional Class, 0.23% (e) (f)		25,751		25,751
	Total Short Term Investments (cost $25,751)			25,751
Total Investments 90.7% (cost $70,140)					68,488
Other Derivative Instruments (2.7)%					(2,024)
Other Assets and Liabilities, Net 12.0%					9,014
Total Net Assets 100.0%					75,478

(a)Consolidated Schedule of Investments.

(b)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2020. 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 March 31, 2020, the value and the percentage of

31

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

net assets of these liquid securities was $9,957 and 13.2% 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 March 31, 2020.

JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Aluminum	49	May 2020		2,182	(350)			(327)
Brent Crude	125	May 2020		4,499	(24)			(792)
Cattle Feeder	22	May 2020		1,375	22			(23)
Cocoa	48	July 2020		1,163	(6)			(78)
Coffee "C"	24	July 2020		989	3			94
Copper	73	July 2020		4,393	124			(317)
Corn	349	July 2020		6,925	(25)			(887)
Cotton No. 2	27	July 2020		819	5			(132)
Crude Oil, WTI	126	June 2020		3,966	39			(878)
Gasoline, RBOB	107	June 2020		4,139	(66)			(1,177)
Gold, 100 Oz.	41	June 2020		6,248	(197)			298
KC HRW Wheat	110	July 2020		2,778	37			(31)
Lead	84	May 2020		4,038	(488)			(378)
Lean Hogs	61	June 2020		2,069	13			(597)
Live Cattle	37	July 2020		1,653	46			(290)
Low Sulfur Gasoil	86	May 2020		4,026	53			(1,491)
Natural Gas	102	June 2020		1,989	(42)			(198)
New York Harbor ULSD	100	June 2020		4,853	(61)			(579)
Nickel	39	May 2020		2,999	(350)			(316)
Palladium	2	June 2020		490	21			(29)
Platinum	75	July 2020		2,993	27			(256)
Silver	44	July 2020		3,159	4			(37)
Soybean	71	July 2020		3,295	11			(137)
Soybean Meal	134	July 2020		4,125	(27)			148
Soybean Oil	35	July 2020		610	3			(36)
Sugar No. 11	48	September 2020		626	(16)			(61)
Wheat	105	July 2020		2,991	23			(38)
Zinc	72	May 2020		4,074	(803)			(650)
					(2,024)			(9,195)

32

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
JNL/Neuberger Berman Currency Fund
GOVERNMENT AND AGENCY OBLIGATIONS 30.9%
U.S. Government Agency Obligations 30.9%
	Farm Credit Banks Consolidated Systemwide Bonds and Discount Notes
		1.55%, 01/15/21 (a)	5,000		5,046
	Federal Farm Credit Banks Funding Corporation
		0.75%, (1M USD LIBOR), 06/19/20 (a) (b)	3,000		2,998
	Federal Home Loan Banks Office of Finance
		0.75%, (3M USD LIBOR + -0.14%), 12/18/20 (a) (b)	3,545		3,538
	Federal National Mortgage Association, Inc.
		1.50%, 06/22/20 (a)	8,000		8,021
	Total Government And Agency Obligations (cost $19,546)			19,603
SHORT TERM INVESTMENTS 82.2%
Investment Companies 35.7%
	JNL Government Money Market Fund - Institutional Class, 0.23% (c) (d)		22,583		22,583
U.S. Treasury Bill 33.1%
	Treasury, United States Department of
		0.55%, 05/05/20 (e)	9,000		8,995
		0.00%, 07/02/20 (e)	12,000		11,996
				20,991
Discount Notes 13.4%
	Federal Home Loan Mortgage Corporation
		1.53%, 06/03/20 (a) (e)	8,500		8,498
	Total Short Term Investments (cost $52,052)			52,072
Total Investments 113.1% (cost $71,598)					71,675
Other Derivative Instruments 2.1%					1,309
Other Assets and Liabilities, Net (15.2)%					(9,615)
Total Net Assets 100.0%					63,369

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

(b)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2020. 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)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

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

JNL/Neuberger Berman Currency Fund — Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
AUD/USD	SCB	04/22/20	AUD	2,267		1,392		(34)
AUD/USD	SGB	04/22/20	AUD	20,960		12,871		(1,628)
AUD/USD	SSB	04/22/20	AUD	86,781		53,289		3,320
BRL/USD	GSC	04/22/20	BRL	30,162		5,804		(1,409)
CAD/USD	CIT	04/22/20	CAD	27,076		19,226		(1,488)
CAD/USD	SCB	04/22/20	CAD	4,659		3,308		(171)
CAD/USD	SGB	04/22/20	CAD	109,785		77,956		(6,077)
CAD/USD	SSB	04/22/20	CAD	4,691		3,331		(259)
CHF/USD	CIT	04/22/20	CHF	12,159		12,631		(47)
CHF/USD	CIT	04/22/20	CHF	2,806		2,915		47
CHF/USD	GSC	04/22/20	CHF	13,940		14,483		(62)
CHF/USD	GSC	04/22/20	CHF	8,464		8,794		102
CHF/USD	SCB	04/22/20	CHF	7,024		7,297		(137)
CHF/USD	SCB	04/22/20	CHF	2,677		2,781		34
CHF/USD	SSB	04/22/20	CHF	65,103		67,632		(66)
CLP/USD	GSC	04/22/20	CLP	303,623		355		(39)
CLP/USD	RBC	04/22/20	CLP	1,089,420		1,274		(130)
CZK/USD	CIT	04/22/20	CZK	45,560		1,835		(185)
CZK/USD	SSB	04/22/20	CZK	18,586		749		(72)
EUR/USD	CIT	04/22/20	EUR	2,644		2,915		(23)
EUR/USD	CIT	04/22/20	EUR	2,457		2,709		28
EUR/USD	GSC	04/22/20	EUR	33,937		37,416		(625)
EUR/USD	GSC	04/22/20	EUR	2,007		2,212		12
EUR/USD	JPM	04/22/20	EUR	36,719		40,485		(592)
EUR/USD	RBC	04/22/20	EUR	7,206		7,946		(122)
EUR/USD	SCB	04/22/20	EUR	12,653		13,951		(193)
EUR/USD	SCB	04/22/20	EUR	2,345		2,585		29
EUR/USD	SGB	04/22/20	EUR	119		131		(2)
EUR/USD	SSB	04/22/20	EUR	1,277		1,408		(4)
EUR/USD	SSB	04/22/20	EUR	2,539		2,800		48
GBP/USD	CIT	04/22/20	GBP	1,340		1,668		82
GBP/USD	GSC	04/22/20	GBP	3,187		3,966		(166)
GBP/USD	GSC	04/22/20	GBP	18,635		23,190		1,757
GBP/USD	JPM	04/22/20	GBP	26,012		32,370		(1,555)
GBP/USD	SCB	04/22/20	GBP	1,039		1,293		(52)
GBP/USD	SCB	04/22/20	GBP	774		964		8
GBP/USD	SGB	04/22/20	GBP	6,056		7,537		(365)
HUF/USD	GSC	04/22/20	HUF	919,312		2,804		(290)
JPY/USD	CIT	04/22/20	JPY	289,217		2,689		(41)
JPY/USD	CIT	04/22/20	JPY	1,727,213		16,060		279
JPY/USD	GSC	04/22/20	JPY	112,847		1,049		18
JPY/USD	RBC	04/22/20	JPY	1,323,736		12,308		192
JPY/USD	SCB	04/22/20	JPY	141,614		1,317		(11)
JPY/USD	SCB	04/22/20	JPY	1,187,815		11,045		194
JPY/USD	SSB	04/22/20	JPY	1,809,620		16,826		289
KRW/USD	CIT	04/22/20	KRW	3,354,942		2,758		(150)
KRW/USD	SCB	04/22/20	KRW	1,667,517		1,371		(19)
MXN/USD	CIT	04/22/20	MXN	25,105		1,060		54
MXN/USD	GSC	04/22/20	MXN	138,286		5,841		(1,420)
MXN/USD	SCB	04/22/20	MXN	24,764		1,046		(78)
MXN/USD	SSB	04/22/20	MXN	137,474		5,807		(1,396)
NOK/USD	CIT	04/22/20	NOK	236,906		22,759		(3,797)
NOK/USD	GSC	04/22/20	NOK	17,048		1,638		(206)
NOK/USD	RBC	04/22/20	NOK	137,367		13,197		(2,263)
NOK/USD	SGB	04/22/20	NOK	203,049		19,507		(3,370)
NZD/USD	CIT	04/22/20	NZD	1,283		764		5
NZD/USD	RBC	04/22/20	NZD	63		38		(4)
NZD/USD	RBC	04/22/20	NZD	41,241		24,547		1,172
NZD/USD	SCB	04/22/20	NZD	3,412		2,031		(99)
NZD/USD	SCB	04/22/20	NZD	41,300		24,582		1,170
NZD/USD	SSB	04/22/20	NZD	13,515		8,044		(798)
PLN/USD	CIT	04/22/20	PLN	9,449		2,284		(209)
SEK/USD	JPM	04/22/20	SEK	64,830		6,535		(346)
SEK/USD	RBC	04/22/20	SEK	363,074		36,598		(1,861)
SEK/USD	SCB	04/22/20	SEK	68,594		6,914		(365)
TRY/USD	GSC	04/22/20	TRY	4,212		634		(67)
TRY/USD	SSB	04/22/20	TRY	4,069		612		(65)
USD/AUD	JPM	04/22/20	AUD	(14,200)		(8,720)		1,102
USD/AUD	RBC	04/22/20	AUD	(18,782)		(11,533)		1,437
USD/AUD	SCB	04/22/20	AUD	(6,297)		(3,867)		(61)

33

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
USD/AUD	SCB	04/22/20	AUD	(9,816)		(6,028)		765
USD/AUD	SSB	04/22/20	AUD	(49,612)		(30,465)		3,844
USD/BRL	SCB	04/22/20	BRL	(23,563)		(4,535)		434
USD/CAD	CIT	04/22/20	CAD	(65,993)		(46,860)		(1,478)
USD/CAD	CIT	04/22/20	CAD	(1,760)		(1,250)		75
USD/CAD	JPM	04/22/20	CAD	(14,644)		(10,398)		809
USD/CAD	SCB	04/22/20	CAD	(3,382)		(2,402)		187
USD/CAD	SSB	04/22/20	CAD	(66,077)		(46,920)		(1,471)
USD/CAD	SSB	04/22/20	CAD	(1,918)		(1,362)		21
USD/CHF	CIT	04/22/20	CHF	(1,254)		(1,303)		2
USD/CHF	GSC	04/22/20	CHF	(851)		(885)		(13)
USD/CHF	JPM	04/22/20	CHF	(1,106)		(1,149)		—
USD/CHF	RBC	04/22/20	CHF	(40,792)		(42,376)		147
USD/CHF	SCB	04/22/20	CHF	(2,880)		(2,992)		—
USD/CHF	SGB	04/22/20	CHF	(69,273)		(71,965)		17
USD/CLP	CIT	04/22/20	CLP	(303,615)		(355)		39
USD/CZK	GSC	04/22/20	CZK	(64,146)		(2,584)		242
USD/EUR	CIT	04/22/20	EUR	(5,102)		(5,626)		(45)
USD/EUR	CIT	04/22/20	EUR	(7,705)		(8,494)		124
USD/EUR	GSC	04/22/20	EUR	(7,671)		(8,459)		(126)
USD/EUR	GSC	04/22/20	EUR	(8,381)		(9,242)		154
USD/EUR	RBC	04/22/20	EUR	(1,229)		(1,355)		16
USD/EUR	SCB	04/22/20	EUR	(2,465)		(2,718)		(10)
USD/EUR	SCB	04/22/20	EUR	(2,991)		(3,297)		65
USD/EUR	SSB	04/22/20	EUR	(74,789)		(82,460)		1,201
USD/GBP	CIT	04/22/20	GBP	(1,137)		(1,415)		(24)
USD/GBP	GSC	04/22/20	GBP	(17,538)		(21,825)		1,061
USD/GBP	SCB	04/22/20	GBP	(5,678)		(7,065)		338
USD/GBP	SSB	04/22/20	GBP	(29,887)		(37,192)		1,809
USD/HUF	CIT	04/22/20	HUF	(699,054)		(2,132)		217
USD/HUF	SSB	04/22/20	HUF	(220,279)		(672)		68
USD/JPY	CIT	04/22/20	JPY	(817,238)		(7,599)		(156)
USD/JPY	CIT	04/22/20	JPY	(304,725)		(2,833)		44
USD/JPY	GSC	04/22/20	JPY	(184,003)		(1,710)		(25)
USD/JPY	GSC	04/22/20	JPY	(151,608)		(1,410)		5
USD/JPY	JPM	04/22/20	JPY	(1,331,522)		(12,381)		(214)
USD/JPY	SCB	04/22/20	JPY	(822,258)		(7,646)		(124)
USD/JPY	SCB	04/22/20	JPY	(492,659)		(4,582)		135
USD/JPY	SGB	04/22/20	JPY	(1,428,258)		(13,280)		(236)
USD/JPY	GSC	05/20/20	JPY	(146,794)		(1,365)		71
USD/KRW	GSC	04/22/20	KRW	(4,158,106)		(3,417)		135
USD/KRW	SSB	04/22/20	KRW	(865,791)		(712)		39
USD/MXN	GSC	04/22/20	MXN	(264,446)		(11,170)		(703)
USD/MXN	GSC	04/22/20	MXN	(39,058)		(1,650)		434
USD/MXN	RBC	04/22/20	MXN	(10,103)		(427)		103
USD/MXN	SCB	04/22/20	MXN	(12,095)		(511)		123
USD/NOK	CIT	04/22/20	NOK	(112,720)		(10,829)		(713)
USD/NOK	GSC	04/22/20	NOK	(13,236)		(1,272)		(89)
USD/NOK	GSC	04/22/20	NOK	(206,947)		(19,881)		3,433
USD/NOK	JPM	04/22/20	NOK	(114,744)		(11,023)		1,895
USD/NOK	SCB	04/22/20	NOK	(123,937)		(11,906)		1,734
USD/NZD	JPM	04/22/20	NZD	(9,482)		(5,644)		634
USD/NZD	SCB	04/22/20	NZD	(27,122)		(16,143)		1,770
USD/NZD	SGB	04/22/20	NZD	(76,556)		(45,566)		5,105
USD/PLN	GSC	04/22/20	PLN	(9,449)		(2,283)		211
USD/SEK	RBC	04/22/20	SEK	(272,730)		(27,492)		(1,030)
USD/SEK	SCB	04/22/20	SEK	(37,477)		(3,778)		171
USD/SEK	SGB	04/22/20	SEK	(144,121)		(14,528)		775
USD/TRY	RBC	04/22/20	TRY	(16,787)		(2,526)		229
USD/ZAR	GSC	04/22/20	ZAR	(50,891)		(2,848)		641
USD/ZAR	SSB	04/22/20	ZAR	(10,278)		(575)		129
ZAR/USD	CIT	04/22/20	ZAR	21,152		1,184		(269)
ZAR/USD	GSC	04/22/20	ZAR	19,109		1,069		(197)
ZAR/USD	RBC	04/22/20	ZAR	20,915		1,171		(179)
						2,670		1,309

34

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
JNL/Nicholas Convertible Arbitrage Fund
CORPORATE BONDS AND NOTES 77.0%
Information Technology 39.4%
	Akamai Technologies, Inc.
		0.38%, 09/01/27 (a) (b) (c)	6,000		6,014
	Alteryx, Inc.
		0.50%, 08/01/24 (a) (b) (c)	4,720		4,266
	Coupa Software Incorporated
		0.13%, 06/15/25 (b) (c)	2,210		2,529
	Cree, Inc.
		0.88%, 09/01/23 (a) (b)	2,735		2,520
	CyberArk Software Ltd.
		0.00%, 11/15/24 (b) (c) (d)	2,105		1,862
	DocuSign, Inc.
		0.50%, 09/15/23 (a) (b)	2,280		3,201
	Enphase Energy, Inc.
		0.25%, 03/01/25 (b) (c)	855		688
	Everbridge, Inc.
		0.13%, 12/15/24 (a) (b) (c)	2,115		2,441
	J2 Cloud Services, LLC
		1.75%, 11/01/26 (b) (c)	1,950		1,779
	Lumentum Holdings Inc.
		0.50%, 12/15/26 (b) (c)	2,625		2,660
	Microchip Technology Incorporated
		1.63%, 02/15/27 (b)	1,075		1,110
	Nuance Communications, Inc.
		1.00%, 12/15/35 (b)	2,615		2,502
	Okta, Inc.
		0.13%, 09/01/25 (a) (b) (c)	2,925		2,780
	On Semiconductor Corporation
		1.63%, 10/15/23 (b)	1,345		1,341
	Palo Alto Networks, Inc.
		0.75%, 07/01/23 (b)	4,120		3,968
	Proofpoint, Inc.
		0.25%, 08/15/24 (b) (c)	1,450		1,359
	RingCentral, Inc.
		0.00%, 03/01/25 (b) (c) (d)	3,095		2,901
	Splunk Inc.
		0.50%, 09/15/23 (a) (b)	3,655		3,916
	Square, Inc.
		0.50%, 05/15/23 (b)	3,460		3,551
		0.13%, 03/01/25 (b) (c)	1,510		1,308
	Twilio Inc.
		0.25%, 06/01/23 (b)	660		928
				53,624
Health Care 14.3%
	Bridgebio Pharma, Inc.
		2.50%, 03/15/27 (b) (c)	750		705
	Exact Sciences Corporation
		0.38%, 03/01/28 (b)	3,110		2,457
	Horizon Pharma Investment Limited
		2.50%, 03/15/22 (a) (b)	1,125		1,303
	Illumina, Inc.
		0.50%, 06/15/21 (a) (b)	4,750		5,856
	Insulet Corporation
		0.38%, 09/01/26 (a) (b) (c)	2,785		2,859
	Repligen Corporation
		0.38%, 07/15/24 (b)	2,825		2,972
	Sarepta Therapeutics, Inc.
		1.50%, 11/15/24 (b)	975		1,477
	Teladoc Health, Inc.
		1.38%, 05/15/25 (b)	650		1,900
				19,529
Communication Services 14.1%
	Dish Network Corporation
		3.38%, 08/15/26 (b)	3,175		2,552
	Liberty Media Corporation
		1.38%, 10/15/23 (a) (b)	2,785		2,675
		2.25%, 12/01/48 (b) (c)	2,075		1,974
		2.75%, 12/01/49 (a) (b) (c)	3,570		3,057
	Snap Inc.
		0.75%, 08/01/26 (a) (b) (c)	3,465		3,022
	Twitter, Inc.
		0.25%, 06/15/24 (b)	1,545		1,386
	Zillow Group, Inc.
		1.50%, 07/01/23 (b)	2,800		2,355
	Zynga Inc.
		0.25%, 06/01/24 (b) (c)	2,085		2,166
				19,187
Consumer Discretionary 4.2%
	Booking Holdings Inc.
		0.90%, 09/15/21 (b)	2,000		2,010
	Chegg, Inc.
		0.13%, 03/15/25 (a) (b) (c)	3,945		3,775
				5,785
Financials 4.1%
	BOFA Finance LLC
		0.13%, 09/01/22 (b)	2,850		2,824
	JPMorgan Chase Bank, National Association
		0.13%, 01/01/23 (b) (c)	2,695		2,779
				5,603
Real Estate 0.9%
	Hannon Armstrong Sustainable Infrastructure Capital, Inc.
		4.13%, 09/01/22 (a) (b)	1,285		1,207
	Total Corporate Bonds And Notes (cost $109,362)			104,935
PREFERRED STOCKS 5.7%
Health Care 3.4%
	Danaher Corporation, 4.75%, 04/15/22 (b)		4		3,864
	Elanco Animal Health, 5.00%, 02/01/23 (b) (e)		20		827
				4,691
Information Technology 1.5%
	Broadcom Inc., 8.00%, 09/30/22 (b)		2		1,967
Real Estate 0.8%
	Crown Castle International Corp. - Series A, 6.88%, 08/01/20 (b)		1		1,038
	Total Preferred Stocks (cost $8,225)			7,696
SHORT TERM INVESTMENTS 13.0%
Investment Companies 13.0%
	JNL Government Money Market Fund - Institutional Class, 0.23% (f) (g)		17,744		17,744
	Total Short Term Investments (cost $17,744)			17,744
Total Investments 95.7% (cost $135,331)					130,375
Total Securities Sold Short(35.9)% (proceeds $53,296)					(48,934)
Other Assets and Liabilities, Net 40.2%					54,819
Total Net Assets 100.0%					136,260

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

(b)Convertible 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 March 31, 2020, the value and the percentage of net assets of these liquid securities was $50,924 and 37.4% of the Fund.

(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 as of March 31, 2020.

		Shares/Par1	Value ($)
SECURITIES SOLD SHORT (35.9%)
COMMON STOCKS (32.3%)
Information Technology (15.3%)
	Akamai Technologies, Inc.	(23)	(2,141)
	Alteryx, Inc. - Class A	(11)	(1,066)
	Broadcom Inc.	(5)	(1,191)
	Coupa Software Incorporated	(9)	(1,258)
	Cree, Inc.	(21)	(727)
	CyberArk Software Ltd.	(9)	(766)

35

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
		DocuSign, Inc.	(23)		(2,123)
		Enphase Energy, Inc.	(5)		(161)
		Everbridge, Inc.	(11)		(1,201)
		J2 Cloud Services, LLC	(7)		(528)
		Lumentum Holdings Inc.	(15)		(1,076)
		Microchip Technology Incorporated	(11)		(724)
		Nuance Communications, Inc.	(47)		(789)
		Okta, Inc. - Class A	(7)		(880)
		On Semiconductor Corporation	(34)		(424)
		Palo Alto Networks, Inc.	(6)		(1,041)
		Proofpoint, Inc.	(5)		(457)
		RingCentral, Inc. - Class A	(3)		(673)
		Splunk Inc.	(13)		(1,655)
		Square, Inc. - Class A	(26)		(1,359)
		Twilio Inc. - Class A	(7)		(600)
				(20,840)
Health Care (9.4%)
		Bridgebio Pharma, Inc.	(10)		(281)
		Danaher Corporation	(21)		(2,898)
		Elanco Animal Health	(19)		(434)
		Exact Sciences Corporation	(16)		(920)
		Horizon Therapeutics Public Limited Company	(19)		(573)
		Illumina, Inc.	(12)		(3,313)
		Insulet Corporation	(5)		(787)
		Repligen Corporation	(12)		(1,183)
		Sarepta Therapeutics, Inc.	(10)		(974)
		Teladoc Health, Inc.	(10)		(1,504)
				(12,867)
Communication Services (4.8%)
		Charter Communications, Inc. - Class A	(1)		(382)
		Dish Network Corporation - Class A	(24)		(488)
		Live Nation Entertainment, Inc.	(14)		(641)
		Sirius XM Holdings Inc.	(473)		(2,334)
		Snap Inc. - Class A	(76)		(904)
		Twitter, Inc.	(12)		(292)
		Zillow Group, Inc. - Class C	(16)		(580)
		Zynga Inc. - Class A	(126)		(862)
				(6,483)
Consumer Discretionary (1.6%)
		Alibaba Group Holding Limited - ADS	(4)		(681)
		Booking Holdings Inc.	—		(269)
		Chegg, Inc.	(35)		(1,232)
				(2,182)
Real Estate (1.2%)
		Crown Castle International Corp.	(7)		(1,018)
		Hannon Armstrong Sustainable Infrastructure Capital, Inc.	(28)		(578)
				(1,596)
	Total Common Stocks (proceeds $47,692)			(43,968)
INVESTMENT COMPANIES (3.6%)
		iShares Russell 2000 Growth ETF	(23)		(3,677)
		SPDR S&P 500 ETF	(5)		(1,289)
	Total Investment Companies (proceeds $5,604)			(4,966)
	Total Securities Sold Short (35.9%) (proceeds $53,296)				(48,934)

36

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1	Value ($)
JNL/PIMCO Investment Grade Credit Bond Fund
CORPORATE BONDS AND NOTES 68.6%
Financials 32.0%
	AerCap Ireland Capital Designated Activity Company
		3.50%, 05/26/22 - 01/15/25	400	335
		4.45%, 04/03/26	600	488
		3.65%, 07/21/27	1,400	1,083
	AerCap Ireland Limited
		4.25%, 07/01/20	500	495
		4.50%, 05/15/21	450	412
		3.95%, 02/01/22	400	348
	AIA Group Limited
		3.60%, 04/09/29 (a)	1,200	1,246
	AIB Group Public Limited Company
		4.26%, 04/10/25 (a)	600	576
	Ally Financial Inc.
		3.88%, 05/21/24 (b)	100	94
		8.00%, 11/01/31	500	579
	Ambac LSNI, LLC
		6.94%, (3M USD LIBOR + 5.00%), 02/12/23 (a) (c)	469	444
	Amcor Finance (USA), Inc.
		3.63%, 04/28/26 (a)	400	412
	American Financial Group, Inc.
		3.50%, 08/15/26	900	855
	American International Group, Inc.
		5.75%, 04/01/48	100	88
		4.38%, 01/15/55	400	375
	Avolon Holdings Funding Limited
		5.13%, 10/01/23 (a)	800	669
		5.25%, 05/15/24 (a)	500	403
	Axis Bank Limited
		3.25%, 05/21/20 (a)	500	500
	Axis Bank Limited Singapore Branch
		3.25%, 05/21/20 (d)	200	200
	AXIS Specialty Finance PLC
		4.00%, 12/06/27	700	743
	Azul Investments LLP
		5.88%, 10/26/24 (a)	100	57
	Banco Bilbao Vizcaya Argentaria, S.A.
		5.88%, (callable at 100 beginning 09/24/23), EUR (d) (e)	600	553
	Banco Bradesco S.A.
		2.85%, 01/27/23 (a)	2,500	2,373
	Banco do Brasil S.A
		4.75%, 03/20/24 (d)	200	194
		4.63%, 01/15/25 (a)	300	289
	Banco General, S.A.
		4.13%, 08/07/27 (a)	200	184
	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	766
	Banco Santander, S.A.
		3.31%, 06/27/29	600	584
	Banco Santander-Chile
		2.70%, 01/10/25 (a)	1,600	1,505
	Banco Votorantim S.A.
		4.50%, 09/24/24 (d)	1,000	901
	Bancolombia SA
		4.63%, 12/18/29	1,200	1,061
	Bank of America Corporation
		4.30%, (callable at 100 beginning 01/28/25) (e)	2,700	2,323
		5.13%, (callable at 100 beginning 06/20/24) (e)	1,600	1,495
		3.56%, 04/23/27	500	523
		3.82%, 01/20/28 (c)	5,000	5,290
		3.42%, 12/20/28	631	651
		4.27%, 07/23/29	900	972
		3.97%, 02/07/30	10,100	10,877
	Barclays Bank PLC
		7.63%, 11/21/22	2,400	2,456
	Barclays PLC
		7.13%, (callable at 100 beginning 06/15/25), GBP (e)	900	950
		7.75%, (callable at 100 beginning 09/15/23) (e) (f)	1,100	972
		7.88%, (callable at 100 beginning 03/15/22) (d) (e)	2,200	2,034
		1.88%, 03/23/21, EUR (d)	200	220
		3.07%, (3M USD LIBOR + 1.38%), 05/16/24 (b) (c)	2,477	2,366
		4.34%, 05/16/24 (c) (f)	200	200
	Bayer US Finance II LLC
		3.88%, 12/15/23 (a)	500	513
		4.25%, 12/15/25 (a)	300	309
	BBVA Bancomer, S.A.
		6.75%, 09/30/22 (a)	1,051	1,043
		6.75%, 09/30/22 (b) (d)	329	327
		5.13%, 01/18/33 (b) (d)	600	495
		5.88%, 09/13/34 (a)	500	405
	BGC Partners, Inc.
		5.13%, 05/27/21	1,100	1,110
	Blackstone Holdings Finance Co. L.L.C.
		1.50%, 04/10/29, EUR (a)	800	845
	BNP Paribas
		7.00%, (callable at 100 beginning 08/16/28) (a) (e)	200	197
		2.82%, 11/19/25 (a)	5,500	5,344
		4.40%, 08/14/28 (a)	900	964
	Boral Finance Pty Limited
		3.75%, 05/01/28 (a)	1,300	1,218
	BPCE
		2.90%, (3M USD LIBOR + 1.22%), 05/22/22 (a) (c)	500	491
		2.75%, 01/11/23 (a)	2,500	2,469
	Brookfield Financial, Inc.
		3.90%, 01/25/28	500	506
	Brookfield Financial, LLC
		4.00%, 04/01/24	500	510
	BTG Pactual Holding S.A.
		5.50%, 01/31/23 (a)	600	569
		4.50%, 01/10/25 (a)	2,700	2,347
	Cantor Fitzgerald, L.P.
		4.88%, 05/01/24 (a) (g)	600	616
	Carlyle Finance LLC
		3.50%, 09/19/29 (a)	500	471
	Cemex Finance LLC
		6.00%, 04/01/24 (d)	300	256
	China Construction Bank (New Zealand) Limited
		2.62%, (3M USD LIBOR + 0.75%), 12/20/21 (c) (d)	500	499
	Cielo USA Inc.
		3.75%, 11/16/22 (a)	600	555
	Citigroup Inc.
		4.70%, (callable at 100 beginning 01/30/25) (e)	1,600	1,365
		5.00%, (callable at 100 beginning 09/12/24) (e)	2,200	2,022
		5.95%, (callable at 100 beginning 05/15/25) (e)	1,100	1,065
		2.90%, 12/08/21 (b)	100	101
		2.88%, 07/24/23	900	907
		2.60%, (3M USD LIBOR + 1.02%), 06/01/24 (c)	600	600
		4.08%, 04/23/29	1,200	1,265
		2.98%, 11/05/30	5,800	5,613
	Citizens Bank, National Association
		3.75%, 02/18/26	600	612
	CME Group Inc.
		3.00%, 03/15/25	725	760
	Cooperatieve Rabobank U.A.
		6.63%, (callable at 100 beginning 06/29/21), EUR (d) (e)	1,800	1,889
		3.75%, 07/21/26	1,000	952
	Credit Agricole SA
		3.75%, 04/24/23 (a)	250	255
		2.38%, 01/22/25 (a) (f)	500	488
	Credit Suisse (USA), Inc.
		3.00%, 10/29/21	300	306

37

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1	Value ($)
Credit Suisse Group AG
	5.10%, (callable at 100 beginning 01/24/30) (a) (e)	3,100	2,443
	6.38%, (callable at 100 beginning 08/21/26) (a) (e)	1,100	968
	7.25%, (callable at 100 beginning 09/12/25) (a) (e)	3,200	2,919
	7.50%, (callable at 100 beginning 07/17/23) (a) (e)	5,700	5,351
	6.50%, 08/08/23 (d)	300	304
	6.50%, 08/08/23 (a)	200	203
	2.59%, 09/11/25 (a)	1,700	1,625
	3.87%, 01/12/29 (a)	700	708
Credit Suisse Group Funding (Guernsey) Ltd
	3.80%, 09/15/22	900	923
	3.75%, 03/26/25	800	806
	4.55%, 04/17/26	700	739
Credit Suisse Holdings (USA), Inc.
	2.10%, 11/12/21	600	597
DAE Funding LLC
	5.75%, 11/15/23 (a)	1,100	1,020
Daimler Finance North America LLC
	3.75%, 11/05/21 (a)	3,700	3,672
Danske Bank A/S
	3.24%, 12/20/25 (a)	1,000	952
Deutsche Bank Aktiengesellschaft
	6.00%, (callable at 100 beginning 10/30/25) (e)	1,400	928
	2.82%, (3M USD LIBOR + 0.97%), 07/13/20 (c)	1,100	1,094
	3.15%, 01/22/21	500	493
	4.25%, 10/14/21	2,200	2,092
	5.00%, 02/14/22	900	887
	2.88%, (3M USD LIBOR + 1.19%), 11/16/22 (c)	500	490
	3.30%, 11/16/22	300	295
Diamond Finance International Limited
	4.42%, 06/15/21 (a)	1,400	1,406
	5.45%, 06/15/23 (a)	7,825	8,109
	6.02%, 06/15/26 (a)	2,800	2,955
Digital Realty Trust, L.P.
	3.60%, 07/01/29	100	97
Digital Stout Holding, LLC
	3.75%, 10/17/30, GBP (d)	300	382
Discover Bank
	3.10%, 06/04/20	250	249
	2.70%, 02/06/30 (b)	1,300	1,145
Discover Financial Services
	4.10%, 02/09/27	400	380
E*Trade Financial Corporation
	5.88%, (callable at 100 beginning 09/15/26) (e)	1,000	944
	4.50%, 06/20/28	2,500	2,568
Emerald Bay SA
	0.00%, 10/19/20, EUR (a) (h)	100	107
Fairfax Financial Holdings Limited
	2.75%, 03/29/28, EUR (a)	600	647
Fairstone Financial Inc.
	7.88%, 07/15/24 (a)	500	472
Fidelity National Financial, Inc.
	5.50%, 09/01/22	300	312
First American Financial Corporation
	4.30%, 02/01/23	650	686
	4.60%, 11/15/24	200	210
Flagstar Bancorp, Inc.
	6.13%, 07/15/21	800	812
FMR LLC
	4.95%, 02/01/33 (a)	700	848
Ford Motor Credit Company LLC
	5.88%, 08/02/21	300	294
	5.60%, 01/07/22	1,700	1,653
	2.84%, (3M USD LIBOR + 1.08%), 08/03/22 (c)	1,400	1,107
	3.55%, 10/07/22	2,200	2,020
	3.09%, 01/09/23	4,600	4,137
	3.10%, 05/04/23	200	177
	1.74%, 07/19/24, EUR	3,000	2,587
Freedom Mortgage Corporation
	10.75%, 04/01/24 (a)	1,200	1,032
	8.13%, 11/15/24 (a)	100	80
	8.25%, 04/15/25 (a)	100	79
GE Capital International Funding Company Unlimited Company
	4.42%, 11/15/35	800	863
General Motors Financial Company, Inc.
	3.39%, (3M USD LIBOR + 1.55%), 01/14/22 (c)	200	177
	2.68%, (3M USD LIBOR + 1.31%), 06/30/22 (c)	400	337
	3.55%, 07/08/22	1,500	1,385
Glencore Funding LLC
	4.13%, 03/12/24 (a)	1,000	935
Greene King Finance PLC
	5.32%, 09/15/31, GBP (d) (i)	396	571
High Street Funding Trust I
	4.11%, 02/15/28	100	103
HSBC Holdings PLC
	4.75%, (callable at 100 beginning 07/04/29), EUR (d) (e)	800	756
	5.88%, (callable at 100 beginning 09/28/26), GBP (e)	700	772
	6.50%, (callable at 100 beginning 03/23/28) (e) (f)	400	373
	6.88%, (callable at 100 beginning 06/01/21) (b) (e) (f)	600	598
	3.60%, 05/25/23	800	820
	2.63%, 11/07/25 (f)	1,200	1,181
	4.30%, 03/08/26	725	774
	3.90%, 05/25/26	600	635
	2.16%, (3M USD LIBOR + 1.38%), 09/12/26 (c) (f)	500	422
	4.04%, 03/13/28 (c)	200	203
	3.00%, 07/22/28, GBP (f)	700	857
	4.58%, 06/19/29 (f)	1,100	1,165
	3.97%, 05/22/30 (b)	6,700	6,778
Imperial Brands Finance PLC
	3.75%, 07/21/22 (a)	900	898
	3.50%, 02/11/23 (a)	400	397
	3.13%, 07/26/24 (a) (g)	500	488
	3.50%, 07/26/26 (a) (g)	800	754
Industrial and Commercial Bank of China Limited - Abu Dhabi Branch
	2.68%, (3M USD LIBOR + 0.75%), 12/21/21 (c) (d)	800	799
ING Groep N.V.
	5.75%, (callable at 100 beginning 11/16/26) (e)	700	604
	4.63%, 01/06/26 (a)	1,000	1,055
Intesa Sanpaolo S.p.A.
	7.75%, (callable at 100 beginning 01/11/27), EUR (d) (e)	600	606
	6.50%, 02/24/21 (a)	250	253
	5.71%, 01/15/26 (a)	875	883
Itau Unibanco Holding S.A.
	3.25%, 01/24/25 (a)	2,300	2,137
Jefferies Finance LLC
	7.25%, 08/15/24 (a)	400	348
JPMorgan Chase & Co.
	4.00%, (callable at 100 beginning 04/01/25) (e)	4,700	4,020
	4.60%, (callable at 100 beginning 02/01/25) (b) (e)	1,200	1,057
	5.24%, (3M USD LIBOR + 3.47%), (callable at 100 beginning 07/30/20) (c) (e)	537	480
	3.56%, 04/23/24	235	244
	3.22%, 03/01/25	1,380	1,430
	2.30%, 10/15/25	2,800	2,792
	3.30%, 04/01/26	1,700	1,784
	3.78%, 02/01/28 (c)	7,000	7,489
	2.74%, 10/15/30	11,100	11,117
Lazard Group LLC
	3.75%, 02/13/25	300	287
	4.50%, 09/19/28	1,200	1,191
	4.38%, 03/11/29	400	404
LeasePlan Corporation N.V.
	2.88%, 10/24/24 (a)	5,300	5,211
Legg Mason, Inc.
	3.95%, 07/15/24	100	106
Level 3 Financing, Inc.
	3.88%, 11/15/29 (a)	1,300	1,233

38

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1	Value ($)
Lloyds Banking Group PLC
	7.63%, (callable at 100 beginning 06/27/23), GBP (d) (e) (f)	1,000	1,042
	2.00%, (3M USD LIBOR + 0.80%), 06/21/21 (c)	400	381
	4.05%, 08/16/23 (f)	1,600	1,650
	4.45%, 05/08/25 (f)	800	854
	4.58%, 12/10/25	400	408
	2.44%, 02/05/26 (f)	600	568
Meiji Yasuda Life Insurance Company
	5.10%, 04/26/48 (a)	200	211
Mitsubishi UFJ Financial Group Inc
	2.65%, (3M USD LIBOR + 0.86%), 07/26/23 (c)	300	281
	2.80%, 07/18/24	1,800	1,824
Mitsubishi UFJ Lease & Finance Company Limited
	2.65%, 09/19/22 (a)	700	693
Mizuho Financial Group Inc
	2.63%, 04/12/21 (a)	700	707
	1.65%, (3M USD LIBOR + 0.88%), 09/11/22 (c)	800	755
	1.62%, (3M USD LIBOR + 0.85%), 09/13/23 (c)	2,200	2,095
	2.87%, 09/13/30	4,400	4,220
Moody's Corporation
	4.50%, 09/01/22	200	205
	4.88%, 02/15/24	290	308
Morgan Stanley
	3.13%, 01/23/23	3,400	3,476
	2.28%, (3M CIDOR + 0.30%), 02/03/23, CAD (c)	2,200	1,540
	3.88%, 01/27/26	300	324
MUFG Americas Holdings Corporation
	3.00%, 02/10/25	800	783
MUFG Union Bank, National Association
	2.10%, 12/09/22	1,300	1,259
Multibank, Inc.
	4.38%, 11/09/22 (a)	200	183
Muthoot Finance Limited
	4.40%, 09/02/23 (a)	2,300	1,799
National Rural Utilities Cooperative Finance Corporation
	2.40%, 03/15/30	1,600	1,504
Nationstar Mortgage Holdings Inc.
	6.00%, 01/15/27 (a)	800	671
Nationwide Building Society
	10.25%, GBP (e)	535	872
Nationwide Financial Services, Inc.
	3.90%, 11/30/49 (a) (b)	500	440
NatWest Markets PLC
	7.50%, (callable at 100 beginning 08/10/20) (e) (f)	1,200	1,100
Navient Corporation
	5.88%, 03/25/21	100	99
	6.50%, 06/15/22	200	194
New York Life Insurance Company
	4.45%, 05/15/69 (a)	600	617
Nippon Life Insurance Company of America
	3.40%, 01/23/50 (a)	1,300	1,250
Nomura Holdings, Inc.
	2.65%, 01/16/25	1,200	1,175
	3.10%, 01/16/30	1,300	1,223
Nordea Bank Abp
	6.63%, (callable at 100 beginning 03/26/26) (a) (e)	300	272
Novatek Finance Designated Activity Company
	4.42%, 12/13/22 (d)	500	499
NTT Finance Corporation
	1.90%, 07/21/21 (d)	2,050	2,037
Nuveen Finance, LLC
	4.13%, 11/01/24 (a)	500	490
Ohio National Financial Services, Inc.
	5.55%, 01/24/30 (a)	3,100	3,066
Pacific National Finance Pty Ltd
	4.63%, 09/23/20 (a)	600	608
Petrobras Global Finance B.V.
	5.09%, 01/15/30 (a)	178	162
	7.25%, 03/17/44	900	909
Phosagro Bond Funding Designated Activity Company
	3.05%, 01/23/25 (a)	600	575
Principal Financial Group, Inc.
	3.70%, 05/15/29	100	103
Protective Life Corporation
	4.30%, 09/30/28 (a)	1,000	1,007
	3.40%, 01/15/30 (a)	700	701
RBS Capital Trust II
	6.43%, (callable at 100 beginning 01/03/34) (e)	400	502
Reinsurance Group of America, Incorporated
	3.95%, 09/15/26	600	630
Rio Oil Finance Trust
	9.25%, 07/06/24 (d) (i)	334	328
	9.25%, 07/06/24 (a)	139	137
	9.75%, 01/06/27 (a)	169	162
	8.20%, 04/06/28 (a)	600	535
RKPF Overseas 2019 (B) Limited
	6.70%, 09/30/24 (d)	300	269
Santander Holdings USA, Inc.
	3.40%, 01/18/23	1,100	1,056
	3.50%, 06/07/24	600	585
	3.24%, 10/05/26 (b)	2,200	2,003
	4.40%, 07/13/27	100	98
Santander UK Group Holdings PLC
	7.38%, (callable at 100 beginning 06/24/22), GBP (d) (e)	295	300
	4.80%, 11/15/24	532	545
	4.75%, 09/15/25 (a)	600	595
Santander UK PLC
	3.40%, 06/01/21 (f)	500	502
	3.75%, 11/15/21 (f)	2,100	2,112
	1.63%, 02/12/23 (a)	5,400	5,510
	2.88%, 06/18/24	800	800
Sasol Financing USA LLC
	5.88%, 03/27/24	1,000	420
	6.50%, 09/27/28	200	82
SB Capital S.A.
	6.13%, 02/07/22 (d)	1,500	1,550
	5.13%, 10/29/22 (d)	3,100	3,073
	5.25%, 05/23/23 (d)	200	198
SBL Holdings, LLC
	5.13%, 11/13/26 (a)	700	645
Shriram Transport Finance Company Limited
	5.95%, 10/24/22 (d)	900	668
	5.10%, 07/16/23 (a)	1,900	1,329
SLM Corporation
	7.25%, 01/25/22	100	99
	5.13%, 04/05/22	400	345
SMBC Aviation Capital Finance Designated Activity Company
	2.65%, 07/15/21 (a)	1,700	1,705
	3.00%, 07/15/22 (a)	800	821
	3.55%, 04/15/24 (a)	1,100	1,149
Societe Generale
	3.00%, 01/22/30 (a) (f)	3,100	2,842
Springleaf Finance Corporation
	8.25%, 12/15/20	100	100
	7.75%, 10/01/21	800	800
Standard Chartered PLC
	3.79%, 05/21/25 (a)	1,000	983
	2.82%, 01/30/26 (a)	1,600	1,501
State Bank of India
	3.25%, 01/24/22 (d)	700	693
State Street Corporation
	5.63%, (callable at 100 beginning 12/15/23) (b) (e)	400	350
Stearns Holdings, LLC
	5.00%, 11/05/24 (a)	13	8
Stichting AK Rabobank Certificaten II
	0.00%, EUR (c) (d) (e) (i)	600	596
Sumitomo Mitsui Financial Group, Inc.
	2.68%, (3M USD LIBOR + 1.68%), 03/09/21 (c)	1,200	1,186
	2.96%, (3M USD LIBOR + 1.14%), 10/19/21 (c)	1,300	1,250
	2.62%, (3M USD LIBOR + 0.78%), 07/12/22 (c)	500	501

39

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
		3.04%, 07/16/29	4,300		4,281
	Sydney Airport Finance Company Pty Limited
		3.63%, 04/28/26 (a)	200		197
	Synchrony Financial
		4.38%, 03/19/24	400		394
		4.25%, 08/15/24	100		99
		3.95%, 12/01/27	2,900		2,624
	Syngenta Finance N.V.
		3.93%, 04/23/21 (a)	300		291
		3.13%, 03/28/22	1,200		1,047
		4.44%, 04/24/23 (a)	200		183
		4.89%, 04/24/25 (a)	200		187
		5.18%, 04/24/28 (a)	1,900		1,732
	Synovus Bank
		2.29%, 02/10/23	4,500		4,437
	Tesco Property Finance 5 PLC
		5.66%, 10/13/41, GBP (d)	588		907
	The Bank of New York Mellon Corporation
		2.80%, 05/04/26	1,800		1,849
	The Blackstone Group Inc.
		2.50%, 01/10/30 (a) (b)	5,700		5,412
		5.00%, 06/15/44 (a)	300		325
	The Charles Schwab Corporation
		5.00%, (callable at 100 beginning 12/01/27) (b) (e)	500		468
	The Depository Trust & Clearing Corporation
		4.88%, (callable at 100 beginning 06/15/20) (a) (e)	250		244
	The Goldman Sachs Group, Inc.
		5.25%, 07/27/21	500		518
		2.43%, (3M USD LIBOR + 0.75%), 02/23/23 (c)	600		566
		3.50%, 01/23/25	600		615
		3.75%, 02/25/26	1,000		1,042
		3.69%, 06/05/28 (c)	400		413
		4.22%, 05/01/29	2,400		2,543
		2.60%, 02/07/30	1,000		938
	The PNC Financial Services Group, Inc.
		2.55%, 01/22/30 (b)	3,100		3,001
	The Royal Bank of Scotland Group Public Limited Company
		7.65%, (callable at 100 beginning 09/30/31) (e)	100		128
		8.63%, (callable at 100 beginning 08/15/21) (e) (f)	5,799		5,654
		2.00%, 03/08/23, EUR	200		217
		6.00%, 12/19/23	1,000		1,069
		2.77%, (3M USD LIBOR + 1.55%), 06/25/24 (b) (c)	1,801		1,625
		4.52%, 06/25/24 (c) (f)	1,100		1,118
		4.27%, 03/22/25 (f)	1,400		1,454
		1.75%, 03/02/26, EUR (d)	600		622
		5.08%, 01/27/30 (c) (f)	200		218
	UBS AG
		7.63%, 08/17/22	2,403		2,494
		5.13%, 05/15/24 (d)	900		897
		4.75%, 02/12/26, EUR (c) (d)	400		434
	UBS Group AG
		7.13%, (callable at 100 beginning 08/10/21) (d) (e) (f)	2,300		2,243
		3.13%, 08/13/30 (a)	400		389
	UBS Group Funding (Jersey) Limited
		4.13%, 09/24/25 (a)	250		264
	UBS Group Funding (Switzerland) AG
		3.49%, 05/23/23 (a)	2,600		2,622
	UniCredit S.p.A.
		7.50%, (callable at 100 beginning 06/03/26), EUR (d) (e)	1,400		1,396
		6.57%, 01/14/22 (a)	500		509
		7.83%, 12/04/23 (a)	1,200		1,284
	Virgin Media Secured Finance PLC
		6.25%, 03/28/29, GBP (d)	90		111
		4.25%, 01/15/30, GBP (a)	300		336
	Virgin Money UK PLC
		4.00%, 09/03/27, GBP (d)	900		1,037
	Volkswagen Group of America, Inc.
		2.06%, (3M USD LIBOR + 0.86%), 09/24/21 (a) (c)	900		899
		2.65%, (3M USD LIBOR + 0.94%), 11/12/21 (a) (c)	500		500
	Volkswagen Leasing Gesellschaft Mit Beschrankter Haftung
		2.13%, 04/04/22, EUR (d)	700		774
	Wand Merger Corporation
		8.13%, 07/15/23 (a)	300		294
	Wells Fargo & Company
		2.63%, 07/22/22	300		303
		2.91%, (3M USD LIBOR + 1.11%), 01/24/23 (c)	1,500		1,398
		3.01%, (3M USD LIBOR + 1.23%), 10/31/23 (c)	1,400		1,361
		3.30%, 09/09/24 (b)	950		991
		3.55%, 09/29/25	900		948
		2.41%, 10/30/25	2,700		2,657
		2.16%, 02/11/26	6,600		6,436
		3.20%, 06/17/27	800		828
		3.58%, 05/22/28 (c)	4,800		4,982
	Wells Fargo Bank, National Association
		2.26%, (3M USD LIBOR + 0.62%), 05/27/22 (c)	250		245
		2.90%, 05/27/22	350		352
		3.55%, 08/14/23	1,000		1,048
	Willis North America Inc.
		2.95%, 09/15/29	5,500		5,412
	Woodside Finance Limited
		4.60%, 05/10/21 (a)	600		602
		3.65%, 03/05/25 (a)	600		575
		4.50%, 03/04/29 (a)	2,000		1,794
	XLIT Ltd
		4.45%, 03/31/25	400		413
				401,125
Energy 5.7%
	Aker BP ASA
		3.75%, 01/15/30 (a)	2,200		1,630
	APT Pipelines Limited
		4.20%, 03/23/25 (a)	500		537
	Azure Power Solar Energy Private Limited
		5.65%, 12/24/24 (a)	600		510
	BP Capital Markets America Inc.
		3.59%, 04/14/27	1,500		1,531
		4.23%, 11/06/28 (b)	2,800		3,028
	Cameron LNG, LLC
		3.40%, 01/15/38 (a)	1,300		1,068
	Cenovus Energy Inc.
		4.25%, 04/15/27 (b)	1,100		539
	Cheniere Corpus Christi Holdings, LLC
		7.00%, 06/30/24	650		570
		5.13%, 06/30/27	6,100		5,460
		3.70%, 11/15/29 (a)	800		626
	Cnooc Curtis Funding No.1 Pty Ltd
		4.50%, 10/03/23 (d)	1,100		1,175
	CNOOC Limited
		3.00%, 05/09/23	600		612
	Continental Resources, Inc.
		3.80%, 06/01/24 (b)	500		253
	El Paso LLC
		6.50%, 09/15/20	200		201
	Enable Midstream Partners, LP
		4.40%, 03/15/27	800		448
		4.95%, 05/15/28 (b)	500		248
		5.00%, 05/15/44 (i)	645		262
	Enbridge Inc.
		2.19%, (3M USD LIBOR + 0.50%), 02/18/22 (c)	3,300		3,300
	Endeavor Energy Resources, L.P.
		5.75%, 01/30/28 (a)	500		338
	Energy Transfer LP
		4.25%, 03/15/23	200		180
		4.20%, 04/15/27	1,200		992
		5.50%, 06/01/27	2,472		2,166
		3.75%, 05/15/30	1,000		782
		4.90%, 03/15/35	554		423
		7.50%, 07/01/38	200		187
		6.05%, 06/01/41	1,300		1,127
		6.50%, 02/01/42	100		90
	Energy Transfer Operating, L.P.
		6.25%, 04/15/49	600		508

40

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
	Enterprise Products Operating LLC
		3.90%, 02/15/24	100		102
		3.75%, 02/15/25 (b)	400		398
		2.80%, 01/31/30 (b)	2,800		2,541
		4.88%, 08/16/77 (c)	500		342
	EQM Midstream Partners, LP
		4.00%, 08/01/24	500		350
		4.13%, 12/01/26	100		58
	EQT Corporation
		6.13%, 02/01/25 (g)	2,900		2,189
		3.90%, 10/01/27	300		202
	Gaz Capital S.A.
		6.51%, 03/07/22 (d)	500		520
		3.13%, 11/17/23, EUR (a)	400		447
		2.95%, 01/24/24, EUR (d)	1,600		1,789
		2.25%, 11/22/24, EUR (d)	200		220
		4.95%, 03/23/27 (d)	600		628
	Gaz Finance PLC
		3.25%, 02/25/30 (a)	1,800		1,674
	GPN Capital S.A.
		4.38%, 09/19/22 (d)	300		299
	Greenko Dutch B.V.
		4.88%, 07/24/22 (d)	300		264
		5.25%, 07/24/24 (d)	400		323
		5.25%, 07/24/24 (a)	200		161
	Halliburton Company
		2.92%, 03/01/30 (b)	800		621
	Hess Corporation
		7.30%, 08/15/31	65		50
	Kinder Morgan, Inc.
		3.11%, (3M USD LIBOR + 1.28%), 01/15/23 (c)	1,300		1,192
	Midwest Connector Capital Company LLC
		3.63%, 04/01/22 (a)	400		384
	MPLX LP
		5.25%, 01/15/25 (a)	600		577
		4.50%, 04/15/38	200		155
		5.20%, 12/01/47 (a)	1,638		1,314
		4.90%, 04/15/58	300		211
	NGPL PipeCo LLC
		4.38%, 08/15/22 (a) (b)	325		313
	Occidental Petroleum Corporation
		6.95%, 07/01/24	300		172
		4.40%, 08/15/49 (b)	600		259
	Ocyan S/A
		0.00%, (callable at 100 beginning 05/11/20) (a) (e) (h)	90		1
	Odebrecht Offshore Drilling Finance Ltd.
		6.35%, 12/01/21 (a)	32		26
		6.72%, 12/01/22 (d)	30		24
		7.35%, 12/01/26 (a) (j)	136		42
		7.72%, 12/01/26 (d) (j)	148		15
	ONEOK Partners, L.P.
		4.90%, 03/15/25	1,000		869
		6.85%, 10/15/37	200		181
	ONEOK, Inc.
		4.00%, 07/13/27	300		250
		4.35%, 03/15/29	2,500		2,050
	Parsley Energy, LLC
		5.63%, 10/15/27 (a)	100		71
		4.13%, 02/15/28 (a) (b)	2,400		1,635
	Petroleos Mexicanos
		6.50%, 03/13/27 (b)	2,900		2,146
		6.84%, 01/23/30 (a)	2,500		1,800
		5.95%, 01/28/31 (a)	1,300		895
	Pioneer Natural Resources Company
		3.45%, 01/15/21	1,400		1,350
		4.45%, 01/15/26 (b)	400		395
	Plains All American Pipeline, L.P.
		2.85%, 01/31/23	200		173
		3.60%, 11/01/24	100		77
		5.15%, 06/01/42	200		136
	Ras Laffan Liquefied Natural Gas Company Limited
		5.84%, 09/30/27 (a)	250		267
	Regency Energy Partners LP
		5.88%, 03/01/22	1,000		948
		5.00%, 10/01/22	100		91
	Rockies Express Pipeline LLC
		4.80%, 05/15/30 (a)	2,200		1,301
	Sabine Pass Liquefaction, LLC
		5.63%, 02/01/21 (i)	100		98
		6.25%, 03/15/22	300		295
		5.63%, 04/15/23	800		744
		5.75%, 05/15/24	1,510		1,415
		5.88%, 06/30/26	1,200		1,143
	Tennessee Gas Pipeline Company, L.L.C.
		2.90%, 03/01/30 (a)	2,000		1,676
	Terraform Power Operating, LLC
		4.25%, 01/31/23 (a)	100		99
	TransCanada PipeLines Limited
		4.63%, 03/01/34	800		759
	TransCanada Trust
		5.30%, 03/15/77 (b) (c)	875		655
	Transcontinental Gas Pipe Line Company, LLC
		4.00%, 03/15/28	800		739
		4.60%, 03/15/48	990		1,022
	Transocean Guardian Limited
		5.88%, 01/15/24 (a)	334		268
	Transocean Ltd.
		5.38%, 05/15/23 (a) (b)	200		168
	Transocean Pontus Limited
		6.13%, 08/01/25 (a)	84		66
	Western Midstream Operating, LP
		4.05%, 02/01/30 (g)	1,600		676
	WPX Energy, Inc.
		5.75%, 06/01/26 (b)	100		58
		4.50%, 01/15/30	1,300		705
				71,875
Real Estate 5.7%
	Alexandria Real Estate Equities, Inc.
		4.00%, 01/15/24	300		313
		4.50%, 07/30/29	500		527
		2.75%, 12/15/29 (b)	2,600		2,404
	American Campus Communities Operating Partnership LP
		3.75%, 04/15/23	1,050		1,062
		2.85%, 02/01/30	1,600		1,490
	American Homes 4 Rent, L.P.
		4.25%, 02/15/28	1,200		1,189
	American Tower Corporation
		3.45%, 09/15/21	200		201
		3.50%, 01/31/23	750		755
		3.00%, 06/15/23	600		599
		2.95%, 01/15/25	1,700		1,688
		4.00%, 06/01/25	1,000		1,041
		2.75%, 01/15/27	1,900		1,831
		3.13%, 01/15/27	400		398
		3.80%, 08/15/29 (b)	700		713
		2.90%, 01/15/30	3,800		3,693
	Brixmor Operating Partnership LP
		3.25%, 09/15/23	200		200
		3.90%, 03/15/27	700		686
	CBL & Associates Limited Partnership
		5.95%, 12/15/26 (b)	1,600		299
	China Evergrande Group
		6.25%, 06/28/21 (d)	1,000		863
	Columbia Property Trust Operating Partnership, L.P.
		3.65%, 08/15/26	700		750
	Crown Castle International Corp.
		4.88%, 04/15/22	300		311
		5.25%, 01/15/23	400		428
		3.15%, 07/15/23	3,000		2,992
		3.80%, 02/15/28 (b)	900		898
		4.30%, 02/15/29 (b)	1,800		1,876
		4.00%, 11/15/49	1,501		1,403
	Duke Realty Limited Partnership
		3.05%, 03/01/50	1,600		1,291
	EPR Properties
		4.50%, 04/01/25 - 06/01/27	1,900		1,718
		4.75%, 12/15/26	200		190

41

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
		4.95%, 04/15/28	1,100		1,005
		3.75%, 08/15/29	200		163
	Equinix, Inc.
		2.63%, 11/18/24	600		565
	Essex Portfolio, L.P.
		3.50%, 04/01/25	900		888
		2.65%, 03/15/32	1,200		1,069
	Fideicomiso Fibra Uno
		6.95%, 01/30/44 (a)	1,000		969
	Highwoods Realty Limited Partnership
		3.05%, 02/15/30	400		361
	Host Hotels & Resorts, L.P.
		3.88%, 04/01/24	200		187
		4.00%, 06/15/25	300		277
		4.50%, 02/01/26	100		88
	Kaisa Group Holdings Ltd.
		7.25%, 06/30/20 (d)	300		294
		7.88%, 06/30/21 (d)	200		178
		8.50%, 06/30/22 (d)	300		245
	Kilroy Realty, L.P.
		4.38%, 10/01/25	300		304
		3.05%, 02/15/30	6,000		5,493
	Kimco Realty Corporation
		2.80%, 10/01/26	700		694
	Mack Cali Realty LP
		4.50%, 04/18/22	500		457
	Mid-America Apartments, L.P.
		4.30%, 10/15/23	50		51
		3.75%, 06/15/24	100		102
		3.95%, 03/15/29	600		611
	Mitsui Fudosan Co., Ltd.
		3.65%, 07/20/27 (a) (b)	900		950
	New Metro Global Limited
		6.50%, 04/23/21 (d)	1,300		1,243
	Newmark Group, Inc.
		6.13%, 11/15/23 (g)	700		708
	Omega Healthcare Investors, Inc.
		4.38%, 08/01/23	800		786
	Physicians Realty L.P.
		4.30%, 03/15/27	995		1,011
		3.95%, 01/15/28	200		187
	ProLogis, L.P.
		2.25%, 04/15/30	800		741
	Reckson Operating Partnership, L.P.
		4.50%, 12/01/22	100		104
	Regency Centers, L.P.
		2.95%, 09/15/29	300		278
	Ronshine China Holdings Limited
		11.25%, 08/22/21 (d)	500		492
		8.75%, 10/25/22 (d)	800		749
	Sabra Health Care Limited Partnership
		4.80%, 06/01/24	1,000		951
	SBA Communications Corporation
		3.88%, 02/15/27 (a)	1,500		1,505
	Seazen Group Limited
		7.50%, 01/22/21 (d)	2,000		1,940
	Select Income REIT
		4.25%, 05/15/24	100		96
	Service Properties Trust
		4.50%, 06/15/23	200		151
		4.95%, 02/15/27	300		234
	SL Green Operating Partnership, L.P.
		3.25%, 10/15/22	500		508
	Spirit Realty, L.P.
		4.45%, 09/15/26	200		195
		4.00%, 07/15/29	500		470
	Store Capital Corporation
		4.63%, 03/15/29	200		202
	Sunac China Holdings Limited
		8.63%, 07/27/20 (d)	300		298
		6.88%, 08/08/20 (d)	200		198
		8.38%, 01/15/21 (d)	700		693
		7.88%, 02/15/22 (d)	900		873
		7.25%, 06/14/22 (d)	700		655
	Times China Holdings Limited
		7.63%, 02/21/22 (d)	400		384
	UDR, Inc.
		4.00%, 10/01/25	350		361
	Vanke Real Estate (Hong Kong) Company Limited
		4.20%, 06/07/24 (d)	800		833
	Ventas Realty, Limited Partnership
		4.40%, 01/15/29	900		917
	Vereit Operating Partnership, L.P.
		3.95%, 08/15/27	400		378
		3.10%, 12/15/29	700		617
	W.P. Carey Inc.
		4.00%, 02/01/25	1,000		1,013
		4.25%, 10/01/26	700		719
	Washington Prime Group, L.P.
		6.45%, 08/15/24 (b)	1,300		761
	Weyerhaeuser Company
		4.63%, 09/15/23	500		525
		8.50%, 01/15/25	500		614
		7.38%, 03/15/32	1,600		1,959
				71,109
Communication Services 5.4%
	21Vianet Group, Inc.
		7.88%, 10/15/21 (d)	500		420
	Activision Blizzard, Inc.
		3.40%, 09/15/26	900		948
	Altice Financing S.A.
		2.25%, 01/15/25, EUR (a)	300		294
	AT&T Inc.
		3.95%, 01/15/25 (b)	100		105
		4.10%, 02/15/28	1,520		1,594
		4.80%, 06/15/44	200		223
		4.35%, 06/15/45	100		105
		4.75%, 05/15/46	4,900		5,450
		5.15%, 11/15/46	2,200		2,566
		5.45%, 03/01/47	1,400		1,685
		4.50%, 03/09/48	600		652
		4.55%, 03/09/49	700		754
	Baidu, Inc.
		3.00%, 06/30/20	400		401
		4.38%, 05/14/24	200		210
		4.88%, 11/14/28	1,100		1,230
	CC Holdings GS V LLC
		3.85%, 04/15/23	200		201
	CCO Holdings, LLC
		4.50%, 08/15/30 (a)	4,800		4,708
	CenturyLink, Inc.
		4.00%, 02/15/27 (a)	2,900		2,813
	Charter Communications Operating, LLC
		4.50%, 02/01/24	1,500		1,550
		3.75%, 02/15/28	300		301
		5.05%, 03/30/29	100		108
		5.38%, 05/01/47	400		432
		5.75%, 04/01/48	300		343
		4.80%, 03/01/50	2,000		2,087
	Comcast Corporation
		3.15%, 03/01/26	200		210
		2.35%, 01/15/27	200		199
		3.30%, 02/01/27	400		420
		4.15%, 10/15/28	1,700		1,912
		2.65%, 02/01/30 (b)	2,000		2,020
		4.50%, 01/15/43	500		598
		4.60%, 08/15/45	400		488
		3.40%, 07/15/46 (b)	1,200		1,316
		4.70%, 10/15/48 (b)	4,500		5,756
		4.00%, 11/01/49	300		351
	Cox Communications, Inc.
		3.15%, 08/15/24 (a)	800		818
	Crown Communication Inc.
		4.24%, 07/15/28	100		102
	Deutsche Telekom AG
		3.63%, 01/21/50 (a)	500		493
	Diamond Sports Group, LLC
		5.38%, 08/15/26 (a)	600		487

42

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
	Discovery Communications, LLC
		3.45%, 03/15/25	100		96
		4.13%, 05/15/29	700		673
	DISH DBS Corporation
		6.75%, 06/01/21	1,000		1,014
	Globo Comunicacao e Participacoes S.A.
		4.88%, 01/22/30 (a)	2,000		1,747
	MTN (Mauritius) Investments Limited
		4.76%, 11/11/24 (a)	200		180
	Netflix, Inc.
		3.88%, 11/15/29, EUR (a)	400		429
	OI S.A. - In Judicial Reorganization
		10.00%, 07/27/25 (b) (j)	400		273
	RELX Capital Inc.
		3.50%, 03/16/23	200		208
	Rogers Communications Inc.
		3.70%, 11/15/49	300		311
	Spectrum Management Holding Company, LLC
		4.13%, 02/15/21	1,000		1,003
		6.75%, 06/15/39	1,200		1,363
		4.50%, 09/15/42	300		283
	Sprint Corporation
		7.25%, 09/15/21	1,600		1,650
		7.88%, 09/15/23	2,700		2,970
		7.13%, 06/15/24	200		219
	Sprint Spectrum Co LLC
		3.36%, 09/20/21 (a)	563		560
	TEGNA Inc.
		4.63%, 03/15/28 (a)	1,100		975
	Tencent Holdings Limited
		3.98%, 04/11/29 (a)	2,100		2,327
	The Walt Disney Company
		2.00%, 09/01/29	3,200		3,113
	Time Warner Cable Enterprises LLC
		8.38%, 07/15/33	100		132
	Univision Communications Inc.
		5.13%, 02/15/25 (a)	900		767
	Verizon Communications Inc.
		4.13%, 03/16/27	300		335
	Vodafone Group Public Limited Company
		4.38%, 05/30/28	200		209
		7.00%, 04/04/79	200		214
	Zayo Group Holdings, Inc.
		6.13%, 03/01/28 (a)	2,600		2,471
				67,872
Industrials 4.5%
	3M Company
		3.25%, 08/26/49	1,800		1,897
	A.P. Moller - Maersk A/S
		3.88%, 09/28/25 (a)	800		709
	Adani Ports and Special Economic Zone Limited
		3.38%, 07/24/24 (a)	900		739
	Aircastle Limited
		4.40%, 09/25/23	600		575
	Allegion Public Limited Company
		3.50%, 10/01/29	2,100		2,034
	Allegion US Holding Company Inc.
		3.20%, 10/01/24	400		350
		3.55%, 10/01/27	100		98
	Ashtead Capital, Inc.
		4.00%, 05/01/28 (a)	400		363
	Aviation Capital Group LLC
		7.13%, 10/15/20 (a)	750		740
		2.44%, (3M USD LIBOR + 0.67%), 07/30/21 (a) (c)	200		192
		2.88%, 01/20/22 (a)	300		276
		3.88%, 05/01/23 (a)	700		629
		4.38%, 01/30/24 (a)	200		177
		3.50%, 11/01/27 (a)	1,532		1,168
	Beacon Roofing Supply, Inc.
		4.88%, 11/01/25 (a)	200		181
	BOC Aviation Limited
		2.75%, 09/18/22 (a)	400		406
		3.50%, 10/10/24 (a)	2,300		2,410
	Bombardier Inc.
		5.75%, 03/15/22 (a) (b)	200		151
		6.00%, 10/15/22 (a)	600		450
	Builders FirstSource, Inc.
		5.00%, 03/01/30 (a)	500		456
	Carrier Global Corporation
		2.24%, 02/15/25 (a)	2,000		1,946
	Delhi International Airport Private Limited
		6.13%, 10/31/26 (a)	300		259
	DP World Crescent Limited
		4.85%, 09/26/28 (a)	1,500		1,361
	FedEx Corporation
		3.10%, 08/05/29 (b)	400		391
	Fortress Transportation And Infrastructure Investors LLC
		6.50%, 10/01/25 (a)	600		440
	Fortune Brands Home & Security, Inc.
		4.00%, 09/21/23	200		201
		3.25%, 09/15/29	800		741
	GATX Corporation
		3.50%, 03/15/28	500		494
	General Electric Capital Corporation
		5.55%, 01/05/26	1,800		1,934
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (b) (e)	2,300		1,903
		0.38%, 05/17/22, EUR	1,200		1,264
	GMR Hyderabad International Airport Limited
		5.38%, 04/10/24 (d)	600		506
	Indian Railway Finance Corporation Limited
		3.25%, 02/13/30 (a)	2,700		2,458
	International Lease Finance Corporation
		8.25%, 12/15/20	600		582
		8.63%, 01/15/22	200		192
	Kansas City Southern
		3.00%, 05/15/23	200		200
		3.13%, 06/01/26	500		500
	L3Harris Technologies, Inc.
		2.25%, (3M USD LIBOR + 0.48%), 04/30/20 (c)	300		300
	Masco Corporation
		5.95%, 03/15/22	650		662
	Massachusetts Institute of Technology
		4.68%, 07/01/14	200		281
	Norfolk Southern Corporation
		4.15%, 02/28/48	400		432
	Otis Worldwide Corporation
		2.06%, 04/05/25 (a)	2,500		2,445
	Owens Corning
		4.20%, 12/01/24	200		193
		3.40%, 08/15/26	800		763
	Park Aerospace Holdings Limited
		5.25%, 08/15/22 (a)	2,773		2,449
		4.50%, 03/15/23 (a)	900		750
	Penske Truck Leasing Co., L.P.
		3.40%, 11/15/26 (a)	1,000		990
	Prime Security Services Borrower, LLC
		6.25%, 01/15/28 (a)	3,100		2,676
	Reynolds Group Holdings Inc.
		5.33%, (3M USD LIBOR + 3.50%), 07/15/21 (a) (c)	200		195
	Spirit AeroSystems, Inc.
		3.95%, 06/15/23	1,000		869
		4.60%, 06/15/28 (b)	3,300		2,838
	Standard Industries Inc.
		5.00%, 02/15/27 (a)	200		181
		4.75%, 01/15/28 (a) (b)	2,100		1,934
	Textron Inc.
		2.28%, (3M USD LIBOR + 0.55%), 11/10/20 (c)	700		700
		3.38%, 03/01/28	3,000		2,840
	The ADT Security Corporation
		3.50%, 07/15/22 (b)	100		97
	The Boeing Company
		2.95%, 02/01/30 (b)	300		278
	Triumph Group, Inc.
		6.25%, 09/15/24 (a)	300		267

43

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
	Union Pacific Corporation
		3.95%, 08/15/59	300		314
		3.75%, 02/05/70	300		307
	Verisk Analytics, Inc.
		4.13%, 09/12/22 - 03/15/29	500		522
	ZLS Prestigia Ltd
		3.63%, 05/01/24	1,100		1,076
		4.75%, 08/01/28	400		419
		4.25%, 05/01/29	2,100		2,218
				56,369
Consumer Discretionary 4.2%
	Alibaba Group Holding Limited
		3.60%, 11/28/24	300		316
	Amazon.com, Inc.
		3.80%, 12/05/24	100		111
		5.20%, 12/03/25	100		119
		3.15%, 08/22/27	300		328
	Aptiv PLC
		4.35%, 03/15/29	800		752
	Bacardi Limited
		4.45%, 05/15/25 (a)	2,100		2,196
		2.75%, 07/15/26 (a)	300		316
	D.R. Horton, Inc.
		4.38%, 09/15/22	200		204
	eBay Inc.
		2.60%, 07/15/22	1,799		1,803
	Expedia Group, Inc.
		3.80%, 02/15/28	500		440
	GLP Financing, LLC
		3.35%, 09/01/24	400		354
		5.25%, 06/01/25	400		366
		5.75%, 06/01/28	300		261
		5.30%, 01/15/29	700		581
	Hilton Worldwide Holdings Inc.
		4.88%, 04/01/27	400		380
	Hyundai Capital America
		1.69%, (3M USD LIBOR + 0.80%), 09/18/20 (a) (c)	800		801
	IHOL Verwaltungs GmbH
		3.88%, 05/15/27, EUR (a) (j)	400		331
		6.38%, 05/15/29 (a) (j)	100		78
	JD.com, Inc.
		3.38%, 01/14/30	2,200		2,191
	Las Vegas Sands Corp.
		3.20%, 08/08/24	5,400		4,859
		2.90%, 06/25/25 (b)	200		174
		3.50%, 08/18/26	800		691
	McDonald's Corporation
		3.63%, 09/01/49	400		401
	MCE Finance Limited
		4.88%, 06/06/25 (a)	800		736
		5.25%, 04/26/26 (a)	500		448
		5.63%, 07/17/27 (a)	200		180
		5.38%, 12/04/29 (a) (b)	4,300		3,655
	MGM China Holdings Limited
		5.88%, 05/15/26 (a)	1,500		1,246
	MGM Resorts International
		5.50%, 04/15/27	66		60
	Newell Brands Inc.
		3.85%, 04/01/23 (g)	1,300		1,321
	Nissan Motor Acceptance Corporation
		1.90%, 09/14/21 (a)	1,900		1,819
		2.65%, 07/13/22 (a)	2,705		2,596
		2.60%, 09/28/22 (a) (b)	2,050		1,951
	Prosus N.V.
		3.68%, 01/21/30 (a)	1,100		946
	QVC, Inc.
		5.13%, 07/02/22	200		166
		4.38%, 03/15/23	900		861
		4.85%, 04/01/24 (b)	200		173
		4.45%, 02/15/25	500		427
	Restaurant Brands International Limited Partnership
		4.25%, 05/15/24 (a)	200		201
	Sands China Ltd.
		4.60%, 08/08/23 (g)	3,800		3,878
		5.13%, 08/08/25 (g)	5,000		4,703
		5.40%, 08/08/28 (g)	700		652
	Schaeffler Finance B.V.
		3.25%, 05/15/25, EUR (d)	100		104
	SES S.A.
		3.60%, 04/04/23 (a)	2,007		1,987
	Station Casinos LLC
		4.50%, 02/15/28 (a) (b)	300		242
	Studio City Finance Limited
		7.25%, 02/11/24 (a)	500		436
	Whirlpool Corporation
		4.75%, 02/26/29	200		202
	Wyndham Destinations, Inc.
		4.63%, 03/01/30 (a)	1,000		770
	Wynn Las Vegas, LLC
		5.50%, 03/01/25 (a)	200		186
	Wynn Macau, Limited
		4.88%, 10/01/24 (a)	400		368
		5.50%, 10/01/27 (a)	1,800		1,589
		5.13%, 12/15/29 (a) (b)	3,200		2,722
	Wynn Resorts Finance, LLC
		5.13%, 10/01/29 (a)	200		185
				52,863
Utilities 3.8%
	Adani Electricity Mumbai Limited
		3.95%, 02/12/30 (a)	4,100		3,408
	Adani Transmission Limited
		4.00%, 08/03/26 (d)	500		445
	Ameren Illinois Company
		3.25%, 03/15/50	300		303
	American Electric Power Company, Inc.
		3.20%, 11/13/27	400		398
	Arizona Public Service Company
		3.50%, 12/01/49	400		403
	CenterPoint Energy, Inc.
		2.50%, 09/01/24 (b)	700		687
	Centrais Eletricas Brasileiras SA
		4.63%, 02/04/30 (a) (b)	1,800		1,593
	Clearway Energy Operating LLC
		5.75%, 10/15/25	900		892
	Cleco Corporate Holdings LLC
		3.74%, 05/01/26	2,200		2,162
	Dominion Energy Gas Holdings, LLC
		2.50%, 11/15/24	600		590
	DTE Electric Company
		2.25%, 03/01/30	1,400		1,353
	Duquesne Light Holdings, Inc.
		5.90%, 12/01/21 (a)	50		52
		3.62%, 08/01/27 (a)	1,200		1,173
	Enel Finance International N.V.
		2.75%, 04/06/23 (a)	3,200		3,085
		4.25%, 09/14/23 (a)	1,000		1,021
		3.63%, 05/25/27 (a)	400		401
	Exelon Corporation
		3.95%, 06/15/25	500		511
		4.45%, 04/15/46	600		586
	FirstEnergy Corp.
		4.25%, 03/15/23 (g)	300		299
	Ipalco Enterprises Inc
		3.70%, 09/01/24	503		521
	Nevada Power Company
		2.40%, 05/01/30	1,200		1,165
	NextEra Energy Capital Holdings, Inc.
		3.30%, 08/15/22	3,900		3,894
		3.25%, 04/01/26	800		820
		3.50%, 04/01/29	500		516
		2.75%, 11/01/29	2,800		2,692
		5.65%, 05/01/79 (b)	800		741
	NiSource Inc.
		2.95%, 09/01/29	700		673
	Pacific Gas And Electric Company
		0.00%, 10/01/20 - 12/01/27 (k) (l)	1,500		1,426
		0.00%, 08/01/28 (a) (k) (l)	200		209

44

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
	PECO Energy Company
		3.00%, 09/15/49	800		791
	ReNew Power Private Limited
		5.88%, 03/05/27 (a)	700		493
	San Diego Gas & Electric Company
		4.10%, 06/15/49	200		212
	Sempra Energy
		3.55%, 06/15/24	200		199
		3.75%, 11/15/25	200		204
		3.40%, 02/01/28	800		802
	Southern California Edison Company
		3.70%, 08/01/25	1,100		1,134
		6.05%, 03/15/39	400		494
		3.60%, 02/01/45	400		370
		4.00%, 04/01/47	1,100		1,137
		4.13%, 03/01/48	5,000		5,194
	Southern California Gas Company
		2.55%, 02/01/30	1,600		1,587
	Southern Company Gas Capital Corporation
		3.25%, 06/15/26	2,700		2,719
	The Southern Company
		2.95%, 07/01/23	200		199
		4.25%, 07/01/36	400		406
		5.50%, 03/15/57	200		189
				48,149
Health Care 3.0%
	Adventist Health System/Sunbelt, Inc.
		2.95%, 03/01/29	1,000		953
	Allergan Funding SCS
		3.45%, 03/15/22	975		972
	Amgen Inc.
		2.25%, 08/19/23 (b)	800		810
		2.60%, 08/19/26	700		736
	Anthem, Inc.
		4.10%, 03/01/28	600		647
	Bausch Health Companies Inc.
		9.25%, 04/01/26 (a)	700		737
	Boston Scientific Corporation
		3.38%, 05/15/22	775		792
		3.75%, 03/01/26	700		725
		4.00%, 03/01/29	600		634
		4.70%, 03/01/49	4,500		5,023
	Bristol-Myers Squibb Company
		3.20%, 06/15/26 (a)	2,300		2,457
		3.40%, 07/26/29 (a)	1,300		1,429
		4.35%, 11/15/47 (a)	200		252
		4.55%, 02/20/48 (a)	100		128
	Centene Corporation
		4.25%, 12/15/27 (a)	600		605
	Cigna Holding Company
		3.40%, 09/17/21	1,997		2,029
	CommonSpirit Health
		2.76%, 10/01/24	500		501
	Community Health Systems, Inc.
		6.25%, 03/31/23	400		380
		8.63%, 01/15/24 (a)	1,100		1,098
	CVS Health Corporation
		4.30%, 03/25/28	1,100		1,169
		3.25%, 08/15/29	1,600		1,595
		7.51%, 01/10/32 (a)	50		60
	Fresenius Medical Care
		4.75%, 10/15/24 (a)	700		697
	GlaxoSmithKline Capital Inc.
		6.38%, 05/15/38	200		301
	HCA Inc.
		5.25%, 06/15/26	300		326
		4.50%, 02/15/27	2,116		2,176
		5.50%, 06/15/47	900		1,004
	Humana Inc.
		3.95%, 08/15/49	400		392
	Laboratory Corporation of America Holdings
		3.60%, 02/01/25	900		936
	Medtronic, Inc.
		3.50%, 03/15/25	112		121
	Merck & Co., Inc.
		2.75%, 02/10/25	300		316
	Mylan N.V.
		3.95%, 06/15/26	2,700		2,740
	Stryker Corporation
		3.50%, 03/15/26	475		493
	Teva Pharmaceutical Finance Netherlands II B.V.
		0.38%, 07/25/20, EUR (d)	122		131
	Teva Pharmaceutical Finance Netherlands III B.V.
		2.20%, 07/21/21 (b)	389		371
	Thermo Fisher Scientific Inc.
		2.60%, 10/01/29	1,100		1,072
	UnitedHealth Group Incorporated
		3.50%, 08/15/39	800		857
	Zimmer Biomet Holdings, Inc.
		3.70%, 03/19/23	900		913
		3.55%, 04/01/25	900		902
	Zoetis Inc.
		4.50%, 11/13/25	200		211
		3.00%, 09/12/27 (b)	300		306
				37,997
Information Technology 2.7%
	Apple Inc.
		2.20%, 09/11/29 (b)	1,500		1,539
	Arrow Electronics, Inc.
		3.25%, 09/08/24	600		563
	Broadcom Corporation
		3.00%, 01/15/22	1,400		1,385
		3.63%, 01/15/24	1,500		1,481
		3.88%, 01/15/27	1,700		1,619
	Broadcom Inc.
		3.13%, 10/15/22 (a)	400		396
		3.63%, 10/15/24 (a)	200		196
		4.25%, 04/15/26 (a)	600		609
	Citrix Systems, Inc.
		3.30%, 03/01/30	1,800		1,725
	Dell International L.L.C.
		4.00%, 07/15/24 (a) (g)	1,200		1,213
		4.90%, 10/01/26 (a) (g)	400		398
	Fiserv, Inc.
		3.20%, 07/01/26	3,000		3,076
		3.50%, 07/01/29	2,600		2,728
	Flex Ltd.
		5.00%, 02/15/23	100		100
		4.75%, 06/15/25	1,400		1,408
		4.88%, 06/15/29	300		285
	Global Payments Inc.
		4.15%, 08/15/49	500		483
	KLA Corporation
		4.10%, 03/15/29	900		973
	Marvell Technology Group Ltd
		4.20%, 06/22/23	500		505
		4.88%, 06/22/28	400		413
	Microchip Technology Incorporated
		3.92%, 06/01/21	1,100		1,084
	Micron Technology, Inc.
		4.64%, 02/06/24	800		822
		4.19%, 02/15/27	2,950		2,984
	Motorola Solutions, Inc.
		4.60%, 05/23/29	1,300		1,364
	NXP B.V.
		4.13%, 06/01/21 (a)	500		505
		3.88%, 09/01/22 (a)	700		705
		4.88%, 03/01/24 (a)	200		214
	QualityTech, LP
		4.75%, 11/15/25 (a)	100		97
	Sunny Optical Technology (Group) Company Limited
		3.75%, 01/23/23 (d)	1,400		1,475
	Thomson Reuters Corporation
		3.35%, 05/15/26 (b)	700		691
	Visa Inc.
		3.15%, 12/14/25	400		436
	VMware, Inc.
		3.90%, 08/21/27	1,800		1,774

45

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
	Western Digital Corporation
		4.75%, 02/15/26 (b)	500		503
				33,749
Consumer Staples 1.0%
	Adecoagro S.A.
		6.00%, 09/21/27 (d)	200		157
	Anheuser-Busch InBev
		3.70%, 02/01/24	2,200		2,281
	BAT Capital Corp.
		3.56%, 08/15/27	400		382
	Campbell Soup Company
		3.65%, 03/15/23	286		295
	Conagra Brands, Inc.
		4.60%, 11/01/25	1,200		1,271
	Constellation Brands, Inc.
		4.75%, 12/01/25	1,050		1,094
	General Mills, Inc.
		4.55%, 04/17/38	100		112
	Kraft Heinz Foods Company
		3.38%, 06/15/21	1,900		1,894
		2.55%, (3M USD LIBOR + 0.82%), 08/10/22 (c)	1,400		1,302
		3.95%, 07/15/25	2,200		2,184
	Suntory Holdings Limited
		2.25%, 10/16/24 (a)	1,300		1,310
	Tesco PLC
		6.13%, 02/24/22, GBP	50		66
	The J. M. Smucker Company
		3.50%, 03/15/25	100		102
				12,450
Materials 0.6%
	Boise Cascade Company
		5.63%, 09/01/24 (a)	300		285
	Crown Americas LLC
		4.75%, 02/01/26	100		102
	CSN Islands XII Corp
		6.75%, 01/28/28 (a)	500		323
	Graphic Packaging International, LLC
		4.75%, 04/15/21	50		50
	Huntsman International LLC
		4.50%, 05/01/29	400		340
	Joint Stock Company "Alrosa" (Public Stock Society)
		4.65%, 04/09/24 (a)	900		905
	Packaging Corporation of America
		4.05%, 12/15/49 (b)	600		614
	Steel Dynamics, Inc.
		2.80%, 12/15/24	700		656
	Unigel Luxembourg SA
		8.75%, 10/01/26 (a)	600		378
	Vale Overseas Ltd
		6.25%, 08/10/26	1,500		1,635
	Westlake Chemical Corporation
		3.60%, 07/15/22	30		31
	Westrock Company, Inc.
		4.00%, 03/15/28	381		384
	WestRock RKT, LLC
		4.90%, 03/01/22	30		31
	WRKCo Inc.
		3.90%, 06/01/28	400		405
	Yara International ASA
		3.80%, 06/06/26 (a)	300		331
		4.75%, 06/01/28 (a)	300		301
				6,771
	Total Corporate Bonds And Notes (cost $916,116)			860,329
GOVERNMENT AND AGENCY OBLIGATIONS 24.5%
U.S. Treasury Bond 11.5%
	Treasury, United States Department of
		3.50%, 02/15/39 (m)	814		1,144
		Principal Only, 0.00%, 08/15/44 - 05/15/45 (h)	50		36
		2.50%, 02/15/46 - 05/15/46 (m)	7,532		9,379
		2.88%, 11/15/46 (m)	182		242
		3.13%, 05/15/48 (m)	2,956		4,154
		2.88%, 05/15/49 (m)	3,550		4,814
		2.25%, 08/15/49	46,580		56,362
		2.38%, 11/15/49	53,500		66,674
		2.00%, 02/15/50 (m)	1,100		1,277
				144,082
Mortgage-Backed Securities 7.3%
	Federal National Mortgage Association, Inc.
		3.00%, 07/01/43 - 08/01/43	458		486
		TBA, 3.50%, 05/15/48 (n)	39,800		42,060
		TBA, 4.00%, 05/15/48 (n)	12,900		13,763
		TBA, 4.50%, 05/15/48 (n)	10,000		10,746
		TBA, 2.50%, 06/15/48 (n)	4,700		4,854
		TBA, 3.00%, 06/15/48 (n)	18,400		19,247
				91,156
U.S. Treasury Note 4.2%
	Treasury, United States Department of
		1.75%, 11/15/29	20,989		23,068
		1.50%, 02/15/30 (m)	27,982		30,164
				53,232
Sovereign 1.2%
	Cabinet of Ministers of Ukraine
		7.75%, 09/01/22 (d)	400		378
	Comision De Promocion Del Peru Para La Exportacion Y El Turismo
		8.20%, 08/12/26, PEN (a)	13,800		5,111
		6.35%, 08/12/28, PEN (a)	5,000		1,589
		6.95%, 08/12/31, PEN (a)	2,400		816
		5.40%, 08/12/34, PEN (a)	300		88
		5.35%, 08/12/40, PEN (a)	700		200
	Export-Import Bank of India
		3.12%, (3M USD LIBOR + 1.02%), 03/28/22 (c)	600		600
		3.25%, 01/15/30 (a)	600		552
	Kuwait, Government of
		3.50%, 03/20/27 (a)	1,300		1,352
	Ministry of Diwan Amiri Affairs
		3.88%, 04/23/23 (a)	1,400		1,443
	Presidencia De La Nacion
		50.58%, (Argentina Central Bank 7 Day Repurchase Rate), 06/21/20, ARS (c)	13,250		106
		36.86%, (BADLAR + 2.00%), 04/03/22, ARS (c)	230		1
		6.88%, 01/26/27	300		83
		3.75%, 12/31/38 (i)	1,100		308
	Saudi Arabia, Government of
		4.00%, 04/17/25 (a)	900		933
	Saudi Arabia, Kingdom of
		3.25%, 10/26/26 (d)	800		802
	The Export-Import Bank of China
		3.63%, 07/31/24 (a)	500		544
	The Republic of Indonesia, The Government of
		2.88%, 07/08/21, EUR (a)	100		111
				15,017
U.S. Treasury Inflation Indexed Securities 0.3%
	Treasury, United States Department of
		0.13%, 01/15/22 (m) (o)	570		561
		0.38%, 01/15/27 (m) (o)	2,777		2,842
		0.50%, 01/15/28 (m) (o)	711		741
				4,144
	Total Government And Agency Obligations (cost $276,416)			307,631
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.6%
	Air Canada
		Series 2013-A-1, 4.13%, 05/15/25	71		68
		Series 2015-A-1, 3.60%, 03/15/27	158		158
		Series 2017-A-1, 3.55%, 01/15/30	1,569		1,412
	Alternative Loan Trust
		Series 2005-2A1-27, REMIC, 3.32%, (12M US Federal Reserve Cumulative Average CMT + 1.35%), 08/25/35 (c)	92		71
	American Airlines, Inc.
		Series 2011-A-1, 5.25%, 01/31/21	20		19
		Series 2015-A-1, 3.38%, 05/01/27	233		197
		Series 2016-AA-2, 3.20%, 06/15/28	171		173
		Series 2017-AA-2, 3.35%, 10/15/29	919		886
		Series 2017-A-2, 3.60%, 10/15/29	551		503

46

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
American Home Mortgage Assets Trust
	Series 2006-2A11-3, REMIC, 2.91%, (12M US Federal Reserve Cumulative Average CMT + 0.94%), 10/25/46 (c) (i)	471		355
Banc of America Alternative Loan Trust
	Series 2005-4A1-10, REMIC, 5.75%, 11/25/35	29		27
Bayview Koitere Fund Trust
	Series 2019-A1-RN3, 3.97%, 04/29/24 (i)	163		155
Bear Stearns ALT-A Trust
	Series 2005-2A3-2, REMIC, 3.79%, 04/25/35 (c)	634		580
Bear Stearns Asset Backed Securities I Trust
	Series 2006-1A3-HE9, REMIC, 1.18%, (1M USD LIBOR + 0.23%), 11/25/36 (c) (i)	1,000		761
British Airways PLC
	Series 2013-A-1, 4.63%, 06/20/24	561		516
C-BASS Trust
	Series 2007-AF4-CB1, REMIC, 3.46%, 01/25/37 (i)	678		238
Centex LLC
	Series 2004-MV1-D, REMIC, 1.88%, (1M USD LIBOR + 0.93%), 09/25/34 (c)	31		30
CHL Mortgage Pass-Through Trust
	Series 2007-A2-13, 6.00%, 08/25/37	844		646
Citigtoup Mortgage Loan Trust
	Series 2007-A2B-AHL1, REMIC, 1.09%, (1M USD LIBOR + 0.14%), 12/25/36 (c)	76		64
	Series 2007-3A3A-10, REMIC, 4.08%, 09/25/37 (c)	8		6
Countrywide Home Loans, Inc.
	Series 2004-1AF2-R2, REMIC, 1.37%, (1M USD LIBOR + 0.42%), 11/25/34 (c)	974		843
Credit Suisse Mortgage Capital Certificates
	Series 2019-A1-RPL4, 3.55%, 04/25/22	280		269
CVS Health Corporation
	Series 2013-PTC, 4.70%, 01/10/36 (a)	814		944
CWABS Asset-Backed Certificates Trust
	Series 2006-1A-24, REMIC, 1.09%, (1M USD LIBOR + 0.14%), 07/25/35 (c)	84		68
	Series 2007-1A1-12, REMIC, 1.69%, (1M USD LIBOR + 0.74%), 06/25/37 (c) (i)	1,082		976
CWABS, Inc.
	Series 2004-M1-4, REMIC, 1.67%, (1M USD LIBOR + 0.72%), 07/25/34 (c)	48		46
	Series 2004-M1-5, REMIC, 1.80%, (1M USD LIBOR + 0.86%), 08/25/34 (c)	14		13
	Series 2005-1A-AB4, REMIC, 1.43%, (1M USD LIBOR + 0.48%), 03/25/36 (c)	31		26
DC Office Trust
	Series 2019-A-MTC, 2.97%, 10/15/29	2,250		2,190
Delta Air Lines, Inc.
	Series 2007-A-1, 6.82%, 08/10/22	357		343
First Franklin Mortgage Loan Trust Asset-Backed Certificates
	Series 2004-M3-FF8, REMIC, 2.37%, (1M USD LIBOR + 1.43%), 10/25/34 (c)	1,153		880
GS Mortgage Securities Corp.
	Series 2005-1A1-15, REMIC, 1.46%, (1M USD LIBOR + 0.26%), 01/25/36 (c) (i)	794		701
GSAMP Trust
	Series 2006-A1-FM2, REMIC, 1.09%, (1M USD LIBOR + 0.14%), 09/25/36 (c) (i)	3,166		1,388
GTP Acquisition Partners I, LLC
	Series 2015-A-2, 3.48%, 06/16/25	300		328
HarborView Mortgage Loan Trust
	Series 2006-1A1A-12, REMIC, 0.96%, (1M USD LIBOR + 0.21%), 12/19/36 (c) (i)	538		399
HomeBanc Mortgage Trust
	Series 2005-A1-4, REMIC, 1.49%, (1M USD LIBOR + 0.54%), 10/25/35 (c)	7		7
HSI Asset Securitization Corporation
	Series 2006-M1-OPT1, REMIC, 1.31%, (1M USD LIBOR + 0.36%), 12/25/35 (c)	100		93
IndyMac MBS, Inc.
	Series 2005-2A1A-AR12, REMIC, 2.11%, (1M USD LIBOR + 0.48%), 07/25/35 (c) (i)	476		419
J.P. Morgan Mortgage Acquisition Trust
	Series 2006-M1-NC2, REMIC, 1.22%, (1M USD LIBOR + 0.27%), 07/25/36 (c)	300		261
	Series 2006-AF3-CW2, REMIC, 5.78%, 08/25/36 (i)	1,356		857
JetBlue Airways Corporation
	2.75%, 05/15/32	300		263
Legacy Mortgage Asset Trust
	Series 2019-A1-GS3, 3.75%, 04/25/21 (i)	2,153		2,037
Lehman ABS Corporation
	Series 2004-M1-HE6, REMIC, 1.89%, (1M USD LIBOR + 0.95%), 09/25/34 (c)	36		34
Long Beach Mortgage Loan Trust
	Series 2006-2A3-8, REMIC, 1.11%, (1M USD LIBOR + 0.16%), 09/25/36 (c) (i)	1,109		332
MASTR Asset Backed Securities Trust
	Series 2005-M1-NC1, REMIC, 2.35%, (1M USD LIBOR + 0.72%), 12/25/34 (c) (i)	1,058		846
Merrill Lynch Mortgage Capital Inc.
	Series 2005-M1-WMC1, REMIC, 1.70%, (1M USD LIBOR + 0.75%), 09/25/35 (c) (i)	777		666
Morgan Stanley Home Equity Loan Trust
	Series 2007-A1-2, REMIC, 1.05%, (1M USD LIBOR + 0.10%), 04/25/37 (c)	12		7
MortgageIT Mortgage Loan Trust
	Series 2006-1A2-1, REMIC, 1.15%, (1M USD LIBOR + 0.20%), 04/25/36 (c) (i)	558		445
New Century Home Equity Loan Trust
	Series 2005-M2-D, REMIC, 1.42%, (1M USD LIBOR + 0.47%), 02/25/36 (c) (i)	300		202
	Series 2006-A2B-2, REMIC, 1.11%, (1M USD LIBOR + 0.16%), 08/25/36 (c) (i)	590		542
New Residential Mortgage Loan Trust
	Series 2018-A1-3A, REMIC, 4.50%, 05/25/58 (c)	896		879
Northwest Airlines, LLC
	Series 2002-G-2-1, 6.26%, 05/20/23	13		13
Park Place Securities, Inc.
	Series 2004-M2-WHQ1, REMIC, 1.94%, (1M USD LIBOR + 0.99%), 09/25/34 (c)	41		40
Renaissance Home Equity Loan Trust
	Series 2007-AF3-3, REMIC, 7.24%, 09/25/37 (i)	162		83
Residential Accredit Loans, Inc.
	Series 2005-A10-QS17, REMIC, 6.00%, 12/25/35	57		53
	Series 2007-A2-QS3, REMIC, 6.00%, 02/25/37	62		51
Residential Asset Mortgage Products, Inc.
	Series 2005-A2-EFC7, REMIC, 1.41%, (1M USD LIBOR + 0.46%), 12/25/35 (c)	194		149
Residential Asset Securities Corporation
	Series 2006-AI3-KS9, REMIC, 1.11%, (1M USD LIBOR + 0.16%), 09/25/36 (c)	95		90
SBA Towers, LLC
	Series 2016-C-1, 2.88%, 07/15/21 (a)	600		603
S-JETS Limited
	Series 2017-A-1, 3.97%, 08/15/25	398		280
Spirit Airlines
	Series 2015-A-1, 4.10%, 04/01/28	765		673
Sprite Limited
	Series 2017-A-1, 4.25%, 12/15/24	267		201
Structured Asset Securities Corporation
	Series 2005-2A4-2, REMIC, 4.74%, 08/25/35	7		7
United Airlines Pass Through Trust
	Series 2014-A-2, 3.75%, 09/03/26	75		72
	Series 2016-A-2, 3.10%, 10/07/28	447		402
	Series 2019-AA-2, REMIC, 2.70%, 05/01/32	4,500		4,042
United Airlines, Inc.
	Series 2012-A-1, 4.15%, 04/11/24	1,145		1,110
US Airways, Inc.
	Series 2013-B-1, 5.38%, 11/15/21	108		104
	Series 2013-A-1, 3.95%, 11/15/25	587		561
Total Non-U.S. Government Agency Asset-Backed Securities (cost $35,310)			32,703

47

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
SENIOR LOAN INTERESTS 1.6%
Communication Services 0.4%
	Ancestry.com Operations Inc.
		2019 Extended Term Loan B, 5.86%, (1M LIBOR + 4.25%), 08/15/26 (c)	498		393
	Charter Communications Operating, LLC
		Term Loan, 3.36%, (1M LIBOR + 1.75%), 02/01/27 (c)	1,069		1,022
	CSC Holdings, LLC
		Term Loan, 3.11%, (1M LIBOR + 2.50%), 04/15/27 (c)	296		282
	Diamond Sports Group, LLC
		Term Loan, 4.18%, (1M LIBOR + 3.25%), 08/24/26 (c)	100		77
	E.W. Scripps Company (The)
		2019 Term Loan B2, 4.10%, (1M LIBOR + 2.50%), 05/01/26 (c)	99		94
	Intelsat Jackson Holdings S.A.
		2017 Term Loan B3, 5.68%, (6M LIBOR + 3.75%), 11/27/23 (c)	600		547
	Level 3 Financing Inc.
		2019 Term Loan B, 3.35%, (1M LIBOR + 1.75%), 03/01/27 (c)	1,484		1,380
	Sprint Communications, Inc.
		1st Lien Term Loan B, 4.12%, (1M LIBOR + 2.50%), 02/01/24 (c)	1,496		1,485
	Univision Communications Inc.
		Term Loan C5, 3.75%, (1M LIBOR + 2.75%), 03/15/24 (c)	98		83
				5,363
Health Care 0.3%
	Elanco Animal Health Inc
		Term Loan, 0.00%, (3M LIBOR + 1.75%), 02/04/27 (c) (p)	2,700		2,552
	Envision Healthcare Corporation
		2018 1st Lien Term Loan, 4.74%, (1M LIBOR + 3.75%), 09/27/25 (c)	198		100
	HCA Inc.
		Term Loan, 3.35%, (3M LIBOR + 1.75%), 03/13/25 (c)	294		278
	Ortho-Clinical Diagnostics SA
		2018 Term Loan B, 4.77%, (1M LIBOR + 3.25%), 06/01/25 (c)	279		236
	Parexel International Corporation
		Term Loan B, 3.74%, (1M LIBOR + 2.75%), 08/06/24 (c)	199		169
	Sotera Health Holdings, LLC
		2019 Term Loan, 6.10%, (1M LIBOR + 4.50%), 11/19/26 (c)	200		173
	U.S. Renal Care, Inc.
		2019 Term Loan B, 6.63%, (1M LIBOR + 5.00%), 06/12/26 (c)	398		344
				3,852
Materials 0.3%
	Arconic Inc.
		Term Loan, 0.00%, (3M LIBOR + 2.75%), 02/04/27 (c) (p) (q)	2,000		1,800
	CPG International Inc.
		2017 Term Loan, 5.93%, (3M LIBOR + 3.75%), 05/03/24 (c)	680		564
	Innophos, Inc.
		2020 Term Loan B, 4.76%, (1M LIBOR + 3.75%), 02/04/27 (c)	1,600		1,356
	W.R. Grace & Co.
		Term Loan, 3.69%, (3M LIBOR + 1.75%), 02/23/25 (c)	98		84
				3,804
Financials 0.2%
	Citadel Securities LP
		2020 Term Loan B, 4.35%, (1M LIBOR + 2.75%), 02/20/26 (c)	298		265
		Term Loan, 4.35%, (1M LIBOR + 2.75%), 02/27/26 (c)	598		532
	Delos Finance Sarl
		Term Loan, 3.69%, (3M LIBOR + 1.75%), 10/06/23 (c)	210		188
	Fortress Investment Group LLC
		Term Loan, 3.60%, (3M LIBOR + 2.00%), 12/27/22 (c)	147		141
	Jefferies Finance LLC
		Term Loan, 4.88%, (3M LIBOR + 3.25%), 05/22/26 (c)	1,490		1,232
	RPI 2019 Intermediate Finance Trust
		2020 Term Loan B1, 2.47%, (1M LIBOR + 1.75%), 02/07/27 (c)	194		178
	RPI Intermediate Finance Trust
		2020 Term Loan B1, 2.47%, (3M LIBOR + 1.75%), 02/07/27 (c)	96		88
				2,624
Industrials 0.2%
	AI Convoy (Luxembourg) S.A.R.L
		Term Loan, 0.00%, (3M LIBOR + 3.50%), 01/20/27 (c) (p)	400		354
	Altra Industrial Motion Corp.
		2018 Term Loan B, 3.60%, (1M LIBOR + 2.00%), 09/26/25 (c)	177		154
	Brand Energy & Infrastructure Services, Inc.
		2017 Term Loan, 6.12%, (3M LIBOR + 4.25%), 06/16/24 (c)	228		181
		2017 Term Loan, 6.06%, (3M LIBOR + 4.25%), 06/17/24 (c)	258		205
	NCI Building Systems, Inc.
		2018 Term Loan , 4.56%, (1M LIBOR + 3.75%), 04/12/25 (c)	1,684		1,423
	Sequa Mezzanine Holdings L.L.C.
		Term Loan, 6.74%, (3M LIBOR + 5.00%), 11/28/21 (c)	195		155
				2,472
Information Technology 0.1%
	Dell International LLC
		2019 Term Loan B, 3.61%, (1M LIBOR + 2.00%), 09/11/25 (c)	518		493
	MH Sub I, LLC
		2017 1st Lien Term Loan, 5.35%, (6M LIBOR + 3.75%), 08/09/24 (c)	975		820
				1,313
Consumer Discretionary 0.1%
	Aramark Services, Inc.
		2018 Term Loan B3, 3.35%, (1M LIBOR + 1.75%), 03/01/25 (c)	233		217
	Caesars Resort Collection, LLC
		2017 1st Lien Term Loan B, 3.74%, (1M LIBOR + 2.75%), 12/23/24 (c)	684		550
	Diamond Resorts Corporation
		Term Loan, 5.35%, (3M LIBOR + 3.75%), 09/02/23 (c) (q)	394		266
				1,033
	Total Senior Loan Interests (cost $22,994)			20,461
PREFERRED STOCKS 0.0%
Financials 0.0%
	CoBank, ACB, 6.20%, (callable at 100 beginning 01/01/25) (e)		3		303
Real Estate 0.0%
	VEREIT, Inc., 6.70%, (callable at 25 beginning 05/11/20) (e)		1		27
	Total Preferred Stocks (cost $328)			330
OTHER EQUITY INTERESTS 0.0%
Financials 0.0%
	Stearns Holdings, LLC (k) (q) (r)		482		—
	Total Other Equity Interests (cost $0)			—
SHORT TERM INVESTMENTS 11.4%
Discount Notes 8.7%
	Federal Home Loan Banks Office of Finance
		1.56%, 04/13/20 (s) (t)	7,800		7,796
		0.00%, 04/22/20 (s) (t)	1,300		1,300
		1.06%, 04/29/20 (s) (t)	5,700		5,695
		0.50%, 05/18/20 (s) (t)	22,940		22,926
		0.17%, 06/15/20 (s) (t)	20,100		20,093
		0.12%, 06/19/20 (s) (t)	32,800		32,789

48

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
		0.01%, 06/26/20 (s) (t)	5,700		5,698
		0.01%, 07/20/20 (s) (t)	9,600		9,595
		0.27%, 09/15/20 (s) (t)	3,700		3,697
				109,589
Securities Lending Collateral 2.7%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (u) (v)		33,526		33,526
Treasury Securities 0.0%
	Presidencia De La Nacion
		99.49%, 06/08/20, ARS (s)	3,338		34
		184.33%, 06/28/20, ARS (s)	259		3
		110.05%, 08/13/20, ARS (s)	4,760		39
		58.41%, 08/27/20, ARS (s)	3,338		37
		32.44%, (BADLAR + 2.00%), 08/28/20, ARS (c) (s)	3,368		33
				146
	Total Short Term Investments (cost $143,397)			143,261
Total Investments 108.7% (cost $1,394,561)					1,364,715
Total Purchased Options 0.0% (cost $103)					83
Other Derivative Instruments (0.5)%					(6,255)
Other Assets and Liabilities, Net (8.2)%					(103,233)
Total Net Assets 100.0%					1,255,310

(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 March 31, 2020, the value and the percentage of net assets of these liquid securities was $263,844 and 21.0% of the Fund.

(b)All or a portion of the security was on loan as of March 31, 2020.

(c)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2020. 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.

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

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

(f)Convertible security.

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

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

(i)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 March 31, 2020.

(j)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.

(k)Non-income producing security.

(l)As of March 31, 2020, 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)All or a portion of the security is pledged or segregated as collateral.

(n)All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2020, the total payable for investments purchased on a delayed delivery basis was $89,046.

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

(p)This senior loan will settle after March 31, 2020. If a reference rate and spread is presented, it will go into effect upon settlement.

(q)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.

(r)Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

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

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

(u)Investment in affiliate.

(v)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

49

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	21Vianet Group, Inc., 7.88%, 10/15/21	10/25/19	510	420	—
	Adani Transmission Limited, 4.00%, 08/03/26	01/02/20	515	445	—
	Adecoagro S.A., 6.00%, 09/21/27	09/14/17	200	157	—
	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	553	—
	Banco do Brasil S.A, 4.75%, 03/20/24	01/13/20	212	194	—
	Banco Votorantim S.A., 4.50%, 09/24/24	12/16/19	1,026	901	0.1
	Barclays PLC, 7.88%, callable at 100 beginning 03/15/22	12/10/19	2,351	2,034	0.2
	Barclays PLC, 1.88%, 03/23/21	10/18/19	228	220	—
	BBVA Bancomer, S.A., 6.75%, 09/30/22	12/18/19	356	327	—
	BBVA Bancomer, S.A., 5.13%, 01/18/33	01/11/18	597	495	—
	Cabinet of Ministers of Ukraine, 7.75%, 09/01/22	11/05/19	424	378	—
	Cemex Finance LLC, 6.00%, 04/01/24	12/18/15	277	256	—
	China Construction Bank (New Zealand) Limited, 2.62%, 12/20/21	12/19/19	498	499	—
	China Evergrande Group, 6.25%, 06/28/21	10/31/18	967	863	0.1
	Cnooc Curtis Funding No.1 Pty Ltd, 4.50%, 10/03/23	08/04/17	1,152	1,175	0.1
	Cooperatieve Rabobank U.A., 6.63%, callable at 100 beginning 06/29/21	08/19/16	2,083	1,889	0.2
	Credit Suisse Group AG, 6.50%, 08/08/23	03/19/15	319	304	—
	Digital Stout Holding, LLC, 3.75%, 10/17/30	10/28/19	430	382	—
	Gaz Capital S.A., 6.51%, 03/07/22	03/01/19	520	520	—
	Gaz Capital S.A., 2.95%, 01/24/24	02/28/19	1,847	1,789	0.1
	Gaz Capital S.A., 2.25%, 11/22/24	03/13/19	225	220	—
	Gaz Capital S.A., 4.95%, 03/23/27	09/18/18	572	628	0.1
	GMR Hyderabad International Airport Limited, 5.38%, 04/10/24	09/23/19	618	506	—
	GPN Capital S.A., 4.38%, 09/19/22	03/22/19	301	299	—
	Greene King Finance PLC, 5.32%, 09/15/31	04/02/19	594	571	0.1
	Greenko Dutch B.V., 4.88%, 07/24/22	10/25/19	302	264	—
	Greenko Dutch B.V., 5.25%, 07/24/24	09/19/19	402	323	—
	HSBC Holdings PLC, 4.75%, callable at 100 beginning 07/04/29	01/13/20	992	756	0.1
	Industrial and Commercial Bank of China Limited - Abu Dhabi Branch, 2.68%, 12/21/21	12/19/19	797	799	0.1
	Intesa Sanpaolo S.p.A., 7.75%, callable at 100 beginning 01/11/27	02/21/20	819	606	0.1
	Kaisa Group Holdings Ltd., 7.25%, 06/30/20	02/19/20	301	294	—
	Kaisa Group Holdings Ltd., 7.88%, 06/30/21	02/25/20	203	178	—
	Kaisa Group Holdings Ltd., 8.50%, 06/30/22	02/12/20	304	245	—
	Lloyds Banking Group PLC, 7.63%, callable at 100 beginning 06/27/23	09/27/16	1,300	1,042	0.1
	New Metro Global Limited, 6.50%, 04/23/21	02/07/20	1,312	1,243	0.1
	Novatek Finance Designated Activity Company, 4.42%, 12/13/22	02/27/19	508	499	—
	NTT Finance Corporation, 1.90%, 07/21/21	12/11/19	2,044	2,037	0.2
	Odebrecht Offshore Drilling Finance Ltd., 6.72%, 12/01/22	01/10/17	36	24	—
	Odebrecht Offshore Drilling Finance Ltd., 7.72%, 12/01/26	01/10/17	81	15	—
	Rio Oil Finance Trust, 9.25%, 07/06/24	07/26/16	312	328	—
	RKPF Overseas 2019 (B) Limited, 6.70%, 09/30/24	12/06/19	304	269	—
	Ronshine China Holdings Limited, 11.25%, 08/22/21	12/10/19	526	492	—
	Ronshine China Holdings Limited, 8.75%, 10/25/22	01/21/20	840	749	0.1
	Santander UK Group Holdings PLC, 7.38%, callable at 100 beginning 06/24/22	09/28/16	381	300	—
	Saudi Arabia, Kingdom of, 3.25%, 10/26/26	10/19/16	793	802	0.1
	SB Capital S.A., 6.13%, 02/07/22	04/17/19	1,558	1,550	0.1
	SB Capital S.A., 5.13%, 10/29/22	09/19/19	3,273	3,073	0.2
	SB Capital S.A., 5.25%, 05/23/23	09/19/19	210	198	—
	Schaeffler Finance B.V., 3.25%, 05/15/25	03/27/15	108	104	—
	Seazen Group Limited, 7.50%, 01/22/21	02/07/20	2,026	1,940	0.2
	Shriram Transport Finance Company Limited, 5.95%, 10/24/22	11/01/19	909	668	0.1
	State Bank of India, 3.25%, 01/24/22	07/17/17	702	693	0.1
	Stichting AK Rabobank Certificaten II, 6.50%	01/17/17	738	596	0.1
	Sunac China Holdings Limited, 8.63%, 07/27/20	12/04/18	300	298	—
	Sunac China Holdings Limited, 6.88%, 08/08/20	05/17/19	201	198	—
	Sunac China Holdings Limited, 8.38%, 01/15/21	03/01/19	709	693	0.1
	Sunac China Holdings Limited, 7.88%, 02/15/22	02/10/20	938	873	0.1
	Sunac China Holdings Limited, 7.25%, 06/14/22	12/10/19	709	655	0.1
	Sunny Optical Technology (Group) Company Limited, 3.75%, 01/23/23	12/09/19	1,431	1,475	0.1
	Tesco Property Finance 5 PLC, 5.66%, 10/13/41	01/31/17	723	907	0.1
	Teva Pharmaceutical Finance Netherlands II B.V., 0.38%, 07/25/20	01/18/18	148	131	—
	The Royal Bank of Scotland Group Public Limited Company, 1.75%, 03/02/26	06/04/19	679	622	0.1
	Times China Holdings Limited, 7.63%, 02/21/22	12/10/19	411	384	—
	UBS AG, 5.13%, 05/15/24	01/15/20	971	897	0.1
	UBS AG, 4.75%, 02/12/26	08/27/19	461	434	—
	UBS Group AG, 7.13%, callable at 100 beginning 08/10/21	01/28/20	2,427	2,243	0.2
	UniCredit S.p.A., 7.50%, callable at 100 beginning 06/03/26	01/27/20	1,818	1,396	0.1
	Vanke Real Estate (Hong Kong) Company Limited, 4.20%, 06/07/24	08/22/19	831	833	0.1
	Virgin Media Secured Finance PLC, 6.25%, 03/28/29	07/06/16	116	111	—
	Virgin Money UK PLC, 4.00%, 09/03/27	02/06/20	1,264	1,037	0.1

50

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Volkswagen Leasing Gesellschaft Mit Beschrankter Haftung, 2.13%, 04/04/22	02/04/19	817	774	0.1
			54,720	50,273	4.0

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	241	June 2020		32,053	(34)			1,370
United States 5 Year Note	927	July 2020		112,168	(43)			4,041
United States Ultra Bond	81	June 2020		16,306	(263)			1,665
					(340)			7,076
Short Contracts
Euro Bund	(26)	June 2020	EUR	(4,545)	1			65
United States 2 Year Note	(39)	July 2020		(8,450)	1			(145)
					2			(80)

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		2
28-Day MEXIBOR (M)	Paying	5.84	(M)	09/14/21	MXN	1,600		—		1
28-Day MEXIBOR (M)	Paying	5.81	(M)	09/29/21	MXN	1,300		—		(3)
28-Day MEXIBOR (M)	Paying	5.75	(M)	09/30/21	MXN	1,600		—		(3)
28-Day MEXIBOR (M)	Paying	5.63	(M)	10/11/21	MXN	12,900		1		5
28-Day MEXIBOR (M)	Paying	7.68	(M)	12/29/22	MXN	52,400		3		126
28-Day MEXIBOR (M)	Paying	8.04	(M)	02/29/24	MXN	18,500		2		63
28-Day MEXIBOR (M)	Paying	7.85	(M)	04/17/24	MXN	82,300		7		255
28-Day MEXIBOR (M)	Paying	6.65	(M)	12/13/24	MXN	59,400		3		38
28-Day MEXIBOR (M)	Paying	6.48	(M)	02/21/25	MXN	120,800		6		17
3M Canada Bankers Acceptance (Q)	Paying	1.22	(S)	03/03/25	CAD	10,500		(20)		91
3M Canada Bankers Acceptance (Q)	Paying	1.24	(S)	03/04/25	CAD	4,700		(9)		44
3M Canada Bankers Acceptance (Q)	Paying	1.90	(S)	12/18/29	CAD	1,900		(8)		112
3M LIBOR (Q)	Receiving	1.30	(S)	03/11/25		4,500		(2)		(182)
3M LIBOR (Q)	Receiving	1.30	(S)	03/16/25		4,500		(2)		(183)
6M British Bankers' Association Yen LIBOR (S)	Receiving	1.00	(S)	09/20/24	JPY	127,500		(1)		(54)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.30	(S)	03/20/28	JPY	146,700		(2)		(33)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.45	(S)	03/20/29	JPY	132,800		(3)		(47)
6M BUBOR (S)	Paying	1.00	(A)	09/19/23	HUF	297,000		(7)		17
6M BUBOR (S)	Paying	1.25	(A)	09/19/23	HUF	906,900		(20)		45
6M EURIBOR (S)	Receiving	(0.15)	(A)	03/18/30	EUR	3,500		3		(16)
6M EURIBOR (S)	Receiving	0.15	(A)	06/17/30	EUR	2,400		2		(41)
6M EURIBOR (S)	Receiving	0.25	(A)	03/18/50	EUR	500		5		(43)
6M GBP LIBOR (S)	Receiving	0.75	(S)	03/18/30	GBP	1,500		(1)		(46)
6M GBP LIBOR (S)	Receiving	1.00	(S)	06/17/30	GBP	9,700		(5)		(241)
6M GBP LIBOR (S)	Receiving	0.75	(S)	03/18/50	GBP	1,700		(2)		(143)
6M GBP LIBOR (S)	Paying	0.75	(S)	03/18/25	GBP	300		—		4
BRAZIBOR (A)	Paying	6.43	(A)	01/04/27	BRL	11,700		13		(69)
BRAZIBOR (A)	Paying	7.05	(A)	01/04/27	BRL	14,400		16		21
Chilean Interbank Rate (S)	Paying	2.41	(S)	01/31/25	CLP	3,377,100		11		113
Chilean Interbank Rate (S)	Paying	2.39	(S)	02/05/25	CLP	3,315,000		11		138
Chilean Interbank Rate (S)	Paying	2.87	(S)	02/25/27	CLP	2,239,000		12		112
Chilean Interbank Rate (S)	Paying	3.24	(S)	12/04/29	CLP	432,800		4		27
Chilean Interbank Rate (S)	Paying	3.42	(S)	12/10/29	CLP	72,300		1		6
Chilean Interbank Rate (S)	Paying	3.03	(S)	02/06/30	CLP	2,374,700		27		84
								46		217

51

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate (%)	Expiration	Notional1		Value ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection
CDX.NA.IG.33 (Q)	1.00	12/20/24		53,400		194		160		1,462
Darden Restaurants, Inc. (Q)	1.00	06/20/20		200		—		—		3
Newell Brands Inc. (Q)	1.00	06/20/23		1,300		5		(3)		21
						199		157		1,486
Credit default swap agreements - sell protection
Anadarko Petroleum Corporation (Q)	1.00	06/20/21		(100)		(22)		(3)		(19)
Anadarko Petroleum Corporation (Q)	1.00	12/20/21		(400)		(108)		(16)		(89)
Anadarko Petroleum Corporation (Q)	1.00	06/20/22		(700)		(219)		(35)		(207)
AT&T Inc. (Q)	1.00	12/20/20		(7,500)		(14)		(2)		(64)
AT&T Inc. (Q)	1.00	12/20/24		(5,500)		(259)		3		(334)
Berkshire Hathaway Inc. (Q)	1.00	12/20/20		(200)		1		—		5
Berkshire Hathaway Inc. (Q)	1.00	06/20/21		(500)		6		—		—
Berkshire Hathaway Inc. (Q)	1.00	12/20/22		(5,600)		128		—		3
Berkshire Hathaway Inc. (Q)	1.00	12/20/22		(900)		21		—		4
British Telecommunications Public Limited Company (Q)	1.00	12/20/24		(700)		(6)		—		(15)
Canadian Natural Resources Limited (Q)	1.00	06/20/22		(200)		(3)		1		—
CDX.NA.IG.33 (Q)	1.00	12/20/29		(607,000)		(18,131)		(3,065)		(21,486)
D.R. Horton, Inc. (Q)	1.00	03/20/21		(100)		1		—		1
Daimler AG (Q)	1.00	12/20/20		(400)		1		—		(4)
Enbridge Inc. (Q)	1.00	12/20/21		(100)		(1)		(1)		3
Enbridge Inc. (Q)	1.00	06/20/22		(50)		(1)		—		(1)
Ford Motor Company (Q)	5.00	12/20/21		(100)		(6)		—		(21)
Ford Motor Company (Q)	5.00	06/20/23		(700)		(78)		(1)		(185)
General Electric Company (Q)	1.00	06/20/24		(300)		(12)		2		(8)
General Electric Company (Q)	1.00	12/20/24		(1,000)		(51)		7		(37)
Goldman Sachs Group Inc. (Q)	1.00	12/20/20		(800)		2		1		(11)
Goldman Sachs Group Inc. (Q)	1.00	06/20/21		(1,700)		2		2		(23)
Goldman Sachs Group Inc. (Q)	1.00	12/20/21		(1,400)		1		2		(17)
Host Hotels & Resorts, L.P. (Q)	1.00	12/20/20		(300)		1		—		(2)
ITRAXX.EUR.32 (Q)	1.00	12/20/24		(10,700)		24		(19)		(125)
ITRAXX.EUR.SR.26 (Q)	1.00	12/20/21		(1,400)		10		(4)		8
ITRAXX.EXJP.32 (Q)	1.00	12/20/24		(3,100)		12		12		(42)
MetLife, Inc. (Q)	1.00	06/20/22		(800)		10		(1)		—
MetLife, Inc. (Q)	1.00	12/20/22		(1,100)		14		(1)		(8)
MetLife, Inc. (Q)	1.00	12/20/24		(500)		4		—		(5)
Morgan Stanley (Q)	1.00	12/20/20		(300)		—		—		(4)
Prudential Financial, Inc. (Q)	1.00	06/20/21		(100)		1		—		—
Prudential Financial, Inc. (Q)	1.00	12/20/24		(800)		6		—		(6)
Rolls-Royce Group PLC (Q)	1.00	12/20/24		(2,700)		(387)		(69)		(395)
Rolls-Royce Group PLC (Q)	1.00	12/20/24		(2,500)		(359)		(64)		(364)
Ryder System, Inc. (Q)	1.00	06/20/22		(500)		4		1		(5)
Simon Property Group, L.P. (Q)	1.00	06/20/22		(400)		(6)		(1)		(7)
Sprint Communications, Inc. (Q)	5.00	09/20/20		(100)		2		—		(2)
Tesco PLC (Q)	1.00	12/20/24		(800)		—		1		—
The Boeing Company (Q)	1.00	12/20/20		(3,200)		(80)		(4)		(98)
The Sherwin-Williams Company (Q)	1.00	12/20/22		(1,000)		17		—		1
Viacom Inc. (Q)	1.00	06/20/21		(300)		1		(1)		(3)
Vodafone Group Public Limited Company (Q)	1.00	06/20/23		(400)		6		—		3
Vodafone Group Public Limited Company (Q)	1.00	06/20/24		(800)		11		(1)		3
						(19,457)		(3,256)		(23,556)

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 Swaptions
6M GBP LIBOR, 02/26/51	GSC	Put		0.86	02/26/21	GBP	1,700,000		83

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 Swaptions
CDX.NA.IG.32, 06/20/24	GSC	Put		2.90		06/17/20		2,600,000		(2)
CDX.NA.IG.33, 12/20/24	DUB	Call		0.43		04/15/20		4,400,000		—
CDX.NA.IG.33, 12/20/24	GSC	Call		0.48		04/15/20		2,000,000		—
CDX.NA.IG.33, 12/20/24	GSC	Call		0.43		04/15/20		3,400,000		—

52

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate(%)		Expiration		Notional/ Contracts1		Value ($)
CDX.NA.IG.33, 12/20/24	BNP	Put		0.65		05/20/20		4,100,000		(88)
CDX.NA.IG.33, 12/20/24	BNP	Put		0.68		05/20/20		300,000		(6)
CDX.NA.IG.33, 12/20/24	BNP	Put		0.80		06/17/20		1,800,000		(31)
CDX.NA.IG.33, 12/20/24	BOA	Put		0.65		04/15/20		6,700,000		(136)
CDX.NA.IG.33, 12/20/24	BOA	Put		0.80		06/17/20		2,400,000		(42)
CDX.NA.IG.33, 12/20/24	CSI	Put		0.63		04/15/20		4,000,000		(86)
CDX.NA.IG.33, 12/20/24	DUB	Put		0.60		04/15/20		4,400,000		(99)
CDX.NA.IG.33, 12/20/24	DUB	Put		0.85		06/17/20		1,900,000		(31)
CDX.NA.IG.33, 12/20/24	GSC	Put		0.70		04/15/20		2,000,000		(36)
CDX.NA.IG.33, 12/20/24	GSC	Put		0.55		04/15/20		3,400,000		(85)
CDX.NA.IG.33, 12/20/24	GSC	Put		0.80		06/17/20		2,500,000		(44)
CDX.NA.IG.33, 12/20/24	GSC	Put		2.50		03/17/21		3,200,000		(27)
CDX.NA.IG.33, 12/20/24	MSC	Put		0.65		04/15/20		4,500,000		(92)
CDX.NA.IG.33, 12/20/24	MSC	Put		0.85		06/17/20		2,400,000		(39)
ITRAXX.EUR.31.V2, 06/20/24	GSC	Put		3.00		06/17/20	EUR	2,800,000		(2)
ITRAXX.EUR.32, 12/20/24	GSC	Put		2.50		01/20/21	EUR	1,600,000		(19)
ITRAXX.EUR.32, 12/20/24	GSC	Put		2.50		03/17/21	EUR	2,900,000		(49)
										(914)
Interest Rate Swaptions
6M GBP LIBOR, 02/26/31	GSC	Put		0.78		02/26/21	GBP	4,800,000		(83)

JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
BRL/USD	MSC	04/02/20	BRL	13,300		2,563		(397)
BRL/USD	MSC	05/05/20	BRL	5,281		1,015		(24)
COP/USD	GSC	05/29/20	COP	3,451,699		846		8
HUF/USD	MSC	04/09/20	HUF	8,938		27		(2)
HUF/USD	MSC	04/09/20	HUF	2,583		8		—
IDR/USD	CIT	06/17/20	IDR	40,602,818		2,472		(398)
JPY/USD	CIT	04/02/20	JPY	1,472,100		13,673		(32)
MXN/USD	CIT	04/22/20	MXN	9,504		401		(45)
MXN/USD	CIT	04/22/20	MXN	8,877		375		14
MXN/USD	JPM	04/22/20	MXN	5,301		224		14
MXN/USD	CIT	05/05/20	MXN	23,388		986		(218)
PLN/USD	SCB	06/10/20	PLN	5,069		1,225		(77)
RUB/USD	SCB	04/15/20	RUB	173,429		2,208		(487)
RUB/USD	UBS	04/15/20	RUB	70,733		901		(240)
USD/BRL	CIT	04/02/20	BRL	(454)		(88)		11
USD/BRL	GSC	04/02/20	BRL	(1,961)		(378)		52
USD/BRL	MSC	04/02/20	BRL	(10,885)		(2,098)		151
USD/CAD	BCL	05/15/20	CAD	(2,173)		(1,543)		95
USD/EUR	GSC	04/02/20	EUR	(21,908)		(24,135)		267
USD/EUR	GSC	05/04/20	EUR	(279)		(308)		(1)
USD/GBP	BNP	04/02/20	GBP	(8,614)		(10,715)		307
USD/HUF	MSC	04/09/20	HUF	(30,600)		(93)		6
USD/IDR	CIT	06/17/20	IDR	(19,378,011)		(1,180)		165
USD/MXN	CIT	05/05/20	MXN	(13,116)		(553)		38
USD/PEN	BNP	04/30/20	PEN	(5,076)		(1,477)		32
USD/PEN	CIT	05/18/20	PEN	(2,247)		(653)		6
USD/PEN	BNP	05/29/20	PEN	(11,181)		(3,250)		(85)
USD/RUB	UBS	04/15/20	RUB	(8,168)		(104)		(2)
USD/TRY	CIT	04/13/20	TRY	(407)		(61)		—
						(19,712)		(842)

JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements
Reference Entity2	Counter-party	Implied Credit Spread (%)	Fixed Receive/ Pay Rate (%)	Expiration	Notional1 ($)		Value ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - sell protection
Alibaba Group Holding Limited (Q)	BCL	0.98	1.00	12/20/24		(200)		—		3		(3)
Alibaba Group Holding Limited (Q)	BNP	0.98	1.00	12/20/24		(300)		—		4		(4)
BHP Billiton Finance (USA) Limited (Q)	BNP	0.19	1.00	06/20/21		(200)		2		(6)		8
CDX.NA.HY.25.V7 (Q)	BOA	N/A	5.00	12/20/20		(100)		3		1		2
CDX.NA.HY.27.V5 (Q)	BOA	N/A	5.00	12/20/21		(300)		14		46		(32)
CDX.NA.HY.27.V5 (Q)	CGM	N/A	5.00	12/20/21		(600)		27		52		(25)
CDX.NA.HY.27.V5 (Q)	JPM	N/A	5.00	12/20/21		(200)		9		17		(8)
CDX.NA.HY.29.V3 (Q)	GSC	N/A	5.00	12/20/22		(100)		4		14		(10)
CDX.NA.HY.29.V3 (Q)	JPM	N/A	5.00	12/20/22		(200)		8		32		(24)
CDX.NA.HY.31.V4 (Q)	BNP	N/A	5.00	12/20/23		(100)		2		12		(10)
CDX.NA.HY.31.V4 (Q)	CGM	N/A	5.00	12/20/23		(200)		3		21		(18)
CDX.NA.HY.31.V4 (Q)	GSC	N/A	5.00	12/20/23		(500)		6		59		(53)
CDX.NA.HY.31.V4 (Q)	JPM	N/A	5.00	12/20/23		(400)		4		45		(41)
CDX.NA.HY.31.V4 (Q)	MSC	N/A	5.00	12/20/23		(100)		1		12		(11)
CMBX.NA.AAA.10 (M)	GSC	N/A	0.50	11/17/59		(100)		(1)		(3)		2
CMBX.NA.AAA.10 (M)	MSC	N/A	0.50	11/17/59		(100)		(1)		(3)		2

53

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements (continued)
Reference Entity2	Counter-party	Implied Credit Spread (%)	Fixed Receive/ Pay Rate (%)	Expiration	Notional1 ($)		Value ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
CMBX.NA.AAA.10 (M)	UBS	N/A	0.50	11/17/59		(100)		(1)		(3)		2
CMBX.NA.AAA.8 (M)	CSI	N/A	0.50	10/17/57		(300)		—		(15)		15
CMBX.NA.AAA.9 (M)	GSC	N/A	0.50	09/17/58		(4,000)		(25)		(161)		136
CMBX.NA.AAA.9 (M)	MSC	N/A	0.50	09/17/58		(500)		(3)		(19)		16
CNAC (HK) Finbridge Company Limited (Q)	BCL	2.06	1.00	12/20/24		(300)		(14)		(6)		(8)
CNOOC Finance (2002) Limited (Q)	BNP	0.92	1.00	12/20/24		(500)		2		10		(8)
Gazprom OAO (Q)	BOA	1.32	1.00	06/20/20		(100)		—		(16)		16
Gazprom OAO (Q)	JPM	1.32	1.00	06/20/20		(50)		—		(8)		8
Gobierno Federal de los Estados Unidos Mexicanos (Q)	BCL	1.81	1.00	06/20/23		(800)		(20)		(8)		(12)
Gobierno Federal de los Estados Unidos Mexicanos (Q)	BNP	2.06	1.00	06/20/24		(200)		(8)		(3)		(5)
Gobierno Federal de los Estados Unidos Mexicanos (Q)	BNP	1.95	1.00	12/20/23		(300)		(10)		(6)		(4)
Gobierno Federal de los Estados Unidos Mexicanos (Q)	CGM	2.06	1.00	06/20/24		(100)		(5)		(2)		(3)
Gobierno Federal de los Estados Unidos Mexicanos (Q)	GSC	1.81	1.00	06/20/23		(1,300)		(33)		(12)		(21)
Gobierno Federal de los Estados Unidos Mexicanos (Q)	GSC	2.23	1.00	12/20/24		(100)		(6)		(1)		(5)
Gobierno Federal de los Estados Unidos Mexicanos (Q)	JPM	2.06	1.00	06/20/24		(100)		(5)		(2)		(3)
Gobierno Federal de los Estados Unidos Mexicanos (Q)	MSC	2.23	1.00	12/20/24		(800)		(44)		(5)		(39)
Huarong Finance Co., Ltd. (Q)	BOA	0.65	1.00	10/23/20		(300)		1		—		1
MCDX.CDSI.24 (Q)	MSC	N/A	1.00	06/20/25		(150)		3		(5)		8
Mexico (United Mexican States) (Q)	BCL	1.47	1.00	06/20/22		(2,600)		(25)		(37)		12
Pemex Project Funding Master Trust (Q)	BCL	8.94	1.00	09/20/20		(900)		(33)		(46)		13
Pemex Project Funding Master Trust (Q)	BCL	9.20	1.00	06/20/22		(400)		(64)		(17)		(47)
Pemex Project Funding Master Trust (Q)	BNP	9.20	1.00	06/20/22		(1,700)		(271)		(103)		(168)
Pemex Project Funding Master Trust (Q)	DUB	9.20	1.00	06/20/22		(700)		(111)		(28)		(83)
Pemex Project Funding Master Trust (Q)	DUB	9.39	1.00	12/20/21		(200)		(26)		(18)		(8)
Pemex Project Funding Master Trust (Q)	GSC	8.94	1.00	09/20/20		(250)		(9)		(13)		4
Presidência Da República Federativa Do Brasil (Q)	CGM	2.56	1.00	12/20/24		(600)		(41)		(10)		(31)
Presidência Da República Federativa Do Brasil (Q)	CSI	0.93	1.00	09/20/20		(200)		—		(14)		14
Presidência Da República Federativa Do Brasil (Q)	DUB	1.79	1.00	06/20/22		(200)		(3)		(13)		10
Presidência Da República Federativa Do Brasil (Q)	GSC	2.56	1.00	12/20/24		(500)		(35)		(8)		(27)
Presidencia de la Republica de Colombia (Q)	DUB	1.05	1.00	06/20/21		(650)		(1)		(19)		18
Presidencia de la Republica de Colombia (Q)	UBS	1.05	1.00	06/20/21		(650)		—		(19)		19
PT Pertamina (Persero) (Q)	BCL	2.50	1.00	12/20/24		(400)		(26)		(4)		(22)
Segretariato Generale Della Presidenza Della Repubblica (Q)	BCL	1.57	1.00	06/20/24		(400)		(9)		(9)		—
Segretariato Generale Della Presidenza Della Repubblica (Q)	BCL	0.45	1.00	06/20/20		(1,200)		1		(2)		3
Segretariato Generale Della Presidenza Della Repubblica (Q)	BCL	1.68	1.00	12/20/24		(800)		(24)		2		(26)
Segretariato Generale Della Presidenza Della Repubblica (Q)	BOA	0.45	1.00	06/20/20		(400)		—		(1)		1
Segretariato Generale Della Presidenza Della Repubblica (Q)	BOA	1.57	1.00	06/20/24		(400)		(9)		(8)		(1)
Segretariato Generale Della Presidenza Della Repubblica (Q)	GSC	0.45	1.00	06/20/20		(300)		—		(1)		1
Sinopec Group Overseas Development (2018) Limited (Q)	BCL	0.95	1.00	12/20/24		(300)		1		5		(4)
Sinopec Group Overseas Development (2018) Limited (Q)	GSC	0.95	1.00	12/20/24		(200)		—		3		(3)
South Africa, Parliament of (Q)	BCL	4.01	1.00	12/20/24		(800)		(101)		(30)		(71)
South Africa, Parliament of (Q)	CGM	2.65	1.00	06/20/21		(600)		(12)		(50)		38
South Africa, Parliament of (Q)	GSC	4.01	1.00	12/20/24		(1,000)		(127)		(40)		(87)
State Grid Overseas Investment Limited (Q)	BCL	0.94	1.00	12/20/24		(300)		—		4		(4)
The Republic of Indonesia, The Government of (Q)	GSC	1.38	1.00	06/20/23		(300)		(3)		(4)		1
						(30,650)		(1,015)		(436)		(579)

54

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
JNL/T. Rowe Price Capital Appreciation Fund
COMMON STOCKS 68.0%
Health Care 16.4%
	Alcon AG (a)		1,653		84,551
	Avantor, Inc. (a)		1,766		22,063
	Becton, Dickinson and Company (b)		415		95,293
	Danaher Corporation (b)		1,000		138,449
	Envista Holdings Corporation (a)		1,408		21,038
	Humana Inc.		579		181,774
	PerkinElmer Inc.		1,939		146,008
	Thermo Fisher Scientific Inc. (b)		492		139,405
	UnitedHealth Group Incorporated		405		100,924
				929,505
Information Technology 15.5%
	Fiserv, Inc. (a)		2,313		219,698
	Global Payments Inc.		641		92,459
	Maxim Integrated Products, Inc.		1,534		74,568
	Microsoft Corporation (b)		1,416		223,333
	NXP Semiconductors N.V. (b)		1,682		139,470
	TE Connectivity Ltd.		447		28,129
	Visa Inc. - Class A (b)		648		104,482
				882,139
Industrials 10.7%
	Fortive Corporation		2,326		128,396
	General Electric Company (b)		27,245		216,325
	Ingersoll Rand Inc. (a)		1,924		47,705
	Raytheon Company		679		89,084
	Roper Technologies, Inc. (b)		310		96,772
	Waste Connections, Inc.		386		29,926
				608,208
Consumer Discretionary 7.9%
	Amazon.com, Inc. (a)		73		142,022
	Aptiv PLC (b)		522		25,683
	Hilton Worldwide Holdings Inc. (b)		1,572		107,269
	Marriott International, Inc. - Class A		769		57,528
	Yum! Brands, Inc.		1,665		114,097
				446,599
Utilities 5.1%
	Ameren Corporation		698		50,838
	American Electric Power Company, Inc. (b)		1,069		85,501
	NextEra Energy, Inc. (b)		80		19,316
	NiSource Inc.		3,079		76,893
	Xcel Energy Inc. (b)		911		54,941
				287,489
Financials 4.6%
	Intercontinental Exchange, Inc.		1,283		103,598
	Marsh & McLennan Companies, Inc.		1,848		159,786
				263,384
Communication Services 4.1%
	Alphabet Inc. - Class A (a)		—		7
	Alphabet Inc. - Class C (a) (b)		113		131,165
	Facebook, Inc. - Class A (a) (b)		621		103,516
				234,688
Consumer Staples 2.5%
	Keurig Dr Pepper Inc. (c)		5,956		144,541
Materials 1.0%
	Linde Public Limited Company		336		58,070
Energy 0.2%
	Concho Resources Inc.		206		8,831
	Total Common Stocks (cost $4,063,515)			3,863,454
CORPORATE BONDS AND NOTES 11.0%
Communication Services 4.2%
	CCO Holdings, LLC
		5.25%, 09/30/22	7,200		7,253
		4.00%, 03/01/23 (c) (d)	5,947		5,936
		5.88%, 04/01/24 (d)	6,915		7,071
		5.13%, 05/01/23 - 05/01/27 (d)	30,321		30,529
		5.00%, 02/01/28 (d)	32,914		33,039
	Charter Communications Operating, LLC
		3.58%, 07/23/20	2,525		2,538
	Netflix, Inc.
		5.38%, 02/01/21	2,870		2,901
		5.50%, 02/15/22	1,605		1,653
		4.38%, 11/15/26	22,835		23,204
		4.88%, 04/15/28	36,102		36,739
		5.88%, 02/15/25 - 11/15/28	49,755		53,344
		6.38%, 05/15/29	23,290		25,678
	Sirius XM Radio Inc.
		4.63%, 05/15/23 (d)	4,215		4,220
	T-Mobile USA, Inc.
		6.00%, 03/01/23	1,815		1,825
		6.50%, 01/15/26	1,025		1,077
				237,007
Consumer Discretionary 1.9%
	Cedar Fair, L.P.
		5.38%, 06/01/24 - 04/15/27	13,422		11,668
		5.25%, 07/15/29 (d)	2,145		1,829
	Dollar Tree, Inc.
		2.54%, (3M USD LIBOR + 0.70%), 04/17/20 (e)	315		315
	Hilton Domestic Operating Company Inc.
		4.25%, 09/01/24	3,095		2,894
	KFC Holding Co.
		5.00%, 06/01/24 (d)	11,835		11,575
		5.25%, 06/01/26 (d)	13,015		13,109
		4.75%, 06/01/27 (d)	22,450		21,135
	Marriott International, Inc.
		1.65%, (3M USD LIBOR + 0.65%), 03/08/21 (e)	1,485		1,473
	Service Corporation International
		5.38%, 05/15/24 (c)	3,800		3,866
	Six Flags Operations Inc.
		4.88%, 07/31/24 (c) (d)	5,680		4,866
		5.50%, 04/15/27 (c) (d)	5,344		4,509
	Yum! Brands, Inc.
		3.88%, 11/01/20 (c)	5,645		5,602
		3.75%, 11/01/21	10,046		9,678
		3.88%, 11/01/23	5,450		5,158
		6.88%, 11/15/37	3,355		3,225
		5.35%, 11/01/43	11,005		9,334
				110,236
Health Care 1.5%
	Avantor, Inc.
		6.00%, 10/01/24 (d)	10,440		10,945
		9.00%, 10/01/25 (d)	54,087		56,907
	Becton, Dickinson and Company
		2.03%, (3M USD LIBOR + 1.03%), 06/06/22 (e)	2,765		2,621
	Elanco Animal Health
		4.66%, 08/27/21 (f)	3,940		3,963
	Fresenius Medical Care
		5.75%, 02/15/21 (d)	380		387
	Hologic, Inc.
		4.38%, 10/15/25 (d)	4,031		4,027
	Teleflex Incorporated
		4.88%, 06/01/26	4,900		4,878
		4.63%, 11/15/27	2,185		2,201
				85,929
Information Technology 1.1%
	Amphenol Corporation
		2.20%, 04/01/20	2,765		2,765
	Fiserv, Inc.
		2.70%, 06/01/20	4,825		4,817
	Refinitiv US Holdings Inc.
		6.25%, 05/15/26 (d)	7,023		7,345
		8.25%, 11/15/26 (d)	8,750		9,292
	Solera, LLC
		10.50%, 03/01/24 (d)	38,165		37,382
				61,601
Industrials 0.8%
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (g)	31,020		25,661
	Korn Ferry
		4.63%, 12/15/27 (d)	1,285		1,122
	Lennox International Inc.
		3.00%, 11/15/23	340		330

55

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
	Manitowoc Foodservice Companies, LLC
		9.50%, 02/15/24	2,067		1,757
	Reynolds Group Holdings Inc.
		5.33%, (3M USD LIBOR + 3.50%), 07/15/21 (d) (e)	3,425		3,333
		5.13%, 07/15/23 (d)	4,670		4,667
	Sensata Technologies B.V.
		4.88%, 10/15/23 (d)	2,715		2,636
		5.63%, 11/01/24 (d)	670		652
		5.00%, 10/01/25 (d)	4,400		4,191
	Sensata Technologies UK Financing Co. PLC
		6.25%, 02/15/26 (d)	2,235		2,187
	Xylem Inc.
		4.88%, 10/01/21	125		130
		3.25%, 11/01/26	220		218
				46,884
Financials 0.8%
	HUB International Limited
		7.00%, 05/01/26 (d)	1,920		1,902
	Level 3 Financing, Inc.
		5.38%, 08/15/22	4,014		4,031
	Reckitt Benckiser Treasury Services PLC
		1.76%, (3M USD LIBOR + 0.56%), 06/24/22 (d) (e)	3,800		3,797
		2.38%, 06/24/22 (d)	9,875		9,775
	State Street Corporation
		5.25%, (callable at 100 beginning 09/15/20) (g)	2,150		1,871
	The Bank of New York Mellon Corporation
		4.63%, (callable at 100 beginning 09/20/26) (g)	5,560		5,013
		4.95%, (callable at 100 beginning 06/20/20) (g)	6,475		5,649
	The PNC Financial Services Group, Inc.
		5.00%, (callable at 100 beginning 11/01/26) (g)	9,185		8,450
	U.S. Bancorp
		5.30%, (callable at 100 beginning 04/15/27) (g)	2,650		2,562
	USIS Merger Sub, Inc.
		6.88%, 05/01/25 (d)	974		919
				43,969
Utilities 0.4%
	Eversource Energy
		2.75%, 03/15/22	2,725		2,721
		3.80%, 12/01/23	1,160		1,204
	NiSource Finance Corp.
		3.49%, 05/15/27	9,215		9,286
		4.38%, 05/15/47	5,555		5,705
	NiSource Inc.
		5.65%, (callable at 100 beginning 06/15/23) (g)	4,655		4,014
				22,930
Real Estate 0.3%
	SBA Communications Corporation
		4.00%, 10/01/22	8,155		8,155
		4.88%, 09/01/24	3,230		3,277
		3.88%, 02/15/27 (d)	2,945		2,955
				14,387
Energy 0.0%
	NuStar Logistics, L.P.
		4.80%, 09/01/20	2,190		1,909
Consumer Staples 0.0%
	Conagra Brands, Inc.
		2.55%, (3M USD LIBOR + 0.75%), 10/22/20 (e)	611		603
	Total Corporate Bonds And Notes (cost $631,677)			625,455
SENIOR LOAN INTERESTS 7.0%
Information Technology 4.0%
	CCC Information Services, Inc.
		Term Loan, 0.00%, (1M LIBOR + 2.75%), 03/30/24 (e) (h)	12,836		11,644
		2017 1st Lien Term Loan, 3.75%, (1M LIBOR + 2.75%), 03/30/24 (e)	36,437		33,053
	Emerald TopCo Inc
		Term Loan, 0.00%, (1M LIBOR + 3.50%), 07/16/26 (e) (h)	4,214		3,835
		Term Loan, 4.49%, (1M LIBOR + 3.50%), 07/16/26 (e)	5,050		4,595
	Gartner, Inc.
		2016 Term Loan A, 2.49%, (1M LIBOR + 1.50%), 03/20/22 (e)	818		777
	Kronos Incorporated
		2017 Term Loan B, 4.76%, (3M LIBOR + 3.00%), 11/01/23 (e)	63,787		57,900
	Refinitiv US Holdings Inc.
		Term Loan, 0.00%, (1M LIBOR + 3.25%), 09/12/25 (e) (h)	3,665		3,503
		2018 USD Term Loan, 4.24%, (1M LIBOR + 3.25%), 09/12/25 (e)	116,815		111,656
	Ultimate Software Group Inc(The)
		Term Loan B, 4.74%, (1M LIBOR + 3.75%), 04/08/26 (e)	1,881		1,746
				228,709
Financials 1.8%
	AmWINS Group, Inc.
		2017 Term Loan B, 3.75%, (1M LIBOR + 2.75%), 01/19/24 (e)	1,397		1,287
		2017 Term Loan B, 3.77%, (1M LIBOR + 2.75%), 01/19/24 (e)	280		258
	Hub International Limited
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 04/25/25 (e) (h)	520		488
		Term Loan, 0.00%, (3M LIBOR + 2.75%), 04/25/25 (e) (h)	630		585
		2018 Term Loan B, 4.39%, (3M LIBOR + 2.75%), 04/25/25 (e)	4,113		3,821
		2018 Term Loan B, 4.52%, (3M LIBOR + 2.75%), 04/25/25 (e)	220		204
		Term Loan, 4.55%, (3M LIBOR + 2.75%), 04/25/25 (e)	86,264		80,139
		2019 Incremental Term Loan B, 5.69%, (3M LIBOR + 4.00%), 04/25/25 (e)	15,506		14,537
				101,319
Consumer Discretionary 0.4%
	Delta 2 (LUX) S.a.r.l.
		2018 USD Term Loan, 3.50%, (1M LIBOR + 2.50%), 02/01/24 (e)	3,050		2,708
	Four Seasons Hotels Limited
		Term Loan, 0.00%, (1M LIBOR + 2.00%), 11/30/23 (e) (h)	3,170		2,853
		New 1st Lien Term Loan, 2.99%, (1M LIBOR + 2.00%), 11/30/23 (e)	1,247		1,122
	LGC Group TL B 1L
		Term Loan, 0.00%, (3M LIBOR + 3.50%), 01/24/27 (e) (h)	17,685		15,209
				21,892
Consumer Staples 0.3%
	Sunshine Luxembourg VII SARL
		Term Loan, 0.00%, (3M LIBOR + 4.25%), 07/12/26 (e) (h)	3,965		3,545
		USD Term Loan B1, 5.32%, (3M LIBOR + 4.25%), 07/12/26 (e)	16,723		14,950
				18,495
Industrials 0.3%
	CPI Holdco, LLC
		2019 Term Loan, 5.70%, (3M LIBOR + 4.25%), 10/28/26 (e) (i)	1,870		1,608
	USI, Inc.
		Term Loan, 0.00%, (3M LIBOR + 3.00%), 05/16/24 (e) (h)	865		787
		2017 Repriced Term Loan, 3.99%, (3M LIBOR + 3.00%), 05/16/24 (e)	16,896		15,375
				17,770
Health Care 0.2%
	NVA Holdings, Inc.
		2019 Term Loan A3, 3.24%, (1M LIBOR + 2.25%), 09/19/22 (e)	11,625		11,574
	Prestige Brands, Inc.
		Term Loan B4, 2.99%, (1M LIBOR + 2.00%), 01/20/24 (e)	96		89
				11,663

56

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
Materials 0.0%
	H.B. Fuller Company
		2017 Term Loan B, 2.77%, (1M LIBOR + 2.00%), 10/11/24 (e)	1,075		926
	Total Senior Loan Interests (cost $428,613)			400,774
PREFERRED STOCKS 4.4%
Utilities 1.5%
	Alabama Power Company - Series A, 5.00%, (callable at 100 beginning 10/01/22) (g)		55		1,405
	American Electric Power Company, Inc., 6.13%, 03/15/22 (j)		128		6,180
	CMS Energy Corporation, 5.88%, 10/15/78		585		14,742
	CMS Energy Corporation, 5.88%, 03/01/79		750		18,938
	DTE Energy Company, 5.25%, 12/01/77		367		8,803
	Duke Energy Corporation, 5.63%, 09/15/78		358		9,173
	NextEra Energy, Inc., 5.28%, 03/01/23 (a) (j)		354		15,624
	NiSource Inc., 6.50%, (callable at 25 beginning 03/15/24) (g)		330		8,374
				83,239
Financials 1.4%
	JPMorgan Chase & Co., 5.75%, (callable at 25 beginning 12/01/23) (g)		174		4,414
	The Charles Schwab Corporation, 5.95%, (callable at 100 beginning 06/01/21) (g)		4		101
	The Charles Schwab Corporation - Series C, 6.00%, (callable at 25 beginning 12/01/20) (g)		73		1,849
	U.S. Bancorp - Series F, 6.50%, (callable at 25 beginning 01/15/22) (g)		25		644
	U.S. Bancorp, 5.50%, (callable at 25 beginning 10/15/23) (g)		200		4,984
	Wells Fargo & Company - Series L, 7.50% (g) (j)		52		66,415
				78,407
Health Care 1.3%
	Avantor, Inc., 6.25%, 05/15/22 (j)		813		35,269
	Becton, Dickinson and Company - Series A, 6.13%, 05/01/20 (j)		757		39,600
	Elanco Animal Health, 5.00%, 02/01/23 (a) (c) (j)		31		1,257
				76,126
Industrials 0.2%
	Fortive Corporation - Series A, 5.00%, 07/01/21 (j)		14		9,779
	Total Preferred Stocks (cost $266,222)			247,551
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.2%
	Domino's Pizza, Inc.
		Series 2018-A2I-1A, 4.12%, 10/25/25	3,393		3,260
		Series 2017-A23-1A, 4.12%, 07/26/27	3,670		3,333
		Series 2019-A2-1A, 3.67%, 10/25/29 (d)	2,933		2,610
	United Airlines, Inc.
		Series 2012-A-1, 4.15%, 04/11/24	14		13
	US Airways, Inc.
		Series 2012-B-2, 6.75%, 06/03/21	118		116
		Series 2012-PTT-2A, 4.63%, 06/03/25	313		304
		Series 2013-A-1, 3.95%, 11/15/25	192		183
	Wendy's Funding, LLC
		Series 2018-A2I-1A, 3.57%, 03/15/48	2,303		2,091
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $12,872)			11,910
TRUST PREFERREDS 0.1%
Utilities 0.1%
	SCE Trust III, 5.75%, (callable at 25 beginning 03/15/24) (g)		8		161
	SCE Trust IV, 5.38%, (callable at 25 beginning 09/15/25) (g)		343		6,366
	Total Trust Preferreds (cost $7,346)			6,527
INVESTMENT COMPANIES 0.0%
	T. Rowe Price Institutional Floating Rate Fund (k)		129		1,120
	Total Investment Companies (cost $1,317)			1,120
SHORT TERM INVESTMENTS 9.3%
Investment Companies 9.0%
	JNL Government Money Market Fund - Institutional Class, 0.23% (k) (l)		43,210		43,210
	T. Rowe Price Government Reserve Fund, 0.88% (k) (l)		468,447		468,447
				511,657
Securities Lending Collateral 0.3%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (k) (l)		14,507		14,507
	Total Short Term Investments (cost $526,164)			526,164
Total Investments 100.0% (cost $5,937,726)					5,682,955
Other Derivative Instruments (0.2)%					(10,860)
Other Assets and Liabilities, Net 0.2%					9,218
Total Net Assets 100.0%					5,681,313

(a)Non-income producing security.

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

(c)All or a portion of the security was on loan as of March 31, 2020.

(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 March 31, 2020, the value and the percentage of net assets of these liquid securities was $304,849 and 5.4% of the Fund.

(e)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2020. 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)This senior loan will settle after March 31, 2020. If a reference rate and spread is presented, it will go into effect upon settlement.

(i)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.

(j)Convertible security.

(k)Investment in affiliate.

(l)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

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	1,263	14	—	15	—	(157)	1,120	—

57

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

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		1,500.00		01/15/21		113		(271)
Alphabet Inc.	GSC	Call		1,780.00		01/15/21		33		(12)
Alphabet Inc.	GSC	Call		1,800.00		01/15/21		33		(12)
Alphabet Inc.	GSC	Call		1,740.00		01/15/21		33		(16)
Alphabet Inc.	GSC	Call		1,760.00		01/15/21		33		(16)
American Electric Power Company, Inc.	CGM	Call		115.00		01/15/21		511		(20)
American Electric Power Company, Inc.	CGM	Call		105.00		01/15/21		1,626		(159)
Aptiv PLC	GSC	Call		97.50		01/15/21		377		(28)
Aptiv PLC	GSC	Call		100.00		01/15/21		377		(24)
Becton, Dickinson and Company	GSC	Call		300.00		01/15/21		583		(140)
Danaher Corporation	JPM	Call		190.00		01/15/21		301		(93)
Danaher Corporation	JPM	Call		185.00		01/15/21		301		(99)
Facebook, Inc.	JPM	Call		275.00		01/15/21		290		(15)
Facebook, Inc.	JPM	Call		270.00		01/15/21		290		(17)
Facebook, Inc.	JPM	Call		265.00		01/15/21		290		(11)
General Electric Company	JPM	Call		15.00		01/15/21		29,084		(495)
Hilton Worldwide Holdings Inc.	CGM	Call		130.00		01/15/21		152		(14)
Hilton Worldwide Holdings Inc.	CGM	Call		125.00		01/15/21		152		(11)
Microsoft Corporation	CGM	Call		170.00		01/15/21		646		(851)
Microsoft Corporation	CGM	Call		165.00		01/15/21		646		(988)
Microsoft Corporation	CSI	Call		165.00		01/15/21		1,946		(2,977)
Microsoft Corporation	JPM	Call		170.00		01/15/21		2,496		(3,287)
NextEra Energy, Inc.	CSI	Call		320.00		01/15/21		118		(27)
NextEra Energy, Inc.	CSI	Call		310.00		01/15/21		117		(43)
NXP Semiconductors N.V.	CSI	Call		140.00		01/15/21		1,272		(245)
Roper Technologies, Inc.	GSC	Call		430.00		08/21/20		96		(6)
Thermo Fisher Scientific Inc.	RBC	Call		400.00		01/15/21		470		(116)
Thermo Fisher Scientific Inc.	RBC	Call		400.00		01/15/21		23		(6)
Thermo Fisher Scientific Inc.	RBC	Call		370.00		01/15/21		99		(50)
Thermo Fisher Scientific Inc.	RBC	Call		390.00		01/15/21		98		(24)
Visa Inc.	CSI	Call		235.00		01/15/21		673		(129)
Visa Inc.	CSI	Call		240.00		01/15/21		673		(93)
Visa Inc.	CSI	Call		230.00		01/15/21		673		(132)
Visa Inc.	GSC	Call		230.00		01/15/21		235		(46)
Visa Inc.	GSC	Call		240.00		01/15/21		235		(33)
Xcel Energy Inc.	CSI	Call		65.00		10/16/20		389		(136)
Xcel Energy Inc.	CSI	Call		60.00		10/16/20		389		(218)
										(10,860)

58

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
JNL/The London Company Focused U.S. Equity Fund
COMMON STOCKS 95.7%
Financials 23.0%
	Berkshire Hathaway Inc. - Class B (a)	24		4,304
	BlackRock, Inc.	6		2,818
	MBIA Inc. (a)	195		1,392
	The Charles Schwab Corporation	68		2,271
	Wells Fargo & Company	46		1,318
			12,103
Information Technology 19.4%
	Apple Inc.	17		4,315
	Citrix Systems Inc.	30		4,271
	Texas Instruments Incorporated	17		1,659
			10,245
Industrials 16.3%
	Delta Air Lines Inc.	46		1,327
	Norfolk Southern Corporation	16		2,359
	Old Dominion Freight Line Inc.	29		3,855
	Southwest Airlines Co.	30		1,074
			8,615
Consumer Staples 12.5%
	Altria Group, Inc.	98		3,787
	Lamb Weston Holdings Inc.	49		2,788
			6,575
Materials 8.6%
	Martin Marietta Materials Inc.	14		2,703
	NewMarket Corp.	5		1,849
			4,552
Health Care 5.1%
	Johnson & Johnson	21		2,702
Consumer Discretionary 3.9%
	Dollar Tree Inc. (a)	28		2,059
Communication Services 2.8%
	Fox Corporation - Class A	63		1,485
Energy 2.1%
	Chevron Corporation	15		1,090
Real Estate 2.0%
	STORE Capital Corp.	57		1,030
	Total Common Stocks (cost $46,946)		50,456
SHORT TERM INVESTMENTS 4.5%
Investment Companies 4.5%
	JNL Government Money Market Fund - Institutional Class, 0.23% (b) (c)	2,387		2,387
	Total Short Term Investments (cost $2,387)		2,387
Total Investments 100.2% (cost $49,333)				52,843
Other Assets and Liabilities, Net (0.2)%				(89)
Total Net Assets 100.0%				52,754

(a)Non-income producing security.

(b)Investment in affiliate.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

59

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
JNL/VanEck International Gold Fund
COMMON STOCKS 97.8%
Materials 97.8%
	Agnico Eagle Mines Limited (a)	69		2,759
	Alamos Gold Inc - Class A	258		1,290
	AngloGold Ashanti - ADR	97		1,618
	Argonaut Gold Inc. (b)	196		151
	Auryn Resources Inc (b)	107		99
	B2Gold Corp.	1,556		4,761
	Barrick Gold Corporation	316		5,787
	Bellevue Gold Limited (b)	2,419		597
	BonTerra Resources Inc. (b)	224		130
	Cardinal Resources Limited (a) (b)	1,723		350
	Columbus Gold Corp. (b)	161		13
	Corvus Gold Inc. (a) (b)	234		231
	Eastmain Resources Inc. (a) (b)	262		12
	Endeavour Mining Corporation (b)	21		295
	Equinox Gold Corp. (a) (b)	146		971
	Equinox Gold Corp. (a) (b)	117		772
	Evolution Mining Limited	1,159		2,712
	First Mining Gold Corp. (a) (b)	383		49
	Franco-Nevada Corp. (a)	18		1,771
	Gold Fields Limited - ADR	83		396
	Gold Road Resources Limited (b)	1,874		1,578
	Gold Standard Ventures Corp. (a) (b)	406		203
	Kinross Gold Corp. (b)	504		2,006
	Kirkland Lake Gold Ltd.	18		538
	Kirkland Lake Gold Ltd.	175		5,177
	Liberty Gold Corp. (a) (b)	934		577
	Lundin Gold Inc. (a) (b)	62		345
	Midas Gold Corp. (a) (b)	276		90
	Newmont Corporation	140		6,349
	Nighthawk Gold Corp. (a) (b)	35		32
	Northern Star Resources Ltd.	421		2,708
	NovaGold Resources Inc. (b)	48		352
	OceanaGold Corporation	476		456
	Orezone Gold Corporation (b)	502		155
	Osisko Gold Royalties Ltd (a)	39		289
	Osisko Mining Inc. (a) (b)	483		764
	Otis Gold Corp. (b)	86		6
	Pretium Resources Inc. (a) (b)	100		568
	Probe Metals Inc. (b)	99		43
	Pure Gold Mining Inc. (b)	1,118		484
	Rio2 Limited (b)	—		—
	Sabina Gold & Silver Corp. (a) (b)	281		234
	Saracen Mineral Holdings Ltd. (a) (b)	706		1,593
	SSR Mining Inc. (b)	97		1,102
	West African Resources Ltd. (b)	4,201		1,066
	Wheaton Precious Metals Corp.	131		3,617
	Yamana Gold Inc. (a)	632		1,738
	Total Common Stocks (cost $59,136)		56,834
WARRANTS 0.1%
	BonTerra Resources Inc. (b) (c)	32		—
	Marathon Gold Corp. (b) (c)	170		17
	Probe Metals Inc. (b) (c)	164		—
	Pure Gold Mining Inc. (b) (c)	427		9
	Pure Gold Mining Inc. (b) (c)	283		33
	Total Warrants (cost $128)		59
RIGHTS 0.1%
	Leagold Mining Corp. (a) (b) (c)	90		47
	Total Rights (cost $65)		47
SHORT TERM INVESTMENTS 11.9%
Securities Lending Collateral 10.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (d) (e)	5,917		5,917
Investment Companies 1.7%
	JNL Government Money Market Fund - Institutional Class, 0.23% (d) (e)	999		999
	Total Short Term Investments (cost $6,916)		6,916
Total Investments 109.9% (cost $66,245)				63,856
Other Assets and Liabilities, Net (9.9)%				(5,727)
Total Net Assets 100.0%				58,129

(a)All or a portion of the security was on loan as of March 31, 2020.

(b)Non-income producing security.

(c)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.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

60

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
JNL/WCM Focused International Equity Fund
COMMON STOCKS 96.3%
Canada 11.9%
	Canadian Pacific Railway Limited (a)	270		59,200
	Lululemon Athletica Inc. (b)	313		59,301
	Shopify Inc. - Class A (b)	124		51,535
			170,036
Switzerland 11.8%
	Alcon AG (b)	903		46,177
	Geberit AG (a)	56		24,638
	Nestle SA	540		55,189
	Sika AG	252		41,697
			167,701
United States of America 11.5%
	Chubb Limited	343		38,367
	Mettler-Toledo International Inc. (a) (b)	51		35,299
	ResMed Inc.	384		56,630
	Steris Limited	235		32,857
			163,153
France 8.8%
	Cie Generale d'Optique Essilor International SA	328		35,094
	LVMH Moet Hennessy Louis Vuitton SE	150		55,759
	Pernod-Ricard SA	243		34,602
			125,455
United Kingdom 7.2%
	Experian PLC	2,049		56,707
	Smith & Nephew PLC	2,620		46,420
			103,127
Ireland 5.5%
	Accenture Public Limited Company - Class A	338		55,149
	Icon Public Limited Company (b)	173		23,570
			78,719
Australia 5.3%
	CSL Ltd.	419		75,115
China 4.0%
	Tencent Holdings Limited	1,166		57,380
Taiwan 3.8%
	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	1,143		54,623
Hong Kong 3.4%
	AIA Group Limited	5,341		48,119
Netherlands 3.2%
	ASML Holding - ADR	176		46,090
Japan 3.2%
	Keyence Corp.	141		45,428
Argentina 2.8%
	MercadoLibre S.R.L (b)	82		40,108
Denmark 2.6%
	DSV Panalpina A/S	414		37,469
Sweden 2.6%
	Atlas Copco Aktiebolag - Class A	1,113		37,166
India 2.5%
	HDFC Bank Limited - ADR (a)	904		34,782
Italy 2.3%
	Ferrari N.V.	214		33,310
Mexico 2.1%
	Wal - Mart de Mexico, S.A.B. de C.V.	12,590		29,735
Spain 1.8%
	Amadeus IT Group SA	526		24,950
	Total Common Stocks (cost $1,168,522)		1,372,466
SHORT TERM INVESTMENTS 6.5%
Investment Companies 3.6%
	JNL Government Money Market Fund - Institutional Class, 0.23% (c) (d)	51,600		51,600
Securities Lending Collateral 2.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (c) (d)	40,236		40,236
	Total Short Term Investments (cost $91,836)		91,836
Total Investments 102.8% (cost $1,260,358)				1,464,302
Other Assets and Liabilities, Net (2.8)%				(39,266)
Total Net Assets 100.0%				1,425,036

(a)All or a portion of the security was on loan as of March 31, 2020.

(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 March 31, 2020.

61

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

Abbreviations:

ADR - American Depositary Receipt	LIBOR - London Interbank Offer Rate
ASX - Australian Stock Exchange	MBS - Mortgage-Backed Security
BRAZIBOR – Brazil Interbank Offered Rate	MCDX.CDSI – Municipal Credit Default Swap Index
Euro BOBL – debt instrument issued by the Republic of Germany with a	MEXIBOR - Mexico Interbank Offered Rate
term of 4.5 to 5.5 years	MSCI - Morgan Stanley Capital International
BUBOR - Budapest Interbank Offered Rate	OAO - Russian Open Joint Stock Company
CDX.EM - Credit Default Swap Index - Emerging Markets	RBOB - Reformulated Gasoline Blendstock for Oxygen Blending
CDX.NA.HY - Credit Default Swap Index - North American - High Yield	REMIC - Real Estate Mortgage Investment Conduit
CDX.NA.IG - Credit Default Swap Index - North American - Investment Grade	S&P - Standard & Poor’s
CLO – Collateralized Loan Obligation	SOFR - Secured Overnight Financing Rate
CMBX.NA - Commercial Mortgage-Backed Securities Index - North American	ULSD - Ultra Low Sulfur Diesel
CPURNSA - CPI Consumers Index Non-Seasonally Adjusted	UK - United Kingdom
EAFE - Europe Asia and Far East	US - United States
ETF - Exchange Traded Fund	WTI - West Texas Intermediate
EURIBOR - Europe Interbank Offered Rate
HICP - Harmonised Index of Consumer Prices
iTraxx - Group of international credit derivative indexes monitored
by the International Index Company

Currency Abbreviations:

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

Counterparty Abbreviations:

ANZ - ANZ Banking Group LTD.

BCL - Barclays Capital Inc.

BNP - BNP Paribas Securities

BOA - Bank of America

CGM - Citigroup Global Markets

CIT - Citibank, Inc.

CSI - Credit Suisse Securities, LLC

DUB - Deutsche Bank AG

GSC - Goldman Sachs & Co.

HSB - HSBC Securities Inc.

JPM - JPMorgan Chase Bank N.A.

MSC - Morgan Stanley & Co., Incorporated

RBC - Royal Bank of Canada

SCB - Standard Chartered Bank

SGB - Societe Generale Bannon LLC

SSB - State Street Brokerage Services, Inc.

UBS - UBS Securities LLC

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.

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

62

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

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 March 31, 2020. The following table details the investments held during the period ended March 31, 2020.

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	2,855	9,605	12,317	7	143	0.1
JNL iShares Tactical Moderate Fund	1,538	10,093	11,156	5	475	0.3
JNL iShares Tactical Moderate Growth Fund	2,999	10,831	12,669	9	1,161	0.5
JNL/DFA U.S. Small Cap Fund	346	8,565	7,565	2	1,346	1.2
JNL/DoubleLine Total Return Fund	116,241	271,002	305,843	277	81,400	3.3
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	17,537	184,149	97,730	41	103,956	54.9
JNL/FAMCO Flex Core Covered Call Fund	1,540	18,071	17,548	8	2,063	1.8
JNL/Lazard International Strategic Equity Fund	11,461	33,143	35,070	35	9,534	5.0
JNL/Mellon Equity Income Fund	5,369	31,648	32,089	21	4,928	1.8
JNL/Neuberger Berman Commodity Strategy Fund	20,137	57,396	51,782	30	25,751	34.1
JNL/Neuberger Berman Currency Fund	2,225	83,153	62,795	7	22,583	35.6
JNL/Nicholas Convertible Arbitrage Fund	9,021	51,667	42,944	53	17,744	13.0
JNL/T. Rowe Price Capital Appreciation Fund	18,621	207,672	183,083	103	43,210	0.8
JNL/The London Company Focused U.S. Equity Fund	1,887	3,237	2,737	6	2,387	4.5
JNL/VanEck International Gold Fund	3,977	14,828	17,806	5	999	1.7
JNL/WCM Focused International Equity Fund	75,150	126,081	149,631	187	51,600	3.6

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	1,093,861	771,249	1,396,663	4,118	468,447	8.2

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 March 31, 2020.

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 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 an annual fee, accrued daily and payable monthly, for investment advisory services.

63

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

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,

64

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

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 March 31, 2020 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	200,660	—		—	200,660
Short Term Investments	31,510	—		—	31,510
	232,170	—		—	232,170
JNL iShares Tactical Moderate Fund
Assets - Securities
Investment Companies	140,100	—		—	140,100
Short Term Investments	22,594	—		—	22,594
	162,694	—		—	162,694
JNL iShares Tactical Moderate Growth Fund
Assets - Securities
Investment Companies	253,341	—		—	253,341
Short Term Investments	33,786	—		—	33,786
	287,127	—		—	287,127
JNL/DFA U.S. Small Cap Fund
Assets - Securities
Common Stocks	109,189	—		—	109,189
Preferred Stocks	10	—		—	10
Rights	—	—		8	8
Other Equity Interests	—	6		—	6
Short Term Investments	5,038	—		—	5,038
	114,237	6		8	114,251
JNL/DoubleLine Total Return Fund
Assets - Securities
Government And Agency Obligations	—	1,367,433		—	1,367,433
Non-U.S. Government Agency Asset-Backed Securities	—	1,042,918		—	1,042,918
Short Term Investments	90,220	—		—	90,220
	90,220	2,410,351		—	2,500,571
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
Assets - Securities
Government And Agency Obligations	—	39,732		—	39,732
Senior Loan Interests	—	—		2,351	2,351
Corporate Bonds And Notes	—	1,011		—	1,011
Common Stocks	—	828		—	828
Short Term Investments	103,956	7,497		—	111,453
	103,956	49,068		2,351	155,375
Liabilities - Securities
Common Stocks	—	(1,050	)	—	(1,050	)
	—	(1,050	)	—	(1,050	)
Assets - Investments in Other Financial Instruments1
Futures Contracts	18	—		—	18
Centrally Cleared Interest Rate Swap Agreements	—	1,945		—	1,945
Centrally Cleared Credit Default Swap Agreements	—	146		—	146
OTC Purchased Options	—	—		—	—
Open Forward Foreign Currency Contracts	—	13,753		—	13,753
OTC Credit Default Swap Agreements	—	846		—	846
	18	16,690		—	16,708

65

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (continued)
Liabilities - Investments in Other Financial Instruments1
Centrally Cleared Interest Rate Swap Agreements	—		(2,474	)	—	(2,474	)
Open Forward Foreign Currency Contracts	—		(7,323	)	—	(7,323	)
OTC Interest Rate Swap Agreements	—		(905	)	—	(905	)
OTC Credit Default Swap Agreements	—		(441	)	—	(441	)
	—		(11,143	)	—	(11,143	)
JNL/FAMCO Flex Core Covered Call Fund
Assets - Securities
Common Stocks	117,287		—		—	117,287
Short Term Investments	2,063		—		—	2,063
	119,350		—		—	119,350
Liabilities - Investments in Other Financial Instruments1
Exchange Traded Written Options	(7,926	)	—		—	(7,926	)
	(7,926	)	—		—	(7,926	)
JNL/Lazard International Strategic Equity Fund
Assets - Securities
Common Stocks	29,201		145,120		—	174,321
Preferred Stocks	4,338		—		—	4,338
Short Term Investments	9,636		—		—	9,636
	43,175		145,120		—	188,295
JNL/Mellon Equity Income Fund
Assets - Securities
Common Stocks	265,601		—		—	265,601
Short Term Investments	11,553		—		—	11,553
	277,154		—		—	277,154
JNL/Neuberger Berman Commodity Strategy Fund
Assets - Securities
Corporate Bonds And Notes	—		35,000		—	35,000
Non-U.S. Government Agency Asset-Backed Securities	—		7,737		—	7,737
Short Term Investments	25,751		—		—	25,751
	25,751		42,737		—	68,488
Assets - Investments in Other Financial Instruments1
Futures Contracts	540		—		—	540
	540		—		—	540
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(9,735	)	—		—	(9,735	)
	(9,735	)	—		—	(9,735	)
JNL/Neuberger Berman Currency Fund
Assets - Securities
Government And Agency Obligations	—		19,603		—	19,603
Short Term Investments	22,583		29,489		—	52,072
	22,583		49,092		—	71,675
Assets - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—		40,830		—	40,830
	—		40,830		—	40,830
Liabilities - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—		(39,521	)	—	(39,521	)
	—		(39,521	)	—	(39,521	)
JNL/Nicholas Convertible Arbitrage Fund
Assets - Securities
Corporate Bonds And Notes	—		104,935		—	104,935
Preferred Stocks	7,696		—		—	7,696
Short Term Investments	17,744		—		—	17,744
	25,440		104,935		—	130,375
Liabilities - Securities
Common Stocks	(43,968	)	—		—	(43,968	)
Investment Companies	(4,966	)	—		—	(4,966	)
	(48,934	)	—		—	(48,934	)
JNL/PIMCO Investment Grade Credit Bond Fund
Assets - Securities
Corporate Bonds And Notes	—		860,329		—	860,329
Government And Agency Obligations	—		307,631		—	307,631
Non-U.S. Government Agency Asset-Backed Securities	—		32,703		—	32,703
Senior Loan Interests	—		18,395		2,066	20,461
Preferred Stocks	330		—		—	330
Other Equity Interests	—		—		—	—
Short Term Investments	33,526		109,735		—	143,261
	33,856		1,328,793		2,066	1,364,715

66

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/PIMCO Investment Grade Credit Bond Fund (continued)
Assets - Investments in Other Financial Instruments1
Futures Contracts	7,141		—		—	7,141
Centrally Cleared Interest Rate Swap Agreements	—		1,321		—	1,321
Centrally Cleared Credit Default Swap Agreements	—		1,517		—	1,517
OTC Purchased Options	—		83		—	83
Open Forward Foreign Currency Contracts	—		1,166		—	1,166
OTC Credit Default Swap Agreements	—		350		—	350
	7,141		4,437		—	11,578
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(145	)	—		—	(145	)
Centrally Cleared Interest Rate Swap Agreements	—		(1,104	)	—	(1,104	)
Centrally Cleared Credit Default Swap Agreements	—		(23,587	)	—	(23,587	)
OTC Written Options	—		(997	)	—	(997	)
Open Forward Foreign Currency Contracts	—		(2,008	)	—	(2,008	)
OTC Credit Default Swap Agreements	—		(929	)	—	(929	)
	(145	)	(28,625	)	—	(28,770	)
JNL/T. Rowe Price Capital Appreciation Fund
Assets - Securities
Common Stocks	3,778,903		84,551		—	3,863,454
Corporate Bonds And Notes	—		625,455		—	625,455
Senior Loan Interests	—		399,166		1,608	400,774
Preferred Stocks	247,551		—		—	247,551
Non-U.S. Government Agency Asset-Backed Securities	—		11,910		—	11,910
Trust Preferreds	6,527		—		—	6,527
Investment Companies	1,120		—		—	1,120
Short Term Investments	526,164		—		—	526,164
	4,560,265		1,121,082		1,608	5,682,955
Liabilities - Investments in Other Financial Instruments1
OTC Written Options	—		(10,860	)	—	(10,860	)
	—		(10,860	)	—	(10,860	)
JNL/The London Company Focused U.S. Equity Fund
Assets - Securities
Common Stocks	50,456		—		—	50,456
Short Term Investments	2,387		—		—	2,387
	52,843		—		—	52,843
JNL/VanEck International Gold Fund
Assets - Securities
Common Stocks	46,230		10,604		—	56,834
Warrants	—		59		—	59
Rights	—		47		—	47
Short Term Investments	6,916		—		—	6,916
	53,146		10,710		—	63,856
JNL/WCM Focused International Equity Fund
Assets - Securities
Common Stocks
Canada	170,036		—		—	170,036
Switzerland	—		167,701		—	167,701
United States of America	163,153		—		—	163,153
France	—		125,455		—	125,455
United Kingdom	—		103,127		—	103,127
Ireland	78,719		—		—	78,719
Australia	—		75,115		—	75,115
China	—		57,380		—	57,380
Taiwan	54,623		—		—	54,623
Hong Kong	—		48,119		—	48,119
Netherlands	46,090		—		—	46,090
Japan	—		45,428		—	45,428
Argentina	40,108		—		—	40,108
Denmark	—		37,469		—	37,469
Sweden	—		37,166		—	37,166
India	34,782		—		—	34,782
Italy	—		33,310		—	33,310
Mexico	29,735		—		—	29,735
Spain	—		24,950		—	24,950
Short Term Investments	91,836		—		—	91,836
	709,082		755,220		—	1,464,302

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.

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 March 31, 2020:

67

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		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		3,623		—		—		(36)		—		(3,571)3		—		(16)
	Senior Loan Interests		2,529		—		—		(178)		—		—		2,3514		(178)

¹ Reflects the change in unrealized appreciation/ (depreciation) for Level 3 investments held at March 31, 2020.

² There were no significant transfers between Level 3 and Level 2 valuations during the period ended March 31, 2020, other than those noted.

³ The fair value measurement of the senior loan interests held during the period in JNL/Eaton Vance Global Macro Absolute Return Advantage Fund was determined based on market comparable companies as well as discounted cash flow models and was considered a Level 3 valuation. The senior loan interests were sold during the period.

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 at March 31, 2020.

Valuation Technique	Unobservable Input	Range (Weighted Average†)
Discounted cash flow model	LIBOR Spread	1,323.30 – 1,745.27 (1,483.09)

^† Unobservable inputs were weighted by the relative fair value of the instruments.

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.

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