Jackson Variable Series Trust NCSRS Certified semi-annual shareholder report (management investment company)

Jackson Variable Series Trust N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22613

Jackson Variable Series Trust

(Exact name of registrant as specified in charter)

1 Corporate Way, Lansing, Michigan 48951

(Address of principal executive offices)

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

(Mailing address)

Daniel W. Koors

Jackson National Asset Management, LLC

225 West Wacker Drive, Suite 1200

Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2018 – June 30, 2018

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

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

Item 1. Report to Shareholders.

LOGO

SEMI-ANNUAL REPORT (UNAUDITED)

For the period ending June 30, 2018

Jackson Variable Series Trust^®

• Master Feeder Funds and Funds of Funds

• Sub-Advised Funds

This report is for the general information of qualified plan participants, as well as contract/policy owners of the Perspective^SM, Perspective II^®, Retirement Latitudes^®, Perspective Advisors^SM, Perspective Advisory, Perspective Advisory II^SM, Perspective Advisors II^SM, Perspective L Series, Perspective Rewards^®, Perspective Advantage^SM, Perspective Focus^®, Private Wealth Shield^SM, Fifth Third Perspective, Elite Access^®, Elite Access Advisory^SM, Elite Access Advisory (New York), Perspective II (New York), Perspective Advisors II (New York), Perspective Advisory (New York), Perspective Advisory II (New York), Perspective L Series (New York), Perspective Advisors (New York), Perspective Focus (New York), Perspective Rewards (New York) and Elite Access (New York). Not all the portfolios are available in all of the products. Jackson is the marketing name for Jackson National Life Insurance Company (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York^® (Home Office: Purchase, New York).

Issued by Jackson National Life Insurance Company

1 Corporate Way, Lansing, MI 48951

LOGO

Jackson Variable Series Trust

June 30, 2018

President’s Letter

Dear Investor,

Enclosed is the semi-annual report for the Jackson Variable Series Trust for the six months ended June 30, 2018.

The stock market’s low volatility run ended during the first half of 2018. After surging out of the gate to start the year, stocks corrected sharply beginning the last few days of January, with the S&P 500 Index dropping more than 9% from its high by February 8. The sell-off was likely sparked by a steady uptick in long-term bond yields that raised concerns of higher borrowing costs for companies and governments, exacerbated by a violent unwinding of low volatility trades that bet on the docile market environment continuing. Stocks quickly rebounded off their lows only to run into the twin buzz saw of tariff announcements from the Trump administration and privacy issues at Facebook in March, the latter feeding a chain reaction of other market-leading tech names coming under pressure as well.

U.S. stocks moved mostly higher during the second quarter as companies generally delivered solid earnings growth amid a positive economic backdrop. While economic data is still strong and has been supported by fiscal stimulus in the form of tax cuts and de-regulation, there are clouds forming on the horizon. Moderating growth in Europe and China, coupled with fears of a developing trade dispute led to heightened volatility toward the end of the quarter that exacted a toll on emerging markets.

Against this backdrop, the S&P 500 Index posted a decent gain of 2.65% during the first six-months of 2018. Small-cap stocks surged ahead in May after a relatively weak first quarter to significantly outperform both mid- and large-caps. Similar to the first half of 2017, growth stocks greatly outpaced value-oriented stocks (as measured by the MSCI series of indexes) by roughly 600 basis points (bps) among mid-caps to more than a 1000 bps for large-caps, while small-value stocks surged during the second quarter small-cap rally to narrow the gap with small-growth names to just over 500 bps. Heightened volatility contributed to a significant dispersion of returns on a sector and stock level, with the technology and consumer discretionary sectors posting double-digit gains as areas like consumer staples and telecommunication services each lost more than 8%. Consumer discretionary was the most consistent performing area, powered by e-commerce disruptors like Amazon and Netflix, though that may change in the future as Standard and Poor’s (S&P) reconfigures its sectors at the end of September with several tech and discretionary names heading to a new Communications Services sector. Financials were a consistent underperformer as many financial firms have yet to convince investors of their post-financial crisis growth potential despite being able to benefit from higher interest rates. Finally, the energy sector surged in April to rebound from a weak first quarter in a delayed reaction to a spike in oil prices to finish the first half of the year among the top-performing areas.

Foreign equity markets lost ground during the period, dragged down by a stronger U.S. dollar and moderating economic growth overseas. Emerging markets soared in January to start the year, and somewhat unusually held onto those gains through the February sell-off, only to get clobbered in June by the dollar and weakness in China. By the end, the MSCI Emerging Markets Index had dropped 6.60% in the first six months of 2018. The MSCI EAFE (Europe, Australasia & Far East) Index, representing developed market international equites, lost 2.40% as slower-than-expected growth and political fears in May surrounding Italy’s new populist government coalition sent European stocks tumbling.

Bonds struggled for much of the first half of the year as investors sensed a potential end to the 30-year bull market in fixed income as interest rates continued their rise from their near-zero levels. The Bloomberg Barclays U.S. Aggregate Bond Index returned -1.62% during the period, with interest-rate sensitive investment grade corporate credit and government bonds the biggest laggards. Treasury Inflation-Protected Securities (TIPS) and high yield bonds finished roughly flat, the former supported by rising inflation expectations and the latter from relatively more attractive yields, though high yield valuations appear stretched. Global bond results tracked the turbulence within emerging markets—a strong first quarter followed by a second quarter downturn—in finishing down 1.46% as local currency emerging market debt followed equities down sharply.

Liquid alternative investments delivered negative results as well, with the Wilshire Liquid Alternative Index returning -1.55%. The lone bright spot was the Event Driven component of the index, which gained ground amid a surge of merger and acquisition activity that benefitted merger arbitrage and other capital event strategies. The Global Macro segment was the biggest laggard, suffering from the downturn overseas and a lack of consistent trends for managed futures strategies.

Looking ahead to the remainder of 2018, the old Wall Street adage about stocks climbing a “Wall of Worry” appears to be ringing true. Despite solid economic growth, strong corporate earnings, and supportive fiscal policy, market sentiment seems to be waning. Although things are looking good for now, uncertainty surrounding escalating tariffs, and at what point they might disrupt global trade, plus tightening monetary policy in the U.S. support a measured approach. Markets are moving towards a clearer distinction between winners and losers as the wide disparity in returns among sectors and within industries is becoming more notable. While fear and volatility can be uncomfortable, they can also lead to mispriced securities which in turn can lead to chances for active managers to stand out from the passive pack by identifying true value or sustainable growth at the company level. Still, we would caution investors to prepare for a variety of scenarios by building fully diversified portfolios to help dampen the impact of potential shocks to the market while still benefitting from potential long-term appreciation.

Thank you for choosing Jackson for your investment needs.

Mark D. Nerud

President and Chief Executive Officer

Jackson Variable Series Trust

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments

June 30, 2018

JNL Interest Rate Opportunities Fund


Composition as of June 30, 2018:
Alternative	24.0	%
Domestic Fixed Income	58.0
Global Fixed Income	12.0
International Fixed Income	6.0
Total Investments	100.0	%

JNL Conservative Allocation Fund


Composition as of June 30, 2018:
Alternative	7.0	%
Domestic Balanced	9.3
Domestic Equity	8.3
Domestic Fixed Income	53.2
Emerging Markets Equity	3.0
Global Fixed Income	7.7
International Equity	6.5
International Fixed Income	5.0
Total Investments	100.0	%

JNL Moderate Allocation Fund


Composition as of June 30, 2018:
Alternative	7.0	%
Domestic Balanced	11.0
Domestic Equity	14.9
Domestic Fixed Income	38.4
Emerging Markets Equity	5.7
Global Equity	2.0
Global Fixed Income	6.0
International Equity	10.7
International Fixed Income	4.3
Total Investments	100.0	%

JNL Institutional Alt 100 Fund


Composition as of June 30, 2018:
Alternative	100.0	%
Total Investments	100.0	%

JNL Real Assets Fund


Composition as of June 30, 2018:
Alternative	63.9	%
Domestic Fixed Income	36.1
Total Investments	100.0	%

JNL/American Funds Global Growth Fund


Composition as of June 30, 2018:
Global Equity	100.0	%
Total Investments	100.0	%

JNL/American Funds Growth Fund


Composition as of June 30, 2018:
Domestic Equity	100.0	%
Total Investments	100.0	%

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares			Value ($)
JNL Interest Rate Opportunities Fund
INVESTMENT COMPANIES 100.0%
Alternative 24.0%
	JNL Multi-Manager Alternative Fund - Class I (0.2%) (a)	228			2,309
	JNL/BlackRock Global Long Short Credit Fund - Class I (0.8%) (a)	119			1,153
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I (0.7%) (a)	281			2,696
	JNL/FAMCO Flex Core Covered Call Fund - Class I (0.6%) (a)	77			946
	JNL/Invesco Global Real Estate Fund - Class I (0.1%) (a)	95			964
	JNL/PPM America Long Short Credit Fund - Class I (0.9%) (a)	129			1,156
			9,224
Domestic Fixed Income 58.1%
	JNL/Crescent High Income Fund - Class I (0.8%) (a)	427			4,617
	JNL/DoubleLine Total Return Fund - Class I (0.2%) (a)	426			4,623
	JNL/PIMCO Income Fund - Class I (0.4%) (a)	386			3,849
	JNL/PIMCO Real Return Fund - Class I (0.1%) (a)	230			2,311
	JNL/PPM America Floating Rate Income Fund - Class I (0.2%) (a)	289			3,081
	JNL/Scout Unconstrained Bond Fund - Class I (0.6%) (a)	390			3,850
			22,331
Global Fixed Income 11.9%
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I (0.3%) (a)	434			4,601
International Fixed Income 6.0%
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (0.4%) (a)	214			2,308
	Total Investment Companies (cost $38,559)		38,464
Total Investments 100.0% (cost $38,559)			38,464
Other Assets and Liabilities, Net (0.0)%			(11)
Total Net Assets 100.0%				38,453

(a) The Fund's percentage ownership of the underlying affiliated fund at June 30, 2018 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.


JNL Conservative Allocation Fund
INVESTMENT COMPANIES 100.0%
Alternative 7.0%
	JNL Multi-Manager Alternative Fund - Class I (0.9%) (a)	963			9,732
	JNL/Boston Partners Global Long Short Equity Fund - Class I (0.8%) (a)	423			4,482
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I (1.4%) (a)	545			5,234
	JNL/Mellon Capital Real Estate Sector Fund - Class I (1.0%) (a)	145			1,505
			20,953
Domestic Balanced 9.3%
	JNL/FPA + DoubleLine Flexible Allocation Fund - Class I (0.4%) (a)	654			8,240
	JNL/T. Rowe Price Capital Appreciation Fund - Class I (0.6%) (a)	1,327			19,480
			27,720
Domestic Equity 8.3%
	JNL Multi-Manager Mid Cap Fund - Class I (0.5%) (a)	351			4,490
	JNL Multi-Manager Small Cap Growth Fund - Class I (0.1%) (a)	48			1,494
	JNL Multi-Manager Small Cap Value Fund - Class I (0.1%) (a)	95			1,488
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I (0.5%) (a)	534			8,236
	JNL/Invesco Diversified Dividend Fund - Class I (1.6%) (a)	888			8,997
			24,705
Domestic Fixed Income 53.2%
	JNL/Crescent High Income Fund - Class I (1.3%) (a)	691			7,475
		Shares			Value ($)
	JNL/DoubleLine Core Fixed Income Fund - Class I (0.3%) (a)	922			12,714
	JNL/DoubleLine Total Return Fund - Class I (1.9%) (a)	3,721			40,408
	JNL/PIMCO Credit Income Fund - Class I (3.9%) (a)	1,515			17,211
	JNL/PIMCO Income Fund - Class I (1.9%) (a)	1,797			17,937
	JNL/PIMCO Real Return Fund - Class I (0.2%) (a)	298			2,993
	JNL/PPM America High Yield Bond Fund - Class I (0.1%) (a)	190			2,986
	JNL/PPM America Total Return Fund - Class I (3.2%) (a)	3,240			38,162
	JNL/Scout Unconstrained Bond Fund - Class I (2.9%) (a)	1,968			19,443
			159,329
Emerging Markets Equity 3.0%
	JNL/GQG Emerging Markets Equity Fund - Class I (1.1%) (a)	531			5,236
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I (0.7%) (a)	329			3,745
			8,981
Global Fixed Income 7.7%
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I (1.4%) (a)	2,176			23,085
International Equity 6.5%
	JNL/Causeway International Value Select Fund - Class I (0.5%) (a)	496			8,274
	JNL/Mellon Capital International Index Fund - Class I (0.1%) (a)	143			2,254
	JNL/WCM Focused International Equity Fund - Class I (0.6%) (a)	608			9,010
			19,538
International Fixed Income 5.0%
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (2.7%) (a)	1,386			14,943
	Total Investment Companies (cost $298,746)		299,254
Total Investments 100.0% (cost $298,746)			299,254
Other Assets and Liabilities, Net (0.0)%			(79)
Total Net Assets 100.0%				299,175


JNL Moderate Allocation Fund
INVESTMENT COMPANIES 100.0%
Alternative 7.0%
	JNL Multi-Manager Alternative Fund - Class I (1.5%) (a)	1,616		16,342
	JNL/Boston Partners Global Long Short Equity Fund - Class I (0.9%) (a)	473		5,014
	JNL/Brookfield Global Infrastructure and MLP Fund - Class I (0.1%) (a)	93		1,278
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I (1.6%) (a)	656		6,302
	JNL/Invesco Global Real Estate Fund - Class I (0.1%) (a)	250		2,530
	JNL/Mellon Capital Real Estate Sector Fund - Class I (1.7%) (a)	250		2,588
	JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund - Class I (0.7%) (a)	109		1,257
			35,311
Domestic Balanced 11.0%
	JNL/FPA + DoubleLine Flexible Allocation Fund - Class I (0.9%) (a)	1,394		17,562
	JNL/T. Rowe Price Capital Appreciation Fund - Class I (1.2%) (a)	2,572		37,756
			55,318
Domestic Equity 14.9%
	JNL Multi-Manager Mid Cap Fund - Class I (1.6%) (a)	1,174		15,021
	JNL Multi-Manager Small Cap Growth Fund - Class I (0.2%) (a)	120		3,747
	JNL Multi-Manager Small Cap Value Fund - Class I (0.3%) (a)	238		3,749
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I (1.3%) (a)	1,300		20,028

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares			Value ($)
	JNL/Invesco Diversified Dividend Fund - Class I (2.7%) (a)	1,497			15,165
	JNL/Mellon Capital S&P 500 Index Fund - Class I (0.0%) (a)	163			3,761
	JNL/T. Rowe Price Established Growth Fund - Class I (0.1%) (a)	277			13,793
			75,264
Domestic Fixed Income 38.5%
	JNL/Crescent High Income Fund - Class I (1.5%) (a)	815			8,818
	JNL/DoubleLine Core Fixed Income Fund - Class I (0.5%) (a)	1,377			18,985
	JNL/DoubleLine Total Return Fund - Class I (2.4%) (a)	4,667			50,678
	JNL/PIMCO Credit Income Fund - Class I (4.3%) (a)	1,672			18,990
	JNL/PIMCO Income Fund - Class I (2.7%) (a)	2,535			25,297
	JNL/PIMCO Real Return Fund - Class I (0.3%) (a)	506			5,080
	JNL/PPM America High Yield Bond Fund - Class I (0.2%) (a)	240			3,773
	JNL/PPM America Total Return Fund - Class I (3.3%) (a)	3,330			39,223
	JNL/Scout Unconstrained Bond Fund - Class I (3.4%) (a)	2,306			22,780
			193,624
Emerging Markets Equity 5.7%
	JNL/GQG Emerging Markets Equity Fund - Class I (2.9%) (a)	1,384			13,649
	JNL/Lazard Emerging Markets Fund - Class I (0.7%) (a)	615			6,241
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I (1.5%) (a)	765			8,709
			28,599
Global Equity 2.0%
	JNL/Harris Oakmark Global Equity Fund - Class I (1.0%) (a)	873			9,957
Global Fixed Income 6.0%
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I (1.8%) (a)	2,842			30,157
International Equity 10.7%
	JNL/Causeway International Value Select Fund - Class I (1.3%) (a)	1,423			23,746
	JNL/Mellon Capital International Index Fund - Class I (0.3%) (a)	318			5,005
	JNL/WCM Focused International Equity Fund - Class I (1.6%) (a)	1,691			25,051
			53,802
International Fixed Income 4.2%
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (3.9%) (a)	1,990			21,448
	Total Investment Companies (cost $497,694)		503,480
Total Investments 100.0% (cost $497,694)			503,480
Other Assets and Liabilities, Net (0.0)%			(135)
Total Net Assets 100.0%				503,345


JNL Institutional Alt 100 Fund
INVESTMENT COMPANIES 100.0%
Alternative 100.0%
	JNL Multi-Manager Alternative Fund - Class I (4.1%) (a)	4,247			42,939
	JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class I (4.3%) (a)	1,883			23,710
	JNL/AQR Managed Futures Strategy Fund - Class I (7.4%) (a)	3,256			25,850
	JNL/BlackRock Global Long Short Credit Fund - Class I (10.0%) (a)	1,556			15,014
	JNL/Boston Partners Global Long Short Equity Fund - Class I (9.1%) (a)	4,728			50,067
	JNL/Brookfield Global Infrastructure and MLP Fund - Class I (0.6%) (a)	418			5,773
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I (8.2%) (a)	3,283			31,520
		Shares			Value ($)
	JNL/Invesco Global Real Estate Fund - Class I (0.9%) (a)	1,563			15,789
	JNL/Mellon Capital Real Estate Sector Fund - Class I (5.6%) (a)	836			8,660
	JNL/Neuberger Berman Currency Fund - Class I (8.6%) (a)	636			6,441
	JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund - Class I (6.5%) (a)	977			11,313
	JNL/Nicholas Convertible Arbitrage Fund - Class I (6.7%) (a)	1,114			11,437
	JNL/PPM America Long Short Credit Fund - Class I (8.7%) (a)	1,280			11,461
	JNL/Westchester Capital Event Driven Fund - Class I (11.5%) (a)	2,431			25,814
	Total Investment Companies (cost $283,664)		285,788
Total Investments 100.0% (cost $283,664)			285,788
Other Assets and Liabilities, Net (0.0)%			(84)
Total Net Assets 100.0%				285,704


JNL Real Assets Fund
INVESTMENT COMPANIES 100.0%
Alternative 63.9%
	JNL/BlackRock Global Natural Resources Fund - Class I (0.2%) (a)	142			1,257
	JNL/Brookfield Global Infrastructure and MLP Fund - Class I (0.1%) (a)	85			1,172
	JNL/Invesco Global Real Estate Fund - Class I (0.1%) (a)	173			1,749
	JNL/Mellon Capital Real Estate Sector Fund - Class I (0.8%) (a)	114			1,183
	JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund - Class I (0.7%) (a)	98			1,138
	JNL/VanEck International Gold Fund - Class I (1.7%) (a)	96			930
			7,429
Domestic Fixed Income 36.1%
	JNL/PIMCO Real Return Fund - Class I (0.2%) (a)	418			4,197
	Total Investment Companies (cost $11,367)		11,626
Total Investments 100.0% (cost $11,367)			11,626
Other Assets and Liabilities, Net (0.0)%			(3)
Total Net Assets 100.0%				11,623


JNL/American Funds Global Growth Fund
INVESTMENT COMPANIES 100.0%
Global Equity 100.0%
	American Funds Insurance Series - Global Growth Fund - Class 1	6,923			203,406
	Total Investment Companies (cost $194,688)		203,406
Total Investments 100.0% (cost $194,688)			203,406
Other Assets and Liabilities, Net (0.0)%			(53)
Total Net Assets 100.0%				203,353


JNL/American Funds Growth Fund
INVESTMENT COMPANIES 100.0%
Domestic Equity 100.0%
	American Funds Insurance Series - Growth Fund - Class 1	5,545			429,039
	Total Investment Companies (cost $403,100)		429,039
Total Investments 100.0% (cost $403,100)			429,039
Other Assets and Liabilities, Net (0.0)%			(146)
Total Net Assets 100.0%				428,893

Abbreviations:

CAPE - Cyclically Adjusted Price Earnings

MLP - Master Limited Partnership

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018

Long Term Investments in Affiliates

The Funds of Funds invested solely in shares of other affiliated Funds advised by Jackson National Asset Management, LLC. The following table details each Fund's long term investments in affiliates held during the period ended June 30, 2018.


Affiliate		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Distributions from Funds($)	Realized Gain/Loss from Sales($)		Change in Unrealized Appreciation (Depreciation)($)		Value End of Period($)	Percentage of Net Assets(%)
JNL Interest Rate Opportunities Fund
	JNL Multi-Manager Alternative Fund - Class I	2,441	82	194	—	3		(23	)	2,309	6.0
	JNL/BlackRock Global Long Short Credit Fund - Class I	1,220	36	102	—	2		(3	)	1,153	3.0
	JNL/Crescent High Income Fund - Class I	4,878	132	398	—	2		3		4,617	12.0
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I	2,439	96	151	—	(3	)	(73	)	2,308	6.0
	JNL/DoubleLine Total Return Fund - Class I	4,874	183	437	—	(1	)	4		4,623	12.0
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I	2,851	97	188	—	4		(68	)	2,696	7.0
	JNL/FAMCO Flex Core Covered Call Fund - Class I	1,013	78	125	—	5		(25	)	946	2.5
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I	4,863	148	330	—	(2	)	(78	)	4,601	12.0
	JNL/Invesco Global Real Estate Fund - Class I	1,022	72	128	—	3		(5	)	964	2.5
	JNL/PIMCO Income Fund - Class I	4,065	127	302	—	(2	)	(39	)	3,849	10.0
	JNL/PIMCO Real Return Fund - Class I	2,444	91	217	—	(1	)	(6	)	2,311	6.0
	JNL/PPM America Floating Rate Income Fund - Class I	3,252	88	299	—	6		34		3,081	8.0
	JNL/PPM America Long Short Credit Fund - Class I	1,220	33	102	—	2		3		1,156	3.0
	JNL/Scout Unconstrained Bond Fund - Class I	4,065	161	344	—	(3	)	(29	)	3,850	10.0
		40,647	1,424	3,317	—	15		(305	)	38,464	100.0
JNL Conservative Allocation Fund
	JNL Multi-Manager Alternative Fund - Class I	7,722	2,379	270	—	4		(103	)	9,732	3.3
	JNL Multi-Manager Mid Cap Fund - Class I	3,842	919	435	—	39		125		4,490	1.5
	JNL Multi-Manager Small Cap Growth Fund - Class I	1,277	312	304	—	48		161		1,494	0.5
	JNL Multi-Manager Small Cap Value Fund - Class I	1,275	335	168	—	12		34		1,488	0.5
	JNL/Boston Partners Global Long Short Equity Fund - Class I	3,864	976	160	—	4		(202	)	4,482	1.5
	JNL/Causeway International Value Select Fund - Class I	7,111	2,178	603	—	32		(444	)	8,274	2.8
	JNL/Crescent High Income Fund - Class I	6,440	1,260	233	—	1		7		7,475	2.5
	JNL/DoubleLine Core Fixed Income Fund - Class I	—	12,950	324	—	1		87		12,714	4.2
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I	13,523	2,867	985	—	(17	)	(445	)	14,943	5.0
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I	7,690	2,208	1,936	—	172		102		8,236	2.8
	JNL/DoubleLine Total Return Fund - Class I	45,080	8,016	12,635	—	(107	)	54		40,408	13.5
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I	3,872	1,612	124	—	2		(128	)	5,234	1.7
	JNL/Epoch Global Shareholder Yield Fund - Class I	3,221	497	3,614	—	(4	)	(100	)	—	—
	JNL/FPA + DoubleLine Flexible Allocation Fund - Class I	7,710	1,842	1,216	—	53		(149	)	8,240	2.8
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I	18,653	5,733	852	—	(4	)	(445	)	23,085	7.7
	JNL/GQG Emerging Markets Equity Fund - Class I	2,587	3,535	422	—	32		(496	)	5,236	1.7
	JNL/Invesco Diversified Dividend Fund - Class I	8,991	2,138	1,952	—	22		(202	)	8,997	3.0
	JNL/Mellon Capital International Index Fund - Class I	—	2,401	79	—	—		(68	)	2,254	0.8
	JNL/Mellon Capital Real Estate Sector Fund - Class I	—	1,493	166	—	12		166		1,505	0.5
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I	2,629	1,620	294	—	24		(234	)	3,745	1.2
	JNL/PIMCO Credit Income Fund - Class I	16,114	3,338	1,710	—	(33	)	(498	)	17,211	5.7
	JNL/PIMCO Income Fund - Class I	14,170	4,361	445	—	(1	)	(148	)	17,937	6.0
	JNL/PIMCO Real Return Fund - Class I	3,869	653	1,500	—	(20	)	(9	)	2,993	1.0
	JNL/PPM America High Yield Bond Fund - Class I	2,575	529	96	—	1		(23	)	2,986	1.0
	JNL/PPM America Total Return Fund - Class I	34,132	6,944	2,377	—	(26	)	(511	)	38,162	12.8
	JNL/Scout Unconstrained Bond Fund - Class I	16,746	3,428	586	—	(5	)	(140	)	19,443	6.5
	JNL/T. Rowe Price Capital Appreciation Fund - Class I	17,326	3,587	1,910	—	87		390		19,480	6.5
	JNL/WCM Focused International Equity Fund - Class I	7,113	2,632	948	—	72		141		9,010	3.0
		257,532	80,743	36,344	—	401		(3,078	)	299,254	100.0
JNL Moderate Allocation Fund
	JNL Multi-Manager Alternative Fund - Class I	14,358	2,168	19	—	—		(165	)	16,342	3.2
	JNL Multi-Manager Mid Cap Fund - Class I	14,501	729	737	—	67		461		15,021	3.0
	JNL Multi-Manager Small Cap Growth Fund - Class I	3,605	133	529	—	90		448		3,747	0.7
	JNL Multi-Manager Small Cap Value Fund - Class I	2,425	1,464	274	—	21		113		3,749	0.7
	JNL/Boston Partners Global Long Short Equity Fund - Class I	4,782	513	52	—	1		(230	)	5,014	1.0
	JNL/Brookfield Global Infrastructure and MLP Fund - Class I	—	1,281	33	—	1		29		1,278	0.3
	JNL/Causeway International Value Select Fund - Class I	21,742	3,915	676	—	35		(1,270	)	23,746	4.7
	JNL/Crescent High Income Fund - Class I	11,517	55	2,755	—	6		(5	)	8,818	1.8

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Affiliate		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Distributions from Funds($)	Realized Gain/Loss from Sales($)		Change in Unrealized Appreciation (Depreciation)($)		Value End of Period($)	Percentage of Net Assets(%)
	JNL/DoubleLine Core Fixed Income Fund - Class I	—	18,976	126	—	1		134		18,985	3.8
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I	24,892	2,402	5,097	—	(85	)	(664	)	21,448	4.3
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I	19,216	1,365	1,162	—	107		502		20,028	4.0
	JNL/DoubleLine Total Return Fund - Class I	62,064	4,739	16,014	—	(144	)	33		50,678	10.1
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I	4,782	1,698	29	—	1		(150	)	6,302	1.3
	JNL/Epoch Global Shareholder Yield Fund - Class I	7,198	300	7,272	—	1		(227	)	—	—
	JNL/FPA + DoubleLine Flexible Allocation Fund - Class I	21,526	1,053	4,828	—	212		(401	)	17,562	3.5
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I	26,060	5,105	441	—	(3	)	(564	)	30,157	6.0
	JNL/GQG Emerging Markets Equity Fund - Class I	7,256	7,942	311	—	26		(1,264	)	13,649	2.7
	JNL/Harris Oakmark Global Equity Fund - Class I	9,645	1,188	298	—	7		(585	)	9,957	2.0
	JNL/Invesco Diversified Dividend Fund - Class I	17,972	999	3,430	—	31		(407	)	15,165	3.0
	JNL/Invesco Global Real Estate Fund - Class I	3,615	252	1,257	—	(26	)	(54	)	2,530	0.5
	JNL/Lazard Emerging Markets Fund - Class I	6,127	1,035	146	—	14		(789	)	6,241	1.2
	JNL/Mellon Capital International Index Fund - Class I	—	5,254	93	—	—		(156	)	5,005	1.0
	JNL/Mellon Capital Real Estate Sector Fund - Class I	2,398	314	172	—	(1	)	49		2,588	0.5
	JNL/Mellon Capital S&P 500 Index Fund - Class I	3,610	240	188	—	18		81		3,761	0.7
	JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund - Class I	—	1,304	56	—	1		8		1,257	0.3
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I	6,190	3,236	208	—	21		(530	)	8,709	1.7
	JNL/PIMCO Credit Income Fund - Class I	20,321	1,862	2,559	—	(52	)	(582	)	18,990	3.8
	JNL/PIMCO Income Fund - Class I	21,493	4,209	188	—	—		(217	)	25,297	5.0
	JNL/PIMCO Real Return Fund - Class I	7,188	442	2,491	—	(35	)	(24	)	5,080	1.0
	JNL/PPM America High Yield Bond Fund - Class I	4,784	256	1,231	—	14		(50	)	3,773	0.7
	JNL/PPM America Total Return Fund - Class I	39,436	3,256	2,854	—	(35	)	(580	)	39,223	7.8
	JNL/Scout Unconstrained Bond Fund - Class I	21,484	2,057	585	—	(5	)	(171	)	22,780	4.5
	JNL/T. Rowe Price Capital Appreciation Fund - Class I	36,974	1,265	1,422	—	62		877		37,756	7.5
	JNL/T. Rowe Price Established Growth Fund - Class I	11,918	1,858	1,236	—	169		1,084		13,793	2.7
	JNL/WCM Focused International Equity Fund - Class I	21,743	3,595	855	—	69		499		25,051	5.0
		480,822	86,460	59,624	—	589		(4,767	)	503,480	100.0
JNL Institutional Alt 100 Fund
	JNL Multi-Manager Alternative Fund - Class I	50,166	—	6,893	—	122		(456	)	42,939	15.0
	JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class I	32,446	—	8,184	—	352		(904	)	23,710	8.3
	JNL/AQR Managed Futures Strategy Fund - Class I	30,900	138	3,627	—	142		(1,703	)	25,850	9.1
	JNL/BlackRock Global Long Short Credit Fund - Class I	20,888	44	5,928	—	90		(80	)	15,014	5.3
	JNL/Boston Partners Global Long Short Equity Fund - Class I	58,544	54	6,164	—	214		(2,581	)	50,067	17.5
	JNL/Brookfield Global Infrastructure and MLP Fund - Class I	6,689	15	829	—	(18	)	(84	)	5,773	2.0
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I	35,992	758	4,483	—	98		(845	)	31,520	11.0
	JNL/Invesco Global Real Estate Fund - Class I	20,157	34	4,254	—	83		(231	)	15,789	5.5
	JNL/Mellon Capital Real Estate Sector Fund - Class I	10,831	93	2,260	—	(32	)	28		8,660	3.0
	JNL/Neuberger Berman Currency Fund - Class I	7,513	20	1,180	—	8		80		6,441	2.3
	JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund - Class I	—	11,706	243	—	6		(156	)	11,313	4.0
	JNL/Nicholas Convertible Arbitrage Fund - Class I	15,019	26	3,803	—	58		137		11,437	4.0
	JNL/PPM America Long Short Credit Fund - Class I	13,367	29	1,982	—	33		14		11,461	4.0
	JNL/Westchester Capital Event Driven Fund - Class I	31,794	25	7,652	—	255		1,392		25,814	9.0
		334,306	12,942	57,482	—	1,411		(5,389	)	285,788	100.0
JNL Real Assets Fund
	JNL/BlackRock Global Natural Resources Fund - Class I	1,374	68	196	—	18		(7	)	1,257	10.8
	JNL/Brookfield Global Infrastructure and MLP Fund - Class I	1,203	49	61	—	(2	)	(17	)	1,172	10.1
	JNL/Invesco Global Real Estate Fund - Class I	1,808	76	130	—	4		(9	)	1,749	15.0
	JNL/Mellon Capital Real Estate Sector Fund - Class I	1,194	104	129	—	(1	)	15		1,183	10.2
	JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund - Class I	1,234	22	154	—	12		24		1,138	9.8
	JNL/PIMCO Real Return Fund - Class I	4,338	205	335	—	(2	)	(9	)	4,197	36.1
	JNL/VanEck International Gold Fund - Class I	1,007	67	94	—	—		(50	)	930	8.0
		12,158	591	1,099	—	29		(53	)	11,626	100.0

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

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

June 30, 2018


		JNL Interest Rate Opportunities Fund			JNL Conservative Allocation Fund		JNL Moderate Allocation Fund		JNL Institutional Alt 100 Fund		JNL Real Assets Fund		JNL/American Funds Global Growth Fund(a)		JNL/American Funds Growth Fund(a)
Assets
Investments - unaffiliated, at value		$	—		$	—	$	—	$	—	$	—	$	203,406	$	429,039
Investments - affiliated, at value			38,464			299,254		503,480		285,788		11,626		—		—
Receivable from:
	Investment securities sold		3			22		—		467		24		875		—
	Fund shares sold		—			18		668		4		—		133		315
	Adviser		—			—		—		—		—		101		194
Other assets			—			2		3		3		—		2		3
Total assets			38,467			299,296		504,151		286,262		11,650		204,517		429,551
Liabilities
Payable for:
	Investment securities purchased		—			—		468		—		—		—		30
	Fund shares redeemed		4			40		200		471		24		1,009		285
	Advisory fees		5			37		62		36		1		118		265
	Administrative fees		1			12		21		12		—		17		35
	12b-1 fees (Class A)		2			17		29		16		1		12		24
	Board of trustee fees		2			15		25		23		1		8		18
	Other expenses		—			—		1		—		—		—		1
Total liabilities			14			121		806		558		27		1,164		658
Net assets		$	38,453		$	299,175	$	503,345	$	285,704	$	11,623	$	203,353	$	428,893
Net assets consist of:
Paid-in capital(b)		$	38,548		$	298,667	$	497,559	$	283,580	$	11,364	$	179,258	$	402,954
Undistributed (excess of distributions
	over) net investment income (loss)		—			—		—		—		—		451		—
Accumulated net realized gain (loss)			—			—		—		—		—		14,926		—
Net unrealized appreciation (depreciation) on
	investments and foreign currency		(95	)		508		5,786		2,124		259		8,718		25,939
Net assets		$	38,453		$	299,175	$	503,345	$	285,704	$	11,623	$	203,353	$	428,893
Net assets - Class A		$	38,452		$	298,868	$	501,036	$	285,703	$	11,622	$	201,675	$	424,271
Shares outstanding - Class A			3,874			25,529		38,471		27,252		1,185		13,432		18,027
Net asset value per share - Class A		$	9.93		$	11.71	$	13.02	$	10.48	$	9.81	$	15.02	$	23.54
Net assets - Class I		$	1		$	307	$	2,309	$	1	$	1	$	1,678	$	4,622
Shares outstanding - Class I			—			26		177		—		—		111		196
Net asset value per share - Class I		$	9.96		$	11.74	$	13.05	$	10.52	$	9.85	$	15.06	$	23.60
Investments - unaffiliated, at cost		$	—		$	—	$	—	$	—	$	—	$	194,688	$	403,100
Investments - affiliated, at cost			38,559			298,746		497,694		283,664		11,367		—		—


(a)	The Master Funds for the Master Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. These financial statements should be read in conjunction with each Master Fund's shareholder report.
(b)	Represents partners' capital for funds structured as partnerships.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Statements of Operations (in thousands)

For the Six Months Ended June 30, 2018


			JNL Interest Rate Opportunities Fund			JNL Conservative Allocation Fund			JNL Moderate Allocation Fund			JNL Institutional Alt 100 Fund			JNL Real Assets Fund			JNL/American Funds Global Growth Fund(a)			JNL/American Funds Growth Fund(a)
Investment income
Dividends			$	—		$	—		$	—		$	—		$	—		$	—		$	—
Dividends received from master fund				—			—			—			—			—			250			612
Total investment income				—			—			—			—			—			250			612

Expenses
Advisory fees				30			213			370			230			9			665			1,506
Administrative fees				10			70			123			77			3			94			201
12b-1 fees (Class A)				59			425			738			460			18			284			599
Legal fees				—			3			3			1			—			2			4
Board of trustee fees				2			13			23			15			—			9			18
Other expenses				—			—			1			2			—			—			—
Total expenses				101			724			1,258			785			30			1,054			2,328
Expense waiver				—			—			—			—			—			(570	)		(1,105	)
Net expenses				101			724			1,258			785			30			484			1,223
Net investment income (loss)				(101	)		(724	)		(1,258	)		(785	)		(30	)		(234	)		(611	)

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Investments - unaffiliated			—			—			—			—			—			599			253
	Investments - affiliated			15			401			589			1,411			29			—			—
	Distributions from unaffiliated
		investment companies		—			—			—			—			—			13,676			41,024
Net change in unrealized appreciation
	(depreciation) on:
	Investments - unaffiliated			—			—			—			—			—			(9,589	)		(4,373	)
	Investments - affiliated			(305	)		(3,078	)		(4,767	)		(5,389	)		(53	)		—			—
Net realized and unrealized gain (loss)				(290	)		(2,677	)		(4,178	)		(3,978	)		(24	)		4,686			36,904
Change in net assets from operations			$	(391	)	$	(3,401	)	$	(5,436	)	$	(4,763	)	$	(54	)	$	4,452		$	36,293


(a)	The Master Funds for the Master Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. These financial statements should be read in conjunction with each Master Fund's shareholder report.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Statements of Changes in Net Assets (in thousands)

For the Six Months Ended June 30, 2018


		JNL Interest Rate Opportunities Fund			JNL Conservative Allocation Fund			JNL Moderate Allocation Fund			JNL Institutional Alt 100 Fund			JNL Real Assets Fund			JNL/American Funds Global Growth Fund(a)			JNL/American Funds Growth Fund(a)
Operations
Net investment income (loss)		$	(101	)	$	(724	)	$	(1,258	)	$	(785	)	$	(30	)	$	(234	)	$	(611	)
Net realized gain (loss)			15			401			589			1,411			29			14,275			41,277
Net change in unrealized appreciation
	(depreciation)		(305	)		(3,078	)		(4,767	)		(5,389	)		(53	)		(9,589	)		(4,373	)
Change in net assets from operations			(391	)		(3,401	)		(5,436	)		(4,763	)		(54	)		4,452			36,293
Share transactions¹
Proceeds from the sale of shares
	Class A		2,459			82,899			71,615			7,838			963			44,632			49,239
	Class I		—			308			1,789			—			—			1,524			4,063
Cost of shares redeemed
	Class A		(4,249	)		(38,076	)		(45,277	)		(51,551	)		(1,440	)		(16,655	)		(35,082	)
	Class I		—			(6	)		(13	)		—			—			(90	)		(70	)
Change in net assets from
	share transactions		(1,790	)		45,125			28,114			(43,713	)		(477	)		29,411			18,150
Change in net assets			(2,181	)		41,724			22,678			(48,476	)		(531	)		33,863			54,443
Net assets beginning of period			40,634			257,451			480,667			334,180			12,154			169,490			374,450
Net assets end of period		$	38,453		$	299,175		$	503,345		$	285,704		$	11,623		$	203,353		$	428,893
Undistributed (excess of distributions
	over) net investment income (loss)	$	—		$	—		$	—		$	—		$	—		$	451		$	—

¹Share transactions
Shares sold
	Class A		247			7,026			5,438			738			99			2,931			2,157
	Class I		—			25			136			—			—			99			177
Shares redeemed
	Class A		(426	)		(3,229	)		(3,443	)		(4,851	)		(149	)		(1,099	)		(1,549	)
	Class I		—			—			(1	)		—			—			(6	)		(3	)
Change in shares
	Class A		(179	)		3,797			1,995			(4,113	)		(50	)		1,832			608
	Class I		—			25			135			—			—			93			174
Purchases and sales of long term
	investments
Purchase of securities		$	1,424		$	80,743		$	86,460		$	12,942		$	591		$	47,899		$	68,330
Proceeds from sales of securities		$	3,317		$	36,344		$	59,624		$	57,482		$	1,099		$	5,044		$	9,764


(a)	The Master Funds for the Master Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. These financial statements should be read in conjunction with each Master Fund's shareholder report.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2017


		JNL Interest Rate Opportunities Fund(a)			JNL Conservative Allocation Fund(a)			JNL Moderate Allocation Fund(a)			JNL Institutional Alt 100 Fund(a)			JNL Real Assets Fund(a)			JNL/American Funds Global Growth Fund(a)(b)			JNL/American Funds Growth Fund(a)(b)
Operations
Net investment income (loss)		$	594		$	1,888		$	4,325		$	4,152		$	360		$	687		$	600
Net realized gain (loss)			303			9,822			38,203			(12,734	)		(763	)		4,045			29,544
Net change in unrealized appreciation
	(depreciation)		781			1,413			2,675			26,041			1,175			28,918			43,743
Change in net assets from operations			1,678			13,123			45,203			17,459			772			33,650			73,887
Distributions to shareholders
From net investment income
	Class A		—			—			—			—			—			(911	)		—
From net realized gains
	Class A		—			—			—			—			—			(7,036	)		—
Total distributions to shareholders			—			—			—			—			—			(7,947	)		—
Share transactions¹
Proceeds from the sale of shares
	Class A		6,221			72,351			69,899			22,652			2,720			69,034			115,629
	Class I		1			7			550			1			1			255			471
Proceeds in connection with acquisition
	Class A		—			70,641			—			—			—			—			—
Reinvestment of distributions
	Class A		—			—			—			—			—			7,947			—
Cost of shares redeemed
	Class A		(8,626	)		(47,737	)		(82,342	)		(96,328	)		(4,930	)		(25,477	)		(48,058	)
Change in net assets from
	share transactions		(2,404	)		95,262			(11,893	)		(73,675	)		(2,209	)		51,759			68,042
Change in net assets			(726	)		108,385			33,310			(56,216	)		(1,437	)		77,462			141,929
Net assets beginning of year			41,360			149,066			447,357			390,396			13,591			92,028			232,521
Net assets end of year		$	40,634		$	257,451		$	480,667		$	334,180		$	12,154		$	169,490		$	374,450
Undistributed (excess of distributions
	over) net investment income (loss)	$	—		$	—		$	—		$	—		$	—		$	685		$	—

¹Share transactions
Shares sold
	Class A		630			6,238			5,492			2,181			286			5,044			6,031
	Class I		—			1			42			—			—			18			22
Shares issued in connection with acquisition
	Class A		—			6,042			—			—			—			—			—
Reinvestment of distributions
	Class A		—			—			—			—			—			568			—
Shares redeemed
	Class A		(876	)		(4,126	)		(6,564	)		(9,308	)		(519	)		(1,848	)		(2,457	)
Change in shares
	Class A		(246	)		8,154			(1,072	)		(7,127	)		(233	)		3,764			3,574
	Class I		—			1			42			—			—			18			22


(a)	Effective September 25, 2017, Class I shares were offered by the Fund.
(b)	The Master Funds for the Master Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. These financial statements should be read in conjunction with each Master Fund's shareholder report.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Financial Highlights

For a Share Outstanding


			Increase (decrease) from investment operations			Distributions from							Supplemental data				Ratios(a)(b)
Period ended		Net asset value, beginning of period($)	Net investment income (loss)($)(c)	Net realized & unrealized gains (losses)($)	Total from investment operations($)	Net investment income($)		Net realized gains on investment transactions($)		Net asset value, end of period($)		Total return(%)(d)	Net assets, end of period (in thousands)($)	Portfolio turnover (%)(e)		Net expenses to average net assets(%)(f)	Total expenses to average net assets(%)(f)	Net investment income (loss) to average net assets(%)

JNL Interest Rate Opportunities Fund(g)
Class A
06/30/18		10.02	(0.03)	(0.06)	(0.09)	—		—		9.93		(0.90)	38,452	4		0.51	0.51	(0.51)
12/31/17		9.62	0.14	0.26	0.40	—		—		10.02		4.16	40,633	131	(h)	0.31	0.31	1.46
12/31/16		9.20	0.14	0.28	0.42	—		—		9.62		4.57	41,360	28		0.22	0.22	1.46
12/31/15		9.79	0.36	(0.75)	(0.39)	(0.09)		(0.11)		9.20		(3.91)	49,186	86		0.23	0.23	3.66
12/31/14		9.84	0.09	0.01	0.10	(0.14)		(0.01)		9.79		1.05	51,653	13		0.27	0.27	0.85
12/31/13	*	10.00	0.21	(0.37)	(0.16)	—		—		9.84		(1.60)	31,347	25		0.42	0.42	3.14

Class I
06/30/18		10.04	0.00	(0.08)	(0.08)	—		—		9.96		(0.80)	1	4		—	—	0.00
12/31/17	‡‡	9.98	0.00	0.06	0.06	—		—		10.04		0.60	1	131	(h)	—	—	0.00


JNL Conservative Allocation Fund(g)
Class A
06/30/18		11.85	(0.03)	(0.11)	(0.14)	—		—		11.71		(1.18)	298,868	13		0.51	0.51	(0.51)
12/31/17		10.98	0.12	0.75	0.87	—		—		11.85		7.92	257,444	167	(h)	0.34	0.34	1.03
12/31/16		10.51	0.10	0.37	0.47	—		—		10.98		4.47	149,066	50		0.22	0.22	0.96
12/31/15		10.93	0.22	(0.40)	(0.18)	(0.12)		(0.12)		10.51		(1.70)	132,938	113		0.23	0.23	2.06
12/31/14		10.64	0.19	0.20	0.39	(0.07)		(0.03)		10.93		3.71	105,392	35		0.27	0.27	1.74
12/31/13		10.62	0.15	(0.06)	0.09	(0.06)		(0.01)		10.64		0.85	58,236	88		0.42	0.42	1.37

Class I
06/30/18		11.86	(0.01)	(0.11)	(0.12)	—		—		11.74		(1.01)	307	13		0.21	0.21	(0.21)
12/31/17	‡‡	11.69	(0.01)	0.18	0.17	—		—		11.86		1.45	7	167	(h)	0.20	0.20	(0.20)


JNL Moderate Allocation Fund(g)
Class A
06/30/18		13.16	(0.03)	(0.11)	(0.14)	—		—		13.02		(1.06)	501,036	12		0.51	0.51	(0.51)
12/31/17		11.91	0.12	1.13	1.25	—		—		13.16		10.50	480,115	137	(h)	0.31	0.31	0.95
12/31/16		11.32	0.09	0.50	0.59	—		—		11.91		5.21	447,357	42		0.22	0.22	0.82
12/31/15		11.91	0.21	(0.36)	(0.15)	(0.18)		(0.26)		11.32		(1.33)	428,424	93		0.23	0.23	1.79
12/31/14		11.77	0.12	0.32	0.44	(0.08)		(0.22)		11.91		3.71	357,957	32		0.27	0.27	1.02
12/31/13		10.53	0.16	1.12	1.28	(0.04)		(0.00)	(i)	11.77		12.15	181,542	77		0.42	0.42	1.45

Class I
06/30/18		13.17	(0.01)	(0.11)	(0.12)	—		—		13.05		(0.91)	2,309	12		0.21	0.21	(0.21)
12/31/17	‡‡	12.88	(0.01)	0.30	0.29	—		—		13.17		2.25	552	137	(h)	0.25	0.25	(0.25)


JNL Institutional Alt 100 Fund(g)
Class A
06/30/18		10.65	(0.03)	(0.14)	(0.17)	—		—		10.48		(1.60)	285,703	4		0.51	0.51	(0.51)
12/31/17		10.14	0.12	0.39	0.51	—		—		10.65		5.03	334,179	121	(h)	0.31	0.31	1.17
12/31/16		10.13	0.15	(0.14)	0.01	—		—		10.14		0.10	390,396	15		0.22	0.22	1.44
12/31/15		10.60	0.29	(0.46)	(0.17)	(0.12)		(0.18)		10.13		(1.70)	470,542	61		0.23	0.23	2.73
12/31/14		10.60	0.11	0.13	0.24	(0.11)		(0.13)		10.60		2.27	349,573	43		0.27	0.27	0.98
12/31/13		10.23	0.13	0.26	0.39	(0.00)	(i)	(0.02)		10.60		3.88	290,505	57		0.42	0.42	1.28

Class I
06/30/18		10.67	0.00	(0.15)	(0.15)	—		—		10.52		(1.41)	1	4		—	—	0.00
12/31/17	‡‡	10.42	0.00	0.25	0.25	—		—		10.67	��	2.40	1	121	(h)	—	—	0.00


JNL Real Assets Fund(g)
Class A
06/30/18		9.84	(0.02)	(0.01)	(0.03)	—		—		9.81		(0.30)	11,622	5		0.51	0.51	(0.51)
12/31/17		9.26	0.27	0.31	0.58	—		—		9.84		6.26	12,153	127	(h)	0.31	0.31	2.89
12/31/16		8.22	0.28	0.76	1.04	—		—		9.26		12.65	13,591	27		0.22	0.22	3.05
12/31/15		9.64	0.22	(1.32)	(1.10)	(0.06)		(0.26)		8.22		(11.50)	9,656	64		0.24	0.24	2.38
12/31/14		9.90	0.05	(0.21)	(0.16)	(0.09)		(0.01)		9.64		(1.65)	11,294	47		0.27	0.27	0.47
12/31/13	*	10.00	0.13	(0.23)	(0.10)	—		—		9.90		(1.00)	5,285	10		0.42	0.42	1.90

Class I
06/30/18		9.86	0.00	(0.01)	(0.01)	—		—		9.85		(0.10)	1	5		—	—	0.00
12/31/17	‡‡	9.61	0.00	0.25	0.25	—		—		9.86		2.60	1	127	(h)	0.01	0.01	(0.01)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Financial Highlights

For a Share Outstanding


			Increase (decrease) from investment operations			Distributions from					Supplemental data			Ratios(a)(b)
Period ended		Net asset value, beginning of period($)	Net investment income (loss)($)(c)	Net realized & unrealized gains (losses)($)	Total from investment operations($)	Net investment income($)	Net realized gains on investment transactions($)		Net asset value, end of period($)	Total return(%)(d)	Net assets, end of period (in thousands)($)	Portfolio turnover (%)(e)	Net expenses to average net assets(%)(f)	Total expenses to average net assets(%)(f)	Net investment income (loss) to average net assets(%)
JNL/American Funds Global Growth Fund(j)(k)
Class A
06/30/18		14.59	(0.02)	0.45	0.43	—	—		15.02	2.95	201,675	10	0.51	1.11	(0.25)
12/31/17		11.74	0.07	3.56	3.63	(0.09)	(0.69)		14.59	31.19	169,233	31	0.52	1.12	0.52
12/31/16		11.70	0.07	(0.03)	0.04	—	—		11.74	0.34	92,028	27	0.52	1.12	0.65
12/31/15		11.21	0.15	0.60	0.75	(0.04)	(0.22)		11.70	6.63	96,355	29	0.52	1.13	1.24
12/31/14		11.00	0.17	0.06	0.23	(0.02)	(0.00)	(i)	11.21	2.06	32,999	22	0.51	1.16	1.53
12/31/13	*	10.00	0.22	0.78	1.00	—	—		11.00	10.00	5,355	39	0.62	1.27	7.03

Class I
06/30/18		14.61	0.01	0.44	0.45	—	—		15.06	3.08	1,678	10	0.21	0.81	0.18
12/31/17	‡‡	13.93	0.30	0.38	0.68	—	—		14.61	4.88	257	31	0.25	0.85	7.78


JNL/American Funds Growth Fund(j)(k)
Class A
06/30/18		21.47	(0.03)	2.10	2.07	—	—		23.54	9.64	424,271	11	0.61	1.16	(0.31)
12/31/17		16.79	0.04	4.64	4.68	—	—		21.47	27.87	373,976	24	0.62	1.17	0.19
12/31/16		15.40	0.08	1.31	1.39	—	—		16.79	9.03	232,521	26	0.62	1.17	0.48
12/31/15		14.86	0.06	0.91	0.97	(0.07)	(0.36)		15.40	6.44	186,787	20	0.68	1.18	0.40
12/31/14		13.81	0.15	0.95	1.10	(0.03)	(0.02)		14.86	7.98	106,073	29	0.72	1.22	1.06
12/31/13		10.68	0.10	3.04	3.14	(0.01)	—		13.81	29.45	48,596	19	0.82	1.32	0.81

Class I
06/30/18		21.50	0.03	2.07	2.10	—	—		23.60	9.77	4,622	11	0.31	0.86	0.23
12/31/17	‡‡	20.09	0.35	1.06	1.41	—	—		21.50	7.02	474	24	0.35	0.90	6.17


*	Commencement of operations was as follows: April 29, 2013: JNL Interest Rate Opportunities Fund and JNL Real Assets Fund; September 16, 2013: JNL/American Funds Global Growth Fund.
‡‡	Effective September 25, 2017, Class I shares were offered by the Fund.
(a)	Annualized for periods less than one year.
(b)	Ratios of net investment income and expenses to average net assets do not include the impact of each Master Fund’s and Underlying Funds' expenses. The ratios of net investment income(loss) and expenses to average net assets for both the Master and Feeder Fund are as follows:
		Ratios (annualized for periods less than one year)
		Net expense to average net assets (%)	Total expense to average net assets (%)	Net investment income (loss) to average net assets (%)
JNL/American Funds Global Growth Fund
Class A
06/30/18		1.05	1.65	(0.79)
12/31/17		1.07	1.67	(0.03)
12/31/16		1.08	1.68	0.09
12/31/15		1.07	1.68	0.69
12/31/14		1.06	1.71	0.98
12/31/13		1.17	1.82	6.48
Class I
06/30/18		0.75	1.35	(0.36)
12/31/17		0.80	1.40	7.23
JNL/American Funds Growth Fund
Class A
06/30/18		0.95	1.50	(0.65)
12/31/17		0.97	1.52	(0.16)
12/31/16		0.97	1.52	0.13
12/31/15		1.03	1.53	0.05
12/31/14		1.07	1.57	0.71
12/31/13		1.17	1.67	0.46
Class I
06/30/18		0.65	1.20	(0.11)
12/31/17		0.70	1.25	5.82

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Financial Highlights

For a Share Outstanding


(c)	Calculated using the average shares method.
(d)	Total return assumes reinvestment of all distributions for the period. Total return is not annualized for periods less than one year and does not reflect payment of the expenses that apply to the variable accounts or any annuity charges and if it did performance would be lower.
(e)	Portfolio turnover is not annualized for periods of less than one year. Portfolio turnover for the Funds of Funds is based on the Funds of Funds' purchases and sales of the Underlying Funds. Portfolio turnover for the Master Feeder Funds reflects each Master Fund’s portfolio purchases and sales.
(f)	The expenses or expense waivers for the Funds' Class I shares were $0.00 for certain days during the period and this was a result of the net assets for the Fund being below a level to generate an expense allocation greater than $0.005 for that day. Additionally, the expenses or expense waivers for the Funds' Class I shares were $0.01 for certain days during the period and this was a result of the net assets for the Fund being at a level to generate an expense allocation between $0.005 and $0.01 for that day and rounded to $0.01. As a result, the ratios of net and total expenses to average net assets during the period for Class I shares can be less than or more than the anticipated ratios of net and total expenses to average net assets depending on the net assets that Class I shares acquired during the period.
(g)	Prior to September 25, 2017, the Fund did not charge a 12b-1 fee. The shareholders investing in a Fund of Funds indirectly bore any 12b-1 fees incurred by the Class A shares or regular shares, as applicable of each Underlying Fund. Effective September 25, 2017, the Fund began to charge a Rule 12b-1 fee at a maximum annual rate of 0.30% of the average daily net assets of the Class A shares. At this time, the investment in each Underlying Fund was sold from Class A shares and purchased into Class I shares which do not charge a 12b-1 fee.
(h)	Portfolio turnover includes the purchase and sale in each Underlying Fund which was sold from Class A shares and purchased into Class I shares effective September 25, 2017. Portfolio turnover not including the purchase and sale of each Underlying Fund was as follows:
		Portfolio Turnover (%)
JNL Interest Rate Opportunities Fund		32
JNL Conservative Allocation Fund		47
JNL Moderate Allocation Fund		48
JNL Institutional Alt 100 Fund		25
JNL Real Assets Fund		29
(i)	Amount represents less than $0.005.
(j)	The Master Funds for the JNL/American Funds Master Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The Master Funds for the JNL/Vanguard Master Feeder Funds are the shares of the corresponding Vanguard Variable Insurance Fund. These financial statements should be read in conjunction with each Master Fund's shareholder report.
(k)	Prior to September 25, 2017, the Fund accrued the Rule 12b-1 fee at the maximum annual rate up to 0.20% of the average daily net assets of Class A shares of the Fund. Effective September 25, 2017, the maximum annual rate for Rule 12b-1 fees paid by the Fund changed from 0.20% to 0.30% of the average daily net assets of the Class A shares of the Fund.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

NOTE 1. ORGANIZATION

Jackson Variable Series Trust (“Trust”) is an open-end management investment company organized under the laws of the Commonwealth of Massachusetts, by a Declaration of Trust, dated September 7, 2011, as amended and restated April 27, 2015, and amended September 25, 2017. The Trust is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), and its shares are registered under the Securities Act of 1933, as amended (“1933 Act”). The Trust operates as a series trust, and at June 30, 2018 consisted of twenty-eight (28) separate funds. Information in these financial statements pertains to seven (7) Funds (each a “Fund”, and collectively, “Funds”) offered by the Trust listed in the table below. Each Fund represents shares of beneficial interest in a separate portfolio of securities and other assets, each with its own investment objective.

Jackson National Asset Management, LLC (“JNAM”, “Adviser” or “Administrator”), a wholly-owned subsidiary of Jackson National Life Insurance Company^{^®} (“Jackson”), serves as investment adviser and administrator to each of the Funds. Jackson is an indirect wholly owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom. Prudential plc is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is the United States of America. Shares of each Fund are sold to Jackson and its separate accounts to fund the benefits of variable annuity contracts and variable life insurance policies and to other affiliated registered investment companies. The Funds and each Fund's Adviser are:


Fund:	Adviser:
JNL Interest Rate Opportunities Fund, JNL Conservative Allocation Fund, JNL Moderate Allocation Fund, JNL Institutional Alt 100 Fund and JNL Real Assets Fund. These Funds are collectively known as “Funds of Funds”.	JNAM
JNL/American Funds Global Growth Fund and JNL/American Funds Growth Fund. These Funds are collectively known as “Master Feeder Funds”.	JNAM (Adviser to each Master Feeder Fund) Capital Research and Management Company (Investment Adviser to each Master Fund)

Each Fund, except the Master Feeder Funds, operates under a “Fund of Funds” structure, investing all of its assets in other affiliated funds (each, an “Underlying Fund”, and collectively, the “Underlying Funds”), as applicable, advised by JNAM.

Each of the Master Feeder Funds operates as a “Feeder Fund” and seeks to achieve its respective investment objective by investing all of its assets in a separate mutual fund (“Master Fund”). Each Master Feeder Fund’s Master Fund is a series of the American Funds Insurance Series^{^®}, a registered open-end management investment company that has the same investment objective as its corresponding Feeder Fund. Each Master Fund directly acquires securities and the Feeder Fund, by investing in the Master Fund, acquires an indirect interest in those securities. As of June 30, 2018, JNL/American Funds Global Growth Fund owned 3.22% of its corresponding Master Fund and JNL/American Funds Growth Fund owned 1.65% of its corresponding Master Fund. The Master Funds’ Schedules of Investments, Financial Statements and accounting policies are outlined in each Master Fund’s shareholder report, which accompanies this report. This report should be read in conjunction with the Master Funds’ shareholder reports. The Master Funds' shareholder reports are also available on the SEC’s website at www.sec.gov.

The Master Feeder Funds are diversified Funds for purposes of the 1940 Act. The Funds of Funds are non-diversified.

Each Fund offers Class A shares and Class I shares. Class A shares and Class I shares differ principally in applicable 12b-1 fees. Shareholders bear the common expenses of each Fund and earn income and realized gains/losses from each Fund pro rata based on the average daily net assets of each class, without discrimination between share classes. From time to time, a Fund may have significant subscription and redemption activity which, when executed at the net asset value (“NAV”) rounded to two decimals, can impact the NAV per share of either class and cause a divergence in the NAV between each class. Each share class also has different voting rights on matters affecting a single class. No class has preferential dividend rights.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

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

Security Valuation and Fair Value Measurement. Under the Trust’s valuation policy and procedures, the Trust’s Board of Trustees ("Board" or "Trustees") has delegated the daily operational oversight of the securities valuation function to the JNAM 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.

The NAV of a Fund's shares is generally determined once each day the New York Stock Exchange (“NYSE”) is open, at the close of the regular trading session of the NYSE (generally, 4:00 PM Eastern Time). The Funds of Funds’ investments in the Underlying Funds are valued at the daily NAV of the applicable Underlying Fund determined as of the close of the NYSE on each valuation date. Valuation of investments by the Underlying Funds is discussed in the shareholder report of the Underlying Funds. Each Feeder Fund’s investment in its corresponding Master Fund is valued at the daily NAV

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

per share of the applicable Master Fund determined as of the close of the NYSE on each valuation date. Valuation of the investments by the Master Fund is discussed in each Master Fund’s shareholder report, which accompanies this report. The Master Fund’s shareholder reports are also available on the SEC's website at www.sec.gov.

FASB ASC Topic 820, “Fair Value Measurement” 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 and are summarized into three broad categories. Level 1 includes valuations based on quoted prices of identical securities in active markets, including valuations for investments in mutual funds. Investments in the Underlying Funds and Master Funds are categorized as Level 1 within FASB ASC Topic 820 fair value hierarchy. The Level 1 valuation assets for the Funds can be referenced in the Schedules of Investments. There were no Level 2 or Level 3 investments in these Funds.

Distributions to Shareholders. The amount and timing of distributions for the regulated investment company ("RIC") Funds is determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends from net investment income are generally declared and paid annually by the RIC Fund, but may be paid more frequently to avoid excise tax. Distributions of net realized capital gains by the RIC Fund, if any, will be distributed at least annually, to the extent they exceed available capital loss carryforwards. No distributions of net investment income or realized capital gains are required for Funds that are not RICs, therefore, undistributed net investment income and accumulated net realized gain/loss are reclassed to paid-in capital on a semi-annual basis. Capital gains distributions received from the Master Funds and the Underlying Funds are recorded as net realized gain on distributions from affiliated or unaffiliated investment companies, as applicable, in the Statements of Operations.

Security Transactions and Investment Income. Security transactions are recorded on the trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date. Realized gains and losses are determined on the specific identification basis.

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

Expenses in Master Funds and Funds of Funds. Because each Feeder Fund invests all of its assets in its respective Master Fund, the Feeder Fund's shareholders bear the fees and expenses of each respective Master Fund in which the Feeder Fund invests. Such expenses are not included in the Statements of Operations, but are incurred indirectly because they are considered in the calculation of the NAV of the respective Master Fund. As a result, the Feeder Funds’ actual expenses may be higher than those of other mutual funds that invest directly in securities. A similar situation exists for the Funds of Funds as it relates to the expenses associated with the investments in Underlying Funds.

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

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

NOTE 3. CERTAIN RISKS

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

Credit and Counterparty Risk. In the normal course of business, the Master Funds or Underlying Funds trade financial instruments and enter into financial transactions where the risk of potential loss exists due to failure of the other party to a transaction to perform (“credit risk”). Similar to credit risk, a Master Fund or Underlying Fund may be exposed to the risk that an institution or other entity with which the Master Fund or Underlying Fund has unsettled or open transactions will default (“counterparty risk”). Financial assets, which potentially expose a Master Fund or Underlying Fund to credit risk, consist principally of investments and cash due from counterparties. The potential loss could exceed the value of the financial assets and liabilities recorded in the Master Fund’s or Underlying Fund’s financial statements. A Master Fund or Underlying Fund manages credit and counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. A Master Fund’s or Underlying Fund’s Adviser(s) and sub-advisers attempt to mitigate credit and counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Master Fund and Underlying Fund restrict their exposure to credit and counterparty losses by entering into master netting agreements with counterparties with whom they undertake a significant volume of transactions. In the event of default, the total market value

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

exposure would be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty. The extent of a Master Fund’s or Underlying Fund’s exposure to credit and counterparty risks in respect to financial assets is incorporated within their carrying value as recorded in each Master Fund’s or Underlying Fund’s Statement of Assets and Liabilities. For certain derivative contracts held by a Master Fund or Underlying Fund, the potential loss could exceed the value of the financial assets recorded in their financial statements.

Underlying Fund Investment Risk. Each Fund’s prospectus includes a discussion of the principal investment risks of the Master Fund or Underlying Fund in which it invests. Additional risks associated with a Master Fund’s or Underlying Fund’s investments are described within the respective Master Fund’s or Underlying Fund’s annual shareholder report. The Master Funds’ shareholder reports are also available on the SEC’s website at www.sec.gov.

Feeder Funds and Funds of Funds Risks. The value of an investment in a Feeder Fund changes with the value of the corresponding Master Fund and its investments. The value of an investment in a Funds of Funds changes with the values of the corresponding Underlying Funds and their investments. The Master Fund’s and Underlying Fund’s shares may be purchased by other investment companies and shareholders. In some cases, the Master Fund or Underlying Fund may experience large subscriptions or redemptions due to allocation changes or rebalancing. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on Fund performance.

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

NOTE 4. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH AFFILIATES

Advisory and Administrative Fees. The Trust has an investment advisory and management agreement with JNAM, whereby JNAM provides investment management services. Each Fund pays JNAM an annual fee, accrued daily and paid monthly, based on a specified percentage of the average daily net assets of each Fund.

JNAM also serves as the Administrator to the Funds. The Funds pay an administrative fee based on the average daily net assets of each Fund, accrued daily and paid monthly. In return for the administrative fee, JNAM provides or procures all necessary administrative functions and services for the operation of the Funds. In addition, JNAM, at its own expense, arranges for legal, audit, fund accounting, transfer agency, custody (except overdraft and interest expense), printing and mailing, a portion of the Chief Compliance Officer costs, and all other services necessary for the operation of each Fund. Each Fund is responsible for trading expenses including brokerage commissions, interest and taxes, other non-operating expenses, registration fees, licensing costs, directors and officers insurance, the fees and expenses of the disinterested Trustees ("Independent Trustees") and independent legal counsel to the Independent Trustees, and a portion of the costs associated with the Chief Compliance Officer.

The following schedules indicate the advisory fee and the administrative fee each Fund is obligated to pay JNAM.


	Advisory Fee (m-millions and b-billions)			Administrative Fee (b-billions)
	$0 to $500m %	$500m to $1b %	Over $1b %	$0 to $3b %	Over $3b %
Funds of Funds	0.15	0.10	0.10 – 0.09	0.05	0.045
JNL/American Funds Global Growth Fund	0.70	0.70	0.65 – 0.63	0.10	0.09
JNL/American Funds Growth Fund	0.75	0.75	0.70 – 0.68	0.10	0.09

Advisory Fee Waivers. Pursuant to a contractual fee waiver agreement, JNAM agreed to waive a portion of its advisory fees for each of the following Funds. None of the waived advisory fees can be recaptured by JNAM. The amount of waived expenses for each Fund is recorded as expense waiver in each Fund’s Statement of Operations.


	Contractual Advisory Fee Waiver as a Percentage of Average Daily Net Assets %
JNL/American Funds Global Growth Fund	0.60
JNL/American Funds Growth Fund	0.55

Distribution Fees. The Trust adopted a Distribution Plan (the “Plan”) pursuant to the provisions of Rule 12b-1 under the 1940 Act. Pursuant to the Plan, Class A shares of the Funds pay a distribution and/or service fee (“Rule 12b-1 fee”) to Jackson National Life Distributors LLC (“JNLD”), an affiliate of the Adviser, for the purpose of paying for certain distribution, administrative, or related service expenses from the sale and distribution of each Fund’s Class A shares. To the extent consistent with existing law and the Plan, JNLD may use the Rule 12b-1 fees to reimburse or compensate broker-dealers, administrators or others for providing distribution, administrative or other services. The Funds' Plan is structured as a compensation plan. Under a compensation plan, the distributor may receive 12b-1 fees in excess of the allowable distribution and related shareholder servicing expenses, but not exceeding the maximum 12b-1 fee, which may be applied to future periods when distribution and related shareholder servicing expenses are less than the maximum 12b-1 fee set by the Plan. Under the Plan, the maximum annual rate for Rule 12b-1 fees paid by Class A shares of the Funds is 0.30% of the average daily net assets of the Class A shares of each Fund. Each Fund pays the fee monthly to JNLD. JNLD also is the principal underwriter of the

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

variable insurance products issued by Jackson and its subsidiaries. Amounts charged pursuant to the Plan are reflected as 12b-1 fees (Class A) in each Fund's Statement of Operations.

Other Service Providers. JPMorgan Chase Bank, N.A. ("JPM Chase") acts as custodian for the Funds.

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

NOTE 5. BORROWING ARRANGEMENTS

The Trust is party to a Syndicated Credit Agreement (“SCA”) with a group of lenders. The Funds, with the exception of the Master Feeder Funds, participate in the SCA with other funds managed by JNAM (“Participating Funds”) in a credit facility which is available solely to finance shareholder redemptions or for other temporary or emergency purposes. Effective June 1, 2018, the Master Feeder Funds were removed from the SCA. Also effective June 1, 2018, the Participating Funds may borrow up to $675,000,000, the amount available under the facility; the limits set for borrowing by the Participating Funds’ prospectuses and the 1940 Act; or an amount prescribed within the SCA. Prior to June 1, 2018, the amount available under the facility was $600,000,000. JNL/PPM America Floating Rate Income Fund, a Participating Fund managed by JNAM, has priority to utilize $150,000,000 of the SCA under an InterFund Allocation Agreement. The Participating Funds pay an annual fee of 0.15% of the available commitments. Effective June 1, 2018, these fees are allocated 22.2% to the JNL/PPM America Floating Rate Income Fund, in accordance with the InterFund Allocation Agreement, and 77.8% to the other Participating Funds based on each fund’s net assets as a percentage of the Participating Funds’ total net assets. Prior to June 1, 2018, the fees were allocated 25% to the JNL/PPM America Floating Rate Income Fund, in accordance with the InterFund Allocation Agreement, and 75% to the other Participating Funds. During the period, the Participating Funds paid an annual administration fee to JPM Chase, which is allocated in the same manner as the commitment fee. The fees related to the SCA are included in other expenses in each Fund’s Statement of Operations. No amounts were borrowed under the facility during the period.

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

NOTE 6. INCOME TAX MATTERS

JNL Interest Rate Opportunities Fund, JNL Conservative Allocation Fund, JNL Moderate Allocation Fund, JNL Institutional Alt 100 Fund, JNL Real Assets Fund and JNL/American Funds Growth Fund are treated as partnerships for federal income tax purposes. These Funds are generally not subject to federal income tax, and therefore, there is no provision for federal income taxes. Each Fund is a separate entity for federal income tax purposes.

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

The following information for the Fund treated as a RIC is presented on an income tax basis (in thousands). Differences between amounts for financial statements and federal income tax purposes are primarily due to timing and character differences in recognizing certain gains and losses on investment transactions. Permanent differences between financial statement and federal income tax reporting are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. Permanent differences may include but are not limited to the following: consent dividends and distribution adjustments. These reclassifications have no impact on net assets.

At December 31, 2017, the Fund's last fiscal year end, JNL/American Funds Global Growth Fund had no net capital loss carryforwards for U.S. federal income tax purposes to offset future net realized capital gains.

As of June 30, 2018, the cost of investments and the components of net unrealized appreciation (depreciation) (in thousands) for JNL/American Funds Global Growth Fund were as follows:


	Tax Cost of Investments($)	Gross Unrealized Appreciation($)	Gross Unrealized Depreciation($)		Net Unrealized Appreciation (Depreciation)($)
JNL/American Funds Global Growth Fund	198,211	8,985	(3,790	)	5,195

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

The tax character of distributions paid (in thousands) during the Funds’ fiscal year ended December 31, 2017 was as follows:


	Net Ordinary Income*($)	Long-term Capital Gain($)
JNL/American Funds Global Growth Fund	911	7,036

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

FASB ASC Topic 740 “Income Taxes” provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FASB ASC Topic 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing each Fund’s tax return to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would result in the Funds recording a tax expense in the current year. FASB ASC Topic 740 requires that management evaluate the tax positions taken in returns for 2014, 2015, 2016 and 2017 which remain subject to examination by the Internal Revenue Service and certain other jurisdictions. Management completed an evaluation of the Funds’ tax positions and based on that evaluation, determined that no provision for federal income tax was required in the Funds’ financial statements during the period ended June 30, 2018.

NOTE 7. SUBSEQUENT EVENTS

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

Mergers. The following mergers were effective after close of business on August 10, 2018 for the Funds indicated. The mergers were subject to approval by the acquired Funds’ shareholders.


Acquired Fund	Acquiring Fund
JNL Real Assets Fund	JNL/PIMCO Real Return Fund¹
JNL Interest Rate Opportunities Fund	JNL Conservative Allocation Fund
¹ Acquiring Fund is a series of JNL Series Trust and is advised by JNAM.

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

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Additional Disclosures (Unaudited)

June 30, 2018

Disclosure of Fund Expenses. Shareholders incur ongoing costs, which include costs for portfolio management, administrative services, Rule 12b-1 fees and other operating expenses. Operating expenses such as these are deducted from each Fund’s gross income and directly reduce the final investment return. These expenses are expressed as a percentage of the Fund’s average net assets; this percentage is known as the Fund’s expense ratio. The examples below use the expense ratio and are intended to help the investor understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The examples do not reflect the expenses of the variable insurance contracts or the separate account. Total expenses would be higher if these expenses were included.

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

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


			Expenses Using Actual Fund Return			Expenses Using Hypothetical 5% Return
		Annualized Expense Ratios(%) ‡^	Beginning Account Value 01/01/18($)	Ending Account Value 06/30/18($)	Expenses Paid During Period($)†	Beginning Account Value 01/01/18($)	Ending Account Value 06/30/18($)	Expenses Paid During Period($)†
JNL Interest Rate Opportunities Fund
	Class A	0.51	1,000.00	991.00	2.52	1,000.00	1,022.27	2.56
	Class I	0.00	1,000.00	992.00	0.00	1,000.00	1,024.79	0.00
JNL Conservative Allocation Fund
	Class A	0.51	1,000.00	988.20	2.51	1,000.00	1,022.27	2.56
	Class I	0.21	1,000.00	989.90	1.04	1,000.00	1,023.75	1.05
JNL Moderate Allocation Fund
	Class A	0.51	1,000.00	989.40	2.52	1,000.00	1,022.27	2.56
	Class I	0.21	1,000.00	990.90	1.04	1,000.00	1,023.75	1.05
JNL Institutional Alt 100 Fund
	Class A	0.51	1,000.00	984.00	2.51	1,000.00	1,022.27	2.56
	Class I	0.00	1,000.00	985.90	0.00	1,000.00	1,024.79	0.00
JNL Real Assets Fund
	Class A	0.51	1,000.00	997.00	2.53	1,000.00	1,022.27	2.56
	Class I	0.00	1,000.00	999.00	0.00	1,000.00	1,024.79	0.00
JNL/American Funds Global Growth Fund
	Class A	0.51	1,000.00	1,029.50	2.57	1,000.00	1,022.27	2.56
	Class I	0.21	1,000.00	1,030.80	1.06	1,000.00	1,023.75	1.05
JNL/American Funds Growth Fund
	Class A	0.61	1,000.00	1,096.40	3.17	1,000.00	1,021.77	3.06
	Class I	0.31	1,000.00	1,097.70	1.61	1,000.00	1,023.26	1.56

^ The annualized expense ratios for the Funds of Funds do not include expenses of the Funds of Funds’ Underlying Funds. The annualized expense ratios for the Master Funds include the expenses of both the Master and Feeder Fund.

‡ The expenses for the Funds' Class I shares were $0.00 for certain days during the period and this was a result of the net assets for the Fund being below a level to generate an

expense allocation greater than $0.005 for that day. Additionally, the expenses for the Funds' Class I shares were $0.01 for certain days during the period and this was a result of the net

assets for the Fund being at a level to generate an expense allocation between $0.005 and $0.01 for that day and rounded to $0.01. As a result, the ratios of net and total expenses to

average net assets during the period for Class I shares can be less than or more than the anticipated ratios of net and total expenses to average net assets depending on the net assets

that Class I shares acquired during the period.

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

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

Proxy Voting Policies and Procedures and Proxy Voting Record. A description of the Policy that the Funds’ Adviser used to vote proxies relating to portfolio securities and additional information on how the Funds voted any proxies relating to portfolio securities during the 12-month period ended June 30, 2018, are available (1) without charge, upon request by calling 1-800-644-4565 (Jackson Service Center) or 1-800-599-5651 (Jackson NY Service Center), (2) by writing the Jackson Variable Series Trust, P.O. Box 30314, Lansing, Michigan 48909-7814, (3) by visiting www.jackson.com, and (4) by visiting the SEC’s website at www.sec.gov.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments

June 30, 2018

JNL Tactical ETF Moderate Fund


Composition as of June 30, 2018:
Alternative	2.7	%
Domestic Equity	29.8
Domestic Fixed Income	43.4
Emerging Markets Equity	3.1
Emerging Markets Fixed Income	5.8
International Equity	9.6
Securities Lending Collateral	5.6
Other Short Term Investments	-
Total Investments	100.0	%

JNL Tactical ETF Moderate Growth Fund


Composition as of June 30, 2018:
Alternative	3.5	%
Domestic Equity	38.7
Domestic Fixed Income	28.7
Emerging Markets Equity	6.2
Emerging Markets Fixed Income	4.8
International Equity	15.3
Securities Lending Collateral	2.8
Total Investments	100.0	%

JNL Tactical ETF Growth Fund


Composition as of June 30, 2018:
Alternative	4.1	%
Domestic Equity	48.0
Domestic Fixed Income	12.3
Emerging Markets Equity	7.8
Emerging Markets Fixed Income	2.3
International Equity	18.9
Securities Lending Collateral	6.6
Total Investments	100.0	%

JNL/AQR Risk Parity Fund


Composition as of June 30, 2018:
Government Securities	45.1	%
Other Short Term Investments^††	54.9
Total Investments	100.0	%

^††In general, the Fund gains exposure to asset classes by investing in a number of different types of derivative instruments. Please refer to the Schedule of Investments for the Fund's derivative investments.

JNL/BlackRock Global Long Short Credit Fund


Composition as of June 30, 2018:
Non-U.S. Government Agency ABS	13.1	%
Financials	12.6
Information Technology	10.7
Telecommunication Services	8.4
Consumer Discretionary	8.2
Health Care	6.3
Materials	5.6
Industrials	4.8
Energy	3.6
Consumer Staples	3.3
Real Estate	1.7
Government Securities	0.5
Utilities	0.2
Warrants	0.0
Other Equity Interests	-
Other Short Term Investments	21.1
Net Long (Short) Investments	100.0	%

JNL/DFA U.S. Small Cap Fund


Composition as of June 30, 2018:
Financials	19.8	%
Industrials	18.8
Consumer Discretionary	16.7
Information Technology	12.4
Health Care	8.4
Energy	6.2
Materials	6.0
Consumer Staples	4.4
Utilities	2.9
Telecommunication Services	1.0
Real Estate	0.9
Rights	-
Securities Lending Collateral	2.4
Other Short Term Investments	0.1
Total Investments	100.0	%

JNL/DoubleLine ^{^®} Total Return Fund


Composition as of June 30, 2018:
U.S. Government Agency MBS	46.7	%
Non-U.S. Government Agency ABS	43.5
Other Short Term Investments	9.8
Total Investments	100.0	%

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund


Composition as of June 30, 2018:
Government Securities	62.0	%
Financials	4.3
Real Estate	1.7
Industrials	0.9
Consumer Staples	0.8
U.S. Government Agency MBS	0.7
Information Technology	0.6
Telecommunication Services	0.5
Energy	0.5
Consumer Discretionary	0.3
Materials	0.2
Health Care	0.1
Utilities	0.1
Other Short Term Investments	27.3
Total Investments	100.0	%

JNL/Epoch Global Shareholder Yield Fund


Composition as of June 30, 2018:
Utilities	15.1	%
Financials	15.0
Consumer Staples	12.1
Telecommunication Services	11.4
Energy	10.1
Health Care	10.0
Industrials	6.7
Information Technology	5.5
Real Estate	4.4
Consumer Discretionary	4.1
Materials	2.6
Other Short Term Investments	2.1
Securities Lending Collateral	0.9
Total Investments	100.0	%

JNL/FAMCO Flex Core Covered Call Fund


Composition as of June 30, 2018:
Information Technology	26.4	%
Financials	17.8
Industrials	15.9
Health Care	11.9
Consumer Discretionary	8.3
Energy	5.4
Consumer Staples	5.1
Materials	3.7
Telecommunication Services	3.4
Utilities	1.0
Other Short Term Investments	1.1
Total Investments	100.0	%

JNL/Lazard International Strategic Equity Fund


Composition as of June 30, 2018:
Financials	20.5	%
Consumer Discretionary	18.8
Industrials	16.7
Consumer Staples	10.8
Information Technology	8.2
Energy	6.9
Health Care	5.2
Materials	3.6
Real Estate	2.8
Other Short Term Investments	5.7
Securities Lending Collateral	0.8
Total Investments	100.0	%

JNL/Neuberger Berman Currency Fund


Composition as of June 30, 2018:
Government Securities	48.1	%
Other Short Term Investments^††	51.9
Total Investments	100.0	%

^††The Fund gains exposure to currencies by investing in forward foreign currency contracts. Please refer to the Schedule of Investments for the Fund's investments in forward foreign currency contracts.

JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund


Composition as of June 30, 2018:
Financials	39.3	%
Non-U.S. Government Agency ABS	23.3
Energy	5.4
Consumer Staples	4.5
Health Care	4.4
Utilities	4.4
Telecommunication Services	4.1
Consumer Discretionary	1.8
Information Technology	1.3
Industrials	1.2
Other Short Term Investments^††	10.3
Total Investments	100.0	%

^††The Fund gains exposure to commodities by investing in futures contracts. Please refer to the Schedule of Investments for the Fund's investments in futures contracts.

JNL/Nicholas Convertible Arbitrage Fund


Composition as of June 30, 2018:
Long Investments
Information Technology	36.0	%
Health Care	17.0
Industrials	15.9
Energy	9.3
Consumer Discretionary	7.4
Financials	7.0
Materials	1.7
Real Estate	1.5
Other Short Term Investments	4.2
Total Long Investments^†	100.0	%
Short Investments
Information Technology	44.9	%
Health Care	16.7
Industrials	15.5
Energy	6.7
Consumer Discretionary	5.8
Investment Companies	5.3
Financials	2.6
Real Estate	2.2
Materials	0.3
Total Short Investments^†	100.0	%

^†Total Long Investments represent 104.0% of net assets and Total Short Investments represent (39.4%) of net assets.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments

June 30, 2018

JNL/PIMCO Credit Income Fund


Composition as of June 30, 2018:
Financials	37.8	%
Government Securities	12.9
Energy	7.7
Consumer Discretionary	6.6
U.S. Government Agency MBS	5.5
Real Estate	4.3
Health Care	4.2
Industrials	3.9
Information Technology	3.5
Telecommunication Services	2.8
Utilities	2.4
Consumer Staples	2.4
Non-U.S. Government Agency ABS	2.3
Materials	1.2
Securities Lending Collateral	2.4
Other Short Term Investments	0.1
Total Investments	100.0	%

JNL/PPM America Long Short Credit Fund


Composition as of June 30, 2018:
Financials	18.2	%
Consumer Discretionary	11.8
Energy	11.7
Non-U.S. Government Agency ABS	10.3
Materials	8.5
Health Care	8.1
Industrials	6.3
Consumer Staples	5.5
Information Technology	4.6
Utilities	4.2
Telecommunication Services	3.2
Investment Companies	2.5
Government Securities	0.8
Other Equity Interests	-
Real Estate	(0.3)
Other Short Term Investments	4.6
Net Long (Short) Investments	100.0	%

JNL/T. Rowe Price Capital Appreciation Fund


Composition as of June 30, 2018:
Information Technology	18.0	%
Health Care	16.0
Consumer Discretionary	12.8
Financials	10.2
Utilities	9.2
Industrials	6.8
Government Securities	6.4
Consumer Staples	6.2
Real Estate	2.5
Energy	1.5
Materials	0.8
Telecommunication Services	0.6
Non-U.S. Government Agency ABS	0.4
Investment Companies	-
Other Short Term Investments	6.0
Securities Lending Collateral	2.6
Total Investments	100.0	%

JNL/The Boston Company Equity Income Fund


Composition as of June 30, 2018:
Financials	29.5	%
Energy	13.0
Health Care	9.6
Information Technology	9.4
Materials	8.4
Industrials	7.7
Telecommunication Services	6.2
Consumer Staples	5.6
Consumer Discretionary	3.5
Real Estate	2.6
Utilities	2.2
Other Short Term Investments	1.9
Securities Lending Collateral	0.4
Total Investments	100.0	%

JNL/The London Company Focused U.S. Equity Fund


Composition as of June 30, 2018:
Consumer Discretionary	22.2	%
Industrials	20.2
Financials	19.8
Information Technology	12.2
Consumer Staples	9.7
Materials	8.3
Real Estate	2.5
Other Short Term Investments	2.7
Securities Lending Collateral	2.4
Total Investments	100.0	%

JNL/VanEck International Gold Fund


Composition as of June 30, 2018:
Materials	97.6	%
Rights	0.1
Warrants	-
Securities Lending Collateral	1.9
Other Short Term Investments	0.4
Total Investments	100.0	%

JNL/WCM Focused International Equity Fund


Composition as of June 30, 2018:
Information Technology	21.6	%
Consumer Discretionary	17.4
Health Care	14.0
Industrials	13.8
Financials	10.3
Consumer Staples	9.9
Materials	4.9
Energy	2.6
Securities Lending Collateral	3.2
Other Short Term Investments	2.3
Total Investments	100.0	%

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares			Value ($)
JNL Tactical ETF Moderate Fund
INVESTMENT COMPANIES 100.1%
Alternative 2.8%
	iShares Global Infrastructure ETF (a)	30			1,291
	iShares U.S. Real Estate ETF	30			2,419
			3,710
Domestic Equity 31.6%
	iShares Core S&P 500 ETF	39			10,735
	iShares Core S&P Mid-Cap ETF	28			5,398
	iShares Edge MSCI USA Value Factor ETF (a)	80			6,611
	iShares Russell 2000 Value ETF (a)	8			1,031
	iShares S&P SmallCap 600 Index ETF	17			1,394
	iShares U.S. Consumer Services ETF	21			4,124
	iShares U.S. Energy ETF	57			2,382
	iShares U.S. Financial Services ETF	40			5,183
	iShares U.S. Technology ETF (a)	26			4,690
			41,548
Domestic Fixed Income 46.0%
	iShares 0-5 Year High Yield Corporate Bond ETF (a)	57			2,639
	iShares 0-5 Year TIPS Bond ETF	40			3,975
	iShares Core Total U.S. Bond Market ETF	228			24,225
	iShares Floating Rate Bond ETF (a)	259			13,223
	iShares Intermediate Credit Bond ETF	155			16,530
			60,592
Emerging Markets Equity 3.3%
	iShares Core MSCI Emerging Markets ETF	71			3,726
	iShares MSCI India ETF	19			648
			4,374
Emerging Markets Fixed Income 6.2%
	iShares JPMorgan USD Emerging Markets Bond ETF	76			8,148
International Equity 10.2%
	iShares Core MSCI EAFE ETF	163			10,316
	iShares MSCI EAFE Small Cap Index ETF (a)	50			3,143
			13,459
	Total Investment Companies (cost $123,646)		131,831
SHORT TERM INVESTMENTS 5.9%
Securities Lending Collateral 5.9%
	Securities Lending Cash Collateral Fund LLC, 1.99% (b) (c)	7,766			7,766
Investment Companies 0.0%
	JNL Government Money Market Fund - Institutional Class, 1.79% (b) (c)	32			32
	Total Short Term Investments (cost $7,798)		7,798
Total Investments 106.0% (cost $131,444)			139,629
Other Assets and Liabilities, Net (6.0)%			(7,894)
Total Net Assets 100.0%				131,735

(a) All or portion of the security was on loan.

(b) Investment in affiliate.


JNL Tactical ETF Moderate Growth Fund
INVESTMENT COMPANIES 100.0%
Alternative 3.6%
	iShares Global Infrastructure ETF (a)	80			3,439
	iShares U.S. Real Estate ETF (a)	82			6,610
			10,049
Domestic Equity 39.8%
	iShares Core S&P 500 ETF	94			25,711
	iShares Core S&P Mid-Cap ETF	74			14,370
	iShares Edge MSCI USA Value Factor ETF	196			16,202
	iShares Russell 2000 Value ETF (a)	28			3,654
	iShares S&P SmallCap 600 Index ETF	44			3,690
	iShares U.S. Consumer Services ETF	64			12,447
	iShares U.S. Energy ETF	155			6,516
	iShares U.S. Financial Services ETF	123			15,880
	iShares U.S. Technology ETF	72			12,843
			111,313
		Shares			Value ($)
Domestic Fixed Income 29.5%
	iShares 0-5 Year High Yield Corporate Bond ETF (a)	60			2,811
	iShares 0-5 Year TIPS Bond ETF	42			4,224
	iShares Core Total U.S. Bond Market ETF	346			36,750
	iShares Floating Rate Bond ETF	332			16,904
	iShares Intermediate Credit Bond ETF	206			21,837
			82,526
Emerging Markets Equity 6.4%
	iShares Core MSCI Emerging Markets ETF	289			15,181
	iShares MSCI India ETF	82			2,732
			17,913
Emerging Markets Fixed Income 5.0%
	iShares JPMorgan USD Emerging Markets Bond ETF	130			13,880
International Equity 15.7%
	iShares Core MSCI EAFE ETF	504			31,949
	iShares MSCI EAFE Small Cap Index ETF (a)	192			12,043
			43,992
	Total Investment Companies (cost $251,805)		279,673
SHORT TERM INVESTMENTS 2.9%
Securities Lending Collateral 2.9%
	Securities Lending Cash Collateral Fund LLC, 1.99% (b) (c)	8,042			8,042
	Total Short Term Investments (cost $8,042)		8,042
Total Investments 102.9% (cost $259,847)			287,715
Other Assets and Liabilities, Net (2.9)%			(8,171)
Total Net Assets 100.0%				279,544

(a) All or portion of the security was on loan.

(b) Investment in affiliate.


JNL Tactical ETF Growth Fund
INVESTMENT COMPANIES 100.0%
Alternative 4.4%
	iShares Global Infrastructure ETF (a)	64		2,752
	iShares U.S. Real Estate ETF (a)	87		7,048
			9,800
Domestic Equity 51.4%
	iShares Core S&P 500 ETF	79		21,662
	iShares Core S&P Mid-Cap ETF	91		17,774
	iShares Edge MSCI USA Value Factor ETF (a)	252		20,785
	iShares Russell 2000 Value ETF (a)	27		3,504
	iShares S&P SmallCap 600 Index ETF	50		4,138
	iShares U.S. Consumer Services ETF (a)	60		11,711
	iShares U.S. Energy ETF	166		6,945
	iShares U.S. Financial Services ETF (a)	119		15,414
	iShares U.S. Technology ETF (a)	70		12,523
			114,456
Domestic Fixed Income 13.1%
	iShares 0-5 Year High Yield Corporate Bond ETF (a)	48		2,237
	iShares 0-5 Year TIPS Bond ETF (a)	23		2,257
	iShares Core Total U.S. Bond Market ETF	106		11,300
	iShares Floating Rate Bond ETF (a)	132		6,738
	iShares Intermediate Credit Bond ETF (a)	63		6,739
			29,271
Emerging Markets Equity 8.3%
	iShares Core MSCI Emerging Markets ETF	291		15,278
	iShares MSCI India ETF	99		3,282
			18,560
Emerging Markets Fixed Income 2.5%
	iShares JPMorgan USD Emerging Markets Bond ETF	52		5,537
International Equity 20.3%
	iShares Core MSCI EAFE ETF	545		34,536
	iShares MSCI EAFE Small Cap Index ETF (a)	170		10,687
			45,223
	Total Investment Companies (cost $194,341)		222,847

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares			Value ($)
SHORT TERM INVESTMENTS 7.1%
Securities Lending Collateral 7.1%
	Securities Lending Cash Collateral Fund LLC, 1.99% (b) (c)	15,764			15,764
	Total Short Term Investments (cost $15,764)		15,764
Total Investments 107.1% (cost $210,105)			238,611
Other Assets and Liabilities, Net (7.1)%			(15,853)
Total Net Assets 100.0%				222,758

(a) All or portion of the security was on loan.

(b) Investment in affiliate.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
JNL/AQR Risk Parity Fund (a)
GOVERNMENT AND AGENCY OBLIGATIONS 42.9%
France 5.0%
	France Government Inflation Indexed Bond
		1.10%, 07/25/22, EUR (b)	368		481
		0.25%, 07/25/24, EUR (b)	209		270
		1.85%, 07/25/27, EUR (b)	165		246
		0.10%, 03/01/25 - 03/01/28, EUR (b)	309		392
		0.70%, 07/25/30, EUR (b)	103		143
				1,532
Germany 5.8%
	Deutsche Bundesrepublik Inflation Indexed Bond
		0.10%, 04/15/23 - 04/15/26, EUR (b)	1,365		1,752
United Kingdom 6.6%
	United Kingdom Inflation Indexed Bond
		0.13%, 03/22/24 - 03/22/26, GBP (b)	1,350		2,022
United States of America 25.5%
	U.S. Treasury Inflation Indexed Note
		0.13%, 04/15/20 - 07/15/26 (b)	5,913		5,793
		0.63%, 01/15/26 (b)	1,012		1,007
		0.38%, 07/15/25 - 07/15/27 (b)	1,008		985
				7,785
	Total Government And Agency Obligations (cost $13,091)			13,091
			Shares/Par¹		Value ($)
SHORT TERM INVESTMENTS 52.2%
Investment Companies 35.1%
	JNL Government Money Market Fund - Institutional Class, 1.79% (c) (d)		5,804		5,804
	JPMorgan U.S. Treasury Plus Money Market Fund - IM Class, 1.86% (d)		4,901		4,901
				10,705
Treasury Securities 17.1%
	U.S. Treasury Bill
		1.64%, 07/26/18 (e)	1,350		1,348
		1.91%, 10/11/18 (e)	3,878		3,857
				5,205
	Total Short Term Investments (cost $15,911)			15,910
Total Investments 95.1% (cost $29,002)					29,001
Other Derivative Instruments (0.0)%					(5)
Other Assets and Liabilities, Net 4.9%					1,490
Total Net Assets 100.0%					30,486

(a) Consolidated Schedule of Investments.

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

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.

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


Futures Contracts
Reference Entity	Contracts Long (Short)¹	Expiration	Notional ¹		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Amsterdam Exchanges Index	1	July 2018	EUR	113		1		(3)
ASX SPI 200 Index	2	September 2018	AUD	303		(1)		3
Australia Commonwealth Treasury Bond, 10-Year	11	September 2018	AUD	1,405		(1)		13
Brent Crude Oil	11	October 2018		832		17		35
CAC40 10 Euro	3	July 2018	EUR	164		2		(5)
Canadian Government Bond, 10-Year	12	September 2018	CAD	1,599		(4)		32
Cocoa	2	September 2018		56		1		(6)
Coffee 'C'	6	September 2018		272		(2)		(13)
Corn	25	September 2018		507		7		(58)
Cotton No. 2	3	December 2018		120		1		6
E-mini Russell 2000 Index	7	September 2018		587		(1)		(11)
Euro STOXX 50	14	September 2018	EUR	486		6		(13)
Euro-Bund	46	September 2018	EUR	7,434		6		49
Feeder Cattle	1	September 2018		73		2		2
FTSE 100 Index	7	September 2018	GBP	536		5		(5)
FTSE/JSE Top 40 Index	5	September 2018	ZAR	2,593		8		(1)
Gold 100 oz.	7	August 2018		924		3		(46)
Gold 100 oz.	1	December 2018		127		—		—
Hang Seng China Enterprises Index	4	July 2018	HKD	2,184		4		(1)
IBEX 35 Index	1	July 2018	EUR	98		1		(2)
Japanese Government Bond, 10-Year	3	September 2018	JPY	451,972		(1)		5
KCBT Wheat	2	September 2018		54		2		(5)
KOSPI 200	4	September 2018	KRW	316,775		1		(15)
Lean Hogs	5	August 2018		153		1		—
Live Cattle	7	August 2018		295		10		3
Live Cattle	1	October 2018		43		1		1
LME Aluminum	7	September 2018		375		(2)		(2)
LME Copper	4	September 2018		690		(28)		(28)
LME Lead	1	September 2018		60		—		—
LME Nickel	1	September 2018		82		7		7
LME Zinc	3	September 2018		237		(23)		(23)
Low Sulphur Gas Oil	5	September 2018		334		5		6
MSCI Taiwan Index	2	July 2018		77		1		1
Natural Gas	6	September 2018		175		(1)		(1)
NY Harbor ULSD	3	September 2018		275		4		5
RBOB Gasoline	3	September 2018		262		6		7
S&P 500 E-Mini Index	46	September 2018		6,400		5		(141)
S&P MidCap 400 E-Mini Index	4	September 2018		803		1		(20)
S&P/Toronto Stock Exchange 60 Index	2	September 2018	CAD	383		2		2
Silver	3	September 2018		250		2		(7)
Soybean	10	November 2018		506		(2)		(66)
Soybean Meal	4	December 2018		150		(1)		(18)
Soybean Oil	10	December 2018		190		—		(11)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Futures Contracts (continued)
Reference Entity	Contracts Long (Short)¹	Expiration	Notional ¹		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Sugar #11 (World Markets)	18	October 2018		236		—		11
Tokyo Price Index	6	September 2018	JPY	105,910		4		(19)
U.K. Long Gilt	13	September 2018	GBP	1,577		(3)		30
U.S. Treasury Note, 10-Year	162	September 2018		19,267		—		203
Wheat	9	September 2018		235		8		(10)
WTI Crude Oil	15	September 2018		987		11		100
						65		(9)

Forward Foreign Currency Contracts


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
BRL/USD	CIT	09/19/18	BRL	2,587		666		(25)
BRL/USD	CIT	09/19/18	BRL	217		55		—
CHF/USD	CIT	09/19/18	CHF	—		—		—
CNH/USD	CIT	09/19/18	CNH	1,700		255		(9)
HKD/USD	CIT	07/03/18	HKD	54		7		—
HKD/USD	CIT	09/19/18	HKD	112		16		—
HUF/USD	CIT	09/19/18	HUF	130,103		464		(17)
HUF/USD	CIT	09/19/18	HUF	4,600		16		—
INR/USD	CIT	09/19/18	INR	33,100		479		2
KRW/USD	CIT	09/19/18	KRW	1,055,800		952		(36)
MXN/USD	CIT	09/19/18	MXN	1,469		73		(1)
MXN/USD	CIT	09/19/18	MXN	18,728		931		12
PLN/USD	CIT	09/19/18	PLN	2,700		723		(14)
TRY/USD	CIT	09/19/18	TRY	4,400		926		25
USD/CHF	CIT	09/19/18	CHF	(9)		(9)		—
USD/CNH	CIT	09/19/18	CNH	(100)		(15)		1
USD/EUR	CIT	09/19/18	EUR	(668)		(784)		(6)
USD/EUR	CIT	09/19/18	EUR	(4,746)		(5,570)		30
USD/GBP	CIT	09/19/18	GBP	(1,515)		(2,010)		28
USD/HKD	CIT	09/19/18	HKD	(577)		(75)		—
USD/INR	CIT	09/19/18	INR	(400)		(6)		—
USD/KRW	CIT	09/19/18	KRW	(2,800)		(3)		—
ZAR/USD	CIT	09/19/18	ZAR	6,504		469		(41)
						(2,440)		(51)

OTC Total Return Swap Agreements

Reference Entity²

Counterparty

Rate Paid/Received by Fund⁹

Expiration

Notional¹

Premiums Paid (Received) ($)

Unrealized Appreciation (Depreciation) ($)

Total return swap agreements - receiving return

FUTURES

Bovespa Index Future, Expiration August 2018

BOA

N/A

08/15/18

BRL

737

—

(1)

Hang Seng China Enterprises Index Future, Expiration July 2018

BOA

N/A

07/30/18

HKD

4,943

—

(7)

Hang Seng Index Future, Expiration July 2018

BOA

N/A

07/30/18

HKD

1,425

—

KOSPI 200 Future, Expiration September 2018

BOA

N/A

09/13/18

KRW

158,075

—

(7)

MSCI Taiwan Index Future, Expiration July 2018

BOA

N/A

07/30/18

308

—

Swiss Market Index Future, Expiration September 2018

BOA

N/A

09/21/18

CHF

258

—

(1)

Hang Seng China Enterprises Index Future, Expiration July 2018

GSC

N/A

07/30/18

HKD

1,103

—

(2)

KOSPI 200 Future, Expiration September 2018

GSC

N/A

09/13/18

KRW

79,340

—

(4)

—

(19)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
JNL/BlackRock Global Long Short Credit Fund *
COMMON STOCKS 2.4%
Germany 0.1%
	Other Securities				224
Italy 0.1%
	Telecom Italia SpA (a)		146		108
Netherlands 0.6%
	Altice Europe NV (a)		16		64
	Other Securities				785
				849
United States of America 1.6%
	Lions Gate Entertainment Corp. - Class A		37		913
	Rite Aid Corp. (a)		20		34
	Other Securities				1,454
				2,401
	Total Common Stocks (cost $3,633)			3,582
WARRANTS 0.0%
United States of America 0.0%
	Other Securities				7
	Total Warrants (cost $8)			7
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 16.0%
Australia 0.2%
	Other Securities				221
Canada 0.5%
	Other Securities				785
Cayman Islands 0.6%
	Other Securities				878
Ireland 4.4%
	Avoca CLO VIII DAC
		Series E-18X, 4.60%, (3M EURIBOR + 4.60%), 04/15/31, EUR (b) (c)	200		225
	Avoca CLO XIV DAC
		Series FR-14X, 6.35%, (3M EURIBOR + 6.35%), 01/12/31, EUR (b) (c)	300		336
	Avoca CLO XIV Ltd.
		Series SUB-14X, 0.00%, 07/12/28, EUR (c) (d)	400		372
	Avoca CLO XV Ltd.
		Series M1-15X, 0.00%, 01/15/29, EUR (b) (c)	500		474
		Series ER-15X, 4.13%, (3M EURIBOR + 4.13%), 04/15/31, EUR (b) (c)	150		164
		Series FR-15X, 5.84%, (3M EURIBOR + 5.84%), 04/15/31, EUR (b) (c)	230		243
	Avoca CLO XVIII DAC
		Series B1-18X, 1.25%, (3M EURIBOR + 1.25%), 04/15/31, EUR (b) (c)	400		465
	Ozlme II DAC
		Series E-2X, 4.90%, (3M EURIBOR + 4.90%), 10/15/30, EUR (b) (c)	100		115
	Ozlme III DAC
		Series SUB-3X, 0.00%, 02/24/20, EUR (b) (c)	200		199
		Series A1-3X, 0.75%, (3M EURIBOR + 0.75%), 02/24/20, EUR (b) (c)	300		349
		Series E-3X, 4.80%, (3M EURIBOR + 4.80%), 02/24/20, EUR (b) (c)	100		115
	Ozlme IV DAC
		Series B-4X, 0.99%, (3M EURIBOR + 1.35%), 07/27/32, EUR (b) (c)	180		210
	Other Securities				3,384
				6,651
Netherlands 1.1%
	Other Securities				1,657
Turkey 0.2%
	Other Securities				263
United Arab Emirates 0.1%
	Other Securities				170
United Kingdom 0.3%
	Other Securities				465
United States of America 8.6%
	American Airlines Pass-Through Trust
		Series 2013-1C, 6.13%, 07/15/18 (e)	1,750		1,751
			Shares/Par¹		Value ($)
		Series 2001-A-1-1, 6.98%, 05/23/21	332		344
		Series 2017-B1-B, 4.95%, 02/15/25	467		472
	Delta Air Lines Pass-Through Trust
		Series 2015-B-1, 4.25%, 07/30/23	1,269		1,266
	Navient Private Education Loan Trust
		Series 2015-A3-AA, 3.77%, (1M US LIBOR + 1.70%), 07/15/24 (b) (e)	295		306
		Series 2015-B-AA, 3.50%, 12/15/24 (e)	100		93
	SLM Private Education Loan Trust
		Series 2011-A3-B, 4.32%, (1M US LIBOR + 2.25%), 05/15/19 (b) (e)	630		648
		Series 2013-B-B, 3.00%, 12/15/19 (e)	360		354
	United Airlines Inc. Pass-Through Trust
		Series 2014-B-2, 4.63%, 09/03/22	398		397
		Series 2013-A-1, 4.30%, 08/15/25	414		421
		Series 2018-B-1, 4.60%, 03/01/26	260		260
	US Airways Pass-Through Trust
		Series 2012-B-1, 8.00%, 10/01/19	154		161
		Series 2012-B-2, 6.75%, 06/03/21	508		535
		Series 2013-B-1, 5.38%, 11/15/21	1,283		1,311
	Other Securities				4,565
				12,884
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $24,626)			23,974
CORPORATE BONDS AND NOTES 69.2%
Australia 0.1%
	Other Securities				137
Belgium 0.4%
	Other Securities				557
Brazil 0.0%
	Other Securities				29
Canada 3.6%
	Bombardier Inc.
		7.75%, 03/15/20 (e)	265		281
		8.75%, 12/01/21 (e)	1,187		1,309
		6.13%, 01/15/23 (e)	602		603
		7.50%, 12/01/24 (e)	17		18
	First Quantum Minerals Ltd.
		7.00%, 02/15/21 (e)	565		571
		7.25%, 04/01/23 (e)	600		600
		7.50%, 04/01/25 (e)	400		395
	Other Securities				1,593
				5,370
Cayman Islands 0.2%
	Other Securities				349
Czech Republic 0.1%
	Other Securities				116
Denmark 0.5%
	Other Securities				767
Finland 0.2%
	Other Securities				241
France 2.8%
	Altice France SA
		6.00%, 05/15/22 (e)	400		402
	Other Securities				3,838
				4,240
Germany 3.1%
	Adler Real Estate AG
		1.50%, 12/06/21, EUR (c)	100		117
		1.88%, 04/27/23, EUR (c)	200		228
		2.13%, 02/06/24, EUR (c)	400		455
		3.00%, 04/27/26, EUR (c)	300		343
	Unitymedia GmbH
		3.75%, 01/15/27, EUR (c)	900		1,096
	Other Securities				2,391
				4,630
Ghana 0.1%
	Other Securities				189
Greece 0.1%
	Other Securities				233

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
Hong Kong 0.2%
	Other Securities				291
Ireland 2.1%
	GE Capital International Funding Co.
		2.34%, 11/15/20	1,150		1,124
	Other Securities				2,070
				3,194
Israel 0.2%
	Teva Pharmaceutical Finance Co. BV
		3.65%, 11/10/21	400		383
Italy 2.0%
	Telecom Italia Finance SA
		7.75%, 01/24/33, EUR (c)	150		241
	Telecom Italia SpA
		1.13%, 03/26/22, EUR (c) (f)	800		888
		5.30%, 05/30/24 (e)	240		237
	Other Securities				1,714
				3,080
Japan 0.1%
	SoftBank Group Corp.
		5.00%, 04/15/28, EUR (c)	100		114
Jersey 0.2%
	Other Securities				235
Luxembourg 1.6%
	Altice Financing SA
		6.63%, 02/15/23 (e)	200		197
		7.50%, 05/15/26 (e)	1,000		967
	Altice SA
		7.75%, 05/15/22 (e)	400		387
	Other Securities				900
				2,451
Netherlands 2.7%
	Teva Pharmaceutical Finance Netherlands III BV
		2.80%, 07/21/23	650		561
	Teva Pharmaceutical Finance Netherlands IV BV
		3.65%, 11/10/21	365		351
	United Group BV
		4.88%, 07/01/24, EUR (c)	400		474
	UPC Holding BV
		3.88%, 06/15/29, EUR (c)	300		324
	Other Securities				2,300
				4,010
Portugal 0.8%
	Banco Espirito Santo SA
		0.00%, 05/08/17, EUR (a) (c) (g)	400		131
		0.00%, 01/15/18, EUR (a) (c) (g)	1,200		396
		0.00%, 01/21/19, EUR (a) (c) (g)	2,200		744
				1,271
Spain 2.0%
	Other Securities				3,041
Sweden 0.6%
	Other Securities				848
Switzerland 1.9%
	UBS AG
		0.17%, (3M EURIBOR + 0.50%), 04/23/21, EUR (b) (c)	275		322
		4.50%, 06/26/48 (e)	200		204
	UBS Group Funding
		6.88%, (callable at 100 beginning 03/22/21) (c) (h)	595		609
		7.13%, (callable at 100 beginning 08/10/21) (c) (f) (h)	200		205
	UBS Group Funding Switzerland AG
		5.00%, (callable at 100 beginning 01/31/23) (c) (h)	425		372
	Other Securities				1,100
				2,812
United Kingdom 4.6%
	Other Securities				6,837
			Shares/Par¹		Value ($)
United States of America 38.7%
	American Airlines Group Inc.
		4.63%, 03/01/20 (e)	515		515
	Arch Merger Sub Inc.
		8.50%, 09/15/25 (e)	1,100		1,026
	Avantor Inc.
		6.00%, 10/01/24 (e)	492		488
		9.00%, 10/01/25 (e)	556		560
	Broadcom Corp.
		3.00%, 01/15/22	630		612
		3.63%, 01/15/24	630		610
	CCO Holdings LLC
		4.00%, 03/01/23 (e)	21		20
		5.13%, 05/01/27 (e)	2		2
	CenturyLink Inc.
		6.45%, 06/15/21	1,060		1,089
		6.75%, 12/01/23	1,000		1,005
		7.50%, 04/01/24	1,110		1,140
	Charter Communications Operating LLC
		6.83%, 10/23/55	206		222
	CSC Holdings LLC
		10.13%, 01/15/23 (e)	1,450		1,600
	CVS Health Corp.
		3.70%, 03/09/23	168		166
		3.88%, 07/20/25	197		193
		2.88%, 06/01/26	301		274
		5.05%, 03/25/48	385		390
	Embarq Corp.
		8.00%, 06/01/36	34		32
	Envision Healthcare Corp.
		5.13%, 07/01/22 (e)	815		822
	First Data Corp.
		7.00%, 12/01/23 (e)	257		268
	General Electric Co.
		0.00%, (3M EURIBOR + 0.30%), 05/28/20, EUR (b)	100		117
	Hexion US Finance Corp.
		6.63%, 04/15/20	50		47
	Italics Merger Sub Inc.
		7.13%, 07/15/23 (e)	1,432		1,447
	JPMorgan Chase & Co.
		3.56%, 04/23/24	645		638
		3.34%, (3M US LIBOR + 1.00%), 05/15/47 (b)	385		341
	KFC Holding Co.
		5.00%, 06/01/24 (e)	890		879
		5.25%, 06/01/26 (e)	9		9
		4.75%, 06/01/27 (e)	30		28
	LGE HoldCo VI BV
		7.13%, 05/15/24, EUR (c)	170		212
	Lions Gate Capital Holdings LLC
		5.88%, 11/01/24 (e)	535		542
	Mattel Inc.
		4.35%, 10/01/20	775		774
		6.75%, 12/31/25 (e)	1,786		1,739
	Microchip Technology Inc.
		3.92%, 06/01/21 (e)	650		652
		4.33%, 06/01/23 (e)	825		827
	Navient Corp.
		6.75%, 06/25/25	3		3
		6.75%, 06/15/26	7		7
	Prime Security Services Borrower LLC
		9.25%, 05/15/23 (e)	1,264		1,349
	Qorvo Inc.
		6.75%, 12/01/23	510		539
		7.00%, 12/01/25	906		979
	Quintiles IMS Inc.
		3.25%, 03/15/25, EUR (c)	100		113
	RBS Global Inc.
		4.88%, 12/15/25 (e)	8		8
	Rite Aid Corp.
		6.13%, 04/01/23 (e)	2,170		2,203
	Sprint Capital Corp.
		8.75%, 03/15/32	4		4
	Sprint Corp.
		7.88%, 09/15/23	490		509

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
		7.13%, 06/15/24	720		726
		7.63%, 02/15/25	56		57
		7.63%, 03/01/26	273		278
	Sprint Nextel Corp.
		6.00%, 11/15/22	375		372
	Sprint Spectrum Co. LLC
		5.15%, 03/20/28 (e)	800		782
	Valeant Pharmaceuticals International Inc.
		7.50%, 07/15/21 (e)	645		655
		6.75%, 08/15/21 (e)	585		592
		7.25%, 07/15/22 (e)	3		3
		5.88%, 05/15/23 (e)	8		8
		5.50%, 11/01/25 (e)	20		20
		9.00%, 12/15/25 (e)	481		499
		9.25%, 04/01/26 (e)	490		509
		8.50%, 01/31/27 (e)	391		396
	Walmart Inc.
		3.40%, 06/26/23	295		296
		3.55%, 06/26/25	345		347
		3.70%, 06/26/28	380		383
		3.95%, 06/28/38	240		240
	Western Digital Corp.
		4.75%, 02/15/26	26		25
	Xerox Corp.
		3.63%, 03/15/23 (i)	1,606		1,538
	Other Securities				25,312
				58,038
Zambia 0.3%
	First Quantum Minerals Ltd.
		6.50%, 03/01/24 (e)	443		427
	Total Corporate Bonds And Notes (cost $108,843)			103,890
SENIOR LOAN INTERESTS 25.1%
Canada 0.0%
	Other Securities				42
Denmark 0.8%
	TDC A/S
		Term Loan, 0.00%, (3M LIBOR + 3.50%), 06/07/25 (b) (j)	38		38
		Term Loan, 0.00%, (3M EURIBOR + 3.50%), 08/06/25, EUR (b) (j)	1,000		1,152
				1,190
France 1.9%
	Crown European Holding LLC
		Term Loan, 0.00%, (3M EURIBOR + 2.38%), 01/18/25, EUR (b) (j)	1,000		1,162
	Verallia SA
		Term Loan, 2.75%, (3M LIBOR + 2.75%), 10/22/31, EUR (b)	1,000		1,141
	Other Securities				578
				2,881
Hong Kong 0.4%
	Other Securities				572
Ireland 0.0%
	Other Securities				57
Luxembourg 0.4%
	Other Securities				648
Sweden 0.8%
	Verisure Holding AB
		Term Loan B-1, 0.00%, (3M EURIBOR + 3.00%), 10/21/22, EUR (b) (j)	1,000		1,141
United Kingdom 1.6%
	EG Group Ltd.
		Term Loan B, 0.00%, (3M EURIBOR + 4.00%), 01/31/25, EUR (b) (j)	336		387
		Term Loan B, 6.34%, (3M LIBOR + 4.00%), 02/01/25 (b)	63		62
		Term Loan B, 4.00%, (3M LIBOR + 4.00%), 02/02/25, EUR (b)	663		765
	R&R Ice Cream France SAS
		Term Loan, 2.63%, (3M EURIBOR + 2.63%), 01/24/25, EUR (b)	1,000		1,156
				2,370
			Shares/Par¹		Value ($)
United States of America 19.2%
	CenturyLink Inc.
		Term Loan B, 4.84%, (3M LIBOR + 2.75%), 01/15/25 (b)	682		667
	Charter Communications Operating LLC
		Term Loan B, 4.10%, (3M LIBOR + 2.00%), 04/30/25 (b)	1,075		1,073
	Envision Healthcare Corp.
		Term Loan B, 5.10%, (3M LIBOR + 3.00%), 12/01/23 (b)	258		257
	First Data Corp.
		Term Loan, 3.84%, (3M LIBOR + 1.75%), 06/02/20 (b)	1,184		1,182
		Term Loan, 4.09%, (1M LIBOR + 2.00%), 04/26/24 (b)	120		120
	Gentiva Health Services Inc.
		1st Lien Delayed Draw Term Loan, 0.00%, (3M LIBOR + 3.75%), 06/20/25 (b) (j)	361		358
		1st Lien Term Loan, 0.00%, (3M LIBOR + 3.75%), 06/20/25 (b) (j)	576		572
		2nd Lien Term Loan, 0.00%, (3M LIBOR + 7.00%), 06/21/26 (b) (j) (k)	90		91
	Gol LuxCo SA
		1st Lien Term Loan, 6.50%, 08/18/20	1,594		1,632
	KFC Holding Co.
		Term Loan B, 3.84%, (3M LIBOR + 1.75%), 03/29/25 (b)	80		79
	Lions Gate Capital Holdings LLC
		Term Loan B, 4.34%, (3M LIBOR + 2.25%), 03/20/25 (b)	597		594
	McAfee LLC
		Term Loan B, 0.00%, (3M LIBOR + 4.50%), 09/20/24 (b) (j)	-		—
		Term Loan B, 6.47%, (3M LIBOR + 4.50%), 09/20/24 (b)	1,405		1,411
		Term Loan B, 0.00%, (3M LIBOR + 8.50%), 09/30/25 (b) (j)	275		279
		Term Loan B, 10.47%, (3M LIBOR + 8.50%), 09/30/25 (b)	1,250		1,267
	Microchip Technology Inc.
		Term Loan B, 4.10%, (3M LIBOR + 2.00%), 05/16/25 (b)	932		930
	Quintiles IMS Inc.
		Term Loan B, 2.75%, (3M LIBOR + 2.00%), 03/07/24, EUR (b)	995		1,148
		Term Loan, 4.30%, (3M LIBOR + 2.00%), 03/07/24 (b)	93		93
	Rexnord LLC
		Term Loan B, 4.34%, (3M LIBOR + 2.25%), 08/21/24 (b)	44		44
	Unitymedia Finance LLC
		Term Loan B, 4.32%, (3M LIBOR + 2.25%), 09/30/25 (b)	90		89
	Unitymedia Hessen GmbH & Co. KG
		Term Loan E, 4.07%, (3M LIBOR + 2.00%), 05/24/23 (b)	169		168
	Valeant Pharmaceuticals International Inc.
		Term Loan B, 0.00%, (3M LIBOR + 3.00%), 05/17/25 (b) (j)	275		274
		Term Loan B, 4.98%, (3M LIBOR + 3.00%), 05/19/25 (b)	241		240
	Virgin Media Bristol LLC
		Term Loan K, 4.57%, (3M LIBOR + 2.50%), 02/10/26 (b)	116		115
	Western Digital Corp.
		Term Loan B-4, 0.00%, (3M LIBOR + 1.75%), 04/29/23 (b) (j)	200		200
		Term Loan B-4, 3.71%, (3M LIBOR + 1.75%), 04/29/23 (b)	544		543
	WEX Inc.
		Term Loan B-2, 3.46%, (3M LIBOR + 1.50%), 04/29/23 (b)	242		243
	Other Securities				15,164
				28,833
	Total Senior Loan Interests (cost $38,203)			37,734

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
GOVERNMENT AND AGENCY OBLIGATIONS 8.6%
Argentina 0.3%
	Other Securities				424
Belarus 0.1%
	Other Securities				207
Cote D'Ivoire 0.1%
	Other Securities				88
Croatia 0.3%
	Other Securities				516
Egypt 0.1%
	Other Securities				197
Hungary 0.2%
	Other Securities				340
Indonesia 0.4%
	Other Securities				544
Luxembourg 0.1%
	Other Securities				123
Russian Federation 0.4%
	Other Securities				614
Serbia 0.6%
	Other Securities				931
Ukraine 0.2%
	Other Securities				295
United States of America 5.7%
	U.S. Treasury Bond
		3.00%, 05/15/47	1,870		1,873
		3.00%, 02/15/48	4,894		4,905
	U.S. Treasury Note
		2.25%, 11/15/27	625		594
		2.88%, 05/15/28	1,225		1,227
				8,599
Venezuela 0.1%
	Other Securities				87
	Total Government And Agency Obligations (cost $13,047)			12,965
OTHER EQUITY INTERESTS 0.0%
United States of America 0.0%
	Other Securities				—
	Total Other Equity Interests (cost $0)			—
			Shares/Par¹		Value ($)
SHORT TERM INVESTMENTS 25.8%
Repurchase Agreements 25.8%
	Repurchase Agreements (l)				38,644
	Total Short Term Investments (cost $38,825)			38,644
Total Investments 147.1% (cost $227,185)				220,796
Total Securities Sold Short (24.9)% (proceeds $37,797)				(37,338)
Total Purchased Options 0.5% (cost $883)				741
Other Derivative Instruments (0.2)%				(367)
Other Assets and Liabilities, Net (22.5)%				(33,759)
Total Net Assets 100.0%					150,073

(a) Non-income producing security.

(b) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2018. 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 reflects 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) Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

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

(e) The Sub-Adviser has deemed this security which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Jackson Variable Series Trust's Board of Trustees. As of June 30, 2018, the value and the percentage of net assets of these liquid securities was $48,051 and 32.0%, respectively.

(f) Convertible security.

(g) Issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date. The aggregate value of these securities represented 0.9% of the Fund’s net assets.

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

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

(j) This senior loan will settle after June 30, 2018. The reference rate and spread presented will go into effect upon settlement.

(k) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Jackson Variable Series Trust's 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 Notes to Financial Statements.

(l) For repurchase agreements held at June 30, 2018, see Repurchase Agreements in the Schedules of Investments.


			Shares/Par¹		Value ($)
SECURITIES SOLD SHORT (24.9%)
CORPORATE BONDS AND NOTES (16.8%)
Canada (0.4%)
	Bombardier Inc.
		7.50%, 03/15/25 (a)	(252)		(263)
	Magna International Inc.
		1.50%, 09/25/27, EUR	(150)		(177)
	NOVA Chemicals Corp.
		5.25%, 06/01/27 (a)	(115)		(108)
				(548)
China (0.3%)
	Bank of Communications Co. Ltd.
		5.00%, (callable at 100 beginning 07/29/20) (b) (c) (d)	(200)		(201)
	Industrial & Commercial Bank of China Ltd.
		6.00%, (callable at 100 beginning 12/10/19) (b) (c) (d)	(200)		(205)
				(406)
			Shares/Par¹		Value ($)
Denmark (0.3%)
	AP Moller-Maersk A/S
		1.75%, 03/16/26, EUR (d)	(150)		(172)
	Carlsberg Breweries A/S
		2.50%, 05/28/24, EUR (d)	(200)		(255)
				(427)
France (0.9%)
	AXA SA
		3.25%, 05/28/49, EUR (d)	(100)		(112)
	CMA CGM SA
		6.50%, 07/15/22, EUR (d)	(220)		(240)
	Iliad SA
		1.88%, 04/25/25, EUR (d)	(300)		(341)
	Mobilux Finance SAS
		5.50%, 11/15/24, EUR (d)	(100)		(113)
	Rallye SA
		5.00%, 10/15/18, EUR	(100)		(116)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	Tereos Finance Groupe I SA
		4.13%, 06/16/23, EUR (d)	(200)		(220)
	Vallourec SA
		6.63%, 10/15/22, EUR (d)	(200)		(237)
				(1,379)
Germany (1.5%)
	Bayer US Finance II LLC
		4.88%, 06/25/48 (a)	(575)		(582)
	BMW Finance NV
		1.13%, 01/10/28, EUR (d)	(150)		(170)
	Daimler AG
		1.38%, 05/11/28, EUR (d)	(150)		(170)
	Daimler International Finance BV
		1.00%, 11/11/25, EUR (d)	(100)		(114)
	Deutsche Bank AG
		6.25%, (callable at 100 beginning 04/30/20) (b) (c) (d)	(600)		(539)
	Hapag-Lloyd AG
		6.75%, 02/01/22, EUR (d)	(110)		(130)
	Heidelbergcement Finance Luxembourg SA
		1.75%, 04/24/28, EUR (d)	(115)		(133)
	Progroup AG
		3.00%, 03/31/26, EUR (d)	(300)		(343)
	Volkswagen International Finance NV
		3.50%, (callable at 100 beginning 03/20/30), EUR (b) (d)	(100)		(106)
				(2,287)
Ireland (0.2%)
	AIB Group Plc
		1.50%, 03/29/23, EUR (d)	(200)		(233)
Italy (0.3%)
	Autostrade per l'italia SpA
		1.88%, 09/26/29, EUR (d)	(150)		(166)
	Nexi Capital SpA
		3.63%, (3M EURIBOR + 3.63%), 05/01/23, EUR (d) (e)	(200)		(231)
		4.13%, 11/01/23, EUR (d)	(100)		(115)
				(512)
Luxembourg (0.8%)
	Altice Luxembourg SA
		7.25%, 05/15/22, EUR (d)	(1,070)		(1,258)
Netherlands (1.1%)
	Heineken Holding NV
		1.50%, 10/03/29, EUR (d)	(150)		(175)
	Hema Bondco I BV
		6.25%, (3M EURIBOR + 6.25%), 07/15/22, EUR (d) (e)	(200)		(226)
	Koninklijke Philips NV
		1.38%, 05/02/28, EUR (d)	(150)		(175)
	NN Group NV
		4.63%, 01/13/48, EUR (d)	(100)		(124)
	Sigma Holdco BV
		5.75%, 05/15/26, EUR (d)	(200)		(218)
	Sunshine Mid BV
		6.50%, 05/15/26, EUR (d)	(110)		(123)
	Teva Pharmaceutical Finance Netherlands III BV
		6.00%, 04/15/24	(600)		(600)
		3.15%, 10/01/26	(25)		(20)
				(1,661)
South Africa (0.3%)
	Eskom Holdings SOC Ltd.
		5.75%, 01/26/21 (d)	(200)		(195)
		6.75%, 08/06/23 (d)	(200)		(192)
				(387)
Spain (0.7%)
	Cellnex Telecom SA
		2.88%, 04/18/25, EUR (d)	(400)		(474)
	Gestamp Automocion SA
		3.25%, 04/30/26, EUR (d)	(300)		(337)
	Grupo Antolin Irausa SA
		3.25%, 04/30/24, EUR (d)	(100)		(113)
			Shares/Par¹		Value ($)
	Naviera Armas SA
		4.25%, (3M EURIBOR + 4.25%), 11/15/24, EUR (d) (e)	(100)		(115)
				(1,039)
United Kingdom (0.5%)
	BAT International Finance Plc
		2.25%, 01/16/30, EUR (d)	(100)		(117)
	Rolls-Royce Holdings Plc
		1.63%, 05/09/28, EUR (d)	(150)		(175)
	Vodafone Group Plc
		1.88%, 11/20/29, EUR (d)	(300)		(347)
	Wagamama Finance Plc
		4.13%, 07/01/22, GBP (d)	(100)		(129)
				(768)
United States of America (9.5%)
	Actavis Funding SCS
		3.80%, 03/15/25	(330)		(321)
		4.55%, 03/15/35	(525)		(499)
	Amazon.com Inc.
		4.05%, 08/22/47	(575)		(563)
	AT&T Inc.
		5.15%, 02/15/50 (a)	(430)		(402)
	Avis Budget Car Rental LLC
		5.50%, 04/01/23	(275)		(269)
	BWAY Holding Co.
		7.25%, 04/15/25 (a)	(30)		(29)
	CCO Holdings LLC
		5.75%, 02/15/26 (a)	(420)		(414)
	Citigroup Inc.
		4.08%, 04/23/29	(645)		(633)
	Comcast Corp.
		3.55%, 05/01/28	(575)		(550)
		4.00%, 08/15/47	(640)		(570)
		4.00%, 03/01/48	(610)		(543)
	Coty Inc.
		4.75%, 04/15/26, EUR (d)	(110)		(126)
	Diamond 1 Finance Corp.
		5.45%, 06/15/23 (a)	(645)		(676)
	Discovery Communications LLC
		3.95%, 03/20/28	(860)		(818)
	ERAC USA Finance LLC
		3.80%, 11/01/25 (a)	(525)		(518)
	Express Scripts Holding Co.
		4.80%, 07/15/46	(995)		(952)
	Exxon Mobil Corp.
		4.11%, 03/01/46	(640)		(654)
	HCA Inc.
		5.38%, 02/01/25	(250)		(247)
	Hertz Corp.
		7.63%, 06/01/22 (a)	(87)		(84)
		6.25%, 10/15/22	(100)		(89)
	Intel Corp.
		3.73%, 12/08/47	(575)		(544)
	Kennametal Inc.
		3.88%, 02/15/22	(38)		(38)
	L Brands Inc.
		5.25%, 02/01/28	(125)		(112)
		6.88%, 11/01/35	(83)		(74)
	Levi Strauss & Co.
		3.38%, 03/15/27, EUR	(250)		(295)
	LKQ European Holdings BV
		3.63%, 04/01/26, EUR (d)	(200)		(234)
	Microsoft Corp.
		4.25%, 02/06/47	(575)		(612)
	Philip Morris International Inc.
		2.75%, 02/25/26	(1,065)		(990)
	QUALCOMM Inc.
		3.25%, 05/20/27	(725)		(678)
	Seagate HDD Cayman
		4.75%, 01/01/25	(305)		(294)
	Sprint Capital Corp.
		6.88%, 11/15/28	(335)		(323)
	Tenet Healthcare Corp.
		6.75%, 06/15/23	(325)		(324)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	Viacom Inc.
		3.45%, 10/04/26	(228)		(209)
	Walt Disney Co.
		4.13%, 06/01/44	(640)		(620)
				(14,304)
	Total Corporate Bonds And Notes (proceeds $25,755)			(25,209)
GOVERNMENT AND AGENCY OBLIGATIONS (8.1%)
Italy (0.1%)
	Italy Buoni Poliennali Del Tesoro
		0.95%, 03/01/23, EUR (d)	(150)		(169)
Spain (0.4%)
	Spain Government Bond
		1.40%, 04/30/28, EUR (a)	(490)		(577)
United Kingdom (0.2%)
	United Kingdom Gilt Treasury Bond
		3.50%, 07/22/68, GBP (d)	(130)		(286)
United States of America (7.4%)
	U.S. Treasury Bond
		2.75%, 08/15/47	(1,925)		(1,836)
		2.75%, 11/15/47	(2,936)		(2,800)
	U.S. Treasury Note
		2.63%, 05/15/21	(520)		(520)
		2.75%, 05/31/23	(2,495)		(2,498)
		2.25%, 12/31/24	(400)		(387)
		2.88%, 05/31/25	(1,973)		(1,981)
			Shares/Par¹		Value ($)
		2.75%, 02/15/28	(1,084)		(1,075)
				(11,097)
	Total Government And Agency Obligations (proceeds $12,042)			(12,129)
	Total Securities Sold Short (24.9%) (proceeds $37,797)				(37,338)

(a) The Sub-Adviser has deemed this security which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Jackson Variable Series Trust's Board of Trustees. As of June 30, 2018, the value and the percentage of net assets of these liquid securities was $3,653 and 2.4%, respectively.

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

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

(e) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2018. 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 reflects 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.

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(%)
iShares iBoxx USD High Yield Corporate Bond ETF	—	2,184	2,168	—	(16)	—	—	—


Repurchase Agreements
Counter-party	Collateral	Collateral Par¹	Collateral Value ($)	Rate (%)	Settlement Date	Maturity Date	Proceeds at Maturity ($)	Par¹	Value ($)
BBP	United Kingdom Gilt Treasury Bond, 3.50%, due 07/22/68, GBP	130	286	0.42	02/01/18	Open	274	208	274
BBP	Tereos Finance Groupe I SA, 4.13%, due 06/16/23, EUR	100	110	(1.00)	02/16/18	Open	122	105	122
BBP	Wagamama Finance Plc, 4.13%, due 07/01/22, GBP	100	129	(2.00)	03/01/18	Open	130	98	130
BBP	Altice SA, 7.25%, due 05/15/22, EUR	200	235	(3.50)	04/16/18	Open	237	203	237
BBP	Vodafone Group Plc, 1.88%, due 11/20/29, EUR	200	226	(1.50)	04/27/18	Open	235	201	235
BBP	CMA CGM SA, 6.50%, due 07/15/22, EUR	110	120	(1.50)	05/03/18	Open	133	114	133
BBP	Hapag-Lloyd AG, 6.75%, due 02/01/22, EUR	110	130	(2.50)	05/03/18	Open	138	118	138
BBP	Altice SA, 7.25%, due 05/15/22, EUR	100	118	(3.75)	05/04/18	Open	117	101	117
BBP	Altice SA, 7.25%, due 05/15/22, EUR	148	174	(3.75)	05/04/18	Open	174	149	174
BBP	Mobilux Finance SAS, 5.50%, due 11/15/24, EUR	100	113	(2.25)	05/08/18	Open	123	106	123
BBP	Coty Inc., 4.75%, due 04/15/26, EUR	110	126	(1.60)	05/10/18	Open	129	111	129
BBP	Gestamp Automocion SA, 3.25%, due 04/30/26, EUR	100	112	(0.90)	05/17/18	Open	115	99	115
BBP	Gestamp Automocion SA, 3.25%, due 04/30/26, EUR	100	112	(0.90)	05/18/18	Open	115	99	115
BBP	Iliad SA, 1.88%, due 04/25/25, EUR	200	227	(1.75)	05/18/18	Open	226	194	226
BBP	LKQ European Holdings BV, 3.63%, due 04/01/26, EUR	200	234	(1.30)	05/22/18	Open	234	201	234
BBP	Bank of Communications Co. Ltd., 5.00%, perpetual	200	201	(0.25)	05/25/18	Open	206	206	206
BBP	Sunshine Mid BV, 6.50%, due 05/15/26, EUR	110	123	(2.60)	05/31/18	Open	125	107	125

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Repurchase Agreements (continued)
Counter-party	Collateral	Collateral Par¹	Collateral Value ($)	Rate (%)	Settlement Date	Maturity Date	Proceeds at Maturity ($)	Par¹	Value ($)
BBP	Heidelbergcement Finance Luxembourg SA, 1.75%, due 04/24/28, EUR	15	17	(1.00)	06/08/18	Open	17	15	17
BBP	Progroup AG, 3.00%, due 03/31/26, EUR	100	114	(1.50)	06/11/18	Open	117	100	117
BBP	Heidelbergcement Finance Luxembourg SA, 1.75%, due 04/24/28, EUR	50	58	(1.00)	06/11/18	Open	57	49	57
BBP	Naviera Armas SA, 4.25%, due 11/15/24, EUR	100	115	(1.65)	06/12/18	Open	116	99	116
BBP	Magna International Inc., 1.50%, due 09/25/27, EUR	150	177	(1.10)	06/12/18	Open	177	152	177
BBP	Daimler AG, 1.38%, due 05/11/28, EUR	50	57	(1.15)	06/12/18	Open	57	49	57
BBP	BMW Finance NV, 1.13%, due 01/10/28, EUR	150	170	(1.05)	06/12/18	Open	171	146	171
BBP	Nexi Capital SpA, 4.13%, due 11/01/23, EUR	100	115	(2.00)	06/14/18	Open	115	99	115
BBP	Tereos Finance Groupe I SA, 4.13%, due 06/16/23, EUR	100	110	(5.00)	06/14/18	Open	116	100	116
BBP	Heidelbergcement Finance Luxembourg SA, 1.75%, due 04/24/28, EUR	50	58	(1.00)	06/14/18	Open	57	49	57
BBP	Grupo Antolin Irausa SA, 3.25%, due 04/30/24, EUR	100	113	(1.00)	06/15/18	Open	117	100	117
BBP	Sigma Holdco BV, 5.75%, due 05/15/26, EUR	100	109	(1.85)	06/21/18	Open	112	96	112
BCL	Deutsche Bank AG, 6.25%, perpetual	600	538	1.15	03/26/18	Open	616	616	616
BCL	Walt Disney Co., 4.13%, due 06/01/44	640	620	1.25	05/24/18	Open	645	645	645
BCL	Hertz Corp., 6.25%, due 10/15/22	100	89	(4.00)	06/04/18	Open	89	89	89
BCL	L Brands Inc., 5.25%, due 02/01/28	125	112	1.25	06/14/18	Open	98	98	98
BCL	Express Scripts Holding Co., 4.80%, due 07/15/46	385	368	1.25	06/14/18	Open	375	375	375
BCL	L Brands Inc., 6.88%, due 11/01/35	83	74	1.60	06/15/18	Open	76	76	76
BCL	Citigroup Inc., 4.08%, due 04/23/29	645	633	1.60	06/21/18	Open	635	635	635
BCL	Microsoft Corp., 4.25%, due 02/06/47	575	612	1.60	06/28/18	Open	615	615	615
BCL	Intel Corp., 3.73%, due 12/08/47	575	544	1.60	06/28/18	Open	540	540	540
BCL	NOVA Chemicals Corp., 5.25%, due 06/01/27	115	108	1.60	07/02/18	Open	108	108	108
BNP	Altice SA, 7.25%, due 05/15/22, EUR	200	235	(4.00)	05/04/18	Open	236	202	236
BNP	Spain Government Bond, 1.40%, due 04/30/28, EUR	490	577	(0.57)	06/07/18	Open	573	491	573
BNP	Rallye SA, 5.00%, due 10/15/18, EUR	100	116	(8.00)	06/11/18	Open	120	103	120
BNP	U.S. Treasury Note, 2.63%, due 05/15/21	520	520	2.10	06/29/18	07/02/18	522	522	522
BNP	U.S. Treasury Note, 2.75%, due 05/31/23	2,495	2,498	2.00	06/29/18	07/02/18	2,504	2,504	2,504
CGM	Comcast Corp., 4.00%, due 08/15/47	640	570	1.35	04/27/18	Open	588	588	588
CGM	Kennametal Inc., 3.88%, due 02/15/22	38	38	1.25	05/24/18	Open	38	38	38
CGM	Exxon Mobil Corp., 4.11%, due 03/01/46	640	654	1.30	05/24/18	Open	640	640	640
CGM	Comcast Corp., 4.00%, due 03/01/48	610	543	1.35	05/31/18	Open	550	550	550
CGM	HCA Inc., 5.38%, due 02/01/25	250	247	1.35	06/01/18	Open	250	250	250
CGM	Hertz Corp., 7.63%, due 06/01/22	87	84	1.05	06/07/18	Open	85	85	85
CGM	Discovery Communications LLC, 3.95%, due 03/20/28	860	818	1.35	06/11/18	Open	815	815	815
CGM	AT&T Inc., 5.15%, due 02/15/50	215	201	1.60	06/21/18	Open	208	208	208
CGM	Bayer US Finance II LLC, 4.88%, due 06/25/48	575	582	1.60	06/28/18	Open	574	574	574
CGM	Viacom Inc., 3.45%, due 10/04/26	228	209	1.00	06/28/18	Open	209	209	209
CGM	Amazon.com Inc., 4.05%, due 08/22/47	575	563	1.60	06/28/18	Open	564	564	564
CGM	Avis Budget Car Rental LLC, 5.50%, due 04/01/23	25	24	(0.75)	06/28/18	Open	25	25	25
CGM	CCO Holdings LLC, 5.75%, due 02/15/26	25	25	1.60	06/28/18	Open	25	25	25
CGM	Diamond 1 Finance Corp., 5.45%, due 06/15/23	645	676	1.60	06/29/18	Open	676	676	676
CGM	Sprint Capital Corp., 6.88%, due 11/15/28	235	226	1.60	06/29/18	Open	231	231	231
CGM	Tenet Healthcare Corp., 6.75%, due 06/15/23	275	274	(1.00)	06/29/18	Open	278	278	278
CGM	Comcast Corp., 3.55%, due 05/01/28	575	550	1.35	06/29/18	Open	551	551	551
CGM	Tenet Healthcare Corp., 6.75%, due 06/15/23	325	324	(1.00)	07/02/18	Open	324	324	324
CGM	Sprint Capital Corp., 6.88%, due 11/15/28	335	323	1.60	07/02/18	Open	329	329	329
CSI	Philip Morris International Inc., 2.75%, due 02/25/26	1,065	990	1.00	04/25/18	Open	982	982	982
DUB	U.S. Treasury Bond, 2.75%, due 08/15/47	1,925	1,836	2.15	06/29/18	07/02/18	1,860	1,860	1,860
DUB	U.S. Treasury Note, 2.25%, due 12/31/24	400	387	2.05	06/29/18	07/02/18	391	391	391
DUB	U.S. Treasury Note, 2.88%, due 05/31/25	1,973	1,981	2.10	06/29/18	07/02/18	1,985	1,985	1,985
JPM	Altice SA, 7.25%, due 05/15/22, EUR	110	129	(1.35)	12/18/17	Open	132	113	132
JPM	Vallourec SA, 6.63%, due 10/15/22, EUR	100	119	(1.00)	02/26/18	Open	126	108	126

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Repurchase Agreements (continued)
Counter-party	Collateral	Collateral Par¹	Collateral Value ($)	Rate (%)	Settlement Date	Maturity Date	Proceeds at Maturity ($)	Par¹	Value ($)
JPM	Vallourec SA, 6.63%, due 10/15/22, EUR	100	119	(1.65)	02/27/18	Open	125	107	125
JPM	Carlsberg Breweries A/S, 2.50%, due 05/28/24, EUR	200	255	(1.10)	04/03/18	Open	261	224	261
JPM	Altice SA, 7.25%, due 05/15/22, EUR	212	249	(2.70)	04/18/18	Open	254	218	254
JPM	Altice SA, 7.25%, due 05/15/22, EUR	100	118	(2.60)	04/20/18	Open	120	103	120
JPM	Cellnex Telecom SA, 2.88%, due 04/18/25, EUR	100	119	(1.40)	04/27/18	Open	120	103	120
JPM	Cellnex Telecom SA, 2.88%, due 04/18/25, EUR	100	119	(1.35)	05/14/18	Open	120	103	120
JPM	Vodafone Group Plc, 1.88%, due 11/20/29, EUR	100	116	(0.80)	05/21/18	Open	115	98	115
JPM	Iliad SA, 1.88%, due 04/25/25, EUR	100	114	(1.35)	05/21/18	Open	113	97	113
JPM	Progroup AG, 3.00%, due 03/31/26, EUR	100	114	(1.50)	05/22/18	Open	117	100	117
JPM	Progroup AG, 3.00%, due 03/31/26, EUR	100	114	(1.60)	05/22/18	Open	117	100	117
JPM	Vodafone Group Plc, 1.88%, due 11/20/29, EUR	100	116	(0.80)	05/28/18	Open	115	98	115
JPM	Vodafone Group Plc, 1.88%, due 11/20/29, EUR	100	106	(0.80)	06/01/18	Open	113	97	113
JPM	BAT International Finance Plc, 2.25%, due 01/16/30, EUR	100	117	(0.80)	06/01/18	Open	118	101	118
JPM	AXA SA, 3.25%, due 05/28/49, EUR	100	112	(0.80)	06/01/18	Open	113	96	113
JPM	NN Group NV, 4.63%, due 01/13/48, EUR	100	124	(0.80)	06/01/18	Open	127	109	127
JPM	Italy Buoni Poliennali Del Tesoro, 0.95%, due 03/01/23, EUR	150	169	(0.60)	06/05/18	Open	171	146	171
JPM	Autostrade per l'italia SpA, 1.88%, due 09/26/29, EUR	150	166	(0.95)	06/07/18	Open	169	145	169
JPM	Heineken Holding NV, 1.50%, due 10/03/29, EUR	150	175	(0.80)	06/07/18	Open	176	151	176
JPM	Cellnex Telecom SA, 2.88%, due 04/18/25, EUR	100	119	(1.50)	06/07/18	Open	117	101	117
JPM	Rolls-Royce Holdings Plc, 1.63%, due 05/09/28, EUR	150	175	(0.85)	06/08/18	Open	174	149	174
JPM	Cellnex Telecom SA, 2.88%, due 04/18/25, EUR	100	119	(1.50)	06/08/18	Open	117	100	117
JPM	Koninklijke Philips NV, 1.38%, due 05/02/28, EUR	150	175	(0.85)	06/08/18	Open	174	149	174
JPM	Levi Strauss & Co., 3.38%, due 03/15/27, EUR	150	177	(0.95)	06/08/18	Open	180	154	180
JPM	AP Moller-Maersk A/S, 1.75%, due 03/16/26, EUR	150	172	(1.15)	06/11/18	Open	174	149	174
JPM	Daimler International Finance BV, 1.00%, due 11/11/25, EUR	100	114	(1.25)	06/12/18	Open	116	99	116
JPM	Daimler AG, 1.38%, due 05/11/28, EUR	100	114	(1.00)	06/12/18	Open	115	99	115
JPM	Gestamp Automocion SA, 3.25%, due 04/30/26, EUR	100	112	(1.05)	06/13/18	Open	116	99	116
JPM	Nexi Capital SpA, 3.63%, due 05/01/23, EUR	100	116	(1.85)	06/14/18	Open	115	99	115
JPM	CMA CGM SA, 6.50%, due 07/15/22, EUR	110	120	(1.20)	06/15/18	Open	132	113	132
JPM	Industrial & Commercial Bank of China Ltd., 6.00%, perpetual	200	205	1.40	06/15/18	Open	211	211	211
JPM	Sigma Holdco BV, 5.75%, due 05/15/26, EUR	100	109	(2.00)	06/20/18	Open	113	97	113
JPM	Levi Strauss & Co., 3.38%, due 03/15/27, EUR	100	118	(1.00)	06/21/18	Open	121	104	121
JPM	AIB Group Plc, 1.50%, due 03/29/23, EUR	200	233	(0.85)	06/28/18	Open	233	200	233
JPM	Vodafone Group Plc, 1.88%, due 11/20/29, EUR	100	116	(0.80)	06/28/18	Open	118	101	118
JPM	Nexi Capital SpA, 3.63%, due 05/01/23, EUR	100	116	(2.60)	07/02/18	Open	116	100	116
MLP	U.S. Treasury Note, 2.75%, due 02/15/28	1,084	1,075	2.15	06/29/18	07/02/18	1,086	1,086	1,086
NSI	Eskom Holdings SOC Ltd., 5.75%, due 01/26/21	200	194	1.40	05/21/18	Open	201	201	201
NSI	Eskom Holdings SOC Ltd., 6.75%, due 08/06/23	200	192	1.60	06/27/18	Open	198	198	198
RBC	Express Scripts Holding Co., 4.80%, due 07/15/46	610	583	1.15	02/27/18	Open	616	616	616
RBC	Seagate HDD Cayman, 4.75%, due 01/01/25	305	294	1.15	03/22/18	Open	302	302	302
RBC	Actavis Funding SCS, 4.55%, due 03/15/35	525	499	1.40	05/02/18	Open	496	496	496
RBC	Actavis Funding SCS, 3.80%, due 03/15/25	330	321	1.40	05/11/18	Open	318	318	318
RBC	Bombardier Inc., 7.50%, due 03/15/25	177	185	1.40	05/22/18	Open	186	186	186

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Repurchase Agreements (continued)
Counter-party	Collateral		Collateral Par¹		Collateral Value ($)		Rate (%)		Settlement Date		Maturity Date		Proceeds at Maturity ($)		Par¹			Value ($)
RBC		Teva Pharmaceutical Finance Netherlands III BV, 6.00%, due 04/15/24		600		600		1.00		05/22/18		Open		592		592			592
RBC		ERAC USA Finance LLC, 3.80%, due 11/01/25		525		518		1.40		05/25/18		Open		518		518			518
RBC		Avis Budget Car Rental LLC, 5.50%, due 04/01/23		250		245		(0.75)		06/14/18		07/05/18		247		248			247
RBC		Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26		25		20		1.50		06/15/18		Open		21		21			21
RBC		United Rental North America Inc., 5.55%, due 05/15/27		200		195		1.65		06/18/18		Open		206		206			205
RBC		BWAY Holding Co., 7.25%, due 04/15/25		30		29		1.65		06/20/18		Open		30		30			30
RBC		AT&T Inc., 5.15%, due 02/15/50		215		201		1.65		06/21/18		Open		209		209			209
RBC		Qualcomm Inc., 3.25%, due 05/20/27		725		678		1.65		06/22/18		Open		678		678			678
RBC		CCO Holdings LLC, 5.75%, due 02/15/26		395		389		1.65		06/28/18		07/05/18		399		399			399
RBC		U.S. Treasury Bond, 2.75%, due 11/15/47		2,936		2,800		2.05		06/29/18		07/02/18		2,819		2,819			2,819
RBC		Bombardier Inc., 7.50%, due 03/15/25		252		263		1.60		07/02/18		Open		267		267			267
																	$		38,644

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	ABN AMRO Bank NV, 4.75%, callable at 100 begininng 09/22/27	09/29/17	260	222	0.1
	Accor SA, 2.63%, 02/05/21	04/18/18	132	124	0.1
	Adagio V CLO DAC, Series V-E-X, 6.70%, 10/15/29	07/26/16	118	131	0.1
	Adient Global Holdings Ltd., 3.50%, 08/15/24	11/08/17	469	433	0.3
	Adler Pelzer Holding GmbH, 4.13%, 04/01/24	01/24/18	128	117	0.1
	Adler Real Estate AG, 1.50%, 12/06/21	01/16/18	122	117	0.1
	Adler Real Estate AG, 1.88%, 04/27/23	04/23/18	243	228	0.1
	Adler Real Estate AG, 2.13%, 02/06/24	11/30/17	476	455	0.3
	Adler Real Estate AG, 3.00%, 04/27/26	04/23/18	363	343	0.2
	AIB Group Plc, 1.50%, 03/29/23	06/27/18	(231)	(233)	(0.2)
	AIB Group Plc, 2.25%, 07/03/25	06/26/18	347	346	0.2
	Allied Irish Banks Plc, 7.38%, callable at 100 beginning 12/03/20	06/27/18	278	255	0.2
	Alpha Bank AE, 2.50%, 02/05/23	01/26/18	245	233	0.2
	Altice Finco SA, 4.75%, 01/15/28	10/06/17	520	456	0.3
	Altice Luxembourg SA, 7.25%, 05/15/22	12/15/17	(1,309)	(1,258)	(0.8)
	AP Moller-Maersk A/S, 1.75%, 03/16/26	06/08/18	(174)	(172)	(0.1)
	APRR SA, 1.13%, 01/15/21	05/23/18	121	119	0.1
	Aqueduct European CLO II DAC, Series 2017-B1-2X, 1.20%, 10/15/30	11/13/17	191	192	0.1
	Arbour CLO Ltd., Series 2014-E-1X, 5.00%, 06/16/27	05/19/14	323	278	0.2
	Ardagh Packaging Finance Plc, 6.75%, 05/15/24	02/21/18	134	125	0.1
	Ardonagh Midco 3 Plc, 8.38%, 07/15/23	06/07/17	531	533	0.3
	Ascent Resources - Marcellus LLC	05/07/18	16	16	—
	Ascent Resources LLC - 2nd Lien A	05/07/18	5	5	—
	Ascent Resources LLC - 2nd Lien B	05/07/18	3	2	—
	ATF Netherlands BV, 3.75%, callable at 100 beginning 01/20/23	12/08/17	125	117	0.1
	Aurium CLO II DAC, Series BR-2X, 0.99%, 10/13/29	06/26/18	173	173	0.1
	Autostrade per l'italia SpA, 1.88%, 09/26/29	06/06/18	(167)	(166)	(0.1)
	Avoca CLO VIII DAC, Series E-18X, 4.60%, 04/15/31	04/20/18	238	225	0.1
	Avoca CLO XIV DAC, Series FR-14X, 6.35%, 01/12/31	10/20/17	336	336	0.2
	Avoca CLO XIV Ltd., Series SUB-14X, 0.00%, 07/12/28	05/19/15	415	372	0.2
	Avoca CLO XV Ltd., Series M1-15X, 0.00%, 01/15/29	09/29/15	483	474	0.3
	Avoca CLO XV Ltd., Series ER-15X, 4.13%, 04/15/31	02/13/18	180	164	0.1
	Avoca CLO XV Ltd., Series FR-15X, 5.84%, 04/15/31	02/12/18	270	243	0.2
	Avoca CLO XVIII DAC, Series B1-18X, 1.25%, 04/15/31	04/20/18	494	465	0.3
	AXA SA, 3.25%, 05/28/49	05/31/18	(113)	(112)	(0.1)
	Banco Bilbao Vizcaya Argentaria SA, 8.88%, callable at 100 beginning 04/14/21	04/08/16	223	261	0.2
	Banco Espirito Santo SA, 0.00%, 05/08/17	07/14/14	525	131	0.1
	Banco Espirito Santo SA, 0.00%, 01/15/18	07/11/14	1,503	396	0.3
	Banco Espirito Santo SA, 0.00%, 01/21/19	07/11/14	2,415	744	0.5
	Banco Santander SA, 6.75%, callable at 100 beginning 04/25/22	04/19/17	483	501	0.3
	Bank of America Corp., 0.45%, 05/04/23	04/11/18	125	117	0.1
	Bank of Communications Co. Ltd., 5.00%, callable at 100 beginning 07/29/20	01/13/16	(201)	(201)	(0.1)
	Bank of Ireland, 7.38%, callable at 100 beginning 06/18/20	11/28/16	271	250	0.2
	Bankia SA, 6.00%, callable at 100 beginning 07/18/22	05/16/14	502	466	0.3
	Bankia SA, 4.00%, 05/22/24	05/16/14	108	119	0.1
	BAT Capital Corp., 0.17%, 08/16/21	04/11/18	124	117	0.1
	BAT International Finance Plc, 2.25%, 01/16/30	05/31/18	(116)	(117)	(0.1)
	Bevco Lux SARL, 1.75%, 02/09/23	02/05/18	309	291	0.2
	BHP Billiton Finance Ltd., 5.63%, 10/22/79	07/06/17	131	137	0.1
	Bilbao CLO I DAC, Series A2A-1X, 1.30%, 07/20/31	05/01/18	362	348	0.2
	Bilbao CLO I DAC, Series D-1X, 4.73%, 07/20/31	05/01/18	117	112	0.1
	BMW Finance NV, 1.13%, 01/10/28	06/11/18	(172)	(170)	(0.1)
	BNP Paribas Cardif SA, 4.03%, callable at 100 beginning 11/25/25	11/19/14	272	241	0.2
	BNP Paribas SA, 6.13%, callable at 100 beginning 06/17/22	02/09/18	380	343	0.2
	Boparan Finance Plc, 4.38%, 07/15/21	06/29/18	103	101	0.1
	Burger King France SAS, 5.25%, 05/01/23	12/12/17	119	117	0.1
	Buzzi Unicem SpA, 2.13%, 04/28/23	06/19/17	116	120	0.1
	BWAY Holding Co., 4.75%, 04/15/24	06/29/18	346	349	0.2
	Cadogan Square CLO XI DAC, Series C-11X, 1.49%, 02/15/31	06/05/18	117	117	0.1
	Cairn CLO IX BV, Series 2018-M2-9X, 0.00%, 03/21/32	02/01/18	123	113	0.1
	Cairn CLO IX BV, Series 2018-A-9X, 0.71%, 03/21/32	02/01/18	248	232	0.1
	Cairn CLO IX BV, Series 2018-B1-9X, 1.00%, 03/21/32	02/01/18	248	231	0.1
	Cairn CLO VI BV, Series 2016-E-6X, 6.25%, 07/25/29	06/14/16	215	233	0.1
	Capital Stage Finance BV, 5.25%, callable at 100 begininng 09/13/23	09/07/17	119	125	0.1
	Cargill Inc., 1.88%, 09/04/19	05/14/18	122	119	0.1
	Carlsberg Breweries A/S, 2.50%, 05/28/24	03/29/18	(268)	(255)	(0.2)
	Cellnex Telecom SA, 2.88%, 04/18/25	04/26/18	(480)	(474)	(0.3)
	Cellnex Telecom SA, 1.50%, 01/16/26	01/10/18	120	118	0.1
	CMA CGM SA, 6.50%, 07/15/22	05/01/18	(264)	(240)	(0.2)
	CMA CGM SA, 5.25%, 01/15/25	10/19/17	214	189	0.1
	Coca-Cola European Partners Plc, 0.00%, 11/16/21	04/11/18	124	117	0.1

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Constellium NV, 4.25%, 02/15/26	11/06/17	475	453	0.3
	Cooperatieve Rabobank U.A., 5.50%, callable at 100 beginning 06/29/20	01/05/18	260	249	0.2
	Coty Inc., 4.75%, 04/15/26	05/09/18	(131)	(126)	(0.1)
	Credit Agricole Assurances SA, 4.50%, callable at 100 beginning 10/14/25	02/28/18	137	121	0.1
	Credit Agricole SA, 6.50%, callable at 100 beginning 06/23/21	07/11/16	273	251	0.2
	Credit Suisse Group AG, 7.13%, callable at 100 beginning 07/29/22	02/15/18	214	203	0.1
	Croatia Government International Bond, 3.88%, 05/30/22	09/04/14	484	516	0.3
	CVC Cordatus Loan Fund VI Ltd., Series SUB-6X, 8.61%, 04/15/29	08/01/17	510	360	0.2
	CVC Cordatus Loan Fund VIII Ltd., Series E-8X, 5.70%, 04/23/30	02/13/17	104	119	0.1
	Daimler AG, 0.50%, 09/09/19	05/01/18	122	117	0.1
	Daimler AG, 1.38%, 05/11/28	06/11/18	(174)	(170)	(0.1)
	Daimler International Finance BV, 1.00%, 11/11/25	06/11/18	(116)	(114)	(0.1)
	Danske Bank A/S, 5.88%, callable at 100 beginning 04/06/22	12/13/17	263	253	0.2
	Delta Lloyd NV, 4.38%, callable at 100 beginning 06/13/24	10/11/17	394	361	0.2
	Deutsche Bank AG, 6.25%, callable at 100 beginning 04/30/20	07/20/16	(595)	(539)	(0.4)
	Diageo Finance BV, 0.00%, 11/17/20	05/01/18	121	117	0.1
	DKT Finance ApS, 7.00%, 06/17/23	06/25/18	506	514	0.3
	Dryden LVI Euro CLO BV, Series 2017-E-56X, 4.72%, 01/15/32	11/03/17	119	119	0.1
	Dryden XLVI Euro CLO BV, Series 2016-E-46X, 5.75%, 01/15/30	09/19/16	109	123	0.1
	Egypt Government International Bond, 6.13%, 01/31/22	08/16/17	207	197	0.1
	Electricite de France SA, 4.13%, callable at 100 beginning 01/22/22	07/07/17	237	244	0.2
	ELM BV, 3.38%, 09/29/47	03/31/17	129	117	0.1
	Energizer Gamma Acquisition BV, 4.63%, 07/15/26	06/22/18	349	353	0.2
	Eskom Holdings SOC Ltd., 5.75%, 01/26/21	02/07/18	(199)	(195)	(0.1)
	Eskom Holdings SOC Ltd., 6.75%, 08/06/23	06/11/18	(193)	(192)	(0.1)
	Experian Finance Plc, 4.75%, 02/04/20	05/14/18	129	126	0.1
	Federal-Mogul LLC, 5.00%, 07/15/24	04/12/18	256	242	0.2
	Gas Natural Fenosa Finance BV, 3.38%, callable at 100 beginning 04/24/24	04/22/15	130	115	0.1
	General Motors Financial Co. Inc., 0.35%, 05/10/21	04/11/18	124	117	0.1
	Gestamp Automocion SA, 3.25%, 04/30/26	06/15/18	(350)	(337)	(0.2)
	GKN Holdings Plc, 3.38%, 05/12/32	05/14/18	419	407	0.3
	GlaxoSmithKline Capital Plc, 0.63%, 12/02/19	05/14/18	121	118	0.1
	Goldman Sachs Group Inc., 0.14%, 12/31/18	04/11/18	124	117	0.1
	Grand City Properties SA, 3.75%, callable at 100 beginning 02/18/22	07/07/17	119	119	0.1
	Grand City Properties SA, 1.50%, 02/22/27	07/07/17	121	112	0.1
	Grupo Antolin Irausa SA, 3.25%, 04/30/24	06/14/18	(117)	(113)	(0.1)
	Halcyon Loan Advisors Funding Ltd., Series 2018-B1-1X, 1.12%, 10/18/31	06/18/18	232	233	0.2
	Hapag-Lloyd AG, 6.75%, 02/01/22	05/01/18	(141)	(130)	(0.1)
	HBOS Capital Funding LP, 6.85%, callable at 100 beginning 09/23/18	01/21/14	330	333	0.2
	Heidelbergcement Finance Luxembourg SA, 1.75%, 04/24/28	06/07/18	(133)	(133)	(0.1)
	Heineken Holding NV, 1.50%, 10/03/29	06/06/18	(175)	(175)	(0.1)
	Heineken NV, 1.25%, 09/10/21	05/01/18	125	120	0.1
	Hema Bondco I BV, 6.25%, 07/15/22	04/13/18	(248)	(226)	(0.2)
	Hertz Holdings Netherlands BV, 5.50%, 03/30/23	03/13/18	305	280	0.2
	IKB Deutsche Industriebank AG, 4.00%, 01/31/28	01/23/18	245	227	0.1
	Iliad SA, 1.88%, 04/25/25	05/17/18	(342)	(341)	(0.2)
	Imperial Brands Finance Plc, 0.50%, 07/27/21	04/18/18	124	117	0.1
	Indonesia Government International Bond, 2.88%, 07/08/21	09/05/14	550	544	0.4
	Industrial & Commercial Bank of China Ltd., 6.00%, callable at 100 beginning 12/10/19	02/16/16	(201)	(205)	(0.1)
	Inmobiliaria Colonial Socimi SA, 1.63%, 11/28/25	11/24/17	117	114	0.1
	Inmobiliaria Colonial Socimi SA, 2.50%, 11/28/29	11/24/17	117	115	0.1
	Intesa Sanpaolo SpA, 7.00%, callable at 100 beginning 01/19/21	01/13/16	488	476	0.3
	Intrum AB, 2.75%, 07/15/22	01/08/18	122	110	0.1
	Italy Buoni Poliennali Del Tesoro, 0.95%, 03/01/23	05/11/18	(181)	(169)	(0.1)
	Ivory Coast Government International Bond, 5.75%, 12/31/32	06/24/16	89	88	0.1
	Jerrold Finco Plc, 6.25%, 09/15/21	09/28/17	283	270	0.2
	Jerrold Finco Plc, 6.13%, 01/15/24	09/28/17	392	396	0.3
	Jubilee CDO BV, Series VIII-SUB-X, 4.73%, 01/15/24	03/28/14	321	—	—
	KBC Group NV, 5.63%, callable at 100 beginning 03/19/19	02/14/18	127	119	0.1
	Koninklijke Ahold Delhaize NV, 0.00%, 03/19/21	04/11/18	124	117	0.1
	Koninklijke Philips NV, 1.38%, 05/02/28	06/07/18	(174)	(175)	(0.1)
	LGE HoldCo VI BV, 7.13%, 05/15/24	01/13/15	213	212	0.1
	LHC3 Plc, 4.88%, 08/15/24	07/28/17	236	235	0.2
	LKQ European Holdings BV, 3.63%, 04/01/26	05/21/18	(236)	(234)	(0.2)
	Masaria Investments SAU, 5.00%, 09/15/24	09/08/17	163	149	0.1
	Matterhorn Telecom SA, 4.00%, 11/15/27	11/15/17	151	136	0.1
	McDonald's Corp., 0.50%, 01/15/21	05/23/18	119	118	0.1
	Mobilux Finance SAS, 5.50%, 11/15/24	05/07/18	(124)	(113)	(0.1)
	Naviera Armas SA, 4.25%, 11/15/24	06/11/18	(117)	(115)	(0.1)
	Nexi Capital SpA, 3.63%, 05/01/23	06/13/18	(231)	(231)	(0.2)
	Nexi Capital SpA, 4.13%, 11/01/23	06/13/18	(116)	(115)	(0.1)
	NN Group NV, 4.63%, 01/13/48	05/31/18	(125)	(124)	(0.1)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Nordea Bank AB, 5.50%, callable at 100 beginning 09/23/19	02/15/18	203	199	0.1
	Nyrstar Netherlands Holdings BV, 6.88%, 03/15/24	08/11/17	338	324	0.2
	Nyrstar NV, 5.00%, 07/11/22	03/05/18	129	114	0.1
	OCP Euro CLO Ltd., Series 2017-E-1X, 5.35%, 06/18/30	10/06/17	102	117	0.1
	OCP Euro CLO Ltd., Series 2017-A-2X, 0.82%, 01/15/32	11/07/17	116	117	0.1
	OCP Euro CLO Ltd., Series 2017-B-2X, 1.35%, 01/15/32	11/07/17	116	117	0.1
	OCP Euro CLO Ltd., Series 2017-E-2X, 5.00%, 01/15/32	11/07/17	114	115	0.1
	OCP Euro CLO Ltd., Series 2017-F-2X, 6.40%, 01/15/32	11/07/17	107	111	0.1
	Orange SA, 5.25%, callable at 100 beginning 02/07/24	07/28/16	240	258	0.2
	Ozlme II DAC, Series E-2X, 4.90%, 10/15/30	08/04/17	115	115	0.1
	Ozlme III DAC, Series SUB-3X, 0.00%, 02/24/20	12/08/17	217	199	0.1
	Ozlme III DAC, Series A1-3X, 0.75%, 02/24/20	12/08/17	353	349	0.2
	Ozlme III DAC, Series E-3X, 4.80%, 02/24/20	12/08/17	115	115	0.1
	Ozlme IV DAC, Series B-4X, 0.99%, 07/27/32	06/08/18	211	210	0.1
	Paragon Mortgages No. 13 Plc, Series 13X-A2C, 2.53%, 01/15/39	08/22/13	438	465	0.3
	Petroleos de Venezuela SA, 0.00%, 11/15/26	11/17/17	158	63	—
	Petroleos de Venezuela SA, 0.00%, 05/17/35	11/17/17	32	24	—
	Pinnacle Bidco Plc, 6.38%, 02/15/25	01/18/18	139	133	0.1
	Platin 1426 GmbH, 5.38%, 06/15/23	12/08/17	278	263	0.2
	Progroup AG, 3.00%, 03/31/26	05/21/18	(351)	(343)	(0.2)
	PSPC Escrow Corp., 6.00%, 02/01/23	05/24/18	122	121	0.1
	Quintiles IMS Inc., 3.25%, 03/15/25	01/24/18	126	113	0.1
	RCI Banque SA, 0.32%, 04/12/21	04/11/18	125	117	0.1
	Republic of Belarus International Bond, 6.88%, 02/28/23	11/01/17	212	207	0.1
	Republic of Serbia, 5.88%, 12/03/18	09/04/14	524	525	0.3
	RESIDOMO s.r.o., 3.38%, 10/15/24	10/09/17	125	116	0.1
	Rolls-Royce Holdings Plc, 1.63%, 05/09/28	06/07/18	(175)	(175)	(0.1)
	Russia Government International Bond, 5.00%, 04/29/20	04/20/16	618	614	0.4
	Sanofi SA, 0.00%, 03/21/20	03/16/18	248	234	0.2
	Sanofi SA, 0.00%, 03/21/20	03/15/18	249	234	0.2
	Schaeffler Verwaltung Zwei GmbH, 4.50%, 09/15/26	09/12/16	287	261	0.2
	Schumann SpA, 7.00%, 07/31/23	10/17/17	242	231	0.1
	Senvion Holding GmbH, 3.88%, 10/25/22	02/16/18	332	300	0.2
	Serbia International Bond, 4.88%, 02/25/20	09/04/14	406	406	0.3
	Shop Direct Funding Plc, 7.75%, 11/15/22	10/30/17	376	337	0.2
	Sigma Holdco BV, 5.75%, 05/15/26	06/19/18	(222)	(218)	(0.2)
	Smurfit Kappa Acquisitions, 2.88%, 01/15/26	06/27/18	342	339	0.2
	Societe Generale SA, 1.38%, 02/23/28	02/20/18	248	224	0.1
	SoftBank Group Corp., 5.00%, 04/15/28	04/26/18	120	114	0.1
	St. Paul's CLO IX DAC, Series A-9X, 0.82%, 11/15/30	04/17/18	395	373	0.2
	Stora Enso Oyj, 2.50%, 03/21/28	03/19/18	242	235	0.2
	Sunshine Mid BV, 6.50%, 05/15/26	05/30/18	(123)	(123)	(0.1)
	Telecom Italia Finance SA, 7.75%, 01/24/33	09/19/13	277	241	0.2
	Telecom Italia SpA, 1.13%, 03/26/22	10/23/17	830	888	0.6
	Telefonica Europe BV, 5.88%, callable at 100 beginning 03/31/24	03/30/15	527	509	0.3
	Tereos Finance Groupe I SA, 4.13%, 06/16/23	02/15/18	(240)	(220)	(0.2)
	TLG Immobilien AG, 1.38%, 11/27/24	11/21/17	235	233	0.2
	Tullow Oil Plc, 7.00%, 03/01/25	04/12/18	201	189	0.1
	UBS AG, 0.17%, 04/23/21	04/17/18	343	322	0.2
	UBS Group Funding, 6.88%, callable at 100 beginning 03/22/21	03/15/16	628	609	0.4
	UBS Group Funding, 7.13%, callable at 100 beginning 08/10/21	03/15/16	212	205	0.1
	UBS Group Funding Switzerland AG, 5.00%, callable at 100 beginning 01/31/23	01/25/18	407	372	0.2
	Ukraine Government International Bond, 7.75%, 09/01/21	02/10/17	300	295	0.2
	Unibail-Rodamco SE, 0.13%, 05/14/21	05/03/18	359	351	0.2
	UniCredit SpA, 9.25%, callable at 100 beginning 06/03/22	12/20/16	263	325	0.2
	UniCredit SpA, 6.95%, 10/31/22	05/24/13	216	216	0.1
	Unilabs Subholding AB, 5.75%, 05/15/25	02/21/18	124	111	0.1
	Unilever NV, 1.75%, 08/05/20	05/18/18	122	121	0.1
	Unique Pub Finance Co. Plc, 6.46%, 03/30/32	04/13/15	477	448	0.3
	United Group BV, 4.88%, 07/01/24	02/08/18	498	474	0.3
	United Kingdom Gilt Treasury Bond, 3.50%, 07/22/68	01/25/18	(295)	(286)	(0.2)
	Unitymedia GmbH, 3.75%, 01/15/27	10/27/15	1,123	1,096	0.7
	UPC Holding BV, 3.88%, 06/15/29	02/06/18	356	324	0.2
	UPCB Finance VII Ltd., 3.63%, 06/15/29	06/06/18	346	338	0.2
	Vallourec SA, 6.63%, 10/15/22	02/23/18	(257)	(237)	(0.2)
	Verallia Packaging SAS, 5.13%, 08/01/22	02/21/18	127	120	0.1
	Vodafone Group Plc, 1.88%, 11/20/29	05/18/18	(343)	(347)	(0.2)
	Volkswagen Bank GmbH, 0.10%, 06/15/21	04/11/18	124	116	0.1
	Volkswagen International Finance NV, 3.50%, callable at 100 beginning 03/20/30	05/31/18	(111)	(106)	(0.1)
	Volkswagen International Finance NV, 0.03%, 03/30/19	04/11/18	124	117	0.1
	Volvo Car AB, 2.00%, 01/24/25	04/17/18	457	428	0.3
	Wagamama Finance Plc, 4.13%, 07/01/22	02/28/18	(136)	(129)	(0.1)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Wellcome Trust Ltd., 2.52%, 02/07/18	02/01/18	248	218	0.1
	Wind Tre SpA, 3.13%, 01/20/25	02/01/18	227	189	0.1
	ZF North America Capital Inc., 2.75%, 04/27/23	04/21/15	232	248	0.2
			37,528	32,681	21.8


Futures Contracts
Reference Entity	Contracts Long (Short)¹	Expiration	Notional ¹		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Euro-Bobl	(31)	September 2018	EUR	(4,075)		1		(26)
Euro-BTP	(1)	September 2018	EUR	(124)		(1)		(3)
Euro-Bund	(24)	September 2018	EUR	(3,861)		(3)		(47)
S&P 500 E-Mini Index	(4)	September 2018		(546)		2		2
STOXX 600 Banks Index	15	September 2018	EUR	121		1		(1)
U.K. Long Gilt	(6)	September 2018	GBP	(732)		2		(8)
U.S. Treasury Long Bond	(1)	September 2018		(142)		—		(3)
U.S. Treasury Note, 10-Year	(6)	September 2018		(719)		—		(3)
U.S. Treasury Note, 2-Year	(3)	September 2018		(635)		—		—
U.S. Treasury Note, 5-Year	(8)	September 2018		(913)		—		4
						2		(85)


Centrally Cleared Interest Rate Swap Agreements
Floating Rate Index²	Paying / Receiving Floating Rate	Fixed Rate (%)	Expiration	Notional¹		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
3M LIBOR (Q)	Receiving	1.22	08/14/18		640		—		1
3M LIBOR (Q)	Receiving	1.89	09/11/19		290		—		3
3M LIBOR (Q)	Receiving	1.78	12/23/19		340		—		5
3M LIBOR (Q)	Receiving	1.67	02/13/20		80		—		1
3M LIBOR (Q)	Receiving	1.69	02/20/20		250		—		4
3M LIBOR (Q)	Receiving	1.65	04/20/20		800		—		16
3M LIBOR (Q)	Receiving	1.69	05/29/20		480		—		10
3M LIBOR (Q)	Receiving	1.54	11/04/20		720		—		21
3M LIBOR (Q)	Receiving	1.91	02/13/22		130		—		4
3M LIBOR (Q)	Receiving	1.80	04/02/22		180		—		7
3M LIBOR (Q)	Receiving	1.86	04/20/22		250		—		9
3M LIBOR (Q)	Receiving	1.92	01/22/25		300		—		18
3M LIBOR (Q)	Receiving	2.01	10/23/25		680		1		41
3M LIBOR (Q)	Receiving	2.20	04/20/27		110		—		7
3M LIBOR (Q)	Receiving	2.20	04/20/27		120		—		7
3M LIBOR (S)	Paying	1.44	01/22/20		240		—		(5)
							1		149


Centrally Cleared Credit Default Swap Agreements
Reference Entity²	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional^1,7		Value⁶ ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection³
CDX.NA.HY.30 (Q)	5.00	06/20/23		5,000		(287)		2		34
CDX.NA.IG.30 (Q)	1.00	06/20/23		4,000		(59)		(1)		8
iTraxx Europe Crossover Series 29 (Q)	5.00	06/20/23		4,263		(398)		(23)		37
						(744)		(22)		79
Credit default swap agreements - sell protection⁴
iTraxx Europe Crossover Series 28 (Q)	5.00	12/20/22		(430)		46		2		(9)
iTraxx Europe Senior Series 28 (Q)	1.00	12/20/22		(3,690)		39		7		(52)
iTraxx Europe Senior Series 29 (Q)	1.00	06/20/23		(490)		3		1		—
iTraxx Europe Series 28 (Q)	1.00	12/20/22		(2,780)		52		4		(18)
iTraxx Europe Series 29 (Q)	1.00	06/20/23		(2,830)		43		5		(3)
						183		19		(82)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018

Exchange Traded Futures Options

Reference Entity

Purchased

(Written)

Contracts¹

Exercise

Price

Expiration

Variation

Margin Receivable (Payable) ($)

Unrealized

Appreciation (Depreciation) ($)

Interest Options

Euro-Bund

EUR

159.50

08/24/18

(2)

(44)

(2)

(44)


Exchange Traded Purchased Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts ¹		Value ($)
Exchange Traded Future Options
10-Year U.S. Treasury Note Future		Put		120.00	07/27/18		12		7
10-Year U.S. Treasury Note Future		Put		118.00	07/27/18		55		1
10-Year U.S. Treasury Note Future		Put		117.50	08/24/18		8		1
10-Year U.S. Treasury Note Future		Put		118.50	08/24/18		37		6
5-Year U.S. Treasury Note Future		Put		113.50	08/24/18		12		4
5-Year U.S. Treasury Note Future		Put		112.50	08/24/18		10		1
									20
Index Options
Chicago Board Options Exchange SPX Volatility Index		Call		23.00	07/18/18		60		4
Chicago Board Options Exchange SPX Volatility Index		Call		23.00	08/22/18		80		9
Euro Stoxx 50 Index		Call	EUR	3,750.00	08/17/18		53		—
Euro Stoxx 50 Index		Call	EUR	3,600.00	08/17/18		36		2
Euro Stoxx 50 Index		Call	EUR	3,550.00	08/17/18		18		2
Euro Stoxx 50 Index		Put	EUR	3,450.00	08/17/18		16		19
Euro Stoxx 50 Index		Put	EUR	3,475.00	08/17/18		16		21
Euro Stoxx 50 Index		Put	EUR	3,400.00	08/17/18		22		19
Euro Stoxx 50 Index		Put	EUR	3,200.00	08/17/18		19		6
Euro Stoxx 50 Index		Put	EUR	3,350.00	08/17/18		23		15
S&P 500 Index		Call		2,850.00	08/17/18		7		2
S&P 500 Index		Call		2,725.00	08/17/18		2		9
S&P 500 Index		Put		2,720.00	08/17/18		3		15
S&P 500 Index		Put		2,770.00	08/17/18		4		29
S&P 500 Index		Put		2,650.00	08/17/18		5		15
S&P 500 Index		Put		2,675.00	08/17/18		3		11
									178
Options on Securities
Allergan Plc		Call		190.00	11/16/18		8		3
AMC Networks Inc.		Call		70.00	07/20/18		35		—
AMC Networks Inc.		Call		70.00	12/21/18		25		7
AMC Networks Inc.		Put		65.00	12/21/18		12		8
AT&T Inc.		Call		100.00	07/20/18		86		4
CBS Corp.		Call		62.50	09/21/18		35		4
CBS Corp.		Call		60.00	09/21/18		50		8
CBS Corp.		Call		57.50	09/21/18		30		7
CBS Corp.		Call		65.00	12/21/18		85		13
Celgene Corp.		Call		105.00	10/19/18		9		—
CenturyLink Inc.		Call		21.00	07/20/18		55		—
CenturyLink Inc.		Call		20.00	07/20/18		35		—
Charter Communications Inc.		Put		220.00	09/21/18		10		1
Citigroup Inc.		Put		57.50	09/21/18		45		2
Citigroup Inc.		Put		57.50	12/21/18		35		4
Comcast Corp.		Call		35.00	08/17/18		90		6
Discovery Inc.		Put		20.00	07/20/18		80		—
Endo International Plc		Put		7.00	10/19/18		35		1
Envision Healthcare Corp.		Put		30.00	09/21/18		15		—
Financial Select Sector SPDR Fund		Call		28.00	07/20/18		20		—
Financial Select Sector SPDR Fund		Put		26.00	08/17/18		110		5
First Quantum Minerals Ltd.		Put	CAD	18.00	07/20/18		35		1
First Quantum Minerals Ltd.		Put	CAD	15.00	07/20/18		50		—
First Quantum Minerals Ltd.		Put	CAD	18.00	10/19/18		55		6
First Quantum Minerals Ltd.		Put	CAD	19.00	10/19/18		35		5
First Quantum Minerals Ltd.		Put	CAD	14.00	10/19/18		20		1
First Quantum Minerals Ltd.		Put	CAD	17.00	10/19/18		25		2
First Quantum Minerals Ltd.		Put	CAD	17.00	01/18/19		15		2
General Motors Co.		Put		40.00	12/21/18		10		3
Hertz Global Holdings Inc.		Put		15.00	10/19/18		15		3
Hertz Global Holdings Inc.		Put		14.00	10/19/18		20		3
Invesco QQQ Trust Series 1		Put		170.00	07/20/18		25		6
Invesco QQQ Trust Series 1		Put		160.00	07/20/18		25		2
Invesco QQQ Trust Series 1		Put		162.00	08/17/18		35		7
Invesco QQQ Trust Series 1		Put		165.00	08/17/18		45		11

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Exchange Traded Purchased Options (continued)
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts ¹		Value ($)
iShares 20+ Year Treasury Bond ETF		Call		126.00	09/21/18		75		5
iShares iBoxx USD High Yield Corporate Bond ETF		Put		85.00	07/20/18		80		4
iShares iBoxx USD High Yield Corporate Bond ETF		Put		85.50	07/20/18		169		16
iShares iBoxx USD High Yield Corporate Bond ETF		Put		84.00	07/20/18		55		1
iShares iBoxx USD High Yield Corporate Bond ETF		Put		85.00	08/17/18		237		27
iShares iBoxx USD High Yield Corporate Bond ETF		Put		84.00	08/17/18		155		11
iShares iBoxx USD High Yield Corporate Bond ETF		Put		83.00	10/19/18		50		6
iShares iBoxx USD High Yield Corporate Bond ETF		Put		84.00	10/19/18		25		4
iShares iBoxx USD Investment Grade Corporate Bond ETF		Call		115.00	08/17/18		60		3
iShares JP Morgan USD Emerging Markets Bond ETF		Put		105.00	09/21/18		40		5
iShares JP Morgan USD Emerging Markets Bond ETF		Put		106.00	09/21/18		25		4
iShares JP Morgan USD Emerging Markets Bond ETF		Put		104.00	09/21/18		20		2
iShares JP Morgan USD Emerging Markets Bond ETF		Put		104.00	10/19/18		15		2
iShares JP Morgan USD Emerging Markets Bond ETF		Put		100.00	01/18/19		70		9
iShares MSCI Emerging Markets ETF		Put		42.00	08/17/18		80		6
iShares Russell 2000 ETF		Put		156.00	07/20/18		35		2
iShares Russell 2000 ETF		Put		158.00	08/17/18		55		11
iShares Russell 2000 ETF		Put		154.00	08/17/18		30		4
iShares US Preferred Stock ETF		Put		36.00	07/20/18		90		1
iShares US Preferred Stock ETF		Put		36.00	10/19/18		235		5
iShares US Preferred Stock ETF		Put		35.00	10/19/18		70		1
iShares US Preferred Stock ETF		Put		36.00	01/18/19		65		2
Lions Gate Entertainment Corp.		Call		30.00	07/20/18		75		—
Lions Gate Entertainment Corp.		Call		30.00	08/17/18		25		1
Lions Gate Entertainment Corp.		Call		30.00	09/21/18		135		8
Lions Gate Entertainment Corp.		Call		30.00	12/21/18		120		15
Mattel Inc.		Put		12.00	07/20/18		70		—
Mattel Inc.		Put		12.00	10/19/18		35		1
Mattel Inc.		Put		11.00	10/19/18		25		1
NXP Semiconductors NV		Call		120.00	07/20/18		60		12
NXP Semiconductors NV		Call		120.00	08/17/18		35		12
NXP Semiconductors NV		Call		105.00	08/17/18		45		48
NXP Semiconductors NV		Call		115.00	01/18/19		22		16
QUALCOMM Inc.		Call		60.00	09/21/18		20		4
QUALCOMM Inc.		Call		62.50	10/19/18		50		8
Rite Aid Corp.		Call		2.00	10/19/18		200		3
SPDR S&P 500 ETF Trust		Call		282.00	07/20/18		12		—
SPDR S&P 500 ETF Trust		Call		280.00	07/20/18		20		1
SPDR S&P 500 ETF Trust		Put		270.00	07/20/18		25		7
SPDR S&P 500 ETF Trust		Put		271.00	07/20/18		20		6
SPDR S&P 500 ETF Trust		Put		266.00	07/20/18		25		4
SPDR S&P 500 ETF Trust		Put		260.00	07/20/18		35		3
SPDR S&P 500 ETF Trust		Put		265.00	08/17/18		20		6
SPDR S&P Retail ETF		Put		42.00	07/20/18		35		—
Sprint Corp.		Put		5.00	08/17/18		185		3
Sprint Corp.		Put		5.00	11/16/18		70		2
Sprint Corp.		Put		5.00	01/18/19		55		2
Thermo Fisher Scientific Inc.		Put		180.00	09/21/18		8		1
Uniti Group Inc.		Put		12.50	08/17/18		65		2
Uniti Group Inc.		Put		17.50	11/16/18		25		3
Valeant Pharmaceuticals International Inc.		Put		20.00	07/20/18		70		—
Valeant Pharmaceuticals International Inc.		Put		19.00	08/17/18		60		2
VanEck Vectors Semiconductor ETF		Put		100.00	07/20/18		25		4
VanEck Vectors Semiconductor ETF		Put		98.00	08/17/18		40		9
VanEck Vectors Semiconductor ETF		Put		93.00	08/17/18		25		3
Walt Disney Co.		Put		97.50	08/17/18		25		3
									446

OTC Purchased Options

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/

Swaption Rate (%)

Expiration

Notional/

Contracts ¹

Value ($)

Credit Default Swaptions¹¹

CDX.NA.HY.30, 06/20/23

GSC

Put

106.00

08/15/18

1,200,000

CDX.NA.HY.30, 06/20/23

GSC

Put

106.00

07/18/18

1,000,000

CDX.NA.HY.30, 06/20/23

GSC

Put

105.50

08/15/18

1,600,000

CDX.NA.IG.30, 06/20/23

BNP

Put

0.65

07/18/18

2,000,000

CDX.NA.IG.30, 06/20/23

BOA

Put

0.68

07/18/18

2,000,000

CDX.NA.IG.30, 06/20/23

JPM

Put

0.60

07/18/18

2,000,000

CDX.NA.IG.30, 06/20/23

MSC

Put

0.63

07/18/18

2,400,000

iTraxx Europe Series 29, 06/20/23

CIT

Put

0.65

08/15/18

EUR

4,000,000

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018

OTC Purchased Options (continued)

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/

Swaption Rate (%)

Expiration

Notional/

Contracts ¹

Value ($)

iTraxx Europe Series 29, 06/20/23

MSC

Put

0.75

07/18/18

EUR

1,800,000

Interest Rate Swaptions¹¹

3M LIBOR, 07/27/28

DUB

Put

2.98

07/25/18

2,950,000

3M LIBOR, 07/27/23

DUB

Put

2.84

07/25/18

2,350,000


Exchange Traded Written Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts ¹		Value ($)
Index Options
Euro Stoxx 50 Index		Put	EUR	3300.00	08/17/18		16		(8)
Euro Stoxx 50 Index		Put	EUR	3275.00	08/17/18		16		(7)
Euro Stoxx 50 Index		Put	EUR	3250.00	08/17/18		23		(9)
S&P 500 Index		Call		2800.00	08/17/18		2		(2)
									(26)
Options on Securities
Allergan Plc		Call		210.00	11/16/18		8		(1)
AMC Networks Inc.		Put		55.00	12/21/18		12		(2)
AT&T Inc.		Call		105.00	07/20/18		86		—
Celgene Corp.		Call		120.00	10/19/18		9		—
General Motors Co.		Put		30.00	12/21/18		10		—
Invesco QQQ Trust Series 1		Put		158.00	07/20/18		25		(1)
Invesco QQQ Trust Series 1		Put		145.00	07/20/18		25		—
Invesco QQQ Trust Series 1		Put		142.00	08/17/18		35		(1)
Invesco QQQ Trust Series 1		Put		150.00	08/17/18		45		(3)
iShares iBoxx USD High Yield Corporate Bond ETF		Put		80.00	07/20/18		40		—
iShares iBoxx USD High Yield Corporate Bond ETF		Put		79.00	07/20/18		40		—
iShares iBoxx USD High Yield Corporate Bond ETF		Put		81.00	08/17/18		60		(1)
iShares iBoxx USD High Yield Corporate Bond ETF		Put		79.00	08/17/18		55		(1)
iShares JP Morgan USD Emerging Markets Bond ETF		Put		100.00	09/21/18		25		(1)
iShares Russell 2000 ETF		Put		146.00	07/20/18		35		—
iShares Russell 2000 ETF		Put		148.00	08/17/18		55		(4)
iShares Russell 2000 ETF		Put		138.00	08/17/18		30		(1)
NXP Semiconductors NV		Call		125.00	08/17/18		45		(6)
NXP Semiconductors NV		Call		125.00	01/18/19		22		(5)
NXP Semiconductors NV		Put		100.00	01/18/19		22		(15)
SPDR S&P 500 ETF Trust		Put		261.00	07/20/18		20		(2)
SPDR S&P 500 ETF Trust		Put		246.00	07/20/18		25		(1)
SPDR S&P 500 ETF Trust		Put		240.00	07/20/18		60		(1)
SPDR S&P 500 ETF Trust		Put		250.00	08/17/18		20		(2)
SPDR S&P Retail ETF		Put		38.00	07/20/18		35		—
VanEck Vectors Semiconductor ETF		Put		90.00	07/20/18		25		(1)
VanEck Vectors Semiconductor ETF		Put		88.00	08/17/18		40		(3)
VMware Inc.		Call		150.00	10/19/18		14		(14)
									(66)

OTC Written Options

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/ Swaption Rate(%)

Expiration

Notional/

Contracts ¹

Value ($)

Credit Default Swaptions¹¹

CDX.NA.HY.30, 06/20/23

GSC

Put

101.00

07/18/18

1,000,000

(1)

CDX.NA.HY.30, 06/20/23

GSC

Put

101.00

08/15/18

1,200,000

(2)

CDX.NA.HY.30, 06/20/23

GSC

Put

100.00

08/15/18

1,600,000

(2)

iTraxx Europe Series 29, 06/20/23

CIT

Put

0.80

08/15/18

EUR

4,000,000

(10)

(15)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018

Forward Foreign Currency Contracts


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
EUR/USD	MSC	07/03/18	EUR	290		338		3
EUR/USD	BNP	07/05/18	EUR	6,529		7,619		33
EUR/USD	DUB	07/05/18	EUR	33,549		39,153		274
EUR/USD	MSC	07/05/18	EUR	2,885		3,367		1
EUR/USD	MSC	08/06/18	EUR	2,148		2,513		19
GBP/USD	CIT	07/05/18	GBP	6,144		8,103		67
GBP/USD	MSC	07/05/18	GBP	1,260		1,662		(16)
GBP/USD	MSC	08/06/18	GBP	1,280		1,691		13
USD/EUR	BNP	07/05/18	EUR	(2,444)		(2,852)		(1)
USD/EUR	BNP	07/05/18	EUR	(14)		(16)		—
USD/EUR	BOA	07/05/18	EUR	(2)		(2)		—
USD/EUR	DUB	07/05/18	EUR	(33,549)		(39,153)		1
USD/EUR	MSC	07/05/18	EUR	(2,148)		(2,507)		(19)
USD/EUR	MSC	07/05/18	EUR	(4,229)		(4,935)		12
USD/EUR	NSI	07/05/18	EUR	(280)		(326)		—
USD/EUR	BNP	08/06/18	EUR	(6,529)		(7,638)		(35)
USD/EUR	DUB	08/06/18	EUR	(33,549)		(39,247)		(278)
USD/EUR	MSC	08/06/18	EUR	(290)		(339)		(3)
USD/GBP	CIT	07/05/18	GBP	(6,144)		(8,104)		73
USD/GBP	MSC	07/05/18	GBP	(1,282)		(1,691)		(12)
USD/GBP	CIT	08/06/18	GBP	(6,144)		(8,116)		(67)
						(50,480)		65


OTC Credit Default Swap Agreements
Reference Entity²	Counter-party	Implied Credit Spread ⁵ (%)	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional ^1,7 ($)		Value⁶ ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection³
AK Steel Corp., 7.00%, 03/15/27 (Q)	GSC	N/A	5.00	06/20/23		125		(3)		(2)		(1)
AK Steel Corp., 7.00%, 03/15/27 (Q)	JPM	N/A	5.00	06/20/23		115		(2)		(3)		1
Anadarko Petroleum Corp., 6.95%, 06/15/19 (Q)	JPM	N/A	1.00	06/20/23		450		(5)		(1)		(4)
Anglo American Capital Plc, 4.13%, 04/15/21 (Q)	BCL	N/A	5.00	06/20/23		327		(53)		(63)		10
ArcelorMittal SA, 2.88%, 07/06/20 (Q)	BCL	N/A	5.00	06/20/23		117		(19)		(20)		1
Bevco Lux SARL, 1.75%, 02/09/23 (Q)	CSI	N/A	5.00	06/20/23		47		(8)		(8)		—
BMW Finance NV, 0.13%, 01/12/21 (Q)	BCL	N/A	1.00	06/20/23		408		(5)		(8)		3
Bombardier Inc., 7.45%, 05/01/34 (Q)	GSC	N/A	5.00	12/20/22		125		(13)		(7)		(6)
Boston Scientific Corp., 2.65%, 10/01/18 (Q)	JPM	N/A	1.00	06/20/20		1,250		(22)		(31)		9
Cable & Wireless International Finance NV, 8.63%, 03/25/19 (Q)	GSC	N/A	5.00	06/20/23		152		(24)		(25)		1
Capital One Financial Corp., 4.75%, 07/15/21 (Q)	CCI	N/A	1.00	06/20/22		1,500		(31)		(15)		(16)
Cardinal Health Inc., 1.90%, 06/15/17 (Q)	BCL	N/A	1.00	12/20/18		640		(3)		(20)		17
CBS Corp., 4.30%, 02/15/21 (Q)	GSC	N/A	1.00	06/20/23		650		(5)		(2)		(3)
Citigroup Inc., 2.88%, 07/24/23 (Q)	GSC	N/A	1.00	06/20/23		650		(13)		(13)		—
CMA CGM SA, 7.75%, 01/15/21 (Q)	MSC	N/A	5.00	12/20/22		12		1		(1)		2
Comcast Corp., 5.70%, 07/01/19 (Q)	GSC	N/A	1.00	06/20/23		650		(9)		(8)		(1)
Comcast Corp., 5.70%, 07/01/19 (Q)	GSC	N/A	1.00	06/20/23		650		(9)		(7)		(2)
Constellium NV, 4.63%, 05/15/21 (Q)	GSC	N/A	5.00	12/20/20		105		(10)		(11)		1
Constellium NV, 4.63%, 05/15/21 (Q)	CCI	N/A	5.00	12/20/21		187		(21)		(23)		2
Constellium NV, 4.63%, 05/15/21 (Q)	GSC	N/A	5.00	12/20/21		140		(15)		(18)		3
CSC Holdings LLC, 10.88%, 10/15/25 (Q)	GSC	N/A	5.00	06/20/23		200		(14)		(16)		2
CSC Holdings LLC, 10.88%, 10/15/25 (Q)	JPM	N/A	5.00	06/20/23		200		(15)		(17)		2
Daimler AG, 0.63%, 03/05/20 (Q)	BNP	N/A	1.00	06/20/23		408		(3)		(6)		3
Dell Inc., 7.10%, 04/15/28 (Q)	GSC	N/A	1.00	12/20/18		250		(1)		5		(6)
Deutsche Lufthansa AG, 1.13%, 09/12/19 (Q)	JPM	N/A	1.00	06/20/23		525		(4)		(7)		3
Dow Chemical Co., 7.38%, 11/01/29 (Q)	JPM	N/A	1.00	09/20/18		730		(2)		(4)		2
Enel SpA, 5.25%, 05/20/24 (Q)	CCI	N/A	1.00	06/20/23		233		—		1		(1)
Enel SpA, 5.25%, 05/20/24 (Q)	GSC	N/A	1.00	06/20/23		222		—		(1)		1
Enel SpA, 5.25%, 05/20/24 (Q)	MSC	N/A	1.00	06/20/23		187		—		1		(1)
Enel SpA, 5.25%, 05/20/24 (Q)	MSC	N/A	1.00	06/20/23		420		—		1		(1)
Ford Motor Co., 4.35%, 12/08/26 (Q)	JPM	N/A	5.00	06/20/23		450		(75)		(77)		2
Ford Motor Co., 4.35%, 12/08/26 (Q)	JPM	N/A	5.00	06/20/23		350		(58)		(59)		1
Freeport-McMoRan Inc., 3.55%, 03/01/22 (Q)	GSC	N/A	1.00	06/20/23		170		5		6		(1)
Frontier Communications Corp., 9.00%, 08/15/31 (Q)	BCL	N/A	5.00	12/20/21		115		19		25		(6)
Frontier Communications Corp., 9.00%, 08/15/31 (Q)	JPM	N/A	5.00	12/20/21		75		12		16		(4)
Frontier Communications Corp., 9.00%, 08/15/31 (Q)	BCL	N/A	5.00	06/20/23		9		2		3		(1)
HP Inc., 4.65%, 12/09/21 (Q)	GSC	N/A	1.00	06/20/21		250		(5)		(6)		1
International Business Machines Corp., 5.70%, 09/14/17 (Q)	GSC	N/A	1.00	12/20/18		1,620		(7)		(49)		42
ITV Plc, 2.13%, 09/21/22 (Q)	BCL	N/A	5.00	06/20/23		187		(35)		(36)		1
L Brands Inc., 5.63%, 10/15/23 (Q)	JPM	N/A	1.00	06/20/23		200		15		15		—
Lanxess AG, 0.25%, 10/07/21 (Q)	GSC	N/A	1.00	06/20/23		560		(6)		(10)		4
Lloyds Bank Plc, 4.50%, 11/04/24 (Q)	JPM	N/A	1.00	06/20/23		128		5		4		1
Loews Corp., 6.00%, 02/01/35 (Q)	CGM	N/A	1.00	06/20/21		850		(21)		(26)		5
Marks & Spencer Plc, 6.13%, 12/02/19 (Q)	CSI	N/A	1.00	06/20/23		440		9		11		(2)
Mattel Inc., 2.35%, 08/15/21 (Q)	JPM	N/A	1.00	06/20/20		200		(1)		1		(2)
Mattel Inc., 2.35%, 08/15/21 (Q)	JPM	N/A	1.00	06/20/20		200		(1)		1		(2)
Matterhorn Telecom SA, 4.88%, 05/01/23 (Q)	CSI	N/A	5.00	06/20/23		47		(7)		(7)		—

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


OTC Credit Default Swap Agreements (continued)
Reference Entity²	Counter-party	Implied Credit Spread ⁵ (%)	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional ^1,7 ($)		Value⁶ ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
Microsoft Corp., 4.50%, 10/01/40 (Q)	CSI	N/A	1.00	12/20/18		1,279		(7)		(38)		31
Microsoft Corp., 4.50%, 10/01/40 (Q)	GSC	N/A	1.00	12/20/18		341		(1)		(10)		9
People's Republic of China, 7.50%, 10/28/27 (Q)	GSC	N/A	1.00	06/20/23		560		(8)		(9)		1
Peugeot SA, 2.38%, 04/14/23 (Q)	CCI	N/A	5.00	06/20/23		315		(54)		(63)		9
Peugeot SA, 2.38%, 04/14/23 (Q)	GSC	N/A	5.00	06/20/23		210		(36)		(38)		2
Raytheon Co., 7.20%, 08/15/27 (Q)	GSC	N/A	1.00	03/20/20		967		(15)		(39)		24
Raytheon Co., 7.20%, 08/15/27 (Q)	GSC	N/A	1.00	03/20/20		970		(15)		(39)		24
Republic of Colombia, 10.38%, 01/28/33 (Q)	JPM	N/A	1.00	06/20/21		200		(1)		11		(12)
Rio Tinto Finance USA Ltd., 3.75%, 06/15/25 (Q)	JPM	N/A	1.00	06/20/22		250		(5)		(1)		(4)
Rio Tinto Finance USA Ltd., 3.75%, 06/15/25 (Q)	JPM	N/A	1.00	06/20/23		700		(12)		(13)		1
Rite Aid Corp., 7.70%, 02/15/27 (Q)	GSC	N/A	5.00	06/20/23		120		11		13		(2)
Rite Aid Corp., 7.70%, 02/15/27 (Q)	JPM	N/A	5.00	06/20/23		125		11		12		(1)
Rite Aid Corp., 7.70%, 02/15/27 (Q)	JPM	N/A	5.00	06/20/23		200		18		21		(3)
Smurfit Kappa Group Plc, 3.25%, 06/01/21 (Q)	CSI	N/A	5.00	06/20/23		117		(21)		(23)		2
Smurfit Kappa Group Plc, 3.25%, 06/01/21 (Q)	GSC	N/A	5.00	06/20/23		117		(22)		(22)		—
Smurfit Kappa Group Plc, 3.25%, 06/01/21 (Q)	GSC	N/A	5.00	06/20/23		117		(21)		(22)		1
Societe Generale SA, 5.88%, 12/21/16 (Q)	GSC	N/A	1.00	06/20/23		128		3		—		3
Softbank Group Corp., 1.69%, 11/27/20 (Q)	BNP	N/A	1.00	06/20/23		105		6		8		(2)
Softbank Group Corp., 1.69%, 11/27/20 (Q)	BNP	N/A	1.00	06/20/23		166		10		10		—
Softbank Group Corp., 1.69%, 11/27/20 (Q)	GSC	N/A	1.00	06/20/23		126		8		9		(1)
Softbank Group Corp., 1.69%, 11/27/20 (Q)	GSC	N/A	1.00	06/20/23		194		12		15		(3)
Sony Corp., 1.57%, 06/19/15 (Q)	JPM	N/A	1.00	03/20/19		1,285		(9)		91		(100)
Southwest Airlines Co., 5.13%, 03/01/17 (Q)	CSI	N/A	1.00	12/20/19		580		(7)		(10)		3
Sprint Communications, 7.00%, 08/15/20 (Q)	JPM	N/A	5.00	06/20/20		200		(15)		(17)		2
Sprint Communications, 7.00%, 08/15/20 (Q)	JPM	N/A	5.00	06/20/20		125		(9)		(10)		1
Staples Inc., 4.38%, 01/12/23 (Q)	BCL	N/A	5.00	12/20/22		302		3		13		(10)
Staples Inc., 4.38%, 01/12/23 (Q)	JPM	N/A	5.00	12/20/22		173		2		8		(6)
Staples Inc., 8.50%, 09/15/25 (Q)	JPM	N/A	5.00	06/20/21		200		(10)		(6)		(4)
Stena AB, 7.00%, 02/01/24 (Q)	GSC	N/A	5.00	06/20/21		70		(2)		(3)		1
Stena AB, 7.00%, 02/01/24 (Q)	JPM	N/A	5.00	12/20/22		117		3		2		1
Stena AB, 7.00%, 02/01/24 (Q)	CCI	N/A	5.00	06/20/23		117		5		5		—
Stena AB, 7.00%, 02/01/24 (Q)	CSI	N/A	5.00	06/20/23		163		8		7		1
Sudzucker International Finance BV, 1.25%, 11/29/23 (Q)	BOA	N/A	1.00	06/20/23		233		(1)		(1)		—
Sudzucker International Finance BV, 1.25%, 11/29/23 (Q)	JPM	N/A	1.00	06/20/23		233		(1)		(3)		2
Telecom Italia SpA, 5.38%, 01/29/19 (Q)	BCL	N/A	1.00	06/20/23		84		4		2		2
Telecom Italia SpA, 5.38%, 01/29/19 (Q)	BCL	N/A	1.00	06/20/23		75		3		2		1
Telecom Italia SpA, 5.38%, 01/29/19 (Q)	GSC	N/A	1.00	06/20/23		82		4		4		—
United Mexican States, 5.95%, 03/19/19 (Q)	CSI	N/A	1.00	06/20/21		350		(1)		10		(11)
United States Steel Corp., 6.65%, 06/01/37 (Q)	GSC	N/A	5.00	06/20/23		115		(14)		(14)		—
United States Steel Corp., 6.65%, 06/01/37 (Q)	JPM	N/A	5.00	06/20/23		200		(23)		(23)		—
Uniti Group Inc., 8.25%, 10/15/23 (Q)	GSC	N/A	5.00	06/20/23		200		6		(2)		8
Unitymedia Hessen Gmbh & Co., 6.13%, 01/15/25 (Q)	CSI	N/A	5.00	12/20/22		117		(22)		(22)		—
Unitymedia Hessen Gmbh & Co., 6.13%, 01/15/25 (Q)	CSI	N/A	5.00	06/20/23		181		(37)		(38)		1
Unitymedia Hessen Gmbh & Co., 6.13%, 01/15/25 (Q)	CSI	N/A	5.00	06/20/23		222		(45)		(49)		4
Valeo SA, 3.25%, 01/22/24 (Q)	BCL	N/A	1.00	06/20/23		175		(1)		(1)		—
Volkswagen International Finance NV, 0.50%, 03/30/21 (Q)	BCL	N/A	1.00	06/20/23		105		—		(1)		1
Wind Tre SpA, 3.13%, 01/20/25 (Q)	BCL	N/A	5.00	06/20/23		105		5		(1)		6
Wind Tre SpA, 3.13%, 01/20/25 (Q)	CCI	N/A	5.00	06/20/23		35		1		—		1
Wind Tre SpA, 3.13%, 01/20/25 (Q)	CSI	N/A	5.00	06/20/23		35		1		(1)		2
Wind Tre SpA, 3.13%, 01/20/25 (Q)	CSI	N/A	5.00	06/20/23		117		5		3		2
Wind Tre SpA, 3.13%, 01/20/25 (Q)	GSC	N/A	5.00	06/20/23		28		2		1		1
						30,857		(741)		(789)		48
Credit default swap agreements - sell protection⁴
Adler Real Estate AG, 1.50%, 12/06/21 (Q)	CSI	1.93	5.00	06/20/23		(210)		31		39		(8)
Advanced Micro Devices Inc., 7.00%, 07/01/24 (Q)	GSC	1.33	5.00	12/20/22		(120)		19		15		4
Advanced Micro Devices Inc., 7.00%, 07/01/24 (Q)	GSC	1.33	5.00	12/20/22		(75)		11		9		2
Advanced Micro Devices Inc., 7.50%, 08/15/22 (Q)	BCL	1.51	5.00	06/20/23		(120)		19		15		4
Advanced Micro Devices Inc., 7.50%, 08/15/22 (Q)	JPM	1.51	5.00	06/20/23		(200)		32		24		8
Advanced Micro Devices Inc., 7.50%, 08/15/22 (Q)	JPM	1.51	5.00	06/20/23		(75)		12		10		2
Advanced Micro Devices Inc., 7.50%, 08/15/22 (Q)	JPM	1.51	5.00	06/20/23		(120)		19		15		4
Altice Finco SA, 9.00%, 06/15/23 (Q)	CSI	4.33	5.00	12/20/22		(117)		3		2		1
Altice Finco SA, 9.00%, 06/15/23 (Q)	JPM	4.33	5.00	12/20/22		(117)		4		3		1
Avis Budget Car Rental LLC, 5.25%, 03/15/25 (Q)	GSC	4.19	5.00	06/20/23		(200)		7		11		(4)
Avis Budget Car Rental LLC, 5.25%, 03/15/25 (Q)	GSC	4.19	5.00	06/20/23		(175)		6		12		(6)
Avis Budget Car Rental LLC, 5.25%, 03/15/25 (Q)	GSC	4.19	5.00	06/20/23		(125)		5		8		(3)
Avis Budget Car Rental LLC, 5.25%, 03/15/25 (Q)	GSC	4.19	5.00	06/20/23		(200)		7		12		(5)
Boparan Finance Plc, 4.38%, 07/15/21 (Q)	BCL	7.00	5.00	06/20/23		(117)		(8)		(9)		1
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	BCL	3.88	1.00	06/20/23		(117)		(15)		(13)		(2)
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	BNP	3.88	1.00	06/20/23		(82)		(10)		(7)		(3)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


OTC Credit Default Swap Agreements (continued)
Reference Entity²	Counter-party	Implied Credit Spread ⁵ (%)	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional ^1,7 ($)		Value⁶ ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	BNP	3.88	1.00	06/20/23		(82)		(11)		(11)		—
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	BNP	3.88	1.00	06/20/23		(82)		(10)		(7)		(3)
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	BOA	3.88	1.00	06/20/23		(29)		(4)		(4)		—
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	BOA	3.88	1.00	06/20/23		(4)		(1)		(1)		—
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	CCI	3.88	1.00	06/20/23		(73)		(9)		(9)		—
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	CCI	3.88	1.00	06/20/23		(2)		—		—		—
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	CCI	3.88	1.00	06/20/23		(56)		(7)		(7)		—
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	GSC	3.88	1.00	06/20/23		(82)		(10)		(7)		(3)
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	JPM	3.88	1.00	06/20/23		(12)		(1)		(1)		—
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	JPM	3.88	1.00	06/20/23		(23)		(3)		(3)		—
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	JPM	3.88	1.00	06/20/23		(2)		—		—		—
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	JPM	3.88	1.00	06/20/23		(82)		(10)		(7)		(3)
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	JPM	3.88	1.00	06/20/23		(3)		—		—		—
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	JPM	3.88	1.00	06/20/23		(56)		(7)		(7)		—
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	JPM	3.88	1.00	06/20/23		(34)		(4)		(4)		—
Casino Guichard Perrachon SA, 4.41%, 08/06/19 (Q)	JPM	3.88	1.00	06/20/23		(1)		—		—		—
Commerzbank AG (Q)	GSC	2.16	1.00	12/20/22		(233)		(12)		(8)		(4)
Constellium NV, 4.63%, 05/15/21 (Q)	CCI	3.43	5.00	12/20/24		(187)		17		20		(3)
Constellium NV, 4.63%, 05/15/21 (Q)	GSC	3.43	5.00	12/20/24		(105)		10		11		(1)
Constellium NV, 4.63%, 05/15/21 (Q)	GSC	3.43	5.00	12/20/24		(140)		13		20		(7)
Deutsche Bank AG, 5.13%, 08/31/17 (Q)	BCL	1.69	1.00	12/20/22		(187)		(6)		—		(6)
Deutsche Bank AG, 5.13%, 08/31/17 (Q)	GSC	1.76	1.00	06/20/23		(198)		(7)		(1)		(6)
Glencore Finance Europe Ltd., 6.50%, 02/27/19 (Q)	BCL	1.77	5.00	06/20/23		(170)		27		32		(5)
HCA Inc., 7.50%, 02/15/22 (Q)	BCL	1.62	5.00	06/20/23		(115)		17		18		(1)
HCA Inc., 7.50%, 02/15/22 (Q)	GSC	1.62	5.00	06/20/23		(200)		31		31		—
HCA Inc., 7.50%, 02/15/22 (Q)	GSC	1.62	5.00	06/20/23		(200)		31		32		(1)
Hema Bondco I BV, 6.25%, 07/15/22 (Q)	JPM	5.15	5.00	06/20/23		(233)		(1)		9		(10)
Hertz Corp., 5.88%, 10/15/20 (Q)	JPM	10.05	5.00	06/20/23		(125)		(22)		(14)		(8)
Hertz Corp., 5.88%, 10/15/20 (Q)	JPM	10.05	5.00	06/20/23		(125)		(22)		(19)		(3)
Intrum Justitia AB, 3.13%, 07/15/24 (Q)	CSI	3.92	5.00	12/20/22		(93)		4		15		(11)
Intrum Justitia AB, 3.13%, 07/15/24 (Q)	CSI	3.92	5.00	12/20/22		(82)		4		12		(8)
Intrum Justitia AB, 3.13%, 07/15/24 (Q)	CSI	4.21	5.00	06/20/23		(3)		—		—		—
Intrum Justitia AB, 3.13%, 07/15/24 (Q)	MSC	3.92	5.00	12/20/22		(268)		12		44		(32)
Intrum Justitia AB, 3.13%, 07/15/24 (Q)	MSC	4.21	5.00	06/20/23		(9)		—		1		(1)
iTraxx Europe Senior Series 28 (Q)	CCI	N/A	1.00	12/20/22		(2,054)		19		48		(29)
Jaguar Land Rover Automotive Plc, 5.00%, 02/15/22 (Q)	BCL	3.02	5.00	12/20/22		(12)		1		2		(1)
Jaguar Land Rover Automotive Plc, 5.00%, 02/15/22 (Q)	BNP	3.31	5.00	06/20/23		(2)		—		—		—
Jaguar Land Rover Automotive Plc, 5.00%, 02/15/22 (Q)	GSC	3.31	5.00	06/20/23		(2)		—		—		—
Jaguar Land Rover Automotive Plc, 5.00%, 02/15/22 (Q)	MSC	3.02	5.00	12/20/22		(12)		1		2		(1)
Numericable - SFR SA, 5.38%, 05/15/22 (Q)	BCL	3.24	5.00	06/20/23		(84)		7		1		6
Numericable - SFR SA, 5.38%, 05/15/22 (Q)	CCI	2.98	5.00	12/20/22		(93)		8		9		(1)
Numericable - SFR SA, 5.38%, 05/15/22 (Q)	GSC	3.24	5.00	06/20/23		(93)		8		7		1
Numericable - SFR SA, 5.38%, 05/15/22 (Q)	JPM	3.24	5.00	06/20/23		(84)		7		2		5
Numericable - SFR SA, 5.38%, 05/15/22 (Q)	JPM	3.24	5.00	06/20/23		(43)		3		3		—
Rallye SA, 4.25%, 03/11/19 (Q)	CCI	14.83	5.00	06/20/20		(117)		(18)		(18)		—
Scandinavian Airlines (Q)	GSC	1.04	5.00	06/20/19		(455)		18		(36)		54
Sprint Capital Corp., 6.88%, 11/15/28 (Q)	GSC	3.27	5.00	06/20/23		(200)		15		20		(5)
Sprint Communications, 7.00%, 08/15/20 (Q)	BCL	3.27	5.00	06/20/23		(200)		15		18		(3)
Sprint Communications, 7.00%, 08/15/20 (Q)	JPM	3.27	5.00	06/20/23		(200)		15		19		(4)
TDC A/S, 3.75%, 03/02/22 (Q)	GSC	2.74	1.00	06/20/23		(128)		(11)		(11)		—
TDC A/S, 3.75%, 03/02/22 (Q)	GSC	2.74	1.00	06/20/23		(210)		(17)		(17)		—
Tesco Plc, 6.00%, 12/14/29 (Q)	CCI	1.12	1.00	06/20/23		(233)		(1)		(1)		—
T-Mobile USA Inc., 4.00%, 04/15/22 (Q)	JPM	1.97	5.00	06/20/23		(200)		28		27		1
United Group BV, 4.38%, 07/01/22 (Q)	GSC	2.59	5.00	06/20/23		(47)		6		6		—
United Rentals North America Inc., 5.75%, 11/15/24 (Q)	GSC	1.57	5.00	06/20/23		(125)		20		22		(2)
Wind Acquisition Finance SA, 7.00%, 04/23/21 (Q)	CSI	1.62	5.00	12/20/22		(93)		13		16		(3)
Wind Acquisition Finance SA, 7.00%, 04/23/21 (Q)	GSC	1.62	5.00	12/20/22		(117)		17		20		(3)
Wind Acquisition Finance SA, 7.00%, 04/23/21 (Q)	GSC	1.62	5.00	12/20/22		(117)		17		20		(3)
						(10,387)		332		440		(108)

OTC Contracts for Difference

Reference Entity²

Counter-party

Financing Fee

Expiration

Contracts¹

Long

(Short)

Notional¹

Unrealized Appreciation (Depreciation) ($)

Altice NV (E)

MLP

Euro Interbank Offered Rate +0.30%

TBD

EUR

142

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018

Altice USA Inc. (E)

MLP

1W LIBOR +0.30%

TBD

(4)

OTC Contracts for Difference (continued)

Reference Entity²

Counter-party

Financing Fee

Expiration

Contracts¹

Long

(Short)

Notional¹

Unrealized Appreciation (Depreciation) ($)

American Tower Corp. (M)

MLP

1W LIBOR +0.00%

TBD

(2)

(238)

(11)

Aroundtown Property Holings Plc (E)

MLP

Euro Interbank Offered Rate +0.30%

TBD

EUR

—

Banco Bilbao Vizcaya Argentaria SA (M)

MLP

Euro Interbank Offered Rate -0.28%

TBD

(13)

EUR

(78)

(1)

Barclays Plc (M)

MLP

1W GBP LIBOR -0.25%

TBD

(30)

GBP

(59)

BNP Paribas (E)

MLP

Euro Interbank Offered Rate +0.30%

TBD

EUR

202

Caixabank SA (E)

MLP

Euro Interbank Offered Rate +0.30%

TBD

EUR

—

Charter Communications Inc. (M)

MLP

1W LIBOR +0.00%

TBD

(1)

(229)

Constellium NV (E)

MLP

1W LIBOR +0.20%

TBD

(2)

Credit Agricole SA (E)

MLP

Euro Interbank Offered Rate +0.30%

TBD

EUR

Crown Castle International Corp. (M)

MLP

1W LIBOR +0.00%

TBD

(2)

(232)

(18)

Discovery Communications Inc. (M)

MLP

1W LIBOR +0.00%

TBD

(10)

(280)

(3)

Erste Group Bank AG (E)

MLP

Euro Interbank Offered Rate +0.30%

TBD

EUR

Eurobank Ergasias SA (E)

MLP

Euro Interbank Offered Rate +1.00%

TBD

EUR

(2)

Europcar Groupe SA (E)

MLP

Euro Interbank Offered Rate +0.30%

TBD

EUR

102

(7)

First Quantum Minerals Ltd. (M)

MLP

Canada 1M Bankers' Acceptances Rate +0.00%

TBD

(8)

CAD

(169)

General Electric Co. (M)

MLP

1W LIBOR +0.00%

TBD

(13)

(170)

(4)

Groupe Casino (M)

MLP

Euro Interbank Offered Rate -0.28%

TBD

(2)

EUR

(66)

iShares iBoxx USD High Yield Corporate Bond ETF (M)

MLP

1W LIBOR +0.00%

TBD

(11)

(987)

iShares JPMorgan USD Emerging Markets Bond ETF (M)

MLP

1W LIBOR +0.00%

TBD

(2)

(205)

(2)

iShares MSCI Emerging Markets ETF (M)

MLP

1W LIBOR +0.00%

TBD

(2)

(76)

iShares Russell 2000 ETF (M)

MLP

1W LIBOR +0.00%

TBD

(2)

(340)

KBC Groep NV (E)

MLP

Euro Interbank Offered Rate +0.30%

TBD

EUR

—

Kellogg Co. (M)

MLP

1W LIBOR +0.00%

TBD

(3)

(209)

(10)

Mattel Inc. (M)

MLP

1W LIBOR +0.00%

TBD

(10)

(177)

Metro Bank Plc (M)

MLP

1W GBP LIBOR -1.25%

TBD

(1)

GBP

(50)

National Bank of Greece (E)

MLP

Euro Interbank Offered Rate +1.00%

TBD

124

EUR

(1)

Nyrstar NV (E)

MLP

Euro Interbank Offered Rate +0.30%

TBD

EUR

SPDR S&P 500 ETF Trust (M)

MLP

1W LIBOR +0.00%

TBD

(1)

(362)

SPDR S&P Retail ETF (M)

MLP

1W LIBOR +0.00%

TBD

(4)

(183)

Unione di Banche Italiane SpA (M)

MLP

Euro Interbank Offered Rate -0.28%

TBD

(31)

EUR

(100)

(7)

Uniti Group Inc. (M)

MLP

1W LIBOR +0.00%

TBD

(6)

(125)

Valeant Pharmaceuticals International Inc. (M)

MLP

1W LIBOR +0.00%

TBD

(8)

(208)

VanEck Vectors Semiconductor ETF (M)

MLP

1W LIBOR +0.00%

TBD

(4)

(481)

Vodafone Group Plc (E)

MLP

1W GBP LIBOR +0.25%

TBD

GBP

104

Walt Disney Co. (M)

MLP

1W LIBOR +0.00%

TBD

(1)

(139)

OTC Total Return Swap Agreements

Reference Entity²

Counterparty

Rate Paid/Received by Fund⁹

Expiration

Notional¹

Premiums Paid (Received) ($)

Unrealized Appreciation (Depreciation) ($)

Total return swap agreements - receiving return

INVESTMENT COMPANIES

Markit iBoxx EUR Contingent Convertible Index (E)

GSC

3M Euribor +0.00%

09/20/18

EUR

350

—

(10)

—

(10)

Total return swap agreements - paying return

INVESTMENT COMPANIES

iBoxx EUR Liquid High Yield Index (Q)

JPM

3M Euribor +0.00%

09/20/18

EUR

(2,081)

(1)

iBoxx EUR Liquid High Yield Index (Q)

JPM

3M Euribor +0.00%

09/20/18

EUR

(1,519)

—

(1)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
JNL/DFA U.S. Small Cap Fund *
COMMON STOCKS 99.8%
Consumer Discretionary 17.1%
	American Eagle Outfitters Inc.	8		175
	Deckers Outdoor Corp. (a)	1		154
	Five Below Inc. (a)	2		158
	ILG Inc.	5		151
	Meritage Homes Corp. (a)	4		187
	New York Times Co. - Class A (b)	6		167
	Ollie's Bargain Outlet Holdings Inc. (a)	2		172
	Weight Watchers International Inc. (a)	1		150
	Other Securities			13,525
			14,839
Consumer Staples 4.5%
	Central Garden & Pet Co. (a)	1		62
	Central Garden & Pet Co. - Class A (a)	2		92
	Darling Ingredients Inc. (a)	8		164
	Edgewell Personal Care Co. (a)	2		90
	Energizer Holdings Inc.	2		105
	J&J Snack Foods Corp.	1		143
	Lancaster Colony Corp.	1		159
	Performance Food Group Co. (a)	4		145
	Other Securities			2,903
			3,863
Energy 6.4%
	CNX Resources Corp. (a)	8		148
	CONSOL Energy Inc. (a)	3		102
	PBF Energy Inc. - Class A	4		177
	PDC Energy Inc. (a)	3		151
	QEP Resources Inc. (a)	12		146
	Whiting Petroleum Corp. (a)	3		162
	Other Securities			4,664
			5,550
Financials 20.2%
	American Equity Investment Life Holding Co.	5		164
	American National Insurance Co.	1		142
	Cathay General Bancorp	4		156
	Evercore Inc. - Class A	1		143
	Financial Engines Inc.	3		142
	FirstCash Inc.	2		151
	Primerica Inc.	2		154
	Selective Insurance Group Inc.	3		150
	South State Corp.	2		143
	TCF Financial Corp.	7		160
	UMB Financial Corp.	3		199
	White Mountains Insurance Group Ltd.	-		143
	Other Securities			15,750
			17,597
Health Care 8.6%
	Amedisys Inc. (a)	2		185
	Chemed Corp.	1		165
	Cotiviti Holdings Inc. (a)	4		174
	Inogen Inc. (a)	1		145
	National Research Corp. - Class A	4		145
	Other Securities			6,677
			7,491
		Shares/Par¹		Value ($)
Industrials 19.2%
	Cimpress NV (a)	1		179
	RBC Bearings Inc. (a)	1		173
	Regal-Beloit Corp.	2		152
	Tetra Tech Inc.	3		146
	Other Securities			16,037
			16,687
Information Technology 12.7%
	ASGN Inc. (a)	2		171
	Blucora Inc. (a)	4		157
	CACI International Inc. - Class A (a)	1		162
	Other Securities			10,569
			11,059
Materials 6.2%
	Kaiser Aluminum Corp.	2		234
	KapStone Paper and Packaging Corp.	6		212
	Platform Specialty Products Corp. (a)	13		153
	Other Securities			4,768
			5,367
Real Estate 0.9%
	CorePoint Lodging Inc. (a)	1		34
	Other Securities			775
			809
Telecommunication Services 1.0%
	Other Securities			901
Utilities 3.0%
	Allete Inc.	3		240
	New Jersey Resources Corp.	3		149
	Spire Inc.	2		168
	Other Securities			2,031
			2,588
	Total Common Stocks (cost $72,771)		86,751
PREFERRED STOCKS 0.0%
Consumer Discretionary 0.0%
	Other Securities			13
	Total Preferred Stocks (cost $3)		13
RIGHTS 0.0%
	Other Securities			1
	Total Rights (cost $1)		1
SHORT TERM INVESTMENTS 2.6%
Investment Companies 0.2%
	JNL Government Money Market Fund - Institutional Class, 1.79% (c) (d)	118		118
Securities Lending Collateral 2.4%
	State Street Navigator Securities Lending Government Money Market Portfolio, 1.95% (d)	2,116		2,116
	Total Short Term Investments (cost $2,234)		2,234
Total Investments 102.4% (cost $75,009)			88,999
Other Assets and Liabilities, Net (2.4)%			(2,074)
Total Net Assets 100.0%				86,925

(a) Non-income producing security.

(b) All or portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Ambac Financial Group Inc.	12/30/13	182	125	0.1
	Ferroglobe Rep and Warranty Insurance Trust	11/21/16	—	—	—
			182	125	0.1

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹	Value ($)
JNL/DoubleLine Total Return Fund *
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 43.8%
	Adjustable Rate Mortgage Trust
		Series 2005-6A21-4, REMIC, 3.87%, 08/25/35 (a)	7,172	7,161
	Ajax Mortgage Loan Trust
		Series 2017-A-A, 3.47%, 04/25/57 (b) (c)	8,237	8,376
	Alternative Loan Trust
		Series 2005-A2-23CB, REMIC, 5.50%, 07/25/35	4,291	4,193
		Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36	2,808	2,514
		Series 2006-1A7-23CB, REMIC, 6.00%, 08/25/36	2,854	2,907
	Aqua Finance Trust
		Series 2017-A-A, 3.72%, 10/15/24 (c)	5,915	5,809
	Banc of America Alternative Loan Trust
		Series 2006-1CB1-1, REMIC, 6.00%, 02/25/36	11,470	11,366
		Series 2006-5CB1-4, REMIC, 6.50%, 05/25/36	7,055	6,775
	BBCMS Trust
		Series 2017-C-DELC, REMIC, 3.27%, (1M US LIBOR + 1.20%), 08/15/19 (a) (c)	722	723
		Series 2017-D-DELC, REMIC, 3.77%, (1M US LIBOR + 1.70%), 08/15/19 (a) (c)	823	831
		Series 2017-E-DELC, REMIC, 4.57%, (1M US LIBOR + 2.50%), 08/15/19 (a) (c)	1,725	1,732
		Series 2017-F-DELC, REMIC, 5.57%, (1M US LIBOR + 3.50%), 08/15/19 (a) (c)	1,653	1,660
		Series 2015-D-STP, REMIC, 4.43%, 09/10/20 (a) (c)	2,300	2,284
		Series 2014-E-BXO, REMIC, 4.63%, (1M US LIBOR + 2.56%), 08/15/27 (a) (c)	3,171	3,185
	Carlyle Global Market Strategies CLO Ltd.
		Series 2015-A1A-5A, 3.91%, (3M US LIBOR + 1.55%), 01/20/28 (a) (c)	5,000	5,008
		Series 2015-A2A-5A, 4.61%, (3M US LIBOR + 2.25%), 01/20/28 (a) (c)	2,000	2,008
		Series 2015-B2-5A, 5.61%, (3M US LIBOR + 3.25%), 01/20/28 (a) (c)	1,000	1,008
	Chase Mortgage Finance Trust
		Series 2006-2A1-S2, REMIC, 6.00%, 10/25/36	11,130	8,736
	CHL Mortgage Pass-Through Trust
		Series 2006-1A35-20, REMIC, 6.00%, 02/25/37	3,954	3,324
		Series 2007-1A5-8, REMIC, 5.44%, 01/25/38	3,948	3,164
	CIM Trust
		Series 2016-B2-1RR, REMIC, 8.18%, 07/26/55 (a) (c)	25,000	23,909
		Series 2016-B2-3RR, REMIC, 7.94%, 02/27/56 (a) (c)	25,000	23,915
		Series 2016-B2-2RR, REMIC, 8.02%, 02/27/56 (a) (c)	25,000	24,049
		Series 2017-B2-3RR, 12.31%, 01/27/57 (a) (c)	34,540	35,809
		Series 2017-A1-6, 3.02%, 06/25/57 (a) (c)	13,074	12,716
	CLNS Trust
		Series 2017-D-IKPR, 4.10%, (1M US LIBOR + 2.05%), 06/11/22 (a) (c)	1,973	1,976
		Series 2017-E-IKPR, 5.55%, (1M US LIBOR + 3.50%), 06/11/22 (a) (c)	1,973	1,979
		Series 2017-F-IKPR, 6.55%, (1M US LIBOR + 4.50%), 06/11/22 (a) (c)	1,973	1,984
	COMM Mortgage Trust
		Interest Only, Series 2016-XA-DC2, REMIC, 1.21%, 10/10/25 (a)	19,764	1,185
		Series 2016-C-CR28, REMIC, 4.80%, 12/10/25 (a)	2,274	2,260
		Series 2016-C-DC2, REMIC, 4.80%, 02/10/26 (a)	1,340	1,326
		Interest Only, Series 2014-XA-CR17, REMIC, 1.24%, 05/10/47 (a)	36,594	1,540
		Interest Only, Series 2015-XA-CR26, REMIC, 1.18%, 10/10/48 (a)	30,272	1,613
	Commercial Mortgage Loan Trust
		Interest Only, Series 2013-XA-CR12, REMIC, 1.43%, 10/10/46 (a)	37,145	1,723
	Commercial Mortgage Pass-Through Certificates
		Series 2014-C-CR19, REMIC, 4.87%, 08/10/24 (a)	1,500	1,525
		Interest Only, Series 2015-XA-DC1, REMIC, 1.28%, 02/10/48 (a)	29,037	1,427
	Credit Suisse First Boston Mortgage Securities Corp.
		Series 2005-3A2-9, REMIC, 6.00%, 10/25/35	5,371	3,347
			Shares/Par¹	Value ($)
		Series 2005-7A1-11, REMIC, 6.00%, 12/25/35	8,474	7,409
	Credit Suisse Mortgage Capital Certificates
		Series 2006-2A3-2, REMIC, 6.00%, 03/25/36	5,807	4,797
	CSMC Trust
		Series 2016-A1-PR1, REMIC, 5.50%, 05/25/19 (b) (c)	7,305	7,213
		Series 2011-6A9-5R, REMIC, 3.65%, 11/27/37 (a) (c)	12,501	12,563
		Series 2015-A1-PR2, REMIC, 4.25%, 07/26/55 (b) (c)	11,553	11,437
	Deutsche Alt-A Securities Mortgage Loan Trust
		Series 2007-2A1-2, REMIC, 2.39%, (1M US LIBOR + 0.30%), 09/25/47 (a)	23,082	20,655
	GMACM Mortgage Loan Trust
		Series 2005-A7-AF1, REMIC, 5.75%, 07/25/35	6,063	6,041
	GS Mortgage Securities Trust
		Interest Only, Series 2015-XA-GC34, REMIC, 1.50%, 10/10/25 (a)	24,527	1,795
		Interest Only, Series 2014-XA-GC20, REMIC, 1.17%, 04/10/47 (a)	16,274	708
		Interest Only, Series 2014-XA-GC24, REMIC, 0.95%, 09/10/47 (a)	47,767	1,753
		Interest Only, Series 2015-XA-GS1, REMIC, 0.96%, 11/10/48 (a)	34,355	1,687
		Interest Only, Series 2016-XA-GS3, 1.40%, 10/10/49 (a)	32,415	2,503
	HERO Funding Trust
		Series 2016-A2-4A, 4.29%, 09/20/37 (c)	7,716	8,114
	JPMBB Commercial Mortgage Securities Trust
		Series 2014-C-C21, REMIC, 4.81%, 07/15/24 (a)	2,000	1,989
		Series 2015-C-C32, REMIC, 4.82%, 10/15/25 (a)	2,370	2,350
		Series 2015-C-C33, REMIC, 4.77%, 11/15/25 (a)	2,224	2,232
	JPMorgan Chase Commercial Mortgage Securities Corp.
		Series 2016-E-WIKI, REMIC, 4.14%, 10/05/21 (a) (c)	3,075	2,984
		Series 2016-B-ASH, 4.22%, (1M US LIBOR + 2.15%), 10/15/22 (a) (c)	1,914	1,915
		Series 2016-C-ASH, 4.82%, (1M US LIBOR + 2.75%), 10/15/22 (a) (c)	1,080	1,081
		Series 2018-A-LAQ, 3.00%, (1M US LIBOR + 1.00%), 06/15/25 (a) (c)	2,380	2,381
		Series 2006-AM-LDP9, REMIC, 5.37%, 05/15/47	812	813
	JPMorgan Chase Commercial Mortgage Securities Trust
		Series 2017-C-MAUI, REMIC, 3.30%, (1M US LIBOR + 1.25%), 07/15/19 (a) (c)	753	754
		Series 2017-D-MAUI, REMIC, 4.00%, (1M US LIBOR + 1.95%), 07/15/19 (a) (c)	706	708
		Series 2017-E-MAUI, REMIC, 5.00%, (1M US LIBOR + 2.95%), 07/15/19 (a) (c)	625	627
		Series 2017-F-MAUI, REMIC, 5.80%, (1M US LIBOR + 3.75%), 07/15/19 (a) (c)	880	883
		Series 2017-B-FL10, REMIC, 3.07%, (1M US LIBOR + 1.00%), 06/15/22 (a) (c)	699	704
		Series 2017-C-FL10, REMIC, 3.32%, (1M US LIBOR + 1.25%), 06/15/22 (a) (c)	528	532
		Series 2017-D-FL10, REMIC, 3.97%, (1M US LIBOR + 1.90%), 06/15/22 (a) (c)	1,709	1,717
		Series 2007-AM-LDPX, REMIC, 5.46%, 01/15/49 (a)	246	246
	Labrador Aviation Finance Ltd.
		Series 2016-A1-1A, 4.30%, 01/15/24 (c)	18,229	18,379
	Morgan Stanley Bank of America Merrill Lynch Trust
		Series 2014-C-C18, REMIC, 4.49%, 09/15/24	1,500	1,448
		Series 2014-C-C19, REMIC, 4.00%, 12/15/24	2,000	1,902
		Series 2015-C-C20, REMIC, 4.61%, 01/15/25 (a)	1,200	1,181
		Series 2015-C-C25, REMIC, 4.68%, 09/15/25 (a)	2,320	2,344
		Interest Only, Series 2016-XA-C28, REMIC, 1.43%, 01/15/26 (a)	24,202	1,687
		Series 2016-C-C29, REMIC, 4.91%, 04/15/26 (a)	676	691
		Series 2016-C-C31, REMIC, 4.46%, 10/15/26 (a)	2,960	2,903
		Interest Only, Series 2013-XA-C7, REMIC, 1.52%, 02/15/46 (a)	21,645	1,116
		Interest Only, Series 2016-XA-C30, REMIC, 1.59%, 09/15/49 (a)	28,206	2,493

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	New Residential Mortgage Loan Trust
		Series 2016-A1-1A, REMIC, 3.75%, 03/25/56 (a) (c)	22,117		22,173
	NYMT Residential LLC
		Series 2016-A-RP1A, 4.00%, 03/25/19 (b) (c)	6,229		6,231
	PR Mortgage Loan Trust
		Series 2014-APT-1, REMIC, 5.93%, 09/25/47 (c)	10,466		9,289
	Pretium Mortgage Credit Partners I LLC
		Series 2017-NPL3, 3.25%, 06/29/32 (b) (c)	15,543		15,546
	PRPM LLC
		Series 2017-A1-3A, 3.47%, 11/25/20 (b) (c)	13,744		13,637
	RAMP Trust
		Series 2005-AI4-RS9, REMIC, 2.41%, (1M US LIBOR + 0.32%), 11/25/35 (a)	9,636		8,672
	RBSGC Mortgage Loan Trust
		Series 2007-1A4-B, REMIC, 2.54%, (1M US LIBOR + 0.45%), 01/25/37 (a)	4,996		3,455
		Interest Only, Series 2007-1A6-B, REMIC, 3.96%, (6.05% - (1M US LIBOR * 1)), 01/25/37 (a)	4,996		561
		Series 2007-2A1-A, REMIC, 6.75%, 01/25/37	7,230		7,197
	Residential Accredit Loans Inc. Trust
		Series 2005-A41-QA10, REMIC, 4.63%, 09/25/35 (a)	1,945		1,791
		Series 2006-A21-QA1, REMIC, 4.57%, 01/25/36 (a)	6,824		5,901
		Series 2006-A4-QS4, REMIC, 6.00%, 04/25/36	3,717		3,376
		Series 2006-A4-QS5, REMIC, 6.00%, 05/25/36	4,431		4,041
	Residential Asset Securitization Trust
		Series 2006-2A11-A6, REMIC, 6.00%, 07/25/36	3,660		3,125
		Series 2006-A1-A12, REMIC, 6.25%, 11/25/36	10,204		6,851
		Series 2007-1A1-A3, REMIC, 2.54%, (1M US LIBOR + 0.45%), 04/25/37 (a)	6,977		3,901
		Series 2007-1A2-A3, REMIC, 30.35%, (46.38% - (1M US LIBOR * 7.67)), 04/25/37 (a)	910		1,622
		Series 2007-1A1-A8, REMIC, 6.00%, 08/25/37	21,131		17,169
	Residential Funding Mortgage Securities Inc. Trust
		Series 2006-A14-S6, REMIC, 6.00%, 07/25/36	609		602
		Series 2006-A1-S11, REMIC, 6.00%, 11/25/36	3,585		3,446
		Series 2007-A4-S2, REMIC, 6.00%, 02/25/37	1,391		1,295
		Series 2007-A2-S4, REMIC, 6.00%, 04/25/37	2,820		2,605
		Series 2007-A2-S5, REMIC, 6.00%, 05/25/37	11,405		10,831
		Series 2007-A20-S7, REMIC, 6.00%, 07/25/37	2,584		2,502
	SBA Tower Trust
		Series 2017-C-1, 3.17%, 04/15/22 (c)	10,000		9,739
	Shenton Aircraft Investments I Ltd.
		Series 2015-A-1A, 4.75%, 11/15/27 (c)	13,301		13,525
	Sofi Professional Loan Program LLC
		Series 2017-BFX-F, 3.62%, 09/25/26 (c)	8,000		7,788
	SpringCastle America Funding LLC
		Series 2016-A-AA, 3.05%, 04/25/29 (c)	5,898		5,877
	Sprite Ltd.
		Series 2017-A-1, 4.25%, 12/15/24 (c)	9,606		9,687
	Steele Creek CLO Ltd.
		Series 2015-AR-1A, 3.59%, (3M US LIBOR + 1.26%), 05/21/29 (a) (c)	4,000		4,009
		Series 2014-A-1RA, 3.41%, 04/21/31 (c)	2,000		2,000
		Series 2016-1A, 3.44%, (3M US LIBOR + 1.12%), 06/15/31 (a) (c) (d)	2,000		2,000
	Structured Adjustable Rate Mortgage Loan Trust
		Series 2005-2A-21, REMIC, 3.92%, 11/25/35 (a)	8,630		8,352
	Structured Asset Securities Corp. Trust
		Series 2005-1A1-5, REMIC, 5.75%, 04/25/35	9,666		9,099
	Velocity Commercial Capital Loan Trust
		Series 2017-AFX-2, REMIC, 3.07%, 11/25/47 (a) (c)	9,289		9,259
	VOLT LIX LLC
		Series 2017-A1-NPL6, 3.25%, 05/25/47 (b) (c)	13,109		13,110
	VOLT LV LLC
		Series 2017-A1-NPL2, 3.50%, 03/25/47 (b) (c)	13,315		13,319
	VOLT LVI LLC
		Series 2017-A1-NPL3, 3.50%, 03/25/47 (b) (c)	14,830		14,835
	VOLT LXI LLC
		Series 2017-A1-NPL8, 3.13%, 06/25/20 (b) (c)	10,408		10,409
			Shares/Par¹		Value ($)
	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
		Series 2006-1A7-5, REMIC, 6.00%, 07/25/36	3,997		3,548
		Series 2006-1A5-5, REMIC, 6.00%, 07/25/36	2,239		1,959
		Series 2007-2A2-2, REMIC, 5.50%, 04/25/37	2,974		2,834
	Waterfall Commercial Mortgage Trust
		Series 2015-A-SBC5, REMIC, 4.10%, 09/19/22 (a) (c)	8,615		8,333
	Wells Fargo Alternative Loan Trust
		Series 2007-2A1-PA3, REMIC, 6.00%, 07/25/37	3,649		3,627
		Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37	3,992		3,730
		Series 2007-1A1-PA5, REMIC, 6.25%, 11/25/37	1,308		1,276
	Wells Fargo Commercial Mortgage Trust
		Series 2015-C-C31, REMIC, 4.76%, 11/15/25 (a)	1,850		1,854
		Series 2015-D-NXS4, REMIC, 3.75%, 11/18/25 (a)	2,031		1,789
		Series 2016-C-C34, REMIC, 5.20%, 05/15/49 (a)	2,855		2,906
		Interest Only, Series 2015-XA-LC20, REMIC, 1.52%, 04/15/50 (a)	24,290		1,503
		Series 2016-C-C32, REMIC, 4.88%, 01/15/59 (a)	1,577		1,538
		Interest Only, Series 2017-XA-RC1, REMIC, 1.72%, 01/15/60 (a)	25,199		2,378
	Wells Fargo Mortgage-Backed Securities Trust
		Series 2006-A11-3, REMIC, 5.50%, 03/25/36	2,535		2,591
		Series 2007-1A7-3, REMIC, 5.75%, 04/25/37	8,005		7,953
		Series 2007-1A4-3, REMIC, 6.00%, 04/25/37	1,660		1,666
		Series 2007-A38-7, REMIC, 6.00%, 06/25/37	2,875		2,891
	Wells Fargo-RBS Commercial Mortgage Trust
		Series 2016-C-C33, REMIC, 3.90%, 03/15/59	1,508		1,426
	Zais CLO 2 Ltd.
		Series 2014-A1AR-2A, 3.56%, (3M US LIBOR + 1.20%), 07/25/26 (a) (c)	5,000		5,001
	Zais CLO 5 Ltd.
		Series 2016-A1-2A, 3.88%, (3M US LIBOR + 1.53%), 10/15/28 (a) (c)	2,000		2,001
	Other Securities				212,881
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $918,567)			930,294
GOVERNMENT AND AGENCY OBLIGATIONS 46.9%
Collateralized Mortgage Obligations 29.7%
	Federal Home Loan Mortgage Corp.
		Series A-4260, REMIC, 3.00%, 02/15/32	11,109		11,055
		Series AY-4092, REMIC, 3.00%, 08/15/32	8,200		7,850
		Series EY-4215, REMIC, 3.00%, 06/15/33	10,000		9,511
		Series UB-4247, REMIC, 3.00%, 09/15/33	6,199		5,922
		Series EB-4247, REMIC, 3.50%, 09/15/33	5,000		5,025
		Series A-4377, REMIC, 3.00%, 06/15/39	13,664		13,576
		Series BK-4469, REMIC, 3.00%, 08/15/39	10,200		10,134
		Series JA-3818, REMIC, 4.50%, 01/15/40	296		300
		Series TB-4419, REMIC, 3.00%, 02/15/40	556		556
		Series GA-4376, REMIC, 3.00%, 04/15/40	11,686		11,582
		Series NY-4390, REMIC, 3.00%, 06/15/40	11,420		11,316
		Series MA-4391, REMIC, 3.00%, 07/15/40	11,161		11,059
		Interest Only, Series SP-3770, REMIC, 4.43%, (6.50% - (1M US LIBOR * 1)), 11/15/40 (a)	3,182		262
		Interest Only, Series SM-3780, REMIC, 4.43%, (6.50% - (1M US LIBOR * 1)), 12/15/40 (a)	14,249		2,277
		Series KA-4366, REMIC, 3.00%, 03/15/41	10,950		10,832
		Series SL-4061, REMIC, 3.59%, (7.06% - (1M US LIBOR * 1.75)), 06/15/42 (a)	1,482		1,257
		Series A-4734, REMIC, 3.00%, 07/15/42	27,882		27,508
		Series KM-4141, REMIC, 1.75%, 12/15/42	27,364		25,138
		Series B-4481, REMIC, 3.00%, 12/15/42	20,966		20,536
		Series CS-4156, REMIC, 3.02%, (5.40% - (1M US LIBOR * 1.2)), 01/15/43 (a)	5,045		4,138
		Series UZ-4508, REMIC, 3.00%, 07/15/43	10,397		9,431
		Series ZX-4404, REMIC, 4.00%, 04/15/44	56,727		58,301
		Series CA-4573, REMIC, 3.00%, 11/15/44	35,213		34,447
		Series LZ-4410, REMIC, 4.00%, 11/15/44	1,717		1,771
		Series KZ-4440, REMIC, 3.00%, 02/15/45	11,886		10,587
		Series HA-4582, REMIC, 3.00%, 09/15/45	25,003		24,436
		Interest Only, Series MS-4291, REMIC, 3.83%, (5.90% - (1M US LIBOR * 1)), 01/15/54 (a)	6,067		842

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	Federal National Mortgage Association
		Interest Only, Series 2010-CS-134, REMIC, 4.59%, (6.68% - (1M US LIBOR * 1)), 12/25/25 (a)	2,155		179
		Series 2013-AB-53, REMIC, 1.50%, 03/25/28	6,190		5,900
		Series 2013-QZ-54, REMIC, 3.00%, 06/25/33	1,797		1,723
		Series 2013-WB-100, REMIC, 3.00%, 10/25/33	20,000		19,337
		Interest Only, Series 2005-S-2, REMIC, 4.51%, (6.60% - (1M US LIBOR * 1)), 02/25/35 (a)	8,092		1,207
		Interest Only, Series 2011-PS-84, REMIC, 4.51%, (6.60% - (1M US LIBOR * 1)), 01/25/40 (a)	15,753		1,121
		Series 2010-KD-120, REMIC, 4.00%, 10/25/40	1,427		1,459
		Series 2014-MA-68, REMIC, 3.00%, 11/25/40	10,755		10,646
		Series 2013-PB-59, REMIC, 2.00%, 09/25/41	5,695		5,479
		Interest Only, Series 2011-ES-93, REMIC, 4.41%, (6.50% - (1M US LIBOR * 1)), 09/25/41 (a)	2,319		337
		Series 2012-BZ-14, REMIC, 4.00%, 03/25/42	1,932		1,978
		Series 2012-Z-31, REMIC, 4.00%, 04/25/42	1,925		1,970
		Series 2017-CH-4, REMIC, 3.00%, 06/25/42	36,033		35,637
		Series 2012-CZ-87, REMIC, 3.00%, 08/25/42	11,940		10,845
		Series 2015-AP-95, REMIC, 3.00%, 08/25/42	16,038		15,840
		Series 2015-AC-88, REMIC, 3.00%, 04/25/43	19,018		18,749
		Series 2013-NZ-31, REMIC, 3.00%, 04/25/43	16,243		14,442
		Series 2013-ZA-52, REMIC, 3.00%, 06/25/43	4,048		3,733
		Series 2016-A-9, REMIC, 3.00%, 09/25/43	8,039		7,897
		Series 2013-AZ-133, REMIC, 4.00%, 01/25/44	15,363		15,891
		Series 2016-PA-81, REMIC, 3.00%, 02/25/44	21,829		21,571
		Series 2014-GZ-85, REMIC, 3.00%, 12/25/44	11,164		9,971
		Series 2015-CE-78, REMIC, 2.50%, 11/25/45	29,446		28,611
		Series 2018-JA-27, REMIC, 3.00%, 12/25/47 (e)	9,812		9,770
		Series 2018-C-33, REMIC, 3.00%, 05/25/48	54,370		52,503
	Government National Mortgage Association
		Interest Only, Series 2010-PS-116, REMIC, 4.02%, (6.10% - (1M US LIBOR * 1)), 03/20/40 (a)	9,769		672
		Series 2011-WS-70, REMIC, 5.53%, (9.70% - (1M US LIBOR * 2)), 12/20/40 (a)	4,994		4,943
				632,060
Mortgage-Backed Securities 17.2%
	Federal Home Loan Mortgage Corp.
		3.00%, 06/01/43	24,962		24,325
		3.00%, 07/01/43	25,611		24,958
		3.00%, 07/01/43	7,999		7,795
		4.00%, 09/01/43	2,625		2,700
		3.00%, 10/01/43	19,641		19,140
		4.00%, 12/01/43	3,919		4,030
		4.00%, 12/01/43	1,375		1,414
		4.00%, 02/01/44	3,517		3,616
		REMIC, 3.00%, 06/15/44	9,905		9,717
		3.00%, 10/01/44	9,053		8,808
		3.00%, 11/01/44	20,158		19,613
		3.00%, 04/01/45	21,669		21,069
		3.00%, 04/01/45	28,035		27,293
		3.00%, 06/01/45	18,684		18,167
		3.00%, 09/01/45	11,371		11,038
		3.50%, 02/01/46	31,793		31,748
	Federal National Mortgage Association
		4.50%, 04/01/26	4,158		4,298
		3.00%, 03/01/35	20,200		19,953
		3.50%, 09/01/43	25,880		25,919
		3.50%, 01/01/45	5,213		5,150
		3.50%, 08/01/45	12,530		12,522
		3.00%, 08/01/46	33,739		32,410
		4.00%, 01/01/48	17,897		18,277
	Government National Mortgage Association
		3.50%, 10/20/45	12,164		12,111
				366,071
	Total Government And Agency Obligations (cost $1,024,318)			998,131
			Shares/Par¹		Value ($)
SHORT TERM INVESTMENTS 9.8%
Investment Companies 9.8%
	JNL Government Money Market Fund - Institutional Class, 1.79% (f) (g)		208,725		208,725
	Total Short Term Investments (cost $208,725)			208,725
Total Investments 100.5% (cost $2,151,610)				2,137,150
Other Assets and Liabilities, Net (0.5)%				(9,968)
Total Net Assets 100.0%					2,127,182

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2018. 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 reflects 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) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2018.

(c) The Sub-Adviser has deemed this security which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Jackson Variable Series Trust's Board of Trustees. As of June 30, 2018, the value and the percentage of net assets of these liquid securities was $589,506 and 27.7%, respectively.

(d) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Jackson Variable Series Trust's 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 Notes to Financial Statements.

(e) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2018, the total payable for investments purchased on a delayed delivery basis was $9,458.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
CORPORATE BONDS AND NOTES 2.3%
Argentina 0.5%
	Banco Hipotecario SA
		25.23%, (Argentina Deposit Rates Badlar + 2.50%), 01/12/20, ARS (a)	29,280		977
	YPF SA
		26.56%, (Argentina Deposit Rates Badlar + 4.00%), 07/07/20 (a)	1,682		988
				1,965
China 1.0%
	21Vianet Group Inc.
		7.00%, 08/17/20	764		745
	CAR Inc.
		6.13%, 02/04/20	766		753
	China Evergrande Group
		8.75%, 06/28/25	790		694
	CIFI Holdings Group Co. Ltd.
		6.88%, 04/23/21	200		198
		5.50%, 01/23/22	410		380
	KWG Property Holding Ltd.
		6.00%, 09/15/22	411		381
	Logan Property Holdings Co. Ltd.
		6.88%, 04/24/21	516		502
	Shanghai eHi Car Rental Co. Ltd.
		5.88%, 08/14/22	200		180
				3,833
Colombia 0.2%
	Frontera Energy Corp.
		9.70%, 06/25/23	580		576
Ecuador 0.1%
	Noble Sovereign Funding I Ltd.
		7.97%, (3M US LIBOR + 5.63%), 09/24/19 (a)	357		349
Honduras 0.3%
	Inversiones Atlantida SA
		8.25%, 07/28/22	1,170		1,193
India 0.2%
	ABJA Investment Co. Pte Ltd.
		5.45%, 01/24/28	851		724
Indonesia 0.0%
	Jasa Marga Persero Tbk PT
		7.50%, 12/11/20, IDR	2,660,000		184
	Total Corporate Bonds And Notes (cost $10,728)			8,824
SENIOR LOAN INTERESTS 3.8%
Barbados 0.5%
	Barbados
		Term Loan, 0.00%, 12/20/19 (b) (c) (d) (e)	3,440		1,892
Ethiopia 0.5%
	Ethiopian Railways Corp.
		Term Loan, 5.72%, (3M LIBOR + 3.75%), 08/01/21 (a) (d) (e)	2,100		2,036
Kenya 0.2%
	Government of the Republic of Kenya
		Term Loan, 7.50%, (3M LIBOR + 5.00%), 04/18/19 (a) (d) (e)	550		550
Tanzania 2.6%
	Ministry of Finance and Planning Government of the United Republic of Tanzania
		Term Loan, 7.03%, (6M LIBOR + 5.20%), 06/26/22 (a) (d) (e)	8,050		8,134
	Tanzania Republic
		Term Loan, 7.70%, (6M LIBOR + 5.20%), 05/23/23 (a) (d)	1,940		1,919
				10,053
	Total Senior Loan Interests (cost $16,004)			14,531
			Shares/Par¹		Value ($)
GOVERNMENT AND AGENCY OBLIGATIONS 55.9%
Albania 1.3%
	Albania Government International Bond
		5.75%, 11/12/20, EUR	3,763		4,808
Angola 0.5%
	Angola Government International Bond
		8.25%, 05/09/28	1,117		1,120
		9.38%, 05/08/48	913		922
				2,042
Argentina 2.4%
	Argentina Republic Government International Bond
		28.80%, 06/21/19	421		434
		5.00%, 01/15/27, EUR	201		199
		6.25%, 11/09/47, EUR	7,446		6,800
		6.88%, 01/11/48	2,377		1,814
				9,247
Australia 1.2%
	Australia Government Bond
		3.25%, 06/21/39, AUD	4,500		3,451
		3.00%, 03/21/47, AUD	1,600		1,159
				4,610
Bahrain 0.3%
	Bahrain Government International Bond
		7.00%, 10/12/28	789		694
		6.75%, 09/20/29	610		535
				1,229
Barbados 0.8%
	Barbados Government International Bond
		0.00%, 12/05/35 (b) (c)	5,386		2,962
Dominican Republic 2.0%
	Dominican Republic International Bond
		16.95%, 02/04/22, DOP	11,800		304
		10.38%, 03/04/22, DOP	18,500		392
		8.90%, 02/15/23, DOP	336,050		7,002
				7,698
El Salvador 4.3%
	El Salvador Government International Bond
		7.75%, 01/24/23	3,254		3,404
		5.88%, 01/30/25	810		756
		6.38%, 01/18/27	3,468		3,251
		8.63%, 02/28/29	4,110		4,391
		8.25%, 04/10/32	3,058		3,161
		7.65%, 06/15/35	1,535		1,495
				16,458
Georgia 0.0%
	Georgia Treasury Bond
		6.75%, 10/06/18, GEL	35		14
Iceland 4.5%
	Iceland Rikisbref
		6.25%, 02/05/20, ISK	6,393		62
		7.25%, 10/26/22, ISK	53,070		542
		8.00%, 06/12/25, ISK	706,470		7,731
		5.00%, 11/15/28, ISK	123,122		1,126
		6.50%, 01/24/31, ISK	763,888		7,933
				17,394
Indonesia 1.4%
	Indonesia Government Bond
		7.00%, 05/15/27, IDR	21,931,000		1,426
	Indonesia Treasury Bond
		6.13%, 05/15/28, IDR	63,885,000		3,922
				5,348
Kazakhstan 0.4%
	Kazakhstan Government Bond
		9.60%, 04/03/21, KZT (d)	527,190		1,578
Macedonia 5.8%
	Former Yugoslav Republic of Macedonia
		3.98%, 07/24/21, EUR	11,651		14,413
	Macedonia Government International Bond
		4.88%, 12/01/20, EUR	5,551		7,019

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
		2.75%, 01/18/25, EUR	530		607
				22,039
New Zealand 5.6%
	New Zealand Government Inflation Indexed Bond
		3.00%, 09/20/30, NZD (f)	6,942		5,726
		2.50%, 09/20/35 - 09/20/40, NZD (f)	20,635		15,749
				21,475
Peru 0.7%
	Peru Government International Bond
		5.70%, 08/12/24, PEN	4,697		1,496
		8.20%, 08/12/26, PEN	2,714		988
				2,484
Serbia 14.1%
	Republic of Serbia
		5.88%, 12/03/18	16		16
	Serbia Treasury Bond
		10.00%, 09/11/21 - 02/05/22, RSD	1,494,730		17,744
		5.75%, 07/21/23, RSD	2,529,060		26,917
		5.88%, 02/08/28, RSD	882,540		9,398
				54,075
Sri Lanka 8.1%
	Sri Lanka Government Bond
		8.75%, 10/15/18, LKR	735,000		4,641
		8.50%, 05/01/19, LKR	127,000		797
		10.60%, 07/01/19 - 09/15/19, LKR	435,560		2,782
		8.00%, 11/15/18 - 11/01/19, LKR	977,500		6,149
		9.25%, 05/01/20, LKR	624,020		3,906
		10.75%, 03/01/21 - 03/15/28, LKR	319,000		2,048
		9.00%, 05/01/21, LKR	48,000		296
		11.00%, 08/01/21 - 08/01/25, LKR	182,380		1,182
		9.45%, 10/15/21, LKR	479,000		2,973
		11.20%, 07/01/22, LKR	56,460		367
		10.00%, 10/01/22 - 03/15/23, LKR	530,560		3,304
		11.50%, 12/15/21 - 08/01/26, LKR	99,000		651
		11.40%, 01/01/24, LKR	160,000		1,044
		11.00%, 08/01/24, LKR	41,000		264
		10.25%, 03/15/25, LKR	56,730		351
		11.50%, 09/01/28, LKR	25,000		165
				30,920
Thailand 0.9%
	Thailand Government Inflation Indexed Bond
		1.25%, 03/12/28, THB (g)	125,014		3,573
Tunisia 0.4%
	Banque Centrale de Tunisie SA
		5.63%, 02/17/24, EUR	1,392		1,584
Turkey 0.5%
	Turkey Government International Bond
		6.13%, 10/24/28	1,867		1,750
United States of America 0.7%
	Federal Home Loan Mortgage Corp.
		Interest Only, Series S-4070, REMIC, 4.03%, (6.10% - (1M US LIBOR * 1)), 06/15/32 (a)	2,537		343
	Federal National Mortgage Association
		Interest Only, Series 2013-DS-15, REMIC, 4.11%, (6.20% - (1M US LIBOR * 1)), 03/25/33 (a)	964		126
		Interest Only, Series 2010-SJ-124, REMIC, 3.96%, (6.05% - (1M US LIBOR * 1)), 11/25/38 (a)	1,580		85
		Interest Only, Series 2012-SK-150, REMIC, 4.06%, (6.15% - (1M US LIBOR * 1)), 01/25/43 (a)	2,510		328
		Series 2018-45-GI, REMIC, 4.00%, 06/25/48	7,108		1,654
				2,536
	Total Government And Agency Obligations (cost $208,194)			213,824
COMMON STOCKS 7.2%
Cyprus 0.5%
	Bank of Cyprus Holdings Plc (b)		723		2,013
Iceland 3.1%
	Arion Bank hf (b)		927		749
	Eik Fasteignafelag hf		9,490		799
	Eimskipafelag Islands hf		442		910
			Shares/Par¹		Value ($)
	Hagar hf		3,872		1,652
	Icelandair Group hf		5,856		720
	N1 hf (b)		631		664
	Reginn hf (b)		4,539		899
	Reitir Fasteignafelag hf		2,240		1,706
	Siminn hf		44,274		1,827
	Sjova-Almennar Tryggingar hf		5,759		880
	Tryggingamidstodin hf		1,561		514
	Vatryggingafelag Islands hf		4,968		575
				11,895
Japan 0.9%
	Mitsubishi UFJ Financial Group Inc.		195		1,115
	Mizuho Financial Group Inc.		407		686
	Resona Holdings Inc.		55		297
	Sumitomo Mitsui Financial Group Inc.		24		944
	Sumitomo Mitsui Trust Holdings Inc.		13		496
				3,538
Serbia 0.0%
	Komercijalna banka ad Beograd (b)		4		85
Singapore 0.4%
	Yoma Strategic Holdings Ltd.		6,170		1,673
South Korea 1.0%
	Honam Petrochemical Corp.		—		94
	Hyundai Heavy Industries Co. Ltd. (b)		—		11
	Hyundai Mobis		1		133
	Hyundai Motor Co.		1		149
	KB Financial Group Inc.		3		143
	Korea Zinc Co. Ltd.		—		86
	KT&G Corp.		1		112
	LG Chem Ltd.		—		96
	LG Corp.		1		78
	LG Electronics Inc.		1		89
	LG Household & Health Care Ltd.		—		133
	NHN Corp.		—		300
	POSCO		—		117
	Samsung Biologics Co. Ltd. (b)		—		117
	Samsung C&T Corp.		1		114
	Samsung Electronics Co. Ltd.		14		568
	Samsung Fire & Marine Insurance Co. Ltd.		—		95
	Samsung Life Insurance Co. Ltd.		1		114
	Samsung SDI Co. Ltd.		1		115
	Samsung SDS Co. Ltd.		1		113
	Shinhan Financial Group Co. Ltd.		2		93
	SK C&C Co. Ltd.		—		93
	SK Hynix Inc.		4		311
	SK Innovation Co. Ltd.		1		93
	SK Telecom Co. Ltd.		1		115
	S-Oil Corp.		1		84
	Woori Bank		6		93
				3,659
Vietnam 1.3%
	Bank for Foreign Trade of Vietnam JSC		121		306
	Bank for Investment and Development of Vietnam JSC		67		76
	Bao Viet Holdings		23		80
	Binh Minh Plastics JSC		37		93
	Coteccons Construction JSC		19		127
	Danang Rubber JSC		10		10
	Domesco Medical Import Export JSC		47		185
	HA TIEN 1 Cement JSC		31		16
	Hoa Phat Group JSC (b)		175		292
	Hoa Sen Group		23		12
	KIDO Group Corp.		53		78
	KinhBac City Development Share Holding Corp. (b)		74		38
	Masan Group Corp. (b)		137		469
	PetroVietnam Drilling and Well Services JSC (b)		38		22
	PetroVietnam Fertilizer & Chemicals JSC		55		41
	PetroVietnam Gas JSC		24		91
	PetroVietnam Nhon Trach 2 Power JSC		127		160
	PetroVietnam Technical Service JSC		91		69
	Pha Lai Thermal Power JSC		31		24
	Refrigeration Electrical Engineering Corp.		102		141
	Saigon - Hanoi Commercial JSB (b)		135		48

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	Saigon Securities Inc.		96		118
	Saigon Thuong Tin Commercial JSB (b)		213		107
	Tan Tao Investment & Industry JSC (b)		153		18
	Viet Capital Securities JSC (b)		45		162
	Vietnam Construction and Import-Export JSC		44		32
	Vietnam Dairy Products JSC		65		482
	Vietnam JSC Bank for Industry and Trade		21		22
	Vietnam Prosperity JSC Bank (d)		293		391
	Vietnam Technological & Commercial JSC Bank (b)		37		157
	Vingroup JSC (b)		194		910
				4,777
	Total Common Stocks (cost $26,922)			27,640
SHORT TERM INVESTMENTS 26.0%
Investment Companies 9.1%
	JNL Government Money Market Fund - Institutional Class, 1.79% (h) (i)		34,931		34,931
Treasury Securities 16.9%
	Egypt Treasury Bill
		16.96%, 07/10/18, EGP (j)	40,875		2,273
		17.00%, 07/17/18, EGP (j)	81,925		4,540
		16.82%, 07/24/18, EGP (j)	52,450		2,896
		16.67%, 07/31/18, EGP (j)	21,675		1,192
		15.89%, 08/14/18, EGP (j)	26,200		1,431
		16.10%, 08/21/18, EGP (j)	9,550		520
		16.43%, 09/04/18, EGP (j)	58,950		3,186
		16.29%, 09/11/18, EGP (j)	34,875		1,878
		16.31%, 09/18/18, EGP (j)	8,100		435
		16.39%, 09/25/18, EGP (j)	5,075		271
		16.14%, 10/02/18, EGP (j)	16,375		872
	Kazakhstan Treasury Bill
		7.95%, 07/27/18, KZT (j)	571,569		1,665
		7.69%, 09/28/18, KZT (j)	114,343		328
	Letras Banco Central Argentina Treasury Bill
		24.19%, 07/18/18, ARS (j)	25,600		869
		32.92%, 10/17/18, ARS (j)	11,000		339
	Nigeria Treasury Bill
		17.04%, 07/05/18, NGN (j)	191,340		529
		16.97%, 07/12/18, NGN (j)	69,580		192
		17.07%, 07/19/18, NGN (j)	190,220		523
		11.80%, 07/26/18, NGN (j)	872,252		2,391
		10.82%, 08/02/18, NGN (j)	1,255,411		3,432
		13.53%, 08/09/18, NGN (j)	232,110		633
		14.23%, 08/09/18, NGN (j)	376,411		1,009
		10.75%, 08/16/18, NGN (j)	233,633		636
		12.99%, 08/16/18, NGN (j)	278,531		759
		17.30%, 08/16/18, NGN (j)	45,510		124
		13.39%, 08/23/18, NGN (j)	5,742		16
		11.98%, 08/30/18, NGN (j)	229,006		621
		14.10%, 09/06/18, NGN (j)	503,395		1,360
		16.93%, 09/13/18, NGN (j)	244,690		660
		14.33%, 09/20/18, NGN (j)	260,638		701
		16.02%, 09/20/18, NGN (j)	227,530		612
		14.15%, 09/27/18, NGN (j)	159,372		427
		14.08%, 10/04/18, NGN (j)	130,319		349
		12.67%, 10/11/18, NGN (j)	144,041		384
		12.77%, 10/18/18, NGN (j)	144,041		383
		14.00%, 10/18/18, NGN (j)	74,468		198


			Shares/Par¹		Value ($)
		14.03%, 10/18/18, NGN (j)	343,523		915
		13.17%, 10/25/18, NGN (j)	498,624		1,324
		11.96%, 11/01/18, NGN (j)	273,630		725
		13.41%, 11/01/18, NGN (j)	379,562		1,007
		12.35%, 11/08/18, NGN (j)	82,812		219
		12.40%, 11/15/18, NGN (j)	112,924		298
		14.38%, 11/22/18, NGN (j)	302,040		815
		14.16%, 11/29/18, NGN (j)	251,700		661
		12.22%, 12/06/18, NGN (j)	329,237		862
		11.45%, 12/13/18, NGN (j)	143,100		374
		12.00%, 12/27/18 - 01/31/19, NGN (j)	419,246		1,083
		12.07%, 01/10/19 - 01/17/19, NGN (j)	1,755,362		4,535
		13.71%, 01/17/19, NGN (j)	558,511		1,442
		11.95%, 01/03/19 - 01/24/19, NGN (j)	474,035		1,221
	U.S. Treasury Bill
		1.75%, 07/19/18 (j) (k)	2,000		1,998
		1.90%, 08/23/18 - 09/27/18 (j) (k)	8,500		8,468
				64,581
	Total Short Term Investments (cost $100,430)			99,512
Total Investments 95.2% (cost $362,278)					364,331
Total Purchased Options 1.5% (cost $6,001)					5,656
Other Derivative Instruments 1.5%					5,663
Other Assets and Liabilities, Net 1.8%					7,195
Total Net Assets 100.0%					382,845

(b) Non-income producing security.

(c) Issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date. The aggregate value of these securities represented 1.3% of the Fund’s net assets.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Jackson Variable Series Trust's 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 Notes to Financial Statements.

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

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

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

(h) Investment in affiliate.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.

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

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


Futures Contracts
Reference Entity	Contracts Long (Short)¹	Expiration	Notional ¹		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
5-Year USD Deliverable Interest Rate Swap	(10)	September 2018		(965)		—		(4)
90-Day Eurodollar	860	December 2018		209,666		—		(342)
90-Day Eurodollar	(860)	December 2019		(209,029)		22		404
Euro STOXX 50	(40)	September 2018	EUR	(1,390)		(19)		39
Euro-OAT	(120)	September 2018	EUR	(18,362)		(58)		(209)
						(55)		(112)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Centrally Cleared Interest Rate Swap Agreements
Floating Rate Index²	Paying / Receiving Floating Rate	Fixed Rate (%)	Expiration	Notional¹		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
3M Canada Bankers' Acceptance (S)	Paying	2.49	02/05/23	CAD	15,140		(17)		25
3M Canada Bankers' Acceptance (S)	Paying	2.51	02/05/23	CAD	7,620		(9)		17
3M Canada Bankers' Acceptance (S)	Paying	2.42	03/06/23	CAD	1,800		(2)		(1)
3M Canada Bankers' Acceptance (Q)	Paying	2.39	03/14/23	CAD	4,595		(5)		(9)
3M Canada Bankers' Acceptance (Q)	Paying	2.40	03/14/23	CAD	5,974		(7)		(10)
3M EURIBOR (Q)	Receiving	(0.09)	03/25/20	EUR	25,489		(2)		(43)
3M EURIBOR (Q)	Receiving	(0.09)	03/25/20	EUR	25,489		(2)		(43)
3M EURIBOR (Q)	Receiving	(0.11)	03/26/20	EUR	8,248		(1)		(12)
3M EURIBOR (Q)	Receiving	(0.10)	03/27/20	EUR	8,248		—		(12)
3M EURIBOR (Q)	Receiving	(0.11)	03/27/20	EUR	8,248		(1)		(12)
3M EURIBOR (Q)	Receiving	(0.11)	03/29/20	EUR	16,247		(1)		(22)
3M EURIBOR (Q)	Receiving	(0.12)	04/03/20	EUR	24,577		(1)		(30)
3M EURIBOR (Q)	Receiving	(0.11)	04/05/20	EUR	8,413		—		(11)
3M EURIBOR (Q)	Receiving	(0.11)	04/06/20	EUR	8,413		—		(11)
3M EURIBOR (Q)	Receiving	(0.09)	04/15/20	EUR	57,648		(3)		(87)
3M LIBOR (Q)	Receiving	2.78	04/10/23		414		—		2
3M LIBOR (Q)	Receiving	2.75	04/12/23		257		—		1
3M LIBOR (Q)	Receiving	2.99	06/22/23		480		—		(1)
3M LIBOR (Q)	Receiving	2.89	06/27/23		825		—		—
3M LIBOR (Q)	Receiving	2.18	09/19/27		9,823		3		595
3M LIBOR (Q)	Receiving	2.68	01/30/28		2,500		1		52
3M LIBOR (Q)	Receiving	2.72	01/31/28		140		—		2
3M LIBOR (Q)	Receiving	2.74	02/01/28		2,985		1		47
3M LIBOR (Q)	Receiving	2.84	02/09/28		93		—		1
3M LIBOR (Q)	Receiving	2.82	04/12/28		100		—		1
3M LIBOR (Q)	Receiving	2.80	04/13/28		100		—		1
3M LIBOR (Q)	Receiving	2.89	04/18/28		157		—		—
3M LIBOR (Q)	Receiving	3.02	05/10/28		920		—		(11)
3M LIBOR (Q)	Receiving	3.01	05/29/28		965		—		(7)
3M LIBOR (Q)	Receiving	2.94	06/05/28		321		—		—
3M LIBOR (Q)	Receiving	2.96	06/07/28		278		—		(1)
3M LIBOR (Q)	Receiving	3.00	06/12/28		450		—		(3)
3M LIBOR (Q)	Receiving	3.02	06/14/28		569		—		(5)
3M LIBOR (Q)	Receiving	2.94	06/27/28		260		—		—
3M LIBOR (Q)	Receiving	2.99	07/03/38		2,667		2		2
3M LIBOR (Q)	Receiving	3.12	05/17/48		250		—		(10)
3M LIBOR (Q)	Receiving	3.12	05/18/48		482		—		(18)
3M LIBOR (Q)	Receiving	3.12	05/23/48		540		—		(21)
3M LIBOR (Q)	Receiving	3.02	05/29/48		184		—		(3)
3M LIBOR (A)	Paying	1.75	07/31/20		1,732		—		(37)
3M LIBOR (S)	Paying	1.74	08/12/20		4,368		—		(96)
3M LIBOR (S)	Paying	1.62	08/14/20		4,650		—		(114)
3M LIBOR (S)	Paying	1.68	08/17/20		4,631		—		(108)
3M LIBOR (S)	Paying	1.55	09/23/20		310		—		(9)
3M LIBOR (S)	Paying	1.42	10/28/20		2,230		—		(70)
3M LIBOR (S)	Paying	1.43	10/28/20		2,230		—		(70)
3M LIBOR (S)	Paying	1.54	11/05/20		2,295		—		(67)
3M LIBOR (S)	Paying	1.56	11/09/20		2,221		—		(65)
3M LIBOR (S)	Paying	1.67	11/12/20		3,036		—		(81)
3M LIBOR (S)	Paying	1.11	02/23/21		1,343		—		(60)
3M LIBOR (S)	Paying	1.17	02/25/21		1,303		—		(56)
3M LIBOR (S)	Paying	1.59	04/12/26		1,275		—		(118)
3M LIBOR (S)	Paying	1.59	04/12/26		935		—		(86)
3M LIBOR (S)	Paying	1.68	05/06/26		1,800		(1)		(156)
3M LIBOR (S)	Paying	1.68	05/06/26		1,800		(1)		(156)
3M LIBOR (S)	Paying	1.66	05/09/26		901		—		(79)
3M LIBOR (S)	Paying	1.69	06/03/26		1,720		(1)		(149)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	2.76	02/09/23	NZD	4,830		(6)		(39)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	2.75	02/09/23	NZD	6,650		(8)		(53)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	2.74	02/13/23	NZD	12,000		(15)		(91)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	2.73	02/16/23	NZD	13,700		(17)		(99)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	2.73	02/20/23	NZD	5,400		(7)		(40)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	2.74	02/22/23	NZD	5,360		(7)		(41)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Centrally Cleared Interest Rate Swap Agreements (continued)
Floating Rate Index²	Paying / Receiving Floating Rate	Fixed Rate (%)	Expiration	Notional¹		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	3.49	05/11/27	NZD	9,850		(12)		(293)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	3.24	05/22/27	NZD	14,000		(18)		(226)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	3.17	06/26/27	NZD	12,860		(15)		(154)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	3.13	01/09/28	NZD	7,000		(7)		(55)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	3.13	01/09/28	NZD	7,000		(7)		(56)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	3.15	01/11/28	NZD	10,000		(12)		(91)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	3.20	01/12/28	NZD	7,000		(8)		(86)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	3.24	06/07/28	NZD	3,000		(3)		(40)
3M New Zealand Bank Bill Forward Rate Agreement (S)	Paying	4.96	04/29/24	NZD	6,530		10		592
3M New Zealand Bank Bill Forward Rate Agreement (S)	Paying	4.05	06/16/25	NZD	5,278		8		271
3M New Zealand Bank Bill Forward Rate Agreement (S)	Paying	4.05	06/16/25	NZD	3,210		5		165
3M Stockholm Interbank Offered Rate (A)	Paying	0.04	03/27/20	SEK	108,910		(1)		16
3M Stockholm Interbank Offered Rate (A)	Paying	0.05	03/29/20	SEK	169,089		(1)		25
3M Stockholm Interbank Offered Rate (A)	Paying	0.03	04/03/20	SEK	168,675		(1)		21
3M Stockholm Interbank Offered Rate (A)	Paying	0.02	04/05/20	SEK	172,238		(1)		18
3M Stockholm Interbank Offered Rate (A)	Paying	0.03	04/06/20	SEK	85,581		(1)		10
3M Stockholm Interbank Offered Rate (A)	Paying	0.02	04/08/20	SEK	169,918		(1)		18
3M Stockholm Interbank Offered Rate (A)	Paying	0.02	04/09/20	SEK	169,918		(1)		18
3M Stockholm Interbank Offered Rate (A)	Paying	0.03	04/09/20	SEK	169,918		(1)		18
3M Stockholm Interbank Offered Rate (A)	Paying	0.04	04/15/20	SEK	105,144		(1)		13
6M Australian Bank Bill Short Term Rate (S)	Paying	2.66	06/15/27	AUD	7,154		—		(53)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.78	12/19/46	JPY	241,860		1		12
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.85	06/19/47	JPY	49,000		—		(5)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.86	06/19/47	JPY	49,000		—		(5)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.92	09/18/47	JPY	194,000		1		(48)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.89	09/18/47	JPY	225,000		1		(37)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.89	09/18/47	JPY	241,000		1		(42)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.96	12/18/47	JPY	190,075		1		(62)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.95	12/18/47	JPY	198,000		1		(62)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.95	12/18/47	JPY	441,000		2		(130)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.95	12/18/47	JPY	506,535		3		(151)
6M Budapest Interbank Offered Rate (S)	Receiving	1.27	12/13/21	HUF	406,479		6		18
6M Budapest Interbank Offered Rate (S)	Receiving	1.46	01/12/22	HUF	753,650		12		23
6M Budapest Interbank Offered Rate (S)	Receiving	1.44	01/13/22	HUF	693,350		10		23
6M Budapest Interbank Offered Rate (S)	Receiving	1.25	02/06/23	HUF	650,326		14		74
6M Budapest Interbank Offered Rate (S)	Receiving	1.27	02/07/23	HUF	631,444		12		71
6M Budapest Interbank Offered Rate (S)	Receiving	1.32	02/09/23	HUF	815,810		16		84
6M Budapest Interbank Offered Rate (S)	Receiving	1.19	03/12/23	HUF	192,000		4		25
6M Budapest Interbank Offered Rate (S)	Receiving	1.15	03/13/23	HUF	96,000		2		13
6M Budapest Interbank Offered Rate (S)	Receiving	1.82	06/15/23	HUF	890,226		19		34
6M Budapest Interbank Offered Rate (S)	Receiving	1.89	06/18/23	HUF	181,774		4		5
6M Budapest Interbank Offered Rate (S)	Receiving	1.92	07/28/26	HUF	636,700		17		128
6M Budapest Interbank Offered Rate (S)	Receiving	1.94	08/01/26	HUF	448,000		11		89
6M Budapest Interbank Offered Rate (S)	Receiving	1.94	09/21/26	HUF	171,688		4		35
6M Budapest Interbank Offered Rate (S)	Receiving	1.93	09/21/26	HUF	176,090		4		37
6M Budapest Interbank Offered Rate (S)	Receiving	1.89	09/21/26	HUF	434,356		11		95
6M Budapest Interbank Offered Rate (S)	Receiving	2.14	10/13/26	HUF	174,916		4		27
6M Budapest Interbank Offered Rate (S)	Receiving	2.04	10/20/26	HUF	460,887		12		86
6M Budapest Interbank Offered Rate (S)	Receiving	2.08	10/28/26	HUF	181,556		5		32
6M Budapest Interbank Offered Rate (S)	Receiving	2.18	11/03/26	HUF	182,148		5		27
6M Budapest Interbank Offered Rate (S)	Receiving	2.15	11/07/26	HUF	178,600		5		28
6M Budapest Interbank Offered Rate (S)	Receiving	2.12	11/08/26	HUF	177,417		5		29
6M Budapest Interbank Offered Rate (S)	Receiving	2.14	11/10/26	HUF	488,487		13		77
6M Budapest Interbank Offered Rate (S)	Receiving	2.66	02/08/27	HUF	592,700		17		20
6M Budapest Interbank Offered Rate (S)	Receiving	2.09	02/07/28	HUF	114,925		3		30
6M Budapest Interbank Offered Rate (S)	Receiving	2.18	02/07/28	HUF	170,259		5		39
6M Budapest Interbank Offered Rate (S)	Receiving	2.12	02/07/28	HUF	344,338		9		86
6M Budapest Interbank Offered Rate (S)	Receiving	2.20	02/08/28	HUF	173,664		5		39
6M Budapest Interbank Offered Rate (S)	Receiving	2.23	02/09/28	HUF	332,834		9		71

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Centrally Cleared Interest Rate Swap Agreements (continued)
Floating Rate Index²	Paying / Receiving Floating Rate	Fixed Rate (%)	Expiration	Notional¹		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
6M Budapest Interbank Offered Rate (S)	Receiving	2.82	06/15/28	HUF	72,386		2		3
6M Budapest Interbank Offered Rate (S)	Receiving	2.97	06/18/28	HUF	170,084		5		(1)
6M EURIBOR (S)	Receiving	0.25	09/20/22	EUR	15,842		2		(145)
6M EURIBOR (S)	Receiving	1.00	03/21/23	EUR	800		—		(8)
6M EURIBOR (S)	Receiving	0.45	05/16/23	EUR	100		—		(1)
6M EURIBOR (S)	Receiving	0.43	05/22/23	EUR	1,317		—		(7)
6M EURIBOR (S)	Receiving	0.95	04/12/28	EUR	159		—		(2)
6M EURIBOR (S)	Receiving	1.64	02/27/48	EUR	4,100		(14)		(221)
6M EURIBOR (S)	Receiving	1.47	04/05/48	EUR	223		(1)		(1)
6M EURIBOR (S)	Receiving	1.36	04/05/48	EUR	625		(2)		(3)
6M EURIBOR (S)	Receiving	1.60	05/18/48	EUR	1,451		(5)		(61)
6M EURIBOR (S)	Receiving	1.59	05/24/48	EUR	100		—		(4)
6M EURIBOR (S)	Receiving	1.54	05/29/48	EUR	702		(2)		(17)
6M EURIBOR (S)	Receiving	1.46	05/31/48	EUR	137		—		—
6M EURIBOR (S)	Receiving	1.50	06/04/48	EUR	136		—		(2)
6M EURIBOR (A)	Paying	0.47	02/27/23	EUR	19,820		(2)		283
6M EURIBOR (A)	Paying	0.98	03/29/28	EUR	8,500		1		118
6M EURIBOR (A)	Paying	1.05	04/25/28	EUR	8,400		1		178
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.41	12/13/21	PLN	5,932		(1)		12
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.46	01/12/22	PLN	11,203		(1)		25
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.44	01/13/22	PLN	11,587		(1)		24
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.73	02/06/23	PLN	9,094		(2)		40
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.69	02/07/23	PLN	9,007		(2)		34
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.63	02/09/23	PLN	11,069		(2)		33
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.51	06/15/23	PLN	8,504		(2)		7
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.53	06/18/23	PLN	3,446		(1)		4
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.23	07/28/26	PLN	8,990		(3)		(87)
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.22	08/01/26	PLN	6,486		(2)		(64)
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.28	09/21/26	PLN	2,348		(1)		(21)
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.30	09/21/26	PLN	8,687		(3)		(49)
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.49	10/13/26	PLN	2,483		(1)		(13)
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.47	10/19/26	PLN	2,524		(1)		(14)
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.43	10/20/26	PLN	2,770		(1)		(18)
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.44	10/20/26	PLN	3,785		(2)		(23)
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.47	10/28/26	PLN	2,600		(1)		(15)
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.56	11/02/26	PLN	2,600		(1)		(11)
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.54	11/07/26	PLN	2,600		(1)		(12)
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.50	11/08/26	PLN	2,600		(1)		(14)
6M Poland Warsaw Interbank Offered Rate (A)	Paying	2.52	11/10/26	PLN	7,186		(3)		(35)
6M Poland Warsaw Interbank Offered Rate (A)	Paying	3.00	02/08/27	PLN	6,981		(3)		23
6M Poland Warsaw Interbank Offered Rate (A)	Paying	3.12	02/07/28	PLN	2,429		(1)		13
6M Poland Warsaw Interbank Offered Rate (A)	Paying	3.14	02/07/28	PLN	1,612		(1)		2
6M Poland Warsaw Interbank Offered Rate (A)	Paying	3.17	02/07/28	PLN	4,912		(3)		33
6M Poland Warsaw Interbank Offered Rate (A)	Paying	3.10	02/08/28	PLN	2,429		(1)		12
6M Poland Warsaw Interbank Offered Rate (A)	Paying	3.08	02/09/28	PLN	4,678		(2)		20
6M Singapore Interbank Offered Rate (S)	Paying	2.27	06/04/23	SGD	22,320		—		(35)
Brazil Interbank Deposit Rate (A)	Receiving	7.63	01/02/20	BRL	26,935		(3)		51
Brazil Interbank Deposit Rate (A)	Receiving	7.73	01/02/20	BRL	14,262		(2)		21
Brazil Interbank Deposit Rate (A)	Receiving	7.99	01/02/20	BRL	13,551		(1)		8
Brazil Interbank Deposit Rate (A)	Receiving	8.26	01/02/20	BRL	4,303		—		—
Brazil Interbank Deposit Rate (A)	Receiving	8.33	01/02/20	BRL	13,281		(1)		(4)
Brazil Interbank Deposit Rate (A)	Receiving	8.34	01/02/20	BRL	12,471		(1)		(4)
Brazil Interbank Deposit Rate (A)	Receiving	8.37	01/02/20	BRL	27,682		(10)		(11)
Brazil Interbank Deposit Rate (A)	Receiving	8.44	01/02/20	BRL	27,706		(3)		(20)
Brazil Interbank Deposit Rate (A)	Receiving	8.52	01/02/20	BRL	25,129		(3)		(24)
Brazil Interbank Deposit Rate (A)	Receiving	8.59	01/02/20	BRL	24,774		(3)		(34)
Brazil Interbank Deposit Rate (A)	Receiving	8.75	01/02/20	BRL	12,702		(1)		(23)
Brazil Interbank Deposit Rate (A)	Receiving	8.80	01/02/20	BRL	21,238		(2)		(42)
Brazil Interbank Deposit Rate (A)	Receiving	8.86	01/02/20	BRL	4,986		(1)		(11)
Brazil Interbank Deposit Rate (A)	Receiving	8.95	01/02/20	BRL	13,655		(1)		(34)
Brazil Interbank Deposit Rate (A)	Receiving	9.01	01/02/20	BRL	12,904		(1)		(36)
Brazil Interbank Deposit Rate (A)	Paying	9.26	01/02/23	BRL	19,660		8		(157)
Brazil Interbank Deposit Rate (A)	Paying	9.27	01/02/23	BRL	27,592		11		(218)
Brazil Interbank Deposit Rate (A)	Paying	9.29	01/02/23	BRL	18,852		7		(144)
Brazil Interbank Deposit Rate (A)	Paying	9.31	01/02/23	BRL	9,248		4		(69)
Brazil Interbank Deposit Rate (A)	Paying	9.33	01/02/23	BRL	9,047		4		(66)
Brazil Interbank Deposit Rate (A)	Paying	9.36	01/02/23	BRL	10,295		4		(72)
Brazil Interbank Deposit Rate (A)	Paying	10.72	01/02/23	BRL	12,769		4		11
Brazil Interbank Deposit Rate (A)	Paying	11.06	01/02/23	BRL	1,866		1		6
Brazil Interbank Deposit Rate (A)	Paying	11.06	01/02/23	BRL	6,006		2		21

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Centrally Cleared Interest Rate Swap Agreements (continued)
Floating Rate Index²		Paying / Receiving Floating Rate		Fixed Rate (%)		Expiration		Notional¹		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Brazil Interbank Deposit Rate (A)	Paying		11.09		01/02/23		BRL		10,059		3		37
Brazil Interbank Deposit Rate (A)	Paying		11.16		01/02/23		BRL		2,357		1		10
Brazil Interbank Deposit Rate (A)	Paying		11.24		01/02/23		BRL		6,121		2		29
Harmonised Index of Consumer Prices (A)	Receiving		1.57		08/15/32		EUR		1,778		—		46
Harmonised Index of Consumer Prices (A)	Receiving		1.59		08/15/32		EUR		1,783		—		40
Harmonised Index of Consumer Prices (A)	Receiving		1.60		08/15/32		EUR		1,741		—		34
Harmonised Index of Consumer Prices (A)	Receiving		1.64		10/15/32		EUR		1,751		—		25
Harmonised Index of Consumer Prices (A)	Receiving		1.74		02/15/33		EUR		86		—		—
Harmonised Index of Consumer Prices (A)	Paying		1.79		08/15/42		EUR		1,741		—		(61)
Harmonised Index of Consumer Prices (A)	Paying		1.77		08/15/42		EUR		1,778		—		(74)
Harmonised Index of Consumer Prices (A)	Paying		1.78		08/15/42		EUR		1,783		—		(72)
Harmonised Index of Consumer Prices (A)	Paying		1.85		10/15/42		EUR		1,751		—		(34)
Harmonised Index of Consumer Prices (A)	Paying		1.93		02/15/43		EUR		86		—		1
Harmonised Index of Consumer Prices (A)	Paying		1.90		08/04/47		EUR		469		—		(13)
Harmonised Index of Consumer Prices (A)	Paying		1.89		08/07/47		EUR		29		—		(1)
Korean Won 3M Certificate of Deposit (Q)	Paying		2.28		06/20/28		KRW		1,358,530		(1)		6
Mexican Interbank Rate (M)	Receiving		7.67		12/02/27		MXN		84,100		11		99
Mexican Interbank Rate (M)	Receiving		7.67		12/03/27		MXN		84,500		12		100
Mexican Interbank Rate (M)	Receiving		7.80		12/06/27		MXN		110,130		15		79
Mexican Interbank Rate (M)	Paying		7.70		12/12/19		MXN		338,100		(9)		(117)
Mexican Interbank Rate (M)	Paying		7.72		12/13/19		MXN		332,600		(9)		(112)
Mexican Interbank Rate (M)	Paying		7.92		12/16/19		MXN		395,160		(12)		(75)
US CPURNSA (A)	Receiving		2.42		02/06/43				609		—		(6)
US CPURNSA (A)	Receiving		2.15		08/04/47				374		—		25
US CPURNSA (A)	Receiving		2.16		08/04/47				631		—		40
US CPURNSA (A)	Receiving		2.13		08/22/47				797		(1)		56
US CPURNSA (A)	Receiving		2.15		08/25/47				792		(1)		53
US CPURNSA (A)	Receiving		2.15		09/01/47				790		(1)		53
US CPURNSA (A)	Receiving		2.22		10/05/47				688		—		34
US CPURNSA (A)	Paying		2.41		02/06/33				609		—		1
											42		(1,299)


Centrally Cleared Credit Default Swap Agreements
Reference Entity²	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional^1,7		Value⁶ ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection³
CDX.EM.29 (Q)	1.00	06/20/23		735		29		—		15
Federation of Malaysia, 1.00%, 12/20/22 (Q)	1.00	06/20/23		50,000		194		(119)		811
Republic of Chile, 3.88%, 08/05/20 (Q)	1.00	06/20/23		643		(12)		—		4
Republic of Chile, 3.88%, 08/05/20 (Q)	1.00	06/20/23		1,550		(28)		—		8
Republic of Chile, 3.88%, 08/05/20 (Q)	1.00	06/20/23		4,875		(88)		1		22
Republic of Colombia, 10.38%, 01/28/33 (Q)	1.00	06/20/23		4,559		49		(3)		31
Republic of Colombia, 10.38%, 01/28/33 (Q)	1.00	06/20/23		2,431		26		(2)		15
Russian Federation, 7.50%, 03/31/30 (Q)	1.00	06/20/23		3,609		66		(6)		25
Russian Federation, 7.50%, 03/31/30 (Q)	1.00	06/20/23		2,989		55		(4)		19
Russian Federation, 7.50%, 03/31/30 (Q)	1.00	06/20/23		8,802		161		(12)		63
Russian Federation, 7.50%, 03/31/30 (Q)	1.00	06/20/23		4,401		81		(6)		28
State of Qatar, 9.75%, 06/15/30 (Q)	1.00	12/20/22		2,380		(12)		(2)		(12)
United Mexican States, 4.15%, 03/28/27 (Q)	1.00	06/20/23		5,102		81		9		31
United Mexican States, 4.15%, 03/28/27 (Q)	1.00	06/20/23		13,993		221		26		(33)
						823		(118)		1,027

OTC Purchased Options

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/

Swaption Rate (%)

Expiration

Notional/

Contracts ¹

Value ($)

Foreign Currency Options

Chinese Offshore Yuan versus USD ‡

BNP

Call

CNH

6.86

08/09/18

17,500,000

Chinese Offshore Yuan versus USD ‡

BOA

Call

CNH

6.93

06/28/19

11,000,000

140

Chinese Offshore Yuan versus USD ‡

BOA

Call

CNH

7.40

11/12/18

16,700,000

Chinese Offshore Yuan versus USD ‡

CGM

Call

CNH

6.85

07/23/18

16,000,000

Chinese Offshore Yuan versus USD ‡

CIT

Call

CNH

7.45

11/09/18

17,000,000

Chinese Offshore Yuan versus USD ‡

CIT

Call

CNH

6.87

12/27/18

11,578,000

Chinese Offshore Yuan versus USD ‡

DUB

Call

CNH

7.40

11/12/18

3,840,000

Chinese Offshore Yuan versus USD ‡

GSC

Call

CNH

7.40

11/12/18

11,900,000

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018

OTC Purchased Options (continued)

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/

Swaption Rate (%)

Expiration

Notional/

Contracts ¹

Value ($)

Chinese Offshore Yuan versus USD ‡

GSC

Call

CNH

6.75

12/27/18

10,622,000

127

Chinese Offshore Yuan versus USD ‡

GSC

Call

CNH

6.93

06/28/19

4,600,000

Chinese Offshore Yuan versus USD ‡

GSC

Call

CNH

6.95

06/28/19

6,200,000

Chinese Offshore Yuan versus USD ‡

JPM

Call

CNH

7.45

11/09/18

15,440,000

Chinese Offshore Yuan versus USD ‡

SCB

Call

CNH

6.96

08/20/18

9,660,000

Euro versus USD ‡

BNP

Call

EUR

0.88

02/28/22

19,106,000

Euro versus USD ‡

GSC

Call

EUR

0.87

02/24/22

19,130,000

Mexican Peso versus USD ‡

CGM

Call

MXN

21.32

05/06/19

3,440,000

153

Mexican Peso versus USD ‡

CIT

Call

MXN

21.32

05/06/19

7,230,000

322

Mexican Peso versus USD ‡

GSC

Call

MXN

21.32

05/06/19

3,440,000

153

Mexican Peso versus USD ‡

GSC

Call

MXN

21.32

05/07/19

7,960,000

355

Chinese Offshore Yuan versus USD ‡

BOA

Put

CNH

6.42

06/28/19

11,000,000

Chinese Offshore Yuan versus USD ‡

GSC

Put

CNH

6.42

06/28/19

4,600,000

Euro versus CHF ‡

GSC

Put

CHF

1.12

07/10/18

EUR

6,922,000

Euro versus SEK ‡

BNP

Put

SEK

9.96

04/15/19

EUR

5,985,000

Euro versus SEK ‡

CIT

Put

SEK

9.96

04/12/19

EUR

7,250,000

Euro versus SEK ‡

CIT

Put

SEK

9.58

04/12/19

EUR

5,440,000

Euro versus SEK ‡

DUB

Put

SEK

9.56

04/23/19

EUR

8,410,000

Euro versus USD ‡

BNP

Put

1.13

05/29/19

EUR

14,236,000

171

Euro versus USD ‡

BNP

Put

1.22

02/27/20

EUR

8,182,000

365

Euro versus USD ‡

CIT

Put

1.21

02/27/20

EUR

16,406,000

655

Euro versus USD ‡

GSC

Put

1.14

05/27/19

EUR

12,203,000

180

Euro versus USD ‡

GSC

Put

1.21

02/27/20

EUR

8,182,000

333

3,670

Index Options

Euro Stoxx 50 Index

GSC

Call

EUR

3,560.00

06/16/23

1,100

291

FTSE 100 Index

GSC

Call

GBP

6,275.00

02/15/22

299

412

703

Interest Rate Swaptions¹¹

3M LIBOR, 07/03/38

BOA

Call

3.00

06/29/28

10,255,000

586

3M LIBOR, 07/03/38

BOA

Put

3.00

06/29/28

10,255,000

578

6M EURIBOR, 05/17/49

GSC

Put

1.91

05/15/19

EUR

11,435,000

119

1,283

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

Forward Foreign Currency Contracts


Purchased/ Sold		Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
ARS/USD		JPM	07/05/18	ARS	39,162		1,351		(169)
ARS/USD		CIT	07/18/18	ARS	18,589		632		(33)
ARS/USD		BNP	07/20/18	ARS	22,937		778		(305)
ARS/USD		JPM	07/20/18	ARS	18,589		631		(248)
ARS/USD		JPM	08/03/18	ARS	39,162		1,308		(3)
ARS/USD		BNP	08/21/18	ARS	40,334		1,324		(66)
AUD/USD		CIT	07/09/18	AUD	1,362		1,007		(12)
AUD/USD		CIT	07/10/18	AUD	3,380		2,500		(98)
AUD/USD		GSC	07/26/18	AUD	3,914		2,895		(64)
AUD/USD		JPM	07/26/18	AUD	6,731		4,979		(208)
AUD/USD		GSC	09/05/18	AUD	1,500		1,110		(27)
AUD/USD		BNP	09/13/18	AUD	14,304		10,583		(273)
CNY/USD		CIT	07/11/18	CNY	21,319		3,217		(160)
CNY/USD		CIT	07/16/18	CNY	17,090		2,579		(131)
CNY/USD		DUB	07/16/18	CNY	11,300		1,705		(88)
COP/USD		BNP	07/27/18	COP	6,608,563		2,252		(87)
COP/USD		BOA	08/30/18	COP	26,536,935		9,030		(98)
COP/USD		SCB	08/30/18	COP	694,553		236		(1)
COP/USD		BOA	08/31/18	COP	7,945,642		2,704		(39)
COP/USD		CIT	09/10/18	COP	9,725,040		3,307		(116)
COP/USD		CIT	09/14/18	COP	3,697,418		1,257		(33)
COP/USD		SCB	09/17/18	COP	3,632,912		1,235		(33)
COP/USD		SCB	09/24/18	COP	3,452,384		1,173		(4)
CZK/EUR		GSC	08/09/18	EUR	(2,743)		(3,209)		(64)
CZK/EUR		JPM	09/20/18	EUR	(13,302)		(15,616)		(319)
DOP/USD	*	CIT	07/26/18	DOP	46,633		928		(14)
EGP/USD		CIT	07/16/18	EGP	50,340		2,802		16
EUR/CZK		GSC	08/09/18	CZK	(69,915)		(3,145)		36
EUR/CZK		JPM	09/20/18	CZK	(339,339)		(15,297)		163
EUR/USD		GSC	07/12/18	EUR	3,403		3,976		(225)
EUR/USD		GSC	07/19/18	EUR	385		450		(28)
EUR/USD		SCB	08/23/18	EUR	2,310		2,706		(131)
EUR/USD		GSC	09/26/18	EUR	1,660		1,950		1
EUR/USD		SCB	09/27/18	EUR	230		270		(7)
EUR/USD		DUB	11/15/18	EUR	610		720		(1)
EUR/HUF		CIT	07/12/18	HUF	(644,279)		(2,282)		122
EUR/HUF		CIT	07/19/18	HUF	(282,450)		(1,001)		8
EUR/HUF		GSC	07/31/18	HUF	(292,950)		(1,039)		7
EUR/PLN		CIT	07/12/18	PLN	(8,666)		(2,312)		107
EUR/PLN		CIT	07/20/18	PLN	(685)		(183)		8
EUR/RON		CIT	01/23/19	RON	(8,523)		(2,118)		(25)
EUR/RON		DUB	01/23/19	RON	(8,600)		(2,137)		(27)
EUR/RON		JPM	01/23/19	RON	(5,211)		(1,295)		(13)
EUR/RON		BNP	01/28/19	RON	(5,013)		(1,245)		(19)
EUR/RON		DUB	01/28/19	RON	(7,101)		(1,764)		(22)
EUR/RON		BNP	02/01/19	RON	(9,538)		(2,369)		(27)
EUR/RON		CIT	02/01/19	RON	(16,737)		(4,157)		(49)
EUR/RON		DUB	02/01/19	RON	(3,411)		(847)		(10)
EUR/RON		SCB	02/08/19	RON	(1,000)		(248)		—
EUR/RON		DUB	02/14/19	RON	(1,529)		(379)		(3)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Purchased/ Sold		Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
EUR/RON		SCB	02/14/19	RON	(765)		(190)		(1)
EUR/RON		JPM	02/19/19	RON	(5,930)		(1,472)		(10)
EUR/RON		BNP	02/20/19	RON	(7,655)		(1,900)		(14)
EUR/RON		DUB	02/20/19	RON	(5,359)		(1,330)		(10)
EUR/RON		CIT	02/22/19	RON	(5,362)		(1,331)		(10)
EUR/RON		DUB	02/22/19	RON	(4,789)		(1,189)		(9)
EUR/RON		SCB	02/22/19	RON	(415)		(103)		—
HUF/EUR		CIT	07/12/18	EUR	(2,075)		(2,423)		(141)
HUF/EUR		CIT	07/19/18	EUR	(910)		(1,063)		(62)
IDR/USD		BNP	08/31/18	IDR	23,552,000		1,630		(41)
IDR/USD		SCB	08/31/18	IDR	23,146,000		1,601		(42)
IDR/USD		CIT	09/10/18	IDR	20,085,000		1,388		(44)
IDR/USD		DUB	09/10/18	IDR	16,705,000		1,154		(35)
ILS/USD		GSC	07/09/18	ILS	35,466		9,704		(110)
ILS/USD		JPM	07/13/18	ILS	6,544		1,791		(18)
ILS/USD		GSC	09/12/18	ILS	34,110		9,377		(247)
INR/USD		BNP	08/31/18	INR	183,142		2,654		(11)
JPY/USD		SCB	08/03/18	JPY	545,454		4,929		(20)
JPY/USD		SCB	09/19/18	JPY	516,546		4,684		(17)
KRW/USD		GSC	07/16/18	KRW	8,116,500		7,285		(348)
KRW/USD		DUB	08/29/18	KRW	497,050		447		(15)
KZT/USD		CIT	07/02/18	KZT	152,638		447		(1)
KZT/USD		DUB	07/09/18	KZT	579,430		1,696		(91)
KZT/USD		DUB	07/10/18	KZT	61,599		180		3
KZT/USD		SCB	07/12/18	KZT	776,589		2,272		(40)
KZT/USD		GSC	07/16/18	KZT	307,830		900		(22)
KZT/USD		CIT	07/30/18	KZT	137,438		401		2
KZT/USD		DUB	08/27/18	KZT	1,289,273		3,736		73
MAD/USD		SCB	07/13/18	MAD	12,013		1,265		76
MAD/USD		SCB	07/16/18	MAD	21,736		2,289		137
MAD/USD		SCB	12/13/18	MAD	11,622		1,213		38
MAD/USD		BNP	12/14/18	MAD	22,087		2,305		71
MAD/USD		BNP	01/22/19	MAD	3,565		371		(3)
MAD/USD		BNP	01/22/19	MAD	3,810		397		—
NOK/EUR		JPM	07/31/18	EUR	(6,449)		(7,542)		44
NOK/EUR		BOA	08/06/18	EUR	(3,720)		(4,352)		75
NOK/EUR		CIT	08/06/18	EUR	(3,887)		(4,547)		81
NOK/EUR		DUB	08/09/18	EUR	(2,170)		(2,539)		(5)
NOK/EUR		JPM	08/09/18	EUR	(493)		(577)		6
OMR/USD		BNP	01/23/19	OMR	870		2,252		9
PEN/USD		LVS	07/03/18	PEN	1,693		517		(1)
PHP/USD		CIT	07/23/18	PHP	96,070		1,798		(32)
PHP/USD		DUB	08/02/18	PHP	131,000		2,451		(49)
PHP/USD		GSC	08/02/18	PHP	130,000		2,432		(49)
PHP/USD		SCB	08/02/18	PHP	93,070		1,741		(38)
PLN/EUR		CIT	07/12/18	EUR	(2,048)		(2,391)		(79)
RON/EUR		DUB	02/22/19	EUR	(675)		(803)		—
RSD/EUR		DUB	09/07/18	EUR	(1,899)		(2,226)		104
RSD/EUR		DUB	09/13/18	EUR	(1,255)		(1,472)		64
RSD/EUR		CIT	09/17/18	EUR	(964)		(1,132)		3
RSD/EUR		DUB	09/17/18	EUR	(627)		(736)		28
RSD/EUR		DUB	09/18/18	EUR	(627)		(736)		27
RSD/EUR		CIT	09/24/18	EUR	(644)		(756)		28
RSD/EUR		DUB	09/26/18	EUR	(620)		(728)		27
RSD/EUR		DUB	10/10/18	EUR	(310)		(365)		13
RSD/EUR		DUB	10/18/18	EUR	(509)		(599)		19
SEK/EUR		SCB	09/14/18	EUR	(3,369)		(3,953)		(107)
SGD/USD		BOA	07/06/18	SGD	8,100		5,945		(240)
SGD/USD		DUB	07/06/18	SGD	378		277		(5)
SGD/USD		GSC	07/06/18	SGD	7,769		5,702		(232)
SGD/USD		GSC	07/16/18	SGD	7,234		5,311		(226)
SGD/USD		SCB	07/16/18	SGD	7,000		5,139		(220)
SGD/USD		GSC	08/07/18	SGD	6,623		4,864		(111)
SGD/USD		SCB	08/30/18	SGD	5,050		3,711		(62)
THB/USD		CIT	08/29/18	THB	93,000		2,811		(104)
THB/USD		DUB	08/29/18	THB	94,000		2,842		(106)
THB/USD		GSC	09/07/18	THB	100,000		3,024		(105)
THB/USD		SCB	09/07/18	THB	88,100		2,664		(96)
TRY/USD		SCB	07/10/18	TRY	17,074		3,706		137
TRY/USD		DUB	01/28/19	TRY	9,945		1,980		(406)
TRY/USD		SCB	01/28/19	TRY	9,945		1,980		(405)
TRY/USD		GSC	02/03/20	TRY	23,946		4,126		(1,087)
TRY/USD		JPM	02/03/20	TRY	12,676		2,184		(548)
TRY/USD		DUB	02/10/20	TRY	9,945		1,709		(449)
TRY/USD		SCB	02/10/20	TRY	18,225		3,132		(830)
TRY/USD		GSC	02/14/20	TRY	18,069		3,100		(824)
TRY/USD		SCB	02/14/20	TRY	12,701		2,179		(580)
TWD/USD		CIT	07/24/18	TWD	36,000		1,182		(26)
TWD/USD		CIT	10/11/18	TWD	52,000		1,719		(34)
TWD/USD		DUB	10/12/18	TWD	47,000		1,553		(32)
TWD/USD		CIT	10/16/18	TWD	37,690		1,246		(28)
TWD/USD		GSC	10/16/18	TWD	73,132		2,418		(47)
TWD/USD		SCB	10/16/18	TWD	19,120		632		(15)
TWD/USD		BNP	10/23/18	TWD	49,000		1,621		(24)
TWD/USD		SCB	10/23/18	TWD	90,000		2,977		(43)
TWD/USD		GSC	10/31/18	TWD	55,660		1,843		(40)
TWD/USD		JPM	10/31/18	TWD	29,000		960		(14)
TWD/USD		SCB	10/31/18	TWD	26,000		861		(25)
TWD/USD		GSC	04/24/19	TWD	54,590		1,836		(50)
TWD/USD		CIT	04/30/19	TWD	63,000		2,120		(48)
TWD/USD		DUB	04/30/19	TWD	63,527		2,137		(49)
USD/AED		SCB	10/16/19	AED	(5,215)		(1,418)		(4)
USD/AED		BNP	02/03/20	AED	(35,804)		(9,727)		(20)
USD/AED	��	BNP	02/05/20	AED	(48,790)		(13,255)		(27)
USD/AED		BNP	02/18/20	AED	(3,735)		(1,015)		(2)
USD/ARS		JPM	07/05/18	ARS	(39,162)		(1,351)		(1)
USD/ARS		BNP	07/23/18	ARS	(27,800)		(941)		40
USD/ARS		BOA	07/23/18	ARS	(16,968)		(574)		18
USD/ARS		CIT	07/23/18	ARS	(17,532)		(593)		18
USD/AUD		GSC	07/26/18	AUD	(21)		(16)		—
USD/BHD		SCB	12/31/18	BHD	(329)		(868)		(10)
USD/BHD		BNP	06/19/19	BHD	(748)		(1,965)		(4)
USD/BHD		SCB	06/20/19	BHD	(363)		(954)		(1)
USD/BHD		SCB	06/24/19	BHD	(726)		(1,907)		(4)
USD/BHD		BNP	06/25/19	BHD	(728)		(1,912)		(7)
USD/BHD		SCB	06/25/19	BHD	(275)		(722)		(3)
USD/BHD		BOA	09/19/19	BHD	(837)		(2,191)		(11)
USD/BHD		SCB	09/25/19	BHD	(587)		(1,536)		(10)
USD/BHD		SCB	10/03/19	BHD	(352)		(921)		(5)
USD/BHD		SCB	10/07/19	BHD	(1,795)		(4,695)		(24)
USD/BHD		BOA	10/15/19	BHD	(235)		(614)		(4)
USD/BHD		BOA	10/31/19	BHD	(389)		(1,017)		(7)
USD/BHD		BOA	11/04/19	BHD	(538)		(1,406)		(9)
USD/BHD		BNP	02/24/20	BHD	(351)		(913)		—
USD/BHD		BNP	03/02/20	BHD	(351)		(913)		(1)
USD/BHD		BNP	03/19/20	BHD	(268)		(696)		(3)
USD/BHD		BNP	03/23/20	BHD	(335)		(870)		(2)
USD/BHD		BNP	03/26/20	BHD	(257)		(668)		(1)
USD/CLP		BNP	07/18/18	CLP	(506,790)		(776)		28
USD/CLP		SCB	08/06/18	CLP	(2,003,000)		(3,066)		171
USD/CNY		CIT	07/11/18	CNY	(21,320)		(3,217)		93
USD/CNY		CIT	07/16/18	CNY	(17,091)		(2,579)		75
USD/CNY		DUB	07/16/18	CNY	(11,300)		(1,705)		49
USD/CNY		CIT	06/28/19	CNY	(52,100)		(7,813)		31
USD/COP		SCB	07/18/18	COP	(6,736,000)		(2,297)		185
USD/EUR		GSC	07/12/18	EUR	(21,945)		(25,624)		1,892
USD/EUR		GSC	07/19/18	EUR	(3,979)		(4,648)		339
USD/EUR		SCB	07/26/18	EUR	(7,369)		(8,614)		545
USD/EUR		DUB	07/27/18	EUR	(519)		(606)		(4)
USD/EUR		CIT	07/30/18	EUR	(32)		(37)		—
USD/EUR		SCB	08/02/18	EUR	(16,330)		(19,097)		1,206
USD/EUR		SCB	08/03/18	EUR	(1,906)		(2,229)		(16)
USD/EUR		BOA	08/06/18	EUR	(16)		(19)		—
USD/EUR		JPM	08/06/18	EUR	(16)		(19)		—
USD/EUR		SCB	08/16/18	EUR	(1,384)		(1,621)		120
USD/EUR		SCB	08/23/18	EUR	(1,036)		(1,214)		(2)
USD/EUR		SCB	08/23/18	EUR	(5,324)		(6,237)		418
USD/EUR		DUB	08/30/18	EUR	(3,397)		(3,982)		255
USD/EUR		JPM	09/13/18	EUR	(11,028)		(12,940)		967
USD/EUR		JPM	09/20/18	EUR	(5,112)		(6,001)		348
USD/EUR		SCB	09/27/18	EUR	(4,726)		(5,552)		346
USD/EUR		JPM	10/05/18	EUR	(1,712)		(2,014)		121

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Purchased/ Sold		Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
USD/EUR		SCB	10/18/18	EUR	(19,687)		(23,166)		705
USD/EUR		JPM	10/25/18	EUR	(7,063)		(8,316)		211
USD/EUR		SCB	11/01/18	EUR	(10,426)		(12,283)		362
USD/EUR		DUB	11/08/18	EUR	(1,082)		(1,277)		5
USD/EUR		DUB	11/15/18	EUR	(702)		(828)		(7)
USD/EUR		DUB	11/15/18	EUR	(4,803)		(5,666)		61
USD/EUR		SCB	11/29/18	EUR	(12,187)		(14,392)		148
USD/EUR		SCB	12/06/18	EUR	(357)		(422)		5
USD/EUR		DUB	12/20/18	EUR	(3,999)		(4,731)		5
USD/GHS		JPM	05/22/19	GHS	(1,083)		(202)		3
USD/GHS		JPM	05/23/19	GHS	(438)		(81)		—
USD/GHS		JPM	05/31/19	GHS	(238)		(44)		—
USD/GHS		SCB	06/03/19	GHS	(472)		(87)		—
USD/GHS		SCB	06/04/19	GHS	(599)		(111)		(2)
USD/GHS		JPM	06/06/19	GHS	(1,488)		(276)		(12)
USD/GHS		SCB	06/06/19	GHS	(478)		(88)		(4)
USD/GHS		JPM	06/07/19	GHS	(736)		(136)		(4)
USD/GHS		JPM	06/10/19	GHS	(1,227)		(227)		(7)
USD/GHS		JPM	06/17/19	GHS	(1,204)		(222)		(2)
USD/GHS		SCB	06/19/19	GHS	(709)		(130)		(2)
USD/GHS		SCB	06/20/19	GHS	(709)		(130)		(2)
USD/GHS		JPM	06/24/19	GHS	(978)		(180)		(4)
USD/INR		DUB	08/20/18	INR	(45,000)		(653)		4
USD/INR		BNP	08/31/18	INR	(37,000)		(536)		1
USD/INR		DUB	08/31/18	INR	(22,142)		(321)		1
USD/INR		SCB	08/31/18	INR	(79,000)		(1,145)		2
USD/JPY		GSC	08/09/18	JPY	(170,108)		(1,538)		38
USD/JPY		SCB	08/23/18	JPY	(248,181)		(2,246)		1
USD/KRW		DUB	07/16/18	KRW	(4,031,000)		(3,618)		27
USD/KRW		GSC	07/16/18	KRW	(11,770,772)		(10,565)		505
USD/KRW		SCB	07/16/18	KRW	(4,085,500)		(3,667)		27
USD/KRW		SCB	08/02/18	KRW	(1,434,140)		(1,288)		45
USD/KRW		BNP	08/29/18	KRW	(2,099,500)		(1,887)		69
USD/KRW		DUB	08/29/18	KRW	(2,096,000)		(1,884)		70
USD/KZT		DUB	07/02/18	KZT	(127,308)		(373)		11
USD/KZT		GSC	07/02/18	KZT	(25,330)		(74)		2
USD/KZT		GSC	07/03/18	KZT	(102,187)		(299)		4
USD/KZT		DUB	07/09/18	KZT	(579,430)		(1,696)		51
USD/KZT		GSC	07/10/18	KZT	(176,059)		(515)		17
USD/KZT		SCB	07/12/18	KZT	(776,589)		(2,272)		33
USD/KZT		GSC	07/16/18	KZT	(459,403)		(1,343)		42
USD/KZT		CIT	07/27/18	KZT	(176,879)		(516)		8
USD/KZT		CIT	07/30/18	KZT	(152,638)		(445)		(1)
USD/KZT		CIT	07/30/18	KZT	(323,159)		(942)		2
USD/KZT		DUB	07/30/18	KZT	(74,340)		(217)		7
USD/KZT		SCB	08/16/18	KZT	(152,710)		(443)		12
USD/KZT		DUB	08/27/18	KZT	(1,289,273)		(3,736)		71
USD/KZT		CIT	10/25/18	KZT	(76,850)		(220)		8
USD/KZT		DUB	01/28/19	KZT	(57,070)		(161)		6
USD/MAD		SCB	07/16/18	MAD	(21,736)		(2,289)		69
USD/MAD		BNP	12/14/18	MAD	(7,517)		(784)		23
USD/NZD		CIT	07/10/18	NZD	(2,180)		(1,475)		108
USD/NZD		JPM	07/10/18	NZD	(3,300)		(2,234)		80
USD/NZD		GSC	07/16/18	NZD	(11,686)		(7,909)		652
USD/NZD		GSC	07/26/18	NZD	(7,851)		(5,313)		121
USD/NZD		JPM	07/26/18	NZD	(7,068)		(4,784)		386
USD/NZD		CIT	08/02/18	NZD	(395)		(267)		9
USD/NZD		GSC	09/05/18	NZD	(1,623)		(1,098)		37
USD/NZD		BNP	09/13/18	NZD	(15,451)		(10,458)		391
USD/NZD		GSC	09/20/18	NZD	(22,683)		(15,353)		593
USD/OMR		BNP	08/15/18	OMR	(347)		(902)		(65)
USD/OMR		BNP	01/23/19	OMR	(1,156)		(2,992)		(197)
USD/OMR		BNP	01/24/19	OMR	(1,156)		(2,992)		(197)
USD/OMR		BNP	04/03/19	OMR	(2,773)		(7,161)		(141)
USD/OMR		BNP	05/02/19	OMR	(1,401)		(3,613)		(97)
USD/OMR		SCB	05/28/19	OMR	(723)		(1,862)		(59)
USD/OMR		SCB	06/05/19	OMR	(2,031)		(5,228)		(133)
USD/OMR		BNP	08/14/19	OMR	(2,303)		(5,914)		(264)
USD/OMR		BNP	08/21/19	OMR	(3,010)		(7,730)		(306)
USD/OMR		BNP	08/28/19	OMR	(1,966)		(5,045)		(202)
USD/PHP		SCB	08/17/18	PHP	(9,453)		(177)		2
USD/QAR	*	SCB	12/06/18	QAR	(4,340)		(1,187)		(21)
USD/QAR	*	SCB	12/10/18	QAR	(5,210)		(1,424)		(26)
USD/QAR	*	SCB	12/13/18	QAR	(2,052)		(561)		(7)
USD/QAR	*	BNP	12/17/18	QAR	(1,023)		(280)		(3)
USD/QAR	*	BNP	12/19/18	QAR	(2,375)		(650)		(6)
USD/QAR	*	BNP	01/08/19	QAR	(3,240)		(886)		(6)
USD/QAR	*	BNP	01/09/19	QAR	(3,241)		(887)		(5)
USD/QAR	*	BNP	01/10/19	QAR	(3,250)		(889)		(8)
USD/QAR	*	SCB	01/10/19	QAR	(4,066)		(1,112)		(12)
USD/QAR	*	BNP	01/16/19	QAR	(1,023)		(280)		(2)
USD/SGD		BOA	07/06/18	SGD	(7,938)		(5,826)		110
USD/SGD		CIT	07/06/18	SGD	(2,397)		(1,760)		19
USD/SGD		DUB	07/06/18	SGD	(540)		(396)		7
USD/SGD		GSC	07/06/18	SGD	(7,768)		(5,703)		154
USD/SGD		GSC	07/16/18	SGD	(7,234)		(5,310)		97
USD/SGD		SCB	07/16/18	SGD	(7,000)		(5,139)		82
USD/SGD		SCB	08/07/18	SGD	(6,623)		(4,864)		78
USD/SGD		SCB	08/30/18	SGD	(5,050)		(3,711)		46
USD/THB		DUB	11/09/18	THB	(73,196)		(2,219)		86
USD/THB		SCB	11/09/18	THB	(49,264)		(1,493)		57
USD/TRY		SCB	07/10/18	TRY	(17,074)		(3,706)		207
USD/TRY		DUB	01/28/19	TRY	(9,945)		(1,980)		405
USD/TRY		SCB	01/28/19	TRY	(9,945)		(1,980)		408
USD/TRY		GSC	02/03/20	TRY	(24,131)		(4,158)		597
USD/TRY		JPM	02/03/20	TRY	(12,714)		(2,191)		327
USD/TRY		DUB	02/10/20	TRY	(10,002)		(1,719)		252
USD/TRY		SCB	02/10/20	TRY	(18,305)		(3,146)		463
USD/TRY		GSC	02/14/20	TRY	(18,069)		(3,100)		507
USD/TRY		SCB	02/14/20	TRY	(12,814)		(2,198)		316
USD/TWD		JPM	07/24/18	TWD	(36,000)		(1,182)		70
USD/TWD		CIT	10/11/18	TWD	(14,000)		(463)		25
USD/TWD		GSC	10/11/18	TWD	(38,000)		(1,256)		68
USD/TWD		SCB	10/12/18	TWD	(47,000)		(1,553)		83
USD/TWD		CIT	10/16/18	TWD	(52,700)		(1,743)		79
USD/TWD		DUB	10/16/18	TWD	(18,900)		(625)		27
USD/TWD		SCB	10/16/18	TWD	(58,342)		(1,928)		87
USD/TWD		GSC	10/23/18	TWD	(73,000)		(2,415)		152
USD/TWD		SCB	10/23/18	TWD	(66,000)		(2,184)		136
USD/TWD		GSC	10/31/18	TWD	(110,660)		(3,663)		105
USD/TWD		JPM	04/24/19	TWD	(54,590)		(1,836)		101
USD/TWD		BOA	04/30/19	TWD	(57,527)		(1,936)		52
USD/TWD		SCB	04/30/19	TWD	(69,000)		(2,322)		62
USD/ZAR		DUB	07/13/18	ZAR	(106,172)		(7,718)		865
UYU/USD	*	CIT	08/08/18	UYU	40,340		1,280		(39)
UYU/USD	*	CIT	09/10/18	UYU	54,100		1,706		(53)
UYU/USD	*	CIT	10/09/18	UYU	54,360		1,704		(54)
UYU/USD	*	CIT	10/23/18	UYU	6,130		192		(19)
UYU/USD	*	JPM	10/26/18	UYU	66,537		2,079		(215)
UYU/USD	*	JPM	11/05/18	UYU	17,225		537		(41)
UYU/USD	*	CIT	11/08/18	UYU	40,980		1,277		(42)
UYU/USD	*	CIT	11/13/18	UYU	25,680		799		(27)
UYU/USD	*	CIT	11/29/18	UYU	39,720		1,232		(84)
UYU/USD	*	CIT	12/14/18	UYU	53,875		1,666		(2)
UYU/USD	*	CIT	01/14/19	UYU	53,381		1,640		(170)
ZAR/USD		DUB	07/13/18	ZAR	106,172		7,718		(1,245)
							(335,194)		3,878

*Forward Foreign Currency Contract fair valued in good faith in accordance with the procedures approved by the Jackson Variable Series Trust’s Board of Trustees and classified as Level 3 for FASB ASC Topic 820 “Fair Value Measurements” based on the applicable valuation inputs. See FASB ASC Topic 820 “Fair Value Measurements” in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


OTC Interest Rate Swap Agreements
Floating Rate Index²	Paying/ Receiving Floating Rate	Counterparty	Fixed Rate (%)	Expiration	Notional ¹		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
3M New Zealand Bank Bill Forward Rate Agreement (S)	Paying	JPM	4.06	06/04/23	NZD	1,890		—		93
3M Saudi Riyal Interbank Offered Rate (Q)	Receiving	BOA	3.37	04/11/26	SAR	9,000		—		49
3M Saudi Riyal Interbank Offered Rate (Q)	Receiving	BOA	3.43	05/10/26	SAR	7,148		—		34
3M Saudi Riyal Interbank Offered Rate (Q)	Receiving	GSC	2.16	08/03/20	SAR	16,320		—		15
3M Saudi Riyal Interbank Offered Rate (Q)	Receiving	GSC	2.35	08/12/20	SAR	16,235		—		(8)
3M Saudi Riyal Interbank Offered Rate (Q)	Receiving	GSC	2.40	08/17/20	SAR	17,174		—		(14)
3M Saudi Riyal Interbank Offered Rate (Q)	Receiving	GSC	2.40	08/17/20	SAR	18,189		—		(15)
3M Saudi Riyal Interbank Offered Rate (Q)	Receiving	GSC	2.46	08/19/20	SAR	20,007		—		(26)
3M Saudi Riyal Interbank Offered Rate (Q)	Receiving	GSC	3.41	08/22/20	SAR	13,898		—		(122)
3M Saudi Riyal Interbank Offered Rate (Q)	Receiving	GSC	3.46	05/09/26	SAR	14,229		—		59
3M Saudi Riyal Interbank Offered Rate (Q)	Receiving	GSC	3.71	06/06/26	SAR	6,210		—		(1)
Chilean Interbank Rate (S)	Receiving	GSC	3.57	10/05/22	CLP	3,497,330		—		7
Chilean Interbank Rate (S)	Receiving	GSC	3.59	10/10/22	CLP	3,497,330		—		5
Chilean Interbank Rate (S)	Receiving	GSC	3.50	10/26/22	CLP	1,603,130		—		15
Chilean Interbank Rate (S)	Receiving	GSC	3.54	10/30/22	CLP	618,351		—		5
Chilean Interbank Rate (S)	Receiving	GSC	3.57	12/04/22	CLP	3,114,660		—		33
Chilean Interbank Rate (S)	Receiving	GSC	3.56	12/05/22	CLP	641,250		—		7
Chilean Interbank Rate (S)	Receiving	GSC	3.60	01/04/23	CLP	458,544		—		(3)
Korean Won 3M Certificate of Deposit (Q)	Paying	BOA	2.29	06/20/28	KRW	1,651,070		—		10
Korean Won 3M Certificate of Deposit (Q)	Paying	CGM	2.22	06/20/23	KRW	2,670,000		—		12
Korean Won 3M Certificate of Deposit (Q)	Paying	CGM	2.22	06/20/23	KRW	3,399,000		—		15
Korean Won 3M Certificate of Deposit (Q)	Paying	CGM	2.28	06/20/28	KRW	2,039,000		—		11
Korean Won 3M Certificate of Deposit (Q)	Paying	DUB	2.20	06/20/23	KRW	3,299,000		—		13
Korean Won 3M Certificate of Deposit (Q)	Paying	DUB	2.27	06/20/28	KRW	2,018,000		—		10
Korean Won 3M Certificate of Deposit (Q)	Paying	DUB	2.28	06/20/28	KRW	2,039,000		—		11
Korean Won 3M Certificate of Deposit (Q)	Paying	GSC	2.21	06/20/23	KRW	2,622,000		—		12
Korean Won 3M Certificate of Deposit (Q)	Paying	GSC	2.27	06/20/28	KRW	1,441,500		—		7
Korean Won 3M Certificate of Deposit (Q)	Paying	GSC	2.28	06/20/28	KRW	1,456,500		—		8
Korean Won 3M Certificate of Deposit (Q)	Paying	SCB	2.28	06/20/28	KRW	834,107		—		4
US CPURNSA (A)	Receiving	BOA	1.97	06/23/27		13,660		—		517
								—		763

OTC Cross-Currency Swap Agreements

Receive Rate^2,10

Pay Rate¹⁰

Counterparty

Expiration

Notional1

Received

Notional¹ Delivered

Premiums

Paid

(Received) ($)

Unrealized

Appreciation

(Depreciation)

($)

Fixed Rate of 0.90% (S)

Chilean Interbank Rate

GSC

10/05/22

CLF

126

CLP

(3,360,060)

—

109

Fixed Rate of 0.91% (S)

Chilean Interbank Rate

GSC

10/26/22

CLF

CLP

(1,464,433)

—

Fixed Rate of 0.92% (S)

Chilean Interbank Rate

GSC

10/11/22

CLF

126

CLP

(3,361,165)

—

112

Fixed Rate of 0.95% (S)

Chilean Interbank Rate

GSC

10/28/22

CLF

CLP

(585,633)

—

Fixed Rate of 0.95% (S)

Chilean Interbank Rate

GSC

12/05/22

CLF

CLP

(612,807)

—

Fixed Rate of 0.96% (S)

Chilean Interbank Rate

GSC

12/04/22

CLF

112

CLP

(3,002,133)

—

Fixed Rate of 0.99% (S)

Chilean Interbank Rate

GSC

01/04/23

CLF

CLP

(434,856)

—

410


OTC Credit Default Swap Agreements
Reference Entity²	Counter-party	Implied Credit Spread ⁵ (%)	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional ^1,7 ($)		Value⁶ ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection³
Federation of Malaysia, 1.00%, 12/20/22 (Q)	BNP	N/A	1.00	06/20/23		3,040		10		(39)		49
Lebanese Republic, 11.63%, 05/11/16 (Q)	GSC	N/A	5.00	12/20/18		245		1		(13)		14
Lebanese Republic, 11.63%, 05/11/16 (Q)	GSC	N/A	5.00	12/20/18		228		1		(12)		13
Lebanese Republic, 6.00%, 05/20/19 (Q)	BOA	N/A	1.00	06/20/22		1,110		214		152		62
Lebanese Republic, 6.00%, 05/20/19 (Q)	BOA	N/A	1.00	12/20/22		1,500		319		231		88
Lebanese Republic, 6.00%, 05/20/19 (Q)	GSC	N/A	1.00	12/20/22		1,530		325		231		94
Oman Government International Bond, 3.88%, 03/08/22 (Q)	BOA	N/A	1.00	06/20/22		2,769		128		135		(7)
Oman Government International Bond, 3.88%, 03/08/22 (Q)	BOA	N/A	1.00	12/20/22		2,216		130		125		5
Republic of Colombia, 10.38%, 01/28/33 (Q)	GSC	N/A	1.00	06/20/28		5,373		428		358		70
Republic of South Africa, 5.50%, 03/09/20 (Q)	JPM	N/A	1.00	06/20/23		5,680		288		522		(234)
Republic of South Africa, 5.50%, 03/09/20 (Q)	GSC	N/A	1.00	12/20/23		13,500		831		1,769		(938)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


OTC Credit Default Swap Agreements (continued)
Reference Entity²	Counter-party	Implied Credit Spread ⁵ (%)	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional ^1,7 ($)		Value⁶ ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
Republic of South Africa, 5.50%, 03/09/20 (Q)	BNP	N/A	1.00	12/20/25		1,180		120		199		(79)
Republic of South Africa, 5.50%, 03/09/20 (Q)	BNP	N/A	1.00	12/20/25		3,170		322		592		(270)
Republic of South Africa, 5.50%, 03/09/20 (Q)	BNP	N/A	1.00	12/20/25		3,800		387		710		(323)
State of Qatar, 9.75%, 06/15/30 (Q)	JPM	N/A	1.00	03/20/19		900		(4)		(15)		11
State of Qatar, 9.75%, 06/15/30 (Q)	BNP	N/A	1.00	06/20/19		1,019		(7)		(19)		12
State of Qatar, 9.75%, 06/15/30 (Q)	BOA	N/A	1.00	06/20/19		1,020		(7)		(25)		18
State of Qatar, 9.75%, 06/15/30 (Q)	BOA	N/A	1.00	06/20/19		1,020		(7)		(26)		19
State of Qatar, 9.75%, 06/15/30 (Q)	CGM	N/A	1.00	06/20/19		3,830		(25)		(89)		64
State of Qatar, 9.75%, 06/15/30 (Q)	DUB	N/A	1.00	06/20/19		1,019		(7)		(18)		11
State of Qatar, 9.75%, 06/15/30 (Q)	JPM	N/A	1.00	06/20/19		970		(7)		(25)		18
State of Qatar, 9.75%, 06/15/30 (Q)	JPM	N/A	1.00	06/20/19		1,953		(13)		(38)		25
State of Qatar, 9.75%, 06/15/30 (Q)	GSC	N/A	1.00	12/20/20		1,930		(21)		30		(51)
State of Qatar, 9.75%, 06/15/30 (Q)	GSC	N/A	1.00	12/20/20		1,850		(20)		42		(62)
State of Qatar, 9.75%, 06/15/30 (Q)	GSC	N/A	1.00	12/20/20		5,400		(57)		66		(123)
State of Qatar, 9.75%, 06/15/30 (Q)	BNP	N/A	1.00	06/20/21		3,140		(35)		15		(50)
State of Qatar, 9.75%, 06/15/30 (Q)	CGM	N/A	1.00	06/20/21		270		(3)		1		(4)
State of Qatar, 9.75%, 06/15/30 (Q)	CGM	N/A	1.00	06/20/21		990		(11)		7		(18)
State of Qatar, 9.75%, 06/15/30 (Q)	CGM	N/A	1.00	06/20/21		400		(5)		3		(8)
State of Qatar, 9.75%, 06/15/30 (Q)	CGM	N/A	1.00	06/20/21		590		(7)		3		(10)
State of Qatar, 9.75%, 06/15/30 (Q)	GSC	N/A	1.00	06/20/21		920		(11)		(1)		(10)
State of Qatar, 9.75%, 06/15/30 (Q)	GSC	N/A	1.00	06/20/21		1,190		(13)		10		(23)
State of Qatar, 9.75%, 06/15/30 (Q)	GSC	N/A	1.00	06/20/21		530		(6)		3		(9)
State of Qatar, 9.75%, 06/15/30 (Q)	GSC	N/A	1.00	06/20/21		3,150		(36)		18		(54)
State of Qatar, 9.75%, 06/15/30 (Q)	GSC	N/A	1.00	12/20/23		2,506		8		4		4
State of Qatar, 9.75%, 06/15/30 (Q)	GSC	N/A	1.00	12/20/23		700		2		2		—
						80,638		3,212		4,908		(1,696)
Credit default swap agreements - sell protection⁴
Argentina Government International Bond, 7.50%, 04/22/26 (Q)	GSC	4.62	5.00	06/20/23		(3,651)		63		378		(315)
Argentina Government International Bond, 7.50%, 04/22/26 (Q)	GSC	4.62	5.00	06/20/23		(2,070)		36		225		(189)
Argentina Government International Bond, 7.50%, 04/22/26 (Q)	GSC	4.62	5.00	06/20/23		(3,651)		63		391		(328)
Republic of Turkey, 11.88%, 01/15/30 (Q)	BNP	2.95	1.00	06/20/23		(2,236)		(188)		(128)		(60)
Republic of Turkey, 11.88%, 01/15/30 (Q)	BNP	2.95	1.00	06/20/23		(2,000)		(168)		(120)		(48)
Republic of Turkey, 11.88%, 01/15/30 (Q)	BNP	2.24	1.00	06/20/20		(1,740)		(40)		(88)		48
Republic of Turkey, 11.88%, 01/15/30 (Q)	BNP	2.31	1.00	09/20/20		(4,400)		(121)		(343)		222
Republic of Turkey, 11.88%, 01/15/30 (Q)	BNP	3.52	1.00	12/20/26		(5,928)		(965)		(1,007)		42
Republic of Turkey, 11.88%, 01/15/30 (Q)	BNP	3.52	1.00	12/20/26		(6,175)		(1,006)		(1,049)		43
Republic of Turkey, 11.88%, 01/15/30 (Q)	GSC	3.61	1.00	12/20/27		(1,116)		(202)		(165)		(37)
Republic of Turkey, 11.88%, 01/15/30 (Q)	GSC	2.24	1.00	06/20/20		(2,220)		(51)		(94)		43
						(35,187)		(2,579)		(2,000)		(579)

OTC Total Return Swap Agreements

Reference Entity²

Counterparty

Rate Paid/Received by Fund⁹

Expiration

Notional¹

Premiums Paid (Received) ($)

Unrealized Appreciation (Depreciation) ($)

Total return swap agreements - receiving return

FUTURES

KOSPI 200 Future, Expiration September 2018

CIT

N/A

09/13/18

KRW

1,569,127

—

(62)

—

(62)


OTC Non-Deliverable Bond Forward Contracts
Reference Entity²	Counterparty	Expiration	Notional¹		Premiums Paid (Received) ($)	Unrealized Appreciation (Depreciation) ($)
Egypt Treasury Bill, 0.00%, 08/08/17 (A)	GSC	07/24/18	EGP	23,275	—	75
Government of Ukraine, 14.25%, 10/10/18 (S)	CGM	10/12/18	UAH	57,947	—	80
Ukraine Treasury Bill, 0.00%, 07/25/18 (A)	CGM	07/27/18	UAH	6,618	—	17
					—	172

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
JNL/Epoch Global Shareholder Yield Fund
COMMON STOCKS 96.9%
Australia 2.6%
	Commonwealth Bank of Australia	4		206
	Macquarie Group Ltd.	2		172
	Sonic Health Care Ltd.	9		165
	Westpac Banking Corp.	13		274
			817
Canada 6.1%
	BCE Inc.	13		509
	Nutrien Ltd. (a)	5		274
	Pembina Pipeline Corp.	9		301
	Rogers Communications Inc. - Class B	7		324
	Royal Bank of Canada	3		220
	TELUS Corp.	7		248
			1,876
France 6.1%
	AXA SA	18		444
	Compagnie Generale des Etablissements Michelin	2		208
	Sanofi SA	3		227
	SCOR SE	6		219
	Total SA	9		544
	Vinci SA	3		262
			1,904
Germany 7.7%
	Allianz SE	2		448
	BASF SE	3		326
	Daimler AG	4		263
	Deutsche Post AG	7		222
	Deutsche Telekom AG	25		385
	Muenchener Rueckversicherungs AG	2		510
	Siemens AG	2		218
			2,372
Italy 3.0%
	Assicurazioni Generali SpA	10		164
	Snam Rete Gas SpA	72		302
	Terna Rete Elettrica Nazionale SpA	87		469
			935
Netherlands 3.0%
	Royal Dutch Shell Plc - Class A - ADR	8		538
	Unibail-Rodamco SE	2		403
			941
Norway 1.6%
	Equinor ASA	9		241
	Orkla ASA	27		241
			482
Singapore 1.0%
	Singapore Exchange Ltd.	31		163
	Singapore Telecommunications Ltd.	70		159
			322
Spain 1.8%
	Gas Natural SDG SA	10		259
	Red Electrica Corp. SA	14		292
			551
Sweden 0.6%
	Svenska Handelsbanken AB - Class A	18		200
Switzerland 3.6%
	Nestle SA	4		289
	Novartis AG	4		298
	Roche Holding AG	1		288
	Swisscom AG	1		253
			1,128
Taiwan 0.5%
	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	4		162
United Kingdom 14.5%
	AstraZeneca Plc - ADR	15		525
	BAE Systems Plc	48		412
	British American Tobacco Plc - ADR	3		158
	British American Tobacco Plc	7		332
		Shares/Par¹		Value ($)
	Diageo Plc	5		167
	GlaxoSmithKline Plc	26		530
	Imperial Brands Plc	14		525
	Lloyds Banking Group Plc	318		263
	Micro Focus International Plc	7		123
	National Grid Plc	38		422
	SSE Plc	13		241
	Unilever Plc	6		321
	Vodafone Group Plc	190		461
			4,480
United States of America 44.8%
	AbbVie Inc.	2		197
	Altria Group Inc.	8		482
	Ameren Corp.	4		228
	American Electric Power Co. Inc.	3		233
	Arthur J Gallagher & Co.	3		172
	AT&T Inc.	14		468
	BB&T Corp.	3		164
	BlackRock Inc.	—		161
	CenturyLink Inc.	10		179
	Cisco Systems Inc.	10		414
	CME Group Inc.	1		165
	Coca-Cola Co.	4		166
	Dominion Energy Inc.	5		349
	DowDuPont Inc.	3		218
	Duke Energy Corp.	6		491
	Eaton Corp. Plc	5		360
	Emerson Electric Co.	3		199
	Entergy Corp.	4		367
	Enterprise Products Partners LP	14		388
	Exxon Mobil Corp.	5		384
	FirstEnergy Corp.	8		282
	Intel Corp.	4		220
	Iron Mountain Inc. (a)	9		313
	Johnson & Johnson	2		200
	Kimberly-Clark Corp.	2		245
	Las Vegas Sands Corp.	4		313
	Leggett & Platt Inc.	6		255
	Lockheed Martin Corp.	1		204
	Magellan Midstream Partners LP	4		274
	McDonald's Corp.	1		235
	Merck & Co. Inc.	4		227
	MetLife Inc.	8		332
	Microsoft Corp.	2		232
	Occidental Petroleum Corp.	5		449
	People's United Financial Inc.	11		198
	PepsiCo Inc.	2		224
	Pfizer Inc.	12		425
	Philip Morris International Inc.	5		379
	PPL Corp.	11		313
	Procter & Gamble Co.	3		205
	Public Storage	1		207
	QUALCOMM Inc.	4		218
	Southern Co.	5		222
	Texas Instruments Inc.	3		331
	United Parcel Service Inc. - Class B	2		208
	Verizon Communications Inc.	11		559
	WEC Energy Group Inc.	3		223
	Wells Fargo & Co.	3		165
	Welltower Inc.	7		432
			13,875
	Total Common Stocks (cost $29,096)		30,045
SHORT TERM INVESTMENTS 3.0%
Investment Companies 2.1%
	JNL Government Money Market Fund - Institutional Class, 1.79% (b) (c)	645		645
Securities Lending Collateral 0.9%
	Securities Lending Cash Collateral Fund LLC, 1.99% (b) (c)	292		292
	Total Short Term Investments (cost $937)		937
Total Investments 99.9% (cost $30,033)				30,982
Other Assets and Liabilities, Net 0.1%				27
Total Net Assets 100.0%				31,009

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018

(a) All or portion of the security was on loan.

(b) Investment in affiliate.

Forward Foreign Currency Contracts

Purchased/

Sold

Counter-party

Expiration

Notional ¹

Value ($)

Unrealized

Appreciation

(Depreciation) ($)

USD/SGD

BBH

07/03/18

SGD

(3)

(2)

—

(2)

—

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
JNL/FAMCO Flex Core Covered Call Fund
COMMON STOCKS 99.4%
Consumer Discretionary 8.3%
	Carnival Plc (a)	47		2,671
	Ford Motor Co. (a)	63		697
	Home Depot Inc. (a)	25		4,780
	Whirlpool Corp. (a)	32		4,606
			12,754
Consumer Staples 5.1%
	Costco Wholesale Corp. (a)	20		4,263
	PepsiCo Inc. (a)	23		2,537
	Walmart Inc. (a)	12		1,062
			7,862
Energy 5.4%
	Chevron Corp. (a)	39		4,969
	Halliburton Co. (a)	73		3,298
			8,267
Financials 17.9%
	American Express Co. (a)	36		3,577
	Bank of America Corp. (a)	133		3,760
	BB&T Corp. (a)	60		3,011
	BlackRock Inc. (a)	11		5,340
	Chubb Ltd. (a)	25		3,150
	JPMorgan Chase & Co. (a)	62		6,450
	Morgan Stanley (a)	45		2,142
			27,430
Health Care 11.9%
	Allergan Plc (a)	20		3,284
	Celgene Corp. (a) (b)	35		2,796
	CVS Health Corp. (a)	41		2,670
	Medtronic Plc (a)	80		6,840
	Merck & Co. Inc. (a)	45		2,738
			18,328
Industrials 16.0%
	Delta Air Lines Inc. (a)	29		1,412


		Shares/Par¹		Value ($)
	Honeywell International Inc. (a)	40		5,820
	Lockheed Martin Corp. (a)	11		3,250
	Parker Hannifin Corp. (a)	35		5,424
	Raytheon Co. (a)	17		3,226
	Union Pacific Corp. (a)	39		5,469
			24,601
Information Technology 26.5%
	Apple Inc. (a)	41		7,589
	Broadcom Inc. (a)	17		4,222
	Cisco Systems Inc. (a)	126		5,439
	Intel Corp. (a)	101		5,031
	International Business Machines Corp. (a)	21		2,962
	MasterCard Inc. - Class A (a)	35		6,957
	Microsoft Corp. (a)	67		6,587
	Texas Instruments Inc. (a)	18		1,940
			40,727
Materials 3.7%
	DowDuPont Inc. (a)	87		5,715
Telecommunication Services 3.5%
	AT&T Inc. (a)	166		5,330
Utilities 1.1%
	NextEra Energy Inc. (a)	10		1,620
	Total Common Stocks (cost $138,836)		152,634
SHORT TERM INVESTMENTS 1.1%
Investment Companies 1.1%
	JNL Government Money Market Fund - Institutional Class, 1.79% (c) (d)	1,736		1,736
	Total Short Term Investments (cost $1,736)		1,736
Total Investments 100.5% (cost $140,572)				154,370
Other Derivative Instruments (1.0)%				(1,526)
Other Assets and Liabilities, Net 0.5%				718
Total Net Assets 100.0%				153,562

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

(b) Non-income producing security.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.


Exchange Traded Written Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts ¹		Value ($)
Options on Securities
Allergan Plc		Call		180.00	07/20/18		197		(13)
American Express Co.		Call		105.00	07/20/18		347		(10)
American Express Co.		Call		100.00	07/20/18		18		(2)
Apple Inc.		Call		195.00	07/20/18		410		(20)
AT&T Inc.		Call		34.00	09/21/18		1,659		(83)
Bank of America Corp.		Call		31.00	07/20/18		1,334		(9)
BB&T Corp.		Call		57.50	09/21/18		597		(11)
BlackRock Inc.		Call		570.00	10/19/18		107		(42)
Broadcom Inc.		Call		280.00	08/17/18		174		(11)
Carnival Plc		Call		67.50	07/20/18		466		—
Celgene Corp.		Call		85.00	08/17/18		352		(58)
Chevron Corp.		Call		135.00	07/20/18		393		(7)
Chubb Ltd.		Call		130.00	07/20/18		8		(1)
Chubb Ltd.		Call		140.00	08/17/18		240		(8)
Cisco Systems Inc.		Call		45.00	07/20/18		1,264		(18)
Costco Wholesale Corp.		Call		210.00	09/21/18		204		(148)
CVS Health Corp.		Call		77.50	08/17/18		23		—
CVS Health Corp.		Call		75.00	08/17/18		392		(11)
Delta Air Lines Inc.		Call		53.50	07/20/18		285		(9)
DowDuPont Inc.		Call		75.00	09/21/18		836		(30)
DowDuPont Inc.		Call		70.00	09/21/18		31		(4)
Ford Motor Co.		Call		11.87	09/21/18		630		(11)
Halliburton Co.		Call		57.50	07/20/18		315		—
Halliburton Co.		Call		50.00	07/27/18		417		(10)
Home Depot Inc.		Call		210.00	08/17/18		187		(21)
Home Depot Inc.		Call		195.00	09/21/18		58		(43)
Honeywell International Inc.		Call		160.00	09/21/18		404		(19)
Intel Corp.		Call		60.00	07/20/18		1,012		(1)
International Business Machines Corp.		Call		150.00	09/21/18		212		(28)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Exchange Traded Written Options (continued)
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts ¹		Value ($)
JPMorgan Chase & Co.		Call		120.00	09/21/18		619		(29)
Lockheed Martin Corp.		Call		340.00	07/20/18		110		(1)
Mastercard Inc. - Class A		Call		195.00	07/20/18		126		(60)
Medtronic Plc		Call		87.50	07/20/18		799		(35)
Merck & Co Inc.		Call		60.00	09/21/18		451		(127)
Microsoft Corp.		Call		105.00	09/21/18		190		(35)
Microsoft Corp.		Call		100.00	09/21/18		478		(175)
Morgan Stanley		Call		54.00	07/27/18		452		(4)
NextEra Energy Inc.		Call		165.00	07/20/18		97		(35)
Parker Hannifin Corp.		Call		175.00	07/20/18		149		(2)
Parker Hannifin Corp.		Call		200.00	08/17/18		103		—
Parker Hannifin Corp.		Call		175.00	08/17/18		96		(10)
PepsiCo Inc.		Call		105.00	07/20/18		117		(54)
PepsiCo Inc.		Call		110.00	09/21/18		116		(35)
Raytheon Co.		Call		200.00	07/20/18		167		(19)
Texas Instruments Inc.		Call		110.00	07/20/18		149		(39)
Texas Instruments Inc.		Call		115.00	08/17/18		27		(6)
Union Pacific Corp.		Call		140.00	08/17/18		386		(221)
Walmart Inc.		Call		95.00	09/21/18		124		(6)
Whirlpool Corp.		Call		160.00	07/20/18		315		(5)
									(1,526)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
JNL/Lazard International Strategic Equity Fund
COMMON STOCKS 93.0%
Canada 9.3%
	Bombardier Inc. - Class B (a)	216		855
	CAE Inc.	58		1,208
	National Bank of Canada (b)	22		1,061
	Suncor Energy Inc.	30		1,237
	Toromont Industries Ltd.	21		894
			5,255
Denmark 2.3%
	Carlsberg A/S - Class B	7		878
	Genmab A/S (a)	3		419
			1,297
Finland 4.2%
	Huhtamaki Oyj - Class I	14		526
	Sampo Oyj - Class A	38		1,839
			2,365
France 5.1%
	Faurecia	7		487
	Ubisoft Entertainment SA (a)	9		963
	Vivendi SA	58		1,410
			2,860
Germany 1.2%
	Fresenius SE & Co. KGaA	9		695
Hong Kong 4.1%
	AIA Group Ltd.	206		1,806
	Techtronic Industries Co.	94		527
			2,333
Ireland 7.0%
	Accenture Plc - Class A	9		1,536
	CRH Plc	27		955
	Kerry Group Plc - Class A	6		617
	Medtronic Plc	10		849
			3,957
Israel 1.9%
	Israel Discount Bank Ltd. - Class A	357		1,044
Italy 1.0%
	Banca Mediolanum SpA	83		564
Japan 16.6%
	AEON Financial Service Co. Ltd.	42		898
	CyberAgent Inc.	6		342
	Daiwa House Industry Co. Ltd.	47		1,612
	Digital Garage Inc.	10		373
	Don Quijote Holdings Co. Ltd.	33		1,585
	Fanuc Ltd.	3		615
	Kao Corp.	13		976
	Makita Corp.	27		1,214
	Nexon Co. Ltd. (a)	70		1,016
	Yamaha Corp.	15		759
			9,390
Luxembourg 1.0%
	ArcelorMittal	18		538
Netherlands 4.0%
	ABN AMRO Group NV - CVA	31		816
		Shares/Par¹		Value ($)
	Wolters Kluwer NV	26		1,442
			2,258
New Zealand 1.9%
	Z Energy Ltd.	205		1,050
Norway 2.9%
	Equinor ASA	61		1,625
Singapore 1.9%
	DBS Group Holdings Ltd.	55		1,072
Spain 0.8%
	Bankia SA	119		443
Sweden 4.3%
	Assa Abloy AB - Class B	46		983
	Hexagon AB - Class B	14		763
	Saab AB - Class B	16		662
			2,408
Switzerland 1.7%
	Julius Baer Group Ltd.	17		978
United Kingdom 21.8%
	Aon Plc - Class A	8		1,110
	Ashtead Group Plc	33		1,001
	British American Tobacco Plc	21		1,082
	Bunzl Plc	19		584
	Coca-Cola European Partners Plc	35		1,407
	Compass Group Plc	39		833
	Diageo Plc	33		1,181
	Informa Plc	168		1,848
	Melrose Industries Plc	189		529
	Relx Plc	40		847
	Rentokil Initial Plc	194		897
	Shire Plc	18		995
			12,314
	Total Common Stocks (cost $44,795)		52,446
PREFERRED STOCKS 1.0%
Germany 1.0%
	Volkswagen AG (c)	3		582
	Total Preferred Stocks (cost $740)		582
SHORT TERM INVESTMENTS 6.5%
Investment Companies 5.7%
	JNL Government Money Market Fund - Institutional Class, 1.79% (d) (e)	3,212		3,212
Securities Lending Collateral 0.8%
	State Street Navigator Securities Lending Government Money Market Portfolio, 1.95% (e)	459		459
	Total Short Term Investments (cost $3,671)		3,671
Total Investments 100.5% (cost $49,206)				56,699
Other Assets and Liabilities, Net (0.5)%				(300)
Total Net Assets 100.0%				56,399

(a) Non-income producing security.

(b) All or portion of the security was on loan.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.

Forward Foreign Currency Contracts

Purchased/

Sold

Counter-party

Expiration

Notional ¹

Value ($)

Unrealized

Appreciation

(Depreciation) ($)

USD/JPY

SSB

07/02/18

JPY

(1,737)

(16)

—

USD/JPY

SSB

07/03/18

JPY

(1,713)

(15)

—

USD/JPY

SSB

07/05/18

JPY

(1,716)

(16)

—

(47)

—

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
JNL/Neuberger Berman Currency Fund
GOVERNMENT AND AGENCY OBLIGATIONS 46.8%
U.S. Government Agency Obligations 46.8%
	Federal Farm Credit Bank
		2.29%, (3M US LIBOR - 0.04%), 09/04/18 (a) (b)	7,000		7,003
		1.97%, (1M US LIBOR - 0.08%), 11/09/18 (a) (b)	2,000		2,000
	Federal Home Loan Bank
		1.50%, 03/08/19 (b) (c)	8,000		7,953
	Federal Home Loan Mortgage Corp.
		1.00%, 07/27/18 (b) (c)	1,144		1,143
		1.25%, 09/26/18 (b)	7,000		6,985
	Federal National Mortgage Association
		0.75%, 07/27/18 (b)	10,000		9,990
	Total Government And Agency Obligations (cost $35,090)			35,074
SHORT TERM INVESTMENTS 50.4%
Investment Companies 11.2%
	JNL Government Money Market Fund - Institutional Class, 1.79% (d) (e)		8,386		8,386
Treasury Securities 39.2%
	U.S. Treasury Bill
		1.72%, 07/12/18 (f)	8,000		7,995
		1.64%, 07/26/18 (f)	13,500		13,484


			Shares/Par¹		Value ($)
		1.90%, 08/16/18 (f)	8,000		7,981
				29,460
	Total Short Term Investments (cost $37,846)			37,846
Total Investments 97.2% (cost $72,936)					72,920
Other Derivative Instruments (0.3)%					(217)
Other Assets and Liabilities, Net 3.1%					2,294
Total Net Assets 100.0%					74,997

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

(c) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2018, the total payable for investments purchased on a delayed delivery basis was $9,103.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.

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

Forward Foreign Currency Contracts


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
AUD/USD	CIT	07/24/18	AUD	33,993		25,144		(1,174)
AUD/USD	GSC	07/24/18	AUD	17,392		12,865		(290)
AUD/USD	JPM	07/24/18	AUD	18,949		14,016		(598)
AUD/USD	SCB	07/24/18	AUD	11,136		8,238		(110)
AUD/USD	SGB	07/24/18	AUD	20,960		15,504		(824)
AUD/USD	SSB	07/24/18	AUD	6,212		4,595		(169)
AUD/USD	SSB	07/24/18	AUD	9,216		6,817		2
CAD/USD	CIT	07/24/18	CAD	8,296		6,312		(165)
CAD/USD	CIT	07/24/18	CAD	1,346		1,024		12
CAD/USD	GSC	07/24/18	CAD	11,890		9,046		57
CAD/USD	JPM	07/24/18	CAD	12,789		9,731		(144)
CAD/USD	RBC	07/24/18	CAD	2,244		1,707		(40)
CAD/USD	SCB	07/24/18	CAD	17,358		13,208		(284)
CAD/USD	SGB	07/24/18	CAD	109,785		83,532		(3,852)
CAD/USD	SSB	07/24/18	CAD	59,062		44,939		(1,872)
CHF/USD	CIT	07/24/18	CHF	4,031		4,073		(128)
CHF/USD	CIT	07/24/18	CHF	469		474		2
CHF/USD	GSC	07/24/18	CHF	8,644		8,735		24
CHF/USD	JPM	07/24/18	CHF	3,553		3,590		(10)
CHF/USD	JPM	07/24/18	CHF	3,903		3,944		25
CHF/USD	SCB	07/24/18	CHF	4,671		4,721		(18)
CHF/USD	SSB	07/24/18	CHF	94,007		94,998		(2,730)
EUR/USD	CIT	07/24/18	EUR	5,905		6,901		(194)
EUR/USD	GSC	07/24/18	EUR	41,842		48,900		(2,990)
EUR/USD	GSC	07/24/18	EUR	5,198		6,075		40
EUR/USD	JPM	07/24/18	EUR	32,659		38,168		(1,539)
EUR/USD	RBC	07/24/18	EUR	6,650		7,772		(342)
EUR/USD	SCB	07/24/18	EUR	7,424		8,677		(519)
EUR/USD	SGB	07/24/18	EUR	119		139		(9)
EUR/USD	SSB	07/24/18	EUR	8,423		9,844		(169)
GBP/USD	CIT	07/24/18	GBP	6,490		8,567		(286)
GBP/USD	GSC	07/24/18	GBP	13,917		18,373		(1,255)
GBP/USD	JPM	07/24/18	GBP	19,944		26,328		(1,144)
GBP/USD	RBC	07/24/18	GBP	23,902		31,553		(2,573)
GBP/USD	SCB	07/24/18	GBP	6,630		8,753		(117)
GBP/USD	SGB	07/24/18	GBP	6,056		7,995		(662)
GBP/USD	SSB	07/24/18	GBP	2,906		3,836		(123)
GBP/USD	SSB	07/24/18	GBP	3,038		4,011		4
JPY/USD	CIT	07/24/18	JPY	897,437		8,104		(36)
JPY/USD	GSC	07/24/18	JPY	528,534		4,773		(92)
JPY/USD	JPM	07/24/18	JPY	1,203,696		10,868		(403)
JPY/USD	RBC	07/24/18	JPY	2,007,517		18,127		(711)
JPY/USD	RBC	07/24/18	JPY	542,675		4,900		2
JPY/USD	SCB	07/24/18	JPY	1,582,650		14,291		(192)
JPY/USD	SSB	07/24/18	JPY	1,049,149		9,473		(71)
KRW/USD	CIT	07/24/18	KRW	1,666,008		1,496		(57)
KRW/USD	SSB	07/24/18	KRW	5,163,556		4,636		(229)
MXN/USD	GSC	07/24/18	MXN	51,667		2,591		(231)
MXN/USD	RBC	07/24/18	MXN	15,226		764		(69)
NOK/USD	CIT	07/24/18	NOK	109,091		13,384		(626)
NOK/USD	GSC	07/24/18	NOK	64,280		7,887		(84)
NOK/USD	GSC	07/24/18	NOK	10,073		1,236		1
NOK/USD	JPM	07/24/18	NOK	35,927		4,408		(230)
NOK/USD	RBC	07/24/18	NOK	89,614		10,995		(608)
NOK/USD	SCB	07/24/18	NOK	8,740		1,073		(34)
NOK/USD	SCB	07/24/18	NOK	21,557		2,645		15
NOK/USD	SGB	07/24/18	NOK	203,048		24,913		(1,397)
NOK/USD	SSB	07/24/18	NOK	77,832		9,550		(62)
NOK/USD	SSB	07/24/18	NOK	6,258		768		2
NZD/USD	CIT	07/24/18	NZD	22,863		15,474		(667)
NZD/USD	GSC	07/24/18	NZD	35,264		23,867		(1,805)
NZD/USD	JPM	07/24/18	NZD	18,337		12,411		(482)
NZD/USD	RBC	07/24/18	NZD	22,576		15,280		(1,263)
NZD/USD	SCB	07/24/18	NZD	4,684		3,170		(88)
NZD/USD	SSB	07/24/18	NZD	37,969		25,697		(1,669)
SEK/USD	CIT	07/24/18	SEK	31,862		3,560		(59)
SEK/USD	GSC	07/24/18	SEK	5,532		618		(38)
SEK/USD	JPM	07/24/18	SEK	103,673		11,585		(559)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
SEK/USD	RBC	07/24/18	SEK	296,399		33,121		(2,296)
SEK/USD	SCB	07/24/18	SEK	91,893		10,268		(522)
SEK/USD	SSB	07/24/18	SEK	281,040		31,405		(1,384)
TRY/USD	GSC	07/24/18	TRY	6,928		1,495		22
USD/AUD	CIT	07/24/18	AUD	(9,288)		(6,871)		134
USD/AUD	JPM	07/24/18	AUD	(23,827)		(17,625)		448
USD/AUD	RBC	07/24/18	AUD	(12,532)		(9,270)		247
USD/AUD	SCB	07/24/18	AUD	(22,358)		(16,538)		429
USD/AUD	SSB	07/24/18	AUD	(11,189)		(8,277)		(6)
USD/AUD	SSB	07/24/18	AUD	(45,153)		(33,401)		1,648
USD/CAD	CIT	07/24/18	CAD	(5,847)		(4,448)		(50)
USD/CAD	CIT	07/24/18	CAD	(10,460)		(7,959)		310
USD/CAD	GSC	07/24/18	CAD	(80,217)		(61,035)		2,519
USD/CAD	JPM	07/24/18	CAD	(992)		(755)		(8)
USD/CAD	JPM	07/24/18	CAD	(25,441)		(19,356)		797
USD/CAD	RBC	07/24/18	CAD	(55,446)		(42,187)		1,755
USD/CAD	SCB	07/24/18	CAD	(15,286)		(11,630)		271
USD/CAD	SSB	07/24/18	CAD	(1,970)		(1,499)		(8)
USD/CAD	SSB	07/24/18	CAD	(17,093)		(13,005)		327
USD/CHF	CIT	07/24/18	CHF	(7,691)		(7,772)		28
USD/CHF	GSC	07/24/18	CHF	(6,511)		(6,579)		116
USD/CHF	JPM	07/24/18	CHF	(4,590)		(4,638)		(17)
USD/CHF	JPM	07/24/18	CHF	(4,960)		(5,012)		157
USD/CHF	RBC	07/24/18	CHF	(3,820)		(3,860)		(20)
USD/CHF	RBC	07/24/18	CHF	(30,318)		(30,637)		984
USD/CHF	SCB	07/24/18	CHF	(9,416)		(9,515)		64
USD/CHF	SGB	07/24/18	CHF	(69,273)		(70,004)		2,293
USD/CHF	SSB	07/24/18	CHF	(10,736)		(10,849)		(61)
USD/EUR	CIT	07/24/18	EUR	(601)		(702)		(5)
USD/EUR	CIT	07/24/18	EUR	(1,584)		(1,851)		125
USD/EUR	GSC	07/24/18	EUR	(15,829)		(18,500)		(115)
USD/EUR	GSC	07/24/18	EUR	(4,549)		(5,317)		8
USD/EUR	JPM	07/24/18	EUR	(1,204)		(1,408)		90
USD/EUR	SCB	07/24/18	EUR	(5,593)		(6,536)		29
USD/EUR	SSB	07/24/18	EUR	(981)		(1,146)		(8)
USD/EUR	SSB	07/24/18	EUR	(95,576)		(111,698)		7,027
USD/GBP	CIT	07/24/18	GBP	(6,792)		(8,966)		310
USD/GBP	GSC	07/24/18	GBP	(2,569)		(3,391)		14
USD/GBP	JPM	07/24/18	GBP	(2,485)		(3,280)		133
USD/GBP	SCB	07/24/18	GBP	(11,500)		(15,180)		532
USD/GBP	SSB	07/24/18	GBP	(46,252)		(61,057)		4,839
USD/JPY	CIT	07/24/18	JPY	(1,427,610)		(12,891)		433
USD/JPY	GSC	07/24/18	JPY	(62,220)		(562)		20
USD/JPY	JPM	07/24/18	JPY	(2,173,863)		(19,629)		284
USD/JPY	SCB	07/24/18	JPY	(63,426)		(573)		23
USD/JPY	SGB	07/24/18	JPY	(1,428,258)		(12,897)		522
USD/JPY	SSB	07/24/18	JPY	(2,529,721)		(22,844)		495
USD/KRW	GSC	07/24/18	KRW	(6,827,148)		(6,129)		298
USD/MXN	SSB	07/24/18	MXN	(66,875)		(3,354)		300
USD/NOK	CIT	07/24/18	NOK	(12,159)		(1,492)		(2)
USD/NOK	CIT	07/24/18	NOK	(22,500)		(2,761)		103
USD/NOK	GSC	07/24/18	NOK	(241,215)		(29,595)		1,620
USD/NOK	JPM	07/24/18	NOK	(150,083)		(18,414)		308
USD/NOK	SCB	07/24/18	NOK	(31,840)		(3,907)		(11)
USD/NOK	SCB	07/24/18	NOK	(34,120)		(4,186)		48
USD/NOK	SSB	07/24/18	NOK	(49,570)		(6,082)		176
USD/NZD	CIT	07/24/18	NZD	(10,635)		(7,198)		462
USD/NZD	GSC	07/24/18	NZD	(885)		(599)		—
USD/NZD	JPM	07/24/18	NZD	(23,910)		(16,183)		1,136
USD/NZD	RBC	07/24/18	NZD	(5,353)		(3,623)		68
USD/NZD	SCB	07/24/18	NZD	(22,330)		(15,115)		763
USD/NZD	SGB	07/24/18	NZD	(76,556)		(51,814)		4,356
USD/NZD	SSB	07/24/18	NZD	(12,574)		(8,510)		260
USD/SEK	CIT	07/24/18	SEK	(101,580)		(11,351)		497
USD/SEK	GSC	07/24/18	SEK	(144,834)		(16,184)		555
USD/SEK	JPM	07/24/18	SEK	(123,123)		(13,759)		446
USD/SEK	SCB	07/24/18	SEK	(31,839)		(3,558)		59
USD/SEK	SGB	07/24/18	SEK	(144,121)		(16,105)		1,228
USD/SEK	SSB	07/24/18	SEK	(24,858)		(2,778)		86
USD/ZAR	SSB	07/24/18	ZAR	(5)		—		—
						4,091		(217)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund (a)
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 22.3%
	Ally Auto Receivables Trust
		Series 2017-A2-3, 1.53%, 02/15/19	125		124
		Series 2017-A2-5, 1.81%, 06/15/20	469		467
		Series 2018-A2-1, 2.14%, 09/15/20	220		220
		Series 2018-A2-2, 2.64%, 02/16/21	2,100		2,099
	BA Credit Card Trust
		Series 2014-A-A1, 2.45%, (1M US LIBOR + 0.38%), 01/15/19 (b)	2,400		2,404
	BMW Vehicle Lease Trust
		Series 2017-A2-1, 1.64%, 11/20/18	193		192
	Capital One Multi-Asset Execution Trust
		Series 2014-A4-A4, 2.43%, (1M US LIBOR + 0.36%), 08/15/19 (b)	2,500		2,506
	CarMax Auto Owner Trust
		Series 2015-A3-4, 1.56%, 05/15/19	1,002		998
	Chase Issuance Trust
		Series 2016-A-A1, 2.48%, (1M US LIBOR + 0.41%), 05/15/19 (b)	2,650		2,657
		Series 2018-A1-A1, 2.27%, (1M US LIBOR + 0.20%), 04/15/21 (b)	1,400		1,400
	Citibank Credit Card Issuance Trust
		Series 2017-A1-A1, 2.34%, (1M US LIBOR + 0.25%), 01/17/19 (b)	2,825		2,828
		Series 2014-A6-A6, 2.15%, 07/15/19	1,000		994
	Ford Credit Auto Owner Trust
		Series 2017-A2A-A, 1.33%, 09/15/18	114		114
		Series 2015-A3-C, 1.41%, 02/15/20	568		567
		Series 2017-A2A-C, 1.80%, 09/15/20	756		753
	GM Financial Consumer Automobile Receivables Trust
		Series 2018-A2A-1, 2.08%, 01/19/21	630		627
		Series 2018-A2A-2, 2.55%, 05/17/21	1,380		1,378
	Honda Auto Receivables Owner Trust
		Series 2017-A2-3, 1.57%, 02/19/19	1,139		1,135
		Series 2016-A3-2, 1.39%, 04/15/19	1,164		1,158
	Navient Student Loan Trust
		Series 2016-A1-2A, 2.84%, (1M US LIBOR + 0.75%), 12/25/18 (b) (c)	463		463
		Series 2018-A1-2A, 2.33%, (1M US LIBOR + 0.24%), 04/27/20 (b) (c)	1,352		1,353
		Series 2018-A1-3A, 2.36%, (1M US LIBOR + 0.27%), 06/25/20 (b) (c)	1,500		1,500
	Nissan Auto Receivables Owner Trust
		Series 2017-A2A-B, 1.56%, 05/15/20	1,764		1,757
	Securitized Term Auto Receivables Trust
		Series 2017-A2A-2A, 1.78%, 01/27/20 (c)	962		958
	Toyota Auto Receivables Owner Trust
		Series 2016-A2A-D, 1.06%, 05/15/19	3		3
		Series 2017-A2A-C, 1.58%, 06/15/19	1,913		1,904
		Series 2018-A2A-B, 2.64%, 03/15/21	2,500		2,499
	Verizon Owner Trust
		Series 2017-A-1A, 2.06%, 09/20/21 (c)	2,000		1,977
		Series 2018-A1B-1A, 2.34%, (1M US LIBOR + 0.26%), 09/20/22 (b) (c)	1,570		1,570
	World Omni Auto Receivables Trust
		Series 2017-A2A-B, 1.61%, 02/16/21	858		854
		Series 2018-A2-B, 2.57%, 07/15/21	1,200		1,198
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $38,676)			38,657
CORPORATE BONDS AND NOTES 63.6%
Consumer Discretionary 1.7%
	NBCUniversal Enterprise Inc.
		2.71%, (3M US LIBOR + 0.40%), 04/01/21 (b) (c)	2,975		2,979
Consumer Staples 4.3%
	Anheuser-Busch InBev Worldwide Inc.
		3.05%, (3M US LIBOR + 0.69%), 08/01/18 (b)	3,000		3,002
	BAT Capital Corp.
		2.95%, (3M US LIBOR + 0.59%), 08/14/20 (b) (c)	895		897
	Diageo Capital Plc
		2.57%, (3M US LIBOR + 0.24%), 05/18/20 (b)	965		965
			Shares/Par¹		Value ($)
	Walmart Inc.
		2.57%, (3M US LIBOR + 0.23%), 06/23/21 (b)	2,645		2,646
				7,510
Energy 5.2%
	BP AMI Leasing Inc.
		5.52%, 05/08/19 (c)	885		905
	BP Capital Markets Plc
		2.71%, (3M US LIBOR + 0.35%), 08/14/18 (b)	2,490		2,492
	Phillips 66
		3.00%, (3M US LIBOR + 0.65%), 04/15/19 (b) (c)	2,805		2,806
	Total Capital International SA
		2.92%, (3M US LIBOR + 0.57%), 08/10/18 (b)	275		275
		2.68%, (3M US LIBOR + 0.35%), 06/19/19 (b)	2,510		2,516
				8,994
Financials 37.6%
	AIG Global Funding
		2.79%, (3M US LIBOR + 0.48%), 07/02/20 (b) (c)	185		185
	American Express Co.
		2.85%, (3M US LIBOR + 0.53%), 05/17/21 (b)	2,975		2,982
	Anheuser-Busch InBev Finance Inc.
		2.76%, (3M US LIBOR + 0.40%), 02/01/19 (b)	435		436
	Bank of America Corp.
		3.78%, (3M US LIBOR + 1.42%), 04/19/21 (b)	3,755		3,855
	Bayer US Finance II LLC
		2.97%, (3M US LIBOR + 0.63%), 06/25/21 (b) (c)	1,935		1,937
	Berkshire Hathaway Finance Corp.
		3.03%, (3M US LIBOR + 0.69%), 03/15/19 (b)	2,990		3,005
	Capital One Financial Corp.
		3.12%, (3M US LIBOR + 0.76%), 05/12/20 (b)	2,775		2,787
	Caterpillar Financial Services Corp.
		2.41%, (3M US LIBOR + 0.08%), 09/11/18 (b)	120		120
		2.49%, (3M US LIBOR + 0.18%), 12/06/18 (b)	1,370		1,370
		2.61%, (3M US LIBOR + 0.28%), 03/22/19 (b)	1,015		1,017
	Citigroup Inc.
		3.67%, (3M US LIBOR + 1.31%), 10/26/20 (b)	3,310		3,372
	Daimler Finance North America LLC
		3.22%, (3M US LIBOR + 0.86%), 08/01/18 (b) (c)	2,500		2,502
	ERAC USA Finance LLC
		2.80%, 11/01/18 (c)	2,235		2,233
	Ford Motor Credit Co. LLC
		3.18%, (3M US LIBOR + 0.83%), 08/12/19 (b)	1,700		1,706
	Goldman Sachs Group Inc.
		4.10%, (3M US LIBOR + 1.77%), 02/25/21 (b)	2,525		2,607
	Harley-Davidson Financial Services Inc.
		2.67%, (3M US LIBOR + 0.35%), 03/08/19 (b) (c)	1,215		1,216
		2.83%, (3M US LIBOR + 0.50%), 05/21/20 (b) (c)	820		821
	HSBC Holdings Plc
		2.93%, (3M US LIBOR + 0.60%), 05/18/21 (b)	2,795		2,800
	John Deere Capital Corp.
		2.62%, (3M US LIBOR + 0.29%), 06/22/20 (b)	2,773		2,782
	JPMorgan Chase Bank NA
		2.65%, (3M US LIBOR + 0.29%), 02/01/21 (b)	3,370		3,373
	Moody's Corp.
		2.67%, (3M US LIBOR + 0.35%), 09/04/18 (b)	2,100		2,100
	Morgan Stanley
		2.90%, (3M US LIBOR + 0.55%), 02/10/21 (b)	3,525		3,530
	National Australia Bank Ltd.
		2.84%, (3M US LIBOR + 0.51%), 05/22/20 (b) (c)	1,760		1,765
	PNC Bank NA
		2.69%, (3M US LIBOR + 0.36%), 05/19/20 (b)	1,840		1,844
	Royal Bank of Canada
		2.87%, (3M US LIBOR + 0.53%), 03/15/19 (b)	600		601
	Santander UK Plc
		2.92%, (3M US LIBOR + 0.62%), 06/01/21 (b)	1,075		1,075
	Toronto-Dominion Bank
		2.75%, (3M US LIBOR + 0.44%), 07/02/19 (b)	710		712
		2.76%, (3M US LIBOR + 0.43%), 06/11/21 (b)	2,500		2,503
	Toyota Motor Credit Corp.
		2.49%, (3M US LIBOR + 0.15%), 12/24/18 (b)	800		800
		3.15%, (3M US LIBOR + 0.82%), 02/19/19 (b)	185		186
		2.61%, (3M US LIBOR + 0.26%), 04/17/20 (b)	205		206
	US Bank NA
		2.68%, (3M US LIBOR + 0.32%), 01/24/20 - 04/26/21 (b)	2,055		2,057

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	Wells Fargo & Co.
		3.33%, (3M US LIBOR + 1.01%), 12/07/20 (b)	105		107
	Wells Fargo Bank NA
		2.66%, (3M US LIBOR + 0.31%), 01/15/21 (b)	4,000		4,001
	Westpac Banking Corp.
		2.74%, (3M US LIBOR + 0.43%), 03/06/20 (b)	2,685		2,695
				65,288
Health Care 4.2%
	CVS Health Corp.
		3.05%, (3M US LIBOR + 0.72%), 03/09/21 (b)	2,955		2,971
	Gilead Sciences Inc.
		2.49%, (3M US LIBOR + 0.17%), 09/20/18 (b)	1,670		1,670
	GlaxoSmithKline Capital Plc
		2.69%, (3M US LIBOR + 0.35%), 05/14/21 (b)	1,440		1,444
	Johnson & Johnson
		2.57%, (3M US LIBOR + 0.27%), 03/01/19 (b)	160		160
	UnitedHealth Group Inc.
		2.59%, (3M US LIBOR + 0.26%), 06/15/21 (b)	1,090		1,091
				7,336
Industrials 1.2%
	General Dynamics Corp.
		2.74%, (3M US LIBOR + 0.38%), 05/11/21 (b)	2,040		2,045
Information Technology 1.3%
	Apple Inc.
		3.15%, (3M US LIBOR + 0.82%), 02/22/19 (b)	2,225		2,237
Telecommunication Services 3.9%
	AT&T Inc.
		3.23%, (3M US LIBOR + 0.93%), 06/30/20 (b)	3,050		3,080
	Verizon Communications Inc.
		2.88%, (3M US LIBOR + 0.55%), 05/22/20 (b)	3,030		3,052
	Vodafone Group Plc
		4.63%, 07/15/18	620		620
				6,752
Utilities 4.2%
	Dominion Energy Inc.
		2.85%, (3M US LIBOR + 0.55%), 06/01/19 (b) (c)	3,197		3,206
	Duke Energy Carolinas LLC
		5.30%, 01/15/19	1,275		1,291
	PacifiCorp
		5.65%, 07/15/18	785		786
			Shares/Par¹		Value ($)
	Sempra Energy
		2.85%, (3M US LIBOR + 0.50%), 01/15/21 (b)	2,040		2,048
				7,331
	Total Corporate Bonds And Notes (cost $110,489)			110,472
SHORT TERM INVESTMENTS 9.8%
Investment Companies 9.2%
	JNL Government Money Market Fund - Institutional Class, 1.79% (d) (e)		16,008		16,008
Treasury Securities 0.6%
	U.S. Treasury Bill
		1.90%, 09/27/18 (f) (g)	1,100		1,095
	Total Short Term Investments (cost $17,103)			17,103
Total Investments 95.7% (cost $166,268)					166,232
Other Derivative Instruments 0.5%					811
Other Assets and Liabilities, Net 3.8%					6,611
Total Net Assets 100.0%					173,654

(a) Consolidated Schedule of Investments.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.

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

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


Futures Contracts
Reference Entity	Contracts Long (Short)¹	Expiration	Notional ¹		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Brent Crude Oil	150	December 2018		10,053		221		1,667
Cocoa	69	December 2018		1,805		32		(58)
Coffee 'C'	33	December 2018		1,561		(10)		(94)
Copper	100	September 2018		7,756		(14)		(340)
Corn	703	December 2018		14,712		165		(1,662)
Cotton No. 2	78	December 2018		3,007		12		266
Feeder Cattle	49	August 2018		3,595		119		112
Gold 100 oz.	113	August 2018		14,782		40		(606)
KCBT Wheat	215	December 2018		6,252		151		(754)
Lean Hogs	210	December 2018		5,303		(173)		(720)
Live Cattle	78	August 2018		3,275		86		54
LME Aluminum	59	September 2018		3,349		(205)		(205)
LME Lead	98	September 2018		5,994		(89)		(89)
LME Nickel	64	September 2018		5,682		37		37
LME Zinc	86	September 2018		6,520		(377)		(377)
Low Sulphur Gas Oil	97	September 2018		6,168		105		415
Natural Gas	162	October 2018		4,522		(32)		189
NY Harbor ULSD	126	September 2018		11,707		167		21
Platinum	221	October 2018		9,927		27		(449)
RBOB Gasoline	151	December 2018		10,940		250		1,572
Silver	84	December 2018		7,082		71		(229)
Soybean	85	November 2018		4,452		(13)		(712)
Soybean Meal	196	December 2018		7,326		(28)		(860)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Futures Contracts (continued)
Reference Entity	Contracts Long (Short)¹	Expiration	Notional ¹		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Soybean Oil	120	December 2018		2,300		3		(159)
Sugar #11 (World Markets)	116	October 2018		1,660		(1)		(69)
Wheat	208	December 2018		5,854		167		(479)
WTI Crude Oil	168	December 2018		10,915		121		759
						832		(2,770)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
JNL/Nicholas Convertible Arbitrage Fund
PREFERRED STOCKS 1.9%
Industrials 0.3%
	Fortive Corp. - Series A, 5.00%, 07/01/21 (a)		1		513
Real Estate 1.6%
	Crown Castle International Corp. - Series A, 6.88%, 08/01/20 (a)		3		2,693
	Total Preferred Stocks (cost $3,092)			3,206
CORPORATE BONDS AND NOTES 97.8%
Consumer Discretionary 7.7%
	Caesars Entertainment Corp.
		5.00%, 10/01/24 (a)	950		1,614
	Ctrip.com International Ltd.
		1.00%, 07/01/20 (a)	4,410		4,649
	Live Nation Entertainment Inc.
		2.50%, 03/15/23 (a) (b) (c)	3,780		3,925
	Marriott Vacations Worldwide Corp.
		1.50%, 09/15/22 (a) (c)	3,000		3,036
				13,224
Energy 9.7%
	Golar LNG Ltd.
		2.75%, 02/15/22 (a) (b)	5,010		5,459
	Green Plains Inc.
		4.13%, 09/01/22 (a)	1,700		1,683
	Oil States International Inc.
		1.50%, 02/15/23 (a) (b) (c)	2,785		2,896
	PDC Energy Inc.
		1.13%, 09/15/21 (a)	4,145		4,335
	Weatherford International Ltd.
		5.88%, 07/01/21 (a)	2,250		2,213
				16,586
Financials 7.3%
	Hannon Armstrong Sustainable Infrastructure Capital Inc.
		4.13%, 09/01/22 (a) (b)	2,795		2,684
	IAC FinanceCo Inc.
		0.88%, 10/01/22 (a) (c)	2,895		3,379
	MGIC Investment Corp.
		9.00%, 04/01/63 (a) (b) (c)	2,250		3,012
	PRA Group Inc.
		3.50%, 06/01/23 (a)	3,200		3,392
				12,467
Health Care 17.7%
	BioMarin Pharmaceutical Inc.
		1.50%, 10/15/20 (a)	750		884
	Exact Sciences Corp.
		1.00%, 01/15/25 (a) (b)	3,995		4,193
	Horizon Pharma Investment Ltd.
		2.50%, 03/15/22 (a) (b)	5,385		5,171
	Insulet Corp.
		1.38%, 11/15/24 (a) (b) (c)	3,265		3,684
	Jazz Investments I Ltd.
		1.50%, 08/15/24 (a) (c)	3,935		4,115
	Ligand Pharmaceuticals Inc.
		0.75%, 05/15/23 (a) (b) (c)	3,875		4,030
	Repligen Corp.
		2.13%, 06/01/21 (a)	1,500		2,320
	Supernus Pharmaceuticals Inc.
		0.63%, 04/01/23 (a) (c)	1,270		1,544
	Teladoc Inc.
		1.38%, 05/15/25 (a) (c)	3,460		4,322
				30,263
Industrials 16.2%
	Air Transport Services Group Inc.
		1.13%, 10/15/24 (a) (b) (c)	3,500		3,397
	Atlas Air Worldwide Holdings Inc.
		1.88%, 06/01/24 (a) (b)	2,335		3,088
	Dycom Industries Inc.
		0.75%, 09/15/21 (a)	4,000		4,641
	Greenbrier Cos. Inc.
		2.88%, 02/01/24 (a) (b)	4,300		4,925
			Shares/Par¹		Value ($)
	Meritor Inc.
		3.25%, 10/15/37 (a) (c)	3,550		3,523
	Patrick Industries Inc.
		1.00%, 02/01/23 (a) (c)	2,005		1,859
	Team Inc.
		5.00%, 08/01/23 (a) (c)	2,600		3,338
	Tutor Perini Corp.
		2.88%, 06/15/21 (a)	3,025		3,036
				27,807
Information Technology 37.4%
	Akamai Technologies Inc.
		0.13%, 05/01/25 (a) (b) (c)	1,505		1,509
	Atlassian Inc.
		0.63%, 05/01/23 (a) (b) (c)	4,030		4,164
	Coupa Software Inc.
		0.38%, 01/15/23 (a) (c)	1,350		2,021
	Cypress Semiconductor Corp.
		4.50%, 01/15/22 (a) (b)	2,450		3,251
	Everbridge Inc.
		1.50%, 11/01/22 (a) (b)	2,035		3,045
	Guidewire Software Inc.
		1.25%, 03/15/25 (a) (b)	4,235		4,302
	II-VI Inc.
		0.25%, 09/01/22 (a) (c)	1,170		1,333
	Integrated Device Technology Inc.
		0.88%, 11/15/22 (a) (b)	1,500		1,709
	Lumentum Holdings Inc.
		0.25%, 03/15/24 (a)	2,675		3,164
	Microchip Technology Inc.
		1.63%, 02/15/27 (a)	3,310		3,868
	Nutanix Inc.
		0.00%, 01/15/23 (a) (b) (c) (d)	3,300		4,081
	NXP Semiconductors NV
		1.00%, 12/01/19 (a)	1,500		1,805
	Okta Inc.
		0.25%, 02/15/23 (a) (c)	1,060		1,302
	ON Semiconductor Corp.
		1.63%, 10/15/23 (a)	2,000		2,531
	Pure Storage Inc.
		0.13%, 04/15/23 (a) (c)	3,180		3,536
	Q2 Holdings Inc.
		0.75%, 02/15/23 (a) (c)	1,555		1,765
	ServiceNow Inc.
		0.00%, 06/01/22 (a) (d)	1,545		2,102
	Square Inc.
		0.50%, 05/15/23 (a) (c)	4,000		4,266
	Twilio Inc.
		0.25%, 06/01/23 (a) (c)	510		529
	Twitter Inc.
		0.25%, 06/15/24 (a) (c)	1,500		1,546
	Weibo Corp.
		1.25%, 11/15/22 (a) (c)	2,565		2,575
	Wix.com Ltd.
		0.00%, 07/01/23 (a) (c) (d)	1,300		1,285
	Workday Inc.
		0.25%, 10/01/22 (a) (c)	2,760		2,894
	Yahoo! Inc.
		0.00%, 12/01/18 (a) (d)	1,820		2,504
	Zillow Group Inc.
		2.00%, 12/01/21 (a)	2,000		2,529
		1.50%, 07/01/23 (a)	505		505
				64,121
Materials 1.8%
	Cemex SAB de CV
		3.72%, 03/15/20 (a)	3,000		3,008
	Total Corporate Bonds And Notes (cost $159,483)			167,476

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
SHORT TERM INVESTMENTS 4.3%
Investment Companies 4.3%
	JNL Government Money Market Fund - Institutional Class, 1.79% (e) (f)	7,403		7,403
	Total Short Term Investments (cost $7,403)		7,403
Total Investments 104.0% (cost $169,978)				178,085
Total Securities Sold Short (39.4)% (proceeds $61,943)				(67,548)
Other Assets and Liabilities, Net 35.4%				60,739
Total Net Assets 100.0%				171,276

(a) Convertible security.

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

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

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.


			Shares/Par¹		Value ($)
SECURITIES SOLD SHORT (39.4%)
COMMON STOCKS (37.3%)
Consumer Discretionary (2.3%)
		Caesars Entertainment Corp.	(99)		(1,059)
		Ctrip.com International Ltd. - ADR	(21)		(1,010)
		Live Nation Inc.	(19)		(940)
		Marriott Vacations Worldwide Corp.	(8)		(932)
				(3,941)
Energy (2.6%)
		Golar LNG Ltd.	(60)		(1,763)
		Green Plains Renewable Energy Inc.	(27)		(490)
		Oil States International Inc.	(31)		(995)
		PDC Energy Inc.	(15)		(884)
		Weatherford International Plc	(116)		(382)
				(4,514)
Financials (1.0%)
		Hannon Armstrong Sustainable Infrastructure Capital Inc.	(7)		(138)
		PRA Group Inc.	(41)		(1,600)
				(1,738)
Health Care (6.6%)
		BioMarin Pharmaceutical Inc.	(4)		(346)
		Exact Sciences Corp.	(23)		(1,393)
		Horizon Pharma Plc	(57)		(952)
		Insulet Corp.	(18)		(1,508)
		Jazz Pharmaceuticals Plc	(7)		(1,216)
		Ligand Pharmaceuticals Inc.	(7)		(1,463)
		Repligen Corp.	(33)		(1,543)
		Supernus Pharmaceuticals Inc.	(13)		(766)
		Teladoc Inc.	(36)		(2,061)
				(11,248)
Industrials (6.1%)
		Air Transport Services Group Inc.	(49)		(1,115)
		Atlas Air Worldwide Holdings Inc.	(25)		(1,771)
		Dycom Industries Inc.	(19)		(1,755)
		Greenbrier Cos. Inc.	(39)		(2,078)
		Meritor Inc.	(40)		(823)
		Patrick Industries Inc.	(9)		(512)
		Team Inc.	(77)		(1,788)
		Tutor Perini Corp.	(35)		(646)
				(10,488)
Information Technology (17.7%)
		Akamai Technologies Inc.	(10)		(696)
		Atlassian Corp. Plc - Class A	(22)		(1,391)
		Coupa Software Inc.	(23)		(1,407)
		Cypress Semiconductor Corp.	(100)		(1,556)
		Everbridge Inc.	(36)		(1,728)
		Guidewire Software Inc.	(17)		(1,474)
		IAC/InterActiveCorp.	(11)		(1,738)
		II-VI Inc.	(15)		(647)
		Integrated Device Technology Inc.	(27)		(858)
		Lumentum Holdings Inc.	(27)		(1,534)
		Microchip Technology Inc.	(29)		(2,616)
		Nutanix Inc. - Class A	(40)		(2,063)
		NXP Semiconductors NV	(4)		(481)
		Okta Inc. - Class A	(14)		(685)
		ON Semiconductor Corp.	(63)		(1,396)
		Pure Storage Inc. - Class A	(64)		(1,531)
		Q2 Holdings Inc.	(14)		(776)
			Shares/Par¹		Value ($)
		ServiceNow Inc.	(8)		(1,384)
		Square Inc. - Class A	(32)		(1,979)
		Twilio Inc. - Class A	(4)		(202)
		Twitter Inc.	(11)		(498)
		Weibo Corp. - ADR	(10)		(888)
		Wix.com Ltd.	(4)		(421)
		Workday Inc. - Class A	(9)		(1,139)
		Zillow Group Inc. - Class C	(21)		(1,240)
				(30,328)
Materials (0.1%)
		Cemex SAB de CV - ADR	(27)		(177)
Real Estate (0.9%)
		Crown Castle International Corp.	(14)		(1,509)
	Total Common Stocks (proceeds $58,550)			(63,943)
INVESTMENT COMPANIES (2.1%)
		Altaba Inc.	(24)		(1,735)
		iShares 7-10 Year Treasury Bond Fund ETF	(18)		(1,870)
	Total Investment Companies (proceeds $3,393)			(3,605)
	Total Securities Sold Short (39.4%) (proceeds $61,943)				(67,548)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
JNL/PIMCO Credit Income Fund *
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.6%
	Citigroup Mortgage Loan Trust Inc.
		Series 2007-A2B-AHL1, REMIC, 2.23%, (1M US LIBOR + 0.14%), 12/25/36 (a)	122		120
		Series 2007-3A3A-10, REMIC, 3.84%, 09/25/37 (a)	19		16
	CVS Pass-Through Trust
		Series A, 7.51%, 01/10/32 (b)	55		64
		Series 2013-PTC, 4.70%, 01/10/36 (b)	873		869
	JPMorgan Mortgage Acquisition Trust
		Series 2006-M1-NC2, REMIC, 2.36%, (1M US LIBOR + 0.27%), 07/25/36 (a)	300		284
	Other Securities				10,246
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $11,771)			11,599
CORPORATE BONDS AND NOTES 84.2%
Consumer Discretionary 5.9%
	Charter Communications Operating LLC
		4.46%, 07/23/22	1,000		1,011
		3.75%, 02/15/28	300		272
		4.20%, 03/15/28	1,100		1,031
		5.38%, 04/01/38	400		377
		5.75%, 04/01/48	300		290
	Comcast Corp.
		3.15%, 03/01/26	200		188
		2.35%, 01/15/27	200		175
		3.30%, 02/01/27	400		376
		3.90%, 03/01/38	300		273
		4.50%, 01/15/43	500		472
		4.60%, 08/15/45	400		384
		3.40%, 07/15/46	1,200		970
		4.00%, 11/01/49	300		263
	Time Warner Cable Inc.
		6.75%, 07/01/18	100		100
		8.25%, 04/01/19	500		519
		4.13%, 02/15/21	1,000		1,007
		6.75%, 06/15/39	700		746
		4.50%, 09/15/42	300		246
	Time Warner Entertainment Co. LP
		8.38%, 07/15/33	100		124
	Wynn Macau Ltd.
		5.50%, 10/01/27 (b)	3,200		3,057
	Other Securities				14,337
				26,218
Consumer Staples 2.7%
	Anheuser-Busch InBev Worldwide Inc.
		3.05%, (3M US LIBOR + 0.74%), 01/12/24 (a)	2,500		2,523
	BAT Capital Corp.
		3.56%, 08/15/27 (b)	2,400		2,231
	Other Securities				7,304
				12,058
Energy 8.6%
	Cheniere Corpus Christi Holdings LLC
		7.00%, 06/30/24	650		709
	CNOOC Curtis Funding No. 1 Pty Ltd.
		4.50%, 10/03/23	1,100		1,132
	Enbridge Inc.
		2.74%, (3M US LIBOR + 0.40%), 01/10/20 (a)	1,500		1,499
		3.70%, 07/15/27	900		853
	Energy Transfer Partners LP
		4.65%, 06/01/21	800		818
		4.20%, 04/15/27	100		95
		4.90%, 03/15/35	554		501
		7.50%, 07/01/38	200		230
		6.05%, 06/01/41	1,300		1,291
		6.50%, 02/01/42	100		104
	Petroleos Mexicanos
		6.50%, 03/13/27	3,000		3,076
	Regency Energy Partners LP
		5.75%, 09/01/20	200		208
		5.88%, 03/01/22	1,000		1,056
		5.00%, 10/01/22	300		309
			Shares/Par¹		Value ($)
	Sabine Pass Liquefaction LLC
		5.63%, 02/01/21 (c)	100		105
		6.25%, 03/15/22	300		322
		5.63%, 04/15/23	800		848
		5.75%, 05/15/24	1,510		1,612
		5.88%, 06/30/26	700		751
	Sinopec Group Overseas Development 2016 Ltd.
		1.75%, 09/29/19 (b)	500		491
	Sinopec Group Overseas Development 2017 Ltd.
		3.25%, 09/13/27	1,700		1,573
	Other Securities				21,049
				38,632
Financials 42.3%
	AerCap Ireland Capital Ltd.
		3.75%, 05/15/19	300		302
		4.25%, 07/01/20	500		505
		4.50%, 05/15/21	600		612
		3.95%, 02/01/22	400		397
		3.50%, 01/15/25	1,900		1,782
	Bank of America Corp.
		5.88%, (callable at 100 beginning 03/15/28) (d)	900		882
		2.65%, 04/01/19	100		100
		2.25%, 04/21/20	300		296
		2.15%, 11/09/20	3,900		3,808
		4.10%, 07/24/23	1,475		1,497
		3.50%, 04/19/26	1,300		1,257
		3.82%, 01/20/28 (a) (e)	5,000		4,882
		3.42%, 12/20/28	631		594
		3.97%, 03/05/29	500		492
	Bank of New York Mellon Corp.
		2.30%, 09/11/19	400		398
		3.00%, 02/24/25	500		480
		2.80%, 05/04/26	1,800		1,698
	Barclays Bank Plc
		6.50%, (callable at 100 beginning 09/15/19), EUR (d)	200		240
		7.63%, 11/21/22 (e)	2,400		2,583
	Barclays Plc
		3.96%, (3M US LIBOR + 1.63%), 01/10/23 (a) (e)	900		914
		3.71%, (3M US LIBOR + 1.38%), 05/16/24 (a)	2,200		2,172
	BAT International Finance Plc
		2.75%, 06/15/20 (b)	200		198
	BOC Aviation Pte Ltd.
		2.75%, 09/18/22 (b)	400		380
		3.50%, 09/18/27 (b)	500		458
	BPCE SA
		3.55%, (3M US LIBOR + 1.22%), 05/22/22 (a) (b)	500		507
		2.75%, 01/11/23 (b)	2,500		2,388
	Citigroup Inc.
		3.55%, (3M US LIBOR + 1.19%), 08/02/21 (a)	1,000		1,017
		3.42%, (3M US LIBOR + 1.10%), 05/17/24 (a)	200		201
		3.35%, (3M US LIBOR + 1.02%), 06/01/24 (a)	600		601
		3.20%, 10/21/26	600		558
		4.08%, 04/23/29	1,200		1,178
	CNOOC Finance 2013 Ltd.
		3.00%, 05/09/23	600		578
	Cooperatieve Rabobank U.A.
		6.63%, (callable at 100 beginning 06/29/21), EUR (d)	1,400		1,835
		3.75%, 07/21/26	1,000		935
	Credit Suisse AG
		3.00%, 10/29/21	300		296
		6.50%, 08/08/23	300		319
		6.50%, 08/08/23 (b)	200		212
	Credit Suisse Group AG
		3.57%, 01/09/23 (b)	250		245
		3.87%, 01/12/29 (b)	700		658
	Credit Suisse Group Funding Guernsey Ltd.
		3.80%, 09/15/22	900		895
		3.75%, 03/26/25	800		767
		4.55%, 04/17/26	700		700
	Deutsche Bank AG
		3.31%, (3M US LIBOR + 0.97%), 07/13/20 (a)	1,100		1,090
		3.15%, 01/22/21	500		483
		4.25%, 10/14/21	2,200		2,167

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
		3.30%, 11/16/22	300		281
		3.52%, (3M US LIBOR + 1.19%), 11/16/22 (a) (e)	500		486
	Diamond 1 Finance Corp.
		4.42%, 06/15/21 (b)	2,300		2,331
		5.45%, 06/15/23 (b)	2,125		2,224
	Ford Motor Credit Co. LLC
		3.18%, (3M US LIBOR + 0.83%), 08/12/19 (a)	400		401
		2.68%, 01/09/20	300		297
		8.13%, 01/15/20	150		161
		5.88%, 08/02/21	300		318
		3.43%, (3M US LIBOR + 1.08%), 08/03/22 (a)	1,400		1,407
	GE Capital International Funding Co.
		4.42%, 11/15/35	1,900		1,837
	Goldman Sachs Group Inc.
		6.00%, 06/15/20	200		210
		5.25%, 07/27/21	500		525
		3.51%, (3M US LIBOR + 1.17%), 11/15/21 (a)	600		610
		5.75%, 01/24/22	100		107
		3.08%, (3M US LIBOR + 0.75%), 02/23/23 (a)	600		597
		3.50%, 01/23/25	700		676
		3.75%, 02/25/26	1,000		968
		4.22%, 05/01/29	2,400		2,358
	HSBC Bank Plc
		4.13%, 08/12/20 (b)	400		407
	HSBC Bank USA NA
		4.88%, 08/24/20	110		113
	HSBC Holdings Plc
		6.00%, (callable at 100 beginning 09/29/23), EUR (d)	1,100		1,437
		6.25%, (callable at 100 beginning 03/23/23) (d) (f)	1,200		1,177
		3.60%, 05/25/23	800		790
		4.30%, 03/08/26	725		727
		3.90%, 05/25/26	600		585
	HSBC USA Inc.
		2.35%, 03/05/20	200		198
	Jefferies Finance LLC
		7.38%, 04/01/20 (b)	1,600		1,622
		7.50%, 04/15/21 (b)	600		608
		6.88%, 04/15/22 (b)	300		299
		7.25%, 08/15/24 (b)	400		394
	JPMorgan Chase & Co.
		5.83%, (callable at 100 beginning 10/30/18) (d) (e)	1,100		1,109
		6.30%, 04/23/19	300		309
		3.26%, (3M US LIBOR + 0.90%), 04/25/23 (a)	100		101
		3.90%, 07/15/25	200		199
		3.30%, 04/01/26	1,700		1,623
		3.78%, 02/01/28 (a)	7,000		6,826
	JPMorgan Chase Bank NA
		3.22%, 03/01/25	2,500		2,411
	Mitsubishi UFJ Financial Group Inc.
		4.18%, (3M US LIBOR + 1.88%), 03/01/21 (a)	412		426
		3.39%, (3M US LIBOR + 1.06%), 09/13/21 (a)	600		608
	Mitsubishi UFJ Trust & Banking Corp.
		2.45%, 10/16/19 (b)	3,600		3,566
	Morgan Stanley
		7.30%, 05/13/19	290		301
		5.75%, 01/25/21	100		106
		2.75%, 05/19/22	1,100		1,065
		3.13%, 01/23/23	3,400		3,314
		4.00%, 07/23/25	1,000		996
		3.88%, 01/27/26	300		295
		3.63%, 01/20/27	3,700		3,558
	MUFG Americas Holdings Corp.
		3.00%, 02/10/25	1,000		953
	Nationwide Building Society
		10.25%, GBP (d)	535		1,071
		2.35%, 01/21/20 (g) (h)	2,150		2,120
	Petrobras Global Finance BV
		7.38%, 01/17/27	300		300
		6.00%, 01/27/28 (b)	2,593		2,350
		5.75%, 02/01/29	200		175
	Rabobank Nederland NV
		6.88%, 03/19/20, EUR	400		517
			Shares/Par¹		Value ($)
	Santander Holdings USA Inc.
		2.70%, 05/24/19	217		216
		3.70%, 03/28/22	1,200		1,182
		3.40%, 01/18/23	1,100		1,063
		4.40%, 07/13/27	100		95
	Santander UK Group Holdings Plc
		7.38%, (callable at 100 beginning 06/24/22), GBP (d)	295		405
		4.75%, 09/15/25 (b)	600		585
	Santander UK Plc
		2.13%, 11/03/20	1,500		1,455
		3.40%, 06/01/21 (f)	500		498
		5.00%, 11/07/23 (b)	300		305
	SMBC Aviation Capital Finance DAC
		2.65%, 07/15/21 (b)	600		580
		3.00%, 07/15/22 (b)	800		772
	Sumitomo Mitsui Financial Group Inc.
		4.01%, (3M US LIBOR + 1.68%), 03/09/21 (a)	1,200		1,237
		3.50%, (3M US LIBOR + 1.14%), 10/19/21 (a)	1,300		1,320
		3.12%, (3M US LIBOR + 0.78%), 07/12/22 (a)	500		502
	Synchrony Financial
		2.70%, 02/03/20	100		99
		3.58%, (3M US LIBOR + 1.23%), 02/03/20 (a)	200		202
	UBS AG
		2.38%, 08/14/19	300		298
		2.90%, (3M US LIBOR + 0.58%), 06/08/20 (a) (b)	2,100		2,106
		2.45%, 12/01/20 (b)	200		196
		2.78%, (3M US LIBOR + 0.48%), 12/01/20 (a) (b)	200		200
		7.63%, 08/17/22	2,403		2,641
	UBS Group AG
		4.13%, 09/24/25 (b)	250		248
	Wells Fargo & Co.
		2.10%, 07/26/21	400		385
		2.63%, 07/22/22	300		289
		3.47%, (3M US LIBOR + 1.11%), 01/24/23 (a) (e)	1,500		1,525
		3.59%, (3M US LIBOR + 1.23%), 10/31/23 (a)	1,400		1,426
		3.30%, 09/09/24	950		918
		3.58%, 05/22/28 (a)	4,800		4,601
	Weyerhaeuser Co.
		7.38%, 10/01/19	300		315
		7.38%, 03/15/32	1,000		1,270
	Other Securities				58,656
				188,597
Health Care 4.7%
	Actavis Funding SCS
		3.45%, 03/15/22	975		959
		3.80%, 03/15/25	1,400		1,359
	Amgen Inc.
		2.60%, 08/19/26	700		631
		3.20%, 11/02/27	1,900		1,777
	CVS Health Corp.
		2.13%, 06/01/21	400		384
		4.30%, 03/25/28	1,100		1,082
	Teva Pharmaceutical Finance Co. BV
		2.95%, 12/18/22	400		364
	Teva Pharmaceutical Finance Netherlands II BV
		0.38%, 07/25/20, EUR	200		227
	Teva Pharmaceutical Finance Netherlands III BV
		2.20%, 07/21/21	400		371
		2.80%, 07/21/23	1,600		1,381
		6.00%, 04/15/24	300		299
		3.15%, 10/01/26	450		361
	Other Securities				11,660
				20,855
Industrials 4.2%
	General Electric Co.
		5.00%, (callable at 100 beginning 01/21/21) (d)	2,300		2,272
	International Lease Finance Corp.
		7.13%, 09/01/18 (b)	190		191
		8.25%, 12/15/20	600		661
		8.63%, 01/15/22	200		229
	Other Securities				15,419
				18,772

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
Information Technology 3.6%
	Broadcom Corp.
		3.00%, 01/15/22	1,600		1,556
		3.63%, 01/15/24	1,500		1,451
	Other Securities				12,912
				15,919
Materials 1.3%
	China Uranium Development Co. Ltd.
		3.50%, 10/08/18	200		200
	Syngenta Finance NV
		3.93%, 04/23/21 (b)	500		500
	Other Securities				5,154
				5,854
Real Estate 4.9%
	Kimco Realty Corp.
		3.30%, 02/01/25	3,000		2,844
		2.80%, 10/01/26	700		621
	Weyerhaeuser Co.
		4.63%, 09/15/23	500		521
		8.50%, 01/15/25	500		615
	Other Securities				17,239
				21,840
Telecommunication Services 3.2%
	AT&T Inc.
		2.97%, (3M US LIBOR + 0.75%), 06/01/21 (a)	2,100		2,107
		3.30%, (3M US LIBOR + 0.95%), 07/15/21 (a)	900		908
		3.95%, 01/15/25	100		98
		4.10%, 02/15/28 (b)	320		306
		4.35%, 06/15/45	100		85
		4.50%, 03/09/48	200		172
	Sprint Corp.
		7.25%, 09/15/21	1,300		1,350
	Sprint Spectrum Co. LLC
		3.36%, 09/20/21 (b)	1,219		1,205
	Verizon Communications Inc.
		3.44%, (3M US LIBOR + 1.10%), 05/15/25 (a)	2,200		2,200
		4.13%, 03/16/27	300		296
		4.33%, 09/21/28 (b)	300		298
		4.27%, 01/15/36	800		738
		5.25%, 03/16/37	100		103
		5.01%, 08/21/54	279		262
		4.67%, 03/15/55	1,679		1,480
	Other Securities				2,574
				14,182
Utilities 2.8%
	Other Securities				12,333
	Total Corporate Bonds And Notes (cost $385,267)			375,260
SENIOR LOAN INTERESTS 3.7%
Consumer Discretionary 1.7%
	Charter Communications Operating LLC
		Term Loan B, 4.10%, (3M LIBOR + 2.00%), 04/30/25 (a)	587		586
	Las Vegas Sands LLC
		Term Loan B, 3.84%, (3M LIBOR + 1.75%), 03/27/25 (a)	5,129		5,089
	Other Securities				1,842
				7,517
Energy 0.1%
	Other Securities				508
Financials 0.9%
	Other Securities				3,876
Health Care 0.2%
	Other Securities				682
Industrials 0.3%
	Other Securities				1,283
Information Technology 0.4%
	Other Securities				1,924
Materials 0.1%
	Other Securities				491
			Shares/Par¹		Value ($)
Utilities 0.0%
	Other Securities				98
	Total Senior Loan Interests (cost $16,440)			16,379
GOVERNMENT AND AGENCY OBLIGATIONS 21.0%
Mortgage-Backed Securities 6.3%
	Federal National Mortgage Association
		3.00%, 07/01/43	600		585
		3.00%, 08/01/43	15		14
		TBA, 3.00%, 08/15/46 (i)	2,400		2,322
		TBA, 3.50%, 07/15/48 (i)	5,300		5,274
		TBA, 3.50%, 08/15/48 (i)	20,000		19,877
				28,072
Municipal 0.0%
	Other Securities				168
Sovereign 2.2%
	Argentina Bonar Bond
		33.81%, (Argentina Deposit Rates Badlar + 2.00%), 04/03/22, ARS (a)	29,080		915
	Argentina POM Politica Monetaria
		40.00%, (Argentina Central Bank 7 Day Repurchase Rate), 06/21/20, ARS (a)	7,800		280
	Argentina Republic Government International Bond
		6.88%, 01/26/27	1,500		1,346
		5.25%, 01/15/28, EUR	400		398
		2.50%, 12/31/38 (c)	500		286
		6.25%, 11/09/47, EUR	400		365
	Saudi Arabia Government International Bond
		4.00%, 04/17/25 (b)	900		894
		3.25%, 10/26/26	1,500		1,404
		3.63%, 03/04/28 (b)	1,000		950
	Other Securities				2,988
				9,826
Treasury Inflation Indexed Securities 0.9%
	U.S. Treasury Inflation Indexed Note
		0.38%, 01/15/27 (j) (k)	3,423		3,325
	Other Securities				691
				4,016
U.S. Treasury Securities 11.6%
	U.S. Treasury Bond
		3.50%, 02/15/39	914		994
		Principal Only, 0.00%, 08/15/44 (l)	1,325		606
		Principal Only, 0.00%, 05/15/45 (l)	2,525		1,130
		2.50%, 02/15/46 (i)	8,175		7,421
		2.50%, 05/15/46	6,857		6,222
		2.25%, 08/15/46	3,385		2,911
		2.88%, 11/15/46 (j)	182		178
		2.75%, 11/15/47 (i)	4,908		4,678
		3.00%, 02/15/48	8,823		8,842
	U.S. Treasury Note
		1.88%, 07/31/22 (j)	1,431		1,385
		2.13%, 12/31/22 (i)	5,200		5,068
		1.75%, 01/31/23 (j)	2,116		2,027
		2.13%, 05/15/25 (j)	2,940		2,813
		2.38%, 05/15/27	1,218		1,173
		2.88%, 05/15/28	6,319		6,329
				51,777
	Total Government And Agency Obligations (cost $95,553)			93,859
TRUST PREFERREDS 0.0%
Utilities 0.0%
	Other Securities				11
	Total Trust Preferreds (cost $10)			11
PREFERRED STOCKS 0.1%
Financials 0.1%
	Other Securities				318
Real Estate 0.0%
	Other Securities				43
	Total Preferred Stocks (cost $338)			361

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
SHORT TERM INVESTMENTS 2.8%
Securities Lending Collateral 2.8%
	Securities Lending Cash Collateral Fund LLC, 1.99% (m) (n)		12,374		12,374
Treasury Securities 0.0%
	Argentina Treasury Bill
		-0.50%, 09/14/18, ARS (o)	8,000		285
	Total Short Term Investments (cost $12,770)			12,659
Total Investments 114.4% (cost $522,149)				510,128
Total Purchased Options 0.0% (cost $426)				109
Other Derivative Instruments (0.2)%				(956)
Other Assets and Liabilities, Net (14.2)%				(63,502)
Total Net Assets 100.0%					445,779

(b) The Sub-Adviser has deemed this security which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Jackson Variable Series Trust's Board of Trustees. As of June 30, 2018, the value and the percentage of net assets of these liquid securities was $92,830 and 20.8%, respectively.

(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 June 30, 2018.

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

(e) All or portion of the security was on loan.

(f) Convertible security.

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

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

(i) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2018, the total payable for investments purchased on a delayed delivery basis was $43,899.

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

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

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

(m) Investment in affiliate.

(n) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.

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


Summary of Investments by Country^	Total Long Term Investments
Argentina	0.8	%
Australia	0.8
Belgium	0.5
Bermuda	0.2
Brazil	1.6
Canada	1.8
Cayman Islands	0.1
China	1.7
Denmark	0.1
France	1.1
Germany	1.4
Hong Kong	—
India	0.3
Indonesia	0.1
Ireland	1.7
Israel	0.5
Italy	0.7
Japan	2.1
Kuwait	0.3
Luxembourg	0.1
Macau	0.6
Mexico	1.0
Netherlands	1.6
Norway	0.2
Panama	0.1
Qatar	0.3
Russian Federation	0.1
Saudi Arabia	0.7
Singapore	0.3
Slovenia	—
South Africa	—
Spain	0.4
Sweden	0.1
Switzerland	2.1
United Arab Emirates	0.1
United Kingdom	5.5
United States of America	71.0
	100.0	%
^A country table is presented as a percentage of the Fund’s total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund’s Adviser.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Air Canada Pass-Through Trust, Series 2017-A-1, 3.55%, 01/15/30	12/08/17	1,700	1,621	0.4
	BP AMI Leasing Inc., 5.52%, 05/08/19	09/25/12	128	128	—
	CoBank ACB, 6.20%, callable at 100 beginning 01/01/25	11/20/14	301	318	0.1
	Community Health Systems Inc., 8.63%, 01/15/24	06/29/18	597	602	0.1
	Crown Castle Towers LLC, 4.24%, 07/15/28	06/27/18	100	101	—
	Duke Energy Corp., 2.83%, 05/14/21	05/14/18	300	300	0.1
	FMR LLC, 4.95%, 02/01/33	02/09/15	782	756	0.2
	GTP Acquisition Partners I LLC, Series 2015-A-2, 3.48%, 06/16/25	05/21/15	300	293	0.1
	HKCG Finance Ltd., 6.25%, 08/07/18	02/05/18	201	201	—
	Microchip Technology Inc., 3.92%, 06/01/21	05/24/18	1,100	1,103	0.3
	Nationwide Building Society, 2.35%, 01/21/20	03/27/18	2,127	2,120	0.5
	Petrofac Ltd., 3.40%, 10/10/18	10/04/13	200	198	—
	Sanchez Energy Corp., 7.25%, 02/15/23	03/01/18	101	99	—
	Transocean Guardian Ltd., 5.88%, 01/15/24	06/28/18	99	100	—
	Wand Merger Corp., 8.13%, 07/15/23	06/29/18	300	304	0.1
	WestJet Airlines Ltd., 3.50%, 06/16/21	06/14/16	200	198	—
	Yara International ASA, 4.75%, 06/01/28	05/25/18	299	300	0.1
			8,835	8,742	2.0


Futures Contracts
Reference Entity	Contracts Long (Short)¹	Expiration	Notional ¹		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Euro-Bund	(11)	September 2018	EUR	(1,781)		(1)		(9)
U.S. Treasury Note, 10-Year	149	September 2018		17,993		—		(85)
U.S. Treasury Note, 5-Year	336	September 2018		38,113		(8)		63
						(9)		(31)


Centrally Cleared Interest Rate Swap Agreements
Floating Rate Index²	Paying / Receiving Floating Rate	Fixed Rate (%)	Expiration	Notional¹		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
3M LIBOR (Q)	Receiving	2.50	06/20/48		4,850		7		72
3M South African Johannesburg Interbank Rate (Q)	Paying	7.25	09/19/23	ZAR	40,700		6		(75)
3M South African Johannesburg Interbank Rate (Q)	Paying	7.75	09/19/28	ZAR	40,400		12		(132)
6M British Bankers' Association Yen LIBOR (S)	Receiving	1.00	09/20/24	JPY	127,500		—		(47)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.30	03/20/28	JPY	146,700		—		(1)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.45	03/20/29	JPY	570,000		(6)		(49)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.42	03/25/29	JPY	60,000		—		(4)
6M British Bankers' Association Yen LIBOR (S)	Receiving	1.25	06/17/35	JPY	20,000		—		(4)
6M British Bankers' Association Yen LIBOR (S)	Receiving	1.50	12/21/45	JPY	50,000		1		58
6M Budapest Interbank Offered Rate (A)	Paying	1.00	09/19/23	HUF	297,000		(6)		(50)
6M Budapest Interbank Offered Rate (A)	Paying	1.25	09/19/23	HUF	906,900		(18)		(152)
6M EURIBOR (S)	Receiving	1.25	09/19/28	EUR	3,500		(3)		(87)
6M EURIBOR (S)	Receiving	1.25	12/19/28	EUR	2,600		(2)		(38)
6M EURIBOR (S)	Receiving	1.50	09/19/48	EUR	500		(1)		(12)
6M GBP LIBOR (S)	Receiving	1.50	09/19/28	GBP	7,900		13		(134)
6M GBP LIBOR (S)	Receiving	1.75	09/19/48	GBP	1,700		5		21
6M GBP LIBOR (S)	Paying	1.50	09/19/23	GBP	300		—		3
Brazil Interbank Deposit Rate (A)	Paying	7.50	01/02/20	BRL	120,000		14		(247)
Mexican Interbank Rate (M)	Paying	5.61	07/07/21	MXN	14,100		—		(43)
Mexican Interbank Rate (M)	Paying	5.84	09/14/21	MXN	1,600		—		(4)
Mexican Interbank Rate (M)	Paying	5.81	09/29/21	MXN	1,300		—		(7)
Mexican Interbank Rate (M)	Paying	5.75	09/30/21	MXN	1,600		—		(8)
Mexican Interbank Rate (M)	Paying	5.63	10/11/21	MXN	12,900		—		(39)
Mexican Interbank Rate (M)	Paying	7.68	12/29/22	MXN	58,600		(3)		(21)
Mexican Interbank Rate (M)	Paying	7.61	01/23/23	MXN	89,000		(5)		14
Mexican Interbank Rate (M)	Paying	7.62	02/27/23	MXN	67,600		(4)		(34)
							10		(1,020)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Centrally Cleared Credit Default Swap Agreements
Reference Entity²	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional^1,7		Value⁶ ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection³
Darden Restaurants Inc., 6.80%, 10/15/37 (Q)	1.00	06/20/20		200		(3)		—		—
						(3)		—		—
Credit default swap agreements - sell protection⁴
Anadarko Petroleum Corp., 6.95%, 06/15/19 (Q)	1.00	06/20/21		(100)		2		—		5
Anadarko Petroleum Corp., 6.95%, 06/15/19 (Q)	1.00	12/20/21		(400)		8		—		27
Anadarko Petroleum Corp., 6.95%, 06/15/19 (Q)	1.00	06/20/22		(700)		12		—		25
Berkshire Hathaway Inc., 1.55%, 02/09/18 (Q)	1.00	06/20/21		(500)		10		—		4
Berkshire Hathaway Inc., 1.55%, 02/09/18 (Q)	1.00	12/20/22		(900)		18		—		1
Berkshire Hathaway Inc., 1.90%, 01/31/17 (Q)	1.00	12/20/20		(200)		4		—		7
Berkshire Hathaway Inc., 2.75%, 03/15/23 (Q)	1.00	12/20/22		(5,600)		111		1		(14)
British Telecommunications Plc, 5.75%, 12/07/28 (Q)	1.00	06/20/23		(900)		5		1		(1)
Canadian Natural Resources Ltd., 3.45%, 11/15/21 (Q)	1.00	06/20/22		(200)		4		—		7
Carrefour SA, 1.75%, 05/22/19 (Q)	1.00	06/20/23		(100)		—		—		—
CDX.NA.IG.27 (Q)	1.00	12/20/21		(800)		14		—		2
D.R. Horton Inc., 3.63%, 02/15/18 (Q)	1.00	03/20/21		(100)		2		—		2
Daimler AG, 0.63%, 03/05/20 (Q)	1.00	12/20/20		(400)		6		—		—
Deutsche Bank AG, 5.13%, 08/31/17 (Q)	1.00	06/20/19		(300)		(1)		—		—
Enbridge Inc., 3.50%, 06/10/24 (Q)	1.00	12/20/21		(100)		1		—		6
Enbridge Inc., 3.50%, 06/10/24 (Q)	1.00	06/20/22		(50)		1		—		1
Ford Motor Co., 6.50%, 08/01/18 (Q)	5.00	12/20/21		(1,100)		155		—		(11)
Ford Motor Credit Co. LLC, 5.00%, 05/15/18 (Q)	5.00	06/20/21		(400)		52		—		(11)
Ford Motor Credit Co. LLC, 5.00%, 05/15/18 (Q)	5.00	12/20/22		(800)		134		—		(14)
Goldman Sachs Group Inc., 5.95%, 01/18/18 (Q)	1.00	12/20/20		(800)		12		—		—
Goldman Sachs Group Inc., 5.95%, 01/18/18 (Q)	1.00	06/20/21		(1,700)		28		—		3
Goldman Sachs Group Inc., 5.95%, 01/18/18 (Q)	1.00	12/20/21		(1,400)		24		—		7
Hess Corp., 8.13%, 02/15/19 (Q)	1.00	06/20/21		(300)		5		—		22
Host Hotels & Resorts LP, 4.75%, 03/01/23 (Q)	1.00	12/20/20		(300)		6		—		3
iTraxx Europe Senior Series 26 (Q)	1.00	12/20/21		(1,400)		23		3		20
MetLife Inc., 4.75%, 02/08/21 (Q)	1.00	06/20/21		(1,000)		20		—		26
MetLife Inc., 4.75%, 02/08/21 (Q)	1.00	06/20/22		(800)		16		—		6
MetLife Inc., 4.75%, 02/08/21 (Q)	1.00	12/20/22		(1,100)		20		—		(2)
Morgan Stanley, 3.75%, 02/25/23 (Q)	1.00	12/20/20		(300)		5		—		—
Prudential Financial Inc., 6.10%, 06/15/17 (Q)	1.00	06/20/21		(100)		2		—		1
Ryder System Inc., 2.55%, 06/01/19 (Q)	1.00	06/20/22		(500)		8		—		(2)
Sherwin-Williams Co., 7.38%, 02/01/27 (Q)	1.00	12/20/22		(1,000)		11		—		(4)
Simon Property Group Inc., 4.38%, 03/01/21 (Q)	1.00	06/20/22		(1,300)		25		—		21
Sprint Communications, 7.00%, 08/15/20 (Q)	5.00	09/20/20		(100)		8		—		4
Telefonica Emisiones SAU, 2.74%, 05/29/19 (Q)	1.00	06/20/22		(100)		1		—		1
Tenet Healthcare Corp., 6.88%, 11/15/31 (Q)	5.00	03/20/19		(100)		3		—		(2)
Viacom Inc., 6.88%, 04/30/36 (Q)	1.00	06/20/21		(300)		4		—		—
Vodafone Group Plc, 1.00%, 09/11/20 (Q)	1.00	06/20/23		(400)		4		—		—
						763		5		140

OTC Purchased Options

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/

Swaption Rate (%)

Expiration

Notional/

Contracts ¹

Value ($)

Interest Rate Swaptions¹¹

3M LIBOR, 01/31/21

BOA

Call

2.45

01/29/19

8,000,000

3M LIBOR, 11/29/20

CGM

Call

2.00

11/27/18

29,100,000

3M LIBOR, 02/21/49

DUB

Put

3.23

02/19/19

900,000

3M LIBOR, 09/20/49

DUB

Put

3.26

09/18/19

900,000

3M LIBOR, 08/15/48

DUB

Put

2.93

08/13/18

300,000

3M LIBOR, 03/20/49

GSC

Put

3.20

03/18/19

900,000

3M LIBOR, 03/12/49

GSC

Put

3.10

03/08/19

700,000

3M LIBOR, 12/18/49

GSC

Put

3.63

12/16/19

600,000

3M LIBOR, 09/18/48

MSC

Put

3.18

09/17/18

1,150,000

109

Exchange Traded Written Options

Reference Entity

Put/Call

Exercise Price ($)/ Swaption Rate (%)

Expiration

Notional/

Contracts ¹

Value ($)

Exchange Traded Future Options

10-Year U.S. Treasury Note Future

Call

120.50

07/27/18

(8)

10-Year U.S. Treasury Note Future

Put

117.50

07/27/18

—

(8)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018

OTC Written Options

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/ Swaption Rate(%)

Expiration

Notional/

Contracts ¹

Value ($)

Interest Rate Swaptions¹¹

3M LIBOR, 01/31/29

BOA

Call

2.55

01/29/19

1,600,000

(8)

3M LIBOR, 11/29/28

CGM

Call

2.20

11/27/18

2,000,000

(2)

3M LIBOR, 11/29/28

CGM

Call

2.18

11/27/18

2,000,000

(2)

3M LIBOR, 11/29/28

CGM

Call

2.21

11/27/18

2,000,000

(2)

3M LIBOR, 08/15/23

DUB

Put

2.90

08/13/18

1,300,000

(4)

3M LIBOR, 02/21/24

DUB

Put

3.00

02/19/19

4,600,000

(37)

3M LIBOR, 09/20/24

DUB

Put

2.94

09/18/19

3,900,000

(54)

3M LIBOR, 03/12/24

GSC

Put

2.97

03/08/19

3,000,000

(27)

3M LIBOR, 03/20/24

GSC

Put

3.05

03/18/19

4,500,000

(35)

3M LIBOR, 12/18/24

GSC

Put

3.75

12/16/19

2,800,000

(11)

3M LIBOR, 09/19/23

MSC

Put

3.00

09/17/18

5,050,000

(16)

(198)

Forward Foreign Currency Contracts


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
ARS/USD	DUB	07/03/18	ARS	18,660		645		(45)
ARS/USD	BNP	07/12/18	ARS	18,660		639		(35)
ARS/USD	BCL	09/26/18	ARS	8,971		284		(39)
ARS/USD	JPM	09/26/18	ARS	10,400		330		(160)
BRL/USD	DUB	07/03/18	BRL	3,820		986		(40)
BRL/USD	BOA	08/02/18	BRL	119		31		(1)
COP/USD	JPM	07/17/18	COP	3,432,555		1,170		(28)
EGP/USD	BOA	01/28/19	EGP	14,310		751		(13)
EGP/USD	SCB	01/28/19	EGP	8,971		471		(9)
EUR/USD	BNP	07/03/18	EUR	12,098		14,117		41
GBP/USD	UBS	07/03/18	GBP	3,433		4,527		(12)
INR/USD	BNP	09/19/18	INR	82,841		1,198		(13)
MXN/USD	CIT	08/27/18	MXN	79,001		3,939		(175)
MXN/USD	GSC	08/27/18	MXN	2,138		107		1
NZD/USD	ANZ	08/15/18	NZD	1,760		1,191		(22)
PLN/USD	BOA	07/06/18	PLN	1,403		374		(34)
PLN/USD	JPM	07/06/18	PLN	1,428		381		(37)
RUB/USD	CIT	07/10/18	RUB	112,692		1,793		11
RUB/USD	BCL	08/24/18	RUB	112,692		1,784		—
RUB/USD	SCB	08/24/18	RUB	112,017		1,773		(15)
USD/ARS	BNP	07/03/18	ARS	(18,660)		(645)		35
USD/ARS	BNP	07/16/18	ARS	(33,571)		(1,144)		111
USD/ARS	JPM	09/26/18	ARS	(4,698)		(149)		11
USD/BRL	BNP	07/03/18	BRL	(3,701)		(956)		23
USD/BRL	BOA	07/03/18	BRL	(119)		(31)		1
USD/COP	GSC	07/17/18	COP	(3,430,773)		(1,170)		57
USD/EUR	BNP	07/03/18	EUR	(12,098)		(14,117)		(85)
USD/EUR	BNP	08/02/18	EUR	(12,098)		(14,148)		(41)
USD/GBP	GSC	07/03/18	GBP	(3,433)		(4,527)		51
USD/GBP	UBS	08/02/18	GBP	(3,433)		(4,534)		12
USD/HUF	BOA	08/08/18	HUF	(34,710)		(123)		7
USD/INR	GSC	09/19/18	INR	(82,558)		(1,194)		(6)
USD/JPY	GSC	07/03/18	JPY	(12,300)		(111)		1
USD/MXN	BOA	08/27/18	MXN	(7,134)		(356)		(2)
USD/MXN	CIT	08/27/18	MXN	(7,222)		(360)		6
USD/NZD	GSC	08/15/18	NZD	(1,767)		(1,196)		32
USD/PLN	MSC	07/06/18	PLN	(2,646)		(706)		73
USD/RUB	BCL	07/10/18	RUB	(112,692)		(1,793)		(1)
USD/RUB	GSC	08/24/18	RUB	(81,634)		(1,292)		(24)
USD/SGD	BOA	09/19/18	SGD	(2,895)		(2,128)		52
USD/ZAR	GSC	08/08/18	ZAR	(2,804)		(203)		(1)
USD/ZAR	GSC	08/08/18	ZAR	(1,726)		(125)		8
USD/ZAR	JPM	08/08/18	ZAR	(10,013)		(725)		54
USD/ZAR	SCB	08/08/18	ZAR	(1,593)		(115)		5
ZAR/USD	BNP	08/08/18	ZAR	13,498		978		(83)
ZAR/USD	UBS	08/08/18	ZAR	1,346		98		(2)
						(14,281)		(331)

OTC Interest Rate Swap Agreements

Floating Rate Index²

Paying/

Receiving

Floating Rate

Counterparty

Fixed

Rate (%)

Expiration

Notional ¹

Premiums Paid

(Received) ($)

Unrealized

Appreciation

(Depreciation) ($)

Chilean Interbank Rate (S)

Paying

GSC

3.27

11/14/21

CLP

3,433,600

—

(52)

Chilean Interbank Rate (S)

Paying

GSC

3.52

11/16/22

CLP

571,000

—

(8)

—

(60)


OTC Credit Default Swap Agreements
Reference Entity²	Counter-party	Implied Credit Spread ⁵ (%)	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional ^1,7 ($)		Value⁶ ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - sell protection⁴
BHP Billiton Finance USA Ltd., 6.50%, 04/01/19 (Q)	BNP	0.31	1.00	06/20/21		(200)		4		(6)		10
CDX.NA.HY.25 (Q)	BOA	N/A	5.00	12/20/20		(100)		12		1		11
CDX.NA.HY.27 (Q)	BOA	N/A	5.00	12/20/21		(300)		43		46		(3)
CDX.NA.HY.27 (Q)	CGM	N/A	5.00	12/20/21		(600)		85		52		33
CDX.NA.HY.27 (Q)	JPM	N/A	5.00	12/20/21		(200)		28		17		11
CDX.NA.HY.29 (Q)	JPM	N/A	5.00	12/20/22		(200)		28		32		(4)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


OTC Credit Default Swap Agreements (continued)
Reference Entity²	Counter-party	Implied Credit Spread ⁵ (%)	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional ^1,7 ($)		Value⁶ ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
CMBX.NA.AAA.10 (M)	GSC	N/A	0.50	11/17/59		(100)		—		(3)		3
CMBX.NA.AAA.10 (M)	MSC	N/A	0.50	11/17/59		(100)		—		(3)		3
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)		1		(15)		16
CMBX.NA.AAA.9 (M)	GSC	N/A	0.50	09/17/58		(4,000)		(1)		(161)		160
CMBX.NA.AAA.9 (M)	MSC	N/A	0.50	09/17/58		(500)		—		(19)		19
CMBX.NA.BB.6 (M)	MSC	N/A	5.00	05/11/63		(1,100)		(210)		(155)		(55)
CMBX.NA.BBB-.6 (M)	GSC	N/A	3.00	05/11/63		(400)		(42)		(28)		(14)
CMBX.NA.BBB-.9 (M)	GSC	N/A	3.00	09/17/58		(400)		(41)		(74)		33
CMBX.NA.BBB-.9 (M)	MSC	N/A	3.00	09/17/58		(200)		(21)		(21)		—
Federative Republic of Brazil, 12.25%, 03/06/30 (Q)	MSC	0.97	1.00	12/20/18		(100)		—		(4)		4
Federative Republic of Brazil, 4.25%, 01/07/25 (Q)	CSI	1.69	1.00	09/20/20		(200)		(3)		(14)		11
Federative Republic of Brazil, 4.25%, 01/07/25 (Q)	DUB	2.30	1.00	06/20/22		(200)		(9)		(13)		4
Federative Republic of Brazil, 4.25%, 01/07/25 (Q)	GSC	2.69	1.00	06/20/23		(1,500)		(110)		(74)		(36)
Gazprom OAO, 2.85%, 10/25/19 (Q)	BOA	1.19	1.00	06/20/20		(100)		—		(16)		16
Gazprom OAO, 2.85%, 10/25/19 (Q)	JPM	1.19	1.00	06/20/20		(50)		—		(8)		8
Italy Government International Bond, 6.88%, 09/27/23 (Q)	BCL	0.91	1.00	06/20/20		(1,200)		2		(2)		4
Italy Government International Bond, 6.88%, 09/27/23 (Q)	BNP	0.76	1.00	06/20/19		(500)		2		4		(2)
Italy Government International Bond, 6.88%, 09/27/23 (Q)	BOA	0.62	1.00	03/20/19		(400)		1		(7)		8
Italy Government International Bond, 6.88%, 09/27/23 (Q)	BOA	0.91	1.00	06/20/20		(400)		1		(1)		2
Italy Government International Bond, 6.88%, 09/27/23 (Q)	DUB	0.76	1.00	06/20/19		(400)		1		3		(2)
Italy Government International Bond, 6.88%, 09/27/23 (Q)	DUB	0.76	1.00	06/20/19		(300)		—		(2)		2
Italy Government International Bond, 6.88%, 09/27/23 (Q)	GSC	0.91	1.00	06/20/20		(300)		—		(1)		1
Italy Government International Bond, 6.88%, 09/27/23 (Q)	MSC	0.76	1.00	06/20/19		(200)		—		1		(1)
MCDX.NA.24 (Q)	MSC	N/A	1.00	06/20/25		(150)		4		(5)		9
People's Republic of China, 7.50%, 10/28/27 (Q)	BCL	0.40	1.00	06/20/21		(900)		16		(10)		26
People's Republic of China, 7.50%, 10/28/27 (Q)	BNP	0.40	1.00	06/20/21		(600)		10		(7)		17
People's Republic of China, 7.50%, 10/28/27 (Q)	CGM	0.31	1.00	09/20/20		(100)		2		—		2
People's Republic of China, 7.50%, 10/28/27 (Q)	GSC	0.40	1.00	06/20/21		(100)		1		(1)		2
People's Republic of China, 7.50%, 10/28/27 (Q)	JPM	0.40	1.00	06/20/21		(100)		1		(1)		2
People's Republic of China, 7.50%, 10/28/27 (Q)	MSC	0.40	1.00	06/20/21		(300)		5		(2)		7
People's Republic of China, 7.50%, 10/28/27 (Q)	UBS	0.40	1.00	06/20/21		(200)		3		(2)		5
Petrobras International Finance Co., 8.38%, 12/10/18 (Q)	BNP	1.85	1.00	12/20/19		(400)		(5)		(45)		40
Petrobras International Finance Co., 8.38%, 12/10/18 (Q)	BNP	1.73	1.00	09/20/19		(400)		(3)		(21)		18
Petroleos Mexicanos, 6.63%, 06/15/35 (Q)	BCL	1.34	1.00	09/20/20		(900)		(6)		(46)		40
Petroleos Mexicanos, 6.63%, 06/15/35 (Q)	BCL	2.00	1.00	06/20/22		(400)		(15)		(17)		2
Petroleos Mexicanos, 6.63%, 06/15/35 (Q)	BNP	2.00	1.00	06/20/22		(1,700)		(62)		(103)		41
Petroleos Mexicanos, 6.63%, 06/15/35 (Q)	DUB	1.82	1.00	12/20/21		(200)		(5)		(18)		13
Petroleos Mexicanos, 6.63%, 06/15/35 (Q)	DUB	2.00	1.00	06/20/22		(700)		(25)		(28)		3
Petroleos Mexicanos, 6.63%, 06/15/35 (Q)	GSC	1.34	1.00	09/20/20		(250)		(2)		(13)		11
Republic of Colombia, 10.38%, 01/28/33 (Q)	DUB	0.75	1.00	06/20/21		(650)		4		(19)		23
Republic of Colombia, 10.38%, 01/28/33 (Q)	UBS	0.75	1.00	06/20/21		(650)		5		(19)		24
Republic of Indonesia, 5.88%, 03/13/20 (Q)	GSC	1.37	1.00	06/20/23		(300)		(4)		(4)		—
Republic of South Africa, 5.50%, 03/09/20 (Q)	CGM	1.53	1.00	06/20/21		(600)		(9)		(50)		41
United Mexican States, 4.15%, 03/28/27 (Q)	BCL	1.34	1.00	06/20/23		(800)		(12)		(8)		(4)
United Mexican States, 4.15%, 03/28/27 (Q)	CIT	1.34	1.00	06/20/23		(1,100)		(17)		(11)		(6)
United Mexican States, 4.15%, 03/28/27 (Q)	GSC	1.34	1.00	06/20/23		(1,300)		(19)		(12)		(7)
United Mexican States, 5.95%, 03/19/19 (Q)	BCL	1.06	1.00	06/20/22		(2,600)		(5)		(37)		32
United Mexican States, 5.95%, 03/19/19 (Q)	GSC	0.51	1.00	03/20/19		(100)		1		1		—
United Mexican States, 5.95%, 03/19/19 (Q)	MSC	0.51	1.00	03/20/19		(400)		2		3		(1)
						(30,550)		(365)		(949)		584

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
JNL/PPM America Long Short Credit Fund *
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 10.0%
	American Express Credit Account Master Trust
		Series 2017-A-4, 1.64%, 05/15/19	1,500		1,487
	American Tower Trust I
		Series 2013-A-2, 3.07%, 03/15/23 (a)	1,170		1,141
	AmeriCredit Automobile Receivables Trust
		Series 2016-A3-2, 1.60%, 11/09/20	1,560		1,556
	Citibank Credit Card Issuance Trust
		Series 2017-A4-A4, 2.24%, (1M US LIBOR + 0.22%), 04/07/20 (b)	614		615
	GS Mortgage Securities Trust
		Series 2017-B-SLP, REMIC, 3.77%, 10/10/22 (a)	490		489
	Verizon Owner Trust
		Series 2016-A-1A, 1.42%, 01/20/21 (a)	1,250		1,242
	Other Securities				6,640
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $13,291)			13,170
CORPORATE BONDS AND NOTES 64.4%
Consumer Discretionary 4.9%
	CCO Holdings LLC
		5.13%, 05/01/27 (a)	843		787
	Charter Communications Operating LLC
		6.83%, 10/23/55	120		129
	Dollar Tree Inc.
		3.06%, (3M US LIBOR + 0.70%), 04/17/20 (b)	1,100		1,102
	General Motors Co.
		5.20%, 04/01/45	197		181
	Numericable - SFR SA
		7.38%, 05/01/26 (a)	322		315
	Other Securities				4,000
				6,514
Consumer Staples 4.6%
	BAT Capital Corp.
		2.95%, (3M US LIBOR + 0.59%), 08/14/20 (a) (b)	1,250		1,253
		4.39%, 08/15/37 (a)	495		464
	JBS Investments GmbH
		7.25%, 04/03/24 (a)	497		481
	JBS USA Lux SA
		6.75%, 02/15/28 (a)	301		284
	Kraft Heinz Foods Co.
		2.92%, (3M US LIBOR + 0.57%), 02/10/21 (b)	1,000		1,000
		3.95%, 07/15/25 (c)	239		233
		5.00%, 07/15/35	279		275
	Pilgrim's Pride Corp.
		5.88%, 09/30/27 (a)	127		118
	Reynolds American Inc.
		4.45%, 06/12/25 (c)	863		867
	Other Securities				1,051
				6,026
Energy 9.8%
	Cheniere Corpus Christi Holdings LLC
		5.88%, 03/31/25	208		217
		5.13%, 06/30/27	623		617
	EP Energy LLC
		8.00%, 11/29/24 (a)	325		328
		8.00%, 02/15/25 (a)	658		510
	Sabine Pass Liquefaction LLC
		5.63%, 03/01/25	265		283
		4.20%, 03/15/28 (c)	409		394
	Southwestern Energy Co.
		7.75%, 10/01/27	1,250		1,297
	Summit Midstream Holdings LLC
		5.75%, 04/15/25	222		211
	Summit Midstream Partners LP
		9.50%, (callable at 104 beginning 12/15/22) (d)	750		737
	Transocean Proteus Ltd.
		6.25%, 12/01/24 (a)	776		788
	Other Securities				7,566
				12,948
			Shares/Par¹		Value ($)
Financials 17.8%
	AerCap Ireland Capital Ltd.
		4.63%, 10/30/20	283		288
		3.65%, 07/21/27	517		471
	Anheuser-Busch InBev Finance Inc.
		4.90%, 02/01/46 (c)	796		818
	Athene Global Funding
		2.75%, 04/20/20 (a) (c)	1,100		1,085
		3.54%, (3M US LIBOR + 1.23%), 07/01/22 (a) (b) (c)	1,000		1,020
	Athene Holding Ltd.
		4.13%, 01/12/28 (c)	500		459
	Bank of America Corp.
		5.88%, (callable at 100 beginning 03/15/28) (d)	306		300
		3.02%, (3M US LIBOR + 0.66%), 07/21/21 (b)	300		301
		3.36%, (3M US LIBOR + 1.00%), 04/24/23 (b)	500		504
		3.55%, 03/05/24 (c)	237		234
		4.00%, 01/22/25 (c)	479		474
		3.37%, 01/23/26 (c)	203		195
		4.25%, 10/22/26 (c)	305		301
		3.82%, 01/20/28 (b) (c)	330		322
	BMW US Capital LLC
		2.70%, (3M US LIBOR + 0.38%), 04/06/20 (a) (b) (c)	1,000		1,003
	Capital One Financial Corp.
		3.12%, (3M US LIBOR + 0.76%), 05/12/20 (b)	1,000		1,004
		3.30%, 10/30/24	225		214
		3.75%, 03/09/27	373		353
		3.80%, 01/31/28 (c)	441		416
	Citigroup Inc.
		5.90%, (callable at 100 beginning 02/15/23) (d)	336		342
		3.32%, (3M US LIBOR + 0.96%), 04/25/22 (b)	640		646
		4.45%, 09/29/27 (c)	780		767
	Goldman Sachs Group Inc.
		3.07%, (3M US LIBOR + 0.73%), 12/27/20 (b)	1,050		1,056
		3.00%, 04/26/22 (c)	119		116
		2.91%, 07/24/23 (c)	61		59
		4.22%, 05/01/29	350		344
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (d)	600		611
		3.78%, 02/01/28 (b) (c)	291		284
	JPMorgan Chase Bank NA
		3.51%, 01/23/29 (c)	135		128
	Morgan Stanley
		3.54%, (3M US LIBOR + 1.18%), 01/20/22 (b)	100		101
		3.29%, (3M US LIBOR + 0.93%), 07/22/22 (b)	275		277
		4.10%, 05/22/23 (c)	869		871
		4.35%, 09/08/26 (c)	268		265
		3.63%, 01/20/27 (c)	200		192
		3.59%, 07/22/28 (b) (c)	317		301
	Other Securities				7,249
				23,371
Health Care 6.0%
	Actavis Funding SCS
		4.85%, 06/15/44	36		35
		4.75%, 03/15/45	102		97
	Becton Dickinson & Co.
		3.21%, (3M US LIBOR + 0.88%), 12/29/20 (b)	1,100		1,102
		3.36%, 06/06/24	500		480
	CVS Health Corp.
		4.30%, 03/25/28 (c)	370		364
		4.78%, 03/25/38	173		170
		5.05%, 03/25/48	502		509
	HCA Inc.
		4.25%, 10/15/19	1,203		1,212
	Valeant Pharmaceuticals International Inc.
		6.50%, 03/15/22 (a)	19		20
		5.50%, 03/01/23 (a)	51		48
		5.88%, 05/15/23 (a)	40		38
		7.00%, 03/15/24 (a)	58		61
		6.13%, 04/15/25 (a)	218		201
		5.50%, 11/01/25 (a)	269		265
		8.50%, 01/31/27 (a)	47		48

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	Watson Pharmaceuticals Inc.
		3.25%, 10/01/22	900		874
	Other Securities				2,413
				7,937
Industrials 5.5%
	General Electric Co.
		5.00%, (callable at 100 beginning 01/21/21) (c) (d)	2,080		2,055
	International Lease Finance Corp.
		6.25%, 05/15/19	450		464
	Mexico City Airport Trust
		5.50%, 07/31/47 (e) (f)	603		534
	United Technologies Corp.
		1.90%, 05/04/20	1,000		979
	Other Securities				3,155
				7,187
Information Technology 4.0%
	Apple Inc.
		2.43%, (3M US LIBOR + 0.07%), 05/11/20 (b) (c)	1,350		1,348
	Intel Corp.
		2.44%, (3M US LIBOR + 0.08%), 05/11/20 (b)	1,000		998
	QUALCOMM Inc.
		2.69%, (3M US LIBOR + 0.36%), 05/21/19 (b) (e) (f)	1,000		999
	Other Securities				1,892
				5,237
Materials 6.6%
	Anglo American Capital Plc
		4.75%, 04/10/27 (a)	349		344
		4.00%, 09/11/27 (e) (f)	297		276
		4.50%, 03/15/28 (a)	477		459
	CF Industries Inc.
		3.40%, 12/01/21 (a) (c)	350		344
		4.50%, 12/01/26 (a) (c)	565		563
	Freeport-McMoRan Inc.
		3.88%, 03/15/23	431		407
		4.55%, 11/14/24	453		431
		5.40%, 11/14/34	271		246
	Martin Marietta Materials Inc.
		2.98%, (3M US LIBOR + 0.65%), 05/22/20 (b)	1,000		1,002
	Sherwin-Williams Co.
		2.25%, 05/15/20	1,000		985
	Other Securities				3,614
				8,671
Real Estate 0.5%
	Other Securities				681
Telecommunication Services 1.3%
	Sprint Corp.
		7.13%, 06/15/24	175		176
	Sprint Spectrum Co. LLC
		3.36%, 09/20/21 (a)	246		243
	Other Securities				1,338
				1,757
Utilities 3.4%
	Sempra Energy
		2.85%, (3M US LIBOR + 0.50%), 01/15/21 (b)	1,000		1,004
	Other Securities				3,459
				4,463
	Total Corporate Bonds And Notes (cost $85,766)			84,792
SENIOR LOAN INTERESTS 20.0%
Consumer Discretionary 8.6%
	ARAMARK Services Inc.
		Term Loan B-2, 3.72%, (3M LIBOR + 1.75%), 03/28/24 (b)	430		429
		Term Loan, 3.69%, (3M LIBOR + 1.75%), 03/01/25 (b)	499		498
	Caesars Entertainment Operating Co.
		Term Loan, 3.98%, (3M LIBOR + 2.00%), 04/03/24 (b)	584		579
	Caesars Resort Collection LLC
		1st Lien Term Loan B, 4.84%, (3M LIBOR + 2.75%), 09/28/24 (b)	659		656
			Shares/Par¹		Value ($)
	Charter Communications Operating LLC
		Term Loan B, 4.10%, (3M LIBOR + 2.00%), 04/30/25 (b)	489		488
	Numericable Group SA
		Term Loan B-11, 4.73%, (3M LIBOR + 2.75%), 07/31/25 (b)	788		771
	Stars Group Holdings BV
		Term Loan, 0.00%, (3M LIBOR + 3.00%), 10/20/19 (b) (g) (h)	325		325
		Term Loan B, 5.32%, (3M LIBOR + 3.00%), 03/28/25 (b)	502		501
		Incremental Term Loan, 0.00%, (3M LIBOR + 3.00%), 06/29/25 (b) (h)	145		145
	Other Securities				6,958
				11,350
Consumer Staples 1.4%
	JBS USA LLC
		Term Loan B, 4.83%, (3M LIBOR + 2.50%), 06/30/24 (b)	685		679
	Other Securities				1,102
				1,781
Energy 1.9%
	Other Securities				2,562
Health Care 1.9%
	Valeant Pharmaceuticals International Inc.
		Term Loan B, 4.98%, (3M LIBOR + 3.00%), 05/19/25 (b)	319		318
	Other Securities				2,136
				2,454
Industrials 0.7%
	Other Securities				897
Information Technology 1.0%
	Other Securities				1,385
Materials 1.7%
	Klockner-Pentaplast of America Inc.
		Term Loan B-2, 6.23%, (3M LIBOR + 4.25%), 06/30/22 (b)	945		903
	Other Securities				1,282
				2,185
Real Estate 0.3%
	Other Securities				377
Telecommunication Services 1.8%
	Sprint Communications Inc.
		1st Lien Term Loan B, 4.62%, (3M LIBOR + 2.50%), 02/01/24 (b)	395		393
	Other Securities				1,950
				2,343
Utilities 0.7%
	Other Securities				951
	Total Senior Loan Interests (cost $26,478)			26,285
GOVERNMENT AND AGENCY OBLIGATIONS 0.8%
Sovereign 0.8%
	Mexico Government International Bond
		3.75%, 01/11/28	828		782
	Other Securities				274
	Total Government And Agency Obligations (cost $1,102)			1,056
OTHER EQUITY INTERESTS 0.0%
	Other Securities				—
	Total Other Equity Interests (cost $0)			—
COMMON STOCKS 0.6%
Energy 0.6%
	Other Securities				841
	Total Common Stocks (cost $968)			841
INVESTMENT COMPANIES 2.4%
	SPDR Barclays High Yield Bond ETF (c)		86		3,051
	Other Securities				146
	Total Investment Companies (cost $3,454)			3,197

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
SHORT TERM INVESTMENTS 4.5%
Investment Companies 4.5%
	JNL Government Money Market Fund - Institutional Class, 1.79% (i) (j)	5,873		5,873
	Total Short Term Investments (cost $5,873)		5,873
Total Investments 102.7% (cost $136,932)			135,214
Total Securities Sold Short (5.2)% (proceeds $7,059)			(6,836)
Other Derivative Instruments (0.0)%			(10)
Other Assets and Liabilities, Net 2.5%			3,290
Total Net Assets 100.0%				131,658

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

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

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

(g) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Jackson Variable Series Trust's 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 Notes to Financial Statements.

(h) This senior loan will settle after June 30, 2018. The reference rate and spread presented will go into effect upon settlement.

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.


			Shares/Par¹		Value ($)
SECURITIES SOLD SHORT (5.2%)
CORPORATE BONDS AND NOTES (5.2%)
Consumer Discretionary (2.1%)
	AutoZone Inc.
		3.25%, 04/15/25	(1,300)		(1,242)
	Harley-Davidson Inc.
		3.50%, 07/28/25	(1,500)		(1,461)
				(2,703)
Consumer Staples (0.5%)
	Colgate-Palmolive Co.
		3.70%, 08/01/47	(750)		(707)
			Shares/Par¹		Value ($)
Energy (1.0%)
	Southwestern Energy Co.
		6.70%, 01/23/25 (a)	(1,300)		(1,279)
Information Technology (0.5%)
	Intel Corp.
		4.10%, 05/11/47	(700)		(703)
Real Estate (1.1%)
	Simon Property Group LP
		3.30%, 01/15/26	(1,500)		(1,444)
	Total Corporate Bonds And Notes (proceeds $7,059)			(6,836)
	Total Securities Sold Short (5.2%) (proceeds $7,059)				(6,836)

(a) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2018.


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Anglo American Capital Plc, 4.00%, 09/11/27	06/11/18	278	276	0.2
	Bayer US Finance II LLC, 4.38%, 12/15/28	06/19/18	519	523	0.4
	Callon Petroleum Co., 6.38%, 07/01/26	06/01/18	325	326	0.3
	Centene Escrow I Corp., 5.38%, 06/01/26	05/10/18	406	410	0.3
	Community Health Systems Inc., 8.63%, 01/15/24	06/29/18	359	362	0.3
	Dell Equipment Finance Trust, Series 2018-A2A-1, 2.97%, 10/22/20	06/13/18	287	287	0.2
	High Ridge Brands Co., 8.88%, 03/15/25	03/20/17	91	41	—
	MEDNAX Inc., 5.25%, 12/01/23	06/01/18	253	244	0.2
	Mexico City Airport Trust, 5.50%, 07/31/47	03/14/17	599	534	0.4
	QUALCOMM Inc., 2.69%, 05/21/19	06/04/18	1,003	999	0.8
	Tenet Healthcare Corp., 4.63%, 07/15/24	05/02/18	150	146	0.1
			4,270	4,148	3.2


Futures Contracts
Reference Entity	Contracts Long (Short)¹	Expiration	Notional ¹		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Euro FX Currency	(2)	September 2018		(292)		(3)		(1)
U.S. Treasury Long Bond	(7)	September 2018		(1,005)		—		(10)
U.S. Treasury Note, 10-Year	(279)	September 2018		(33,635)		—		102
U.S. Treasury Note, 2-Year	(31)	September 2018		(6,582)		1		16
U.S. Treasury Note, 5-Year	(168)	September 2018		(19,166)		4		78
Ultra 10-Year U.S. Treasury Note	22	September 2018		2,823		—		(2)
Ultra Long Term U.S. Treasury Bond	(22)	September 2018		(3,518)		1		7
						3		190

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Centrally Cleared Credit Default Swap Agreements
Reference Entity²	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional^1,7		Value⁶ ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection³
CDX.NA.IG.30 (Q)	1.00	06/20/23		7,500		(111)		(2)		(1)
						(111)		(2)		(1)


OTC Credit Default Swap Agreements
Reference Entity²	Counter-party	Implied Credit Spread ⁵ (%)	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional ^1,7 ($)		Value⁶ ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection³
Capital One Bank USA Corp., 2.25%, 02/13/19 (Q)	JPM	N/A	1.00	06/20/23		2,500		(80)		(89)		9
International Business Machines Corp., 1.63%, 05/15/20 (Q)	CGM	N/A	1.00	06/20/23		4,000		(117)		(135)		18
L Brands Inc., 5.63%, 10/15/23 (Q)	JPM	N/A	1.00	06/20/23		2,500		183		156		27
Marriott International Inc., 3.00%, 03/01/19 (Q)	CGM	N/A	1.00	06/20/23		2,500		(59)		(77)		18
Quest Diagnostics Inc., 2.50%, 03/20/20 (Q)	JPM	N/A	1.00	06/20/23		2,000		(56)		(53)		(3)
Viacom Inc., 6.88%, 04/30/36 (Q)	CGM	N/A	1.00	06/20/23		1,500		18		4		14
						15,000		(111)		(194)		83
Credit default swap agreements - sell protection⁴
Citigroup Inc., 6.13%, 05/15/18 (Q)	JPM	0.58	1.00	06/20/23		(2,500)		49		59		(10)
Host Hotels & Resorts LP, 4.75%, 03/01/23 (Q)	CGM	0.57	1.00	06/20/23		(2,500)		51		51		—
						(5,000)		100		110		(10)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
JNL/T. Rowe Price Capital Appreciation Fund *
COMMON STOCKS 69.2%
Consumer Discretionary 7.6%
	Amazon.com Inc. (a)		42		72,058
	ARAMARK Corp.		1,447		53,692
	Booking Holdings Inc. (a) (b)		12		24,933
	Magna International Inc.		453		26,344
	Yum! Brands Inc. (b)		370		28,933
	Other Securities				27,449
				233,409
Consumer Staples 6.0%
	Dr. Pepper Snapple Group Inc.		1,052		128,287
	PepsiCo Inc.		188		20,462
	Philip Morris International Inc. (b)		179		14,490
	Other Securities				20,740
				183,979
Energy 1.4%
	Enterprise Products Partners LP (b)		775		21,438
	Other Securities				20,570
				42,008
Financials 7.3%
	Intercontinental Exchange Inc. (b)		313		23,022
	Marsh & McLennan Cos. Inc.		1,188		97,378
	PNC Financial Services Group Inc. (b)		505		68,223
	State Street Corp. (b)		386		35,973
				224,596
Health Care 13.9%
	Abbott Laboratories (b)		810		49,394
	Aetna Inc.		153		28,142
	Becton Dickinson & Co.		372		89,061
	Danaher Corp.		833		82,174
	PerkinElmer Inc.		1,119		81,978
	Thermo Fisher Scientific Inc. (b)		95		19,682
	UnitedHealth Group Inc. (b)		154		37,743
	Other Securities				40,419
				428,593
Industrials 6.0%
	Equifax Inc.		259		32,372
	Fortive Corp.		628		48,421
	Middleby Corp. (a) (c)		194		20,282
	Republic Services Inc.		498		34,010
	Waste Connections Inc.		449		33,784
	Other Securities				16,624
				185,493
Information Technology 17.8%
	Alphabet Inc. - Class A (a) (b)		12		13,693
	Alphabet Inc. - Class C (a) (b)		16		17,502
	Apple Inc. (b)		68		12,662
	Facebook Inc. - Class A (a) (b)		251		48,677
	Fidelity National Information Services Inc.		704		74,591
	Fiserv Inc. (a)		1,208		89,533
	Intuit Inc. (b)		171		34,883
	Maxim Integrated Products Inc.		381		22,368
	Microsoft Corp. (b)		927		91,382
	TE Connectivity Ltd.		277		24,977
	Texas Instruments Inc. (b)		347		38,293
	Visa Inc. - Class A (b)		532		70,490
	Other Securities				11,130
				550,181
Materials 0.2%
	Other Securities				7,504
Real Estate 1.9%
	American Tower Corp. (b)		397		57,298
Telecommunication Services 0.0%
	Other Securities				514
Utilities 7.1%
	American Electric Power Co. Inc.		423		29,293
	CMS Energy Corp.		448		21,158
	DTE Energy Co.		448		46,392
	Eversource Energy		545		31,916
			Shares/Par¹		Value ($)
	NextEra Energy Inc.		96		16,098
	NiSource Inc.		1,728		45,423
	Xcel Energy Inc.		372		17,007
	Other Securities				11,762
				219,049
	Total Common Stocks (cost $1,921,984)			2,132,624
TRUST PREFERREDS 0.1%
Utilities 0.1%
	Other Securities				3,999
	Total Trust Preferreds (cost $4,075)			3,999
PREFERRED STOCKS 3.1%
Financials 1.2%
	State Street Corp. - Series S, 6.00%, (callable at 25 beginning 12/15/19) (d)		6		168
	Wells Fargo & Co. - Series L, 7.50% (d) (e)		27		33,950
	Other Securities				2,786
				36,904
Health Care 1.1%
	Becton Dickinson & Co. - Series A, 6.13%, 05/01/20 (e)		514		31,764
Industrials 0.3%
	Fortive Corp. - Series A, 5.00%, 07/01/21 (e)		9		8,807
Utilities 0.5%
	DTE Energy Co., 5.25%, 12/01/77 (c)		205		5,045
	NextEra Energy Inc., 6.12%, 09/01/19 (e)		57		3,261
	Other Securities				7,927
				16,233
	Total Preferred Stocks (cost $89,597)			93,708
INVESTMENT COMPANIES 0.0%
	T. Rowe Price Institutional Floating Rate Fund (f)		118		1,174
	Total Investment Companies (cost $1,208)			1,174
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.4%
	Other Securities				11,135
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $11,077)			11,135
CORPORATE BONDS AND NOTES 13.3%
Consumer Discretionary 5.5%
	Amazon.com Inc.
		2.60%, 12/05/19	3,865		3,867
	ARAMARK Services Inc.
		5.00%, 04/01/25 (g)	4,630		4,603
		5.00%, 02/01/28 (c) (g)	1,625		1,549
	KFC Holding Co.
		5.00%, 06/01/24 (g)	4,035		3,984
		5.25%, 06/01/26 (g)	5,150		5,060
		4.75%, 06/01/27 (g)	12,850		12,125
	Netflix Inc.
		5.88%, 02/15/25	6,425		6,586
		4.38%, 11/15/26 (c)	12,910		12,138
		4.88%, 04/15/28 (g)	24,247		23,072
		5.88%, 11/15/28 (g)	20,995		21,223
	Yum! Brands Inc.
		5.30%, 09/15/19	1,890		1,928
		3.88%, 11/01/20	4,035		4,029
		3.75%, 11/01/21	10,046		9,922
		3.88%, 11/01/23 (c)	4,020		3,841
		6.88%, 11/15/37	2,390		2,375
		5.35%, 11/01/43	2,485		2,188
	Other Securities				52,645
				171,135
Consumer Staples 0.4%
	Philip Morris International Inc.
		2.00%, 02/21/20	2,650		2,607
		2.75%, (3M US LIBOR + 0.42%), 02/21/20 (h)	1,280		1,285
		2.63%, 02/18/22	4,360		4,243
	Other Securities				4,341
				12,476
Energy 0.1%
	Other Securities				2,243

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
Financials 1.4%
	Marsh & McLennan Cos. Inc.
		2.35%, 03/06/20	440		434
		2.75%, 01/30/22	1,090		1,064
		3.30%, 03/14/23	1,205		1,188
	PNC Financial Services Group Inc.
		5.00%, (callable at 100 beginning 11/01/26) (d)	5,535		5,438
	State Street Corp.
		5.25%, (callable at 100 beginning 09/15/20) (d)	2,150		2,204
	Other Securities				32,385
				42,713
Health Care 1.5%
	Becton Dickinson & Co.
		2.68%, 12/15/19	854		848
		3.34%, (3M US LIBOR + 1.03%), 06/06/22 (h)	2,765		2,774
		3.36%, 06/06/24	6,350		6,097
	Thermo Fisher Scientific Inc.
		3.20%, 08/15/27	925		865
	Other Securities				34,952
				45,536
Industrials 0.3%
	Fortive Corp.
		1.80%, 06/15/19	105		104
	Other Securities				9,986
				10,090
Information Technology 0.6%
	Apple Inc.
		1.50%, 09/12/19	8,525		8,413
	Fiserv Inc.
		2.70%, 06/01/20	4,825		4,777
	Other Securities				4,053
				17,243
Materials 0.6%
	Other Securities				17,430
Real Estate 0.7%
	American Tower Corp.
		3.30%, 02/15/21	4,075		4,052
	Other Securities				16,480
				20,532
Telecommunication Services 0.5%
	Other Securities				16,096
Utilities 1.7%
	DTE Energy Co.
		3.80%, 03/15/27	8,275		8,062
	Eversource Energy
		2.75%, 03/15/22	2,725		2,653
		2.90%, 10/01/24	2,250		2,134
		3.30%, 01/15/28	2,772		2,620
	NiSource Finance Corp.
		3.49%, 05/15/27	8,385		8,022
		4.38%, 05/15/47	4,580		4,468
	NiSource Inc.
		5.65%, (callable at 100 begininng 06/15/23) (d) (g)	2,905		2,894
	NSTAR Electric Co.
		3.20%, 05/15/27	3,215		3,081
	Xcel Energy Inc.
		4.00%, 06/15/28	2,620		2,623
	Other Securities				16,833
				53,390
	Total Corporate Bonds And Notes (cost $418,798)			408,884
SENIOR LOAN INTERESTS 1.8%
Consumer Discretionary 0.1%
	Other Securities				4,497
Energy 0.1%
	Other Securities				4,552
Financials 0.7%
	Other Securities				20,678
Health Care 0.2%
	Other Securities				4,995
			Shares/Par¹		Value ($)
Industrials 0.4%
	Other Securities				11,737
Information Technology 0.2%
	Fiserv Inc.
		Term Loan A, 3.22%, (3M LIBOR + 1.25%), 10/25/18 (h) (i) (j) (k)	223		222
	Other Securities				4,946
				5,168
Materials 0.0%
	Other Securities				1,361
Telecommunication Services 0.1%
	Other Securities				3,046
	Total Senior Loan Interests (cost $56,348)			56,034
GOVERNMENT AND AGENCY OBLIGATIONS 6.6%
Sovereign 2.3%
	Kreditanstalt fur Wiederaufbau
		2.88%, 04/03/28 (c)	71,875		70,539
U.S. Treasury Securities 4.3%
	U.S. Treasury Note
		2.25%, 11/15/27	139,575		132,596
	Total Government And Agency Obligations (cost $206,675)			203,135
SHORT TERM INVESTMENTS 8.9%
Investment Companies 6.2%
	JNL Government Money Market Fund - Institutional Class, 1.79% (f) (l)		2,142		2,142
	T. Rowe Price Government Reserve Fund, 1.88% (f) (l)		188,284		188,284
				190,426
Securities Lending Collateral 2.7%
	State Street Navigator Securities Lending Government Money Market Portfolio, 1.95% (l)		84,293		84,293
	Total Short Term Investments (cost $274,719)			274,719
Total Investments 103.4% (cost $2,984,481)				3,185,412
Other Derivative Instruments (0.4)%				(12,703)
Other Assets and Liabilities, Net (3.0)%				(91,881)
Total Net Assets 100.0%					3,080,828

(a) Non-income producing security.

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

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

(e) Convertible security.

(f) Investment in affiliate.

(g) The Sub-Adviser has deemed this security which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Jackson Variable Series Trust's Board of Trustees. As of June 30, 2018, the value and the percentage of net assets of these liquid securities was $136,923 and 4.4%, respectively.

(h) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2018. 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 reflects the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(i) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Jackson Variable Series Trust's 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 Notes to Financial Statements.

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

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018

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

(l) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.

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	1,157	27	—	28	—	(10)	1,174	—


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Fiserv Inc., Term Loan A, 3.22%, 10/25/18	01/17/18	223	222	—
	Institutional Shareholder Services Inc., 1st Lien Term Loan, 6.06%, 09/20/24	01/17/18	420	420	—
	Trans Union LLC, Term Loan B-3, 0.00%, 08/09/22	06/13/18	4,843	4,832	0.2
	US Airways Pass-Through Trust, Series 2012-B-2, 6.75%, 06/03/21	06/03/18	138	138	—
			5,624	5,612	0.2


OTC Written Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate(%)		Expiration		Notional/ Contracts ¹		Value ($)
Options on Securities
Abbott Laboratories	CGM	Call		65.00		01/18/19		1,209		(216)
Abbott Laboratories	DUB	Call		67.50		01/18/19		441		(47)
Alphabet Inc. - Class A	CGM	Call		1,260.00		01/18/19		19		(73)
Alphabet Inc. - Class A	CGM	Call		1,200.00		01/18/19		70		(404)
Alphabet Inc. - Class A	CSI	Call		1,200.00		01/18/19		23		(133)
Alphabet Inc. - Class C	CGM	Call		1,260.00		01/18/19		49		(160)
Alphabet Inc. - Class C	CGM	Call		1,200.00		01/18/19		47		(237)
Alphabet Inc. - Class C	CSI	Call		1,200.00		01/18/19		48		(242)
American Tower Corp.	JPM	Call		165.00		01/18/19		236		(31)
American Tower Corp.	JPM	Call		160.00		01/18/19		236		(48)
Anthem Inc.	CGM	Call		270.00		01/18/19		412		(197)
Anthem Inc.	CGM	Call		260.00		01/18/19		238		(177)
Apple Inc.	CSI	Call		200.00		01/18/19		633		(408)
Booking Holdings Inc.	CGM	Call		2,300.00		01/18/19		29		(177)
Booking Holdings Inc.	CGM	Call		2,000.00		01/18/19		14		(252)
Booking Holdings Inc.	CGM	Call		1,900.00		01/18/19		14		(336)
Enterprise Products Partners LP	CGM	Call		30.00		01/18/19		2,612		(143)
Facebook Inc. - Class A	CGM	Call		180.00		01/18/19		447		(1,166)
Intercontinental Exchange Inc.	CGM	Call		80.00		01/18/19		965		(182)
Intuit Inc.	JPM	Call		190.00		01/18/19		406		(1,068)
Mastercard Inc.	GSC	Call		185.00		01/18/19		251		(532)
Mastercard Inc.	GSC	Call		180.00		01/18/19		252		(638)
Microsoft Corp.	DUB	Call		110.00		01/18/19		1,515		(392)
Microsoft Corp.	JPM	Call		110.00		01/18/19		289		(75)
Microsoft Corp.	JPM	Call		105.00		01/18/19		289		(121)
Microsoft Corp.	JPM	Call		100.00		01/18/19		743		(464)
Microsoft Corp.	RBC	Call		110.00		01/18/19		383		(99)
Microsoft Corp.	RBC	Call		105.00		01/18/19		383		(161)
Philip Morris International Inc.	CGM	Call		115.00		01/18/19		379		(4)
PNC Financial Services Group Inc.	CGM	Call		180.00		01/18/19		60		(1)
PNC Financial Services Group Inc.	CSI	Call		155.00		01/18/19		54		(13)
PNC Financial Services Group Inc.	CSI	Call		165.00		01/18/19		587		(58)
PNC Financial Services Group Inc.	CSI	Call		140.00		01/18/19		53		(35)
PNC Financial Services Group Inc.	CSI	Call		145.00		01/18/19		54		(26)
PNC Financial Services Group Inc.	CSI	Call		150.00		01/18/19		54		(18)
State Street Corp.	CGM	Call		100.00		01/18/19		338		(142)
Texas Instruments Inc.	GSC	Call		130.00		01/18/19		442		(76)
Texas Instruments Inc.	GSC	Call		125.00		01/18/19		442		(118)
Thermo Fisher Scientific Inc.	BOA	Call		230.00		01/18/19		2		(1)
Thermo Fisher Scientific Inc.	BOA	Call		240.00		01/18/19		2		(1)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


OTC Written Options (continued)
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate(%)		Expiration		Notional/ Contracts ¹		Value ($)
Thermo Fisher Scientific Inc.	MLP	Call		240.00		01/18/19		228		(59)
Thermo Fisher Scientific Inc.	MLP	Call		230.00		01/18/19		227		(103)
UnitedHealth Group Inc.	CGM	Call		260.00		01/18/19		89		(85)
UnitedHealth Group Inc.	CGM	Call		270.00		01/18/19		270		(158)
UnitedHealth Group Inc.	GSC	Call		270.00		01/18/19		648		(379)
UnitedHealth Group Inc.	GSC	Call		260.00		01/18/19		235		(222)
Visa Inc. - Class A	CGM	Call		120.00		01/18/19		292		(501)
Visa Inc. - Class A	CGM	Call		125.00		01/18/19		309		(425)
Visa Inc. - Class A	CGM	Call		115.00		01/18/19		95		(203)
Visa Inc. - Class A	CGM	Call		105.00		01/18/19		96		(293)
Visa Inc. - Class A	CGM	Call		110.00		01/18/19		96		(245)
Visa Inc. - Class A	CSI	Call		140.00		01/18/19		553		(314)
Visa Inc. - Class A	CSI	Call		135.00		01/18/19		567		(441)
Visa Inc. - Class A	CSI	Call		160.00		01/17/20		263		(166)
Visa Inc. - Class A	CSI	Call		155.00		01/17/20		262		(171)
Visa Inc. - Class A	CSI	Call		150.00		01/17/20		262		(244)
Yum! Brands Inc.	CGM	Call		95.00		01/18/19		639		(22)
										(12,703)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
JNL/The Boston Company Equity Income Fund
COMMON STOCKS 98.3%
Consumer Discretionary 3.5%
	Comcast Corp. - Class A	53		1,750
	General Motors Co.	42		1,639
	Las Vegas Sands Corp.	12		936
	Omnicom Group Inc.	26		1,995
			6,320
Consumer Staples 5.7%
	Coca-Cola Co.	19		830
	Coca-Cola European Partners Plc	21		862
	ConAgra Brands Inc.	60		2,157
	Kellogg Co.	58		4,042
	Kraft Heinz Foods Co.	22		1,409
	PepsiCo Inc.	8		899
			10,199
Energy 13.1%
	Anadarko Petroleum Corp.	46		3,349
	Apergy Corp. (a)	30		1,242
	EOG Resources Inc.	7		938
	Hess Corp.	30		2,033
	Marathon Petroleum Corp.	46		3,255
	Occidental Petroleum Corp.	56		4,727
	Phillips 66	30		3,349
	Schlumberger Ltd.	19		1,245
	Valero Energy Corp.	30		3,326
			23,464
Financials 29.6%
	American International Group Inc.	41		2,179
	Ameriprise Financial Inc.	6		854
	Assurant Inc.	13		1,333
	Bank of America Corp.	218		6,144
	BB&T Corp.	78		3,930
	Berkshire Hathaway Inc. - Class B (a)	42		7,808
	Capital One Financial Corp.	9		874
	Citigroup Inc.	42		2,819
	Goldman Sachs Group Inc.	9		1,893
	Hartford Financial Services Group Inc.	34		1,748
	JPMorgan Chase & Co.	81		8,408
	Morgan Stanley	37		1,748
	PNC Financial Services Group Inc.	18		2,421
	Raymond James Financial Inc.	14		1,212
	SunTrust Banks Inc.	26		1,735
	U.S. Bancorp	36		1,780
	Voya Financial Inc.	49		2,320
	Wells Fargo & Co.	72		3,980
			53,186
Health Care 9.7%
	Abbott Laboratories	28		1,740
	CVS Health Corp.	27		1,709
	Humana Inc.	6		1,839
	McKesson Corp.	6		769
	Merck & Co. Inc.	71		4,298
	Pfizer Inc.	101		3,684
	Quest Diagnostics Inc.	14		1,534
	UnitedHealth Group Inc.	7		1,791
			17,364
Industrials 7.8%
	Delta Air Lines Inc.	51		2,520
	Dover Corp.	12		849
	Harris Corp.	6		841
	Honeywell International Inc.	15		2,134
	L3 Technologies Inc.	10		1,843
	Raytheon Co.	9		1,778
	United Technologies Corp.	32		4,017
			13,982
Information Technology 9.5%
	Apple Inc.	10		1,787
	Broadcom Inc.	4		991
	Cisco Systems Inc.	136		5,834
	International Business Machines Corp.	22		3,118
		Shares/Par¹		Value ($)
	Oracle Corp.	40		1,743
	QUALCOMM Inc.	19		1,055
	Texas Instruments Inc.	16		1,793
	Xerox Corp.	28		671
			16,992
Materials 8.4%
	CF Industries Holdings Inc.	72		3,195
	DowDuPont Inc.	55		3,610
	Freeport-McMoRan Inc. - Class B	83		1,426
	Martin Marietta Materials Inc.	12		2,680
	Mosaic Co.	46		1,303
	Vulcan Materials Co.	22		2,865
			15,079
Real Estate 2.6%
	Lamar Advertising Co. - Class A	33		2,287
	Outfront Media Inc.	85		1,645
	Uniti Group Inc. (b)	42		849
			4,781
Telecommunication Services 6.2%
	AT&T Inc.	157		5,049
	Verizon Communications Inc.	122		6,123
			11,172
Utilities 2.2%
	FirstEnergy Corp.	71		2,546
	PPL Corp.	47		1,344
			3,890
	Total Common Stocks (cost $164,166)		176,429
SHORT TERM INVESTMENTS 2.3%
Investment Companies 1.9%
	JNL Government Money Market Fund - Institutional Class, 1.79% (c) (d)	3,432		3,432
Securities Lending Collateral 0.4%
	Securities Lending Cash Collateral Fund LLC, 1.99% (c) (d)	729		729
	Total Short Term Investments (cost $4,161)		4,161
Total Investments 100.6% (cost $168,327)				180,590
Other Assets and Liabilities, Net (0.6)%				(1,097)
Total Net Assets 100.0%				179,493

(a) Non-income producing security.

(b) All or portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
JNL/The London Company Focused U.S. Equity Fund
COMMON STOCKS 97.2%
Consumer Discretionary 22.8%
	Carnival Plc	63		3,591
	Dollar Tree Inc. (a)	54		4,572
	Mohawk Industries Inc. (a)	18		3,943
	Penske Automotive Group Inc.	76		3,560
	Target Corp.	62		4,716
	Tiffany & Co.	47		6,150
			26,532
Consumer Staples 9.9%
	Altria Group Inc.	62		3,523
	Lamb Weston Holdings Inc.	94		6,443
	Spectrum Brands Holdings Inc. (b)	20		1,624
			11,590
Financials 20.2%
	Berkshire Hathaway Inc. - Class B (a)	45		8,465
	BlackRock Inc.	12		6,113
	Cincinnati Financial Corp.	10		699
	MBIA Inc. (a) (b)	374		3,383
	Wells Fargo & Co.	88		4,890
			23,550
Industrials 20.7%
	General Dynamics Corp.	27		4,940
	Norfolk Southern Corp.	44		6,656
	Old Dominion Freight Line Inc.	38		5,602
	Southwest Airlines Co.	58		2,964
	USG Corp. (a)	92		3,951
			24,113
Information Technology 12.5%
	Apple Inc.	33		6,040
	Citrix Systems Inc. (a)	46		4,829
	Versum Materials Inc.	100		3,701
			14,570
Materials 8.5%
	Martin Marietta Materials Inc.	27		6,110
	NewMarket Corp.	9		3,770
			9,880
Real Estate 2.6%
	STORE Capital Corp.	109		2,995
	Total Common Stocks (cost $88,403)		113,230
SHORT TERM INVESTMENTS 5.3%
Investment Companies 2.8%
	JNL Government Money Market Fund - Institutional Class, 1.79% (c) (d)	3,242		3,242
Securities Lending Collateral 2.5%
	Securities Lending Cash Collateral Fund LLC, 1.99% (c) (d)	2,889		2,889
	Total Short Term Investments (cost $6,131)		6,131
Total Investments 102.5% (cost $94,534)				119,361
Other Assets and Liabilities, Net (2.5)%				(2,868)
Total Net Assets 100.0%				116,493

(a) Non-income producing security.

(b) All or portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
JNL/VanEck International Gold Fund (a)
COMMON STOCKS 99.7%
Materials 99.7%
	Agnico-Eagle Mines Ltd.	55		2,522
	Alamos Gold Inc. - Class A	2		9
	Alamos Gold Inc. - Class A	223		1,270
	Alio Gold Inc. (b) (c)	197		286
	Allegiant Gold Ltd. (b) (c) (d) (e)	239		86
	Argonaut Gold Inc. (b)	351		616
	Atacama Pacific Gold Corp. (b)	800		396
	Auryn Resources Inc. (b)	120		129
	B2Gold Corp. (b)	1,326		3,421
	Bear Creek Mining Corp. (b) (d)	311		419
	Bonterra Resources Inc. (b) (f)	862		266
	Bonterra Resources Inc. (b)	562		173
	Cardinal Resources Ltd. (b) (d)	1,583		501
	Columbus Gold Corp. (b) (d)	543		101
	Continental Gold Inc. (b)	742		2,139
	Corvus Gold Inc. (b)	388		762
	Corvus Gold Inc. (b)	147		291
	Eastmain Resources Inc. (b) (d)	633		94
	Endeavour Mining Corp. (b)	3		63
	Equinox Gold Corp. (b)	268		200
	Evolution Mining Ltd.	1,351		3,537
	First Mining Gold Corp. (b)	342		117
	Fresnillo Plc	124		1,864
	Gold Fields Ltd. - ADR (d)	35		125
	Gold Road Resources Ltd. (b) (d)	2,610		1,436
	Gold Standard Ventures Corp. (b) (d)	117		160
	Goldcorp Inc.	118		1,623
	Guyana Goldfields Inc. (b)	238		889
	Iamgold Corp. (b) (d)	282		1,638
	Kinross Gold Corp. (b)	437		1,643
	Kirkland Lake Gold Inc.	181		3,824
	Kirkland Lake Gold Ltd.	12		253
	Leagold Mining Corp. (b) (d)	474		935
	Liberty Gold Corp. (b) (d)	877		294
	Lundin Gold Inc. (b) (d)	69		240
	MAG Silver Corp. (b)	46		493
	Metanor Resources Inc. (b) (f)	496		223
	Midas Gold Corp. (b)	246		183
	New Gold Inc. (b)	197		409
	New Gold Inc. (b)	10		21
	Newcrest Mining Ltd.	47		769
	Newmont Mining Corp.	90		3,379
	Nighthawk Gold Corp. (b)	287		92
	Northern Star Resources Ltd.	314		1,698
	OceanaGold Corp	318		883
	Orezone Gold Corp. (b) (c) (e) (g)	276		162
	Orezone Gold Corp. (b)	723		445
	Osisko Gold Royalties Ltd. (d)	14		133
	Osisko Gold Royalties Ltd.	20		189
	Osisko Mining Inc. (b) (f)	148		203
	Osisko Mining Inc. (b)	132		181
	Otis Gold Corp. (b)	405		57
	Premier Gold Mines Ltd. (b)	196		389
	Pretium Resources Inc. (b) (d)	81		595
	Probe Metals Inc. (b) (c) (e) (g)	328		343
	Pure Gold Mining Inc. (b) (c) (e) (g)	855		467
	Randgold Resources Ltd. - ADR	16		1,257
	Rio2 Ltd. (b) (c) (e) (h)	374		284
	Roxgold Inc. (b) (f)	472		402
	Roxgold Inc. (b)	18		15
	Royal Gold Inc.	23		2,098
	Sabina Gold & Silver Corp. (b) (d)	798		923
		Shares/Par¹		Value ($)
	Saracen Mineral Holdings Ltd. (b)	40		65
	SEMAFO Inc. (b)	404		1,170
	SSR Mining Inc. (b)	74		730
	TMAC Resources Inc. (b) (d)	112		478
	West African Resources Ltd. (b)	863		256
	West African Resources Ltd. (b)	1,459		413
	Wheaton Precious Metals Corp.	52		1,154
	Yamana Gold Inc.	409		1,188
	Yamana Gold Inc.	96		281
	Total Common Stocks (cost $50,822)		54,350
RIGHTS 0.1%
	Alio Gold Co. (b)	84		13
	Allegiant Gold Ltd. (b) (c) (e) (g)	130		7
	Leagold Mining Corp. (b) (c) (g)	90		34
	Metanor Resources Inc. (b) (c) (g)	248		25
	Total Rights (cost $124)		79
WARRANTS 0.0%
	Liberty Gold Corp. (b) (c)	192		3
	Total Warrants (cost $21)		3
SHORT TERM INVESTMENTS 2.3%
Investment Companies 0.4%
	JNL Government Money Market Fund - Institutional Class, 1.79% (i) (j)	89		89
	JPMorgan U.S. Treasury Plus Money Market Fund - IM Class, 1.86% (j) (k)	109		109
			198
Securities Lending Collateral 1.9%
	Securities Lending Cash Collateral Fund LLC, 1.99% (i) (j)	1,069		1,069
	Total Short Term Investments (cost $1,267)		1,267
Total Investments 102.1% (cost $52,234)				55,699
Other Derivative Instruments 0.0%				2
Other Assets and Liabilities, Net (2.1)%				(1,171)
Total Net Assets 100.0%				54,530

(a) Consolidated Schedule of Investments.

(b) Non-income producing security.

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

(d) All or portion of the security was on loan.

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

(f) The Sub-Adviser has deemed this security which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Jackson Variable Series Trust's Board of Trustees. As of June 30, 2018, the value and the percentage of net assets of these liquid securities was $1,094 and 2.0%, respectively.

(g) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Jackson Variable Series Trust's 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 Notes to Financial Statements.

(h) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Jackson Variable Series Trust's 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 Notes to Financial Statements.

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.

(k) All or a portion of the security is held in the respective subsidiary. See Significant Accounting Policies, Basis of Consolidation in the Notes to Financial Statements.


Summary of Investments by Country^	Total Long Term Investments
Australia	17.1	%
Canada	61.8
Jersey	2.3
Monaco	0.1

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Summary of Investments by Country^	Total Long Term Investments
South Africa	0.2
United Kingdom	3.4
United States of America	15.1
	100.0	%
^A country table is presented as a percentage of the Fund’s total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund’s Adviser.


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Allegiant Gold Ltd.	05/31/18	7	7	—
	Allegiant Gold Ltd.	01/22/18	96	86	0.2
	Orezone Gold Corp.	03/27/18	172	162	0.3
	Probe Metals Inc.	05/25/18	293	343	0.6
	Pure Gold Mining Inc.	05/17/18	414	467	0.9
	Rio2 Ltd.	05/16/18	291	284	0.5
			1,273	1,349	2.5

Forward Foreign Currency Contracts

Purchased/

Sold

Counter-party

Expiration

Notional ¹

Value ($)

Unrealized

Appreciation

(Depreciation) ($)

CAD/USD

CSI

07/03/18

CAD

286

218

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
JNL/WCM Focused International Equity Fund
COMMON STOCKS 97.2%
Australia 4.6%
	CSL Ltd.	493		70,395
Brazil 1.4%
	Raia Drogasil SA	1,270		21,484
Canada 9.1%
	Canadian Pacific Railway Co.	317		58,036
	Dollarama Inc.	750		29,063
	Shopify Inc. - Class A (a)	360		52,488
			139,587
China 3.2%
	Tencent Holdings Ltd.	967		48,772
Denmark 2.9%
	Chr Hansen Holding A/S	481		44,395
France 9.2%
	Cie Generale d'Optique Essilor International SA	258		36,406
	LVMH Moet Hennessy Louis Vuitton SE	177		58,676
	Pernod-Ricard SA (b)	286		46,585
			141,667
Germany 3.2%
	Adidas AG	221		48,287
Hong Kong 3.6%
	AIA Group Ltd.	6,279		55,060
India 3.6%
	HDFC Bank Ltd. - ADR	532		55,827
Ireland 9.0%
	Accenture Plc - Class A	397		64,964
	ICON Plc (a)	320		42,435
	Ryanair Holdings Plc - ADR (a)	270		30,872
			138,271
Italy 4.5%
	Ferrari NV	293		39,704
	Luxottica Group SpA	459		29,519
			69,223
Japan 9.1%
	Fanuc Ltd.	192		38,109
	Keyence Corp.	113		63,628
	Sysmex Corp.	409		38,167
			139,904
		Shares/Par¹		Value ($)
Mexico 2.5%
	Wal-Mart de Mexico SAB de CV	14,800		38,993
Netherlands 2.7%
	Core Laboratories NV (b)	323		40,788
Spain 3.2%
	Amadeus IT Group SA	397		31,228
	Inditex SA	506		17,238
			48,466
Sweden 4.0%
	Atlas Copco AB - Class A	1,066		30,975
	Hexagon AB - Class B	557		30,833
			61,808
Switzerland 5.4%
	Nestle SA	635		49,219
	Sika AG	240		33,272
			82,491
Taiwan 3.2%
	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	1,344		49,125
United Kingdom 7.3%
	Compass Group Plc	2,435		51,916
	Experian Plc	2,408		59,373
			111,289
United States of America 5.5%
	Chubb Ltd.	404		51,295
	Mettler-Toledo International Inc. (a)	56		32,410
			83,705
	Total Common Stocks (cost $1,201,815)		1,489,537
SHORT TERM INVESTMENTS 5.7%
Investment Companies 2.4%
	JNL Government Money Market Fund - Institutional Class, 1.79% (c) (d)	37,038		37,038
Securities Lending Collateral 3.3%
	Securities Lending Cash Collateral Fund LLC, 1.99% (c) (d)	50,208		50,208
	Total Short Term Investments (cost $87,246)		87,246
Total Investments 102.9% (cost $1,289,061)				1,576,783
Other Assets and Liabilities, Net (2.9)%				(45,063)
Total Net Assets 100.0%				1,531,720

(a) Non-income producing security.

(b) All or portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018

Short Term Investments in Affiliates

Certain Funds invested in a money market fund which is managed by Jackson National Asset Management, LLC. 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. Jackson National Asset Management, LLC 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. The total value and cost of these investments is included in investments – affiliated in the Statements of Assets and Liabilities and the associated income is included in affiliated income in the Statements of Operations. There was no realized or unrealized gain or loss relating to transactions in these investments during the period ended June 30, 2018. The following table details the investments held during the period ended June 30, 2018.


JNL Government Money Market Fund	Beginning Amortized Cost/ Value($)	Purchases ($)	Sales Proceeds($)	Dividend Income($)	Ending Amortized Cost/ Value($)	Percentage of Net Assets(%)
JNL Tactical ETF Moderate Fund	—	10,854	10,822	1	32	—
JNL Tactical ETF Moderate Growth Fund	212	8,229	8,441	1	—	—
JNL Tactical ETF Growth Fund	315	9,127	9,442	2	—	—
JNL/AQR Risk Parity Fund	6,024	2,701	2,921	42	5,804	19.0
JNL/BlackRock Global Long Short Credit Fund	—	3,000	3,000	1	—	—
JNL/DFA U.S. Small Cap Fund	666	7,874	8,422	3	118	0.1
JNL/DoubleLine Total Return Fund	143,234	453,935	388,444	860	208,725	9.8
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	57,544	466,648	489,261	206	34,931	9.1
JNL/Epoch Global Shareholder Yield Fund	1,175	3,723	4,253	5	645	2.1
JNL/FAMCO Flex Core Covered Call Fund	3,918	28,192	30,374	19	1,736	1.1
JNL/Lazard International Strategic Equity Fund	1,601	10,430	8,819	17	3,212	5.7
JNL/Neuberger Berman Currency Fund	3,075	142,535	137,224	13	8,386	11.2
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund	2,226	251,210	237,428	136	16,008	9.2
JNL/Nicholas Convertible Arbitrage Fund	14,005	63,936	70,538	92	7,403	4.3
JNL/PPM America Long Short Credit Fund	6,453	32,523	33,103	31	5,873	4.5
JNL/T. Rowe Price Capital Appreciation Fund	4,558	20,134	22,550	19	2,142	0.1
JNL/The Boston Company Equity Income Fund	980	29,597	27,145	18	3,432	1.9
JNL/The London Company Focused U.S. Equity Fund	4,058	10,121	10,937	24	3,242	2.8
JNL/VanEck International Gold Fund	296	8,706	8,913	4	89	0.2
JNL/WCM Focused International Equity Fund	69,168	210,177	242,307	396	37,038	2.4


T. Rowe Price Government Reserve Fund	Beginning Amortized Cost/ Value($)	Purchases ($)	Sales Proceeds($)	Dividend Income($)	Ending Amortized Cost/ Value($)	Percentage of Net Assets(%)
JNL/T. Rowe Price Capital Appreciation Fund	313,813	536,756	662,285	1,383	188,284	6.1

Certain Funds participating in securities lending receive cash collateral daily, which is invested by JPMorgan Chase Bank, N.A. in the Securities Lending Cash Collateral Fund LLC, which is an affiliate of the Funds' Adviser. Jackson National Asset Management, LLC serves as the Administrator for the Securities Lending Cash Collateral Fund LLC. The Fund receives income from the investment in the Securities Lending Cash Collateral Fund LLC which is aggregated with lending fees and rebates negotiated with the borrower. The total value and cost of these investments is included in investments – affiliated in the Statements of Assets and Liabilities and the income is included in affiliated income in the Statements of Operations. There was no realized or unrealized gain or loss relating to transactions in the Securities Lending Cash Collateral Fund LLC during the period ended June 30, 2018.

Currency Abbreviations:


AED - United Arab Emirates Dirham	EUR - European Currency Unit (Euro)	MXN - Mexican Peso	THB - Thai Baht
ARS - Argentine Peso	GBP - British Pound	NGN - Nigerian Naira	TRY - New Turkish Lira
AUD - Australian Dollar	GEL - Georgian Lari	NOK - Norwegian Krone	TWD - Taiwan Dollar
BHD - Bahraini Dinar	GHS - Ghanaian Cedi	NZD - New Zealand Dollar	UAH - Ukraine Hryvnia
BRL - Brazilian Real	HKD - Hong Kong Dollar	OMR - Omani Rial	USD - United States Dollar
CAD - Canadian Dollar	HUF - Hungarian Forint	PEN - Peruvian Nuevo Sol	UYU - Uruguayan Peso
CHF - Swiss Franc	IDR - Indonesian Rupiah	PHP - Philippine Peso	ZAR - South African Rand
CLF - Chilean Unidad de Fomento	ILS - Israeli New Shekel	PLN - Polish Zloty
CLP - Chilean Peso	INR - Indian Rupee	QAR - Qatari Riyal	`
CNH - Chinese Offshore Yuan	ISK - Icelandic Krona	RON - Romanian New Leu
CNY - Chinese Yuan	JPY - Japanese Yen	RSD - Serbian Dinar
COP - Colombian Peso	KRW - Korean Won	RUB - Russian Ruble
CZK - Czech Republic Korunas	KZT - Kazakh Tenge	SAR - Saudi Riyal
DOP - Dominican Peso	LKR - Sri Lanken Rupee	SEK - Swedish Krona
EGP - Egyptian Pound	MAD - Moroccan Dirham	SGD - Singapore Dollar

Abbreviations:


ADR - American Depositary Receipt	iTraxx - Group of international credit derivative indexes monitored
ASX - Australian Stock Exchange	by the International Index Company

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


AU - Australia	JSE - Johannesburg Stock Exchange
CDX.EM - Credit Default Swap Index - Emerging Markets	KOSPI - Korea Composite Stock Price Index
CDX.NA.HY - Credit Default Swap Index - North American - High Yield	LIBOR - London Interbank Offer Rate
CDX.NA.IG - Credit Default Swap Index - North American - Investment Grade	LME - London Metal Exchange
CLO - Collateralized Loan Obligation	MBS - Mortgage-Backed Security
CMBX.NA - Commercial Mortgage-Backed Securities Index - North American	MCDX.NA - Municipal Credit Defualt Swap Index - North American
CPURNSA - CPI Consumers Index Non-Seasonally Adjusted	MSCI - Morgan Stanley Capital International
EAFE - Europe, Australia and Far East	NASDAQ - National Association of Securities Dealers Automated Quotations
ETF - Exchange Traded Fund	RBOB - Reformulated Gasoline Blendstock for Oxygen Blending
EU - European Union	REMIC - Real Estate Mortgage Investment Conduit
EURIBOR - Europe Interbank Offered Rate	SPDR - Standard & Poor's Depositary Receipt
Euro-Bobl - debt instrument issued by the Federal Republic of Germany	SPI - Schedule Performance Index
with a term of 4.5 to 5.5 years	S&P - Standard & Poor’s
Euro-Bund - debt instrument issued by the Federal Republic of Germany	ULSD - Ultra Low Sulfur Diesel
with a term of 8.5 to 10.5 years	US - United States
Euro-BTP - debt instrument issued by the Republic of Italy	WTI - West Texas Intermediate
with a term of 2 to 11 years
Euro-OAT - debt instrument issued by the Republic of France
with a term of 8.5 to 10.5 years
FTSE - Financial Times and the London Stock Exchange
GB - United Kingdom

Counterparty Abbreviations:


ANZ - ANZ Banking Group Ltd.	LVS - LarrainVial Securities
BBH - Brown Brothers Harriman & Co.	MLP - Merrill Lynch, Pierce, Fenner, & Smith
BBP - Barclays Bank Plc	MSC - Morgan Stanley & Co., Incorporated
BCL - Barclays Capital Inc.	NSI - Nomura Securities International Inc.
BNP - BNP Paribas Securities	RBC - Royal Bank of Canada
BOA - Banc of America Securities LLC/Bank of America NA	SCB - Standard Chartered Bank
CCI - Citicorp Securities, Inc.	SGB - Societe Generale Bannon LLC
CGM - Citigroup Global Markets	SSB - State Street Brokerage Services, Inc.
CIT - Citibank, Inc.	UBS - UBS Securities LLC
CSI - Credit Suisse Securities, LLC
DUB - Deutsche Bank Alex Brown Inc.
GSC - Goldman Sachs & Co.
JPM - JPMorgan Chase Bank N.A.

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

²The frequency of periodic payments received or paid by the Fund are defined as follows: (A) - Annually; (E) - Expiration Date; (M) - Monthly; (Q) - Quarterly; (S) - Semi-Annually.

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

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

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

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

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

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

⁹Total return swap agreements where the reference entity is a futures contract do not pay/receive periodic interest payments.

¹⁰Payments delivered or received are based on the notional amount.

¹¹Swaptions are illiquid investments.

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

* A Summary Schedule of Investments is presented for this portfolio. For all items listed as "Other Securities" in this Summary Schedule of Investments, this represents issues not identified as top-fifty unaffiliated holdings in terms of value and issues or issuers not exceeding one percent individually or in aggregate, respectively, as of June 30, 2018. Certain footnotes may apply to securities included in “Other Securities” and are referenced in the complete Schedule of Investments. A complete Schedule of Investments is available without charge, upon request, by calling the Jackson Service Center at 1-800-644-4565 or by visiting the Commission’s website, www.sec.gov.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

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

June 30, 2018


		JNL Tactical ETF Moderate Fund		JNL Tactical ETF Moderate Growth Fund		JNL Tactical ETF Growth Fund		JNL/AQR Risk Parity Fund(a)			JNL/BlackRock Global Long Short Credit Fund			JNL/DFA U.S. Small Cap Fund
Assets
Investments - unaffiliated, at value		$	131,831	$	279,673	$	222,847	$	23,197		$	182,152		$	88,881
Investments - affiliated, at value			7,798		8,042		15,764		5,804			—			118
Repurchase agreements, at value			—		—		—		—			38,644			—
Purchased options, at value			—		—		—		—			741			—
Forward foreign currency contracts			—		—		—		98			496			—
Variation margin on futures/futures options contracts			—		—		—		143			10			—
Variation margin on swap agreements			—		—		—		—			22			—
OTC swap agreements			—		—		—		3			530			—
OTC swap premiums paid			—		—		—		—			999			—
Cash			—		—		—		—			3,198			23
Foreign currency			—		—		—		21			3,034			—
Receivable from:
	Investment securities sold		—		—		267		—			6,365			13
	Fund shares sold		—		12		2		5			23			67
	Dividends and interest		191		502		526		32			1,851			49
	Adviser		—		—		—		—			—			1
	Deposits with brokers and counterparties		—		—		—		1,744			1,549			—
Other assets			1		2		1		—			1			1
Total assets			139,821		288,231		239,407		31,047			239,615			89,153
Liabilities
Cash overdraft			—		207		152		265			—			—
Payable for reverse repurchase agreements			—		—		—		—			36,092			—
Securities sold short, at value			—		—		—		—			37,338			—
Written options, at value			—		—		—		—			107			—
Forward foreign currency contracts			—		—		—		149			431			—
Variation margin on futures/futures options contracts			—		—		—		78			10			—
Variation margin on swap agreements			—		—		—		—			24			—
OTC swap agreements			—		—		—		22			503			—
OTC swap premiums received			—		—		—		—			1,349			—
Payable for:
	Investment securities purchased		—		—		528		—			12,517			—
	Deposits from counterparties		—		—		—		—			456			—
	Return of securities loaned		7,766		8,042		15,764		—			—			2,116
	Dividends on securities sold short		—		—		—		—			373			—
	Interest expense and brokerage charges		—		—		—		—			107			—
	Fund shares redeemed		268		325		116		22			93			43
	Advisory fees		22		47		37		16			100			43
	Administrative fees		16		35		28		4			19			11
	12b-1 fees (Class A)		8		16		13		2			3			4
	Board of trustee fees		6		15		11		3			15			11
	Other expenses		—		—		—		—			5			—
Total liabilities			8,086		8,687		16,649		561			89,542			2,228
Net assets		$	131,735	$	279,544	$	222,758	$	30,486		$	150,073		$	86,925
Net assets consist of:
Paid-in capital		$	118,089	$	237,653	$	184,342	$	48,255		$	175,586		$	46,209
Undistributed (excess of distributions
	over) net investment income (loss)		3,278		6,620		4,792		(1,268	)		3,192			356
Accumulated net realized gain (loss)			2,183		7,403		5,118		(16,421	)		(22,790	)		26,370
Net unrealized appreciation (depreciation) on
	investments and foreign currency		8,185		27,868		28,506		(80	)		(5,915	)		13,990
Net assets		$	131,735	$	279,544	$	222,758	$	30,486		$	150,073		$	86,925
Net assets - Class A		$	131,480	$	278,366	$	221,945	$	30,485		$	50,113		$	69,373
Shares outstanding - Class A			10,737		20,539		15,410		2,309			5,203			6,386
Net asset value per share - Class A		$	12.24	$	13.55	$	14.40	$	13.20		$	9.63		$	10.86
Net assets - Class I		$	255	$	1,178	$	813	$	1		$	99,960		$	17,552
Shares outstanding - Class I			21		87		56		—			10,354			1,612
Net asset value per share - Class I		$	12.29	$	13.59	$	14.44	$	13.25		$	9.65		$	10.89
Investments - unaffiliated, at cost		$	123,646	$	251,805	$	194,341	$	23,198		$	188,360		$	74,891
Investments - affiliated, at cost			7,798		8,042		15,764		5,804			—			118
Repurchase agreements, at cost			—		—		—		—			38,825			—
Purchased options, at cost			—		—		—		—			883			—
Foreign currency cost			—		—		—		21			3,049			—
Proceeds from securities sold short			—		—		—		—			37,797			—
Premiums from written options			—		—		—		—			136			—
Securities on loan included in
	investments - unaffiliated, at value		7,709		7,869		20,233		—			—			6,415


(a)	Consolidated Statement of Assets and Liabilities.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

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

June 30, 2018


		JNL/DoubleLine Total Return Fund			JNL/Eaton Vance Global Macro Absolute Return Advantage Fund			JNL/Epoch Global Shareholder Yield Fund			JNL/FAMCO Flex Core Covered Call Fund			JNL/Lazard International Strategic Equity Fund		JNL/Neuberger Berman Currency Fund
Assets
Investments - unaffiliated, at value		$	1,928,425		$	329,400		$	30,045		$	152,634		$	53,487	$	64,534
Investments - affiliated, at value			208,725			34,931			937			1,736			3,212		8,386
Purchased options, at value			—			5,656			—			—			—		—
Forward foreign currency contracts			—			19,968			—			—			—		40,388
Variation margin on futures/futures options contracts			—			22			—			—			—		—
Variation margin on swap agreements			—			420			—			—			—		—
OTC swap agreements			—			2,509			—			—			—		—
OTC swap premiums paid			—			6,222			—			—			—		—
Cash			283			4,880			—			611			—		4,484
Foreign currency			—			6,605			91			—			34		—
Receivable from:
	Investment securities sold		—			1,065			101			—			46		—
	Fund shares sold		837			76			—			235			32		22
	Dividends and interest		7,497			5,823			239			42			114		114
	Deposits with brokers and counterparties		—			11,743			—			—			—		15,672
Other assets			16			3			—			1			—		—
Total assets			2,145,783			429,323			31,413			155,259			56,925		133,600
Liabilities
Payable for reverse repurchase agreements			—			4,445			—			—			—		—
Written options, at value			—			—			—			1,526			—		—
Forward foreign currency contracts			—			16,090			—			—			—		40,605
Variation margin on futures/futures options contracts			—			77			—			—			—		—
Variation margin on swap agreements			—			496			—			—			—		—
OTC swap agreements			—			3,501			—			—			—		—
OTC swap premiums received			—			3,314			—			—			—		—
Payable for:
	Investment securities purchased		16,225			4,044			82			—			—		9,145
	Deposits from counterparties		—			13,843			—			—			—		8,712
	Return of securities loaned		—			—			292			—			459		—
	Interest expense and brokerage charges		—			202			—			—			—		—
	Fund shares redeemed		1,305			95			6			69			20		84
	Advisory fees		731			248			15			65			33		34
	Administrative fees		172			47			4			19			7		9
	12b-1 fees (Class A)		52			3			2			9			3		1
	Board of trustee fees		112			26			3			9			4		13
	Other expenses		4			47			—			—			—		—
Total liabilities			18,601			46,478			404			1,697			526		58,603
Net assets		$	2,127,182		$	382,845		$	31,009		$	153,562		$	56,399	$	74,997
Net assets consist of:
Paid-in capital		$	2,050,203		$	385,130		$	29,003		$	137,407		$	47,402	$	70,673
Undistributed (excess of distributions
	over) net investment income (loss)		116,656			14,003			2,556			2,805			1,010		2,680
Accumulated net realized gain (loss)			(25,217	)		(20,578	)		(1,501	)		(1,603	)		495		1,878
Net unrealized appreciation (depreciation) on
	investments and foreign currency		(14,460	)		4,290			951			14,953			7,492		(234	)
Net assets		$	2,127,182		$	382,845		$	31,009		$	153,562		$	56,399	$	74,997
Net assets - Class A		$	906,862		$	48,402		$	30,988		$	152,211		$	55,849	$	11,008
Shares outstanding - Class A			83,688			5,054			2,577			12,465			4,142		1,089
Net asset value per share - Class A		$	10.84		$	9.58		$	12.03		$	12.21		$	13.48	$	10.11
Net assets - Class I		$	1,220,320		$	334,443		$	21		$	1,351		$	550	$	63,989
Shares outstanding - Class I			112,344			34,827			2			110			41		6,314
Net asset value per share - Class I		$	10.86		$	9.60		$	12.55		$	12.24		$	13.51	$	10.13
Investments - unaffiliated, at cost		$	1,942,885		$	327,347		$	29,096		$	138,836		$	45,994	$	64,550
Investments - affiliated, at cost			208,725			34,931			937			1,736			3,212		8,386
Purchased options, at cost			—			6,001			—			—			—		—
Foreign currency cost			—			6,614			91			—			34		—
Premiums from written options			—			—			—			2,682			—		—
Securities on loan included in
	investments - unaffiliated, at value		—			—			286			—			442		—

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

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

June 30, 2018


		JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund(a)			JNL/Nicholas Convertible Arbitrage Fund			JNL/PIMCO Credit Income Fund			JNL/PPM America Long Short Credit Fund			JNL/T. Rowe Price Capital Appreciation Fund		JNL/The Boston Company Equity Income Fund
Assets
Investments - unaffiliated, at value		$	150,224		$	170,682		$	497,754		$	129,341		$	2,993,812	$	176,429
Investments - affiliated, at value			16,008			7,403			12,374			5,873			191,600		4,161
Purchased options, at value			—			—			109			—			—		—
Forward foreign currency contracts			—			—			592			—			—		—
Variation margin on futures/futures options contracts			1,857			—			—			6			—		—
Variation margin on swap agreements			—			—			63			—			—		—
OTC swap agreements			—			—			719			86			—		—
OTC swap premiums paid			—			—			160			270			—		—
Cash			122			856			551			2,398			3,042		—
Cash collateral segregated for short sales			—			58,700			—			—			—		—
Foreign currency			—			—			939			273			64		—
Receivable from:
	Investment securities sold		—			6,057			23,400			578			8,441		1,893
	Fund shares sold		65			58			394			56			6,829		74
	Dividends and interest		515			837			4,842			1,001			8,099		176
	Deposits with brokers and counterparties		7,603			—			2,179			603			—		—
Other assets			—			1			3			1			20		1
Total assets			176,394			244,594			544,079			140,486			3,211,907		182,734
Liabilities
Payable for reverse repurchase agreements			—			—			12,860			—			—		—
Securities sold short, at value			—			67,548			—			6,836			—		—
Written options, at value			—			—			206			—			12,703		—
Forward foreign currency contracts			—			—			923			—			—		—
Variation margin on futures/futures options contracts			1,046			—			9			3			—		—
Variation margin on swap agreements			—			—			48			2			—		—
OTC swap agreements			—			—			195			13			—		—
OTC swap premiums received			—			—			1,109			354			—		—
Payable for:
	Investment securities purchased		1,597			5,484			53,203			1,243			31,439		2,320
	Treasury roll transactions		—			—			16,471			—			—		—
	Deposits from counterparties		—			—			80			—			—		—
	Return of securities loaned		—			—			12,374			—			84,293		729
	Dividends on securities sold short		—			14			—			108			—		—
	Interest expense and brokerage charges		—			—			5			8			—		—
	Fund shares redeemed		5			109			609			167			622		84
	Advisory fees		65			104			128			66			1,374		67
	Administrative fees		22			22			37			16			376		22
	12b-1 fees (Class A)		1			4			16			1			156		10
	Board of trustee fees		4			33			23			11			112		9
	Other expenses		—			—			4			—			4		—
Total liabilities			2,740			73,318			98,300			8,828			131,079		3,241
Net assets		$	173,654		$	171,276		$	445,779		$	131,658		$	3,080,828	$	179,493
Net assets consist of:
Paid-in capital		$	250,879		$	186,062		$	440,983		$	159,510		$	2,737,076	$	142,949
Undistributed (excess of distributions
	over) net investment income (loss)		(2,234	)		1,331			21,200			6,248			32,520		3,398
Accumulated net realized gain (loss)			(72,184	)		(18,616	)		(3,570	)		(32,857	)		112,680		20,883
Net unrealized appreciation (depreciation) on
	investments and foreign currency		(2,807	)		2,499			(12,834	)		(1,243	)		198,552		12,263
Net assets		$	173,654		$	171,276		$	445,779		$	131,658		$	3,080,828	$	179,493
Net assets - Class A		$	20,668		$	75,765		$	273,822		$	13,988		$	2,728,389	$	178,945
Shares outstanding - Class A			1,790			7,391			24,154			1,567			186,210		10,472
Net asset value per share - Class A		$	11.55		$	10.25		$	11.34		$	8.92		$	14.65	$	17.09
Net assets - Class I		$	152,986		$	95,511		$	171,957		$	117,670		$	352,439	$	548
Shares outstanding - Class I			13,216			9,296			15,132			13,152			24,006		32
Net asset value per share - Class I		$	11.58		$	10.27		$	11.36		$	8.95		$	14.68	$	17.13
Investments - unaffiliated, at cost		$	150,260		$	162,575		$	509,775		$	131,059		$	2,792,847	$	164,166
Investments - affiliated, at cost			16,008			7,403			12,374			5,873			191,634		4,161
Purchased options, at cost			—			—			426			—			—		—
Foreign currency cost			—			—			950			283			64		—
Proceeds from securities sold short			—			61,943			—			7,059			—		—
Premiums from written options			—			—			442			—			10,326		—
Securities on loan included in
	investments - unaffiliated, at value		—			—			12,627			—			82,635		707


(a)	Consolidated Statement of Assets and Liabilities.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

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

June 30, 2018


		JNL/The London Company Focused U.S. Equity Fund		JNL/VanEck International Gold Fund(a)			JNL/WCM Focused International Equity Fund
Assets
Investments - unaffiliated, at value		$	113,230	$	54,541		$	1,489,537
Investments - affiliated, at value			6,131		1,158			87,246
Forward foreign currency contracts			—		2			—
Foreign currency			—		17			523
Receivable from:
	Investment securities sold		—		760			—
	Fund shares sold		9		—			360
	Dividends and interest		129		7			5,762
Other assets			1		—			11
Total assets			119,500		56,485			1,583,439
Liabilities
Payable for:
	Investment securities purchased		—		808			—
	Return of securities loaned		2,889		1,069			50,208
	Fund shares redeemed		39		30			391
	Advisory fees		57		32			856
	Administrative fees		15		7			193
	12b-1 fees (Class A)		1		3			2
	Board of trustee fees		6		6			67
	Other expenses		—		—			2
Total liabilities			3,007		1,955			51,719
Net assets		$	116,493	$	54,530		$	1,531,720
Net assets consist of:
Paid-in capital		$	70,167	$	122,961		$	1,150,760
Undistributed (excess of distributions
	over) net investment income (loss)		1,488		(1,340	)		15,050
Accumulated net realized gain (loss)			20,012		(70,557	)		78,197
Net unrealized appreciation (depreciation) on
	investments and foreign currency		24,826		3,466			287,713
Net assets		$	116,493	$	54,530		$	1,531,720
Net assets - Class A		$	24,461	$	53,600		$	40,384
Shares outstanding - Class A			1,601		5,522			2,735
Net asset value per share - Class A		$	15.28	$	9.71		$	14.77
Net assets - Class I		$	92,032	$	930		$	1,491,336
Shares outstanding - Class I			6,009		96			100,719
Net asset value per share - Class I		$	15.32	$	9.73		$	14.81
Investments - unaffiliated, at cost		$	88,403	$	51,076		$	1,201,815
Investments - affiliated, at cost			6,131		1,158			87,246
Foreign currency cost			—		16			523
Securities on loan included in
	investments - unaffiliated, at value		4,766		1,614			47,855


(a)	Consolidated Statement of Assets and Liabilities.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Statements of Operations (in thousands)

For the Six Months Ended June 30, 2018


		JNL Tactical ETF Moderate Fund			JNL Tactical ETF Moderate Growth Fund			JNL Tactical ETF Growth Fund			JNL/AQR Risk Parity Fund(b)			JNL/BlackRock Global Long Short Credit Fund			JNL/DFA U.S. Small Cap Fund
Investment income
Dividends (a)		$	1,482		$	3,022		$	2,360		$	42		$	64		$	630
Foreign taxes withheld			—			—			—			—			(8	)		—
Interest			—			—			—			254			4,650			—
Securities lending (a)			116			147			110			—			—			52
Total investment income			1,598			3,169			2,470			296			4,706			682

Expenses
Advisory fees			133			285			225			102			628			329
Administrative fees			100			214			169			24			118			82
12b-1 fees (Class A)			200			426			336			47			77			99
Legal fees			1			2			2			—			—			1
Board of trustee fees			6			14			10			1			8			6
Dividends on securities sold short			—			—			—			—			640			—
Net short holdings borrowing fees			—			—			—			—			48			—
Interest expense			—			—			—			—			257			—
Other expenses			1			—			—			—			6			1
Total expenses			441			941			742			174			1,782			518
Expense waiver			—			—			—			—			—			(11	)
Net expenses			441			941			742			174			1,783			507
Net investment income (loss)			1,157			2,228			1,728			122			2,923			175

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Investments - unaffiliated		1,951			4,374			3,607			72			401			10,427
	Investments - affiliated		—			—			—			—			(16	)		—
	Securities sold short		—			—			—			—			214			—
	Purchased options		—			—			—			—			(569	)		—
	Written options		—			—			—			—			158			—
	Foreign currency		—			—			—			1			265			—
	Forward foreign currency contracts		—			—			—			(19	)		1,393			—
	Futures/futures options contracts		—			—			—			65			147			(40	)
	Swap agreements		—			—			—			(22	)		(806	)		—
Net change in unrealized appreciation
	(depreciation) on:
	Investments - unaffiliated		(3,689	)		(7,054	)		(5,023	)		(295	)		(6,742	)		(6,202	)
	Investment securities sold short		—			—			—			—			1,256			—
	Purchased options		—			—			—			—			(28	)		—
	Written options		—			—			—			—			24			—
	Foreign currency		—			—			—			—			(14	)		—
	Forward foreign currency contracts		—			—			—			(76	)		529			—
	Futures/futures options contracts		—			—			—			(175	)		(232	)		—
	Swap agreements		—			—			—			(51	)		949			—
Net realized and unrealized gain (loss)			(1,738	)		(2,680	)		(1,416	)		(500	)		(3,071	)		4,185
Change in net assets from operations		$	(581	)	$	(452	)	$	312		$	(378	)	$	(148	)	$	4,360
(a)	Affiliated income	$	117		$	148		$	112		$	42		$	1		$	4


(b)	Consolidated Statement of Operations.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Statements of Operations (in thousands)

For the Six Months Ended June 30, 2018


		JNL/DoubleLine Total Return Fund			JNL/Eaton Vance Global Macro Absolute Return Advantage Fund			JNL/Epoch Global Shareholder Yield Fund			JNL/FAMCO Flex Core Covered Call Fund			JNL/Lazard International Strategic Equity Fund			JNL/Neuberger Berman Currency Fund
Investment income
Dividends (a)		$	860		$	834		$	877		$	1,764		$	921		$	13
Foreign taxes withheld			—			(573	)		(38	)		—			(93	)		—
Interest			46,498			12,290			—			—			—			552
Securities lending (a)			—			—			7			—			19			—
Total investment income			47,358			12,551			846			1,764			847			565

Expenses
Advisory fees			4,553			1,575			106			386			201			225
Administrative fees			1,076			294			27			116			43			58
12b-1 fees (Class A)			1,290			72			49			230			86			18
Legal fees			6			2			—			1			—			—
Board of trustee fees			106			19			2			8			3			4
Interest expense			—			61			—			—			—			—
Other expenses			—			21			—			1			1			—
Total expenses			7,031			2,044			184			742			334			305
Net investment income (loss)			40,327			10,507			662			1,022			513			260

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Investments - unaffiliated		(11,677	)		3,397			1,292			5,481			2,683			—
	Purchased options		—			(1,475	)		—			—			—			—
	Written options		—			605			—			(2,348	)		—			—
	Foreign currency		—			146			4			—			(17	)		—
	Forward foreign currency contracts		—			(7,605	)		(2	)		—			9			1,878
	Futures/futures options contracts		—			(372	)		—			—			—			—
	Swap agreements		—			(8,988	)		—			—			—			—
Net change in unrealized appreciation
	(depreciation) on:
	Investments - unaffiliated		(32,049	)		(21,388	)		(3,865	)		(9,083	)		(2,405	)		(6	)
	Purchased options		—			1,488			—			—			—			—
	Written options		—			(602	)		—			1,147			—			—
	Foreign currency		—			(282	)		(6	)		—			(1	)		—
	Forward foreign currency contracts		—			8,306			—			—			—			(1,078	)
	Futures/futures options contracts		—			(91	)		—			—			—			—
	Swap agreements		—			7,378			—			—			—			—
Net realized and unrealized gain (loss)			(43,726	)		(19,483	)		(2,577	)		(4,803	)		269			794
Change in net assets from operations		$	(3,399	)	$	(8,976	)	$	(1,915	)	$	(3,781	)	$	782		$	1,054
(a)	Affiliated income	$	860		$	206		$	12		$	19		$	17		$	13

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Statements of Operations (in thousands)

For the Six Months Ended June 30, 2018


		JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund(b)			JNL/Nicholas Convertible Arbitrage Fund			JNL/PIMCO Credit Income Fund			JNL/PPM America Long Short Credit Fund			JNL/T. Rowe Price Capital Appreciation Fund			JNL/The Boston Company Equity Income Fund
Investment income
Dividends (a)		$	136		$	271		$	11		$	107		$	17,300		$	2,097
Foreign taxes withheld			—			—			—			—			(110	)		—
Interest			1,159			353			9,868			3,300			11,709			—
Net prime broker interest income			—			277			—			—			—			—
Securities lending (a)			—			—			44			—			378			2
Total investment income			1,295			901			9,923			3,407			29,277			2,099

Expenses
Advisory fees			296			648			825			414			7,853			384
Administrative fees			93			134			235			104			2,100			127
12b-1 fees (Class A)			27			119			437			22			3,677			256
Legal fees			2			—			4			1			34			2
Board of trustee fees			4			9			23			6			122			8
Chief compliance officer fees			1			—			—			—			—			—
Dividends on securities sold short			—			131			—			146			—			—
Net short holdings borrowing fees			—			—			—			54			—			—
Interest expense			—			—			313			—			—			—
Other expenses			3			4			—			4			2			1
Total expenses			426			1,045			1,837			751			13,788			778
Expense waiver			—			—			—			—			(2	)		—
Net expenses			426			1,045			1,837			751			13,786			778
Net investment income (loss)			869			(144	)		8,086			2,656			15,491			1,321

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Investments - unaffiliated		20			9,839			(4,637	)		(509	)		21,228			8,719
	Securities sold short		—			(5,210	)		—			136			—			—
	Brokerage commissions recaptured		—			—			—			—			5			8
	Purchased options		—			—			16			—			2,330			—
	Written options		—			—			149			—			448			��
	Foreign currency		—			—			(143	)		20			42			—
	Forward foreign currency contracts		—			—			(48	)		—			—			—
	Futures/futures options contracts		3,478			—			(640	)		1,418			—			—
	Swap agreements		—			—			600			(94	)		—			—
Net change in unrealized appreciation
	(depreciation) on:
	Investments - unaffiliated		(41	)		89			(18,505	)		(3,509	)		18,707			(10,966	)
	Investments - affiliated		—			—			—			—			(10	)		—
	Investment securities sold short		—			(2,189	)		—			295			—			—
	Purchased options		—			—			(14	)		—			(1,346	)		—
	Written options		—			—			(92	)		—			8,616			—
	Foreign currency		—			—			(28	)		(25	)		(3	)		—
	Forward foreign currency contracts		—			—			298			—			—			—
	Futures/futures options contracts		(3,158	)		—			(50	)		(110	)		—			—
	Swap agreements		—			—			(1,034	)		185			—			—
Net realized and unrealized gain (loss)			299			2,529			(24,128	)		(2,193	)		50,017			(2,239	)
Change in net assets from operations		$	1,168		$	2,385		$	(16,042	)	$	463		$	65,508		$	(918	)
(a)	Affiliated income	$	136		$	92		$	44		$	31		$	1,429		$	20


(b)	Consolidated Statement of Operations.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Statements of Operations (in thousands)

For the Six Months Ended June 30, 2018


		JNL/The London Company Focused U.S. Equity Fund			JNL/VanEck International Gold Fund(b)			JNL/WCM Focused International Equity Fund
Investment income
Dividends (a)		$	932		$	223		$	16,555
Foreign taxes withheld			—			(3	)		(1,806	)
Securities lending (a)			154			107			111
Total investment income			1,086			327			14,860

Expenses
Advisory fees			363			198			5,022
Administrative fees			92			43			1,130
12b-1 fees (Class A)			37			84			55
Legal fees			—			—			15
Board of trustee fees			7			3			69
Other expenses			1			1			3
Total expenses			500			329			6,294
Net investment income (loss)			586			(2	)		8,566

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Investments - unaffiliated		7,834			916			43,080
	Brokerage commissions recaptured		5			—			—
	Foreign currency		—			(15	)		190
	Forward foreign currency contracts		—			—			(465	)
Net change in unrealized appreciation
	(depreciation) on:
	Investments - unaffiliated		(6,199	)		(4,201	)		(14,906	)
	Foreign currency		—			(2	)		(56	)
	Forward foreign currency contracts		—			2			—
Net realized and unrealized gain (loss)			1,640			(3,300	)		27,843
Change in net assets from operations		$	2,226		$	(3,302	)	$	36,409
(a)	Affiliated income	$	178		$	111		$	507


(b)	Consolidated Statement of Operations.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds

Statement of Cash Flows (in thousands)

For the Year Ended June 30, 2018


			JNL/PIMCO Credit Income Fund
Cash flows provided by operating activities
	Net decrease in net assets from operations		$	(16,042)
	Adjustments to reconcile net decrease in net assets from operations to net cash flow provided by operating activities:
		Purchase of long-term investments		(399,814)
		Proceeds from sales and maturities of long-term investments		448,881
		Net sales of short-term investments		5,225
		Proceeds from securities sold short		2,238
		Purchases to cover securities sold short		(2,132)
		Increase in receivable for investment securities sold		(4,067)
		Increase in payable for investment securities purchased		28,506
		Increase in receivable for dividends and interest		47
		Decrease in payable for interest expense and brokerage charges		(17)
		Decrease in payable for expenses		(43)
		Increase in other assets		(2)
		Increase in receivable for deposits with brokers and counterparties		(651)
		Increase in payable for deposits from counterparties		70
		Net amortization		587
		Net inflation compensation		(55)
		Net increase in OTC swap agreements		576
		Net decrease in variation margin on futures/futures option contracts and swap agreements		(1,235)
		Loss from currency transactions		(220)
		Change in unrealized (appreciation) depreciation on investments, purchased options, written options, foreign currency, forward foreign currency contracts, futures/futures options contracts and swap agreements		19,425
		Net realized (gain) loss on investments, purchased options, written options, foreign currency, forward foreign currency contracts, futures/futures options contracts and swap agreements		4,703
Net cash flow provided by operating activities				85,980
Cash flows used in financing activities
		Net redemptions from capital share transactions		(54,018)
		Decrease in payable for reverse repurchase agreements		(9,875)
		Net borrowing from secured financing transactions		243
		Net proceeds from secured borrowing transactions		(167)
		Decrease in payable for treasury roll transactions		(24,073)
Net cash flow used in financing activities				(87,890)
Net decrease in cash				(1,910)
Cash at beginning of period				3,400
Cash at end of period			$	1,490

Supplemental disclosure of operating activities:
		Interest expense during the period	$	313

The following table provides a reconciliation of cash and cash equivalents reported within the Statement of Assets and Liabilities and Statement of Cash Flows:

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Statements of Changes in Net Assets (in thousands)

For the Six Months Ended June 30, 2018


		JNL Tactical ETF Moderate Fund			JNL Tactical ETF Moderate Growth Fund			JNL Tactical ETF Growth Fund			JNL/AQR Risk Parity Fund(a)			JNL/BlackRock Global Long Short Credit Fund			JNL/DFA U.S. Small Cap Fund
Operations
Net investment income (loss)		$	1,157		$	2,228		$	1,728		$	122		$	2,923		$	175
Net realized gain (loss)			1,951			4,374			3,607			97			1,187			10,387
Net change in unrealized appreciation
	(depreciation)		(3,689	)		(7,054	)		(5,023	)		(597	)		(4,258	)		(6,202	)
Change in net assets from operations			(581	)		(452	)		312			(378	)		(148	)		4,360
Share transactions¹
Proceeds from the sale of shares
	Class A		16,946			14,754			17,057			2,505			4,324			8,375
	Class I		475			1,127			1,113			—			2,564			14,469
Cost of shares redeemed
	Class A		(18,454	)		(25,191	)		(16,987	)		(4,351	)		(6,211	)		(9,528	)
	Class I		(221	)		(18	)		(321	)		—			(14,857	)		(60,071	)
Change in net assets from
	share transactions		(1,254	)		(9,328	)		862			(1,846	)		(14,180	)		(46,755	)
Change in net assets			(1,835	)		(9,780	)		1,174			(2,224	)		(14,328	)		(42,395	)
Net assets beginning of period			133,570			289,324			221,584			32,710			164,401			129,320
Net assets end of period		$	131,735		$	279,544		$	222,758		$	30,486		$	150,073		$	86,925
Undistributed (excess of distributions
	over) net investment income (loss)	$	3,278		$	6,620		$	4,792		$	(1,268	)	$	3,192		$	356

¹Share transactions
Shares sold
	Class A		1,371			1,077			1,173			190			445			800
	Class I		39			82			76			—			263			1,394
Shares redeemed
	Class A		(1,498	)		(1,843	)		(1,169	)		(329	)		(639	)		(905	)
	Class I		(18	)		(1	)		(22	)		—			(1,526	)		(5,803	)
Change in shares
	Class A		(127	)		(766	)		4			(139	)		(194	)		(105	)
	Class I		21			81			54			—			(1,263	)		(4,409	)
Purchases and sales of long term
	investments
Purchase of securities		$	23,410		$	33,960		$	27,205		$	546		$	199,335		$	8,124
Purchase of U.S. government securities			—			—			—			913			24,836			—
Total purchases		$	23,410		$	33,960		$	27,205		$	1,459		$	224,171		$	8,124
Proceeds from sales of securities		$	23,454		$	40,705		$	24,097		$	583		$	191,413		$	54,493
Proceeds from sales of U.S. government
	securities		—			—			—			209			20,698			—
Total proceeds from sales		$	23,454		$	40,705		$	24,097		$	792		$	212,111		$	54,493
Securities sold short covers		$	—		$	—		$	—		$	—		$	100,168		$	—
Securities sold short proceeds		$	—		$	—		$	—		$	—		$	104,919		$	—


(a)	Consolidated Statement of Changes in Net Assets.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Statements of Changes in Net Assets (in thousands)

For the Six Months Ended June 30, 2018


		JNL/DoubleLine Total Return Fund			JNL/Eaton Vance Global Macro Absolute Return Advantage Fund			JNL/Epoch Global Shareholder Yield Fund			JNL/FAMCO Flex Core Covered Call Fund			JNL/Lazard International Strategic Equity Fund			JNL/Neuberger Berman Currency Fund
Operations
Net investment income (loss)		$	40,327		$	10,507		$	662		$	1,022		$	513		$	260
Net realized gain (loss)			(11,677	)		(14,292	)		1,294			3,133			2,675			1,878
Net change in unrealized appreciation
	(depreciation)		(32,049	)		(5,191	)		(3,871	)		(7,936	)		(2,406	)		(1,084	)
Change in net assets from operations			(3,399	)		(8,976	)		(1,915	)		(3,781	)		782			1,054
Share transactions¹
Proceeds from the sale of shares
	Class A		150,549			9,975			1,356			30,557			5,682			1,872
	Class I		72,608			24,190			1,089			578			511			1,563
Cost of shares redeemed
	Class A		(109,209	)		(5,748	)		(4,712	)		(23,121	)		(8,094	)		(3,138	)
	Class I		(370,756	)		(40,369	)		(11,158	)		(222	)		(3	)		(6,430	)
Change in net assets from
	share transactions		(256,808	)		(11,952	)		(13,425	)		7,792			(1,904	)		(6,133	)
Change in net assets			(260,207	)		(20,928	)		(15,340	)		4,011			(1,122	)		(5,079	)
Net assets beginning of period			2,387,389			403,773			46,349			149,551			57,521			80,076
Net assets end of period		$	2,127,182		$	382,845		$	31,009		$	153,562		$	56,399		$	74,997
Undistributed (excess of distributions
	over) net investment income (loss)	$	116,656		$	14,003		$	2,556		$	2,805		$	1,010		$	2,680

¹Share transactions
Shares sold
	Class A		13,970			1,016			112			2,458			417			187
	Class I		6,731			2,460			88			46			37			154
Shares redeemed
	Class A		(10,137	)		(588	)		(385	)		(1,865	)		(595	)		(313	)
	Class I		(34,542	)		(4,103	)		(912	)		(18	)		—			(638	)
Change in shares
	Class A		3,833			428			(273	)		593			(178	)		(126	)
	Class I		(27,811	)		(1,643	)		(824	)		28			37			(484	)
Purchases and sales of long term
	investments
Purchase of securities		$	60,191		$	124,410		$	2,815		$	73,389		$	9,334		$	2,000
Purchase of U.S. government securities			128,720			18,912			—			—			—			37,907
Total purchases		$	188,911		$	143,322		$	2,815		$	73,389		$	9,334		$	39,907
Proceeds from sales of securities		$	196,588		$	124,029		$	15,549		$	64,564		$	12,741		$	—
Proceeds from sales of U.S. government
	securities		259,825			18,903			—			—			—			33,330
Total proceeds from sales		$	456,413		$	142,932		$	15,549		$	64,564		$	12,741		$	33,330
Securities sold short covers		$	—		$	9,149		$	—		$	10,110		$	—		$	—
Securities sold short proceeds		$	—		$	9,337		$	—		$	8,453		$	—		$	—

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Statements of Changes in Net Assets (in thousands)

For the Six Months Ended June 30, 2018


		JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund(a)			JNL/Nicholas Convertible Arbitrage Fund			JNL/PIMCO Credit Income Fund			JNL/PPM America Long Short Credit Fund			JNL/T. Rowe Price Capital Appreciation Fund			JNL/The Boston Company Equity Income Fund
Operations
Net investment income (loss)		$	869		$	(144	)	$	8,086		$	2,656		$	15,491		$	1,321
Net realized gain (loss)			3,498			4,629			(4,703	)		971			24,053			8,727
Net change in unrealized appreciation
	(depreciation)		(3,199	)		(2,100	)		(19,425	)		(3,164	)		25,964			(10,966	)
Change in net assets from operations			1,168			2,385			(16,042	)		463			65,508			(918	)
Share transactions¹
Proceeds from the sale of shares
	Class A		7,784			3,683			42,093			1,653			666,127			39,470
	Class I		157,687			2,812			21,421			3,087			26,481			555
Cost of shares redeemed
	Class A		(2,394	)		(11,170	)		(69,705	)		(2,568	)		(203,689	)		(23,967	)
	Class I		(6,737	)		(12,602	)		(48,168	)		(20,554	)		(36,237	)		(74	)
Change in net assets from
	share transactions		156,340			(17,277	)		(54,359	)		(18,382	)		452,682			15,984
Change in net assets			157,508			(14,892	)		(70,401	)		(17,919	)		518,190			15,066
Net assets beginning of period			16,146			186,168			516,180			149,577			2,562,638			164,427
Net assets end of period		$	173,654		$	171,276		$	445,779		$	131,658		$	3,080,828		$	179,493
Undistributed (excess of distributions
	over) net investment income (loss)	$	(2,234	)	$	1,331		$	21,200		$	6,248		$	32,520		$	3,398

¹Share transactions
Shares sold
	Class A		670			360			3,662			184			45,900			2,284
	Class I		13,674			275			1,860			344			1,826			32
Shares redeemed
	Class A		(207	)		(1,092	)		(6,080	)		(287	)		(14,018	)		(1,384	)
	Class I		(568	)		(1,232	)		(4,211	)		(2,294	)		(2,503	)		(4	)
Change in shares
	Class A		463			(732	)		(2,418	)		(103	)		31,882			900
	Class I		13,106			(957	)		(2,351	)		(1,950	)		(677	)		28
Purchases and sales of long term
	investments
Purchase of securities		$	209,643		$	88,744		$	155,365		$	66,589		$	1,407,705		$	86,750
Purchase of U.S. government securities			—			—			244,449			—			182,191			—
Total purchases		$	209,643		$	88,744		$	399,814		$	66,589		$	1,589,896		$	86,750
Proceeds from sales of securities		$	71,999		$	107,134		$	178,212		$	83,774		$	868,962		$	71,191
Proceeds from sales of U.S. government
	securities		—			—			270,669			—			103,467			—
Total proceeds from sales		$	71,999		$	107,134		$	448,881		$	83,774		$	972,429		$	71,191
Securities sold short covers		$	—		$	43,342		$	2,132		$	4,957		$	4,569		$	—
Securities sold short proceeds		$	—		$	35,871		$	2,238		$	4,623		$	10,529		$	—


(a)	Consolidated Statement of Changes in Net Assets.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Statements of Changes in Net Assets (in thousands)

For the Six Months Ended June 30, 2018


		JNL/The London Company Focused U.S. Equity Fund			JNL/VanEck International Gold Fund(a)			JNL/WCM Focused International Equity Fund
Operations
Net investment income (loss)		$	586		$	(2	)	$	8,566
Net realized gain (loss)			7,839			901			42,805
Net change in unrealized appreciation
	(depreciation)		(6,199	)		(4,201	)		(14,962	)
Change in net assets from operations			2,226			(3,302	)		36,409
Share transactions¹
Proceeds from the sale of shares
	Class A		2,117			5,817			11,431
	Class I		4,522			103			180,591
Cost of shares redeemed
	Class A		(3,340	)		(9,133	)		(5,189	)
	Class I		(22,525	)		(130	)		(149,278	)
Change in net assets from
	share transactions		(19,226	)		(3,343	)		37,555
Change in net assets			(17,000	)		(6,645	)		73,964
Net assets beginning of period			133,493			61,175			1,457,756
Net assets end of period		$	116,493		$	54,530		$	1,531,720
Undistributed (excess of distributions
	over) net investment income (loss)	$	1,488		$	(1,340	)	$	15,050

¹Share transactions
Shares sold
	Class A		139			591			774
	Class I		295			10			12,278
Shares redeemed
	Class A		(218	)		(922	)		(350	)
	Class I		(1,472	)		(12	)		(10,068	)
Change in shares
	Class A		(79	)		(331	)		424
	Class I		(1,177	)		(2	)		2,210
Purchases and sales of long term
	investments
Purchase of securities		$	14,132		$	10,161		$	289,346
Proceeds from sales of securities		$	32,074		$	14,286		$	215,607


(a)	Consolidated Statement of Changes in Net Assets.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2017


		JNL Tactical ETF Moderate Fund(a)			JNL Tactical ETF Moderate Growth Fund(a)			JNL Tactical ETF Growth Fund(a)			JNL/AQR Risk Parity Fund(a)(b)			JNL/BlackRock Global Long Short Credit Fund(a)			JNL/DFA U.S. Small Cap Fund(a)
Operations
Net investment income (loss)		$	2,124		$	4,398		$	3,068		$	—		$	5,874		$	180
Net realized gain (loss)			1,026			5,431			4,731			3,276			(5,717	)		16,000
Net change in unrealized appreciation
	(depreciation)		10,060			29,030			27,603			508			8,175			(4,331	)
Change in net assets from operations			13,210			38,859			35,402			3,784			8,332			11,849
Distributions to shareholders
From net investment income
	Class A		(1,818	)		(3,886	)		(2,595	)		(1,069	)		(3,023	)		(244	)
From net realized gains
	Class A		—			—			—			(1,257	)		—			(3,841	)
Total distributions to shareholders			(1,818	)		(3,886	)		(2,595	)		(2,326	)		(3,023	)		(4,085	)
Share transactions¹
Proceeds from the sale of shares
	Class A		31,120			51,074			40,480			7,717			21,613			21,554
	Class I(c)		—			78			27			—			117,890			58,346
Reinvestment of distributions
	Class A		1,818			3,886			2,595			2,326			3,023			4,085
Cost of shares redeemed
	Class A(c)		(25,011	)		(46,776	)		(28,672	)		(14,502	)		(351,472	)		(75,747	)
	Class I		—			—			—			—			(6,471	)		—
Change in net assets from
	share transactions		7,927			8,262			14,430			(4,459	)		(215,417	)		8,238
Change in net assets			19,319			43,235			47,237			(3,001	)		(210,108	)		16,002
Net assets beginning of year			114,251			246,089			174,347			35,711			374,509			113,318
Net assets end of year		$	133,570		$	289,324		$	221,584		$	32,710		$	164,401		$	129,320
Undistributed (excess of distributions
	over) net investment income (loss)	$	2,121		$	4,392		$	3,064		$	(1,390	)	$	269		$	181

¹Share transactions
Shares sold
	Class A		2,631			4,021			3,070			580			2,251			2,204
	Class I(c)		—			6			2			—			12,288			6,021
Reinvestment of distributions
	Class A		153			299			191			181			315			426
Shares redeemed
	Class A(c)		(2,129	)		(3,688	)		(2,148	)		(1,103	)		(36,605	)		(7,796	)
	Class I		—			—			—			—			(671	)		—
Change in shares
	Class A		655			632			1,113			(342	)		(34,039	)		(5,166	)
	Class I		—			6			2			—			11,617			6,021


(a)	Effective September 25, 2017, Class I shares were offered by the Fund.
(b)	Consolidated Statement of Changes in Net Assets.
(c)	Includes the JNL Series Trust and Jackson Variable Series Trust Funds of Funds’ investment in each Fund which was sold from Class A shares and purchased into Class I shares effective September 25, 2017. See Share Transactions under Note 8. in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2017


		JNL/DoubleLine Total Return Fund(a)			JNL/Eaton Vance Global Macro Absolute Return Advantage Fund(a)			JNL/Epoch Global Shareholder Yield Fund(a)			JNL/FAMCO Flex Core Covered Call Fund(a)			JNL/Lazard International Strategic Equity Fund(a)			JNL/Neuberger Berman Currency Fund(a)
Operations
Net investment income (loss)		$	81,525		$	18,462		$	1,883		$	1,860		$	485		$	(390	)
Net realized gain (loss)			(9,363	)		(2,963	)		4,793			5,204			3,203			4,053
Net change in unrealized appreciation
	(depreciation)		31,893			5,706			3,784			7,876			10,419			(337	)
Change in net assets from operations			104,055			21,205			10,460			14,940			14,107			3,326
Distributions to shareholders
From net investment income
	Class A		(66,372	)		(14,261	)		(2,971	)		(2,395	)		(1,201	)		—
From net realized gains
	Class A		—			—			—			(2,860	)		—			—
Total distributions to shareholders			(66,372	)		(14,261	)		(2,971	)		(5,255	)		(1,201	)		—
Share transactions¹
Proceeds from the sale of shares
	Class A		451,989			95,170			18,091			33,060			19,996			6,899
	Class I(b)		1,552,460			369,612			10,936			2,101			47			77,734
Reinvestment of distributions
	Class A		66,372			14,261			2,971			5,255			1,201			—
Cost of shares redeemed
	Class A(b)		(2,246,681	)		(491,826	)		(75,347	)		(28,133	)		(47,678	)		(208,123	)
	Class I		(35,443	)		(18,644	)		(847	)		(1,133	)		—			(9,920	)
Change in net assets from
	share transactions		(211,303	)		(31,427	)		(44,196	)		11,150			(26,434	)		(133,410	)
Change in net assets			(173,620	)		(24,483	)		(36,707	)		20,835			(13,528	)		(130,084	)
Net assets beginning of year			2,561,009			428,256			83,056			128,716			71,049			210,160
Net assets end of year		$	2,387,389		$	403,773		$	46,349		$	149,551		$	57,521		$	80,076
Undistributed (excess of distributions
	over) net investment income (loss)	$	76,329		$	3,496		$	1,894		$	1,783		$	497		$	2,420

¹Share transactions
Shares sold
	Class A		41,457			9,760			1,507			2,719			1,737			700
	Class I(b)		143,427			38,368			895			176			4			7,788
Reinvestment of distributions
	Class A		6,128			1,482			243			439			96			—
Shares redeemed
	Class A(b)		(207,147	)		(50,811	)		(6,220	)		(2,322	)		(4,218	)		(21,008	)
	Class I		(3,272	)		(1,898	)		(69	)		(94	)		—			(990	)
Change in shares
	Class A		(159,562	)		(39,569	)		(4,470	)		836			(2,385	)		(20,308	)
	Class I		140,155			36,470			826			82			4			6,798


(a)	Effective September 25, 2017, Class I shares were offered by the Fund.
(b)	Includes the JNL Series Trust and Jackson Variable Series Trust Funds of Funds’ investment in each Fund which was sold from Class A shares and purchased into Class I shares effective September 25, 2017. See Share Transactions under Note 8. in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2017


		JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund(a)(b)			JNL/Nicholas Convertible Arbitrage Fund(b)			JNL/PIMCO Credit Income Fund(b)			JNL/PPM America Long Short Credit Fund(b)			JNL/T. Rowe Price Capital Appreciation Fund(b)			JNL/The Boston Company Equity Income Fund(b)
Operations
Net investment income (loss)		$	45		$	(3,952	)	$	13,758		$	3,839		$	16,298		$	2,082
Net realized gain (loss)			520			24,855			2,877			(358	)		94,431			13,039
Net change in unrealized appreciation
	(depreciation)		424			(6,468	)		11,997			1,677			127,365			6,258
Change in net assets from operations			989			14,435			28,632			5,158			238,094			21,379
Distributions to shareholders
From net investment income
	Class A		(2,775	)		(9,877	)		(9,183	)		(6,255	)		(14,495	)		(2,197	)
From net realized gains
	Class A		—			—			(1,351	)		—			(16,713	)		(2,721	)
Total distributions to shareholders			(2,775	)		(9,877	)		(10,534	)		(6,255	)		(31,208	)		(4,918	)
Share transactions¹
Proceeds from the sale of shares
	Class A		7,860			17,356			255,357			98,262			1,407,843			44,241
	Class I(c)		1,257			116,356			208,579			138,832			347,170			77
Reinvestment of distributions
	Class A		2,775			9,877			10,534			6,255			31,208			4,918
Cost of shares redeemed
	Class A(c)		(14,381	)		(326,793	)		(343,187	)		(184,345	)		(716,936	)		(32,901	)
	Class I		(84	)		(13,047	)		(4,828	)		(5,786	)		(5,042	)		—
Change in net assets from
	share transactions		(2,573	)		(196,251	)		126,455			53,218			1,064,243			16,335
Change in net assets			(4,359	)		(191,693	)		144,553			52,121			1,271,129			32,796
Net assets beginning of year			20,505			377,861			371,627			97,456			1,291,509			131,631
Net assets end of year		$	16,146		$	186,168		$	516,180		$	149,577		$	2,562,638		$	164,427
Undistributed (excess of distributions
	over) net investment income (loss)	$	(3,103	)	$	1,475		$	13,114		$	3,592		$	17,029		$	2,077

¹Share transactions
Shares sold
	Class A		636			1,691			21,966			10,849			101,894			2,761
	Class I(c)		118			11,543			17,896			15,755			25,038			4
Reinvestment of distributions
	Class A		261			980			904			710			2,255			313
Shares redeemed
	Class A(c)		(1,151	)		(32,138	)		(29,510	)		(20,783	)		(51,933	)		(2,061	)
	Class I		(8	)		(1,290	)		(413	)		(653	)		(355	)		—
Change in shares
	Class A		(254	)		(29,467	)		(6,640	)		(9,224	)		52,216			1,013
	Class I		110			10,253			17,483			15,102			24,683			4


(a)	Consolidated Statement of Changes in Net Assets.
(b)	Effective September 25, 2017, Class I shares were offered by the Fund.
(c)	Includes the JNL Series Trust and Jackson Variable Series Trust Funds of Funds’ investment in each Fund which was sold from Class A shares and purchased into Class I shares effective September 25, 2017. See Share Transactions under Note 8. in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2017


		JNL/The London Company Focused U.S. Equity Fund(a)			JNL/VanEck International Gold Fund(a)(b)			JNL/WCM Focused International Equity Fund(a)
Operations
Net investment income (loss)		$	904		$	(289	)	$	6,775
Net realized gain (loss)			14,990			2,359			35,826
Net change in unrealized appreciation
	(depreciation)		7,190			4,779			277,681
Change in net assets from operations			23,084			6,849			320,282
Distributions to shareholders
From net investment income
	Class A		(1,027	)		(2,740	)		(3,902	)
From net realized gains
	Class A		—			—			(986	)
Total distributions to shareholders			(1,027	)		(2,740	)		(4,888	)
Share transactions¹
Proceeds from the sale of shares
	Class A		16,735			23,262			312,722
	Class I(c)		111,570			1,098			1,413,259
Reinvestment of distributions
	Class A		1,027			2,740			4,888
Cost of shares redeemed
	Class A(c)		(171,281	)		(27,514	)		(1,544,439	)
	Class I		(12,311	)		(94	)		(52,697	)
Change in net assets from
	share transactions		(54,260	)		(508	)		133,733
Change in net assets			(32,203	)		3,601			449,127
Net assets beginning of year			165,696			57,574			1,008,629
Net assets end of year		$	133,493		$	61,175		$	1,457,756
Undistributed (excess of distributions
	over) net investment income (loss)	$	902		$	(1,338	)	$	6,484

¹Share transactions
Shares sold
	Class A		1,237			2,187			23,938
	Class I(c)		8,039			108			102,242
Reinvestment of distributions
	Class A		75			264			353
Shares redeemed
	Class A(c)		(12,463	)		(2,679	)		(113,627	)
	Class I		(853	)		(10	)		(3,733	)
Change in shares
	Class A		(11,151	)		(228	)		(89,336	)
	Class I		7,186			98			98,509


(a)	Effective September 25, 2017, Class I shares were offered by the Fund.
(b)	Consolidated Statement of Changes in Net Assets.
(c)	Includes the JNL Series Trust and Jackson Variable Series Trust Funds of Funds’ investment in each Fund which was sold from Class A shares and purchased into Class I shares effective September 25, 2017. See Share Transactions under Note 8. in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Financial Highlights

For a Share Outstanding


				Increase (decrease) from investment operations						Distributions from							Supplemental data				Ratios(a)
Period ended		Net asset value, beginning of period($)		Net investment income (loss)($)(b) (c)		Net realized & unrealized gains (losses)($)		Total from investment operations($)		Net investment income($)		Net realized gains on investment transactions($)		Net asset value, end of period($)		Total return (%) (d)	Net assets, end of period (in thousands)($)	Portfolio turnover (%)(e)	Net expenses to average net assets(%)(f)		Total expenses to average net assets(%)(f)		Net investment income (loss) to average net assets(%)(c)

JNL Tactical ETF Moderate Fund(g)(h)(i)
Class A
06/30/18		12.29		0.11		(0.16)		(0.05)		—		—		12.24		(0.41)	131,480	17	0.66		0.66		1.73
12/31/17		11.19		0.21		1.07		1.28		(0.18)		—		12.29		11.45	133,569	37	0.67	(j)	0.99	(j)	1.75
12/31/16		10.94		0.20		0.41		0.61		(0.14)		(0.22)		11.19		5.57	114,251	43	0.67		1.12		1.83
12/31/15		11.09		0.23		(0.19)		0.04		(0.11)		(0.08)		10.94		0.28	81,690	151	0.73		1.14		2.01
12/31/14		11.01		0.18		0.27		0.45		(0.09)		(0.28)		11.09		4.03	51,221	85	0.92		1.22		1.65
12/31/13		10.34		0.14		0.54		0.68		—		(0.01)		11.01		6.60	37,509	124	0.92		1.22		1.27

Class I
06/30/18		12.32		0.18		(0.21)		(0.03)		—		—		12.29		(0.24)	255	17	0.36		0.36		2.93
12/31/17	‡‡	11.89		0.11		0.32		0.43		—		—		12.32		3.62	1	37	—		—		3.42


JNL Tactical ETF Moderate Growth Fund(g)(h)(k)
Class A
06/30/18		13.58		0.11		(0.14)		(0.03)		—		—		13.55		(0.22)	278,366	12	0.66		0.66		1.56
12/31/17		11.90		0.21		1.65		1.86		(0.18)		—		13.58		15.72	289,246	37	0.67	(j)	1.00	(j)	1.64
12/31/16		11.67		0.21		0.60		0.81		(0.15)		(0.43)		11.90		7.04	246,089	50	0.67		1.12		1.74
12/31/15		11.91		0.23		(0.20)		0.03		(0.11)		(0.16)		11.67		0.15	190,999	138	0.73		1.14		1.91
12/31/14		11.84		0.19		0.35		0.54		(0.08)		(0.39)		11.91		4.53	120,281	88	0.92		1.22		1.55
12/31/13		10.42		0.15		1.28		1.43		—		(0.01)		11.84		13.71	88,092	149	0.92		1.22		1.36

Class I
06/30/18		13.59		0.23		(0.23)		0.00		—		—		13.59		0.00	1,178	12	0.36		0.36		3.44
12/31/17	‡‡	12.97		0.06		0.56		0.62		—		—		13.59		4.78	78	37	0.38		0.38		1.52


JNL Tactical ETF Growth Fund(g)(h)
Class A
06/30/18		14.38		0.11		(0.09)		0.02		—		—		14.40		0.14	221,945	11	0.66		0.66		1.54
12/31/17		12.20		0.20		2.15		2.35		(0.17)		—		14.38		19.35	221,557	29	0.67	(j)	0.99	(j)	1.53
12/31/16		12.06		0.20		0.79		0.99		(0.16)		(0.69)		12.20		8.48	174,347	66	0.67		1.12		1.63
12/31/15		12.41		0.21		(0.20)		0.01		(0.13)		(0.23)		12.06		0.00	144,077	142	0.74		1.15		1.68
12/31/14		12.41		0.19		0.38		0.57		(0.08)		(0.49)		12.41		4.56	105,071	105	0.92		1.22		1.54
12/31/13		10.49		0.16		1.78		1.94		—		(0.02)		12.41		18.48	74,997	172	0.92		1.22		1.35

Class I
06/30/18		14.40		0.22		(0.18)		0.04		—		—		14.44		0.28	813	11	0.36		0.36		3.05
12/31/17	‡‡	13.57		0.11		0.72		0.83		—		—		14.40		6.12	27	29	0.35		0.35		2.94


JNL/AQR Risk Parity Fund(h)(l)
Class A
06/30/18		13.36		0.05		(0.21)		(0.16)		—		—		13.20		(1.20)	30,485	6	1.11		1.11		0.78
12/31/17		12.80		0.00		1.49		1.49		(0.43)		(0.50)		13.36		11.89	32,709	30	1.13	(j)	1.20	(j)	0.00
12/31/16		11.68	(m)	(0.07)	(m)	1.19	(m)	1.12	(m)	—		—		12.80		9.59	35,711	61	1.12		1.22		(0.53)
12/31/15		83.87	(m)	(0.83)	(m)	(6.53)	(m)	(7.36)	(m)	(29.07)	(m)	(35.76)	(m)	11.68	(m)(n)	(10.31)	36,758	73	1.12		1.27		(1.10)
12/31/14		80.50	(m)	(0.40)	(m)	6.85	(m)	6.45	(m)	—		(3.08)	(m)	83.87	(m)	7.95	175,540	17	1.13		1.33		(0.47)
12/31/13	*	80.00	(m)	(0.24)	(m)	0.74	(m)	0.50	(m)	—		—		80.50	(m)	0.60	311,716	69	1.14		1.34		(1.00)

Class I
06/30/18		13.39		0.08		(0.22)		(0.14)		—		—		13.25		(1.05)	1	6	0.70		0.70		1.21
12/31/17	‡‡	12.87		0.04		0.48		0.52		—		—		13.39		4.04	1	30	0.72		0.72		1.10


JNL/BlackRock Global Long Short Credit Fund(h)
Class A
06/30/18		9.66		0.17		(0.20)		(0.03)		—		—		9.63		(0.31)	50,113	146	2.47	(o)	2.47	(o)	3.52
12/31/17		9.50		0.21		0.09		0.30		(0.14)		—		9.66		3.20	52,121	285	2.24	(j)(o)	2.29	(j)(o)	2.19
12/31/16		9.51		0.16		0.10		0.26		(0.27)		—		9.50		2.77	374,509	400	2.16	(o)	2.17	(o)	1.64
12/31/15		10.22		0.20		(0.33)		(0.13)		(0.51)		(0.07)		9.51		(1.35)	457,024	240	1.96	(o)	1.96	(o)	1.91
12/31/14		10.10		0.20		(0.08)		0.12		—		—		10.22		1.19	381,489	223	2.19	(o)	2.19	(o)	1.95
12/31/13	*	10.00		0.05		0.05		0.10		—		—		10.10		1.00	413,201	164	1.84	(o)	1.84	(o)	0.78

Class I
06/30/18		9.67		0.18		(0.20)		(0.02)		—		—		9.65		(0.21)	99,960	146	2.17	(o)	2.17	(o)	3.82
12/31/17	‡‡	9.59		0.09		(0.01)		0.08		—		—		9.67		0.83	112,280	285	2.18	(j)(o)	2.18	(j)(o)	3.51

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Financial Highlights

For a Share Outstanding


			Increase (decrease) from investment operations			Distributions from						Supplemental data				Ratios(a)
Period ended		Net asset value, beginning of period($)	Net investment income (loss)($)(b) (c)	Net realized & unrealized gains (losses)($)	Total from investment operations($)	Net investment income($)		Net realized gains on investment transactions($)	Net asset value, end of period($)		Total return (%) (d)	Net assets, end of period (in thousands)($)	Portfolio turnover (%)(e)	Net expenses to average net assets(%)(f)		Total expenses to average net assets(%)(f)		Net investment income (loss) to average net assets(%)(c)
JNL/DFA U.S. Small Cap Fund(h)
Class A
06/30/18		10.33	0.01	0.52	0.53	—		—	10.86		5.13	69,373	7	1.06		1.06		0.21
12/31/17		9.72	0.01	0.95	0.96	(0.02)		(0.33)	10.33		10.15	67,066	61	1.15		1.15		0.07
12/31/16		8.30	0.02	2.09	2.11	(0.02)		(0.67)	9.72		26.75	113,318	20	1.17		1.17		0.29
12/31/15		13.48	0.03	(0.48)	(0.45)	—		(4.73)	8.30	(n)	(4.84)	82,665	21	1.20		1.20		0.20
12/31/14		14.39	(0.01)	0.28	0.27	—		(1.18)	13.48		2.05	93,215	19	1.27		1.27		(0.06)
12/31/13		10.11	(0.01)	4.42	4.41	(0.07)		(0.06)	14.39		43.64	178,330	15	1.27		1.27		(0.10)

Class I
06/30/18		10.34	0.02	0.53	0.55	—		—	10.89		5.32	17,552	7	0.71		0.76		0.48
12/31/17	‡‡	9.69	0.02	0.63	0.65	—		—	10.34		6.71	62,254	61	0.76		0.81		0.66


JNL/DoubleLine Total Return Fund(h)
Class A
06/30/18		10.85	0.19	(0.20)	(0.01)	—		—	10.84		(0.09)	906,862	9	0.83		0.83		3.57
12/31/17		10.70	0.35	0.09	0.44	(0.29)		—	10.85		4.16	866,061	21	0.84		0.84		3.19
12/31/16		10.65	0.32	(0.10)	0.22	(0.17)		—	10.70		2.05	2,561,009	18	0.83		0.84		2.97
12/31/15		10.62	0.35	(0.17)	0.18	(0.15)		—	10.65		1.69	1,773,484	17	0.83		0.88		3.28
12/31/14		10.00	0.33	0.32	0.65	(0.03)		—	10.62		6.49	1,220,318	14	0.85		0.97		3.18
12/31/13	*	10.00	0.07	(0.07)	0.00	—		—	10.00		0.00	549,321	17	0.85		0.97		2.27

Class I
06/30/18		10.85	0.21	(0.20)	0.01	—		—	10.86		0.09	1,220,320	9	0.53		0.53		3.86
12/31/17	‡‡	10.82	0.11	(0.08)	0.03	—		—	10.85		0.28	1,521,328	21	0.57		0.57		3.68


JNL/Eaton Vance Global Macro Absolute Return Advantage Fund(h)
Class A
06/30/18		9.81	0.25	(0.48)	(0.23)	—		—	9.58		(2.34)	48,402	53	1.30	(o)	1.30	(o)	5.09
12/31/17		9.69	0.41	0.08	0.49	(0.37)		—	9.81		5.15	45,407	78	1.38	(j)(o)	1.41	(j)(o)	4.19
12/31/16		9.54	0.45	0.17	0.62	(0.47)		—	9.69		6.46	428,256	86	1.39	(o)	1.41	(o)	4.69
12/31/15		9.97	0.43	(0.23)	0.20	(0.63)		—	9.54		2.01	464,738	78	1.44	(o)	1.44	(o)	4.22
12/31/14		9.52	0.32	0.13	0.45	—		—	9.97		4.73	420,170	91	1.59	(o)	1.59	(o)	3.26
12/31/13	*	10.00	0.06	(0.54)	(0.48)	—		—	9.52		(4.80)	399,531	106	1.62	(o)	1.62	(o)	0.96

Class I
06/30/18		9.83	0.26	(0.49)	(0.23)	—		—	9.60		(2.34)	334,443	53	1.00	(o)	1.00	(o)	5.38
12/31/17	‡‡	9.63	0.15	0.05	0.20	—		—	9.83		2.08	358,366	78	1.23	(j)(o)	1.23	(j)(o)	5.67


JNL/Epoch Global Shareholder Yield Fund(h)
Class A
06/30/18		12.61	0.23	(0.81)	(0.58)	—		—	12.03		(4.60)	30,988	8	1.05		1.05		3.84
12/31/17		11.35	0.35	1.54	1.89	(0.63)		—	12.61		16.82	35,932	19	1.08		1.08		2.89
12/31/16		10.95	0.35	0.43	0.78	(0.38)		—	11.35		7.16	83,056	21	1.07		1.07		3.07
12/31/15		11.83	0.37	(0.96)	(0.59)	(0.20)		(0.09)	10.95		(4.99)	96,086	62	1.09		1.09		3.14
12/31/14		11.36	0.46	0.23	0.69	(0.00)	(p)	(0.22)	11.83		6.05	57,362	12	1.17		1.17		3.83
12/31/13		10.58	0.39	2.06	2.45	(0.37)		(1.30)	11.36		23.33	33,916	110	1.17		1.17		3.26

Class I
06/30/18		12.62	0.13	(0.20)	(0.07)	—		—	12.55		(0.55)	21	8	0.75		0.75		2.10
12/31/17	‡‡	12.22	0.08	0.32	0.40	—		—	12.62		3.27	10,417	19	0.82		0.82		2.31


JNL/FAMCO Flex Core Covered Call Fund(h)
Class A
06/30/18		12.51	0.08	(0.38)	(0.30)	—		—	12.21		(2.40)	152,211	42	0.96		0.96		1.32
12/31/17		11.66	0.17	1.16	1.33	(0.22)		(0.26)	12.51		11.62	148,531	73	0.98		0.98		1.37
12/31/16		11.59	0.21	0.70	0.91	(0.34)		(0.51)	11.66		8.09	128,716	64	0.97		0.97		1.82
12/31/15		12.35	0.21	(0.60)	(0.39)	(0.22)		(0.15)	11.59		(3.21)	157,104	53	1.01		1.01		1.72
12/31/14		11.35	0.18	0.82	1.00	(0.00)	(p)	—	12.35		8.84	247,924	53	1.07		1.07		1.52
12/31/13		10.20	0.20	1.10	1.30	(0.14)		(0.01)	11.35		12.71	77,663	106	1.07		1.07		1.83

Class I
06/30/18		12.52	0.10	(0.38)	(0.28)	—		—	12.24		(2.24)	1,351	42	0.66		0.66		1.60
12/31/17	‡‡	11.97	0.05	0.50	0.55	—		—	12.52		4.59	1,020	73	0.70		0.70		1.44

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Financial Highlights

For a Share Outstanding


				Increase (decrease) from investment operations						Distributions from							Supplemental data				Ratios(a)
Period ended		Net asset value, beginning of period($)		Net investment income (loss)($)(b) (c)		Net realized & unrealized gains (losses)($)		Total from investment operations($)		Net investment income($)		Net realized gains on investment transactions($)		Net asset value, end of period($)		Total return (%) (d)	Net assets, end of period (in thousands)($)	Portfolio turnover (%)(e)	Net expenses to average net assets(%)(f)		Total expenses to average net assets(%)(f)		Net investment income (loss) to average net assets(%)(c)
JNL/Lazard International Strategic Equity Fund(h)
Class A
06/30/18		13.30		0.12		0.06		0.18		—		—		13.48		1.35	55,849	17	1.16		1.16		1.79
12/31/17		10.60		0.10		2.87		2.97		(0.27)		—		13.30		28.19	57,473	43	1.18		1.18		0.84
12/31/16		11.85		0.14		(0.73)		(0.59)		(0.14)		(0.52)		10.60		(5.13)	71,049	42	1.17		1.17		1.23
12/31/15		11.43		0.11		0.40		0.51		(0.09)		—		11.85		4.41	123,226	63	1.20		1.20		0.91
12/31/14		11.60		0.12		(0.28)		(0.16)		—		(0.01)		11.43		(1.42)	123,861	40	1.27		1.27		1.02
12/31/13	*	10.00		0.00		1.60		1.60		—		—		11.60		16.00	39,055	39	1.27		1.27		0.02

Class I
06/30/18		13.31		0.16		0.04		0.20		—		—		13.51		1.50	550	17	0.86		0.86		2.35
12/31/17	‡‡	12.45		0.06		0.80		0.86		—		—		13.31		6.91	48	43	0.90		0.90		1.62


JNL/Neuberger Berman Currency Fund(h)
Class A
06/30/18		9.98		0.02		0.11		0.13		—		—		10.11		1.30	11,008	0	1.04		1.04		0.42
12/31/17		9.76		(0.03)		0.25		0.22		—		—		9.98		2.25	12,129	0	1.07		1.07		(0.34)
12/31/16		10.14		(0.08)		(0.08)		(0.16)		(0.22)		—		9.76		(1.60)	210,160	0	1.07		1.07		(0.74)
12/31/15		10.13		(0.10)		0.29		0.19		(0.18)		(0.00)	(p)	10.14		1.89	228,687	0	1.10		1.10		(0.97)
12/31/14		9.80		(0.11)		0.44		0.33		—		—		10.13		3.37	192,626	0	1.17		1.17		(1.09)
12/31/13		10.10		(0.11)		(0.08)		(0.19)		(0.11)		(0.00)	(p)	9.80		(1.91)	164,891	69	1.17		1.17		(1.07)

Class I
06/30/18		10.00		0.04		0.09		0.13		—		—		10.13		1.30	63,989	0	0.74		0.74		0.72
12/31/17	‡‡	9.98		0.01		0.01		0.02		—		—		10.00		0.20	67,947	0	0.84		0.84		0.28


JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund(h)(l)
Class A
06/30/18		11.24		0.06		0.25		0.31		—		—		11.55		2.76	20,668	60	0.94		0.94		1.05
12/31/17		12.97		0.03		0.67		0.70		(2.43)		—		11.24		6.47	14,911	113	0.99		0.99		0.27
12/31/16		11.61	(m)	(0.03)	(m)	1.39	(m)	1.36	(m)	—		—		12.97		11.81	20,505	22	0.99		0.99		(0.24)
12/31/15		15.49	(m)	(0.09)	(m)	(3.79)	(m)	(3.88)	(m)	—		—		11.61	(m)	(25.06)	49,912	13	1.01		1.01		(0.63)
12/31/14	*	20.00	(m)	(0.10)	(m)	(4.41)	(m)	(4.51)	(m)	—		—		15.49	(m)	(22.60)	179,950	49	1.07		1.07		(0.80)

Class I
06/30/18		11.24		0.08		0.26		0.34		—		—		11.58		3.02	152,986	60	0.64		0.64		1.46
12/31/17	‡‡	10.68		0.02		0.54		0.56		—		—		11.24		5.24	1,235	113	0.71		0.71		0.77


JNL/Nicholas Convertible Arbitrage Fund(h)
Class A
06/30/18		10.13		(0.02)		0.14		0.12		—		—		10.25		1.18	75,765	53	1.34	(o)	1.34	(o)	(0.33)
12/31/17		10.05		(0.15)		0.65		0.50		(0.42)		—		10.13		4.95	82,259	92	1.36	(j)(o)	1.38	(j)(o)	(1.49)
12/31/16		9.76		(0.19)		0.53		0.34		(0.05)		—		10.05		3.46	377,861	76	1.49	(o)	1.50	(o)	(1.88)
12/31/15		10.17		(0.28)		(0.02)		(0.30)		(0.11)		—		9.76		(2.96)	461,453	113	1.59	(o)	1.59	(o)	(2.70)
12/31/14		10.55		(0.42)		0.30		(0.12)		(0.08)		(0.18)		10.17		(1.07)	436,751	116	1.84	(o)	1.84	(o)	(3.98)
12/31/13		10.26		(0.25)		0.59		0.34		(0.00)	(p)	(0.05)		10.55		3.35	238,456	150	1.88	(o)	1.88	(o)	(2.39)

Class I
06/30/18		10.13		0.00		0.14		0.14		—		—		10.27		1.38	95,511	53	1.04	(o)	1.04	(o)	(0.03)
12/31/17	‡‡	10.08		(0.02)		0.07		0.05		—		—		10.13		0.50	103,909	92	1.15	(j)(o)	1.15	(j)(o)	(0.74)


JNL/PIMCO Credit Income Fund(h)
Class A
06/30/18		11.71		0.19		(0.56)		(0.37)		—		—		11.34		(3.16)	273,822	66	0.89		0.89		3.32
12/31/17		11.19		0.36		0.42		0.78		(0.23)		(0.03)		11.71		6.97	311,231	121	0.89		0.89		3.08
12/31/16		10.62		0.30		0.38		0.68		(0.11)		—		11.19		6.34	371,627	125	0.77		0.77		2.69
12/31/15		10.94		0.29		(0.39)		(0.10)		(0.22)		—		10.62		(0.95)	118,556	145	0.81		0.81		2.65
12/31/14		10.17		0.23		0.54		0.77		(0.00)	(p)	—		10.94		7.61	88,511	100	0.87		0.87		2.16
12/31/13		10.54		0.17		(0.35)		(0.18)		(0.19)		(0.00)	(p)	10.17		(1.70)	52,473	103	0.97		0.97		1.67

Class I
06/30/18		11.72		0.21		(0.57)		(0.36)		—		—		11.36		(3.07)	171,957	66	0.59		0.59		3.61
12/31/17	‡‡	11.65		0.11		(0.04)		0.07		—		—		11.72		0.60	204,949	121	0.67		0.67		3.39

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Financial Highlights

For a Share Outstanding


				Increase (decrease) from investment operations						Distributions from							Supplemental data				Ratios(a)
Period ended		Net asset value, beginning of period($)		Net investment income (loss)($)(b) (c)		Net realized & unrealized gains (losses)($)		Total from investment operations($)		Net investment income($)		Net realized gains on investment transactions($)		Net asset value, end of period($)		Total return (%) (d)	Net assets, end of period (in thousands)($)	Portfolio turnover (%)(e)	Net expenses to average net assets(%)(f)		Total expenses to average net assets(%)(f)		Net investment income (loss) to average net assets(%)(c)
JNL/PPM America Long Short Credit Fund(h)
Class A
06/30/18		8.91		0.16		(0.15)		0.01		—		—		8.92		0.11	13,988	47	1.36		1.36		3.56
12/31/17		8.95		0.25		0.08		0.33		(0.37)		—		8.91		3.78	14,877	90	1.22	(j)	1.46	(j)	2.70
12/31/16		8.99		0.36		0.62		0.98		(1.02)		—		8.95		11.12	97,456	66	1.08		1.33		3.95
12/31/15		9.70		0.37		(0.73)		(0.36)		(0.35)		—		8.99		(3.74)	301,088	60	1.10		1.35		3.86
12/31/14		10.17		0.32		(0.47)		(0.15)		(0.17)		(0.15)		9.70		(1.43)	355,629	94	1.42		1.42		3.10
12/31/13	*	10.00		0.19		(0.02)		0.17		—		—		10.17		1.70	394,352	92	1.42		1.42		2.83

Class I
06/30/18		8.92		0.17		(0.14)		0.03		—		—		8.95		0.34	117,670	47	1.06		1.06		3.88
12/31/17	‡‡	8.81		0.08		0.03		0.11		—		—		8.92		1.25	134,700	90	0.98	(j)	0.99	(j)	3.19


JNL/T. Rowe Price Capital Appreciation Fund(h)
Class A
06/30/18		14.31		0.08		0.26		0.34		—		—		14.65		2.38	2,728,389	37	1.02	(q)	1.02		1.07
12/31/17		12.65		0.12		1.75		1.87		(0.10)		(0.11)		14.31		14.80	2,209,139	67	1.05	(q)	1.05		0.87
12/31/16		11.88		0.15		0.77		0.92		(0.03)		(0.12)		12.65		7.77	1,291,509	62	1.06	(q)	1.06		1.20
12/31/15		11.38		0.10		0.42		0.52		(0.00)	(p)	(0.02)		11.88		4.60	650,959	69	1.03	(q)	1.08		0.87
12/31/14		10.51		0.09		1.13		1.22		(0.06)		(0.29)		11.38		11.63	112,930	82	1.03	(q)	1.17		0.79
12/31/13	*	10.00		0.02		0.52		0.54		(0.03)		(0.00)	(p)	10.51		5.45	39,085	11	1.03		1.16		0.79

Class I
06/30/18		14.32		0.10		0.26		0.36		—		—		14.68		2.51	352,439	37	0.72	(q)	0.72		1.36
12/31/17	‡‡	13.86		0.05		0.41		0.46		—		—		14.32		3.32	353,499	67	0.76	(q)	0.76		1.21


JNL/The Boston Company Equity Income Fund(h)
Class A
06/30/18		17.17		0.13		(0.21)		(0.08)		—		—		17.09		(0.47)	178,945	42	0.91		0.91		1.55
12/31/17		15.38		0.23		2.12		2.35		(0.25)		(0.31)		17.17		15.66	164,350	63	0.93		0.93		1.45
12/31/16		13.70		0.26		2.20		2.46		(0.14)		(0.63)		15.38		18.55	131,631	66	0.92		0.92		1.86
12/31/15		14.36		0.21		(0.44)		(0.23)		(0.07)		(0.36)		13.70		(1.72)	122,699	70	0.94		0.94		1.47
12/31/14		13.38		0.17		1.32		1.49		(0.01)		(0.50)		14.36		11.07	61,463	47	1.02		1.02		1.21
12/31/13		10.70		0.18		3.76		3.94		(0.14)		(1.12)		13.38		36.82	37,852	102	1.02		1.02		1.43

Class I
06/30/18		17.18		0.15		(0.20)		(0.05)		—		—		17.13		(0.29)	548	42	0.61		0.61		1.77
12/31/17	‡‡	15.80		0.04		1.34		1.38		—		—		17.18		8.73	77	63	0.67		0.67		0.83


JNL/The London Company Focused U.S. Equity Fund(h)
Class A
06/30/18		15.04		0.05		0.19		0.24		—		—		15.28		1.60	24,461	12	1.05		1.05		0.71
12/31/17		12.91		0.07		2.15		2.22		(0.09)		—		15.04		17.30	25,281	23	1.07		1.07		0.54
12/31/16		11.13		0.08		1.77		1.85		(0.07)		—		12.91		16.65	165,696	11	1.07		1.07		0.66
12/31/15		11.35		0.09		(0.25)		(0.16)		(0.02)		(0.04)		11.13		(1.42)	148,248	27	1.05		1.09		0.77
12/31/14		10.97		0.07		0.31		0.38		(0.00)	(p)	(0.00)	(p)	11.35		3.52	82,804	14	1.06		1.17		0.66
12/31/13	*	10.00		0.02		0.95		0.97		—		—		10.97		9.70	7,239	3	1.06		1.17		0.52

Class I
06/30/18		15.06		0.08		0.18		0.26		—		—		15.32		1.73	92,032	12	0.75		0.75		1.01
12/31/17	‡‡	13.86		0.03		1.17		1.20		—		—		15.06		8.66	108,212	23	0.81		0.81		0.80


JNL/VanEck International Gold Fund(h)(l)
Class A
06/30/18		10.28		(0.00)		(0.57)		(0.57)		—		—		9.71		(5.54)	53,600	18	1.16		1.16		(0.01)
12/31/17		9.47		(0.05)		1.32		1.27		(0.46)		—		10.28		13.40	60,168	32	1.18		1.18		(0.46)
12/31/16		6.23	(m)	(0.06)	(m)	3.36	(m)	3.30	(m)	(0.06)		—		9.47		53.05	57,574	39	1.17		1.17		(0.58)
12/31/15		8.78	(m)	(0.04)	(m)	(2.27)	(m)	(2.31)	(m)	(0.24)	(m)	—		6.23	(m)	(26.59)	26,796	37	1.22		1.22		(0.45)
12/31/14		9.38	(m)	(0.07)	(m)	(0.50)	(m)	(0.57)	(m)	(0.03)	(m)	—		8.78	(m)	(6.13)	81,447	55	1.27		1.27		(0.62)
12/31/13		18.04	(m)	(0.04)	(m)	(8.60)	(m)	(8.64)	(m)	(0.02)	(m)	—		9.38	(m)	(47.90)	116,757	33	1.29		1.29		(0.31)

Class I
06/30/18		10.29		0.01		(0.57)		(0.56)		—		—		9.73		(5.44)	930	18	0.86		0.86		0.29
12/31/17	‡‡	10.27		(0.01)		0.03		0.02		—		—		10.29		0.19	1,007	32	0.91		0.91		(0.48)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Financial Highlights

For a Share Outstanding


			Increase (decrease) from investment operations			Distributions from						Supplemental data				Ratios(a)
Period ended		Net asset value, beginning of period($)	Net investment income (loss)($)(b) (c)	Net realized & unrealized gains (losses)($)	Total from investment operations($)	Net investment income($)		Net realized gains on investment transactions($)		Net asset value, end of period($)	Total return (%) (d)	Net assets, end of period (in thousands)($)	Portfolio turnover (%)(e)	Net expenses to average net assets(%)(f)		Total expenses to average net assets(%)(f)		Net investment income (loss) to average net assets(%)(c)
JNL/WCM Focused International Equity Fund(h)
Class A
06/30/18		14.44	0.06	0.27	0.33	—		—		14.77	2.29	40,384	15	1.13		1.13		0.87
12/31/17		11.01	0.09	3.39	3.48	(0.04)		(0.01)		14.44	31.65	33,381	29	1.14	(j)	1.15	(j)	0.74
12/31/16		11.02	0.05	(0.04)	0.01	(0.01)		(0.01)		11.01	0.12	1,008,629	22	1.17		1.17		0.44
12/31/15		10.42	0.03	0.57	0.60	(0.00)	(p)	—		11.02	5.78	803,784	26	1.18		1.18		0.28
12/31/14		10.52	0.02	(0.12)	(0.10)	—		(0.00)	(p)	10.42	(0.94)	233,928	18	1.25		1.27		0.19
12/31/13	*	10.00	(0.01)	0.53	0.52	—		—		10.52	5.20	8,511	10	1.25		1.27		(0.49)

Class I
06/30/18		14.46	0.08	0.27	0.35	—		—		14.81	2.42	1,491,336	15	0.83		0.83		1.14
12/31/17	‡‡	13.80	0.01	0.65	0.66	—		—		14.46	4.78	1,424,375	29	0.86	(j)	0.87	(j)	0.17

Commencement of operations was as follows: April 29, 2013: JNL/BlackRock Global Long Short Credit Fund, JNL/Eaton Vance Global Macro Absolute Return Advantage Fund, JNL/Lazard International Strategic Equity Fund and JNL/PPM America Long Short Credit Fund; September 16, 2013: JNL/AQR Risk Parity Fund, JNL/DoubleLine Total Return Fund, JNL/T.Rowe Price Capital Appreciation Fund, JNL/The London Company Focused U.S.Equity Fund and JNL/WCM Focused International Equity Fund; April 28, 2014: JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund.

‡‡

Effective September 25, 2017, Class I shares were offered by the Fund.

(a)

Annualized for periods less than one year.

(b)

Calculated using the average shares method.

(c)

Net investment income(loss) per share and ratios of net investment income(loss) to average net assets for Class I shares can be less than Class A shares for certain Funds or can be significantly more than Class A shares for certain Funds because the net assets for Class I shares increased significantly after the Funds of Funds investment in the Underlying Fund was sold in Class A and purchased in Class I effective September 25, 2017 and also as a result of the timing of income received in the Fund before and after September 25, 2017.

(d)

Total return assumes reinvestment of all distributions for the period. Total return is not annualized for periods less than one year and does not reflect payment of the expenses that apply to the variable accounts or any annuity charges and if it did performance would be lower.

(e)

Portfolio turnover is not annualized for periods of less than one year. Fixed income securities with maturities greater than one year that are purchased for short term investment are excluded from the portfolio turnover calculation.

(f)

The expenses or expense waivers for the Funds' Class I shares were $0.00 for certain days during the period and this was a result of the net assets for the Fund being below a level to generate an expense allocation greater than $0.005 for that day. Additionally, the expenses or expense waivers for the Funds' Class I shares were $0.01 for certain days during the period and this was a result of the net assets for the Fund being at a level to generate an expense allocation between $0.005 and $0.01 for that day and rounded to $0.01. As a result, the ratios of net and total expenses to average net assets during the period for Class I shares can be less than or more than the anticipated ratios of net and total expenses to average net assets depending on the net assets that Class I shares acquired during the period.

(g)

Ratios of net investment income and expenses to average net assets do not include the impact of underlying funds' expenses.

(h)

Prior to September 25, 2017, the Fund accrued the Rule 12b-1 fee at the maximum annual rate up to 0.20% of the average daily net assets of Class A shares of the Fund. Effective September 25, 2017, the maximum annual rate for Rule 12b-1 fees paid by the Fund changed from 0.20% to 0.30% of the average daily net assets of the Class A shares of the Fund.

(i)

Effective September 25, 2017, JNL Tactical ETF Conservative Fund name was changed to JNL Tactical ETF Moderate Fund.

(j)

Prior to September 25, 2017, pursuant to contractual and voluntary fee waiver agreements, JNAM waived a portion of its advisory fees for the Fund. Effective September 25, 2017, the contractual and voluntary advisory fee waivers were discontinued and the waived portion of advisory fees for the Fund was converted to a permanent reduction in advisory fees. For certain Funds that had a significant increase in Class I shares during the year, the difference between the ratios of net and total expenses to average net assets for each share class may differ for those Funds that discontinued the waivers.

(k)

Effective September 25, 2017, JNL Tactical ETF Moderate Fund name was changed to JNL Tactical ETF Moderate Growth Fund.

(l)

Consolidated Financial Statements.

(m)

On May 6, 2016, JNL/AQR Risk Parity Fund effected an 8 for 1 reverse share split and JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund and JNL/VanEck

International Gold Fund each effected a 2 for 1 reverse share split. Per share data prior to this date has been retroactively adjusted to give effect to the reverse share split.

(n)

The Net Asset Value for the year ended December 31, 2015 decreased due to significant distributions paid by the Fund.

(o)

The net and total expense ratios to average net assets without dividend expenses, net borrowing fees on securities sold short or interest expense for the following Funds were as follows:

June 30,

2018 (%)

December 31,

2017 (%)

December 31, 2016 (%)

December 31,

2015 (%)

December 31,

2014 (%)

December 31,

2013 (%)

JNL/BlackRock Global Long Short Credit Fund

Class A – Net expenses / Total Expenses ^1,3

1.27

1.30/1.35

1.32/1.33

1.35

1.43

1.42

Class I ³

0.97

0.91

N/A

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund

Class A– Net expenses / Total Expenses ^2,3

N/A

1.28/1.31

1.30/1.32

1.36

1.43

Class I ³

N/A

1.14

N/A

JNL/Nicholas Convertible Arbitrage Fund

Class A– Net expenses / Total Expenses ^1,3

1.19

1.21/1.23

1.21/1.22

1.25

1.31

1.32

Class I ³

0.89

0.95

N/A

JNL/PPM America Long Short Credit Fund

Class A – Net expenses / Total Expenses ³

1.07

1.08/1.32

N/A

Class I – Net expenses / Total Expenses ³

0.77

0.81/0.82

N/A

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Financial Highlights

For a Share Outstanding


¹ Effective September 19, 2016, JNL/BlackRock Global Long Short Credit Fund and JNL/Nicholas Convertible Arbitrage Fund voluntarily began waiving a portion of advisory fees. Effective September 25, 2017, the voluntary advisory fee waiver was discontinued. ² Effective January 1, 2016, JNL/Eaton Vance Global Macro Absolute Return Advantage Fund voluntarily began waiving a portion of advisory fees. Effective September 25, 2017, the voluntary advisory fee waiver was discontinued. ³ Prior to September 25, 2017, pursuant to contractual and voluntary fee waiver agreements, JNAM waived a portion of its advisory fees for the Fund. Effective September 25, 2017, the contractual and voluntary advisory fee waivers were discontinued and the waived portion of advisory fees for the Fund was converted to a permanent reduction in advisory fees. For certain Funds that had a significant increase in Class I shares during the year, the difference between the ratios of net and total expenses to average net assets for each share class may differ for those Funds that discontinued the waivers.
(p)	Amount represents less than $0.005.
(q)	The ratios of net expenses to average net assets for JNL/T.Rowe Price Capital Appreciation Fund includes a reimbursement for advisory fees related to advisory fees earned on an affiliated investment held by the Fund.

See accompanying Notes to Financial Statements.

100

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

NOTE 1. ORGANIZATION

Jackson Variable Series Trust (“Trust”) is an open-end management investment company organized under the laws of the Commonwealth of Massachusetts, by a Declaration of Trust, dated September 7, 2011, as amended and restated April 27, 2015 and amended September 25, 2017. The Trust is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), and its shares are registered under the Securities Act of 1933, as amended (“1933 Act”). The Trust operates as a series trust, and at June 30, 2018 consisted of twenty-eight (28) separate funds. Information in these financial statements pertains to twenty-one (21) Funds (each a “Fund”, and collectively, “Funds”) offered by the Trust listed in the table below. Each Fund represents shares of beneficial interest in a separate portfolio of securities and other assets, each with its own investment objective.


Fund:	Sub-Adviser:
JNL Tactical ETF Moderate Fund, JNL Tactical ETF Moderate Growth Fund and JNL Tactical ETF Growth Fund. These Funds are collectively known as "JNL Tactical ETF Funds".	BNY Mellon Asset Management North America Corporation
JNL/AQR Risk Parity Fund	AQR Capital Management, LLC
JNL/BlackRock Global Long Short Credit Fund	BlackRock Financial Management, Inc. BlackRock International Limited BlackRock (Singapore) Limited
JNL/DFA U.S. Small Cap Fund	Dimensional Fund Advisors LP
JNL/DoubleLine Total Return Fund	DoubleLine Capital LP
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	Eaton Vance Management
JNL/Epoch Global Shareholder Yield Fund	Epoch Investment Partners, Inc.
JNL/FAMCO Flex Core Covered Call Fund	Ziegler Capital Management, LLC
JNL/Lazard International Strategic Equity Fund	Lazard Asset Management LLC
JNL/Neuberger Berman Currency Fund and JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund	Neuberger Berman Investment Advisers LLC
JNL/Nicholas Convertible Arbitrage Fund	Nicholas Investment Partners, L.P.
JNL/PIMCO Credit Income Fund	Pacific Investment Management Company LLC
JNL/PPM America Long Short Credit Fund	PPM America, Inc.*
JNL/T. Rowe Price Capital Appreciation Fund	T. Rowe Price Associates, Inc.
JNL/The Boston Company Equity Income Fund	The Boston Company Asset Management LLC
JNL/The London Company Focused U.S. Equity Fund	The London Company of Virginia, LLC
JNL/VanEck International Gold Fund	Van Eck Associates Corporation
JNL/WCM Focused International Equity Fund	WCM Investment Management

* PPM America, Inc. is an affiliate of JNAM.

The Funds are diversified Funds for purposes of the 1940 Act, with the exception of the following non-diversified Funds: JNL Tactical ETF Funds, JNL/AQR Risk Parity Fund, JNL/Eaton Vance Global Macro Absolute Return Advantage Fund, JNL/Neuberger Berman Currency Fund, JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund, JNL/The London Company Focused U.S. Equity Fund and JNL/VanEck International Gold Fund.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

Security Valuation. Under the Trust’s valuation policy and procedures, the Trust’s Board of Trustees (“Board” or “Trustees”) has delegated the daily operational oversight of the securities valuation function to the JNAM 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

101

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

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 significant, the Board is promptly notified, in detail, of the fair valuation.

The NAV of a Fund's shares is generally determined once each day on which the New York Stock Exchange (“NYSE”) is open, at the close of the regular trading session of the NYSE (generally, 4:00 PM Eastern Time). Stocks traded on an exchange 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, the security may be valued at the last quoted sale price on the exchange where the security is principally traded or final bid price in the absence of a sale. 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 securities 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. If pricing services are unable to provide valuations, debt securities are valued at the most recent bid quotation for a long position and ask quotation for a short position or an evaluated price, as applicable, obtained from each Fund’s Sub-Adviser, a broker/dealer, a widely used quotation system or other approved third party sources. 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. Centrally cleared swap agreements, listed on a multilateral or trade facility platform, such as a registered exchange, are valued by the respective exchange. The exchange determines a daily settlement price via pricing models which use, as appropriate, its members’ actionable levels across complete term structures along with information obtained from external third party price providers. OTC derivatives, including options, swap and forward volatility agreements, 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. 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.

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

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

Distributions to Shareholders. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends from net investment income are generally declared and paid annually, but may be paid more frequently to avoid excise tax. Distributions of net realized capital gains, if any, are distributed at least annually, to the extent they exceed available capital loss carryforwards.

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

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

Foreign Taxes. The Funds may be subject to foreign taxes on income, gains on investments or foreign currency purchases and repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretations of tax rules and regulations that exist in the markets in which the Funds invest. When a capital gains tax is determined to apply, a Fund will record an estimated tax liability in an amount that may be payable if the securities were disposed of on the valuation date. The estimated liability is recorded as deferred foreign capital

102

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

gains tax liability in the Statements of Assets and Liabilities. Foreign capital gains tax paid and the current period’s change in deferred foreign capital gains tax liability are recorded in net realized gain (loss) on investments - unaffiliated and net change in unrealized appreciation (depreciation) on investments - unaffiliated, respectively, in the Statements of Operations.

Foreign Currency Translations. The accounting records of each Fund are maintained in U.S. dollars. Each business day, the market values of foreign securities, currency holdings and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars based on current exchange rates. Purchases and sales of investment securities, income receipts and expense payments are translated into U.S. dollars based on the respective exchange rates prevailing on the dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of foreign securities. Such fluctuations are included in net realized and unrealized gain or loss on investments.

Net realized gains and losses on foreign currency related items are considered ordinary income for tax purposes and arise from sales of foreign currencies; currency gains or losses realized between the trade and settlement dates on securities transactions; the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar amounts actually received or paid; and the realized gains or losses resulting from portfolio and transaction hedges. Net unrealized gain or loss on foreign currency related items include gains and losses from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in currency exchange rates.

Basis of Consolidation. The accompanying financial statements and Schedules of Investments for the Funds in the table below have each been consolidated to include the account of each respective Subsidiary indicated. Each Subsidiary is a wholly owned Cayman Islands domiciled subsidiary of the respective Fund, which primarily invests in commodity-related instruments and collateral. Each Subsidiary allows each respective Fund to gain investment exposure to commodity-related instruments and meet regulated investment company (“RIC”) tax requirements in pursuit of its investment objectives as outlined in each Fund’s prospectus and statement of additional information. Each Fund is the sole shareholder of the Subsidiary with the intent that it will retain all rights to the Subsidiary. Each Fund may invest up to 25% of its total assets in its Subsidiary, which generally may invest without limitation in commodity-related instruments and collateral. Intercompany accounts and transactions have been eliminated. Each Subsidiary has the same Sub-Adviser as the Fund and is generally subject to the same investment policies and restrictions as the Fund.

The Financial Statements and Schedules of Investments for the Funds below have been consolidated to include the account of their respective Subsidiary as of June 30, 2018.


Fund		Subsidiary
JNL/AQR Risk Parity Fund		JNL/AQR Risk Parity Fund Ltd.
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund		JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund Ltd.
JNL/VanEck International Gold Fund		JNL/VanEck International Gold Fund Ltd.

The JNL/AQR Risk Parity Fund and JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund file their annual report with the National Futures Association (“NFA”) and no further disclosures are required for the consolidated financial statements for these Funds. Because the JNL/VanEck International Gold Fund is not required to file its annual report with the NFA, additional disclosures related to the subsidiary are reflected in the Schedule of Investments and in the following table (in thousands, where applicable) for this Fund:

At June 30, 2018

For the period ended June 30, 2018

Date Subsidiary Established

Subsidiary Net Assets($)

Subsidiary Percentage of Fund Net Assets(%)

Subsidiary Net Unrealized Appreciation (Depreciation)($)

Subsidiary Net Investment Loss($)

Subsidiary Net Realized Gain (Loss)($)

Subsidiary Net Change in Unrealized Appreciation (Depreciation)($)

Subsidiary Net Change in Net Assets From Operations($)

JNL/VanEck International Gold Fund

JNL/Van Eck International Gold Fund Ltd.

April 23, 2013

109

0.20

—

Statement of Cash Flows. GAAP requires entities providing financial statements that report both a financial position and results of operations to also provide a statement of cash flows for each period for which results of operations are provided, but exempts investment companies meeting certain conditions including that the investment company had little or no debt, based on the average debt outstanding during the period, in relation to average total assets and that substantially all the investment company’s investments were carried at Level 1 or Level 2 measurements in accordance with FASB

103

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

ASC Topic 820. Funds with certain degrees of borrowing activity, typically through transactions characterized as secured borrowing transactions or reverse repurchase agreements, have been determined to be at a level requiring a Statement of Cash Flows.

Recent Accounting Pronouncement. In March 2017, FASB issued Accounting Standard Update (“ASU”) 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20) – Premium Amortization on Purchased Callable Debt Securities. The amendments in this ASU require that certain callable debt securities held at a premium be amortized to the earliest call date. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Management is currently evaluating the impact that the ASU will have on the Funds’ financial statements.

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

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

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

Level 2 includes valuations determined from significant direct or indirect observable inputs. Direct observable inputs include broker quotes, third party prices, closing prices of similar securities in active markets, closing prices for identical or similar securities in non-active markets or corporate action or reorganization entitlement values. Indirect significant observable inputs include factors such as interest rates, yield curves, prepayment speeds or credit ratings. Level 2 includes valuations for fixed income securities, 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, international equity securities priced by an independent statistical fair value pricing service swap agreements valued by pricing services, 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 prior day prices with current day prices, transaction prices and alternative vendor prices. When the comparison results exceed pre-defined thresholds, the Adviser challenges the prices exceeding tolerance levels with the pricing service or broker. To verify Level 3 unobservable inputs, the Adviser uses a variety of techniques as appropriate to substantiate these valuation approaches including a regular review of key inputs and assumptions, transaction back-testing or disposition analysis and review of related market activity.

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

The following table summarizes each Fund’s investments in securities and other financial instruments (in thousands) as of June 30, 2018 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 ($) .	. Other ¹ ($) .	. Total ($) .
JNL Tactical ETF Moderate Fund
Assets - Securities
Investment Companies	131,831	—	—	—	131,831
Short Term Investments	32	—	—	7,766	7,798
	131,863	—	—	7,766	139,629
JNL Tactical ETF Moderate Growth Fund
Assets - Securities
Investment Companies	279,673	—	—	—	279,673
Short Term Investments	—	—	—	8,042	8,042
	279,673	—	—	8,042	287,715
JNL Tactical ETF Growth Fund
Assets - Securities
Investment Companies	222,847	—	—	—	222,847
Short Term Investments	—	—	—	15,764	15,764
	222,847	—	—	15,764	238,611
JNL/AQR Risk Parity Fund
Assets - Securities
Government And Agency Obligations	—	13,091	—	—	13,091
Short Term Investments	10,705	5,205	—	—	15,910
	10,705	18,296	—	—	29,001

104

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018


	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Other ¹ ($) .	. Total ($) .
JNL/AQR Risk Parity Fund (continued)
Assets - Investments in Other Financial Instruments²
Futures Contracts	521		—		—	—	521
Open Forward Foreign Currency Contracts	—		98		—	—	98
OTC Total Return Swap Agreements	—		3		—	—	3
	521		101		—	—	622
Liabilities - Investments in Other Financial Instruments²
Futures Contracts	(530	)	—		—	—	(530	)
Open Forward Foreign Currency Contracts	—		(149	)	—	—	(149	)
OTC Total Return Swap Agreements	—		(22	)	—	—	(22	)
	(530	)	(171	)	—	—	(701	)
JNL/BlackRock Global Long Short Credit Fund
Assets - Securities
Common Stocks	3,170		396		16	—	3,582
Warrants	—		7		—	—	7
Non-U.S. Government Agency Asset-Backed Securities	—		23,974		—	—	23,974
Corporate Bonds And Notes	—		103,890		—	—	103,890
Senior Loan Interests	—		37,051		683	—	37,734
Government And Agency Obligations	—		12,965		—	—	12,965
Other Equity Interests	—		—		—	—	—
Short Term Investments	—		38,644		—	—	38,644
	3,170		216,927		699	—	220,796
Liabilities - Securities
Corporate Bonds And Notes	—		(25,209	)	—	—	(25,209	)
Government And Agency Obligations	—		(12,129	)	—	—	(12,129	)
	—		(37,338	)	—	—	(37,338	)
Assets - Investments in Other Financial Instruments²
Futures Contracts	6		—		—	—	6
Centrally Cleared Interest Rate Swap Agreements	—		154		—	—	154
Centrally Cleared Credit Default Swap Agreements	—		79		—	—	79
Exchange Traded Purchased Options	643		1		—	—	644
OTC Purchased Options	—		97		—	—	97
Open Forward Foreign Currency Contracts	—		496		—	—	496
OTC Credit Default Swap Agreements	—		361		—	—	361
OTC Contracts for Difference	—		139		—	—	139
OTC Total Return Swap Agreements	—		30		—	—	30
	649		1,357		—	—	2,006
Liabilities - Investments in Other Financial Instruments²
Futures Contracts	(91	)	—		—	—	(91	)
Centrally Cleared Interest Rate Swap Agreements	—		(5	)	—	—	(5	)
Centrally Cleared Credit Default Swap Agreements	—		(82	)	—	—	(82	)
Exchange Traded Futures Options	(44	)	—		—	—	(44	)
Exchange Traded Written Options	(92	)	—		—	—	(92	)
OTC Written Options	—		(15	)	—	—	(15	)
Open Forward Foreign Currency Contracts	—		(431	)	—	—	(431	)
OTC Credit Default Swap Agreements	—		(421	)	—	—	(421	)
OTC Contracts for Difference	—		(72	)	—	—	(72	)
OTC Total Return Swap Agreements	—		(10	)	—	—	(10	)
	(227	)	(1,036	)	—	—	(1,263	)
JNL/DFA U.S. Small Cap Fund
Assets - Securities
Common Stocks	86,751		—		—	—	86,751
Preferred Stocks	13		—		—	—	13
Rights	—		—		1	—	1
Short Term Investments	2,234		—		—	—	2,234
	88,998		—		1	—	88,999
JNL/DoubleLine Total Return Fund
Assets - Securities
Non-U.S. Government Agency Asset-Backed Securities	—		928,294		2,000	—	930,294
Government And Agency Obligations	—		998,131		—	—	998,131
Short Term Investments	208,725		—		—	—	208,725
	208,725		1,926,425		2,000	—	2,137,150
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
Assets - Securities
Corporate Bonds And Notes	—		8,824		—	—	8,824
Senior Loan Interests	—		—		14,531	—	14,531
Government And Agency Obligations	—		212,246		1,578	—	213,824
Common Stocks	834		26,415		391	—	27,640
Short Term Investments	34,931		64,581		—	—	99,512
	35,765		312,066		16,500	—	364,331

105

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018


	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .		. Other ¹ ($) .	. Total ($) .
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (continued)
Assets - Investments in Other Financial Instruments²
Futures Contracts	443		—		—		—	443
Centrally Cleared Interest Rate Swap Agreements	—		5,038		—		—	5,038
Centrally Cleared Credit Default Swap Agreements	—		1,072		—		—	1,072
OTC Purchased Options	—		5,656		—		—	5,656
Open Forward Foreign Currency Contracts	—		19,968		—		—	19,968
OTC Interest Rate Swap Agreements	—		952		—		—	952
OTC Cross-Currency Swap Agreements	—		410		—		—	410
OTC Credit Default Swap Agreements	—		975		—		—	975
OTC Non-Deliverable Bond Forward Contracts	—		172		—		—	172
	443		34,243		—		—	34,686
Liabilities - Investments in Other Financial Instruments²
Futures Contracts	(555	)	—		—		—	(555	)
Centrally Cleared Interest Rate Swap Agreements	—		(6,337	)	—		—	(6,337	)
Centrally Cleared Credit Default Swap Agreements	—		(45	)	—		—	(45	)
Open Forward Foreign Currency Contracts	—		(15,234	)	(856	)	—	(16,090	)
OTC Interest Rate Swap Agreements	—		(189	)	—		—	(189	)
OTC Credit Default Swap Agreements	—		(3,250	)	—		—	(3,250	)
OTC Total Return Swap Agreements	—		(62	)	—		—	(62	)
	(555	)	(25,117	)	(856	)	—	(26,528	)
JNL/Epoch Global Shareholder Yield Fund
Assets - Securities
Common Stocks
Australia	—		817		—		—	817
Canada	1,876		—		—		—	1,876
France	—		1,904		—		—	1,904
Germany	—		2,372		—		—	2,372
Italy	—		935		—		—	935
Netherlands	538		403		—		—	941
Norway	—		482		—		—	482
Singapore	—		322		—		—	322
Spain	—		551		—		—	551
Sweden	—		200		—		—	200
Switzerland	—		1,128		—		—	1,128
Taiwan	162		—		—		—	162
United Kingdom	683		3,797		—		—	4,480
United States of America	13,875		—		—		—	13,875
Short Term Investments	645		—		—		292	937
	17,779		12,911		—		292	30,982
Liabilities - Investments in Other Financial Instruments²
Open Forward Foreign Currency Contracts	—		—		—		—	—
	—		—		—		—	—
JNL/FAMCO Flex Core Covered Call Fund
Assets - Securities
Common Stocks	152,634		—		—		—	152,634
Short Term Investments	1,736		—		—		—	1,736
	154,370		—		—		—	154,370
Liabilities - Investments in Other Financial Instruments²
Exchange Traded Written Options	(1,524	)	(2	)	—		—	(1,526	)
	(1,524	)	(2	)	—		—	(1,526	)
JNL/Lazard International Strategic Equity Fund
Assets - Securities
Common Stocks	8,750		43,696		—		—	52,446
Preferred Stocks	582		—		—		—	582
Short Term Investments	3,671		—		—		—	3,671
	13,003		43,696		—		—	56,699
Assets - Investments in Other Financial Instruments²
Open Forward Foreign Currency Contracts	—		—		—		—	—
	—		—		—		—	—
JNL/Neuberger Berman Currency Fund
Assets - Securities
Government And Agency Obligations	—		35,074		—		—	35,074
Short Term Investments	8,386		29,460		—		—	37,846
	8,386		64,534		—		—	72,920
Assets - Investments in Other Financial Instruments²
Open Forward Foreign Currency Contracts	—		40,388		—		—	40,388
	—		40,388		—		—	40,388
Liabilities - Investments in Other Financial Instruments²
Open Forward Foreign Currency Contracts	—		(40,605	)	—		—	(40,605	)
	—		(40,605	)	—		—	(40,605	)

106

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018


	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Other ¹ ($) .	. Total ($) .
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund
Assets - Securities
Non-U.S. Government Agency Asset-Backed Securities	—		38,657		—	—	38,657
Corporate Bonds And Notes	—		110,472		—	—	110,472
Short Term Investments	16,008		1,095		—	—	17,103
	16,008		150,224		—	—	166,232
Assets - Investments in Other Financial Instruments²
Futures Contracts	5,092		—		—	—	5,092
	5,092		—		—	—	5,092
Liabilities - Investments in Other Financial Instruments²
Futures Contracts	(7,862	)	—		—	—	(7,862	)
	(7,862	)	—		—	—	(7,862	)
JNL/Nicholas Convertible Arbitrage Fund
Assets - Securities
Preferred Stocks	3,206		—		—	—	3,206
Corporate Bonds And Notes	—		167,476		—	—	167,476
Short Term Investments	7,403		—		—	—	7,403
	10,609		167,476		—	—	178,085
Liabilities - Securities
Common Stocks	(63,943	)	—		—	—	(63,943	)
Investment Companies	(3,605	)	—		—	—	(3,605	)
	(67,548	)	—		—	—	(67,548	)
JNL/PIMCO Credit Income Fund
Assets - Securities
Trust Preferreds	11		—		—	—	11
Non-U.S. Government Agency Asset-Backed Securities	—		11,599		—	—	11,599
Corporate Bonds And Notes	—		375,260		—	—	375,260
Senior Loan Interests	—		15,983		396	—	16,379
Government And Agency Obligations	—		93,859		—	—	93,859
Preferred Stocks	361		—		—	—	361
Short Term Investments	—		285		—	12,374	12,659
	372		496,986		396	12,374	510,128
Assets - Investments in Other Financial Instruments²
Futures Contracts	63		—		—	—	63
Centrally Cleared Interest Rate Swap Agreements	—		168		—	—	168
Centrally Cleared Credit Default Swap Agreements	—		201		—	—	201
OTC Purchased Options	—		109		—	—	109
Open Forward Foreign Currency Contracts	—		592		—	—	592
OTC Credit Default Swap Agreements	—		719		—	—	719
	63		1,789		—	—	1,852
Liabilities - Investments in Other Financial Instruments²
Futures Contracts	(94	)	—		—	—	(94	)
Centrally Cleared Interest Rate Swap Agreements	—		(1,188	)	—	—	(1,188	)
Centrally Cleared Credit Default Swap Agreements	—		(61	)	—	—	(61	)
Exchange Traded Written Options	(8	)	—		—	—	(8	)
OTC Written Options	—		(198	)	—	—	(198	)
Open Forward Foreign Currency Contracts	—		(923	)	—	—	(923	)
OTC Interest Rate Swap Agreements	—		(60	)	—	—	(60	)
OTC Credit Default Swap Agreements	—		(135	)	—	—	(135	)
	(102	)	(2,565	)	—	—	(2,667	)
JNL/PPM America Long Short Credit Fund
Assets - Securities
Non-U.S. Government Agency Asset-Backed Securities	—		13,170		—	—	13,170
Corporate Bonds And Notes	—		84,792		—	—	84,792
Senior Loan Interests	—		25,527		758	—	26,285
Government And Agency Obligations	—		1,056		—	—	1,056
Other Equity Interests	—		—		—	—	—
Common Stocks	761		80		—	—	841
Investment Companies	3,197		—		—	—	3,197
Short Term Investments	5,873		—		—	—	5,873
	9,831		124,625		758	—	135,214
Liabilities - Securities
Corporate Bonds And Notes	—		(6,836	)	—	—	(6,836	)
	—		(6,836	)	—	—	(6,836	)
Assets - Investments in Other Financial Instruments²
Futures Contracts	203		—		—	—	203
OTC Credit Default Swap Agreements	—		86		—	—	86
	203		86		—	—	289
Liabilities - Investments in Other Financial Instruments²
Futures Contracts	(13	)	—		—	—	(13	)
Centrally Cleared Credit Default Swap Agreements	—		(1	)	—	—	(1	)
OTC Credit Default Swap Agreements	—		(13	)	—	—	(13	)
	(13	)	(14	)	—	—	(27	)

107

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018


	. Level 1 ($) .	. Level 2 ($) .		. Level 3 ($) .	. Other ¹ ($) .	. Total ($) .
JNL/T. Rowe Price Capital Appreciation Fund
Assets - Securities
Trust Preferreds	3,999	—		—	—	3,999
Common Stocks	2,125,246	7,378		—	—	2,132,624
Preferred Stocks	93,708	—		—	—	93,708
Investment Companies	1,174	—		—	—	1,174
Non-U.S. Government Agency Asset-Backed Securities	—	11,135		—	—	11,135
Corporate Bonds And Notes	—	408,884		—	—	408,884
Senior Loan Interests	—	55,812		222	—	56,034
Government And Agency Obligations	—	203,135		—	—	203,135
Short Term Investments	274,719	—		—	—	274,719
	2,498,846	686,344		222	—	3,185,412
Liabilities - Investments in Other Financial Instruments²
OTC Written Options	—	(12,703	)	—	—	(12,703	)
	—	(12,703	)	—	—	(12,703	)
JNL/The Boston Company Equity Income Fund
Assets - Securities
Common Stocks	176,429	—		—	—	176,429
Short Term Investments	3,432	—		—	729	4,161
	179,861	—		—	729	180,590
JNL/The London Company Focused U.S. Equity Fund
Assets - Securities
Common Stocks	113,230	—		—	—	113,230
Short Term Investments	3,242	—		—	2,889	6,131
	116,472	—		—	2,889	119,361
JNL/VanEck International Gold Fund
Assets - Securities
Common Stocks	42,811	11,255		284	—	54,350
Rights	—	79		—	—	79
Warrants	3	—		—	—	3
Short Term Investments	198	—		—	1,069	1,267
	43,012	11,334		284	1,069	55,699
Assets - Investments in Other Financial Instruments²
Open Forward Foreign Currency Contracts	—	2		—	—	2
	—	2		—	—	2
JNL/WCM Focused International Equity Fund
Assets - Securities
Common Stocks
Australia	—	70,395		—	—	70,395
Brazil	21,484	—		—	—	21,484
Canada	139,587	—		—	—	139,587
China	—	48,772		—	—	48,772
Denmark	—	44,395		—	—	44,395
France	—	141,667		—	—	141,667
Germany	—	48,287		—	—	48,287
Hong Kong	—	55,060		—	—	55,060
India	55,827	—		—	—	55,827
Ireland	138,271	—		—	—	138,271
Italy	—	69,223		—	—	69,223
Japan	—	139,904		—	—	139,904
Mexico	38,993	—		—	—	38,993
Netherlands	40,788	—		—	—	40,788
Spain	—	48,466		—	—	48,466
Sweden	—	61,808		—	—	61,808
Switzerland	33,272	49,219		—	—	82,491
Taiwan	49,125	—		—	—	49,125
United Kingdom	—	111,289		—	—	111,289
United States of America	83,705	—		—	—	83,705
Short Term Investments	37,038	—		—	50,208	87,246
	638,090	888,485		—	50,208	1,576,783

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

²Derivatives, 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. There were no significant transfers between Level 1 and Level 2 valuations for the period ended June 30, 2018.

The following table is a rollforward of individually significant securities by issuer Level 3 valuations (in thousands) and transfers by category for which significant unobservable inputs were used to determine fair value during the period ended June 30, 2018:

108

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018


		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			8,299		—		—		(165)		—		—		8,134³		(165)
JNL/WCM Focused International Fund
	Common Stocks		—			30,837⁴		(30,837)⁴		—		—		—		—		—
	Common Stocks		—			—		(38,307)⁵		—		38,307⁶		—		—		—

² There were no significant transfers between Level 3 and Level 2 valuations during the period ended June 30, 2018, other than those noted.

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


Valuation Technique	Unobservable Input	Range
Discounted cash flow model	LIBOR Spread	644.15 bps

⁴ During the period, the valuation of the common stocks held in JNL/WCM Focused International Fund were transferred from a Level 2 valuation to a Level 3 valuation. At period end, the securities were valued by an independent pricing service and were considered a Level 2 valuation. Previously they were valued using the last traded price and considered a Level 3 valuation.

⁵ During the period, the valuation of the common stocks held in JNL/ WCM Focused International Fund were transferred from a Level 3 valuation to a Level 2 valuation. At period end, the securities were valued by an independent pricing service and were considered a Level 2 valuation. Previously they were valued using a pricing model and considered a Level 3 valuation.

⁶ This amount represents value of shares received in a reorganization of common stock held in JNL/WCM Focused International Fund.

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.

NOTE 4. SECURITIES AND OTHER INVESTMENTS

Securities Lending and Securities Lending Collateral. All Funds participate in agency based securities lending programs. 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 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.

JPMorgan Chase Bank, N.A. (“JPM Chase”) and State Street Bank and Trust Company (“State Street”) (each a “Custodian” and together the “Custodians”) each serve as securities lending agent to the eligible Funds for which they are Custodian. For the Funds for which JPM Chase is the securities lending agent, the cash collateral is invested in the Securities Lending Cash Collateral Fund LLC, a limited liability company sponsored by the Adviser. Although the Securities Lending Cash Collateral Fund LLC is not a registered fund under the 1940 Act and is not a “money market fund”, it typically has daily liquidity and invests in high quality U.S. dollar-denominated instruments that qualify at time of purchase as “eligible securities” within the meaning of Rule 2a-7 under the 1940 Act which governs money market funds. The Securities Lending Cash Collateral Fund LLC is only offered to the Funds and JNAM affiliated funds. JPM Chase serves as investment adviser to the Securities Lending Cash Collateral Fund LLC and receives a portion of the earnings from the Securities Lending Cash Collateral Fund LLC as consideration for its service as securities lending agent and Adviser to the Securities Lending Cash Collateral Fund LLC. The Securities Lending Cash Collateral Fund LLC pays JNAM an annual fee for accounting and administrative services. Short-term securities in the Securities Lending Cash Collateral Fund LLC are valued at amortized cost, unless it is determined that such practice does not approximate market value. For the Funds for which State Street is the securities lending agent, the cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund and a series of State Street Navigator Securities Lending Trust which is an open-end management company registered under the 1940 Act. 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.

Cash collateral received from the borrower is recorded in the Statements of Assets and Liabilities as payable for return of securities loaned. Investments acquired with such cash collateral are reported in a manner consistent with other portfolio investments held by each Fund as Investments - affiliated, at value or Investments - unaffiliated, at value, as applicable, on the Statements of Assets and Liabilities. The value of securities on loan is disclosed as Securities on loan included in investments - unaffiliated, at value on the Statements of Assets and Liabilities. Each Fund’s net exposure to a borrower is

109

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

determined by the amount of any excess or shortfall in cash collateral received compared to the value of securities on loan. Certain Funds receive non-cash collateral in the form of securities received, which the Funds may not sell or re-pledge and accordingly are not reflected in the Statements of Assets and Liabilities.

U.S. Government Agencies or Government Sponsored Enterprises. Certain Funds may invest in U.S. government agencies or government sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by, the U.S. government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (“U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. government to purchase the agency’s obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest paying securities of similar maturities.

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

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

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

Repurchase Agreements. Certain Funds may invest in repurchase agreements. In a repurchase agreement, a Fund receives debt or equity securities (collateral) subject to an obligation of the seller to repurchase, and the Fund to resell, the securities at an agreed upon price and date. Certain repurchase agreements used to settle short sale transactions have no stated maturity and can be terminated by either party at any time. The Sub-Adviser for JNL/BlackRock Global Long Short Credit Fund deems repurchase agreements with a term greater than 30 days to be illiquid. The underlying securities used as collateral for repurchase agreements may be held in safekeeping by the Fund’s Custodian or designated sub-custodians under triparty repurchase agreements or delivered to the counterparty. In certain repurchase agreements, the Fund takes possession of the underlying debt obligation. Earnings on collateral and compensation to the seller are based on agreed upon rates between the seller and the Fund. Net interest earned on repurchase agreements is recorded as interest income and net fees paid to the seller are recorded as short holdings borrowing fees. In periods of increased demand for collateral, the Fund may pay a fee for receipt of the collateral, which may result in interest expense to the Fund. When a repurchase agreement is entered into, a Fund typically receives securities with a value that approximates or exceeds the repurchase price, including any accrued interest earned on the repurchase agreement. The value of such securities will be marked to market daily, and cash or additional securities will be exchanged between the parties with a frequency and in amounts prescribed in the repurchase agreement. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of such collateral may decline.

Reverse Repurchase Agreements. Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund delivers to a counterparty a security in exchange for cash with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. Cash received in exchange for securities delivered plus accrued interest to be paid by the Fund are reflected as payable for reverse repurchase agreements on the Statements of Assets and Liabilities. Interest paid is recorded as interest expense to the Fund. The Fund receives principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. In periods of increased demand of the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A reverse repurchase agreement involves the risk that the value of the security delivered by the Fund may decline below the repurchase price of the security. The Fund will segregate assets determined to be liquid at the Custodian or otherwise cover its obligations under reverse repurchase agreements.

The average daily balance (in thousands) and the weighted average interest rate for reverse repurchase agreements, for the period ended June 30, 2018, were as follows: JNL/BlackRock Global Long Short Credit Fund, $23,062 and 2.24%, respectively, for 181 days outstanding; JNL/Eaton Vance Global Macro Absolute Return Advantage Fund, $4,955 and 2.08%, respectively, for 181 days outstanding; and JNL/PIMCO Credit Income Fund, $6,767 and 1.44%, respectively, for 181 days outstanding. The value of reverse repurchase agreements and collateral pledged at June 30, 2018 was as follows:

110

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018


	Collateral	Counter- party	Interest Rate Expense/ Income¹ (%)	Maturity Date	Collateral Amount ($)		Payable for Reverse Repurchase Agreement Including Interest Payable ($)
JNL/BlackRock Global Long Short Credit Fund
	CenturyLink Inc.	BCL	0.00	Rolling		637		548
	CVS Health Corp.	BCL	2.00	Rolling		274		249
	HSBC Holdings Plc	BCL	2.60	Rolling		301		266
	Altice Financing SA	BNP	2.15	Rolling		774		724
	CenturyLink Inc.	BNP	2.40	Rolling		1,005		933
	CenturyLink Inc.	BNP	2.40	Rolling		832		776
	Italics Merger Sub Inc.	BNP	2.40	Rolling		1,447		1,314
	Syngenta Finance NV	BNP	2.51	Rolling		501		464
	U.S. Treasury Bond	BNP	1.98	07/02/18		2,900		2,942
	U.S. Treasury Bond	BNP	2.32	07/02/18		1,874		1,887
	Xerox Corp.	BNP	2.40	Rolling		1,005		931
	Advanced Micro Devices Inc.	CSI	2.65	Rolling		675		541
	Bombardier Inc.	CSI	2.65	Rolling		939		734
	Bombardier Inc.	CSI	2.70	Rolling		603		465
	Valeant Pharmaceuticals International Inc.	CSI	2.70	Rolling		655		501
	Neptune Finco Corp.	DUB	2.61	Rolling		1,600		1,336
	Prime Security Services Borrower LLC	DUB	2.20	Rolling		1,349		1,155
	U.S. Treasury Bond	DUB	1.95	07/02/18		2,004		2,033
	U.S. Treasury Note	DUB	2.12	07/02/18		1,227		1,233
	U.S. Treasury Note	DUB	2.30	07/02/18		594		596
	Arch Merger Sub Inc.	RBC	2.60	Rolling		980		803
	Broadcom Corp.	RBC	2.09	Rolling		610		586
	Broadcom Corp.	RBC	2.09	Rolling		612		584
	Diamond 1 Finance Corp.	RBC	2.45	Rolling		929		773
	Frontier Communications Corp.	RBC	2.45	Rolling		39		33
	GE Capital International Funding Co.	RBC	2.34	Rolling		1,124		1,058
	Herc Rentals Inc.	RBC	2.20	Rolling		544		457
	Hess Corp.	RBC	2.45	Rolling		551		527
	JPMorgan Chase & Co.	RBC	2.34	Rolling		638		603
	KFC Holding Co.	RBC	2.45	Rolling		879		705
	Kindred Healthcare Inc.	RBC	2.49	Rolling		480		396
	Kroger Co.	RBC	2.09	Rolling		378		376
	L Brands Inc.	RBC	2.60	Rolling		624		513
	Lions Gate Capital Holdings LLC	RBC	2.60	Rolling		542		438
	Mattel Inc.	RBC	2.45	Rolling		913		732
	Mattel Inc.	RBC	2.45	Rolling		826		657
	Mattel Inc.	RBC	2.45	Rolling		774		624
	Mattel Inc.	RBC	2.52	Rolling		835		670
	Northwest Florida Timber Finance LLC	RBC	2.34	Rolling		356		356
	Qorvo Inc.	RBC	2.45	Rolling		979		779
	Qorvo Inc.	RBC	2.48	Rolling		539		448
	QUALCOMM Inc.	RBC	2.34	Rolling		741		708
	Rite Aid Corp.	RBC	2.45	Rolling		1,573		1,279
	Sprint Corp.	RBC	2.60	Rolling		726		590
	Sprint Corp.	RBC	2.60	Rolling		405		333
	Sprint Corp.	RBC	2.60	Rolling		278		229
	Sprint Spectrum Co. LLC	RBC	2.09	Rolling		782		758
	Teva Pharmaceutical Finance III BV	RBC	2.60	Rolling		561		460
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund								36,103
	Australia Government Bond	JPM	2.25	Rolling		1,159		1,099
	Australia Government Bond	JPM	2.25	Rolling		3,451		3,346
JNL/PIMCO Credit Income Fund								4,445
	Cenovus Energy Inc.	BCL	1.20	Rolling		1,058		982
	U.S. Treasury Bond	DUB	2.10	07/11/18		4,109		4,083
	U.S. Treasury Bond	JPM	1.87	07/24/18		1,503		1,504
	U.S. Treasury Note	SGB	2.00	07/05/18		4,176		4,167
	U.S. Treasury Note	SGB	1.95	07/05/18		2,153		2,156
								12,892

¹ Interest received is recorded as income to the Fund.

Delayed-Delivery Securities. Certain Funds may purchase or sell securities on a delayed-delivery basis, including To Be Announced (“TBA”) or “To Be Acquired” securities. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. In TBA transactions, the Fund commits to purchasing or selling securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying securities. When delayed-

111

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

delivery purchases are outstanding, the Fund is required to have sufficient cash and/or liquid securities to cover its commitments on these transactions. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights of ownership of the security, including the risk of price and yield fluctuations, and considers such fluctuations when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and a Fund may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains or losses with respect to the security. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. In connection with TBA transactions, Funds may maintain a short position related to certain securities. In connection with these transactions, the Fund owns an equal amount of the securities or holds securities convertible (or exchangeable) into an equal amount of the securities, of the same issuer, as the position held short.

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

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

In a mortgage-backed or Treasury securities roll transaction, if the repurchased security is determined to be similar, but not substantially the same, the transaction is accounted for as a purchase and sale. Any gains, losses and any income or fees earned are recorded to realized gain or loss. If the repurchased security is determined to be substantially the same, the transaction is accounted for as a secured borrowing, rather than as a purchase and sales transaction. For Funds with significant transactions characterized as secured borrowing transactions, any income or fees earned are recorded to investment income and financing costs associated with the transaction are recorded to interest expense.

The JNL/PIMCO Credit Income Fund had treasury roll transactions during the period. The average daily balance (in thousands) and weighted average interest rate for treasury roll transactions accounted for as secured borrowing transactions, for the period ended June 30, 2018, were $56,094 and 0.96%, respectively, for 180 days outstanding. At June 30, 2018, JNL/PIMCO Credit Income Fund had $76 of deferred income (in thousands) included in payable for treasury roll transactions on the Statements of Assets and Liabilities. The following table details treasury roll transactions outstanding as of June 30, 2018.


	Collateral	Counterparty	Borrowing Rate/(Fee Income)(%)	Maturity Date	Payable for Treasury Roll Transactions Including Interest Payable($)
JNL/PIMCO Credit Income Fund
	U.S. Treasury Obligations	UBS	1.98	07/12/2018	3,696
	U.S. Treasury Obligations	UBS	2.02	07/17/2018	873
	U.S. Treasury Obligations	BNP	2.07	07/16/2018	1,127
	U.S. Treasury Obligations	UBS	2.05	07/31/2018	10,775
					16,471

Inflation-Indexed Bonds. Certain Funds may invest in inflation-indexed bonds which are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be considered interest income, even though investors do not receive principal payments until maturity.

Senior and Junior Loans. Certain Funds may invest in Senior loans or secured and unsecured subordinated loans, second lien loans and subordinated bridge loans (“Junior loans”) which are purchased or sold on a when-issued or delayed-delivery basis and may be settled a month or more after the trade date. Interest income on these loans is accrued based on the terms of the securities. Senior and Junior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder’s portion of the loan.

Securities Sold Short. Certain Funds may enter into short sales transactions whereby the Fund sells a security it does not own in anticipation of a decline in the market price of the security or to engage in arbitrage transactions. When a Fund engages in a short sale, the Fund borrows the security sold short to make delivery to the buyer. The Fund may have to pay a fee to borrow securities and is often obligated to repay the lender of the securities for any interest or dividends that accrues on the borrowed securities during the period of the loan. Until the Fund closes its short position, the lending broker requires assets in the form of securities or cash to be segregated as collateral, which is marked-to-market daily, to the extent necessary to meet margin requirements or cover the short sale obligation. A Fund is obligated to deliver securities at the market price at the time the short position is closed. If the price of the security sold short increases between the time of the short sale and the time that the Fund replaces the borrowed security, the Fund will incur a capital loss; conversely, if the price declines, the Fund will realize a capital gain. A Fund’s loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

112

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

Convertible Securities. Certain Funds may invest in fixed-income securities which are convertible into common stock. Convertible securities may be converted either at a stated price or rate within a specified period of time into a specified number of shares of common stock. Traditionally, convertible securities have paid dividends or interest greater than on the related common stocks, but less than fixed income non-convertible securities. By investing in a convertible security, a Fund may participate in any capital appreciation or depreciation of a company’s stock, but to a lesser degree than if it had invested in that company’s common stock. Convertible securities rank senior to common stock in a corporation’s capital structure and, therefore, entail less risk than the corporation’s common stock. A Fund may attempt to hedge certain of their investments in convertible debt securities by selling short the issuer’s common stock.

Unfunded Commitments. Certain Funds may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers’ discretion. Unfunded loan commitments and funded portions of credit agreements are marked-to-market daily. Net unrealized appreciation/depreciation on unfunded commitments is reflected in other assets and payable for investment securities purchased in the Statements of Assets and Liabilities and unrealized appreciation (depreciation) on investments - unaffiliated in the Statements of Operations.

Master Limited Partnerships. Certain Funds may invest in Master Limited Partnerships (“MLPs”). An MLP is a publicly traded company organized as a limited partnership or limited liability company and treated as a partnership for federal income tax purposes. The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. MLPs may derive income and gains from the exploration, development, mining or production, processing, refining, transportation (including pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources.

NOTE 5. INVESTMENT TRANSACTION AGREEMENTS AND COLLATERAL

Under various agreements, certain investment transactions require collateral to be pledged to or from a Fund and a counterparty or segregated at the custodian and the collateral is managed pursuant to the terms of the agreement. U.S. Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other forms of high quality or sovereign securities may be used. Securities held by a Fund that are used as collateral are identified as such within the Schedules of Investments. Collateral for OTC financial derivative transactions paid to or received from brokers and counterparties is included in receivable for deposits with brokers and counterparties and payable for deposits from counterparties in the Statements of Assets and Liabilities.

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

Master Agreements also help limit credit and counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral) governed under the relevant master agreement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Agreement. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds’ Sub-Advisers attempt to limit counterparty risk by only entering into Master Agreements with counterparties that the Sub-Adviser believes to have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For swap agreements executed with a Derivatives Clearing Organization (“DCO”) in a multilateral or other trade facility platform (“centrally cleared swaps”), counterparty risk is reduced by shifting exposure from the counterparty to the DCO. Additionally, the DCO has broad powers to provide an orderly liquidation in the event of a default.

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

Master Securities Forward Transaction Agreements (“Master Forward Agreements”). Master Forward Agreements govern the considerations and factors surrounding the settlement of certain forward-settling transactions, such as delayed-delivery transactions, TBA securities and Treasury roll transactions between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. Losses may arise due to changes in the value of the underlying securities prior to settlement date, if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors. In the event of default, the unrealized gain or loss will be offset against collateral exchanged to date, which

113

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

would result in a net receivable/(payable) that would be due from/to the counterparty. In the ordinary course of business, settlements of transactions are not typically subject to net settlement, except for TBA pools.

International Swaps and Derivatives Association Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”). ISDA Master Agreements govern OTC financial derivative transactions entered into by a Fund’s Sub-Adviser and select counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, events of default, termination and maintenance of collateral. Termination includes conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to early termination could be material to the financial statements. In the event of default, the total financial derivative value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty. The amount of collateral exchanged is based on provisions within the ISDA Master Agreements and is determined by the net exposure with the counterparty and is not identified for a specific OTC derivative instrument.

Customer Account Agreements. Customer Account Agreements and related addendums govern exchange traded or centrally cleared derivative transactions such as futures, options on futures and centrally cleared derivatives. If a Fund transacts in exchange traded or centrally cleared derivatives, the Sub-Adviser is a party to agreements with (1) a Futures Commissions Merchant (“FCM”) in which the FCM facilitates the execution of the exchange traded and centrally cleared derivative with the DCO and (2) with an executing broker/swap dealer to agree to the terms of the swap and resolution process in the event the centrally cleared swap is not accepted for clearing by the designated DCO. Exchange traded and centrally cleared derivatives transactions require posting an amount of cash or cash equivalents equal to a certain percentage of the contract amount known as the “initial margin” as determined by each relevant clearing agency and is segregated at an FCM which is registered with the Commodity Futures Trading Commission (“CFTC”) or the applicable regulator. The Fund receives from, or pays to, the counterparty an amount of cash equal to the daily fluctuation in the value of the contracts. Such receipts or payments are known as the “variation margin”. For certain exchanges or DCOs, variation margin may include more than one day’s fluctuation in the value of the contracts. Variation margin on the Statements of Assets and Liabilities may include variation margin on closed unsettled derivative transactions. Variation margin received may not be netted between exchange traded and centrally cleared derivatives. In the event of default, counterparty risk is significantly reduced as creditors to the FCM do not have claim to the Fund’s assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk.

Prime Brokerage Arrangements. Certain Funds may enter into Prime Brokerage Arrangements to facilitate execution and/or clearing of listed equity option transactions or short sales of securities between the Fund and select counterparties. The arrangements provide general guidelines surrounding the rights, obligations and other events, including but not limited to, margin, execution and settlement. These arrangements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Cash margin and securities delivered as collateral are typically in the possession of the prime broker and offset any obligations due to the prime broker. Cash collateral held at the prime broker is reflected in Cash collateral segregated for short sales in the Statements of Assets and Liabilities. In the event of default, the value of securities sold short will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

NOTE 6. FINANCIAL DERIVATIVE INSTRUMENTS

Options Transactions. A Fund may buy and sell (“write”) call and put options on securities, futures, indices, currencies and swap agreements (“swaptions”). An option is a contract that gives the purchaser of the option, in return for a premium paid, the right to buy a specified underlying instrument from the writer of the option (in the case of a call option), or to sell a specified underlying instrument to the writer of the option (in the case of a put option) at a designated price. The right to exercise is dependent upon the contract terms and can be during the term or at expiration of the option. When a Fund purchases an option, the premium paid by the Fund is recorded as an asset and is subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the cost basis of the underlying investment or offset against the proceeds of the underlying investment transaction to determine realized gain or loss. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. The risks associated with purchasing options are limited to premiums paid and the failure of the counterparty to honor its obligation under the contract. When a Fund writes a call or put option the premium received by the Fund is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds of the underlying investment transaction or reduce the cost basis of the underlying investment to determine the realized gain or loss. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. Writing put options tends to increase a Fund’s exposure to the underlying instrument. The risk associated with writing an option that is exercised is that an unfavorable change in the price of the security underlying the option could result in a Fund buying the underlying security at a price higher than the current value or selling the underlying security at a price lower than the current market value. There is also the risk a Fund may not be able to enter into a closing transaction if the market is illiquid. Options written by a Fund do not give rise to counterparty credit risk, as they obligate the Fund, not the counterparty, to perform.

Depending on the exchange on which an exchange traded futures option is traded, premium may be paid/received when purchasing/writing the option or there may be no premium paid/received when purchasing/writing the option. Exchange traded futures options are marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. Variation margin on these options is recorded by the Fund until the contracts are terminated at which time realized gains and losses are recognized. Exchange traded futures options involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund.

Swaptions are similar to options on securities except that instead of purchasing the right to buy or sell a security, the writer or purchaser of the swaption is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement. The right to exercise is dependent upon the contract terms and can be during the term or at expiration of the option. Swaptions are illiquid investments.

114

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

Forward Volatility Agreements. Forward volatility agreements are transactions in which two parties agree to the purchase or sale of an option straddle on an underlying exchange rate at the expiration of the agreement. The strike volatility rate is determined on the trade date. At expiration, the amount settled is determined based on the then current spot exchange rates, interest rates, and the relationship between the contract’s strike volatility rate and the current volatility of the underlying exchange rate. The primary risk associated with forward volatility agreements is the change in the volatility of the underlying exchange rate.

Futures Contracts. A Fund may buy and sell futures on equities, indices, interest rates, commodities, currencies and swaps. A futures contract is a standardized contract obligating two parties to exchange a specified asset at an agreed upon price and date. Variation margin is recorded by the Fund until the contracts are terminated at which time realized gains and losses are recognized. Futures contracts involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the securities held by the Fund or the change in the value of an underlying entity and the prices of the futures contracts and the possibility the Fund may not be able to enter into a closing transaction because of an illiquid market. With futures, counterparty risk to the Fund is reduced because futures contracts are exchange traded and the exchange’s clearinghouse, acting as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Forward Foreign Currency Contracts. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of a Fund’s investment securities, but it does establish a fixed rate of currency exchange that can be achieved in the future. The value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss and as a receivable or payable from forward foreign currency contracts. Upon settlement, or delivery or receipt of the currency, a realized gain or loss is recorded which is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Forward foreign currency contracts involve market risk in excess of the receivable or payable related to forward foreign currency contracts recorded by the Funds. Although contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. Additionally, a Fund could be exposed to the risk of a previously hedged position becoming unhedged if the counterparty to a contract is unable to meet the terms of the contract or if the currency changes unfavorably to the value of the offsetting currency.

Swap Agreements. Swap agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the OTC market or executed and centrally cleared with a DCO. OTC swaps are typically illiquid investments.

Swap agreements are marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. For OTC swaps, premiums paid or received at the beginning of the measurement period are recorded as an asset or liability by the Fund and represent payments made or received upon entering into the OTC swap to compensate for differences between the stated terms of the OTC swap and prevailing market conditions relating to credit spreads, interest rates, currency exchange rates and other relevant factors as appropriate. These upfront payments are recorded as a realized gain or loss upon termination or maturity of the OTC swap. For centrally cleared swaps, daily changes in valuation are recorded as a receivable or payable, as appropriate, and received from or paid to the DCO on a daily basis until the contracts are terminated at which time a realized gain or loss is recorded. The use of centrally cleared swaps may require a Fund to commit initial and variation margin that may otherwise not be required under an OTC swap. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss. Net periodic payments received or paid by a Fund are included as part of realized gain or loss.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the unrealized gain or loss recorded by a Fund. Such risks include that there is no liquid market for OTC swaps, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreement and that there may be unfavorable changes in interest rates or value of underlying securities. Centrally cleared swaps involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund.

Interest Rate Swap Agreements. Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Forms of interest rate swap agreements that the Funds have entered into may include: fixed-for-floating rate swaps, under which a party agrees to pay a fixed rate in exchange for receiving a floating rate tied to a benchmark; floating-for-fixed rate swaps, under which a party agrees to pay a floating rate in exchange for receiving a fixed rate; floating-for-floating rate swaps, under which a party agrees to pay a floating rate in exchange for another floating rate.

A Fund’s maximum risk of loss from counterparty credit risk for an interest rate swap agreement is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent this amount is positive.

Cross-Currency Swap Agreements. Cross-currency swaps are interest rate swaps in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps may also involve an exchange of notional amounts at the start, during or at expiration of the contract, either at the current spot or another specified rate. A Fund’s maximum risk of loss from counterparty credit risk is generally the aggregate unrealized gain netted against any collateral pledged by the counterparty.

Credit Default Swap Agreements. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. As a seller of protection, a Fund will generally receive from the buyer of protection a premium in return for such protection and/or a

115

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

fixed rate of income throughout the term of the swap if there is no credit event. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, restructuring, write-down, principal shortfall or interest shortfall. As a seller, a Fund adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the credit default swap. If a Fund is a seller or buyer of protection and a credit event occurs, as defined under the terms of that particular credit default swap agreement, the Fund will either pay to or receive from the buyer or seller of protection an amount prescribed in that particular swap agreement. Until a credit event occurs, recovery values are determined by market makers considering either industry standard recovery rates or entity specific factors and considerations. When a credit event occurs, the recovery value is determined by a facilitated auction, administered by ISDA, whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

A Fund may use credit default swap agreements on corporate or sovereign issues to provide a measure of protection against defaults of an issuer (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

A Fund may use credit default swap agreements on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default. Unlike credit default swaps on corporate or sovereign issues, deliverable obligations in most instances would be limited to the specific referenced obligation because performance for asset-backed securities can vary across deals. Write-downs, such as prepayments and principal pay downs, or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts.

A Fund may use credit default swap agreements on credit indices to hedge a portfolio of credit default swap agreements or bonds, to protect investors owning bonds against default and to speculate on changes in credit quality. A credit index is a basket of credit instruments or exposures designed to represent a portion of the credit market. These indices consist of reference credits that are considered to be the liquid entities in the credit default swap market based on the index sector. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities and emerging market securities. These components can be determined based upon various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the issuers in the index, and if there is a credit event, the credit event is settled based on that issuer’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each issuer has an equal weight in the index.

Either as a seller of protection or a buyer of protection of a credit default swap agreement, a Fund’s maximum risk of loss from counterparty risk is the fair value of the agreement. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement as disclosed in the Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Total Return Swap Agreements. Some total return swap agreements involve a commitment to pay periodic interest payments in exchange for a market linked return based on a security or a basket of securities. To the extent the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. A Fund’s maximum risk of loss from counterparty credit risk for this type of total return swap agreement is the discounted net value of the cash flows to be received from or paid to the counterparty over the contract’s remaining life, to the extent this amount is positive. Other total return swap agreements involve a right to receive the appreciation in value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon rate. To the extent the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the value of that decline to the counterparty. Additionally, long total return swap agreements on equity securities entitle a Fund to receive from the counterparty dividends paid on an individual security and short total return equity swap agreements obligate a Fund to pay the counterparty dividends paid on an individual security. A Fund’s maximum risk of loss from counterparty credit risk for this type of total return swap agreement is the value of the underlying security, index or other financial instrument.

Contracts for Difference. Contracts for differences (“CFDs”) are privately negotiated contracts between a buyer and seller stipulating that the seller will pay to or receive from the buyer the difference between the nominal value of the underlying instrument at the opening of the contract and that instrument’s value at the end of the contract. The Funds entered into CFDs where the underlying instrument was a specified security. The Fund can take either a short or long position on the underlying instrument. In exchange for exposure to the underlying asset, the buyer pays a financing fee, which depending on market factors, can result in either expense or income for the buyer. The financing fee disclosed reflects the cost of each CFD from the perspective of the Fund and is dependent upon whether the position is long or short. For long positions, the Fund pays the financing fee. For short positions, the financing fee can be positive or negative depending on whether the spread is greater or less than the floating rate. To the extent the floating rate plus or minus the spread is negative, that is the financing fee paid by the Fund. If the rate is positive, the financing fee generates income for the Fund. CFDs are marked-to-market daily and change in value is recorded by a Fund as an unrealized gain or loss. A realized gain or loss is recorded at termination of the contract. There is no expiration date to the contract, but a CFD is typically terminated by the buyer. A Fund’s maximum risk of loss from counterparty credit risk for a CFD agreement is the ability for the counterparty to make payments or to otherwise honor its financial obligations under the terms of the contract. If the counterparty is unable to make payments, the value of the contract may be reduced.

116

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

FASB ASC Topic 815, “Derivatives and Hedging” and Financial Instruments Eligible for Offset. FASB ASC Topic 815 includes the requirement for enhanced qualitative disclosures about objectives and strategies for using derivative instruments and disclosures regarding credit related contingent features in derivative instruments; as well as quantitative disclosures in the semi-annual and annual financial statements about fair value, gains and losses, and volume of activity for derivative instruments. Information about these instruments is disclosed in the context of each instrument’s primary underlying risk exposure which is categorized as credit, commodity, equity price, interest rate and foreign currency exchange rate risk. The following disclosures include: (1) Objectives and strategies for each Fund’s derivative investments during the period. (2) A summary table (in thousands) of the fair valuations of each Fund’s derivative instruments categorized by risk exposure, which references the location on the Statements of Assets and Liabilities and the realized and unrealized gain or loss on the Statements of Operations for each derivative instrument as of June 30, 2018. Funds which held only one type of derivative during the period are not included in the tables as the location on the Statements of Assets and Liabilities and the realized and unrealized gain loss on the Statements of Operations can be referenced directly on each Fund’s respective statements. (3) A summary table (in thousands) of derivative instruments and certain investments of each Fund, which are subject to master netting agreements or a similar agreement and are eligible for offset in the Statements of Assets and Liabilities as of June 30, 2018.For Funds which held only one type of derivative during the period, amounts eligible for offset are presented gross in the Statements of Assets and Liabilities. Net exposure can be referenced in the assets and liabilities on the Statements of Assets and Liabilities and, if collateral exists, the net exposure is offset by collateral identified in the segregated or pledged collateral table. (4) A table reflecting each Fund’s average monthly derivative volume (in thousands) for the period ended June 30, 2018.

JNL/AQR Risk Parity Fund Derivative Strategies - The Fund entered into futures contracts as a substitute for investment in physical securities, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to manage cash flows, to obtain exposure to or hedge changes in securities prices and interest rates, to replicate treasury bond positions and commodities. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, to create foreign currency exposure in U.S. dollar cash balances, as a means of risk management and/or hedging and to reduce foreign currency exposure on investment securities denominate in foreign currencies. The Fund entered into total return swap agreements to obtain exposure to or hedge changes in interest rates and securities prices, as a substitute for investment in physical securities and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy.


JNL/AQR Risk Parity Fund - Derivative Instruments Categorized by Risk Exposure
		Commodity($)		Credit($)	Equity($)		Foreign Exchange($)		Interest Rate($)		Total($)
Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2018
Derivative instruments assets:
	Forward foreign currency contracts	—		—	—		98		—		98
	Variation margin on futures/futures options contracts⁸	99		—	39		—		5		143
	OTC swap agreements	—		—	3		—		—		3
Total derivative instruments assets		99		—	42		98		5		244
Derivative instruments liabilities:
	Forward foreign currency contracts	—		—	—		149		—		149
	Variation margin on futures/futures options contracts⁸	60		—	9		—		9		78
	OTC swap agreements	—		—	22		—		—		22
Total derivative instruments liabilities		60		—	31		149		9		249
The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2018
Net realized gain (loss) on:
	Forward foreign currency contracts	—		—	—		(19	)	—		(19	)
	Futures/futures options contracts	440		—	380		—		(755	)	65
	Swap agreements	—		—	(22	)	—		—		(22	)
Net change in unrealized appreciation (depreciation) on:
	Forward foreign currency contracts	—		—	—		(76	)	—		(76	)
	Futures/futures options contracts	(334	)	—	(311	)	—		470		(175	)
	Swap agreements	—		—	(51	)	—		—		(51	)

JNL/AQR Risk Parity Fund – Derivative and Financial Instruments Eligible for Offset


	Gross Amount Presented in the Statements of						Total Collateral ⁵
	Assets and Liabilities¹($)	Financial Instruments²($)		Collateral³($)		Net Amount⁴($)	Cash($)	Security($)
Derivative Assets by Counterparty*
BOA	3	(3	)	—		—	—	—
CIT	98	(98	)	—		—	—	—
Derivatives eligible for offset	101	(101	)	—		—
Derivatives not eligible for offset	143						—	—
	244
Derivative Liabilities by Counterparty*
BOA	16	(3	)	(13	)	—	110	—
CIT	149	(98	)	(51	)	—	264	—
GSC	6	—		—		6	—	—
Derivatives eligible for offset	171	(101	)	(64	)	6

117

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

Gross Amount Presented in the Statements of

Total Collateral ⁵

Assets and Liabilities¹($)

Financial Instruments²($)

Collateral³($)

Net Amount⁴($)

Cash($)

Security($)

Derivatives not eligible for offset

1,370

—

249

JNL/AQR Risk Parity Fund – Average Derivative Volume⁶


	Cost of Options Purchased and Written ($)	Notional Value at Purchase of Futures Contracts ($)	Cost of Forward Foreign Currency Contracts ($)	Notional Amount of Interest Rate Swap Agreements ($)	Notional Amount of Cross-Currency Swap Agreements ($)	Notional Amount of Credit Default Swap Agreements ($)	Notional Amount of Total Return Swap Agreements ($)
Average monthly volume	—	56,959	19,903	—	—	—	2,173

118

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

JNL/BlackRock Global Long Short Credit Fund Derivative Strategies - The Fund entered into option contracts as a means of risk management/hedging, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy, to obtain exposure to or hedge changes in interest rates and to take a position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a means of risk management and/or hedging, as an efficient means of obtaining exposure to certain markets as part of its investment strategy and to obtain exposure to or hedge changes in securities prices and interest rates. The Fund entered into forward foreign currency contracts as a means of risk management and/or hedging and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration and to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to hedge a portfolio of credit default swap agreements or bonds, obtain credit exposure, to provide a measure of protection against defaults of issuers, to speculate on changes in credit quality and on asset-backed securities to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default used in combination with cash bonds exposure (1) to take advantage of spread variances between cash bonds and the credit default swap agreement (2) to hedge the underlying exposure to the cash bonds. The Fund entered into total return swap agreements to obtain exposure to or hedge changes in securities prices and as a substitute for investment in physical securities. The Fund entered into contracts for difference as a substitute for investment in physical securities.


JNL/BlackRock Global Long Short Credit Fund - Derivative Instruments Categorized by Risk Exposure
		Commodity($)	Credit($)		Equity($)		Foreign Exchange($)	Interest Rate($)		Total($)
Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2018
Derivative instruments assets:
	Purchased options, at value	—	176		519		—	46		741
	Forward foreign currency contracts	—	—		—		496	—		496
	Variation margin on futures/futures options contracts⁸	—	—		7		—	3		10
	Variation margin on swap agreements⁸	—	21		—		—	1		22
	OTC swap agreements	—	401		129		—	—		530
	OTC swap premiums paid	—	999		—		—	—		999
Total derivative instruments assets		—	1,597		655		496	50		2,798
Derivative instruments liabilities:
	Written options, at value	—	18		89		—	—		107
	Forward foreign currency contracts	—	—		—		431	—		431
	Variation margin on futures/futures options contracts⁸	—	—		5		—	5		10
	Variation margin on swap agreements⁸	—	24		—		—	—		24
	OTC swap agreements	—	423		80		—	—		503
	OTC swap premiums received	—	1,349		—		—	—		1,349
Total derivative instruments liabilities		—	1,814		174		431	5		2,424
The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2018
Net realized gain (loss) on:
	Purchased option contracts	—	(259	)	(407	)	—	97		(569	)
	Written option contracts	—	74		89		—	(5	)	158
	Forward foreign currency contracts	—	—		—		1,393	—		1,393
	Futures/futures options contracts	28	—		(47	)	—	166		147
	Swap agreements	—	(640	)	(727	)	—	561		(806	)
Net change in unrealized appreciation (depreciation) on:
	Purchased options	—	20		(13	)	—	(35	)	(28	)
	Written options	—	1		23		—	—		24
	Forward foreign currency contracts	—	—		—		529	—		529
	Futures/futures options contracts	—	—		20		—	(252	)	(232	)
	Swap agreements	—	715		226		—	8		949

JNL/BlackRock Global Long Short Credit Fund – Derivative and Financial Instruments Eligible for Offset


	Gross Amount Presented in the Statements of						Total Collateral ⁵
	Assets and Liabilities¹($)	Financial Instruments²($)		Collateral³($)		Net Amount⁴($)	Cash($)	Security($)
Derivative Assets by Counterparty*
BCL	53	(35	)	(18	)	—	20	—

119

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018


	Gross Amount Presented in the Statements of						Total Collateral ⁵
	Assets and Liabilities¹($)	Financial Instruments²($)		Collateral³($)		Net Amount⁴($)	Cash($)	Security($)
BNP	39	(39	)	—		—	—	—
BOA	2	—		—		2	—	—
CCI	12	(12	)	—		—	—	—
CGM	5	—		—		5	—	—
CIT	166	(77	)	(50	)	39	50	—
CSI	47	(43	)	—		4	—	—
DUB	293	(278	)	(15	)	—	20	259
GSC	222	(94	)	(40	)	88	40	—
JPM	86	(86	)	—		—	—	—
MLP	139	(72	)	—		67	—	—
MSC	59	(59	)	—		—	—	—
Derivatives eligible for offset	1,123	(795	)	(123	)	205
Derivatives not eligible for offset	1,675						—	—
	2,798
Derivative Liabilities by Counterparty*
BCL	35	(35	)	—		—	—	—
BNP	44	(39	)	—		5	—	—
CCI	50	(12	)	—		38	—	—
CIT	77	(77	)	—		—	—	—
CSI	43	(43	)	—		—	80	—
DUB	278	(278	)	—		—	—	—
GSC	94	(94	)	—		—	—	—
JPM	170	(86	)	(84	)	—	150	—
MLP	72	(72	)	—		—	420	—
MSC	86	(59	)	—		27	—	—
Derivatives eligible for offset	949	(795	)	(84	)	70
Derivatives not eligible for offset	1,475						626	—
	2,424

JNL/BlackRock Global Long Short Credit Fund – Average Derivative Volume⁶


	Cost of Options Purchased and Written ($)	Notional Value at Purchase of Futures Contracts ($)	Cost of Forward Foreign Currency Contracts ($)	Notional Amount of Interest Rate Swap Agreements ($)	Notional Amount of Cross-Currency Swap Agreements ($)	Notional Amount of Credit Default Swap Agreements ($)	Notional Amount of Total Return Swap Agreements ($)	Notional Amount of Contracts for Difference ($)
Average monthly volume	710	16,409	208,266	11,502	—	81,320	9,963	6,255

120

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund Derivative Strategies - The Fund entered into option contracts as a directional investment, as a substitute for investment in physical securities, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy, to obtain exposure to or hedge changes in foreign currencies and securities prices and to take a position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management and/or hedging, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to obtain exposure to or hedge changes in securities prices, interest rates and currency rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, as a means of risk management and/or hedging and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, as a substitute for investment in physical securities, to execute yield curve, swap spread and sovereign relative value trades, to express views on a country’s interest rates and to obtain interest rate and yield curve exposure. The Fund entered into currency and cross-currency swap agreements as a means of risk management and/or hedging and to obtain directional exposure to currencies. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to obtain credit exposure, to provide a measure of protection against defaults of issuers and to speculate on changes in credit quality. The Fund entered into total return swap agreements as a substitute for investment in physical securities and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy. The Fund entered into forward volatility agreements to take a position on expectations of volatility of a reference entity. The Fund entered into non-deliverable bond forward contracts to obtain exposure to or hedge changes in interest rates.


JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Derivative Instruments Categorized by Risk Exposure
		Commodity($)	Credit($)		Equity($)		Foreign Exchange($)		Interest Rate($)		Total($)
Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2018
Derivative instruments assets:
	Purchased options, at value	—	—		703		3,670		1,283		5,656
	Forward foreign currency contracts	—	—		—		19,968		—		19,968
	Variation margin on futures/futures options contracts⁸	—	—		—		—		22		22
	Variation margin on swap agreements⁸	—	35		—		—		385		420
	OTC swap agreements	—	975		—		410		1,124		2,509
	OTC swap premiums paid	—	6,222		—		—		—		6,222
Total derivative instruments assets		—	7,232		703		24,048		2,814		34,797
Derivative instruments liabilities:
	Forward foreign currency contracts	—	—		—		16,090		—		16,090
	Variation margin on futures/futures options contracts⁸	—	—		18		—		59		77
	Variation margin on swap agreements⁸	—	151		—		—		345		496
	OTC swap agreements	—	3,250		62		—		189		3,501
	OTC swap premiums received	—	3,314		—		—		—		3,314
Total derivative instruments liabilities		—	6,715		80		16,090		593		23,478
The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2018
Net realized gain (loss) on:
	Purchased option contracts	—	—		—		(1,302	)	(173	)	(1,475	)
	Written option contracts	—	—		—		605		—		605
	Forward foreign currency contracts	—	—		—		(7,605	)	—		(7,605	)
	Futures/futures options contracts	—	—		(270	)	—		(102	)	(372	)
	Swap agreements	—	(3,034	)	(42	)	(222	)	(5,690	)	(8,988	)
Net change in unrealized appreciation (depreciation) on:
	Purchased options	—	—		(164	)	1,789		(137	)	1,488
	Written options	—	—		—		(602	)	—		(602	)
	Forward foreign currency contracts	—	—		—		8,306		—		8,306
	Futures/futures options contracts	—	—		60		—		(151	)	(91	)
	Swap agreements	—	1,748		(62	)	1,344		4,348		7,378

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund – Derivative and Financial Instruments Eligible for Offset


	Gross Amount Presented in the Statements of					Total Collateral ⁵
	Assets and Liabilities¹($)	Financial Instruments²($)		Collateral³($)	Net Amount⁴($)	Cash($)	Security($)
Derivative Assets by Counterparty*
BNP	1,737	(1,737	)	—	—	—	—

121

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018


	Gross Amount Presented in the Statements of						Total Collateral ⁵
	Assets and Liabilities¹($)	Financial Instruments²($)		Collateral³($)		Net Amount⁴($)	Cash($)	Security($)
BOA	2,443	(415	)	(1,250	)	778	1,250	—
CGM	365	(40	)	—		325	—	—
CIT	2,007	(1,833	)	—		174	—	—
DUB	2,695	(2,668	)	(27	)	—	330	—
GSC	9,070	(6,234	)	(2,836	)	—	—	6,197
JPM	2,987	(2,070	)	(917	)	—	1,715	—
SCB	6,829	(3,064	)	(3,765	)	—	4,351	—
Derivatives eligible for offset	28,133	(18,061	)	(8,795	)	1,277
Derivatives not eligible for offset	6,664						—	—
	34,797
Derivative Liabilities by Counterparty*
BNP	3,266	(1,737	)	(1,529	)	—	—	3,008
BOA	415	(415	)	—		—	—	—
CGM	40	(40	)	—		—	—	—
CIT	1,833	(1,833	)	—		—	—	564
DUB	2,668	(2,668	)	—		—	—	—
GSC	6,234	(6,234	)	—		—	—	—
JPM	2,070	(2,070	)	—		—	—	—
LVS	1	—		—		1	—	—
MSC	—	—		—		—	—	130
SCB	3,064	(3,064	)	—		—	—	—
Derivatives eligible for offset	19,591	(18,061	)	(1,529	)	1
Derivatives not eligible for offset	3,887						5,546	673
	23,478

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund – Average Derivative Volume⁶


	Cost of Options Purchased and Written ($)	Notional Value at Purchase of Futures Contracts ($)	Cost of Forward Foreign Currency Contracts ($)	Notional Amount of Interest Rate Swap Agreements ($)	Notional Amount of Cross-Currency Swap Agreements ($)	Notional Amount of Credit Default Swap Agreements ($)	Notional Amount of Forward Volatility Agreements ($)	Notional Amount of Total Return Swap Agreements ($)	Notional Amount of Non-Deliverable Bond Forward Contracts ($)
Average monthly volume	3,584	312,950	1,104,226	934,659	71,722	264,496	2,300	415	7,733

122

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

JNL/PIMCO Credit Income Fund Derivative Strategies - The Fund entered into option contracts as a substitute for investment in physical securities, to generate income, to obtain exposure to or hedge changes in interest rates and inflation and to take a position on expectations of volatility of a reference entity. The Fund entered into futures contracts as an efficient means of obtaining exposure to certain markets as part of its investment strategy and to obtain exposure to or hedge changes in interest rates. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, as a substitute for investment in physical securities, to execute yield curve, swap spread and sovereign relative value trades and to obtain interest rate and yield curve exposure. The Fund entered into credit default swap agreements to obtain credit exposure and to provide a measure of protection against defaults of issuers. The Fund entered into total return swap agreements as a substitute for investment in physical securities and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy.


JNL/PIMCO Credit Income Fund - Derivative Instruments Categorized by Risk Exposure
		Commodity($)	Credit($)		Equity($)	Foreign Exchange($)		Interest Rate($)		Total($)
Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2018
Derivative instruments assets:
	Purchased options, at value	—	—		—	—		109		109
	Forward foreign currency contracts	—	—		—	592		—		592
	Variation margin on swap agreements⁸	—	7		—	—		56		63
	OTC swap agreements	—	719		—	—		—		719
	OTC swap premiums paid	—	160		—	—		—		160
Total derivative instruments assets		—	886		—	592		165		1,643
Derivative instruments liabilities:
	Written options, at value	—	—		—	—		206		206
	Forward foreign currency contracts	—	—		—	923		—		923
	Variation margin on futures/futures options contracts⁸	—	—		—	—		9		9
	Variation margin on swap agreements⁸	—	—		—	—		48		48
	OTC swap agreements	—	135		—	—		60		195
	OTC swap premiums received	—	1,109		—	—		—		1,109
Total derivative instruments liabilities		—	1,244		—	923		323		2,490
The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2018
Net realized gain (loss) on:
	Purchased option contracts	—	—		—	—		16		16
	Written option contracts	—	—		—	23		126		149
	Forward foreign currency contracts	—	—		—	(48	)	—		(48	)
	Futures/futures options contracts	—	—		—	—		(640	)	(640	)
	Swap agreements	—	666		—	—		(66	)	600
Net change in unrealized appreciation (depreciation) on:
	Purchased options	—	—		—	—		(14	)	(14	)
	Written options	—	—		—	2		(94	)	(92	)
	Forward foreign currency contracts	—	—		—	298		—		298
	Futures/futures options contracts	—	—		—	—		(50	)	(50	)
	Swap agreements	—	(580	)	—	—		(454	)	(1,034	)

JNL/PIMCO Credit Income Fund – Derivative and Financial Instruments Eligible for Offset


	Gross Amount Presented in the Statements of					Total Collateral ⁵
	Assets and Liabilities¹($)	Financial Instruments²($)		Collateral³($)	Net Amount⁴($)	Cash($)	Security($)
Derivative Assets by Counterparty*
BCL	104	(44	)	—	60	—	—
BNP	336	(259	)	—	77	—	—
BOA	102	(61	)	—	41	—	—
CGM	79	(6	)	—	73	—	—
CIT	17	(17	)	—	—	—	—
CSI	27	—		—	27	—	—
DUB	92	(92	)	—	—	80	—
GSC	408	(221	)	—	187	—	—
JPM	86	(86	)	—	—	—	—
MSC	121	(73	)	—	48	—	—
SCB	5	(5	)	—	—	—	—
UBS	43	(14	)	—	29	—	—
Derivatives eligible for offset	1,420	(878	)	—	542
Derivatives not eligible for offset	223					—	—
	1,643
Derivative Liabilities by Counterparty*
ANZ	22	—		—	22	—	—
BCL	44	(44	)	—	—	—	—

123

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018


	Gross Amount Presented in the Statements of						Total Collateral ⁵
	Assets and Liabilities¹($)	Financial Instruments²($)		Collateral³($)		Net Amount⁴($)	Cash($)	Security($)
BNP	259	(259	)	—		—	—	293
BOA	61	(61	)	—		—	—	—
CGM	6	(6	)	—		—	—	—
CIT	181	(17	)	(164	)	—	—	262
DUB	182	(92	)	—		90	—	—
GSC	221	(221	)	—		—	—	251
JPM	229	(86	)	—		143	—	—
MSC	73	(73	)	—		—	—	215
SCB	24	(5	)	—		19	—	—
UBS	14	(14	)	—		—	—	—
Derivatives eligible for offset	1,316	(878	)	(164	)	274
Derivatives not eligible for offset	1,174						2,179	6,454
	2,490


	Gross Amount Presented in the Statement of Assets and Liabilities¹($)		Financial Instruments²($)		Collateral³($)		Net Amount⁴($)

									Total Collateral ⁵
									Cash($)		Security($)
Master Forward Agreement Transaction Assets by Counterparty*
BNP		1,578		(1,523)		—		55		—		—
CSI		9,939		(9,897)		—		42		—		—
JPM		4,876		(4,831)		—		45		—		—
MLP		12,260		(12,202)		—		58		—		—
UBS		15,500		(15,345)		—		155		—		—
		44,153		(43,798)		—		355

Master Forward Agreement Transaction Liabilities by Counterparty*
BNP		1,523		(1,523)		—		—		—		—
CSI		9,897		(9,897)		—		—		—		—
JPM		4,831		(4,831)		—		—		—		—
MLP		12,202		(12,202)		—		—		—		—
UBS		15,345		(15,345)		—		—		—		—
		43,798		(43,798)		—		—

JNL/PIMCO Credit Income Fund – Average Derivative Volume⁶


	Cost of Options Purchased and Written ($)	Notional Value at Purchase of Futures Contracts ($)	Cost of Forward Foreign Currency Contracts ($)	Notional Amount of Interest Rate Swap Agreements ($)	Notional Amount of Cross-Currency Swap Agreements ($)	Notional Amount of Credit Default Swap Agreements ($)	Notional Amount of Total Return Swap Agreements ($)
Average monthly volume	886	44,367	111,569	54,297	—	74,041	231

124

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

JNL/PPM America Long Short Credit Fund Derivative Strategies - The Fund entered into futures contracts to obtain exposure to or hedge foreign currency rates and changes in interest rates. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to obtain credit exposure, to provide a measure of protection against defaults of issuers and to manage credit exposure.


JNL/PPM America Long Short Credit Fund - Derivative Instruments Categorized by Risk Exposure
		Commodity($)	Credit($)		Equity($)	Foreign Exchange($)		Interest Rate($)		Total($)
Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2018
Derivative instruments assets:
	Variation margin on futures/futures options contracts⁸	—	—		—	—		6		6
	OTC swap agreements	—	86		—	—		—		86
	OTC swap premiums paid	—	270		—	—		—		270
Total derivative instruments assets		—	356		—	—		6		362
Derivative instruments liabilities:
	Variation margin on futures/futures options contracts⁸	—	—		—	3		—		3
	Variation margin on swap agreements⁸	—	2		—	—		—		2
	OTC swap agreements	—	13		—	—		—		13
	OTC swap premiums received	—	354		—	—		—		354
Total derivative instruments liabilities		—	369		—	3		—		372
The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2018
Net realized gain (loss) on:
	Futures/futures options contracts	—	—		—	(15	)	1,433		1,418
	Swap agreements	—	(94	)	—	—		—		(94	)
Net change in unrealized appreciation (depreciation) on:
	Futures/futures options contracts	—	—		—	19		(129	)	(110	)
	Swap agreements	—	185		—	—		—		185

JNL/PPM America Long Short Credit Fund – Derivative and Financial Instruments Eligible for Offset


	Gross Amount Presented in the Statements of					Total Collateral ⁵
	Assets and Liabilities¹($)	Financial Instruments²($)		Collateral³($)	Net Amount⁴($)	Cash($)	Security($)
Derivative Assets by Counterparty*
CGM	50	—		—	50	—	—
JPM	36	(13	)	—	23	—	—
Derivatives eligible for offset	86	(13	)	—	73
Derivatives not eligible for offset	276					—	—
	362
Derivative Liabilities by Counterparty*
JPM	13	(13	)	—	—	—	—
Derivatives eligible for offset	13	(13	)	—	—
Derivatives not eligible for offset	359					603	—
	372

JNL/PPM America Long Short Credit Fund – Average Derivative Volume⁶


	Cost of Options Purchased and Written ($)	Notional Value at Purchase of Futures Contracts ($)	Cost of Forward Foreign Currency Contracts ($)	Notional Amount of Interest Rate Swap Agreements ($)	Notional Amount of Cross-Currency Swap Agreements ($)	Notional Amount of Credit Default Swap Agreements ($)	Notional Amount of Total Return Swap Agreements ($)
Average monthly volume	—	67,990	—	—	—	28,143	—

125

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

JNL/T. Rowe Price Capital Appreciation Fund Derivative Strategies - The Fund entered into option contracts to generate income and to obtain exposure to or hedge changes in securities prices. The Fund entered into forward foreign currency contracts to reduce foreign currency exposure on investment securities denominated in foreign currencies.


JNL/T. Rowe Price Capital Appreciation Fund - Derivative Instruments Categorized by Risk Exposure
		Commodity($)	Credit($)	Equity($)		Foreign Exchange($)	Interest Rate($)	Total($)
Derivative instruments liabilities:
	Written options, at value	—	—	12,703		—	—	12,703
Total derivative instruments liabilities		—	—	12,703		—	—	12,703
The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2018
Net realized gain (loss) on:
	Purchased option contracts	—	—	2,330		—	—	2,330
	Written option contracts	—	—	448		—	—	448
Net change in unrealized appreciation (depreciation) on:
	Purchased options	—	—	(1,346	)	—	—	(1,346	)
	Written options	—	—	8,616		—	—	8,616

JNL/T.Rowe Price Capital Appreciation Fund – Derivative and Financial Instruments Eligible for Offset


	Gross Amount Presented in the Statements of				Total Collateral ⁵
	Assets and Liabilities¹($)	Financial Instruments²($)	Collateral³($)	Net Amount⁴($)	Cash($)	Security($)
Derivative Liabilities by Counterparty*
BOA	2	—	—	2	—	—
CGM	5,799	—	—	5,799	—	—
CSI	2,269	—	—	2,269	—	—
DUB	439	—	—	439	—	—
GSC	1,965	—	—	1,965	—	—
JPM	1,807	—	—	1,807	—	—
MLP	162	—	—	162	—	—
RBC	260	—	—	260	—	—
Derivatives eligible for offset	12,703	—	—	12,703
Derivatives not eligible for offset	—				—	—
	12,703

JNL/T.Rowe Price Capital Appreciation Fund – Average Derivative Volume⁶


	Cost of Options Purchased and Written ($)	Notional Value at Purchase of Futures Contracts ($)	Cost of Forward Foreign Currency Contracts ($)	Notional Amount of Interest Rate Swap Agreements ($)	Notional Amount of Cross-Currency Swap Agreements ($)	Notional Amount of Credit Default Swap Agreements ($)	Notional Amount of Total Return Swap Agreements ($)
Average monthly volume	7,842	—	478	—	—	—	—

The financial instruments eligible for offset table is presented for the following Fund, which held forward foreign currency contracts with significant exposure to several counterparties which were eligible for offset with each counterparty.

JNL/Neuberger Berman Currency Fund – Derivative and Financial Instruments Eligible for Offset


	Gross Amount Presented in the Statements of					Total Collateral ⁵
	Assets and Liabilities¹($)	Financial Instruments²($)		Collateral³($)	Net Amount⁴($)	Cash($)	Security($)
Derivative Assets by Counterparty*
CIT	2,416	(2,416	)	—	—	—	—

126

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018


	Gross Amount Presented in the Statements of						Total Collateral ⁵
	Assets and Liabilities¹($)	Financial Instruments²($)		Collateral³($)		Net Amount⁴($)	Cash($)	Security($)
GSC	5,294	(5,294	)	—		—	—	—
JPM	3,824	(3,824	)	—		—	—	—
RBC	3,056	(3,056	)	—		—	—	—
SCB	2,233	(1,895	)	(338	)	—	350	—
SGB	8,399	(6,744	)	(1,280	)	375	1,280	—
SSB	15,166	(8,561	)	(6,605	)	—	—	7,082
Derivatives eligible for offset	40,388	(31,790	)	(8,223	)	375
Derivatives not eligible for offset	—						—	—
	40,388
Derivative Liabilities by Counterparty*
CIT	3,449	(2,416	)	(1,033	)	—	1,180	—
GSC	6,900	(5,294	)	(1,220	)	386	1,220	—
JPM	5,134	(3,824	)	(1,310	)	—	1,550	—
RBC	7,922	(3,056	)	(4,640	)	226	4,640	—
SCB	1,895	(1,895	)	—		—	—	—
SGB	6,744	(6,744	)	—		—	—	—
SSB	8,561	(8,561	)	—		—	—	—
Derivatives eligible for offset	40,605	(31,790	)	(8,203	)	612
Derivatives not eligible for offset	—						—	—
	40,605

¹ Amounts eligible for offset are presented on a gross basis in the Statements of Assets and Liabilities.

² Financial instruments eligible for offset, but not offset in the Statements of Assets and Liabilities.

³ Cash and security collateral not offset in the Statements of Assets and Liabilities. For derivative assets and liabilities, amounts do not reflect over-collateralization.

⁴ For assets, net amount represents the amount payable by the counterparty to the Fund in the event of default. For liabilities, net amount represents the amount payable by the Fund to the counterparty in the event of default.

⁵ Cash and security collateral pledged or segregated for derivative investments. For assets, amount reflects collateral received from or segregated by the counterparty. For liabilities, amount reflects collateral pledged or segregated by the Fund. Collateral for derivatives not eligible for offset includes amounts pledged for margin purposes.

⁶ The derivative instruments outstanding as of June 30, 2018, as disclosed in the Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period ended June 30, 2018, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds.

⁷ Investment liabilities and assets include delayed delivery securities and secured borrowings. Liabilities reflect amounts payable to the counterparty for the cost of the investment, assets reflect the market value of the investments. The net amount reflects net unrealized gain or loss offset by any collateral with the counterparty. The net unrealized gain or loss constitutes the amount which is subject to margin or collateral requirements as required under the Master Forward Agreement.

⁸ Derivative asset or liability is not eligible for offset, and a Derivative and Financial Instruments Eligible for Offset table is not presented for the asset or liability, as applicable.

* Counterparties are defined on page 77 in the Schedules of Investments.

The derivative strategy for Funds which held only one type of derivative during the period is as follows: JNL/FAMCO Flex Core Covered Call Fund entered into option contracts to obtain exposure to or hedge changes in securities prices, to generate income and as a part of its overall investment strategy. JNL/Epoch Global Shareholder Yield Fund, JNL/Lazard International Strategic Equity Fund, JNL/VanEck International Gold Fund and JNL/WCM Focused International Equity Fund entered into foreign currency contracts to settle security purchases and sales denominated in foreign currencies. Due to the number of days between the foreign currency contract’s trade and settlement dates, the Adviser has deemed the foreign currency contracts as forward foreign currency contracts for accounting and financial reporting purposes. JNL/Neuberger Berman Currency Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy. JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund entered into futures contracts as a substitute for investment in physical securities and as an efficient means of obtaining exposure to certain markets as part of its investment strategy.

The derivative instruments outstanding as of June 30, 2018, as disclosed in the Schedules of Investments, and the amounts of realized and change in unrealized gains and losses on derivative instruments during the period ended June 30, 2018, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds. For Funds which held only one type of derivative during the period, the average monthly derivative volume (in thousands) is as follows:



	Cost of Options Purchased and Written ($)	Notional Value at Purchase of Futures Contracts ($)	Cost of Forward Foreign Currency Contracts ($)
JNL/Epoch Global Shareholder Yield Fund	—	—	48
JNL/FAMCO Flex Core Covered Call Fund	2,824	—	—
JNL/Lazard International Strategic Equity Fund	—	—	386
JNL/Neuberger Berman Currency Fund	—	—	1,578,785
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund	—	124,782	—
JNL/VanEck International Gold Fund	—	—	73
JNL/WCM Focused International Equity Fund	—	—	8,284

Pledged or Segregated Collateral. The following tables summarize cash and securities collateral pledged (in thousands) for Funds at June 30, 2018 for which collateral exists but was not presented in a Derivative and Financial Instruments Eligible for Offset table:

127

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018



		Futures Contracts
	Counterparties	Pledged or Segregated Cash($)	Pledged or Segregated Securities($)
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund	GSC	7,603	1,095



		Securities Sold Short
	Lending Agent/Prime Broker	Pledged Cash($)	Segregated Securities($)
JNL/Nicholas Convertible Arbitrage Fund	UBS	58,700	53,131
JNL/PPM America Long Short Credit Fund	SSB	—	10,363

NOTE 7. INVESTMENT RISKS

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

Sector Risk. Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market. For example, this may be due to changes in the regulatory or competitive environment or to changes in investor perceptions regarding a sector. Because a Fund may allocate relatively more assets to certain sectors than others, a Fund’s performance may be more susceptible to any developments which affect those sectors emphasized by a Fund.

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

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

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

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

Foreign Securities Risk. Investing in securities of foreign companies or issued by foreign governments generally involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. government. These risks include the potential for revaluation of currencies, different accounting policies and future adverse political and economic developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices may be more volatile than those of securities of comparable U.S. companies and the U.S. government.

Currency Risk. Investing directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, involves the risk that those currencies will decline in value relative to the base currency of a Fund, or, in the case of hedging positions, that a Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time or currencies may become illiquid for a number of reasons, including changes in interest rates, general economics of a country, actions (or inaction) of the U.S. government or banks, foreign governments, central banks or supranational entities such as the International Monetary Fund, or the imposition of currency controls or other political developments in the U.S. or abroad.

Leverage Risk. Certain Funds may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions may involve leverage of a Fund’s assets. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time

128

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited.

Emerging Market Securities Risk. Investing in securities of emerging market countries generally involves greater risk than investing in foreign securities in developed markets. Emerging market countries typically have economic and political systems that are less fully developed and are likely to be less stable than those in more advanced countries. These risks include the potential for government intervention, adverse changes in earnings and business prospects, liquidity, credit and currency risks, and price volatility.

Sanctioned Securities Risk. Certain Funds may invest in securities issued by companies located in Russia. The U.S. Government and other governments have placed sanctions on Russia. When sanctions are placed on a country, the Fund may experience limitations on its investments including the inability to dispose of securities in that country, the inability to settle securities transactions in that country and the inability to repatriate currency from that country. Investments in sanctioned countries may be volatile, and the Fund and its pricing agent may have difficulty valuing such sanctioned country securities. Investments in sanctioned countries are subject to a number of risks, including, but not limited to, liquidity risk, foreign securities risk and currency risk.

Convertible Securities Risk. A convertible security tends to perform more like a stock when the underlying stock price is high and more like a debt security when the underlying stock price is low. A convertible security is not as sensitive to interest rate changes as a similar non-convertible debt security, and generally has less potential for gain or loss than the underlying stock.

Master Limited Partnership Risk. Investment in MLPs involves some risks that differ from an investment in the common stock of a corporation. Holders of MLPs have limited control on matters affecting the partnership. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region.

Senior and Junior Loan Risk. When a Fund invests in a loan or participation, the Fund is subject to the risk that an intermediate participant between the Fund and the borrower will fail to meet its obligations to the Fund, in addition to the risk that the borrower under the loan may default on its obligations. Senior and Junior loans typically are of below investment grade quality and have below investment grade credit ratings, which ratings are associated with securities having high risk and speculative characteristics. The Fund is also subject to the risk that the agent bank administering the loan may fail to meet its obligations.

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

NOTE 8. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH AFFILIATES

The following schedules indicate the range of the advisory fee at various net asset levels and the administrative fee each Fund was obligated to pay JNAM. For the advisory fee ranges presented, refer to the Trust’s Prospectus for the specific percentage of average daily net assets and break points for each Fund.


	Advisory Fee (b-billions)				Administrative Fee(b-billions)
	$0 to $1b %	$1b to $3b %	$3b to $5b %	Over $5b %	$0 to $3b %	Over $3b %
JNL Tactical ETF Moderate Fund	0.20	0.15	0.14	0.13	0.15	0.13
JNL Tactical ETF Moderate Growth Fund	0.20	0.15	0.14	0.13	0.15	0.13
JNL Tactical ETF Growth Fund	0.20	0.15	0.14	0.13	0.15	0.13
JNL/AQR Risk Parity Fund	0.65	0.60	0.59	0.58	0.15	0.13
JNL/BlackRock Global Long Short Credit Fund	0.80	0.75	0.74	0.73	0.15	0.13
JNL/DFA U.S. Small Cap Fund	0.60	0.55	0.54	0.53	0.15	0.13
JNL/DoubleLine Total Return Fund	0.45	0.40	0.39	0.38	0.10	0.08
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund¹	0.80 – 0.75	0.725	0.715	0.705	0.15	0.13
JNL/Epoch Global Shareholder Yield Fund²	0.575	0.55	0.54	0.53	0.15	0.13

129

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018


	Advisory Fee (b-billions)				Administrative Fee(b-billions)
	$0 to $1b %	$1b to $3b %	$3b to $5b %	Over $5b %	$0 to $3b %	Over $3b %
JNL/FAMCO Flex Core Covered Call Fund	0.50	0.45	0.44	0.43	0.15	0.13
JNL/Lazard International Strategic Equity Fund	0.70	0.65	0.64	0.63	0.15	0.13
JNL/Neuberger Berman Currency Fund²	0.55	0.50	0.49	0.48	0.15	0.13
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund³	0.45	0.40	0.39	0.38	0.15	0.13
JNL/Nicholas Convertible Arbitrage Fund	0.725	0.70	0.69	0.68	0.15	0.13
JNL/PIMCO Credit Income Fund	0.35	0.30	0.29	0.28	0.10	0.08
JNL/PPM America Long Short Credit Fund	0.60	0.55	0.54	0.53	0.15	0.13
JNL/T. Rowe Price Capital Appreciation Fund⁵	0.575 – 0.55	0.55 – 0.53	0.52	0.51	0.15	0.13
JNL/The Boston Company Equity Income Fund	0.45	0.40	0.39	0.38	0.15	0.13
JNL/The London Company Focused U.S. Equity Fund⁶	0.575 – 0.55	0.50	0.49	0.48	0.15	0.13
JNL/VanEck International Gold Fund	0.70	0.65	0.64	0.63	0.15	0.13
JNL/WCM Focused International Equity Fund	0.70 – 0.65	0.65	0.64	0.63	0.15	0.13

¹ Prior to April 30, 2018, for advisory fees, the range from $0 - $1 billion was 0.85 – 0.75%, the range from $1 - $3 billion was 0.725%, the range from $3 - $5 billion was 0.715% and over $5 billion was 0.705%.

² Prior to April 30, 2018, for advisory fees, the range from $0 - $1 billion was 0.60%, the range from $1 - $3 billion was 0.55%, the range from $3 - $5 billion was 0.54% and over $5 billion was 0.53%.

³ Prior to April 30, 2018, for advisory fees, the range from $0 - $1 billion was 0.60%, the range from $1 - $3 billion was 0.55%, the range from $3 - $5 billion was 0.54% and over $5 billion was 0.53%.

⁴ Prior to April 30, 2018, for advisory fees, the range from $0 - $1 billion was 0.50%, the range from $1 - $3 billion was 0.45%, the range from $3 - $5 billion was 0.44% and over $5 billion was 0.43%.

⁵ Prior to April 30, 2018, for advisory fees, the range from $0 - $1 billion was 0.60%, the range from $1 - $3 billion was 0.55%, the range from $3 - $5 billion was 0.54% and over $5 billion was 0.53%.

⁶ Prior to April 30, 2018, for advisory fees, the range from $0 - $1 billion was 0.60%, the range from $1 - $3 billion was 0.55%, the range from $3 - $5 billion was 0.54% and over $5 billion was 0.53%.

Advisory Fee Waivers. Pursuant to a contractual fee waiver agreement, JNAM has agreed to waive 100% of advisory fees attributable to JNL/T. Rowe Price Capital Appreciation Fund’s investment in T. Rowe Price Institutional Floating Rate Fund, an affiliate of the Sub-Adviser. None of the waived advisory fees can be recaptured by JNAM.

Administrative Fee Waivers. Pursuant to a contractual waiver, JNAM agreed to waive 0.05% of the administrative fees of the Class I shares of JNL/DFA U.S. Small Cap Fund. None of the waived administrative fees can be recaptured by JNAM. The amount of waived expenses for the Fund is recorded as expense waiver in the Fund’s Statement of Operations.

Distribution Fees. The Trust has adopted a Distribution Plan (the “Plan”) pursuant to the provisions of Rule 12b-1 under the 1940 Act. Pursuant to the Plan, Class A shares of the Funds pay a distribution and/or service fee (“Rule 12b-1 fee”) to Jackson National Life Distributors LLC (“JNLD”), an affiliate of the Adviser, for the purpose of paying for certain distribution, administrative, or related service expenses from the sale and distribution of each Fund’s Class A shares. To the extent consistent with existing law and the Plan, JNLD may use the Rule 12b-1 fees to reimburse or compensate broker-dealers, administrators or others for providing distribution, administrative or other services. The Funds’ Plan is structured as a compensation plan. Under a compensation plan, the distributor may receive 12b-1 fees in excess of the allowable distribution and related shareholder servicing expenses, but not exceeding the maximum 12b-1 fee, which may be applied to future periods when distribution and related shareholder servicing expenses are less than the maximum 12b-1 fee set by the Plan. Under the Plan, the maximum annual rate for Rule 12b-1 fees paid by the Funds is 0.30% of the average daily net assets of the Class A shares of each Fund. Each Fund pays the fee monthly to JNLD. JNLD also is the principal underwriter of the variable insurance products issued by Jackson and its subsidiaries. Amounts charged pursuant to the Plan are reflected as 12b-1 fees (Class A) in each Fund’s Statement of Operations.

Affiliated Brokerage Commissions. During the period ended June 30, 2018, the following Fund paid brokerage fees to affiliates for the execution of purchases and sales of portfolio investments (in thousands): JNL/The Boston Company Equity Income Fund $1.

Directed Brokerage Commissions. A Sub-Adviser may allocate a portion of a Fund’s equity security transactions (subject to obtaining best execution of each transaction) through certain designated broker/dealers which will rebate a portion of the brokerage commissions to that Fund. Any amount credited to the Fund is reflected as brokerage commissions recaptured in the Statements of Operations.

Security Transactions. Security transactions can occur in the Funds where both the buyer and seller of the security are Funds for which JNAM serves as the Adviser or the other party to the transaction is another fund advised by the Sub-Adviser. Such transactions occur to eliminate transaction costs normally associated with security trading activity. Such transactions are subject to compliance with Rule 17a-7 under the 1940 Act (“Rule 17a-7 transactions”) and are reviewed by the Board. Rule 17a-7 transactions are executed at current market price. There were no 17a-7 transactions that were deemed significant by the Adviser during the period ended June 30, 2018.

130

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018

Share Transactions. On September 25, 2017, JNL Series Trust and Jackson Variable Series Trust Funds of Funds’ investment in each Fund was sold from Class A shares and purchased into Class I shares. Proceeds from the sale of shares, cost of shares redeemed, shares sold and shares redeemed in the Statements of Changes in Net Assets includes the simultaneous redemption of Class A shares and purchase of Class I shares as follows:


	Cost of shares redeemed($)	Shares redeemed	Proceeds from the sale of shares($)	Shares sold
JNL/BlackRock Global Long Short Credit Fund	(117,083)	(12,209)	117,083	12,209
JNL/DFA U.S. Small Cap Fund	(58,292)	(6,016)	58,292	6,016
JNL/DoubleLine Total Return Fund	(1,511,105)	(139,659)	1,511,105	139,659
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	(358,854)	(37,264)	358,854	37,264
JNL/Epoch Global Shareholder Yield Fund	(10,311)	(844)	10,311	844
JNL/FAMCO Flex Core Covered Call Fund	(2,023)	(169)	2,023	169
JNL/Neuberger Berman Currency Fund	(77,452)	(7,761)	77,452	7,761
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund	(1,160)	(109)	1,160	109
JNL/Nicholas Convertible Arbitrage Fund	(115,949)	(11,503)	115,949	11,503
JNL/PIMCO Credit Income Fund	(200,200)	(17,185)	200,200	17,185
JNL/PPM America Long Short Credit Fund	(135,959)	(15,432)	135,959	15,432
JNL/T. Rowe Price Capital Appreciation Fund	(340,770)	(24,587)	340,770	24,587
JNL/The London Company Focused U.S. Equity Fund	(108,262)	(7,811)	108,262	7,811
JNL/VanEck International Gold Fund	(960)	(93)	960	93
JNL/WCM Focused International Equity Fund	(1,308,048)	(94,786)	1,308,048	94,786

NOTE 9. BORROWING ARRANGEMENTS

The Trust is party to a Syndicated Credit Agreement (“SCA”) with a group of lenders. The Funds, participate in the SCA with other funds managed by JNAM (“Participating Funds”) in a credit facility which is available solely to finance shareholder redemptions or for other temporary or emergency purposes. Effective June 1, 2018, JNL Tactical ETF Funds were removed from the SCA. Also effective June 1, 2018, the Participating Funds may borrow up to $675,000,000, the amount available under the facility; the limits set for borrowing by the Participating Funds’ prospectuses and the 1940 Act; or an amount prescribed within the SCA. Prior to June 1, 2018, the amount available under the facility was $600,000,000. JNL/PPM America Floating Rate Income Fund, a Participating Fund managed by JNAM, has priority to utilize $150,000,000 of the SCA under an InterFund Allocation Agreement. The Participating Funds pay an annual fee of 0.15% of the available commitments. Effective June 1, 2018, these fees are allocated 22.2% to the JNL/PPM America Floating Rate Income Fund, in accordance with the InterFund Allocation Agreement, and 77.8% to the other Participating Funds based on each fund’s net assets as a percentage of the Participating Funds’ total net assets. Prior to June 1, 2018, the fees were allocated 25% to the JNL/PPM America Floating Rate Income Fund, in accordance with the InterFund Allocation Agreement, and 75% to the other Participating Funds. During the period, the Participating Funds paid an annual administration fee to JPM Chase, which is allocated in the same manner as the commitment fee. The fees related to the SCA are included in other expenses in each Fund’s Statement of Operations. No amounts were borrowed under the facility during the period.

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

NOTE 10. INCOME TAX MATTERS

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

Reporting as a Consolidated Fund is not recognized for federal income tax purposes. The Subsidiaries are classified as controlled foreign corporations (“CFCs”) under the Internal Revenue Code of 1986 and each CFC's taxable income is calculated separately from the relevant Consolidated Fund’s taxable income. Net losses of the Subsidiaries may not be deductible by the Funds either in the current period or future periods.

The following information is presented on an income tax basis (in thousands). Differences between amounts for financial statements and federal income tax purposes are primarily due to timing and character differences in recognizing certain gains and losses on investment transactions. Permanent differences between financial statement and federal income tax reporting are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. Permanent differences may include but are not limited to the following: expired capital loss carryforwards, foreign currency reclassifications, premium amortization or paydown reclassifications, reclassifications on the sale of passive foreign investment company ("PFIC") or Real Estate Investment Trusts ("REIT”) securities, net operating losses, accounting treatment of notional principal contracts and partnerships, equalization, consent dividends and other distribution adjustments. These reclassifications have no impact on net assets.

At December 31, 2017, the Funds' last fiscal year end, the following Funds had capital loss carryforwards (in thousands) available for U.S. federal income tax purposes to offset future net realized capital gains. Details of the capital loss carryforwards are listed in the table below.

131

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018


	Expiring Capital Loss Carryforwards		Capital Loss Carryforwards with No Expiration
	Year(s) of Expiration	Amount ($)	Short Term ($)	Long Term ($)	Total ($)
JNL/BlackRock Global Long Short Credit Fund	—	—	8,578	15,067	23,645
JNL/DoubleLine Total Return Fund	—	—	13,541	—	13,541
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	—	—	—	6,176	6,176
JNL/Epoch Global Shareholder Yield Fund	—	—	2,180	—	2,180
JNL/Lazard International Strategic Equity Fund	—	—	1,830	—	1,830
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund	—	—	38	54	92
JNL/Nicholas Convertible Arbitrage Fund	—	—	15,215	6,712	21,927
JNL/PPM America Long Short Credit Fund	—	—	1,437	32,086	33,523
JNL/VanEck International Gold Fund	—	—	16,476	51,196	67,672

As of June 30, 2018, the cost of investments and the components of net unrealized appreciation (depreciation) (in thousands) were as follows:


		Tax Cost of Investments($)	Gross Unrealized Appreciation($)	Gross Unrealized Depreciation($)		Net Unrealized Appreciation (Depreciation)($)
JNL Tactical ETF Moderate Fund		132,002	9,526	(1,899	)	7,627
JNL Tactical ETF Moderate Growth Fund		261,115	29,403	(2,803	)	26,600
JNL Tactical ETF Growth Fund		211,167	28,795	(1,351	)	27,444
JNL/AQR Risk Parity Fund		29,050	221	(270	)	(49	)
JNL/BlackRock Global Long Short Credit Fund
	Long Investments	227,957	1,717	(8,878	)	(7,161	)
	Short Investments	37,795	679	(222	)	457
JNL/DFA U.S. Small Cap Fund		74,996	19,746	(5,743	)	14,003
JNL/DoubleLine Total Return Fund		2,151,610	30,694	(45,154	)	(14,460	)
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund		362,557	17,600	(15,826	)	1,774
JNL/Epoch Global Shareholder Yield Fund		30,631	1,992	(1,641	)	351
JNL/FAMCO Flex Core Covered Call Fund		140,572	19,935	(6,137	)	13,798
JNL/Lazard International Strategic Equity Fund		49,558	8,729	(1,588	)	7,141
JNL/Neuberger Berman Currency Fund		72,936	1	(17	)	(16	)
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund		166,268	50	(86	)	(36	)
JNL/Nicholas Convertible Arbitrage Fund
	Long Investments	173,745	7,806	(3,466	)	4,340
	Short Investments	61,940	2,886	(8,494	)	(5,608	)
JNL/PIMCO Credit Income Fund		525,126	3,157	(18,155	)	(14,998	)
JNL/PPM America Long Short Credit Fund
	Long Investments	136,936	1,252	(2,974	)	(1,722	)
	Short Investments	7,060	234	(10	)	224
JNL/T. Rowe Price Capital Appreciation Fund		2,994,041	241,302	(49,931	)	191,371
JNL/The Boston Company Equity Income Fund		169,021	17,499	(5,930	)	11,569
JNL/The London Company Focused U.S. Equity Fund		94,534	26,838	(2,011	)	24,827
JNL/VanEck International Gold Fund		59,812	2,244	(6,357	)	(4,113	)
JNL/WCM Focused International Equity Fund		1,289,803	316,668	(29,688	)	286,980

As of June 30, 2018, the components of net unrealized appreciation (depreciation) (in thousands) for derivatives were as follows:


		Tax Cost/ Adjustment($)		Gross Unrealized Appreciation($)	Gross Unrealized Depreciation($)		Net Unrealized Appreciation (Depreciation)($)
JNL/AQR Risk Parity Fund
	Futures/Futures Options Contracts	93		428	(530	)	(102	)
	Forward Foreign Currency Contracts	(51	)	—	—		—
	Swap Agreements	1,941		3	(39	)	(36	)
JNL/BlackRock Global Long Short Credit Fund
	Futures/Futures Options Contracts	(85	)	6	(50	)	(44	)
	Forward Foreign Currency Contracts	65		—	—		—
	Swap Agreements	(772	)	11,483	(11,453	)	30
	Purchased Options	806		101	(166	)	(65	)
	Written Options	(130	)	31	(8	)	23
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
	Futures/Futures Options Contracts	(112	)	—	—		—
	Forward Foreign Currency Contracts	5,914		14,054	(16,090	)	(2,036	)
	Swap Agreements	3,465		12,189	(12,204	)	(15	)
	Purchased Options	6,001		963	(1,308	)	(345	)
JNL/Epoch Global Shareholder Yield Fund
	Forward Foreign Currency Contracts	—		—	—		—
JNL/FAMCO Flex Core Covered Call Fund
	Written Options	(2,682	)	1,447	(291	)	1,156
JNL/Lazard International Strategic Equity Fund
	Forward Foreign Currency Contracts	—		—	—		—
JNL/Neuberger Berman Currency Fund
	Forward Foreign Currency Contracts	(217	)	—	—		—

132

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Notes to Financial Statements

June 30, 2018


		Tax Cost/ Adjustment($)		Gross Unrealized Appreciation($)	Gross Unrealized Depreciation($)		Net Unrealized Appreciation (Depreciation)($)
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund
	Futures/Futures Options Contracts	—		5,092	(7,862	)	(2,770	)
JNL/PIMCO Credit Income Fund
	Futures/Futures Options Contracts	(31	)	—	—		—
	Forward Foreign Currency Contracts	(239	)	592	(684	)	(92	)
	Swap Agreements	(134	)	962	(1,402	)	(440	)
	Purchased Options	427		—	(318	)	(318	)
	Written Options	(440	)	262	(28	)	234
JNL/PPM America Long Short Credit Fund
	Futures/Futures Options Contracts	190		—	—		—
	Swap Agreements	(190	)	85	(14	)	71
JNL/T. Rowe Price Capital Appreciation Fund
	Written Options	(10,326	)	1,847	(4,224	)	(2,377	)
JNL/VanEck International Gold Fund
	Forward Foreign Currency Contracts	2		—	—		—

The tax character of distributions paid (in thousands) during the Funds' fiscal year ended December 31, 2017 was as follows:


	Net Ordinary Income*($)	Long-term Capital Gain($)
JNL Tactical ETF Moderate Fund	1,818	—
JNL Tactical ETF Moderate Growth Fund	3,886	—
JNL Tactical ETF Growth Fund	2,595	—
JNL/AQR Risk Parity Fund	1,673	653
JNL/BlackRock Global Long Short Credit Fund	3,023	—
JNL/DFA U.S. Small Cap Fund	1,133	2,952
JNL/DoubleLine Total Return Fund	66,372	—
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	14,261	—
JNL/Epoch Global Shareholder Yield Fund	2,971	—
JNL/FAMCO Flex Core Covered Call Fund	4,746	509
JNL/Lazard International Strategic Equity Fund	1,201	—
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund	2,775	—
JNL/Nicholas Convertible Arbitrage Fund	9,877	—
JNL/PIMCO Credit Income Fund	10,534	—
JNL/PPM America Long Short Credit Fund	6,255	—
JNL/T. Rowe Price Capital Appreciation Fund	24,107	7,101
JNL/The Boston Company Equity Income Fund	2,750	2,168
JNL/The London Company Focused U.S. Equity Fund	1,027	—
JNL/VanEck International Gold Fund	2,740	—
JNL/WCM Focused International Equity Fund	3,902	986

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

FASB ASC Topic 740 “Income Taxes” provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FASB ASC Topic 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing each Fund’s tax return to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would result in the Funds recording a tax expense in the current year. FASB ASC Topic 740 requires that management evaluate the tax positions taken in returns for 2014, 2015, 2016 and 2017, which remain subject to examination by the Internal Revenue Service and certain other jurisdictions. Management completed an evaluation of the Funds’ tax positions and based on that evaluation, determined that no provision for federal income tax was required in the Funds’ financial statements during the period ended June 30, 2018.

NOTE 11. SUBSEQUENT EVENTS

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

Fund Name Changes. Effective August 13, 2018, the names changed for the following Funds:


Existing Fund Name	Effective August 13, 2018 Fund Name:
JNL Tactical ETF Moderate Fund	JNL iShares Tactical Moderate Fund
JNL Tactical ETF Moderate Growth Fund	JNL iShares Tactical Moderate Growth Fund
JNL Tactical ETF Growth Fund	JNL iShares Tactical Growth Fund
JNL/PIMCO Credit Income Fund	JNL/PIMCO Investment Grade Corporate Bond Fund

Securities Lending. Effective August 13, 2018, Funds participating in the securities lending program began investing cash collateral received in JNL Securities Lending Collateral Fund, a new series of the JNL Investors Series Trust and an affiliate of the Funds’ Adviser.

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

133

Jackson Variable Series Trust Sub-Advised Funds

Additional Disclosures (Unaudited)

June 30, 2018


			Expenses Using Actual Fund Return			Expenses Using Hypothetical 5% Return
		Annualized Expense Ratios(%) ‡	Beginning Account Value 01/01/18($)	Ending Account Value 06/30/18($)	Expenses Paid During Period($)†	Beginning Account Value 01/01/18($)	Ending Account Value 06/30/18($)	Expenses Paid During Period($)†
JNL Tactical ETF Moderate Fund
	Class A	0.66	1,000.00	995.90	3.27	1,000.00	1,021.52	3.31
	Class I	0.36	1,000.00	997.60	1.78	1,000.00	1,023.01	1.81
JNL Tactical ETF Moderate Growth Fund
	Class A	0.66	1,000.00	997.80	3.27	1,000.00	1,021.52	3.31
	Class I	0.36	1,000.00	1,000.00	1.79	1,000.00	1,023.01	1.81
JNL Tactical ETF Growth Fund
	Class A	0.66	1,000.00	1,001.40	3.28	1,000.00	1,021.52	3.31
	Class I	0.36	1,000.00	1,002.80	1.79	1,000.00	1,023.01	1.81
JNL/AQR Risk Parity Fund
	Class A	1.11	1,000.00	988.00	5.47	1,000.00	1,019.29	5.56
	Class I	0.70	1,000.00	989.50	3.45	1,000.00	1,021.32	3.51
JNL/BlackRock Global Long Short Credit Fund
	Class A	2.47	1,000.00	996.90	12.23	1,000.00	1,012.55	12.33
	Class I	2.17	1,000.00	997.90	10.75	1,000.00	1,014.03	10.84
JNL/DFA U.S. Small Cap Fund
	Class A	1.06	1,000.00	1,051.30	5.39	1,000.00	1,019.54	5.31
	Class I	0.71	1,000.00	1,053.20	3.61	1,000.00	1,021.27	3.56
JNL/DoubleLine Total Return Fund
	Class A	0.83	1,000.00	999.10	4.11	1,000.00	1,020.68	4.16
	Class I	0.53	1,000.00	1,000.90	2.63	1,000.00	1,022.17	2.66
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
	Class A	1.30	1,000.00	976.60	6.37	1,000.00	1,018.35	6.51
	Class I	1.00	1,000.00	976.60	4.90	1,000.00	1,019.84	5.01
JNL/Epoch Global Shareholder Yield Fund
	Class A	1.05	1,000.00	954.00	5.09	1,000.00	1,019.59	5.26
	Class I	0.75	1,000.00	994.50	3.71	1,000.00	1,021.08	3.76
JNL/FAMCO Flex Core Covered Call Fund
	Class A	0.96	1,000.00	976.00	4.70	1,000.00	1,020.03	4.81
	Class I	0.66	1,000.00	977.60	3.24	1,000.00	1,021.52	3.31
JNL/Lazard International Strategic Equity Fund
	Class A	1.16	1,000.00	1,013.50	5.79	1,000.00	1,019.04	5.81
	Class I	0.86	1,000.00	1,015.00	4.30	1,000.00	1,020.53	4.31
JNL/Neuberger Berman Currency Fund
	Class A	1.04	1,000.00	1,013.00	5.19	1,000.00	1,019.64	5.21
	Class I	0.74	1,000.00	1,013.00	3.69	1,000.00	1,021.12	3.71
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund
	Class A	0.94	1,000.00	1,027.60	4.73	1,000.00	1,020.13	4.71
	Class I	0.64	1,000.00	1,030.20	3.22	1,000.00	1,021.62	3.21
JNL/Nicholas Convertible Arbitrage Fund
	Class A	1.34	1,000.00	1,011.80	6.68	1,000.00	1,018.15	6.71
	Class I	1.04	1,000.00	1,013.80	5.19	1,000.00	1,019.64	5.21

134

Jackson Variable Series Trust Sub-Advised Funds

Additional Disclosures (Unaudited)

June 30, 2018


			Expenses Using Actual Fund Return			Expenses Using Hypothetical 5% Return
		Annualized Expense Ratios(%) ‡	Beginning Account Value 01/01/18($)	Ending Account Value 06/30/18($)	Expenses Paid During Period($)†	Beginning Account Value 01/01/18($)	Ending Account Value 06/30/18($)	Expenses Paid During Period($)†
JNL/PIMCO Credit Income Fund
	Class A	0.89	1,000.00	968.40	4.34	1,000.00	1,020.38	4.46
	Class I	0.59	1,000.00	969.30	2.88	1,000.00	1,021.87	2.96
JNL/PPM America Long Short Credit Fund
	Class A	1.36	1,000.00	1,001.10	6.75	1,000.00	1,018.05	6.80
	Class I	1.06	1,000.00	1,003.40	5.27	1,000.00	1,019.54	5.31
JNL/T. Rowe Price Capital Appreciation Fund
	Class A	1.02	1,000.00	1,023.80	5.12	1,000.00	1,019.74	5.11
	Class I	0.72	1,000.00	1,025.10	3.62	1,000.00	1,021.22	3.61
JNL/The Boston Company Equity Income Fund
	Class A	0.91	1,000.00	995.30	4.50	1,000.00	1,020.28	4.56
	Class I	0.61	1,000.00	997.10	3.02	1,000.00	1,021.77	3.06
JNL/The London Company Focused U.S. Equity Fund
	Class A	1.05	1,000.00	1,016.00	5.25	1,000.00	1,019.59	5.26
	Class I	0.75	1,000.00	1,017.30	3.75	1,000.00	1,021.08	3.76
JNL/VanEck International Gold Fund
	Class A	1.16	1,000.00	944.60	5.59	1,000.00	1,019.04	5.81
	Class I	0.86	1,000.00	945.60	4.15	1,000.00	1,020.53	4.31
JNL/WCM Focused International Equity Fund
	Class A	1.13	1,000.00	1,022.90	5.67	1,000.00	1,019.19	5.66
	Class I	0.83	1,000.00	1,024.20	4.17	1,000.00	1,020.68	4.16

‡ The expenses or expense waivers for the Funds’ Class I shares was $0.00 for certain days during the period and this was a result of the net assets for the Fund being below a level to generate an expense allocation greater than $0.005 for that day. Additionally, the expenses or expense waivers for the Funds' Class I shares was $0.01 for certain days during the period and this was a result of the net assets for the Fund being at a level to generate an expense allocation between $0.005 and $0.01 for that day and rounded to $0.01. As a result, the ratios of net expenses during the period for Class I shares can be less than or more than the anticipated ratios of net expenses to average net assets depending on the net assets that Class I shares acquired during the period.

Proxy Voting Policies and Procedures and Proxy Voting Record. A description of the Policy that the Funds’ Adviser (and Sub-Advisers) used to vote proxies relating to portfolio securities and additional information on how the Funds voted any proxies relating to portfolio securities during the 12-month period ended June 30, 2018, are available (1) without charge, upon request by calling 1-800-644-4565 (Jackson Service Center) or 1-800-599-5651 (Jackson NY Service Center) (2) by writing the Jackson Variable Series Trust, P.O. Box 30314, Lansing, Michigan 48909-7814, (3) by visiting www.jackson.com, and (4) by visiting the SEC’s website at www.sec.gov.

135

136

Supplement Dated June 6, 2018

To The Prospectus Dated April 30, 2018

Jackson Variable Series Trust

Please note that the changes apply to your variable annuity product(s).

All changes are effective immediately.

In the section entitled, “Summary Overview of Each Fund” for the JNL/PPM America Long Short Credit Fund under “Portfolio Management,” please delete the Portfolio Managers table in the entirety and replace with the following:


Name:	Joined Fund Management Team In:	Title:
Anthony Balestrieri	April 2013	Executive Vice President, Chief Investment Officer-Total Return and Portfolio Manager, PPM
Michael T. Kennedy, CFA	April 2013	Senior Managing Director and Portfolio Manager, PPM
Adam Spielman	June 2018	Senior Managing Director and Portfolio Manager, PPM
Scott Richards, CFA	April 2018	Senior Managing Director and Portfolio Manager, PPM
Mark Redfearn, CFA	April 2018	Senior Managing Director and Portfolio Manager, PPM

This supplement is dated June 6, 2018.

(To be used with JMV8037 04/18, JMV8037BE 04/18, JMV8037NY 04/18, JMV8037BENY 04/18, JMV17955 04/18, JMV17955NY 04/18, JMV18691 04/18, JMV18691NY 04/18, and JMV18692 04/18.)

CMV20739 06/18


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

VADV6414 06/18

Item 2. Code of Ethics.

Not applicable to the semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not applicable to the semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to the semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Below is a Schedule I – Investments in securities of unaffiliated issuers for the JNL/DFA U.S. Small Cap Fund, JNL/PIMCO Credit Income Fund, JNL/BlackRock Global Long Short Credit Fund, JNL/PPM America Long Short Credit Fund, JNL/DoubleLine Total Return Fund and JNL/T. Rowe Price Capital Appreciation Fund, for which a summary schedule of investments was provided in the Semi-Annual Report dated June 30, 2018, pursuant to §210.1212 of Regulation S-X.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
JNL/BlackRock Global Long Short Credit Fund
COMMON STOCKS 2.4%
Germany 0.1%
	Aroundtown SA		27		224
Italy 0.1%
	Telecom Italia SpA (a)		146		108
Netherlands 0.6%
	Altice Europe NV (a)		16		64
	NXP Semiconductors NV (a) (b)		7		785
				849
United States of America 1.6%
	AMC Networks Inc. - Class A (a)		4		225
	Ascent Resources - Marcellus LLC (a) (c) (d)		5		16
	CBS Corp. - Class B		7		407
	Comcast Corp. - Class A		1		43
	Kroger Co.		7		203
	Lions Gate Entertainment Corp. - Class A		37		913
	QUALCOMM Inc.		3		156
	Rite Aid Corp. (a)		20		34
	Verizon Communications Inc.		4		195
	VMware Inc. - Class A (a) (b)		1		209
				2,401
	Total Common Stocks (cost $3,633)			3,582
WARRANTS 0.0%
United States of America 0.0%
	Ascent Resources LLC - 2nd Lien A (a) (d)		34		5
	Ascent Resources LLC - 2nd Lien B (a) (d)		27		2
	Total Warrants (cost $8)			7
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 16.0%
Australia 0.2%
	Virgin Australia Trust
		Series 2013-1C, 7.13%, 10/23/18 (e)	117		118
		Series 2013-1B, 6.00%, 10/23/20 (e)	101		103
				221
Canada 0.5%
	Air Canada Pass-Through Trust
		Series 2017-B-1, 3.70%, 01/15/26 (e)	825		785
Cayman Islands 0.6%
	ALM VI Ltd.
		Series 2012-CR3-6A, 5.05%, (3M US LIBOR + 2.70%), 07/15/26 (e) (f)	300		299
	Mountain Hawk CLO Ltd.
		Series 2013-A1-2A, 3.52%, (3M US LIBOR + 1.16%), 07/22/24 (e) (f)	324		324
	Voya CLO Ltd.
		Series 2013-BR-3A, 4.51%, (3M US LIBOR + 2.15%), 01/18/26 (e) (f)	255		255
				878
Ireland 4.4%
	Adagio V CLO DAC
		Series V-E-X, 6.70%, (3M EURIBOR + 6.70%), 10/15/29, EUR (d) (f)	110		131
	Aqueduct European CLO II DAC
		Series 2017-B1-2X, 1.20%, (3M EURIBOR + 1.20%), 10/15/30, EUR (d) (f)	164		192
	Arbour CLO Ltd.
		Series 2014-E-1X, 5.00%, (3M EURIBOR + 5.00%), 06/16/27, EUR (d) (f)	238		278
	Aurium CLO II DAC
		Series BR-2X, 0.99%, (3M EURIBOR + 1.35%), 10/13/29, EUR (d) (f)	148		173
	Avoca CLO VIII DAC
		Series E-18X, 4.60%, (3M EURIBOR + 4.60%), 04/15/31, EUR (d) (f)	200		225
	Avoca CLO XIV DAC
		Series FR-14X, 6.35%, (3M EURIBOR + 6.35%), 01/12/31, EUR (d) (f)	300		336
	Avoca CLO XIV Ltd.
		Series SUB-14X, 0.00%, 07/12/28, EUR (d) (g)	400		372
	Avoca CLO XV Ltd.
		Series M1-15X, 0.00%, 01/15/29, EUR (d) (f)	500		474
			Shares/Par¹		Value ($)
		Series ER-15X, 4.13%, (3M EURIBOR + 4.13%), 04/15/31, EUR (d) (f)	150		164
		Series FR-15X, 5.84%, (3M EURIBOR + 5.84%), 04/15/31, EUR (d) (f)	230		243
	Avoca CLO XVIII DAC
		Series B1-18X, 1.25%, (3M EURIBOR + 1.25%), 04/15/31, EUR (d) (f)	400		465
	Bilbao CLO I DAC
		Series A2A-1X, 1.30%, (3M EURIBOR + 1.30%), 07/20/31, EUR (d) (f)	300		348
		Series D-1X, 4.73%, (3M EURIBOR + 4.73%), 07/20/31, EUR (d) (f)	100		112
	Cadogan Square CLO XI DAC
		Series C-11X, 1.49%, (3M EURIBOR + 1.85%), 02/15/31, EUR (d) (f)	100		117
	CVC Cordatus Loan Fund VI Ltd.
		Series SUB-6X, 8.61%, 04/15/29, EUR (d) (f)	450		360
	CVC Cordatus Loan Fund VIII Ltd.
		Series E-8X, 5.70%, (3M EURIBOR + 5.70%), 04/23/30, EUR (d) (f)	100		119
	GLG Euro CLO IV DAC
		Series A1-4X, 0.70%, (3M EURIBOR + 0.70%), 05/15/31, EUR (f)	400		464
		Series B1-4X, 1.05%, (3M EURIBOR + 1.05%), 05/15/31, EUR (f)	231		267
		Series E-4X, 4.27%, (3M EURIBOR + 4.29%), 05/15/31, EUR (f)	100		109
	OCP Euro CLO Ltd.
		Series 2017-E-1X, 5.35%, (3M EURIBOR + 5.35%), 06/18/30, EUR (d) (f)	100		117
		Series 2017-A-2X, 0.82%, (3M EURIBOR + 0.82%), 01/15/32, EUR (d) (f)	100		117
		Series 2017-B-2X, 1.35%, (3M EURIBOR + 1.35%), 01/15/32, EUR (d) (f)	100		117
		Series 2017-E-2X, 5.00%, (3M EURIBOR + 5.00%), 01/15/32, EUR (d) (f)	100		115
		Series 2017-F-2X, 6.40%, (3M EURIBOR + 6.40%), 01/15/32, EUR (d) (f)	100		111
	Ozlme II DAC
		Series E-2X, 4.90%, (3M EURIBOR + 4.90%), 10/15/30, EUR (d) (f)	100		115
	Ozlme III DAC
		Series SUB-3X, 0.00%, 02/24/20, EUR (d) (f)	200		199
		Series A1-3X, 0.75%, (3M EURIBOR + 0.75%), 02/24/20, EUR (d) (f)	300		349
		Series E-3X, 4.80%, (3M EURIBOR + 4.80%), 02/24/20, EUR (d) (f)	100		115
	Ozlme IV DAC
		Series B-4X, 0.99%, (3M EURIBOR + 1.35%), 07/27/32, EUR (d) (f)	180		210
	Voya CLO Ltd.
		Series SUB-1X, 0.00%, 10/15/30, EUR (f)	121		137
				6,651
Netherlands 1.1%
	Cairn CLO IX BV
		Series 2018-M2-9X, 0.00%, 03/21/32, EUR (d) (f)	100		113
		Series 2018-A-9X, 0.71%, 03/21/32, EUR (d) (f)	200		232
		Series 2018-B1-9X, 1.00%, 03/21/32, EUR (d) (f)	200		231
	Cairn CLO VI BV
		Series 2016-E-6X, 6.25%, (3M EURIBOR + 6.25%), 07/25/29, EUR (d) (f)	200		233
	Dryden LVI Euro CLO BV
		Series 2017-E-56X, 4.72%, (3M EURIBOR + 4.72%), 01/15/32, EUR (d) (f)	105		119
	Dryden XLVI Euro CLO BV
		Series 2016-E-46X, 5.75%, (3M EURIBOR + 5.75%), 01/15/30, EUR (d) (f)	104		123
	Halcyon Loan Advisors Funding Ltd.
		Series 2018-B1-1X, 1.12%, (3M EURIBOR + 1.48%), 10/18/31, EUR (d) (f)	200		233
	Jubilee CDO BV
		Series VIII-SUB-X, 4.73%, (6M EURIBOR + 5.00%), 01/15/24, EUR (c) (d) (f)	364		—
	St. Paul's CLO IX DAC
		Series A-9X, 0.82%, (3M EURIBOR + 0.82%), 11/15/30, EUR (d) (f)	320		373
				1,657

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
Turkey 0.2%
	Turk Hava Yollari AO
		Series 2015-A-1, 4.20%, 03/15/27 (e)	280		263
United Arab Emirates 0.1%
	Doric Nimrod Air Alpha Pass-Through Trust
		Series 2013-1A, 5.25%, 05/30/23 (e)	167		170
United Kingdom 0.3%
	Paragon Mortgages No. 13 Plc
		Series 13X-A2C, 2.53%, (3M US LIBOR + 0.18%), 01/15/39 (d) (f)	488		465
United States of America 8.6%
	American Airlines Pass-Through Trust
		Series 2013-1C, 6.13%, 07/15/18 (e)	1,750		1,751
		Series 2001-A-1-1, 6.98%, 05/23/21	332		344
		Series 2017-B1-B, 4.95%, 02/15/25	467		472
	CFCRE Commercial Mortgage Trust
		Interest Only, Series 2016-XA-C4, REMIC, 1.90%, 05/10/58 (f)	1,834		186
	Core Industrial Trust
		Series 2015-F-CALW, REMIC, 3.98%, 02/10/22 (e) (f)	380		375
		Series 2015-G-CALW, REMIC, 3.98%, 02/10/22 (e) (f)	360		345
	Credit Acceptance Auto Loan Trust
		Series 2015-B-2A, 3.04%, 01/15/19 (e)	305		305
		Series 2015-C-2A, 3.76%, 01/15/19 (e)	250		251
	DCP Rights LLC
		Series 2014-A-1A, 5.46%, 10/25/21 (e)	256		257
	Delta Air Lines Pass-Through Trust
		Series 2015-B-1, 4.25%, 07/30/23	1,269		1,266
	GAHR Commercial Mortgage Trust
		Series 2015-EFX-NRF, REMIC, 3.49%, 12/15/19 (e) (f)	705		697
		Series 2015-FFX-NRF, REMIC, 3.49%, 12/15/19 (e) (f)	180		177
	GRACE Mortgage Trust
		Series 2014-F-GRCE, REMIC, 3.71%, 06/10/21 (e) (f)	205		201
	Navient Private Education Loan Trust
		Series 2015-A3-AA, 3.77%, (1M US LIBOR + 1.70%), 07/15/24 (e) (f)	295		306
		Series 2015-B-AA, 3.50%, 12/15/24 (e)	100		93
	OneMain Financial Issuance Trust
		Series 2015-A-2A, 2.57%, 10/18/18 (e)	95		95
		Series 2015-B-2A, 3.10%, 01/18/19 (e)	155		155
		Series 2015-A-1A, 3.19%, 03/18/26 (e)	163		163
		Series 2015-B-1A, 3.85%, 03/18/26 (e)	290		292
	SLM Private Education Loan Trust
		Series 2011-A3-B, 4.32%, (1M US LIBOR + 2.25%), 05/15/19 (e) (f)	630		648
		Series 2013-B-B, 3.00%, 12/15/19 (e)	360		354
	SMB Private Education Loan Trust
		Series 2015-B-C, 3.50%, 03/15/26 (e)	775		767
	Springleaf Funding Trust
		Series 2015-A-AA, 3.16%, 05/15/19 (e)	299		299
	United Airlines Inc. Pass-Through Trust
		Series 2014-B-2, 4.63%, 09/03/22	398		397
		Series 2013-A-1, 4.30%, 08/15/25	414		421
		Series 2018-B-1, 4.60%, 03/01/26	260		260
	US Airways Pass-Through Trust
		Series 2012-B-1, 8.00%, 10/01/19	154		161
		Series 2012-B-2, 6.75%, 06/03/21	508		535
		Series 2013-B-1, 5.38%, 11/15/21	1,283		1,311
				12,884
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $24,626)			23,974
CORPORATE BONDS AND NOTES 69.2%
Australia 0.1%
	BHP Billiton Finance Ltd.
		5.63%, 10/22/79, EUR (d) (f)	100		137
Belgium 0.4%
	KBC Group NV
		5.63%, (callable at 100 beginning 03/19/19), EUR (d) (h)	100		119
			Shares/Par¹		Value ($)
	Nyrstar Netherlands Holdings BV
		6.88%, 03/15/24, EUR (d)	300		324
	Nyrstar NV
		5.00%, 07/11/22, EUR (d) (i)	100		114
				557
Brazil 0.0%
	JBS USA LLC
		5.75%, 06/15/25 (e)	16		15
	JBS USA Lux SA
		6.75%, 02/15/28 (e)	15		14
				29
Canada 3.6%
	1011778 B.C. Unlimited Liability Co.
		4.25%, 05/15/24 (e)	4		4
		5.00%, 10/15/25 (e)	76		72
	Bombardier Inc.
		7.75%, 03/15/20 (e)	265		281
		8.75%, 12/01/21 (e)	1,187		1,309
		6.13%, 01/15/23 (e)	602		603
		7.50%, 12/01/24 (e)	17		18
	Calfrac Holdings LP
		8.50%, 06/15/26 (e)	2		2
	Enbridge Inc.
		6.25%, 03/01/78 (i)	440		418
	First Quantum Minerals Ltd.
		7.00%, 02/15/21 (e)	565		571
		7.25%, 05/15/22 - 04/01/23 (e)	1,000		1,004
		7.50%, 04/01/25 (e)	400		395
	GFL Environmental Inc.
		7.00%, 06/01/26 (e)	15		14
	Mattamy Group Corp.
		6.50%, 10/01/25 (e)	31		30
	MDC Partners Inc.
		6.50%, 05/01/24 (e)	18		16
	MEG Energy Corp.
		6.50%, 01/15/25 (e)	61		61
	Mercer International Inc.
		5.50%, 01/15/26 (e)	5		5
	NOVA Chemicals Corp.
		4.88%, 06/01/24 (e)	369		351
	Parkland Fuel Corp.
		6.00%, 04/01/26 (e)	4		4
	Precision Drilling Corp.
		7.13%, 01/15/26 (e)	5		5
	Seven Generations Energy Ltd.
		5.38%, 09/30/25 (e)	8		8
	Stars Group Holdings BV
		7.00%, 07/15/26 (e)	14		14
	Superior Plus LP
		7.00%, 07/15/26 (e)	10		10
	Teck Resources Ltd.
		8.50%, 06/01/24 (e)	144		158
	Titan Acquisition Ltd.
		7.75%, 04/15/26 (e)	18		17
				5,370
Cayman Islands 0.2%
	Transocean Guardian Ltd.
		5.88%, 01/15/24 (e)	11		11
	UPCB Finance VII Ltd.
		3.63%, 06/15/29, EUR (d)	300		338
				349
Czech Republic 0.1%
	RESIDOMO s.r.o.
		3.38%, 10/15/24, EUR (d)	100		116
Denmark 0.5%
	Danske Bank A/S
		5.88%, (callable at 100 beginning 04/06/22), EUR (d) (h)	200		253
	DKT Finance ApS
		7.00%, 06/17/23, EUR (d)	435		514
				767

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
Finland 0.2%
	Nokia Oyj
		4.38%, 06/12/27	6		6
	Stora Enso Oyj
		2.50%, 03/21/28, EUR (d)	200		235
				241
France 2.8%
	Accor SA
		2.63%, 02/05/21, EUR (d)	100		124
	Altice France SA
		6.00%, 05/15/22 (e)	400		402
	APRR SA
		1.13%, 01/15/21, EUR (d)	100		119
	Areva SA
		4.88%, 09/23/24, EUR	450		551
	BNP Paribas Cardif SA
		4.03%, (callable at 100 beginning 11/25/25), EUR (d) (h)	200		241
	BNP Paribas SA
		6.13%, (callable at 100 beginning 06/17/22), EUR (d) (h)	270		343
	Burger King France SAS
		5.25%, (3M EURIBOR + 5.25%), 05/01/23, EUR (d) (f)	100		117
	CMA CGM SA
		5.25%, 01/15/25, EUR (d)	200		189
	Credit Agricole Assurances SA
		4.50%, (callable at 100 beginning 10/14/25), EUR (d) (h)	100		121
	Credit Agricole SA
		6.50%, (callable at 100 beginning 06/23/21), EUR (d) (h)	200		251
	Electricite de France SA
		4.13%, (callable at 100 beginning 01/22/22), EUR (d) (h)	200		244
	Orange SA
		5.25%, (callable at 100 beginning 02/07/24), EUR (d) (h)	200		258
	RCI Banque SA
		0.32%, (3M EURIBOR + 0.65%), 04/12/21, EUR (d) (f)	100		117
	Sanofi SA
		0.00%, (3M EURIBOR + 0.15%), 03/21/20, EUR (d) (f)	200		234
		0.00%, 03/21/20, EUR (d) (g)	200		234
	Societe Generale SA
		1.38%, 02/23/28, EUR (d)	200		224
	Unibail-Rodamco SE
		0.13%, 05/14/21, EUR (d)	300		351
	Verallia Packaging SAS
		5.13%, 08/01/22, EUR (d)	100		120
				4,240
Germany 3.1%
	Adler Pelzer Holding GmbH
		4.13%, 04/01/24, EUR (d)	100		117
	Adler Real Estate AG
		1.50%, 12/06/21, EUR (d)	100		117
		1.88%, 04/27/23, EUR (d)	200		228
		2.13%, 02/06/24, EUR (d)	400		455
		3.00%, 04/27/26, EUR (d)	300		343
	ATF Netherlands BV
		3.75%, (callable at 100 beginning 01/20/23), EUR (d) (h)	100		117
	Daimler AG
		0.50%, 09/09/19, EUR (d)	100		117
	Grand City Properties SA
		3.75%, (callable at 100 beginning 02/18/22), EUR (d) (h)	100		119
		1.50%, 02/22/27, EUR (d)	100		112
	IKB Deutsche Industriebank AG
		4.00%, 01/31/28, EUR (d)	200		227
	Merck Financial Services GmbH
		4.50%, 03/24/20, EUR	35		44
	Platin 1426 GmbH
		5.38%, 06/15/23, EUR (d)	236		263
			Shares/Par¹		Value ($)
	Schaeffler Verwaltung Zwei GmbH
		4.50%, 09/15/26, EUR (d) (j)	220		261
	Senvion Holding GmbH
		3.88%, 10/25/22, EUR (d)	300		300
	TLG Immobilien AG
		1.38%, 11/27/24, EUR (d)	200		233
	Unitymedia GmbH
		3.75%, 01/15/27, EUR (d)	900		1,096
	Volkswagen Bank GmbH
		0.10%, (3M EURIBOR + 0.42%), 06/15/21, EUR (d) (f)	100		116
	Volkswagen International Finance NV
		0.03%, (3M EURIBOR + 0.35%), 03/30/19, EUR (d) (f)	100		117
	ZF North America Capital Inc.
		2.75%, 04/27/23, EUR (d) (k)	200		248
				4,630
Ghana 0.1%
	Tullow Oil Plc
		7.00%, 03/01/25 (d)	200		189
Greece 0.1%
	Alpha Bank AE
		2.50%, 02/05/23, EUR (d)	200		233
Hong Kong 0.2%
	Hongkong & Shanghai Banking Corp. Ltd.
		2.56%, (callable at 100 beginning 07/27/18) (h)	380		291
Ireland 2.1%
	AIB Group Plc
		2.25%, 07/03/25, EUR (d)	300		346
	Allied Irish Banks Plc
		7.38%, (callable at 100 beginning 12/03/20), EUR (d) (h)	200		255
	Ardagh Packaging Finance Plc
		6.75%, 05/15/24, EUR (d)	100		125
		7.25%, 05/15/24 (e)	200		208
	Bank of Ireland
		7.38%, (callable at 100 beginning 06/18/20), EUR (d) (h)	200		250
	GE Capital International Funding Co.
		2.34%, 11/15/20	1,150		1,124
	Park Aerospace Holdings Ltd.
		3.63%, 03/15/21 (e)	22		21
	Shire Acquisitions Investments Ireland Ltd.
		3.20%, 09/23/26	575		526
	Smurfit Kappa Acquisitions
		2.88%, 01/15/26, EUR (d)	292		339
				3,194
Israel 0.2%
	Teva Pharmaceutical Finance Co. BV
		3.65%, 11/10/21	400		383
Italy 2.0%
	Buzzi Unicem SpA
		2.13%, 04/28/23, EUR (d)	100		120
	Intesa Sanpaolo SpA
		7.00%, (callable at 100 beginning 01/19/21), EUR (d) (h)	400		476
	Schumann SpA
		7.00%, 07/31/23, EUR (d)	200		231
	Telecom Italia Finance SA
		7.75%, 01/24/33, EUR (d)	150		241
	Telecom Italia SpA
		1.13%, 03/26/22, EUR (d) (i)	800		888
		5.30%, 05/30/24 (e)	240		237
	UniCredit SpA
		9.25%, (callable at 100 beginning 06/03/22), EUR (d) (h)	250		325
		6.95%, 10/31/22, EUR (d)	160		216
	Wind Tre SpA
		3.13%, 01/20/25, EUR (d)	200		189
		5.00%, 01/20/26 (e)	200		157
				3,080

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
Japan 0.1%
	SoftBank Group Corp.
		5.00%, 04/15/28, EUR (d)	100		114
Jersey 0.2%
	LHC3 Plc
		4.88%, 08/15/24, EUR (d) (j)	202		235
Luxembourg 1.6%
	Altice Financing SA
		6.63%, 02/15/23 (e)	200		197
		7.50%, 05/15/26 (e)	1,000		967
	Altice Finco SA
		4.75%, 01/15/28, EUR (d)	460		456
	Altice SA
		7.75%, 05/15/22 (e)	400		387
	Bevco Lux SARL
		1.75%, 02/09/23, EUR (d)	250		291
	Intelsat Jackson Holdings SA
		9.75%, 07/15/25 (e)	16		17
	Matterhorn Telecom SA
		4.00%, 11/15/27, EUR (d)	125		136
				2,451
Netherlands 2.7%
	ABN AMRO Bank NV
		4.75%, (callable at 100 begininng 09/22/27), EUR (d) (h)	200		222
	Capital Stage Finance BV
		5.25%, (callable at 100 begininng 09/13/23), EUR (d) (h) (i)	100		125
	Constellium NV
		4.25%, 02/15/26, EUR (d)	400		453
	Cooperatieve Rabobank U.A.
		5.50%, (callable at 100 beginning 06/29/20), EUR (d) (h) (i)	200		249
	Delta Lloyd NV
		4.38%, (callable at 100 beginning 06/13/24), EUR (d) (h)	300		361
	ELM BV
		3.38%, 09/29/47, EUR (d)	100		117
	Heineken NV
		1.25%, 09/10/21, EUR (d)	100		120
	ING Groep NV
		6.00%, (callable at 100 beginning 04/16/20) (h) (i)	200		198
	Koninklijke Ahold Delhaize NV
		0.00%, (3M EURIBOR + 0.18%), 03/19/21, EUR (d) (f)	100		117
	Petrobras Global Finance BV
		8.75%, 05/23/26	200		217
	Teva Pharmaceutical Finance Netherlands III BV
		2.80%, 07/21/23	650		561
	Teva Pharmaceutical Finance Netherlands IV BV
		3.65%, 11/10/21	365		351
	Unilever NV
		1.75%, 08/05/20, EUR (d)	100		121
	United Group BV
		4.88%, 07/01/24, EUR (d)	400		474
	UPC Holding BV
		3.88%, 06/15/29, EUR (d)	300		324
				4,010
Portugal 0.8%
	Banco Espirito Santo SA
		0.00%, 05/08/17 - 01/21/19, EUR (a) (d) (l)	3,800		1,271
Spain 2.0%
	Banco Bilbao Vizcaya Argentaria SA
		8.88%, (callable at 100 beginning 04/14/21), EUR (d) (h)	200		261
	Banco Santander SA
		6.75%, (callable at 100 beginning 04/25/22), EUR (d) (h)	400		501
	Bankia SA
		6.00%, (callable at 100 beginning 07/18/22), EUR (d) (h)	400		466
		4.00%, 05/22/24, EUR (d) (f)	100		119
	Cellnex Telecom SA
		1.50%, 01/16/26, EUR (d) (i)	100		118
			Shares/Par¹		Value ($)
	Codere Finance 2 SA
		7.63%, 11/01/21 (e)	350		322
	Gas Natural Fenosa Finance BV
		3.38%, (callable at 100 beginning 04/24/24), EUR (d) (h)	100		115
	Inmobiliaria Colonial Socimi SA
		1.63%, 11/28/25, EUR (d)	100		114
		2.50%, 11/28/29, EUR (d)	100		115
	Masaria Investments SAU
		5.00%, 09/15/24, EUR (d)	136		149
	Telefonica Emisiones SAU
		4.67%, 03/06/38	270		252
	Telefonica Europe BV
		5.88%, (callable at 100 beginning 03/31/24), EUR (d) (h)	400		509
				3,041
Sweden 0.6%
	Intrum AB
		2.75%, 07/15/22, EUR (d)	100		110
	Nordea Bank AB
		5.50%, (callable at 100 beginning 09/23/19) (d) (h)	200		199
	Unilabs Subholding AB
		5.75%, 05/15/25, EUR (d)	100		111
	Volvo Car AB
		2.00%, 01/24/25, EUR (d)	380		428
				848
Switzerland 1.9%
	Credit Suisse Group AG
		7.13%, (callable at 100 beginning 07/29/22) (d) (h) (i)	200		203
	Syngenta Finance NV
		5.18%, 04/24/28 (e)	518		501
		5.68%, 04/24/48 (e)	372		343
	Transocean Inc.
		5.80%, 10/15/22 (m)	2		2
		9.00%, 07/15/23 (e)	47		51
	UBS AG
		0.17%, (3M EURIBOR + 0.50%), 04/23/21, EUR (d) (f)	275		322
		4.50%, 06/26/48 (e)	200		204
	UBS Group Funding
		6.88%, (callable at 100 beginning 03/22/21) (d) (h)	595		609
		7.13%, (callable at 100 beginning 08/10/21) (d) (h) (i)	200		205
	UBS Group Funding Switzerland AG
		5.00%, (callable at 100 beginning 01/31/23) (d) (h)	425		372
				2,812
United Kingdom 4.6%
	Ardonagh Midco 3 Plc
		8.38%, 07/15/23, GBP (d)	400		533
	Barclays Plc
		3.25%, 01/17/33, GBP	175		210
	BAT Capital Corp.
		0.17%, (3M EURIBOR + 0.50%), 08/16/21, EUR (d) (f)	100		117
	Boparan Finance Plc
		4.38%, 07/15/21, EUR (d)	100		101
	Coca-Cola European Partners Plc
		0.00%, (3M EURIBOR + 0.18%), 11/16/21, EUR (d) (f)	100		117
	Diageo Finance BV
		0.00%, 11/17/20, EUR (d)	100		117
	Experian Finance Plc
		4.75%, 02/04/20, EUR (d)	100		126
	GKN Holdings Plc
		3.38%, 05/12/32, GBP (d)	300		407
	GlaxoSmithKline Capital Plc
		0.63%, 12/02/19, EUR (d)	100		118
	HBOS Capital Funding LP
		6.85%, (callable at 100 beginning 09/23/18) (d) (h)	330		333

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	HSBC Holdings Plc
		6.38%, (callable at 100 beginning 09/17/24) (h) (i)	200		196
	Imperial Brands Finance Plc
		0.50%, 07/27/21, EUR (d)	100		117
	Jerrold Finco Plc
		6.25%, 09/15/21, GBP (d)	200		270
		6.13%, 01/15/24, GBP (d)	300		396
	Lloyds Banking Group Plc
		6.41%, (callable at 100 beginning 10/01/35) (e) (h)	100		105
		6.66%, (callable at 100 beginning 05/21/37) (e) (h)	200		214
	National Westminster Bank Plc
		2.56%, (callable at 100 beginning 08/28/18) (h)	400		327
	Neptune Energy Bondco Plc
		6.63%, 05/15/25 (e)	200		195
	Noble Holding International Ltd.
		7.75%, 01/15/24	17		16
		7.88%, 02/01/26 (e)	22		23
	Pinnacle Bidco Plc
		6.38%, 02/15/25, GBP (d)	100		133
	Royal Bank of Scotland Group Plc
		8.63%, (callable at 100 beginning 08/15/21) (h) (i)	200		212
	Shop Direct Funding Plc
		7.75%, 11/15/22, GBP (d)	300		337
	Tullow Oil Jersey Ltd.
		6.63%, 07/12/21 (i)	200		254
	Tullow Oil Plc
		6.25%, 04/15/22 (e)	200		195
	Unique Pub Finance Co. Plc
		5.66%, 06/30/27, GBP	260		376
		6.46%, 03/30/32, GBP (d)	351		448
	Vodafone Group Plc
		0.00%, 11/26/20, GBP (g) (i)	500		626
	Wellcome Trust Ltd.
		2.52%, 02/07/18, GBP (d)	175		218
				6,837
United States of America 38.7%
	Adient Global Holdings Ltd.
		3.50%, 08/15/24, EUR (d)	400		433
	ADT Corp.
		3.50%, 07/15/22	12		11
	Advanced Micro Devices Inc.
		7.50%, 08/15/22	675		747
	AES Corp.
		4.50%, 03/15/23	7		7
		5.50%, 04/15/25	2		2
		6.00%, 05/15/26	8		8
		5.13%, 09/01/27	14		14
	AHP Health Partners Inc.
		9.75%, 07/15/26 (e)	16		16
	Aircastle Ltd.
		5.50%, 02/15/22	50		51
	Albertsons Cos. Inc.
		6.09%, (3M US LIBOR + 3.75%), 01/15/24 (e) (f)	275		276
	Alcoa Inc.
		5.13%, 10/01/24	80		79
	Allison Transmission Inc.
		5.00%, 10/01/24 (e)	10		10
	AMC Networks Inc.
		5.00%, 04/01/24	440		432
		4.75%, 08/01/25	5		5
	American Airlines Group Inc.
		4.63%, 03/01/20 (e)	515		515
	American Builders & Contractors Supply Co. Inc.
		5.88%, 05/15/26 (e)	8		8
	AmWINS Group Inc.
		7.75%, 07/01/26 (e)	8		8
	Andeavor Logistics LP
		6.88%, (callable at 100 beginning 02/15/23) (h)	12		12
	APX Group Inc.
		8.75%, 12/01/20	37		35
	Arch Merger Sub Inc.
		8.50%, 09/15/25 (e)	1,100		1,026
			Shares/Par¹		Value ($)
	Ascend Learning LLC
		6.88%, 08/01/25 (e)	22		22
	Ascent Resources Utica Holdings LLC
		10.00%, 04/01/22 (e)	4		4
	Avantor Inc.
		6.00%, 10/01/24 (e)	492		488
		9.00%, 10/01/25 (e)	556		560
	Bank of America Corp.
		0.45%, 05/04/23, EUR (d)	100		117
	BBA US Holdings Inc.
		5.38%, 05/01/26 (e)	10		10
	Berry Global Inc.
		4.50%, 02/15/26 (e)	4		4
	Blue Cube Spinco Inc.
		10.00%, 10/15/25	20		23
	BlueLine Rental Finance Corp.
		9.25%, 03/15/24 (e)	103		110
	Boyd Gaming Corp.
		6.00%, 08/15/26 (e)	7		7
	Brand Energy & Infrastructure Services Inc.
		8.50%, 07/15/25 (e)	32		33
	Broadcom Corp.
		3.00%, 01/15/22	630		612
		3.63%, 01/15/24	630		610
	BWAY Holding Co.
		4.75%, 04/15/24, EUR (d)	299		349
		5.50%, 04/15/24 (e)	250		244
	Cablevision Systems Corp.
		5.88%, 09/15/22	275		273
	Callon Petroleum Co.
		6.38%, 07/01/26 (e)	6		6
	Calpine Corp.
		5.38%, 01/15/23	16		15
		5.25%, 06/01/26 (e)	42		40
	Cargill Inc.
		1.88%, 09/04/19, EUR (d)	100		119
	Carriage Services Inc.
		6.63%, 06/01/26 (e)	6		6
	Carrizo Oil & Gas Inc.
		6.25%, 04/15/23	6		6
	Catalent Pharma Solutions Inc.
		4.88%, 01/15/26 (e)	33		32
	CCO Holdings LLC
		4.00%, 03/01/23 (e)	21		20
		5.88%, 04/01/24 (e)	145		146
		5.13%, 05/01/27 (e)	2		2
	CDK Global Inc.
		5.88%, 06/15/26	16		16
	CDW LLC
		5.50%, 12/01/24	6		6
		5.00%, 09/01/25	70		69
	Centene Escrow I Corp.
		5.38%, 06/01/26 (e)	74		75
	CenturyLink Inc.
		6.45%, 06/15/21	1,060		1,089
		6.75%, 12/01/23	1,000		1,005
		7.50%, 04/01/24	1,110		1,140
	Cequel Communications Holdings I LLC
		5.13%, 12/15/21 (e)	110		110
	CF Industries Inc.
		4.95%, 06/01/43	24		20
	Chaparral Energy Inc.
		8.75%, 07/15/23 (e)	7		7
	Charles River Laboratories International Inc.
		5.50%, 04/01/26 (e)	5		5
	Charter Communications Operating LLC
		6.83%, 10/23/55	206		222
	Chemours Co.
		4.00%, 05/15/26, EUR	373		433
		5.38%, 05/15/27	4		4
	Cheniere Corpus Christi Holdings LLC
		5.88%, 03/31/25	138		144
	Chesapeake Energy Corp.
		8.00%, 01/15/25 - 06/15/27	80		82

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹	Value ($)
Cincinnati Bell Inc.
	7.00%, 07/15/24 (e)	30	27
CIT Group Inc.
	5.25%, 03/07/25	6	6
	6.13%, 03/09/28	4	4
Clear Channel Worldwide Holdings Inc.
	6.50%, 11/15/22	296	302
Cleveland-Cliffs Inc.
	4.88%, 01/15/24 (e)	8	8
CommScope Technologies LLC
	5.00%, 03/15/27 (e)	9	8
Communications Sales & Leasing Inc.
	6.00%, 04/15/23 (e)	285	275
Community Health Systems Inc.
	8.63%, 01/15/24 (e)	12	12
CONSOL Energy Inc.
	5.88%, 04/15/22	97	97
CONSOL Mining Corp.
	11.00%, 11/15/25 (e)	20	22
Continental Resources Inc.
	3.80%, 06/01/24	385	376
CoreCivic Inc.
	4.75%, 10/15/27	6	5
Covey Park Energy LLC
	7.50%, 05/15/25 (e)	4	4
Cox Communications Inc.
	4.50%, 06/30/43 (e)	175	148
	4.60%, 08/15/47 (e)	700	642
Crimson Merger Sub Inc.
	6.63%, 05/15/22 (e)	550	543
CrownRock LP
	5.63%, 10/15/25 (e)	4	4
CSC Holdings LLC
	10.13%, 01/15/23 (e)	1,450	1,600
	5.25%, 06/01/24	26	25
CSI Compressco LP
	7.50%, 04/01/25 (e)	12	12
CVS Health Corp.
	3.70%, 03/09/23	168	166
	3.88%, 07/20/25	197	193
	2.88%, 06/01/26	301	274
	5.05%, 03/25/48	385	390
CyrusOne LP
	5.00%, 03/15/24	5	5
Diamond 1 Finance Corp.
	5.88%, 06/15/21 (e)	915	929
Diamond Offshore Drilling Inc.
	7.88%, 08/15/25	6	6
Discovery Communications LLC
	5.00%, 09/20/37	425	409
DISH DBS Corp.
	5.88%, 11/15/24	13	11
	7.75%, 07/01/26	12	11
DJO Finco LLC
	8.13%, 06/15/21 (e)	206	209
DPL Inc.
	7.25%, 10/15/21	2	2
Dynegy Inc.
	7.38%, 11/01/22	30	31
	8.13%, 01/30/26 (e)	6	7
Embarq Corp.
	8.00%, 06/01/36	34	32
Endo Finance Co.
	5.75%, 01/15/22 (e)	250	224
Energizer Gamma Acquisition BV
	4.63%, 07/15/26, EUR (d)	300	353
	6.38%, 07/15/26 (e)	7	7
Energy Transfer Equity LP
	4.25%, 03/15/23	6	6
EnLink Midstream Partners LP
	4.15%, 06/01/25	2	2
	5.60%, 04/01/44	420	364
Ensco Plc
	7.75%, 02/01/26	20	19
		Shares/Par¹	Value ($)
Entegris Inc.
	4.63%, 02/10/26 (e)	7	7
Envision Healthcare Corp.
	5.13%, 07/01/22 (e)	815	822
EP Energy LLC
	9.38%, 05/01/24 (e)	2	2
Equinix Inc.
	2.88%, 10/01/25, EUR	100	110
	5.88%, 01/15/26	30	30
Everest Acquisition Finance Inc.
	7.75%, 05/15/26 (e)	15	15
Extraction Oil & Gas Inc.
	7.38%, 05/15/24 (e)	6	6
	5.63%, 02/01/26 (e)	6	6
Federal-Mogul LLC
	5.00%, 07/15/24, EUR (d)	200	242
First Data Corp.
	7.00%, 12/01/23 (e)	257	268
Five Point Operating Co. LP
	7.88%, 11/15/25 (e)	6	6
Flexi-Van Leasing Inc.
	10.00%, 02/15/23 (e)	2	2
Ford Motor Credit Co. LLC
	0.10%, (3M EURIBOR + 0.43%), 05/14/21, EUR (f)	400	465
	0.10%, (3M EURIBOR + 0.42%), 12/07/22, EUR (f)	100	115
Freeport-McMoRan Inc.
	3.10%, 03/15/20	339	333
	4.00%, 11/14/21	85	83
Frontier Communications Corp.
	10.50%, 09/15/22	3	3
	7.13%, 01/15/23	24	18
	11.00%, 09/15/25	31	25
	8.50%, 04/01/26 (e)	40	39
Gartner Inc.
	5.13%, 04/01/25 (e)	45	45
Gates Global LLC
	6.00%, 07/15/22 (e)	59	60
General Electric Co.
	0.00%, (3M EURIBOR + 0.30%), 05/28/20, EUR (f)	100	117
General Motors Financial Co. Inc.
	0.35%, (3M EURIBOR + 0.68%), 05/10/21, EUR (d) (f)	100	117
Genesis Energy LP
	6.25%, 05/15/26	6	6
Goldman Sachs Group Inc.
	0.14%, (3M EURIBOR + 0.46%), 12/31/18, EUR (d) (f)	100	117
	4.22%, 05/01/29	575	565
Graham Holdings Co.
	5.75%, 06/01/26 (e)	6	6
Great Western Petroleum LLC
	9.00%, 09/30/21 (e)	20	21
Greeneden U.S. Holdings II LLC
	10.00%, 11/30/24 (e)	29	32
Greystar Real Estate Partners LLC
	5.75%, 12/01/25 (e)	6	6
Grinding Media Inc.
	7.38%, 12/15/23 (e)	2	2
GTT Communications Inc.
	7.88%, 12/31/24 (e)	4	4
Gulfport Energy Corp.
	6.38%, 05/15/25	11	11
Halcon Resources Corp.
	6.75%, 02/15/25	10	9
Harland Clarke Holdings Corp.
	8.38%, 08/15/22 (e)	6	6
HCA Inc.
	5.88%, 03/15/22	29	30
	5.25%, 04/15/25	164	165
HD Supply Inc.
	5.75%, 04/15/24 (e)	60	63

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹	Value ($)
Herc Rentals Inc.
	7.50%, 06/01/22 (e)	514	544
Herc Spinoff Escrow Issuer LLC
	7.75%, 06/01/24 (e)	66	71
Hertz Holdings Netherlands BV
	5.50%, 03/30/23, EUR (d)	248	280
Hess Corp.
	4.30%, 04/01/27	188	181
	6.00%, 01/15/40	535	551
Hexion US Finance Corp.
	6.63%, 04/15/20	50	47
Hilton Domestic Operating Co. Inc.
	5.13%, 05/01/26 (e)	2	2
Howard Hughes Corp.
	5.38%, 03/15/25 (e)	25	25
HUB International Ltd.
	7.00%, 05/01/26 (e)	19	19
Icahn Enterprises LP
	6.75%, 02/01/24	16	16
	6.38%, 12/15/25	8	8
Indigo Natural Resources LLC
	6.88%, 02/15/26 (e)	3	3
Infor US Inc.
	6.50%, 05/15/22	79	79
IRB Holding Corp.
	6.75%, 02/15/26 (e)	2	2
iStar Inc.
	5.25%, 09/15/22	3	3
Italics Merger Sub Inc.
	7.13%, 07/15/23 (e)	1,432	1,447
Jagged Peak Energy LLC
	5.88%, 05/01/26 (e)	6	6
Jaguar Holding Co. II
	6.38%, 08/01/23 (e)	62	62
JBS USA LLC
	5.88%, 07/15/24 (e)	16	15
JPMorgan Chase & Co.
	3.56%, 04/23/24	645	638
	3.34%, (3M US LIBOR + 1.00%), 05/15/47 (f)	385	341
K Hovnanian Enterprises Inc.
	10.00%, 07/15/22 (e)	6	6
KAR Auction Services Inc.
	5.13%, 06/01/25 (e)	14	13
KFC Holding Co.
	5.00%, 06/01/24 (e)	890	879
	5.25%, 06/01/26 (e)	9	9
	4.75%, 06/01/27 (e)	30	28
Kindred Healthcare Inc.
	8.00%, 01/15/20	320	344
	6.38%, 04/15/22	75	77
	8.75%, 01/15/23	450	480
Kratos Defense & Security Solutions Inc.
	6.50%, 11/30/25 (e)	3	3
Kroger Co.
	4.45%, 02/01/47	415	378
	4.65%, 01/15/48	215	203
L Brands Inc.
	6.69%, 01/15/27 (e)	652	624
Ladder Capital Finance Holdings LLC
	5.25%, 10/01/25 (e)	10	9
Lennar Corp.
	4.75%, 11/29/27	60	56
Level 3 Financing Inc.
	6.13%, 01/15/21	137	138
	5.38%, 01/15/24	72	70
LGE HoldCo VI BV
	7.13%, 05/15/24, EUR (d)	170	212
LGI Homes Inc.
	6.88%, 07/15/26 (e)	6	6
Lions Gate Capital Holdings LLC
	5.88%, 11/01/24 (e)	535	542
Mallinckrodt International Finance SA
	4.88%, 04/15/20 (e)	46	45
	5.75%, 08/01/22 (e)	5	4
	5.50%, 04/15/25 (e)	28	23
		Shares/Par¹	Value ($)
Masonite International Corp.
	5.63%, 03/15/23 (e)	4	4
Mattel Inc.
	4.35%, 10/01/20	775	774
	6.75%, 12/31/25 (e)	1,786	1,739
McDermott Escrow 1 Inc.
	10.63%, 05/01/24 (e)	9	9
McDonald's Corp.
	0.50%, 01/15/21, EUR (d)	100	118
MDC Holdings Inc.
	6.00%, 01/15/43	2	2
MGM Growth Properties Operating Partnership LP
	4.50%, 09/01/26 - 01/15/28	90	83
MGM Resorts International
	6.63%, 12/15/21	80	84
Microchip Technology Inc.
	3.92%, 06/01/21 (e)	650	652
	4.33%, 06/01/23 (e)	825	827
Midcontinent Communications & Finance Corp.
	6.88%, 08/15/23 (e)	5	5
Molson Coors Brewing Co.
	0.03%, (3M EURIBOR + 0.35%), 03/15/19, EUR (f)	100	117
MPH Acquisition Holdings LLC
	7.13%, 06/01/24 (e)	285	291
MSCI Inc.
	5.38%, 05/15/27 (e)	12	12
Mueller Water Products Inc.
	5.50%, 06/15/26 (e)	5	5
Navient Corp.
	6.75%, 06/25/25 - 06/15/26	10	10
Navistar International Corp.
	6.63%, 11/01/25 (e)	10	10
Netflix Inc.
	5.88%, 11/15/28 (e)	12	12
New Amethyst Corp.
	6.25%, 12/01/24 (e)	335	357
New Enterprise Stone & Lime Co. Inc.
	6.25%, 03/15/26 (e)	2	2
Newfield Exploration Co.
	5.38%, 01/01/26	5	5
NGL Energy Partners LP
	5.13%, 07/15/19	255	256
	6.88%, 10/15/21	16	16
NGPL PipeCo LLC
	4.38%, 08/15/22 (e)	7	7
	4.88%, 08/15/27 (e)	8	8
	7.77%, 12/15/37 (e)	18	21
Noble Holding International Ltd.
	7.95%, 04/01/25 (m)	5	5
Northwest Florida Timber Finance LLC
	4.75%, 03/04/29 (e)	380	356
Novelis Corp.
	6.25%, 08/15/24 (e)	70	70
NRG Energy Inc.
	6.63%, 01/15/27	90	92
	5.75%, 01/15/28 (e)	6	6
NVA Holdings Inc.
	6.88%, 04/01/26 (e)	41	41
Oasis Petroleum Inc.
	6.88%, 01/15/23	2	2
OI European Group BV
	4.00%, 03/15/23 (e)	8	7
Parsley Energy LLC
	5.38%, 01/15/25 (e)	20	20
PBF Holding Co. LLC
	7.25%, 06/15/25	9	9
Pioneer Finance Corp.
	9.00%, 11/01/22 (e)	8	8
Platform Specialty Products Corp.
	6.50%, 02/01/22 (e)	143	146
	5.88%, 12/01/25 (e)	15	15
Polaris Intermediate Corp.
	8.50%, 12/01/22 (e) (j)	113	117

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹	Value ($)
Post Holdings Inc.
	5.50%, 03/01/25 (e)	13	13
PQ Corp.
	6.75%, 11/15/22 (e)	58	61
	5.75%, 12/15/25 (e)	14	14
Prime Security Services Borrower LLC
	9.25%, 05/15/23 (e)	1,264	1,349
PSPC Escrow Corp.
	6.00%, 02/01/23, EUR (d)	100	121
QEP Resources Inc.
	5.63%, 03/01/26	16	15
Qorvo Inc.
	6.75%, 12/01/23	510	539
	7.00%, 12/01/25	906	979
QUALCOMM Inc.
	3.45%, 05/20/25	770	741
Quintiles IMS Inc.
	3.25%, 03/15/25, EUR (d)	100	113
Range Resources Corp.
	4.88%, 05/15/25	2	2
RBS Global Inc.
	4.88%, 12/15/25 (e)	8	8
Reynolds Group Issuer Inc.
	7.00%, 07/15/24 (e)	26	27
Rite Aid Corp.
	6.13%, 04/01/23 (e)	2,170	2,203
	7.70%, 02/15/27	175	149
Rowan Cos. Inc.
	4.75%, 01/15/24	2	2
	7.38%, 06/15/25	20	19
Sanchez Energy Corp.
	7.75%, 06/15/21	24	21
	6.13%, 01/15/23	1	1
	7.25%, 02/15/23 (e)	12	12
SBA Communications Corp.
	4.00%, 10/01/22 (e)	16	15
Scientific Games International Inc.
	10.00%, 12/01/22	20	21
	5.00%, 10/15/25 (e)	45	43
SESI LLC
	7.75%, 09/15/24	8	8
SM Energy Co.
	5.00%, 01/15/24	6	6
	6.75%, 09/15/26	2	2
Solera LLC
	10.50%, 03/01/24 (e)	60	67
Southwestern Energy Co.
	6.70%, 01/23/25 (m)	6	6
	7.50%, 04/01/26	4	4
Springleaf Finance Corp.
	6.88%, 03/15/25	10	10
	7.13%, 03/15/26	10	10
Sprint Capital Corp.
	8.75%, 03/15/32	4	4
Sprint Corp.
	7.88%, 09/15/23	490	509
	7.13%, 06/15/24	720	726
	7.63%, 02/15/25 - 03/01/26	329	335
Sprint Nextel Corp.
	6.00%, 11/15/22	375	372
Sprint Spectrum Co. LLC
	5.15%, 03/20/28 (e)	800	782
SRS Distribution Inc.
	8.25%, 07/01/26 (e)	31	31
State Street Corp.
	3.34%, (3M US LIBOR + 1.00%), 06/15/37 (f)	730	649
Station Casinos LLC
	5.00%, 10/01/25 (e)	15	14
Steel Dynamics Inc.
	4.13%, 09/15/25	8	8
Sunoco LP
	4.88%, 01/15/23 (e)	15	14
Surgery Center Holdings Inc.
	6.75%, 07/01/25 (e)	8	8
		Shares/Par¹	Value ($)
Tallgrass Energy Partners LP
	5.50%, 09/15/24 - 01/15/28 (e)	557	565
Targa Resources Partners LP
	5.88%, 04/15/26 (e)	11	11
Tenet Healthcare Corp.
	6.00%, 10/01/20	118	122
	7.50%, 01/01/22 (e)	55	57
Tennessee Merger Sub Inc.
	6.38%, 02/01/25 (e)	4	3
TerraForm Power Operating LLC
	4.25%, 01/31/23 (e)	7	7
	5.00%, 01/31/28 (e)	7	7
Tesla Inc.
	5.30%, 08/15/25 (e)	2	2
Tesoro Logistics LP
	6.25%, 10/15/22	89	92
T-Mobile USA Inc.
	6.38%, 03/01/25	102	106
	4.50%, 02/01/26	2	2
	4.75%, 02/01/28	175	162
TransDigm Inc.
	6.50%, 07/15/24	105	107
Travelport Corporate Finance Plc
	6.00%, 03/15/26 (e)	6	6
United Rentals North America Inc.
	4.63%, 10/15/25	10	10
United States Steel Corp.
	6.25%, 03/15/26	11	11
United Technologies Corp.
	0.00%, (3M EURIBOR + 0.20%), 05/18/20, EUR (f)	100	117
Univision Communications Inc.
	5.13%, 02/15/25 (e)	6	6
USA Compression Partners LP
	6.88%, 04/01/26 (e)	41	42
USG Corp.
	4.88%, 06/01/27 (e)	17	17
Valeant Pharmaceuticals International Inc.
	7.50%, 07/15/21 (e)	645	655
	6.75%, 08/15/21 (e)	585	592
	7.25%, 07/15/22 (e)	3	3
	5.88%, 05/15/23 (e)	8	8
	5.50%, 11/01/25 (e)	20	20
	9.00%, 12/15/25 (e)	481	499
	9.25%, 04/01/26 (e)	490	509
	8.50%, 01/31/27 (e)	391	396
Verizon Communications Inc.
	4.33%, 09/21/28 (e)	575	570
VICI Properties 1 LLC
	8.00%, 10/15/23	11	13
Viking Cruises Ltd.
	5.88%, 09/15/27 (e)	36	34
VMware Inc.
	2.95%, 08/21/22	645	618
Wabash National Corp.
	5.50%, 10/01/25 (e)	42	40
Walmart Inc.
	3.40%, 06/26/23	295	296
	3.55%, 06/26/25	345	347
	3.70%, 06/26/28	380	383
	3.95%, 06/28/38	240	240
Wand Merger Corp.
	8.13%, 07/15/23 (e)	6	6
	9.13%, 07/15/26 (e)	7	7
Wayne Merger Sub LLC
	8.25%, 08/01/23 (e)	18	18
Weatherford International Ltd.
	7.75%, 06/15/21	34	35
	8.25%, 06/15/23	8	8
Western Digital Corp.
	4.75%, 02/15/26	26	25
Whirlpool Corp.
	0.63%, 03/12/20, EUR	100	118
WildHorse Resource Development Corp.
	6.88%, 02/01/25	4	4

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
		6.88%, 02/01/25 (e)	5		5
	William Lyon Homes Inc.
		6.00%, 09/01/23 (e)	2		2
	Williams Cos. Inc.
		8.75%, 03/15/32	548		712
	Williams Scotsman International Inc.
		7.88%, 12/15/22 (e)	2		2
	WMG Acquisition Corp.
		5.50%, 04/15/26 (e)	5		5
	WPX Energy Inc.
		6.00%, 01/15/22	2		2
		8.25%, 08/01/23	14		16
		5.25%, 09/15/24	2		2
		5.75%, 06/01/26	6		6
	WR Grace & Co.-Conn
		5.13%, 10/01/21 (e)	40		41
	Wrangler Buyer Corp.
		6.00%, 10/01/25 (e)	5		5
	Wyndham Hotels & Resorts Inc.
		5.38%, 04/15/26 (e)	6		6
	Xerox Corp.
		3.63%, 03/15/23 (m)	1,606		1,538
	XPO Logistics Inc.
		6.50%, 06/15/22 (e)	102		104
	Zayo Group LLC
		6.38%, 05/15/25	21		21
		5.75%, 01/15/27 (e)	106		104
				58,038
Zambia 0.3%
	First Quantum Minerals Ltd.
		6.50%, 03/01/24 (e)	443		427
	Total Corporate Bonds And Notes (cost $108,843)			103,890
SENIOR LOAN INTERESTS 25.1%
Canada 0.0%
	Hudson's Bay Co.
		Term Loan B, 5.22%, (3M LIBOR + 3.75%), 09/30/20 (f)	45		42
Denmark 0.8%
	TDC A/S
		Term Loan, 0.00%, (3M LIBOR + 3.50%), 06/07/25 (f) (n)	38		38
		Term Loan, 0.00%, (3M EURIBOR + 3.50%), 08/06/25, EUR (f) (n)	1,000		1,152
				1,190
France 1.9%
	Crown European Holding LLC
		Term Loan, 0.00%, (3M EURIBOR + 2.38%), 01/18/25, EUR (f) (n)	1,000		1,162
	THOM Europe SAS
		Term Loan, 4.50%, (3M EURIBOR + 4.50%), 07/19/24, EUR (f)	500		578
	Verallia SA
		Term Loan, 2.75%, (3M LIBOR + 2.75%), 10/22/31, EUR (f)	1,000		1,141
				2,881
Hong Kong 0.4%
	Nord Anglia Education
		Term Loan, 3.25%, (3M EURIBOR + 3.25%), 06/26/24, EUR (f)	500		572
Ireland 0.0%
	Avolon LLC
		Term Loan B-3, 4.09%, (3M LIBOR + 2.00%), 01/15/25 (f)	58		57
Luxembourg 0.4%
	Eircom Finco SARL
		Term Loan B-6, 3.25%, (3M LIBOR + 3.25%), 05/31/22, EUR (f)	561		648
Sweden 0.8%
	Verisure Holding AB
		Term Loan B-1, 0.00%, (3M EURIBOR + 3.00%), 10/21/22, EUR (f) (n)	1,000		1,141
			Shares/Par¹		Value ($)
United Kingdom 1.6%
	EG Group Ltd.
		Term Loan B, 0.00%, (3M EURIBOR + 4.00%), 01/31/25, EUR (f) (n)	336		387
		Term Loan B, 6.34%, (3M LIBOR + 4.00%), 02/01/25 (f)	63		62
		Term Loan B, 4.00%, (3M LIBOR + 4.00%), 02/02/25, EUR (f)	663		765
	R&R Ice Cream France SAS
		Term Loan, 2.63%, (3M EURIBOR + 2.63%), 01/24/25, EUR (f)	1,000		1,156
				2,370
United States of America 19.2%
	1011778 B.C. Unlimited Liability Co.
		Term Loan B-3, 4.23%, (3M LIBOR + 2.25%), 02/15/24 (f)	870		867
	Access CIG LLC
		1st Lien Term Loan, 5.73%, (3M LIBOR + 3.75%), 02/14/25 (f)	10		10
		Delayed Draw Term Loan, 0.00%, (3M LIBOR + 3.75%), 02/15/25 (f) (n)	1		1
		Delayed Draw Term Loan, 5.73%, (3M LIBOR + 3.75%), 02/27/25 (f)	1		1
	Accudyne Industries LLC
		Term Loan, 5.23%, (3M LIBOR + 3.25%), 08/02/24 (f)	95		95
	AECOM Technology Corp.
		Term Loan B, 3.84%, (3M LIBOR + 1.75%), 03/13/25 (f)	23		23
	Albertsons LLC
		Term Loan, 0.00%, (3M LIBOR + 3.00%), 05/02/23 (f) (n)	293		293
	AlixPartners LLP
		Term Loan B, 5.05%, (3M LIBOR + 2.75%), 03/28/24 (f)	109		108
	Alliant Holdings I Inc.
		Term Loan B, 5.05%, (3M LIBOR + 3.00%), 05/07/25 (f)	43		43
	Allied Universal Holdco LLC
		Term Loan, 5.84%, (3M LIBOR + 3.75%), 07/28/22 (f)	35		35
	Alpha 3 BV
		Term Loan B-1, 5.30%, (3M LIBOR + 3.00%), 01/31/24 (f)	54		54
	Alphabet Holding Co. Inc.
		1st Lien Term Loan, 5.59%, (3M LIBOR + 3.50%), 08/15/24 (f)	114		106
		2nd Lien Term Loan, 9.84%, (3M LIBOR + 7.75%), 08/09/25 (f)	50		41
	Altice US Finance I Corp.
		Term Loan B, 4.23%, (3M LIBOR + 2.25%), 07/15/25 (f)	163		161
	American Builders & Contractors Supply Co. Inc.
		Term Loan B, 3.98%, (3M LIBOR + 2.00%), 10/31/23 (f)	72		72
	Amneal Pharmaceuticals LLC
		Term Loan B, 5.63%, (3M LIBOR + 3.50%), 03/26/25 (f)	70		70
	AmWINS Group Inc.
		Term Loan B, 4.73%, (3M LIBOR + 2.75%), 01/19/24 (f)	66		66
		Term Loan B, 4.76%, (3M LIBOR + 2.75%), 01/19/24 (f)	27		27
	Applied Systems Inc.
		1st Lien Term Loan, 9.30%, (3M LIBOR + 7.00%), 09/15/25 (f)	66		68
	Ardent Health Partners
		Term Loan B, 0.00%, (3M LIBOR + 4.50%), 06/20/25 (f) (n)	15		15
	Aristocrat Technologies Inc.
		1st Lien Term Loan, 4.11%, (3M LIBOR + 1.75%), 10/19/24 (f)	30		30
	Asurion LLC
		Term Loan B-7, 0.00%, (3M LIBOR + 3.00%), 11/15/24 (f) (n)	96		96

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹	Value ($)
Asurion, LLC - Second Lien TLB-2
	2nd Lien Term Loan, 0.00%, (3M LIBOR + 6.00%), 07/13/25 (f) (n)	31	31
Avantor Inc.
	1st Lien Term Loan, 6.09%, (3M LIBOR + 4.00%), 09/22/24 (f)	151	152
Avaya Inc.
	Term Loan B, 6.32%, (3M LIBOR + 4.25%), 11/09/24 (f) (k)	50	50
Axalta Coating Systems US Holdings Inc.
	Term Loan, 4.05%, (1M LIBOR + 1.75%), 06/01/24 (f)	57	57
Belron Finance US LLC
	Term Loan B, 4.86%, (3M LIBOR + 2.50%), 11/15/24 (f)	30	30
Berry Global Inc.
	Term Loan Q, 3.98%, (3M LIBOR + 2.00%), 10/01/22 (f)	47	46
	Term Loan Q, 4.05%, (3M LIBOR + 2.00%), 10/01/22 (f)	30	30
BJ's Wholesale Club Inc.
	1st Lien Term Loan, 5.53%, (3M LIBOR + 3.50%), 01/26/24 (f)	79	78
Blackhawk Network Holdings Inc.
	1st Lien Term Loan, 5.07%, (3M LIBOR + 3.00%), 05/31/25 (f)	33	33
BMC Software Finance Inc.
	1st Lien Term Loan, 5.23%, (3M LIBOR + 3.25%), 09/10/22 (f)	29	29
	Term Loan B, 0.00%, (3M LIBOR + 3.25%), 06/30/25 (c) (f) (n)	477	474
Boyd Gaming Corp.
	Term Loan B-3, 4.49%, (3M LIBOR + 2.50%), 09/15/23 (f)	50	50
Brand Energy & Infrastructure Services Inc.
	Term Loan, 6.58%, (3M LIBOR + 4.25%), 06/16/24 (f)	1	1
	Term Loan, 6.61%, (3M LIBOR + 4.25%), 06/16/24 - 06/17/24 (f)	187	187
Brazos Delaware II LLC
	Term Loan B, 6.09%, (3M LIBOR + 4.00%), 05/16/25 (f)	35	35
Bright Horizons Family Solutions Inc.
	Term Loan B, 3.73%, (3M LIBOR + 1.75%), 11/07/23 (f)	75	75
California Resources Corp.
	1st Lien Term Loan, 6.84%, (3M LIBOR + 4.75%), 11/08/22 (f)	30	30
Camelot UK Holdco Ltd.
	Term Loan, 5.34%, (1M LIBOR + 3.25%), 10/03/23 (f)	59	59
Catalent Pharma Solutions Inc.
	Term Loan B, 4.23%, (1M LIBOR + 2.25%), 05/08/21 (f)	10	10
CBS Radio Inc.
	Term Loan B, 4.84%, (3M LIBOR + 2.75%), 11/18/24 (f)	82	81
CenturyLink Inc.
	Term Loan B, 4.84%, (3M LIBOR + 2.75%), 01/15/25 (f)	682	667
Ceva Group Plc
	Letter of Credit, 6.50%, (3M LIBOR + 5.50%), 03/12/21 (c) (f)	41	41
Ceva Intercompany BV
	Term Loan, 7.86%, (3M LIBOR + 5.50%), 03/18/21 (f)	17	17
Ceva Logistics Canada ULC
	Term Loan, 7.86%, (3M LIBOR + 5.50%), 03/18/21 (f)	9	9
Ceva Logistics US Holdings Inc.
	Term Loan, 7.86%, (3M LIBOR + 5.50%), 03/12/21 (f)	68	68
Change Healthcare Holdings Inc.
	Term Loan B, 4.73%, (3M LIBOR + 2.75%), 02/02/24 - 02/03/24 (f)	64	63
Charter Communications Operating LLC
	Term Loan B, 4.10%, (3M LIBOR + 2.00%), 04/30/25 (f)	1,075	1,073
		Shares/Par¹	Value ($)
Chesapeake Energy Corp.
	Term Loan, 9.59%, (3M LIBOR + 7.50%), 08/16/21 (f)	100	105
CHG Healthcare Services Inc.
	1st Lien Term Loan B, 5.36%, (3M LIBOR + 3.00%), 06/07/23 (f)	68	68
Chobani LLC
	Term Loan, 5.48%, (3M LIBOR + 3.50%), 10/09/23 (f)	43	43
CityCenter Holdings LLC
	Term Loan B, 4.23%, (1M LIBOR + 2.25%), 04/14/24 (f)	77	76
Clark Equipment Co.
	Term Loan B, 4.30%, (1M LIBOR + 2.00%), 05/18/24 (f)	29	29
Community Health Systems Inc.
	Term Loan G, 5.31%, (1M LIBOR + 2.75%), 12/14/19 (f)	61	61
Concentra Inc.
	1st Lien Term Loan, 4.74%, (3M LIBOR + 2.75%), 06/01/22 (f)	25	25
Connolly Corp.
	Term Loan, 4.56%, (3M LIBOR + 2.50%), 09/23/23 (f)	23	23
	Term Loan, 4.56%, (3M LIBOR + 2.25%), 09/23/23 (f)	31	31
Continental Building Products Inc.
	Term Loan, 4.23%, (3M LIBOR + 2.25%), 08/18/23 (f)	78	78
Cortes NP Acquisition Corp.
	Term Loan B, 6.00%, (3M LIBOR + 4.00%), 11/30/23 (f)	84	83
CSC Holdings LLC
	1st Lien Term Loan, 4.32%, (3M LIBOR + 2.25%), 07/15/25 (f)	139	138
	Term Loan B, 4.57%, (3M LIBOR + 2.50%), 01/12/26 (f)	70	70
CVS Holdings I LP
	1st Lien Term Loan, 5.10%, (3M LIBOR + 3.00%), 02/01/25 (f)	25	25
Cyan Blue Holdco 3 Ltd.
	Term Loan B, 0.00%, (3M LIBOR + 2.75%), 07/24/24 (f) (n)	25	25
Cypress Semiconductor Corp.
	Term Loan B, 4.35%, (1M LIBOR + 2.25%), 06/15/21 (f)	437	438
Digicel International Finance Ltd.
	Term Loan B, 5.61%, (3M LIBOR + 3.25%), 05/27/24 (f)	22	21
DJO Finance LLC
	Term Loan, 5.34%, (3M LIBOR + 3.25%), 06/27/20 (f)	45	45
	Term Loan, 5.56%, (3M LIBOR + 3.25%), 06/27/20 (f)	45	45
Energizer Holdings Inc.
	Term Loan B, 0.00%, (3M LIBOR + 2.25%), 06/19/25 (f) (n)	14	14
Envision Healthcare Corp.
	Term Loan B, 5.10%, (3M LIBOR + 3.00%), 12/01/23 (f)	258	257
Equian LLC
	Term Loan B, 5.33%, (3M LIBOR + 3.25%), 05/20/24 (f)	40	40
Filtration Group Corp.
	1st Lien Term Loan, 5.30%, (3M LIBOR + 3.00%), 03/27/25 (f)	105	105
First Data Corp.
	Term Loan, 3.84%, (3M LIBOR + 1.75%), 06/02/20 (f)	1,184	1,182
	Term Loan, 4.09%, (1M LIBOR + 2.00%), 04/26/24 (f)	120	120
Flex Acquisition Co.Inc.
	Incremental Term Loan, 0.00%, (3M LIBOR + 3.25%), 06/20/25 (f) (n)	35	35
Flexential Intermediate Corp.
	1st Lien Term Loan, 5.83%, (3M LIBOR + 3.50%), 07/24/24 (f)	45	44

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹	Value ($)
Gavilan Resources LLC
	2nd Lien Term Loan, 8.09%, (3M LIBOR + 6.00%), 02/24/24 (f)	56	55
Gentiva Health Services Inc.
	1st Lien Delayed Draw Term Loan, 0.00%, (3M LIBOR + 3.75%), 06/20/25 (f) (n)	361	358
	1st Lien Term Loan, 0.00%, (3M LIBOR + 3.75%), 06/20/25 (f) (n)	576	572
	2nd Lien Term Loan, 0.00%, (3M LIBOR + 7.00%), 06/21/26 (c) (f) (n)	90	91
Go Daddy Operating Co. LLC
	Term Loan, 4.23%, (3M LIBOR + 2.25%), 02/15/24 (f)	75	75
Gol LuxCo SA
	1st Lien Term Loan, 6.50%, 08/18/20	1,594	1,632
GrafTech Finance Inc.
	Term Loan B, 5.50%, (3M LIBOR + 3.50%), 02/01/25 (f)	40	40
Greeneden US Holdings II LLC
	Term Loan B, 5.80%, (3M LIBOR + 3.50%), 12/01/23 (f)	30	30
Grifols Worldwide Operations USA Inc.
	Term Loan, 4.22%, (3M LIBOR + 2.25%), 01/24/25 (f)	148	148
Gruden Acquisition Inc.
	Term Loan, 7.80%, (3M LIBOR + 5.50%), 08/18/22 (f)	54	55
GTT Communications Inc.
	Term Loan B, 4.88%, (3M LIBOR + 2.75%), 04/26/25 (f)	19	19
GVC Holdings Plc
	Term Loan, 4.48%, (3M LIBOR + 2.50%), 03/15/24 (f)	25	25
HCA Inc.
	Term Loan B-10, 4.09%, (3M LIBOR + 2.00%), 03/07/25 (f)	60	60
HD Supply Inc.
	Term Loan B-3, 4.55%, (3M LIBOR + 2.25%), 08/13/21 (f)	61	61
Hearthside Food Solutions LLC
	Term Loan B, 5.09%, (3M LIBOR + 3.00%), 05/17/25 (f)	19	19
Hireright Holdings LLC
	Term Loan B, 0.00%, (3M LIBOR + 3.75%), 06/30/25 (f) (n)	27	27
Hostess Brands LLC
	Term Loan, 4.23%, (3M LIBOR + 2.25%), 08/03/23 (f)	73	73
HUB International Ltd.
	Term Loan B, 5.36%, (3M LIBOR + 3.00%), 04/25/25 (f)	45	45
Hyland Software Inc.
	1st Lien Term Loan, 5.23%, (3M LIBOR + 3.25%), 07/01/22 (f)	35	35
IG Investment Holdings LLC
	1st Lien Term Loan, 5.61%, (3M LIBOR + 3.50%), 05/14/25 (f)	55	55
Informatica LLC
	Term Loan, 5.23%, (3M LIBOR + 3.25%), 08/05/22 - 08/06/22 (f)	851	852
Intelsat Jackson Holdings SA
	Term Loan B-4, 6.47%, (3M LIBOR + 4.50%), 01/14/24 (f)	39	40
IQOR US Inc.
	Term Loan, 7.31%, (3M LIBOR + 5.00%), 04/01/21 (f)	20	20
IRB Holding Corp.
	1st Lien Term Loan, 5.28%, (3M LIBOR + 3.25%), 01/17/25 (f)	16	16
	1st Lien Term Loan, 5.25%, (3M LIBOR + 3.25%), 01/18/25 (f)	20	20
JBS USA LLC
	Term Loan B, 4.48%, (3M LIBOR + 2.50%), 10/30/22 (f)	12	12
	Term Loan B, 4.83%, (3M LIBOR + 2.50%), 06/30/24 (f)	69	69
		Shares/Par¹	Value ($)
KAR Auction Services Inc.
	Term Loan B-5, 4.81%, (3M LIBOR + 2.50%), 03/06/23 (f)	69	69
KFC Holding Co.
	Term Loan B, 3.84%, (3M LIBOR + 1.75%), 03/29/25 (f)	80	79
Kingpin Intermediate Holdings LLC
	1st Lien Term Loan B, 6.35%, (3M LIBOR + 4.25%), 06/26/24 (f)	30	30
Kronos Inc.
	Term Loan B, 5.36%, (3M LIBOR + 3.00%), 11/01/23 (f)	108	108
Level 3 Financing Inc.
	Term Loan B, 4.33%, (3M LIBOR + 2.25%), 02/16/24 (f)	165	164
Lifescan Global Corp.
	Term Loan, 0.00%, (3M LIBOR + 6.00%), 06/06/24 (f) (n)	9	9
Lions Gate Capital Holdings LLC
	Term Loan B, 4.34%, (3M LIBOR + 2.25%), 03/20/25 (f)	597	594
Lucid Energy Group II LLC
	1st Lien Term Loan, 5.09%, (3M LIBOR + 3.00%), 01/31/25 (f)	35	35
MacDermid Inc.
	Term Loan B-7, 4.59%, (3M LIBOR + 2.50%), 06/07/20 (f)	91	91
	Term Loan B-6, 5.09%, (3M LIBOR + 3.00%), 06/07/23 (f)	141	141
Mavis Tire Express Services Corp.
	Delayed Draw Term Loan, 0.00%, (3M LIBOR + 3.25%), 03/15/25 (f) (n)	4	4
	1st Lien Term Loan, 5.33%, (3M LIBOR + 3.25%), 03/15/25 (f)	29	29
	Delayed Draw Term Loan, 5.33%, (3M LIBOR + 3.25%), 03/15/25 (f)	—	—
McAfee LLC
	Term Loan B, 0.00%, (3M LIBOR + 4.50%), 09/20/24 (f) (n)	—	—
	Term Loan B, 6.47%, (3M LIBOR + 4.50%), 09/20/24 (f)	1,405	1,411
	Term Loan B, 0.00%, (3M LIBOR + 8.50%), 09/30/25 (f) (n)	275	279
	Term Loan B, 10.47%, (3M LIBOR + 8.50%), 09/30/25 (f)	1,250	1,267
Medallion Midland Acquisition LLC
	1st Lien Term Loan, 5.34%, (3M LIBOR + 3.25%), 10/31/24 (f)	30	30
MGM Growth Properies Operating Partnership LP
	Term Loan B, 4.01%, (3M LIBOR + 2.00%), 04/20/23 (f)	146	145
Michaels Stores Inc.
	Term Loan B-1, 4.48%, (3M LIBOR + 2.50%), 01/27/23 (f)	11	11
	Term Loan B-1, 4.56%, (3M LIBOR + 2.50%), 01/27/23 (f)	12	12
	Term Loan B-1, 4.59%, (3M LIBOR + 2.50%), 01/27/23 (f)	2	2
Microchip Technology Inc.
	Term Loan B, 4.10%, (3M LIBOR + 2.00%), 05/16/25 (f)	932	930
Micron Technology Inc.
	Term Loan, 3.74%, (3M LIBOR + 2.00%), 04/26/22 (f)	940	941
Midcoast Operating LP
	Term Loan B, 0.00%, (3M LIBOR + 5.50%), 06/30/25 (c) (f) (n)	24	24
Mission Broadcasting Inc.
	Term Loan B-2, 4.48%, (3M LIBOR + 2.50%), 01/17/24 (f)	4	4
Mitchell International Inc.
	Delayed Draw Term Loan, 5.22%, (3M LIBOR + 3.25%), 11/21/24 (f)	7	7
	1st Lien Term Loan, 5.23%, (3M LIBOR + 3.25%), 11/21/24 (f)	87	86
	2nd Lien Term Loan, 9.23%, (3M LIBOR + 7.25%), 12/01/25 (f)	30	30

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹	Value ($)
MPH Acquisition Holdings LLC
	Term Loan B, 5.08%, (3M LIBOR + 3.00%), 06/07/23 (f)	84	84
MTN Infrastructure TopCo Inc.
	1st Lien Term Loan B, 4.98%, (3M LIBOR + 3.00%), 10/27/24 (f)	41	41
Nautilus Power LLC
	Term Loan B, 6.23%, (3M LIBOR + 4.25%), 04/28/24 (f)	11	11
New LightSquared LLC
	Term Loan, 11.07%, (3M LIBOR + 8.75%), 06/15/20 (f)	86	70
Nexstar Broadcasting Inc.
	Term Loan B-2, 4.48%, (3M LIBOR + 2.50%), 01/17/24 (f)	34	34
NVA Holdings Inc.
	Term Loan B-3, 4.84%, (3M LIBOR + 2.75%), 01/31/25 (f)	2	2
ON Semiconductor Corp.
	1st Lien Term Loan B, 3.73%, (3M LIBOR + 1.75%), 03/31/23 (f)	316	316
Optiv Security Inc.
	1st Lien Term Loan, 5.25%, (3M LIBOR + 3.25%), 01/27/24 (f)	54	53
	2nd Lien Term Loan, 9.25%, (3M LIBOR + 7.25%), 01/20/25 (f)	15	14
Ortho-Clinical Diagnostics SA
	Term Loan B, 5.73%, (3M LIBOR + 3.25%), 06/30/21 (f)	92	92
	Term Loan B, 0.00%, (3M LIBOR + 3.25%), 05/31/25 (f) (n)	85	85
	Term Loan B, 5.34%, (3M LIBOR + 3.25%), 06/01/25 (f)	40	40
Oryx Southern Delaware Holdings LLC
	Term Loan, 5.23%, (3M LIBOR + 3.25%), 02/26/25 (c) (f)	30	30
Parexel International Corp.
	Term Loan B, 4.84%, (3M LIBOR + 3.00%), 08/06/24 (f)	50	49
Party City Holdings Inc.
	Term Loan B, 4.74%, (3M LIBOR + 2.75%), 08/19/22 (f)	12	12
	Term Loan B, 4.81%, (3M LIBOR + 2.75%), 08/19/22 (f)	11	11
	Term Loan B, 5.28%, (3M LIBOR + 2.75%), 08/19/22 (f)	11	11
Peak 10 Inc.
	Term Loan, 9.61%, (3M LIBOR + 7.25%), 07/21/25 (f)	15	15
Petco Animal Supplies Inc.
	Term Loan B, 5.61%, (3M LIBOR + 3.00%), 01/12/23 (f)	31	23
Pike Corp.
	Term Loan B, 5.49%, (3M LIBOR + 3.50%), 03/13/25 (f)	24	24
Pinnacle Foods Finance LLC
	Term Loan B, 3.75%, (3M LIBOR + 1.75%), 02/02/24 (f)	43	43
PowerSchool
	Term Loan B, 0.00%, (3M LIBOR + 3.25%), 06/15/25 (c) (f) (n)	23	23
PQ Corp.
	Term Loan B, 4.59%, (3M LIBOR + 2.50%), 02/08/25 (f)	59	59
Prestige Brands Inc.
	Term Loan B-4, 3.98%, (3M LIBOR + 2.00%), 01/20/24 (f)	75	74
Project Alpha Intermediate Holding Inc.
	Term Loan B, 5.99%, (3M LIBOR + 3.50%), 04/26/24 (f)	49	49
Quintiles IMS Inc.
	Term Loan B, 2.75%, (3M LIBOR + 2.00%), 03/07/24, EUR (f)	995	1,148
	Term Loan, 4.30%, (3M LIBOR + 2.00%), 03/07/24 (f)	93	93
Rackspace Hosting Inc.
	Incremental 1st Lien Term Loan, 5.36%, (1M LIBOR + 3.00%), 11/03/23 (f)	143	141
		Shares/Par¹	Value ($)
Radiate Holdco LLC
	1st Lien Term Loan, 5.09%, (3M LIBOR + 3.00%), 12/09/23 (f)	74	73
Reece Ltd.
	Term Loan B, 0.00%, (3M LIBOR + 2.00%), 06/01/25 (f) (n)	25	25
Rexnord LLC
	Term Loan B, 4.34%, (3M LIBOR + 2.25%), 08/21/24 (f)	44	44
RPI Finance Trust
	Term Loan B-6, 4.30%, (3M LIBOR + 2.00%), 03/13/23 (f)	63	63
Sabre GLBL Inc.
	Term Loan B, 4.09%, (3M LIBOR + 2.00%), 02/22/24 (f)	788	786
SBA Senior Finance II LLC
	Term Loan B, 3.99%, (3M LIBOR + 2.00%), 03/26/25 (f)	26	26
Sedgwick Claims Management Services Inc.
	1st Lien Term Loan, 4.73%, (3M LIBOR + 2.75%), 02/11/21 (f)	35	34
	2nd Lien Term Loan, 7.73%, (3M LIBOR + 5.75%), 02/11/22 (f)	42	43
	2nd Lien Term Loan, 8.06%, (3M LIBOR + 5.75%), 02/11/22 (f)	13	13
Serta Simmons Bedding LLC
	1st Lien Term Loan, 5.53%, (3M LIBOR + 3.50%), 10/21/23 (f)	14	12
	1st Lien Term Loan, 5.81%, (3M LIBOR + 3.50%), 10/21/23 (f)	50	43
	1st Lien Term Loan, 10.33%, (3M LIBOR + 8.00%), 10/21/24 (f)	38	25
ServiceMaster Co.
	Term Loan B, 4.48%, (3M LIBOR + 2.50%), 11/08/23 (f)	103	102
Sinclair Television Group Inc.
	Term Loan B, 0.00%, (3M LIBOR + 2.25%), 12/11/24 (f) (n)	35	35
SolarWinds Holdings Inc.
	Term Loan B, 4.98%, (3M LIBOR + 3.00%), 02/06/24 (f)	90	89
Solera LLC
	Term Loan B, 4.73%, (3M LIBOR + 2.75%), 03/03/23 (f)	49	49
Sophia LP
	Term Loan B, 5.58%, (1M LIBOR + 3.25%), 09/30/22 (f)	59	58
Sound Inpatient Physicians
	1st Lien Term Loan, 0.00%, (3M LIBOR + 3.00%), 06/19/25 (f) (n)	14	14
Spectrum Brands Inc.
	Term Loan B, 4.06%, (3M LIBOR + 2.00%), 06/23/22 (f)	41	41
	Term Loan B, 4.08%, (3M LIBOR + 2.00%), 06/23/22 (f)	7	7
	Term Loan B, 4.10%, (3M LIBOR + 2.00%), 06/23/22 (f)	36	36
	Term Loan B, 4.36%, (3M LIBOR + 2.00%), 06/23/22 (f)	27	27
Spin Holdco Inc.
	Term Loan B, 5.34%, (3M LIBOR + 3.25%), 11/14/22 (f)	56	56
SRS Distribution Inc.
	1st Lien Term Loan, 5.58%, (3M LIBOR + 3.25%), 05/19/25 (f)	50	49
SS&C Technologies Holdings Europe SARL
	Term Loan B-4, 4.59%, (3M LIBOR + 2.50%), 02/27/25 (f)	76	76
SS&C Technologies Inc.
	Term Loan B-3, 4.59%, (3M LIBOR + 2.50%), 02/27/25 (f)	200	200
Staples Inc.
	Term Loan B, 6.36%, (3M LIBOR + 4.00%), 08/15/24 (f)	200	197
	Term Loan B, 0.00%, (3M LIBOR + 4.00%), 09/12/24 (f) (n)	290	286

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	Stars Group Holdings BV
		Term Loan B, 5.32%, (3M LIBOR + 3.00%), 03/28/25 (f)	67		67
		Incremental Term Loan, 0.00%, (3M LIBOR + 3.00%), 06/29/25 (f) (n)	129		129
	Station Casinos LLC
		Term Loan B, 4.49%, (3M LIBOR + 2.50%), 05/24/23 (f)	75		75
	Team Health Holdings Inc.
		1st Lien Term Loan, 4.84%, (3M LIBOR + 2.75%), 01/12/24 (f)	99		96
	Telenet Financing USD LLC
		Term Loan AN, 4.32%, (3M LIBOR + 2.25%), 08/31/26 (f)	95		94
	Tempo Acquisition LLC
		Term Loan, 4.98%, (3M LIBOR + 3.00%), 04/20/24 (f)	99		98
	TEX Operations Co. LLC
		Term Loan B, 3.98%, (3M LIBOR + 2.00%), 08/04/23 (f)	136		135
	TIBCO Software Inc.
		Term Loan B, 5.49%, (3M LIBOR + 3.50%), 02/01/25 (f)	35		35
	Titan Acquisition Ltd.
		Term Loan B, 5.09%, (3M LIBOR + 3.00%), 03/16/25 (f)	85		83
	TKC Holdings Inc.
		1st Lien Term Loan, 5.73%, (3M LIBOR + 3.75%), 02/08/23 (f)	99		98
	Trader Corp.
		Term Loan B, 5.10%, (3M LIBOR + 3.00%), 09/28/23 (f)	28		27
	TransDigm Inc.
		Term Loan E, 4.48%, (3M LIBOR + 2.75%), 06/09/23 (f)	1		1
		Term Loan E, 5.05%, (3M LIBOR + 2.75%), 06/09/23 (f)	96		95
	U.S. Foods Inc.
		Term Loan B, 4.48%, (3M LIBOR + 2.50%), 06/27/23 (f)	123		122
	Unitymedia Finance LLC
		Term Loan B, 4.32%, (3M LIBOR + 2.25%), 09/30/25 (f)	90		89
	Unitymedia Hessen GmbH & Co. KG
		Term Loan E, 4.07%, (3M LIBOR + 2.00%), 05/24/23 (f)	169		168
	USI Inc.
		Term Loan, 5.30%, (3M LIBOR + 3.00%), 05/16/24 (f)	40		39
	Valeant Pharmaceuticals International Inc.
		Term Loan B, 0.00%, (3M LIBOR + 3.00%), 05/17/25 (f) (n)	275		274
		Term Loan B, 4.98%, (3M LIBOR + 3.00%), 05/19/25 (f)	241		240
	VF Holding Corp.
		Term Loan, 5.23%, (3M LIBOR + 3.25%), 06/30/23 (f)	84		83
	VICI Properties 1 LLC
		Term Loan B, 4.08%, (3M LIBOR + 2.00%), 12/13/24 (f)	81		80
	Virgin Media Bristol LLC
		Term Loan K, 4.57%, (3M LIBOR + 2.50%), 02/10/26 (f)	116		115
	Vistra Energy Corp.
		1st Lien Term Loan B-3, 4.06%, (3M LIBOR + 2.00%), 12/11/25 (f)	60		60
	Weight Watchers International Inc.
		Term Loan, 6.76%, (3M LIBOR + 4.75%), 11/16/24 (f)	3		3
		Term Loan, 7.06%, (3M LIBOR + 4.75%), 11/16/24 (f)	14		15
	West Corp.
		Term Loan B-1, 5.48%, (3M LIBOR + 3.50%), 10/10/24 (f)	75		74
	Western Digital Corp.
		Term Loan B-4, 0.00%, (3M LIBOR + 1.75%), 04/29/23 (f) (n)	200		200
			Shares/Par¹		Value ($)
		Term Loan B-4, 3.71%, (3M LIBOR + 1.75%), 04/29/23 (f)	544		543
	WEX Inc.
		Term Loan B-2, 3.46%, (3M LIBOR + 1.50%), 04/29/23 (f)	242		243
		Term Loan B-2, 4.35%, (3M LIBOR + 2.25%), 06/30/24 (f)	92		92
	Wrangler Buyer Corp.
		Term Loan B, 4.73%, (3M LIBOR + 2.75%), 09/20/24 (f)	35		35
	Wyndham Hotels & Resorts Inc.
		Term Loan B, 3.73%, (3M LIBOR + 1.75%), 03/29/25 (f)	45		45
	Ziggo Secured Finance Partnership
		Term Loan E, 4.57%, (3M LIBOR + 2.50%), 04/15/25 (f)	105		104
				28,833
	Total Senior Loan Interests (cost $38,203)			37,734
GOVERNMENT AND AGENCY OBLIGATIONS 8.6%
Argentina 0.3%
	Argentina Republic Government International Bond
		6.88%, 04/22/21	425		424
Belarus 0.1%
	Republic of Belarus International Bond
		6.88%, 02/28/23 (d)	200		207
Cote D'Ivoire 0.1%
	Ivory Coast Government International Bond
		5.75%, 12/31/32 (d)	95		88
Croatia 0.3%
	Croatia Government International Bond
		3.88%, 05/30/22, EUR (d)	400		516
Egypt 0.1%
	Egypt Government International Bond
		6.13%, 01/31/22 (d)	200		197
Hungary 0.2%
	Hungary Government International Bond
		5.38%, 03/25/24	320		340
Indonesia 0.4%
	Indonesia Government International Bond
		2.88%, 07/08/21, EUR (d)	440		544
Luxembourg 0.1%
	European Investment Bank
		1.38%, 09/15/21, EUR	100		123
Russian Federation 0.4%
	Russia Government International Bond
		5.00%, 04/29/20 (d)	600		614
Serbia 0.6%
	Republic of Serbia
		5.88%, 12/03/18 (d)	520		525
	Serbia International Bond
		4.88%, 02/25/20 (d)	400		406
				931
Ukraine 0.2%
	Ukraine Government International Bond
		7.75%, 09/01/21 (d)	300		295
United States of America 5.7%
	U.S. Treasury Bond
		3.00%, 05/15/47 - 02/15/48	6,764		6,778
	U.S. Treasury Note
		2.25%, 11/15/27	625		594
		2.88%, 05/15/28	1,225		1,227
				8,599
Venezuela 0.1%
	Petroleos de Venezuela SA
		0.00%, 11/15/26 - 05/17/35 (a) (d) (l)	400		87
	Total Government And Agency Obligations (cost $13,047)			12,965
OTHER EQUITY INTERESTS 0.0%
United States of America 0.0%
	T-Mobile USA Inc. Escrow (a) (c)		175		—
	T-Mobile USA Inc. Escrow (a) (c)		2		—

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
	T-Mobile USA Inc. Escrow (a) (c) (o)	102		—
	Total Other Equity Interests (cost $0)		—
SHORT TERM INVESTMENTS 25.8%
Repurchase Agreements 25.8%
	Repurchase Agreements (p)			38,644
	Total Short Term Investments (cost $38,825)		38,644
Total Investments 147.1% (cost $227,185)				220,796
Total Securities Sold Short (24.9)% (proceeds $37,797)				(37,338)
Total Purchased Options 0.5% (cost $883)				741
Other Derivative Instruments (0.2)%				(367)
Other Assets and Liabilities, Net (22.5)%				(33,759)
Total Net Assets 100.0%				150,073

(a) Non-income producing security.

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

(c) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Jackson Variable Series Trust's 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 Notes to Financial Statements.

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

(f) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2018. 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 reflects 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.

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

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

(i) Convertible security.

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

(l) Issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date. The aggregate value of these securities represented 0.9% of the Fund’s net assets.

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

(n) This senior loan will settle after June 30, 2018. The reference rate and spread presented will go into effect upon settlement.

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

(p) For repurchase agreements held at June 30, 2018, see Repurchase Agreements in the Schedules of Investments.


			Shares/Par¹		Value ($)
SECURITIES SOLD SHORT (24.9%)
CORPORATE BONDS AND NOTES (16.8%)
Canada (0.4%)
	Bombardier Inc.
		7.50%, 03/15/25 (a)	(252)		(263)
	Magna International Inc.
		1.50%, 09/25/27, EUR	(150)		(177)
	NOVA Chemicals Corp.
		5.25%, 06/01/27 (a)	(115)		(108)
				(548)
China (0.3%)
	Bank of Communications Co. Ltd.
		5.00%, (callable at 100 beginning 07/29/20) (b) (c) (d)	(200)		(201)
	Industrial & Commercial Bank of China Ltd.
		6.00%, (callable at 100 beginning 12/10/19) (b) (c) (d)	(200)		(205)
				(406)
Denmark (0.3%)
	AP Moller-Maersk A/S
		1.75%, 03/16/26, EUR (d)	(150)		(172)
	Carlsberg Breweries A/S
		2.50%, 05/28/24, EUR (d)	(200)		(255)
				(427)
France (0.9%)
	AXA SA
		3.25%, 05/28/49, EUR (d)	(100)		(112)
	CMA CGM SA
		6.50%, 07/15/22, EUR (d)	(220)		(240)
	Iliad SA
		1.88%, 04/25/25, EUR (d)	(300)		(341)
	Mobilux Finance SAS
		5.50%, 11/15/24, EUR (d)	(100)		(113)
	Rallye SA
		5.00%, 10/15/18, EUR	(100)		(116)
	Tereos Finance Groupe I SA
		4.13%, 06/16/23, EUR (d)	(200)		(220)
	Vallourec SA
		6.63%, 10/15/22, EUR (d)	(200)		(237)
				(1,379)
			Shares/Par¹		Value ($)
Germany (1.5%)
	Bayer US Finance II LLC
		4.88%, 06/25/48 (a)	(575)		(582)
	BMW Finance NV
		1.13%, 01/10/28, EUR (d)	(150)		(170)
	Daimler AG
		1.38%, 05/11/28, EUR (d)	(150)		(170)
	Daimler International Finance BV
		1.00%, 11/11/25, EUR (d)	(100)		(114)
	Deutsche Bank AG
		6.25%, (callable at 100 beginning 04/30/20) (b) (c) (d)	(600)		(539)
	Hapag-Lloyd AG
		6.75%, 02/01/22, EUR (d)	(110)		(130)
	Heidelbergcement Finance Luxembourg SA
		1.75%, 04/24/28, EUR (d)	(115)		(133)
	Progroup AG
		3.00%, 03/31/26, EUR (d)	(300)		(343)
	Volkswagen International Finance NV
		3.50%, (callable at 100 beginning 03/20/30), EUR (b) (d)	(100)		(106)
				(2,287)
Ireland (0.2%)
	AIB Group Plc
		1.50%, 03/29/23, EUR (d)	(200)		(233)
Italy (0.3%)
	Autostrade per l'italia SpA
		1.88%, 09/26/29, EUR (d)	(150)		(166)
	Nexi Capital SpA
		3.63%, (3M EURIBOR + 3.63%), 05/01/23, EUR (d) (e)	(200)		(231)
		4.13%, 11/01/23, EUR (d)	(100)		(115)
				(512)
Luxembourg (0.8%)
	Altice Luxembourg SA
		7.25%, 05/15/22, EUR (d)	(1,070)		(1,258)
Netherlands (1.1%)
	Heineken Holding NV
		1.50%, 10/03/29, EUR (d)	(150)		(175)

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	Hema Bondco I BV
		6.25%, (3M EURIBOR + 6.25%), 07/15/22, EUR (d) (e)	(200)		(226)
	Koninklijke Philips NV
		1.38%, 05/02/28, EUR (d)	(150)		(175)
	NN Group NV
		4.63%, 01/13/48, EUR (d)	(100)		(124)
	Sigma Holdco BV
		5.75%, 05/15/26, EUR (d)	(200)		(218)
	Sunshine Mid BV
		6.50%, 05/15/26, EUR (d)	(110)		(123)
	Teva Pharmaceutical Finance Netherlands III BV
		6.00%, 04/15/24	(600)		(600)
		3.15%, 10/01/26	(25)		(20)
				(1,661)
South Africa (0.3%)
	Eskom Holdings SOC Ltd.
		5.75%, 01/26/21 (d)	(200)		(195)
		6.75%, 08/06/23 (d)	(200)		(192)
				(387)
Spain (0.7%)
	Cellnex Telecom SA
		2.88%, 04/18/25, EUR (d)	(400)		(474)
	Gestamp Automocion SA
		3.25%, 04/30/26, EUR (d)	(300)		(337)
	Grupo Antolin Irausa SA
		3.25%, 04/30/24, EUR (d)	(100)		(113)
	Naviera Armas SA
		4.25%, (3M EURIBOR + 4.25%), 11/15/24, EUR (d) (e)	(100)		(115)
				(1,039)
United Kingdom (0.5%)
	BAT International Finance Plc
		2.25%, 01/16/30, EUR (d)	(100)		(117)
	Rolls-Royce Holdings Plc
		1.63%, 05/09/28, EUR (d)	(150)		(175)
	Vodafone Group Plc
		1.88%, 11/20/29, EUR (d)	(300)		(347)
	Wagamama Finance Plc
		4.13%, 07/01/22, GBP (d)	(100)		(129)
				(768)
United States of America (9.5%)
	Actavis Funding SCS
		3.80%, 03/15/25	(330)		(321)
		4.55%, 03/15/35	(525)		(499)
	Amazon.com Inc.
		4.05%, 08/22/47	(575)		(563)
	AT&T Inc.
		5.15%, 02/15/50 (a)	(430)		(402)
	Avis Budget Car Rental LLC
		5.50%, 04/01/23	(275)		(269)
	BWAY Holding Co.
		7.25%, 04/15/25 (a)	(30)		(29)
	CCO Holdings LLC
		5.75%, 02/15/26 (a)	(420)		(414)
	Citigroup Inc.
		4.08%, 04/23/29	(645)		(633)
	Comcast Corp.
		3.55%, 05/01/28	(575)		(550)
		4.00%, 08/15/47	(640)		(570)
		4.00%, 03/01/48	(610)		(543)
	Coty Inc.
		4.75%, 04/15/26, EUR (d)	(110)		(126)
	Diamond 1 Finance Corp.
		5.45%, 06/15/23 (a)	(645)		(676)
	Discovery Communications LLC
		3.95%, 03/20/28	(860)		(818)
	ERAC USA Finance LLC
		3.80%, 11/01/25 (a)	(525)		(518)
	Express Scripts Holding Co.
		4.80%, 07/15/46	(995)		(952)
	Exxon Mobil Corp.
		4.11%, 03/01/46	(640)		(654)
			Shares/Par¹		Value ($)
	HCA Inc.
		5.38%, 02/01/25	(250)		(247)
	Hertz Corp.
		7.63%, 06/01/22 (a)	(87)		(84)
		6.25%, 10/15/22	(100)		(89)
	Intel Corp.
		3.73%, 12/08/47	(575)		(544)
	Kennametal Inc.
		3.88%, 02/15/22	(38)		(38)
	L Brands Inc.
		5.25%, 02/01/28	(125)		(112)
		6.88%, 11/01/35	(83)		(74)
	Levi Strauss & Co.
		3.38%, 03/15/27, EUR	(250)		(295)
	LKQ European Holdings BV
		3.63%, 04/01/26, EUR (d)	(200)		(234)
	Microsoft Corp.
		4.25%, 02/06/47	(575)		(612)
	Philip Morris International Inc.
		2.75%, 02/25/26	(1,065)		(990)
	QUALCOMM Inc.
		3.25%, 05/20/27	(725)		(678)
	Seagate HDD Cayman
		4.75%, 01/01/25	(305)		(294)
	Sprint Capital Corp.
		6.88%, 11/15/28	(335)		(323)
	Tenet Healthcare Corp.
		6.75%, 06/15/23	(325)		(324)
	Viacom Inc.
		3.45%, 10/04/26	(228)		(209)
	Walt Disney Co.
		4.13%, 06/01/44	(640)		(620)
				(14,304)
	Total Corporate Bonds And Notes (proceeds $25,755)			(25,209)
GOVERNMENT AND AGENCY OBLIGATIONS (8.1%)
Italy (0.1%)
	Italy Buoni Poliennali Del Tesoro
		0.95%, 03/01/23, EUR (d)	(150)		(169)
Spain (0.4%)
	Spain Government Bond
		1.40%, 04/30/28, EUR (a)	(490)		(577)
United Kingdom (0.2%)
	United Kingdom Gilt Treasury Bond
		3.50%, 07/22/68, GBP (d)	(130)		(286)
United States of America (7.4%)
	U.S. Treasury Bond
		2.75%, 08/15/47	(1,925)		(1,836)
		2.75%, 11/15/47	(2,936)		(2,800)
	U.S. Treasury Note
		2.63%, 05/15/21	(520)		(520)
		2.75%, 05/31/23	(2,495)		(2,498)
		2.25%, 12/31/24	(400)		(387)
		2.88%, 05/31/25	(1,973)		(1,981)
		2.75%, 02/15/28	(1,084)		(1,075)
				(11,097)
	Total Government And Agency Obligations (proceeds $12,042)			(12,129)
	Total Securities Sold Short (24.9%) (proceeds $37,797)				(37,338)

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

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

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018

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 reflects 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.


Repurchase Agreements
Counter-party	Collateral	Collateral Par¹	Collateral Value ($)	Rate (%)	Settlement Date	Maturity Date	Proceeds at Maturity ($)	Par¹	Value ($)
BBP	United Kingdom Gilt Treasury Bond, 3.50%, due 07/22/68, GBP	130	286	0.42	02/01/18	Open	274	208	274
BBP	Tereos Finance Groupe I SA, 4.13%, due 06/16/23, EUR	100	110	(1.00)	02/16/18	Open	122	105	122
BBP	Wagamama Finance Plc, 4.13%, due 07/01/22, GBP	100	129	(2.00)	03/01/18	Open	130	98	130
BBP	Altice SA, 7.25%, due 05/15/22, EUR	200	235	(3.50)	04/16/18	Open	237	203	237
BBP	Vodafone Group Plc, 1.88%, due 11/20/29, EUR	200	226	(1.50)	04/27/18	Open	235	201	235
BBP	CMA CGM SA, 6.50%, due 07/15/22, EUR	110	120	(1.50)	05/03/18	Open	133	114	133
BBP	Hapag-Lloyd AG, 6.75%, due 02/01/22, EUR	110	130	(2.50)	05/03/18	Open	138	118	138
BBP	Altice SA, 7.25%, due 05/15/22, EUR	100	118	(3.75)	05/04/18	Open	117	101	117
BBP	Altice SA, 7.25%, due 05/15/22, EUR	148	174	(3.75)	05/04/18	Open	174	149	174
BBP	Mobilux Finance SAS, 5.50%, due 11/15/24, EUR	100	113	(2.25)	05/08/18	Open	123	106	123
BBP	Coty Inc., 4.75%, due 04/15/26, EUR	110	126	(1.60)	05/10/18	Open	129	111	129
BBP	Gestamp Automocion SA, 3.25%, due 04/30/26, EUR	100	112	(0.90)	05/17/18	Open	115	99	115
BBP	Gestamp Automocion SA, 3.25%, due 04/30/26, EUR	100	112	(0.90)	05/18/18	Open	115	99	115
BBP	Iliad SA, 1.88%, due 04/25/25, EUR	200	227	(1.75)	05/18/18	Open	226	194	226
BBP	LKQ European Holdings BV, 3.63%, due 04/01/26, EUR	200	234	(1.30)	05/22/18	Open	234	201	234
BBP	Bank of Communications Co. Ltd., 5.00%, perpetual	200	201	(0.25)	05/25/18	Open	206	206	206
BBP	Sunshine Mid BV, 6.50%, due 05/15/26, EUR	110	123	(2.60)	05/31/18	Open	125	107	125
BBP	Heidelbergcement Finance Luxembourg SA, 1.75%, due 04/24/28, EUR	15	17	(1.00)	06/08/18	Open	17	15	17
BBP	Progroup AG, 3.00%, due 03/31/26, EUR	100	114	(1.50)	06/11/18	Open	117	100	117
BBP	Heidelbergcement Finance Luxembourg SA, 1.75%, due 04/24/28, EUR	50	58	(1.00)	06/11/18	Open	57	49	57
BBP	Naviera Armas SA, 4.25%, due 11/15/24, EUR	100	115	(1.65)	06/12/18	Open	116	99	116
BBP	Magna International Inc., 1.50%, due 09/25/27, EUR	150	177	(1.10)	06/12/18	Open	177	152	177
BBP	Daimler AG, 1.38%, due 05/11/28, EUR	50	57	(1.15)	06/12/18	Open	57	49	57
BBP	BMW Finance NV, 1.13%, due 01/10/28, EUR	150	170	(1.05)	06/12/18	Open	171	146	171
BBP	Nexi Capital SpA, 4.13%, due 11/01/23, EUR	100	115	(2.00)	06/14/18	Open	115	99	115
BBP	Tereos Finance Groupe I SA, 4.13%, due 06/16/23, EUR	100	110	(5.00)	06/14/18	Open	116	100	116
BBP	Heidelbergcement Finance Luxembourg SA, 1.75%, due 04/24/28, EUR	50	58	(1.00)	06/14/18	Open	57	49	57
BBP	Grupo Antolin Irausa SA, 3.25%, due 04/30/24, EUR	100	113	(1.00)	06/15/18	Open	117	100	117
BBP	Sigma Holdco BV, 5.75%, due 05/15/26, EUR	100	109	(1.85)	06/21/18	Open	112	96	112
BCL	Deutsche Bank AG, 6.25%, perpetual	600	538	1.15	03/26/18	Open	616	616	616
BCL	Walt Disney Co., 4.13%, due 06/01/44	640	620	1.25	05/24/18	Open	645	645	645
BCL	Hertz Corp., 6.25%, due 10/15/22	100	89	(4.00)	06/04/18	Open	89	89	89
BCL	L Brands Inc., 5.25%, due 02/01/28	125	112	1.25	06/14/18	Open	98	98	98
BCL	Express Scripts Holding Co., 4.80%, due 07/15/46	385	368	1.25	06/14/18	Open	375	375	375
BCL	L Brands Inc., 6.88%, due 11/01/35	83	74	1.60	06/15/18	Open	76	76	76
BCL	Citigroup Inc., 4.08%, due 04/23/29	645	633	1.60	06/21/18	Open	635	635	635
BCL	Microsoft Corp., 4.25%, due 02/06/47	575	612	1.60	06/28/18	Open	615	615	615
BCL	Intel Corp., 3.73%, due 12/08/47	575	544	1.60	06/28/18	Open	540	540	540
BCL	NOVA Chemicals Corp., 5.25%, due 06/01/27	115	108	1.60	07/02/18	Open	108	108	108
BNP	Altice SA, 7.25%, due 05/15/22, EUR	200	235	(4.00)	05/04/18	Open	236	202	236
BNP	Spain Government Bond, 1.40%, due 04/30/28, EUR	490	577	(0.57)	06/07/18	Open	573	491	573

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Repurchase Agreements (continued)
Counter-party	Collateral	Collateral Par¹	Collateral Value ($)	Rate (%)	Settlement Date	Maturity Date	Proceeds at Maturity ($)	Par¹	Value ($)
BNP	Rallye SA, 5.00%, due 10/15/18, EUR	100	116	(8.00)	06/11/18	Open	120	103	120
BNP	U.S. Treasury Note, 2.63%, due 05/15/21	520	520	2.10	06/29/18	07/02/18	522	522	522
BNP	U.S. Treasury Note, 2.75%, due 05/31/23	2,495	2,498	2.00	06/29/18	07/02/18	2,504	2,504	2,504
CGM	Comcast Corp., 4.00%, due 08/15/47	640	570	1.35	04/27/18	Open	588	588	588
CGM	Kennametal Inc., 3.88%, due 02/15/22	38	38	1.25	05/24/18	Open	38	38	38
CGM	Exxon Mobil Corp., 4.11%, due 03/01/46	640	654	1.30	05/24/18	Open	640	640	640
CGM	Comcast Corp., 4.00%, due 03/01/48	610	543	1.35	05/31/18	Open	550	550	550
CGM	HCA Inc., 5.38%, due 02/01/25	250	247	1.35	06/01/18	Open	250	250	250
CGM	Hertz Corp., 7.63%, due 06/01/22	87	84	1.05	06/07/18	Open	85	85	85
CGM	Discovery Communications LLC, 3.95%, due 03/20/28	860	818	1.35	06/11/18	Open	815	815	815
CGM	AT&T Inc., 5.15%, due 02/15/50	215	201	1.60	06/21/18	Open	208	208	208
CGM	Bayer US Finance II LLC, 4.88%, due 06/25/48	575	582	1.60	06/28/18	Open	574	574	574
CGM	Viacom Inc., 3.45%, due 10/04/26	228	209	1.00	06/28/18	Open	209	209	209
CGM	Amazon.com Inc., 4.05%, due 08/22/47	575	563	1.60	06/28/18	Open	564	564	564
CGM	Avis Budget Car Rental LLC, 5.50%, due 04/01/23	25	24	(0.75)	06/28/18	Open	25	25	25
CGM	CCO Holdings LLC, 5.75%, due 02/15/26	25	25	1.60	06/28/18	Open	25	25	25
CGM	Diamond 1 Finance Corp., 5.45%, due 06/15/23	645	676	1.60	06/29/18	Open	676	676	676
CGM	Sprint Capital Corp., 6.88%, due 11/15/28	235	226	1.60	06/29/18	Open	231	231	231
CGM	Tenet Healthcare Corp., 6.75%, due 06/15/23	275	274	(1.00)	06/29/18	Open	278	278	278
CGM	Comcast Corp., 3.55%, due 05/01/28	575	550	1.35	06/29/18	Open	551	551	551
CGM	Tenet Healthcare Corp., 6.75%, due 06/15/23	325	324	(1.00)	07/02/18	Open	324	324	324
CGM	Sprint Capital Corp., 6.88%, due 11/15/28	335	323	1.60	07/02/18	Open	329	329	329
CSI	Philip Morris International Inc., 2.75%, due 02/25/26	1,065	990	1.00	04/25/18	Open	982	982	982
DUB	U.S. Treasury Bond, 2.75%, due 08/15/47	1,925	1,836	2.15	06/29/18	07/02/18	1,860	1,860	1,860
DUB	U.S. Treasury Note, 2.25%, due 12/31/24	400	387	2.05	06/29/18	07/02/18	391	391	391
DUB	U.S. Treasury Note, 2.88%, due 05/31/25	1,973	1,981	2.10	06/29/18	07/02/18	1,985	1,985	1,985
JPM	Altice SA, 7.25%, due 05/15/22, EUR	110	129	(1.35)	12/18/17	Open	132	113	132
JPM	Vallourec SA, 6.63%, due 10/15/22, EUR	100	119	(1.00)	02/26/18	Open	126	108	126
JPM	Vallourec SA, 6.63%, due 10/15/22, EUR	100	119	(1.65)	02/27/18	Open	125	107	125
JPM	Carlsberg Breweries A/S, 2.50%, due 05/28/24, EUR	200	255	(1.10)	04/03/18	Open	261	224	261
JPM	Altice SA, 7.25%, due 05/15/22, EUR	212	249	(2.70)	04/18/18	Open	254	218	254
JPM	Altice SA, 7.25%, due 05/15/22, EUR	100	118	(2.60)	04/20/18	Open	120	103	120
JPM	Cellnex Telecom SA, 2.88%, due 04/18/25, EUR	100	119	(1.40)	04/27/18	Open	120	103	120
JPM	Cellnex Telecom SA, 2.88%, due 04/18/25, EUR	100	119	(1.35)	05/14/18	Open	120	103	120
JPM	Vodafone Group Plc, 1.88%, due 11/20/29, EUR	100	116	(0.80)	05/21/18	Open	115	98	115
JPM	Iliad SA, 1.88%, due 04/25/25, EUR	100	114	(1.35)	05/21/18	Open	113	97	113
JPM	Progroup AG, 3.00%, due 03/31/26, EUR	100	114	(1.50)	05/22/18	Open	117	100	117
JPM	Progroup AG, 3.00%, due 03/31/26, EUR	100	114	(1.60)	05/22/18	Open	117	100	117
JPM	Vodafone Group Plc, 1.88%, due 11/20/29, EUR	100	116	(0.80)	05/28/18	Open	115	98	115
JPM	Vodafone Group Plc, 1.88%, due 11/20/29, EUR	100	106	(0.80)	06/01/18	Open	113	97	113
JPM	BAT International Finance Plc, 2.25%, due 01/16/30, EUR	100	117	(0.80)	06/01/18	Open	118	101	118
JPM	AXA SA, 3.25%, due 05/28/49, EUR	100	112	(0.80)	06/01/18	Open	113	96	113
JPM	NN Group NV, 4.63%, due 01/13/48, EUR	100	124	(0.80)	06/01/18	Open	127	109	127
JPM	Italy Buoni Poliennali Del Tesoro, 0.95%, due 03/01/23, EUR	150	169	(0.60)	06/05/18	Open	171	146	171
JPM	Autostrade per l'italia SpA, 1.88%, due 09/26/29, EUR	150	166	(0.95)	06/07/18	Open	169	145	169
JPM	Heineken Holding NV, 1.50%, due 10/03/29, EUR	150	175	(0.80)	06/07/18	Open	176	151	176
JPM	Cellnex Telecom SA, 2.88%, due 04/18/25, EUR	100	119	(1.50)	06/07/18	Open	117	101	117
JPM	Rolls-Royce Holdings Plc, 1.63%, due 05/09/28, EUR	150	175	(0.85)	06/08/18	Open	174	149	174
JPM	Cellnex Telecom SA, 2.88%, due 04/18/25, EUR	100	119	(1.50)	06/08/18	Open	117	100	117
JPM	Koninklijke Philips NV, 1.38%, due 05/02/28, EUR	150	175	(0.85)	06/08/18	Open	174	149	174

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


Repurchase Agreements (continued)
Counter-party	Collateral		Collateral Par¹		Collateral Value ($)		Rate (%)		Settlement Date		Maturity Date		Proceeds at Maturity ($)		Par¹			Value ($)
JPM		Levi Strauss & Co., 3.38%, due 03/15/27, EUR		150		177		(0.95)		06/08/18		Open		180		154			180
JPM		AP Moller-Maersk A/S, 1.75%, due 03/16/26, EUR		150		172		(1.15)		06/11/18		Open		174		149			174
JPM		Daimler International Finance BV, 1.00%, due 11/11/25, EUR		100		114		(1.25)		06/12/18		Open		116		99			116
JPM		Daimler AG, 1.38%, due 05/11/28, EUR		100		114		(1.00)		06/12/18		Open		115		99			115
JPM		Gestamp Automocion SA, 3.25%, due 04/30/26, EUR		100		112		(1.05)		06/13/18		Open		116		99			116
JPM		Nexi Capital SpA, 3.63%, due 05/01/23, EUR		100		116		(1.85)		06/14/18		Open		115		99			115
JPM		CMA CGM SA, 6.50%, due 07/15/22, EUR		110		120		(1.20)		06/15/18		Open		132		113			132
JPM		Industrial & Commercial Bank of China Ltd., 6.00%, perpetual		200		205		1.40		06/15/18		Open		211		211			211
JPM		Sigma Holdco BV, 5.75%, due 05/15/26, EUR		100		109		(2.00)		06/20/18		Open		113		97			113
JPM		Levi Strauss & Co., 3.38%, due 03/15/27, EUR		100		118		(1.00)		06/21/18		Open		121		104			121
JPM		AIB Group Plc, 1.50%, due 03/29/23, EUR		200		233		(0.85)		06/28/18		Open		233		200			233
JPM		Vodafone Group Plc, 1.88%, due 11/20/29, EUR		100		116		(0.80)		06/28/18		Open		118		101			118
JPM		Nexi Capital SpA, 3.63%, due 05/01/23, EUR		100		116		(2.60)		07/02/18		Open		116		100			116
MLP		U.S. Treasury Note, 2.75%, due 02/15/28		1,084		1,075		2.15		06/29/18		07/02/18		1,086		1,086			1,086
NSI		Eskom Holdings SOC Ltd., 5.75%, due 01/26/21		200		194		1.40		05/21/18		Open		201		201			201
NSI		Eskom Holdings SOC Ltd., 6.75%, due 08/06/23		200		192		1.60		06/27/18		Open		198		198			198
RBC		Express Scripts Holding Co., 4.80%, due 07/15/46		610		583		1.15		02/27/18		Open		616		616			616
RBC		Seagate HDD Cayman, 4.75%, due 01/01/25		305		294		1.15		03/22/18		Open		302		302			302
RBC		Actavis Funding SCS, 4.55%, due 03/15/35		525		499		1.40		05/02/18		Open		496		496			496
RBC		Actavis Funding SCS, 3.80%, due 03/15/25		330		321		1.40		05/11/18		Open		318		318			318
RBC		Bombardier Inc., 7.50%, due 03/15/25		177		185		1.40		05/22/18		Open		186		186			186
RBC		Teva Pharmaceutical Finance Netherlands III BV, 6.00%, due 04/15/24		600		600		1.00		05/22/18		Open		592		592			592
RBC		ERAC USA Finance LLC, 3.80%, due 11/01/25		525		518		1.40		05/25/18		Open		518		518			518
RBC		Avis Budget Car Rental LLC, 5.50%, due 04/01/23		250		245		(0.75)		06/14/18		07/05/18		247		248			247
RBC		Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26		25		20		1.50		06/15/18		Open		21		21			21
RBC		United Rental North America Inc., 5.55%, due 05/15/27		200		195		1.65		06/18/18		Open		206		206			205
RBC		BWAY Holding Co., 7.25%, due 04/15/25		30		29		1.65		06/20/18		Open		30		30			30
RBC		AT&T Inc., 5.15%, due 02/15/50		215		201		1.65		06/21/18		Open		209		209			209
RBC		Qualcomm Inc., 3.25%, due 05/20/27		725		678		1.65		06/22/18		Open		678		678			678
RBC		CCO Holdings LLC, 5.75%, due 02/15/26		395		389		1.65		06/28/18		07/05/18		399		399			399
RBC		U.S. Treasury Bond, 2.75%, due 11/15/47		2,936		2,800		2.05		06/29/18		07/02/18		2,819		2,819			2,819
RBC		Bombardier Inc., 7.50%, due 03/15/25		252		263		1.60		07/02/18		Open		267		267			267
																	$		38,644

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹	Value ($)
JNL/DFA U.S. Small Cap Fund
COMMON STOCKS 99.8%
Consumer Discretionary 17.1%
	1-800-Flowers.com Inc. - Class A (a)	4	50
	Aaron's Inc.	2	97
	Abercrombie & Fitch Co. - Class A	3	85
	Acushnet Holdings Corp.	3	61
	Adtalem Global Education Inc. (a)	2	82
	AMC Networks Inc. - Class A (a)	2	97
	American Axle & Manufacturing Holdings Inc. (a)	6	89
	American Eagle Outfitters Inc.	8	175
	American Outdoor Brands Corp. (a) (b)	4	50
	American Public Education Inc. (a)	2	86
	America's Car-Mart Inc. (a)	1	33
	Ark Restaurants Corp.	1	15
	Asbury Automotive Group Inc. (a)	1	80
	Ascena Retail Group Inc. (a)	11	44
	Ascent Capital Group Inc. - Class A (a)	1	2
	At Home Group Inc. (a)	2	86
	AV Homes Inc. (a)	1	13
	Barnes & Noble Education Inc. (a)	3	14
	Barnes & Noble Inc.	6	40
	Bassett Furniture Industries Inc.	1	23
	BBX Capital Corp. - Class A	5	41
	Bed Bath & Beyond Inc.	5	92
	Belmond Ltd. - Class A (a)	4	50
	Big 5 Sporting Goods Corp. (b)	3	21
	Big Lots Inc.	2	84
	Biglari Holdings Inc. - Class A (a)	—	9
	Biglari Holdings Inc. - Class B (a)	—	17
	BJ's Restaurants Inc.	2	90
	Bloomin' Brands Inc.	4	71
	Bojangles' Inc. (a)	3	37
	Boot Barn Holdings Inc. (a)	2	31
	Bridgepoint Education Inc. (a)	1	9
	Brinker International Inc. (b)	2	101
	Build-A-Bear Workshop Inc. (a)	1	9
	Cable One Inc.	—	92
	Caleres Inc.	2	79
	Callaway Golf Co.	3	62
	Cambium Learning Group Inc. (a)	3	28
	Camping World Holdings Inc. - Class A (b)	1	28
	Capella Education Co.	1	91
	Career Education Corp. (a)	5	76
	Carriage Services Inc.	1	33
	Carrol's Restaurant Group Inc. (a)	2	33
	Cavco Industries Inc. (a)	—	48
	Central European Media Entertainment Ltd. - Class A (a) (b)	12	48
	Century Casinos Inc. (a)	1	12
	Century Communities Inc. (a)	1	43
	Cheesecake Factory Inc. (b)	2	86
	Chico's FAS Inc.	8	66
	Childrens Place Retail Stores Inc.	1	85
	Choice Hotels International Inc.	1	101
	Churchill Downs Inc.	—	76
	Chuy's Holdings Inc. (a)	1	33
	Cinemark Holdings Inc.	3	98
	Citi Trends Inc.	1	23
	Clear Channel Outdoor Holdings Inc. - Class A	2	10
	Collectors Universe Inc.	1	9
	Cooper Tire & Rubber Co.	3	85
	Cooper-Standard Holding Inc. (a)	1	114
	Core-Mark Holding Co. Inc.	1	29
	Cracker Barrel Old Country Store Inc. (b)	1	86
	Crocs Inc. (a)	5	87
	CSS Industries Inc.	1	19
	Culp Inc.	1	32
	Daily Journal Corp. (a) (b)	—	11
	Dana Holding Corp.	4	71
	Dave & Buster's Entertainment Inc. (a)	2	105
	Deckers Outdoor Corp. (a)	1	154
	Del Frisco's Restaurant Group Inc. (a)	2	22
	Del Taco Restaurants Inc. (a)	3	37
		Shares/Par¹	Value ($)
	Delta Apparel Inc. (a)	1	19
	Denny's Corp. (a)	5	75
	Destination XL Group Inc. (a) (b)	6	14
	Dick's Sporting Goods Inc.	3	94
	Dillard's Inc. - Class A (b)	1	113
	Dine Brands Global Inc.	1	59
	Diversified Restaurant Holdings Inc. (a)	3	4
	Dixie Group Inc. - Class A (a)	1	2
	Dorman Products Inc. (a)	1	97
	DSW Inc. - Class A	3	85
	Duluth Holdings Inc. - Class B (a)	1	29
	El Pollo Loco Holdings Inc. (a)	3	30
	Eldorado Resorts Inc. (a) (b)	3	109
	Emerald Expositions Events Inc.	1	12
	Entravision Communications Corp. - Class A	4	19
	Escalade Inc.	2	30
	Ethan Allen Interiors Inc.	2	45
	EW Scripps Co. - Class A	3	42
	Express Inc. (a)	6	54
	Fiesta Restaurant Group Inc. (a)	1	41
	Five Below Inc. (a)	2	158
	Flexsteel Industries Inc.	1	20
	Fluent Inc. (a) (b)	3	8
	Fossil Group Inc. (a)	1	21
	Fox Factory Holding Corp. (a)	2	73
	Francesca's Holdings Corp. (a)	3	20
	FTD Cos. Inc. (a)	1	4
	Gaia Inc. - Class A (a)	1	16
	Gannett Co. Inc.	7	78
	GCI Liberty Inc. - Class A (a)	2	72
	Genesco Inc. (a)	1	38
	Gentherm Inc. (a)	2	94
	G-III Apparel Group Ltd. (a)	2	103
	Global Eagle Entertainment Inc. (a) (b)	5	12
	Graham Holdings Co.	—	90
	Gray Television Inc. (a)	6	97
	Green Brick Partners Inc. (a)	4	37
	Group 1 Automotive Inc.	1	77
	Groupon Inc. - Class A (a)	18	77
	Guess Inc.	3	72
	Habit Restaurants Inc. - Class A (a)	1	13
	Hamilton Beach Brands Holding Co.	1	24
	Haverty Furniture Cos. Inc.	1	31
	Helen of Troy Ltd. (a)	1	79
	Hemisphere Media Group Inc. - Class A (a)	2	22
	Hibbett Sports Inc. (a)	2	36
	Hilton Grand Vacations Inc. (a)	3	105
	Hooker Furniture Corp.	1	38
	Horizon Global Corp. (a)	3	16
	Houghton Mifflin Harcourt Co. (a)	4	34
	Hovnanian Enterprises Inc. - Class A (a) (b)	9	14
	ILG Inc.	5	151
	IMAX Corp. (a)	2	50
	Installed Building Products Inc. (a)	1	81
	iRobot Corp. (a) (b)	1	105
	J Alexander's Holdings Inc. (a)	1	16
	Jack in the Box Inc.	1	99
	John Wiley & Sons Inc. - Class A	2	129
	Johnson Outdoors Inc. - Class A	1	52
	K12 Inc. (a)	2	29
	KB Home	4	100
	Kirkland's Inc. (a)	3	30
	Laureate Education Inc. - Class A (a)	1	21
	La-Z-Boy Inc.	3	86
	LCI Industries	1	88
	Liberty Expedia Holdings Inc. - Class A (a)	2	103
	Liberty Latin America Ltd. - Class A (a)	1	18
	Liberty Latin America Ltd. - Class C (a)	1	11
	Liberty Tax Inc. - Class A	1	9
	Liberty TripAdvisor Holdings Inc. - Class A (a)	6	104
	Lifetime Brands Inc.	2	26
	Lindblad Expeditions Holdings Inc. (a)	3	35
	Lithia Motors Inc. - Class A	1	87
	M/I Homes Inc. (a)	3	67
	Malibu Boats Inc. - Class A (a)	1	49

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
	Marcus Corp.	1		45
	Marine Products Corp.	2		39
	MarineMax Inc. (a)	2		37
	Marriott Vacations Worldwide Corp.	1		130
	MCBC Holdings Inc. (a)	1		32
	MDC Holdings Inc.	2		73
	Meredith Corp. (b)	2		86
	Meritage Homes Corp. (a)	4		187
	Michaels Cos. Inc. (a)	7		134
	Modine Manufacturing Co. (a)	4		79
	Monro Inc. (b)	2		96
	Motorcar Parts of America Inc. (a) (b)	2		28
	Movado Group Inc.	—		22
	MSG Networks Inc. - Class A (a)	2		57
	Murphy USA Inc. (a)	1		104
	Nathan's Famous Inc.	1		48
	National CineMedia Inc.	4		35
	Nautilus Inc. (a)	2		37
	New Home Co. Inc. (a)	2		17
	New Media Investment Group Inc.	2		35
	New York Times Co. - Class A (b)	6		167
	NexStar Media Group Inc. - Class A (b)	2		119
	NutriSystem Inc.	1		38
	Office Depot Inc.	38		96
	Ollie's Bargain Outlet Holdings Inc. (a)	2		172
	Overstock.com Inc. (a) (b)	1		19
	Oxford Industries Inc.	1		83
	Papa John's International Inc. (b)	1		51
	Penn National Gaming Inc. (a)	4		121
	Penske Automotive Group Inc.	3		118
	PetMed Express Inc. (b)	1		39
	Pico Holdings Inc.	1		16
	Pier 1 Imports Inc.	6		14
	Pinnacle Entertainment Inc. (a)	3		105
	Planet Fitness Inc. - Class A (a)	3		135
	Playa Hotels & Resorts NV (a)	4		47
	Potbelly Corp. (a)	2		26
	RCI Hospitality Holdings Inc.	1		32
	Reading International Inc. - Class A (a)	1		23
	Red Lion Hotels Corp. (a)	1		13
	Red Robin Gourmet Burgers Inc. (a)	1		49
	Red Rock Resorts Inc. - Class A	3		90
	Regis Corp. (a)	2		37
	Rent-A-Center Inc.	2		30
	RH (a)	—		37
	Ruth's Hospitality Group Inc.	2		50
	Saga Communications Inc. - Class A	—		11
	Sally Beauty Holdings Inc. (a)	4		70
	Scholastic Corp.	1		64
	Scientific Games Corp. - Class A (a)	1		49
	SeaWorld Entertainment Inc. (a)	1		26
	Sequential Brands Group Inc. (a)	2		3
	Shake Shack Inc. - Class A (a) (b)	1		84
	Shiloh Industries Inc. (a)	2		21
	Shoe Carnival Inc.	1		28
	Shutterfly Inc. (a)	1		109
	Signet Jewelers Ltd.	2		127
	Sinclair Broadcast Group Inc. - Class A	3		86
	Skyline Corp. (b)	2		81
	Sleep Number Corp. (a)	2		66
	Sonic Automotive Inc. - Class A	3		57
	Sonic Corp. (b)	2		55
	Sotheby's (a)	2		115
	Speedway Motorsports Inc.	3		57
	Sportsman's Warehouse Holdings Inc. (a) (b)	6		32
	Standard Motor Products Inc.	2		83
	Steven Madden Ltd.	2		119
	Stoneridge Inc. (a)	2		64
	Strattec Security Corp.	1		17
	Strayer Education Inc.	1		56
	Sturm Ruger & Co. Inc.	1		71
	Superior Industries International Inc.	1		18
	Superior Uniform Group Inc.	2		51
	Tailored Brands Inc.	3		64
	Tandy Leather Factory Inc. (a)	1		9
		Shares/Par¹		Value ($)
	Taylor Morrison Home Corp. - Class A (a)	4		81
	Tegna Inc.	5		53
	Tempur Sealy International Inc. (a) (b)	2		79
	Tenneco Inc.	2		81
	Texas Roadhouse Inc.	2		122
	Tile Shop Holdings Inc.	4		27
	Tilly's Inc. - Class A	2		35
	TopBuild Corp. (a)	1		85
	Tower International Inc.	2		48
	Town Sports International Holdings Inc. (a)	2		34
	Townsquare Media Inc. - Class A	1		8
	TravelCenters of America LLC (a)	3		9
	Tronc Inc. (a)	2		30
	Tupperware Brands Corp.	2		80
	U.S. Auto Parts Network Inc. (a)	4		7
	Unifi Inc. (a)	1		40
	Universal Electronics Inc. (a)	1		32
	Urban Outfitters Inc. (a)	2		101
	Vera Bradley Inc. (a)	3		45
	Vista Outdoor Inc. (a)	2		31
	Visteon Corp. (a)	1		117
	VOXX International Corp. - Class A (a)	2		8
	Weight Watchers International Inc. (a)	1		150
	Wendy's Co.	5		91
	William Lyon Homes - Class A (a)	1		31
	Wingstop Inc.	2		80
	Winmark Corp.	1		77
	Winnebago Industries Inc.	2		91
	Wolverine World Wide Inc.	3		97
	World Wrestling Entertainment Inc. - Class A	2		112
	Zagg Inc. (a)	4		73
	Zumiez Inc. (a)	2		49
			14,839
Consumer Staples 4.5%
	Alico Inc.	1		36
	Andersons Inc.	1		41
	Avon Products Inc. (a)	17		28
	B&G Foods Inc. (b)	3		92
	Boston Beer Co. Inc. - Class A (a)	—		112
	Calavo Growers Inc. (b)	1		83
	Cal-Maine Foods Inc. (a)	1		61
	Casey's General Stores Inc.	1		136
	Central Garden & Pet Co. (a)	1		62
	Central Garden & Pet Co. - Class A (a)	2		92
	Chefs' Warehouse Inc. (a)	2		53
	Coca-Cola Bottling Co.	—		47
	Craft Brewers Alliance Inc. (a)	1		19
	Darling Ingredients Inc. (a)	8		164
	Dean Foods Co.	8		88
	Edgewell Personal Care Co. (a)	2		90
	Energizer Holdings Inc.	2		105
	Farmer Bros. Co. (a)	1		39
	Hostess Brands Inc. - Class A (a)	6		83
	HRG Group Inc. (a)	9		113
	Ingles Markets Inc. - Class A	1		36
	Inter Parfums Inc.	2		89
	J&J Snack Foods Corp.	1		143
	John B. Sanfilippo & Son Inc.	1		51
	Lancaster Colony Corp.	1		159
	Landec Corp. (a)	2		29
	Limoneira Co.	1		32
	Medifast Inc.	1		102
	MGP Ingredients Inc.	1		84
	Natural Alternatives International Inc. (a)	1		9
	Natural Grocers by Vitamin Cottage Inc. (a)	3		40
	Natural Health Trends Corp.	1		23
	Nu Skin Enterprises Inc. - Class A	2		119
	Oil-Dri Corp. of America	1		27
	Performance Food Group Co. (a)	4		145
	PriceSmart Inc.	1		100
	Primo Water Corp. (a)	1		18
	Revlon Inc. - Class A (a) (b)	1		19
	Rite Aid Corp. (a) (b)	32		56
	Rocky Mountain Chocolate Factory Inc.	2		17

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
	Sanderson Farms Inc.	1		115
	Seneca Foods Corp. - Class A (a)	—		12
	Smart & Final Stores Inc. (a)	5		28
	SpartanNash Co.	2		42
	Sprouts Farmers Market Inc. (a)	4		85
	Supervalu Inc. (a)	3		69
	TreeHouse Foods Inc. (a)	2		93
	Turning Point Brands Inc.	1		42
	United Natural Foods Inc. (a)	2		79
	United-Guardian Inc.	—		3
	Universal Corp.	1		49
	USANA Health Sciences Inc. (a)	1		118
	Vector Group Ltd.	6		113
	Village Super Market Inc. - Class A	1		17
	WD-40 Co.	—		64
	Weis Markets Inc.	2		92
			3,863
Energy 6.4%
	Abraxas Petroleum Corp. (a)	9		26
	Adams Resources & Energy Inc.	1		34
	Alta Mesa Resources Inc. - Class A (a)	3		20
	Arch Coal Inc. - Class A	1		81
	Archrock Inc.	3		36
	Basic Energy Services Inc. (a)	2		17
	Bonanza Creek Energy Inc. (a)	1		38
	Bristow Group Inc. (a) (b)	2		32
	California Resources Corp. (a) (b)	1		25
	Callon Petroleum Co. (a)	7		73
	CARBO Ceramics Inc. (a)	2		15
	Carrizo Oil & Gas Inc. (a)	3		92
	Chesapeake Energy Corp. (a) (b)	23		119
	Clean Energy Fuels Corp. (a)	10		37
	Cloud Peak Energy Inc. (a)	3		10
	CNX Resources Corp. (a)	8		148
	CONSOL Energy Inc. (a)	3		102
	CVR Energy Inc. (b)	2		59
	Delek US Holdings Inc.	2		123
	Denbury Resources Inc. (a)	15		71
	DHT Holdings Inc.	11		53
	Dorian LPG Ltd. (a)	4		27
	Dril-Quip Inc. (a)	1		74
	Earthstone Energy Inc. - Class A (a)	2		20
	Eclipse Resources Corp. (a)	17		28
	EnLink Midstream LLC	7		121
	Ensco Plc - Class A (b)	12		88
	Era Group Inc. (a)	1		17
	Evolution Petroleum Corp.	1		14
	Exterran Corp. (a)	3		63
	Extraction Oil & Gas Inc. (a) (b)	5		76
	Forum Energy Technologies Inc. (a)	5		57
	Frank's International NV (b)	3		21
	GasLog Ltd.	3		52
	Geospace Technologies Corp. (a)	1		13
	Green Plains Renewable Energy Inc.	2		32
	Gulf Island Fabrication Inc.	2		14
	Gulfport Energy Corp. (a)	7		93
	Halcon Resources Corp. (a) (b)	2		7
	Helix Energy Solutions Group Inc. (a)	6		49
	HighPoint Resources Corp. (a)	5		28
	Hornbeck Offshore Services Inc. (a)	4		18
	International Seaways Inc. (a)	2		35
	ION Geophysical Corp. (a)	1		27
	Jagged Peak Energy Inc. (a) (b)	1		11
	Keane Group Inc. (a) (b)	2		28
	Kosmos Energy Ltd. (a)	13		111
	Laredo Petroleum Holdings Inc. (a)	8		78
	Matador Resources Co. (a)	4		128
	Matrix Service Co. (a)	1		17
	McDermott International Inc. (a)	7		131
	Midstates Petroleum Co. Inc. (a)	1		12
	Nabors Industries Ltd.	14		89
	NACCO Industries Inc. - Class A	—		14
	Natural Gas Services Group Inc. (a)	1		14
	Newpark Resources Inc. (a)	4		46
		Shares/Par¹		Value ($)
	Noble Corp. Plc (a)	10		66
	Nordic American Offshore Ltd. (b)	1		1
	Nordic American Tankers Ltd. (b)	3		8
	Oasis Petroleum Inc. (a)	7		97
	Oceaneering International Inc.	3		89
	Oil States International Inc. (a)	3		82
	Overseas Shipholding Group Inc. - Class A (a)	4		14
	Panhandle Oil and Gas Inc. - Class A	1		25
	Par Pacific Holdings Inc. (a)	3		59
	Patterson-UTI Energy Inc.	3		46
	PBF Energy Inc. - Class A	4		177
	PDC Energy Inc. (a)	3		151
	Peabody Energy Corp.	—		20
	Penn Virginia Corp. (a) (b)	1		83
	Pioneer Energy Services Corp. (a)	7		40
	ProPetro Holding Corp. (a)	1		11
	QEP Resources Inc. (a)	12		146
	Range Resources Corp.	6		99
	Renewable Energy Group Inc. (a)	2		41
	Resolute Energy Corp. (a) (b)	1		23
	REX Stores Corp. (a)	—		32
	RigNet Inc. (a)	1		9
	Ring Energy Inc. (a)	2		27
	Rowan Cos. Plc - Class A (a)	5		78
	RPC Inc. (b)	5		66
	SandRidge Energy Inc. (a)	1		26
	Scorpio Tankers Inc.	12		33
	SEACOR Holdings Inc. (a)	1		38
	SEACOR Marine Holdings Inc. (a)	1		13
	SemGroup Corp. - Class A	3		71
	Ship Finance International Ltd.	1		19
	SilverBow Resources Inc. (a)	1		30
	SM Energy Co.	4		107
	Southwestern Energy Co. (a)	22		119
	SRC Energy Inc. (a)	7		76
	Superior Energy Services Inc. (a)	8		74
	Talos Energy Inc. (a)	1		36
	Tetra Technologies Inc. (a)	11		48
	Ultra Petroleum Corp. (a) (b)	6		14
	Unit Corp. (a)	3		88
	US Silica Holdings Inc. (b)	3		71
	W&T Offshore Inc. (a)	9		62
	Whiting Petroleum Corp. (a)	3		162
	WildHorse Resource Development Corp. (a)	2		56
	World Fuel Services Corp.	3		53
			5,550
Financials 20.2%
	1st Constitution Bancorp	1		14
	1st Source Corp.	2		85
	Access National Corp.	2		48
	Allegiance Bancshares Inc. (a)	1		27
	A-Mark Precious Metals Inc.	1		11
	Ambac Financial Group Inc. (a) (c) (d)	6		125
	American Equity Investment Life Holding Co.	5		164
	American National Bankshares Inc.	1		32
	American National Insurance Co.	1		142
	American River Bankshares	1		17
	Ameris Bancorp	2		90
	Amerisafe Inc.	1		78
	AmTrust Financial Services Inc.	7		108
	Argo Group International Holdings Ltd.	1		67
	Arrow Financial Corp.	2		57
	Artisan Partners Asset Management Inc. - Class A	2		73
	Aspen Insurance Holdings Ltd.	3		118
	Associated Bancorp	1		27
	Assured Guaranty Ltd.	1		26
	Asta Funding Inc.	—		1
	Atlantic Capital Bancshares Inc. (a)	2		38
	Atlas Financial Holdings Inc. (a)	1		11
	Baldwin & Lyons Inc. - Class B	1		30
	Banc of California Inc. (b)	2		39
	BancFirst Corp.	2		110
	Bancorp Inc. (a)	4		41
	BancorpSouth Bank	3		97

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹	Value ($)
Bank of Hawaii Corp.		2	139
Bank of Marin Bancorp		—	39
Bank of NT Butterfield & Son Ltd.		1	60
BankFinancial Corp.		2	29
Banner Corp.		1	76
Bar Harbor Bankshares		1	32
Beneficial Bancorp Inc.		2	40
Berkshire Hills Bancorp Inc.		2	83
Blue Capital Reinsurance Holdings Ltd.		1	8
Blue Hills Bancorp Inc.		2	38
BofI Holding Inc. (a) (b)		3	107
Boston Private Financial Holdings Inc.		3	55
Bridge Bancorp Inc.		1	40
BrightSphere Investment Group Plc		5	73
Brookline Bancorp Inc.		5	84
Bryn Mawr Bank Corp.		1	41
BSB BanCorp Inc. (a)		1	37
C&F Financial Corp.		1	46
Camden National Corp.		1	49
Cannae Holdings Inc. (a)		4	81
Capital City Bank Group Inc.		1	30
Capitol Federal Financial Inc.		5	71
Carolina Financial Corp.		1	43
Cathay General Bancorp		4	156
CenterState Bank Corp.		3	78
Central Pacific Financial Corp.		2	63
Central Valley Community Bancorp		1	19
Century Bancorp Inc. - Class A		—	27
Charter Financial Corp.		1	32
Chemical Financial Corp.		1	59
Citizens & Northern Corp.		1	21
Citizens Inc. - Class A (a) (b)		4	32
City Holdings Co.		1	81
CNB Financial Corp.		1	41
CoBiz Financial Inc.		3	63
Cohen & Steers Inc.		2	87
Columbia Banking System Inc.		3	133
Community Bank System Inc.		1	81
Community Bankers Trust Corp. (a)		1	13
Community Trust Bancorp Inc.		1	31
ConnectOne Bancorp Inc.		1	35
Cowen Inc. - Class A (a) (b)		1	16
Crawford & Co. - Class A		3	23
Crawford & Co. - Class B		3	24
Customers Bancorp Inc. (a)		2	70
CVB Financial Corp.		5	105
Diamond Hill Investment Group Inc.		—	43
Dime Community Bancshares Inc.		2	45
Donegal Group Inc. - Class A		4	49
Donnelley Financial Solutions Inc. (a)		2	37
Eagle Bancorp Inc. (a)		1	90
EMC Insurance Group Inc.		2	48
Employer Holdings Inc.		2	79
Encore Capital Group Inc. (a) (b)		1	46
Enova International Inc. (a)		2	87
Enstar Group Ltd. (a)		—	74
Enterprise Bancorp Inc.		2	74
Enterprise Financial Services Corp.		1	75
Equity Bancshares Inc. - Class A (a)		—	16
Essent Group Ltd. (a)		3	112
Evercore Inc. - Class A		1	143
EzCorp Inc. - Class A (a) (b)		4	49
Farmers Capital Bank Corp.	��	1	33
Farmers National Banc Corp.		3	43
FB Financial Corp.		—	17
FBL Financial Group Inc. - Class A		1	69
FCB Financial Holdings Inc. - Class A (a)		1	81
Federal Agricultural Mortgage Corp. - Class C		1	56
Federated Investors Inc. - Class B		4	91
Federated National Holding Co.		1	15
Fidelity Southern Corp.		2	38
Financial Engines Inc.		3	142
Financial Institutions Inc.		1	23
First Bancorp Inc.		1	46
First Bancorp Inc. (a)		11	87
		Shares/Par¹	Value ($)
First Bancorp Inc.		2	50
First Busey Corp.		2	58
First Commonwealth Financial Corp.		4	58
First Community Bancshares Inc.		1	30
First Connecticut Bancorp Inc.		1	39
First Defiance Financial Corp.		1	41
First Financial Bancorp		4	112
First Financial Bankshares Inc. (b)		2	123
First Financial Corp.		1	41
First Financial Northwest Inc.		1	14
First Foundation Inc. (a)		2	35
First Hawaiian Inc.		2	66
First Internet Bancorp		—	10
First Interstate BancSystem Inc. - Class A		2	77
First Merchants Corp.		2	78
First Mid-Illinois Bancshares Inc.		1	52
First Midwest Bancorp Inc.		4	96
First of Long Island Corp.		1	36
FirstCash Inc.		2	151
Flagstar Bancorp Inc. (a)		2	79
Flushing Financial Corp.		1	25
Franklin Financial Network Inc. (a)		1	38
Fulton Financial Corp.		8	140
Gain Capital Holdings Inc. (b)		2	16
GAMCO Investors Inc. - Class A		1	33
Genworth Financial Inc. - Class A (a)		4	17
German American Bancorp Inc.		1	43
Glacier Bancorp Inc.		3	101
Global Indemnity Ltd. - Class A		1	27
Great Southern Bancorp Inc.		1	56
Great Western Bancorp Inc.		2	87
Green Bancorp Inc.		2	40
Green Dot Corp. - Class A (a)		2	133
Greenhill & Co. Inc.		2	47
Greenlight Capital Re Ltd. - Class A (a)		2	34
Guaranty Bancorp		1	31
Hamilton Lane Inc. - Class A		—	14
Hanmi Financial Corp.		2	64
HarborOne Bancorp Inc. (a)		1	13
HCI Group Inc.		1	31
Health Insurance Innovations Inc. - Class A (a)		1	28
Heartland Financial USA Inc.		1	80
Hennessy Advisors Inc.		1	13
Heritage Commerce Corp.		3	45
Heritage Financial Corp.		1	41
Heritage Insurance Holdings Inc. (b)		1	16
Hingham Institution for Savings		—	36
Home Bancorp Inc.		—	17
Home Bancshares Inc.		3	78
HomeStreet Inc. (a)		1	35
HomeTrust Bancshares Inc. (a)		2	49
Hope Bancorp Inc.		5	90
Horace Mann Educators Corp.		2	77
Horizon Bancorp Inc.		1	26
Houlihan Lokey Inc. - Class A		2	92
Howard Bancorp Inc. (a)		1	12
Impac Mortgage Holdings Inc. (a) (b)		1	10
Independent Bank Corp.		1	84
Independent Bank Group Inc.		1	77
Infinity Property & Casualty Corp.		—	60
Interactive Brokers Group Inc.		2	115
International Bancshares Corp.		3	112
INTL FCStone Inc. (a)		1	30
Investment Technology Group Inc.		1	26
Investors Title Co.		—	46
James River Group Holdings Ltd.		1	52
Kearny Financial Corp.		4	49
Kemper Corp.		1	104
Kingstone Cos. Inc.		1	24
Ladenburg Thalmann Financial Services Inc.		25	84
Lakeland Bancorp Inc.		1	29
Lakeland Financial Corp.		2	81
LCNB Corp.		1	10
LegacyTexas Financial Group Inc.		2	79
Legg Mason Inc.		2	77

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
	LendingClub Corp. (a)	16		59
	LendingTree Inc. (a) (b)	—		84
	Live Oak Bancshares Inc.	1		30
	Macatawa Bank Corp.	5		58
	Maiden Holdings Ltd.	5		37
	Manning & Napier Inc. - Class A	3		8
	Marlin Business Services Inc.	1		21
	MB Financial Inc.	2		93
	MBIA Inc. (a) (b)	6		50
	MBT Financial Corp.	3		29
	Mercantile Bank Corp.	1		42
	Mercury General Corp.	2		94
	Meridian Bancorp Inc.	2		40
	Meta Financial Group Inc.	1		56
	Midland States Bancorp Inc.	1		46
	MidWestOne Financial Group Inc.	—		15
	Moelis & Co. - Class A	1		83
	Morningstar Inc.	1		116
	National Bank Holdings Corp. - Class A	1		52
	National Commerce Corp. (a)	1		29
	National General Holdings Corp.	3		90
	National Western Life Group Inc. - Class A	—		81
	Nationstar Mortgage Holdings Inc. (a) (b)	7		122
	Navient Corp.	8		104
	Navigators Group Inc.	1		65
	NBT Bancorp Inc.	1		53
	Nelnet Inc. - Class A	2		123
	Nicholas Financial Inc. (a)	2		17
	Nicolet Bankshares Inc. (a)	—		27
	NMI Holdings Inc. - Class A (a)	2		30
	Northeast Bancorp	—		3
	Northfield Bancorp Inc.	2		39
	Northrim BanCorp Inc.	—		15
	Northwest Bancshares Inc.	4		71
	OceanFirst Financial Corp.	2		47
	Ocwen Financial Corp. (a)	6		22
	OFG Bancorp	3		36
	Old Line Bancshares Inc.	1		22
	Old National Bancorp	6		108
	Old Second Bancorp Inc.	1		16
	On Deck Capital Inc. (a)	6		43
	OneMain Holdings Inc. (a)	—		14
	Oppenheimer Holdings Inc. - Class A	1		18
	Opus Bank	2		47
	Oritani Financial Corp.	2		28
	Pacific Mercantile Bancorp (a)	1		11
	Pacific Premier Bancorp Inc. (a)	2		58
	Park National Corp.	1		107
	Peapack Gladstone Financial Corp.	1		42
	PennyMac Financial Services Inc. - Class A (a)	2		45
	Peoples Bancorp Inc.	1		54
	People's Utah Bancorp	1		44
	PHH Corp. (a)	2		22
	Piper Jaffray Cos.	—		15
	PJT Partners Inc. - Class A	1		73
	Popular Inc.	2		74
	PRA Group Inc. (a) (b)	2		83
	Preferred Bank	1		58
	Primerica Inc.	2		154
	ProAssurance Corp.	2		76
	Provident Financial Holdings Inc.	2		40
	Provident Financial Services Inc.	3		72
	Pzena Investment Management Inc. - Class A	1		10
	QCR Holdings Inc.	1		37
	Regional Management Corp. (a)	1		25
	Renasant Corp.	2		75
	Republic Bancorp Inc. - Class A	1		32
	Republic First Bancorp Inc. (a)	2		13
	Riverview Bancorp Inc.	3		23
	RLI Corp.	1		81
	S&T Bancorp Inc.	1		50
	Safeguard Scientifics Inc. (a)	1		18
	Safety Insurance Group Inc.	1		44
	Sandy Spring Bancorp Inc.	1		41
	Seacoast Banking Corp. of Florida (a)	2		57
		Shares/Par¹		Value ($)
	Selective Insurance Group Inc.	3		150
	ServisFirst Bancshares Inc.	2		86
	Sierra Bancorp	1		27
	Silvercrest Asset Management Group Inc. - Class A	1		13
	Simmons First National Corp. - Class A	3		100
	South State Corp.	2		143
	Southern First Bancshares Inc. (a)	—		13
	Southern Missouri Bancorp Inc.	1		38
	Southern National Bancorp of Virginia Inc.	3		46
	Southside Bancshares Inc.	1		48
	State Auto Financial Corp.	3		91
	State Bank Financial Corp.	1		44
	Stewart Information Services Corp.	2		71
	Stifel Financial Corp.	1		74
	Stock Yards Bancorp Inc.	1		52
	Summit Financial Group Inc.	1		21
	TCF Financial Corp.	7		160
	Third Point Reinsurance Ltd. (a)	5		62
	Timberland Bancorp Inc.	1		26
	Tompkins Financial Corp.	1		86
	Towne Bank	2		75
	Trico Bancshares	2		69
	Tristate Capital Holdings Inc. (a)	2		44
	Triumph Bancorp Inc. (a)	1		43
	TrustCo Bank Corp.	7		62
	Trustmark Corp.	3		90
	UMB Financial Corp.	3		199
	Union Bankshares Corp.	2		83
	United Bankshares Inc.	3		114
	United Community Banks Inc.	3		81
	United Community Financial Corp.	4		44
	United Financial Bancorp Inc.	2		42
	United Fire Group Inc.	1		49
	United Insurance Holdings Corp.	2		35
	Universal Insurance Holdings Inc.	3		90
	Univest Corp. of Pennsylvania	1		34
	Veritex Holdings Inc. (a)	1		23
	Virtus Investment Partners Inc.	—		39
	Waddell & Reed Financial Inc. - Class A (b)	4		81
	Walker & Dunlop Inc.	1		82
	Washington Federal Inc.	3		102
	Washington Trust Bancorp Inc.	1		71
	Waterstone Financial Inc.	2		42
	WesBanco Inc.	2		75
	West Bancorp Inc.	3		66
	Westamerica Bancorp (b)	2		86
	Western New England Bancorp Inc.	4		48
	Westwood Holdings Group Inc.	1		35
	White Mountains Insurance Group Ltd.	—		143
	WisdomTree Investments Inc.	2		18
	WMIH Corp. (a) (b)	10		13
	World Acceptance Corp. (a)	1		71
	WSFS Financial Corp.	2		85
			17,597
Health Care 8.6%
	Abaxis Inc.	1		106
	Acadia HealthCare Co. Inc. (a) (b)	3		134
	Accuray Inc. (a)	4		15
	Achillion Pharmaceuticals Inc. (a)	4		12
	Acorda Therapeutics Inc. (a)	2		60
	Addus HomeCare Corp. (a)	1		68
	Advaxis Inc. (a) (b)	2		3
	Adverum Biotechnologies Inc. (a)	2		12
	Akorn Inc. (a)	1		25
	Alder Biopharmaceuticals Inc. (a) (b)	2		37
	Allscripts-Misys Healthcare Solutions Inc. (a)	7		85
	AMAG Pharmaceuticals Inc. (a)	1		23
	Amedisys Inc. (a)	2		185
	American Renal Associates Holdings Inc. (a)	2		27
	AMN Healthcare Services Inc. (a) (b)	2		111
	Amneal Pharmaceuticals Inc. - Class A (a)	2		32
	Amphastar Pharmaceuticals Inc. (a)	2		38
	AngioDynamics Inc. (a)	2		51
	ANI Pharmaceuticals Inc. (a)	1		47

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
	Anika Therapeutics Inc. (a)	1		39
	Aratana Therapeutics Inc. (a)	2		10
	Ardelyx Inc. (a)	4		14
	Atrion Corp.	—		49
	BioScrip Inc. (a) (b)	6		16
	Biospecifics Technologies Corp. (a)	1		31
	BioTelemetry Inc. (a)	1		49
	Brookdale Senior Living Inc. (a)	11		102
	Calithera Biosciences Inc. (a)	3		17
	Cambrex Corp. (a)	2		85
	Cantel Medical Corp.	1		111
	Capital Senior Living Corp. (a)	1		14
	Celldex Therapeutics Inc. (a)	7		4
	Chemed Corp.	1		165
	ChemoCentryx Inc. (a)	2		22
	Chimerix Inc. (a)	4		18
	Civitas Solutions Inc. (a)	3		52
	Community Health Systems Inc. (a) (b)	7		22
	Computer Programs & Systems Inc.	—		13
	Concert Pharmaceuticals Inc. (a)	2		29
	Conmed Corp.	1		89
	Corcept Therapeutics Inc. (a) (b)	5		73
	Corvel Corp. (a)	1		73
	Corvus Pharmaceuticals Inc. (a) (b)	1		14
	Cotiviti Holdings Inc. (a)	4		174
	Cross Country Healthcare Inc. (a)	2		17
	CryoLife Inc. (a)	2		44
	Cumberland Pharmaceuticals Inc. (a)	3		17
	Cutera Inc. (a)	1		41
	DepoMed Inc. (a)	6		39
	Diplomat Pharmacy Inc. (a)	2		46
	Eagle Pharmaceuticals Inc. (a) (b)	1		37
	Emergent BioSolutions Inc. (a)	2		82
	Enanta Pharmaceuticals Inc. (a)	1		90
	Endo International Plc (a)	7		63
	Ensign Group Inc.	3		91
	Enzo Biochem Inc. (a)	4		18
	Evolent Health Inc. - Class A (a) (b)	3		65
	Five Prime Therapeutics Inc. (a)	2		31
	Fonar Corp. (a)	1		15
	Geron Corp. (a)	10		34
	Globus Medical Inc. - Class A (a)	2		114
	Haemonetics Corp. (a)	1		78
	Halozyme Therapeutics Inc. (a)	4		71
	Halyard Health Inc. (a)	1		73
	HealthEquity Inc. (a)	1		91
	HealthStream Inc.	1		39
	Heska Corp. (a)	—		38
	HMS Holdings Corp. (a)	2		38
	Horizon Pharma Plc (a)	5		78
	Immune Design Corp. (a)	2		9
	Innoviva Inc. (a)	6		76
	Inogen Inc. (a)	1		145
	Inovalon Holdings Inc. - Class A (a) (b)	1		14
	Inovio Pharmaceuticals Inc. (a) (b)	5		19
	Integer Holdings Corp. (a)	1		70
	Intra-Cellular Therapies Inc. (a)	2		28
	Invacare Corp.	2		36
	Karyopharm Therapeutics Inc. (a)	2		38
	Kindred Healthcare Inc. (a)	5		41
	Lannett Co. Inc. (a) (b)	—		4
	Lantheus Holdings Inc. (a)	2		36
	LeMaitre Vascular Inc.	1		37
	LHC Group Inc. (a)	1		79
	Lifepoint Health Inc. (a)	—		11
	Lipocine Inc. (a) (b)	1		2
	LivaNova Plc (a)	1		105
	Luminex Corp.	1		42
	MacroGenics Inc. (a)	1		27
	Magellan Health Services Inc. (a)	1		106
	Mallinckrodt Plc (a) (b)	1		13
	Medpace Holdings Inc. (a)	1		35
	MEI Pharma Inc. (a)	4		16
	Meridian Bioscience Inc.	3		53
	Merit Medical Systems Inc. (a)	2		78
		Shares/Par¹		Value ($)
	Merrimack Pharmaceuticals Inc. (a) (b)	1		4
	Miragen Therapeutics Inc. (a) (b)	1		8
	Momenta Pharmaceuticals Inc. (a)	2		41
	Myriad Genetics Inc. (a)	2		90
	NantHealth Inc. (a) (b)	4		13
	NantKwest Inc. (a) (b)	2		7
	National Healthcare Corp.	1		49
	National Research Corp. - Class A	4		145
	Natus Medical Inc. (a)	1		32
	NeoGenomics Inc. (a)	5		59
	NuVasive Inc. (a)	2		94
	Omnicell Inc. (a)	1		42
	Opko Health Inc. (a) (b)	17		80
	OraSure Technologies Inc. (a)	3		48
	Orthofix International NV (a)	1		62
	Otonomy Inc. (a)	2		8
	Owens & Minor Inc.	5		81
	Patterson Cos. Inc.	3		64
	PDL BioPharma Inc. (a)	11		25
	Phibro Animal Health Corp. - Class A	1		34
	Prestige Brands Holdings Inc. (a)	2		94
	Providence Services Corp. (a)	1		66
	Quality Systems Inc. (a)	5		91
	Quidel Corp. (a)	1		77
	Quorum Health Corp. (a)	3		17
	R1 RCM Inc. (a)	6		51
	RadNet Inc. (a)	3		49
	Recro Pharma Inc. (a)	1		7
	Repligen Corp. (a)	1		58
	Retrophin Inc. (a)	2		53
	RTI Surgical Inc. (a)	6		30
	SeaSpine Holdings Corp. (a)	3		32
	Select Medical Holdings Corp. (a)	7		118
	Simulations Plus Inc.	1		21
	Spectrum Pharmaceuticals Inc. (a)	1		21
	Stemline Therapeutics Inc. (a)	1		19
	Supernus Pharmaceuticals Inc. (a)	1		88
	Surgery Partners Inc. (a)	2		36
	SurModics Inc. (a)	1		67
	Syndax Pharmaceuticals Inc. (a)	1		7
	Tenet Healthcare Corp. (a)	4		137
	Tivity Health Inc. (a) (b)	2		56
	Trevena Inc. (a)	6		9
	Triple-S Management Corp. - Class B (a)	1		48
	US Physical Therapy Inc.	1		81
	Utah Medical Products Inc.	1		55
	Varex Imaging Corp. (a)	2		84
	Verastem Inc. (a)	5		35
	Voyager Therapeutics Inc. (a)	1		15
	Wright Medical Group NV (a) (b)	2		60
	Xencor Inc. (a)	2		64
	XOMA Corp. (a) (b)	1		18
	Zogenix Inc. (a) (b)	—		15
			7,491
Industrials 19.2%
	AAON Inc.	3		92
	AAR Corp.	1		58
	ABM Industries Inc.	2		72
	ACCO Brands Corp.	7		97
	Actuant Corp. - Class A	2		58
	Advanced Disposal Services Inc. (a)	1		31
	Advanced Drainage Systems Inc.	3		94
	Aegion Corp. (a)	1		37
	Aerojet Rocketdyne Holdings Inc. (a)	3		98
	Aerovironment Inc. (a)	1		40
	Air Transport Services Group Inc. (a)	4		90
	Aircastle Ltd.	2		47
	Alamo Group Inc.	1		79
	Albany International Corp. - Class A	1		88
	Allegiant Travel Co.	1		92
	Allied Motion Technologies Inc.	1		49
	Altra Holdings Inc.	2		80
	Ameresco Inc. - Class A (a)	1		11
	American Railcar Industries Inc.	1		46

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


	Shares/Par¹	Value ($)
American Woodmark Corp. (a)	1	88
Apogee Enterprises Inc.	2	103
Applied Industrial Technologies Inc.	2	116
ARC Document Solutions Inc. (a)	3	5
ArcBest Corp.	2	83
Ardmore Shipping Corp. (a)	3	28
Argan Inc.	1	48
Armstrong Flooring Inc. (a)	1	19
Armstrong World Industries Inc. (a)	2	135
Astec Industries Inc.	1	37
Astronics Corp. (a)	1	34
Atkore International Group Inc. (a)	4	76
Atlas Air Worldwide Holdings Inc. (a)	1	92
Avis Budget Group Inc. (a)	2	64
Axon Enterprise Inc. (a)	1	77
AZZ Inc.	2	68
Barnes Group Inc.	2	126
Barrett Business Services Inc.	—	44
Beacon Roofing Supply Inc. (a)	3	109
Blue Bird Corp. (a) (b)	2	38
BlueLinx Holdings Inc. (a)	1	23
BMC Stock Holdings Inc. (a)	4	86
Brady Corp. - Class A	2	92
Briggs & Stratton Corp.	3	60
Brink's Co.	2	135
Builders FirstSource Inc. (a)	5	85
CAI International Inc. (a)	2	40
Casella Waste Systems Inc. - Class A (a)	3	82
CBIZ Inc. (a)	2	49
Ceco Environmental Corp.	2	12
Chart Industries Inc. (a)	1	76
Cimpress NV (a)	1	179
CIRCOR International Inc.	1	22
Civeo Corp. (a)	12	52
Clean Harbors Inc. (a)	2	121
Colfax Corp. (a)	4	121
Columbus Mckinnon Corp.	1	45
Comfort Systems USA Inc.	2	88
Commercial Vehicle Group Inc. (a)	2	17
Continental Building Products Inc. (a)	3	90
Costamare Inc.	8	63
Covanta Holding Corp.	4	74
Covenant Transportation Group Inc. - Class A (a)	1	44
CSW Industrials Inc. (a)	1	46
Cubic Corp.	1	73
Deluxe Corp.	2	133
DMC Global Inc.	1	34
Douglas Dynamics Inc.	1	71
Ducommun Inc. (a)	1	39
DXP Enterprises Inc. (a)	1	34
Dycom Industries Inc. (a)	1	105
Eagle Bulk Shipping Inc. (a)	2	12
Eastern Co.	1	16
Echo Global Logistics Inc. (a)	2	48
Encore Wire Corp.	1	45
EnerSys Inc.	2	119
Engility Holdings Inc. (a)	3	105
Ennis Inc.	2	48
EnPro Industries Inc.	1	54
ESCO Technologies Inc.	1	84
Essendant Inc.	2	22
Esterline Technologies Corp. (a)	1	87
Exponent Inc.	2	84
Federal Signal Corp.	4	84
Forrester Research Inc.	1	42
Forward Air Corp.	2	88
Franklin Covey Co. (a)	1	33
Franklin Electric Co. Inc.	2	99
FreightCar America Inc.	1	11
FTI Consulting Inc. (a)	1	83
Fuel Tech Inc. (a)	4	4
FuelCell Energy Inc. (a) (b)	5	6
GATX Corp.	—	29
Genco Shipping & Trading Ltd. (a)	2	35
Generac Holdings Inc. (a)	2	96
	Shares/Par¹	Value ($)
Gibraltar Industries Inc. (a)	1	46
Global Brass & Copper Holdings Inc.	1	42
GMS Inc. (a)	3	80
Golden Ocean Group Ltd.	1	12
Goldfield Corp. (a)	1	6
Gorman-Rupp Co.	2	73
GP Strategies Corp. (a)	1	21
Graham Corp.	1	18
Granite Construction Inc.	2	99
Great Lakes Dredge & Dock Corp. (a)	4	22
Greenbrier Cos. Inc.	1	59
Griffon Corp.	1	23
H&E Equipment Services Inc.	2	88
Harsco Corp. (a)	4	87
Hawaiian Holdings Inc.	2	76
Healthcare Services Group Inc. (b)	2	91
Heartland Express Inc.	4	83
Heidrick & Struggles International Inc.	1	32
Herc Holdings Inc. (a)	1	78
Heritage-Crystal Clean Inc. (a)	2	38
Herman Miller Inc.	3	104
Hertz Global Holdings Inc. (a)	2	35
Hill International Inc. (a)	5	29
Hillenbrand Inc.	2	108
HNI Corp.	2	86
HUB Group Inc. - Class A (a)	2	90
Hudson Global Inc. (a)	2	3
Hudson Technologies Inc. (a) (b)	2	5
Hurco Cos. Inc.	—	14
Huron Consulting Group Inc. (a)	1	49
Huttig Building Products Inc. (a) (b)	2	7
Hyster-Yale Materials Handling Inc. - Class A	1	63
ICF International Inc.	1	86
IES Holdings Inc. (a)	1	20
InnerWorkings Inc. (a)	5	43
Innovative Solutions & Support Inc. (a)	—	1
Insperity Inc.	1	128
Insteel Industries Inc.	1	35
Interface Inc.	4	90
JELD-WEN Holding Inc. (a)	2	70
John Bean Technologies Corp.	1	101
Kadant Inc.	1	65
Kaman Corp.	1	84
KBR Inc.	5	89
Kelly Services Inc. - Class A	1	32
Kennametal Inc.	3	125
Keyw Holding Corp. (a) (b)	2	21
Kforce Inc.	2	56
Kimball International Inc. - Class B	3	45
KLX Inc. (a)	1	99
Knoll Inc.	3	65
Korn/Ferry International	2	126
Kratos Defense & Security Solutions Inc. (a) (b)	3	36
Lawson Products Inc. (a)	1	29
LB Foster Co. (a)	—	11
Lindsay Corp.	1	71
LSC Communications Inc.	3	44
Lydall Inc. (a)	1	57
Macquarie Infrastructure Co. LLC	2	85
Manitex International Inc. (a)	1	12
Manitowoc Co. Inc. (a)	2	42
Marten Transport Ltd.	4	95
Masonite International Corp. (a)	1	99
MasTec Inc. (a)	2	89
Matson Inc.	2	94
Matthews International Corp. - Class A	2	100
McGrath RentCorp	2	101
Mercury Systems Inc. (a)	1	42
Meritor Inc. (a)	4	78
Milacron Holdings Corp. (a)	4	78
Miller Industries Inc.	1	14
Mistras Group Inc. (a)	2	36
Mobile Mini Inc.	2	110
Moog Inc. - Class A	2	120
MRC Global Inc. (a)	3	74

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
	MSA Safety Inc.	1		88
	Mueller Industries Inc.	3		88
	Mueller Water Products Inc. - Class A	9		101
	Multi-Color Corp.	1		83
	MYR Group Inc. (a)	1		52
	National Presto Industries Inc. (b)	1		74
	Navigant Consulting Inc. (a)	3		68
	Navistar International Corp. (a)	3		110
	NCI Building Systems Inc. (a)	5		95
	Nexeo Solutions Inc. (a)	7		67
	NL Industries Inc. (a)	3		30
	NN Inc.	1		23
	Northwest Pipe Co. (a)	1		12
	NOW Inc. (a) (b)	5		62
	NV5 Holdings Inc. (a)	1		55
	Omega Flex Inc.	1		44
	PAM Transportation Services Inc. (a)	1		25
	Park-Ohio Holdings Corp.	1		36
	Patrick Industries Inc. (a)	1		81
	Patriot Transportation Holding Inc. (a)	—		7
	Pendrell Corp. - Class A	—		5
	Performant Financial Corp. (a)	3		7
	PGT Innovations Inc. (a)	4		89
	Pitney Bowes Inc.	6		55
	Powell Industries Inc.	—		11
	Preformed Line Products Co.	1		47
	Primoris Services Corp.	3		88
	Proto Labs Inc. (a)	1		123
	Quad/Graphics Inc. - Class A	3		62
	Quanex Building Products Corp.	2		39
	Radiant Logistics Inc. (a)	4		15
	Raven Industries Inc.	2		81
	RBC Bearings Inc. (a)	1		173
	Red Violet Inc. (a)	—		4
	Regal-Beloit Corp.	2		152
	Resources Connection Inc.	2		37
	Rexnord Corp. (a)	4		124
	Roadrunner Transportation Systems Inc. (a)	1		2
	RR Donnelley & Sons Co.	5		28
	Rush Enterprises Inc. - Class A (a)	2		87
	Saia Inc. (a)	1		107
	Scorpio Bulkers Inc.	5		33
	Simpson Manufacturing Co. Inc.	2		113
	SiteOne Landscape Supply Inc. (a)	1		122
	SkyWest Inc.	1		77
	SP Plus Corp. (a)	2		68
	Spartan Motors Inc.	2		27
	Sparton Corp. (a)	2		35
	Spirit Airlines Inc. (a) (b)	2		90
	SPX Corp. (a)	1		51
	SPX Flow Technology USA Inc. (a)	1		56
	Standex International Corp.	1		89
	Steelcase Inc. - Class A	6		80
	Sterling Construction Co. Inc. (a)	1		15
	Sun Hydraulics Corp.	2		80
	Team Inc. (a) (b)	2		35
	Tennant Co.	—		36
	Terex Corp.	2		69
	Tetra Tech Inc.	3		146
	Textainer Group Holdings Ltd. (a)	1		8
	Thermon Group Holdings Inc. (a)	1		29
	Timken Co.	2		78
	Titan International Inc.	2		23
	Titan Machinery Inc. (a)	1		19
	TPI Composites Inc. (a)	2		45
	Trex Co. Inc. (a)	2		120
	TriMas Corp. (a)	2		72
	TriNet Group Inc. (a)	2		88
	Triton International Ltd. - Class A	3		98
	Triumph Group Inc.	3		66
	TrueBlue Inc. (a)	2		63
	Tutor Perini Corp. (a)	2		38
	Twin Disc Inc. (a)	1		18
	Ultralife Corp. (a)	—		1
	UniFirst Corp.	—		83
		Shares/Par¹		Value ($)
	Univar Inc. (a)	3		67
	Universal Forest Products Inc.	3		96
	Universal Logistics Holdings Inc.	3		82
	US Ecology Inc.	1		89
	USA Truck Inc. (a)	1		27
	Valmont Industries Inc.	1		140
	Vectrus Inc. (a)	1		31
	Veritiv Corp. (a)	1		28
	Viad Corp.	2		84
	Vicor Corp. (a)	1		51
	VSE Corp.	1		47
	Wabash National Corp.	4		72
	WageWorks Inc. (a)	1		44
	Watts Water Technologies Inc. - Class A	1		99
	Welbilt Inc. (a)	4		100
	Werner Enterprises Inc.	3		116
	Wesco Aircraft Holdings Inc. (a)	3		32
	WESCO International Inc. (a)	2		105
	Willdan Group Inc. (a)	1		17
	YRC Worldwide Inc. (a)	1		13
			16,687
Information Technology 12.7%
	ACI Worldwide Inc. (a)	5		116
	Acxiom Corp. (a)	2		68
	ADTRAN Inc.	3		45
	Advanced Energy Industries Inc. (a)	2		91
	Agilysys Inc. (a)	3		49
	Alarm.com Holdings Inc. (a)	1		46
	Alpha & Omega Semiconductor Ltd. (a)	3		37
	Ambarella Inc. (a) (b)	1		44
	American Software Inc. - Class A	3		37
	Amkor Technology Inc. (a)	10		89
	Amtech Systems Inc. (a)	2		10
	Anixter International Inc. (a)	1		88
	Appfolio Inc. - Class A (a)	1		41
	Applied Optoelectronics Inc. (a) (b)	2		69
	ASGN Inc. (a)	2		171
	Avid Technology Inc. (a)	3		13
	AVX Corp.	5		81
	Aware Inc. (a)	5		19
	Axcelis Technologies Inc. (a)	2		38
	AXT Inc. (a)	2		11
	Badger Meter Inc.	1		52
	Bel Fuse Inc. - Class B	1		28
	Belden Inc.	2		99
	Benchmark Electronics Inc.	2		60
	Blucora Inc. (a)	4		157
	Bottomline Technologies Inc. (a) (b)	1		43
	Brooks Automation Inc.	3		93
	Cabot Microelectronics Corp.	1		90
	CACI International Inc. - Class A (a)	1		162
	CalAmp Corp. (a)	2		47
	Calix Inc. (a)	6		46
	Carbonite Inc. (a)	2		79
	Cardtronics Plc - Class A (a)	3		68
	Cars.com Inc. (a)	2		43
	Cass Information Systems Inc.	1		55
	CCUR Holdings Inc. (a)	1		7
	CEVA Inc. (a)	1		29
	Ciena Corp. (a)	4		97
	Cirrus Logic Inc. (a)	2		94
	Cision Ltd. (a)	3		40
	Clearfield Inc. (a)	1		12
	Cohu Inc.	2		40
	Comtech Telecommunications Corp.	1		39
	Conduent Inc. (a)	4		79
	Control4 Corp. (a)	1		35
	Convergys Corp.	3		82
	CoreLogic Inc. (a)	1		74
	Cray Inc. (a)	2		50
	Cree Inc. (a)	2		65
	CSG Systems International Inc.	2		87
	CTS Corp.	2		83
	Daktronics Inc.	2		21

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
	Datawatch Corp. (a)	—		2
	Diebold Nixdorf Inc. (b)	1		15
	Digi International Inc. (a)	1		19
	Diodes Inc. (a)	2		85
	DSP Group Inc. (a)	1		12
	Eastman Kodak Co. (a) (b)	2		9
	Ebix Inc.	1		86
	Electro Scientific Industries Inc. (a)	3		45
	Electronics for Imaging Inc. (a)	1		27
	Ellie Mae Inc. (a) (b)	1		83
	Endurance International Group Holdings Inc. (a)	7		71
	ePlus Inc. (a)	1		86
	EVERTEC Inc.	3		60
	Evolving Systems Inc. (a)	1		4
	ExlService Holdings Inc. (a)	2		91
	Fabrinet (a)	2		82
	FARO Technologies Inc. (a)	1		40
	Finisar Corp. (a) (b)	4		70
	FitBit Inc. - Class A (a)	4		26
	FormFactor Inc. (a)	4		50
	Globant SA (a)	—		14
	Glu Mobile Inc. (a)	9		55
	GSI Technology Inc. (a)	3		26
	GTT Communications Inc. (a) (b)	2		85
	Hackett Group Inc.	2		34
	Harmonic Inc. (a)	6		25
	Ichor Holdings Ltd. (a) (b)	1		25
	II-VI Inc. (a)	3		121
	Infinera Corp. (a)	4		41
	Innodata Inc. (a)	6		6
	Inphi Corp. (a) (b)	1		37
	Insight Enterprises Inc. (a)	2		93
	Integrated Device Technology Inc. (a)	3		92
	InterDigital Inc.	1		107
	Internap Corp. (a)	2		16
	Itron Inc. (a)	1		81
	j2 Global Inc.	1		119
	Kemet Corp. (a)	4		89
	Key Tronic Corp. (a)	3		19
	Kimball Electronics Inc. (a)	2		40
	Knowles Corp. (a)	4		56
	Kopin Corp. (a) (b)	9		26
	Kulicke & Soffa Industries Inc.	3		72
	Lattice Semiconductor Corp. (a)	6		37
	Leaf Group Ltd. (a)	4		45
	LightPath Technologies Inc. - Class A (a) (b)	4		10
	Limelight Networks Inc. (a)	7		33
	Liquidity Services Inc. (a)	1		4
	Lumentum Holdings Inc. (a) (b)	1		80
	Luxoft Holding Inc. - Class A (a)	1		49
	M/A-COM Technology Solutions Holdings Inc. (a) (b)	—		10
	Magnachip Semiconductor Corp. (a) (b)	2		22
	Manhattan Associates Inc. (a)	2		101
	Mantech International Corp. - Class A	1		61
	MaxLinear Inc. - Class A (a)	1		17
	Meet Group Inc. (a)	4		16
	Mesa Laboratories Inc.	—		34
	Methode Electronics Inc.	2		77
	MicroStrategy Inc. - Class A (a)	—		39
	MoneyGram International Inc. (a)	7		44
	Monotype Imaging Holdings Inc.	2		47
	MTS Systems Corp.	1		57
	Nanometrics Inc. (a)	2		62
	NCR Corp. (a)	4		118
	NeoPhotonics Corp. (a) (b)	2		13
	NetGear Inc. (a)	1		62
	NetScout Systems Inc. (a)	3		93
	Network-1 Technologies Inc.	3		8
	NIC Inc.	3		42
	Novanta Inc. (a)	2		95
	NVE Corp.	—		34
	Oclaro Inc. (a)	10		87
	OneSpan Inc. (a)	3		53
	OSI Systems Inc. (a)	1		91
	PAR Technology Corp. (a)	—		7
		Shares/Par¹		Value ($)
	Park Electrochemical Corp.	1		18
	Paylocity Holding Corp. (a)	2		94
	PC Connection Inc.	2		59
	PCM Inc. (a)	1		13
	PDF Solutions Inc. (a) (b)	3		30
	Perficient Inc. (a)	1		34
	PFSweb Inc. (a)	2		23
	Photronics Inc. (a)	3		25
	Pixelworks Inc. (a)	3		9
	Plantronics Inc.	2		140
	Plexus Corp. (a)	1		87
	Power Integrations Inc.	1		51
	Presidio Inc. (a)	1		10
	PRGX Global Inc. (a)	4		38
	Progress Software Corp.	2		88
	QAD Inc. - Class A	1		52
	Qualys Inc. (a)	1		89
	QuinStreet Inc. (a)	2		31
	Rambus Inc. (a)	6		69
	RealPage Inc. (a)	1		76
	Ribbon Communications Inc. (a)	2		16
	Rogers Corp. (a)	1		87
	Rosetta Stone Inc. (a)	2		28
	Rudolph Technologies Inc. (a)	3		77
	Sanmina Corp. (a)	4		103
	Sapiens International Corp. NV	1		9
	ScanSource Inc. (a)	1		40
	Science Applications International Corp.	1		109
	Semtech Corp. (a)	2		115
	ServiceSource International Inc. (a)	4		18
	Shutterstock Inc. (a)	2		88
	SMTC Corp. (a)	1		4
	SolarEdge Technologies Inc. (a)	1		59
	Stamps.com Inc. (a)	—		90
	StarTek Inc. (a)	2		11
	Stratasys Ltd. (a) (b)	1		26
	Super Micro Computer Inc. (a)	2		47
	Sykes Enterprises Inc. (a)	3		87
	Synaptics Inc. (a)	2		86
	Syntel Inc. (a)	3		112
	Systemax Inc.	2		77
	Tech Data Corp. (a)	1		85
	TechTarget Inc. (a)	2		49
	Telaria Inc. (a)	5		22
	TeleNav Inc. (a)	1		4
	Trade Desk Inc. - Class A (a) (b)	1		89
	Transact Technologies Inc.	—		3
	Travelport Worldwide Ltd.	5		101
	TTEC Holdings Inc.	3		91
	TTM Technologies Inc. (a)	6		104
	Tucows Inc. (a) (b)	1		35
	Ultra Clean Holdings Inc. (a)	3		50
	Unisys Corp. (a) (b)	3		35
	Universal Display Corp.	—		23
	Veeco Instruments Inc. (a)	3		47
	VeriFone Systems Inc. (a)	3		77
	Verint Systems Inc. (a)	2		79
	ViaSat Inc. (a) (b)	2		113
	Viavi Solutions Inc. (a)	5		47
	Virtusa Corp. (a)	1		56
	Vishay Intertechnology Inc. (b)	6		128
	Vishay Precision Group Inc. (a)	1		26
	Wayside Technology Group Inc.	—		5
	Web.com Group Inc. (a)	4		110
	Xcerra Corp. (a)	5		66
	XO Group Inc. (a)	1		42
	Xperi Corp.	2		30
	Yelp Inc. - Class A (a)	2		97
	Zedge Inc. - Class B (a)	1		4
	Zix Corp. (a)	4		20
	Zynga Inc. - Class A (a)	21		87
			11,059
Materials 6.2%
	A. Schulman Inc.	2		89

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
	AdvanSix Inc. (a)	2		74
	AgroFresh Solutions Inc. (a)	4		31
	AK Steel Holding Corp. (a) (b)	15		63
	Allegheny Technologies Inc. (a) (b)	5		130
	American Vanguard Corp.	2		47
	Balchem Corp.	1		127
	Bemis Co. Inc.	1		59
	Boise Cascade Co.	2		92
	Cabot Corp.	2		134
	Carpenter Technology Corp.	1		74
	Century Aluminum Co. (a)	4		67
	Chase Corp.	1		84
	Clearwater Paper Corp. (a)	1		26
	Cleveland-Cliffs Inc. (a) (b)	12		101
	Coeur d'Alene Mines Corp. (a)	10		74
	Commercial Metals Co.	2		52
	Compass Minerals International Inc. (b)	1		95
	Core Molding Technologies Inc.	—		3
	Domtar Corp.	2		87
	Ferro Corp. (a)	3		60
	Ferroglobe Plc	5		46
	Ferroglobe Rep and Warranty Insurance Trust (a) (c) (d) (e)	9		—
	Flotek Industries Inc. (a)	3		8
	FutureFuel Corp.	3		42
	GCP Applied Technologies Inc. (a)	3		89
	Gold Resource Corp.	6		37
	Greif Inc. - Class A	1		77
	Greif Inc. - Class B	—		24
	Hawkins Inc.	1		30
	Haynes International Inc.	—		16
	HB Fuller Co.	2		116
	Hecla Mining Co.	12		41
	Ingevity Corp. (a)	1		113
	Innophos Holdings Inc.	1		64
	Innospec Inc.	1		90
	Intrepid Potash Inc. (a)	6		23
	Kaiser Aluminum Corp.	2		234
	KapStone Paper and Packaging Corp.	6		212
	KMG Chemicals Inc.	1		71
	Koppers Holdings Inc. (a)	1		53
	Kraton Corp. (a)	2		87
	Kronos Worldwide Inc.	4		81
	Materion Corp.	1		56
	McEwen Mining Inc. (b)	4		8
	Mercer International Inc.	5		79
	Minerals Technologies Inc.	2		120
	Myers Industries Inc.	2		39
	Neenah Inc.	1		90
	Northern Technologies International Corp.	1		29
	Omnova Solutions Inc. (a)	4		41
	Owens-Illinois Inc. (a)	4		73
	P.H. Glatfelter Co.	2		30
	Platform Specialty Products Corp. (a)	13		153
	PolyOne Corp.	2		89
	PQ Group Holdings Inc. (a)	1		12
	Quaker Chemical Corp.	1		113
	Rayonier Advanced Materials Inc.	3		45
	Resolute Forest Products Inc. (a)	4		42
	Ryerson Holding Corp. (a)	3		28
	Schnitzer Steel Industries Inc. - Class A	2		64
	Schweitzer-Mauduit International Inc.	2		81
	Sensient Technologies Corp.	2		113
	Silgan Holdings Inc.	3		79
	Stepan Co.	1		94
	Summit Materials Inc. - Class A (a)	5		132
	SunCoke Energy Inc. (a)	5		64
	Synalloy Corp.	2		33
	TimkenSteel Corp. (a)	3		45
	Trecora Resources (a)	1		17
	Tredegar Corp.	2		41
	Trinseo SA	1		105
	Tronox Ltd. - Class A	2		41
	UFP Technologies Inc. (a)	1		19
	United States Lime & Minerals Inc.	1		43
		Shares/Par¹		Value ($)
	US Concrete Inc. (a) (b)	1		58
	Verso Corp. - Class A (a)	3		67
	Worthington Industries Inc.	2		101
			5,367
Real Estate 0.9%
	Altisource Portfolio Solutions SA (a) (b)	1		28
	Consolidated-Tomoka Land Co.	1		30
	CorePoint Lodging Inc. (a)	1		34
	Drive Shack Inc. (a)	5		41
	Forestar Group Inc. (a) (b)	1		12
	FRP Holdings Inc. (a)	1		41
	Griffin Industrial Realty Inc.	1		38
	HFF Inc. - Class A	2		80
	Kennedy-Wilson Holdings Inc.	5		95
	Marcus & Millichap Inc. (a)	2		92
	Maui Land & Pineapple Co. Inc. (a)	1		12
	Rafael Holdings Inc. - Class B (a)	1		7
	RE/MAX Holdings Inc. - Class A	1		61
	Realogy Holdings Corp. (b)	4		89
	RMR Group Inc. - Class A	1		74
	St. Joe Co. (a)	2		27
	Tejon Ranch Co. (a)	2		48
			809
Telecommunication Services 1.0%
	Alaska Communications Systems Group Inc. (a)	2		4
	ATN International Inc.	1		61
	Boingo Wireless Inc. (a)	3		67
	Cincinnati Bell Inc. (a)	2		26
	Cogent Communications Group Inc.	2		89
	Consolidated Communications Holdings Inc. (b)	6		68
	Frontier Communications Corp. (b)	1		7
	Hawaiian Telcom Holdco Inc. (a)	2		45
	IDT Corp. - Class B	2		8
	Iridium Communications Inc. (a) (b)	8		123
	ORBCOMM Inc. (a)	4		41
	pdvWireless Inc. (a) (b)	1		13
	Shenandoah Telecommunications Co.	2		80
	Spok Holdings Inc.	1		15
	Telephone & Data Systems Inc.	3		93
	US Cellular Corp. (a)	1		43
	Vonage Holdings Corp. (a)	9		118
			901
Utilities 3.0%
	Allete Inc.	3		240
	American States Water Co.	2		90
	Artesian Resources Corp. - Class A	1		42
	Atlantica Yield Plc	2		45
	Black Hills Corp.	2		102
	California Water Service Group	2		81
	Chesapeake Utilities Corp.	1		70
	Connecticut Water Services Inc.	1		55
	El Paso Electric Co.	2		107
	Genie Energy Ltd. - Class B	2		10
	Hawaiian Electric Industries Inc.	4		140
	MGE Energy Inc.	1		93
	Middlesex Water Co.	1		43
	New Jersey Resources Corp.	3		149
	Northwest Natural Gas Co.	1		42
	NorthWestern Corp.	2		95
	NRG Yield Inc. - Class A	1		22
	NRG Yield Inc. - Class C	3		56
	ONE Gas Inc.	1		84
	Ormat Technologies Inc.	2		115
	Otter Tail Corp.	2		93
	Pattern Energy Group Inc. - Class A	2		30
	PNM Resources Inc.	4		137
	Portland General Electric Co.	2		87
	RGC Resources Inc.	—		13
	SJW Corp.	1		85
	South Jersey Industries Inc.	3		86
	Southwest Gas Corp.	2		115
	Spark Energy Inc. - Class A (b)	1		8
	Spire Inc.	2		168
	Unitil Corp.	1		50

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
	York Water Co.	1		35
			2,588
	Total Common Stocks (cost $72,771)		86,751
PREFERRED STOCKS 0.0%
Consumer Discretionary 0.0%
	GCI Liberty Inc. - Series A, 5.00%, (callable at 25 beginning 03/10/39) (f)	1		13
	Total Preferred Stocks (cost $3)		13
RIGHTS 0.0%
	First Eagle Holdings Inc. (a) (c) (e)	3		1
	Total Rights (cost $1)		1
SHORT TERM INVESTMENTS 2.6%
Investment Companies 0.2%
	JNL Government Money Market Fund - Institutional Class, 1.79% (g) (h)	118		118
Securities Lending Collateral 2.4%
	State Street Navigator Securities Lending Government Money Market Portfolio, 1.95% (h)	2,116		2,116
	Total Short Term Investments (cost $2,234)		2,234
Total Investments 102.4% (cost $75,009)				88,999
Other Assets and Liabilities, Net (2.4)%				(2,074)
Total Net Assets 100.0%				86,925

(a) Non-income producing security.

(b) All or portion of the security was on loan.

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

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

(e) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Jackson Variable Series Trust's 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 Notes to Financial Statements.

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

(g) Investment in affiliate.

(h) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.


JNL/DoubleLine Total Return Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 43.8%
	Adjustable Rate Mortgage Trust
		Series 2005-6A21-4, REMIC, 3.87%, 08/25/35 (a)	7,172	7,161
	AIMCO CLO Corp.
		Series 2014-AR-AA, 3.46%, (3M US LIBOR + 1.10%), 07/20/26 (a) (b)	1,000	1,000
	Ajax Mortgage Loan Trust
		Series 2017-A-A, 3.47%, 04/25/57 (b) (c)	8,237	8,376
	ALM XIX LLC
		Series 2016-A2-19A, 4.55%, (3M US LIBOR + 2.20%), 07/15/28 (a) (b)	2,500	2,509
	Alternative Loan Trust
		Series 2005-A2-23CB, REMIC, 5.50%, 07/25/35	4,291	4,193
		Series 2006-1A7-23CB, REMIC, 6.00%, 08/25/36	2,854	2,907
		Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36	2,808	2,514
	Annisa CLO Ltd.
		Series 2016-B-2A, 4.46%, (3M US LIBOR + 2.10%), 07/20/28 (a) (b)	5,000	5,001
	Apidos CLO XV
		Series 2015-A1R-20A, 3.68%, (3M US LIBOR + 1.33%), 01/16/27 (a) (b)	1,000	1,000
	Apidos CLO XVI
		Series 2013-A1R-16A, 3.34%, (3M US LIBOR + 0.98%), 01/19/25 (a) (b)	1,489	1,489
	Aqua Finance Trust
		Series 2017-A-A, 3.72%, 10/15/24 (b)	5,915	5,809
	Atlas Senior Loan Fund X Ltd.
		Series 2018-A-10A, 3.44%, (3M US LIBOR + 1.09%), 01/15/31 (a) (b)	1,000	998
	Atrium Hotel Portfolio Trust
		Series 2017-E-ATRM, 5.12%, (1M US LIBOR + 3.05%), 12/15/19 (a) (b)	2,785	2,783
			Shares/Par¹	Value ($)
	Banc of America Alternative Loan Trust
		Series 2006-1CB1-1, REMIC, 6.00%, 02/25/36	11,470	11,366
		Series 2006-5CB1-4, REMIC, 6.50%, 05/25/36	7,055	6,775
	Banc of America Funding Trust
		Series 2005-2A1-5, REMIC, 5.50%, 09/25/35	3,209	3,278
	Bayview Opportunity Master Fund IIIB Trust
		Series 2017-RN3-A1, 3.23%, 05/28/19 (b) (c)	1,258	1,258
	BBCMS Trust
		Series 2015-D-STP, REMIC, 4.43%, 09/10/20 (a) (b)	2,300	2,284
		Series 2017-C-DELC, REMIC, 3.27%, (1M US LIBOR + 1.20%), 08/15/19 (a) (b)	722	723
		Series 2017-D-DELC, REMIC, 3.77%, (1M US LIBOR + 1.70%), 08/15/19 (a) (b)	823	831
		Series 2017-E-DELC, REMIC, 4.57%, (1M US LIBOR + 2.50%), 08/15/19 (a) (b)	1,725	1,732
		Series 2017-F-DELC, REMIC, 5.57%, (1M US LIBOR + 3.50%), 08/15/19 (a) (b)	1,653	1,660
		Series 2014-E-BXO, REMIC, 4.63%, (1M US LIBOR + 2.56%), 08/15/27 (a) (b)	3,171	3,185
	Bear Stearns Asset Backed Securities I Trust
		Series 2006-21A3-AC2, REMIC, 6.00%, 03/25/36	2,119	2,373
	BX Trust
		Series 2017-D-SLCT, 4.12%, (1M US LIBOR + 2.05%), 07/15/19 (a) (b)	1,108	1,110
		Series 2017-E-SLCT, 5.22%, (1M US LIBOR + 3.15%), 07/15/19 (a) (b)	1,822	1,831
		Series 2018-A-GW, 2.70%, (1M US LIBOR + 0.80%), 05/15/25 (a) (b)	2,264	2,261
		Series 2018-D-GW, 3.67%, (1M US LIBOR + 1.77%), 05/15/25 (a) (b)	198	198
	California Street CLO IX LP
		Series 2012-AR-9A, 3.80%, (3M US LIBOR + 1.45%), 10/16/28 (a) (b)	2,050	2,053
	Carlyle Global Market Strategies CLO Ltd.
		Series 2015-A1A-5A, 3.91%, (3M US LIBOR + 1.55%), 01/20/28 (a) (b)	5,000	5,008
		Series 2015-A2A-5A, 4.61%, (3M US LIBOR + 2.25%), 01/20/28 (a) (b)	2,000	2,008
		Series 2015-B2-5A, 5.61%, (3M US LIBOR + 3.25%), 01/20/28 (a) (b)	1,000	1,008
	CBAM Ltd.
		Series 2018-A-6A, 3.31%, (3M US LIBOR + 0.94%), 07/15/31 (a) (b) (d)	2,500	2,500
	CFCRE Commercial Mortgage Trust
		Series 2016-C-C4, REMIC, 5.04%, 04/10/26 (a)	2,839	2,874
		Interest Only, Series 2016-XA-C4, REMIC, 1.90%, 05/10/58 (a)	11,852	1,204
	Chase Mortgage Finance Trust
		Series 2006-2A1-S2, REMIC, 6.00%, 10/25/36	11,130	8,736
	CHL Mortgage Pass-Through Trust
		Series 2006-1A35-20, REMIC, 6.00%, 02/25/37	3,954	3,324
		Series 2007-1A5-8, REMIC, 5.44%, 01/25/38	3,948	3,164
	CHT Mortgage Trust
		Series 2017-E-CSMO, REMIC, 5.07%, (1M US LIBOR + 3.00%), 11/15/19 (a) (b)	1,806	1,815
		Series 2017-F-CSMO, REMIC, 5.82%, (1M US LIBOR + 3.74%), 11/15/19 (a) (b)	963	968
	CIM Trust
		Series 2017-B2-3RR, 12.31%, 01/27/57 (a) (b)	34,540	35,809
		Series 2017-A1-6, 3.02%, 06/25/57 (a) (b)	13,074	12,716
		Series 2016-B2-1RR, REMIC, 8.18%, 07/26/55 (a) (b)	25,000	23,909
		Series 2016-B2-3RR, REMIC, 7.94%, 02/27/56 (a) (b)	25,000	23,915
		Series 2016-B2-2RR, REMIC, 8.02%, 02/27/56 (a) (b)	25,000	24,049
	Citigroup Commercial Mortgage Trust
		Interest Only, Series 2014-XA-GC21, REMIC, 1.38%, 05/10/47 (a)	30,084	1,610
		Interest Only, Series 2016-XA-GC36, REMIC, 1.48%, 02/10/49 (a)	21,702	1,635
		Interest Only, Series 2016-XA-P3, REMIC, 1.87%, 04/15/49 (a)	18,317	1,749
	Citigroup Mortgage Loan Trust Inc.
		Series 2009-3A2-12, REMIC, 6.00%, 05/25/37 (a) (b)	2,865	2,886

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹	Value ($)
CitiMortgage Alternative Loan Trust
	Series 2006-1A1-A4, REMIC, 6.00%, 09/25/36	2,413	2,349
	Series 2007-1A11-A5, REMIC, 6.00%, 05/25/37	2,154	2,110
CLNS Trust
	Series 2017-D-IKPR, 4.10%, (1M US LIBOR + 2.05%), 06/11/22 (a) (b)	1,973	1,976
	Series 2017-E-IKPR, 5.55%, (1M US LIBOR + 3.50%), 06/11/22 (a) (b)	1,973	1,979
	Series 2017-F-IKPR, 6.55%, (1M US LIBOR + 4.50%), 06/11/22 (a) (b)	1,973	1,984
Coinstar Funding LLC
	Series 2017-A2-1A, 5.22%, 04/25/23 (b)	1,658	1,677
Cold Storage Trust
	Series 2017-A-ICE3, 3.07%, (1M US LIBOR + 1.00%), 04/15/24 (a) (b)	1,790	1,795
	Series 2017-C-ICE3, 3.42%, (1M US LIBOR + 1.35%), 04/15/24 (a) (b)	2,183	2,191
COMM Mortgage Trust
	Interest Only, Series 2016-XA-DC2, REMIC, 1.21%, 10/10/25 (a)	19,764	1,185
	Series 2016-C-CR28, REMIC, 4.80%, 12/10/25 (a)	2,274	2,260
	Series 2016-C-DC2, REMIC, 4.80%, 02/10/26 (a)	1,340	1,326
	Interest Only, Series 2014-XA-CR17, REMIC, 1.24%, 05/10/47 (a)	36,594	1,540
	Interest Only, Series 2015-XA-CR26, REMIC, 1.18%, 10/10/48 (a)	30,272	1,613
Commercial Mortgage Loan Trust
	Interest Only, Series 2013-XA-CR12, REMIC, 1.43%, 10/10/46 (a)	37,145	1,723
Commercial Mortgage Pass-Through Certificates
	Series 2014-C-CR19, REMIC, 4.87%, 08/10/24 (a)	1,500	1,525
	Interest Only, Series 2015-XA-DC1, REMIC, 1.28%, 02/10/48 (a)	29,037	1,427
Commonbond Student Loan Trust
	Series 2016-A1-B, 2.73%, 10/25/40 (b)	5,474	5,339
Core Industrial Trust
	Series 2015-D-CALW, REMIC, 3.98%, 02/10/22 (a) (b)	2,000	1,997
Credit Suisse First Boston Mortgage Securities Corp.
	Series 2005-3A2-9, REMIC, 6.00%, 10/25/35	5,371	3,347
	Series 2005-7A1-11, REMIC, 6.00%, 12/25/35	8,474	7,409
Credit Suisse Mortgage Capital Certificates
	Series 2006-2A3-2, REMIC, 6.00%, 03/25/36	5,807	4,797
CSAIL Commercial Mortgage Trust
	Interest Only, Series 2015-XA-C1, REMIC, 1.07%, 01/17/25 (a)	20,626	919
	Series 2015-C-C4, REMIC, 4.74%, 11/18/25 (a)	1,911	1,904
CSMC Trust
	Series 2016-A1-PR1, REMIC, 5.50%, 05/25/19 (b) (c)	7,305	7,213
	Series 2011-6A9-5R, REMIC, 3.65%, 11/27/37 (a) (b)	12,501	12,563
	Series 2015-A1-PR2, REMIC, 4.25%, 07/26/55 (b) (c)	11,553	11,437
CSMLT Trust
	Series 2015-1A2-3, REMIC, 3.50%, 08/25/34 (a) (b)	4,265	4,289
CVP CLO Ltd.
	Series 2017-A-2A, 3.12%, (3M US LIBOR + 1.19%), 01/20/31 (a) (b)	2,000	2,001
DBJPM Mortgage Trust
	Interest Only, Series 2016-XA-C1, REMIC, 1.64%, 05/10/49 (a)	24,402	2,105
Deutsche Alt-A Securities Mortgage Loan Trust
	Series 2007-2A1-2, REMIC, 2.39%, (1M US LIBOR + 0.30%), 09/25/47 (a)	23,082	20,655
First Horizon Alternative Mortgage Securities Trust
	Series 2006-1A2-FA2, REMIC, 6.00%, 05/25/36	4,827	3,720
GCAT LLC
	Series 2017-5, 3.23%, 07/25/47 (b) (c)	5,332	5,332
GMACM Mortgage Loan Trust
	Series 2005-A7-AF1, REMIC, 5.75%, 07/25/35	6,063	6,041
GPMT Ltd.
	Series 2018-A-FL1, 2.98%, (1M US LIBOR + 0.90%), 12/19/20 (a) (b)	2,462	2,457
		Shares/Par¹	Value ($)
GS Mortgage Securities Trust
	Interest Only, Series 2016-XA-GS3, 1.40%, 10/10/49 (a)	32,415	2,503
	Interest Only, Series 2015-XA-GC34, REMIC, 1.50%, 10/10/25 (a)	24,527	1,795
	Interest Only, Series 2014-XA-GC20, REMIC, 1.17%, 04/10/47 (a)	16,274	708
	Interest Only, Series 2014-XA-GC24, REMIC, 0.95%, 09/10/47 (a)	47,767	1,753
	Interest Only, Series 2015-XA-GS1, REMIC, 0.96%, 11/10/48 (a)	34,355	1,687
	Interest Only, Series 2017-C-2, REMIC, 1.29%, 08/10/50 (a)	34,281	2,687
Halcyon Loan Advisors Funding Ltd.
	Series 2012-B-1A, 5.34%, (3M US LIBOR + 3.00%), 08/15/23 (a) (b)	500	500
	Series 2012-C-2A, 5.17%, (3M US LIBOR + 2.85%), 12/20/24 (a) (b)	1,430	1,435
	Series 2013-C-2A, 5.06%, (3M US LIBOR + 2.70%), 08/01/25 (a) (b)	250	248
	Series 2013-D-2A, 6.16%, (3M US LIBOR + 3.80%), 08/01/25 (a) (b)	1,000	1,000
	Series 2014-A1R-1A, 3.49%, (3M US LIBOR + 1.13%), 04/18/26 (a) (b)	1,000	1,000
Hardee's Funding LLC
	Series 2018-AI-1A, 4.25%, 06/20/22 (b) (d)	4,000	3,991
HERO Funding Trust
	Series 2016-A2-4A, 4.29%, 09/20/37 (b)	7,716	8,114
Hildene CLO IV Ltd.
	Series 2015-A1A-4A, 3.86%, (3M US LIBOR + 1.50%), 07/23/27 (a) (b)	2,000	2,000
IndyMac INDA Mortgage Loan Trust
	Series 2006-4A1-AR2, REMIC, 3.70%, 09/25/36 (a)	5,375	5,163
Jamestown CLO IV Ltd.
	Series 2014-A1AR-4A, 3.04%, (3M US LIBOR + 0.69%), 07/15/26 (a) (b)	380	379
Jamestown CLO VI Ltd.
	Series 2018-A1-6RA, 3.48%, (3M US LIBOR + 1.15%), 04/25/30 (a) (b)	3,000	2,993
JPMBB Commercial Mortgage Securities Trust
	Series 2014-C-C21, REMIC, 4.81%, 07/15/24 (a)	2,000	1,989
	Series 2015-C-C32, REMIC, 4.82%, 10/15/25 (a)	2,370	2,350
	Series 2015-C-C33, REMIC, 4.77%, 11/15/25 (a)	2,224	2,232
	Interest Only, Series 2016-XA-C2, REMIC, 1.85%, 06/15/49 (a)	25,306	2,133
JPMorgan Chase Commercial Mortgage Securities Corp.
	Series 2016-B-ASH, 4.22%, (1M US LIBOR + 2.15%), 10/15/22 (a) (b)	1,914	1,915
	Series 2016-C-ASH, 4.82%, (1M US LIBOR + 2.75%), 10/15/22 (a) (b)	1,080	1,081
	Series 2018-A-LAQ, 3.00%, (1M US LIBOR + 1.00%), 06/15/25 (a) (b)	2,380	2,381
	Series 2006-AM-LDP9, REMIC, 5.37%, 05/15/47	812	813
	Series 2016-E-WIKI, REMIC, 4.14%, 10/05/21 (a) (b)	3,075	2,984
JPMorgan Chase Commercial Mortgage Securities Trust
	Series 2017-C-MAUI, REMIC, 3.30%, (1M US LIBOR + 1.25%), 07/15/19 (a) (b)	753	754
	Series 2017-D-MAUI, REMIC, 4.00%, (1M US LIBOR + 1.95%), 07/15/19 (a) (b)	706	708
	Series 2017-E-MAUI, REMIC, 5.00%, (1M US LIBOR + 2.95%), 07/15/19 (a) (b)	625	627
	Series 2017-F-MAUI, REMIC, 5.80%, (1M US LIBOR + 3.75%), 07/15/19 (a) (b)	880	883
	Series 2017-B-FL10, REMIC, 3.07%, (1M US LIBOR + 1.00%), 06/15/22 (a) (b)	699	704
	Series 2017-C-FL10, REMIC, 3.32%, (1M US LIBOR + 1.25%), 06/15/22 (a) (b)	528	532
	Series 2017-D-FL10, REMIC, 3.97%, (1M US LIBOR + 1.90%), 06/15/22 (a) (b)	1,709	1,717
	Series 2007-AM-LDPX, REMIC, 5.46%, 01/15/49 (a)	246	246
JPMorgan Resecuritization Trust
	Series 2009-4A2-10, REMIC, 3.40%, 03/26/37 (a) (b)	4,185	4,167

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹	Value ($)
Labrador Aviation Finance Ltd.
	Series 2016-A1-1A, 4.30%, 01/15/24 (b)	18,229	18,379
Lavender Trust
	Series 2010-A3-RR2A, REMIC, 6.25%, 10/26/36 (b)	1,912	1,931
LCM XVI LP
	Series AR-16A, 3.38%, (3M US LIBOR + 1.03%), 07/15/26 (a) (b)	1,500	1,500
	Series DR-16A, 5.35%, (3M US LIBOR + 3.00%), 07/15/26 (a) (b)	500	500
Lehman Mortgage Trust
	Series 2005-1A3-1, REMIC, 5.50%, 11/25/35	957	988
Lendmark Funding Trust
	Series 2017-A-2A, 2.80%, 05/20/26 (b)	1,000	987
LSTAR Commercial Mortgage Trust
	Interest Only, Series 2017-X-5, 1.39%, 03/10/50 (a) (b)	45,050	2,202
Madison Park Funding XV Ltd.
	Series 2014-CR-15A, 5.82%, (3M US LIBOR + 3.45%), 01/27/26 (a) (b)	500	500
Madison Park Funding XVIII Ltd.
	Series 2015-DR-18A, 5.31%, (3M US LIBOR + 2.95%), 10/21/30 (a) (b)	1,500	1,489
Marathon CLO VII Ltd.
	Series 2014-A1R-7A, 3.68%, (3M US LIBOR + 1.32%), 10/28/25 (a) (b)	5,000	5,002
Merrill Lynch Mortgage Trust
	Series 2007-AM-C1, REMIC, 5.99%, 06/12/50 (a)	234	234
Midocean Credit CLO VII
	Series 2017-A1-7A, 3.67%, (3M US LIBOR + 1.32%), 07/15/29 (a) (b)	5,000	5,006
Morgan Stanley Bank of America Merrill Lynch Trust
	Series 2014-C-C18, REMIC, 4.49%, 09/15/24	1,500	1,448
	Series 2014-C-C19, REMIC, 4.00%, 12/15/24	2,000	1,902
	Series 2015-C-C20, REMIC, 4.61%, 01/15/25 (a)	1,200	1,181
	Series 2015-C-C25, REMIC, 4.68%, 09/15/25 (a)	2,320	2,344
	Interest Only, Series 2016-XA-C28, REMIC, 1.43%, 01/15/26 (a)	24,202	1,687
	Series 2016-C-C29, REMIC, 4.91%, 04/15/26 (a)	676	691
	Interest Only, Series 2013-XA-C7, REMIC, 1.52%, 02/15/46 (a)	21,645	1,116
	Interest Only, Series 2016-XA-C30, REMIC, 1.59%, 09/15/49 (a)	28,206	2,493
	Series 2016-C-C31, REMIC, 4.46%, 10/15/26 (a)	2,960	2,903
Morgan Stanley Capital I Trust
	Series 2014-D-MP, REMIC, 3.82%, 08/11/21 (a) (b)	2,000	1,976
Morgan Stanley Mortgage Loan Trust
	Series 2007-A1-8XS, REMIC, 5.75%, 04/25/37 (a)	1,549	1,112
	Series 2007-3A22-12, REMIC, 6.00%, 08/25/37	2,035	1,657
MP CLO III Ltd.
	Series 2013-AR-1A, 3.61%, (3M US LIBOR + 1.25%), 10/20/30 (a) (b)	2,000	2,006
MP CLO VIII Ltd.
	Series 2015-AR-2A, 3.27%, (3M US LIBOR + 0.91%), 10/28/27 (a) (b)	2,000	1,995
Nassau Ltd.
	Series 2018-A-IA, 3.43%, (3M US LIBOR + 1.15%), 07/15/31 (a) (b) (d)	2,000	2,000
Natixis Commercial Mortgage Securities Trust
	Series 2018-A-FL1, 2.87%, (1M US LIBOR + 0.95%), 06/15/35 (a) (b)	2,384	2,384
New Residential Mortgage Loan Trust
	Series 2016-A1-1A, REMIC, 3.75%, 03/25/56 (a) (b)	22,117	22,173
Nomura Asset Acceptance Corp. Alternative Loan Trust
	Series 2006-3A-AR1, REMIC, 3.87%, 02/25/36 (a)	1,475	1,373
NYMT Residential LLC
	Series 2016-A-RP1A, 4.00%, 03/25/19 (b) (c)	6,229	6,231
Octagon Investment Partners XXI Ltd.
	Series 2014-C-1A, 6.01%, (3M US LIBOR + 3.65%), 11/14/26 (a) (b)	1,000	1,000
		Shares/Par¹	Value ($)
Octagon Investment Partners XXIV Ltd.
	Series 2015-A1R-1A, 2.25%, (3M US LIBOR + 0.90%), 05/21/27 (a) (b)	2,000	1,997
Octagon Loan Funding Ltd.
	Series 2014-A1R-1A, 3.47%, (3M US LIBOR + 1.14%), 11/18/26 (a) (b)	5,000	5,001
OFSI Fund V Ltd.
	Series 2018-A-1A, 3.48%, (3M US LIBOR + 1.15%), 07/15/31 (a) (b) (e)	2,000	2,000
Palisades Center Trust
	Series 2016-B-PLSD, REMIC, 3.36%, 04/13/21 (b)	3,019	2,980
Palmer Square Loan Funding Ltd.
	Series 2017-A1-1A, 3.09%, (3M US LIBOR + 0.74%), 10/15/25 (a) (b)	4,000	4,000
PR Mortgage Loan Trust
	Series 2014-APT-1, REMIC, 5.93%, 09/25/47 (b)	10,466	9,289
Pretium Mortgage Credit Partners I LLC
	Series 2017-NPL3, 3.25%, 06/29/32 (b) (c)	15,543	15,546
PRPM LLC
	Series 2017-A1-3A, 3.47%, 11/25/20 (b) (c)	13,744	13,637
RAMP Trust
	Series 2005-AI4-RS9, REMIC, 2.41%, (1M US LIBOR + 0.32%), 11/25/35 (a)	9,636	8,672
RBSGC Mortgage Loan Trust
	Series 2007-1A4-B, REMIC, 2.54%, (1M US LIBOR + 0.45%), 01/25/37 (a)	4,996	3,455
	Interest Only, Series 2007-1A6-B, REMIC, 3.96%, (6.05% - (1M US LIBOR * 1)), 01/25/37 (a)	4,996	561
	Series 2007-2A1-A, REMIC, 6.75%, 01/25/37	7,230	7,197
Residential Accredit Loans Inc. Trust
	Series 2005-A41-QA10, REMIC, 4.63%, 09/25/35 (a)	1,945	1,791
	Series 2006-A21-QA1, REMIC, 4.57%, 01/25/36 (a)	6,824	5,901
	Series 2006-A4-QS4, REMIC, 6.00%, 04/25/36	3,717	3,376
	Series 2006-A4-QS5, REMIC, 6.00%, 05/25/36	4,431	4,041
Residential Asset Securitization Trust
	Series 2006-2A11-A6, REMIC, 6.00%, 07/25/36	3,660	3,125
	Series 2006-A1-A12, REMIC, 6.25%, 11/25/36	10,204	6,851
	Series 2007-1A1-A3, REMIC, 2.54%, (1M US LIBOR + 0.45%), 04/25/37 (a)	6,977	3,901
	Series 2007-1A2-A3, REMIC, 30.35%, (46.38% - (1M US LIBOR * 7.67)), 04/25/37 (a)	910	1,622
	Series 2007-1A1-A8, REMIC, 6.00%, 08/25/37	21,131	17,169
Residential Funding Mortgage Securities Inc. Trust
	Series 2006-A14-S6, REMIC, 6.00%, 07/25/36	609	602
	Series 2006-A1-S11, REMIC, 6.00%, 11/25/36	3,585	3,446
	Series 2007-A4-S2, REMIC, 6.00%, 02/25/37	1,391	1,295
	Series 2007-A2-S4, REMIC, 6.00%, 04/25/37	2,820	2,605
	Series 2007-A2-S5, REMIC, 6.00%, 05/25/37	11,405	10,831
	Series 2007-A20-S7, REMIC, 6.00%, 07/25/37	2,584	2,502
Rockford Tower CLO Ltd.
	Series 2017-A-3A, 3.15%, (3M US LIBOR + 1.19%), 10/20/30 (a) (b)	1,000	1,001
	Series 2018-A-1A, 3.36%, (3M US LIBOR + 1.10%), 05/20/31 (a) (b) (d)	3,000	2,991
Rosslyn Portfolio Trust
	Series 2017-A-ROSS, 3.02%, (1M US LIBOR + 0.95%), 06/15/33 (a) (b)	1,485	1,486
	Series 2017-B-ROSS, 3.32%, (1M US LIBOR + 1.25%), 06/15/33 (a) (b)	1,485	1,486
SBA Tower Trust
	Series 2017-C-1, 3.17%, 04/15/22 (b)	10,000	9,739
Shenton Aircraft Investments I Ltd.
	Series 2015-A-1A, 4.75%, 11/15/27 (b)	13,301	13,525
Sofi Professional Loan Program LLC
	Series 2017-BFX-F, 3.62%, 09/25/26 (b)	8,000	7,788
Sound Harbor Loan Fund Ltd.
	Series 2014-A1R-1A, 3.56%, (3M US LIBOR + 1.20%), 10/30/26 (a) (b)	1,000	1,000
Sound Point CLO IV-R Ltd.
	Series 2013-A-3RA, 3.65%, (3M US LIBOR + 1.15%), 04/18/31 (a) (b)	3,000	3,000
SpringCastle America Funding LLC
	Series 2016-A-AA, 3.05%, 04/25/29 (b)	5,898	5,877

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	Sprite Ltd.
		Series 2017-A-1, 4.25%, 12/15/24 (b)	9,606		9,687
	STARM Mortgage Loan Trust
		Series 2007-4A1-2, REMIC, 3.83%, 04/25/37 (a)	1,544		1,279
	Steele Creek CLO Ltd.
		Series 2015-AR-1A, 3.59%, (3M US LIBOR + 1.26%), 05/21/29 (a) (b)	4,000		4,009
		Series 2014-A-1RA, 3.41%, 04/21/31 (b)	2,000		2,000
		Series 2016-1A, 3.44%, (3M US LIBOR + 1.12%), 06/15/31 (a) (b) (d)	2,000		2,000
	Structured Adjustable Rate Mortgage Loan Trust
		Series 2005-2A-21, REMIC, 3.92%, 11/25/35 (a)	8,630		8,352
	Structured Asset Securities Corp. Trust
		Series 2005-1A1-5, REMIC, 5.75%, 04/25/35	9,666		9,099
	TCI-Flatiron CLO Ltd.
		Series 2016-B-1A, 4.55%, (3M US LIBOR + 2.25%), 07/17/28 (a) (b)	500		502
	TCI-Symphony CLO Ltd.
		Series 2016-D-1A, 6.14%, (3M US LIBOR + 3.80%), 10/13/29 (a) (b)	2,000		2,004
	THL Credit Wind River CLO Ltd.
		Series 2016-B-1A, 4.70%, (3M US LIBOR + 2.35%), 07/15/28 (a) (b)	1,500		1,501
		Series 2016-C-1A, 5.55%, (3M US LIBOR + 3.20%), 07/15/28 (a) (b)	500		500
		Series 2014-AR-2A, 3.49%, (3M US LIBOR + 1.14%), 01/15/31 (a) (b)	1,000		1,000
	Trinity Rail Leasing 2010 LLC
		Series 2010-A-1A, 5.19%, 01/16/31 (b)	4,252		4,401
	UBS Commercial Mortgage Trust
		Interest Only, Series 2017-XA-C1, REMIC, 1.77%, 06/15/50 (a)	24,825		2,591
	Velocity Commercial Capital Loan Trust
		Series 2017-AFX-2, REMIC, 3.07%, 11/25/47 (a) (b)	9,289		9,259
	VOLT LIX LLC
		Series 2017-A1-NPL6, 3.25%, 05/25/47 (b) (c)	13,109		13,110
	VOLT LV LLC
		Series 2017-A1-NPL2, 3.50%, 03/25/47 (b) (c)	13,315		13,319
	VOLT LVI LLC
		Series 2017-A1-NPL3, 3.50%, 03/25/47 (b) (c)	14,830		14,835
	VOLT LXI LLC
		Series 2017-A1-NPL8, 3.13%, 06/25/20 (b) (c)	10,408		10,409
	Voya CLO Ltd.
		Series 2014-A1R-4A, 3.30%, (3M US LIBOR + 0.95%), 10/14/26 (a) (b)	3,500		3,496
	Waldorf Astoria Boca Raton Trust
		Series 2016-B-BOCA, REMIC, 4.12%, (1M US LIBOR + 2.05%), 06/15/29 (a) (b)	2,708		2,710
		Series 2016-C-BOCA, REMIC, 4.57%, (1M US LIBOR + 2.50%), 06/15/29 (a) (b)	2,291		2,294
	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
		Series 2006-1A5-5, REMIC, 6.00%, 07/25/36	2,239		1,959
		Series 2006-1A7-5, REMIC, 6.00%, 07/25/36	3,997		3,548
		Series 2007-2A2-2, REMIC, 5.50%, 04/25/37	2,974		2,834
	Waterfall Commercial Mortgage Trust
		Series 2015-A-SBC5, REMIC, 4.10%, 09/19/22 (a) (b)	8,615		8,333
	Wellfleet CLO Ltd.
		Series 2017-A1-2A, 3.61%, (3M US LIBOR + 1.25%), 10/20/29 (a) (b)	3,000		3,003
	Wells Fargo & Co.
		Interest Only, Series 2015-XA-P2, REMIC, 1.15%, 12/15/48 (a)	27,129		1,434
	Wells Fargo Alternative Loan Trust
		Series 2007-2A1-PA3, REMIC, 6.00%, 07/25/37	3,649		3,627
		Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37	3,992		3,730
		Series 2007-1A1-PA5, REMIC, 6.25%, 11/25/37	1,308		1,276
	Wells Fargo Commercial Mortgage Trust
		Series 2015-C-C31, REMIC, 4.76%, 11/15/25 (a)	1,850		1,854
		Series 2015-D-NXS4, REMIC, 3.75%, 11/18/25 (a)	2,031		1,789
		Series 2016-C-C34, REMIC, 5.20%, 05/15/49 (a)	2,855		2,906
		Interest Only, Series 2015-XA-LC20, REMIC, 1.52%, 04/15/50 (a)	24,290		1,503
		Series 2016-C-C32, REMIC, 4.88%, 01/15/59 (a)	1,577		1,538
			Shares/Par¹		Value ($)
		Interest Only, Series 2016-XA-C33, REMIC, 1.96%, 03/15/59 (a)	15,215		1,440
		Interest Only, Series 2017-XA-RC1, REMIC, 1.72%, 01/15/60 (a)	25,199		2,378
	Wells Fargo Mortgage-Backed Securities Trust
		Series 2006-A11-3, REMIC, 5.50%, 03/25/36	2,535		2,591
		Series 2007-1A7-3, REMIC, 5.75%, 04/25/37	8,005		7,953
		Series 2007-1A4-3, REMIC, 6.00%, 04/25/37	1,660		1,666
		Series 2007-A38-7, REMIC, 6.00%, 06/25/37	2,875		2,891
	Wells Fargo-RBS Commercial Mortgage Trust
		Interest Only, Series 2014-XA-C19, REMIC, 1.27%, 03/15/47 (a)	21,845		960
		Interest Only, Series 2014-XA-C25, REMIC, 1.05%, 11/15/47 (a)	28,692		1,215
		Series 2016-C-C33, REMIC, 3.90%, 03/15/59	1,508		1,426
	WhiteHorse X Ltd.
		Series 2015-A1R-10A, 3.01%, (3M US LIBOR + 0.93%), 04/17/27 (a) (b) (d)	3,000		3,000
	Wind River CLO Ltd.
		Series 2016-A-2A, 3.86%, (3M US LIBOR + 1.50%), 11/01/28 (a) (b)	2,500		2,503
	Zais CLO 2 Ltd.
		Series 2014-A1AR-2A, 3.56%, (3M US LIBOR + 1.20%), 07/25/26 (a) (b)	5,000		5,001
	Zais CLO 5 Ltd.
		Series 2016-A1-2A, 3.88%, (3M US LIBOR + 1.53%), 10/15/28 (a) (b)	2,000		2,001
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $918,567)			930,294
GOVERNMENT AND AGENCY OBLIGATIONS 46.9%
Collateralized Mortgage Obligations 29.7%
	Federal Home Loan Mortgage Corp.
		Series A-4260, REMIC, 3.00%, 02/15/32	11,109		11,055
		Series AY-4092, REMIC, 3.00%, 08/15/32	8,200		7,850
		Series EY-4215, REMIC, 3.00%, 06/15/33	10,000		9,511
		Series UB-4247, REMIC, 3.00%, 09/15/33	6,199		5,922
		Series EB-4247, REMIC, 3.50%, 09/15/33	5,000		5,025
		Series A-4377, REMIC, 3.00%, 06/15/39	13,664		13,576
		Series BK-4469, REMIC, 3.00%, 08/15/39	10,200		10,134
		Series JA-3818, REMIC, 4.50%, 01/15/40	296		300
		Series TB-4419, REMIC, 3.00%, 02/15/40	556		556
		Series GA-4376, REMIC, 3.00%, 04/15/40	11,686		11,582
		Series NY-4390, REMIC, 3.00%, 06/15/40	11,420		11,316
		Series MA-4391, REMIC, 3.00%, 07/15/40	11,161		11,059
		Interest Only, Series SP-3770, REMIC, 4.43%, (6.50% - (1M US LIBOR * 1)), 11/15/40 (a)	3,182		262
		Interest Only, Series SM-3780, REMIC, 4.43%, (6.50% - (1M US LIBOR * 1)), 12/15/40 (a)	14,249		2,277
		Series KA-4366, REMIC, 3.00%, 03/15/41	10,950		10,832
		Series SL-4061, REMIC, 3.59%, (7.06% - (1M US LIBOR * 1.75)), 06/15/42 (a)	1,482		1,257
		Series B-4481, REMIC, 3.00%, 12/15/42	20,966		20,536
		Series CS-4156, REMIC, 3.02%, (5.40% - (1M US LIBOR * 1.2)), 01/15/43 (a)	5,045		4,138
		Series UZ-4508, REMIC, 3.00%, 07/15/43	10,397		9,431
		Series ZX-4404, REMIC, 4.00%, 04/15/44	56,727		58,301
		Series CA-4573, REMIC, 3.00%, 11/15/44	35,213		34,447
		Series LZ-4410, REMIC, 4.00%, 11/15/44	1,717		1,771
		Series KZ-4440, REMIC, 3.00%, 02/15/45	11,886		10,587
		Series HA-4582, REMIC, 3.00%, 09/15/45	25,003		24,436
		Interest Only, Series MS-4291, REMIC, 3.83%, (5.90% - (1M US LIBOR * 1)), 01/15/54 (a)	6,067		842
		Series A-4734, REMIC, 3.00%, 07/15/42	27,882		27,508
		Series KM-4141, REMIC, 1.75%, 12/15/42	27,364		25,138
	Federal National Mortgage Association
		Interest Only, Series 2010-CS-134, REMIC, 4.59%, (6.68% - (1M US LIBOR * 1)), 12/25/25 (a)	2,155		179
		Series 2013-AB-53, REMIC, 1.50%, 03/25/28	6,190		5,900
		Series 2013-QZ-54, REMIC, 3.00%, 06/25/33	1,797		1,723
		Series 2013-WB-100, REMIC, 3.00%, 10/25/33	20,000		19,337
		Interest Only, Series 2005-S-2, REMIC, 4.51%, (6.60% - (1M US LIBOR * 1)), 02/25/35 (a)	8,092		1,207
		Interest Only, Series 2011-PS-84, REMIC, 4.51%, (6.60% - (1M US LIBOR * 1)), 01/25/40 (a)	15,753		1,121

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
		Series 2010-KD-120, REMIC, 4.00%, 10/25/40	1,427		1,459
		Series 2014-MA-68, REMIC, 3.00%, 11/25/40	10,755		10,646
		Series 2013-PB-59, REMIC, 2.00%, 09/25/41	5,695		5,479
		Interest Only, Series 2011-ES-93, REMIC, 4.41%, (6.50% - (1M US LIBOR * 1)), 09/25/41 (a)	2,319		337
		Series 2012-BZ-14, REMIC, 4.00%, 03/25/42	1,932		1,978
		Series 2012-Z-31, REMIC, 4.00%, 04/25/42	1,925		1,970
		Series 2012-CZ-87, REMIC, 3.00%, 08/25/42	11,940		10,845
		Series 2015-AP-95, REMIC, 3.00%, 08/25/42	16,038		15,840
		Series 2013-NZ-31, REMIC, 3.00%, 04/25/43	16,243		14,442
		Series 2015-AC-88, REMIC, 3.00%, 04/25/43	19,018		18,749
		Series 2013-ZA-52, REMIC, 3.00%, 06/25/43	4,048		3,733
		Series 2013-AZ-133, REMIC, 4.00%, 01/25/44	15,363		15,891
		Series 2014-GZ-85, REMIC, 3.00%, 12/25/44	11,164		9,971
		Series 2015-CE-78, REMIC, 2.50%, 11/25/45	29,446		28,611
		Series 2017-CH-4, REMIC, 3.00%, 06/25/42	36,033		35,637
		Series 2016-A-9, REMIC, 3.00%, 09/25/43	8,039		7,897
		Series 2016-PA-81, REMIC, 3.00%, 02/25/44	21,829		21,571
		Series 2018-JA-27, REMIC, 3.00%, 12/25/47 (f)	9,812		9,770
		Series 2018-C-33, REMIC, 3.00%, 05/25/48	54,370		52,503
	Government National Mortgage Association
		Interest Only, Series 2010-PS-116, REMIC, 4.02%, (6.10% - (1M US LIBOR * 1)), 03/20/40 (a)	9,769		672
		Series 2011-WS-70, REMIC, 5.53%, (9.70% - (1M US LIBOR * 2)), 12/20/40 (a)	4,994		4,943
				632,060
Mortgage-Backed Securities 17.2%
	Federal Home Loan Mortgage Corp.
		3.00%, 06/01/43 - 09/01/45	159,148		154,913
		4.00%, 09/01/43 - 02/01/44	11,436		11,760
		3.00%, 04/01/45	28,035		27,293
		3.50%, 02/01/46	31,793		31,748
		REMIC, 3.00%, 06/15/44	9,905		9,717
	Federal National Mortgage Association
		4.50%, 04/01/26	4,158		4,298
		3.00%, 03/01/35 - 08/01/46	53,939		52,363
		3.50%, 09/01/43 - 08/01/45	43,623		43,591
		4.00%, 01/01/48	17,897		18,277
	Government National Mortgage Association
		3.50%, 10/20/45	12,164		12,111
				366,071
	Total Government And Agency Obligations (cost $1,024,318)			998,131
SHORT TERM INVESTMENTS 9.8%
Investment Companies 9.8%
	JNL Government Money Market Fund - Institutional Class, 1.79% (g) (h)		208,725		208,725
	Total Short Term Investments (cost $208,725)			208,725
Total Investments 100.5% (cost $2,151,610)					2,137,150
Other Assets and Liabilities, Net (0.5)%					(9,968)
Total Net Assets 100.0%					2,127,182


		Shares/Par¹		Value ($)

(f) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2018, the total payable for investments purchased on a delayed delivery basis was $9,458.

(g) Investment in affiliate.

(h) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.


JNL/PIMCO Credit Income Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.6%
	Air Canada Pass-Through Trust
		Series 2013-A-1, 4.13%, 05/15/25 (a)	79	79
		Series 2017-A-1, 3.55%, 01/15/30 (b) (c)	1,700	1,621
	American Airlines Pass-Through Trust
		Series 2011-A-1, 5.25%, 01/31/21	28	29
		Series 2015-A-1, 3.38%, 05/01/27	256	245
		Series 2016-AA-2, 3.20%, 06/15/28	184	174
		Series 2017-AA-2, 3.35%, 10/15/29	1,000	958
		Series 2017-A-2, 3.60%, 10/15/29	600	580
	Asset Backed Funding Corp. Trust
		Series 2006-A2-OPT2, REMIC, 2.23%, (1M US LIBOR + 0.14%), 10/25/36 (d)	122	118
	Asset Backed Securities Corp. Home Equity Loan Trust
		Series 2004-M1-HE6, REMIC, 3.04%, (1M US LIBOR + 0.95%), 09/25/34 (d)	48	49
	Banc of America Alternative Loan Trust
		Series 2005-4A1-10, REMIC, 5.75%, 11/25/35	40	39
	Centex Home Equity Loan Trust
		Series 2004-MV1-D, REMIC, 3.02%, (1M US LIBOR + 0.93%), 09/25/34 (d)	40	40
	Citigroup Mortgage Loan Trust Inc.
		Series 2007-A2B-AHL1, REMIC, 2.23%, (1M US LIBOR + 0.14%), 12/25/36 (d)	122	120
		Series 2007-3A3A-10, REMIC, 3.84%, 09/25/37 (d)	19	16
	Continental Airlines Inc. Pass-Through Trust
		Series 2009-A-2, 7.25%, 11/10/19	43	45
	Countrywide Asset-Backed Certificates
		Series 2004-M1-4, REMIC, 2.81%, (1M US LIBOR + 0.72%), 07/25/34 (d)	71	73
		Series 2004-M1-5, REMIC, 2.95%, (1M US LIBOR + 0.86%), 08/25/34 (d)	29	29
		Series 2006-1A-24, REMIC, 2.23%, (1M US LIBOR + 0.14%), 07/25/35 (d)	105	97
		Series 2005-1A-AB4, REMIC, 2.33%, (1M US LIBOR + 0.24%), 03/25/36 (d)	42	37
	CVS Pass-Through Trust
		Series A, 7.51%, 01/10/32 (a)	55	64
		Series 2013-PTC, 4.70%, 01/10/36 (a)	873	869
	CWABS Asset-Backed Certificates Trust
		Series 2006-2A2-14, REMIC, 2.24%, (1M US LIBOR + 0.15%), 04/25/33 (d)	29	29
	First Franklin Mortgage Loan Trust
		Series 2004-M3-FF8, REMIC, 3.52%, (1M US LIBOR + 1.43%), 10/25/34 (d)	46	46
	GTP Acquisition Partners I LLC
		Series 2015-A-2, 3.48%, 06/16/25 (b) (c)	300	293
	HomeBanc Mortgage Trust
		Series 2005-A1-4, REMIC, 2.63%, (1M US LIBOR + 0.27%), 10/25/35 (d)	14	14

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	HSI Asset Securitization Corp. Trust
		Series 2006-M1-OPT1, REMIC, 2.45%, (1M US LIBOR + 0.36%), 12/25/35 (d)	100		100
	JPMorgan Mortgage Acquisition Trust
		Series 2006-M1-NC2, REMIC, 2.36%, (1M US LIBOR + 0.27%), 07/25/36 (d)	300		284
	Lehman XS Trust
		Series 2005-2A4-2, REMIC, 5.17%, 08/25/35	17		16
	Morgan Stanley Home Equity Loan Trust
		Series 2007-A1-2, REMIC, 2.19%, (1M US LIBOR + 0.10%), 04/25/37 (d)	13		9
	Northwest Airlines Pass-Through Trust
		Series 2002-G-2-1, 6.26%, 05/20/23	45		47
	OMX Timber Finance Investments I LLC
		Series 2014-A1, 5.42%, 01/29/20 (a)	300		309
	Park Place Securities Inc. Asset-Backed Pass-Through Certificates
		Series 2004-M2-WHQ1, REMIC, 3.08%, (1M US LIBOR + 0.99%), 09/25/34 (d)	68		68
	RALI Trust
		Series 2005-A10-QS17, REMIC, 6.00%, 12/25/35	72		68
		Series 2007-A2-QS3, REMIC, 6.00%, 02/25/37	79		67
	RAMP Trust
		Series 2005-A2-EFC7, REMIC, 2.32%, (1M US LIBOR + 0.23%), 12/25/35 (d)	225		180
	RASC Trust
		Series 2006-AI3-KS9, REMIC, 2.25%, (1M US LIBOR + 0.16%), 09/25/36 (d)	166		162
	Renaissance Home Equity Loan Trust
		Series 2007-AF3-3, REMIC, 7.24%, 09/25/37 (e)	173		95
	SBA Tower Trust
		Series 2016-C-1, 2.88%, 07/15/21 (a)	600		586
	S-Jets Ltd.
		Series 2017-A-1, 3.97%, 08/15/25 (a)	472		471
	Soundview Home Loan Trust
		Series 2006-2A3-OPT3, REMIC, 2.26%, (1M US LIBOR + 0.17%), 06/25/36 (d)	62		61
	Spirit Airlines Pass-Through Trust
		Series 2015-A-1, 4.10%, 04/01/28	864		860
	Sprite Ltd.
		Series 2017-A-1, 4.25%, 12/15/24 (a)	384		387
	United Airlines Inc. Pass-Through Trust
		Series 2014-A-2, 3.75%, 09/03/26	86		84
		Series 2016-A-1, 3.45%, 07/07/28	974		937
		Series 2016-A-2, 3.10%, 10/07/28	974		910
	US Airways Pass-Through Trust
		Series 2013-B-1, 5.38%, 11/15/21	119		121
		Series 2013-A-1, 3.95%, 11/15/25	74		74
	Virgin Australia Trust
		Series 2013-1A, 5.00%, 10/23/23 (a)	38		39
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $11,771)			11,599
CORPORATE BONDS AND NOTES 84.2%
Consumer Discretionary 5.9%
	1011778 B.C. Unlimited Liability Co.
		4.25%, 05/15/24 (a)	200		190
	Altice SA
		7.75%, 05/15/22 (a) (f)	200		194
	Amazon.com Inc.
		2.60%, 12/05/19	100		100
		3.80%, 12/05/24 (f)	100		102
		5.20%, 12/03/25	100		110
	AMC Networks Inc.
		5.00%, 04/01/24	200		197
	Aptiv Plc
		3.15%, 11/19/20	500		496
	Bacardi Ltd.
		4.45%, 05/15/25 (a)	1,000		997
		2.75%, 07/15/26 (a)	300		260
	Cedar Fair LP
		5.38%, 04/15/27	200		197
	Charter Communications Operating LLC
		4.46%, 07/23/22	1,000		1,011
		3.75%, 02/15/28	300		272
			Shares/Par¹		Value ($)
		4.20%, 03/15/28	1,100		1,031
		5.38%, 04/01/38	400		377
		5.75%, 04/01/48	300		290
	Comcast Corp.
		3.15%, 03/01/26	200		188
		2.35%, 01/15/27	200		175
		3.30%, 02/01/27	400		376
		3.90%, 03/01/38	300		273
		4.50%, 01/15/43	500		472
		4.60%, 08/15/45	400		384
		3.40%, 07/15/46	1,200		970
		4.00%, 11/01/49	300		263
	CRC Escrow Issuer LLC
		5.25%, 10/15/25 (a) (f)	400		378
	D.R. Horton Inc.
		3.75%, 03/01/19	600		601
		4.38%, 09/15/22	200		204
	Discovery Communications LLC
		3.45%, 03/15/25	100		95
	DISH DBS Corp.
		6.75%, 06/01/21	1,100		1,101
		5.88%, 07/15/22 (f)	325		305
	General Motors Co.
		3.16%, (3M US LIBOR + 0.80%), 08/07/20 (d)	200		201
	Globo Comunicacao e Participacoes SA
		4.88%, 04/11/22 (a)	200		197
	GLP Capital LP
		5.75%, 06/01/28 (f)	300		301
	Hilton Worldwide Finance LLC
		4.63%, 04/01/25	500		488
		4.88%, 04/01/27	400		386
	Intrepid Aviation Group Holdings LLC
		6.88%, 02/15/19 (a)	100		99
	Lennar Corp.
		4.75%, 11/29/27	400		374
	Melco Resorts Finance Ltd.
		4.88%, 06/06/25 (a) (f)	800		756
	Meredith Corp.
		6.88%, 02/01/26 (a)	100		99
	MGM Resorts International
		6.00%, 03/15/23	1,000		1,029
	Nissan Motor Acceptance Corp.
		2.65%, 09/26/18 (a)	100		100
		3.23%, (3M US LIBOR + 0.89%), 01/13/22 (a) (d)	100		101
	Numericable - SFR SA
		7.38%, 05/01/26 (a)	900		879
	Omnicom Group Inc.
		3.60%, 04/15/26	100		96
	QVC Inc.
		4.38%, 03/15/23	600		592
	RELX Capital Inc.
		3.50%, 03/16/23 (f)	200		199
	Schaeffler Finance BV
		3.25%, 05/15/25, EUR	100		123
	Securitization Trust
		4.50%, 04/01/27 (g)	800		780
	Studio City Co. Ltd.
		5.88%, 11/30/19 (a)	500		506
	Thomson Reuters Corp.
		3.35%, 05/15/26	700		646
	Time Warner Cable Inc.
		8.25%, 04/01/19	500		519
		4.13%, 02/15/21	1,000		1,007
		6.75%, 07/01/18 - 06/15/39	800		846
		4.50%, 09/15/42	300		246
	Time Warner Entertainment Co. LP
		8.38%, 07/15/33	100		124
	Unitymedia Hessen GmbH & Co. KG
		3.50%, 01/15/27, EUR	550		670
	Univision Communications Inc.
		5.13%, 02/15/25 (a)	100		93
	Viking Cruises Ltd.
		5.88%, 09/15/27 (a)	100		95

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	Wynn Macau Ltd.
		5.50%, 10/01/27 (a)	3,200		3,057
				26,218
Consumer Staples 2.7%
	Adecoagro SA
		6.00%, 09/21/27 (a)	200		165
	Altria Group Inc.
		9.25%, 08/06/19 (g)	12		13
	Anheuser-Busch InBev Worldwide Inc.
		3.05%, (3M US LIBOR + 0.74%), 01/12/24 (d)	2,500		2,523
	BAT Capital Corp.
		3.56%, 08/15/27 (a)	2,400		2,231
	Brown-Forman Corp.
		3.50%, 04/15/25	1,200		1,191
	Campbell Soup Co.
		3.65%, 03/15/23	700		686
	Constellation Brands Inc.
		4.75%, 12/01/25	1,050		1,087
	Danone SA
		2.59%, 11/02/23 (a)	1,000		941
	General Mills Inc.
		4.55%, 04/17/38	100		95
	JM Smucker Co.
		3.00%, 03/15/22	100		98
		3.50%, 03/15/25	100		96
	Kraft Heinz Foods Co.
		3.50%, 07/15/22	200		198
		3.17%, (3M US LIBOR + 0.82%), 08/10/22 (d)	1,400		1,405
	Lamb Weston Holdings Inc.
		4.63%, 11/01/24 (a)	1,000		974
	McCormick & Co. Inc.
		3.40%, 08/15/27	100		94
	Post Holdings Inc.
		5.00%, 08/15/26 (a)	200		186
	Tesco Plc
		6.13%, 02/24/22, GBP	50		75
				12,058
Energy 8.6%
	APT Pipelines Ltd.
		4.20%, 03/23/25 (a)	500		496
	Blue Racer Midstream LLC
		6.13%, 11/15/22 (a)	200		202
	BP AMI Leasing Inc.
		5.52%, 05/08/19 (b) (c)	125		128
	Cenovus Energy Inc.
		4.25%, 04/15/27	1,100		1,058
	Cheniere Corpus Christi Holdings LLC
		7.00%, 06/30/24	650		709
	Cimarex Energy Co.
		4.38%, 06/01/24	875		885
	CNOOC Curtis Funding No. 1 Pty Ltd.
		4.50%, 10/03/23	1,100		1,132
	Concho Resources Inc.
		3.75%, 10/01/27	300		288
		4.30%, 08/15/28	400		400
	Continental Resources Inc.
		3.80%, 06/01/24	500		488
	Covey Park Energy LLC
		7.50%, 05/15/25 (a)	100		102
	El Paso Corp.
		6.50%, 09/15/20	200		212
	Enable Midstream Partners LP
		4.40%, 03/15/27	400		379
		4.95%, 05/15/28	500		486
		5.00%, 05/15/44 (e)	645		568
	Enbridge Inc.
		2.74%, (3M US LIBOR + 0.40%), 01/10/20 (d)	1,500		1,499
		3.70%, 07/15/27	900		853
	Endeavor Energy Resources LP
		5.75%, 01/30/28 (a)	500		489
	Energy Transfer Partners LP
		4.65%, 06/01/21	800		818
		4.20%, 04/15/27	100		95
		4.90%, 03/15/35	554		501
			Shares/Par¹		Value ($)
		7.50%, 07/01/38	200		230
		6.05%, 06/01/41	1,300		1,291
		6.50%, 02/01/42	100		104
	Ensco Plc
		7.75%, 02/01/26	200		190
	Enterprise Products Operating LLC
		2.55%, 10/15/19	500		496
		3.90%, 02/15/24	100		100
		3.75%, 02/15/25	400		396
		4.88%, 08/16/77 (d) (f)	500		470
	EQT Corp.
		3.00%, 10/01/22	600		577
	EQT Midstream Partners LP
		4.00%, 08/01/24	500		476
		4.13%, 12/01/26	300		279
		5.50%, 07/15/28	500		500
	Gazprom OAO Via Gaz Capital SA
		6.00%, 01/23/21 (a)	200		208
	Genesis Energy LP
		6.75%, 08/01/22	700		710
	Greenko Dutch BV
		5.25%, 07/24/24 (a)	200		182
	Halliburton Co.
		3.80%, 11/15/25	800		794
	Hess Corp.
		7.30%, 08/15/31	65		75
	Kerr-McGee Corp.
		6.95%, 07/01/24	300		341
	Marathon Oil Corp.
		4.40%, 07/15/27	300		302
	MPLX LP
		4.50%, 04/15/38	200		185
		4.90%, 04/15/58	300		269
	Odebrecht Drilling Norbe VIII/IX Ltd.
		6.35%, 12/01/21 (a)	73		70
		7.38%, 12/01/26 (a) (h)	128		63
	Odebrecht Offshore Drilling Finance Ltd.
		6.72%, 12/01/22 (a)	41		37
		7.72%, 12/01/26 (a) (h)	132		35
	Odebrecht Oil & Gas Finance Ltd.
		0.00%, (callable at 100 beginning 08/10/18) (a) (i) (j)	89		1
	ONEOK Inc.
		4.00%, 07/13/27	300		290
		4.55%, 07/15/28	700		703
	ONEOK Partners LP
		6.85%, 10/15/37	200		235
	Petrofac Ltd.
		3.40%, 10/10/18 (b) (c) (f)	200		198
	Petroleos Mexicanos
		6.50%, 03/13/27	3,000		3,076
	Pioneer Natural Resources Co.
		7.50%, 01/15/20	100		106
		3.45%, 01/15/21	1,400		1,403
		3.95%, 07/15/22	400		405
	Plains All American Pipeline LP
		2.60%, 12/15/19	100		99
		2.85%, 01/31/23	200		188
		3.85%, 10/15/23	100		98
		3.60%, 11/01/24	100		95
		4.65%, 10/15/25	200		199
		5.15%, 06/01/42	200		185
	Ras Laffan Liquefied Natural Gas Co. Ltd. III
		5.84%, 09/30/27 (a)	250		265
	Regency Energy Partners LP
		5.75%, 09/01/20	200		208
		5.88%, 03/01/22	1,000		1,056
		5.00%, 10/01/22	300		309
	Rockies Express Pipeline LLC
		5.63%, 04/15/20 (a)	500		513
	Sabine Pass Liquefaction LLC
		5.63%, 02/01/21 (e)	100		105
		6.25%, 03/15/22	300		322
		5.63%, 04/15/23	800		848
		5.75%, 05/15/24	1,510		1,612

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
		5.88%, 06/30/26	700		751
	Sanchez Energy Corp.
		7.25%, 02/15/23 (b) (c)	100		99
	Sinopec Group Overseas Development 2016 Ltd.
		1.75%, 09/29/19 (a)	500		491
	Sinopec Group Overseas Development 2017 Ltd.
		3.25%, 09/13/27	1,700		1,573
	Southwestern Energy Co.
		4.10%, 03/15/22	50		48
	TC PipeLines LP
		3.90%, 05/25/27	500		469
	TerraForm Power Operating LLC
		4.25%, 01/31/23 (a)	100		96
	Tesoro Logistics LP
		5.25%, 01/15/25	600		616
	Transcanada Trust
		5.30%, 03/15/77 (d) (f)	875		821
	Transcontinental Gas Pipe Line Co. LLC
		4.00%, 03/15/28 (a)	800		781
	Transocean Guardian Ltd.
		5.88%, 01/15/24 (b) (c)	100		100
	Western Gas Partners LP
		2.60%, 08/15/18	100		100
				38,632
Financials 42.3%
	AerCap Ireland Capital Ltd.
		3.75%, 05/15/19	300		302
		4.25%, 07/01/20	500		505
		4.50%, 05/15/21	600		612
		3.95%, 02/01/22	400		397
		3.50%, 01/15/25	1,900		1,782
	Ally Financial Inc.
		8.00%, 11/01/31	500		595
	Altice Financing SA
		6.63%, 02/15/23 (a)	300		296
	Ambac LSNI LLC
		7.34%, (3M US LIBOR + 5.00%), 02/12/23 (a) (d)	300		303
	Amcor Finance USA Inc.
		3.63%, 04/28/26 (a)	400		379
	American Financial Group Inc.
		3.50%, 08/15/26	900		844
	American International Group Inc.
		3.90%, 04/01/26	700		678
		5.75%, 04/01/48	100		98
		4.38%, 01/15/55	400		348
	AXA Equitable Holdings Inc.
		4.35%, 04/20/28 (a)	300		287
	Axis Bank Ltd.
		3.25%, 05/21/20	200		197
		3.25%, 05/21/20 (a)	500		493
	Axis Specialty Finance Plc
		4.00%, 12/06/27	700		659
	Azul Investments LLP
		5.88%, 10/26/24 (a)	100		85
	Banco Bilbao Vizcaya Argentaria SA
		6.75%, (callable at 100 beginning 02/18/20), EUR (i)	600		728
	Banco BTG Pactual SA
		5.50%, 01/31/23 (a)	600		559
	Banco do Brasil SA
		6.00%, 01/22/20 (a)	200		206
	Banco General SA
		4.13%, 08/07/27 (a)	200		187
	Banco Inbursa SA
		4.38%, 04/11/27 (a)	400		371
	Bank of America Corp.
		5.88%, (callable at 100 beginning 03/15/28) (i)	900		882
		2.65%, 04/01/19	100		100
		2.25%, 04/21/20	300		296
		2.15%, 11/09/20	3,900		3,808
		4.10%, 07/24/23	1,475		1,497
		3.50%, 04/19/26	1,300		1,257
		3.82%, 01/20/28 (d) (f)	5,000		4,882
		3.42%, 12/20/28	631		594
		3.97%, 03/05/29	500		492
			Shares/Par¹		Value ($)
	Bank of New York Mellon Corp.
		2.30%, 09/11/19	400		398
		3.00%, 02/24/25	500		480
		2.80%, 05/04/26	1,800		1,698
	Barclays Bank Plc
		6.50%, (callable at 100 beginning 09/15/19), EUR (i)	200		240
		7.63%, 11/21/22 (f)	2,400		2,583
	Barclays Plc
		3.96%, (3M US LIBOR + 1.63%), 01/10/23 (d) (f)	900		914
		3.71%, (3M US LIBOR + 1.38%), 05/16/24 (d)	2,200		2,172
	BAT International Finance Plc
		2.75%, 06/15/20 (a)	200		198
	BBVA Bancomer SA
		5.13%, 01/18/33 (a)	600		531
	BGC Partners Inc.
		5.38%, 12/09/19	225		230
		5.13%, 05/27/21	1,100		1,140
	Blackstone Holdings Finance Co. LLC
		5.00%, 06/15/44 (a)	300		311
	BOC Aviation Pte Ltd.
		2.75%, 09/18/22 (a)	400		380
		3.50%, 09/18/27 (a)	500		458
	Boral Finance Pty Ltd.
		3.75%, 05/01/28 (a)	1,600		1,516
	BPCE SA
		3.55%, (3M US LIBOR + 1.22%), 05/22/22 (a) (d)	500		507
		2.75%, 01/11/23 (a)	2,500		2,388
	Braskem Finance Ltd.
		5.38%, 05/02/22	1,200		1,230
	Brighthouse Financial Inc.
		4.70%, 06/22/47	200		164
	Brookfield Finance Inc.
		3.90%, 01/25/28	500		472
	Brookfield Finance LLC
		4.00%, 04/01/24	500		494
	Cemex Finance LLC
		6.00%, 04/01/24	300		304
	Charles Schwab Corp.
		5.00%, (callable at 100 beginning 12/01/27) (i)	500		483
	Citigroup Inc.
		3.55%, (3M US LIBOR + 1.19%), 08/02/21 (d)	1,000		1,017
		3.42%, (3M US LIBOR + 1.10%), 05/17/24 (d)	200		201
		3.35%, (3M US LIBOR + 1.02%), 06/01/24 (d)	600		601
		3.20%, 10/21/26	600		558
		4.08%, 04/23/29	1,200		1,178
	Citizens Bank NA
		2.55%, 05/13/21	250		244
	Citizens Financial Group Inc.
		2.38%, 07/28/21	400		387
	CME Group Inc.
		3.00%, 03/15/25	725		700
	CNOOC Finance 2013 Ltd.
		3.00%, 05/09/23	600		578
	Cooperatieve Rabobank U.A.
		6.63%, (callable at 100 beginning 06/29/21), EUR (i)	1,400		1,835
		3.75%, 07/21/26	1,000		935
	Credit Agricole SA
		2.75%, 06/10/20 (a)	300		296
		3.75%, 04/24/23 (a)	250		245
	Credit Suisse AG
		3.00%, 10/29/21	300		296
		6.50%, 08/08/23	300		319
		6.50%, 08/08/23 (a)	200		212
	Credit Suisse Group AG
		3.57%, 01/09/23 (a)	250		245
		3.87%, 01/12/29 (a)	700		658
	Credit Suisse Group Funding Guernsey Ltd.
		3.80%, 09/15/22	900		895
		3.75%, 03/26/25	800		767
		4.55%, 04/17/26	700		700
	CRH America Finance Inc.
		3.40%, 05/09/27 (a)	800		750

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹	Value ($)
DAE Funding LLC
	5.00%, 08/01/24 (a)	400	383
DBS Group Holdings Ltd.
	2.25%, 07/16/19 (a)	200	198
	2.81%, (3M US LIBOR + 0.49%), 06/08/20 (a) (d)	400	400
Depository Trust & Clearing Corp.
	4.88%, (callable at 100 beginning 06/15/20) (a) (i)	250	253
Deutsche Bank AG
	3.31%, (3M US LIBOR + 0.97%), 07/13/20 (d)	1,100	1,090
	3.15%, 01/22/21	500	483
	4.25%, 10/14/21	2,200	2,167
	3.30%, 11/16/22	300	281
	3.52%, (3M US LIBOR + 1.19%), 11/16/22 (d) (f)	500	486
Diamond 1 Finance Corp.
	4.42%, 06/15/21 (a)	2,300	2,331
	5.45%, 06/15/23 (a)	2,125	2,224
Discover Bank
	3.10%, 06/04/20	250	249
DNB Bank ASA
	2.38%, 06/02/21 (a) (f)	400	387
E*Trade Financial Corp.
	5.88%, (callable at 100 beginning 09/15/26) (f) (i)	1,000	1,017
Emerald Bay SA
	0.00%, 10/08/20, EUR (a) (j)	100	109
Enel Finance International NV
	3.63%, 05/25/27 (a)	400	366
ERAC USA Finance LLC
	2.70%, 11/01/23 (a)	2,000	1,889
Fairfax Financial Holdings Ltd.
	2.75%, 03/29/28, EUR (a)	600	696
Fidelity National Financial Inc.
	5.50%, 09/01/22	300	319
First American Financial Corp.
	4.30%, 02/01/23	650	651
	4.60%, 11/15/24	200	201
Flagstar Bancorp Inc.
	6.13%, 07/15/21	800	833
FMR LLC
	4.95%, 02/01/33 (b) (c)	700	756
Ford Motor Credit Co. LLC
	3.18%, (3M US LIBOR + 0.83%), 08/12/19 (d)	400	401
	2.68%, 01/09/20	300	297
	8.13%, 01/15/20	150	161
	5.88%, 08/02/21	300	318
	3.43%, (3M US LIBOR + 1.08%), 08/03/22 (d)	1,400	1,407
Freedom Mortgage Corp.
	8.13%, 11/15/24 (a)	100	98
	8.25%, 04/15/25 (a)	100	98
GE Capital International Funding Co.
	4.42%, 11/15/35	1,900	1,837
General Motors Financial Co. Inc.
	3.45%, 01/14/22 (f)	1,900	1,873
	3.90%, (3M US LIBOR + 1.55%), 01/14/22 (d)	200	204
Global Bank Corp.
	4.50%, 10/20/21 (a)	200	195
Goldman Sachs Group Inc.
	6.00%, 06/15/20	200	210
	5.25%, 07/27/21	500	525
	3.51%, (3M US LIBOR + 1.17%), 11/15/21 (d)	600	610
	5.75%, 01/24/22	100	107
	3.08%, (3M US LIBOR + 0.75%), 02/23/23 (d)	600	597
	3.50%, 01/23/25	700	676
	3.75%, 02/25/26	1,000	968
	4.22%, 05/01/29	2,400	2,358
High Street Funding Trust I
	4.11%, 02/15/28 (a)	100	98
HKCG Finance Ltd.
	6.25%, 08/07/18 (b) (c)	200	201
HSBC Bank Plc
	4.13%, 08/12/20 (a)	400	407
HSBC Bank USA NA
	4.88%, 08/24/20	110	113
HSBC Holdings Plc
	6.00%, (callable at 100 beginning 09/29/23), EUR (i)	1,100	1,437
		Shares/Par¹	Value ($)
	6.25%, (callable at 100 beginning 03/23/23) (i) (k)	1,200	1,177
	3.60%, 05/25/23	800	790
	4.30%, 03/08/26	725	727
	3.90%, 05/25/26	600	585
HSBC USA Inc.
	2.35%, 03/05/20	200	198
ING Groep NV
	3.95%, 03/29/27	200	196
Intesa Sanpaolo SpA
	7.75%, (callable at 100 beginning 01/11/27), EUR (i)	800	1,005
	6.50%, 02/24/21 (a)	250	258
	5.71%, 01/15/26 (a)	875	800
Jefferies Finance LLC
	7.38%, 04/01/20 (a)	1,600	1,622
	7.50%, 04/15/21 (a)	600	608
	6.88%, 04/15/22 (a)	300	299
	7.25%, 08/15/24 (a)	400	394
JPMorgan Chase & Co.
	5.83%, (callable at 100 beginning 10/30/18) (f) (i)	1,100	1,109
	6.30%, 04/23/19	300	309
	3.26%, (3M US LIBOR + 0.90%), 04/25/23 (d)	100	101
	3.90%, 07/15/25	200	199
	3.30%, 04/01/26	1,700	1,623
	3.78%, 02/01/28 (d)	7,000	6,826
JPMorgan Chase Bank NA
	3.22%, 03/01/25	2,500	2,411
Lazard Group LLC
	3.75%, 02/13/25	300	290
Legg Mason Inc.
	3.95%, 07/15/24	100	99
Lloyds Bank Plc
	12.00%, (callable at 100 beginning 12/16/24) (a) (i)	100	123
	3.30%, 05/07/21 (k)	300	299
Lloyds Banking Group Plc
	7.63%, (callable at 100 beginning 06/27/23), GBP (i) (k)	1,000	1,440
	3.13%, (3M US LIBOR + 0.80%), 06/21/21 (d)	400	400
Marsh & McLennan Cos Inc.
	3.50%, 03/10/25	1,200	1,173
Meiji Yasuda Life Insurance Co.
	5.10%, 04/26/48 (a)	200	202
Mitsubishi UFJ Financial Group Inc.
	4.18%, (3M US LIBOR + 1.88%), 03/01/21 (d)	412	426
	3.39%, (3M US LIBOR + 1.06%), 09/13/21 (d)	600	608
Mitsubishi UFJ Trust & Banking Corp.
	2.45%, 10/16/19 (a)	3,600	3,566
Mizuho Financial Group Inc.
	2.63%, 04/12/21 (a)	700	683
	3.21%, (3M US LIBOR + 0.88%), 09/11/22 (d)	800	803
Moody's Corp.
	4.50%, 09/01/22	200	206
	4.88%, 02/15/24	290	304
Morgan Stanley
	7.30%, 05/13/19	290	301
	5.75%, 01/25/21	100	106
	2.75%, 05/19/22	1,100	1,065
	3.13%, 01/23/23	3,400	3,314
	4.00%, 07/23/25	1,000	996
	3.88%, 01/27/26	300	295
	3.63%, 01/20/27	3,700	3,558
MUFG Americas Holdings Corp.
	3.00%, 02/10/25	1,000	953
Multibank Inc.
	4.38%, 11/09/22 (a)	200	195
NASDAQ Inc.
	2.72%, (3M US LIBOR + 0.39%), 03/22/19 (d)	600	601
Nationwide Building Society
	10.25%, GBP (i)	535	1,071
	2.35%, 01/21/20 (b) (c)	2,150	2,120
Navient Corp.
	8.00%, 03/25/20	300	317
	5.88%, 03/25/21	100	102
	7.25%, 01/25/22	100	105

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
		6.50%, 06/15/22	200		205
	Nordea Bank AB
		4.88%, 05/13/21 (a)	400		412
	Petrobras Global Finance BV
		7.38%, 01/17/27	300		300
		6.00%, 01/27/28 (a)	2,593		2,350
		5.75%, 02/01/29	200		175
	Quicken Loans Inc.
		5.75%, 05/01/25 (a)	100		98
		5.25%, 01/15/28 (a)	800		738
	Rabobank Nederland NV
		6.88%, 03/19/20, EUR	400		517
	Radian Group Inc.
		7.00%, 03/15/21	157		167
	Reckitt Benckiser Treasury Services Plc
		2.38%, 06/24/22 (a)	400		382
		2.75%, 06/26/24 (a)	900		849
	Reckson Operating Partnership LP
		7.75%, 03/15/20	1,400		1,497
	Reinsurance Group of America Inc.
		3.95%, 09/15/26	600		590
	RenaissanceRe Finance Inc.
		3.45%, 07/01/27	100		94
	Rio Oil Finance Trust
		9.25%, 07/06/24 (e) (f)	409		436
		9.25%, 07/06/24 (a)	170		182
		9.75%, 01/06/27 (a)	191		206
		8.20%, 04/06/28 (a)	600		609
	Royal Bank of Scotland Group Plc
		3.89%, (3M US LIBOR + 1.55%), 06/25/24 (d)	1,300		1,297
	Santander Holdings USA Inc.
		2.70%, 05/24/19	217		216
		3.70%, 03/28/22	1,200		1,182
		3.40%, 01/18/23	1,100		1,063
		4.40%, 07/13/27	100		95
	Santander UK Group Holdings Plc
		7.38%, (callable at 100 beginning 06/24/22), GBP (i)	295		405
		4.75%, 09/15/25 (a)	600		585
	Santander UK Plc
		2.13%, 11/03/20	1,500		1,455
		3.40%, 06/01/21 (k)	500		498
		5.00%, 11/07/23 (a)	300		305
	Sberbank of Russia Via SB Capital SA
		5.50%, 02/26/24 (d)	200		200
	Shire Acquisitions Investments Ireland Ltd.
		2.88%, 09/23/23	500		470
	SL Green Operating Partnership LP
		3.25%, 10/15/22 (f)	500		486
	SLM Corp.
		5.13%, 04/05/22	400		397
	SMBC Aviation Capital Finance DAC
		2.65%, 07/15/21 (a)	600		580
		3.00%, 07/15/22 (a)	800		772
	Springleaf Finance Corp.
		5.25%, 12/15/19	100		101
		8.25%, 12/15/20	100		108
		7.75%, 10/01/21	800		863
	State Bank of India
		3.25%, 01/24/22	700		681
	State Street Corp.
		3.30%, 12/16/24	250		246
	Stearns Holdings LLC
		9.38%, 08/15/20 (a)	500		501
	Stichting AK Rabobank Certificaten
		6.50%, EUR (e) (i)	600		829
	Sumitomo Mitsui Financial Group Inc.
		4.01%, (3M US LIBOR + 1.68%), 03/09/21 (d)	1,200		1,237
		3.50%, (3M US LIBOR + 1.14%), 10/19/21 (d)	1,300		1,320
		3.12%, (3M US LIBOR + 0.78%), 07/12/22 (d)	500		502
	Synchrony Financial
		2.70%, 02/03/20	100		99
		3.58%, (3M US LIBOR + 1.23%), 02/03/20 (d)	200		202
	Tesco Property Finance 5 Plc
		5.66%, 10/13/41, GBP	591		897
			Shares/Par¹		Value ($)
	TIAA Asset Management Finance Co. LLC
		2.95%, 11/01/19 (a)	300		299
		4.13%, 11/01/24 (a)	500		497
	Toll Brothers Finance Corp.
		4.00%, 12/31/18	150		150
	UBS AG
		2.38%, 08/14/19	300		298
		2.90%, (3M US LIBOR + 0.58%), 06/08/20 (a) (d)	2,100		2,106
		2.45%, 12/01/20 (a)	200		196
		2.78%, (3M US LIBOR + 0.48%), 12/01/20 (a) (d)	200		200
		7.63%, 08/17/22	2,403		2,641
	UBS Group AG
		4.13%, 09/24/25 (a)	250		248
	Vanke Real Estate Hong Kong Co. Ltd.
		3.95%, 12/23/19	700		702
	Virgin Media Receivables Financing Notes I DAC
		5.50%, 09/15/24, GBP	100		130
	Virgin Media Secured Finance Plc
		6.25%, 03/28/29, GBP	100		138
	Volkswagen Group of America Finance LLC
		2.13%, 05/23/19 (a)	1,000		992
	Wand Merger Corp.
		8.13%, 07/15/23 (b) (c)	300		304
	Washington Prime Group LP
		5.95%, 08/15/24	1,500		1,445
	WEA Finance LLC
		3.75%, 09/17/24 (a)	1,000		984
	Wells Fargo & Co.
		2.10%, 07/26/21	400		385
		2.63%, 07/22/22	300		289
		3.47%, (3M US LIBOR + 1.11%), 01/24/23 (d) (f)	1,500		1,525
		3.59%, (3M US LIBOR + 1.23%), 10/31/23 (d)	1,400		1,426
		3.30%, 09/09/24	950		918
		3.58%, 05/22/28 (d)	4,800		4,601
	Weyerhaeuser Co.
		7.38%, 10/01/19 - 03/15/32	1,300		1,585
	Woodside Finance Ltd.
		4.60%, 05/10/21 (a)	600		612
		3.65%, 03/05/25 (a)	600		583
	XLIT Ltd.
		4.45%, 03/31/25	400		394
				188,597
Health Care 4.7%
	AbbVie Inc.
		2.90%, 11/06/22	100		97
	Actavis Funding SCS
		3.45%, 03/15/22	975		959
		3.80%, 03/15/25	1,400		1,359
	Amgen Inc.
		2.60%, 08/19/26	700		631
		3.20%, 11/02/27	1,900		1,777
	Anthem Inc.
		4.10%, 03/01/28	600		588
	Baxalta Inc.
		2.88%, 06/23/20	300		296
	Becton Dickinson & Co.
		3.34%, (3M US LIBOR + 1.03%), 06/06/22 (d)	500		502
	Boston Scientific Corp.
		3.38%, 05/15/22	775		766
	Celgene Corp.
		4.35%, 11/15/47	200		177
		4.55%, 02/20/48	100		91
	Centene Escrow I Corp.
		5.38%, 06/01/26 (a) (f)	400		405
	Community Health Systems Inc.
		8.63%, 01/15/24 (b) (c)	600		602
	CVS Health Corp.
		2.13%, 06/01/21	400		384
		4.30%, 03/25/28	1,100		1,082
	Endo Finance Co.
		5.75%, 01/15/22 (a)	200		179
	Endo Finance LLC
		5.38%, 01/15/23 (a)	500		404
		6.00%, 07/15/23 (a)	200		164

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	Fresenius Medical Care US Finance II Inc.
		4.75%, 10/15/24 (a)	700		721
	GlaxoSmithKline Capital Inc.
		6.38%, 05/15/38	200		257
	HCA Inc.
		5.25%, 06/15/26	300		299
	Humana Inc.
		3.85%, 10/01/24	200		199
	Kinetic Concepts Inc.
		7.88%, 02/15/21 (a)	100		102
	Laboratory Corp. of America Holdings
		3.60%, 02/01/25	200		195
	Mallinckrodt International Finance SA
		4.88%, 04/15/20 (a) (f)	250		246
	Medtronic Inc.
		3.50%, 03/15/25	250		247
	Merck & Co. Inc.
		2.75%, 02/10/25	300		287
	Mylan NV
		3.95%, 06/15/26	1,700		1,625
	Stryker Corp.
		3.50%, 03/15/26	475		461
	Teva Pharmaceutical Finance Co. BV
		2.95%, 12/18/22	400		364
	Teva Pharmaceutical Finance Netherlands II BV
		0.38%, 07/25/20, EUR	200		227
	Teva Pharmaceutical Finance Netherlands III BV
		2.20%, 07/21/21	400		371
		2.80%, 07/21/23	1,600		1,381
		6.00%, 04/15/24	300		299
		3.15%, 10/01/26	450		361
	Valeant Pharmaceuticals International Inc.
		5.38%, 03/15/20 (f)	637		646
		9.25%, 04/01/26 (a)	700		727
	Zimmer Biomet Holdings Inc.
		3.70%, 03/19/23	900		893
	Zoetis Inc.
		4.50%, 11/13/25	200		207
		3.00%, 09/12/27	300		277
				20,855
Industrials 4.2%
	A P Moller - Maersk A/S
		3.88%, 09/28/25 (a)	700		674
	ADT Corp.
		3.50%, 07/15/22	100		94
	Air Lease Corp.
		2.63%, 09/04/18	400		400
		2.13%, 01/15/20	1,000		982
		3.00%, 09/15/23	300		284
	Allegion US Holding Co. Inc.
		3.20%, 10/01/24	400		378
		3.55%, 10/01/27	100		92
	Aviation Capital Group Corp.
		7.13%, 10/15/20 (a)	750		809
	Aviation Capital Group LLC
		3.50%, 11/01/27 (a)	100		92
	CD&R Waterworks Merger Sub LLC
		6.13%, 08/15/25 (a)	100		95
	Delta Air Lines Inc.
		3.63%, 03/15/22	1,400		1,382
	Fortune Brands Home & Security Inc.
		3.00%, 06/15/20	200		198
	GATX Corp.
		3.50%, 03/15/28	500		460
	General Electric Co.
		5.00%, (callable at 100 beginning 01/21/21) (i)	2,300		2,272
	GMR Hyderabad International Airport Ltd.
		4.25%, 10/27/27 (a)	200		169
	International Lease Finance Corp.
		7.13%, 09/01/18 (a)	190		191
		8.25%, 12/15/20	600		661
		8.63%, 01/15/22	200		229
	Kansas City Southern
		3.00%, 05/15/23	200		191
			Shares/Par¹		Value ($)
		3.13%, 06/01/26	100		92
	Masco Corp.
		5.95%, 03/15/22	650		695
	Massachusetts Institute of Technology
		4.68%, 07/01/14	200		219
	Owens Corning Inc.
		4.20%, 12/15/22 - 12/01/24	350		346
		3.40%, 08/15/26	600		546
	Park Aerospace Holdings Ltd.
		5.25%, 08/15/22 (a)	300		298
		4.50%, 03/15/23 (a)	900		859
		5.50%, 02/15/24 (a)	100		99
	Penske Truck Leasing Co. LP
		3.40%, 11/15/26 (a)	1,000		931
	Pitney Bowes Inc.
		3.63%, 09/15/20 (g)	200		196
	Rockwell Collins Inc.
		2.80%, 03/15/22	200		195
		3.20%, 03/15/24	100		96
		3.50%, 03/15/27	450		429
	Spirit AeroSystems Inc.
		4.60%, 06/15/28	800		805
	SPX FLOW Inc.
		5.88%, 08/15/26 (a)	200		198
	Standard Industries Inc.
		5.00%, 02/15/27 (a)	200		186
		4.75%, 01/15/28 (a) (f)	2,100		1,929
	Textron Inc.
		2.90%, (3M US LIBOR + 0.55%), 11/10/20 (d)	700		700
	Verisk Analytics Inc.
		4.13%, 09/12/22	100		102
	WestJet Airlines Ltd.
		3.50%, 06/16/21 (b) (c)	200		198
				18,772
Information Technology 3.6%
	Activision Blizzard Inc.
		6.13%, 09/15/23 (a)	700		724
		3.40%, 09/15/26	200		190
	Alibaba Group Holding Ltd.
		3.60%, 11/28/24 (f)	300		295
	Alliance Data Systems Corp.
		5.88%, 11/01/21 (a)	100		102
	Apple Inc.
		2.85%, 05/11/24	1,100		1,064
	Arrow Electronics Inc.
		3.25%, 09/08/24	500		467
	Baidu Inc.
		3.25%, 08/06/18	300		300
		3.00%, 06/30/20	400		396
	Broadcom Corp.
		3.00%, 01/15/22	1,600		1,556
		3.63%, 01/15/24	1,500		1,451
	Flextronics International Ltd.
		5.00%, 02/15/23	100		103
	Harris Corp.
		2.70%, 04/27/20	100		99
		2.84%, (3M US LIBOR + 0.48%), 04/30/20 (d)	300		300
	KLA-Tencor Corp.
		4.65%, 11/01/24	100		103
	Marvell Technology Group Ltd.
		4.20%, 06/22/23	500		500
		4.88%, 06/22/28	400		397
	Microchip Technology Inc.
		3.92%, 06/01/21 (b) (c)	1,100		1,103
	Nvidia Corp.
		3.20%, 09/16/26	1,000		963
	NXP BV
		4.13%, 06/01/21 (a)	500		500
		3.88%, 09/01/22 (a)	500		491
	Oracle Corp.
		3.80%, 11/15/37	1,100		1,040
	QTS Finance Corp.
		4.75%, 11/15/25 (a)	100		94

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	Tech Data Corp.
		4.95%, 02/15/27 (f) (g)	200		196
	Tencent Holdings Ltd.
		3.60%, 01/19/28 (a)	1,300		1,227
	Visa Inc.
		3.15%, 12/14/25	400		387
	VMware Inc.
		3.90%, 08/21/27	1,500		1,385
	Western Digital Corp.
		4.75%, 02/15/26	500		486
				15,919
Materials 1.3%
	American Builders & Contractors Supply Co. Inc.
		5.88%, 05/15/26 (a)	500		492
	Boise Cascade Co.
		5.63%, 09/01/24 (a)	300		301
	China Uranium Development Co. Ltd.
		3.50%, 10/08/18	200		200
	Crown Americas LLC
		4.75%, 02/01/26 (a)	100		95
	Gerdau Holdings Inc.
		7.00%, 01/20/20	200		208
		7.00%, 01/20/20 (a)	100		104
	Gerdau Trade Inc.
		4.88%, 10/24/27 (a) (f)	300		278
	Goldcorp Inc.
		3.63%, 06/09/21	100		100
	Graphic Packaging International Inc.
		4.75%, 04/15/21	50		51
	Huntsman International LLC
		4.88%, 11/15/20	100		102
	PT Bukit Makmur Mandiri Utama
		7.75%, 02/13/22 (a)	200		196
	Reynolds Group Issuer Inc.
		5.85%, (3M US LIBOR + 3.50%), 07/15/21 (a) (d)	200		202
	Rock Tenn Co.
		4.90%, 03/01/22	30		31
	Syngenta Finance NV
		3.93%, 04/23/21 (a)	500		500
	Vale Overseas Ltd.
		4.38%, 01/11/22 (f)	191		194
		6.25%, 08/10/26	1,200		1,300
	Westlake Chemical Corp.
		3.60%, 07/15/22	30		30
	WestRock Co.
		4.00%, 03/15/28 (a)	900		886
	Yara International ASA
		3.80%, 06/06/26 (a)	300		284
		4.75%, 06/01/28 (b) (c) (f)	300		300
				5,854
Real Estate 4.9%
	Alexandria Real Estate Equities Inc.
		2.75%, 01/15/20	100		99
		4.50%, 07/30/29	500		497
	American Campus Communities Operating Partnership LP
		3.75%, 04/15/23	1,050		1,044
	American Tower Corp.
		3.45%, 09/15/21	200		199
		2.25%, 01/15/22	100		95
		3.50%, 01/31/23	750		736
		3.13%, 01/15/27	400		357
	ARC Properties Operating Partnership LP
		3.00%, 02/06/19	800		799
	AvalonBay Communities Inc.
		2.90%, 10/15/26	1,000		928
	Brixmor Operating Partnership LP
		3.25%, 09/15/23	200		192
	CBL & Associates LP
		5.95%, 12/15/26 (f)	1,600		1,358
	Crown Castle International Corp.
		3.40%, 02/15/21	500		499
		4.88%, 04/15/22	300		309
		5.25%, 01/15/23	400		419
			Shares/Par¹		Value ($)
	Digital Realty Trust LP
		4.75%, 10/01/25	100		103
	Education Realty Operating Partnership LP
		4.60%, 12/01/24	100		100
	EPR Properties
		4.50%, 04/01/25	100		99
		4.75%, 12/15/26	200		196
		4.95%, 04/15/28	300		293
	Essex Portfolio LP
		3.50%, 04/01/25	900		869
	HCP Inc.
		4.00%, 12/01/22	300		301
	Healthcare Trust of America Holdings LP
		3.38%, 07/15/21	200		199
	Hospitality Properties Trust
		4.50%, 06/15/23	200		202
		4.95%, 02/15/27	300		297
	Host Hotels & Resorts LP
		6.00%, 10/01/21	50		53
		3.88%, 04/01/24	200		195
		4.00%, 06/15/25	300		291
		4.50%, 02/01/26	100		100
	Kilroy Realty LP
		4.38%, 10/01/25	300		300
	Kimco Realty Corp.
		3.30%, 02/01/25	3,000		2,844
		2.80%, 10/01/26	700		621
	Mid-America Apartments LP
		4.30%, 10/15/23	50		51
		3.75%, 06/15/24	100		98
	Mitsui Fudosan Co. Ltd.
		3.65%, 07/20/27 (a) (f)	900		893
	Omega Healthcare Investors Inc.
		4.38%, 08/01/23	800		793
		4.95%, 04/01/24	250		253
	Physicians Realty LP
		4.30%, 03/15/27	100		97
		3.95%, 01/15/28	200		186
	Poly Real Estate Finance Ltd.
		5.25%, 04/25/19	400		404
	Prologis Inc.
		3.88%, 09/15/28	300		301
	Select Income REIT
		4.25%, 05/15/24	100		96
	Simon Property Group LP
		3.30%, 01/15/26	45		43
	SL Green Realty Corp.
		4.50%, 12/01/22	100		102
	Spirit Realty LP
		4.45%, 09/15/26	200		192
	Trust F/1401
		6.95%, 01/30/44 (a)	1,000		982
	UDR Inc.
		4.63%, 01/10/22	671		689
		4.00%, 10/01/25	350		348
	Weyerhaeuser Co.
		4.63%, 09/15/23	500		521
		8.50%, 01/15/25	500		615
	WP Carey Inc.
		4.00%, 02/01/25	600		582
				21,840
Telecommunication Services 3.2%
	America Movil SAB de CV
		5.00%, 03/30/20	200		206
	AT&T Inc.
		2.97%, (3M US LIBOR + 0.75%), 06/01/21 (d)	2,100		2,107
		3.30%, (3M US LIBOR + 0.95%), 07/15/21 (d)	900		908
		3.95%, 01/15/25	100		98
		4.10%, 02/15/28 (a)	320		306
		4.35%, 06/15/45	100		85
		4.50%, 03/09/48	200		172
	CC Holdings GS V LLC
		3.85%, 04/15/23	200		198

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	Crown Castle Towers LLC
		4.24%, 07/15/28 (b) (c) (l)	100		101
	MTN Mauritius Investments Ltd.
		4.76%, 11/11/24 (a)	200		185
	Sprint Corp.
		7.25%, 09/15/21	1,300		1,350
	Sprint Spectrum Co. LLC
		3.36%, 09/20/21 (a)	1,219		1,205
	Telefonica Emisiones SAU
		4.10%, 03/08/27	1,100		1,063
	United Group BV
		4.38%, 07/01/22, EUR (a)	200		237
	Verizon Communications Inc.
		3.44%, (3M US LIBOR + 1.10%), 05/15/25 (d)	2,200		2,200
		4.13%, 03/16/27	300		296
		4.33%, 09/21/28 (a)	300		298
		4.27%, 01/15/36	800		738
		5.25%, 03/16/37	100		103
		5.01%, 08/21/54	279		262
		4.67%, 03/15/55	1,679		1,480
	Vodafone Group Plc
		4.38%, 05/30/28	200		197
	Wind Tre SpA
		2.75%, (3M EURIBOR + 2.75%), 01/20/24, EUR (a) (d)	400		387
				14,182
Utilities 2.8%
	American Electric Power Co. Inc.
		3.20%, 11/13/27	400		373
	Appalachian Power Co.
		3.40%, 06/01/25	300		293
	Cleco Corporate Holdings LLC
		3.74%, 05/01/26	2,200		2,071
	DTE Energy Co.
		2.40%, 12/01/19	500		495
	Duke Energy Corp.
		2.83%, (3M US LIBOR + 0.50%), 05/14/21 (b) (c) (d)	300		300
		3.05%, 08/15/22	1,200		1,177
		2.65%, 09/01/26	750		676
	Duke Energy Florida LLC
		3.20%, 01/15/27	100		96
	Duquesne Light Holdings Inc.
		5.90%, 12/01/21 (a)	50		53
		3.62%, 08/01/27 (a)	1,200		1,137
	Entergy Mississippi Inc.
		2.85%, 06/01/28	900		826
	Exelon Corp.
		2.85%, 06/15/20	600		595
		3.95%, 06/15/25	500		496
	FirstEnergy Corp.
		4.25%, 03/15/23 (g)	300		305
	Ipalco Enterprises Inc.
		3.70%, 09/01/24	100		96
	NextEra Energy Capital Holdings Inc.
		2.64%, (3M US LIBOR + 0.32%), 09/03/19 (d)	1,000		1,002
	Niagara Mohawk Power Corp.
		2.72%, 11/28/22 (a)	100		97
	Pacific Gas & Electric Co.
		3.25%, 06/15/23	800		764
		3.30%, 12/01/27	200		179
	Southern Co.
		2.95%, 07/01/23	200		193
		5.50%, 03/15/57	200		207
	Southern Power Co.
		2.87%, (3M US LIBOR + 0.55%), 12/20/20 (a) (d)	900		902
				12,333
	Total Corporate Bonds And Notes (cost $385,267)			375,260
SENIOR LOAN INTERESTS 3.7%
Consumer Discretionary 1.7%
	ARAMARK Services Inc.
		Term Loan, 3.69%, (3M LIBOR + 1.75%), 03/01/25 (b) (d)	249		249
			Shares/Par¹		Value ($)
	Caesars Resort Collection LLC
		1st Lien Term Loan B, 4.84%, (3M LIBOR + 2.75%), 09/28/24 (d)	696		694
	Charter Communications Operating LLC
		Term Loan B, 4.10%, (3M LIBOR + 2.00%), 04/30/25 (d)	587		586
	CSC Holdings LLC
		Term Loan B, 4.57%, (3M LIBOR + 2.50%), 01/12/26 (d)	300		299
	Las Vegas Sands LLC
		Term Loan B, 3.84%, (3M LIBOR + 1.75%), 03/27/25 (d)	5,129		5,089
	Stars Group Holdings BV
		Incremental Term Loan, 0.00%, (3M LIBOR + 3.00%), 06/29/25 (b) (d) (m)	400		400
	Wyndham Hotels & Resorts Inc.
		Term Loan B, 3.73%, (3M LIBOR + 1.75%), 03/29/25 (d)	200		200
				7,517
Energy 0.1%
	California Resources Corp.
		1st Lien Term Loan, 6.84%, (3M LIBOR + 4.75%), 11/08/22 (d)	500		508
Financials 0.9%
	FinCo I LLC
		Term Loan B, 4.48%, (1M LIBOR + 2.00%), 06/11/22 (d)	172		172
	ILFC Delos Finance SARL
		Term Loan B, 4.05%, (3M LIBOR + 1.75%), 10/06/23 (d)	300		300
	Level 3 Financing Inc.
		Term Loan B, 4.33%, (3M LIBOR + 2.25%), 02/16/24 (d)	2,200		2,192
	Lightstone Holdco LLC
		Term Loan, 5.73%, (3M LIBOR + 3.75%), 01/30/24 (d)	487		488
	RPI Finance Trust
		Term Loan B-6, 4.30%, (3M LIBOR + 2.00%), 03/13/23 (d)	328		328
	Wand Merger Corp.
		Term Loan A, 0.00%, (3M LIBOR + 5.00%), 04/27/19 (b) (d) (m) (n)	200		198
		Term Loan B, 0.00%, (3M LIBOR + 5.50%), 04/27/19 (b) (d) (m) (n)	200		198
				3,876
Health Care 0.2%
	Alphabet Holding Co. Inc.
		1st Lien Term Loan, 5.59%, (3M LIBOR + 3.50%), 08/15/24 (d)	99		92
	HCA Inc.
		Term Loan B-10, 4.09%, (3M LIBOR + 2.00%), 03/07/25 (d)	299		300
	Ortho-Clinical Diagnostics SA
		Term Loan B, 5.73%, (3M LIBOR + 3.25%), 06/30/21 (d)	292		290
				682
Industrials 0.3%
	Avolon LLC
		Term Loan B-3, 4.09%, (3M LIBOR + 2.00%), 01/15/25 (d)	596		589
	Brand Energy & Infrastructure Services Inc.
		Term Loan, 6.58%, (3M LIBOR + 4.25%), 06/16/24 (d)	3		3
		Term Loan, 6.61%, (3M LIBOR + 4.25%), 06/16/24 - 06/17/24 (d)	493		493
	Sequa Corp.
		Term Loan B, 7.05%, (3M LIBOR + 5.50%), 11/28/21 (d)	198		198
				1,283
Information Technology 0.4%
	Ancestry.com Operations Inc.
		1st Lien Term Loan, 5.23%, (1M LIBOR + 3.25%), 10/19/23 (d)	392		391
	Dell International LLC
		Term Loan B, 4.10%, (3M LIBOR + 2.00%), 09/07/23 (d)	544		541

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	MH Sub I LLC
		1st Lien Term Loan, 5.84%, (3M LIBOR + 3.75%), 08/09/24 (d)	992		992
				1,924
Materials 0.1%
	CPG International Inc.
		Term Loan, 6.25%, (3M LIBOR + 3.75%), 05/03/24 (d)	392		391
	WR Grace & Co.
		Term Loan B-1, 4.06%, (3M LIBOR + 1.75%), 02/23/25 (d)	37		37
		Term Loan B-2, 4.06%, (3M LIBOR + 1.75%), 02/23/25 (d)	63		63
				491
Utilities 0.0%
	Vistra Operations Co. LLC
		Term Loan B-2, 4.09%, (3M LIBOR + 2.25%), 12/14/23 (d)	75		74
		Term Loan B-2, 3.98%, (3M LIBOR + 2.25%), 08/03/24 (d)	24		24
				98
	Total Senior Loan Interests (cost $16,440)			16,379
GOVERNMENT AND AGENCY OBLIGATIONS 21.0%
Mortgage-Backed Securities 6.3%
	Federal National Mortgage Association
		3.00%, 07/01/43 - 08/01/43	615		599
		TBA, 3.00%, 08/15/46 (l)	2,400		2,322
		TBA, 3.50%, 07/15/48 - 08/15/48 (l)	25,300		25,151
				28,072
Municipal 0.0%
	California Earthquake Authority
		2.81%, 07/01/19	168		168
Sovereign 2.2%
	Argentina Bonar Bond
		33.81%, (Argentina Deposit Rates Badlar + 2.00%), 04/03/22, ARS (d)	29,080		915
	Argentina POM Politica Monetaria
		40.00%, (Argentina Central Bank 7 Day Repurchase Rate), 06/21/20, ARS (d)	7,800		280
	Argentina Republic Government International Bond
		6.88%, 01/26/27	1,500		1,346
		5.25%, 01/15/28, EUR	400		398
		2.50%, 12/31/38 (e)	500		286
		6.25%, 11/09/47, EUR	400		365
	Indonesia Government International Bond
		2.88%, 07/08/21, EUR (a)	100		124
	Kuwait International Government Bond
		3.50%, 03/20/27 (a)	1,300		1,264
	Qatar Government International Bond
		3.88%, 04/23/23 (a)	1,400		1,399
	Saudi Arabia Government International Bond
		4.00%, 04/17/25 (a)	900		894
		3.25%, 10/26/26	1,500		1,404
		3.63%, 03/04/28 (a)	1,000		950
	Slovenia Government International Bond
		4.13%, 02/18/19 (a)	200		201
				9,826
Treasury Inflation Indexed Securities 0.9%
	Italy Buoni Poliennali Del Tesoro Inflation Indexed Note
		2.10%, 09/15/21, EUR (o)	557		691
	U.S. Treasury Inflation Indexed Note
		0.38%, 01/15/27 (o) (p)	3,423		3,325
				4,016
U.S. Treasury Securities 11.6%
	U.S. Treasury Bond
		3.50%, 02/15/39	914		994
		Principal Only, 0.00%, 08/15/44 - 05/15/45 (j)	3,850		1,736
		2.50%, 02/15/46 (l)	8,175		7,421
		2.50%, 05/15/46	6,857		6,222
		2.25%, 08/15/46	3,385		2,911
		2.88%, 11/15/46 (p)	182		178
		2.75%, 11/15/47 (l)	4,908		4,678
			Shares/Par¹		Value ($)
		3.00%, 02/15/48	8,823		8,842
	U.S. Treasury Note
		1.88%, 07/31/22 (p)	1,431		1,385
		2.13%, 12/31/22 (l)	5,200		5,068
		1.75%, 01/31/23 (p)	2,116		2,027
		2.13%, 05/15/25 (p)	2,940		2,813
		2.38%, 05/15/27	1,218		1,173
		2.88%, 05/15/28	6,319		6,329
				51,777
	Total Government And Agency Obligations (cost $95,553)			93,859
TRUST PREFERREDS 0.0%
Utilities 0.0%
	SCE Trust III, 5.75%, (callable at 25 beginning 03/15/24) (i)		—		11
	Total Trust Preferreds (cost $10)			11
PREFERRED STOCKS 0.1%
Financials 0.1%
	CoBank ACB, 6.20%, (callable at 100 beginning 01/01/25) (b) (c) (i)		3		318
Real Estate 0.0%
	Vereit Inc., 6.70%, (callable at 25 beginning 01/03/19) (i)		2		43
	Total Preferred Stocks (cost $338)			361
SHORT TERM INVESTMENTS 2.8%
Securities Lending Collateral 2.8%
	Securities Lending Cash Collateral Fund LLC, 1.99% (q) (r)		12,374		12,374
Treasury Securities 0.0%
	Argentina Treasury Bill
		-0.50%, 09/14/18, ARS (s)	8,000		285
	Total Short Term Investments (cost $12,770)			12,659
Total Investments 114.4% (cost $522,149)					510,128
Total Purchased Options 0.0% (cost $426)					109
Other Derivative Instruments (0.2)%					(956)
Other Assets and Liabilities, Net (14.2)%					(63,502)
Total Net Assets 100.0%					445,779

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

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

(d) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2018. 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 reflects 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.

(e) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2018.

(f) All or portion of the security was on loan.

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

(h) 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.

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

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)

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

(k) Convertible security.

(l) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2018, the total payable for investments purchased on a delayed delivery basis was $43,899.

(m) This senior loan will settle after June 30, 2018. The reference rate and spread presented will go into effect upon settlement.

(n) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Jackson Variable Series Trust's 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 Notes to Financial Statements.

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

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

(q) Investment in affiliate.

(r) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.

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


JNL/PPM America Long Short Credit Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 10.0%
	American Airlines Pass-Through Trust
		Series 2013-B-2, 5.60%, 07/15/20 (a)	512		521
	American Express Credit Account Master Trust
		Series 2017-A-4, 1.64%, 05/15/19	1,500		1,487
	American Tower Trust I
		Series 2013-A-2, 3.07%, 03/15/23 (a)	1,170		1,141
	AmeriCredit Automobile Receivables Trust
		Series 2016-A3-2, 1.60%, 11/09/20	1,560		1,556
	Ascentium Equipment Receivables Trust
		Series 2017-A2-1A, 1.87%, 07/10/19 (a)	45		45
		Series 2017-A2-2A, 2.00%, 05/11/20 (a)	123		122
		Series 2018-A2-1A, 2.92%, 12/10/20 (a)	199		199
		Series 2017-A3-1A, 2.29%, 06/10/21 (a)	106		105
		Series 2017-A3-2A, 2.31%, 12/10/21 (a)	184		181
	BANK 2017-BNK5
		Series 2017-AS-BNK5, REMIC, 3.62%, 06/15/27	272		267
	BCC Funding XIV LLC
		Series 2018-A2-1A, 2.96%, 06/20/23 (a)	262		261
	CCG Receivables Trust
		Series 2018-A2-1, 2.50%, 02/14/21 (a)	334		332
	Chesapeake Funding II LLC
		Series 2017-A1-3A, 1.91%, 01/15/21 (a)	424		419
	CIG Auto Receivables Trust
		Series 2017-A-1A, 2.71%, 05/15/23 (a)	153		152
	Citibank Credit Card Issuance Trust
		Series 2017-A4-A4, 2.24%, (1M US LIBOR + 0.22%), 04/07/20 (b)	614		615
	Dell Equipment Finance Trust
		Series 2017-A2-1, 1.86%, 06/24/19 (a)	216		215
		Series 2018-A2A-1, 2.97%, 10/22/20 (c) (d)	287		287
		Series 2017-A3-2, 2.19%, 10/24/22 (a)	194		192
	Engs Commercial Finance Trust
		Series 2018-A1-1A, 2.97%, 02/22/21 (a)	127		127
	Foundation Finance Trust
		Series 2017-A-1A, 3.30%, 07/15/33 (a)	242		240
	Freddie Mac Multifamily Aggregation Risk Transfer
		Series 2017-A-KT01, REMIC, 2.40%, (1M US LIBOR + 0.32%), 02/25/20 (b)	774		775
	GM Financial Automobile Leasing Trust
		Series 2017-A3-1, 2.06%, 05/20/20	530		527
	GM Financial Consumer Automobile Receivables Trust
		Series 2017-A2B-1A, 2.21%, (1M US LIBOR + 0.12%), 03/16/20 (a) (b)	478		478
	GreatAmerica Leasing Receivables Funding LLC
		Series 2018-A3-1, 2.60%, 06/15/21 (a)	155		154
		Series 2018-A4-1, 2.83%, 06/17/24 (a)	103		102
	GS Mortgage Securities Trust
		Series 2017-B-SLP, REMIC, 3.77%, 10/10/22 (a)	490		489
	MVW Owner Trust
		Series 2013-A-1A, 2.15%, 04/22/30 (a)	261		257
		Series 2017-A-1A, 2.42%, 12/20/34 (a)	236		230
			Shares/Par¹		Value ($)
	Verizon Owner Trust
		Series 2016-A-1A, 1.42%, 01/20/21 (a)	1,250		1,242
	Voya CLO Ltd.
		Series 2013-A1R-2A, 3.31%, (3M US LIBOR + 0.97%), 04/25/31 (a) (b)	295		294
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C38, 3.92%, 07/15/50 (b)	162		158
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $13,291)			13,170
CORPORATE BONDS AND NOTES 64.4%
Consumer Discretionary 4.9%
	American Axle & Manufacturing Inc.
		6.50%, 04/01/27	150		148
	CCO Holdings LLC
		5.13%, 05/01/27 (a)	843		787
	Charter Communications Operating LLC
		6.83%, 10/23/55	120		129
	DISH DBS Corp.
		7.75%, 07/01/26	400		351
	Dollar Tree Inc.
		3.06%, (3M US LIBOR + 0.70%), 04/17/20 (b)	1,100		1,102
	General Motors Co.
		5.20%, 04/01/45	197		181
	Golden Nugget Inc.
		6.75%, 10/15/24 (a)	217		217
	Hilton Domestic Operating Co. Inc.
		4.25%, 09/01/24	292		278
	iHeartCommunications Inc.
		0.00%, 03/01/21 (e) (f)	670		513
	KB Home
		7.63%, 05/15/23	383		409
	Mattamy Group Corp.
		6.50%, 10/01/25 (a)	48		47
	Nemak SAB de CV
		4.75%, 01/23/25 (a)	549		520
	Netflix Inc.
		5.88%, 11/15/28 (a)	335		339
	New Cotai LLC
		10.63%, 05/01/19 (a) (g)	288		281
	Numericable - SFR SA
		7.38%, 05/01/26 (a)	322		315
	Schaeffler Verwaltung Zwei GmbH
		4.88%, 09/15/21 (a) (g)	200		197
	Target Corp.
		3.90%, 11/15/47 (h)	374		347
	VOC Escrow Ltd.
		5.00%, 02/15/28 (a)	372		353
				6,514
Consumer Staples 4.6%
	BAT Capital Corp.
		2.95%, (3M US LIBOR + 0.59%), 08/14/20 (a) (b)	1,250		1,253
		4.39%, 08/15/37 (a)	495		464
	General Mills Inc.
		4.20%, 04/17/28 (h)	58		57
	High Ridge Brands Co.
		8.88%, 03/15/25 (c) (d)	91		41
	JBS Investments GmbH
		7.25%, 04/03/24 (a)	497		481
	JBS USA Lux SA
		6.75%, 02/15/28 (a)	301		284
	Kraft Heinz Foods Co.
		2.92%, (3M US LIBOR + 0.57%), 02/10/21 (b)	1,000		1,000
		3.95%, 07/15/25 (h)	239		233
		5.00%, 07/15/35	279		275
	Maple Escrow Subsidiary Inc.
		4.99%, 05/25/38 (a)	78		78
	Matterhorn Merger Sub LLC
		8.50%, 06/01/26 (a)	350		340
	Pilgrim's Pride Corp.
		5.88%, 09/30/27 (a)	127		118
	Post Holdings Inc.
		5.63%, 01/15/28 (a)	232		218
	Reynolds American Inc.
		4.45%, 06/12/25 (h)	863		867

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	Sigma Holdco BV
		7.88%, 05/15/26 (a)	345		317
				6,026
Energy 9.8%
	Alta Mesa Holdings LP
		7.88%, 12/15/24	355		376
	Andeavor Corp.
		3.80%, 04/01/28 (h)	91		86
		4.50%, 04/01/48	105		96
	Andeavor Logistics LP
		3.50%, 12/01/22	137		134
		4.25%, 12/01/27	121		117
		5.20%, 12/01/47	133		128
	Callon Petroleum Co.
		6.38%, 07/01/26 (c) (d)	325		326
	Cheniere Corpus Christi Holdings LLC
		5.88%, 03/31/25	208		217
		5.13%, 06/30/27	623		617
	CITGO Holding Inc.
		10.75%, 02/15/20 (a)	185		197
	Columbia Pipeline Group Inc.
		3.30%, 06/01/20	365		363
		5.80%, 06/01/45	274		305
	Continental Resources Inc.
		4.38%, 01/15/28	242		240
	CrownRock LP
		5.63%, 10/15/25 (a)	446		431
	Denbury Resources Inc.
		9.25%, 03/31/22 (a)	43		46
	Endeavor Energy Resources LP
		5.50%, 01/30/26 (a)	57		55
		5.75%, 01/30/28 (a)	57		56
	Energy Transfer Equity LP
		4.25%, 03/15/23	275		266
		5.50%, 06/01/27	64		64
	Energy Transfer Partners LP
		5.80%, 06/15/38	475		470
	EP Energy LLC
		8.00%, 11/29/24 (a)	325		328
		8.00%, 02/15/25 (a)	658		510
	EQT Midstream Partners LP
		5.50%, 07/15/28	319		319
	Extraction Oil & Gas Inc.
		7.38%, 05/15/24 (a)	225		236
	Jagged Peak Energy LLC
		5.88%, 05/01/26 (a)	350		345
	Jones Energy Holdings LLC
		9.25%, 03/15/23 (a)	540		541
	MPLX LP
		4.00%, 03/15/28	427		406
		5.20%, 03/01/47 (h)	125		123
	Nabors Industries Inc.
		5.75%, 02/01/25 (a)	325		308
	NGPL PipeCo LLC
		4.88%, 08/15/27 (a)	60		59
	Oasis Petroleum Inc.
		6.25%, 05/01/26 (a)	271		274
	Parsley Energy LLC
		5.38%, 01/15/25 (a)	500		496
		5.25%, 08/15/25 (a)	75		74
	PDC Energy Inc.
		5.75%, 05/15/26	188		188
	Sabine Pass Liquefaction LLC
		5.63%, 03/01/25	265		283
		4.20%, 03/15/28 (h)	409		394
	Southwestern Energy Co.
		7.75%, 10/01/27	1,250		1,297
	Summit Midstream Holdings LLC
		5.75%, 04/15/25	222		211
	Summit Midstream Partners LP
		9.50%, (callable at 104 beginning 12/15/22) (i)	750		737
	Transocean Proteus Ltd.
		6.25%, 12/01/24 (a)	776		788
			Shares/Par¹		Value ($)
	Trinidad Drilling Ltd.
		6.63%, 02/15/25 (a)	59		57
	Whiting Petroleum Corp.
		6.63%, 01/15/26 (a)	154		159
	WPX Energy Inc.
		5.75%, 06/01/26	225		225
				12,948
Financials 17.8%
	Acrisure LLC
		7.00%, 11/15/25 (a)	384		350
	AerCap Ireland Capital Ltd.
		4.63%, 10/30/20	283		288
		3.65%, 07/21/27	517		471
	Anheuser-Busch InBev Finance Inc.
		4.90%, 02/01/46 (h)	796		818
	Athene Global Funding
		2.75%, 04/20/20 (a) (h)	1,100		1,085
		3.54%, (3M US LIBOR + 1.23%), 07/01/22 (a) (b) (h)	1,000		1,020
	Athene Holding Ltd.
		4.13%, 01/12/28 (h)	500		459
	Bank of America Corp.
		5.88%, (callable at 100 beginning 03/15/28) (i)	306		300
		3.02%, (3M US LIBOR + 0.66%), 07/21/21 (b)	300		301
		3.36%, (3M US LIBOR + 1.00%), 04/24/23 (b)	500		504
		3.55%, 03/05/24 (h)	237		234
		4.00%, 01/22/25 (h)	479		474
		3.37%, 01/23/26 (h)	203		195
		4.25%, 10/22/26 (h)	305		301
		3.82%, 01/20/28 (b) (h)	330		322
	Barclays Plc
		4.97%, 05/16/29 (b) (j)	397		393
	Bayer US Finance II LLC
		4.38%, 12/15/28 (c) (d)	523		523
	BlueLine Rental Finance Corp.
		9.25%, 03/15/24 (a)	99		105
	BMW US Capital LLC
		2.70%, (3M US LIBOR + 0.38%), 04/06/20 (a) (b) (h)	1,000		1,003
	Capital One Financial Corp.
		3.12%, (3M US LIBOR + 0.76%), 05/12/20 (b)	1,000		1,004
		3.30%, 10/30/24	225		214
		3.75%, 03/09/27	373		353
		3.80%, 01/31/28 (h)	441		416
	Cemex Finance LLC
		6.00%, 04/01/24 (a)	240		243
	Citigroup Inc.
		5.90%, (callable at 100 beginning 02/15/23) (i)	336		342
		3.32%, (3M US LIBOR + 0.96%), 04/25/22 (b)	640		646
		4.45%, 09/29/27 (h)	780		767
	Credit Suisse AG
		6.50%, 08/08/23 (a) (h)	481		511
	Credit Suisse Group AG
		7.50%, (callable at 100 beginning 12/11/23) (a) (i)	259		267
	Diamond 1 Finance Corp.
		8.35%, 07/15/46 (a)	375		452
	Eagle Holding Co. II LLC
		8.38%, 05/15/22 (a) (g)	140		142
	Enstar Group Ltd.
		4.50%, 03/10/22	192		191
	Glencore Funding LLC
		3.00%, 10/27/22 (a) (h)	182		174
	Goldman Sachs Group Inc.
		3.07%, (3M US LIBOR + 0.73%), 12/27/20 (b)	1,050		1,056
		3.00%, 04/26/22 (h)	119		116
		2.91%, 07/24/23 (h)	61		59
		4.22%, 05/01/29	350		344
	Hexion US Finance Corp.
		6.63%, 04/15/20	250		234
	HSBC Holdings Plc
		3.33%, (3M US LIBOR + 1.00%), 05/18/24 (b)	524		523
		4.38%, 11/23/26 (h)	256		251
	Icahn Enterprises LP
		6.38%, 12/15/25	747		744

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	Intesa Sanpaolo SpA
		3.88%, 01/12/28 (a) (h)	300		257
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (i)	600		611
		3.78%, 02/01/28 (b) (h)	291		284
	JPMorgan Chase Bank NA
		3.51%, 01/23/29 (h)	135		128
	Lincoln National Corp.
		3.80%, 03/01/28	63		60
		4.35%, 03/01/48	104		96
	Lloyds Banking Group Plc
		4.45%, 05/08/25 (j)	590		594
	Morgan Stanley
		3.54%, (3M US LIBOR + 1.18%), 01/20/22 (b)	100		101
		3.29%, (3M US LIBOR + 0.93%), 07/22/22 (b)	275		277
		4.10%, 05/22/23 (h)	869		871
		4.35%, 09/08/26 (h)	268		265
		3.63%, 01/20/27 (h)	200		192
		3.59%, 07/22/28 (b) (h)	317		301
	Toll Brothers Finance Corp.
		4.00%, 12/31/18	341		342
	Wells Fargo & Co.
		5.88%, (callable at 100 beginning 06/15/25) (i)	410		423
	Ziggo Secured Finance BV
		5.50%, 01/15/27 (a)	400		374
				23,371
Health Care 6.0%
	Abbott Laboratories
		4.75%, 11/30/36	125		132
	Actavis Funding SCS
		4.85%, 06/15/44	36		35
		4.75%, 03/15/45	102		97
	Becton Dickinson & Co.
		3.21%, (3M US LIBOR + 0.88%), 12/29/20 (b)	1,100		1,102
		3.36%, 06/06/24	500		480
	Catalent Pharma Solutions Inc.
		4.88%, 01/15/26 (a)	64		62
	Centene Corp.
		4.75%, 05/15/22	157		158
		6.13%, 02/15/24	18		19
	Centene Escrow I Corp.
		5.38%, 06/01/26 (c) (d)	405		410
	Community Health Systems Inc.
		8.63%, 01/15/24 (c) (d)	361		362
	CVS Health Corp.
		4.30%, 03/25/28 (h)	370		364
		4.78%, 03/25/38	173		170
		5.05%, 03/25/48	502		509
	Express Scripts Holding Co.
		3.40%, 03/01/27 (h)	150		137
		4.80%, 07/15/46	184		175
	HCA Inc.
		4.25%, 10/15/19	1,203		1,212
	MEDNAX Inc.
		5.25%, 12/01/23 (c) (d)	250		244
	Perrigo Finance Unltd. Co.
		4.38%, 03/15/26 (h)	200		196
	Prestige Brands Inc.
		6.38%, 03/01/24 (a)	38		38
	Tenet Healthcare Corp.
		8.13%, 04/01/22	61		64
		6.75%, 06/15/23	89		88
		4.63%, 07/15/24 (c) (d)	154		146
	Valeant Pharmaceuticals International Inc.
		6.50%, 03/15/22 (a)	19		20
		5.88%, 05/15/23 (a)	40		38
		7.00%, 03/15/24 (a)	58		61
		6.13%, 04/15/25 (a)	218		201
		5.50%, 03/01/23 - 11/01/25 (a)	320		313
		8.50%, 01/31/27 (a)	47		48
	Watson Pharmaceuticals Inc.
		3.25%, 10/01/22	900		874
			Shares/Par¹		Value ($)
	WellCare Health Plans Inc.
		5.25%, 04/01/25	183		182
				7,937
Industrials 5.5%
	AECOM
		5.13%, 03/15/27	248		233
	Aircastle Ltd.
		6.25%, 12/01/19	539		556
		4.13%, 05/01/24	139		133
	Bombardier Inc.
		5.75%, 03/15/22 (a)	103		103
		7.50%, 12/01/24 - 03/15/25 (a)	254		267
	BWX Technologies Inc.
		5.38%, 07/15/26 (a)	480		486
	General Electric Co.
		5.00%, (callable at 100 beginning 01/21/21) (h) (i)	2,080		2,055
	Global Ship Lease Inc.
		9.88%, 11/15/22 (a)	200		198
	International Lease Finance Corp.
		6.25%, 05/15/19	450		464
	Mexico City Airport Trust
		5.50%, 07/31/47 (c) (d)	603		534
	Multi-Color Corp.
		4.88%, 11/01/25 (a)	259		241
	Standard Industries Inc.
		4.75%, 01/15/28 (a)	500		459
	Tempo Acquisition LLC
		6.75%, 06/01/25 (a)	167		160
	Union Pacific Corp.
		3.60%, 09/15/37 (h)	350		319
	United Technologies Corp.
		1.90%, 05/04/20	1,000		979
				7,187
Information Technology 4.0%
	Apple Inc.
		2.43%, (3M US LIBOR + 0.07%), 05/11/20 (b) (h)	1,350		1,348
	Broadcom Corp.
		3.88%, 01/15/27	185		175
	CDK Global Inc.
		5.88%, 06/15/26	250		255
	Fidelity National Information Services Inc.
		4.75%, 05/15/48	191		184
	Intel Corp.
		2.44%, (3M US LIBOR + 0.08%), 05/11/20 (b)	1,000		998
	Microsoft Corp.
		3.45%, 08/08/36 (h)	350		335
		3.95%, 08/08/56 (h)	150		147
	NXP BV
		4.13%, 06/01/21 (a)	465		465
	Oracle Corp.
		4.00%, 11/15/47 (h)	100		94
	QUALCOMM Inc.
		2.69%, (3M US LIBOR + 0.36%), 05/21/19 (b) (c) (d)	1,000		999
	Radiate Holdco LLC
		6.88%, 02/15/23 (a)	250		237
				5,237
Materials 6.6%
	Anglo American Capital Plc
		4.75%, 04/10/27 (a)	349		344
		4.00%, 09/11/27 (c) (d)	297		276
		4.50%, 03/15/28 (a)	477		459
	Berry Global Inc.
		4.50%, 02/15/26 (a)	459		428
	BWAY Holding Co.
		7.25%, 04/15/25 (a)	550		536
	CF Industries Inc.
		3.40%, 12/01/21 (a) (h)	350		344
		4.50%, 12/01/26 (a) (h)	565		563
	FMG Resources August 2006 Pty Ltd.
		4.75%, 05/15/22 (a)	316		305
	Freeport-McMoRan Inc.
		3.88%, 03/15/23	431		407
		4.55%, 11/14/24	453		431

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
		5.40%, 11/14/34	271		246
	FXI Holdings Inc.
		7.88%, 11/01/24 (a)	460		450
	Hexion Inc.
		10.38%, 02/01/22 (a)	170		167
	Martin Marietta Materials Inc.
		2.98%, (3M US LIBOR + 0.65%), 05/22/20 (b)	1,000		1,002
	Rain CII Carbon LLC
		7.25%, 04/01/25 (a)	300		306
	Reynolds Group Issuer Inc.
		5.85%, (3M US LIBOR + 3.50%), 07/15/21 (a) (b)	483		488
	Samarco Mineracao SA
		0.00%, 09/26/24 (a) (e) (f)	240		176
	Sherwin-Williams Co.
		2.25%, 05/15/20	1,000		985
	Syngenta Finance NV
		4.89%, 04/24/25 (a)	368		362
		5.68%, 04/24/48 (a)	200		184
	Trinseo Materials Operating SCA
		5.38%, 09/01/25 (a)	214		212
				8,671
Real Estate 0.5%
	Communications Sales & Leasing Inc.
		7.13%, 12/15/24 (a)	287		263
	Equinix Inc.
		5.75%, 01/01/25	151		152
		5.88%, 01/15/26	176		178
		5.38%, 05/15/27	88		88
				681
Telecommunication Services 1.3%
	AT&T Inc.
		5.25%, 03/01/37	120		118
	CB Escrow Corp.
		8.00%, 10/15/25 (a)	375		352
	Hughes Satellite Systems Corp.
		5.25%, 08/01/26	250		234
	Intelsat Jackson Holdings SA
		9.75%, 07/15/25 (a)	193		203
	Radiate Holdco LLC
		6.63%, 02/15/25 (a)	99		91
	Sprint Corp.
		7.13%, 06/15/24	175		176
	Sprint Spectrum Co. LLC
		3.36%, 09/20/21 (a)	246		243
	Telesat Canada
		8.88%, 11/15/24 (a)	233		251
	Vodafone Group Plc
		5.00%, 05/30/38	90		89
				1,757
Utilities 3.4%
	AES Corp.
		4.00%, 03/15/21	646		644
	Avangrid Inc.
		3.15%, 12/01/24 (h)	479		459
	Basin Electric Power Cooperative
		4.75%, 04/26/47 (a) (h)	300		310
	Commonwealth Edison Co.
		3.75%, 08/15/47 (h)	97		91
	Enel SpA
		8.75%, 09/24/73 (a) (b)	276		304
	Exelon Corp.
		3.50%, 06/01/22 (k)	150		148
		5.10%, 06/15/45	338		359
	FirstEnergy Corp.
		3.90%, 07/15/27	563		545
		4.85%, 07/15/47 (l)	111		113
	Sempra Energy
		2.85%, (3M US LIBOR + 0.50%), 01/15/21 (b)	1,000		1,004
	Southern Co.
		3.25%, 07/01/26 (h)	250		235
			Shares/Par¹		Value ($)
	Wisconsin Energy Corp.
		3.55%, 06/15/25	256		251
				4,463
	Total Corporate Bonds And Notes (cost $85,766)			84,792
SENIOR LOAN INTERESTS 20.0%
Consumer Discretionary 8.6%
	American Axle & Manufacturing Inc.
		Term Loan B, 4.35%, (3M LIBOR + 2.25%), 03/10/24 (b)	541		539
	ARAMARK Services Inc.
		Term Loan B-2, 3.72%, (3M LIBOR + 1.75%), 03/28/24 (b)	430		429
		Term Loan, 3.69%, (3M LIBOR + 1.75%), 03/01/25 (b)	499		498
	Caesars Entertainment Operating Co.
		Term Loan, 3.98%, (3M LIBOR + 2.00%), 04/03/24 (b)	584		579
	Caesars Resort Collection LLC
		1st Lien Term Loan B, 4.84%, (3M LIBOR + 2.75%), 09/28/24 (b)	659		656
	CBS Radio Inc.
		Term Loan B, 4.84%, (3M LIBOR + 2.75%), 11/18/24 (b)	156		153
	Charter Communications Operating LLC
		Term Loan B, 4.10%, (3M LIBOR + 2.00%), 04/30/25 (b)	489		488
	CityCenter Holdings LLC
		Term Loan B, 4.23%, (1M LIBOR + 2.25%), 04/14/24 (b)	511		508
	Cowlitz Tribal Gaming Authority
		Term Loan, 12.48%, (3M LIBOR + 10.50%), 12/01/21 (b) (m)	404		433
	CSC Holdings LLC
		1st Lien Term Loan, 4.32%, (3M LIBOR + 2.25%), 07/15/25 (b)	355		352
		Term Loan B, 4.57%, (3M LIBOR + 2.50%), 01/12/26 (b)	54		54
	Eldorado Resorts LLC
		Term Loan B, 4.38%, (1M LIBOR + 2.25%), 03/15/24 (b)	218		216
	Four Seasons Hotels Ltd.
		1st Lien Term Loan, 3.98%, (3M LIBOR + 2.00%), 11/30/23 (b)	252		250
	Golden Nugget Inc.
		Incremental Term Loan B, 4.80%, (3M LIBOR + 2.75%), 09/07/23 (b)	223		222
		Incremental Term Loan B, 4.84%, (3M LIBOR + 2.75%), 10/04/23 (b)	290		289
	Liberty Cablevision of Puerto Rico LLC
		1st Lien Term Loan, 5.85%, (3M LIBOR + 3.50%), 12/24/21 (b)	550		532
	Mohegan Tribal Gaming Authority
		Term Loan B, 5.98%, (3M LIBOR + 4.00%), 10/30/23 (b)	504		474
	Numericable Group SA
		Term Loan B-11, 4.73%, (3M LIBOR + 2.75%), 07/31/25 (b)	788		771
	Outfront Media Capital LLC
		Term Loan B, 3.97%, (3M LIBOR + 2.00%), 03/10/24 (b)	495		495
	Sally Holdings LLC
		Term Loan B-1, 4.24%, (3M LIBOR + 2.25%), 07/05/24 (b)	99		96
	Seminole Hard Rock Entertainment Inc.
		Term Loan B, 5.06%, (3M LIBOR + 2.75%), 05/15/20 (b)	516		517
	Sinclair Television Group Inc.
		Term Loan B, 0.00%, (3M LIBOR + 2.25%), 12/11/24 (b) (n)	400		398
	SIWF Holdings Inc.
		1st Lien Term Loan, 6.32%, (3M LIBOR + 4.25%), 05/25/25 (b) (o)	133		134
	Staples Inc.
		Term Loan B, 6.36%, (3M LIBOR + 4.00%), 08/15/24 (b)	327		323

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
	Stars Group Holdings BV
		Term Loan, 0.00%, (3M LIBOR + 3.00%), 10/20/19 (b) (m) (n)	325		325
		Term Loan B, 5.32%, (3M LIBOR + 3.00%), 03/28/25 (b)	502		501
		Incremental Term Loan, 0.00%, (3M LIBOR + 3.00%), 06/29/25 (b) (n)	145		145
	UFC Holdings LLC
		1st Lien Term Loan, 5.24%, (3M LIBOR + 3.25%), 07/22/23 (b)	214		214
	Univision Communications Inc.
		Term Loan C-5, 4.84%, (3M LIBOR + 2.75%), 03/15/24 (b)	786		759
				11,350
Consumer Staples 1.4%
	BJ's Wholesale Club Inc.
		1st Lien Term Loan, 5.53%, (3M LIBOR + 3.50%), 01/26/24 (b)	316		316
	Diamond (BC) B.V.
		Term Loan, 5.10%, (1M LIBOR + 3.00%), 07/24/24 (b)	438		429
	Dole Food Co. Inc.
		Term Loan B, 0.00%, (1M LIBOR + 2.75%), 03/22/24 (b) (n)	—		—
		Term Loan B, 4.73%, (1M LIBOR + 2.75%), 03/22/24 (b)	63		63
		Term Loan B, 4.78%, (1M LIBOR + 2.75%), 03/22/24 (b)	63		63
		Term Loan B, 4.81%, (1M LIBOR + 2.75%), 03/22/24 (b)	5		5
		Term Loan B, 4.84%, (1M LIBOR + 2.75%), 03/22/24 (b)	63		63
		Term Loan B, 6.75%, (1M Prime Rate + 1.75%), 03/22/24 (b)	—		—
	JBS USA LLC
		Term Loan B, 4.48%, (3M LIBOR + 2.50%), 10/30/22 (b)	164		163
		Term Loan B, 4.83%, (3M LIBOR + 2.50%), 06/30/24 (b)	685		679
				1,781
Energy 1.9%
	California Resources Corp.
		1st Lien Term Loan, 6.84%, (3M LIBOR + 4.75%), 11/08/22 (b)	320		325
	Chesapeake Energy Corp.
		Term Loan, 9.59%, (3M LIBOR + 7.50%), 08/16/21 (b)	465		486
	Drillship Hydra Owners Inc.
		Term Loan, 8.00%, 09/20/24	283		297
	Foresight Energy LLC
		1st Lien Term Loan, 8.11%, (1M LIBOR + 5.75%), 03/16/22 (b)	369		366
	Summit Midstream Partners Holdings LLC
		Term Loan B, 7.98%, (3M LIBOR + 6.00%), 05/15/22 (b)	57		58
	TEX Operations Co. LLC
		Term Loan B, 3.98%, (3M LIBOR + 2.00%), 08/04/23 (b)	416		412
	Traverse Midstream Partners LLC
		Term Loan, 5.85%, (3M LIBOR + 4.00%), 09/22/24 (b)	158		158
	Ultra Resources Inc.
		1st Lien Term Loan, 5.09%, (3M LIBOR + 3.00%), 04/14/24 (b)	501		460
				2,562
Health Care 1.9%
	Air Methods Corp.
		Term Loan B, 5.80%, (3M LIBOR + 3.50%), 04/12/24 (b)	473		453
	Alphabet Holding Co. Inc.
		1st Lien Term Loan, 5.59%, (3M LIBOR + 3.50%), 08/15/24 (b)	238		221
		2nd Lien Term Loan, 9.84%, (3M LIBOR + 7.75%), 08/09/25 (b)	145		118
	Change Healthcare Holdings Inc.
		Term Loan B, 4.73%, (3M LIBOR + 2.75%), 02/02/24 - 02/03/24 (b)	395		393
			Shares/Par¹		Value ($)
	Endo Luxembourg Finance Co. I SARL
		Term Loan B, 6.37%, (3M LIBOR + 4.25%), 04/12/24 (b)	351		351
	PharMerica Corp.
		1st Lien Term Loan, 5.55%, (3M LIBOR + 3.50%), 09/25/24 (b)	332		331
	Surgery Center Holdings Inc.
		Term Loan B, 5.35%, (3M LIBOR + 3.25%), 06/18/24 (b)	270		269
	Valeant Pharmaceuticals International Inc.
		Term Loan B, 4.98%, (3M LIBOR + 3.00%), 05/19/25 (b)	319		318
				2,454
Industrials 0.7%
	Gardner Denver Inc.
		Term Loan B, 5.05%, (1M LIBOR + 2.75%), 07/30/24 (b)	306		306
	Tempo Acquisition LLC
		Term Loan, 4.98%, (3M LIBOR + 3.00%), 04/20/24 (b)	594		591
				897
Information Technology 1.0%
	Ancestry.com Operations Inc.
		1st Lien Term Loan, 5.23%, (1M LIBOR + 3.25%), 10/19/23 (b)	556		554
	Radiate Holdco LLC
		1st Lien Term Loan, 5.09%, (3M LIBOR + 3.00%), 12/09/23 (b)	395		389
	SS&C Technologies Holdings Europe SARL
		Term Loan B-4, 4.59%, (3M LIBOR + 2.50%), 02/27/25 (b)	121		121
	SS&C Technologies Inc.
		Term Loan B-3, 4.59%, (3M LIBOR + 2.50%), 02/27/25 (b)	321		321
				1,385
Materials 1.7%
	Berry Global, Inc.
		Term Loan S, 3.73%, (3M LIBOR + 1.75%), 02/02/20 (b)	298		297
	BWAY Holding Co.
		Term Loan B, 5.59%, (3M LIBOR + 3.25%), 04/03/24 (b)	495		492
	Klockner-Pentaplast of America Inc.
		Term Loan B-2, 6.23%, (3M LIBOR + 4.25%), 06/30/22 (b)	945		903
	MacDermid Inc.
		Term Loan B-7, 4.59%, (3M LIBOR + 2.50%), 06/07/20 (b)	268		268
	Tronox Blocked Borrower LLC
		Term Loan B, 5.30%, (3M LIBOR + 3.00%), 09/15/24 (b)	68		68
	Tronox Finance LLC
		Term Loan B, 5.30%, (3M LIBOR + 3.00%), 09/11/24 (b)	157		157
				2,185
Real Estate 0.3%
	MGM Growth Properies Operating Partnership LP
		Term Loan B, 4.01%, (3M LIBOR + 2.00%), 04/20/23 (b)	379		377
Telecommunication Services 1.8%
	CenturyLink Inc.
		Term Loan B, 4.84%, (3M LIBOR + 2.75%), 01/15/25 (b)	771		755
	Frontier Communications Corp.
		Term Loan B-1, 5.74%, (3M LIBOR + 3.75%), 05/31/24 (b)	691		683
	Intelsat Jackson Holdings SA
		Term Loan B-5, 6.63%, 01/15/24	140		144
	Sprint Communications Inc.
		1st Lien Term Loan B, 4.62%, (3M LIBOR + 2.50%), 02/01/24 (b)	395		393
	Windstream Services LLC
		Term Loan B-6, 6.09%, (3M LIBOR + 4.00%), 03/29/21 (b)	388		368
				2,343

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
Utilities 0.7%
	Calpine Corp.
		Term Loan B-8, 3.74%, (3M LIBOR + 1.75%), 12/26/19 (b)	756		755
	Vistra Operations Co. LLC
		Term Loan B-2, 4.09%, (3M LIBOR + 2.25%), 12/14/23 (b)	149		149
		Term Loan B-2, 3.98%, (3M LIBOR + 2.25%), 08/03/24 (b)	47		47
				951
	Total Senior Loan Interests (cost $26,478)			26,285
GOVERNMENT AND AGENCY OBLIGATIONS 0.8%
Sovereign 0.8%
	Mexico Government International Bond
		3.75%, 01/11/28	828		782
	Saudi Arabia Government International Bond
		5.00%, 04/17/49 (a)	283		274
	Total Government And Agency Obligations (cost $1,102)			1,056
OTHER EQUITY INTERESTS 0.0%
	Quicksilver Resources Inc. Escrow (e) (m) (p)		3,156		—
	Quicksilver Resources Inc. Escrow (e) (m) (p)		844		—
	Total Other Equity Interests (cost $0)			—
COMMON STOCKS 0.6%
Energy 0.6%
	Chaparral Energy Inc. (a) (e)		—		3
	Chaparral Energy Inc. - Class A (e) (h)		20		383
	Chaparral Energy Inc. - Class B (e) (h) (o)		4		80
	Denbury Resources Inc. (e)		10		46
	Ocean Rig UDW Inc. (e)		11		329
	Total Common Stocks (cost $968)			841
INVESTMENT COMPANIES 2.4%
	Kayne Anderson MLP Investment Co. (h)		8		146
	SPDR Barclays High Yield Bond ETF (h)		86		3,051
	Total Investment Companies (cost $3,454)			3,197
SHORT TERM INVESTMENTS 4.5%
Investment Companies 4.5%
	JNL Government Money Market Fund - Institutional Class, 1.79% (q) (r)		5,873		5,873
	Total Short Term Investments (cost $5,873)			5,873
Total Investments 102.7% (cost $136,932)					135,214
Total Securities Sold Short (5.2)% (proceeds $7,059)					(6,836)
Other Derivative Instruments (0.0)%					(10)
Other Assets and Liabilities, Net 2.5%					3,290
Total Net Assets 100.0%					131,658

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

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

(e) Non-income producing security.


		Shares/Par¹		Value ($)

(f) Issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date. The aggregate value of these securities represented 0.5% of the Fund’s net assets.

(g) 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.

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

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

(j) Convertible security.

(k) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2018.

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

(m) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Jackson Variable Series Trust's 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 Notes to Financial Statements.

(n) This senior loan will settle after June 30, 2018. The reference rate and spread presented will go into effect upon settlement.

(o) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Jackson Variable Series Trust's 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 Notes to Financial Statements.

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

(q) Investment in affiliate.

(r) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.


SECURITIES SOLD SHORT (5.2%)
CORPORATE BONDS AND NOTES (5.2%)
Consumer Discretionary (2.1%)
	AutoZone Inc.
		3.25%, 04/15/25	(1,300)		(1,242)
	Harley-Davidson Inc.
		3.50%, 07/28/25	(1,500)		(1,461)
				(2,703)
Consumer Staples (0.5%)
	Colgate-Palmolive Co.
		3.70%, 08/01/47	(750)		(707)
Energy (1.0%)
	Southwestern Energy Co.
		6.70%, 01/23/25 (a)	(1,300)		(1,279)
Information Technology (0.5%)
	Intel Corp.
		4.10%, 05/11/47	(700)		(703)
Real Estate (1.1%)
	Simon Property Group LP
		3.30%, 01/15/26	(1,500)		(1,444)
	Total Corporate Bonds And Notes (proceeds $7,059)			(6,836)
	Total Securities Sold Short (5.2%) (proceeds $7,059)				(6,836)


JNL/T. Rowe Price Capital Appreciation Fund
COMMON STOCKS 69.2%
Consumer Discretionary 7.6%
	Adient Plc	247		12,127
	Amazon.com Inc. (a)	42		72,058
	ARAMARK Corp.	1,447		53,692
	Booking Holdings Inc. (a) (b)	12		24,933
	Magna International Inc.	453		26,344
	McDonald's Corp.	98		15,322
	Yum! Brands Inc. (b)	370		28,933
			233,409

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
Consumer Staples 6.0%
	Dr. Pepper Snapple Group Inc.		1,052		128,287
	Kraft Heinz Foods Co.		68		4,301
	PepsiCo Inc.		188		20,462
	Philip Morris International Inc. (b)		179		14,490
	Tyson Foods Inc. - Class A		239		16,439
				183,979
Energy 1.4%
	Canadian Natural Resources Ltd.		389		14,020
	Enterprise Products Partners LP (b)		775		21,438
	Total SA		108		6,550
				42,008
Financials 7.3%
	Intercontinental Exchange Inc. (b)		313		23,022
	Marsh & McLennan Cos. Inc.		1,188		97,378
	PNC Financial Services Group Inc. (b)		505		68,223
	State Street Corp. (b)		386		35,973
				224,596
Health Care 13.9%
	Abbott Laboratories (b)		810		49,394
	Aetna Inc.		153		28,142
	Anthem Inc. (b)		79		18,770
	Becton Dickinson & Co.		372		89,061
	Biogen Inc. (a)		26		7,523
	CIGNA Corp.		55		9,280
	CVS Health Corp.		75		4,846
	Danaher Corp.		833		82,174
	PerkinElmer Inc.		1,119		81,978
	Thermo Fisher Scientific Inc. (b)		95		19,682
	UnitedHealth Group Inc. (b)		154		37,743
				428,593
Industrials 6.0%
	Equifax Inc.		259		32,372
	Fortive Corp.		628		48,421
	Middleby Corp. (a) (c)		194		20,282
	Republic Services Inc.		498		34,010
	Roper Industries Inc.		60		16,624
	Waste Connections Inc.		449		33,784
				185,493
Information Technology 17.8%
	Adyen NV (a)		2		828
	Alphabet Inc. - Class A (a) (b)		12		13,693
	Alphabet Inc. - Class C (a) (b)		16		17,502
	Apple Inc. (b)		68		12,662
	Facebook Inc. - Class A (a) (b)		251		48,677
	Fidelity National Information Services Inc.		704		74,591
	Fiserv Inc. (a)		1,208		89,533
	Intuit Inc. (b)		171		34,883
	MasterCard Inc. - Class A (b)		52		10,302
	Maxim Integrated Products Inc.		381		22,368
	Microsoft Corp. (b)		927		91,382
	TE Connectivity Ltd.		277		24,977
	Texas Instruments Inc. (b)		347		38,293
	Visa Inc. - Class A (b)		532		70,490
				550,181
Materials 0.2%
	Sherwin-Williams Co.		18		7,504
Real Estate 1.9%
	American Tower Corp. (b)		397		57,298
Telecommunication Services 0.0%
	AT&T Inc.		16		514
Utilities 7.1%
	American Electric Power Co. Inc.		423		29,293
	CMS Energy Corp.		448		21,158
	DTE Energy Co.		448		46,392
	Eversource Energy		545		31,916
	NextEra Energy Inc.		96		16,098
	NiSource Inc.		1,728		45,423
	PG&E Corp.		276		11,762
			Shares/Par¹		Value ($)
	Xcel Energy Inc.		372		17,007
				219,049
	Total Common Stocks (cost $1,921,984)			2,132,624
TRUST PREFERREDS 0.1%
Utilities 0.1%
	SCE Trust II, 5.10%, (callable at 25 beginning 08/10/18) (c) (d)		—		6
	SCE Trust III, 5.75%, (callable at 25 beginning 03/15/24) (d)		8		224
	SCE Trust IV, 5.38%, (callable at 25 beginning 09/15/25) (d)		78		1,961
	SCE Trust V, 5.45%, (callable at 25 beginning 03/15/26) (d)		25		636
	SCE Trust VI, 5.00%, (callable at 25 beginning 06/26/22) (d)		50		1,172
	Total Trust Preferreds (cost $4,075)			3,999
PREFERRED STOCKS 3.1%
Financials 1.2%
	Charles Schwab Corp., 5.95%, (callable at 25 beginning 06/01/21) (c) (d)		4		105
	Charles Schwab Corp. - Series C, 6.00%, (callable at 25 beginning 12/01/20) (d)		75		1,988
	State Street Corp. - Series S, 6.00%, (callable at 25 beginning 12/15/19) (d)		6		168
	U.S. Bancorp - Series F, 6.50%, (callable at 25 beginning 01/15/22) (c) (d)		25		693
	Wells Fargo & Co. - Series L, 7.50% (d) (e)		27		33,950
				36,904
Health Care 1.1%
	Becton Dickinson & Co. - Series A, 6.13%, 05/01/20 (e)		514		31,764
Industrials 0.3%
	Fortive Corp. - Series A, 5.00%, 07/01/21 (e)		9		8,807
Utilities 0.5%
	Alabama Power Co. - Series A, 5.00%, (callable at 25 begininng 10/01/22) (c) (d)		55		1,401
	DTE Energy Co., 5.25%, 12/01/77 (c)		205		5,045
	NextEra Energy Inc., 6.12%, 09/01/19 (e)		57		3,261
	Sempra Energy, 6.00%, 01/15/21 (e)		63		6,526
				16,233
	Total Preferred Stocks (cost $89,597)			93,708
INVESTMENT COMPANIES 0.0%
	T. Rowe Price Institutional Floating Rate Fund (f)		118		1,174
	Total Investment Companies (cost $1,208)			1,174
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.4%
	Continental Airlines Inc. Pass-Through Trust
		Series 2012-A-1, 4.15%, 04/11/24	15		15
	Domino's Pizza Master Issuer LLC
		Series 2018-A2I-1A, 4.12%, 10/25/25 (g)	3,445		3,535
		Series 2017-A23-1A, 4.12%, 07/25/27 (g)	3,727		3,687
	Taco Bell Funding LLC
		Series 2016-A2I-1A, 3.83%, 05/26/20 (g)	901		902
	US Airways Pass-Through Trust
		Series 2012-B-2, 6.75%, 06/03/21 (h) (i)	131		138
		Series 2012-PTT-2A, 4.63%, 06/03/25	363		369
		Series 2013-A-1, 3.95%, 11/15/25	219		217
	Wendy's Funding LLC
		Series 2018-A2I-1A, 3.57%, 03/15/48 (g)	2,338		2,272
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $11,077)			11,135
CORPORATE BONDS AND NOTES 13.3%
Consumer Discretionary 5.5%
	Amazon.com Inc.
		2.60%, 12/05/19	3,865		3,867
	ARAMARK Services Inc.
		5.00%, 04/01/25 (g)	4,630		4,603
		5.00%, 02/01/28 (c) (g)	1,625		1,549
	AutoZone Inc.
		1.63%, 04/21/19	2,295		2,274
		2.50%, 04/15/21	2,740		2,674
	CCO Holdings LLC
		5.25%, 03/15/21	650		654

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
		5.25%, 09/30/22	3,000		3,010
		5.75%, 09/01/23 - 01/15/24	4,315		4,336
		5.13%, 05/01/27 (g)	5,330		4,978
		5.00%, 02/01/28 (g)	1,825		1,675
	Cedar Fair LP
		5.38%, 06/01/24 - 04/15/27	5,927		5,918
	Charter Communications Operating LLC
		3.58%, 07/23/20	2,525		2,524
	Dollar Tree Inc.
		3.06%, (3M US LIBOR + 0.70%), 04/17/20 (j)	945		947
	Hilton Domestic Operating Co. Inc.
		4.25%, 09/01/24	2,100		1,996
	KFC Holding Co.
		5.00%, 06/01/24 (g)	4,035		3,984
		5.25%, 06/01/26 (g)	5,150		5,060
		4.75%, 06/01/27 (g)	12,850		12,125
	McDonald's Corp.
		2.10%, 12/07/18	85		85
	Netflix Inc.
		5.88%, 02/15/25	6,425		6,586
		4.38%, 11/15/26 (c)	12,910		12,138
		4.88%, 04/15/28 (g)	24,247		23,072
		5.88%, 11/15/28 (g)	20,995		21,223
	Sirius XM Radio Inc.
		6.00%, 07/15/24 (g)	1,820		1,857
	Tesla Inc.
		5.30%, 08/15/25 (c) (g)	11,270		10,030
	Time Warner Cable Inc.
		6.75%, 07/01/18	2,750		2,750
	Unitymedia KabelBW GmbH
		6.13%, 01/15/25 (g)	6,735		6,937
	Yum! Brands Inc.
		5.30%, 09/15/19	1,890		1,928
		3.88%, 11/01/20	4,035		4,029
		3.75%, 11/01/21	10,046		9,922
		3.88%, 11/01/23 (c)	4,020		3,841
		6.88%, 11/15/37	2,390		2,375
		5.35%, 11/01/43	2,485		2,188
				171,135
Consumer Staples 0.4%
	B&G Foods Inc.
		4.63%, 06/01/21	825		814
	Kroger Co.
		2.00%, 01/15/19	1,120		1,114
	Philip Morris International Inc.
		2.00%, 02/21/20	2,650		2,607
		2.75%, (3M US LIBOR + 0.42%), 02/21/20 (j)	1,280		1,285
		2.63%, 02/18/22	4,360		4,243
	Spectrum Brands Inc.
		6.63%, 11/15/22	1,015		1,049
		6.13%, 12/15/24	1,350		1,364
				12,476
Energy 0.1%
	EQT Corp.
		8.13%, 06/01/19	180		188
	Matador Resources Co.
		6.88%, 04/15/23	1,275		1,333
	NGL Energy Partners LP
		5.13%, 07/15/19	720		722
				2,243
Financials 1.4%
	Anheuser-Busch InBev Finance Inc.
		2.65%, 02/01/21	2,110		2,080
		3.62%, (3M US LIBOR + 1.26%), 02/01/21 (j)	1,400		1,441
		3.30%, 02/01/23	1,875		1,855
	Bank of New York Mellon Corp.
		4.63%, (callable at 100 beginning 09/20/26) (d)	1,225		1,164
		4.95%, (callable at 100 beginning 06/20/20) (d)	3,075		3,137
	Caterpillar Financial Services Corp.
		2.25%, 12/01/19	1,935		1,919
	Level 3 Financing Inc.
		5.38%, 08/15/22	1,775		1,775
		5.63%, 02/01/23	3,025		3,025
			Shares/Par¹		Value ($)
	Marsh & McLennan Cos. Inc.
		2.35%, 03/06/20	440		434
		2.75%, 01/30/22	1,090		1,064
		3.30%, 03/14/23	1,205		1,188
	PNC Financial Services Group Inc.
		5.00%, (callable at 100 beginning 11/01/26) (d)	5,535		5,438
	Reckitt Benckiser Treasury Services Plc
		2.90%, (3M US LIBOR + 0.56%), 06/24/22 (g) (j)	3,145		3,130
	Shell International Finance BV
		2.81%, (3M US LIBOR + 0.45%), 05/11/20 (j)	465		468
	Solera LLC
		10.50%, 03/01/24 (g)	6,210		6,897
	State Street Corp.
		5.25%, (callable at 100 beginning 09/15/20) (d)	2,150		2,204
	Trinity Acquisition Plc
		4.40%, 03/15/26	2,530		2,512
	US Bancorp
		5.30%, (callable at 100 beginning 04/15/27) (d)	2,995		2,982
				42,713
Health Care 1.5%
	Becton Dickinson & Co.
		2.68%, 12/15/19	854		848
		3.34%, (3M US LIBOR + 1.03%), 06/06/22 (j)	2,765		2,774
		3.36%, 06/06/24	6,350		6,097
	Fresenius Medical Care US Finance Inc.
		5.75%, 02/15/21 (g)	380		398
	HCA Inc.
		3.75%, 03/15/19 (c)	1,200		1,203
		4.25%, 10/15/19	2,985		3,007
		6.50%, 02/15/20	13,346		13,897
	Hologic Inc.
		4.38%, 10/15/25 (g)	4,536		4,329
	Medtronic Global Holdings SCA
		1.70%, 03/28/19	3,900		3,872
	Medtronic Inc.
		2.50%, 03/15/20	4,710		4,673
	Teleflex Inc.
		4.88%, 06/01/26	2,600		2,552
		4.63%, 11/15/27	880		831
	Thermo Fisher Scientific Inc.
		3.20%, 08/15/27	925		865
	Universal Health Services Inc.
		3.75%, 08/01/19 (g)	190		190
				45,536
Industrials 0.3%
	3M Co.
		2.25%, 03/15/23	1,030		987
	Fortive Corp.
		1.80%, 06/15/19	105		104
	Lennox International Inc.
		3.00%, 11/15/23	340		322
	Manitowoc Foodservice Inc.
		9.50%, 02/15/24	1,517		1,670
	Northrop Grumman Corp.
		2.55%, 10/15/22	5,385		5,185
	Sensata Technologies Finance Co. Plc
		6.25%, 02/15/26 (g)	1,400		1,456
	Xylem Inc.
		4.88%, 10/01/21	125		130
		3.25%, 11/01/26	250		236
				10,090
Information Technology 0.6%
	Amphenol Corp.
		2.20%, 04/01/20	2,765		2,721
		3.20%, 04/01/24	500		481
	Apple Inc.
		1.50%, 09/12/19	8,525		8,413
	Fiserv Inc.
		2.70%, 06/01/20	4,825		4,777
	Sensata Technologies BV
		5.00%, 10/01/25 (g)	845		851
				17,243

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


			Shares/Par¹		Value ($)
Materials 0.6%
	Ecolab Inc.
		2.00%, 01/14/19	1,585		1,578
	Reynolds Group Holdings Inc.
		6.88%, 02/15/21	1,287		1,303
	Reynolds Group Issuer Inc.
		5.75%, 10/15/20	8,321		8,351
		5.85%, (3M US LIBOR + 3.50%), 07/15/21 (g) (j)	3,425		3,462
		5.13%, 07/15/23 (g)	2,770		2,736
				17,430
Real Estate 0.7%
	American Tower Corp.
		3.30%, 02/15/21	4,075		4,052
	Crown Castle International Corp.
		4.88%, 04/15/22	5,675		5,848
		5.25%, 01/15/23	10,150		10,632
				20,532
Telecommunication Services 0.5%
	SBA Communications Corp.
		4.88%, 07/15/22	6,462		6,409
	Verizon Communications Inc.
		3.13%, 03/16/22	3,500		3,449
		3.33%, (3M US LIBOR + 1.00%), 03/16/22 (j)	3,100		3,147
	Zayo Group LLC
		5.75%, 01/15/27 (g)	3,147		3,091
				16,096
Utilities 1.7%
	Berkshire Hathaway Energy Co.
		2.40%, 02/01/20	1,255		1,245
	Dominion Resources Inc.
		2.96%, 07/01/19 (k)	170		170
	DTE Energy Co.
		3.80%, 03/15/27	8,275		8,062
	Edison International
		2.13%, 04/15/20	4,675		4,584
	Eversource Energy
		2.75%, 03/15/22	2,725		2,653
		2.90%, 10/01/24	2,250		2,134
		3.30%, 01/15/28	2,772		2,620
	NiSource Finance Corp.
		3.49%, 05/15/27	8,385		8,022
		4.38%, 05/15/47	4,580		4,468
	NiSource Inc.
		5.65%, (callable at 100 begininng 06/15/23) (d) (g)	2,905		2,894
	NSTAR Electric Co.
		3.20%, 05/15/27	3,215		3,081
	Pacific Gas & Electric Co.
		3.30%, 03/15/27	3,310		2,987
	Southern Co.
		1.55%, 07/01/18	3,005		3,005
		1.85%, 07/01/19	620		614
	Virginia Electric & Power Co.
		3.15%, 01/15/26	1,895		1,818
		3.50%, 03/15/27	2,455		2,410
	Xcel Energy Inc.
		4.00%, 06/15/28	2,620		2,623
				53,390
	Total Corporate Bonds And Notes (cost $418,798)			408,884
SENIOR LOAN INTERESTS 1.8%
Consumer Discretionary 0.1%
	Delta 2 (LUX) SARL
		Term Loan, 4.48%, (3M LIBOR + 2.50%), 02/01/24 (j)	3,050		3,006
	NVA Holdings Inc.
		Term Loan B-3, 4.84%, (3M LIBOR + 2.75%), 01/31/25 (j)	1,496		1,491
				4,497
Energy 0.1%
	BCP Raptor LLC
		Term Loan B, 0.00%, (1M LIBOR + 4.25%), 06/07/24 (j) (l)	200		195
			Shares/Par¹		Value ($)
		Term Loan B, 6.31%, (1M LIBOR + 4.25%), 06/07/24 (j)	4,463		4,357
				4,552
Financials 0.7%
	HUB International Ltd.
		Term Loan B, 0.00%, (3M LIBOR + 3.00%), 04/25/25 (j) (l)	3,275		3,253
		Term Loan B, 5.36%, (3M LIBOR + 3.00%), 04/25/25 (j)	15,655		15,551
	Institutional Shareholder Services Inc.
		1st Lien Term Loan, 6.06%, (3M LIBOR + 3.75%), 09/20/24 (h) (i) (j)	421		420
		Delayed Draw Term Loan, 6.07%, (3M LIBOR + 3.75%), 10/04/24 (j)	38		38
		Delayed Draw Term Loan, 7.75%, (3M Prime Rate + 2.75%), 10/04/24 (j)	—		—
	Vantiv LLC
		Term Loan A-5, 3.97%, (3M LIBOR + 2.00%), 09/20/22 (j)	1,420		1,416
				20,678
Health Care 0.2%
	Change Healthcare Holdings Inc.
		Term Loan B, 4.73%, (3M LIBOR + 2.75%), 02/02/24 - 02/03/24 (j)	4,884		4,864
	Prestige Brands Inc.
		Term Loan B-4, 3.98%, (3M LIBOR + 2.00%), 01/20/24 (j)	131		131
				4,995
Industrials 0.4%
	Trans Union LLC
		Term Loan B-3, 0.00%, (3M LIBOR + 1.75%), 08/09/22 (h) (i) (j) (l)	4,855		4,832
		Term Loan B-4, 0.00%, (3M LIBOR + 2.00%), 06/12/25 (j) (l)	4,525		4,508
	Welbilt Inc.
		Term Loan B, 4.73%, (3M LIBOR + 2.75%), 03/06/23 (j)	2,403		2,397
				11,737
Information Technology 0.2%
	Cypress Intermediate Holdings III Inc.
		1st Lien Term Loan, 0.00%, (1M LIBOR + 3.00%), 03/30/24 (j) (l)	600		598
		1st Lien Term Loan, 4.99%, (1M LIBOR + 3.00%), 03/30/24 (j)	2,443		2,435
	Fiserv Inc.
		Term Loan A, 3.22%, (3M LIBOR + 1.25%), 10/25/18 (h) (i) (j) (m)	223		222
	Kronos Inc.
		Term Loan B, 0.00%, (3M LIBOR + 3.00%), 11/01/23 (j) (l)	1,080		1,077
		Term Loan B, 5.36%, (3M LIBOR + 3.00%), 11/01/23 (j)	838		836
				5,168
Materials 0.0%
	H.B. Fuller Co.
		Term Loan B, 4.08%, (3M LIBOR + 2.00%), 10/11/24 (j)	1,373		1,361
Telecommunication Services 0.1%
	Zayo Group LLC
		Incremental Term Loan, 4.23%, (3M LIBOR + 2.25%), 01/19/24 (j)	3,050		3,046
	Total Senior Loan Interests (cost $56,348)			56,034
GOVERNMENT AND AGENCY OBLIGATIONS 6.6%
Sovereign 2.3%
	Kreditanstalt fur Wiederaufbau
		2.88%, 04/03/28 (c)	71,875		70,539
U.S. Treasury Securities 4.3%
	U.S. Treasury Note
		2.25%, 11/15/27	139,575		132,596
	Total Government And Agency Obligations (cost $206,675)			203,135

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018


		Shares/Par¹		Value ($)
SHORT TERM INVESTMENTS 8.9%
Investment Companies 6.2%
	JNL Government Money Market Fund - Institutional Class, 1.79% (f) (n)	2,142		2,142
	T. Rowe Price Government Reserve Fund, 1.88% (f) (n)	188,284		188,284
			190,426
Securities Lending Collateral 2.7%
	State Street Navigator Securities Lending Government Money Market Portfolio, 1.95% (n)	84,293		84,293
	Total Short Term Investments (cost $274,719)		274,719
Total Investments 103.4% (cost $2,984,481)				3,185,412
Other Derivative Instruments (0.4)%				(12,703)
Other Assets and Liabilities, Net (3.0)%				(91,881)
Total Net Assets 100.0%				3,080,828

(a) Non-income producing security.

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

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

(e) Convertible security.

(f) Investment in affiliate.

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

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

(j) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2018. 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 reflects 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.

(l) This senior loan will settle after June 30, 2018. The reference rate and spread presented will go into effect upon settlement.

(n) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2018.

See accompanying Notes to Financial Statements.

Jackson Variable Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

June 30, 2018

Currency Abbreviations:


AED - United Arab Emirates Dirham	EUR - European Currency Unit (Euro)	MXN - Mexican Peso	THB - Thai Baht
ARS - Argentine Peso	GBP - British Pound	NGN - Nigerian Naira	TRY - New Turkish Lira
AUD - Australian Dollar	GEL - Georgian Lari	NOK - Norwegian Krone	TWD - Taiwan Dollar
BHD - Bahraini Dinar	GHS - Ghanaian Cedi	NZD - New Zealand Dollar	UAH - Ukraine Hryvnia
BRL - Brazilian Real	HKD - Hong Kong Dollar	OMR - Omani Rial	USD - United States Dollar
CAD - Canadian Dollar	HUF - Hungarian Forint	PEN - Peruvian Nuevo Sol	UYU - Uruguayan Peso
CHF - Swiss Franc	IDR - Indonesian Rupiah	PHP - Philippine Peso	ZAR - South African Rand
CLF - Chilean Unidad de Fomento	ILS - Israeli New Shekel	PLN - Polish Zloty
CLP - Chilean Peso	INR - Indian Rupee	QAR - Qatari Riyal	`
CNH - Chinese Offshore Yuan	ISK - Icelandic Krona	RON - Romanian New Leu
CNY - Chinese Yuan	JPY - Japanese Yen	RSD - Serbian Dinar
COP - Colombian Peso	KRW - Korean Won	RUB - Russian Ruble
CZK - Czech Republic Korunas	KZT - Kazakh Tenge	SAR - Saudi Riyal
DOP - Dominican Peso	LKR - Sri Lanken Rupee	SEK - Swedish Krona
EGP - Egyptian Pound	MAD - Moroccan Dirham	SGD - Singapore Dollar

Abbreviations:


ADR - American Depositary Receipt	iTraxx - Group of international credit derivative indexes monitored
ASX - Australian Stock Exchange	by the International Index Company
AU - Australia	JSE - Johannesburg Stock Exchange
CDX.EM - Credit Default Swap Index - Emerging Markets	KOSPI - Korea Composite Stock Price Index
CDX.NA.HY - Credit Default Swap Index - North American - High Yield	LIBOR - London Interbank Offer Rate
CDX.NA.IG - Credit Default Swap Index - North American - Investment Grade	LME - London Metal Exchange
CLO - Collateralized Loan Obligation	MBS - Mortgage-Backed Security
CMBX.NA - Commercial Mortgage-Backed Securities Index - North American	MCDX.NA - Municipal Credit Defualt Swap Index - North American
CPURNSA - CPI Consumers Index Non-Seasonally Adjusted	MSCI - Morgan Stanley Capital International
EAFE - Europe, Australia and Far East	NASDAQ - National Association of Securities Dealers Automated Quotations
ETF - Exchange Traded Fund	RBOB - Reformulated Gasoline Blendstock for Oxygen Blending
EU - European Union	REMIC - Real Estate Mortgage Investment Conduit
EURIBOR - Europe Interbank Offered Rate	SPDR - Standard & Poor's Depositary Receipt
Euro-Bobl - debt instrument issued by the Federal Republic of Germany	SPI - Schedule Performance Index
with a term of 4.5 to 5.5 years	S&P - Standard & Poor’s
Euro-Bund - debt instrument issued by the Federal Republic of Germany	ULSD - Ultra Low Sulfur Diesel
with a term of 8.5 to 10.5 years	US - United States
Euro-BTP - debt instrument issued by the Republic of Italy	WTI - West Texas Intermediate
with a term of 2 to 11 years
Euro-OAT - debt instrument issued by the Republic of France
with a term of 8.5 to 10.5 years
FTSE - Financial Times and the London Stock Exchange
GB - United Kingdom

Counterparty Abbreviations:


ANZ - ANZ Banking Group Ltd.	LVS - LarrainVial Securities
BBH - Brown Brothers Harriman & Co.	MLP - Merrill Lynch, Pierce, Fenner, & Smith
BBP - Barclays Bank Plc	MSC - Morgan Stanley & Co., Incorporated
BCL - Barclays Capital Inc.	NSI - Nomura Securities International Inc.
BNP - BNP Paribas Securities	RBC - Royal Bank of Canada
BOA - Banc of America Securities LLC/Bank of America NA	SCB - Standard Chartered Bank
CCI - Citicorp Securities, Inc.	SGB - Societe Generale Bannon LLC
CGM - Citigroup Global Markets	SSB - State Street Brokerage Services, Inc.
CIT - Citibank, Inc.	UBS - UBS Securities LLC
CSI - Credit Suisse Securities, LLC
DUB - Deutsche Bank Alex Brown Inc.
GSC - Goldman Sachs & Co.
JPM - JPMorgan Chase Bank N.A.

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

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

See accompanying Notes to Financial Statements.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

No material changes have been made.

Item 11. Controls and Procedures.

(a)

The registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, is recorded, processed, summarized, and reported within the periods specified in the rules and forms of the U.S. Securities and Exchange Commission. Such information is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within ninety (90) days prior to the filing date of this report on Form N-CSR, the registrant had carried out an evaluation, under the supervision and with the participation of the registrant’s management, including the registrant’s principal executive officer and the registrant’s principal financial officer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures. Based on such evaluation, the registrant’s principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures are effective.

(b)

There have been no significant changes in the registrant’s internal controls over financial reporting during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal controls over financial reporting. There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect the internal controls subsequent to the date of their evaluation in connection with the preparation of this report on Form N-CSR.

Item 12. Exhibits.


(a)		(1) Not applicable to the semi-annual filing.
		(2) The certifications required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.
		(3) Not applicable.

(b)		The certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Jackson Variable Series Trust

By:		/s/ Mark D. Nerud
		Mark D. Nerud
		Principal Executive Officer

Date:		August 31, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Mark D. Nerud
		Mark D. Nerud
		Principal Executive Officer

Date:		August 31, 2018

By:		/s/ Daniel W. Koors
		Daniel W. Koors
		Principal Financial Officer

Date:		August 31, 2018

EXHIBIT LIST


Exhibit 12(a)(2)		Certification of the Principal Executive Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.

		Certification of the Principal Financial Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.

Exhibit 12(b)		Certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended.

Foreign currency

Total cash and cash equivalents presented in the statement of cash flows