Jackson Variable Series Trust N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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)					(Zip code)
Mark D. Nerud 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:		December 31, 2016

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.

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Tape Here CMV13476 01/17

ANNUAL REPORT

December 31, 2016

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 PerspectiveSM, Perspective II®, Perspective AdvisorsSM, Perspective Advisory, Perspective Advisors IISM, Perspective L Series, Perspective Rewards®, Perspective AdvantageSM, Perspective Focus®, Fifth Third Perspective, Elite Access®, Perspective II (New York), Perspective Advisors 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

1 Corporate Way
Lansing, MI 48951

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Variable Products issued by Jackson National Life Insurance Company^® and distributed by Jackson National Life Distributors LLC, member FINRA.800/873-5654

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

December 31, 2016

President’s Letter

Dear Investor,

Enclosed is the annual report for the Jackson Variable Series Trust Master Feeder Funds and Funds of Funds for the year ended December 31, 2016, together with Management’s Discussion of Fund Performance for each of the Funds.

Looking at the final results for 2016, it seemed liked a pretty solid year. Most major indices ended the year in positive territory, with the broader U.S. equity market up double-digits and small-cap stocks surging during the last month and a half of the year to finish more than 20% higher. Not to be outdone, the investment grade U.S. bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, delivered a more than respectable return of 2.65% overall, with high-yield bonds shaking off a rocky start to the year to rise 17.13% for the year, as measured by the Bloomberg Barclay’s U.S. Corporate High Yield Index. While international developed markets were up a relatively lackluster 1.00%, emerging market equities produced double-digit gains as measured by the MSCI EAFE Index and MSCI Emerging Markets Index, respectively.

Those pleasing annual results, however, masked what was actually a challenging environment of sudden reversals and market shocks throughout 2016, with shifts in sentiment and returns. The year began with the unexpected devaluation of the Chinese Yuan, continued decline in oil prices and concerns of weak economic growth that sent stocks down more than 10% to start the year before soothing words from the U.S. Federal Reserve (“Fed”) sparked a sharp recovery by the end of the first quarter. A rally then ensued, especially in fixed income markets, before the jolt of Brexit—the UK vote to leave the European Union—at the end of June rattled markets once more, though only briefly. Negative interest rates from global central banks, fears of renewed Fed rate hikes, U.S. Dollar strength, China weakness and tepid global economic growth all seemed to move markets up and down leading up to the election of Donald Trump in November. Whether the election results were a surprise or not, the market reaction certainly was unexpected as investors embraced the promise of less regulation, tax reform, and potential infrastructure spending to send stocks soaring and bonds plummeting as yields on 10-year U.S. Treasuries rose more than 50 basis points within a matter of weeks on fears of “reflationary” factors and potentially greater government debt.

The markets in 2016 reminded investors of the need for diversification and maintaining investment discipline. Expectations, outlooks, and allocations that looked like sure things at one point in time were turned on their heads as quickly as the next quarter, causing potential pitfalls for investors prone to chase short-term performance. The dispersion of returns within and between market capitalizations, investment styles and asset classes widened in 2016. Large-cap value stocks, as represented by the Russell 1000 Value Index, outperformed large-cap growth stocks, as represented by the Russell 1000 Growth Index, for the first time in years, and by the significant margin of 17.34% to 7.08%,respectively.

Yes, diversification offers investors the opportunity to participate in what’s working in the markets, but that’s not its primary function. Diversification means not having all of one’s eggs, or most of one’s eggs, in a basket that’s just been knocked off the table. It’s a prudent, long-term framework for building wealth steadily over time to smooth over the turmoil and turbulence of periods like 2016, with an investor only needing to keep their eye on the end goal and not the potentially stomach-churning roller coaster ride along the way. It’s not glamourous. Few people can boast of the benefits of diversification with gaudy yearly performance numbers at cocktail parties. But it’s simple and it can get the job done.

At Jackson, we aim to provide the tools for our investors to build well diversified portfolios. We offer a wide array of Funds across asset classes and investment styles so that investors have the ability to diversify in a way that suits their personal risk tolerance and goals. We choose subadvisors with different approaches and strategies, from small boutique firms to larger household names, each unique in how they apply their investment process and view the markets in which they operate. We offer passive and actively-managed Fund options. All of these characteristics support and benefit from diversification to allow for the creation of a portfolio suited to any kind of investor.

In addition, we offer numerous alternative strategies. Alternatives delivered positive, albeit tepid, returns in 2016, and have struggled in recent years in large part owing to easing monetary policy from central banks that have allowed traditional asset classes to flourish. Alternatives, in our view, still have a role to play in investor portfolios, however. It is often the case that just when something looks like it is no longer needed is when it is needed most. In an uncertain and dynamic environment, such as security markets, we believe that the ability to be different and a little contrarian can be a helpful diversifier as well.

Looking ahead to 2017, it remains to be seen whether the initial post-election confidence and enthusiasm for the “Trumpsition” will last or if markets will shift focus to unknowns associated with the new administration. To be sure, the promise of less regulation and tax reform can be powerful tools to reignite economic growth in the U.S. Of course, the devil is in the details and much work still needs to be done to turn those promises into reality. Add to that, political uncertainty within the European Union and potential fallout from trade policy changes and the path ahead is unknown. But the future is never certain and that is why it is important for investors to focus on what they can control. In our opinion, investors would do well to consider a diverse lineup of high quality managers with the expertise and adaptability to understand the trade-off between risk and reward, likely a key driver of returns going forward.

Thank you for choosing Jackson for your investment needs.

Mark D. Nerud

President and Chief Executive Officer

Jackson Variable Series Trust

1

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

Major Indices Returns for the Year Ended December 31, 2016

Domestic Equity			Developed International Equity
S&P 500 Index	11.96	%	MSCI All Country World ex-U.S. Index	4.50	%
Russell 1000 Index	12.05		MSCI EAFE Index	1.00
Russell 2000 Index	21.31
Russell 3000 Index	12.74		Emerging Markets
			MSCI Emerging Markets Index	11.19	%
Fixed Income
Bloomberg Barclays Global Aggregate Bond Index	2.09	%	Alternative Assets
Bloomberg Barclays U.S. Aggregate Bond Index	2.65		Bloomberg Commodity Index	11.77	%
BloombergBarclaysU.S.CorporateHighYieldBondIndex	17.13		FTSE EPRA/NAREIT Developed Index	4.99
			Alternative Strategy
			Wilshire Liquid Alternative Index	2.29	%

Domestic Equity:It was the year of sudden reversals as exogenous shocks hit the U.S. equity market throughout 2016. The year began on a sour note with a sharp decline in risk assets owing to a free-fall in oil prices, an unexpected devaluation of the Chinese Yuan, and weakening global growth. This caused the U.S. Federal Reserve (“Fed”) to back away from its promise of four rate increases for the year, thus soothing market concerns. After a double-digit drop, U.S. equities rebounded with oil prices to recoup their losses by the end of the first quarter. This recovery was then jarred by the “Brexit” vote in the U.K. to exit the European Union, sending stocks plummeting again for several days towards the end of June. The market overcame this as well to recover once more before settling into a sluggish and flat summer of complacency before fear of a Fed rate hike roiled markets after Labor Day. Finally, the unexpected election of Donald Trump in November filled the U.S. equity market with confidence, fueling a major rally through the end of the year. Notable themes in 2016 included the return of lower correlations between sectors and stocks, mainly seen in the stunning returns of small-cap stocks, as measured by the Russell 2000 Index and value-oriented stocks significantly outperforming growth. Energy rebounded strongly from a rough start to the year to become the market leader, with financials running second almost entirely from its more than 20% post-election surge. Health care was the weakest equity sector, as the only area to post negative returns.

Fixed Income: U.S. bonds flourished for much of the year, at first as an area of perceived safety amid the brutal equity sell-off to begin the year and then alongside equities into the second quarter as Treasury yields marched towards new lows amid negative interest rates in Europe and Japan. Fears of a Fed rate hike in September caused the bond market to take a breather, especially in Treasuries and interest-rate sensitive long bonds, after Labor Day. That slowdown turned into a full blown correction after the election, rattled by the prospect of “reflation” under Trump that could lead to greater government debt and higher interest rates. Core and government bonds corrected sharply, with yields on 10-Year Treasuries rising more than 0.50% within a matter of weeks with the Bloomberg Barclays U.S. Aggregate Bond Index declining -2.98% during the fourth quarter. Core bonds still finished the year in positive territory, but well off their highs. High yield was the standout area of the fixed income market, finishing the year strongly after a poor January and February. Foreign bonds, especially emerging markets debt, again significantly underperformed in the face of the continued strength of the U.S. Dollar that reduced the value of locally priced debt securities.

Developed International Equity: International stocks generally declined more, rebounded less, and were generally weak overall in 2016 compared to their U.S. counterparts. Highlighted by the Brexit vote, developed markets struggled to overcome concerns about the rise of populist political movements amid lackluster economic growth and diminishing returns from central bank policy. A move to negative interest rates during the summer in Europe and Japan more or less backfired as it did little to stimulate growth and actually caused many people to save more and spend less. Although value oriented stocks benefitted from a rebound in financials during the fourth quarter, the broader MSCI EAFE Index gained only 1.00% for the year, absent the U.S’s post-election bounce.

Emerging Markets:Emerging market equities experienced the same choppy ride as U.S. equities in 2016, only more so, but still managed to post double-digit gains. Stocks sold off sharply to begin the year, rattled by the Chinese Yuan devaluation and free-fall in commodity prices, but bottomed earlier and rebounded more quickly and strongly than the U.S. as fears about the Chinese economy diminished. A mid-year rebound in Brazil after the impeachment of Dilma Rousseff and a recovering energy sector boosted returns further until a strong U.S. Dollar fueled by rising interest rates after the presidential election cut into performance, with emerging markets finishing the year on a sour note.

Alternative Assets: Alternative assets began 2016 with a bang, but went out with a whimper. Gold, infrastructure and real estate were all up sharply amid the equity market selloff to start the year, but rising interest rates and a strong U.S. Dollar during the fourth quarter caused all three areas to lose ground during the fourth quarter. Still, returns for the year were positive and strong overall. A mid-year stabilization in commodity prices helped that sector yield decent returns in 2016 as well.

Alternative Strategy: It was a relatively modest year for alternative investment strategies with the Wilshire Liquid Alternative Index returning 2.29%. Relative value and equity hedged strategies performed well relative to the broader index, while global macro was the laggard—dragged down by a poor second half of the year from managed futures strategies.

2

Funds of Funds Jackson National Asset Management, LLC (Unaudited)

JNAM Guidance - Interest Rate Opportunities Fund, JNAM Guidance - Conservative Fund, JNAM Guidance - Moderate Fund, JNAM Guidance - Growth Fund, JNAM Guidance - Moderate Growth Fund, JNAM Guidance - Maximum Growth Fund, JNAM Guidance - Alt 100 Fund, JNAM Guidance - Equity 100 Fund, JNAM Guidance - Fixed Income 100 Fund, JNAM Guidance - Real Assets Fund (collectively “Funds of Funds”) seek to achieve their investment objectives by investing in shares of a diversified group of affiliated Underlying Funds (“Underlying Funds”). The Underlying Funds in which each Fund may invest are a separate series of Jackson Variable Series Trust, JNL Series Trust, JNL Variable Fund LLC or JNL Investors Series Trust. Each JNAM Guidance Fund’s percentage allocation among the Underlying Funds is determined by the Adviser based on long term market and economic conditions, historical and expected long term performance of each Underlying Fund, as well as diversification to control overall Fund risk exposure. The Schedules of Investments and Financial Statements for the Underlying Funds are available at www.jackson.com or on the SEC’s website at www.sec.gov.

The general theme to changes in the Guidance Funds for much of 2016 was one of navigating a challenging market environment amid changing economic conditions and key political events, including the Brexit vote and the U.S. presidential election. During the second quarter, this took the form of a reduction of domestic small and mid cap equity exposure in favor of more defensive large caps, while also trimming dedicated high yield and global bond exposure. A new position in JNL/Crescent High Income Fund was initiated in April in a number of Funds as a more conservative blend of high yield and floating rate fixed income exposure. International exposure was trimmed heading into the Brexit vote in June after a stress test revealed the potential for significant risk in the event of an exit vote. At that same time, the position in JNL/PIMCO Total Return Bond Fund was sold in favor of the more opportunistic JNL/Scout Unconstrained Bond Fund. This trade was part of a move towards more active and higher conviction underlying managers able to take advantage of bottom-up opportunities driven by reduced correlations. Finally, in December a position was initiated in JNL/PIMCO Real Return Fund across the risk-based Funds of Funds for exposure to inflation protected bonds, and we also modestly increased our exposure to JNL Multi-Manager Mid Cap Fund within equity segments of the Fund and added to select international equity managers that had been out of favor.

The rates shown parenthetically are total returns of the Underlying Fund for the period ended December 31, 2016. Total returns are not annualized for periods of less than one year. The Underlying Fund’s total return may be different than the return of the Fund of Funds as a result of purchases and sales during the year.

JNAM Guidance – Interest Rate Opportunities Fund

Composition as of December 31, 2016:
Domestic Fixed Income	51.0	%
Alternative	36.0
Global Fixed Income	13.0
Total Investments	100.0	%

For the year ended December 31, 2016, JNAM Guidance – Interest Rate Opportunities Fund outperformed its primary benchmark by posting a return of 4.57% compared to 2.65% for the Bloomberg Barclays U.S. Aggregate Bond. The Fund underperformed its blended benchmark return of 9.78% for the 60% Bank of America Merrill Lynch Global High Yield Index and 40% Bank of America Merrill Lynch 3-Month Libor Index. The Fund’s investment objective is to seek total return primarily through strategies that invest in fixed income oriented securities, as well as other asset classes and strategies through investment in the Underlying Funds.

The Fund underperformed its blended benchmark by -521 basis points (“bps”) for the year, despite outperforming the broader Bloomberg Barclays U.S. Aggregate Bond Index. Non-core and unconstrained fixed income strategies significantly outperformed the broad market during 2016, but couldn’t keep up with the pure high yield index that represents 60% of the Fund’s blended benchmark as high yield bonds have rallied strongly since March 2016, finishing the year up more than 16%. Thus, despite solid performances from JNL/PPM America Floating Rate Income Fund (9.42%), JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (6.46%) and JNL/Crescent High Income Fund (5.50%), the fixed income sleeve lagged significantly.

The alternative sleeve didn’t offer much support as alternatives delivered modest absolute returns but failed to keep pace with the core fixed income market. A solid showing from more equity sensitive JNL/FAMCO Flex Core Covered Call Fund (8.09%) helped the sleeve outperform its money market equivalent benchmark but couldn’t overcome the lagging fixed income part of the Fund relative to the blended benchmark.

JNAM Guidance – Conservative Fund

Composition as of December 31, 2016:
Domestic Fixed Income	48.4	%
Alternative	21.1
Domestic Equity	11.7
Domestic Balanced	7.8
Global Fixed Income	6.8
International Equity	1.7
Global Equity	1.5
Emerging Markets Equity	1.0
Total Investments	100.0	%

For the year ended December 31, 2016, JNAM Guidance – Conservative Fund outperformed its primary benchmark by posting a return of 4.47% compared to 3.01% for the Dow Jones Conservative Index. The Fund underperformed its blended benchmark return of 4.76% for the 20% Russell 3000 Index, 5% MSCI All Country World ex U.S. Index, 55% Bloomberg Barclays U.S. Aggregate Bond Index and 20% Wilshire Liquid Alternative Index. The Fund’s investment objective is to seek the generation of income through investment in the Underlying Funds.

The Fund underperformed its blended benchmark by -29 bps for the year. Weak results from both domestic and international equities, along with alternatives, offset strong returns in the fixed income sleeve. Sizeable positions in large cap domestic equity Funds, JNL/T. Rowe Price Established Growth Fund (1.43%) and JNL/T. Rowe Price Value Fund (10.84%) lagged their respective benchmarks significantly and the broader market, while the Fund had little exposure to surging, but volatile, small cap holdings that rallied toward the end of the year. Exposure to lackluster international developed markets didn’t help, but it was a poor showing from JNL/Oppenheimer Emerging Markets Innovator Fund (-0.47%) within a strong emerging markets segment that hurt the most overseas. JNL/AQR Managed Futures Strategy Fund (-8.56%) was the biggest absolute detractor, dragging down what was otherwise a positive year for alternatives, as trend following strategies had a difficult time amid a choppy market in 2016.

An overweight allocation to non-core bond funds strongly outperformed the broader market as JNL/PPM America High Yield Bond Fund (17.23%) delivered a strong gain. Finally, JNL/DoubleLine Shiller Enhanced CAPE Fund (18.90%) was the top contributor within the domestic equity sleeve of the Fund.

JNAM Guidance – Moderate Fund

Composition as of December 31, 2016:
Domestic Fixed Income	36.2	%
Alternative	21.1
Domestic Equity	19.8
Domestic Balanced	9.5
Global Fixed Income	5.0
Global Equity	4.2

3

Funds of Funds Jackson National Asset Management, LLC (Unaudited)

Emerging Markets Equity	2.2
International Equity	2.0
Total Investments	100.0	%

For the year ended December 31, 2016, JNAM Guidance – Moderate Fund underperformed its benchmark by posting a return of 5.21% compared to 7.67% for the Dow Jones Moderate Index. The Fund underperformed its blended benchmark return of 5.88% for the 30% Russell 3000 Index, 10% MSCI All Country World ex U.S. Index, 40% Bloomberg Barclays U.S. Aggregate Bond Index and 20% Wilshire Liquid Alternative Index. The Fund’s investment objective is to seek a balance between the generation of income and the long term growth of capital through investment in the Underlying Funds.

The Fund underperformed its blended benchmark by -67 bps for the year. The underperformance owed mainly to weak underlying manager results within the alternatives and domestic equity sleeves of the Fund. JNL/AQR Managed Futures Strategy Fund (-8.56%) severely underperformed the overall alternatives benchmark as trend following strategies had a difficult time amid a choppy market in 2016. Sizeable positions in large cap domestic equity Funds, JNL/T. Rowe Price Established Growth Fund (1.43%) and JNL/T. Rowe Price Value Fund (10.84%) lagged their respective benchmarks significantly and the broader market, while small-cap holdings delivered strong gains but lagged their respective benchmarks as well.

An overweight allocation to non-core and unconstrained bond funds was the major contributor to performance as JNL/PPM America High Yield Bond Fund (17.23%) delivered a strong gain, and JNL/PIMCO Credit Income Fund (6.34%) and JNL/Crescent High Income Fund (5.50%) also fared relatively well. Strong performances from the JNL/Harris Oakmark Global Equity Fund (12.45%) and JNL/Lazard Emerging Markets Fund (19.28%) offset weakness in smaller positions in JNL/Lazard International Strategic Equity Fund (-5.13%) and JNL/WCM Focused International Equity Fund (0.12%) as the international equity sleeve finished flat. Finally, JNL/DoubleLine Shiller Enhanced CAPE Fund (18.90%) was the top contributor within the domestic equity sleeve of the Fund.

JNAM Guidance – Growth Fund

Composition as of December 31, 2016:
Domestic Equity	39.7	%
Alternative	20.1
Domestic Fixed Income	13.0
International Equity	9.9
Global Equity	5.6
Domestic Balanced	5.0
Emerging Markets Equity	4.9
Global Fixed Income	1.8
Total Investments	100.0	%

For the year ended December 31, 2016, JNAM Guidance – Growth Fund underperformed its benchmark by posting a return of 5.99% compared to 9.31% for the Dow Jones Moderately Aggressive Index. The Fund underperformed its blended benchmark return of 7.56% for the 45% Russell 3000 Index, 20% MSCI All Country World ex U.S. Index, 15% Bloomberg Barclays U.S. Aggregate Bond Index and 20% Wilshire Liquid Alternative Index. The Fund’s investment objective is to seek long term growth of capital through an allocation in stocks and other asset classes and strategies through investment in the Underlying Funds.

The Fund underperformed its blended benchmark by -157 bps for the year, as the relatively small allocation to fixed income was the only sleeve to outperform. Alternatives, as well as domestic and international equities, lagged owing to weak performances from underlying managers. JNL/AQR Managed Futures Strategy Fund (-8.56%) severely underperformed as alternatives delivered positive results overall. Within domestic equities, sizeable positions in JNL/T. Rowe Price Established Growth Fund (1.43%) and JNL/T. Rowe Price Value Fund (10.84%) lagged their respective benchmarks significantly, while small cap holdings delivered strong gains but also were well behind their respective benchmarks. Negative returns from JNL/Lazard International Strategic Equity Fund (-5.13%) and JNL/WCM Focused International Equity Fund (0.12%) dragged down strong results from JNL/Harris Oakmark Global Equity Fund (12.45%) and JNL/Lazard Emerging Markets Fund (19.28%) overseas.

An overweight allocation to non-core and unconstrained bond funds was the major contributor in fixed income. JNL/Crescent High Income Fund (5.50%) and JNL/Scout Unconstrained Bond Fund (4.53%) posted strong results, with few detractors within the sleeve. Finally, JNL/DoubleLine Shiller Enhanced CAPE Fund (18.90%) was by far the top contributor within the domestic equity sleeve of the Fund.

JNAM Guidance – Moderate Growth Fund

Composition as of December 31, 2016:
Domestic Equity	31.2	%
Domestic Fixed Income	22.0
Alternative	20.9
Domestic Balanced	10.0
International Equity	5.6
Global Equity	4.5
Emerging Markets Equity	2.9
Global Fixed Income	2.9
Total Investments	100.0	%

For the year ended December 31, 2016, JNAM Guidance – Moderate Growth Fund underperformed its benchmark by posting a return of 5.76% compared to 7.67% for the Dow Jones Moderate Index. The Fund underperformed its blended benchmark return of 6.98% for the 40% Russell 3000 Index, 15% MSCI All Country World ex U.S. Index, 25% Bloomberg Barclays U.S. Aggregate Bond Index and 20% Wilshire Liquid Alternative Index. The Fund’s investment objective is to seek long term growth of capital by investing in other Underlying Funds (the “Underlying Funds”) that offer a broad array of stock, bond and other asset classes and strategies.

The Fund underperformed its blended benchmark by -122 bps for the year. The underperformance owed mainly to weak underlying manager results within the alternatives and domestic equity sleeves of the Fund. JNL/AQR Managed Futures Strategy Fund (-8.56%) severely underperformed the overall alternatives benchmark as trend following strategies had a difficult time amid a choppy market in 2016. Large cap domestic equity holdings—JNL/T. Rowe Price Capital Appreciation Fund (7.77%), JNL/T. Rowe Price Established Growth Fund (1.43%), and JNL/T. Rowe Price Value Fund (10.84%)—all lagged their individual benchmarks significantly and the broader market, while small cap holdings delivered strong gains but lagged their respective benchmarks as well.

An overweight allocation to non-core and unconstrained bond funds was the major contributor to performance as JNL/PIMCO Credit Income Fund (6.34%) and JNL/Crescent High Income Fund (5.50%) outperformed the broader market. JNL/Franklin Templeton Global Multisector Bond Fund (3.82%) staged a massive rebound post-election to overcome struggles during the first three quarters of the year to outperform globally as well. Strong performances from JNL/Harris Oakmark Global Equity Fund (12.45%) and JNL/Lazard Emerging Markets Fund (19.28%) offset weakness elsewhere in international equities. Finally, the JNL/DoubleLine Shiller Enhanced CAPE Fund (18.90%) was a top contributor domestically.

JNAM Guidance – Maximum Growth Fund

Composition as of December 31, 2016:
Domestic Equity	53.1	%
International Equity	14.4
Alternative	12.1
Domestic Fixed Income	7.0
Global Equity	6.4
Emerging Markets Equity	5.9
Global Fixed Income	1.1
Total Investments	100.0	%

4

Funds of Funds Jackson National Asset Management, LLC (Unaudited)

For the year ended December 31, 2016, JNAM Guidance – Maximum Growth Fund underperformed its benchmark by posting a return of 7.08% compared to 9.31% for the Dow Jones Moderately Aggressive Index. The Fund underperformed its blended benchmark return of 8.69% for the 55% Russell 3000 Index, 25% MSCI All Country World ex U.S. Index, 10% Bloomberg Barclays U.S. Aggregate Bond Index and 10% Wilshire Liquid Alternative Index. The Fund’s investment objective is to seek long term growth of capital through an allocation in stocks and other asset classes and strategies through investment in the Underlying Funds.

The Fund underperformed its blended benchmark by -161 bps for the year, as the relatively small allocation to fixed income was the only portion to outperform. Alternatives, as well as domestic and international equities, lagged owing to weak performances from underlying managers. JNL/AQR Managed Futures Strategy Fund (-8.56%) and JNL/Invesco Global Real Estate Fund (2.42%) both posted negative returns for the Fund as alternatives delivered positive results overall. Within domestic equities, sizeable positions in JNL/T. Rowe Price Established Growth Fund (1.43%) and JNL/T. Rowe Price Value Fund (10.84%) lagged their individual benchmarks significantly, while small-cap holdings delivered strong gains but also were well behind their respective benchmarks. Negative returns from JNL/Lazard International Strategic Equity Fund (-5.13%) and JNL/WCM Focused International Equity Fund (0.12%) dragged down strong results from JNL/Harris Oakmark Global Equity Fund (12.45%) and JNL/Lazard Emerging Markets Fund (19.28%) overseas.

An overweight allocation to non-core and unconstrained bond funds was the major contributor in fixed income. JNL/Crescent High Income Fund (5.50%) and JNL/Scout Unconstrained Bond Fund (4.53%) posted strong results, with few detractors within the sleeve. Finally, JNL/DoubleLine Shiller Enhanced CAPE Fund (18.90%) was by far the top contributor within domestic equity.

JNAM Guidance – Alt 100 Fund

Composition as of December 31, 2016:
Alternative	93.9	%
Domestic Fixed Income	6.1
Total Investments	100.0	%

For the year ended December 31, 2016, JNAM Guidance – Alt 100 Fund underperformed its benchmark by posting a return of 0.10% compared to 2.29% for the Wilshire Liquid Alternative Index. The Fund’s investment objective is to seek long term growth of capital through investment in other Underlying Funds. Under normal market conditions, the Fund may allocate 100% of its assets to the Underlying Funds that invest in non-traditional asset classes.

The Fund underperformed the benchmark by -219 bps largely due to manager selection. JNL/AQR Managed Futures Strategy Fund (-8.56%) severely underperformed the overall alternatives benchmark as trend following strategies had a difficult time amid a choppy market in 2016. JNL/Neuberger Berman Currency Fund (-1.60%) also posted a negative return in a year that alternatives delivered positive results overall. In addition, the sale of JNL/PPM America Long Short Credit Fund and JNL/Red Rocks Listed Private Equity Fund during the first half of the year in a move to hedge risk more effectively in the Fund ultimately detracted from results as both of those strategies rallied strongly after the U.S. presidential election sent riskier assets higher.

Top contributors for the year included a sizeable position in JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (6.46%), which significantly outperformed the broader alternative benchmark, and a small position in JNL/Brookfield Global Infrastructure and MLP Fund (12.58%), which was the top performer in the Fund.

JNAM Guidance – Equity 100 Fund

Composition as of December 31, 2016:
Domestic Equity	52.0	%
International Equity	23.2
Domestic Balanced	10.0
Global Equity	8.5
Emerging Markets Equity	6.3
Total Investments	100.0	%

For the year ended December 31, 2016, JNAM Guidance – Equity 100 Fund underperformed its benchmark by posting a return of 6.57% compared to 7.87% for the MSCI All Country World Index. The Fund’s investment objective is to seek long term growth of capital through investment in the Underlying Funds with an equity orientation.

The Fund underperformed the benchmark by -130 bps for the year, as the positive effects of an overweight to domestic equities was outweighed by poor results from developed international markets and manager selection. Negative returns from JNL/Lazard International Strategic Equity Fund (-5.13%) and JNL/Epoch Global Shareholder Yield Fund (7.16%) hurt further within a foreign developed market segment that lagged the U.S. market significantly. Manager selection within domestic equities detracted as core holdings in JNL/T. Rowe Price Established Growth Fund (1.43%) and JNL/T. Rowe Price Capital Appreciation Fund (7.77%) lagged their peers and the broader benchmark, overcoming positive manager selection elsewhere. A small position in JNL Multi-Manager Small Cap Value Fund (23.78%) added to absolute returns, but not as much as it could have given that it notably trailed its individual benchmark, the Russell 2000 Value Index, which returned 31.74% for the year.

Positive manager selection within U.S. equities came from JNL/DoubleLine Shiller Enhanced CAPE Fund (18.90%) and JNL/The London Company Focused U.S. Equity Fund (16.65%), the latter rebounding nicely from a disappointing 2015. JNL/Harris Oakmark Global Equity Fund (12.45%) and JNL/Lazard Emerging Markets Fund (19.28%) were the top performers internationally.

JNAM Guidance – Fixed Income 100 Fund

Composition as of December 31, 2016:
Domestic Fixed Income	78.6	%
Global Fixed Income	17.4
Alternative	4.0
Total Investments	100.0	%

For the year ended December 31, 2016, JNAM Guidance – Fixed Income 100 Fund outperformed its benchmark by posting a return of 4.50% compared to 2.65% for the Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s investment objective is to seek income and total return through investment in the Underlying Funds with a fixed income orientation.

The Fund outperformed the benchmark by 185 bps on positive results from an overweight allocation to non-core fixed income strategies and manager selection. Every manager except one that was in the Fund for the full year outperformed the broader benchmark as a bias toward less interest-rate-sensitive approaches bore fruit when rates shot up toward the end of the year. A core position in JNL/PIMCO Credit Income Fund (6.34%) was a top contributor, as were smaller positions in the surging high yield sector, namely JNL/PPM America High Yield Bond Fund (17.23%) and JNL/Crescent High Income (5.50%), a new position added in April.

Top holding JNL/DoubleLine Total Return Fund (2.05%) was the main detractor, as it is a Fund of mostly mortgage backed securities and lagged the benchmark. JNL/Franklin Templeton Global Multisector Bond Fund (3.82%) was also a detractor despite its huge rebound in the fourth quarter, as it ultimately trailed the Fund’s overall returns. Finally, a new position in JNL/PIMCO Real Return Fund mildly detracted as Treasury inflation protected securities (“TIPS”) pulled back at the end of the year.

5

Funds of Funds Jackson National Asset Management, LLC (Unaudited)

JNAM Guidance – Real Assets Fund

Composition as of December 31, 2016:
Alternative	66.1	%
Domestic Fixed Income	33.9
Total Investments	100.0	%

For the year ended December 31, 2016, JNAM Guidance – Real Assets Fund outperformed its benchmark by posting a return of 12.65% compared to 4.69% for the Bloomberg Barclays U.S. TIPS Index. The Fund outperformed its blended benchmark return of 7.41% for the 33% FTSE EPRA/NAREIT Developed Index, 33% Bloomberg Commodity Index and 34% Bloomberg Barclays U.S. TIPS Index. The Fund’s investment objective is to seek long term real return through an allocation in stocks and other asset classes and strategies through investment in the Underlying Funds.

The Fund strongly outperformed during the year beating its blended benchmark by 524 bps. Strong underlying performance overcame an underweight position in the commodities sleeve, while an allocation to an infrastructure alternatives manager and an underweight to real estate were strong positives as well. JNL/Van Eck International Gold Fund (53.05%) was the top performer and contributor by far as gold mining stocks rallied hard on economic turmoil that led to a surge in gold prices. Other top individual contributors were JNL/BlackRock Natural Resources Fund (26.52%), which benefitted from the rebound in oil prices and the energy sector after the first quarter, and JNL/Brookfield Global Infrastructure and MLP Fund (12.58%), which also benefited from stabilization within the commodities market.

Manager selection within real estate was the primary detractor to performance as JNL/Invesco Global Real Estate Fund (2.42%) underperformed the category, which was up roughly 5% for the year. JNL/PIMCO Real Return Fund (5.17%) outperformed its TIPS benchmark on a relative basis in the neutral weighted fixed income sleeve, though it lagged the impressive performance of the commodities and alternative sleeves.

6

Funds of Funds Jackson National Asset Management, LLC (Unaudited)

The graphs show the change in value of an assumed $10,000 investment in the Fund’s shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period of the Fund’s benchmark(s).

JNAM Guidance – Interest Rate Opportunities Fund

†60% Bank of America Merrill Lynch Global HighYield Index, 40% Bank of America Merrill Lynch 3-Month Libor Index.

Average Annual Total Returns
1 Year	4.57	%
Since Inception	-0.02
(Inception date April 29, 2013)

Effective April 27, 2015, Jackson National Asset Management assumed responsibility as investment adviser for the Fund.

JNAM Guidance – Conservative Fund

†20% Russell 3000 Index, 5% MSCI All Country World ex U.S. Index, 55% Bloomberg Barclays U.S. Aggregate Bond Index and 20% Wilshire Liquid Alternative Index

Average Annual Total Returns
1 Year	4.47	%
Since Inception	2.72
(Inception date February 06, 2012)

Effective April 27, 2015, Jackson National Asset Management assumed responsibility as investment adviser for the Fund.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

7

Funds of Funds Jackson National Asset Management, LLC (Unaudited)

The graphs show the change in value of an assumed $10,000 investment in the Fund’s shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period of the Fund’s benchmark(s).

JNAM Guidance – Moderate Fund

†30% Russell 3000 Index, 10% MSCI All Country World ex U.S. Index, 40% Bloomberg Barclays U.S. Aggregate Bond Index, and 20% Wilshire Liquid Alternative Index

Average Annual Total Returns
1 Year	5.21	%
Since Inception	5.02
(Inception date February 06, 2012)

Effective April 27, 2015, Jackson National Asset Management assumed responsibility as investment adviser for the Fund.

JNAM Guidance – Growth Fund

†45% Russell 3000 Index, 20% MSCI All Country World ex U.S. Index, 15% Bloomberg Barclays U.S. Aggregate Bond Index, and 20% Wilshire Liquid Alternative Index

Average Annual Total Returns
1 Year	5.99	%
Since Inception	5.05
(Inception date April 29, 2013)

Effective April 27, 2015, Jackson National Asset Management assumed responsibility as investment adviser for the Fund.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

8

Funds of Funds Jackson National Asset Management, LLC (Unaudited)

The graphs show the change in value of an assumed $10,000 investment in the Fund’s shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period of the Fund’s benchmark(s).

JNAM Guidance – Moderate Growth Fund

†40% Russell 3000 Index, 15% MSCI All Country World ex U.S. Index, 25% Bloomberg Barclays U.S. Aggregate Bond Index, and 20% Wilshire Liquid Alternative Index

Average Annual Total Returns
1 Year	5.76	%
Since Inception	5.14
(Inception date February 06, 2012)

Effective April 27, 2015, Jackson National Asset Management assumed responsibility as investment adviser for the Fund.

JNAM Guidance – Maximum Growth Fund

†55% Russell 3000 Index, 25% MSCI All Country World ex U.S. Index, 10% Bloomberg Barclays U.S. Aggregate Bond Index, and 10% Wilshire Liquid Alternative Index

Average Annual Total Returns
1 Year	7.08	%
Since Inception	6.45
(Inception date February 06, 2012)

Effective April 27, 2015, Jackson National Asset Management assumed responsibility as investment adviser for the Fund.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

9

Funds of Funds Jackson National Asset Management, LLC (Unaudited)

The graphs show the change in value of an assumed $10,000 investment in the Fund’s shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period of the Fund’s benchmark(s).

JNAM Guidance – Alt 100 Fund

Average Annual Total Returns
1 Year	0.10	%
Since Inception	1.38
(Inception date February 06, 2012)

Effective April 27, 2015, Jackson National Asset Management assumed responsibility as investment adviser for the Fund.

JNAM Guidance – Equity 100 Fund

Average Annual Total Returns
1 Year	6.57	%
Since Inception	8.97
(Inception date September 10, 2012)

Effective April 27, 2015, Jackson National Asset Management assumed responsibility as investment adviser for the Fund.

JNAM Guidance – Fixed Income 100 Fund

Average Annual Total Returns
1 Year	4.50	%
Since Inception	0.62
(Inception date September 10, 2012)

Effective April 27, 2015, Jackson National Asset Management assumed responsibility as investment adviser for the Fund.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

10

Funds of Funds Jackson National Asset Management, LLC (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period of the Fund’s benchmark(s).

JNAM Guidance – Real Assets Fund

†33% FTSE EPRS/NAREIT Developed Index, 33% Bloomberg Barclays Commodity Index, 33% Bloomberg Barclays U.S. TIPS Index

Average Annual Total Returns
1 Year	12.65	%
Since Inception	-0.81
(Inception date April 29, 2013)

Effective April 27, 2015, Jackson National Asset Management assumed responsibility as investment adviser for the Fund.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

11

Master Feeder Funds Capital Research and Management Company (Unaudited)

JNL/American Funds Global Growth Fund

Composition as of December 31, 2016:
Global Equity	100.0	%
Total Investments	100.0	%

For the year ended December 31, 2016, JNL/American Funds Global Growth Fund underperformed its benchmark by posting a return of 0.34% compared to 7.87% for the MSCI All Country World Index.

The Fund seeks long-term growth of capital through exclusive investment in Class 1 shares of American Funds Insurance Series^® - Global Growth Fund^SM (the “Master Fund”). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are provided separately and should be read in conjunction with the Fund’s financial statements.

JNL/American Funds Growth Fund

Composition as of December 31, 2016:
Domestic Equity	100.0	%
Total Investments	100.0	%

For the year ended December 31, 2016, JNL/American Funds Growth Fund underperformed its benchmark by posting a return of 9.03% compared to 11.96% for the S&P 500 Index.

The Fund seeks growth of capital through exclusive investment in Class 1 shares of American Funds Insurance Series^® - Growth Fund^SM (the “Master Fund”). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are provided separately and should be read in conjunction with the Fund’s financial statements.

The graphs show the change in value of an assumed $10,000 investment in the Fund’s shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period of the Fund’s benchmark(s).

JNL/American Funds Global Growth Fund

*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

Average Annual Total Returns*
1 Year	0.34	%
Since Inception	5.73
(Inception date September 16, 2013)

JNL/American Funds Growth Fund

*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

Average Annual Total Returns*
1 Year	9.03	%
Since Inception	11.86
(Inception date February 06, 2012)

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

12

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares			Value
JNAM Guidance – Interest Rate Opportunities Fund
INVESTMENT COMPANIES 100.0%
Alternative 36.0%
	JNL Multi-Manager Alternative Fund - Class A (0.4%) (a)	300	$		2,890
	JNL/BlackRock Global Long Short Credit Fund (1.3%) (a)	523			4,965
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (0.7%) (a)	298			2,890
	JNL/FAMCO Flex Core Covered Call Fund (1.6%) (a)	177			2,060
	JNL/Invesco Global Real Estate Fund - Class A (0.1%) (a)	220			2,100
			14,905
Domestic Fixed Income 51.0%
	JNL/Crescent High Income Fund - Class A (0.8%) (a)	470			4,957
	JNL/DoubleLine Total Return Fund (0.2%) (a)	484			5,177
	JNL/PIMCO Real Return Fund - Class A (0.1%) (a)	236			2,283
	JNL/PPM America Floating Rate Income Fund - Class A (0.2%) (a)	313			3,310
	JNL/Scout Unconstrained Bond Fund - Class A (0.4%) (a)	542			5,379
			21,106
Global Fixed Income 13.0%
	JNL/Franklin Templeton Global Multisector Bond Fund - Class A (0.3%) (a)	517			5,358
	Total Investment Companies (cost $41,940)		41,369
Total Investments 100.0% (cost $41,940)			41,369
Other Assets and Liabilities, Net (0.0)%			(9)
Total Net Assets 100.0%			$	41,360

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2016 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

JNAM Guidance – Conservative Fund
INVESTMENT COMPANIES 100.0%
Alternative 21.1%
	JNL Multi-Manager Alternative Fund - Class A (0.7%) (a)	544	$		5,243
	JNL/AQR Managed Futures Strategy Fund - Class A (0.7%) (a)	571			4,844
	JNL/BlackRock Global Long Short Credit Fund (0.8%) (a)	316			3,004
	JNL/Boston Partners Global Long Short Equity Fund - Class A (1.0%) (a)	691			7,104
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (0.9%) (a)	389			3,766
	JNL/Invesco Global Real Estate Fund - Class A (0.1%) (a)	160			1,523
	JNL/Nicholas Convertible Arbitrage Fund (0.6%) (a)	224			2,247
	JNL/Westchester Capital Event Driven Fund - Class A (1.0%) (a)	386			3,744
			31,475
Domestic Balanced 7.8%
	JNL/T. Rowe Price Capital Appreciation Fund (0.9%) (a)	921			11,651
Domestic Equity 11.7%
	JNL Multi-Manager Mid Cap Fund - Class A (0.6%) (a)	450			4,800
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A (0.6%) (a)	351			4,518
	JNL/Mellon Capital S&P 500 Index Fund - Class A (0.1%) (a)	252			4,699
	JNL/T. Rowe Price Established Growth Fund - Class A (0.1%) (a)	97			3,352
			17,369
Domestic Fixed Income 48.4%
	JNL/Crescent High Income Fund - Class A (0.7%) (a)	428			4,513
	JNL/DoubleLine Total Return Fund (1.0%) (a)	2,323			24,852
	JNL/PIMCO Credit Income Fund (2.9%) (a)	968			10,835
	JNL/PIMCO Real Return Fund - Class A (0.2%) (a)	390			3,768
	JNL/PPM America High Yield Bond Fund - Class A (0.2%) (a)	336			4,527
		Shares			Value
	JNL/PPM America Total Return Fund - Class A (0.9%) (a)	834			9,773
	JNL/Scout Unconstrained Bond Fund - Class A (1.2%) (a)	1,399			13,895
			72,163
Emerging Markets Equity 1.0%
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class A (0.5%) (a)	178			1,506
Global Equity 1.5%
	JNL/Epoch Global Shareholder Yield Fund (2.7%) (a)	201			2,278
Global Fixed Income 6.8%
	JNL/Franklin Templeton Global Multisector Bond Fund - Class A (0.6%) (a)	977			10,126
International Equity 1.7%
	JNL/Causeway International Value Select Fund - Class A (0.2%) (a)	94			1,267
	JNL/WCM Focused International Equity Fund (0.1%) (a)	115			1,263
			2,530
	Total Investment Companies (cost $148,014)		149,098
Total Investments 100.0% (cost $148,014)			149,098
Other Assets and Liabilities, Net (0.0)%			(32)
Total Net Assets 100.0%			$	149,066

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2016 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

JNAM Guidance – Moderate Fund
INVESTMENT COMPANIES 100.0%
Alternative 21.1%
	JNL Multi-Manager Alternative Fund - Class A (2.0%) (a)	1,643	$	15,819
	JNL/AQR Managed Futures Strategy Fund - Class A (2.1%) (a)	1,693		14,357
	JNL/BlackRock Global Long Short Credit Fund (2.4%) (a)	950		9,022
	JNL/Boston Partners Global Long Short Equity Fund - Class A (3.0%) (a)	2,087		21,456
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (2.6%) (a)	1,165		11,287
	JNL/Invesco Global Real Estate Fund - Class A (0.2%) (a)	466		4,445
	JNL/Nicholas Convertible Arbitrage Fund (1.8%) (a)	672		6,752
	JNL/Westchester Capital Event Driven Fund - Class A (3.1%) (a)	1,166		11,307
			94,445
Domestic Balanced 9.5%
	JNL/T. Rowe Price Capital Appreciation Fund (3.3%) (a)	3,370		42,626
Domestic Equity 19.8%
	JNL Multi-Manager Mid Cap Fund - Class A (2.1%) (a)	1,576		16,814
	JNL Multi-Manager Small Cap Growth Fund - Class A (0.3%) (a)	219		4,457
	JNL Multi-Manager Small Cap Value Fund - Class A (0.4%) (a)	326		4,745
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A (2.9%) (a)	1,829		23,520
	JNL/Mellon Capital S&P 500 Index Fund - Class A (0.3%) (a)	1,137		21,211
	JNL/T. Rowe Price Established Growth Fund - Class A (0.3%) (a)	518		17,953
			88,700
Domestic Fixed Income 36.2%
	JNL/Crescent High Income Fund - Class A (1.8%) (a)	1,068		11,271
	JNL/DoubleLine Total Return Fund (2.3%) (a)	5,392		57,693
	JNL/PIMCO Credit Income Fund (6.4%) (a)	2,132		23,862
	JNL/PIMCO Real Return Fund - Class A (0.5%) (a)	850		8,206
	JNL/PPM America High Yield Bond Fund - Class A (0.4%) (a)	671		9,035
	JNL/PPM America Total Return Fund - Class A (1.7%) (a)	1,617		18,945

See accompanying Notes to Financial Statements.

13

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares			Value
	JNL/Scout Unconstrained Bond Fund - Class A (2.7%) (a)	3,298			32,753
			161,765
Emerging Markets Equity 2.2%
	JNL/Lazard Emerging Markets Fund - Class A (0.5%) (a)	495			4,467
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class A (1.8%) (a)	633			5,349
			9,816
Global Equity 4.2%
	JNL/Epoch Global Shareholder Yield Fund (11.4%) (a)	837			9,505
	JNL/Harris Oakmark Global Equity Fund - Class A (14.1%) (a)	927			9,153
			18,658
Global Fixed Income 5.0%
	JNL/Franklin Templeton Global Multisector Bond Fund - Class A (1.3%) (a)	2,175			22,529
International Equity 2.0%
	JNL/Causeway International Value Select Fund - Class A (0.4%) (a)	251			3,384
	JNL/Lazard International Strategic Equity Fund (1.9%) (a)	124			1,316
	JNL/WCM Focused International Equity Fund (0.4%) (a)	383			4,214
			8,914
	Total Investment Companies (cost $439,575)		447,453
Total Investments 100.0% (cost $439,575)			447,453
Other Assets and Liabilities, Net (0.0)%			(96)
Total Net Assets 100.0%			$	447,357

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2016 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

JNAM Guidance – Growth Fund
INVESTMENT COMPANIES 100.0%
Alternative 20.1%
	JNL Multi-Manager Alternative Fund - Class A (1.3%) (a)	1,077	$		10,375
	JNL/AQR Managed Futures Strategy Fund - Class A (1.3%) (a)	1,067			9,047
	JNL/BlackRock Global Long Short Credit Fund (1.5%) (a)	589			5,598
	JNL/Boston Partners Global Long Short Equity Fund - Class A (1.9%) (a)	1,307			13,441
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (1.7%) (a)	731			7,081
	JNL/Invesco Global Real Estate Fund - Class A (0.2%) (a)	459			4,374
	JNL/Westchester Capital Event Driven Fund - Class A (2.0%) (a)	724			7,023
			56,939
Domestic Balanced 5.0%
	JNL/T. Rowe Price Capital Appreciation Fund (1.1%) (a)	1,110			14,040
Domestic Equity 39.7%
	JNL Multi-Manager Mid Cap Fund - Class A (2.7%) (a)	2,019			21,546
	JNL Multi-Manager Small Cap Growth Fund - Class A (0.3%) (a)	208			4,231
	JNL Multi-Manager Small Cap Value Fund - Class A (0.4%) (a)	308			4,480
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A (2.5%) (a)	1,572			20,213
	JNL/Mellon Capital S&P 500 Index Fund - Class A (0.2%) (a)	732			13,646
	JNL/T. Rowe Price Established Growth Fund - Class A (0.3%) (a)	600			20,802
	JNL/T. Rowe Price Value Fund - Class A (0.6%) (a)	1,764			27,514
			112,432
Domestic Fixed Income 13.0%
	JNL/Crescent High Income Fund - Class A (0.7%) (a)	402			4,243
	JNL/DoubleLine Total Return Fund (0.5%) (a)	1,200			12,839
	JNL/PIMCO Credit Income Fund (1.9%) (a)	647			7,237
		Shares			Value
	JNL/PIMCO Real Return Fund - Class A (0.2%) (a)	290			2,796
	JNL/Scout Unconstrained Bond Fund - Class A (0.8%) (a)	982			9,752
			36,867
Emerging Markets Equity 4.9%
	JNL/Lazard Emerging Markets Fund - Class A (1.0%) (a)	938			8,462
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class A (1.9%) (a)	647			5,467
			13,929
Global Equity 5.6%
	JNL/Epoch Global Shareholder Yield Fund (10.5%) (a)	767			8,707
	JNL/Harris Oakmark Global Equity Fund - Class A (11.2%) (a)	735			7,260
			15,967
Global Fixed Income 1.8%
	JNL/Franklin Templeton Global Multisector Bond Fund - Class A (0.3%) (a)	483			5,001
International Equity 9.9%
	JNL/Causeway International Value Select Fund - Class A (1.3%) (a)	731			9,868
	JNL/Lazard International Strategic Equity Fund (11.7%) (a)	786			8,331
	JNL/WCM Focused International Equity Fund (1.0%) (a)	890			9,800
			27,999
	Total Investment Companies (cost $278,831)		283,174
Total Investments 100.0% (cost $278,831)			283,174
Other Assets and Liabilities, Net (0.0)%			(57)
Total Net Assets 100.0%			$	283,117

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2016 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

JNAM Guidance – Moderate Growth Fund
INVESTMENT COMPANIES 100.0%
Alternative 20.9%
	JNL Multi-Manager Alternative Fund - Class A (3.7%) (a)	3,117	$	30,018
	JNL/AQR Managed Futures Strategy Fund - Class A (3.9%) (a)	3,119		26,446
	JNL/BlackRock Global Long Short Credit Fund (4.6%) (a)	1,798		17,085
	JNL/Boston Partners Global Long Short Equity Fund - Class A (5.7%) (a)	3,960		40,706
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (5.0%) (a)	2,213		21,442
	JNL/Invesco Global Real Estate Fund - Class A (0.5%) (a)	866		8,253
	JNL/Nicholas Convertible Arbitrage Fund (3.4%) (a)	1,271		12,770
	JNL/Westchester Capital Event Driven Fund - Class A (5.9%) (a)	2,203		21,371
			178,091
Domestic Balanced 10.0%
	JNL/T. Rowe Price Capital Appreciation Fund (6.6%) (a)	6,700		84,759
Domestic Equity 31.2%
	JNL Multi-Manager Mid Cap Fund - Class A (5.4%) (a)	4,048		43,196
	JNL Multi-Manager Small Cap Growth Fund - Class A (0.8%) (a)	500		10,161
	JNL Multi-Manager Small Cap Value Fund - Class A (0.9%) (a)	735		10,707
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A (6.8%) (a)	4,287		55,126
	JNL/Mellon Capital S&P 500 Index Fund - Class A (0.6%) (a)	2,039		38,038
	JNL/T. Rowe Price Established Growth Fund - Class A (0.8%) (a)	1,534		53,203
	JNL/T. Rowe Price Value Fund - Class A (1.3%) (a)	3,494		54,505
			264,936
Domestic Fixed Income 22.0%
	JNL/Crescent High Income Fund - Class A (3.5%) (a)	2,080		21,942

See accompanying Notes to Financial Statements.

14

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares			Value
	JNL/DoubleLine Total Return Fund (2.5%) (a)	6,050			64,736
	JNL/PIMCO Credit Income Fund (9.6%) (a)	3,200			35,814
	JNL/PIMCO Real Return Fund - Class A (0.6%) (a)	1,035			9,988
	JNL/PPM America Total Return Fund - Class A (1.7%) (a)	1,636			19,169
	JNL/Scout Unconstrained Bond Fund - Class A (3.0%) (a)	3,611			35,861
			187,510
Emerging Markets Equity 2.9%
	JNL/Lazard Emerging Markets Fund - Class A (1.5%) (a)	1,413			12,747
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class A (4.1%) (a)	1,429			12,072
			24,819
Global Equity 4.5%
	JNL/Epoch Global Shareholder Yield Fund (21.2%) (a)	1,550			17,594
	JNL/Harris Oakmark Global Equity Fund - Class A (31.6%) (a)	2,075			20,482
			38,076
Global Fixed Income 2.9%
	JNL/Franklin Templeton Global Multisector Bond Fund - Class A (1.4%) (a)	2,366			24,516
International Equity 5.6%
	JNL/Causeway International Value Select Fund - Class A (2.7%) (a)	1,571			21,205
	JNL/Lazard International Strategic Equity Fund (6.1%) (a)	412			4,368
	JNL/WCM Focused International Equity Fund (2.2%) (a)	1,986			21,861
			47,434
	Total Investment Companies (cost $836,319)		850,141
Total Investments 100.0% (cost $836,319)			850,141
Other Assets and Liabilities, Net (0.0)%			(167)
Total Net Assets 100.0%			$	849,974

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2016 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

JNAM Guidance – Maximum Growth Fund
INVESTMENT COMPANIES 100.0%
Alternative 12.1%
	JNL Multi-Manager Alternative Fund - Class A (0.8%) (a)	667	$		6,425
	JNL/AQR Managed Futures Strategy Fund - Class A (0.7%) (a)	578			4,901
	JNL/Boston Partners Global Long Short Equity Fund - Class A (0.9%) (a)	623			6,404
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (0.7%) (a)	303			2,935
	JNL/Invesco Global Real Estate Fund - Class A (0.2%) (a)	383			3,650
	JNL/Westchester Capital Event Driven Fund - Class A (1.1%) (a)	394			3,823
			28,138
Domestic Equity 53.1%
	JNL Multi-Manager Mid Cap Fund - Class A (2.9%) (a)	2,205			23,524
	JNL Multi-Manager Small Cap Growth Fund - Class A (0.4%) (a)	252			5,131
	JNL Multi-Manager Small Cap Value Fund - Class A (0.5%) (a)	386			5,628
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A (2.9%) (a)	1,845			23,730
	JNL/Mellon Capital S&P 500 Index Fund - Class A (0.3%) (a)	886			16,516
	JNL/T. Rowe Price Established Growth Fund - Class A (0.3%) (a)	607			21,073
	JNL/T. Rowe Price Value Fund - Class A (0.7%) (a)	1,769			27,591
			123,193
Domestic Fixed Income 7.0%
	JNL/Crescent High Income Fund - Class A (0.4%) (a)	224			2,366
	JNL/DoubleLine Total Return Fund (0.2%) (a)	595			6,370
	JNL/PIMCO Credit Income Fund (0.8%) (a)	261			2,918
		Shares			Value
	JNL/Scout Unconstrained Bond Fund - Class A (0.4%) (a)	468			4,644
			16,298
Emerging Markets Equity 5.9%
	JNL/Lazard Emerging Markets Fund - Class A (1.0%) (a)	957			8,634
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class A (1.7%) (a)	596			5,037
			13,671
Global Equity 6.4%
	JNL/Epoch Global Shareholder Yield Fund (8.9%) (a)	651			7,388
	JNL/Harris Oakmark Global Equity Fund - Class A (11.6%) (a)	764			7,543
			14,931
Global Fixed Income 1.1%
	JNL/Franklin Templeton Global Multisector Bond Fund - Class A (0.1%) (a)	233			2,412
International Equity 14.4%
	JNL/Causeway International Value Select Fund - Class A (1.6%) (a)	904			12,199
	JNL/Lazard International Strategic Equity Fund (12.4%) (a)	832			8,822
	JNL/WCM Focused International Equity Fund (1.2%) (a)	1,118			12,304
			33,325
	Total Investment Companies (cost $227,586)		231,968
Total Investments 100.0% (cost $227,586)			231,968
Other Assets and Liabilities, Net (0.0)%			(50)
Total Net Assets 100.0%			$	231,918

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2016 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

JNAM Guidance – Alt 100 Fund
INVESTMENT COMPANIES 100.0%
Alternative 93.9%
	JNL Multi-Manager Alternative Fund - Class A (6.0%) (a)	5,033	$		48,472
	JNL/AQR Managed Futures Strategy Fund - Class A (7.9%) (a)	6,393			54,211
	JNL/BlackRock Global Long Short Credit Fund (8.4%) (a)	3,324			31,575
	JNL/Boston Partners Global Long Short Equity Fund - Class A (9.9%) (a)	6,873			70,657
	JNL/Brookfield Global Infrastructure and MLP Fund - Class A (0.9%) (a)	616			7,959
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (9.2%) (a)	4,074			39,478
	JNL/FAMCO Flex Core Covered Call Fund (0.0%) (a)	-			1
	JNL/Invesco Global Real Estate Fund - Class A (0.9%) (a)	1,668			15,901
	JNL/Neuberger Berman Currency Fund (11.3%) (a)	2,428			23,693
	JNL/Nicholas Convertible Arbitrage Fund (9.4%) (a)	3,525			35,429
	JNL/Westchester Capital Event Driven Fund - Class A (11.0%) (a)	4,062			39,401
			366,777
Domestic Fixed Income 6.1%
	JNL/DoubleLine Total Return Fund (0.9%) (a)	2,216			23,708
	Total Investment Companies (cost $409,013)		390,485
Total Investments 100.0% (cost $409,013)			390,485
Other Assets and Liabilities, Net (0.0)%			(89)
Total Net Assets 100.0%			$	390,396

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2016 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

JNAM Guidance – Equity 100 Fund
INVESTMENT COMPANIES 100.0%
Domestic Balanced 10.0%
	JNL/T. Rowe Price Capital Appreciation Fund (0.6%) (a)	649	$	8,206

See accompanying Notes to Financial Statements.

15

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares			Value
Domestic Equity 52.0%
	JNL Multi-Manager Mid Cap Fund - Class A (0.6%) (a)	461			4,915
	JNL Multi-Manager Small Cap Growth Fund - Class A (0.1%) (a)	80			1,636
	JNL Multi-Manager Small Cap Value Fund - Class A (0.1%) (a)	112			1,636
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A (1.3%) (a)	826			10,627
	JNL/T. Rowe Price Established Growth Fund - Class A (0.1%) (a)	212			7,354
	JNL/T. Rowe Price Value Fund - Class A (0.2%) (a)	669			10,436
	JNL/The London Company Focused U.S. Equity Fund (3.7%) (a)	474			6,126
			42,730
Emerging Markets Equity 6.3%
	JNL/Lazard Emerging Markets Fund - Class A (0.3%) (a)	324			2,925
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class A (0.8%) (a)	272			2,295
			5,220
Global Equity 8.5%
	JNL/Epoch Global Shareholder Yield Fund (3.0%) (a)	218			2,477
	JNL/Harris Oakmark Global Equity Fund - Class A (6.9%) (a)	457			4,509
			6,986
International Equity 23.2%
	JNL/Causeway International Value Select Fund - Class A (0.8%) (a)	472			6,370
	JNL/Lazard International Strategic Equity Fund (4.4%) (a)	293			3,101
	JNL/WCM Focused International Equity Fund (0.9%) (a)	868			9,553
			19,024
	Total Investment Companies (cost $79,987)		82,166
Total Investments 100.0% (cost $79,987)			82,166
Other Assets and Liabilities, Net (0.0)%			(17)
Total Net Assets 100.0%			$	82,149

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2016 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

JNAM Guidance – Fixed Income 100 Fund
INVESTMENT COMPANIES 100.0%
Alternative 4.0%
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (0.7%) (a)	292	$		2,825
Domestic Fixed Income 78.6%
	JNL/Crescent High Income Fund - Class A (0.6%) (a)	335			3,533
	JNL/DoubleLine Total Return Fund (0.7%) (a)	1,622			17,355
	JNL/PIMCO Credit Income Fund (2.4%) (a)	791			8,853
	JNL/PIMCO Real Return Fund - Class A (0.2%) (a)	404			3,904
	JNL/PIMCO Total Return Bond Fund - Class A (0.2%) (a)	461			5,673
	JNL/PPM America Floating Rate Income Fund - Class A (0.2%) (a)	200			2,119
	JNL/PPM America High Yield Bond Fund - Class A (0.1%) (a)	157			2,121
	JNL/PPM America Total Return Fund - Class A (0.5%) (a)	483			5,662
	JNL/Scout Unconstrained Bond Fund - Class A (0.5%) (a)	641			6,361
			55,581
Global Fixed Income 17.4%
	JNL/Franklin Templeton Global Multisector Bond Fund - Class A (0.5%) (a)	848			8,785
	JNL/Neuberger Berman Strategic Income Fund - Class A (0.6%) (a)	332			3,545
			12,330
	Total Investment Companies (cost $70,813)		70,736
Total Investments 100.0% (cost $70,813)			70,736
Other Assets and Liabilities, Net (0.0)%			(14)
Total Net Assets 100.0%			$	70,722
		Shares			Value

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2016 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

JNAM Guidance – Real Assets Fund
INVESTMENT COMPANIES 100.0%
Alternative 66.1%
	JNL/BlackRock Global Natural Resources Fund - Class A (0.1%) (a)	138	$		1,262
	JNL/Brookfield Global Infrastructure and MLP Fund - Class A (0.2%) (a)	148			1,916
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (0.2%) (a)	70			673
	JNL/Invesco Global Real Estate Fund - Class A (0.2%) (a)	287			2,734
	JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund (6.2%) (a)	98			1,271
	JNL/Van Eck International Gold Fund (2.0%) (a)	120			1,131
			8,987
Domestic Fixed Income 33.9%
	JNL/PIMCO Real Return Fund - Class A (0.3%) (a)	477			4,607
	Total Investment Companies (cost $14,457)		13,594
Total Investments 100.0% (cost $14,457)			13,594
Other Assets and Liabilities, Net (0.0)%			(3)
Total Net Assets 100.0%			$	13,591

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2016 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

JNL/American Funds Global Growth Fund
INVESTMENT COMPANIES 100.0%
Global Equity 100.0%
	American Funds Insurance Series - Global Growth Fund - Class 1	3,828	$		92,059
	Total Investment Companies (cost $102,670)		92,059
Total Investments 100.0% (cost $102,670)			92,059
Other Assets and Liabilities, Net (0.0)%			(31)
Total Net Assets 100.0%			$	92,028

JNL/American Funds Growth Fund
INVESTMENT COMPANIES 100.0%
Domestic Equity 100.0%
	American Funds Insurance Series - Growth Fund - Class 1	3,457	$		232,621
	Total Investment Companies (cost $246,052)		232,621
Total Investments 100.0% (cost $246,052)			232,621
Other Assets and Liabilities, Net (0.0)%			(100)
Total Net Assets 100.0%			$	232,521

Abbreviations:

“-“ Amount rounds to less than one thousand or 0.05%

CAPE - Cyclically Adjusted Price Earnings

MLP - Master Limited Partnership

See accompanying Notes to Financial Statements.

16

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

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

December 31, 2016

		JNAM Guidance – Interest Rate Opportunities Fund			JNAM Guidance – Conservative Fund		JNAM Guidance – Moderate Fund		JNAM Guidance – Growth Fund		JNAM Guidance – Moderate Growth Fund		JNAM Guidance – Maximum Growth Fund
Assets
Investments - unaffiliated, at value (a)		$	—		$	—	$	—	$	—	$	—	$	—
Investments - affiliated, at value (b)			41,369			149,098		447,453		283,174		850,141		231,968
Total investments, at value (c)			41,369			149,098		447,453		283,174		850,141		231,968
Receivable for:
	Investment securities sold		14			—		117		29		189		—
	Fund shares sold		2			447		14		104		273		58
Other assets			2			5		16		9		35		10
Total assets			41,387			149,550		447,600		283,316		850,638		232,036
Liabilities
Payable for:
	Advisory fees		5			19		57		36		93		30
	Administrative fees		2			6		19		12		36		10
	Investment securities purchased		—			366		—		—		—		10
	Fund shares redeemed		17			81		132		133		462		48
	Trustee fees		2			8		23		11		50		14
	Chief compliance officer fees		—			1		4		2		7		2
	Other expenses		1			3		8		5		16		4
Total liabilities			27			484		243		199		664		118
Net assets		$	41,360		$	149,066	$	447,357	$	283,117	$	849,974	$	231,918
Net assets consist of:
Paid-in capital *		$	41,931		$	147,982	$	439,479	$	278,774	$	836,152	$	227,536
Net unrealized appreciation (depreciation) on
	investments		(571	)		1,084		7,878		4,343		13,822		4,382
		$	41,360		$	149,066	$	447,357	$	283,117	$	849,974	$	231,918
Shares outstanding (no par values), unlimited
	shares authorized		4,299			13,578		37,548		24,615		70,139		18,472
Net asset value per share		$	9.62		$	10.98	$	11.91	$	11.50	$	12.12	$	12.56
(a)	Investments - unaffiliated, at cost	$	—		$	—	$	—	$	—	$	—	$	—
(b)	Investments - affiliated, at cost		41,940			148,014		439,575		278,831		836,319		227,586
(c)	Total investments, at cost	$	41,940		$	148,014	$	439,575	$	278,831	$	836,319	$	227,586

* Represents partners’ capital for funds structured as partnerships.

See accompanying Notes to Financial Statements.

17

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

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

December 31, 2016

		JNAM Guidance – Alt 100 Fund			JNAM Guidance – Equity 100 Fund		JNAM Guidance – Fixed Income 100 Fund			JNAM Guidance – Real Assets Fund			JNL/American Funds Global Growth Fund(d)			JNL/American Funds Growth Fund(d)
Assets
Investments - unaffiliated, at value (a)		$	—		$	—	$	—		$	—		$	92,059		$	232,621
Investments - affiliated, at value (b)			390,485			82,166		70,736			13,594			—			—
Total investments, at value (c)			390,485			82,166		70,736			13,594			92,059			232,621
Receivable for:
	Investment securities sold		275			—		—			—			47			—
	Fund shares sold		120			233		176			8			46			269
Receivable from adviser			—			—		—			—			47			107
Other assets			20			3		3			—			3			6
Total assets			390,900			82,402		70,915			13,602			92,202			233,003
Liabilities
Payable for:
	Advisory fees		50			10		9			2			62			166
	Administrative fees		17			4		3			1			8			19
	12b-1 fees		—			—		—			—			5			14
	Investment securities purchased		—			226		26			6			—			157
	Fund shares redeemed		395			6		149			2			93			111
	Trustee fees		31			4		4			—			3			9
	Chief compliance officer fees		4			1		1			—			1			2
	Other expenses		7			2		1			—			2			4
Total liabilities			504			253		193			11			174			482
Net assets		$	390,396		$	82,149	$	70,722		$	13,591		$	92,028		$	232,521
Net assets consist of:
Paid-in capital *		$	408,924		$	79,970	$	70,799		$	14,454		$	98,088		$	245,952
Undistributed net investment income			—			—		—			—			909			—
Accumulated net realized gain			—			—		—			—			3,642			—
Net unrealized appreciation (depreciation) on
	investments		(18,528	)		2,179		(77	)		(863	)		(10,611	)		(13,431	)
		$	390,396		$	82,149	$	70,722		$	13,591		$	92,028		$	232,521
Shares outstanding (no par values), unlimited
	shares authorized		38,492			6,668		7,087			1,468			7,836			13,845
Net asset value per share		$	10.14		$	12.32	$	9.98		$	9.26		$	11.74		$	16.79
(a)	Investments - unaffiliated, at cost	$	—		$	—	$	—		$	—		$	102,670		$	246,052
(b)	Investments - affiliated, at cost		409,013			79,987		70,813			14,457			—			—
(c)	Total investments, at cost	$	409,013		$	79,987	$	70,813		$	14,457		$	102,670		$	246,052

(d)	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.
*	Represents partners’ capital for funds structured as partnerships.

See accompanying Notes to Financial Statements.

18

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2016

			JNAM Guidance – Interest Rate Opportunities Fund			JNAM Guidance – Conservative Fund			JNAM Guidance – Moderate Fund			JNAM Guidance – Growth Fund			JNAM Guidance – Moderate Growth Fund			JNAM Guidance – Maximum Growth Fund
Investment Income
Dividends (a)			$	745		$	1,713		$	4,608		$	2,880		$	8,736		$	2,190
Total investment income				745			1,713			4,608			2,880			8,736			2,190
Expenses
Advisory fees				67			218			664			408			1,098			343
Administrative fees				22			73			221			136			424			114
Legal fees				3			9			27			17			52			14
Trustee fees				4			14			43			27			82			23
Chief compliance officer fees				1			4			12			7			23			6
Other expenses				1			2			7			4			17			4
Total expenses				98			320			974			599			1,696			504
Net investment income (loss)				647			1,393			3,634			2,281			7,040			1,686
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Unaffiliated investments			—			—			—			—			—			—
	Affiliated investments			(1,105	)		(2,297	)		(7,779	)		(6,980	)		(16,510	)		(6,100	)
	Distributions from affiliated investment
		companies		250			623			2,978			4,421			9,710			4,261
Net change in unrealized appreciation
	(depreciation) on:
	Investments			2,155			6,794			24,088			16,993			46,622			15,762
Net realized and unrealized gain (loss)				1,300			5,120			19,287			14,434			39,822			13,923
Change in net assets from operations			$	1,947		$	6,513		$	22,921		$	16,715		$	46,862		$	15,609
(a)	Income from affiliated investments		$	745		$	1,713		$	4,608		$	2,880		$	8,736		$	2,190

See accompanying Notes to Financial Statements.

19

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2016

			JNAM Guidance – Alt 100 Fund			JNAM Guidance – Equity 100 Fund			JNAM Guidance – Fixed Income 100 Fund			JNAM Guidance – Real Assets Fund			JNL/American Funds Global Growth Fund(b)			JNL/American Funds Growth Fund(b)
Investment Income
Dividends (a)			$	7,180		$	669		$	1,062		$	392		$	—		$	—
Dividends received from master fund (a)				—			—			—			—			1,068			2,184
Total investment income				7,180			669			1,062			392			1,068			2,184
Expenses
Advisory fees				647			124			114			18			728			1,681
Administrative fees				216			42			38			6			91			198
12b-1 fees				—			—			—			—			182			395
Legal fees				26			5			5			1			6			12
Trustee fees				43			9			8			1			9			18
Chief compliance officer fees				12			2			2			—			2			5
Other expenses				9			1			1			—			1			3
Total expenses				953			183			168			26			1,019			2,312
Expense waiver				—			—			—			—			(546	)		(1,087	)
Net expenses				953			183			168			26			473			1,225
Net investment income (loss)				6,227			486			894			366			595			959
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Unaffiliated investments			—			—			—			—			(3,354	)		(1,149	)
	Affiliated investments			(13,655	)		(2,461	)		(1,718	)		(536	)		—			—
	Distributions from unaffiliated investment
		companies		—			—			—			—			7,665			17,268
	Distributions from affiliated investment
		companies		3,585			1,488			52			93			—			—
Net change in unrealized appreciation
	(depreciation) on:
	Investments			4,176			5,720			4,181			1,214			(4,855	)		1,091
Net realized and unrealized gain (loss)				(5,894	)		4,747			2,515			771			(544	)		17,210
Change in net assets from operations			$	333		$	5,233		$	3,409		$	1,137		$	51		$	18,169
(a)	Income from affiliated investments		$	7,180		$	669		$	1,062		$	392		$	—		$	—

(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.

20

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2016

		JNAM Guidance – Interest Rate Opportunities Fund			JNAM Guidance – Conservative Fund			JNAM Guidance – Moderate Fund			JNAM Guidance – Growth Fund			JNAM Guidance – Moderate Growth Fund			JNAM Guidance – Maximum Growth Fund
Operations
Net investment income (loss)		$	647		$	1,393		$	3,634		$	2,281		$	7,040		$	1,686
Net realized gain (loss)			(855	)		(1,674	)		(4,801	)		(2,559	)		(6,800	)		(1,839	)
Net change in unrealized appreciation
	(depreciation)		2,155			6,794			24,088			16,993			46,622			15,762
Change in net assets from operations			1,947			6,513			22,921			16,715			46,862			15,609
Share transactions1
Proceeds from the sale of shares			4,642			50,917			90,746			64,528			111,361			33,482
Cost of shares redeemed			(14,415	)		(41,302	)		(94,734	)		(55,799	)		(169,120	)		(48,974	)
Change in net assets from
	share transactions		(9,773	)		9,615			(3,988	)		8,729			(57,759	)		(15,492	)
Change in net assets			(7,826	)		16,128			18,933			25,444			(10,897	)		117
Net assets beginning of year			49,186			132,938			428,424			257,673			860,871			231,801
Net assets end of year		$	41,360		$	149,066		$	447,357		$	283,117		$	849,974		$	231,918
Undistributed net investment income (loss)		$	—		$	—		$	—		$	—		$	—		$	—
1Share Transactions
Shares Sold			493			4,764			7,912			5,942			9,627			2,851
Shares redeemed			(1,539	)		(3,840	)		(8,216	)		(5,073	)		(14,579	)		(4,134	)
Change in shares			(1,046	)		924			(304	)		869			(4,952	)		(1,283	)
Purchases and sales of long term investments
Purchase of securities		$	12,297		$	84,339		$	190,239		$	132,538		$	308,310		$	92,331
Proceeds from sales of securities		$	21,176		$	72,707		$	187,611		$	117,102		$	349,328		$	101,881

See accompanying Notes to Financial Statements.

21

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2016

		JNAM Guidance – Alt 100 Fund			JNAM Guidance – Equity 100 Fund			JNAM Guidance – Fixed Income 100 Fund			JNAM Guidance – Real Assets Fund			JNL/American Funds Global Growth Fund(a)			JNL/American Funds Growth Fund(a)
Operations
Net investment income (loss)		$	6,227		$	486		$	894		$	366		$	595		$	959
Net realized gain (loss)			(10,070	)		(973	)		(1,666	)		(443	)		4,311			16,119
Net change in unrealized appreciation
	(depreciation)		4,176			5,720			4,181			1,214			(4,855	)		1,091
Change in net assets from operations			333			5,233			3,409			1,137			51			18,169
Share transactions1
Proceeds from the sale of shares			36,823			12,439			17,018			6,558			28,964			77,940
Cost of shares redeemed			(117,302	)		(22,283	)		(27,177	)		(3,760	)		(33,342	)		(50,375	)
Change in net assets from
	share transactions		(80,479	)		(9,844	)		(10,159	)		2,798			(4,378	)		27,565
Change in net assets			(80,146	)		(4,611	)		(6,750	)		3,935			(4,327	)		45,734
Net assets beginning of year			470,542			86,760			77,472			9,656			96,355			186,787
Net assets end of year		$	390,396		$	82,149		$	70,722		$	13,591		$	92,028		$	232,521
Undistributed net investment income (loss)		$	—		$	—		$	—		$	—		$	909		$	—
1Share Transactions
Shares Sold			3,663			1,082			1,735			714			2,544			4,998
Shares redeemed			(11,624	)		(1,919	)		(2,759	)		(421	)		(2,941	)		(3,286	)
Change in shares			(7,961	)		(837	)		(1,024	)		293			(397	)		1,712
Purchases and sales of long term investments
Purchase of securities		$	64,855		$	28,962		$	29,616		$	6,534		$	22,960		$	66,707
Proceeds from sales of securities		$	135,543		$	36,834		$	38,831		$	3,278		$	19,080		$	20,902

(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.

22

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2015

		JNAM Guidance - Interest Rate Opportunities Fund		JNAM Guidance - Conservative Fund		JNAM Guidance - Moderate Fund		JNAM Guidance - Growth Fund		JNAM Guidance - Moderate Growth Fund		JNAM Guidance - Maximum Growth Fund
	Operations
	Net investment income	$	1,866	$	2,579	$	7,204	$	3,653	$	13,120	$	2,562
	Net realized gain (loss)		(2,347)		(509)		(1,059)		1,401		(4,442)		1,147
	Net change in unrealized depreciation		(1,530)		(4,637)		(13,117)		(9,026)		(35,476)		(13,374)
	Change in net assets from operations		(2,011)		(2,567)		(6,972)		(3,972)		(26,798)		(9,665)
	Distributions to shareholders
	From net investment income		(496)		(1,480)		(6,399)		(3,352)		(9,796)		(2,628)
	From net realized gain		(601)		(1,425)		(9,283)		(5,526)		(14,598)		(6,741)
	Total distributions to shareholders		(1,097)		(2,905)		(15,682)		(8,878)		(24,394)		(9,369)
	Share transactions1
	Proceeds from sale of shares		16,214		66,760		147,031		126,406		205,715		55,308
	Proceeds in connection with acquisition		–		5,785		12,138		9,404		319,109		103,443
	Reinvestment of distributions		1,097		2,905		15,682		8,878		24,394		9,369
	Cost of shares redeemed		(16,670)		(42,432)		(81,730)		(40,416)		(141,345)		(37,000)
	Change in net assets from share transactions		641		33,018		93,121		104,272		407,873		131,120
	Change in net assets		(2,467)		27,546		70,467		91,422		356,681		112,086
	Net assets beginning of year		51,653		105,392		357,957		166,251		504,190		119,715
	Net assets end of year	$	49,186	$	132,938	$	428,424	$	257,673	$	860,871	$	231,801
	Undistributed (excess of distributions over) net investment income (loss)	$	(1)	$	(3)	$	(9)	$	(4)	$	(23)	$	(6)
1	Share transactions
	Shares sold		1,664		6,120		12,294		11,022		17,054		4,421
	Shares issued in connection with acquisition		–		519		983		784		25,517		7,857
	Reinvestment of distributions		118		273		1,367		804		2,096		783
	Shares redeemed		(1,715)		(3,899)		(6,846)		(3,539)		(11,772)		(2,975)
	Change in shares		67		3,013		7,798		9,071		32,895		10,086

See accompanying Notes to Financial Statements.

23

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2015

		JNAM Guidance - Alt 100 Fund		JNAM Guidance - Equity 100 Fund		JNAM Guidance - Fixed Income 100 Fund		JNAM Guidance - Real Assets Fund		JNL/American Funds Global Growth Fund(a)		JNL/American Funds Growth Fund(a)
	Operations
	Net investment income	$	12,410	$	334	$	2,217	$	257	$	801	$	548
	Net realized gain (loss)		(6,510)		(1,224)		(1,641)		(432)		5,666		29,046
	Net change in unrealized depreciation		(21,650)		(273)		(2,803)		(1,131)		(4,594)		(22,594)
	Change in net assets from operations		(15,750)		(1,163)		(2,227)		(1,306)		1,873		7,000
	Distributions to shareholders
	From net investment income		(5,266)		(1,982)		(844)		(69)		(288)		(785)
	From net realized gain		(7,962)		(7,819)		(63)		(288)		(1,703)		(4,046)
	Total distributions to shareholders		(13,228)		(9,801)		(907)		(357)		(1,991)		(4,831)
	Share transactions1
	Proceeds from sale of shares		94,269		22,322		21,744		4,142		79,157		114,437
	Proceeds in connection with acquisition		153,259		–		42,121		–		–		–
	Reinvestment of distributions		13,228		9,801		907		357		1,991		4,831
	Cost of shares redeemed		(110,809)		(18,321)		(32,467)		(4,474)		(17,674)		(40,723)
	Change in net assets from share transactions		149,947		13,802		32,305		25		63,474		78,545
	Change in net assets		120,969		2,838		29,171		(1,638)		63,356		80,714
	Net assets beginning of year		349,573		83,922		48,301		11,294		32,999		106,073
	Net assets end of year	$	470,542	$	86,760	$	77,472	$	9,656	$	96,355	$	186,787
	Undistributed net investment (excess of distributions over) income (loss)	$	(17)	$	(3)	$	(2)	$	–	$	(1)	$	(3)
1	Share transactions
	Shares sold		8,797		1,682		2,215		444		6,623		7,345
	Shares issued in connection with acquisition		13,817		–		4,211		–		–		–
	Reinvestment of distributions		1,299		830		94		43		166		307
	Shares redeemed		(10,430)		(1,385)		(3,299)		(483)		(1,500)		(2,656)
	Change in shares		13,483		1,127		3,221		4		5,289		4,996
(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.

24

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

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(%)	Total expenses to average net assets(%)	Net investment income (loss) to average net assets(%)
JNAM Guidance – Interest Rate Opportunities Fund
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
JNAM Guidance – Conservative Fund
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
12/31/12	*	10.00	0.26	0.36	0.62	—		—		10.62	6.20	25,383	5	0.46	0.46	2.75
JNAM Guidance – Moderate Fund
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)	(f)	11.77	12.15	181,542	77	0.42	0.42	1.45
12/31/12	*	10.00	0.22	0.31	0.53	—		—		10.53	5.30	50,110	7	0.46	0.46	2.40
JNAM Guidance – Growth Fund
12/31/16		10.85	0.09	0.56	0.65	—		—		11.50	5.99	283,117	43	0.22	0.22	0.84
12/31/15		11.33	0.19	(0.27)	(0.08)	(0.15)		(0.25)		10.85	(0.77)	257,673	84	0.23	0.23	1.70
12/31/14		10.94	0.12	0.34	0.46	(0.04)		(0.03)		11.33	4.16	166,251	30	0.26	0.26	1.05
12/31/13	*	10.00	0.18	0.76	0.94	—		—		10.94	9.40	46,968	16	0.42	0.42	2.47
JNAM Guidance – Moderate Growth Fund
12/31/16		11.46	0.10	0.56	0.66	—		—		12.12	5.76	849,974	36	0.20	0.20	0.83
12/31/15		11.95	0.21	(0.37)	(0.16)	(0.13)		(0.20)		11.46	(1.34)	860,871	70	0.21	0.21	1.74
12/31/14		11.74	0.10	0.39	0.49	(0.07)		(0.21)		11.95	4.11	504,190	33	0.27	0.27	0.87
12/31/13		10.53	0.13	1.10	1.23	(0.01)		(0.01)		11.74	11.76	266,128	70	0.42	0.42	1.18
12/31/12	*	10.00	0.09	0.44	0.53	—		—		10.53	5.30	70,174	14	0.46	0.46	1.03
JNAM Guidance – Maximum Growth Fund
12/31/16		11.73	0.09	0.74	0.83	—		—		12.56	7.08	231,918	40	0.22	0.22	0.74
12/31/15		12.38	0.16	(0.31)	(0.15)	(0.14)		(0.36)		11.73	(1.32)	231,801	70	0.23	0.23	1.30
12/31/14		12.30	0.08	0.45	0.53	(0.07)		(0.38)		12.38	4.26	119,715	49	0.27	0.27	0.65
12/31/13		10.38	0.08	1.86	1.94	(0.01)		(0.01)		12.30	18.78	69,844	108	0.42	0.42	0.70
12/31/12	*	10.00	0.09	0.29	0.38	—		—		10.38	3.80	21,318	9	0.46	0.46	0.94
JNAM Guidance – Alt 100 Fund
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)	(f)	(0.02)		10.60	3.88	290,505	57	0.42	0.42	1.28
12/31/12	*	10.00	(0.02)	0.25	0.23	—		—		10.23	2.30	142,016	14	0.46	0.46	(0.23)
JNAM Guidance – Equity 100 Fund
12/31/16		11.56	0.07	0.69	0.76	—		—		12.32	6.57	82,149	35	0.22	0.22	0.59
12/31/15		13.16	0.05	(0.18)	(0.13)	(0.30)		(1.17)		11.56	(1.24)	86,760	107	0.23	0.23	0.38
12/31/14		13.11	0.06	0.58	0.64	(0.07)		(0.52)		13.16	4.84	83,922	137	0.27	0.27	0.43
12/31/13		10.32	0.17	2.63	2.80	(0.01)		(0.00)	(f)	13.11	27.15	51,507	125	0.42	0.42	1.44
12/31/12	*	10.00	0.25	0.07	0.32	—		—		10.32	3.20	3,837	6	0.48	0.48	8.23
JNAM Guidance – Fixed Income 100 Fund
12/31/16		9.55	0.12	0.31	0.43	—		—		9.98	4.50	70,722	39	0.22	0.22	1.17
12/31/15		9.88	0.31	(0.52)	(0.21)	(0.11)		(0.01)		9.55	(2.19)	77,472	86	0.23	0.23	3.16
12/31/14		9.79	0.20	0.01	0.21	(0.12)		—		9.88	2.14	48,301	105	0.27	0.27	2.03
12/31/13		10.08	0.28	(0.53)	(0.25)	(0.04)		(0.00)	(f)	9.79	(2.42)	23,310	86	0.42	0.42	2.85
12/31/12	*	10.00	0.38	(0.30)	0.08	—		—		10.08	0.80	6,399	1	0.44	0.44	12.40

See accompanying Notes to Financial Statements.

25

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

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(%)	Total expenses to average net assets(%)	Net investment income (loss) to average net assets(%)
JNAM Guidance – Real Assets Fund
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
JNL/American Funds Global Growth Fund(g)
12/31/16		11.70	0.07	(0.03)	0.04	—	—		11.74	0.34	92,028	21	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	5	0.52	1.13	1.24
12/31/14		11.00	0.17	0.06	0.23	(0.02)	(0.00)	(f)	11.21	2.06	32,999	3	0.51	1.16	1.53
12/31/13	*	10.00	0.22	0.78	1.00	—	—		11.00	10.00	5,355	1	0.62	1.27	7.03
JNL/American Funds Growth Fund(g)
12/31/16		15.40	0.08	1.31	1.39	—	—		16.79	9.03	232,521	10	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	7	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	3	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	4	0.82	1.32	0.81
12/31/12	*	10.00	0.20	0.48	0.68	—	—		10.68	6.80	10,429	10	0.85	1.35	2.14

*	Commencement of operations was as follows: February 6, 2012: JNAM Guidance - Conservative Fund, JNAM Guidance - Moderate Fund, JNAM Guidance - Moderate Growth Fund, JNAM Guidance - Maximum Growth Fund, JNAM Guidance - Alt 100 Fund and JNL/American Funds Growth Fund; September 10, 2012: JNAM Guidance - Equity 100 Fund and JNAM Guidance - Fixed Income 100 Fund; April 29, 2013: JNAM Guidance - Interest Rate Opportunities Fund, JNAM Guidance - Growth Fund and JNAM Guidance - Real Assets Fund; September 16, 2013: JNL/American Funds Global Growth 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.
(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.
(e)	Portfolio turnover is not annualized for periods of less than one year. Portfolio turnover is based on the Feeder Funds' or Funds of Funds' purchases and sales of the Master Fund or Underlying Funds, respectively.
(f)	Amount represents less than $0.005.
(g)	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.

26

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Notes to Financial Statements

December 31, 2016

NOTE 1. ORGANIZATION

The 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 April 27, 2015.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 December 31, 2016 consisted of thirty-three (33) separate funds. Information in these financial statements pertains to twelve (12) 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. The Funds offer only one class of shares. 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. Shares may also be sold directly to other affiliated funds. The Funds and each Fund's Adviser are:

Fund:	Adviser:
JNAM Guidance - Interest Rate Opportunities Fund, JNAM Guidance - Conservative Fund, JNAM Guidance - Moderate Fund, JNAM Guidance - Growth Fund, JNAM Guidance - Moderate Growth Fund, JNAM Guidance - Maximum Growth Fund, JNAM Guidance - Alt 100 Fund, JNAM Guidance - Equity 100 Fund, JNAM Guidance - Fixed Income 100 Fund, JNAM Guidance - 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 substantially all of its assets in other affiliated funds (each, an “Underlying Fund”, and collectively, the “Underlying Funds”), as applicable, advised by JNAM. If an Underlying Fund offers multiple share classes, each of the Funds of Funds invests in Class A shares of such Underlying Fund. The Underlying Funds' shares generally charge a 12b-1 fee. The Funds of Funds do not directly charge a 12b-1 fee, although shareholders investing in a Fund of Funds indirectly bear any 12b-1 fees incurred by the shares of each Underlying Fund.

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 December 31, 2016, JNL/American Funds Global Growth Fund owned 1.76% of its corresponding Master Fund and JNL/American Funds Growth Fund owned - 1.08% 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.

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 Pricing Committee (“Pricing Committee”), which consists of certain officers of the Trust and JNAM management. The Pricing 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 Pricing Committee reviews and affirms the reasonableness of the fair valuation determinations after considering all relevant information that is reasonably available. The Pricing 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 net asset value (“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 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

27

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Notes to Financial Statements

December 31, 2016

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 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 by the regulated investment company ("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. Capital gains distributions received from the affiliated Master Funds and the Underlying Funds are recorded as net realized gain from affiliated investments, 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. 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 substantially all of its assets in a Master Fund, the Feeder Fund 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.

Recent Accounting Pronouncement. In October 2016, the SEC adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by RICs. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the final rules will have on the Funds’ financial statements.

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

28

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Notes to Financial Statements

December 31, 2016

netting agreements with counterparties with whom they undertake a significant volume of transactions. In the event of default, the total market value 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 interest and taxes, other non-operating expenses, registration fees, licensing costs, directors and officers insurance, the fees and expenses of the disinterested Trustees and independent legal counsel to the disinterested Trustees.

The following schedule indicates the advisory fee and the administrative fee each Fund is currently 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
JNAM Guidance – Interest Rate Opportunities Fund	0.15	%	0.10	%	0.10	%	0.05	%	0.045	%
JNAM Guidance – Conservative Fund	0.15		0.10		0.10		0.05		0.045
JNAM Guidance – Moderate Fund	0.15		0.10		0.10		0.05		0.045
JNAM Guidance – Growth Fund	0.15		0.10		0.10		0.05		0.045
JNAM Guidance – Moderate Growth Fund	0.15		0.10		0.10		0.05		0.045
JNAM Guidance – Maximum Growth Fund	0.15		0.10		0.10		0.05		0.045
JNAM Guidance – Alt 100 Fund	0.15		0.10		0.10		0.05		0.045
JNAM Guidance – Equity 100 Fund	0.15		0.10		0.10		0.05		0.045
JNAM Guidance – Fixed Income 100 Fund	0.15		0.10		0.10		0.05		0.045
JNAM Guidance – Real Assets Fund	0.15		0.10		0.10		0.05		0.045
JNL/American Funds Global Growth Fund	0.80		0.80		0.75		0.10		0.09
JNL/American Funds Growth Fund	0.85		0.85		0.80		0.10		0.09

Fee Waiver. Pursuant to contractual and voluntary fee waiver agreements, 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 an 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	0.50

	Voluntary Advisory Fee Waiver as a Percentage of Average Daily Net Assets
JNL/American Funds Growth Fund	0.05	%

29

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Notes to Financial Statements

December 31, 2016

Distribution Fees. The Master Feeder Funds have adopted a Distribution Plan (the “Plan”) pursuant to the provisions of Rule 12b-1 under the 1940 Act. Pursuant to the Plan, the Funds will 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 reimbursement of certain distribution, administrative, or related service expenses from the sale and distribution of each Fund’s 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. Under the Plan, each Fund accrues the Rule 12b-1 fee daily, at the maximum annual rate of 0.20% of the average daily net assets of the Fund, and 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 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 a disinterested 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 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 trustee fees in the Statements of Assets and Liabilities. Increases or decreases related to the changes in value of deferred balances are included in trustee fees set forth in the Statements of Operations.

Investments in Affiliates. The Funds of Funds invested solely in shares of other affiliated Funds advised by JNAM. The following table details each Fund's long term investments in affiliates (in thousands) held during the year ended December 31, 2016.

	Affiliate	Value Beginning of Period($)		Purchases($)		Sales Proceeds($)		Distributions from Funds($)		Realized Gain/(Loss) from Sales($)		Value End of Period($)
JNAM Guidance – Interest Rate Opportunities Fund
	JNL Multi-Manager Alternative Fund - Class A		3,437		107		667		28		(16)		2,890
	JNL/BlackRock Global Long Short Credit Fund		7,348		379		2,752		178		(179)		4,965
	JNL/Crescent High Income Fund - Class A		-		5,628		945		-		20		4,957
	JNL/DoubleLine Total Return Fund		6,840		394		2,108		92		(2)		5,177
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund		3,440		206		811		136		(41)		2,890
	JNL/FAMCO Flex Core Covered Call Fund		2,458		222		643		146		34		2,060
	JNL/Franklin Templeton Global Multisector Bond Fund - Class A		4,417		1,860		1,019		23		(182)		5,358
	JNL/Invesco Global Real Estate Fund - Class A		5,067		743		3,601		204		(295)		2,100
	JNL/PIMCO Real Return Fund - Class A		-		2,287		4		-		-		2,283
	JNL/PPM America Floating Rate Income Fund - Class A		5,899		223		3,042		148		(173)		3,310
	JNL/PPM America High Yield Bond Fund - Class A		3,910		12		4,121		-		(307)		-
	JNL/Scout Unconstrained Bond Fund - Class A		6,380		236		1,463		40		36		5,379
			49,196		12,297		21,176		995		(1,105)		41,369
JNAM Guidance – Conservative Fund
	JNL Multi-Manager Alternative Fund - Class A		3,985		1,647		433		51		(21)		5,243
	JNL Multi-Manager Mid Cap Fund - Class A		-		5,356		814		-		23		4,800
	JNL Multi-Manager Small Cap Value Fund - Class A		1,324		413		1,855		-		(98)		-
	JNL/AQR Managed Futures Strategy Fund - Class A		3,989		2,206		710		207		(65)		4,844
	JNL/BlackRock Global Long Short Credit Fund		3,967		705		1,662		85		(151)		3,004
	JNL/Boston Partners Global Long Short Equity Fund - Class A		6,366		1,560		724		254		35		7,104
	JNL/Causeway International Value Select Fund - Class A		-		1,253		-		-		-		1,267
	JNL/Crescent High Income Fund - Class A		-		5,174		903		-		12		4,513
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A		3,328		2,033		1,493		72		268		4,518
	JNL/DoubleLine Total Return Fund		18,599		9,433		3,173		415		209		24,852
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund		3,330		807		432		175		(12)		3,766
	JNL/Epoch Global Shareholder Yield Fund		4,003		1,192		3,050		125		(151)		2,278
	JNL/Franklin Templeton Global Multisector Bond Fund - Class A		6,654		5,784		2,549		38		(596)		10,126
	JNL/Invesco Global Real Estate Fund - Class A		1,673		648		784		74		(62)		1,523
	JNL/Invesco Small Cap Growth Fund - Class A		1,991		546		2,555		-		(234)		-
	JNL/JPMorgan MidCap Growth Fund - Class A		1,995		647		2,674		-		(189)		-
	JNL/Lazard International Strategic Equity Fund		3,344		1,001		4,154		87		(393)		-
	JNL/Mellon Capital S&P 400 MidCap Index Fund - Class A		-		1,538		1,570		-		32		-
	JNL/Mellon Capital S&P 500 Index Fund - Class A		3,987		2,024		1,882		14		221		4,699
	JNL/Neuberger Berman Strategic Income Fund -		3,989		182		4,220		-		(199)		-

30

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Notes to Financial Statements

December 31, 2016

	Affiliate	Value Beginning of Period($)		Purchases($)		Sales Proceeds($)		Distributions from Funds($)		Realized Gain/(Loss) from Sales($)		Value End of Period($)
	Class A
	JNL/Nicholas Convertible Arbitrage Fund		2,656		409		884		11		(41)		2,247
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class A		-		1,746		223		-		7		1,506
	JNL/PIMCO Credit Income Fund		9,289		6,380		5,399		139		34		10,835
	JNL/PIMCO Real Return Fund - Class A		-		3,764		-		-		-		3,768
	JNL/PIMCO Total Return Bond Fund - Class A		9,287		859		10,421		-		(277)		-
	JNL/PPM America Floating Rate Income Fund - Class A		1,329		91		1,466		-		(58)		-
	JNL/PPM America High Yield Bond Fund - Class A		3,994		656		828		7		(172)		4,527
	JNL/PPM America Total Return Fund - Class A		8,640		3,758		2,773		295		(92)		9,773
	JNL/S&P Mid 3 Fund - Class A		2,634		658		3,449		-		(245)		-
	JNL/Scout Unconstrained Bond Fund - Class A		6,647		9,016		2,011		112		65		13,895
	JNL/T. Rowe Price Capital Appreciation Fund		9,306		3,549		1,883		141		92		11,651
	JNL/T. Rowe Price Established Growth Fund - Class A		3,989		1,411		2,089		18		(221)		3,352
	JNL/Westchester Capital Event Driven Fund - Class A		2,672		1,398		406		16		(18)		3,744
	JNL/WCM Focused International Equity Fund		-		1,257		-		-		-		1,263
	JNL/WMC Money Market Fund - Class A		-		5,238		5,238		-		-		-
			132,967		84,339		72,707		2,336		(2,297)		149,098
JNAM Guidance – Moderate Fund
	JNL Multi-Manager Alternative Fund - Class A		12,882		3,405		581		153		(31)		15,819
	JNL Multi-Manager Mid Cap Fund - Class A		-		18,165		2,260		-		47		16,814
	JNL Multi-Manager Small Cap Growth Fund - Class A		-		4,882		20		566		(2)		4,457
	JNL Multi-Manager Small Cap Value Fund - Class A		4,237		837		962		390		(198)		4,745
	JNL/AQR Managed Futures Strategy Fund - Class A		12,935		4,536		1,317		590		17		14,357
	JNL/BlackRock Global Long Short Credit Fund		12,821		980		4,759		255		(431)		9,022
	JNL/Boston Partners Global Long Short Equity Fund - Class A		20,437		2,163		825		759		25		21,456
	JNL/Causeway International Value Select Fund - Class A		-		3,345		-		-		-		3,384
	JNL/Crescent High Income Fund - Class A		-		11,836		1,176		-		22		11,271
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A		20,263		3,693		4,121		380		753		23,520
	JNL/DoubleLine Total Return Fund		45,135		16,412		3,919		917		298		57,693
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund		10,756		1,148		801		526		29		11,287
	JNL/Epoch Global Shareholder Yield Fund		10,659		3,293		4,802		381		(362)		9,505
	JNL/Franklin Templeton Global Multisector Bond Fund - Class A		17,204		9,896		5,043		84		(1,216)		22,529
	JNL/Harris Oakmark Global Equity Fund - Class A		14,872		2,847		9,460		84		(1,431)		9,153
	JNL/Invesco Global Real Estate Fund - Class A		5,371		686		1,555		216		(9)		4,445
	JNL/Invesco Small Cap Growth Fund - Class A		12,788		1,065		14,155		-		(816)		-
	JNL/JPMorgan MidCap Growth Fund - Class A		10,669		1,250		11,908		-		(1,366)		-
	JNL/Lazard Emerging Markets Fund - Class A		4,287		545		1,096		96		(278)		4,467
	JNL/Lazard International Strategic Equity Fund		10,687		3,576		12,282		274		(376)		1,316
	JNL/Mellon Capital S&P 400 MidCap Index Fund - Class A		-		4,519		4,613		-		94		-
	JNL/Mellon Capital S&P 500 Index Fund - Class A		19,190		3,651		3,985		59		513		21,211
	JNL/Neuberger Berman Strategic Income Fund - Class A		6,451		37		6,559		-		(333)		-
	JNL/Nicholas Convertible Arbitrage Fund		8,592		379		2,413		32		(202)		6,752
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class A		5,337		540		539		-		(69)		5,349
	JNL/PIMCO Credit Income Fund		19,324		13,234		9,937		301		(23)		23,862
	JNL/PIMCO Real Return Fund - Class A		-		8,205		-		-		-		8,206
	JNL/PIMCO Total Return Bond Fund - Class A		27,893		940		29,540		-		(969)		-
	JNL/PPM America Floating Rate Income Fund - Class A		6,453		172		6,815		-		(307)		-
	JNL/PPM America High Yield Bond Fund - Class A		10,754		278		3,535		15		(703)		9,035
	JNL/PPM America Total Return Fund - Class A		17,209		4,364		2,958		575		(108)		18,945
	JNL/S&P Mid 3 Fund - Class A		10,612		928		12,137		-		(465)		-
	JNL/Scout Unconstrained Bond Fund - Class A		12,916		23,654		4,269		268		133		32,753
	JNL/T. Rowe Price Capital Appreciation Fund		34,236		8,557		2,541		516		133		42,626
	JNL/T. Rowe Price Established Growth Fund - Class A		14,946		5,685		3,069		93		(124)		17,953
	JNL/Westchester Capital Event Driven Fund - Class A		8,601		2,950		471		49		(24)		11,307

31

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Notes to Financial Statements

December 31, 2016

	Affiliate	Value Beginning of Period($)		Purchases($)		Sales Proceeds($)		Distributions from Funds($)		Realized Gain/(Loss) from Sales($)		Value End of Period($)
	JNL/WCM Focused International Equity Fund		-		4,398		-		7		-		4,214
	JNL/WMC Money Market Fund - Class A		-		13,188		13,188		-		-		-
			428,517		190,239		187,611		7,586		(7,779)		447,453
JNAM Guidance – Growth Fund
	JNL Multi-Manager Alternative Fund - Class A		7,786		3,084		569		94		(33)		10,375
	JNL Multi-Manager Mid Cap Fund - Class A		-		21,720		1,425		-		28		21,546
	JNL Multi-Manager Small Cap Growth Fund - Class A		-		4,696		79		541		(9)		4,231
	JNL Multi-Manager Small Cap Value Fund - Class A		2,554		1,804		374		338		(16)		4,480
	JNL/AQR Managed Futures Strategy Fund - Class A		7,831		3,452		1,093		378		18		9,047
	JNL/BlackRock Global Long Short Credit Fund		7,750		880		3,023		157		(282)		5,598
	JNL/Boston Partners Global Long Short Equity Fund - Class A		12,323		2,038		735		466		22		13,441
	JNL/Causeway International Value Select Fund - Class A		8,970		2,942		2,045		99		(8)		9,868
	JNL/Crescent High Income Fund - Class A		-		4,261		243		-		5		4,243
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A		17,983		1,876		2,821		321		538		20,213
	JNL/DoubleLine Total Return Fund		8,452		6,087		1,692		207		51		12,839
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund		6,502		1,155		695		321		1		7,081
	JNL/Epoch Global Shareholder Yield Fund		11,552		940		4,257		325		(282)		8,707
	JNL/Franklin Templeton Global Multisector Bond Fund - Class A		7,801		2,730		5,516		17		(1,133)		5,001
	JNL/Harris Oakmark Global Equity Fund - Class A		12,162		2,430		8,142		67		(1,108)		7,260
	JNL/Invesco Global Real Estate Fund - Class A		3,215		1,555		289		197		(7)		4,374
	JNL/Invesco Small Cap Growth Fund - Class A		5,134		615		6,057		-		(18)		-
	JNL/JPMorgan MidCap Growth Fund - Class A		10,283		1,418		11,819		-		(1,353)		-
	JNL/Lazard Emerging Markets Fund - Class A		8,983		1,501		3,532		174		(1,072)		8,462
	JNL/Lazard International Strategic Equity Fund		12,875		2,213		5,700		561		(207)		8,331
	JNL/Mellon Capital S&P 400 MidCap Index Fund - Class A		-		5,572		5,686		-		115		-
	JNL/Mellon Capital S&P 500 Index Fund - Class A		14,124		869		2,888		36		315		13,646
	JNL/Mellon Capital Small Cap Index Fund - Class A		5,749		525		6,920		-		(157)		-
	JNL/Nicholas Convertible Arbitrage Fund		5,195		311		5,559		-		(297)		-
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class A		5,811		842		1,212		-		(183)		5,467
	JNL/PIMCO Credit Income Fund		-		8,768		1,672		77		40		7,237
	JNL/PIMCO Real Return Fund - Class A		-		2,796		-		-		-		2,796
	JNL/PPM America High Yield Bond Fund - Class A		4,551		177		4,941		-		(557)		-
	JNL/PPM America Total Return Fund - Class A		3,253		134		3,502		-		(54)		-
	JNL/S&P Mid 3 Fund - Class A		7,681		790		8,949		-		(381)		-
	JNL/Scout Unconstrained Bond Fund - Class A		3,255		7,766		1,389		77		44		9,752
	JNL/T. Rowe Price Capital Appreciation Fund		-		14,056		225		167		1		14,040
	JNL/T. Rowe Price Established Growth Fund - Class A		21,861		2,998		4,406		109		(170)		20,802
	JNL/T. Rowe Price Value Fund - Class A		28,893		4,578		6,486		2,528		(807)		27,514
	JNL/Westchester Capital Event Driven Fund - Class A		5,197		2,104		416		30		(24)		7,023
	JNL/WCM Focused International Equity Fund		-		10,110		-		14		-		9,800
	JNL/WMC Money Market Fund - Class A		-		2,745		2,745		-		-		-
			257,726		132,538		117,102		7,301		(6,980)		283,174
JNAM Guidance – Moderate Growth Fund
	JNL Multi-Manager Alternative Fund - Class A		25,743		5,482		1,403		286		(82)		30,018
	JNL Multi-Manager Mid Cap Fund - Class A		-		41,944		1,037		-		31		43,196
	JNL Multi-Manager Small Cap Growth Fund - Class A		-		10,784		-		885		-		10,161
	JNL Multi-Manager Small Cap Value Fund - Class A		8,499		2,048		1,069		750		(164)		10,707
	JNL/AQR Managed Futures Strategy Fund - Class A		25,721		7,977		3,897		1,112		53		26,446
	JNL/BlackRock Global Long Short Credit Fund		25,667		745		9,279		478		(765)		17,085
	JNL/Boston Partners Global Long Short Equity Fund - Class A		41,159		2,656		2,457		1,427		73		40,706
	JNL/Causeway International Value Select Fund - Class A		17,196		6,629		2,500		204		(13)		21,205
	JNL/Crescent High Income Fund - Class A		-		24,070		3,370		-		97		21,942
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A		45,748		11,094		9,949		860		1,691		55,126
	JNL/DoubleLine Total Return Fund		51,683		21,881		8,974		1,064		632		64,736
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund		21,624		1,552		2,066		993		45		21,442

32

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Notes to Financial Statements

December 31, 2016

	Affiliate	Value Beginning of Period($)		Purchases($)		Sales Proceeds($)		Distributions from Funds($)		Realized Gain/(Loss) from Sales($)		Value End of Period($)
	JNL/Epoch Global Shareholder Yield Fund		30,083		947		14,530		769		(1,030)		17,594
	JNL/Franklin Templeton Global Multisector Bond Fund - Class A		21,480		7,398		4,836		106		(908)		24,516
	JNL/Harris Oakmark Global Equity Fund - Class A		38,671		2,057		22,185		199		(2,824)		20,482
	JNL/Invesco Global Real Estate Fund - Class A		10,840		598		3,090		402		23		8,253
	JNL/Invesco Small Cap Growth Fund - Class A		8,532		464		9,608		-		338		-
	JNL/JPMorgan MidCap Growth Fund - Class A		25,767		1,322		27,096		-		(4,021)		-
	JNL/Lazard Emerging Markets Fund - Class A		17,213		832		7,841		273		(2,540)		12,747
	JNL/Lazard International Strategic Equity Fund		25,923		5,155		24,978		749		(760)		4,368
	JNL/Mellon Capital S&P 400 MidCap Index Fund - Class A		-		10,762		10,981		-		219		-
	JNL/Mellon Capital S&P 500 Index Fund - Class A		41,156		765		8,030		101		820		38,038
	JNL/Mellon Capital Small Cap Index Fund - Class A		8,559		143		9,118		-		(230)		-
	JNL/Nicholas Convertible Arbitrage Fund		17,080		275		4,949		60		(470)		12,770
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class A		14,994		461		3,397		-		(425)		12,072
	JNL/PIMCO Credit Income Fund		17,126		30,852		13,541		431		(31)		35,814
	JNL/PIMCO Real Return Fund - Class A		-		9,985		-		-		-		9,988
	JNL/PIMCO Total Return Bond Fund - Class A		38,711		162		39,609		-		(1,750)		-
	JNL/PPM America Floating Rate Income Fund - Class A		8,569		91		8,932		-		(399)		-
	JNL/PPM America High Yield Bond Fund - Class A		21,340		30		22,319		-		(2,970)		-
	JNL/PPM America Total Return Fund - Class A		17,160		5,236		3,600		635		(110)		19,169
	JNL/S&P Mid 3 Fund - Class A		18,974		521		20,613		-		(787)		-
	JNL/Scout Unconstrained Bond Fund - Class A		21,474		22,324		8,651		315		262		35,861
	JNL/T. Rowe Price Capital Appreciation Fund		60,191		24,323		4,002		987		287		84,759
	JNL/T. Rowe Price Established Growth Fund - Class A		58,402		2,149		7,826		277		617		53,203
	JNL/T. Rowe Price Value Fund - Class A		58,482		5,591		10,481		4,974		(1,338)		54,505
	JNL/Westchester Capital Event Driven Fund - Class A		17,281		5,098		1,432		91		(81)		21,371
	JNL/WCM Focused International Equity Fund		-		22,225		-		18		-		21,861
	JNL/WMC Money Market Fund - Class A		-		11,682		11,682		-		-		-
			861,048		308,310		349,328		18,446		(16,510)		850,141
JNAM Guidance – Maximum Growth Fund
	JNL Multi-Manager Alternative Fund - Class A		6,967		503		1,075		61		(62)		6,425
	JNL Multi-Manager Mid Cap Fund - Class A		-		22,686		562		-		20		23,524
	JNL Multi-Manager Small Cap Growth Fund - Class A		-		5,586		16		610		(2)		5,131
	JNL Multi-Manager Small Cap Value Fund - Class A		5,735		719		1,572		459		(271)		5,628
	JNL/AQR Managed Futures Strategy Fund - Class A		6,992		1,804		3,203		215		(226)		4,901
	JNL/Boston Partners Global Long Short Equity Fund - Class A		4,089		2,759		335		224		6		6,404
	JNL/Causeway International Value Select Fund - Class A		12,754		2,449		2,832		141		(90)		12,199
	JNL/Crescent High Income Fund - Class A		-		2,358		116		-		1		2,366
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A		20,889		2,693		3,411		372		538		23,730
	JNL/DoubleLine Total Return Fund		4,654		2,511		801		102		3		6,370
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund		3,500		332		954		136		(7)		2,935
	JNL/Epoch Global Shareholder Yield Fund		9,295		1,605		3,834		280		(282)		7,388
	JNL/Franklin Templeton Global Multisector Bond Fund - Class A		3,487		165		1,287		14		(252)		2,412
	JNL/Harris Oakmark Global Equity Fund - Class A		8,067		3,030		4,309		73		(608)		7,543
	JNL/Invesco Global Real Estate Fund - Class A		-		4,368		470		192		(22)		3,650
	JNL/Invesco Small Cap Growth Fund - Class A		5,757		320		6,383		-		(65)		-
	JNL/JPMorgan MidCap Growth Fund - Class A		11,577		836		12,446		-		(1,532)		-
	JNL/Lazard Emerging Markets Fund - Class A		10,372		753		4,062		183		(1,225)		8,634
	JNL/Lazard International Strategic Equity Fund		16,897		1,184		7,848		695		355		8,822
	JNL/Mellon Capital S&P 400 MidCap Index Fund - Class A		-		5,817		5,933		-		116		-
	JNL/Mellon Capital S&P 500 Index Fund - Class A		13,926		3,121		2,156		43		211		16,516
	JNL/Mellon Capital Small Cap Index Fund - Class A		9,195		288		10,276		-		(996)		-
	JNL/Nicholas Convertible Arbitrage Fund		3,469		50		3,537		-		(242)		-
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class A		6,960		252		2,177		-		(347)		5,037
	JNL/PIMCO Credit Income Fund		-		3,041		189		27		4		2,918
	JNL/PPM America High Yield Bond Fund - Class A		2,312		33		2,468		-		(293)		-

33

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Notes to Financial Statements

December 31, 2016

	Affiliate	Value Beginning of Period($)		Purchases($)		Sales Proceeds($)		Distributions from Funds($)		Realized Gain/(Loss) from Sales($)		Value End of Period($)
	JNL/PPM America Total Return Fund - Class A		2,326		15		2,394		-		(75)		-
	JNL/S&P Mid 3 Fund - Class A		7,980		380		8,810		-		(376)		-
	JNL/Scout Unconstrained Bond Fund - Class A		2,326		2,535		297		35		4		4,644
	JNL/T. Rowe Price Established Growth Fund - Class A		20,922		1,409		1,556		110		(35)		21,073
	JNL/T. Rowe Price Value Fund - Class A		26,736		2,788		2,285		2,444		(244)		27,591
	JNL/Westchester Capital Event Driven Fund - Class A		4,669		1,388		2,326		20		(106)		3,823
	JNL/WCM Focused International Equity Fund		-		12,592		-		15		-		12,304
	JNL/WMC Money Market Fund - Class A		-		1,961		1,961		-		-		-
			231,853		92,331		101,881		6,451		(6,100)		231,968
JNAM Guidance – Alt 100 Fund
	JNL Multi-Manager Alternative Fund - Class A		47,034		1,430		309		457		(21)		48,472
	JNL/AQR Managed Futures Strategy Fund - Class A		65,877		2,433		6,827		2,409		(217)		54,211
	JNL/BlackRock Global Long Short Credit Fund		30,458		7,554		6,500		954		(302)		31,575
	JNL/Boston Partners Global Long Short Equity Fund - Class A		75,677		12,570		16,807		2,673		595		70,657
	JNL/Brookfield Global Infrastructure and MLP Fund - Class A		18,450		947		11,585		203		(4,477)		7,959
	JNL/DoubleLine Total Return Fund		-		27,284		3,335		394		26		23,708
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund		47,242		1,999		10,567		1,965		269		39,478
	JNL/FAMCO Flex Core Covered Call Fund		22,298		475		21,864		5		(1,138)		1
	JNL/Invesco Global Real Estate Fund - Class A		18,901		1,120		3,953		792		35		15,901
	JNL/Neuberger Berman Currency Fund		25,925		3,550		4,839		550		(65)		23,693
	JNL/Nicholas Convertible Arbitrage Fund		46,773		191		12,604		181		(1,174)		35,429
	JNL/PPM America Long Short Credit Fund		15,304		50		14,420		-		(2,527)		-
	JNL/Red Rocks Listed Private Equity Fund - Class A		14,103		472		12,859		-		(4,237)		-
	JNL/Westchester Capital Event Driven Fund - Class A		42,610		4,780		9,074		182		(422)		39,401
			470,652		64,855		135,543		10,765		(13,655)		390,485
JNAM Guidance – Equity 100 Fund
	JNL Multi-Manager Mid Cap Fund - Class A		-		4,951		278		-		11		4,915
	JNL Multi-Manager Small Cap Growth Fund - Class A		-		1,895		100		221		(12)		1,636
	JNL Multi-Manager Small Cap Value Fund - Class A		2,155		230		987		140		(165)		1,636
	JNL/Causeway International Value Select Fund - Class A		6,918		549		1,029		75		(13)		6,370
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A		11,289		534		2,894		169		438		10,627
	JNL/Epoch Global Shareholder Yield Fund		-		3,518		891		94		(35)		2,477
	JNL/Harris Oakmark Global Equity Fund - Class A		8,648		985		5,354		43		(871)		4,509
	JNL/Invesco Small Cap Growth Fund - Class A		2,169		76		2,368		-		(3)		-
	JNL/JPMorgan MidCap Growth Fund - Class A		5,213		267		5,443		-		(571)		-
	JNL/Lazard Emerging Markets Fund - Class A		2,999		371		921		60		(294)		2,925
	JNL/Lazard International Strategic Equity Fund		6,529		684		3,693		176		(3)		3,101
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class A		2,194		491		387		-		(59)		2,295
	JNL/T. Rowe Price Capital Appreciation Fund		-		8,410		322		98		3		8,206
	JNL/T. Rowe Price Established Growth Fund - Class A		10,863		663		4,109		40		(157)		7,354
	JNL/T. Rowe Price Value Fund - Class A		14,326		1,325		5,405		986		(702)		10,436
	JNL/The London Company Focused U.S. Equity Fund		6,072		743		1,590		35		10		6,126
	JNL/WCM Focused International Equity Fund		7,404		3,270		1,063		20		(38)		9,553
			86,779		28,962		36,834		2,157		(2,461)		82,166
JNAM Guidance – Fixed Income 100 Fund
	JNL/Crescent High Income Fund - Class A		-		4,301		969		-		20		3,533
	JNL/DoubleLine Total Return Fund		20,144		4,036		6,934		327		226		17,355
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund		3,102		518		851		138		(50)		2,825
	JNL/Franklin Templeton Global Multisector Bond Fund - Class A		7,757		5,344		4,411		32		(995)		8,785
	JNL/Neuberger Berman Strategic Income Fund - Class A		3,874		416		843		129		(24)		3,545
	JNL/PIMCO Credit Income Fund		8,518		5,646		5,867		117		123		8,853
	JNL/PIMCO Real Return Fund - Class A		-		3,968		64		-		-		3,904
	JNL/PIMCO Total Return Bond Fund - Class A		12,389		831		7,795		35		(373)		5,673
	JNL/PPM America Floating Rate Income Fund - Class A		3,487		330		1,844		98		(80)		2,119
	JNL/PPM America High Yield Bond Fund - Class A		5,041		534		3,974		4		(564)		2,121

34

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Notes to Financial Statements

December 31, 2016

	Affiliate	Value Beginning of Period($)		Purchases($)		Sales Proceeds($)		Distributions from Funds($)		Realized Gain/(Loss) from Sales($)		Value End of Period($)
	JNL/PPM America Total Return Fund - Class A		7,749		672		2,965		179		(78)		5,662
	JNL/Scout Unconstrained Bond Fund - Class A		5,428		3,020		2,314		55		77		6,361
			77,489		29,616		38,831		1,114		(1,718)		70,736
JNAM Guidance – Real Assets Fund
	JNL/BlackRock Natural Resources Fund - Class A		959		400		376		10		(122)		1,262
	JNL/Brookfield Global Infrastructure and MLP Fund - Class A		1,460		631		298		51		(66)		1,916
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund		678		402		414		45		(4)		673
	JNL/Invesco Global Real Estate Fund - Class A		2,217		1,344		690		156		(126)		2,734
	JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund		969		492		310		-		(181)		1,271
	JNL/PIMCO Real Return Fund - Class A		2,611		2,645		561		217		(48)		4,607
	JNL/Van Eck International Gold Fund		764		620		629		6		11		1,131
			9,658		6,534		3,278		485		(536)		13,594

NOTE 5. 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 3, 2016, the Participating Funds may borrow up to the lesser of $600,000,000, 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 3, 2016, the amount available under the facility was $450,000,000. The Participating Funds paid an up-front fee of $45,000 on June 3, 2016 for the increase in the SCA. Effective June 3, 2016, 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. These fees are 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 based on each fund’s net assets as a percentage of the Participating Funds’ total net assets. Prior to June 3, 2016, the Participating Funds paid an annual fee of 0.10% of the available commitments, which was allocated to the Participating Funds based on each Participating Fund’s net assets as a percentage of the Participating Funds’ total net assets. During the year, 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 year.

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 year.

NOTE 6. INCOME TAX MATTERS

Effective January 1, 2016, the JNAM Guidance – Interest Rate Opportunities Fund, JNAM Guidance – Conservative Fund, JNAM Guidance – Moderate Fund, JNAM Guidance – Growth Fund, JNAM Guidance – Moderate Growth Fund, JNAM Guidance – Maximum Growth Fund, JNAM Guidance – Alt 100 Fund, JNAM Guidance – Equity 100 Fund, JNAM Guidance – Fixed Income 100 Fund, JNAM Guidance – Real Assets Fund and JNL/American Funds Growth Fund are treated as partnerships for federal income tax purposes. The Funds are not subject to federal income tax, and therefore, there is no provision for federal income taxes. The book cost of assets differs from the tax cost of assets for these Funds as a result of each Fund’s expected adoption of a mark to market method of accounting for federal income tax purposes. Under this method, the tax cost of assets will approximate fair market value.

JNL/American Funds Global Growth Fund is treated as a RIC 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. 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 JNL/American Funds Global Growth Fund is presented on an income tax basis. 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: net operating losses, consent dividends and distribution adjustments. These reclassifications have no impact on net assets.

Net Increase(Decrease)
Undistributed Net Investment	Accumulated Net Realized Gain (Loss)($)	Paid-in Capital($)

35

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Notes to Financial Statements

December 31, 2016

	Income (Loss)($)
JNL/American Funds Global Growth Fund	315	(315	)	—

At December 31, 2016, 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 December 31, 2016, the cost of investments and the components of net unrealized appreciation (depreciation) (in thousands) for JNL/American Funds Global Growth Fund, which is treated as a RIC for federal income tax purposes, were as follows:

	Tax Cost of Investments($)	Gross Unrealized Appreciation($)	Gross Unrealized Depreciation($)		Net Unrealized Appreciation (Depreciation)($)
JNL/American Funds Global Growth Fund	106,065	408	(14,414	)	(14,006	)

As of December 31, 2016, for JNL/American Funds Global Growth Fund, the components of distributable taxable earnings for U.S. federal income tax purposes (in thousands) were as follows:

	Undistributed Net Ordinary Income*($)	Undistributed Net Long-Term Capital Gain($)	Unrealized Gains (Losses)**($)		Capital Loss Carryforward($)
JNL/American Funds Global Growth Fund	911	7,036	(14,007	)	—

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

**Unrealized gains (losses) are adjusted for open wash sale loss deferrals.

The tax character of distributions paid (in thousands) during the Funds' fiscal year ended December 31, 2015 was as follows:

	Net Ordinary Income*($)	Long-term Capital Gain($)
JNAM Guidance - Interest Rate Opportunities Fund	537	560
JNAM Guidance - Conservative Fund	1,770	1,135
JNAM Guidance - Moderate Fund	7,255	8,427
JNAM Guidance - Growth Fund	4,327	4,551
JNAM Guidance - Moderate Growth Fund	10,655	13,739
JNAM Guidance - Maximum Growth Fund	4,514	4,855
JNAM Guidance - Alt 100 Fund	5,630	7,598
JNAM Guidance - Equity 100 Fund	5,616	4,185
JNAM Guidance - Fixed Income 100 Fund	844	63
JNAM Guidance - Real Assets Fund	204	153
JNL/American Funds Global Growth Fund	298	1,693
JNL/American Funds Growth Fund	785	4,046

* 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 2013, 2014, 2015 and 2016 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 year ended December 31, 2016.

NOTE 7. SUBSEQUENT EVENTS

Management has evaluated subsequent events for the Funds through the date the financial statements are issued and has concluded there are no events that require adjustments to the financial statements or disclosure in the notes.

36

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees

Jackson Variable Series Trust:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each series within Jackson Variable Series Trust (the “Funds”) as listed in Note 1 of the financial statements of Jackson Variable Series Trust Master Feeder Funds and Funds of Funds as of December 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian, transfer agents and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2016, the results of their operations, changes in their net assets and the financial highlights for each of the years and periods indicated above, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Chicago, Illinois

February 24, 2017

37

Jackson Variable Series Trust Master Feeder Funds and Funds of Funds

Additional Disclosures(Unaudited)

December 31, 2016

Disclosure of Fund Expenses. Shareholders incur ongoing costs, which include costs for portfolio management, administrative services, Rule 12b-1 fees of certain Funds 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 07/01/16($)	Ending Account Value 12/31/16($)	Expenses Paid During Period†($)	Beginning Account Value 07/01/16($)	Ending Account Value 12/31/16($)	Expenses Paid During Period†($)
JNAM Guidance – Interest Rate Opportunities Fund
	0.22	1,000.00	1,018.00	1.12	1,000.00	1,024.03	1.12
JNAM Guidance – Conservative Fund
	0.22	1,000.00	1,014.80	1.11	1,000.00	1,024.03	1.12
JNAM Guidance – Moderate Fund
	0.22	1,000.00	1,026.70	1.12	1,000.00	1,024.03	1.12
JNAM Guidance – Growth Fund
	0.22	1,000.00	1,044.50	1.13	1,000.00	1,024.03	1.12
JNAM Guidance – Moderate Growth Fund
	0.20	1,000.00	1,036.80	1.02	1,000.00	1,024.13	1.02
JNAM Guidance – Maximum Growth Fund
	0.22	1,000.00	1,056.40	1.14	1,000.00	1,024.03	1.12
JNAM Guidance – Alt 100 Fund
	0.22	1,000.00	997.00	1.10	1,000.00	1,024.03	1.12
JNAM Guidance – Equity 100 Fund
	0.22	1,000.00	1,063.90	1.14	1,000.00	1,024.03	1.12
JNAM Guidance – Fixed Income 100 Fund
	0.22	1,000.00	1,005.00	1.11	1,000.00	1,024.03	1.12
JNAM Guidance – Real Assets Fund
	0.22	1,000.00	973.70	1.09	1,000.00	1,024.03	1.12
JNL/American Funds Global Growth Fund
	0.52	1,000.00	1,039.90	2.67	1,000.00	1,022.52	2.64
JNL/American Funds Growth Fund
	0.62	1,000.00	1,082.50	3.25	1,000.00	1,022.02	3.15

† Expenses paid by each Fund during the period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, then multiplied by 184/366 (to reflect the most recent 6-month period).

* The annualized expense ratio does not include expenses of each Fund’s respective Master Fund or Underlying Funds.

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 of the Funds’ Adviser used to vote proxies relating to the portfolio securities and information on how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2016, are available (1) without charge, upon request by calling 1-800-873-5654 (Annuity Service Center), 1-800-599-5651 (NY Annuity Service Center) or 1-800-777-7779 (for contracts purchased through a bank or financial institution) or 1-888-464-7779 (for NY contracts purchased through a bank or financial institution) (2) by writing Jackson Variable Series Trust, P.O. Box 30314, Lansing, Michigan 48909-7814 (3) on Jackson National Life Insurance Company's or Jackson National Life Insurance Company of New York's website at www.jackson.com, and (4) on the SEC’s website at www.sec.gov.

38

Jackson Variable Series Trust Sub-Advised Funds Market Summary(Unaudited)

Major Indices Returns for the Year Ended December 31, 2016

Domestic Equity			Developed International Equity
S&P 500 Index	11.96	%	MSCI All Country World ex-U.S. Index	4.50	%
Russell 1000 Index	12.05		MSCI EAFE Index	1.00
Russell 2000 Index	21.31
Russell 3000 Index	12.74		Emerging Markets
			MSCI Emerging Markets Index	11.19	%
Fixed Income
Bloomberg Barclays Global Aggregate Bond Index	2.09	%	Alternative Assets
Bloomberg Barclays U.S. Aggregate Bond Index	2.65		Bloomberg Commodity Index	11.77	%
BloombergBarclaysU.S.CorporateHighYieldBondIndex	17.13		FTSE EPRA/NAREIT Developed Index	4.99
			Alternative Strategy
			Wilshire Liquid Alternative Index	2.29	%

Domestic Equity:It was the year of sudden reversals as exogenous shocks hit the U.S. equity market throughout 2016. The year began on a sour note with a sharp decline in risk assets owing to a free-fall in oil prices, an unexpected devaluation of the Chinese Yuan, and weakening global growth. This caused the U.S. Federal Reserve (“Fed”) to back away from its promise of four rate increases for the year, thus soothing market concerns. After a double-digit drop, U.S. equities rebounded with oil prices to recoup their losses by the end of the first quarter. This recovery was then jarred by the “Brexit” vote in the U.K. to exit the European Union, sending stocks plummeting again for several days towards the end of June. The market overcame this as well to recover once more before settling into a sluggish and flat summer of complacency before fear of a Fed rate hike roiled markets after Labor Day. Finally, the unexpected election of Donald Trump in November filled the U.S. equity market with confidence, fueling a major rally through the end of the year. Notable themes in 2016 included the return of lower correlations between sectors and stocks, mainly seen in the stunning returns of small-cap stocks, as measured by the Russell 2000 Index and value-oriented stocks significantly outperforming growth. Energy rebounded strongly from a rough start to the year to become the market leader, with financials running second almost entirely from its more than 20% post-election surge. Health care was the weakest equity sector, as the only area to post negative returns.

Fixed Income: U.S. bonds flourished for much of the year, at first as an area of perceived safety amid the brutal equity sell-off to begin the year and then alongside equities into the second quarter as Treasury yields marched towards new lows amid negative interest rates in Europe and Japan. Fears of a Fed rate hike in September caused the bond market to take a breather, especially in Treasuries and interest-rate sensitive long bonds, after Labor Day. That slowdown turned into a full blown correction after the election, rattled by the prospect of “reflation” under Trump that could lead to greater government debt and higher interest rates. Core and government bonds corrected sharply, with yields on 10-Year Treasuries rising more than 0.50% within a matter of weeks with the Bloomberg Barclays U.S. Aggregate Bond Index declining -2.98% during the fourth quarter. Core bonds still finished the year in positive territory, but well off their highs. High yield was the standout area of the fixed income market, finishing the year strongly after a poor January and February. Foreign bonds, especially emerging markets debt, again significantly underperformed in the face of the continued strength of the U.S. Dollar that reduced the value of locally priced debt securities.

Developed International Equity: International stocks generally declined more, rebounded less, and were generally weak overall in 2016 compared to their U.S. counterparts. Highlighted by the Brexit vote, developed markets struggled to overcome concerns about the rise of populist political movements amid lackluster economic growth and diminishing returns from central bank policy. A move to negative interest rates during the summer in Europe and Japan more or less backfired as it did little to stimulate growth and actually caused many people to save more and spend less. Although value oriented stocks benefitted from a rebound in financials during the fourth quarter, the broader MSCI EAFE Index gained only 1.00% for the year, absent the U.S’s post-election bounce.

Emerging Markets:Emerging market equities experienced the same choppy ride as U.S. equities in 2016, only more so, but still managed to post double-digit gains. Stocks sold off sharply to begin the year, rattled by the Chinese Yuan devaluation and free-fall in commodity prices, but bottomed earlier and rebounded more quickly and strongly than the U.S. as fears about the Chinese economy diminished. A mid-year rebound in Brazil after the impeachment of Dilma Rousseff and a recovering energy sector boosted returns further until a strong U.S. Dollar fueled by rising interest rates after the presidential election cut into performance, with emerging markets finishing the year on a sour note.

Alternative Assets: Alternative assets began 2016 with a bang, but went out with a whimper. Gold, infrastructure and real estate were all up sharply amid the equity market selloff to start the year, but rising interest rates and a strong U.S. Dollar during the fourth quarter caused all three areas to lose ground during the fourth quarter. Still, returns for the year were positive and strong overall. A mid-year stabilization in commodity prices helped that sector yield decent returns in 2016 as well.

Alternative Strategy: It was a relatively modest year for alternative investment strategies with the Wilshire Liquid Alternative Index returning 2.29%. Relative value and equity hedged strategies performed well relative to the broader index, while global macro was the laggard—dragged down by a poor second half of the year from managed futures strategies.

1

JNL Tactical ETF Funds Jackson National Asset Management, LLC (Unaudited)

JNL Tactical ETF Conservative Fund, JNL Tactical ETF Moderate Fund, and JNL Tactical ETF Growth Fund (collectively “JNL Tactical ETF Funds”) seek to achieve their investment objectives by investing in a group of underlying exchange-traded funds (“ETFs”). Each JNL Tactical ETF Fund’s asset allocation is determined by the Funds’ Adviser through a proprietary asset allocation model. The Funds’ Sub-Adviser, Mellon Capital Management Corporation, executes transactions in the underlying ETFs to closely replicate the allocation determined by the Adviser.

For the year ended December 31, 2016, all three of the JNL Tactical ETF Funds slightly underperformed their respective blended benchmarks. Despite an underweight position in international equities, that area served as the primary detractor to performance as both the domestic equity and fixed income sleeves outperformed. Weak performance from developed markets in the form of the iShares Core MSCI EAFE ETF lagged world and emerging equity markets significantly. Within domestic equities, allocations to small cap stocks and the timely addition of the iShares U.S. Financial Services ETF offset weakness from a position in healthcare. Fixed income benefitted from non-core positions in high yield bonds that flourished for most of the year. The Funds remained overweight domestic equities, with a bias toward large cap stocks. Notable changes to positioning included a shift from the iShares MSCI USA Quality Factor ETF to allocations in the iShares MSCI USA Value Factor ETF and the previously mentioned financial services ETF to give the Funds more of a value bias. In addition, the Funds initiated a position in the iShares TIPS Bond ETF during the fourth quarter due to attractive valuations and on signs that inflation was likely taking hold.

JNL Tactical ETF Conservative Fund

Composition as of December 31, 2016:
Domestic Fixed Income	48.2	%
Domestic Equity	29.8
Short Term Investments(††)	15.4
International Equity	4.7
Emerging Markets Equity	1.9
Total Investments	100.0	%

^(††)Short Term Investments include the Securities Lending Cash Collateral Fund LLC which comprises 14.3% of the Fund’s Total Investments.

For the year ended December 31, 2016, JNL Tactical ETF Conservative Fund underperformed its primary benchmark by posting a return of 5.57% compared to 5.65% for the Dow Jones Moderately Conservative Index. The Fund underperformed its blended benchmark return of 5.98% for the 30% Russell 3000 Index, 10% MSCI All Country World ex U.S. Index, 60% Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s investment objective is to seek long term growth of capital through investment in ETFs. Under normal market conditions, the Fund allocates approximately 20% to 60% (with a target allocation of 40%) of its assets to underlying ETFs that invest primarily in equity securities and 40% to 80% (with a target allocation of 60%) to underlying ETFs that invest primarily in fixed income securities and/or cash alternatives, and up to 15% (with a target allocation of 0%) to underlying ETFs that invest primarily in alternative assets and strategies.

JNL Tactical ETF Moderate Fund

Composition as of December 31, 2016:
Domestic Equity	43.1	%
Domestic Fixed Income	32.6
Short Term Investments(††)	11.9
International Equity	8.5
Emerging Markets Equity	3.9
Total Investments	100.0	%

^(††)Short Term Investments include the Securities Lending Cash Collateral Fund LLC which comprises 11.0% of the Fund’s Total Investments.

For the year ended December 31, 2016, JNL Tactical ETF Moderate Fund underperformed its primary benchmark by posting a return of 7.04% compared to 7.67% for the Dow Jones Moderate Index. The Fund underperformed its blended benchmark return of 7.18% return for the 40% Russell 3000 Index, 20% MSCI All Country World ex U.S. Index, 40% Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s investment objective is to seek long term growth of capital through investment in ETFs. Under normal market conditions, the Fund allocates approximately 40% to 80% (with a target allocation of 60%) of its assets to underlying ETFs that invest primarily in equity securities and 20% to 60% (with a target allocation of 40%) to underlying ETFs that invest primarily in fixed income securities and/or cash alternatives, and up to 15% (with a target allocation of 0%) to underlying ETFs that invest primarily in alternative assets and strategies.

JNL Tactical ETF Growth Fund

Composition as of December 31, 2016:
Domestic Equity	54.8	%
Domestic Fixed Income	15.5
Short Term Investments(††)	13.4
International Equity	11.0
Emerging Markets Equity	5.3
Total Investments	100.0	%

^(††)Short Term Investments include the Securities Lending Cash Collateral Fund LLC which comprises 12.3% of the Fund’s Total Investments.  

For the year ended December 31, 2016, JNL Tactical ETF Growth Fund underperformed its primary benchmark by posting a return of 8.48% compared to 9.31% for the Dow Jones Moderately Aggressive Index. The Fund underperformed its blended benchmark return of 8.75% for the 55% Russell 3000 Index, 25% MSCI All Country World ex U.S. Index, 20% Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s investment objective is to seek long term growth of capital through investment in ETFs. Under normal market conditions, the Fund allocates approximately 60% to 100% (with a target allocation of 80%) of its assets to underlying ETFs that invest primarily in equity securities and 0% to 40% (with a target allocation of 20%) of its assets to underlying ETFs that invest primarily in fixed income securities and/or cash alternatives, and up to 15% (with a target allocation of 0%) to underlying ETFs that invest primarily in alternative assets and strategies.

2

JNL Tactical ETF Funds Jackson National Asset Management, LLC (Unaudited)

The graphs show the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL Tactical ETF Conservative Fund

†30% Russell 3000 Index, 10% MSCI All Country World ex U.S. Index, 60% Bloomberg Barclays U.S. Aggregate Bond Index

*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

Average Annual Total Returns*
1 Year	5.57	%
Since Inception	4.24
(Inception date February 06, 2012)

JNL Tactical ETF Moderate Fund

†40% Russell 3000 Index, 20% MSCI All Country World ex U.S. Index, 40% Bloomberg Barclays U.S. Aggregate Bond Index

*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

Average Annual Total Returns*
1 Year	7.04	%
Since Inception	6.19
(Inception date February 06, 2012)

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

3

JNL Tactical ETF Funds Jackson National Asset Management, LLC (Unaudited)

The graphs show the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL Tactical ETF Growth Fund

†55% Russell 3000 Index, 25% MSCI All Country World ex U.S. Index, 20% Bloomberg Barclays U.S. Aggregate Bond Index

*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

Average Annual Total Returns*
1 Year	8.48	%
Since Inception	7.54
(Inception date February 06, 2012)

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

4

JNL/AQR Risk Parity Fund AQR Capital Management, LLC. (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL/AQR Risk Parity Fund

*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

Composition as of December 31, 2016:
Government Securities	38.4	%
Short Term Investments(††)	61.6
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.

Average Annual Total Returns*
1 Year	9.59	%
Since Inception	2.00
(Inception date September 16, 2013)

For the year ended December 31, 2016, JNL/AQR Risk Parity Fund outperformed its primary benchmark by posting a return of 9.59% compared to 0.33% for the BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Fund also outperformed its blended benchmark return of 6.45% for the 60% MSCI All Country World Index and 40% Bloomberg Barclays Global Aggregate Hedged Index.

The Fund is designed to take equal risk from three different risk sources: equity risk (global developed and emerging equities), nominal interest rate risk (global developed nominal bonds), and inflation risk (commodities, inflation linked bonds, and emerging currencies). All three of the Fund’s risk sources contributed positively to performance during the year. Equity risk contributed 3.4% as developed equity markets rallied in the second half of the year. U.S. equity markets outperformed on better than expected economic data as well as expectations of fiscal stimulus and market friendly policies following the U.S. presidential election. UK markets also performed well on a weaker British Pound and a surprisingly accommodative Bank of England following the Brexit vote. Emerging equities gained but underperformed developed markets due to a weak fourth quarter, caused by fears of increasing tension in global trade policy. Nominal bonds contributed 2.5% over the period. UK Gilts and German Bunds outperformed as their central banks were surprisingly accommodative. U.S. Treasuries gained but underperformed on robust employment data and expectations that the new U.S. administration will pursue stimulative fiscal policy. Inflation sensitive assets contributed 4.9% to the Fund, as commodities (2.6%), inflation linked bonds (2.0%), and emerging currencies (0.3%) all contributed positively to performance. Commodity markets rallied, led by gains in energies and base metals, which benefited from expectations of reduced production. Inflation linked bonds outperformed nominals, buoyed by expectations of higher inflation in the U.S. and UK. Emerging currencies strengthened as commodities rebounded and developed central banks remained accommodative. 

The Fund invests entirely in futures, forwards and swaps to gain its long exposure to the various underlying markets with the exception of inflation linked bonds, which are held as cash securities. The Fund targets equal risk amongst the risk categories with gross notional exposures of 44%, 123%, and 69% to equities, nominal bonds, and inflation sensitive assets respectively. The Fund’s total gross notional exposure is 236%.  

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

5

JNL/BlackRock Global Long Short Credit Fund BlackRock Financial Management, Inc. BlackRock International Limited BlackRock (Singapore) Limited (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL/BlackRock Global Long Short Credit Fund

*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

Composition as of December 31, 2016:
Financials	17.5	%
Non-U.S. Government Agency ABS	17.1
Consumer Discretionary	15.1
Information Technology	12.3
Health Care	8.6
Energy	7.8
Materials	6.1
Industrials	4.7
Telecommunication Services	4.4
Real Estate	1.1
Utilities	0.7
Consumer Staples	0.5
Investment Companies	0.5
Government Securities	(9.5)
Short Term Investments	13.1
Net Long (Short) Investments	100.0	%

Average Annual Total Returns*
1 Year	2.77	%
Since Inception	0.97
(Inception date April 29, 2013)

For the year ended December 31, 2016, JNL/BlackRock Global Long Short Credit Fund outperformed its benchmark by posting a return of 2.77% compared to 0.33% for the BofA Merrill Lynch U.S. 3-Month Treasury Bill Index.

U.S. credit strategies drove performance significantly while European credit strategies were flat in aggregate. In aggregate, the largest driver of returns came from U.S. carry strategies, or long positions in bank loans, collateralized loan obligations, enhanced equipment trust certificates and securitized assets which provided attractive returns with low volatility. Additionally, directional long positions in U.S. investment grade corporates and high yield corporates were additive as spreads compressed for corporate sectors. Lastly, idiosyncratic and relative value driven strategies were a significant positive contributor and were focused in technology, healthcare and energy-related credits. Detractors from performance during the year were hedging strategies, including certain tail risk hedges, as well as select idiosyncratic short positions within the U.S.

As part of its investment strategy, the Fund uses derivatives to fully hedge against duration (sensitivity to interest rate movements) and currency risk. The Fund may also employ credit derivatives in order to express a positive or negative on a particular issuer or sector, or to hedge or manage overall credit risk. Derivatives had a net negative impact on performance.

Over the course of the year, we continued 2015’s theme of reducing exposure to Europe and redeploying assets in the U.S. with a focus on carry strategies and U.S. idiosyncratic and relative value strategies. We also sought to protect the Fund from several aforementioned possible tail risk events.

The market is clearly pricing in expectations for decreased regulation, positive tax reform, increased fiscal spending and less congressional gridlock and has interpreted such catalysts and themes as favorable for U.S. credit assets. However, further upside from here seems limited, and we believe returns will be driven by modest spread tightening and carry. Additionally, there continues to be complacency around interest rate risk in the high yield market, particularly within the higher quality segment, and as rates ultimately continue to move higher, tighter spread levels should provide less cushion for total returns. From a regional standpoint in the near term, we continue to favor U.S. credit relative to European credit on account of a number of risk events that could impact non-U.S. assets, including monetary policy shifts, Brexit taking shape and elections across France, Germany and the Netherlands. Additionally, geopolitical risks in the form of uncertainty over president-elect Trump’s trade policies and populist movements undermining European integration remain elevated. We generally expect a Trump presidency to benefit U.S. companies at the expense of their European counterparts. We believe uncertainty will remain high and there is potential for increased volatility in 2017. Given that view, it is difficult to have high conviction on market directionality in Europe in particular.

At year end, credit exposures, excluding interest rate and currency hedges, were 99% long credit, 69% short credit and 30% net long credit. We continue to split capital among directional, carry driven and idiosyncratic strategies with the belief that the environment should remain fertile for the latter, particularly if we see an increase in dispersion.

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

6

JNL/DFA U.S. Micro Cap Fund Dimensional Fund Advisors LP (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL/DFA U.S. Micro Cap Fund

Composition as of December 31, 2016:
Financials	24.7	%
Industrials	19.2
Consumer Discretionary	14.1
Information Technology	12.9
Health Care	8.9
Materials	5.2
Energy	3.7
Consumer Staples	2.8
Utilities	2.1
Telecommunication Services	1.6
Real Estate	0.9
Short Term Investments	3.9
Total Investments	100.0	%

Average Annual Total Returns
1 Year	26.75	%
Since Inception	14.44
(Inception date September 10, 2012)

For the year ended December 31, 2016, JNL/DFA U.S. Micro Cap Fund outperformed its primary benchmark by posting a return of 26.75% compared to 20.36% for the Russell Microcap Index. The Fund outperformed its other benchmark, the Russell 2000 Index, which returned 21.31%. There was a negative size premium within small cap stocks, with micro cap stocks underperforming larger small cap stocks.

The Fund outperformed its primary benchmark, the Russell Microcap Index, by 6.39%. The Fund’s exclusion of stocks with the lowest profitability and highest relative price had a positive impact on relative performance, as those securities underperformed, particularly in healthcare.

The Fund outperformed the Russell 2000 Index by 5.44%. The Fund’s exclusion of stocks with the lowest profitability and highest relative price had a positive impact on relative performance, as those securities underperformed, particularly in healthcare.

Dimensional Fund Advisors LP has long emphasized consistency, cost awareness and diversification as the most reliable way to capture the expected return premiums associated with lower relative price, lower market capitalization and higher expected profitability. We expect to maintain emphases on these premiums in all market environments for the Fund.

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

7

JNL/DoubleLine Total Return Fund DoubleLine Capital LP (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL/DoubleLine Total Return Fund

*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

Composition as of December 31, 2016:
U.S. Government Agency MBS	48.5	%
Non-U.S. Government Agency ABS	39.8
Government Securities	3.1
Short Term Investments	8.6
Total Investments	100.0	%

Average Annual Total Returns*
1 Year	2.05	%
Since Inception	3.08
(Inception date September 16, 2013)

For the year ended December 31, 2016, JNL/DoubleLine Total Return Fund underperformed its benchmark by posting a return of 2.05% compared to 2.65% for the Bloomberg Barclays U.S. Aggregate Bond Index.

Within agency residential mortgage-backed security (“RMBS”), fixed rate collateralized mortgage obligation and passthroughs were the highest contributors to total return; despite both sectors suffering from price declines, interest income helped offset these declines for the year. Inverse floating rate and inverse interest only securities contributed minor returns as they suffered the most from price declines due to increasing yields from the anticipation and eventual implementation of a rate hike by the U.S. Federal Reserve during the latter half of the year. Amongst non-U.S. Government Agency RMBS, Alt-A bonds were the highest contributors to performance; the sector faced some minor weakness in valuations, but robust interest carry resulted in the sector’s outperformance. Subprime bonds were a close second in performance and was the sector with the highest absolute return within the non-U.S. Government Agency RMBS portion of the Fund as they benefited from both strong price appreciation and high interest income. Though the sector ended with positive contribution to returns, prime bonds faced the largest declines in valuations for the year. Other structured credit sectors including collateralized loan obligation (“CLO”) and commercial mortgage backed securities (“CMBS”) were also accretive to performance. CLOs benefited from spreads tightening up and down the capital stack and although CMBS faced some weakness in valuation, strong interest carry resulted in the sector’s positive performance. By year end, the Fund had a duration shorter than the Index by approximately two years, with roughly 50% of the Fund in U.S. Government Agency RMBS and 40% non-U.S. Government Agency structured credit; the remainder was in a small allocation to U.S. Treasuries and to cash.

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

8

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund Eaton Vance Management (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund

*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

Composition as of December 31, 2016:
Government Securities	77.7	%
Industrials	1.9
Real Estate	1.3
Consumer Staples	1.1
Financials	0.9
U.S. Government Agency MBS	0.6
Energy	0.4
Telecommunication Services	0.2
Short Term Investments(††)	16.0
Net Long (Short) 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.

Average Annual Total Returns*
1 Year	6.46	%
Since Inception	2.19
(Inception date April 29, 2013)

For the year ended December 31, 2016, JNL/Eaton Vance Global Macro Absolute Return Advantage Fund outperformed its primary benchmark by posting a return of 6.46% compared to 0.33% for the BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Fund outperformed its other benchmark, the Credit Suisse Global Macro Hedge Fund Index, which returned 3.57%.

For the year, Latin America and Eastern Europe were the top performing regions in the Fund. Asia and Western Europe also provided positive performance. The Middle East and African region was slightly positive, while the Dollar Bloc detracted.

Latin America was the top contributor for the year. Positive performance was mainly from credit positioning. Top credit performers included long exposure in Ecuador, Venezuela and Brazil. Long Brazilian interest rates also added to performance.   

In Eastern Europe, credit positioning drove performance with rates and currency exposures helping as well. Notable credit performers included long exposure in Macedonia, Albania and Turkey. Long rates and currency positioning in Russia and a long position in the Serbian Dinar versus Euro were other notable contributors.  

Asia was another region that contributed to Fund performance. Currency and credit exposures led gains. A short position in the Chinese Yuan was the top individual contributor followed by long credit positions in Mongolia, Kazakhstan and Sri Lanka. 

In Western Europe, the Fund benefited from select currency positions. A long position in Iceland’s Krona versus Euro and a short Euro position contributed the most to regional gains.

The Middle East and Africa region also aided performance. Credit exposure contributed, while currency positioning detracted. Top individual performers included long credit exposure in Iraq, Zambia and Tanzania. Short currency positions in South Africa Rand and Oman Rial were notable detractors. 

The Dollar Bloc was a regional detractor to Fund performance for the year. Currency positioning hurt results as short exposure to Australia’s and New Zealand’s Dollar were top detractors. A long position in New Zealand rates was the top contributor.

Regarding exposure, the Fund ended the year being net long foreign currency. The Fund’s credit spread duration was approximately one and a half years at the end of the year. The Fund’s U.S. interest rate duration was close to one year, while non U.S. interest rate duration was near zero.

The Fund typically employs significant use of derivative instruments both to gain exposure as well as hedge. The decision to utilize cash instruments or derivatives is based on relative value and efficiency as deemed by the management team. The Fund primarily used foreign exchange forward contracts and credit default swaps. It may also use interest rate swaps, interest rate futures, bond futures, equity index futures and options, among others.

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

9

JNL/Epoch Global Shareholder Yield Fund Epoch Investment Partners, Inc. (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL/Epoch Global Shareholder Yield Fund

Composition as of December 31, 2016:
Utilities	14.4	%
Consumer Staples	14.0
Telecommunication Services	13.3
Financials	11.8
Health Care	8.9
Industrials	8.7
Energy	8.0
Information Technology	6.9
Consumer Discretionary	5.3
Real Estate	4.0
Materials	3.2
Short Term Investments	1.5
Total Investments	100.0	%

Average Annual Total Returns
1 Year	7.16	%
Since Inception	7.52
(Inception date February 06, 2012)

For the year ended December 31, 2016, JNL/Epoch Global Shareholder Yield Fund underperformed its benchmark by posting a return of 7.16% compared to 7.51% for the MSCI World Index.

The Fund’s returns are primarily the result of finding companies that can grow their free cash flow and are committed to returning a significant portion of that cash to shareholders. The vast majority of stocks in the Fund were able to achieve this and increased their dividends during the year. We believe understanding this steady approach is more helpful to understanding returns than parsing returns in terms of sector weights and relative returns within those sectors.

The Fund’s relative performance was most positively impacted by stock selection, particularly within health care, consumer staples and telecommunications services. Some of the relative gains were offset by stock selection in energy, financials and materials. From a regional perspective, stock selection in the U.S. also provided a significant contribution, while stock selection in the UK detracted.

Among the top individual contributors was AT&T Inc. Shares advanced as investors focused on the increased cash generation profile of the company post its DIRECTV closure, the potential of its announced Time Warner acquisition, and the potential for a less onerous regulatory environment following changes at the Federal Communications Commission.

Among the detractors was Seagate Technology PLC (“Seagate”), the world's second largest hard disk drive manufacturer. Seagate shares fell on pre-released operating results, which highlighted the challenging conditions in the data storage device industry. While the company remains committed to its dividend and shareholder yield policies, the visibility into near term cash generation is significantly diminished and the position was sold.

Sector weights are generally a function of the Fund’s bottom-up stock selection process. During the year, the Fund's largest reduction in exposure was in telecommunication services and utilities. Sector weightings within health care, information technology and industrials experienced the largest increase. At the end of the year, the Fund's largest overweight positions were in the utilities and telecommunication services, while the largest underweight positions were in the information technology and consumer discretionary. The Fund continues to seek attractive returns through a diversified group of companies focused on generating significant free cash flow and returning it to shareholders through a combination of dividends, share repurchases and debt reduction.

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

10

JNL/FAMCO Flex Core Covered Call Fund Ziegler Capital Management, LLC (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL/FAMCO Flex Core Covered Call Fund

Composition as of December 31, 2016:
Financials	20.4	%
Health Care	16.8
Information Technology	16.1
Industrials	13.7
Consumer Discretionary	10.9
Energy	9.5
Consumer Staples	5.6
Materials	3.5
Telecommunication Services	2.0
Short Term Investments	1.5
Total Investments	100.0	%

Average Annual Total Returns
1 Year	8.09	%
Since Inception	5.82
(Inception date February 06, 2012)

For the year ended December 31, 2016, JNL/FAMCO Flex Core Covered Call Fund outperformed its primary benchmark by posting a return of 8.09% compared to 7.07% for the CBOE S&P 500 BuyWrite Index. The Fund underperformed its other benchmark, the S&P 500 Index, which returned 11.96%.

Although the Fund underperformed the S&P 500 Index on a total return basis, the Fund outperformed the S&P 500 Index on a return per unit of risk basis. The Sub-Adviser’s selection of higher quality equity holdings and downside protection from the call options were the keys to producing a higher return per unit of risk and reducing risk by nearly 1/3 compared to the S&P 500 Index. Due to the income and risk reducing characteristics of the call options, the Fund produced a superior Sharpe ratio relative to the S&P 500 Index during the year. Put another way, gross of fees, the Fund captured 77% of the return of the S&P 500 Index but only 70% of the risk of the S&P 500 Index during 2016.

The outperformance was due to stock selection, as the stocks in the Fund outperformed the stocks in the primary benchmark by 240 basis points (“bps”) during the year. Because the stock performance was so strong, the call options detracted from returns slightly more than the CBOE S&P 500 BuyWrite Index call options, thereby underperforming the CBOE S&P 500 BuyWrite Index call options by 30 bps.

Given the change in the investment environment following the U.S. presidential election, the Sub-Adviser positioned the Fund toward stocks likely to benefit from less government regulation, lower corporate tax rates, overseas cash repatriation and the industrial/ energy/ manufacturing recovery. These Fund changes positively impacted performance, as the Fund’s stocks not only outperformed the S&P 500 Index prior to the election but also outperformed after the election.

In terms of the equity only attribution, the Fund was positively impacted by both allocation and stock selection during 2016. The Fund’s average underweight to health care, due to worries over drug price regulation, contributed positively to returns as it was the worst performing sector throughout the year. Stock selection was strong in consumer discretionary but detracted from returns in consumer staples. The call options detracted from returns in financials, which returned 21% during the fourth quarter alone, but made a positive contribution in consumer staples.

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

11

JNL/Lazard International Strategic Equity Fund Lazard Asset Management LLC (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL/Lazard International Strategic Equity Fund

Composition as of December 31, 2016:
Consumer Discretionary	23.4	%
Financials	19.4
Consumer Staples	13.9
Industrials	9.8
Energy	8.7
Health Care	7.9
Materials	6.2
Real Estate	3.9
Telecommunication Services	3.2
Information Technology	2.9
Short Term Investments	0.7
Total Investments	100.0	%

Average Annual Total Returns
1 Year	-5.13	%
Since Inception	3.45
(Inception date April 29, 2013)

For the year ended December 31, 2016, JNL/Lazard International Strategic Equity Fund underperformed its benchmark by posting a return of -5.13% compared to 1.00% for the MSCI EAFE Index.

The Fund materially lagged its benchmark for the year, as lower return and more cyclical stocks rose at the expense of the higher return companies the Fund tends to favor. This effect was especially pronounced in the second half of the year and in the fourth quarter. It was most obvious in energy and materials, where holdings of gasoline retailer Caltex Australia Ltd. and flavours company Symrise AG lagged the commodity oil and mining stocks. In industrials, lockmaker Assa Abloy AB lagged its more cyclical peers, while in the second half of the year, the Fund was hurt by its relatively low exposure to banks and high exposure to consumer staples companies.

On the stock specific side, it was a mixed year for the Fund. On the positive side, French auto supplier Valeo SA continued to report very encouraging results, while in healthcare, a potential bid for Swiss drugmaker Actelion Ltd. outweighed weakness in generics company Teva Pharmaceutical Industries Ltd., and in UK specialist pharmaceutical stock Shire Plc. In technology, UK chip design business Arm Holdings Plc was bought by Softbank Group of Japan, though global payments processor Worldpay Group Plc suffered from its UK exposure. In financials, the restructuring of Credit Suisse Group is proving harder than expected, while Aeon Financial Services Co. of Japan unexpectedly raised capital. Australian materials company James Hardie Industries Ltd. continues to make good progress, but elsewhere the Fund saw disappointing results from German engineer GEA Group, jewelry retailer Signet Jewelers Ltd., and discount apparel retailer Primark (owned by Associated British Foods).

Factors that helped the Fund within the year are: stock selection in healthcare, real estate and auto sectors. Factors that detained the Fund from growing are: market rotation toward lower return companies especially banks, and market rotation out of higher return companies especially consumer staples, a lack of exposure to mining and other commodity related stocks and stock selection in industrials.

Tightening labor markets in the U.S. and commodity price increases, spurred in large part by China’s return to debt fueled investment growth, have driven rising inflation. Short term, rising rates could quickly drag down economic activity and the ability of governments to loosen fiscally. Over a longer period, rising inflation and rates tend to derate equities, while fiscal expansion may give only a temporary boost to activity.

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

12

JNL/Neuberger Berman Currency Fund Neuberger Berman Fixed Income LLC (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL/Neuberger Berman Currency Fund

Composition as of December 31, 2016:
Government Securities	60.7	%
Short Term Investments(††)	39.3
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.

Average Annual Total Returns
1 Year	-1.60	%
Since Inception	0.61
(Inception date September 10, 2012)

For the year ended December 31, 2016, JNL/Neuberger Berman Currency Fund underperformed its benchmark by posting a return of -1.60% compared to 0.33% for the BofA Merrill Lynch U.S. 3-Month Treasury Bill Index.

The Canadian Dollar and Japanese Yen were the best performing major currencies in 2016, whilst the British Pound and Swedish Krona were the worst performing. The Fund, fully implemented through non deliverable foreign exchange forwards, generated a negative performance in 2016. The best performing positions were overweight the Norwegian Krone and underweight the Australian Dollar. Overweights in the British Pound and Swedish Krona were detractors from performance.

The collateral portion of the Fund has been invested in U.S. Government Treasuries and agencies.  Given the low level of interest rates, duration has been managed conservatively.

At the end of 2016, the largest overweight positions were the Norwegian Krone at 17% and the Swedish Krona at 15%. Conversely the largest underweight positions were the Canadian Dollar at  -16% and New Zealand Dollar at -14%

Looking into 2017, following the number of significant political events in 2016, we believe that many currency valuations are looking stretched. Notwithstanding the political risk in the coming months, it is likely that the currency market will return to being driven by relative fundamentals and monetary policy. Toward the end of 2016, data on economic activity and inflation were strong in most of the major economies; this was evidenced by a rise in global yields and inflation expectations. In this reflationary environment, we believe the European currencies: Euro, Swedish Krona and Norwegian Krone offer value from a long term fundamental perspective. The U.S. Federal Reserve is forecasted to raise rates two or three times in 2017, which we believe should be supportive for the U.S. Dollar. We are vigilant, however, that much optimism has been priced into the U.S. Dollar and should the data - or implementation of policy - disappoint, the U.S. Dollar could suffer. 

The commodity currencies: Canadian Dollar, Australian Dollar and New Zealand Dollar appreciated toward the middle of 2016 following the popularity of the carry trade and rally in commodity prices. Our analysis suggests that these currencies are overvalued. Should foreign exchange volatility pick up we may expect these currencies to come under pressure.

Elsewhere, we have a negative view on the Swiss Franc. The Swiss Franc is significantly overvalued from a long term fundamental perspective. The strength of the currency, and its damage to the real economy, has been acknowledged by the Swiss National Bank who remains active in the currency market to mitigate any sharp appreciations. The export composition of Switzerland means the economy adjusts slowly to movements in the exchange rate; we expect a gradual depreciation of the Swiss Franc toward its fair value. 

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

13

JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund Neuberger Berman Fixed Income LLC (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund

Composition as of December 31, 2016:
Financials	21.2	%
Non-U.S. Government Agency ABS	19.2
Utilities	7.3
Health Care	7.0
Energy	6.0
Information Technology	4.8
Consumer Discretionary	3.2
Telecommunication Services	1.2
Industrials	1.2
Real Estate	1.1
Short Term Investments(††)	27.8
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.

Average Annual Total Returns
1 Year	11.81	%
Since Inception	-14.94
(Inception date April 28, 2014)

For the year ended December 31, 2016, JNL/Neuberger Risk Balanced Commodity Strategy Fund outperformed its benchmark by posting a return of 11.81% compared to 11.77% for the Bloomberg Commodity Index.

The Fund uses futures contracts to gain exposure to the commodities asset class. After several years of negative performance, commodities posted positive returns in 2016, with the benchmark rising 11.77% over the course of the year. Among the major commodity sectors, energy was the top performer with crude oil recovering from severe lows earlier in the year. The supply/demand balance tightened in several energy markets in 2016, helping to support prices. Industrial metals, soft and precious metals all moved higher as well, while livestock and grains declined overall. Industrial metals were supported by robust demand, as well as supply factors beginning to diverge. Soft commodities experienced mixed performance with sugar and cotton moving higher on production issues, while coffee was basically flat and cocoa fell sharply on increased output from several key producing regions. In precious metals, gold was supported by a number of “risk off” events that supported demand, while silver benefitted from supportive industrial demand. Agricultural commodities experienced mixed performance depending largely on each respective market’s supply/demand balance, while livestock was down across the board on abundant supplies.

With respect to attribution, the Fund’s positioning in energy was the largest positive contributor to returns relative to the benchmark. An overweight in gasoline, an out of benchmark position in gas and oil, and the Fund’s relative positioning in West Texas Intermediate crude oil over the course of the year were the main contributors. Industrial metals were also additive to performance, while other sectors were net detractors. Among these, softs were the largest source of negative return with the Fund’s positioning in cocoa, which experienced sharp declines, the main detractor. Livestock also contributed negatively to returns as markets in that sector were down across the board.

Over the course of 2016, the Fund increased its exposure to energy markets and agricultural markets, while positions in all other sectors were trimmed. As of year end, the Fund was slightly underweight energy and soft commodities, and overweight agricultural, industrial metals and precious metals; positioning in livestock was on par with the benchmark.

While the strength of the U.S. Dollar seems poised to be a potential headwind to price appreciation in certain markets, we believe other factors may outweigh this and provide support for commodities prices to move higher. In particular, the U.S. economy is likely to benefit from pro-growth policies as well as greater tax cuts, fiscal stimulus, and potential infrastructure spending that could be beneficial to commodities demand. Inflation risk is also increasing along with higher commodity prices and wages, as well as new government policies. Taken together, the Fund’s management team believes that the view on commodities as an asset class remains positive, particularly as a Fund diversifier and inflation hedge, and that an actively managed approach that dynamically navigates the risks of the asset class is an attractive way to gain exposure to this asset class.

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

14

JNL/Nicholas Convertible Arbitrage Fund Nicholas Investment Partners, L.P. (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL/Nicholas Convertible Arbitrage Fund

*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

Composition as of December 31, 2016:
Long Investments
Information Technology	45.1	%
Health Care	19.1
Consumer Discretionary	9.9
Energy	7.7
Industrials	5.7
Financials	4.2
Telecommunication Services	1.1
Materials	0.8
Real Estate	0.7
Investment Companies	0.6
Short Term Investments	5.1
Total Long Investments(†)	100.0	%
Short Investments
Information Technology	45.7	%
Health Care	21.1
Consumer Discretionary	10.6
Energy	7.8
Industrials	6.1
Investment Companies	2.6
Financials	2.6
Telecommunication Services	1.9
Real Estate	0.9
Materials	0.7
TotalShort Investments(†)	100.0	%

.

^(†)Total Long Investments represent 100.7% of net assets and Total Short Investments represent (39.0%) of net assets.

Average Annual Total Returns*
1 Year	3.46	%
Since Inception	1.06
(Inception date February 06, 2012)

For the year ended December 31, 2016, JNL/Nicholas Convertible Arbitrage Fund outperformed its primary benchmark by posting a return of 3.46% compared to 0.33% for the BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Fund underperformed its other benchmark, which posted a return of 6.60% for the Credit Suisse Convertible Arbitrage Hedge Fund Index.

The Fund’s long positions were the most additive, while the Fund’s short exposures worked against performance. On a net basis, exposures across all sectors were generally positive with the largest contribution to returns from technology, industrials and financials. Exposure to materials was flat to slightly negative.

The most additive positions to the Fund’s return (net) included Charter Communications Inc. (broadband communications), Cheniere Energy Inc. (liquid and natural gas) and PRA Group Inc.(collection services). Negative outliers included Hornbeck Offshore Services, Inc. (deepwater oil/gas), Allergan Plc (pharmaceuticals) and Time Warner Inc. (media network).

Throughout 2016, the Fund maintained a moderately conservative credit profile, amid a period when the 10-year U.S. Treasury yield moved from 2.24% at the start to a low of 1.49% mid-year, a peak of 2.60% in mid-December and ultimately closed at 2.45%. The Fund’s current yield during the year ranged from 2.13% to 1.99% at year end. Effective duration was little changed, ranging from 3.05% to 2.81% years in December. The Fund generally maintained an average investment grade credit quality, with a BB- rating at year end.

With greater uncertainty at the start of 2016, the Fund’s delta adjusted net exposure was as low as 4.2% during the first quarter. As improved economic and earnings data unfolded in the second half of 2016, the Fund’s delta adjusted net exposure increased to 10.6% by year end.

We remain committed to our bottom-up investment philosophy and process as we position the Fund for a potential resurgence in cyclical and secular growth. Amid this backdrop, differentiation between sectors, industries and stocks are likely to increase in 2017. We are mindful that any proposed policies forged by the Trump administration and Republican Congress in 2017 will take time to unfold and trickle through the economy. Other potential risks include rising interest rates with high debt levels; a stronger U.S. Dollar which may dampen exports and depress the value of foreign sales, and increasing volatility.

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

15

JNL/PIMCO Credit Income Fund Pacific Investment Management Company LLC (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL/PIMCO Credit Income Fund

Composition as of December 31, 2016:
Financials	35.2	%
Government Securities	13.4
Energy	8.8
Consumer Discretionary	6.2
Health Care	5.9
U.S. Government Agency MBS	5.4
Real Estate	4.7
Industrials	3.8
Utilities	3.5
Information Technology	3.3
Telecommunication Services	2.2
Non-U.S. Government Agency ABS	1.9
Consumer Staples	1.6
Materials	1.0
Short Term Investments	3.1
Total Investments	100.0	%

Average Annual Total Returns
1 Year	6.34	%
Since Inception	3.59
(Inception date February 06, 2012)

For the year ended December 31, 2016, JNL/PIMCO Credit Income Fund outperformed its benchmark by posting a return of 6.34% compared to 5.63% for the Bloomberg Barclays U.S. Credit Bond Index.

Following a turbulent onset to the year, markets remained relatively calm despite bouts of volatility following the unexpected Brexit outcome and uncertainty surrounding the U.S. presidential election. Risk assets performed well, spreads ended the year broadly tighter, and U.S. equities reached new highs. The potential for growth enhancing fiscal policies along with solid economic data helped solidify the U.S. Federal Reserve’s widely expected rate hike in December despite rising geopolitical tensions over the year.

The investment concentration differences relative to the benchmark included an underweight to investment grade credit and an underweight to overall duration. The Fund also had out of index exposure to high yield, Agency and non-Agency mortgage-backed securities (“MBS”), and emerging markets (“EM”).

The Fund’s curve positioning and overall underweight to U.S. duration was positive for performance as rates modestly rose across the yield curve. However, short exposure to UK rates hurt performance as yields drifted lower on the back of accommodative central bank measures. Corporate credit strategies overall contributed to performance, with an overweight and select exposure to investment grade and high yield financials more than offsetting losses from an underweight to industrials as spreads ended the year tighter. Sector selection among utilities, most notably pipelines, along with overweights to U.S. Dollar denominated EM corporates and quasi sovereigns also added to returns as spreads broadly narrowed, while an underweight to taxable municipals detracted from relative performance. Finally, an allocation to non-agency MBS, which were supported by a strong outlook for U.S. housing, also contributed to performance.

Derivatives were used in the Fund and are instrumental in attaining specific exposures targeted to gain from anticipated market developments. The Fund’s duration positioning, which was positive for returns, was partly facilitated through the use of interest rate swaps and futures. The Fund’s overall corporate exposure, which contributed to performance, was partially obtained via the use of credit default swaps. The Fund’s long U.S. Dollar positioning against the Euro, Japanese Yen, and a basket of EM currencies was partly achieved through currency forward contracts and was slightly negative to neutral for performance.

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

16

JNL/PPM America Long Short Credit Fund PPM America, Inc. (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL/PPM America Long Short Credit Fund

*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

Composition as of December 31, 2016:
Consumer Discretionary	23.1	%
Financials	12.6
Energy	11.2
Industrials	7.3
Health Care	7.1
Materials	6.8
Consumer Staples	6.1
Telecommunication Services	4.0
Utilities	3.8
Information Technology	2.7
Non-U.S. Government Agency ABS	2.5
Investment Companies	0.4
Real Estate	0.3
Other Equity Interests	0.0
Short Term Investments	12.1
Net Long (Short) Investments	100.0	%

Average Annual Total Returns*
1 Year	11.12	%
Since Inception	1.92
(Inception date April 29, 2013)

For the year ended December 31, 2016, JNL/PPM America Long Short Credit Fund outperformed its benchmark by posting a return of 11.12% compared to 0.33% for the BofA Merrill Lynch U.S. 3-Month Treasury Bill Index.  

As the Fund tracks a cash equivalent benchmark, the Fund was positioned almost entirely out of index throughout the year.  Long credit positions in corporate bonds contributed the most to Fund performance, notably the Fund’s allocation to energy.  The Fund’s short credit positions in credit default swaps detracted slightly from the Fund’s performance over the year.

The Fund’s position in credit default swaps and futures comprised the Fund’s derivative exposure throughout the year. The Fund uses futures to manage duration.

Positioning among sectors shifted from corporate bonds to corporate loans and cash during the year. The Fund held approximately 70% in corporate bonds, 20% in corporate loans, and 7% in cash at the beginning of the year. At the end of the year, the Fund held approximately 52%, 31%, and 12% in these same sectors, respectively. The Fund was well diversified among industries at year end with the top five segments representing 61% of total investments.

Global central banks’ activities have contributed to a benign volatility environment; however, with the U.S. Federal Reserve (“Fed”) looking to enter a rate hiking cycle, and with uncertain fiscal policy coming through 2017, should volatility pick back up, the principal preservation qualities of investment grade credit relative to higher risk investments will likely be valuable to investors’ portfolios. Growth shocks to the upside and Fed tightening remain potential headwinds across investment grade, while high yield stands to weather these factors better. This Fund’s ability to take short positions across various sectors and securities and to mitigate interest rate risk may act to help reduce volatility.

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

17

JNL/T. Rowe Price Capital Appreciation Fund T. Rowe Price Associates, Inc (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL/T. Rowe Price Capital Appreciation Fund

*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

Composition as of December 31, 2016:
Health Care	19.6	%
Consumer Discretionary	14.5
Financials	13.3
Information Technology	13.1
Consumer Staples	12.1
Utilities	4.2
Industrials	4.1
Energy	3.6
Telecommunication Services	2.6
Real Estate	1.9
Materials	0.6
Non-U.S. Government Agency ABS	0.1
Investment Companies	0.1
Short Term Investments	10.2
Total Investments	100.0	%

Average Annual Total Returns*
1 Year	7.77	%
Since Inception	8.98
(Inception date September 16, 2013)

For the year ended December 31, 2016, JNL/T.Rowe Price Capital Appreciation Fund underperformed its primary benchmark by posting a return of 7.77% compared to 11.96% for the S&P 500 Index. The Fund underperformed its blended benchmark return of 8.31% for the 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index.

Among equity sectors, security selection in the healthcare (UnitedHealth Group Inc., Becton, Dickinson and Company) and consumer discretionary (Amazon.com, Inc.) sectors drove relative outperformance, while stock choices in information technology (NETSCOUT Systems, Inc.) detracted.

The five largest purchases during the year were: Alphabet Inc., Visa Inc., Marsh & McLennan Cos. Inc., Abbott Laboratories and Walgreens Boots Alliance Inc.

The five largest sales during the year were: Marsh & McLennan Cos. Inc., Pfizer Inc., Johnson Controls International Plc., American Tower Corp. and Thermo Fisher Scientific Inc.

The Fund marginally increased its equity weight during the year. The largest increase in sector weighting was in consumer staples, while the most significant decrease in weighting was in industrials and business services. Overall fixed income weight increased from the prior year. High yield and investment grade corporate positions increased, while exposure to bank debt decreased.

We continue to be cautious on the equity market overall, given the stretched valuations, length of the economic expansion and uncertainty regarding President-elect Donald Trump's policies. Despite the recent rise in equity markets, we are finding select opportunities to purchase attractively priced shares of high quality companies that we believe will be solid performers in most economic scenarios. As always, we remain committed to finding the best risk adjusted opportunities across the asset class spectrum to balance our objectives of preserving invested capital and generating equity-like returns over the long term with less risk than the broader equity market.

At year end, the Fund holds currency forwards, equity options and rights generating a total gross exposure equal to approximately 4% of Fund net assets. Equity options were held throughout the year, and currency forwards and rights were held periodically throughout the year. During the year, the covered call strategy represented, on average, 10.22% of the overall Fund and generated a return of approximately 9.68%. The covered call strategy's estimated contribution to the Fund’s total return was 1.16%.

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

18

JNL/The Boston Company Equity Income Fund The Boston Company Asset Management LLC (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL/The Boston Company Equity Income Fund

Composition as of December 31, 2016:
Financials	31.0	%
Energy	12.7
Consumer Staples	9.5
Health Care	9.0
Consumer Discretionary	7.9
Industrials	7.8
Information Technology	7.6
Materials	6.1
Telecommunication Services	4.1
Real Estate	2.5
Utilities	1.2
Short Term Investments	0.6
Total Investments	100.0	%

Average Annual Total Returns
1 Year	18.55	%
Since Inception	14.25
(Inception date February 06, 2012)

For the year ended December 31, 2016, JNL/The Boston Company Equity Income Fund outperformed its benchmark by posting a return of 18.55% compared to 17.40% for the S&P 500 ValueIndex.

Investors fled to bonds and bond proxy equities in an uncertain first half of the year. Fund returns fared better in the second half of the year on an absolute, but particularly relative, basis as both the U.S. and overseas economies revealed they were in better shape than feared and the U.S. equities earnings drought came to an end. In this environment, the Fund, significantly outperformed the S&P 500 Value Index. On a sector basis, information technology and financials were the strongest relative performers, while energy and industrials were the weakest relative performers in the Fund.

Stock selection among holdings in semiconductor and semiconductor equipment companies fueled relative performance in information technology. In financials, security selection and an overweight allocation to banks and capital markets companies contributed to positive relative performance.

Conversely, stock selection in oil gas and consumable fuels companies caused relative weakness in energy. In industrials, a zero weight to machinery and road and rail segments and stock selection in airlines detracted from relative returns.

The Fund remains overweight financials but recently shifted positioning. The overall weight was modestly decreased by lowering allocations to banks and capital markets while increasing allocations to diversified financial services companies. The Fund maintains an overweight to consumer discretionary and exposure in media and advertising names was increased as we continue to believe there are opportunities among media stocks. The Fund remains overweight to information technology but the Fund’s allocation to communications equipment, software and some semiconductor and semiconductor equipment manufacturers that have performed well was selectively reduced. In health care, the Fund maintained an underweight and added to positioning in health care providers and services while modestly reducing exposure to pharmaceuticals companies. We remain excited about specific attractive valuations in pharmaceutical companies with strong pipeline opportunities. The Fund also maintained an overweight to consumer staples, energy and materials. The Fund is underweight industrials with increased allocations to construction and engineering companies.

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

19

JNL/The London Company Focused U.S. Equity Fund The London Company of Virginia, LLC (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

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

*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

Composition as of December 31, 2016:
Industrials	28.6	%
Financials	19.9
Materials	13.8
Consumer Discretionary	13.3
Information Technology	7.6
Health Care	6.7
Consumer Staples	5.6
Short Term Investments	4.5
Total Investments	100.0	%

Average Annual Total Returns*
1 Year	16.65	%
Since Inception	8.45
(Inception date September 16, 2013)

For the year ended December 31, 2016, JNL/The London Company Focused U.S. Equity Fund outperformed its benchmark by posting a return of 16.65% compared to 13.02% for the S&P 1500 Index.

The relative outperformance reflected a positive impact from both sector allocation and stock selection. At the sector level, an overweight of industrials and underweight of health care had a positive impact on relative performance, partially offset by the negative impact of an underweight of telecommunication services, utilities and information technology.

The best performing stocks relative to the benchmark for the year were: Martin Marietta Materials Inc. was strong most of the year driven by solid pricing in the aggregates industry. Tredegar Corp. rose over 80% during the year. Sales improved a bit from prior years and the Brazilian business showed signs of stabilization. The rally in the shares reflects the oversold position to begin the year and the significant strength in materials. Old Dominion Freight Line Inc. traded higher late in the year following the U.S. presidential election on hopes of greater infrastructure spending (industrial exposure). The company has demonstrated pricing discipline over the years. MBIA Inc. shares were strong in the fourth quarter and rallied over 65% for the year. While there is still concern about the company’s potential liability in Puerto Rico, a new governor in Puerto Rico and the recent passage of PROMESA (The Puerto Rico Oversight, Management, and Economic Stability Act), which will allow Puerto Rico more flexibility in refinancing its obligations, were all viewed positively by investors. Deere & Co. traded higher despite the difficult environment in the agriculture markets. Investors turned more positive on the shares reflecting some signs of improvement and optimism for cost savings.

The worst performing stocks relative to the benchmark for the year were: Eli Lilly & Co. shares were volatile during the year and ended down -10%. News from its drug pipeline and competitive concerns to one of its cancer fighting drugs led to the volatility in the shares. We remain attracted to the company’s strong balance sheet, cash flow generation and excellent history of turning research and development spending into blockbuster drugs. Orbital ATK Inc. was roughly flat for the year. The relative underperformance largely reflects a restatement of its Lake City small caliber ammunition contract, which was announced during the third quarter. We continue to like the long term stability of its defense and space business and believe downside is very limited from current levels. Vista Outdoor Inc. fell -17% during the year with the decline concentrated in the back half of the year. While the most recent quarterly results pointed to some improvement in the business, investors continue to worry about elevated promotional activity in the outdoor products segment and lackluster top line results. We are attracted to the solid brand in shooting sports (Federal Premium Ammunition, The Savage Arms Co.) and outdoor products (CamelBak, Camp Chef, Jimmy Styks LLC) and believe downside is limited. Carnival Corporation & Plc. was quite volatile all year. Solid reported results with improvement in bookings and onboard spending were offset by fears of weak global gross domestic product (“GDP”) growth and the potential for excess capacity in some markets. Dollar Tree Inc. (“Dollar Tree”) was quite volatile during the year, but ended basically flat. Concern around weak same store sales at the acquired Family Dollar Stores Inc. (“Family Dollar”) pressured the stock. Longer term, we believe there is significant room for margin expansion at the Family Dollar stores while the legacy Dollar Tree stores should continue to post industry leading results. During the year we established positions in Apple Inc., Citrix Systems Inc. and Spectrum Brands Holdings Inc. and sold ConocoPhillips Co., EMC Corporation, International Business Machines Corp. and MBIA Inc.

U.S. economic data showed marked improvement in the third quarter when real GDP rose 3.5%, which helped drive stocks higher. In addition to the solid economy, some investors are excited about potential changes following a change in leadership. What is clear is the U.S. economy continues to generate moderate growth with a relatively strong labor market. The U.S. consumer, which is 70% of the U.S. GDP, is in good shape, which bodes well for future spending. The U.S. Federal Reserve raised the Fed Funds rate in December 2016 and may continue with rate increases in 2017. However, while interest rates may move higher over the next few months, we believe rates will remain low relative to history for quite some time. Low rates could be a positive for equity market valuations. That said, we note the U.S. is in its eighth year of economic recovery and equity markets are certainly not cheap based on traditional metrics. We will stick to our process and try to reduce the impact of forecast risk on our investment decision making as much as possible. Fortunately, we are still finding high conviction investment ideas with a focus on limiting downside risk in each holding.

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

20

JNL/Van Eck International Gold Fund Van Eck Associates Corporation (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL/Van Eck International Gold Fund

Composition as of December 31, 2016:
Materials	83.4	%
Financials	0.3
Warrants	-
Short Term Investments	16.3
Total Investments	100.0	%

Average Annual Total Returns
1 Year	53.05	%
Since Inception	-15.04
(Inception date September 10, 2012)

For the year ended December 31, 2016, JNL/Van Eck International Gold Fund underperformed its primary benchmark by posting a return of 53.05% compared to 54.67% for the NYSE Arca Gold Miners Index. On a relative basis, the Fund held an underweight position in senior mining firms, which aided performance although its overweight exposure to junior companies detracted.

The overall allocation of the Fund did not change materially during the year. However, the number of positions held by the Fund increased and there are fewer overweight positions. The Fund reduced exposure to royalty companies to rotate into producing companies and increased exposure to large caps and Australian mid-tiers/juniors. At the end of 2016, the Fund was almost fully invested in equities, with cash holdings representing 1.7% of net assets. The Fund held no gold bullion at year end. The Fund employed forward foreign currency contracts during the year, but they did not have a material impact to Fund performance.

Gold stocks outperformed bullion. Phenomenal gains of over 100% in the first half of 2016 were significantly reduced due to the poor performance of the gold stocks as the gold price dropped during the second half of the year. However, 2016 remained a strong year for gold stocks. After the successful turnaround of the sector during the past couple of years, gold mining companies were well positioned to take advantage of 2016’s higher gold price. Lower costs, healthier balance sheets, an improved record of delivering against expectations, and a sharp focus not on growth but on maximizing profits and returns, have allowed gold stocks to reclaim their position as effective investments for leveraged gold exposure.

Among the Fund’s top holdings, B2Gold Corp. outperformed significantly, gaining 132.35% during the year. The market finally rewarded the company for its excellent growth profile as well as for the additional project funding secured by the company and improved production and cost guidance. Goldcorp Inc. underperformed, gaining only 19%, following management changes in early 2016. Those changes came well after the sector wide management rotations of the last couple of years, which sets the company to some extent behind the rest of the industry in its transformation initiatives. However, so far, we see no reason to believe they will not be equally as successful. Goldcorp Inc. has a strong asset base; delivering on expectations should lead to its shares outperforming.

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

21

JNL/WCM Focused International Equity Fund WCM Investment Management (Unaudited)

The graph shows the change in value of an assumed $10,000 investment in the Fund’s shares over the past 10 years, or inception if the inception is less than 10 years, as well as the Fund’s benchmark(s) performance for the same period.

JNL/WCM Focused International Equity Fund

*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

Composition as of December 31, 2016:
Information Technology	19.9	%
Consumer Discretionary	17.2
Consumer Staples	13.7
Health Care	13.3
Industrials	9.9
Financials	9.9
Materials	4.5
Energy	3.4
Short Term Investments	8.2
Total Investments	100.0	%

Average Annual Total Returns*
1 Year	0.12	%
Since Inception	3.05
(Inception date September 16, 2013)

For the year ended December 31, 2016, JNL/WCM Focused International Equity Fund underperformed its benchmark by posting a return of 0.12% compared to 4.50% for the MSCI All Country World ex U.S. Index.

Stock selection overall was negative (primarily due to third and fourth quarters), subtracting about -200 basis points (“bps”) from performance. Notable detractors included materials, health care and energy, while the only noteworthy contributors for the year were consumer discretionary and technology. Allocation was also negative, subtracting about -125 bps. Overweight to health care (the worst performer in the benchmark) and underweight to energy were the notable detractors in this underperformance. From a regional standpoint, allocation was slightly negative (primarily due to the Fund’s overweight to Denmark), while selection subtracted roughly -290 bps despite excellent selection in the United Kingdom.

At year end, exposure to emerging markets was just under 23%, about on par with the benchmark’s weight. The largest overweighted sectors at year end were information technology, health care and consumer discretionary, which were overweight 13%, 7% and 7%, respectively, while our underexposure was to the Fund’s perennially underweighted sectors, namely financials and telecommunications, were underweight -13% and -4%, respectively. As of year end, the Fund held 34 companies, across 8 sectors, in 24 industries, from 21 countries, denominated in 11 different currencies.

Turnover for the year was roughly 22%. New purchases included Accenture Plc, Essilor International SA, Hermes International SA, Ambev SA, Adidas AG and Luxottica Group SPA. Sales included Perrigo Company Plc., Sensata Technologies Inc., Swatch Group AG, Unicharm Corp., ARM Holdings Plc and Novo Nordisk A/S.

Top stock specific detractors were Novo Nordisk A/S (-1.64%), Novozymes A/S (-0.86%), and Perrigo Co. (-0.86%). Top stock specific contributors were Taiwan Semiconductor Manufacturing Co. (1.48%), ARM Holdings plc (1.26%), and Tencent Holdings Ltd. (0.82%).

Past performance is not predicative of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.

22

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†		Value
JNL Tactical ETF Conservative Fund
INVESTMENT COMPANIES 98.5%
	iShares 0-5 Year High Yield Corporate Bond ETF (a)	120	$	5,693
	iShares Core MSCI EAFE ETF (a)	116		6,207
	iShares Core MSCI Emerging Markets ETF (a)	61		2,573
	iShares Core S&P 500 ETF	42		9,522
	iShares Core S&P Mid-Cap ETF (a)	30		4,953
	iShares Core Total U.S. Bond Market ETF	130		13,995
	iShares Edge MSCI USA Value Factor ETF (a)	109		7,652
	iShares Floating Rate Bond ETF (a)	67		3,399
	iShares Intermediate Credit Bond ETF (a)	152		16,487
	iShares MBS ETF	168		17,907
	iShares MSCI USA Quality Factor ETF (a)	44		3,000
	iShares S&P SmallCap 600 Index Fund (a)	14		1,924
	iShares TIPS Bond ETF	59		6,671
	iShares U.S. Financial Services ETF	49		5,174
	iShares U.S. Healthcare ETF (a)	27		3,906
	iShares U.S. Technology ETF (a)	29		3,461
	Total Investment Companies (cost $110,710)		112,524
SHORT TERM INVESTMENTS 17.9%
Investment Companies 1.3%
	JNL Money Market Fund, 0.34% (b) (c)	1,465		1,465
Securities Lending Collateral 16.6%
	Securities Lending Cash Collateral Fund LLC, 0.50% (b) (c)	18,999		18,999
	Total Short Term Investments (cost $20,464)		20,464
Total Investments 116.4% (cost $131,174)				132,988
Other Assets and Liabilities, Net (16.4)%				(18,737)
Total Net Assets 100.0%			$	114,251

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

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

JNL Tactical ETF Moderate Fund
INVESTMENT COMPANIES 99.0%
	iShares 0-5 Year High Yield Corporate Bond ETF (a)	154	$	7,276
	iShares Core MSCI EAFE ETF (a)	437		23,433
	iShares Core MSCI Emerging Markets ETF (a)	257		10,934
	iShares Core S&P 500 ETF	124		27,879
	iShares Core S&P Mid-Cap ETF (a)	88		14,505
	iShares Core Total U.S. Bond Market ETF	184		19,951
	iShares Edge MSCI USA Value Factor ETF (a)	342		23,991
	iShares Floating Rate Bond ETF (a)	71		3,601
	iShares Intermediate Credit Bond ETF	211		22,797
	iShares MBS ETF	243		25,811
	iShares MSCI USA Quality Factor ETF (a)	138		9,529
	iShares S&P SmallCap 600 Index Fund (a)	49		6,805
	iShares TIPS Bond ETF	95		10,796
	iShares U.S. Financial Services ETF	150		15,902
	iShares U.S. Healthcare ETF (a)	74		10,696
	iShares U.S. Technology ETF (a)	82		9,827
	Total Investment Companies (cost $237,841)		243,733
SHORT TERM INVESTMENTS 13.4%
Investment Companies 1.0%
	JNL Money Market Fund, 0.34% (b) (c)	2,498		2,498
Securities Lending Collateral 12.4%
	Securities Lending Cash Collateral Fund LLC, 0.50% (b) (c)	30,449		30,449
	Total Short Term Investments (cost $32,947)		32,947
Total Investments 112.4% (cost $270,788)				276,680
Other Assets and Liabilities, Net (12.4)%				(30,591)
Total Net Assets 100.0%			$	246,089

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

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

		Shares/Par†		Value
JNL Tactical ETF Growth Fund
INVESTMENT COMPANIES 98.6%
	iShares 0-5 Year High Yield Corporate Bond ETF (a)	53	$	2,529
	iShares Core MSCI EAFE ETF (a)	407		21,810
	iShares Core MSCI Emerging Markets ETF (a)	248		10,518
	iShares Core S&P 500 ETF	110		24,752
	iShares Core S&P Mid-Cap ETF	86		14,267
	iShares Core Total U.S. Bond Market ETF	61		6,541
	iShares Edge MSCI USA Value Factor ETF	317		22,234
	iShares Floating Rate Bond ETF (a)	33		1,689
	iShares Intermediate Credit Bond ETF	62		6,740
	iShares MBS ETF (a)	77		8,192
	iShares MSCI USA Quality Factor ETF	141		9,728
	iShares S&P SmallCap 600 Index Fund (a)	45		6,164
	iShares TIPS Bond ETF	45		5,056
	iShares U.S. Financial Services ETF (a)	132		14,069
	iShares U.S. Healthcare ETF (a)	63		9,126
	iShares U.S. Technology ETF (a)	71		8,576
	Total Investment Companies (cost $166,065)		171,991
SHORT TERM INVESTMENTS 15.3%
Investment Companies 1.3%
	JNL Money Market Fund, 0.34% (b) (c)	2,211		2,211
Securities Lending Collateral 14.0%
	Securities Lending Cash Collateral Fund LLC, 0.50% (b) (c)	24,460		24,460
	Total Short Term Investments (cost $26,671)		26,671
Total Investments 113.9% (cost $192,736)				198,662
Other Assets and Liabilities, Net (13.9)%				(24,315)
Total Net Assets 100.0%			$	174,347

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

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

See accompanying Notes to Financial Statements.

23

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
JNL/AQR Risk Parity Fund (a)
GOVERNMENT AND AGENCY OBLIGATIONS 36.6%
France 5.6%
	France Government Inflation Indexed Bond
		2.25%, 07/25/20, EUR (b)	491	$	589
		0.10%, 07/25/21 - 03/01/25, EUR (b)	605		687
		1.10%, 07/25/22, EUR (b)	218		261
		0.25%, 07/25/24, EUR (b)	409		472
				2,009
Germany 5.2%
	Deutsche Bundesrepublik Inflation Indexed Bond
		1.75%, 04/15/20, EUR (b)	551		644
		0.10%, 04/15/23 - 04/15/26, EUR (b)	1,022		1,197
				1,841
United Kingdom 5.2%
	United Kingdom Inflation Indexed Bond
		0.13%, 03/22/24 - 03/22/26, GBP (b)	1,277		1,871
United States of America 20.6%
	U.S. Treasury Inflation Indexed Note
		0.13%, 04/15/20 - 07/15/26 (b)	5,352		5,340
		0.38%, 07/15/25 (b)	836		831
		0.63%, 01/15/26 (b)	1,180		1,190
				7,361
	Total Government And Agency Obligations (cost $13,322)			13,082
			Shares/Par†		Value
SHORT TERM INVESTMENTS 58.7%
Investment Companies 41.3%
	JNL Money Market Fund, 0.34% (c) (d) (e)		6,098		6,098
	JPMorgan U.S. Treasury Plus Money Market Fund - IM Class, 0.00% (d) (e)		8,651		8,651
				14,749
Treasury Securities 17.4%
	U.S. Treasury Bill
		0.35%, 01/26/17 (e)	1,610		1,610
		0.50%, 04/13/17	4,608		4,601
				6,211
	Total Short Term Investments (cost $20,961)			20,960
Total Investments 95.3% (cost $34,283)					34,042
Other Derivative Instruments 0.7%					243
Other Assets and Liabilities, Net 4.0%					1,426
Total Net Assets 100.0%				$	35,711

(a) Consolidated Schedule of Investments.

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

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

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

The following schedules reflect the derivative investments for JNL/AQR Risk Parity Fund at December 31, 2016:

Futures Contracts
Reference Entity	Contracts Long (Short)†	Expiration	Notional1		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
Amsterdam Exchanges Index Future	1	January 2017	EUR	95	$	—	$	2
ASX SPI 200 Index Future	3	March 2017	AUD	414		(2)		6
Australia Commonwealth Treasury Bond Future, 10-Year	11	March 2017	AUD	1,397		1		6
Brent Crude Oil Future ‡	11	April 2017		614		—		19
CAC40 10 Euro Future	4	January 2017	EUR	191		1		4
Canadian Government Bond Future, 10-Year	14	March 2017	CAD	1,945		1		(15)
Cocoa Future ‡	2	March 2017		53		(1)		(11)
Coffee 'C' Future ‡	3	March 2017		175		2		(21)
Corn Future ‡	22	March 2017		386		2		1
Cotton No. 2 Future ‡	3	March 2017		102		—		4
Euro Stoxx 50 Future	18	March 2017	EUR	578		3		12
Euro-Bund Future	62	March 2017	EUR	10,082		(29)		98
Feeder Cattle Future ‡	1	March 2017		59		(1)		4
FTSE 100 Index Future	9	March 2017	GBP	620		—		18
FTSE/JSE Top 40 Index Future	8	March 2017	ZAR	3,591		(1)		(3)
German Stock Index Future	1	March 2017	EUR	281		1		5
Gold 100 oz. Future ‡	8	February 2017		1,036		(5)		(115)
Hang Seng China Enterprises Index Future	1	January 2017	HKD	460		—		1
IBEX 35 Index Future	1	January 2017	EUR	92		—		1
Japanese Government Bond Future, 10-Year	4	March 2017	JPY	600,657		—		2
KCBT Wheat Future ‡	1	March 2017		21		—		—
KOSPI 200 Future	2	March 2017	KRW	252,975		—		6
Lean Hogs Future ‡	6	February 2017		129		4		30
Live Cattle Future ‡	8	February 2017		337		(6)		34
LME Aluminum Future ‡	9	March 2017		380		29		—
LME Copper Future ‡	5	March 2017		604		65		88
LME Lead Future ‡	1	March 2017		51		—		—
LME Nickel Future ‡	2	March 2017		126		(11)		(6)
LME Zinc Future ‡	3	March 2017		173		22		20
Low Sulphur Gas Oil Future ‡	5	March 2017		245		(1)		9
MSCI Taiwan Index Future	1	January 2017		34		—		—
Natural Gas Future ‡	6	March 2017		214		(4)		7
NY Harbor ULSD Future ‡	3	March 2017		210		1		9
RBOB Gasoline Future ‡	4	March 2017		264		(1)		19
Russell 2000 Mini Index Future	10	March 2017		691		(3)		(12)
S&P 500 E-Mini Index Future	65	March 2017		7,314		(29)		(46)
S&P MidCap 400 E-Mini Index Future	5	March 2017		843		(3)		(13)
S&P/Toronto Stock Exchange 60 Index Future	2	March 2017	CAD	359		(3)		—
SGX Nifty 50 Index Future	10	January 2017		160		1		3
Silver Future ‡	3	March 2017		278		(3)		(38)

See accompanying Notes to Financial Statements.

24

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

Futures Contracts (continued)
Reference Entity	Contracts Long (Short)†	Expiration	Notional1		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
Soybean Future ‡	8	March 2017		403		(3)		(1)
Soybean Meal Future ‡	5	March 2017		158		(1)		—
Soybean Oil Future ‡	7	March 2017		159		(1)		(13)
Sugar #11 (World Markets) Future ‡	12	March 2017		279		—		(17)
Tokyo Price Index Future	8	March 2017	JPY	117,952		2		31
U.K. Long Gilt Future	15	March 2017	GBP	1,852		(1)		44
U.S. Treasury Note Future, 10-Year	173	March 2017		21,591		59		(90)
Wheat Future ‡	10	March 2017		210		2		(6)
WTI Crude Oil Future ‡	14	March 2017		751		(1)		14
					$	86	$	90

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value			Unrealized Appreciation (Depreciation)
BRL/USD	CIT	03/15/17	BRL	2,100		$	633		$	33
CHF/USD	CIT	03/15/17	CHF	8			8			—
CNH/USD	CIT	03/15/17	CNH	1,200			169			(4)
CNH/USD	CIT	03/15/17	CNH	200			28			—
EUR/USD	CIT	01/03/17	EUR	100			105			1
HKD/USD	CIT	01/04/17	HKD	19			2			—
HKD/USD	CIT	03/15/17	HKD	224			30			—
HUF/USD	CIT	01/03/17	HUF	3,200			11			—
HUF/USD	CIT	03/16/17	HUF	16,039			55			(1)
HUF/USD	CIT	03/16/17	HUF	101,761			347			—
INR/USD	CIT	03/15/17	INR	6,492			95			(1)
INR/USD	CIT	03/15/17	INR	21,908			320			1
KRW/USD	CIT	03/15/17	KRW	848,574			702			(22)
KRW/USD	CIT	03/15/17	KRW	159,425			132			—
MXN/USD	CIT	01/03/17	MXN	600			29			—
MXN/USD	CIT	03/15/17	MXN	17,000			812			3
PLN/USD	CIT	01/03/17	PLN	100			24			—
PLN/USD	CIT	03/15/17	PLN	2,600			621			3
TRY/USD	CIT	03/15/17	TRY	2,800			782			(15)
TRY/USD	CIT	03/15/17	TRY	200			56			—
USD/CHF	CIT	03/15/17	CHF	(31)			(31)			—
USD/EUR	CIT	01/03/17	EUR	(100)			(105)			(1)
USD/EUR	CIT	03/15/17	EUR	(300)			(318)			(3)
USD/EUR	CIT	03/15/17	EUR	(5,803)			(6,131)			87
USD/GBP	CIT	03/15/17	GBP	(1,517)			(1,873)			33
USD/HKD	CIT	03/15/17	HKD	(468)			(60)			—
USD/HUF	CIT	01/03/17	HUF	(3,200)			(11)			—
USD/MXN	CIT	01/03/17	MXN	(600)			(29)			—
USD/PLN	CIT	01/03/17	PLN	(100)			(24)			—
ZAR/USD	CIT	03/15/17	ZAR	5,401			388			3
						$	(3,233)		$	117

OTC Total Return Swap Agreements
Reference Entity	Counterparty	Rate Paid/Received by Fund	Expiration	Notional1		Unrealized Appreciation (Depreciation)
Total return swap agreements - receiving return
FUTURES
Bovespa Index Future, Expiration February 2017	BOA	N/A	02/15/17	BRL	916	$	—
Hang Seng China Enterprises Index Future, Expiration January 2017	BOA	N/A	01/31/17	HKD	5,055		14
Hang Seng Index Future, Expiration January 2017	BOA	N/A	01/31/17	HKD	1,076		3
KOSPI 200 Future, Expiration March 2017	BOA	N/A	03/10/17	KRW	124,746		4
MSCI Taiwan Index Future, Expiration January 2017	BOA	N/A	01/23/17		305		4
SGX Nifty 50 Index Future, Expiration January 2017	BOA	N/A	01/25/17		128		4
Swiss Market Index Future, Expiration March 2017	BOA	N/A	03/17/17	CHF	400		9
Hang Seng China Enterprises Index Future, Expiration January 2017	GSC	N/A	01/31/17	HKD	1,838		5
MSCI Taiwan Index Future, Expiration January 2017	GSC	N/A	01/23/17		102		1
SGX Nifty 50 Index Future, Expiration January 2017	GSC	N/A	01/25/17		16		—
						$	44

¹Notional amount is stated in USD unless otherwise noted.

‡All or a portion of the derivative instrument is held in the respective subsidiary. See Significant Accounting Policies, Basis of Consolidation in the Notes to the Financial Statements.

See accompanying Notes to Financial Statements.

25

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
JNL/BlackRock Global Long Short Credit Fund * (a)
COMMON STOCKS 0.7%
Israel 0.0%
	Other Securities				164
Italy 0.1%
	Other Securities				231
United States of America 0.6%
	Other Securities				2,192
	Total Common Stocks (cost $2,558)			2,587
INVESTMENT COMPANIES 0.4%
United States of America 0.4%
	iShares 20+ Year Treasury Bond ETF (b)		7		846
	Other Securities				474
	Total Investment Companies (cost $1,301)			1,320
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.1%
Australia 0.3%
	Other Securities				929
Canada 0.6%
	Air Canada Pass-Through Trust
		Series 2013-C-1, 6.63%, 05/15/18 (c)	350		363
		Series 2013-1B, 5.38%, 05/15/21 (c)	331		339
		Series 2015-B-2, 5.00%, 12/15/23 (c)	1,525		1,525
				2,227
Cayman Islands 0.8%
	ALM VI Ltd.
		Series 2012-CR-6A, 4.63%, 07/15/26 (c) (d)	250		245
	Other Securities				2,901
				3,146
Ireland 1.2%
	Avoca CLO XIII Ltd.
		Series E-13X, 5.18%, 12/29/27, EUR (d) (e)	250		248
	Avoca CLO XIV Ltd.
		Series SUB-14X, 0.00%, 07/12/28, EUR (e) (f)	400		385
		Series E-14X, 4.75%, 07/12/28, EUR (d) (e)	200		192
		Series F-14X, 5.75%, 07/12/28, EUR (d) (e)	300		257
	Avoca CLO XV Ltd.
		Series M1-15X, 0.00%, 01/15/29, EUR (d) (e)	500		482
		Series E-15X, 5.00%, 01/15/29, EUR (d) (e)	490		471
		Series F-15X, 6.75%, 01/15/29, EUR (d) (e)	230		199
	Avoca CLO XVII DAC
		Series E-17X, 5.95%, 01/15/30, EUR (d) (e)	179		181
	Sorrento Park CLO Ltd.
		Series E-1X, 5.94%, 11/16/27, EUR (d) (e)	250		222
	Other Securities				1,687
				4,324
Italy 0.1%
	Other Securities				450
Luxembourg 0.4%
	Other Securities				1,390
Netherlands 1.6%
	North Westerly CLO IV BV
		Series IV-SUB-X, 0.00%, 01/15/26, EUR (d) (e)	528		395
		Series IV-A-1-X, 1.26%, 01/15/26, EUR (d) (e)	1,950		2,057
	Other Securities				3,451
				5,903
Norway 0.3%
	Other Securities				1,301
Turkey 0.2%
	Other Securities				824
United Arab Emirates 0.2%
	Other Securities				784
United Kingdom 0.1%
	Other Securities				500
United States of America 6.3%
	American Airlines Pass-Through Trust
		Series 2013-C-2, 6.00%, 01/15/17 (c)	2,290		2,290
		Series 2013-1C, 6.13%, 07/15/18 (c)	1,750		1,803
		Series 2001-A-1-1, 6.98%, 05/23/21	605		611
			Shares/Par†		Value
	OneMain Financial Issuance Trust
		Series 2014-A-1A, 2.43%, 08/18/17 (c)	165		165
	US Airways Pass-Through Trust
		Series 2012-C-2, 5.45%, 06/03/18	2,700		2,686
		Series 2012-B-1, 8.00%, 10/01/19	174		193
		Series 2012-B-2, 6.75%, 06/03/21	559		608
		Series 2013-B-1, 5.38%, 11/15/21	1,417		1,502
	Other Securities				13,670
				23,528
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $47,155)			45,306
CORPORATE BONDS AND NOTES 51.0%
Australia 0.6%
	Westpac Banking Corp.
		4.32%, 11/23/31 (d) (g)	2,400		2,395
Belgium 0.1%
	Other Securities				445
Brazil 0.1%
	Other Securities				235
Canada 2.4%
	Cenovus Energy Inc.
		5.70%, 10/15/19	3,867		4,135
	Other Securities				4,786
				8,921
France 1.2%
	BNP Paribas Cardif SA
		4.03%, (callable at 100 beginning 11/25/25), EUR (e) (h)	500		522
	Other Securities				4,058
				4,580
Germany 2.9%
	Aroundtown Property Holdings Plc
		3.00%, 05/05/20, EUR (e) (g)	1,300		1,754
	ATF Netherlands BV
		2.13%, 03/13/23, EUR (e)	700		733
	Deutsche Bank AG
		4.25%, 10/14/21 (c)	2,000		2,006
	HSH Nordbank AG
		7.25%, (callable at 100 beginning 03/30/17) (h)	2,364		563
		0.49%, 02/14/17, EUR (d)	1,208		1,257
		0.53%, 02/14/17, EUR (d) (e)	544		567
	Unitymedia Hessen GmbH & Co. KG
		5.63%, 04/15/23, EUR (e)	80		90
		4.00%, 01/15/25, EUR (e)	655		717
		3.50%, 01/15/27, EUR (e)	600		619
		6.25%, 01/15/29, EUR (e)	400		465
	Other Securities				1,945
				10,716
Ireland 0.9%
	Other Securities				3,242
Italy 1.9%
	Intesa Sanpaolo SpA
		7.00%, (callable at 100 beginning 01/19/21), EUR (e) (h)	725		753
		6.63%, 09/13/23, EUR (e)	810		1,009
		3.93%, 09/15/26, EUR (e)	650		704
	UniCredit SpA
		9.25%, (callable at 100 beginning 06/03/22), EUR (e) (h)	250		278
		6.95%, 10/31/22, EUR (e)	620		749
		5.75%, 10/28/25, EUR (e)	1,535		1,707
	Other Securities				2,026
				7,226
Jersey 0.1%
	Enterprise Funding Ltd.
		3.50%, 09/10/20, GBP (e) (g)	200		237
Luxembourg 0.7%
	Other Securities				2,746
Netherlands 0.2%
	Other Securities				646

See accompanying Notes to Financial Statements.

26

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
Portugal 0.3%
	Other Securities				1,100
Spain 1.9%
	Banco Popular Espanol SA
		8.25%, (callable at 100 beginning 04/10/20), EUR (e) (h)	200		185
		11.50%, (callable at 100 beginning 10/10/18), EUR (e) (h)	600		632
	Banco Santander SA
		6.25%, (callable at 100 beginning 03/12/19), EUR (e) (g) (h)	2,000		1,968
	BPE Financiaciones SA
		2.00%, 02/03/20, EUR (e)	1,200		1,262
	Santander Issuances SAU
		3.25%, 04/04/26, EUR (e)	400		429
	Other Securities				2,761
				7,237
Switzerland 0.6%
	Credit Suisse Group AG
		6.25%, (callable at 100 beginning 12/18/24) (c) (h)	400		389
	Other Securities				2,027
				2,416
United Kingdom 3.7%
	Unique Pub Finance Co. Plc
		7.40%, 03/30/24, GBP (e)	195		249
		5.66%, 06/30/27, GBP	1,078		1,396
		6.46%, 03/30/32, GBP (e)	491		532
	Virgin Media Receivables Financing Notes I DAC
		5.50%, 09/15/24, GBP (e)	450		553
	Virgin Media Secured Finance Plc
		5.50%, 01/15/25, GBP (e)	180		229
		4.88%, 01/15/27, GBP (e)	400		483
		6.25%, 03/28/29, GBP (e)	605		780
	Other Securities				9,514
				13,736
United States of America 33.4%
	21st Century Fox America Inc.
		3.38%, 11/15/26 (c)	1,000		979
		4.75%, 11/15/46 (c)	1,450		1,451
	Abbott Laboratories
		2.90%, 11/30/21	1,500		1,496
		3.40%, 11/30/23	1,000		995
		3.75%, 11/30/26	1,500		1,489
	Actavis Funding SCS
		4.55%, 03/15/35	990		978
		4.85%, 06/15/44	990		980
		4.75%, 03/15/45	2,000		1,960
	Alere Inc.
		6.50%, 06/15/20	1,375		1,354
		6.38%, 07/01/23 (c)	955		949
	Allstate Corp.
		3.28%, 12/15/26	1,450		1,453
		4.20%, 12/15/46	1,450		1,477
	American Airlines Group Inc.
		4.63%, 03/01/20 (c)	515		521
	Amgen Inc.
		1.85%, 08/19/21	1,485		1,429
		2.60%, 08/19/26	1,485		1,364
		4.40%, 05/01/45	1,475		1,413
	AT&T Inc.
		0.00%, 11/27/22 (c) (f)	3,000		2,393
		4.13%, 02/17/26	1,000		1,011
	Bank of America Corp.
		6.10%, (callable at 100 beginning 03/17/25) (h)	1,000		1,006
		6.50%, (callable at 100 beginning 10/23/24) (h)	1,500		1,568
	Blackstone CQP Holdco LP
		9.30%, 03/31/19 (e) (i)	716		722
	CF Industries Inc.
		3.40%, 12/01/21 (c)	1,500		1,483
		4.50%, 12/01/26 (c)	1,500		1,472
		5.38%, 03/15/44	1,200		990
	Charter Communications Operating LLC
		4.91%, 07/23/25	2,975		3,132
			Shares/Par†		Value
	Citigroup Inc.
		4.75%, 05/18/46	1,900		1,898
	Cox Communications Inc.
		3.25%, 12/15/22 (c)	639		622
		2.95%, 06/30/23 (c)	952		895
		3.35%, 09/15/26 (c)	1,915		1,826
	DJO Finco LLC
		8.13%, 06/15/21 (c)	198		172
	Energy Transfer Partners LP
		6.50%, 02/01/42	903		974
		5.95%, 10/01/43	505		520
		6.13%, 12/15/45	2,320		2,464
	Goldman Sachs Group Inc.
		2.64%, 10/28/27 (d)	4,400		4,485
		5.15%, 05/22/45	1,900		1,994
	Halliburton Co.
		5.00%, 11/15/45	1,900		2,057
	Herc Spinoff Escrow Issuer LLC
		7.50%, 06/01/22 (c)	1,405		1,481
		7.75%, 06/01/24 (c)	650		683
	Hess Corp.
		5.80%, 04/01/47	2,500		2,590
	Hilton Worldwide Finance LLC
		5.63%, 10/15/21	425		439
	JPMorgan Chase & Co.
		6.10%, (callable at 100 beginning 10/01/24) (h)	1,000		1,012
	JPMorgan Chase Capital XXIII
		1.91%, 05/15/47 (d)	4,800		3,962
	LGE HoldCo VI BV
		7.13%, 05/15/24, EUR (e)	570		681
	Micron Technology Inc.
		5.25%, 08/01/23 (c)	1,945		1,952
		7.50%, 09/15/23 (c)	1,015		1,124
	Prime Security Services Borrower LLC
		9.25%, 05/15/23 (c)	1,483		1,615
	Qorvo Inc.
		6.75%, 12/01/23	1,010		1,111
		7.00%, 12/01/25	1,156		1,280
	RegionalCare Hospital Partners Holdings Inc.
		8.25%, 05/01/23 (c)	98		98
	Time Warner Cable Inc.
		5.00%, 02/01/20	1,221		1,295
		5.88%, 11/15/40	1,485		1,581
	Wells Fargo & Co.
		4.75%, 12/07/46	3,300		3,331
	Western Digital Corp.
		7.38%, 04/01/23 (c)	1,344		1,478
		10.50%, 04/01/24 (c)	1,719		2,033
	Williams Cos. Inc.
		5.75%, 06/24/44	950		922
	Williams Partners LP
		4.90%, 01/15/45	1,000		923
		5.10%, 09/15/45	629		597
	Other Securities				43,130
				125,290
	Total Corporate Bonds And Notes (cost $197,048)			191,168
VARIABLE RATE SENIOR LOAN INTERESTS 17.8% (d)
Austria 0.2%
	Other Securities				792
Canada 0.0%
	Other Securities				7
Cayman Islands 1.2%
	Avago Technologies Cayman Ltd.
		Term Loan B-3, 3.70%, 02/01/23	4,390		4,451
France 0.7%
	Other Securities				2,427
Germany 0.2%
	Other Securities				830
Luxembourg 0.7%
	Other Securities				2,589

See accompanying Notes to Financial Statements.

27

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
Netherlands 1.1%
	NXP BV
		Term Loan F, 3.36%, 12/07/20	3,119		3,133
	Other Securities				1,103
				4,236
Spain 0.2%
	Other Securities				687
United Kingdom 0.5%
	Other Securities				1,932
United States of America 13.0%
	Alere Inc.
		Term Loan B, 4.25%, 06/15/22	1,483		1,481
	Catalent Pharma Solutions Inc.
		Term Loan B, 4.25%, 04/30/21	191		192
	Charter Communications Operating LLC
		Term Loan I, 3.50%, 01/24/23	403		405
	Dell Inc.
		Term Loan B, 4.00%, 06/02/23	2,325		2,363
	DJO Finance LLC
		Term Loan, 4.25%, 06/08/20	198		189
	Gates Global Inc.
		Term Loan B, 4.25%, 07/03/21	535		535
	Micron Technology Inc.
		Term Loan, 4.36%, 04/15/22	1,095		1,111
	Pinnacle Foods Finance LLC
		Term Loan G, 3.00%, 04/15/20	432		436
	Prime Security Services Borrower LLC
		Incremental Term Loan B-1, 4.75%, 04/21/22	806		816
	Rexnord LLC
		Term Loan B, 4.00%, 08/15/20	189		190
	Western Digital Corp.
		Term Loan B-1, 4.50%, 04/29/23	1,588		1,612
	Other Securities				39,245
				48,575
	Total Variable Rate Senior Loan Interests (cost $66,673)			66,526
GOVERNMENT AND AGENCY OBLIGATIONS 2.2%
Argentina 0.1%
	Other Securities				453
Belarus 0.0%
	Other Securities				103
Brazil 0.4%
	Other Securities				1,609
Cote D'Ivoire 0.0%
	Other Securities				91
Croatia 0.1%
	Other Securities				452
Greece 0.2%
	Other Securities				642
			Shares/Par†		Value
Hungary 0.1%
	Other Securities				349
Indonesia 0.1%
	Other Securities				483
Portugal 0.2%
	Other Securities				701
Russian Federation 0.3%
	Other Securities				1,038
Serbia 0.3%
	Other Securities				950
United States of America 0.4%
	Other Securities				1,306
Venezuela 0.0%
	Other Securities				173
	Total Government And Agency Obligations (cost $8,622)			8,350
SHORT TERM INVESTMENTS 32.3%
Investment Companies 9.3%
	JNL Money Market Fund, 0.34% (b) (j)		34,900		34,900
Repurchase Agreements 23.0%
	Repurchase Agreements (k)				86,080
	Total Short Term Investments (cost $121,049)			120,980
Total Investments 116.5% (cost $444,406)				436,237
Total Securities Sold Short(22.6)% (proceeds $84,927)				(84,610)
Total Purchased Options 0.2% (cost $716)				736
Other Derivative Instruments (0.4)%				(1,405)
Other Assets and Liabilities, Net 6.3%				23,551
Total Net Assets 100.0%				$	374,509

(a) The Fund had an unfunded commitment at December 31, 2016. See Unfunded Commitments in the Notes to Financial Statements.

(b) Investment in affiliate.

(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 December 31, 2016, the net value and the percentage of net assets of these liquid securities was $67,332 and 18.0%, respectively.

(d) The security or securities in this category have a variable rate. Rate stated was in effect as of December 31, 2016.

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

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

(g) Convertible security.

(h) Perpetual security.

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

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

(k) For repurchase agreements held at December 31, 2016, see Repurchase Agreements in these Schedules of Investments.

			Shares/Par†		Value
SECURITIES SOLD SHORT (22.6%)
CORPORATE BONDS AND NOTES (13.6%)
Belgium (0.4%)
	Anheuser-Busch InBev Finance Inc.
		4.90%, 02/01/46	(1,425)	$	(1,542)
China (0.1%)
	Bank of Communications Co. Ltd.
		5.00%, (callable at 100 beginning 07/29/20) (a) (b) (c)	(200)		(205)
	Industrial & Commercial Bank of China Ltd.
		6.00%, (callable at 100 beginning 12/10/19) (a) (b) (c)	(200)		(211)
				(416)
Germany (0.1%)
	Deutsche Bank AG
		7.50%, (callable at 100 beginning 04/30/25) (b)	(200)		(184)
			Shares/Par†		Value
Israel (0.6%)
	Teva Pharmaceutical Finance Netherlands III BV
		3.15%, 10/01/26	(600)		(555)
		4.10%, 10/01/46	(2,000)		(1,724)
				(2,279)
Switzerland (0.3%)
	Novartis Capital Corp.
		4.00%, 11/20/45	(1,100)		(1,113)
	Syngenta Finance NV
		1.88%, 11/02/21, EUR (a)	(100)		(112)
				(1,225)
United States of America (12.1%)
	AbbVie Inc.
		4.45%, 05/14/46	(945)		(910)
	AECOM
		5.88%, 10/15/24	(340)		(366)
	Ally Financial Inc.
		5.13%, 09/30/24	(250)		(256)

See accompanying Notes to Financial Statements.

28

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

				Shares/Par†		Value
	Anadarko Petroleum Corp.
		6.60%, 03/15/46		(400)		(496)
	Baxalta Inc.
		5.25%, 06/23/45		(475)		(508)
	CBS Corp.
		2.90%, 01/15/27		(950)		(884)
	CDW LLC
		5.50%, 12/01/24		(160)		(165)
	Celgene Corp.
		3.88%, 08/15/25		(1,000)		(1,017)
	Citigroup Inc.
		6.13%, (callable at 100 beginning 11/15/20) (b)		(1,500)		(1,556)
	CVS Health Corp.
		5.13%, 07/20/45		(1,900)		(2,130)
	Enterprise Products Operating LLC
		3.95%, 02/15/27		(1,000)		(1,027)
	Express Scripts Holding Co.
		4.80%, 07/15/46		(1,422)		(1,369)
	Exxon Mobil Corp.
		3.04%, 03/01/26		(1,250)		(1,249)
		4.11%, 03/01/46		(1,250)		(1,284)
	Ford Motor Credit Co. LLC
		4.39%, 01/08/26		(800)		(813)
	Goldman Sachs Group Inc.
		3.75%, 02/25/26		(2,859)		(2,874)
	Infor US Inc.
		6.50%, 05/15/22		(350)		(368)
	JC Penney Corp. Inc.
		5.88%, 07/01/23 (d)		(1,250)		(1,295)
	JPMorgan Chase & Co.
		6.75%, (callable at 100 beginning 02/01/24) (b)		(937)		(1,012)
		2.30%, 08/15/21		(2,800)		(2,749)
		4.13%, 12/15/26		(1,400)		(1,433)
	Kennametal Inc.
		3.88%, 02/15/22		(38)		(37)
	Kinder Morgan Inc.
		4.30%, 06/01/25		(1,500)		(1,548)
	Lifepoint Health Inc.
		5.50%, 12/01/21		(510)		(531)
	Merck & Co. Inc.
		3.70%, 02/10/45		(1,100)		(1,052)
	Morgan Stanley
		5.45%, (callable at 100 beginning 07/15/19) (b)		(1,500)		(1,489)
		5.55%, (callable at 100 beginning 07/15/20) (b)		(389)		(394)
		3.88%, 01/27/26		(1,400)		(1,418)
		3.13%, 07/27/26		(1,425)		(1,365)
	Mylan NV
		5.25%, 06/15/46 (d)		(1,425)		(1,321)
	Philip Morris International Inc.		��
		2.75%, 02/25/26		(2,485)		(2,391)
				Shares/Par†		Value
	QUALCOMM Inc.
		3.45%, 05/20/25		(1,170)		(1,191)
	Seagate HDD Cayman
		4.75%, 06/01/23		(750)		(744)
	Target Corp.
		4.00%, 07/01/42		(1,667)		(1,666)
	United Rentals North America Inc.
		5.88%, 09/15/26		(410)		(426)
	Verizon Communications Inc.
		2.63%, 08/15/26		(1,500)		(1,384)
		4.86%, 08/21/46		(1,400)		(1,427)
	Wells Fargo & Co.
		2.10%, 07/26/21		(2,800)		(2,726)
	Welltower Inc.
		4.00%, 06/01/25		(544)		(557)
					(45,428)
	Total Corporate Bonds And Notes (proceeds $51,499)				(51,074)
GOVERNMENT AND AGENCY OBLIGATIONS (9.0%)
Ecuador (0.1%)
	Ecuador Government International Bond
		7.95%, 06/20/24 (a)		(200)		(193)
France (1.8%)
	France Government Bond OAT
		2.25%, 10/25/22, EUR		(5,700)		(6,819)
United States of America (7.1%)
	U.S. Treasury Bond
		2.25%, 08/15/46		(14,488)		(12,152)
	U.S. Treasury Note
		1.00%, 11/30/18		(740)		(738)
		1.00%, 11/15/19		(4,365)		(4,311)
		1.75%, 11/30/21		(1,331)		(1,320)
		1.63%, 10/31/23		(4,155)		(3,994)
		2.13%, 11/30/23		(1,100)		(1,092)
		1.50%, 08/15/26		(500)		(459)
		2.00%, 11/15/26		(2,558)		(2,458)
					(26,524)
	Total Government And Agency Obligations (proceeds $33,428)				(33,536)
	Total Securities Sold Short (22.6%) (proceeds $84,927)				$	(84,610)

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

(b) Perpetual security.

(c) Convertible security.

(d) 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 December 31, 2016, the net value and the percentage of net assets of these liquid securities was $67,332 and 18.0%, respectively.

Repurchase Agreements

Counter-party	Collateral	Collateral Par†		Collateral Value		Rate			Settlement		Maturity		Proceeds at Maturity		Par†			Value
APS	AbbVie Inc., 4.45%, due 05/14/46		945	$	910	0.05	%	12/12/16		Open		$		874		874	$		874
APS	Baxalta Inc., 5.25%, due 06/23/45		475		508	0.05		12/12/16		Open				499		499			499
APS	Express Scripts Holding Co., 4.80%, due 07/15/46		1,422		1,369	0.05		12/12/16		Open				1,337		1,337			1,337
APS	U.S. Treasury Note, 2.13%, due 11/30/23		1,100		1,092	(0.75)		12/30/16		01/03/17				1,092		1,092			1,092
APS	U.S. Treasury Note, 1.50%, due 08/15/26		500		459	0.05		12/30/16		01/03/17				461		461			461
BBP	Deutsche Bank AG, 7.50%, perpetual		200		184	(1.50)		11/25/16		Open				176		176			176
BBP	France Government Bond OAT, 2.25%, due 10/25/22	EUR	2,000	EUR	2,273	(0.85)		11/30/16		Open				2,404		2,284			2,404
BCL	Citigroup Inc., 6.13%, perpetual		808		838	(0.10)		12/15/16		Open				837		837			837
BCL	CVS Health Corp., 5.13%, due 07/20/45		473		530	0.25		12/15/16		Open				524		524			524
BCL	Exxon Mobil Corp., 3.04%, due 03/01/26		1,250		1,249	0.25		12/15/16		Open				1,248		1,248			1,248
BCL	Exxon Mobil Corp., 4.11%, due 03/01/46		1,250		1,284	0.25		12/15/16		Open				1,263		1,263			1,263
BCL	Infor US Inc., 6.50%, due 05/15/22		350		368	0.25		12/15/16		Open				366		366			366
BCL	JPMorgan Chase & Co., 6.75%, perpetual		937		1,012	0.25		12/14/16		Open				1,030		1,030			1,030
BCL	JPMorgan Chase & Co., 2.30%, due 08/15/21		2,800		2,749	0.25		12/16/16		Open				2,744		2,744			2,744

See accompanying Notes to Financial Statements.

29

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

Counter-party	Collateral	Collateral Par†		Collateral Value		Rate		Settlement		Maturity	Proceeds at Maturity		Par†		Value
BCL	Philip Morris International Inc., 2.75%, due 02/25/26		2,485		2,391	0.15	12/15/16		Open			2,386		2,386		2,386
BCL	Seagate HDD Cayman, 4.75%, due 06/01/23		750		744	0.25	12/15/16		Open			741		741		741
BCL	Wells Fargo & Co., 2.10%, due 07/26/21		2,800		2,726	0.25	12/20/16		Open			2,730		2,730		2,730
BNP	U.S. Treasury Bond, 2.25%, due 08/15/46		8,753		7,342	(1.75)	12/30/16		01/03/17			7,386		7,386		7,386
CGM	AECOM, 5.88%, due 10/15/24		340		366	0.00	11/03/16		Open			380		380		380
CGM	Ally Financial Inc., 5.13%, due 09/30/24		250		256	(0.50)	11/17/16		Open			253		253		253
CGM	Anadarko Petroleum Corp., 6.60%, due 03/15/46		400		496	0.05	11/07/16		Open			483		483		483
CGM	Anheuser-Busch InBev Finance Inc., 4.90%, due 02/01/46		1,425		1,542	0.10	11/16/16		Open			1,571		1,571		1,571
CGM	Bank of Communications Co. Ltd., 5.00%, perpetual		200		205	(3.00)	11/25/16		Open			217		217		217
CGM	Citigroup Inc., 6.13%, perpetual		692		718	(0.30)	12/12/16		Open			717		717		717
CGM	CVS Health Corp., 5.13%, due 07/20/45		1,427		1,600	0.05	11/14/16		Open			1,741		1,741		1,741
CGM	Enterprise Products Operating LLC, 3.95%, due 02/15/27		1,000		1,027	0.00	12/28/16		Open			1,025		1,025		1,025
CGM	Ford Motor Credit Co. LLC, 4.39%, due 01/08/26		800		813	0.10	11/18/16		Open			853		853		853
CGM	JPMorgan Chase & Co., 4.13%, due 12/15/26		1,400		1,433	0.05	10/06/16		Open			1,523		1,522		1,523
CGM	Kennametal Inc., 3.88%, due 02/15/22		38		37	0.00	01/12/16		Open			38		38		38
CGM	Kinder Morgan Inc., 4.30%, due 06/01/25		1,500		1,548	(0.62)	12/09/16		Open			1,528		1,528		1,528
CGM	Merck & Co. Inc., 3.70%, due 02/10/45		1,100		1,052	0.10	03/22/16		Open			1,066		1,066		1,066
CGM	Morgan Stanley, 5.45%, perpetual		1,500		1,489	0.10	12/12/16		Open			1,504		1,504		1,504
CGM	Morgan Stanley, 3.88%, due 01/27/26		1,400		1,418	0.10	10/06/16		Open			1,493		1,493		1,493
CGM	Morgan Stanley, 3.13%, due 07/27/26		1,425		1,365	0.10	11/14/16		Open			1,398		1,398		1,398
CGM	Mylan NV, 5.25%, due 06/15/46		1,425		1,321	0.10	11/04/16		Open			1,493		1,493		1,493
CGM	Novartis Capital Corp., 4.00%, due 11/20/45		1,100		1,113	0.10	03/21/16		Open			1,163		1,163		1,163
CGM	QUALCOMM Inc., 3.45%, due 05/20/25		1,170		1,191	0.10	03/16/16		Open			1,209		1,209		1,209
CGM	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26		300		278	0.10	11/04/16		Open			291		291		291
CGM	Verizon Communications Inc., 4.86%, due 08/21/46		1,400		1,427	0.10	10/06/16		Open			1,554		1,554		1,554
CSI	U.S. Treasury Note, 1.75%, due 11/30/21		1,331		1,320	(2.50)	12/30/16		01/03/17			1,321		1,321		1,321
CSI	Verizon Communications Inc., 2.63%, due 08/15/26		1,500		1,384	0.10	11/04/16		Open			1,446		1,446		1,446
DUB	France Government Bond OAT, 2.25%, due 10/25/22	EUR	1,700	EUR	1,932	(0.70)	12/08/16		Open			2,028		1,926		2,028
DUB	U.S. Treasury Bond, 2.25%, due 08/15/46		5,735		4,810	0.20	11/03/16		Open			5,369		5,369		5,369
DUB	U.S. Treasury Note, 1.00%, due 11/30/18		740		738	(3.50)	12/30/16		01/03/17			738		738		738
DUB	U.S. Treasury Note, 2.00%, due 11/15/26		2,558		2,458	(1.50)	12/30/16		01/03/17			2,459		2,459		2,459
JPM	Ecuador Government International Bond, 7.95%, due 06/20/24		200		193	(0.50)	12/15/16		02/03/17			206		206		206
JPM	France Government Bond OAT, 2.25%, due 10/25/22	EUR	2,000	EUR	2,273	(1.50)	12/01/16		Open			2,393		2,273		2,393
JPM	Industrial & Commercial Bank of China Ltd., 6.00%, perpetual		200		211	(0.50)	12/15/16		02/03/17			220		220		220
JPM	Syngenta Finance NV, 1.88%, due 11/02/21	EUR	100	EUR	107	(1.05)	10/18/16		Open			119		113		119
JPM	U.S. Treasury Note, 1.00%, due 11/15/19		3,465		3,422	0.25	11/23/16		Open			3,430		3,430		3,430
JPM	U.S. Treasury Note, 1.63%, due 10/31/23		4,155		3,994	0.10	12/13/16		Open			3,999		3,999		3,999
MLP	Morgan Stanley, 5.55%, perpetual		389		394	(0.38)	07/14/16		Open			393		393		393
MLP	U.S. Treasury Note, 1.00%, due 11/15/19		900		889	0.05	12/30/16		01/03/17			890		890		890
RBC	CBS Corp., 2.90%, due 01/15/27		950		884	0.15	12/13/16		Open			884		884		884
RBC	CDW LLC, 5.50%, due 12/01/24		160		165	0.15	11/10/16		Open			170		170		170
RBC	Celgene Corp., 3.88%, due 08/15/25		1,000		1,017	0.15	11/18/16		Open			1,030		1,030		1,030
RBC	Goldman Sachs Group Inc., 3.75%, due 02/25/26		2,859		2,874	0.40	12/16/16		Open			2,873		2,873		2,873
RBC	JC Penney Corp. Inc., 5.88%, due 07/01/2023		1,250		1,295	(0.25)	09/16/16		Open			1,319		1,319		1,319
RBC	LifePoint Health Inc., 5.50%, due 12/01/21		510		531	0.15	11/18/16		Open			532		532		532
RBC	Target Corp., 4.00%, due 07/01/42		1,667		1,666	0.40	12/29/16		Open			1,692		1,692		1,692
RBC	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26		300		277	0.15	11/25/16		Open			279		279		279

See accompanying Notes to Financial Statements.

30

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

Counter-party	Collateral	Collateral Par†		Collateral Value		Rate		Settlement		Maturity	Proceeds at Maturity		Par†		Value
RBC	Teva Pharmaceutical Finance Netherlands III BV, 4.10%, due 10/01/46		2,000		1,724	(0.15)	11/18/16		Open			1,720		1,720		1,720
RBC	United Rentals North America Inc., 5.88%, due 09/15/26		410		426	0.15	11/15/16		Open			418		418		418
RBC	Welltower Inc., 4.00%, due 06/01/25		544		557	0.40	12/21/16		Open			554		554		554
																86,080

Restricted Securities

	Initial Acquisition		Cost		Ending Value	Percent of Net Assets
Adagio IV CLO Ltd., Series IV-F-X, 6.65%, 10/15/29	05/17/16	$	92	$	91	—	%
Adagio V CLO DAC, Series V-E-X, 6.70%, 10/15/29	07/26/16		117		113	—
Allied Irish Banks Plc, 4.12%, 11/26/25	11/20/15		370		373	0.1
ALME Loan Funding V BV, Series E-5X, 6.00%, 07/15/29	08/02/16		528		502	0.1
Anheuser-Busch InBev SA, 2.00%, 03/17/28	11/18/16		442		445	0.1
Annington Finance No. 5 Plc, 13.00%, 01/15/23	08/19/14		414		341	0.1
APERAM, 0.63%, 07/08/21	06/30/14		800		994	0.3
Arbour CLO DAC, Series F-4X, 5.00%, 01/15/30	10/03/16		154		145	—
Arbour CLO DAC, Series E-4X, 5.00%, 01/15/30	10/03/16		193		179	—
Arbour CLO Ltd., Series 2014-E-1X, 5.00%, 06/16/27	05/19/14		457		336	0.1
Arbour CLO Ltd., Series 2014-F-1X, 5.75%, 06/16/27	05/19/14		455		297	0.1
Argentina Republic Government International Bond, 6.88%, 04/22/21	04/29/16		435		453	0.1
Arianna SPV Srl, Series A-1, 3.60%, 04/20/19	02/24/14		591		450	0.1
Aroundtown Property Holdings Plc, 3.00%, 05/05/20	04/29/15		1,421		1,754	0.5
Atalaya Luxco, 11.50%, 05/30/20	05/29/14		1,503		1,190	0.3
ATF Netherlands BV, 2.13%, 03/13/23	12/07/16		726		733	0.2
Autostrade per l Italia SpA, 1.75%, 06/26/26	11/23/16		125		125	—
Avoca CLO XIII Ltd., Series E-13X, 5.18%, 12/29/27	12/22/14		292		248	0.1
Avoca CLO XIV Ltd., Series SUB-14X, 0.00%, 07/12/28	05/19/15		409		385	0.1
Avoca CLO XIV Ltd., Series E-14X, 4.75%, 07/12/28	05/19/15		210		192	0.1
Avoca CLO XIV Ltd., Series F-14X, 5.75%, 07/12/28	05/19/15		287		257	0.1
Avoca CLO XV Ltd., Series M1-15X, 0.00%, 01/15/29	09/29/15		473		482	0.1
Avoca CLO XV Ltd., Series E-15X, 5.00%, 01/15/29	09/29/15		515		471	0.1
Avoca CLO XV Ltd., Series F-15X, 6.75%, 01/15/29	09/29/15		239		199	0.1
Avoca CLO XVII DAC, Series E-17X, 5.95%, 01/15/30	10/18/16		187		181	—
Banco Bilbao Vizcaya Argentaria SA, 8.87%, callable at 100 beginning 04/14/21	04/08/16		451		453	0.1
Banco Bilbao Vizcaya Argentaria SA, 9.00%, callable at 100 beginning 05/09/18	12/02/13		611		625	0.2
Banco Espirito Santo SA, 0.00%, 05/08/17	07/14/14		525		116	—
Banco Espirito Santo SA, 0.00%, 01/15/18	07/11/14		1,503		347	0.1
Banco Espirito Santo SA, 0.00%, 01/21/19	07/24/14		2,415		637	0.2
Banco Popular Espanol SA, 8.25%, callable at 100 beginning 04/10/20	02/06/15		228		185	0.1
Banco Popular Espanol SA, 11.50%, callable at 100 beginning 10/10/18	10/04/13		818		632	0.2
Banco Santander SA, 6.25%, callable at 100 beginning 03/12/19	03/06/14		2,012		1,968	0.5
Bank of Communications Co. Ltd., 5.00%, callable at 100 beginning 07/29/20	01/13/16		(201)		(205)	(0.1)
Bank of Ireland, 7.37%, callable at 100 beginning 06/18/20	03/11/16		620		643	0.2
Bankia SA, 4.00%, 05/22/24	05/16/14		949		961	0.3
Bilbao Luxembourg SA, 10.50%, 12/01/18	10/18/13		441		345	0.1
Blackstone CQP Holdco LP, 9.30%, 03/31/19	03/17/14		718		722	0.2
BlueMountain CLO Ltd., Series 2016-E-1X, 6.60%, 04/25/30	03/24/16		512		515	0.1
BNP Paribas Cardif SA, 4.03%, callable at 100 beginning 11/25/25	11/19/14		627		522	0.1
Bouygues SA, 1.38%, 06/07/27	11/30/16		527		522	0.1
BPE Financiaciones SA, 2.00%, 02/03/20	01/13/15		1,355		1,262	0.3
Cadogan Square CLO VII BV, Series E-7X, 6.00%, 05/25/29	04/13/16		204		200	0.1
Cairn CLO VI BV, Series 2016-E-6X, 6.25%, 07/25/29	06/14/16		213		202	0.1
Carlyle Global Market Strategies CLO Ltd., Series 2015-D-3X, 5.55%, 01/15/29	03/17/16		304		268	0.1
Carlyle Global Market Strategies Euro CLO Ltd., Series 2015-D-2X, 5.50%, 09/21/29	07/29/16		204		197	0.1
Carlyle Global Market Strategies Euro CLO Ltd., Series 2015-E-2X, 6.50%, 09/21/29	08/04/16		117		122	—
Casino Guichard Perrachon SA, 2.33%, 02/07/25	07/14/16		465		420	0.1
Cooperatieve Rabobank U.A., 6.62%, callable at 100 beginning 06/29/21	04/20/16		227		225	0.1
Credit Agricole Assurances SA, 4.25%, callable at 100 beginning 01/13/25	01/09/15		943		829	0.2
Credit Agricole SA, 6.50%, callable at 100 beginning 06/23/21	07/11/16		104		109	—
Credit Agricole SA, 1.88%, 12/20/26	12/14/16		423		422	0.1
Croatia Government International Bond, 3.88%, 05/30/22	09/04/14		487		452	0.1
CVC Cordatus Loan Fund VII DAC, Series E-7X, 7.00%, 08/15/29	07/11/16		170		166	—
Dryden XLVI Euro CLO BV, Series 2016-E-46X, 5.75%, 01/15/30	09/19/16		108		102	—
Ecuador Government International Bond, 7.95%, 06/20/24	01/13/15		(168)		(193)	(0.1)
Enterprise Funding Ltd., 3.50%, 09/10/20	09/06/13		312		237	0.1
Euro-Galaxy IV CLO, Series 2015-D-4X, 3.35%, 07/30/28	05/26/15		294		280	0.1
Euro-Galaxy IV CLO, Series 2015-E-4X, 4.50%, 07/30/28	05/26/15		384		346	0.1
Euro-Galaxy IV CLO, Series 2015-F-4X, 6.25%, 07/30/28	05/26/15		399		328	0.1

See accompanying Notes to Financial Statements.

31

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

	Initial Acquisition	Cost	Ending Value	Percent of Net Assets
Euro-Galaxy V CLO, Series 2016-E-46X, 0.00%, 11/10/30	10/05/16	110	102	—
Gas Natural Fenosa Finance BV, 3.37%, callable at 100 beginning 04/24/24	04/22/15	319	295	0.1
Harvest CLO XI, Series SUB-11X, 0.00%, 03/28/29	02/26/15	985	960	0.3
Harvest CLO XI, Series E-11X, 4.93%, 03/28/29	02/26/15	299	273	0.1
Harvest CLO XVI DAC, Series E-16X, 6.40%, 10/15/29	07/25/16	159	157	—
HBOS Capital Funding LP, 6.85%, callable at 100 beginning 03/23/17	01/21/14	130	131	—
Hellenic Republic Government Bond, 3.00%, 02/24/24	05/16/16	470	448	0.1
HSH Nordbank AG, 0.53%, 02/14/17	05/03/13	679	567	0.2
Iceland Bondco Plc, 6.75%, 07/15/24	07/28/16	118	120	—
IHO Verwaltungs GmbH, 2.75%, 09/15/21	09/12/16	253	244	0.1
Indonesia Government International Bond, 2.88%, 07/08/21	09/05/14	554	483	0.1
Industrial & Commercial Bank of China Ltd., 6.00%, callable at 100 beginning 12/10/19	02/16/16	(201)	(211)	(0.1)
INEOS Finance Plc, 4.00%, 05/01/23	03/07/16	790	773	0.2
Intesa Sanpaolo SpA, 7.00%, callable at 100 beginning 01/19/21	01/13/16	775	753	0.2
Intesa Sanpaolo SpA, 6.63%, 09/13/23	01/12/15	1,142	1,009	0.3
Intesa Sanpaolo SpA, 3.93%, 09/15/26	08/19/16	763	704	0.2
ITV Plc, 2.00%, 12/01/23	11/25/16	1,266	1,274	0.3
Ivory Coast Government International Bond, 5.75%, 12/31/32	06/24/16	92	91	—
Jubilee CDO BV, Series VIII-SUB-X, 4.81%, 01/15/24	03/28/14	588	514	0.1
LGE HoldCo VI BV, 7.13%, 05/15/24	01/13/15	735	681	0.2
Lion/Seneca France 2, 7.88%, 04/15/19	04/21/14	193	144	—
Marks & Spencer Group Plc, 3.00%, 12/08/23	12/02/16	374	376	0.1
Matterhorn Telecom SA, 3.88%, 05/01/22	03/08/16	204	217	0.1
Mercury Bondco Plc, 8.25%, 05/30/21	08/12/16	115	111	—
Mylan NV, 3.13%, 11/22/28	11/17/16	848	856	0.2
New Look Secured Issuer Plc, 6.50%, 07/01/22	03/07/16	1,236	1,139	0.3
North Westerly CLO IV BV, Series IV-SUB-X, 0.00%, 01/15/26	12/13/13	680	395	0.1
North Westerly CLO IV BV, Series IV-A-1-X, 1.26%, 01/15/26	12/13/13	2,676	2,057	0.6
OZLME BV, Series E-1X, 6.45%, 01/18/30	11/08/16	167	158	—
Paragon Mortgages No. 13 Plc, Series 13X-A2C, 1.06%, 01/15/39	08/22/13	485	500	0.1
Pension Insurance Corp. Plc, 6.50%, 07/03/24	06/27/14	296	208	0.1
Petroleos de Venezuela SA, 6.00%, 11/15/26	10/24/14	150	116	—
Pizzaexpress Financing 2 Plc, 6.63%, 08/01/21	07/14/16	641	625	0.2
Portugal Government International Bond, 5.13%, 10/15/24	07/03/14	720	701	0.2
Punch Taverns Finance B Ltd., 5.94%, 09/30/22	09/12/13	1,123	906	0.2
Punch Taverns Finance Plc, 0.40%, 07/15/21	12/18/14	95	76	—
Punch Taverns Finance Plc, 5.90%, 10/15/27	10/09/14	862	618	0.2
Republic of Belarus, 8.95%, 01/26/18	06/24/16	103	103	—
Republic of Serbia, 5.88%, 12/03/18	09/04/14	536	544	0.1
Russia Government Bond, 3.25%, 04/04/17	09/03/15	400	401	0.1
Russia Government International Bond, 5.00%, 04/29/20	04/20/16	631	637	0.2
Santander Issuances SAU, 3.25%, 04/04/26	08/18/16	469	429	0.1
Schaeffler Verwaltung Zwei GmbH, 3.25%, 09/15/23	09/12/16	591	569	0.2
Serbia International Bond, 4.88%, 02/25/20	05/13/16	412	406	0.1
Snam SpA, 0.88%, 10/25/26	11/23/16	111	111	—
Sorrento Park CLO Ltd., Series E-1X, 5.94%, 11/16/27	11/03/14	283	222	0.1
Springer SBM Two GmbH, Term Loan, 9.00%, 08/14/21	09/17/15	396	362	0.1
St. Pauls CLO Ltd., Series 4X-A1, 1.09%, 04/25/28	03/27/14	688	526	0.1
St. Paul's CLO VI DAC, Series D-6X, 6.50%, 07/22/29	05/23/16	378	360	0.1
Syngenta Finance NV, 1.88%, 11/02/21	02/16/16	(112)	(112)	—
Synlab Unsecured Bondco Plc, 8.25%, 07/01/23	07/26/16	231	229	0.1
Telecom Italia SpA, 3.63%, 01/19/24	06/10/16	365	336	0.1
Telefonica Europe BV, 3.75%, callable at 100 beginning 03/15/22	09/09/16	225	206	0.1
Telefonica Europe BV, 5.87%, callable at 100 beginning 03/31/24	03/30/15	244	221	0.1
Tikehau CLO BV, Series 2015-E-1X, 4.60%, 08/04/28	06/02/16	200	191	0.1
Tullow Oil Jersey Ltd., 6.63%, 07/12/21	07/07/16	200	265	0.1
Tullow Oil Plc, 6.25%, 04/15/22	11/10/16	359	372	0.1
UBS AG, 4.75%, 02/12/26	02/07/14	1,215	1,056	0.3
UBS Group AG, 5.75%, callable at 100 beginning 02/19/22	02/17/15	285	277	0.1
UBS Group AG, 6.87%, callable at 100 beginning 03/22/21	03/15/16	450	458	0.1
UBS Group AG, 7.00%, callable at 100 beginning 02/19/25	02/17/15	225	236	0.1
UniCredit SpA, 9.25%, callable at 100 beginning 06/03/22	12/20/16	263	278	0.1
UniCredit SpA, 6.95%, 10/31/22	05/24/13	847	749	0.2
UniCredit SpA, 5.75%, 10/28/25	10/22/13	1,824	1,707	0.5
Unique Pub Finance Co. Plc, 7.40%, 03/30/24	03/31/15	298	249	0.1
Unique Pub Finance Co. Plc, 6.46%, 03/30/32	04/13/15	659	532	0.1
Unitymedia Hessen GmbH & Co. KG, 5.63%, 04/15/23	08/07/14	112	90	—
Unitymedia Hessen GmbH & Co. KG, 4.00%, 01/15/25	12/04/14	741	717	0.2
Unitymedia Hessen GmbH & Co. KG, 3.50%, 01/15/27	08/18/16	693	619	0.2
Unitymedia Hessen GmbH & Co. KG, 6.25%, 01/15/29	08/07/14	478	465	0.1
Venezuela Government International Bond, 11.75%, 10/21/26	09/04/14	87	57	—
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24	09/30/16	584	553	0.1
Virgin Media Secured Finance Plc, 5.50%, 01/15/25	05/24/16	259	229	0.1

See accompanying Notes to Financial Statements.

32

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

	Initial Acquisition		Cost		Ending Value	Percent of Net Assets
Virgin Media Secured Finance Plc, 4.88%, 01/15/27	05/24/16		533		483	0.1
Virgin Media Secured Finance Plc, 6.25%, 03/28/29	04/28/15		931		780	0.2
Voyage Care Bondco Plc, 11.00%, 02/01/19	02/11/14		761		548	0.1
WMG Acquisition Corp., 4.13%, 11/01/24	10/14/16		249		245	0.1
		$	69,831	$	61,175	16.3	%

The following schedules reflect the derivative investments for JNL/BlackRock Global Long Short Credit Fund at December 31, 2016:

Futures Contracts
Reference Entity	Contracts Long (Short)†	Expiration	Notional1		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
Euro Stoxx 50 Future	(19)	March 2017	EUR	(621)	$	(2)	$	(2)
Euro-Bobl Future	(69)	March 2017	EUR	(9,138)		6		(87)
Euro-Bund Future	(99)	March 2017	EUR	(15,997)		47		(265)
Euro-OAT Future	(3)	March 2017	EUR	(450)		1		(6)
Euro-Schatz Future	(5)	March 2017	EUR	(560)		—		(1)
S&P 500 E-Mini Index Future	(38)	March 2017		(4,279)		17		30
U.K. Long Gilt Future	(17)	March 2017	GBP	(2,099)		1		(49)
U.S. Treasury Long Bond Future	(1)	March 2017		(151)		(1)		—
U.S. Treasury Note Future, 10-Year	(3)	March 2017		(373)		(1)		1
U.S. Treasury Note Future, 2-Year	(5)	March 2017		(1,084)		—		—
U.S. Treasury Note Future, 5-Year	(20)	March 2017		(2,359)		(3)		6
Ultra Long Term U.S. Treasury Bond Future	(8)	March 2017		(1,296)		(8)		14
					$	57	$	(359)

Centrally Cleared Interest Rate Swap Agreements
Floating Rate Index	Paying / Receiving Floating Rate	Fixed Rate	Expiration	Notional1		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
3-Month LIBOR	Receiving	1.03%	04/07/17		600	$	—	$	—
3-Month LIBOR	Receiving	1.01%	04/28/17		600		—		—
3-Month LIBOR	Receiving	0.92%	05/16/17		290		—		—
3-Month LIBOR	Receiving	1.10%	01/26/18		260		—		—
3-Month LIBOR	Receiving	1.02%	01/30/18		700		—		2
3-Month LIBOR	Receiving	1.25%	02/13/18		440		—		—
3-Month LIBOR	Receiving	1.24%	05/14/18		330		—		—
3-Month LIBOR	Receiving	1.22%	08/14/18		640		—		1
3-Month LIBOR	Receiving	1.89%	09/11/19		290		—		(2)
3-Month LIBOR	Receiving	1.78%	12/23/19		340		—		(1)
3-Month LIBOR	Receiving	1.67%	02/13/20		80		—		—
3-Month LIBOR	Receiving	1.69%	02/20/20		250		—		—
3-Month LIBOR	Receiving	1.69%	05/29/20		480		—		1
3-Month LIBOR	Receiving	1.54%	11/04/20		720		—		8
3-Month LIBOR	Receiving	1.91%	02/13/22		130		—		1
3-Month LIBOR	Receiving	1.80%	04/02/22		180		—		2
3-Month LIBOR	Receiving	1.92%	01/22/25		300		(1)		7
3-Month LIBOR	Receiving	2.01%	10/23/25		680		(3)		16
3-Month LIBOR	Paying	1.25%	02/13/18		240		—		—
3-Month LIBOR	Paying	1.44%	01/22/20		240		—		(2)
6-Month Euribor	Receiving	0.44%	10/06/19	EUR	12,180		(1)		(211)
						$	(5)	$	(178)

Centrally Cleared Credit Default Swap Agreements
Reference Entity	Fixed Receive/ Pay Rate7	Expiration	Notional1,6		Value5		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
Credit default swap agreements - purchase protection2
CDX.NA.IG.26	1.00%	06/20/21		4,750	$	(79)	$	(1)	$	(24)
CDX.NA.IG.27	1.00%	12/20/21		4,800		(73)		(1)		(17)
iTraxx Europe Crossover Series 26	5.00%	12/20/21		20,695		(2,070)		(38)		(470)
iTraxx Europe Series 26	1.00%	12/20/21		2,200		(31)		(1)		(3)
					$	(2,253)	$	(41)	$	(514)
Credit default swap agreements - sell protection3

See accompanying Notes to Financial Statements.

33

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

Centrally Cleared Credit Default Swap Agreements (continued)
Reference Entity	Fixed Receive/ Pay Rate7	Expiration	Notional1,6		Value5		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
CDX.NA.HY.25	5.00%	12/20/20		(3,564)	$	246	$	1	$	241
iTraxx Europe Senior Series 25	1.00%	06/20/21		(1,760)		11		1		5
iTraxx Europe Senior Series 26	1.00%	12/20/21		(1,750)		6		1		4
iTraxx Europe Series 21	1.00%	06/20/19		(1,190)		19		—		(6)
iTraxx Europe Series 23	1.00%	06/20/20		(1,272)		21		—		(6)
iTraxx Europe Series 25	1.00%	06/20/21		(740)		12		—		—
					$	315	$	3	$	238

Exchange Traded Purchased Options
Reference Entity	Put/Call		Exercise Price		Expiration	Notional1/ Contracts†		Value
Index Options
Euro Stoxx 50 Index		Call	EUR	3,050.00	01/20/17		24	$	61
Euro Stoxx 50 Index		Call	EUR	3,000.00	01/20/17		48		146
Euro Stoxx 50 Index		Call	EUR	3,050.00	01/20/17		24		61
Euro Stoxx 50 Index		Call	EUR	3,100.00	01/20/17		24		49
Euro Stoxx 50 Index		Call	EUR	3,050.00	01/20/17		24		61
Euro Stoxx 50 Index		Put	EUR	3,225.00	01/20/17		85		25
Euro Stoxx 50 Index		Put	EUR	3,250.00	01/20/17		85		32
S&P 500 Index		Put		2,265.00	01/20/17		8		29
								$	464
Options on Securities
Alere Inc.		Put		31.00	01/20/17		30	$	1
Alere Inc.		Put		31.00	01/20/17		40		1
Alere Inc.		Put		32.00	02/17/17		35		2
Ally Financial Inc.		Put		19.00	01/20/17		125		7
AMC Networks Inc.		Call		65.00	03/17/17		55		2
Caterpillar Inc.		Put		65.00	01/20/17		65		—
Caterpillar Inc.		Put		70.00	01/20/17		70		—
Caterpillar Inc.		Put		90.00	01/20/17		50		6
Chesapeake Energy Corp.		Put		4.00	01/20/17		75		—
Chesapeake Energy Corp.		Put		5.50	01/20/17		75		—
Chesapeake Energy Corp.		Put		5.00	02/17/17		150		1
CSX Corp.		Call		39.00	01/20/17		110		2
Dell Technologies Inc. - Class V		Put		45.00	01/20/17		100		1
Energy Select Sector SPDR Fund		Call		80.00	01/20/17		125		1
Financial Select Sector SPDR Fund		Put		21.00	01/20/17		250		1
General Electric Co.		Put		27.00	01/20/17		120		—
Health Care Select Sector SPDR Fund		Put		66.00	01/20/17		110		2
Herc Holdings Inc.		Put		35.00	02/17/17		50		4
Hewlett Packard Enterprise Co.		Put		18.00	01/20/17		75		—
Hewlett Packard Enterprise Co.		Put		18.00	01/20/17		75		—
Industrial Select Sector SPDR Fund		Put		54.00	01/20/17		50		—
Industrial Select Sector SPDR Fund		Put		60.00	01/20/17		125		3
Industrial Select Sector SPDR Fund		Put		57.00	01/20/17		80		—
Industrial Select Sector SPDR Fund		Put		54.00	01/20/17		50		—
Industrial Select Sector SPDR Fund		Put		54.00	01/20/17		50		—
iShares 20+ Year Treasury Bond ETF		Call		125.00	01/20/17		150		2
iShares 20+ Year Treasury Bond ETF		Call		125.00	01/20/17		150		2
iShares iBoxx USD High Yield Corporate Bond ETF		Call		88.00	01/20/17		70		1
iShares iBoxx USD High Yield Corporate Bond ETF		Put		85.00	01/20/17		125		2
iShares iBoxx USD High Yield Corporate Bond ETF		Put		85.00	01/20/17		125		2
iShares iBoxx USD Investment Grade Corporate Bond ETF		Put		115.00	01/20/17		125		2
iShares iBoxx USD Investment Grade Corporate Bond ETF		Put		113.00	03/17/17		80		4
iShares iBoxx USD Investment Grade Corporate Bond ETF		Put		115.00	03/17/17		75		7
iShares iBoxx USD Investment Grade Corporate Bond ETF		Put		115.00	03/17/17		75		7
iShares Russell 2000 ETF		Put		128.00	01/20/17		125		7
iShares Russell 2000 ETF		Put		118.00	01/20/17		75		1
iShares Russell 2000 ETF		Put		128.00	01/20/17		125		7
iShares Russell 2000 ETF		Put		122.00	01/20/17		50		1
iShares Russell 2000 ETF		Put		114.00	01/20/17		85		—
iShares U.S. Preferred Stock ETF		Put		37.00	01/20/17		75		2
iShares U.S. Preferred Stock ETF		Put		37.00	01/20/17		80		2
Micron Technology Inc.		Put		17.00	01/20/17		100		—
Micron Technology Inc.		Put		16.00	04/21/17		115		3
Mylan NV		Call		45.00	01/20/17		100		1
Mylan NV		Call		43.00	01/20/17		75		1
NXP Semiconductors NV		Call		110.00	01/20/17		49		—
NXP Semiconductors NV		Call		110.00	01/20/17		1		—

See accompanying Notes to Financial Statements.

34

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

Exchange Traded Purchased Options (continued)
Reference Entity	Put/Call		Exercise Price		Expiration	Notional1/ Contracts†		Value
NXP Semiconductors NV		Call		110.00	01/20/17		30		—
NXP Semiconductors NV		Call		110.00	01/20/17		40		—
NXP Semiconductors NV		Call		110.00	01/20/17		75		—
NXP Semiconductors NV		Call		110.00	01/20/17		50		—
PowerShares QQQ Trust Series 1		Call		125.00	01/20/17		150		1
PowerShares QQQ Trust Series 1		Put		116.00	01/20/17		85		7
PowerShares Senior Loan Portfolio		Put		22.00	01/20/17		200		—
Qorvo Inc.		Put		45.00	02/17/17		50		6
Rite Aid Corp.		Put		5.00	01/20/17		100		1
SPDR S&P 500 ETF Trust		Call		230.00	01/20/17		45		1
SPDR S&P 500 ETF Trust		Put		223.00	01/20/17		75		17
SPDR S&P 500 ETF Trust		Put		217.00	01/20/17		70		6
United Technologies Corp.		Call		115.00	01/20/17		50		1
Utilities Select Sector SPDR Fund		Call		52.00	01/20/17		200		—
Utilities Select Sector SPDR Fund		Call		47.00	01/20/17		115		21
Western Digital Corp.		Call		80.00	04/21/17		20		4
Western Digital Corp.		Call		80.00	04/21/17		25		4
Western Digital Corp.		Put		50.00	01/20/17		75		—
Western Digital Corp.		Put		45.00	01/20/17		25		—
Western Digital Corp.		Put		50.00	01/20/17		40		—
Western Digital Corp.		Put		60.00	02/17/17		75		10
Western Digital Corp.		Put		45.00	04/21/17		65		3
								$	170

OTC Purchased Options
Reference Entity	Counterparty	Put/Call	Exercise Price/Rate			Expiration	Notional1/ Contracts†		Value
Interest Rate Swaptions
3-Month LIBOR	BCL	Put		2.01	%	02/21/17		3,300,000	$	20
3-Month LIBOR	BCL	Put		2.19		02/21/17		1,200,000		10
3-Month LIBOR	CGM	Put		2.67		03/15/17		1,000,000		5
3-Month LIBOR	CGM	Put		2.67		03/15/17		1,500,000		8
3-Month LIBOR	CGM	Put		1.68		01/11/17		3,400,000		50
3-Month LIBOR	CGM	Put		2.27		03/15/17		3,000,000		9
									$	102

Exchange Traded Written Options
Reference Entity	Put/Call		Exercise Price		Expiration	Notional1/ Contracts†		Value
Options on Securities
Caterpillar Inc.		Put		80.00	01/20/17		50	$	(1)
Health Care Select Sector SPDR Fund		Put		60.00	01/20/17		110		—
Industrial Select Sector SPDR Fund		Put		56.00	01/20/17		125		(1)
iShares iBoxx USD High Yield Corporate Bond ETF		Put		82.00	01/20/17		125		(1)
iShares iBoxx USD High Yield Corporate Bond ETF		Put		82.00	01/20/17		125		(1)
iShares iBoxx USD Investment Grade Corporate Bond ETF		Put		110.00	01/20/17		125		(2)
PowerShares QQQ Trust Series 1		Put		106.00	01/20/17		85		(1)
SPDR S&P 500 ETF Trust		Put		215.00	01/20/17		75		(5)
Utilities Select Sector SPDR Fund		Call		50.00	01/20/17		115		(2)
								$	(14)

OTC Written Options
Reference Entity	Counterparty	Put/Call	Exercise Price/Rate			Expiration		Notional1/ Contracts†		Value
Credit Default Swaptions
iTraxx Europe Crossover Series 26	CGM	Call		325.00	%	01/18/17	EUR		2,000,000	$	(35)
iTraxx Europe Crossover Series 26	CGM	Call		337.50		01/18/17	EUR		2,000,000		(47)
iTraxx Europe Crossover Series 26	JPM	Call		337.50		01/18/17	EUR		4,000,000		(93)
iTraxx Europe Crossover Series 26	JPM	Call		337.50		01/18/17	EUR		2,000,000		(47)
iTraxx Europe Crossover Series 26	JPM	Call		337.50		01/18/17	EUR		2,000,000		(47)
										$	(269)

Summary of Written Options
	Number of Contracts†	Notional† EUR	Premiums
Options outstanding at December 31, 2015	620	—	36
Options written during the year	19,255	52,310,000	1,066

See accompanying Notes to Financial Statements.

35

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

Options closed during the year	(5,865	)	—		(234	)
Options expired during the year	(13,075	)	(40,310,000	)	(760	)
Options outstanding at December 31, 2016	935		12,000,000		108

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value			Unrealized Appreciation (Depreciation)
EUR/USD	CIT	01/05/17	EUR	7,495		$	7,891		$	57
EUR/USD	DUB	01/05/17	EUR	51,350			54,060			373
EUR/USD	JPM	02/17/17	EUR	2,232			2,355			(18)
EUR/GBP	JPM	02/17/17	GBP	(2,250)			(2,776)			(3)
GBP/USD	CIT	01/05/17	GBP	5,789			7,135			43
GBP/USD	DUB	01/05/17	GBP	2,592			3,195			20
USD/EUR	CIT	01/05/17	EUR	(7,495)			(7,891)			62
USD/EUR	DUB	01/05/17	EUR	(51,350)			(54,060)			442
USD/EUR	MSC	01/05/17	EUR	(1,104)			(1,162)			15
USD/EUR	CIT	02/03/17	EUR	(7,495)			(7,903)			(58)
USD/EUR	DUB	02/03/17	EUR	(51,350)			(54,145)			(381)
USD/EUR	BCL	02/17/17	EUR	(41)			(43)			—
USD/EUR	CIT	02/17/17	EUR	(477)			(503)			4
USD/GBP	CIT	01/05/17	GBP	(5,789)			(7,135)			93
USD/GBP	DUB	01/05/17	GBP	(2,592)			(3,195)			43
USD/GBP	GSC	01/05/17	GBP	(169)			(208)			7
USD/GBP	CIT	02/03/17	GBP	(5,789)			(7,141)			(44)
USD/GBP	DUB	02/03/17	GBP	(2,592)			(3,197)			(21)
USD/GBP	JPM	02/17/17	GBP	(2,378)			(2,935)			18
						$	(77,658)		$	652

OTC Credit Default Swap Agreements
Reference Entity	Counterparty	Implied Credit Spread4	Fixed Receive/ Pay Rate7	Expiration	Notional1,6		Value5		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Credit default swap agreements - purchase protection2
21st Century Fox America Inc., 3.70%, 09/15/24	JPM	N/A	1.00%	06/20/21	$	1,600	$	(36)	$	(45)	$	9
Abbott Laboratories, 4.13%, 05/27/20	JPM	N/A	1.00%	12/20/18		1,620		(25)		(57)		32
Ally Financial Inc., 7.50%, 09/15/20	GSC	N/A	5.00%	12/20/21		400		(49)		(39)		(10)
Ally Financial Inc., 7.50%, 09/15/20	GSC	N/A	5.00%	12/20/21		500		(61)		(55)		(6)
American Express Co., 7.00%, 03/19/18	CGM	N/A	1.00%	06/20/21		1,600		(46)		(40)		(6)
American Express Co., 7.00%, 03/19/18	CGM	N/A	1.00%	06/20/21		1,580		(46)		(43)		(3)
American Express Co., 7.00%, 03/19/18	CGM	N/A	1.00%	06/20/21		1,320		(39)		(37)		(2)
American International Group Inc., 6.25%, 05/01/36	CGM	N/A	1.00%	06/20/21		1,490		(18)		(22)		4
American International Group Inc., 6.25%, 05/01/36	JPM	N/A	1.00%	06/20/21		1,410		(17)		(19)		2
AT&T Inc., 1.60%, 02/15/17	GSC	N/A	1.00%	03/20/20		1,875		(26)		(31)		5
AT&T Inc., 1.60%, 02/15/17	CSI	N/A	1.00%	12/20/20		885		(10)		8		(18)
Banco Comercial Portugues SA, 3.34%, 02/27/17	BNP	N/A	5.00%	12/20/20		107		8		(2)		10
Bank of America Corp., 5.65%, 05/01/18	GSC	N/A	1.00%	06/20/21		1,315		(18)		2		(20)
Bank of America Corp., 5.65%, 05/01/18	GSC	N/A	1.00%	06/20/21		1,085		(15)		2		(17)
Bank of America Corp., 5.65%, 05/01/18	GSC	N/A	1.00%	06/20/21		1,600		(22)		3		(25)
Barclays Bank Plc, 1.50%, 04/04/17	CIT	N/A	1.00%	12/20/21		2,326		(22)		12		(34)
Best Buy Co. Inc., 5.50%, 03/15/21	BNP	N/A	5.00%	12/20/21		455		(75)		(69)		(6)
BNP Paribas SA, 2.61%, 04/13/17	JPM	N/A	1.00%	12/20/21		386		(3)		(6)		3
Boston Scientific Corp., 2.65%, 10/01/18	JPM	N/A	1.00%	06/20/20		1,250		(32)		(31)		(1)
Cable & Wireless International Finance NV., 8.63%, 03/25/19	GSC	N/A	5.00%	06/20/21		211		(31)		(26)		(5)
Cardinal Health Inc., 1.90%, 06/15/17	BCL	N/A	1.00%	12/20/18		1,620		(28)		(49)		21
Caterpillar Inc., 1.50%, 06/26/17	MSC	N/A	1.00%	12/20/21		1,000		(19)		(14)		(5)
Caterpillar Inc., 3.90%, 05/27/21	CIT	N/A	1.00%	12/20/21		275		(5)		(3)		(2)
Caterpillar Inc., 3.90%, 05/27/21	GSC	N/A	1.00%	12/20/21		550		(11)		(7)		(4)
Caterpillar Inc., 3.90%, 05/27/21	GSC	N/A	1.00%	12/20/21		1,500		(29)		(26)		(3)
Caterpillar Inc., 3.90%, 05/27/21	JPM	N/A	1.00%	12/20/21		1,500		(29)		(26)		(3)
Citigroup Inc., 6.13%, 05/15/18	GSC	N/A	1.00%	06/20/21		1,600		(22)		1		(23)
Citigroup Inc., 6.13%, 05/15/18	JPM	N/A	1.00%	06/20/21		1,315		(18)		3		(21)
Citigroup Inc., 6.13%, 05/15/18	JPM	N/A	1.00%	06/20/21		1,085		(14)		3		(17)
Clariant AG, 3.13%, 06/09/17	BNP	N/A	1.00%	12/20/21		263		(1)		(1)		—
Credit Suisse Group AG, 5.00%, 07/29/19	JPM	N/A	1.00%	12/20/21		316		3		7		(4)
Dell Inc., 7.10%, 04/15/28	GSC	N/A	1.00%	12/20/18		250		(2)		5		(7)
Dow Chemical Co., 7.38%, 11/01/29	JPM	N/A	1.00%	09/20/18		730		(11)		(4)		(7)
Duke Energy Carolinas LLC, 6.10%, 06/01/37	BOA	N/A	1.00%	06/20/21		2,090		(77)		(89)		12
Ephios Bondco Plc, 8.25%, 07/01/23	JPM	N/A	5.00%	12/20/21		211		(18)		(15)		(3)
Goldman Sachs Group Inc., 5.95%, 01/18/18	BOA	N/A	1.00%	06/20/21		1,525		(12)		9		(21)
Goldman Sachs Group Inc., 5.95%, 01/18/18	BOA	N/A	1.00%	06/20/21		1,600		(12)		13		(25)
Goldman Sachs Group Inc., 5.95%, 01/18/18	CGM	N/A	1.00%	06/20/21		875		(7)		9		(16)
Home Depot Inc., 5.88%, 12/16/36	JPM	N/A	1.00%	06/20/21		1,250		(43)		(47)		4
HP Inc., 4.65%, 12/09/21	GSC	N/A	1.00%	06/20/21		500		(2)		24		(26)
HP Inc., 4.65%, 12/09/21	CIT	N/A	1.00%	12/20/21		850		3		10		(7)
Humana Inc., 6.30%, 08/01/18	BNP	N/A	1.00%	12/20/21		455		(13)		(13)		—
Iberdrola International BV, 2.88%, 11/11/20	JPM	N/A	1.00%	12/20/21		368		(5)		(5)		—

See accompanying Notes to Financial Statements.

36

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

OTC Credit Default Swap Agreements (continued)
Reference Entity	Counterparty	Implied Credit Spread4	Fixed Receive/ Pay Rate7	Expiration	Notional1,6		Value5		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
International Business Machines Corp., 5.70%, 09/14/17	GSC	N/A	1.00%	12/20/18		1,620		(28)		(49)		21
iTraxx Europe Senior Series 19	CGM	N/A	1.00%	06/20/18		2,947		(27)		(35)		8
iTraxx Europe Senior Series 20	BCL	N/A	1.00%	12/20/18		1,189		(13)		(7)		(6)
iTraxx Europe Senior Series 20	CGM	N/A	1.00%	12/20/18		2,105		(24)		(28)		4
iTraxx Europe Senior Series 20	CGM	N/A	1.00%	12/20/18		2,537		(29)		(15)		(14)
iTraxx Europe Series 9	CIT	N/A	5.00%	06/20/18		1,916		(129)		254		(383)
ITV Plc, 2.13%, 09/21/22	BNP	N/A	5.00%	12/20/21		71		(13)		(15)		2
ITV Plc, 2.13%, 09/21/22	JPM	N/A	5.00%	12/20/21		245		(44)		(53)		9
JPMorgan Chase & Co., 6.00%, 01/15/18	BOA	N/A	1.00%	06/20/21		400		(7)		(5)		(2)
JPMorgan Chase & Co., 6.00%, 01/15/18	GSC	N/A	1.00%	06/20/21		2,995		(55)		(35)		(20)
JPMorgan Chase & Co., 6.00%, 01/15/18	BOA	N/A	1.00%	12/20/21		1,000		(18)		(18)		—
Ladbrokes Plc, 7.63%, 03/05/17	JPM	N/A	1.00%	12/20/21		84		8		10		(2)
Lanxess AG, 4.13%, 05/23/18	BNP	N/A	1.00%	12/20/21		640		(10)		(13)		3
Lanxess AG, 4.13%, 05/23/18	CGM	N/A	1.00%	12/20/21		560		(9)		(11)		2
Loews Corp., 6.00%, 02/01/35	CGM	N/A	1.00%	06/20/21		1,600		(51)		(50)		(1)
Louis Dreyfus Commodities BV, 4.00%, 12/04/20	GSC	N/A	5.00%	12/20/21		291		(22)		(21)		(1)
Lowe's Cos. Inc., 4.63%, 04/15/20	JPM	N/A	1.00%	06/20/21		1,250		(43)		(48)		5
Macquarie Bank Ltd, 6.00%, 09/21/20	DUB	N/A	1.00%	12/20/21		300		8		8		—
Marks & Spencer Plc, 6.13%, 12/02/19	BCL	N/A	1.00%	12/20/21		653		16		15		1
Marks & Spencer Plc, 6.13%, 12/02/19	BOA	N/A	1.00%	12/20/21		597		15		13		2
Marriott International Inc., 3.00%, 03/01/19	GSC	N/A	1.00%	06/20/21		615		(14)		(9)		(5)
Marriott International Inc., 3.00%, 03/01/19	GSC	N/A	1.00%	06/20/21		635		(15)		(10)		(5)
Melia Hotels International SA, 4.30%, 11/14/08	JPM	N/A	5.00%	12/20/21		411		(80)		(81)		1
Microsoft Corp., 4.50%, 10/01/40	CSI	N/A	1.00%	12/20/18		1,279		(23)		(38)		15
Microsoft Corp., 4.50%, 10/01/40	GSC	N/A	1.00%	12/20/18		341		(6)		(10)		4
Monitchem Holding Co., 5.25%, 06/15/21	JPM	N/A	5.00%	12/20/21		368		(26)		(8)		(18)
Morgan Stanley, 3.75%, 02/25/23	JPM	N/A	1.00%	06/20/21		2,400		(21)		25		(46)
Morgan Stanley, 3.75%, 02/25/23	JPM	N/A	1.00%	06/20/21		1,600		(15)		10		(25)
Navient Corp., 5.50%, 01/25/23	CGM	N/A	5.00%	09/20/20		200		(16)		3		(19)
Navient LLC, 6.25%, 01/25/16	JPM	N/A	1.00%	12/20/19		100		3		7		(4)
New Look Senior Issuer Plc, 8.00%, 07/01/23	JPM	N/A	5.00%	12/20/21		1,179		107		131		(24)
Obrigacoes do Tesouro, 4.95%, 10/25/23	BNP	N/A	1.00%	09/20/19		725		17		22		(5)
Omnicom Group Inc., 4.45%, 08/15/20	JPM	N/A	1.00%	06/20/21		889		(28)		(26)		(2)
People's Republic of China, 7.50%, 10/28/27	GSC	N/A	1.00%	12/20/21		1,000		8		3		5
People's Republic of China, 7.50%, 10/28/27	JPM	N/A	1.00%	12/20/21		1,700		14		7		7
Prudential Financial Inc., 6.10%, 06/15/17	CGM	N/A	1.00%	06/20/21		1,000		(11)		15		(26)
Republic of Colombia, 10.38%, 01/28/33	JPM	N/A	1.00%	06/20/21		200		4		11		(7)
Republic of France, 4.25%, 04/25/19	BCL	N/A	0.25%	06/20/18		1,275		(3)		23		(26)
Republic of France, 4.25%, 04/25/19	JPM	N/A	0.25%	06/20/18		865		(1)		14		(15)
Republic of South Africa, 5.50%, 03/09/20	BCL	N/A	1.00%	12/20/21		35		2		3		(1)
Republic of South Africa, 5.50%, 03/09/20	BNP	N/A	1.00%	12/20/21		1,505		78		116		(38)
Republic of South Africa, 5.50%, 03/09/20	CGM	N/A	1.00%	12/20/21		180		10		14		(4)
Sony Corp., 1.57%, 06/19/15	JPM	N/A	1.00%	03/20/19		1,219		(23)		91		(114)
Southwest Airlines Co., 5.13%, 03/01/17	CSI	N/A	1.00%	12/20/19		580		(12)		(10)		(2)
Sprint Communications, 8.38%, 08/15/17	GSC	N/A	5.00%	12/20/20		400		(31)		136		(167)
Standard Chartered Plc, 5.88%, 09/26/17	JPM	N/A	1.00%	12/20/21		326		20		24		(4)
Staples Inc., 2.75%, 01/12/18	JPM	N/A	1.00%	06/20/21		1,062		31		65		(34)
Statoil ASA, 2.00%, 09/10/20	BNP	N/A	1.00%	12/20/21		211		(6)		(5)		(1)
STMicroelectronics NV, 0.00%, 07/03/19	BOA	N/A	1.00%	12/20/21		467		(2)		—		(2)
Stretford, 6.25%, 07/15/21	CGM	N/A	5.00%	12/20/21		105		(3)		3		(6)
Target Corp., 5.38%, 05/01/17	GSC	N/A	1.00%	06/20/21		670		(18)		(19)		1
Target Corp., 5.38%, 05/01/17	GSC	N/A	1.00%	06/20/21		1,550		(44)		(48)		4
Target Corp., 5.38%, 05/01/17	GSC	N/A	1.00%	06/20/21		680		(20)		(21)		1
Target Corp., 5.38%, 05/01/17	JPM	N/A	1.00%	06/20/21		1,250		(35)		(45)		10
Techem, 6.13%, 10/01/19	CSI	N/A	5.00%	12/20/21		263		(46)		(49)		3
Textron Inc., 5.60%, 12/01/17	JPM	N/A	1.00%	09/20/20		700		(9)		(4)		(5)
The Raytheon Co., 7.20%, 08/15/27	GSC	N/A	1.00%	03/20/20		967		(27)		(39)		12
The Raytheon Co., 7.20%, 08/15/27	GSC	N/A	1.00%	03/20/20		970		(27)		(39)		12
The Walt Disney Co., 2.55%, 02/15/22	JPM	N/A	1.00%	06/20/21		1,600		(52)		(57)		5
Time Warner Inc., 2.10%, 06/01/19	JPM	N/A	1.00%	06/20/21		2,850		(74)		(39)		(35)
Twinkle Pizza Holdings, 8.63%, 08/01/22	CSI	N/A	5.00%	12/20/21		411		9		36		(27)
United Mexican States, 5.95%, 03/19/19	CSI	N/A	1.00%	06/20/21		350		6		10		(4)
VF Corp., 5.95%, 11/01/17	BNP	N/A	1.00%	12/20/20		285		(5)		(6)		1
Viacom Inc., 6.88%, 04/30/36	BOA	N/A	1.00%	06/20/21		665		6		40		(34)
Wells Fargo & Co., 5.63%, 12/11/17	GSC	N/A	1.00%	06/20/21		1,200		(27)		(22)		(5)
Western Union Co., 3.65%, 08/22/18	JPM	N/A	1.00%	12/20/21		425		2		2		—
XLIT Ltd, 6.25%, 05/15/27	JPM	N/A	1.00%	06/20/21		1,250		(29)		(34)		5
					$	106,701	$	(1,862)	$	(621)	$	(1,241)

See accompanying Notes to Financial Statements.

37

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

OTC Credit Default Swap Agreements (continued)
Reference Entity	Counterparty	Implied Credit Spread4	Fixed Receive/ Pay Rate7	Expiration	Notional1,6		Value5		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Credit default swap agreements - sell protection3
Anadarko Petroleum Corp., 6.95%, 06/15/19	JPM	1.34%	1.00%	12/20/21	$	(530)	$	(9)	$	(20)	$	11
Anadarko Petroleum Corp., 6.95%, 06/15/19	JPM	1.34%	1.00%	12/20/21		(470)		(7)		(18)		11
Apache Corp., 7.00%, 02/01/18	JPM	1.05%	1.00%	12/20/21		(470)		(1)		(8)		7
Canadian Natural Resources Ltd., 3.45%, 11/15/21	JPM	1.34%	1.00%	12/20/21		(530)		(8)		(20)		12
CNH Industrial Finance Europe SA, 6.25%, 03/09/18	CGM	0.94%	5.00%	03/20/19		(189)		17		38		(21)
CNH Industrial Finance Europe SA, 6.25%, 03/09/18	CGM	0.94%	5.00%	03/20/19		(189)		17		39		(22)
CNH Industrial Finance Europe SA, 6.25%, 03/09/18	CGM	1.47%	5.00%	06/20/20		(211)		26		35		(9)
ConocoPhillips Co., 5.90%, 10/15/32	JPM	0.97%	1.00%	12/20/21		(470)		1		(7)		8
Credit Suisse Group AG, 5.00%, 07/29/19	CGM	1.12%	1.00%	06/20/21		(1,905)		(9)		(33)		24
Dell Inc., 7.10%, 04/15/28	GSC	2.61%	1.00%	12/20/21		(400)		(29)		(40)		11
Dell Inc., 7.10%, 04/15/28	JPM	2.61%	1.00%	12/20/21		(800)		(58)		(85)		27
Deutsche Bank, 5.13%, 08/31/17	BCL	1.58%	1.00%	06/20/21		(211)		(5)		(10)		5
Deutsche Bank, 5.13%, 08/31/17	BCL	1.58%	1.00%	06/20/21		(421)		(10)		(21)		11
Deutsche Bank, 5.13%, 08/31/17	BCL	1.65%	1.00%	12/20/21		(211)		(6)		(11)		5
Deutsche Bank, 5.13%, 08/31/17	BNP	1.65%	1.00%	12/20/21		(122)		(4)		(6)		2
Deutsche Bank, 5.13%, 08/31/17	BNP	1.58%	1.00%	06/20/21		(421)		(11)		(23)		12
Deutsche Bank, 5.13%, 08/31/17	BNP	1.58%	1.00%	06/20/21		(296)		(8)		(16)		8
Deutsche Bank, 5.13%, 08/31/17	CSI	1.58%	1.00%	06/20/21		(1,121)		(28)		(59)		31
Deutsche Bank, 5.13%, 08/31/17	JPM	1.65%	1.00%	12/20/21		(196)		(6)		(9)		3
Deutsche Bank, 5.13%, 08/31/17	JPM	1.58%	1.00%	06/20/21		(478)		(12)		(26)		14
Deutsche Bank, 5.13%, 08/31/17	JPM	1.65%	1.00%	12/20/21		(156)		(5)		(7)		2
Devon Energy Corp., 7.95%, 04/15/32	BCL	1.40%	1.00%	12/20/21		(463)		(9)		(18)		9
Devon Energy Corp., 7.95%, 04/15/32	JPM	1.40%	1.00%	12/20/21		(530)		(10)		(22)		12
Federative Republic of Brazil, 4.25%, 01/07/25	CGM	2.51%	1.00%	06/20/21		(200)		(13)		(14)		1
Hertz Corp., 5.88%, 10/15/20	GSC	5.75%	5.00%	12/20/21		(800)		(23)		46		(69)
Hertz Corp., 5.88%, 10/15/20	JPM	5.75%	5.00%	12/20/21		(800)		(23)		45		(68)
International Business Machines Corp., 5.70%, 09/14/17	CSI	0.41%	1.00%	06/20/21		(975)		25		21		4
International Business Machines Corp., 5.70%, 09/14/17	CSI	0.41%	1.00%	06/20/21		(1,220)		32		26		6
International Business Machines Corp., 5.70%, 09/14/17	GSC	0.41%	1.00%	06/20/21		(975)		25		21		4
International Business Machines Corp., 5.70%, 09/14/17	JPM	0.41%	1.00%	06/20/21		(930)		24		23		1
iTraxx Europe Subordinated Series 19	CGM	N/A	5.00%	06/20/18		(2,105)		128		189		(61)
iTraxx Europe Subordinated Series 20	BCL	N/A	5.00%	12/20/18		(947)		75		211		(136)
iTraxx Europe Subordinated Series 20	CGM	N/A	5.00%	12/20/18		(1,358)		107		299		(192)
iTraxx Europe Subordinated Series 20	CGM	N/A	5.00%	12/20/18		(1,684)		134		182		(48)
iTraxx Europe Subordinated Series 20	DUB	N/A	5.00%	12/20/18		(674)		53		149		(96)
NRG Energy Inc., 6.25%, 07/15/22	JPM	3.74%	5.00%	12/20/21		(400)		23		12		11
Republic of France, 4.25%, 04/25/19	BCL	0.45%	0.25%	06/20/23		(780)		(9)		(61)		52
Republic of France, 4.25%, 04/25/19	CIT	0.45%	0.25%	06/20/23		(530)		(7)		(44)		37
Scandinavian Airlines	GSC	6.78%	5.00%	06/20/19		(463)		(17)		(40)		23
Scandinavian Airlines	GSC	5.49%	5.00%	12/20/17		(126)		—		(4)		4
Telecom Italia SpA, 5.38%, 01/29/19	BNP	2.16%	1.00%	06/20/21		(411)		(20)		(19)		(1)
Telecom Italia SpA, 5.38%, 01/29/19	BNP	2.16%	1.00%	06/20/21		(421)		(21)		(18)		(3)
Telecom Italia SpA, 5.38%, 01/29/19	CGM	2.16%	1.00%	06/20/21		(189)		(9)		(11)		2
UniCredit SpA, 0.65%, 04/10/17	BCL	1.64%	1.00%	06/20/21		(421)		(12)		(14)		2
UniCredit SpA, 0.65%, 04/10/17	BCL	1.64%	1.00%	06/20/21		(211)		(6)		(7)		1
UniCredit SpA, 0.65%, 04/10/17	BNP	1.74%	1.00%	12/20/21		(273)		(10)		(12)		2
UniCredit SpA, 0.65%, 04/10/17	CGM	1.64%	1.00%	06/20/21		(421)		(11)		(25)		14
UniCredit SpA, 0.65%, 04/10/17	CGM	1.64%	1.00%	06/20/21		(947)		(26)		(53)		27
UniCredit SpA, 0.65%, 04/10/17	CGM	1.64%	1.00%	06/20/21		(316)		(8)		(10)		2
UniCredit SpA, 0.65%, 04/10/17	CGM	1.64%	1.00%	06/20/21		(526)		(14)		(29)		15
UniCredit SpA, 0.65%, 04/10/17	JPM	1.74%	1.00%	12/20/21		(421)		(14)		(22)		8
					$	(30,314)	$	209	$	494	$	(285)

See accompanying Notes to Financial Statements.

38

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

OTC Contracts for Difference

Reference Entity	Counterparty	Financing Fee	Expiration	Contracts† Long (Short)	Notional1		Unrealized Appreciation (Depreciation)
Anglo American Plc	BOA	1-Month GBP LIBOR -0.25%	TBD	(12)	GBP	(137)	$	(1)
APERAM	BOA	Euro Interbank Offered Rate -0.28%	TBD	(13)	EUR	(598)		22
ArcelorMittal	BOA	Euro Interbank Offered Rate -0.28%	TBD	(44)	EUR	(325)		20
Deutsche Bank AG	BOA	Euro Interbank Offered Rate -0.28%	TBD	(13)	EUR	(241)		13
Eurobank Ergasias SA	BOA	Euro Interbank Offered Rate +1.00%	TBD	231	EUR	148		1
Hellenic Telecommunications Organization SA	BOA	Euro Interbank Offered Rate +1.00%	TBD	52	EUR	455		11
National Bank of Greece	BOA	Euro Interbank Offered Rate +1.00%	TBD	913	EUR	213		14
Tullow Oil Plc	BOA	1-Month GBP LIBOR -0.50%	TBD	(64)	GBP	(201)		—
							$	80

OTC Total Return Swap Agreements
Reference Entity	Counterparty	Rate Paid/Received by Fund	Expiration	Notional1		Unrealized Appreciation (Depreciation)
Total return swap agreements - paying return
COMMON STOCKS
Mallinckrodt Plc	BNP	3-Month LIBOR -0.60%	11/16/17		(50)	$	10
Alere Inc.	BOA	3-Month LIBOR -0.30%	12/07/17		(15)		(1)
Caterpillar Inc.	BOA	3-Month LIBOR -0.30%	09/13/17		(130)		5
Caterpillar Inc.	BOA	3-Month LIBOR -0.30%	09/26/17		(165)		(21)
Herc Holdings Inc.	BOA	3-Month LIBOR -0.30%	07/01/17		(15)		(3)
Micron Technology Inc.	BOA	3-Month LIBOR -0.30%	10/11/17		(96)		(30)
Western Digital Corp.	BOA	3-Month LIBOR -0.30%	12/29/17		(136)		—
Ally Financial Inc.	CIT	1-Month LIBOR -0.35%	12/21/17		(99)		3
INVESTMENT COMPANIES
iShares iBoxx USD High Yield Corporate Bond ETF	BNP	1-Month LIBOR -1.75%	12/14/17		(412)		(4)
iShares iBoxx USD Investment Grade Corporate Bond ETF	BNP	1-Month LIBOR	09/13/17		(582)		(7)
iShares iBoxx USD Investment Grade Corporate Bond ETF	BNP	1-Month LIBOR +0.25%	11/17/17		(758)		(8)
Industrial Select Sector SPDR Fund	BOA	3-Month LIBOR -0.30%	09/14/17		(252)		2
iShares iBoxx USD High Yield Corporate Bond ETF	BOA	1-Month LIBOR -2.50%	02/05/17		(315)		(4)
iShares iBoxx USD High Yield Corporate Bond ETF	BOA	1-Month LIBOR -2.50%	05/06/17		(259)		(3)
iShares iBoxx USD High Yield Corporate Bond ETF	BOA	1-Month LIBOR -1.75%	10/27/17		(710)		(8)
iShares iBoxx USD High Yield Corporate Bond ETF	BOA	1-Month LIBOR -2.50%	06/16/17		(424)		(14)
Health Care Select Sector SPDR Fund	CIT	1-Month LIBOR +0.05%	12/07/17		(201)		(6)
iShares iBoxx USD High Yield Corporate Bond ETF	CIT	1-Month LIBOR -1.55%	11/10/17		(421)		(15)
iShares iBoxx USD High Yield Corporate Bond ETF	CIT	1-Month LIBOR -1.65%	11/17/17		(1,353)		(43)
iShares iBoxx USD High Yield Corporate Bond ETF	CIT	1-Month LIBOR -0.80%	06/14/17		(1,332)		(26)
iShares Russell 2000 ETF	CIT	1-Month LIBOR -0.60%	11/16/17		(324)		(15)
iShares Russell 2000 ETF	CIT	1-Month LIBOR -0.50%	12/02/17		(491)		(17)
iShares Russell 2000 ETF	CIT	1-Month LIBOR -0.60%	11/17/17		(150)		(6)
iShares US Preferred Stock ETF	CIT	1-Month LIBOR -0.45%	11/17/17		(654)		(4)
						$	(215)

¹Notional amount is stated in USD unless otherwise noted.

²If 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.

³If 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.

⁴Implied 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.

⁵The 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.

⁶The 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.

⁷If 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.

See accompanying Notes to Financial Statements.

39

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†		Value
JNL/DFA U.S. Micro Cap Fund *
COMMON STOCKS 99.3%
Consumer Discretionary 14.5%
	Caleres Inc.	7	$	235
	Chico's FAS Inc.	17		245
	Childrens Place Retail Stores Inc.	3		276
	EW Scripps Co. - Class A (a)	13		248
	Other Securities			15,468
			16,472
Consumer Staples 3.0%
	Central Garden & Pet Co. - Class A (a)	7		216
	WD-40 Co.	2		221
	Other Securities			2,909
			3,346
Energy 3.8%
	Forum Energy Technologies Inc. (a)	12		259
	McDermott International Inc. (a)	31		232
	Oil States International Inc. (a)	7		268
	Synergy Resources Corp. (a) (b)	25		225
	Other Securities			3,307
			4,291
Financials 25.5%
	Astoria Financial Corp.	13		243
	BancFirst Corp.	2		223
	BofI Holding Inc. (a) (b)	8		233
	Boston Private Financial Holdings Inc.	15		245
	Columbia Banking System Inc.	5		232
	Community Bank System Inc.	4		270
	FBL Financial Group Inc. - Class A	3		218
	First Busey Corp.	7		230
	First Midwest Bancorp Inc.	10		243
	Heartland Financial USA Inc.	5		217
	Horace Mann Educators Corp.	5		226
	LegacyTexas Financial Group Inc.	6		251
	Navigators Group Inc.	2		231
	NBT Bancorp Inc.	6		249
	Northwest Bancshares Inc.	13		234
	Simmons First National Corp. - Class A	4		219
	Stewart Information Services Corp.	5		239
	Union Bankshares Corp.	6		217
	United Community Banks Inc.	9		276
	WesBanco Inc.	5		217
	Other Securities			24,217
			28,930
Health Care 9.2%
	Cambrex Corp. (a)	4		216
	ICU Medical Inc. (a)	2		259
	Select Medical Holdings Corp. (a)	17		229
		Shares/Par†		Value
	Other Securities			9,728
			10,432
Industrials 19.9%
	AAON Inc.	7		228
	Apogee Enterprises Inc.	4		222
	AZZ Inc.	4		267
	G&K Services Inc. - Class A	3		251
	Insperity Inc.	3		244
	John Bean Technologies Corp.	4		313
	MRC Global Inc. (a)	12		251
	SkyWest Inc.	6		225
	Trex Co. Inc. (a)	4		267
	Other Securities			20,267
			22,535
Information Technology 13.3%
	Advanced Energy Industries Inc. (a)	4		233
	CSG Systems International Inc.	5		239
	Other Securities			14,600
			15,072
Materials 5.4%
	Headwaters Inc. (a)	10		238
	Innospec Inc.	3		224
	Stepan Co.	3		223
	Other Securities			5,403
			6,088
Real Estate 1.0%
	Other Securities			1,084
Telecommunication Services 1.6%
	Other Securities			1,828
Utilities 2.1%
	MGE Energy Inc.	4		230
	Other Securities			2,209
			2,439
	Total Common Stocks (cost $87,994)		112,517
SHORT TERM INVESTMENTS 4.0%
Investment Companies 0.6%
	JNL Money Market Fund, 0.34% (c) (d)	661		661
Securities Lending Collateral 3.4%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.39% (d)	3,858		3,858
	Total Short Term Investments (cost $4,519)		4,519
Total Investments 103.3% (cost $92,513)			117,036
Other Assets and Liabilities, Net (3.3)%			(3,718)
Total Net Assets 100.0%			$	113,318

(a) Non-income producing security.

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

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

Restricted Securities

	Initial Acquisition		Cost		Ending Value	Percent of Net Assets
Ferroglobe Rep and Warranty Insurance Trust	11/21/16	$	—	$	—	—	%
		$	—	$	—	—	%

See accompanying Notes to Financial Statements.

40

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†	Value
JNL/DoubleLine Total Return Fund *
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 39.7%
	Adjustable Rate Mortgage Trust
		Series 2005-6A21-4, REMIC, 3.24%, 08/25/35 (a)	9,640	8,789
	Alternative Loan Trust
		Series 2005-A2-23CB, REMIC, 5.50%, 07/25/35	5,624	5,288
		Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36	3,659	3,181
		Series 2006-1A7-23CB, REMIC, 6.00%, 08/25/36	3,593	3,362
	Banc of America Alternative Loan Trust
		Series 2006-1CB1-1, REMIC, 6.00%, 02/25/36	15,536	14,943
		Series 2006-5CB1-4, REMIC, 6.50%, 05/25/36	9,420	8,731
	Banc of America Funding Trust
		Series 2005-2A1-5, REMIC, 5.50%, 09/25/35	4,900	5,097
	Bear Stearns Commercial Mortgage Securities Trust
		Series 2006-AJ-PW13, REMIC, 5.61%, 09/11/41 (a)	211	211
	Carlyle Global Market Strategies CLO Ltd.
		Series 2015-A1A-5A, 2.43%, 01/20/28 (a) (b)	5,000	5,013
		Series 2015-A2A-5A, 3.13%, 01/20/28 (a) (b)	2,000	2,006
		Series 2015-B2-5A, 4.13%, 01/20/28 (a) (b)	1,000	1,010
	Chase Mortgage Finance Trust
		Series 2006-2A1-S2, REMIC, 6.00%, 10/25/36	13,327	11,305
	CHL Mortgage Pass-Through Trust
		Series 2006-1A35-20, REMIC, 6.00%, 02/25/37	5,498	4,857
		Series 2007-1A5-8, REMIC, 5.44%, 01/25/38	5,008	4,007
	CIM Trust
		Series 2016-B2-1RR, REMIC, 11.55%, 07/26/55 (a) (b)	25,000	21,848
		Series 2016-B2-3RR, REMIC, 11.02%, 02/27/56 (a) (b)	25,000	21,866
		Series 2016-B2-2RR, REMIC, 11.56%, 02/27/56 (a) (b)	25,000	21,864
	Citigroup Commercial Mortgage Trust
		Series 2007-AM-C6, REMIC, 5.71%, 06/10/17 (a)	2,149	2,180
		Series 2014-A4-GC25, REMIC, 3.64%, 09/10/24	1,766	1,826
		Interest Only, Series 2014-XA-GC21, REMIC, 1.28%, 05/10/47 (a)	35,370	2,390
		Interest Only, Series 2016-XA-GC36, REMIC, 1.35%, 02/10/49 (a)	21,997	1,915
		Interest Only, Series 2016-XA-P3, REMIC, 1.72%, 04/15/49 (a)	18,407	2,029
	Citigroup Mortgage Loan Trust
		Series 2009-3A2-12, REMIC, 6.00%, 05/25/37 (a) (b)	5,069	4,836
	COMM Mortgage Trust
		Series 2007-AJFL-C9, REMIC, 1.35%, 07/10/17 (a) (b)	3,262	3,183
		Interest Only, Series 2016-XA-DC2, REMIC, 1.08%, 10/10/25 (a)	20,061	1,384
		Series 2016-C-CR28, REMIC, 4.65%, 12/10/25 (a)	2,274	2,186
		Series 2016-C-DC2, REMIC, 4.64%, 02/10/26 (a)	1,340	1,259
		Interest Only, Series 2014-XA-CR17, REMIC, 1.16%, 05/10/47 (a)	37,952	2,051
		Interest Only, Series 2015-XA-CR26, REMIC, 1.06%, 10/10/48 (a)	30,674	1,968
	Commercial Mortgage Loan Trust
		Interest Only, Series 2013-XA-CR12, REMIC, 1.36%, 10/10/46 (a)	38,481	2,377
	Commercial Mortgage Pass-Through Certificates
		Series 2014-C-CR19, REMIC, 4.72%, 08/10/24 (a)	1,500	1,483
		Interest Only, Series 2015-XA-DC1, REMIC, 1.17%, 02/10/48 (a)	29,675	1,858
	Commercial Mortgage Trust
		Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24	1,766	1,841
		Series 2014-A4-CR20, REMIC, 3.59%, 10/10/24	1,766	1,823
		Series 2015-AM-CR23, REMIC, 3.80%, 04/10/25	3,000	3,052
	Commonbond Student Loan Trust
		Series 2016-A1-B, 2.73%, 10/25/40 (b)	8,731	8,580
	Credit Suisse Commercial Mortgage Trust
		Series 2007-A1AM-C4, REMIC, 5.93%, 07/15/17 (a)	4,500	4,579
	Credit Suisse First Boston Mortgage Securities Corp.
		Series 2005-3A2-9, REMIC, 6.00%, 10/25/35	7,112	4,595
			Shares/Par†	Value
		Series 2005-7A1-11, REMIC, 6.00%, 12/25/35	11,249	9,299
	Credit Suisse Mortgage Capital Certificates
		Series 2007-A4-C5, REMIC, 5.69%, 07/15/17 (a)	1,478	1,499
		Series 2006-2A3-2, REMIC, 6.00%, 03/25/36	6,724	5,514
	CSMC Trust
		Series 2016-A1-PR1, REMIC, 5.50%, 05/25/19 (b) (c)	9,126	8,911
		Series 2014-1A1-WIN1, REMIC, 3.00%, 03/25/29 (a) (b)	9,214	9,268
		Series 2011-6A9-5R, REMIC, 3.15%, 11/27/37 (a) (b)	15,500	14,509
		Series 2015-A1-PR2, REMIC, 4.25%, 07/26/55 (a) (b)	12,591	12,678
	CSMLT Trust
		Series 2015-1A2-3, REMIC, 3.50%, 08/25/34 (a) (b)	6,443	6,566
		Series 2015-A9-1, REMIC, 3.50%, 06/25/36 (a) (b)	15,781	15,908
	DB Master Finance LLC
		Series 2015-A2I-1A, 3.26%, 02/20/19 (b)	9,825	9,838
	Deutsche Alt-A Securities Mortgage Loan Trust
		Series 2007-2A1-2, REMIC, 1.06%, 09/25/47 (a)	30,086	24,539
	First Horizon Alternative Mortgage Securities Trust
		Series 2006-1A2-FA2, REMIC, 6.00%, 05/25/36	5,968	4,733
	First Horizon Asset Securities Inc.
		Series 2007-A1-5, REMIC, 6.25%, 11/25/37	8,170	6,719
	GS Mortgage Securities Corp. II
		Series 2007-A4-GG10, REMIC, 5.79%, 05/10/17 (a)	1,692	1,703
	GS Mortgage Securities Trust
		Series 2016-A-ICE2, 2.63%, 02/15/18 (a) (b)	2,238	2,258
		Series 2014-A5-GC26, REMIC, 3.63%, 11/13/24	1,500	1,553
		Interest Only, Series 2015-XA-GC34, REMIC, 1.37%, 10/10/25 (a)	24,823	2,138
		Interest Only, Series 2014-XA-GC20, REMIC, 1.16%, 04/10/47 (a)	21,649	1,217
		Interest Only, Series 2014-XA-GC24, REMIC, 0.86%, 09/10/47 (a)	48,714	2,228
		Interest Only, Series 2015-XA-GS1, REMIC, 0.84%, 11/10/48 (a)	34,775	1,953
		Interest Only, Series 2016-XA-GS3, 1.28%, 10/10/49 (a)	32,687	2,906
	HERO Funding Trust
		Series 2016-A2-4A, 4.29%, 09/20/37 (b)	10,000	10,042
	JPMBB Commercial Mortgage Securities Trust
		Series 2014-C-C21, REMIC, 4.66%, 07/15/24 (a)	2,000	1,991
		Series 2014-A4-C26, REMIC, 3.49%, 12/15/24	950	974
		Series 2015-C-C32, REMIC, 4.67%, 10/15/25 (a)	2,370	2,159
		Series 2015-C-C33, REMIC, 4.62%, 11/15/25 (a)	2,224	2,201
	JPMorgan Chase Commercial Mortgage Securities Corp.
		Series 2016-E-WIKI, REMIC, 4.01%, 10/05/21 (a) (b)	3,075	2,967
		Series 2016-B-ASH, 2.85%, 10/15/22 (a) (b)	1,947	1,949
		Series 2016-C-ASH, 3.54%, 10/15/22 (a) (b)	1,099	1,100
		Series 2006-AM-LDP9, REMIC, 5.37%, 05/15/47	1,856	1,855
		Series 2007-AM-LD12, REMIC, 6.04%, 02/15/51 (a)	1,160	1,187
	JPMorgan Chase Commercial Mortgage Securities Trust
		Series 2007-AM-CB20, REMIC, 5.96%, 09/12/17 (a)	2,500	2,560
		Series 2007-AM-CB19, REMIC, 5.71%, 02/12/49 (a)	5,959	6,017
		Series 2007-AJ-CB20, REMIC, 6.15%, 02/12/51 (a)	1,245	1,254
	Labrador Aviation Finance Ltd.
		Series 2016-A1-1A, 4.30%, 01/15/24 (b)	20,000	19,662
	LB-UBS Commercial Mortgage Trust
		Series 2007-AJ-C1, REMIC, 5.48%, 02/15/40	2,000	2,002
		Series 2007-AM-C2, REMIC, 5.49%, 02/15/40	3,000	3,025
		Series 2007-A3-C7, REMIC, 5.87%, 09/15/45 (a)	2,713	2,780
	Merrill Lynch Mortgage Trust
		Series 2007-AM-C1, REMIC, 5.83%, 07/12/17 (a)	2,192	2,126
	ML-CFC Commercial Mortgage Trust
		Series 2007-A4-9, REMIC, 5.70%, 09/12/17	2,257	2,302
		Series 2007-A4-7, REMIC, 5.73%, 06/12/50 (a)	2,174	2,188

See accompanying Notes to Financial Statements.

41

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
	Morgan Stanley Bank of America Merrill Lynch Trust
		Series 2014-C-C18, REMIC, 4.49%, 09/15/24	1,500		1,491
		Series 2014-A4-C19, REMIC, 3.53%, 11/15/24	2,000		2,049
		Series 2014-C-C19, REMIC, 4.00%, 12/15/24	2,000		1,818
		Series 2015-B-C20, REMIC, 4.16%, 01/15/25	1,200		1,210
		Series 2015-C-C20, REMIC, 4.46%, 01/15/25 (a)	1,200		1,100
		Series 2015-C-C25, REMIC, 4.53%, 09/15/25 (a)	2,320		2,292
		Interest Only, Series 2016-XA-C28, REMIC, 1.29%, 01/15/26 (a)	24,429		2,009
		Series 2016-C-C29, REMIC, 4.75%, 04/15/26 (a)	676		678
		Interest Only, Series 2013-XA-C7, REMIC, 1.53%, 02/15/46 (a)	25,391		1,541
		Interest Only, Series 2016-XA-C30, REMIC, 1.47%, 09/15/49 (a)	28,526		2,886
	Morgan Stanley Capital I Trust
		Series 2014-D-MP, REMIC, 3.69%, 08/11/21 (a) (b)	2,000		1,961
		Series 2007-AM-HQ11, REMIC, 5.48%, 02/12/44 (a)	2,401		2,399
		Series 2007-AM-IQ13, REMIC, 5.41%, 03/15/44	4,421		4,417
	New Residential Mortgage Loan Trust
		Series 2016-A1-1A, REMIC, 3.75%, 03/25/56 (a) (b)	32,612		33,063
	NYMT Residential LLC
		Series 2016-A-RP1A, 4.00%, 03/25/19 (b) (c)	25,899		25,699
	OneMain Financial Issuance Trust
		Series 2014-A-1A, 2.43%, 08/18/17 (b)	10,701		10,701
		Series 2015-A-2A, 2.57%, 10/18/18 (b)	8,795		8,795
	PR Mortgage Loan Trust
		Series 2014-APT-1, REMIC, 5.93%, 09/25/47	11,795		11,301
	Pretium Mortgage Credit Partners
		Series 2016-A1-NPL6, REMIC, 3.50%, 10/25/18 (a) (b)	9,918		9,873
	RALI Trust
		Series 2005-A41-QA10, REMIC, 4.27%, 09/25/35 (a)	3,218		2,670
		Series 2006-A4-QS5, REMIC, 6.00%, 05/25/36	6,042		5,190
	RAMP Trust
		Series 2005-AI4-RS9, REMIC, 1.08%, 11/25/35 (a)	12,278		10,168
	RBSGC Mortgage Loan Trust
		Series 2007-1A4-B, REMIC, 1.21%, 01/25/37 (a)	6,820		3,926
		Interest Only, Series 2007-1A6-B, REMIC, 5.29%, 01/25/37 (a)	6,820		1,313
		Series 2007-2A1-A, REMIC, 6.75%, 01/25/37	9,524		9,165
	Residential Accredit Loans Inc. Trust
		Series 2006-A21-QA1, REMIC, 4.14%, 01/25/36 (a)	8,765		6,966
		Series 2006-A4-QS4, REMIC, 6.00%, 04/25/36	4,879		4,189
	Residential Asset Securitization Trust
		Series 2006-2A11-A6, REMIC, 6.00%, 07/25/36	4,744		4,072
		Series 2006-A1-A12, REMIC, 6.25%, 11/25/36	11,944		8,342
		Series 2007-1A1-A3, REMIC, 1.21%, 04/25/37 (a)	8,439		4,264
		Series 2007-1A2-A3, REMIC, 40.59%, 04/25/37 (a)	1,100		2,177
		Series 2007-1A1-A8, REMIC, 6.00%, 08/25/37	25,111		21,029
	Residential Funding Mortgage Securities Inc. Trust
		Series 2006-A14-S6, REMIC, 6.00%, 07/25/36	852		792
		Series 2006-A1-S11, REMIC, 6.00%, 11/25/36	4,785		4,430
		Series 2007-A4-S2, REMIC, 6.00%, 02/25/37	1,904		1,780
		Series 2007-A2-S4, REMIC, 6.00%, 04/25/37	4,108		3,626
		Series 2007-A20-S7, REMIC, 6.00%, 07/25/37	3,629		3,344
	RFMSI Trust
		Series 2005-A3-S4, REMIC, 5.50%, 05/25/35	4,475		4,640
		Series 2007-A2-S5, REMIC, 6.00%, 05/25/37	15,148		14,091
	Shenton Aircraft Investments I Ltd.
		Series 2015-A-1A, 4.75%, 11/15/27 (b)	13,393		13,442
	SpringCastle America Funding LLC
		Series 2016-A-AA, 3.05%, 04/25/29 (b)	9,883		9,933
	Springleaf Mortgage Loan Trust
		Series 2013-B2-2A, REMIC, 6.00%, 12/25/65 (a) (b)	10,000		10,059
	Structured Adjustable Rate Mortgage Loan Trust
		Series 2005-2A-21, REMIC, 3.10%, 11/25/35 (a)	13,211		11,810
			Shares/Par†		Value
	Structured Asset Securities Corp. Trust
		Series 2005-1A1-5, REMIC, 5.75%, 04/25/35	13,385		12,236
	Venture CDO Ltd.
		Series 2014-A1L-16A, 2.38%, 04/15/26 (a) (b)	2,500		2,500
		Series 2014-A-17A, 2.36%, 07/15/26 (a) (b)	2,500		2,500
	Venture XIV CLO Ltd.
		Series 2013-B1-14A, 2.79%, 08/28/25 (a) (b)	500		497
		Series 2013-D-14A, 4.69%, 08/28/25 (a) (b)	500		486
	Venture XVII CLO Ltd.
		Series 2014-B2-17A, 2.98%, 07/15/26 (a) (b)	500		500
	Venture XVIII CLO Ltd.
		Series 2014-A-18A, 2.33%, 10/15/26 (a) (b)	3,000		3,000
	Venture XX CLO Ltd.
		Series 2015-A-20A, 2.37%, 04/15/27 (a) (b)	2,000		2,001
	VOLT XLIII LLC
		Series 2016-A1-NPL3, 4.25%, 03/26/46 (b) (c)	7,962		8,024
	VOLT XLIV LLC
		Series 2016-A1-NPL4, 4.25%, 04/25/19 (b) (c)	8,236		8,295
	Wachovia Bank Commercial Mortgage Trust
		Series 2007-AM-C30, REMIC, 5.38%, 12/15/43	2,000		2,000
		Series 2007-AMFX-C32, REMIC, 5.70%, 06/15/49 (b)	1,695		1,711
		Series 2007-AJ-C33, REMIC, 5.97%, 02/15/51 (a)	5,000		5,013
	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
		Series 2006-1A7-5, REMIC, 6.00%, 07/25/36 (a)	5,059		4,358
		Series 2006-1A5-5, REMIC, 6.00%, 07/25/36	2,833		2,440
		Series 2007-2A2-2, REMIC, 5.50%, 04/25/37	4,116		3,901
	Waterfall Commercial Mortgage Trust
		Series 2015-A-SBC5, REMIC, 4.10%, 09/19/22 (a) (b)	15,160		14,799
	Wells Fargo Alternative Loan Trust
		Series 2007-2A1-PA3, REMIC, 6.00%, 07/25/37	5,875		5,463
		Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37	5,716		5,169
		Series 2007-1A1-PA5, REMIC, 6.25%, 11/25/37	1,996		1,912
	Wells Fargo Commercial Mortgage Trust
		Series 2015-C-C31, REMIC, 4.61%, 11/15/25 (a)	1,850		1,815
		Series 2015-D-NXS4, REMIC, 3.60%, 11/18/25 (a)	2,031		1,637
		Series 2016-C-C34, REMIC, 5.03%, 05/15/49 (a)	2,855		2,824
		Interest Only, Series 2015-XA-LC20, REMIC, 1.40%, 04/15/50 (a)	24,694		1,863
		Series 2016-C-C32, REMIC, 4.72%, 01/15/59 (a)	1,577		1,449
	Wells Fargo Mortgage Backed Securities Trust
		Series 2014-A5-LC18, REMIC, 3.41%, 12/15/24	1,138		1,155
		Series 2014-B-LC18, REMIC, 3.96%, 12/15/24	1,761		1,786
		Series 2006-A11-3, REMIC, 5.50%, 03/25/36	3,489		3,543
		Series 2007-1A7-3, REMIC, 5.75%, 04/25/37	12,648		12,502
		Series 2007-1A4-3, REMIC, 6.00%, 04/25/37	2,623		2,619
		Series 2007-A38-7, REMIC, 6.00%, 06/25/37	5,161		5,053
	Wells Fargo-RBS Commercial Mortgage Trust
		Series 2016-C-C33, REMIC, 3.90%, 03/15/59	1,508		1,378
	WinWater Mortgage Loan Trust
		Series 2015-A3-5, REMIC, 3.50%, 09/20/36 (a) (b)	14,676		14,776
	Other Securities				173,968
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $1,019,917)			1,016,925
GOVERNMENT AND AGENCY OBLIGATIONS 51.4%
Collateralized Mortgage Obligations 21.8%
	Federal Home Loan Mortgage Corp.
		Series A-4260, REMIC, 3.00%, 02/15/32	14,816		14,852
		Series AY-4092, REMIC, 3.00%, 08/15/32	8,200		8,029
		Series EY-4215, REMIC, 3.00%, 06/15/33	10,000		9,565
		Series UB-4247, REMIC, 3.00%, 09/15/33	6,199		6,003
		Series EB-4247, REMIC, 3.50%, 09/15/33	5,000		5,105
		Series A-4377, REMIC, 3.00%, 06/15/39	18,544		18,815
		Series BK-4469, REMIC, 3.00%, 08/15/39	13,259		13,426
		Series JA-3818, REMIC, 4.50%, 01/15/40	340		348
		Series TB-4419, REMIC, 3.00%, 02/15/40	3,028		3,052
		Series GA-4376, REMIC, 3.00%, 04/15/40	14,819		15,057
		Series NY-4390, REMIC, 3.00%, 06/15/40	14,774		15,045
		Series MA-4391, REMIC, 3.00%, 07/15/40	14,488		14,765

See accompanying Notes to Financial Statements.

42

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
		Interest Only, Series SP-3770, REMIC, 5.80%, 11/15/40 (a)	5,456		629
		Interest Only, Series SM-3780, REMIC, 5.80%, 12/15/40 (a)	19,253		3,579
		Series KA-4366, REMIC, 3.00%, 03/15/41	14,725		15,081
		Series SL-4061, REMIC, 5.98%, 06/15/42 (a)	1,554		1,406
		Series B-4481, REMIC, 3.00%, 12/15/42	25,170		25,276
		Series CS-4156, REMIC, 4.66%, 01/15/43 (a)	5,045		4,257
		Series UZ-4508, REMIC, 3.00%, 07/15/43	9,991		8,999
		Series ZX-4404, REMIC, 4.00%, 04/15/44	53,428		55,963
		Series CA-4573, REMIC, 3.00%, 11/15/44	43,002		42,412
		Series LZ-4410, REMIC, 4.00%, 11/15/44	1,617		1,677
		Series KZ-4440, REMIC, 3.00%, 02/15/45	11,363		10,324
		Series HA-4582, REMIC, 3.00%, 09/15/45	31,162		31,463
		Interest Only, Series MS-4291, REMIC, 5.20%, 01/15/54 (a)	8,518		1,419
	Federal National Mortgage Association
		Interest Only, Series 2010-CS-134, REMIC, 5.92%, 12/25/25 (a)	3,276		406
		Series 2013-AB-53, REMIC, 1.50%, 03/25/28	8,576		8,223
		Series 2013-QZ-54, REMIC, 3.00%, 06/25/33	1,885		1,815
		Series 2013-WB-100, REMIC, 3.00%, 10/25/33	20,000		19,486
		Interest Only, Series 2005-S-2, REMIC, 5.84%, 02/25/35 (a)	10,469		2,113
		Interest Only, Series 2011-PS-84, REMIC, 5.84%, 01/25/40 (a)	26,320		2,839
		Series 2010-KD-120, REMIC, 4.00%, 10/25/40	2,174		2,275
		Series 2014-MA-68, REMIC, 3.00%, 11/25/40	14,107		14,319
		Series 2013-PB-59, REMIC, 2.00%, 09/25/41	7,187		7,032
		Interest Only, Series 2011-ES-93, REMIC, 5.74%, 09/25/41 (a)	3,063		555
		Series 2012-BZ-14, REMIC, 4.00%, 03/25/42	1,819		1,896
		Series 2012-Z-31, REMIC, 4.00%, 04/25/42	1,813		1,896
		Series 2015-AP-95, REMIC, 3.00%, 08/25/42	21,910		22,183
		Series 2012-CZ-87, REMIC, 3.00%, 08/25/42	11,415		10,544
		Series 2015-AC-88, REMIC, 3.00%, 04/25/43	22,920		23,229
		Series 2013-NZ-31, REMIC, 3.00%, 04/25/43	15,529		13,534
		Series 2013-ZA-52, REMIC, 3.00%, 06/25/43	4,016		3,800
		Series 2013-AZ-133, REMIC, 4.00%, 01/25/44	14,470		14,978
		Series 2016-PA-81, REMIC, 3.00%, 02/25/44	24,828		24,771
		Series 2014-GZ-85, REMIC, 3.00%, 12/25/44	10,673		9,640
		Series 2015-CE-78, REMIC, 2.50%, 11/25/45	39,409		39,253
	Government National Mortgage Association
		Interest Only, Series 2010-PS-116, REMIC, 5.36%, 03/20/40 (a)	15,366		1,698
		Series 2011-WS-70, REMIC, 8.22%, 12/20/40 (a)	6,000		6,399
				559,431
Mortgage-Backed Securities 26.5%
	Federal Home Loan Mortgage Corp.
		3.00%, 06/01/43	29,594		29,525
		3.00%, 07/01/43	9,554		9,524
		3.00%, 07/01/43	30,132		30,050
		4.00%, 09/01/43	2,957		3,121
		3.00%, 10/01/43	22,873		22,830
		4.00%, 12/01/43	4,951		5,239
		4.00%, 12/01/43	2,200		2,319
		4.00%, 02/01/44	4,433		4,690
		REMIC, 3.00%, 06/15/44	12,603		12,549
		3.00%, 10/01/44	10,845		10,774
		3.00%, 11/01/44	24,562		24,404
		3.00%, 04/01/45	32,895		32,690
		3.00%, 04/01/45	25,455		25,286
		3.00%, 06/01/45	21,757		21,613
		3.00%, 09/01/45	13,132		13,046
		3.00%, 12/01/45	17,704		17,587
		3.50%, 02/01/46	24,281		24,867
		3.50%, 02/01/46	37,423		38,412
		3.00%, 03/01/46	17,447		17,331
		3.00%, 04/01/46	18,456		18,333
		3.00%, 12/01/46	24,938		24,772
	Federal National Mortgage Association
		4.50%, 04/01/26	6,074		6,458
		3.00%, 09/01/33	35,059		35,747
		3.00%, 10/01/33	63,568		64,821
		3.00%, 03/01/35	25,238		25,562
			Shares/Par†		Value
		3.50%, 09/01/43	30,910		31,866
		3.50%, 01/01/45	6,929		7,033
		3.50%, 08/01/45	14,060		14,450
		3.00%, 08/01/46	38,446		37,925
		3.00%, 09/01/46	46,865		46,576
	Government National Mortgage Association
		3.50%, 10/20/45	18,290		18,805
				678,205
U.S. Treasury Securities 3.1%
	U.S. Treasury Note
		2.25%, 11/15/25	80,000		78,859
	Total Government And Agency Obligations (cost $1,327,807)			1,316,495
SHORT TERM INVESTMENTS 8.6%
Investment Companies 8.6%
	JNL Money Market Fund, 0.34% (d) (e)		219,341		219,341
	Total Short Term Investments (cost $219,341)			219,341
Total Investments 99.7% (cost $2,567,065)				2,552,761
Other Assets and Liabilities, Net 0.3%				8,248
Total Net Assets 100.0%				$	2,561,009

(a) The security or securities in this category have a variable rate. Rate stated was in effect as of December 31, 2016.

(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 December 31, 2016, the net value and the percentage of net assets of these liquid securities was $502,899 and 19.6%, 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 December 31, 2016.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

See accompanying Notes to Financial Statements.

43

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
CORPORATE BONDS AND NOTES 1.6%
Azerbaijan 0.5%
	International Bank of Azerbaijan OJSC Via Rubrika
		6.17%, 05/10/17	2,200	$	2,178
Croatia 0.5%
	Agrokor dd
		9.13%, 02/01/20, EUR	1,960		2,139
Georgia 0.6%
	Bank of Georgia JSC
		11.00%, 06/01/18, GEL	3,520		1,336
	Georgian Oil and Gas Corp. JSC
		6.75%, 04/26/21	1,378		1,435
				2,771
	Total Corporate Bonds And Notes (cost $7,478)			7,088
VARIABLE RATE SENIOR LOAN INTERESTS 1.4% (a)
Ethiopia 0.6%
	Ethiopian Railways Corp.
		Delayed Draw Term Loan, 4.86%, 08/01/21 (b) (c)	2,700		2,629
Kenya 0.8%
	Government of the Republic of Kenya
		Term Loan, 6.52%, 10/28/17 (b) (c)	3,390		3,373
	Total Variable Rate Senior Loan Interests (cost $6,009)			6,002
GOVERNMENT AND AGENCY OBLIGATIONS 73.8%
Albania 2.2%
	Albania Government International Bond
		5.75%, 11/12/20, EUR	8,326		9,608
Argentina 1.4%
	Argentina Bonad Bond
		0.75%, 02/22/17 - 09/21/17	4,832		4,747
		2.40%, 03/18/18	1,119		1,093
				5,840
Armenia 1.4%
	Republic of Armenia
		7.15%, 03/26/25	5,832		6,118
Australia 1.5%
	Australia Government Bond
		3.00%, 03/21/47, AUD	10,275		6,383
Barbados 1.1%
	Barbados Government International Bond
		7.00%, 08/04/22 (d)	472		431
		6.63%, 12/05/35	5,066		3,850
		6.63%, 12/05/35 (d)	823		625
				4,906
Belarus 2.3%
	Republic of Belarus
		8.95%, 01/26/18	9,338		9,629
Cyprus 6.4%
	Cyprus Government International Bond
		3.88%, 05/06/22, EUR	7,126		7,795
		3.75%, 07/26/23, EUR	8,729		9,384
		4.25%, 11/04/25, EUR	9,264		10,270
				27,449
Dominican Republic 4.1%
	Dominican Republic Bond
		10.40%, 05/10/19, DOP (e)	261,400		5,697
		15.95%, 06/04/21, DOP	32,300		835
	Dominican Republic International Bond
		16.00%, 02/10/17 - 07/10/20, DOP	96,800		2,254
		13.50%, 08/04/17, DOP	15,200		334
		14.00%, 06/08/18, DOP	198,200		4,500
		15.00%, 04/05/19, DOP	106,400		2,528
		16.95%, 02/04/22, DOP	19,000		517
		10.38%, 03/04/22, DOP	39,800		858
				17,523
			Shares/Par†		Value
Ecuador 3.4%
	Ecuador Government International Bond
		10.50%, 03/24/20 (d)	1,166		1,253
		10.50%, 03/24/20	1,661		1,786
		7.95%, 06/20/24	6,878		6,569
		7.95%, 06/20/24 (d)	5,345		5,104
				14,712
El Salvador 2.0%
	El Salvador Government International Bond
		7.38%, 12/01/19	100		103
		7.75%, 01/24/23	2,309		2,395
		5.88%, 01/30/25	810		741
		6.38%, 01/18/27	3,468		3,191
		8.25%, 04/10/32	928		937
		7.65%, 06/15/35	1,456		1,350
				8,717
Georgia 0.7%
	Georgia Treasury Bond
		8.00%, 06/09/18, GEL	1,380		516
		6.75%, 10/06/18, GEL	35		13
		14.38%, 07/16/20, GEL	1,998		870
		11.75%, 04/28/21, GEL	2,377		969
		10.50%, 02/05/25, GEL	1,155		428
				2,796
Greece 1.0%
	Hellenic Republic Government Bond
		4.75%, 04/17/19, EUR (d)	4,334		4,304
Honduras 0.6%
	Honduras Government International Bond
		7.50%, 03/15/24	710		759
	Republic of Honduras
		8.75%, 12/16/20	1,685		1,876
				2,635
Iceland 3.3%
	Iceland Rikisbref
		8.00%, 06/12/25, ISK	695,020		7,369
		6.50%, 01/24/31, ISK	675,640		6,836
				14,205
Indonesia 0.7%
	Indonesia Treasury Bond
		8.75%, 05/15/31, IDR	19,554,000		1,512
		8.25%, 05/15/36, IDR	22,104,000		1,649
				3,161
Iraq 1.0%
	Republic of Iraq
		5.80%, 01/15/28	5,286		4,387
Kenya 0.5%
	Kenya Government International Bond
		5.88%, 06/24/19	2,076		2,121
Macedonia 5.4%
	Former Yugoslav Republic of Macedonia
		4.88%, 12/01/20, EUR	3,640		4,018
		3.98%, 07/24/21, EUR	5,018		5,293
		3.98%, 07/24/21, EUR (d)	10,122		10,677
	Macedonia Government International Bond
		4.88%, 12/01/20, EUR	2,971		3,280
				23,268
Mexico 0.1%
	Mexico Government International Bond
		3.63%, 04/09/29, EUR	204		231
		3.38%, 02/23/31, EUR	334		358
				589
New Zealand 1.2%
	New Zealand Government Inflation Indexed Bond
		3.00%, 09/20/30, NZD (f)	4,409		3,491
		2.50%, 09/20/35, NZD (f)	2,390		1,716
				5,207
Nigeria 1.2%
	Nigeria Government International Bond
		5.13%, 07/12/18	4,946		5,022

See accompanying Notes to Financial Statements.

44

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
Russian Federation 5.2%
	Russia Federal Bond
		7.75%, 09/16/26, RUB	79,640		1,251
		8.50%, 09/17/31, RUB	1,274,641		20,915
				22,166
Rwanda 1.0%
	Rwanda International Government Bond
		6.63%, 05/02/23 (g)	4,139		4,091
Serbia 7.9%
	Republic of Serbia
		5.88%, 12/03/18	16		17
	Serbia Treasury Bond
		6.00%, 02/22/19, RSD	364,440		3,184
		10.00%, 03/02/18 - 02/05/22, RSD	1,746,600		17,656
		5.75%, 07/21/23, RSD	1,538,460		13,119
				33,976
Sri Lanka 9.0%
	Sri Lanka Government Bond
		8.75%, 10/15/18, LKR	735,000		4,694
		8.50%, 05/01/19, LKR	127,000		793
		10.60%, 07/01/19 - 09/15/19, LKR	425,560		2,761
		8.00%, 11/15/18 - 11/01/19, LKR	1,037,500		6,515
		9.25%, 05/01/20, LKR	624,020		3,854
		10.75%, 03/01/21, LKR	305,000		1,951
		11.00%, 08/01/21 - 05/15/30, LKR	835,460		5,123
		9.45%, 10/15/21, LKR	479,000		2,891
		11.20%, 07/01/22, LKR	56,460		361
		10.00%, 10/01/22, LKR	348,560		2,105
		11.40%, 01/01/24, LKR	46,000		292
		11.00%, 08/01/24, LKR	41,000		253
		10.25%, 03/15/25, LKR	56,730		334
		11.50%, 08/01/26, LKR	174,000		1,101
		11.50%, 09/01/28, LKR	224,220		1,369
	Sri Lanka Government International Bond
		6.13%, 06/03/25	1,790		1,684
		6.85%, 11/03/25 (d)	280		275
		6.85%, 11/03/25	2,041		2,004
				38,360
Suriname 1.4%
	Republic of Suriname
		9.25%, 10/26/26	6,138		6,066
Tanzania 3.4%
	Tanzania Government International Bond
		7.25%, 03/08/20 (a)	14,100		14,731
Thailand 1.4%
	Thailand Government Inflation Indexed Bond
		1.25%, 03/12/28, THB (h)	225,313		5,823
Turkey 1.3%
	Turkey Government International Bond
		4.88%, 10/09/26	5,855		5,417
United States of America 0.6%
	Federal Home Loan Mortgage Corp.
		Interest Only, Series S-4070, REMIC, 5.40%, 06/15/32 (a) (i)	3,245		541
	Federal National Mortgage Association
		Interest Only, Series 2013-DS-15, REMIC, 5.44%, 03/25/33 (a)	1,255		207
		Interest Only, Series 2010-SJ-124, REMIC, 5.29%, 11/25/38 (a)	2,606		261
		Interest Only, Series 2013-SC-75, REMIC, 5.49%, 07/25/42 (a)	2,992		386
		Interest Only, Series 2012-SK-150, REMIC, 5.39%, 01/25/43 (a) (i)	3,177		520
		Interest Only, Series 2013-PS-64, REMIC, 5.49%, 04/25/43 (a)	3,111		474
				2,389
Zambia 1.1%
	Zambia Government International Bond
		5.38%, 09/20/22	2,998		2,708
			Shares/Par†		Value
		8.50%, 04/14/24 (d)	1,905		1,858
				4,566
	Total Government And Agency Obligations (cost $316,965)			316,165
COMMON STOCKS 3.0%
Iceland 2.2%
	Eimskipafelag Islands hf		546		1,555
	Hagar hf		2,787		1,329
	HB Grandi		3,325		763
	Icelandair Group hf		8,254		1,683
	Marel hf		745		1,597
	Reginn hf (j)		2,901		666
	Reitir Fasteignafelag hf		1,652		1,364
	Siminn hf (j)		23,802		658
				9,615
Singapore 0.8%
	Yoma Strategic Holdings Ltd.		7,942		3,198
	Total Common Stocks (cost $12,470)			12,813
SHORT TERM INVESTMENTS 16.9%
Investment Companies 10.0%
	JNL Money Market Fund, 0.34% (k) (l)		43,022		43,022
Repurchase Agreements 2.0%
	Repurchase Agreements (b) (m)				8,519
Securities Lending Collateral 0.1%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.39% (l)		204		204
Treasury Securities 4.8%
	Georgia Treasury Bill
		0.00%, 06/01/17, GEL	612		223
	Iceland Rikisvixill
		0.01%, 01/16/17, ISO	6,000		31
		0.00%, 02/15/17, ISO	47,000		245
		0.00%, 04/18/17 - 05/15/17, ISO	2,313,117		12,013
	U.S. Treasury Bill
		0.45%, 02/16/17 (i)	2,000		1,999
		0.47%, 03/02/17 (i)	6,000		5,995
				20,506
	Total Short Term Investments (cost $72,836)			72,251
Total Investments 96.7% (cost $415,758)					414,319
Total Securities Sold Short(1.9)% (proceeds $8,010)					(8,040)
Total Purchased Options 2.4% (cost $4,244)					10,117
Other Derivative Instruments 0.8%					3,314
Other Assets and Liabilities, Net 2.0%					8,546
Total Net Assets 100.0%				$	428,256

(a) The security or securities in this category have a variable rate. Rate stated was in effect as of December 31, 2016.

(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 fair valued in good faith in accordance with the procedures approved by the Jackson Variable Series Trust's Board of Trustees. Good faith fair valued securities may be classified as Level 2 or Level 3 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) 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 December 31, 2016, the net value and the percentage of net assets of these liquid securities was $16,487 and 3.8%, respectively.

(e) Convertible security.

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

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

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

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

(j) Non-income producing security.

(k) Investment in affiliate.

(l) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

(m) For repurchase agreements held at December 31, 2016, see Repurchase Agreements in these Schedules of Investments.

See accompanying Notes to Financial Statements.

45

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
SECURITIES SOLD SHORT (1.9%)
GOVERNMENT AND AGENCY OBLIGATIONS (1.9%)
Spain (1.9%)
	Spain Government Bond
		5.40%, 01/31/23, EUR (a)	(5,943)	$	(8,040)

	Shares/Par†		Value
Total Government And Agency Obligations (proceeds $8,010)		(8,040)
Total Securities Sold Short (1.9%) (proceeds $8,010)		$	(8,040)

(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 December 31, 2016, the net value and the percentage of net assets of these liquid securities was $16,487 and 3.8%, respectively.

Repurchase Agreements

Counter-party

Collateral

Collateral Par†

Collateral Value

Rate

Settlement

Maturity

Proceeds at Maturity

Par†

Value

JPM

Spain Government Bond, 5.40%, due 01/31/23

EUR

5,943

EUR

7,638

(1.10)

%

11/22/16

01/13/17

$

8,519

8,093

$

8,519

The following schedules reflect the derivative investments for JNL/Eaton Vance Global Macro Absolute Return Advantage Fund at December 31, 2016:

Futures Contracts
Reference Entity	Contracts Long (Short)†	Expiration	Notional1		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
10-Year USD Deliverable Interest Rate Swap Future	(397)	March 2017		(37,697)	$	(180)	$	323
5-Year USD Deliverable Interest Rate Swap Future	(85)	March 2017		(8,327)		(15)		47
Euro-BTP Future	(117)	March 2017	EUR	(15,547)		36		(302)
Tokyo Price Index Future	(10)	March 2017	JPY	(147,716)		(2)		(36)
					$	(161)	$	32

Centrally Cleared Interest Rate Swap Agreements
Floating Rate Index	Paying / Receiving Floating Rate	Fixed Rate	Expiration	Notional1		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
3-Month LIBOR	Receiving	1.25%	03/15/19		2,644	$	(1)	$	(5)
3-Month LIBOR	Receiving	1.29%	07/13/26		2,901		(9)		258
3-Month LIBOR	Receiving	1.30%	07/13/26		3,864		(12)		342
3-Month LIBOR	Receiving	1.37%	07/14/26		4,310		(13)		356
3-Month LIBOR	Receiving	1.42%	08/17/26		5,317		(16)		422
3-Month LIBOR	Receiving	2.25%	03/15/47		5,912		(46)		(214)
3-Month LIBOR	Paying	1.74%	07/31/20		4,080		3		(5)
3-Month LIBOR	Paying	1.74%	07/31/20		3,270		2		(4)
3-Month LIBOR	Paying	1.75%	07/31/20		1,732		1		(2)
3-Month LIBOR	Paying	1.74%	08/12/20		4,368		3		(7)
3-Month LIBOR	Paying	1.62%	08/14/20		4,650		3		(27)
3-Month LIBOR	Paying	1.68%	08/17/20		2,236		2		(9)
3-Month LIBOR	Paying	1.68%	08/17/20		2,395		2		(9)
3-Month LIBOR	Paying	1.69%	08/17/20		4,942		3		(17)
3-Month LIBOR	Paying	1.70%	08/19/20		8,171		6		(26)
3-Month LIBOR	Paying	1.55%	08/22/20		4,954		4		(42)
3-Month LIBOR	Paying	1.56%	08/22/20		2,520		2		(21)
3-Month LIBOR	Paying	1.57%	09/17/20		7,714		6		(66)
3-Month LIBOR	Paying	1.65%	09/18/20		5,597		4		(31)
3-Month LIBOR	Paying	1.55%	09/23/20		310		—		(3)
3-Month LIBOR	Paying	1.42%	10/28/20		2,230		2		(32)
3-Month LIBOR	Paying	1.43%	10/28/20		2,230		2		(32)
3-Month LIBOR	Paying	1.53%	11/05/20		4,590		4		(49)
3-Month LIBOR	Paying	1.54%	11/05/20		2,295		2		(24)
3-Month LIBOR	Paying	1.56%	11/09/20		2,221		2		(22)
3-Month LIBOR	Paying	1.67%	11/12/20		3,036		3		(17)
3-Month LIBOR	Paying	1.11%	02/23/21		1,343		1		(40)
3-Month LIBOR	Paying	1.17%	02/25/21		2,605		3		(72)
3-Month LIBOR	Paying	1.17%	02/25/21		1,303		1		(36)
3-Month LIBOR	Paying	1.27%	03/07/21		3,267		3		(78)
3-Month LIBOR	Paying	1.16%	06/23/21		2,301		3		(74)
3-Month LIBOR	Paying	1.17%	06/24/21		1,535		2		(49)
3-Month LIBOR	Paying	1.18%	06/24/21		2,107		2		(66)
3-Month LIBOR	Paying	1.19%	06/27/21		2,106		2		(65)
3-Month LIBOR	Paying	1.21%	06/27/21		2,107		2		(64)

See accompanying Notes to Financial Statements.

46

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

Centrally Cleared Interest Rate Swap Agreements (continued)
Floating Rate Index	Paying / Receiving Floating Rate	Fixed Rate	Expiration	Notional1		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
3-Month LIBOR	Paying	1.21%	06/27/21		2,106		2		(63)
3-Month LIBOR	Paying	0.97%	06/28/21		2,330		3		(95)
3-Month LIBOR	Paying	0.96%	06/29/21		2,108		2		(86)
3-Month LIBOR	Paying	0.96%	06/29/21		1,580		2		(64)
3-Month LIBOR	Paying	0.97%	06/29/21		2,107		2		(86)
3-Month LIBOR	Paying	1.20%	09/01/21		7,400		9		(242)
3-Month LIBOR	Paying	1.21%	09/01/21		6,321		7		(204)
3-Month LIBOR	Paying	2.13%	07/27/22		2,939		5		13
3-Month LIBOR	Paying	2.06%	07/30/22		3,069		5		5
3-Month LIBOR	Paying	1.59%	04/12/26		1,275		4		(77)
3-Month LIBOR	Paying	1.59%	04/12/26		935		3		(57)
3-Month LIBOR	Paying	1.68%	05/06/26		1,800		5		(97)
3-Month LIBOR	Paying	1.68%	05/06/26		1,800		5		(96)
3-Month LIBOR	Paying	1.66%	05/09/26		901		3		(50)
3-Month LIBOR	Paying	1.69%	06/03/26		1,720		5		(92)
3-Month New Zealand Bank Bill Forward Rate Agreement	Paying	4.96%	04/29/24	NZD	6,530		11		509
3-Month New Zealand Bank Bill Forward Rate Agreement	Paying	4.05%	06/16/25	NZD	5,278		9		147
3-Month New Zealand Bank Bill Forward Rate Agreement	Paying	4.05%	06/16/25	NZD	3,210		6		90
3-Month New Zealand Bank Bill Forward Rate Agreement	Paying	3.92%	06/25/25	NZD	8,375		15		178
6-Month British Bankers' Association Yen LIBOR	Receiving	0.62%	12/19/46	JPY	216,535		(1)		121
6-Month British Bankers' Association Yen LIBOR	Receiving	0.81%	12/19/46	JPY	231,894		(1)		13
6-Month British Bankers' Association Yen LIBOR	Receiving	0.78%	12/19/46	JPY	241,860		(1)		32
6-Month British Bankers' Association Yen LIBOR	Receiving	0.61%	12/19/46	JPY	261,465		(2)		152
6-Month Budapest Interbank Offered Rate	Receiving	1.27%	12/13/21	HUF	406,479		2		(10)
6-Month Budapest Interbank Offered Rate	Receiving	1.92%	07/28/26	HUF	636,700		5		70
6-Month Budapest Interbank Offered Rate	Receiving	1.94%	08/01/26	HUF	448,000		4		48
6-Month Budapest Interbank Offered Rate	Receiving	1.94%	09/21/26	HUF	171,688		1		21
6-Month Budapest Interbank Offered Rate	Receiving	1.93%	09/21/26	HUF	176,090		2		21
6-Month Budapest Interbank Offered Rate	Receiving	1.89%	09/21/26	HUF	434,356		4		59
6-Month Budapest Interbank Offered Rate	Receiving	2.14%	10/13/26	HUF	174,916		2		10
6-Month Budapest Interbank Offered Rate	Receiving	2.09%	10/19/26	HUF	177,851		2		13
6-Month Budapest Interbank Offered Rate	Receiving	2.09%	10/19/26	HUF	267,071		2		20
6-Month Budapest Interbank Offered Rate	Receiving	2.04%	10/20/26	HUF	193,817		2		18
6-Month Budapest Interbank Offered Rate	Receiving	2.04%	10/20/26	HUF	267,070		2		24
6-Month Budapest Interbank Offered Rate	Receiving	2.08%	10/28/26	HUF	181,556		2		15
6-Month Budapest Interbank Offered Rate	Receiving	2.06%	10/28/26	HUF	449,456		4		39
6-Month Budapest Interbank Offered Rate	Receiving	2.09%	11/02/26	HUF	272,039		2		22
6-Month Budapest Interbank Offered Rate	Receiving	2.18%	11/03/26	HUF	182,148		2		9
6-Month Budapest Interbank Offered Rate	Receiving	2.13%	11/04/26	HUF	982,297		9		64
6-Month Budapest Interbank Offered Rate	Receiving	2.15%	11/07/26	HUF	178,600		2		11
6-Month Budapest Interbank Offered Rate	Receiving	2.12%	11/08/26	HUF	177,417		2		13
6-Month Budapest Interbank Offered Rate	Receiving	2.14%	11/10/26	HUF	488,487		4		31
6-Month Euribor	Receiving	0.00%	03/15/20	EUR	3,191		—		(2)
6-Month Euribor	Receiving	0.00%	03/15/22	EUR	73,493		26		(236)
6-Month Euribor	Paying	1.00%	06/15/26	EUR	—		—		—
6-Month Euribor	Paying	0.75%	03/15/27	EUR	7,223		(18)		33
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.41%	12/13/21	PLN	5,932		(2)		5
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.23%	07/28/26	PLN	8,990		(6)		(115)
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.22%	08/01/26	PLN	6,486		(4)		(84)
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.28%	09/21/26	PLN	2,348		(2)		(28)
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.30%	09/21/26	PLN	2,407		(2)		(28)
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.30%	09/21/26	PLN	6,280		(4)		(73)
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.49%	10/13/26	PLN	2,483		(2)		(19)
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.46%	10/19/26	PLN	3,786		(3)		(31)
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.47%	10/19/26	PLN	2,524		(2)		(20)
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.43%	10/20/26	PLN	2,770		(2)		(25)
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.44%	10/20/26	PLN	3,785		(3)		(33)
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.46%	10/28/26	PLN	6,500		(4)		(54)
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.47%	10/28/26	PLN	2,600		(2)		(21)
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.50%	10/31/26	PLN	3,900		(3)		(29)
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.56%	11/02/26	PLN	2,600		(2)		(16)
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.51%	11/04/26	PLN	14,301		(10)		(104)
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.54%	11/07/26	PLN	2,600		(2)		(17)
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.50%	11/08/26	PLN	2,600		(2)		(20)
6-Month Poland Warsaw Interbank Offered Rate	Paying	2.52%	11/10/26	PLN	7,186		(5)		(52)
Brazil Interbank Deposit Rate	Receiving	11.84%	01/02/23	BRL	25,693		—		(109)

See accompanying Notes to Financial Statements.

47

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

Centrally Cleared Interest Rate Swap Agreements (continued)
Floating Rate Index	Paying / Receiving Floating Rate	Fixed Rate	Expiration	Notional1		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
Brazil Interbank Deposit Rate	Receiving	11.94%	01/02/23	BRL	5,111		—		(27)
Brazil Interbank Deposit Rate	Receiving	12.02%	01/02/23	BRL	30,487		—		(184)
Brazil Interbank Deposit Rate	Paying	11.92%	01/02/19	BRL	10,345		—		30
Brazil Interbank Deposit Rate	Paying	11.78%	01/02/19	BRL	51,723		(1)		118
Brazil Interbank Deposit Rate	Paying	12.00%	01/02/19	BRL	61,259		(1)		202
Mexican Interbank Rate	Paying	6.26%	09/29/25	MXN	58,153		3		(299)
Mexican Interbank Rate	Paying	6.29%	10/01/25	MXN	58,153		3		(291)
Mexican Interbank Rate	Paying	6.09%	06/30/26	MXN	124,400		6		(786)
Mexican Interbank Rate	Paying	6.13%	06/30/26	MXN	222,900		10		(1,375)
						$	97	$	(3,071)

Centrally Cleared Credit Default Swap Agreements
Reference Entity	Fixed Receive/ Pay Rate7	Expiration	Notional1,6		Value5		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
Credit default swap agreements - purchase protection2
Republic of Chile, 3.88%, 08/05/20	1.00%	12/20/21		13,291	$	(105)	$	(1)	$	(66)
Republic of Colombia, 10.38%, 01/28/33	1.00%	06/20/21		8,992		174		—		(390)
Republic of Colombia, 10.38%, 01/28/33	1.00%	12/20/21		9,516		279		1		(108)
Republic of Colombia, 10.38%, 01/28/33	1.00%	12/20/26		593		66		—		(3)
Republic of South Africa, 5.50%, 03/09/20	1.00%	06/20/21		2,260		88		—		(135)
Republic of South Africa, 5.50%, 03/09/20	1.00%	06/20/21		2,260		88		—		(137)
Republic of South Africa, 5.50%, 03/09/20	1.00%	06/20/21		1,700		66		—		(103)
Republic of South Africa, 5.50%, 03/09/20	1.00%	06/20/21		3,620		141		—		(218)
United Mexican States, 5.95%, 03/19/19	1.00%	06/20/21		6,750		112		(1)		(143)
					$	909	$	(1)	$	(1,303)
Credit default swap agreements - sell protection3
CDX.EM.25	1.00%	06/20/21		(735)	$	(43)	$	—	$	24
Federative Republic of Brazil, 4.25%, 01/07/25	1.00%	12/20/21		(1,620)		(129)		—		21
United Mexican States, 5.95%, 03/19/19	1.00%	12/20/21		(1,731)		(44)		—		11
					$	(216)	$	—	$	56

OTC Purchased Options
Reference Entity	Counterparty	Put/Call	Exercise Price/Rate		Expiration		Notional1/ Contracts†		Value
Foreign Currency Options
Chinese Offshore Yuan versus USD ‡	BNP	Call	CNH	6.90	11/02/17			17,400,000	$	1,041
Chinese Offshore Yuan versus USD ‡	BNP	Call	CNH	6.85	05/04/17			24,993,000		1,126
Chinese Offshore Yuan versus USD ‡	JPM	Call	CNH	6.80	01/18/17			22,000,000		679
Chinese Offshore Yuan versus USD ‡	JPM	Call	CNH	6.74	03/07/17			23,170,000		1,181
Chinese Offshore Yuan versus USD ‡	MSC	Call	CNH	6.85	05/04/17			29,545,000		1,336
Chinese Offshore Yuan versus USD ‡	SCB	Call	CNH	6.47	06/15/17			7,150,000		722
Chinese Offshore Yuan versus USD ‡	SCB	Call	CNH	6.82	04/19/17			16,000,000		736
Chinese Offshore Yuan versus USD ‡	SCB	Call	CNH	6.47	06/15/17			7,659,000		772
Euro versus SEK ‡	BNP	Put	SEK	9.55	05/02/17	EUR		6,122,000		97
Euro versus SEK ‡	BNP	Put	SEK	9.49	05/16/17	EUR		6,120,000		85
Euro versus SEK ‡	CGM	Put	SEK	9.45	05/23/17	EUR		6,172,000		77
Euro versus SEK ‡	CGM	Put	SEK	9.53	04/27/17	EUR		12,342,000		178
Euro versus SEK ‡	CGM	Put	SEK	9.45	05/23/17	EUR		3,085,000		38
Euro versus SEK ‡	GSC	Put	SEK	9.44	05/01/17	EUR		12,244,000		128
Euro versus SEK ‡	GSC	Put	SEK	9.45	04/27/17	EUR		6,023,000		65
Euro versus SEK ‡	GSC	Put	SEK	9.50	05/17/17	EUR		6,122,000		87
									$	8,348
Index Options
Nikkei 225 Index	GSC	Call	JPY	21,000.00	03/12/21			105	$	1,769
									$	1,769

See accompanying Notes to Financial Statements.

48

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

OTC Written Options
Reference Entity	Counterparty	Put/Call	Exercise Price/Rate		Expiration	Notional1/ Contracts†		Value
Foreign Currency Options
Chinese Offshore Yuan versus USD	JPM	Call	CNH	6.80	01/18/17		4,353,000	$	(134)
Chinese Offshore Yuan versus USD	JPM	Call	CNH	6.80	01/18/17		17,647,000		(545)
Chinese Offshore Yuan versus USD	MSC	Call	CNH	6.74	03/07/17		23,170,000		(1,181)
Chinese Offshore Yuan versus USD	SCB	Call	CNH	6.82	04/19/17		5,186,919		(239)
								$	(2,099)

Summary of Written Options
	Notional† USD		Premiums
Options outstanding at December 31, 2015	85,693,716		2,812
Options written during the year	86,320,919		1,508
Options closed during the year	(33,203,716	)	(562	)
Options expired during the year	(88,454,000	)	(2,478	)
Options outstanding at December 31, 2016	50,356,919		1,280

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value			Unrealized Appreciation (Depreciation)
AUD/USD	GSC	03/08/17	AUD	2,799		$	2,017		$	(66)
CNH/USD	SCB	01/12/17	CNH	17,871			2,554			(88)
CNH/USD	CGM	02/16/17	CNH	16,783			2,373			(125)
CNH/USD	SCB	02/16/17	CNH	33,078			4,676			(260)
CNH/USD	GSC	03/15/17	CNH	19,965			2,809			(166)
CNH/USD	SCB	03/15/17	CNH	28,880			4,063			(241)
CNH/USD	CGM	03/22/17	CNH	22,027			3,096			(139)
CNH/USD	GSC	03/22/17	CNH	17,569			2,469			(118)
CNH/USD	SCB	03/22/17	CNH	26,354			3,703			(177)
CNH/USD	CGM	06/13/17	CNH	21,374			2,972			(182)
CNH/USD	GSC	06/13/17	CNH	20,750			2,885			(146)
CNH/USD	BNP	08/22/17	CNH	22,370			3,087			(170)
CNH/USD	JPM	08/22/17	CNH	21,401			2,954			(161)
CNH/USD	SCB	09/22/17	CNH	95,200			13,100			(585)
CNH/USD	BOA	11/13/17	CNH	4,349			596			(22)
COP/USD	BNP	01/13/17	COP	5,757,200			1,914			(6)
COP/USD	BNP	01/31/17	COP	7,330,330			2,427			122
COP/USD	BNP	02/09/17	COP	6,840,000			2,262			34
COP/USD	SCB	03/09/17	COP	6,358,700			2,094			25
EUR/USD	SCB	01/11/17	EUR	201			212			(12)
EUR/USD	DUB	02/01/17	EUR	11,519			12,144			(428)
EUR/USD	SCB	02/08/17	EUR	3,594			3,791			(146)
EUR/SEK	SCB	01/05/17	SEK	(88,360)			(9,700)			(292)
EUR/SEK	GSC	01/17/17	SEK	(4,605)			(506)			(15)
GBP/USD	GSC	03/13/17	GBP	1,725			2,130			(46)
IDR/USD	CGM	03/02/17	IDR	69,582,388			5,119			3
IDR/USD	BNP	03/07/17	IDR	23,421,995			1,722			16
IDR/USD	SCB	03/07/17	IDR	12,321,005			906			6
IDR/USD	BNP	03/23/17	IDR	14,182,775			1,041			1
IDR/USD	JPM	03/23/17	IDR	12,809,055			940			4
INR/USD	SCB	01/19/17	INR	1,207,335			17,759			(73)
INR/USD	SCB	01/19/17	INR	9,385			138			—
JPY/USD	SCB	03/15/17	JPY	554,350			4,760			(73)
KES/USD	CGM	02/06/17	KES	321,241			3,113			77
KES/USD	SCB	03/09/17	KES	33,331			321			5
KES/USD	CGM	03/13/17	KES	54,363			523			8
KES/USD	CGM	06/07/17	KES	176,760			1,673			11
MXN/USD	BNP	02/23/17	MXN	167,020			8,000			(98)
MYR/USD	BNP	01/09/17	MYR	32,925			7,338			(596)
MYR/USD	CGM	01/09/17	MYR	4,458			994			(71)
NZD/USD	GSC	01/13/17	NZD	28,013			19,454			(333)
NZD/USD	GSC	01/20/17	NZD	8,296			5,760			(99)
PHP/USD	SCB	03/16/17	PHP	215,076			4,316			68
RON/EUR	BNP	02/03/17	EUR	(1,259)			(1,327)			(11)
RON/EUR	DUB	03/02/17	EUR	(4,012)			(4,235)			(24)
RON/EUR	BOA	03/06/17	EUR	(8,470)			(8,943)			(74)
RON/EUR	BNP	03/08/17	EUR	(9,237)			(9,754)			(76)
RON/EUR	BNP	05/17/17	EUR	(1,064)			(1,127)			(4)
RON/EUR	JPM	05/17/17	EUR	(354)			(376)			(1)
RUB/USD	BNP	02/06/17	RUB	782,077			12,655			680
RUB/USD	CGM	02/06/17	RUB	67,603			1,094			32
RUB/USD	DUB	02/21/17	RUB	386,000			6,228			58
SEK/EUR	SCB	01/05/17	EUR	(9,096)			(9,576)			124
SEK/EUR	GSC	01/17/17	EUR	(4,583)			(4,829)			72
SEK/EUR	GSC	03/27/17	EUR	(4,090)			(4,324)			8
SGD/USD	BOA	01/23/17	SGD	6,985			4,823			(85)
SGD/USD	GSC	01/23/17	SGD	13,515			9,331			(162)
SGD/USD	BOA	03/06/17	SGD	5,815			4,014			(70)
THB/USD	SCB	08/03/17	THB	92,060			2,569			(74)
TWD/USD	BNP	01/10/17	TWD	16,889			524			(10)
TWD/USD	GSC	01/10/17	TWD	92,000			2,855			(92)
TWD/USD	DUB	01/12/17	TWD	66,603			2,067			5
TWD/USD	JPM	01/12/17	TWD	49,451			1,535			3
TWD/USD	BNP	01/17/17	TWD	154,033			4,783			15
TWD/USD	CGM	01/17/17	TWD	77,379			2,402			1
TWD/USD	DUB	01/17/17	TWD	71,276			2,213			6
TWD/USD	BNP	01/19/17	TWD	89,350			2,774			1
TWD/USD	GSC	01/19/17	TWD	81,902			2,543			2
TWD/USD	BNP	01/26/17	TWD	93,258			2,897			11
TWD/USD	BOA	01/26/17	TWD	84,262			2,617			9
TWD/USD	GSC	02/02/17	TWD	121,963			3,789			6
TWD/USD	SCB	02/02/17	TWD	108,518			3,372			8
TWD/USD	BNP	02/10/17	TWD	94,047			2,923			38
TWD/USD	GSC	02/10/17	TWD	104,535			3,249			38
TWD/USD	BNP	02/24/17	TWD	80,160			2,493			6
TWD/USD	CGM	02/24/17	TWD	49,459			1,538			(1)
TWD/USD	DUB	02/24/17	TWD	28,424			884			21
UGX/USD	CGM	03/09/17	UGX	3,817,410			1,035			14
UGX/USD	CGM	06/15/17	UGX	1,898,505			498			—
USD/AED	BNP	02/05/18	AED	(35,804)			(9,721)			(201)
USD/AED	BNP	02/08/18	AED	(66,790)			(18,134)			(399)
USD/AUD	BNP	02/21/17	AUD	(3,710)			(2,673)			78
USD/AUD	GSC	03/08/17	AUD	(5,812)			(4,188)			136
USD/CAD	SCB	01/09/17	CAD	(9,983)			(7,436)			125
USD/CAD	SCB	01/17/17	CAD	(11,168)			(8,319)			200
USD/CAD	DUB	02/01/17	CAD	(12,115)			(9,027)			(33)
USD/CLP	SCB	02/08/17	CLP	(2,883,000)			(4,293)			88
USD/CLP	SCB	03/07/17	CLP	(849,877)			(1,263)			—
USD/CNH	SCB	01/12/17	CNH	(17,871)			(2,554)			27
USD/CNH	CGM	02/16/17	CNH	(16,783)			(2,373)			72
USD/CNH	SCB	02/16/17	CNH	(33,078)			(4,677)			143
USD/CNH	GSC	03/15/17	CNH	(19,965)			(2,809)			216
USD/CNH	SCB	03/15/17	CNH	(28,880)			(4,063)			315
USD/CNH	CGM	03/22/17	CNH	(22,027)			(3,096)			241

See accompanying Notes to Financial Statements.

49

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

Purchased/ Sold	Counter-party	Expiration	Notional1		Value			Unrealized Appreciation (Depreciation)
USD/CNH	GSC	03/22/17	CNH	(17,569)			(2,469)			197
USD/CNH	SCB	03/22/17	CNH	(26,354)			(3,704)			293
USD/CNH	CGM	06/13/17	CNH	(21,374)			(2,972)			213
USD/CNH	GSC	06/13/17	CNH	(20,750)			(2,885)			207
USD/CNH	BNP	08/22/17	CNH	(22,370)			(3,087)			232
USD/CNH	JPM	08/22/17	CNH	(21,401)			(2,954)			222
USD/CNH	SCB	09/22/17	CNH	(95,200)			(13,101)			815
USD/CNH	BOA	11/13/17	CNH	(4,349)			(596)			30
USD/EUR	GSC	01/11/17	EUR	(8,017)			(8,443)			597
USD/EUR	SCB	01/11/17	EUR	(4,012)			(4,225)			300
USD/EUR	JPM	01/13/17	EUR	(26,027)			(27,412)			1,964
USD/EUR	JPM	01/17/17	EUR	(3,177)			(3,347)			39
USD/EUR	SCB	01/18/17	EUR	(12,719)			(13,399)			702
USD/EUR	JPM	01/23/17	EUR	(8,521)			(8,980)			90
USD/EUR	JPM	01/25/17	EUR	(4,145)			(4,368)			144
USD/EUR	DUB	02/01/17	EUR	(4,830)			(5,092)			79
USD/EUR	SCB	02/08/17	EUR	(17,370)			(18,320)			675
USD/EUR	GSC	02/23/17	EUR	(595)			(628)			22
USD/EUR	DUB	02/27/17	EUR	(9,232)			(9,744)			22
USD/EUR	GSC	03/06/17	EUR	(22,517)			(23,775)			330
USD/EUR	SCB	03/08/17	EUR	(16,474)			(17,397)			41
USD/EUR	SCB	03/15/17	EUR	(16,330)			(17,251)			205
USD/EUR	GSC	03/29/17	EUR	(8,957)			(9,470)			(113)
USD/EUR	GSC	04/05/17	EUR	(2,100)			(2,221)			(15)
USD/INR	BNP	01/19/17	INR	(375,550)			(5,524)			(49)
USD/INR	CGM	01/19/17	INR	(841,170)			(12,372)			(111)
USD/MYR	BNP	01/09/17	MYR	(3,075)			(685)			10
USD/MYR	CGM	01/09/17	MYR	(14,880)			(3,316)			26
USD/MYR	GSC	01/09/17	MYR	(4,568)			(1,018)			9
USD/MYR	JPM	01/09/17	MYR	(8,463)			(1,887)			13
USD/MYR	SCB	01/09/17	MYR	(6,398)			(1,425)			8
USD/NOK	SCB	02/13/17	NOK	(26,069)			(3,020)			47
USD/NZD	GSC	01/13/17	NZD	(24,614)			(17,093)			279
USD/NZD	GSC	01/20/17	NZD	(8,296)			(5,760)			202
USD/NZD	CGM	02/21/17	NZD	(3,018)			(2,093)			34
USD/NZD	JPM	03/06/17	NZD	(10,562)			(7,324)			121
USD/OMR	BNP	03/23/17	OMR	(1,156)			(2,994)			(14)
USD/OMR	BNP	03/27/17	OMR	(1,156)			(2,993)			(14)
USD/OMR	BNP	05/25/17	OMR	(2,773)			(7,159)			(94)
USD/OMR	BNP	06/05/17	OMR	(4,155)			(10,721)			(122)
USD/OMR	BNP	08/14/17	OMR	(2,303)			(5,911)			(40)
USD/OMR	BNP	08/21/17	OMR	(1,721)			(4,414)			(28)
USD/OMR	BNP	08/28/17	OMR	(5,904)			(15,133)			(88)
USD/OMR	BNP	08/15/18	OMR	(347)			(862)			(25)
USD/RUB	BNP	02/06/17	RUB	(1,010,122)			(16,345)			(794)
USD/RUB	DUB	02/21/17	RUB	(234,171)			(3,778)			(35)
USD/SGD	BOA	01/23/17	SGD	(6,985)			(4,823)			111
USD/SGD	GSC	01/23/17	SGD	(15,715)			(10,850)			405
USD/SGD	BOA	03/06/17	SGD	(14,393)			(9,936)			136
USD/SGD	GSC	03/13/17	SGD	(10,613)			(7,326)			554
USD/SGD	GSC	03/30/17	SGD	(2,614)			(1,804)			118
USD/SGD	SCB	03/30/17	SGD	(6,470)			(4,466)			290
USD/SGD	SCB	04/13/17	SGD	(9,580)			(6,612)			339
USD/SGD	GSC	04/27/17	SGD	(4,390)			(3,030)			124
USD/SGD	SCB	04/27/17	SGD	(9,115)			(6,291)			258
USD/THB	DUB	08/03/17	THB	(61,130)			(1,706)			35
USD/THB	JPM	08/03/17	THB	(26,859)			(750)			1
USD/THB	SCB	08/03/17	THB	(131,997)			(3,684)			75
USD/TWD	DUB	01/10/17	TWD	(31,917)			(991)			9
USD/TWD	DUB	01/12/17	TWD	(66,603)			(2,067)			(79)
USD/TWD	JPM	01/12/17	TWD	(49,451)			(1,535)			(57)
USD/TWD	BNP	01/17/17	TWD	(76,942)			(2,389)			(101)
USD/TWD	CGM	01/17/17	TWD	(77,379)			(2,402)			(108)
USD/TWD	DUB	01/17/17	TWD	(71,276)			(2,213)			(104)
USD/TWD	JPM	01/17/17	TWD	(77,091)			(2,394)			(101)
USD/TWD	BNP	01/19/17	TWD	(89,350)			(2,774)			(131)
USD/TWD	GSC	01/19/17	TWD	(81,902)			(2,543)			(130)
USD/TWD	BOA	01/26/17	TWD	(84,262)			(2,617)			(108)
USD/TWD	JPM	01/26/17	TWD	(93,258)			(2,897)			(118)
USD/TWD	GSC	02/02/17	TWD	(121,963)			(3,789)			(163)
USD/TWD	SCB	02/02/17	TWD	(108,518)			(3,372)			(143)
USD/TWD	BNP	02/10/17	TWD	(94,047)			(2,923)			(104)
USD/TWD	GSC	02/10/17	TWD	(104,535)			(3,249)			(116)
USD/TWD	BNP	02/24/17	TWD	(80,160)			(2,493)			(105)
USD/TWD	CGM	02/24/17	TWD	(77,883)			(2,422)			(101)
USD/ZAR	JPM	02/03/17	ZAR	(65,540)			(4,742)			19
USD/ZAR	JPM	02/21/17	ZAR	(140,052)			(10,101)			(476)
ZAR/USD	JPM	02/03/17	ZAR	65,540			4,742			(2)
ZAR/USD	JPM	02/21/17	ZAR	140,052			10,101			(3)
						$	(329,428)		$	3,778

OTC Interest Rate Swap Agreements
Floating Rate Index	Paying/ Receiving Floating Rate	Counterparty	Fixed Rate	Expiration	Notional1		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
3-Month Emirates Interbank Offered Rate	Receiving	DUB	2.80%	06/27/21	AED	7,528	$	—	$	(7)
3-Month Emirates Interbank Offered Rate	Receiving	DUB	2.76%	06/27/21	AED	7,528		—		(3)
3-Month Emirates Interbank Offered Rate	Receiving	DUB	2.74%	06/27/21	AED	7,528		—		(1)
3-Month Emirates Interbank Offered Rate	Receiving	DUB	2.40%	06/28/21	AED	7,500		—		34
3-Month Emirates Interbank Offered Rate	Receiving	DUB	2.39%	06/29/21	AED	7,541		—		35
3-Month Emirates Interbank Offered Rate	Receiving	DUB	2.37%	06/29/21	AED	8,296		—		40
3-Month Emirates Interbank Offered Rate	Receiving	GSC	2.50%	06/13/21	AED	4,388		—		12
3-Month Emirates Interbank Offered Rate	Receiving	GSC	2.51%	06/15/21	AED	4,390		—		12
3-Month Emirates Interbank Offered Rate	Receiving	GSC	2.59%	06/16/21	AED	4,387		—		7
3-Month Emirates Interbank Offered Rate	Receiving	GSC	2.52%	06/21/21	AED	4,387		—		11
3-Month Emirates Interbank Offered Rate	Receiving	GSC	2.76%	06/23/21	AED	9,035		—		(4)
3-Month Emirates Interbank Offered Rate	Receiving	GSC	2.80%	06/27/21	AED	6,022		—		(5)
3-Month Emirates Interbank Offered Rate	Receiving	GSC	2.79%	06/27/21	AED	6,022		—		(4)
3-Month Moscow Prime Offered Rate	Paying	GSC	10.16%	03/18/20	RUB	1,037,597		—		1,591
3-Month New Zealand Bank Bill Forward Rate Agreement	Paying	JPM	4.06%	06/04/23	NZD	1,890		—		66
3-Month Saudi Riyal Interbank Offered Rate	Receiving	BOA	3.37%	04/11/26	SAR	9,000		—		80
3-Month Saudi Riyal Interbank Offered Rate	Receiving	BOA	3.43%	05/10/26	SAR	7,148		—		58
3-Month Saudi Riyal Interbank Offered Rate	Receiving	DUB	3.03%	08/02/20	SAR	26,901		—		(67)
3-Month Saudi Riyal Interbank Offered Rate	Receiving	DUB	3.09%	11/12/20	SAR	43,800		—		(18)
3-Month Saudi Riyal Interbank Offered Rate	Receiving	DUB	2.64%	02/25/21	SAR	15,703		—		(1)
3-Month Saudi Riyal Interbank Offered Rate	Receiving	DUB	2.76%	03/07/21	SAR	13,086		—		(20)
3-Month Saudi Riyal Interbank Offered Rate	Receiving	GSC	2.16%	08/03/20	SAR	16,320		—		104
3-Month Saudi Riyal Interbank Offered Rate	Receiving	GSC	2.35%	08/12/20	SAR	16,235		—		73
3-Month Saudi Riyal Interbank Offered Rate	Receiving	GSC	2.40%	08/17/20	SAR	17,174		—		69

See accompanying Notes to Financial Statements.

50

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

OTC Interest Rate Swap Agreements (continued)
Floating Rate Index	Paying/ Receiving Floating Rate	Counterparty	Fixed Rate	Expiration	Notional1		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
3-Month Saudi Riyal Interbank Offered Rate	Receiving	GSC	2.40%	08/17/20	SAR	18,189		—		74
3-Month Saudi Riyal Interbank Offered Rate	Receiving	GSC	2.46%	08/19/20	SAR	20,007		—		69
3-Month Saudi Riyal Interbank Offered Rate	Receiving	GSC	3.41%	08/22/20	SAR	13,898		—		(87)
3-Month Saudi Riyal Interbank Offered Rate	Receiving	GSC	3.41%	08/22/20	SAR	27,204		—		(170)
3-Month Saudi Riyal Interbank Offered Rate	Receiving	GSC	2.26%	09/17/20	SAR	29,400		—		170
3-Month Saudi Riyal Interbank Offered Rate	Receiving	GSC	2.34%	09/21/20	SAR	29,400		—		149
3-Month Saudi Riyal Interbank Offered Rate	Receiving	GSC	2.56%	11/05/20	SAR	17,790		—		88
3-Month Saudi Riyal Interbank Offered Rate	Receiving	GSC	2.65%	02/23/21	SAR	6,543		—		(1)
3-Month Saudi Riyal Interbank Offered Rate	Receiving	GSC	2.64%	07/27/22	SAR	11,729		—		115
3-Month Saudi Riyal Interbank Offered Rate	Receiving	GSC	2.61%	07/30/22	SAR	11,728		—		120
3-Month Saudi Riyal Interbank Offered Rate	Receiving	GSC	3.46%	05/09/26	SAR	14,229		—		104
3-Month Saudi Riyal Interbank Offered Rate	Receiving	GSC	3.71%	06/06/26	SAR	6,210		—		12
3-Month Tel Aviv Interbank Offered Rate	Receiving	GSC	0.73%	09/01/21	ILS	27,569		—		35
3-Month Tel Aviv Interbank Offered Rate	Receiving	GSC	0.76%	09/02/21	ILS	24,200		—		21
Korean Won 3-Month Certificate of Deposit	Receiving	BNP	1.31%	10/07/21	KRW	8,395,145		—		113
Korean Won 3-Month Certificate of Deposit	Receiving	BOA	1.31%	10/07/21	KRW	2,969,131		—		40
Korean Won 3-Month Certificate of Deposit	Receiving	BOA	1.42%	10/27/21	KRW	3,664,882		—		34
Korean Won 3-Month Certificate of Deposit	Receiving	CGM	1.40%	10/27/21	KRW	7,922,118		—		79
							$	—	$	3,027

OTC Credit Default Swap Agreements
Reference Entity	Counterparty	Implied Credit Spread4	Fixed Receive/ Pay Rate7	Expiration	Notional1,6		Value5		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Credit default swap agreements - purchase protection2
Kingdom of Thailand, 7.07%, 09/30/13	DUB	N/A	1.00%	06/20/18	$	4,900	$	(55)	$	(36)	$	(19)
Kingdom of Thailand, 7.07%, 09/30/13	JPM	N/A	1.00%	06/20/18		4,250		(48)		(15)		(33)
Lebanese Republic, 11.63%, 05/11/16	GSC	N/A	1.00%	06/20/18		17,491		643		2,422		(1,779)
Lebanese Republic, 11.63%, 05/11/16	GSC	N/A	5.00%	12/20/18		245		(6)		(13)		7
Lebanese Republic, 11.63%, 05/11/16	GSC	N/A	5.00%	12/20/18		228		(5)		(12)		7
Penerbangan Malaysia Berhad, 5.63%, 03/15/16	BNP	N/A	1.00%	12/20/21		2,930		52		35		17
Penerbangan Malaysia Berhad, 5.63%, 03/15/16	BNP	N/A	1.00%	12/20/21		3,900		69		36		33
Penerbangan Malaysia Berhad, 5.63%, 03/15/16	BNP	N/A	1.00%	12/20/21		3,900		69		40		29
Penerbangan Malaysia Berhad, 5.63%, 03/15/16	GSC	N/A	1.00%	12/20/21		4,930		86		47		39
Penerbangan Malaysia Berhad, 5.63%, 03/15/16	JPM	N/A	1.00%	12/20/21		2,440		43		22		21
People's Republic of China, 4.25%, 10/28/14	JPM	N/A	1.00%	06/20/18		11,250		(97)		(143)		46
Republic of South Africa, 5.50%, 03/09/20	JPM	N/A	1.00%	06/20/23		5,680		486		522		(36)
Republic of South Africa, 5.50%, 03/09/20	GSC	N/A	1.00%	12/20/23		13,500		1,295		1,769		(474)
Republic of South Africa, 5.50%, 03/09/20	BNP	N/A	1.00%	12/20/25		3,170		402		592		(190)
Republic of South Africa, 5.50%, 03/09/20	BNP	N/A	1.00%	12/20/25		3,800		482		710		(228)
Republic of South Africa, 5.50%, 03/09/20	BNP	N/A	1.00%	12/20/25		1,180		150		199		(49)
Republic of South Africa, 5.50%, 03/09/20	BNP	N/A	1.00%	12/20/25		10,484		1,328		1,875		(547)
State of Qatar, 9.75%, 06/15/30	JPM	N/A	1.00%	03/20/19		900		(14)		(15)		1
State of Qatar, 9.75%, 06/15/30	BNP	N/A	1.00%	06/20/19		1,019		(17)		(19)		2
State of Qatar, 9.75%, 06/15/30	BOA	N/A	1.00%	06/20/19		1,020		(17)		(26)		9
State of Qatar, 9.75%, 06/15/30	BOA	N/A	1.00%	06/20/19		1,020		(17)		(25)		8
State of Qatar, 9.75%, 06/15/30	CGM	N/A	1.00%	06/20/19		3,830		(63)		(89)		26
State of Qatar, 9.75%, 06/15/30	DUB	N/A	1.00%	06/20/19		1,019		(17)		(18)		1
State of Qatar, 9.75%, 06/15/30	JPM	N/A	1.00%	06/20/19		1,953		(32)		(38)		6
State of Qatar, 9.75%, 06/15/30	JPM	N/A	1.00%	06/20/19		970		(16)		(25)		9
State of Qatar, 9.75%, 06/15/30	GSC	N/A	1.00%	12/20/20		5,400		(78)		66		(144)
State of Qatar, 9.75%, 06/15/30	GSC	N/A	1.00%	12/20/20		1,850		(27)		42		(69)
State of Qatar, 9.75%, 06/15/30	GSC	N/A	1.00%	12/20/20		1,930		(28)		30		(58)
State of Qatar, 9.75%, 06/15/30	BNP	N/A	1.00%	06/20/21		3,140		(36)		15		(51)
State of Qatar, 9.75%, 06/15/30	CGM	N/A	1.00%	06/20/21		270		(3)		1		(4)
State of Qatar, 9.75%, 06/15/30	CGM	N/A	1.00%	06/20/21		990		(11)		7		(18)
State of Qatar, 9.75%, 06/15/30	CGM	N/A	1.00%	06/20/21		590		(7)		3		(10)
State of Qatar, 9.75%, 06/15/30	CGM	N/A	1.00%	06/20/21		400		(5)		3		(8)
State of Qatar, 9.75%, 06/15/30	DUB	N/A	1.00%	06/20/21		1,200		(13)		8		(21)
State of Qatar, 9.75%, 06/15/30	DUB	N/A	1.00%	06/20/21		580		(6)		3		(9)
State of Qatar, 9.75%, 06/15/30	DUB	N/A	1.00%	06/20/21		600		(7)		5		(12)
State of Qatar, 9.75%, 06/15/30	GSC	N/A	1.00%	06/20/21		3,150		(36)		18		(54)
State of Qatar, 9.75%, 06/15/30	GSC	N/A	1.00%	06/20/21		920		(10)		—		(10)
State of Qatar, 9.75%, 06/15/30	GSC	N/A	1.00%	06/20/21		1,190		(13)		10		(23)

See accompanying Notes to Financial Statements.

51

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

OTC Credit Default Swap Agreements (continued)
Reference Entity	Counterparty	Implied Credit Spread4	Fixed Receive/ Pay Rate7	Expiration	Notional1,6		Value5		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
State of Qatar, 9.75%, 06/15/30	GSC	N/A	1.00%	06/20/21		530		(6)		3		(9)
State of Qatar, 9.75%, 06/15/30	GSC	N/A	1.00%	12/20/23		700		3		2		1
State of Qatar, 9.75%, 06/15/30	GSC	N/A	1.00%	12/20/23		2,506		13		4		9
United Mexican States, 5.95%, 03/19/19	BNP	N/A	1.00%	06/20/23		1,211		58		27		31
					$	133,166	$	4,489	$	8,042	$	(3,553)
Credit default swap agreements - sell protection3
Federative Republic of Brazil, 4.25%, 01/07/25	BOA	2.75%	1.00%	12/20/21	$	(5,176)	$	(410)	$	(470)	$	60
Federative Republic of Brazil, 4.25%, 01/07/25	BOA	2.75%	1.00%	12/20/21		(7,985)		(632)		(737)		105
Federative Republic of Brazil, 4.25%, 01/07/25	DUB	2.75%	1.00%	12/20/21		(1,668)		(132)		(153)		21
Kingdom of Saudi Arabia, 0.00%, 12/31/2222	CGM	1.01%	1.00%	06/20/21		(2,580)		—		(67)		67
Kingdom of Saudi Arabia, 0.00%, 12/31/2222	CGM	1.01%	1.00%	06/20/21		(1,030)		—		(26)		26
Kingdom of Saudi Arabia, 0.00%, 12/31/2222	CGM	1.01%	1.00%	06/20/21		(1,030)		—		(26)		26
Kingdom of Saudi Arabia, 0.00%, 12/31/2222	CIT	0.86%	1.00%	12/20/20		(783)		5		(19)		24
Kingdom of Saudi Arabia, 0.00%, 12/31/2222	CIT	0.86%	1.00%	12/20/20		(780)		4		(21)		25
Kingdom of Saudi Arabia, 0.00%, 12/31/2222	CIT	0.86%	1.00%	12/20/20		(3,200)		18		(76)		94
Kingdom of Saudi Arabia, 0.00%, 12/31/2222	CIT	0.86%	1.00%	12/20/20		(4,080)		24		(95)		119
Kingdom of Saudi Arabia, 0.00%, 12/31/2222	DUB	0.86%	1.00%	12/20/20		(780)		4		(19)		23
Kingdom of Saudi Arabia, 0.00%, 12/31/2222	GSC	1.01%	1.00%	06/20/21		(2,150)		—		(56)		56
Kingdom of Saudi Arabia, 0.00%, 12/31/2222	GSC	1.01%	1.00%	06/20/21		(670)		—		(17)		17
Kingdom of Saudi Arabia, 0.00%, 12/31/2222	JPM	1.01%	1.00%	06/20/21		(1,020)		—		(26)		26
Republic of the Philippines, 10.63%, 03/16/25	BNP	1.10%	1.00%	12/20/21		(1,435)		(6)		(13)		7
Republic of the Philippines, 10.63%, 03/16/25	GSC	1.10%	1.00%	12/20/21		(4,901)		(21)		(33)		12
Republic of Turkey, 11.88%, 01/15/30	BNP	2.12%	1.00%	06/20/20		(1,740)		(64)		(88)		24
Republic of Turkey, 11.88%, 01/15/30	BNP	3.11%	1.00%	06/20/23		(2,000)		(234)		(120)		(114)
Republic of Turkey, 11.88%, 01/15/30	BNP	3.40%	1.00%	12/20/26		(6,175)		(1,121)		(1,049)		(72)
Republic of Turkey, 11.88%, 01/15/30	BNP	3.40%	1.00%	12/20/26		(5,928)		(1,076)		(1,007)		(69)
Republic of Turkey, 11.88%, 01/15/30	BNP	3.11%	1.00%	06/20/23		(2,236)		(262)		(128)		(134)
Republic of Turkey, 11.88%, 01/15/30	BNP	2.22%	1.00%	09/20/20		(4,400)		(187)		(343)		156
Republic of Turkey, 11.88%, 01/15/30	GSC	3.40%	1.00%	12/20/26		(2,470)		(448)		(422)		(26)
Republic of Turkey, 11.88%, 01/15/30	GSC	1.28%	1.00%	09/20/18		(3,300)		(14)		(65)		51
Republic of Turkey, 11.88%, 01/15/30	GSC	1.28%	1.00%	09/20/18		(2,570)		(11)		(52)		41
Republic of Turkey, 11.88%, 01/15/30	GSC	1.28%	1.00%	09/20/18		(5,450)		(25)		(115)		90
Republic of Turkey, 11.88%, 01/15/30	GSC	2.12%	1.00%	06/20/20		(2,220)		(82)		(94)		12
Republic of Turkey, 11.88%, 01/15/30	GSC	0.82%	1.00%	12/20/17		(1,060)		2		(19)		21
Republic of Turkey, 11.88%, 01/15/30	MSC	1.28%	1.00%	09/20/18		(3,300)		(14)		(67)		53
Republic of Turkey, 11.88%, 01/15/30	MSC	1.28%	1.00%	09/20/18		(5,450)		(24)		(116)		92
Republic of Turkey, 11.88%, 01/15/30	MSC	1.28%	1.00%	09/20/18		(7,980)		(36)		(162)		126
Republic of Turkey, 11.88%, 01/15/30	MSC	1.28%	1.00%	09/20/18		(1,090)		(5)		(23)		18
Republic of Turkey, 11.88%, 01/15/30	MSC	1.28%	1.00%	09/20/18		(1,600)		(8)		(34)		26
Republic of Turkey, 11.88%, 01/15/30	MSC	1.28%	1.00%	09/20/18		(1,100)		(5)		(21)		16
United Mexican States, 5.95%, 03/19/19	BNP	1.55%	1.00%	12/20/21		(10,430)		(261)		(332)		71
United Mexican States, 5.95%, 03/19/19	BNP	1.55%	1.00%	12/20/21		(6,201)		(155)		(195)		40
United Mexican States, 5.95%, 03/19/19	BNP	1.55%	1.00%	12/20/21		(4,709)		(118)		(148)		30
United Mexican States, 5.95%, 03/19/19	BNP	1.55%	1.00%	12/20/21		(5,958)		(149)		(174)		25
United Mexican States, 5.95%, 03/19/19	BOA	1.55%	1.00%	12/20/21		(4,707)		(118)		(136)		18
United Mexican States, 5.95%, 03/19/19	CGM	1.55%	1.00%	12/20/21		(4,621)		(116)		(141)		25
United Mexican States, 5.95%, 03/19/19	GSC	1.55%	1.00%	12/20/21		(2,222)		(56)		(79)		23
United Mexican States, 5.95%, 03/19/19	GSC	1.55%	1.00%	12/20/21		(3,288)		(83)		(97)		14
					$	(141,473)	$	(5,816)	$	(7,081)	$	1,265

1Notional amount is stated in USD unless otherwise noted.

2If 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.

3If 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.

4Implied 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.

5The 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.

6The 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.

7If 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.

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

See accompanying Notes to Financial Statements.

52

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†		Value
JNL/Epoch Global Shareholder Yield Fund
COMMON STOCKS 97.3%
Australia 3.3%
	Commonwealth Bank of Australia	10	$	581
	Sonic Health Care Ltd.	31		480
	Telstra Corp. Ltd.	248		913
	Westpac Banking Corp.	33		782
			2,756
Canada 4.9%
	Agrium Inc. (a)	5		548
	BCE Inc.	32		1,392
	Rogers Communications Inc. - Class B	24		909
	Royal Bank of Canada	9		625
	TELUS Corp.	18		571
			4,045
France 6.8%
	AXA SA	34		868
	Compagnie Generale des Etablissements Michelin	6		696
	Sanofi SA	8		669
	SCOR SE	17		593
	Total SA	25		1,294
	Unibail-Rodamco SE	4		993
	Vinci SA	8		565
			5,678
Germany 8.4%
	Allianz SE	4		668
	BASF SE	11		981
	Daimler AG	14		1,024
	Deutsche Post AG	28		912
	Deutsche Telekom AG	49		840
	Muenchener Rueckversicherungs AG	7		1,360
	Siemens AG	10		1,172
			6,957
Italy 1.9%
	Snam Rete Gas SpA	107		440
	Terna Rete Elettrica Nazionale SpA	253		1,158
			1,598
Netherlands 1.5%
	Royal Dutch Shell Plc - Class A - ADR	22		1,203
Norway 2.1%
	Orkla ASA	82		741
	Statoil ASA	52		955
			1,696
Singapore 1.1%
	Singapore Exchange Ltd.	89		439
	Singapore Telecommunications Ltd.	203		509
			948
Spain 0.7%
	Gas Natural SDG SA	29		537
Sweden 0.7%
	Svenska Handelsbanken AB - Class A	43		597
Switzerland 3.5%
	Nestle SA	7		469
	Novartis AG	8		565
	Roche Holding AG	4		875
	Swisscom AG	2		1,020
			2,929
Taiwan 1.0%
	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	30		850
United Kingdom 13.0%
	AstraZeneca Plc - ADR	35		969
	BAE Systems Plc	141		1,025
	British American Tobacco Plc	20		1,109
	Diageo Plc	22		579
		Shares/Par†		Value
	GlaxoSmithKline Plc	58		1,120
	Imperial Brands Plc	25		1,103
	National Grid Plc	113		1,314
	Sky Plc	77		944
	SSE Plc	39		750
	Unilever Plc	18		713
	Vodafone Group Plc	482		1,187
			10,813
United States of America 48.4%
	AbbVie Inc.	15		913
	Altria Group Inc.	21		1,387
	Ameren Corp.	21		1,093
	Arthur J Gallagher & Co.	10		500
	AT&T Inc.	38		1,616
	Automatic Data Processing Inc.	6		626
	BlackRock Inc.	2		584
	CenturyLink Inc.	20		477
	Cisco Systems Inc.	29		884
	CME Group Inc.	7		802
	Coca-Cola Co.	11		476
	Dominion Resources Inc.	8		647
	Dow Chemical Co.	19		1,068
	Duke Energy Corp.	18		1,403
	Eaton Corp. Plc	10		677
	Emerson Electric Co.	11		638
	Entergy Corp.	16		1,155
	Enterprise Products Partners LP	32		852
	Exxon Mobil Corp.	12		1,110
	Iron Mountain Inc.	26		845
	Johnson & Johnson	5		575
	Kimberly-Clark Corp.	7		784
	Lockheed Martin Corp.	3		737
	McDonald's Corp.	9		1,076
	Merck & Co. Inc.	11		655
	Microchip Technology Inc.	10		627
	Microsoft Corp.	10		633
	Occidental Petroleum Corp.	16		1,111
	People's United Financial Inc.	33		629
	PepsiCo Inc.	5		543
	Pfizer Inc.	15		502
	Philip Morris International Inc.	15		1,406
	PPL Corp.	42		1,424
	Procter & Gamble Co.	8		654
	QUALCOMM Inc.	17		1,128
	Regal Entertainment Group - Class A (a)	31		632
	Reynolds American Inc.	27		1,493
	Southern Co.	14		684
	Texas Instruments Inc.	13		912
	United Parcel Service Inc. - Class B	6		711
	Verizon Communications Inc.	28		1,477
	Waste Management Inc.	10		713
	WEC Energy Group Inc.	20		1,198
	Wells Fargo & Co.	11		631
	Welltower Inc.	22		1,489
			40,177
	Total Common Stocks (cost $79,739)		80,784
SHORT TERM INVESTMENTS 1.4%
Securities Lending Collateral 1.4%
	Securities Lending Cash Collateral Fund LLC, 0.50% (b) (c)	1,214		1,214
	Total Short Term Investments (cost $1,214)		1,214
Total Investments 98.7% (cost $80,953)				81,998
Other Derivative Instruments (0.0)%				(6)
Other Assets and Liabilities, Net 1.3%				1,064
Total Net Assets 100.0%			$	83,056

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

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

The following schedules reflect the derivative investments for JNL/Epoch Global Shareholder Yield Fund at December 31, 2016:

Forward Foreign Currency Contracts

See accompanying Notes to Financial Statements.

53

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

Purchased/ Sold	Counter-party	Expiration	Notional1		Value			Unrealized Appreciation (Depreciation)
USD/AUD	BBH	01/04/17	AUD	(128)		$	(92)		$	—
USD/CAD	BBH	01/04/17	CAD	(126)			(94)			(1)
USD/CHF	BBH	01/03/17	CHF	(95)			(93)			(1)
USD/EUR	BBH	01/03/17	EUR	(476)			(502)			(2)
USD/GBP	BBH	01/03/17	GBP	(244)			(301)			(2)
USD/NOK	BBH	01/03/17	NOK	(493)			(57)			—
USD/SEK	BBH	01/03/17	SEK	(95)			(10)			—
USD/SGD	BBH	01/05/17	SGD	(47)			(32)			—
						$	(1,181)		$	(6)

¹Notional amount is stated in USD unless otherwise noted.

See accompanying Notes to Financial Statements.

54

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†		Value
JNL/FAMCO Flex Core Covered Call Fund
COMMON STOCKS 100.7%
Consumer Discretionary 11.2%
	AutoZone Inc. (a) (b)	4	$	2,922
	CBS Corp. - Class B (b)	41		2,602
	Home Depot Inc. (b)	21		2,802
	Walt Disney Co. (b)	26		2,668
	Whirlpool Corp. (b)	19		3,417
			14,411
Consumer Staples 5.7%
	Kimberly-Clark Corp. (b)	17		1,929
	PepsiCo Inc. (b)	51		5,378
			7,307
Energy 9.7%
	Chevron Corp. (b)	34		4,037
	Halliburton Co. (b)	78		4,246
	Valero Energy Corp. (b)	61		4,174
			12,457
Financials 20.9%
	American Express Co. (b)	44		3,260
	Bank of America Corp. (b)	208		4,599
	BlackRock Inc. (b)	11		4,072
	Goldman Sachs Group Inc. (b)	20		4,765
	JPMorgan Chase & Co. (b)	65		5,609
	U.S. Bancorp (b)	89		4,582
			26,887
Health Care 17.2%
	Allergan Plc (a) (b)	18		3,696
	Amgen Inc. (b)	22		3,144
	Cardinal Health Inc. (b)	37		2,684
	Express Scripts Holding Co. (a)	35		2,394
	Johnson & Johnson (b)	38		4,378
	Pfizer Inc. (b)	136		4,421
		Shares/Par†		Value
	Zimmer Biomet Holdings Inc. (b)	14		1,455
			22,172
Industrials 14.0%
	General Electric Co. (b)	88		2,787
	Honeywell International Inc. (b)	43		4,982
	Lockheed Martin Corp. (b)	10		2,599
	Raytheon Co. (b)	33		4,714
	Union Pacific Corp. (b)	28		2,903
			17,985
Information Technology 16.4%
	Apple Inc. (b)	46		5,374
	Cisco Systems Inc. (b)	160		4,829
	International Business Machines Corp. (b)	17		2,855
	Oracle Corp. (b)	99		3,791
	QUALCOMM Inc. (b)	66		4,310
			21,159
Materials 3.6%
	Dow Chemical Co. (b)	80		4,595
Telecommunication Services 2.0%
	Verizon Communications Inc. (b)	50		2,664
	Total Common Stocks (cost $114,947)		129,637
SHORT TERM INVESTMENTS 1.6%
Investment Companies 1.6%
	JNL Money Market Fund, 0.34% (c) (d)	2,005		2,005
	Total Short Term Investments (cost $2,005)		2,005
Total Investments 102.3% (cost $116,952)				131,642
Other Derivative Instruments (1.8)%				(2,331)
Other Assets and Liabilities, Net (0.5)%				(595)
Total Net Assets 100.0%			$	128,716

(a) Non-income producing security.

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

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

The following schedules reflect the derivative investments for JNL/FAMCO Flex Core Covered Call Fund at December 31, 2016:

Exchange Traded Written Options
Reference Entity	Put/Call		Exercise Price		Expiration	Notional1/ Contracts†		Value
Options on Securities
Allergan Plc		Call		210.00	02/17/17		176	$	(185)
American Express Co.		Call		75.00	01/20/17		56		(7)
American Express Co.		Call		75.00	01/20/17		384		(52)
Amgen Inc.		Call		155.00	02/17/17		215		(42)
Apple Inc.		Call		120.00	02/17/17		464		(90)
AutoZone Inc.		Call		800.00	01/20/17		33		(30)
AutoZone Inc.		Call		810.00	03/17/17		4		(9)
Bank of America Corp.		Call		24.00	02/17/17		648		(20)
Bank of America Corp.		Call		24.00	02/17/17		1,433		(44)
BlackRock Inc.		Call		410.00	04/21/17		107		(76)
Cardinal Health Inc.		Call		72.50	03/17/17		373		(117)
CBS Corp.		Call		67.50	03/17/17		409		(62)
Chevron Corp.		Call		115.00	02/17/17		343		(166)
Cisco Systems Inc.		Call		32.00	02/17/17		1,598		(35)
Dow Chemical Co.		Call		60.00	03/17/17		803		(96)
General Electric Co.		Call		32.00	01/20/17		882		(32)
Goldman Sachs Group Inc.		Call		245.00	01/20/17		80		(33)
Goldman Sachs Group Inc.		Call		245.00	01/20/17		119		(50)
Halliburton Co.		Call		57.50	01/20/17		253		(7)
Halliburton Co.		Call		57.50	01/20/17		532		(14)
Home Depot Inc.		Call		130.00	01/20/17		209		(108)
Honeywell International Inc.		Call		120.00	03/17/17		430		(81)
International Business Machines Corp.		Call		175.00	02/17/17		172		(24)
Johnson & Johnson		Call		115.00	01/20/17		380		(63)
JPMorgan Chase & Co.		Call		90.00	02/17/17		650		(77)
Kimberly-Clark Corp.		Call		115.00	01/20/17		169		(21)
Lockheed Martin Corp.		Call		280.00	03/17/17		104		(8)
Oracle Corp.		Call		41.00	01/20/17		501		(1)
Oracle Corp.		Call		40.00	03/17/17		485		(33)
PepsiCo Inc.		Call		105.00	01/20/17		514		(62)
Pfizer Inc.		Call		33.00	02/17/17		31		(2)

See accompanying Notes to Financial Statements.

55

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

Exchange Traded Written Options (continued)
Reference Entity	Put/Call		Exercise Price		Expiration	Notional1/ Contracts†		Value
Pfizer Inc.		Call		33.00	02/17/17		1,330		(82)
Qualcomm Inc.		Call		70.00	01/20/17		162		(2)
Qualcomm Inc.		Call		70.00	01/20/17		499		(6)
Raytheon Co.		Call		160.00	05/19/17		8		(1)
Raytheon Co.		Call		160.00	05/19/17		324		(44)
U.S. Bancorp		Call		55.00	03/17/17		892		(48)
Union Pacific Corp.		Call		100.00	01/20/17		280		(146)
Valero Energy Corp.		Call		70.00	01/20/17		191		(19)
Valero Energy Corp.		Call		72.50	01/20/17		420		(18)
Verizon Communications Inc.		Call		52.50	06/16/17		499		(126)
Walt Disney Co.		Call		107.00	01/27/17		256		(18)
Whirlpool Corp.		Call		185.00	03/17/17		188		(147)
Zimmer Biomet Holdings Inc.		Call		110.00	03/17/17		141		(27)
								$	(2,331)

Summary of Written Options
	Number of Contracts†		Premiums
Options outstanding at December 31, 2015	22,709		3,980
Options written during the year	142,460		21,489
Options closed during the year	(123,174	)	(19,886	)
Options exercised during the year	(2,989	)	(443	)
Options expired during the year	(21,259	)	(2,485	)
Options outstanding at December 31, 2016	17,747		2,655

¹Notional amount is stated in USD unless otherwise noted.

See accompanying Notes to Financial Statements.

56

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†		Value
JNL/Lazard International Strategic Equity Fund
COMMON STOCKS 99.1%
Australia 3.4%
	Amcor Ltd.	101	$	1,086
	Caltex Australia Ltd.	62		1,365
			2,451
Belgium 2.5%
	Anheuser-Busch InBev NV	17		1,759
Bermuda 0.7%
	Signet Jewelers Ltd.	5		486
Canada 5.5%
	Alimentation Couche-Tard Inc.	23		1,062
	MacDonald Dettwiler & Associates Ltd.	13		641
	National Bank of Canada	21		861
	Suncor Energy Inc.	40		1,312
			3,876
Denmark 3.4%
	Carlsberg A/S - Class B	23		1,966
	Nets Holdings A/S (a)	26		460
			2,426
Finland 4.3%
	Sampo Oyj - Class A	69		3,085
France 8.6%
	Elior	43		986
	Faurecia	17		662
	Iliad SA	5		958
	Valeo SA	35		2,018
	Vivendi SA	78		1,477
			6,101
Germany 2.6%
	Fresenius SE & Co. KGaA	14		1,071
	Symrise AG	13		795
			1,866
Hong Kong 2.3%
	AIA Group Ltd.	288		1,611
Ireland 5.9%
	Accenture Plc - Class A	7		771
	CRH Plc	33		1,124
	James Hardie Industries SE - CDI	49		775
	Kerry Group Plc - Class A	16		1,146
	Permanent TSB Group Holdings Plc (a)	130		378
			4,194
Israel 2.4%
	Frutarom Industries Ltd.	12		598
	Israel Discount Bank Ltd. - Class A (a)	536		1,111
			1,709
Italy 1.2%
	Banca Mediolanum SpA	116		834
Japan 17.2%
	AEON Financial Service Co. Ltd.	96		1,699
	Asics Corp.	64		1,279
		Shares/Par†		Value
	Daiwa House Industry Co. Ltd.	101		2,757
	Don Quijote Holdings Co. Ltd.	75		2,764
	Fanuc Ltd.	8		1,389
	Makita Corp.	19		1,283
	Shimano Inc.	7		1,034
			12,205
Netherlands 1.4%
	Wolters Kluwer NV	28		999
New Zealand 2.1%
	Z Energy Ltd.	303		1,526
Norway 5.2%
	Europris ASA	97		414
	Statoil ASA	106		1,942
	Telenor ASA	89		1,331
			3,687
Singapore 1.1%
	DBS Group Holdings Ltd.	65		777
Sweden 3.3%
	Assa Abloy AB - Class B	74		1,377
	Swedbank AB - Class A	42		1,005
			2,382
Switzerland 2.4%
	Actelion Ltd.	4		790
	Cie Financiere Richemont SA	14		922
			1,712
United Kingdom 23.6%
	Aon Plc - Class A	10		1,132
	Ashtead Group Plc	27		532
	Associated British Foods Plc	32		1,071
	British American Tobacco Plc	42		2,368
	Compass Group Plc	82		1,518
	ConvaTec Group Plc (a)	159		459
	Diageo Plc	60		1,551
	Informa Plc	235		1,965
	London Stock Exchange Group Plc	36		1,291
	Rentokil Initial Plc	271		741
	Shire Plc	41		2,355
	Spire Healthcare Group Plc	216		899
	Worldpay Group Plc	258		857
			16,739
	Total Common Stocks (cost $70,940)		70,425
SHORT TERM INVESTMENTS 0.7%
Investment Companies 0.7%
	JNL Money Market Fund, 0.34% (b) (c)	515		515
	Total Short Term Investments (cost $515)		515
Total Investments 99.8% (cost $71,455)				70,940
Other Derivative Instruments (0.0)%				(1)
Other Assets and Liabilities, Net 0.2%				110
Total Net Assets 100.0%			$	71,049

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

The following schedules reflect the derivative investments for JNL/Lazard International Strategic Equity Fund at December 31, 2016:

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value			Unrealized Appreciation (Depreciation)
GBP/USD	SSB	01/03/17	GBP	12		$	15		$	—
GBP/USD	SSB	01/04/17	GBP	3			3			—
USD/CAD	SSB	01/03/17	CAD	(31)			(23)			—
USD/CAD	SSB	01/04/17	CAD	(30)			(23)			—
USD/JPY	SSB	01/04/17	JPY	(11,272)			(96)			(1)
USD/JPY	SSB	01/05/17	JPY	(2,973)			(25)			—
						$	(149)		$	(1)

¹Notional amount is stated in USD unless otherwise noted.

See accompanying Notes to Financial Statements.

57

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
JNL/Neuberger Berman Currency Fund
GOVERNMENT AND AGENCY OBLIGATIONS 60.3%
U.S. Government Agency Obligations 47.0%
	Federal Farm Credit Bank
		0.66%, 01/03/17 (a) (b)	3,000	$	3,000
		4.88%, 01/17/17 (b)	4,250		4,259
		0.72%, 02/13/17 (a) (b)	6,850		6,851
		0.66%, 02/22/17 (b)	2,000		2,001
		0.79%, 04/26/17 (a) (b)	2,850		2,852
		0.65%, 05/08/17 (b)	1,630		1,630
	Federal Home Loan Bank
		0.70%, 02/24/17 (b)	3,000		3,000
		0.75%, 03/02/17 (b)	2,170		2,170
		0.72%, 03/06/17 (b)	2,000		2,000
		0.88%, 03/10/17 - 05/24/17 (b)	5,365		5,368
		0.42%, 04/24/17 (a) (b)	12,000		11,998
		0.75%, 05/25/17 (b)	1,500		1,501
	Federal Home Loan Mortgage Corp.
		0.88%, 02/22/17 (b)	18,500		18,507
		1.00%, 03/08/17 (b)	5,500		5,504
		0.67%, 05/30/17 (b)	2,200		2,200
	Federal National Mortgage Association
		0.75%, 03/14/17 (b)	1,850		1,850
		1.13%, 04/27/17 (b)	9,367		9,381
		5.00%, 05/11/17 (b)	8,324		8,451
			Shares/Par†		Value
		5.38%, 06/12/17 (b)	6,000		6,123
				98,646
U.S. Treasury Securities 13.3%
	U.S. Treasury Note
		0.63%, 02/15/17	28,000		28,004
	Total Government And Agency Obligations (cost $126,673)			126,650
SHORT TERM INVESTMENTS 39.1%
Investment Companies 3.4%
	JNL Money Market Fund, 0.34% (c) (d)		7,190		7,190
Treasury Securities 33.3%
	U.S. Treasury Bill
		0.45%, 01/12/17 - 02/09/17	70,000		69,979
U.S. Government Agency Obligations 2.4%
	Federal Farm Credit Bank
		0.44%, 01/23/17 (b)	5,000		4,999
	Total Short Term Investments (cost $82,169)			82,168
Total Investments 99.4% (cost $208,842)					208,818
Other Derivative Instruments 0.6%					1,212
Other Assets and Liabilities, Net 0.0%					130
Total Net Assets 100.0%				$	210,160

(a) The security or securities in this category have a variable rate. Rate stated was in effect as of December 31, 2016.

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

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

The following schedules reflect the derivative investments for JNL/Neuberger Berman Currency Fund at December 31, 2016:

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value			Unrealized Appreciation (Depreciation)
AUD/USD	GSC	02/15/17	AUD	40,313		$	29,059		$	(1,463)
AUD/USD	RBC	02/15/17	AUD	1,629			1,174			(76)
AUD/USD	SGB	02/15/17	AUD	44,126			31,808			(1,864)
AUD/USD	SSB	02/15/17	AUD	27,729			19,988			(565)
CAD/USD	GSC	02/15/17	CAD	12,710			9,471			52
CAD/USD	SGB	02/15/17	CAD	113,244			84,388			(418)
CAD/USD	SGB	02/15/17	CAD	1,914			1,426			—
CAD/USD	SSB	02/15/17	CAD	36,680			27,333			(123)
CHF/USD	GSC	02/15/17	CHF	12,578			12,389			(385)
CHF/USD	SGB	02/15/17	CHF	2,659			2,619			(33)
CHF/USD	SSB	02/15/17	CHF	66,860			65,850			(2,999)
CHF/USD	SSB	02/15/17	CHF	4,294			4,229			34
EUR/USD	GSC	02/15/17	EUR	34,925			36,845			(1,187)
EUR/USD	RBC	02/15/17	EUR	818			863			(39)
EUR/USD	SGB	02/15/17	EUR	14,915			15,735			(258)
EUR/USD	SSB	02/15/17	EUR	13,501			14,242			(221)
GBP/USD	GSC	02/15/17	GBP	17,579			21,690			(315)
GBP/USD	RBC	02/15/17	GBP	9,351			11,537			(89)
GBP/USD	SGB	02/15/17	GBP	13,189			16,272			(300)
GBP/USD	SSB	02/15/17	GBP	2,208			2,725			(15)
JPY/USD	GSC	02/15/17	JPY	1,959,011			16,799			(1,236)
JPY/USD	RBC	02/15/17	JPY	4,574,188			39,226			(4,715)
JPY/USD	SGB	02/15/17	JPY	3,040,749			26,076			(1,626)
JPY/USD	SSB	02/15/17	JPY	1,113,273			9,547			(318)
JPY/USD	SSB	02/15/17	JPY	925,956			7,941			81
MXN/USD	GSC	02/15/17	MXN	101,733			4,877			(267)
MXN/USD	GSC	02/15/17	MXN	39,549			1,896			36
NOK/USD	GSC	02/15/17	NOK	117,913			13,658			(244)
NOK/USD	RBC	02/15/17	NOK	72,368			8,382			(267)
NOK/USD	SGB	02/15/17	NOK	332,394			38,506			(1,582)
NOK/USD	SSB	02/15/17	NOK	238,133			27,586			(909)
NZD/USD	GSC	02/15/17	NZD	21,444			14,876			(700)
NZD/USD	RBC	02/15/17	NZD	53,171			36,886			(1,913)
NZD/USD	SGB	02/15/17	NZD	24,230			16,809			(687)
NZD/USD	SSB	02/15/17	NZD	27,098			18,799			(307)
SEK/USD	GSC	02/15/17	SEK	371,628			40,901			(460)
SEK/USD	RBC	02/15/17	SEK	310,320			34,154			(359)
SEK/USD	SGB	02/15/17	SEK	56,934			6,267			35
SEK/USD	SSB	02/15/17	SEK	19,145			2,107			(23)
SEK/USD	SSB	02/15/17	SEK	121,362			13,358			156
USD/AUD	GSC	02/15/17	AUD	(38,793)			(27,964)			1,751
USD/AUD	RBC	02/15/17	AUD	(25,241)			(18,194)			1,121
USD/AUD	SGB	02/15/17	AUD	(10,259)			(7,395)			232
USD/AUD	SSB	02/15/17	AUD	(70,044)			(50,491)			2,875
USD/CAD	GSC	02/15/17	CAD	(11,807)			(8,799)			(14)
USD/CAD	GSC	02/15/17	CAD	(58,823)			(43,834)			205
USD/CAD	RBC	02/15/17	CAD	(3,710)			(2,765)			(4)
USD/CAD	RBC	02/15/17	CAD	(94,323)			(70,288)			206
USD/CAD	SGB	02/15/17	CAD	(19,083)			(14,220)			133
USD/CAD	SSB	02/15/17	CAD	(15,686)			(11,689)			(61)
USD/CAD	SSB	02/15/17	CAD	(5,327)			(3,970)			22
USD/CHF	GSC	02/15/17	CHF	(5,538)			(5,454)			65
USD/CHF	RBC	02/15/17	CHF	(27,561)			(27,144)			1,208
USD/CHF	SGB	02/15/17	CHF	(71,449)			(70,370)			3,239
USD/CHF	SSB	02/15/17	CHF	(6,510)			(6,412)			60
USD/EUR	GSC	02/15/17	EUR	(7,592)			(8,008)			97
USD/EUR	RBC	02/15/17	EUR	(189)			(199)			10
USD/EUR	SGB	02/15/17	EUR	(12,756)			(13,458)			315
USD/EUR	SSB	02/15/17	EUR	(10,304)			(10,871)			(64)
USD/EUR	SSB	02/15/17	EUR	(43,098)			(45,464)			1,384
USD/GBP	GSC	02/15/17	GBP	(19,679)			(24,282)			387
USD/GBP	RBC	02/15/17	GBP	(1,376)			(1,698)			25
USD/GBP	SGB	02/15/17	GBP	(3,320)			(4,097)			46
USD/GBP	SSB	02/15/17	GBP	(13,614)			(16,796)			318
USD/JPY	GSC	02/15/17	JPY	(1,854,324)			(15,903)			1,175
USD/JPY	RBC	02/15/17	JPY	(328,616)			(2,818)			232
USD/JPY	SGB	02/15/17	JPY	(3,793,389)			(32,531)			3,162
USD/JPY	SSB	02/15/17	JPY	(2,092,346)			(17,942)			1,955
USD/MXN	SSB	02/15/17	MXN	(89,435)			(4,288)			272
USD/NOK	GSC	02/15/17	NOK	(212,017)			(24,560)			1,142
USD/NOK	RBC	02/15/17	NOK	(9,412)			(1,090)			43
USD/NOK	SGB	02/15/17	NOK	(127,361)			(14,754)			313
USD/NOK	SSB	02/15/17	NOK	(107,817)			(12,490)			144
USD/NZD	GSC	02/15/17	NZD	(39,382)			(27,320)			609
USD/NZD	SGB	02/15/17	NZD	(114,732)			(79,593)			3,678
USD/NZD	SSB	02/15/17	NZD	(12,405)			(8,606)			384
USD/SEK	GSC	02/15/17	SEK	(86,979)			(9,572)			(100)
USD/SEK	GSC	02/15/17	SEK	(273,630)			(30,115)			180

See accompanying Notes to Financial Statements.

58

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

Purchased/ Sold	Counter-party	Expiration	Notional1		Value			Unrealized Appreciation (Depreciation)
USD/SEK	SGB	02/15/17	SEK	(86,112)			(9,478)			(37)
USD/SEK	SGB	02/15/17	SEK	(69,942)			(7,698)			92
USD/SEK	SSB	02/15/17	SEK	(12,219)			(1,345)			(24)
USD/SEK	SSB	02/15/17	SEK	(53,726)			(5,913)			5
						$	(11,584)		$	1,212

¹Notional amount is stated in USD unless otherwise noted.

See accompanying Notes to Financial Statements.

59

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund (a)
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 19.3%
	Ally Auto Receivables Trust
		Series 2015-A2-1, 0.92%, 02/15/18	110	$	110
	BMW Vehicle Owner Trust
		Series 2016-A2A-A, 0.99%, 03/26/18	430		430
	Capital One Multi-Asset Execution Trust
		Series 2007-A2-A2, 0.78%, 02/15/17 (b)	1,000		1,000
	Chase Issuance Trust
		Series 2012-A2-A2, 0.97%, 05/15/17 (b)	1,000		1,000
	Huntington Auto Trust
		Series 2016-A2-1, 1.29%, 04/16/18	175		175
	Penarth Master Issuer Plc
		Series 2015-A1-2A, 1.14%, 05/18/17 (b) (c)	1,055		1,055
	Toyota Auto Receivables Owner Trust
		Series 2016-A2A-D, 1.06%, 05/15/19	115		115
	USAA Auto Owner Trust
		Series 2015-A2-1, 0.82%, 01/17/17	76		76
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $3,961)			3,961
CORPORATE BONDS AND NOTES 53.1%
Consumer Discretionary 3.2%
	Comcast Corp.
		6.50%, 01/15/17	110		110
	NBCUniversal Enterprise Inc.
		1.56%, 04/15/18 (b) (c)	275		277
	Thomson Reuters Corp.
		1.30%, 02/23/17	265		265
				652
Energy 6.0%
	BP Capital Markets Plc
		1.85%, 05/05/17	125		125
	Chevron Corp.
		1.41%, 05/16/18 (b)	385		386
	Enterprise Products Operating LLC
		6.30%, 09/15/17	290		299
	Shell International Finance BV
		1.20%, 05/10/17 (b)	430		430
				1,240
Financials 21.2%
	Anheuser-Busch InBev Finance Inc.
		1.08%, 01/27/17 (b)	350		350
	Bank of America NA
		1.25%, 02/14/17	250		250
	Berkshire Hathaway Finance Corp.
		1.65%, 03/15/19 (b)	240		243
	Berkshire Hathaway Inc.
		1.90%, 01/31/17	95		95
	Citigroup Inc.
		1.81%, 12/07/18 (b)	350		352
	Ford Motor Credit Co. LLC
		1.66%, 01/17/17 (b)	300		300
	Goldman Sachs Group Inc.
		1.57%, 06/04/17 (b)	200		200
	John Deere Capital Corp.
		1.17%, 01/16/18 (b)	215		215
	JPMorgan Chase & Co.
		1.78%, 01/25/18 (b)	490		493
	Mizuho Bank Ltd.
		1.45%, 09/25/17 (b) (c)	625		625
	Morgan Stanley
		1.73%, 01/24/19 (b)	370		372
	Toyota Motor Credit Corp.
		1.10%, 02/16/17 (b)	40		40
		1.24%, 04/06/18 (b)	345		345
		1.73%, 02/19/19 (b)	185		187
			Shares/Par†		Value
	Wells Fargo & Co.
		1.21%, 09/08/17 (b)	285		285
				4,352
Health Care 7.0%
	Johnson & Johnson
		1.20%, 03/01/19 (b)	160		161
	Medtronic Inc.
		1.03%, 02/27/17 (b)	500		500
	Pfizer Inc.
		0.90%, 01/15/17	80		80
	UnitedHealth Group Inc.
		1.33%, 01/17/17 (b)	695		695
				1,436
Industrials 1.2%
	ERAC USA Finance LLC
		2.75%, 03/15/17 (c)	50		50
		6.38%, 10/15/17 (c)	185		192
				242
Information Technology 4.8%
	Apple Inc.
		1.74%, 02/22/19 (b)	475		482
	Oracle Corp.
		1.07%, 07/07/17 (b)	500		500
				982
Real Estate 1.1%
	Simon Property Group LP
		2.15%, 09/15/17	220		221
Telecommunication Services 1.2%
	AT&T Inc.
		1.70%, 06/01/17	250		250
Utilities 7.4%
	Alabama Power Co.
		5.55%, 02/01/17	440		442
	Duke Energy Progress LLC
		1.15%, 03/06/17 (b)	105		105
		1.11%, 11/20/17 (b)	210		210
	Electricite de France SA
		1.34%, 01/20/17 (b) (c)	750		750
				1,507
	Total Corporate Bonds And Notes (cost $10,870)			10,882
SHORT TERM INVESTMENTS 27.9%
Investment Companies 11.1%
	JNL Money Market Fund, 0.34% (d) (e) (f)		2,273		2,273
Treasury Securities 16.8%
	U.S. Treasury Bill
		0.45%, 01/12/17	1,250		1,250
		0.43%, 03/30/17 (f) (g)	2,200		2,197
				3,447
	Total Short Term Investments (cost $5,721)			5,720
Total Investments 100.3% (cost $20,552)					20,563
Other Derivative Instruments (0.0)%					(10)
Other Assets and Liabilities, Net (0.3)%					(48)
Total Net Assets 100.0%				$	20,505

(a) Consolidated Schedule of Investments.

(b) The security or securities in this category have a variable rate. Rate stated was in effect as of December 31, 2016.

(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 December 31, 2016, the net value and the percentage of net assets of these liquid securities was $2,949 and 14.4%, respectively.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

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

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

The following schedules reflect the derivative investments for JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund at December 31, 2016:

See accompanying Notes to Financial Statements.

60

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

Futures Contracts
Reference Entity	Contracts Long (Short)†	Expiration	Notional1		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
Brent Crude Oil Future ‡	22	May 2017		1,274	$	3	$	3
Cocoa Future ‡	13	May 2017		280		(5)		(5)
Coffee 'C' Future ‡	4	May 2017		209		—		—
Copper Future ‡	14	May 2017		880		—		—
Corn Future ‡	85	July 2017		1,541		7		7
Cotton No. 2 Future ‡	14	May 2017		501		(4)		(4)
Feeder Cattle Future ‡	6	March 2017		373		(6)		2
Gold 100 oz. Future ‡	13	April 2017		1,537		(9)		(37)
KCBT Wheat Future ‡	28	July 2017		613		4		4
Lean Hogs Future ‡	25	April 2017		666		15		15
Live Cattle Future ‡	11	April 2017		509		(5)		(5)
LME Aluminum Future ‡	14	April 2017		595		(2)		(2)
LME Lead Future ‡	12	April 2017		596		9		9
LME Nickel Future ‡	11	April 2017		664		(2)		(2)
LME Zinc Future ‡	11	April 2017		707		2		2
Low Sulphur Gas Oil Future ‡	13	April 2017		662		1		1
Natural Gas Future ‡	15	April 2017		540		(6)		(6)
NY Harbor ULSD Future ‡	17	April 2017		1,236		5		5
Platinum Future ‡	23	April 2017		1,053		4		(11)
RBOB Gasoline Future ‡	16	April 2017		1,245		6		6
Silver Future ‡	11	May 2017		896		(13)		(13)
Soybean Future ‡	13	July 2017		668		(5)		(5)
Soybean Meal Future ‡	24	July 2017		780		(7)		(7)
Soybean Oil Future ‡	18	July 2017		381		(2)		(2)
Sugar #11 (World Markets) Future ‡	13	May 2017		282		(1)		(1)
Wheat Future ‡	30	July 2017		647		4		4
WTI Crude Oil Future ‡	21	April 2017		1,163		1		—
					$	(6)	$	(42)

¹Notional amount is stated in USD unless otherwise noted.

‡All or a portion of the derivative instrument is held in the respective subsidiary. See Significant Accounting Policies, Basis of Consolidation in the Notes to the Financial Statements.

See accompanying Notes to Financial Statements.

61

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
JNL/Nicholas Convertible Arbitrage Fund
PREFERRED STOCKS 7.5%
Energy 1.1%
	WPX Energy Inc., 6.25%, 07/31/18 (a) (b)		64	$	4,217
Health Care 3.3%
	Allergan Plc, 5.50%, 03/01/18 (a)		16		12,481
Industrials 0.7%
	Rexnord Corp. - Series A, 5.75%, 11/15/19		56		2,761
Information Technology 0.6%
	Belden Inc. - Series B, 6.75%, 07/15/19		19		2,011
Real Estate 0.7%
	American Tower Corp. - Series A, 5.25%, 05/15/17 (a)		25		2,619
Telecommunication Services 1.1%
	T-Mobile US Inc. - Series A, 5.50%, 12/15/17 (a)		45		4,215
	Total Preferred Stocks (cost $30,384)			28,304
INVESTMENT COMPANIES 0.6%
	iShares TIPS Bond ETF		22		2,481
	Total Investment Companies (cost $2,404)			2,481
CORPORATE BONDS AND NOTES 87.5%
Consumer Discretionary 10.0%
	Ctrip.com International Ltd.
		1.25%, 09/15/22 (a) (c) (d)	7,015		6,752
	Liberty Interactive LLC
		1.75%, 09/30/46 (a) (d)	9,185		9,874
	Liberty Media Corp.
		1.38%, 10/15/23 (a)	4,080		4,381
		2.25%, 09/30/46 (a) (d)	3,910		4,120
	Priceline.com Inc.
		1.00%, 03/15/18 (a)	4,460		7,022
	Ryland Group Inc.
		1.63%, 05/15/18 (a)	4,605		5,509
				37,658
Energy 6.7%
	Cheniere Energy Inc.
		4.25%, 03/15/45 (a) (c)	6,130		3,712
	Ensco Jersey Finance Ltd.
		3.00%, 01/31/24 (a) (d)	1,470		1,499
	Oasis Petroleum Inc.
		2.63%, 09/15/23 (a)	2,920		4,059
	PDC Energy Inc.
		1.13%, 09/15/21 (a)	2,810		3,137
	Scorpio Tankers Inc.
		2.38%, 07/01/19 (a) (d)	8,065		6,512
	SM Energy Co.
		1.50%, 07/01/21 (a)	2,880		3,332
	Weatherford International Ltd.
		5.88%, 07/01/21 (a)	2,700		2,929
				25,180
Financials 4.2%
	MGIC Investment Corp.
		2.00%, 04/01/20 (a)	1,640		2,431
		9.00%, 04/01/63 (a) (d)	1,680		2,094
	Portfolio Recovery Associates Inc.
		3.00%, 08/01/20 (a)	9,250		8,712
	RWT Holdings Inc.
		5.63%, 11/15/19 (a)	2,850		2,871
				16,108
Health Care 15.9%
	BioMarin Pharmaceutical Inc.
		1.50%, 10/15/20 (a) (c)	6,100		7,148
	Evolent Health Inc.
		2.00%, 12/01/21 (a) (d)	1,105		1,060
	Hologic Inc.
		0.00%, 12/15/43 (a) (b) (c)	5,140		6,300
	Horizon Pharma Investment Ltd.
		2.50%, 03/15/22 (a) (c)	8,420		8,010
	Incyte Corp.
		1.25%, 11/15/20 (a)	2,200		4,469
			Shares/Par†		Value
	Insulet Corp.
		1.25%, 09/15/21 (a)	3,435		3,182
	Medicines Co.
		2.50%, 01/15/22 (a)	6,020		7,216
	Nevro Corp.
		1.75%, 06/01/21 (a)	4,650		4,941
	NuVasive Inc.
		2.25%, 03/15/21 (a) (d)	8,410		10,675
	Repligen Corp.
		2.13%, 06/01/21 (a)	2,400		2,836
	Spectranetics Corp.
		2.63%, 06/01/34 (a)	4,080		4,207
				60,044
Industrials 5.0%
	Dycom Industries Inc.
		0.75%, 09/15/21 (a)	9,135		9,969
	Echo Global Logistics Inc.
		2.50%, 05/01/20 (a) (c)	5,830		5,713
	Trinity Industries Inc.
		3.88%, 06/01/36 (a)	2,500		3,198
				18,880
Information Technology 44.9%
	Blackhawk Network Holdings Inc.
		1.50%, 01/15/22 (a) (c) (d)	7,395		7,580
	Ciena Corp.
		3.75%, 10/15/18 (a) (c) (d)	8,335		11,257
	CSG Systems International Inc.
		4.25%, 03/15/36 (a) (d)	5,000		5,578
	Electronics For Imaging Inc.
		0.75%, 09/01/19 (a) (c)	6,440		6,830
	Envestnet Inc.
		1.75%, 12/15/19 (a) (c)	5,140		4,896
	Euronet Worldwide Inc.
		1.50%, 10/01/44 (a) (c)	4,710		5,452
	Finisar Corp.
		0.50%, 12/15/36 (a)	2,815		2,838
	Inphi Corp.
		1.13%, 12/01/20 (a)	3,860		4,987
	Integrated Device Technology Inc.
		0.88%, 11/15/22 (a) (c)	4,178		4,301
	Intel Corp.
		2.95%, 12/15/35 (a)	2,895		3,910
	j2 Global Inc.
		3.25%, 06/15/29 (a) (c)	4,305		5,688
	Mentor Graphics Corp.
		4.00%, 04/01/31 (a)	3,895		7,262
	Microchip Technology Inc.
		1.63%, 02/15/25 (a)	4,755		6,158
	Micron Technology Inc.
		1.63%, 02/15/33 (a)	3,750		7,603
	Nuance Communications Inc.
		1.00%, 12/15/35 (a)	7,975		7,202
	NXP Semiconductors NV
		1.00%, 12/01/19 (a)	7,000		7,962
	Palo Alto Networks Inc.
		0.00%, 07/01/19 (a) (e)	5,315		6,740
	Pandora Media Inc.
		1.75%, 12/01/20 (a)	4,700		4,817
	Proofpoint Inc.
		1.25%, 12/15/18 (a)	2,985		5,457
		0.75%, 06/15/20 (a)	6,640		7,499
	Salesforce.com Inc.
		0.25%, 04/01/18 (a)	7,390		8,605
	SunPower Corp.
		4.00%, 01/15/23 (a)	10,555		7,527
	Synchronoss Technologies Inc.
		0.75%, 08/15/19 (a)	7,745		8,132
	Teradyne Inc.
		1.25%, 12/15/23 (a) (d)	750		792
	Workday Inc.
		0.75%, 07/15/18 (a)	5,250		5,506
	Yahoo! Inc.
		0.00%, 12/01/18 (a) (e)	5,795		5,726

See accompanying Notes to Financial Statements.

62

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
	Zillow Group Inc.
		2.00%, 12/01/21 (a) (d)	9,015		9,257
				169,562
Materials 0.8%
	Cemex SAB de CV
		3.75%, 03/15/18 (a)	2,730		3,063
	Total Corporate Bonds And Notes (cost $315,040)			330,495
SHORT TERM INVESTMENTS 5.1%
Investment Companies 5.1%
	JNL Money Market Fund, 0.34% (f) (g)		19,345		19,345
	Total Short Term Investments (cost $19,345)			19,345
Total Investments 100.7% (cost $367,173)					380,625
Total Securities Sold Short(39.0)% (proceeds $145,171)					(147,552)
Other Assets and Liabilities, Net 38.3%					144,788
Total Net Assets 100.0%				$	377,861

(a) Convertible security.

(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 December 31, 2016.

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

(d) 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 December 31, 2016, the net value and the percentage of net assets of these liquid securities was $77,050 and 20.4%, respectively.

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

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

			Shares/Par†		Value
SECURITIES SOLD SHORT (39.0%)
COMMON STOCKS (38.0%)
Consumer Discretionary (4.1%)
		CalAtlantic Group Inc.	(66)	$	(2,247)
		Charter Communications Inc. - Class A	(12)		(3,490)
		Ctrip.com International Ltd. - ADR	(43)		(1,731)
		Priceline Group Inc.	(4)		(5,534)
		Sirius XM Holdings Inc.	(350)		(1,559)
		Time Warner Inc.	(11)		(1,081)
				(15,642)
Energy (3.1%)
		Cheniere Energy Inc.	(18)		(735)
		Ensco Plc - Class A	(59)		(576)
		Oasis Petroleum Inc.	(149)		(2,263)
		PDC Energy Inc.	(16)		(1,183)
		Scorpio Tankers Inc.	(291)		(1,319)
		SM Energy Co.	(43)		(1,472)
		Weatherford International Plc	(209)		(1,044)
		WPX Energy Inc.	(205)		(2,994)
				(11,586)
Financials (1.0%)
		MGIC Investment Corp.	(142)		(1,443)
		PRA Group Inc.	(49)		(1,928)
		Redwood Trust Inc.	(28)		(421)
				(3,792)
Health Care (8.2%)
		Allergan Plc	(26)		(5,518)
		BioMarin Pharmaceutical Inc.	(37)		(3,063)
		Evolent Health Inc. - Class A	(25)		(370)
		Hologic Inc.	(13)		(534)
		Horizon Pharma Plc	(148)		(2,387)
		Incyte Corp.	(32)		(3,197)
		Insulet Corp.	(28)		(1,040)
		Medicines Co.	(99)		(3,358)
		Nevro Corp.	(31)		(2,278)
		NuVasive Inc.	(90)		(6,040)
		Repligen Corp.	(45)		(1,385)
		Spectranetics Corp.	(78)		(1,913)
				(31,083)
Industrials (2.4%)
		Dycom Industries Inc.	(52)		(4,163)
		Echo Global Logistics Inc.	(55)		(1,380)
		Rexnord Corp.	(79)		(1,544)
		Trinity Industries Inc.	(71)		(1,965)
				(9,052)
Information Technology (17.8%)
		Belden Inc.	(16)		(1,159)
		Blackhawk Network Holdings Inc.	(67)		(2,532)
		Ciena Corp.	(227)		(5,549)
		CSG Systems International Inc.	(44)		(2,108)
		Electronics for Imaging Inc.	(49)		(2,149)
		Envestnet Inc.	(25)		(864)
		Euronet Worldwide Inc.	(36)		(2,600)
		Finisar Corp.	(33)		(1,011)
			Shares/Par†		Value
		Inphi Corp.	(58)		(2,573)
		Integrated Device Technology Inc.	(66)		(1,548)
		Intel Corp.	(60)		(2,165)
		j2 Global Inc.	(34)		(2,804)
		Microchip Technology Inc.	(65)		(4,187)
		Micron Technology Inc.	(267)		(5,847)
		Nuance Communications Inc.	(146)		(2,183)
		NXP Semiconductors NV	(10)		(1,002)
		Palo Alto Networks Inc.	(33)		(4,079)
		Pandora Media Inc.	(133)		(1,729)
		Proofpoint Inc.	(107)		(7,567)
		Salesforce.com Inc.	(53)		(3,652)
		SunPower Corp.	(190)		(1,257)
		Synchronoss Technologies Inc.	(59)		(2,243)
		Teradyne Inc.	(15)		(371)
		Workday Inc. - Class A	(37)		(2,469)
		Yahoo! Inc.	(9)		(352)
		Zillow Group Inc. - Class C	(94)		(3,446)
				(67,446)
Materials (0.3%)
		Cemex SAB de CV - ADR	(120)		(964)
Real Estate (0.3%)
		American Tower Corp.	(13)		(1,321)
Telecommunication Services (0.8%)
		T-Mobile US Inc.	(49)		(2,835)
	Total Common Stocks (proceeds $141,327)			(143,721)
INVESTMENT COMPANIES (1.0%)
		iShares 1-3 Year Treasury Bond ETF	(23)		(1,919)
		iShares 7-10 Year Treasury Bond Fund ETF	(18)		(1,912)
	Total Investment Companies (proceeds $3,844)			(3,831)
	Total Securities Sold Short (39.0%) (proceeds $145,171)			$	(147,552)

See accompanying Notes to Financial Statements.

63

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
JNL/PIMCO Credit Income Fund *
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.1%
	Citigroup Mortgage Loan Trust Inc.
		Series 2007-A2B-AHL1, REMIC, 0.90%, 12/25/36 (a)	167		151
		Series 2007-3A3A-10, REMIC, 4.85%, 09/25/37 (a)	48		38
	Continental Airlines Inc. Pass-Through Trust
		Series 2009-A-2, 7.25%, 11/10/19	47		53
		Series 2012-B-2, 5.50%, 10/29/20	145		150
	GTP Acquisition Partners I LLC
		Series 2015-A-2, 3.48%, 06/16/25 (b) (c)	300		291
	JPMorgan Mortgage Acquisition Trust
		Series 2006-M1-NC2, REMIC, 1.03%, 07/25/36 (a)	300		232
	United Airlines Inc. Pass-Through Trust
		Series 2009-A-2, 9.75%, 01/15/17	23		23
		Series 2014-A-2, 3.75%, 09/03/26	94		95
		Series 2016-A-1, 3.45%, 07/07/28	1,000		972
		Series 2016-A-2, 3.10%, 10/07/28	1,000		950
	Other Securities				4,837
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $7,814)			7,792
CORPORATE BONDS AND NOTES 81.7%
Consumer Discretionary 6.4%
	Charter Communications Operating LLC
		4.46%, 07/23/22	500		522
		4.91%, 07/23/25	1,875		1,974
		6.38%, 10/23/35	538		613
		6.48%, 10/23/45	300		346
	Viacom Inc.
		2.50%, 09/01/18	900		903
		3.45%, 10/04/26	400		369
		5.85%, 09/01/43	850		832
	Wynn Las Vegas LLC
		4.25%, 05/30/23 (d) (e)	1,050		1,000
	Wynn Macau Ltd.
		5.25%, 10/15/21 (d) (e)	2,100		2,116
	Other Securities				15,052
				23,727
Consumer Staples 1.8%
	Other Securities				6,717
Energy 9.7%
	Cheniere Corpus Christi Holdings LLC
		7.00%, 06/30/24 (e)	650		704
	El Paso Corp.
		7.25%, 06/01/18	700		746
		6.50%, 09/15/20	200		224
	El Paso Pipeline Partners Operating Co. LLC
		5.00%, 10/01/21	300		319
	Energy Transfer Partners LP
		4.65%, 06/01/21	400		415
		3.60%, 02/01/23	400		393
		4.90%, 03/15/35	554		517
		6.05%, 06/01/41	100		103
		6.50%, 02/01/42	100		108
	Enterprise Products Operating LLC
		3.90%, 02/15/24	100		103
		3.75%, 02/15/25	400		406
		3.70%, 02/15/26	1,000		1,002
		3.95%, 02/15/27 (d)	500		511
		5.70%, 02/15/42	100		109
		4.45%, 02/15/43	700		662
	Kinder Morgan Energy Partners LP
		5.95%, 02/15/18	500		521
		3.45%, 02/15/23	500		495
		4.30%, 05/01/24	300		307
		6.95%, 01/15/38	700		811
	Kinder Morgan Inc.
		5.30%, 12/01/34	100		101
	Petrobras Global Finance BV
		4.88%, 03/17/20	500		494
		8.38%, 05/23/21	1,950		2,101
			Shares/Par†		Value
	Petrobras International Finance Co.
		7.88%, 03/15/19	100		107
	Petroleos Mexicanos
		3.50%, 07/18/18 (d)	1,600		1,614
		8.00%, 05/03/19	400		439
		4.88%, 01/24/22 (d)	1,100		1,103
		4.61%, 03/11/22 (a) (e)	200		206
	Pioneer Natural Resources Co.
		6.88%, 05/01/18	50		53
		7.50%, 01/15/20	100		114
		3.45%, 01/15/21	1,400		1,430
		3.95%, 07/15/22	400		415
	Regency Energy Partners LP
		5.75%, 09/01/20	200		216
		5.88%, 03/01/22	1,000		1,099
		5.00%, 10/01/22	300		318
	Sabine Pass Liquefaction LLC
		5.63%, 04/15/23	400		425
		5.75%, 05/15/24	300		322
		5.63%, 03/01/25	425		455
		5.88%, 06/30/26 (e)	500		539
	Statoil ASA
		2.45%, 01/17/23	1,900		1,853
	Other Securities				14,111
				35,971
Financials 38.6%
	AerCap Ireland Capital Ltd.
		3.75%, 05/15/19	300		306
		4.25%, 07/01/20	500		514
		4.63%, 10/30/20	200		208
		4.50%, 05/15/21	1,000		1,036
		5.00%, 10/01/21	600		631
		3.95%, 02/01/22	400		403
	Anheuser-Busch InBev Finance Inc.
		3.65%, 02/01/26	3,350		3,396
	Banco Santander Brasil SA
		4.63%, 02/13/17 (e)	600		601
	Banco Santander SA
		6.25%, (callable at 100 beginning 09/11/21), EUR (f)	400		394
	Bank of America Corp.
		0.00%, 01/04/17 (g)	500		500
		2.65%, 04/01/19	100		101
		2.25%, 04/21/20	300		298
		2.15%, 11/09/20	3,900		3,847
		4.10%, 07/24/23	1,475		1,539
		3.88%, 08/01/25	600		609
		3.50%, 04/19/26	1,300		1,281
	Bank of America NA
		1.25%, 02/14/17	250		250
		1.30%, 05/08/17 (a)	250		250
	Bank of New York Mellon Corp.
		2.30%, 09/11/19	400		403
		3.00%, 02/24/25	500		491
		2.80%, 05/04/26	1,800		1,731
	Barclays Bank Plc
		7.63%, 11/21/22	2,400		2,634
		7.75%, 04/10/23 (a)	775		815
	Barclays Plc
		6.50%, (callable at 100 beginning 09/15/19), EUR (f)	200		204
	Citigroup Inc.
		5.95%, (callable at 100 beginning 05/15/25) (f)	475		469
		2.07%, 08/02/21 (a)	1,000		1,011
		3.40%, 05/01/26	2,600		2,523
		3.20%, 10/21/26	600		573
	Cooperatieve Rabobank U.A.
		6.62%, (callable at 100 beginning 06/29/21), EUR (f)	1,400		1,575
		3.75%, 07/21/26	1,000		979
	Credit Suisse
		1.70%, 04/27/18	1,000		998
	Credit Suisse AG
		3.00%, 10/29/21	300		303
		6.50%, 08/08/23	300		319

See accompanying Notes to Financial Statements.

64

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
		6.50%, 08/08/23 (e)	200		212
	Credit Suisse Group AG
		7.50%, (callable at 100 beginning 12/11/23) (e) (f)	200		209
	Credit Suisse Group Funding Guernsey Ltd.
		3.80%, 09/15/22	1,150		1,159
		3.75%, 03/26/25	1,050		1,033
		4.55%, 04/17/26	700		726
	Deutsche Bank AG
		1.35%, 05/30/17	200		200
		4.25%, 10/14/21 (e)	2,300		2,307
	Diamond 1 Finance Corp.
		4.42%, 06/15/21 (e)	1,100		1,137
		5.45%, 06/15/23 (e)	1,925		2,040
	ERAC USA Finance LLC
		2.70%, 11/01/23 (e)	2,000		1,919
	GE Capital International Funding Co.
		4.42%, 11/15/35	1,900		1,988
	Goldman Sachs Group Inc.
		6.15%, 04/01/18	200		210
		6.00%, 06/15/20	200		222
		2.70%, 02/25/21 (a)	300		309
		5.25%, 07/27/21	500		548
		2.24%, 11/15/21 (a)	600		603
		5.75%, 01/24/22	100		112
		3.85%, 07/08/24	875		892
		3.50%, 01/23/25	700		690
		3.75%, 02/25/26	1,000		1,002
		2.64%, 10/28/27 (a)	600		612
	HSBC Bank Plc
		4.13%, 08/12/20 (e)	400		420
	HSBC Bank USA NA
		4.88%, 08/24/20	110		117
	HSBC Capital Funding LP
		0.99%, (callable at 100 beginning 06/30/30) (e) (f)	100		148
	HSBC Holdings Plc
		6.00%, (callable at 100 beginning 09/29/23), EUR (f)	1,100		1,197
		2.36%, 01/05/22 (a)	200		204
		2.65%, 01/05/22	200		196
		3.60%, 05/25/23	800		804
		4.30%, 03/08/26	725		751
		3.90%, 05/25/26	600		603
	HSBC USA Inc.
		2.35%, 03/05/20	200		198
	Intesa Sanpaolo SpA
		3.88%, 01/16/18	1,000		1,013
		6.50%, 02/24/21 (e)	250		274
		5.71%, 01/15/26 (e)	875		834
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (f)	275		281
		7.90%, (callable at 100 beginning 04/30/18) (f)	1,100		1,139
		0.82%, 05/30/17, GBP (a)	50		62
		6.30%, 04/23/19	300		328
		1.84%, 01/23/20 (a)	100		101
		2.41%, 03/01/21 (a)	1,375		1,417
		3.90%, 07/15/25	200		205
		3.30%, 04/01/26	1,700		1,668
	Lloyds Bank Plc
		12.00%, (callable at 100 beginning 12/16/24) (e) (f)	100		133
	Lloyds Banking Group Plc
		7.62%, (callable at 100 beginning 06/27/23), GBP (f) (h)	1,000		1,287
		7.87%, (callable at 100 beginning 06/27/29), GBP (f) (h)	1,600		2,083
	Merrill Lynch & Co. Inc.
		6.40%, 08/28/17	300		309
		6.88%, 04/25/18	1,600		1,700
	Mitsubishi UFJ Financial Group Inc.
		2.81%, 03/01/21 (a)	1,000		1,035
		2.02%, 09/13/21 (a)	600		601
		2.76%, 09/13/26	2,000		1,876
			Shares/Par†		Value
	Morgan Stanley
		6.25%, 08/28/17	100		103
		7.30%, 05/13/19	290		323
		5.75%, 01/25/21	100		111
		4.00%, 07/23/25	1,000		1,024
		3.88%, 01/27/26	300		303
		3.13%, 07/27/26	2,200		2,099
		7.25%, 04/01/32	1,000		1,353
	MUFG Americas Holdings Corp.
		3.00%, 02/10/25	1,000		959
	OneMain Financial Holdings Inc.
		6.75%, 12/15/19 (e)	400		417
	Rabobank Nederland NV
		6.88%, 03/19/20, EUR	400		495
	Santander Bank NA
		1.80%, 01/12/18 (a)	250		250
	Santander Holdings USA Inc.
		2.70%, 05/24/19	400		400
	Santander UK Group Holdings Plc
		7.37%, (callable at 100 beginning 06/24/22), GBP (f)	295		364
		2.88%, 08/05/21	600		587
		4.75%, 09/15/25 (e)	600		587
	Santander UK Plc
		5.00%, 11/07/23 (e)	500		509
	Shire Acquisitions Investments Ireland Ltd.
		2.88%, 09/23/23	2,000		1,899
		3.20%, 09/23/26	400		373
	SMBC Aviation Capital Finance DAC
		2.65%, 07/15/21 (e)	600		577
	Sumitomo Mitsui Financial Group Inc.
		2.63%, 03/09/21 (a)	400		412
		2.06%, 07/14/21	100		97
		2.02%, 10/19/21 (a) (d)	1,300		1,304
	Synchrony Financial
		2.11%, 02/03/20 (a)	200		198
		2.70%, 02/03/20	100		100
		4.50%, 07/23/25	200		205
	UBS AG
		2.38%, 08/14/19	300		301
		7.25%, 02/22/22 (a)	200		201
		7.63%, 08/17/22	2,403		2,724
		4.75%, 02/12/26, EUR	300		339
	UBS Group AG
		2.66%, 04/14/21 (a) (e)	300		309
	Wells Fargo & Co.
		5.90%, (callable at 100 beginning 06/15/24) (f)	300		301
		2.55%, 12/07/20	300		300
		2.28%, 03/04/21 (a)	300		306
		2.10%, 07/26/21	400		389
		2.12%, 10/31/23 (a)	2,000		2,025
		4.48%, 01/16/24	100		105
		3.30%, 09/09/24	950		939
		3.00%, 04/22/26	1,200		1,143
		4.65%, 11/04/44	100		98
	Wells Fargo Bank NA
		1.62%, 01/22/18 (a)	1,000		1,005
		5.95%, 08/26/36	100		118
	Other Securities				47,583
				143,541
Health Care 6.2%
	AbbVie Inc.
		2.90%, 11/06/22	100		99
		3.60%, 05/14/25	1,275		1,261
		3.20%, 05/14/26	800		760
	Actavis Funding SCS
		2.35%, 03/12/18	250		251
		3.45%, 03/15/22	975		989
		3.80%, 03/15/25	2,500		2,500
	Zimmer Biomet Holdings Inc.
		2.70%, 04/01/20	2,000		1,999
		3.55%, 04/01/25	875		851
	Zimmer Holdings Inc.
		3.15%, 04/01/22	1,200		1,195

See accompanying Notes to Financial Statements.

65

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
	Other Securities				13,275
				23,180
Industrials 4.2%
	3M Co.
		2.25%, 09/19/26 (d)	4,000		3,749
	General Electric Co.
		5.25%, 12/06/17	130		135
	International Lease Finance Corp.
		7.13%, 09/01/18 (e)	190		205
		8.25%, 12/15/20	600		699
	Other Securities				10,765
				15,553
Information Technology 3.3%
	Oracle Corp.
		2.50%, 10/15/22	1,900		1,878
	Other Securities				10,304
				12,182
Materials 1.0%
	Other Securities				3,640
Real Estate 5.1%
	American Tower Corp.
		2.80%, 06/01/20	200		200
		2.25%, 01/15/22	100		96
		3.50%, 01/31/23	750		751
		4.00%, 06/01/25	200		200
		3.38%, 10/15/26	200		189
		3.13%, 01/15/27	400		370
	Other Securities				17,236
				19,042
Telecommunication Services 2.4%
	AT&T Inc.
		4.60%, 02/15/21	299		316
		3.00%, 06/30/22	200		196
		3.60%, 02/17/23	1,100		1,108
		3.95%, 01/15/25	100		100
		4.13%, 02/17/26	700		708
	Verizon Communications Inc.
		5.15%, 09/15/23	800		884
		4.13%, 08/15/46	800		723
		4.86%, 08/21/46	1,800		1,820
		5.01%, 08/21/54	279		277
		4.67%, 03/15/55	1,679		1,578
	Other Securities				1,332
				9,042
Utilities 3.0%
	Cleco Corporate Holdings LLC
		3.74%, 05/01/26 (e)	2,200		2,164
	Duke Energy Corp.
		3.05%, 08/15/22	1,200		1,205
		3.75%, 04/15/24	200		206
		2.65%, 09/01/26	550		513
	Entergy Corp.
		4.00%, 07/15/22	675		705
	Entergy Louisiana LLC
		3.25%, 04/01/28	500		492
	Entergy Mississippi Inc.
		2.85%, 06/01/28	900		853
	Other Securities				4,845
				10,983
	Total Corporate Bonds And Notes (cost $306,583)			303,578
VARIABLE RATE SENIOR LOAN INTERESTS 2.3% (a)
Consumer Discretionary 0.5%
	Charter Communications Operating LLC
		Term Loan E, 3.00%, 07/01/20	297		298
		Term Loan I, 3.50%, 01/24/23	298		299
	Other Securities				1,294
				1,891
Financials 0.1%
	Other Securities				403
Health Care 0.3%
	Other Securities				1,193
			Shares/Par†		Value
Information Technology 0.4%
	Other Securities				1,461
Materials 0.1%
	Other Securities				298
Utilities 0.9%
	Energy Future Intermediate Holding Co. LLC
		DIP Term Loan, 4.25%, 06/30/17	3,332		3,351
	Other Securities				101
				3,452
	Total Variable Rate Senior Loan Interests (cost $8,600)			8,698
GOVERNMENT AND AGENCY OBLIGATIONS 20.7%
Mortgage-Backed Securities 5.9%
	Federal National Mortgage Association
		3.00%, 07/01/43	687		686
		3.00%, 08/01/43	18		18
		TBA, 3.00%, 02/15/47 (i)	4,900		4,857
		TBA, 3.50%, 02/15/47 (i)	16,100		16,467
				22,028
Municipal 0.1%
	Other Securities				203
Sovereign 1.2%
	Other Securities				4,314
Treasury Inflation Indexed Securities 0.2%
	Other Securities				636
U.S. Treasury Securities 13.3%
	U.S. Treasury Bond
		Principal Only, 0.00%, 05/15/43 (g)	1,325		577
		Principal Only, 0.00%, 08/15/44 (g)	1,325		554
		2.50%, 02/15/45	4,300		3,821
		Principal Only, 0.00%, 05/15/45 (g)	2,525		1,030
		2.50%, 02/15/46	8,175		7,246
		2.50%, 05/15/46	6,857		6,079
		2.25%, 08/15/46	15,964		13,389
	U.S. Treasury Note
		1.13%, 02/28/21 (j)	8,900		8,652
		1.25%, 03/31/21 (j)	2,000		1,952
		1.63%, 11/15/22	3,000		2,916
		2.00%, 11/15/26	3,526		3,387
				49,603
	Total Government And Agency Obligations (cost $79,572)			76,784
TRUST PREFERRED 0.0%
Utilities 0.0%
	Other Securities				10
	Total Trust Preferreds (cost $10)			10
PREFERRED STOCKS 0.1%
Financials 0.1%
	Other Securities				297
Real Estate 0.0%
	Other Securities				43
	Total Preferred Stocks (cost $338)			340
SHORT TERM INVESTMENTS 3.4%
Certificates of Deposit 0.1%
	Barclays Bank Plc, 1.75%, 09/08/17 (a)		300		300
Securities Lending Collateral 1.5%
	Securities Lending Cash Collateral Fund LLC, 0.50% (k) (l)		5,556		5,556
U.S. Government Agency Obligations 1.8%
	Federal Home Loan Bank
		0.46%, 01/12/17 (m)	4,900		4,899
		0.49%, 01/18/17 (m)	1,400		1,400
		0.48%, 01/23/17 (m)	600		600
				6,899
	Total Short Term Investments (cost $12,755)			12,755
Total Investments 110.3% (cost $415,672)				409,957
Total Purchased Options 0.1% (cost $269)				253
Other Derivative Instruments (0.2)%				(885)
Other Assets and Liabilities, Net (10.2)%				(37,698)
Total Net Assets 100.0%				$	371,627

See accompanying Notes to Financial Statements.

66

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

(a) The security or securities in this category have a variable rate. Rate stated was in effect as of December 31, 2016.

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

(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) 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 December 31, 2016, the net value and the percentage of net assets of these liquid securities was $61,805 and 16.6%, respectively.

(f) Perpetual security.

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

(h) Convertible security.

(i) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2016, the total payable for investments purchased on a delayed delivery basis was $21,257.

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

(k) Investment in affiliate.

(l) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

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

Restricted Securities

	Initial Acquisition		Cost		Ending Value	Percent of Net Assets
Asciano Finance Ltd., 5.00%, 04/07/18	08/25/16	$	927	$	925	0.2	%
BP AMI Leasing Inc., 5.52%, 05/08/19	09/25/12		134		134	—
CoBank ACB, 6.20%, callable at 100 beginning 01/01/25	11/20/14		301		297	0.1
FMR LLC, 4.95%, 02/01/33	02/09/15		788		724	0.2
Freeport-McMoRan Inc., 6.63%, 05/01/21	12/21/16		273		305	0.1
GTP Acquisition Partners I LLC, Series 2015-A-2, 3.48%, 06/16/25	05/21/15		300		291	0.1
Niagara Mohawk Power Corp., 2.72%, 11/28/22	11/21/12		100		99	—
Nissan Motor Acceptance Corp., 2.65%, 09/26/18	02/27/14		101		101	—
OMX Timber Finance Investments I LLC, Series 2014-A1, 5.42%, 01/29/20	09/15/14		320		326	0.1
Petrofac Ltd., 3.40%, 10/10/18	10/04/13		100		101	—
Piper Jaffray Cos., 4.00%, 05/31/17	06/03/14		100		100	—
PNC Preferred Funding Trust, 2.61%, callable at 100 beginning 03/15/17	05/05/15		185		194	0.1
SBA Tower Trust, Series 2013-D-1 REMIC, 3.60%, 04/16/18	04/05/13		100		100	—
SBA Tower Trust, Series 2016-C-1, 2.88%, 07/15/21	10/12/16		605		595	0.2
Stearns Holdings LLC, 9.38%, 08/15/20	11/19/15		100		100	—
Sydney Airport Finance Co. Pty Ltd., 3.63%, 04/28/26	04/22/16		200		196	0.1
WestJet Airlines Ltd., 3.50%, 06/16/21	06/14/16		200		200	0.1
		$	4,834	$	4,788	1.3	%

The following schedules reflect the derivative investments for JNL/PIMCO Credit Income Fund at December 31, 2016:

Futures Contracts
Reference Entity	Contracts Long (Short)†	Expiration	Notional1		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
90-Day Eurodollar Future	(5)	December 2017		(1,236)	$	—	$	5
90-Day Eurodollar Future	(44)	March 2018		(10,879)		(1)		59
Euro-Bund Future	(11)	March 2017	EUR	(1,779)		5		(28)
U.S. Treasury Note Future, 5-Year	44	March 2017		5,191		7		(13)
					$	11	$	23

Centrally Cleared Interest Rate Swap Agreements
Floating Rate Index	Paying / Receiving Floating Rate	Fixed Rate	Expiration	Notional1		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
3-Month LIBOR	Receiving	1.75%	12/21/26		20,600	$	(95)	$	127
3-Month LIBOR	Receiving	1.50%	06/21/27		6,900		(24)		(21)
3-Month LIBOR	Receiving	2.25%	12/21/46		1,000		(11)		2
3-Month South African Johannesburg Interbank Rate	Paying	8.30%	03/15/27	ZAR	9,400		1		(4)
6-Month British Bankers' Association Yen LIBOR	Receiving	1.00%	09/20/24	JPY	127,500		—		(45)
6-Month British Bankers' Association Yen LIBOR	Receiving	1.25%	06/17/35	JPY	20,000		—		(4)
6-Month British Bankers' Association Yen LIBOR	Receiving	1.50%	12/21/45	JPY	50,000		1		59
6-Month Euribor	Receiving	0.35%	09/10/17	EUR	1,600		—		1
6-Month Euribor	Receiving	1.25%	03/15/47	EUR	500		4		8
6-Month GBP LIBOR	Receiving	0.75%	03/15/27	GBP	5,200		9		(4)
6-Month GBP LIBOR	Receiving	1.75%	03/15/47	GBP	200		1		(16)
6-Month GBP LIBOR	Paying	0.50%	03/15/22	GBP	300		—		(5)
Harmonised Index of Consumer Prices	Receiving	1.00%	12/15/20	EUR	400		—		6
Harmonised Index of Consumer Prices	Receiving	0.88%	05/15/21	EUR	1,300		1		16
Mexican Interbank Rate	Paying	5.61%	07/07/21	MXN	14,100		—		(54)
Mexican Interbank Rate	Paying	5.84%	09/14/21	MXN	1,600		—		(5)
Mexican Interbank Rate	Paying	5.81%	09/29/21	MXN	1,300		—		(8)
Mexican Interbank Rate	Paying	5.75%	09/30/21	MXN	1,600		—		(10)

See accompanying Notes to Financial Statements.

67

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

Centrally Cleared Interest Rate Swap Agreements (continued)
Floating Rate Index	Paying / Receiving Floating Rate	Fixed Rate	Expiration	Notional1		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
Mexican Interbank Rate	Paying	5.63%	10/11/21	MXN	13,000		—		(49)
Mexican Interbank Rate	Paying	5.74%	04/24/23	MXN	23,100		1		(117)
Mexican Interbank Rate	Paying	5.74%	04/25/23	MXN	10,300		1		(52)
Mexican Interbank Rate	Paying	5.93%	08/04/23	MXN	22,000		1		(106)
Mexican Interbank Rate	Paying	5.94%	08/04/23	MXN	22,000		1		(105)
Mexican Interbank Rate	Paying	6.19%	01/03/35	MXN	4,000		—		(49)
						$	(109)	$	(435)

Centrally Cleared Credit Default Swap Agreements
Reference Entity	Fixed Receive/ Pay Rate7	Expiration	Notional1,6		Value5		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
Credit default swap agreements - purchase protection2
Darden Restaurants Inc., 6.80%, 10/15/37	1.00%	06/20/20		200	$	(4)	$	—	$	(1)
					$	(4)	$	—	$	(1)
Credit default swap agreements - sell protection3
Airbus Group NV, 5.50%, 09/25/18	1.00%	12/20/17		(500)	$	4	$	—	$	1
Anadarko Petroleum Corp., 6.95%, 06/15/19	1.00%	06/20/21		(100)		(1)		—		2
Anadarko Petroleum Corp., 6.95%, 06/15/19	1.00%	12/20/21		(400)		(7)		—		12
Berkshire Hathaway Inc., 1.55%, 02/09/18	1.00%	06/20/21		(500)		5		—		—
Berkshire Hathaway Inc., 1.55%, 02/09/18	1.00%	12/20/21		(3,700)		29		—		3
Berkshire Hathaway Inc., 1.90%, 01/31/17	1.00%	12/20/20		(200)		3		—		7
CDX.NA.IG.27	1.00%	12/20/21		(26,000)		393		5		2
D.R. Horton Inc., 3.63%, 02/15/18	1.00%	03/20/21		(100)		—		—		—
Enbridge Inc., 3.50%, 06/10/24	1.00%	12/20/19		(50)		—		—		—
Enbridge Inc., 3.50%, 06/10/24	1.00%	12/20/21		(100)		(2)		—		2
EnCana Corp., 6.50%, 05/15/19	1.00%	03/20/18		(100)		1		—		—
Ford Motor Co., 6.50%, 08/01/18	5.00%	12/20/21		(1,100)		181		—		15
Ford Motor Credit Co. LLC, 5.00%, 05/15/18	5.00%	06/20/21		(500)		78		—		(1)
Hess Corp., 8.13%, 02/15/19	1.00%	06/20/21		(300)		(7)		—		10
Host Hotels & Resorts LP, 4.75%, 03/01/23	1.00%	12/20/20		(300)		3		—		1
iTraxx Europe Senior Series 25	1.00%	12/20/21		(1,400)		5		1		4
Kinder Morgan Inc., 3.05%, 12/01/19	1.00%	12/20/21		(400)		(6)		—		8
MetLife Inc., 4.75%, 02/08/21	1.00%	06/20/21		(1,000)		8		—		15
MetLife Inc., 4.75%, 02/08/21	1.00%	12/20/21		(800)		3		—		14
Prudential Financial Inc., 6.10%, 06/15/17	1.00%	06/20/21		(100)		1		—		—
Sprint Communications, 7.00%, 08/15/20	5.00%	09/20/20		(100)		8		—		4
Telecom Italia SpA, 5.38%, 01/29/19	1.00%	06/20/19		(50)		—		—		—
Telefonica Emisiones SAU, 2.74%, 05/29/19	1.00%	06/20/21		(100)		—		—		1
Tenet Healthcare Corp., 6.88%, 11/15/31	5.00%	03/20/19		(100)		2		—		(3)
Tesco Plc, 6.00%, 12/14/29	1.00%	12/20/19		(200)		(1)		—		1
Viacom Inc., 6.88%, 04/30/36	1.00%	06/20/21		(300)		(2)		—		(6)
Volkswagen International Finance, 5.38%, 05/22/18	1.00%	12/20/17		(600)		4		—		—
					$	702	$	6	$	92

OTC Purchased Options
Reference Entity	Counterparty	Put/Call	Exercise Price/Rate			Expiration	Notional1/ Contracts†		Value
Interest Rate Swaptions
3-Month LIBOR ‡	GSC	Call		1.07	%	01/17/17		1,900,000	$	—
3-Month LIBOR ‡	DUB	Put		2.93		08/13/18		300,000		23
3-Month LIBOR ‡	DUB	Put		3.23		02/19/19		900,000		61
3-Month LIBOR ‡	GSC	Put		3.63		12/16/19		600,000		35
3-Month LIBOR ‡	GSC	Put		3.20		03/18/19		900,000		64
3-Month LIBOR ‡	MSC	Put		3.18		09/17/18		1,200,000		70
									$	253

Exchange Traded Written Options
Reference Entity	Put/Call		Exercise Price		Expiration	Notional1/ Contracts†		Value
Exchange Traded Future Options
10-Year U.S. Treasury Note Future		Call		127.00	01/27/17		8	$	(1)
10-Year U.S. Treasury Note Future		Put		121.00	01/27/17		8		—
								$	(1)

See accompanying Notes to Financial Statements.

68

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

OTC Written Options
Reference Entity	Counterparty	Put/Call	Exercise Price/Rate			Expiration		Notional1/ Contracts†		Value
Credit Default Swaptions
CDX.NA.IG.27	BOA	Put		0.90	%	02/15/17			5,000,000	$	(2)
iTraxx Europe Series 26	BCL	Put		1.05		02/15/17	EUR		2,500,000		—
iTraxx Europe Series 26	BCL	Put		1.10		02/15/17	EUR		2,500,000		—
iTraxx Europe Series 26	BCL	Put		1.05		02/15/17	EUR		2,500,000		(1)
iTraxx Europe Series 26	JPM	Put		1.00		02/15/17	EUR		2,000,000		(1)
										$	(4)
Interest Rate Swaptions
3-Month LIBOR	GSC	Call		1.80	%	01/17/17			400,000	$	—
3-Month LIBOR	DUB	Put		2.90		08/13/18			1,300,000		(16)
3-Month LIBOR	DUB	Put		3.00		02/19/19			4,600,000		(71)
3-Month LIBOR	GSC	Put		3.05		03/18/19			4,500,000		(69)
3-Month LIBOR	GSC	Put		3.75		12/16/19			2,800,000		(32)
3-Month LIBOR	MSC	Put		3.00		09/17/18			5,050,000		(61)
										$	(249)

Summary of Written Options
	Number of Contracts†		Notional† EUR		Notional† USD		Premiums
Options outstanding at December 31, 2015	—		—		22,000,000		238
Options written during the year	48		35,400,000		70,130,000		412
Options closed during the year	—		(10,000,000	)	(14,750,000	)	(98	)
Options expired during the year	(32	)	(15,900,000	)	(53,730,000	)	(242	)
Options outstanding at December 31, 2016	16		9,500,000		23,650,000		310

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value			Unrealized Appreciation (Depreciation)
BRL/USD	BNP	01/04/17	BRL	2,452		$	753		$	29
BRL/USD	DUB	01/04/17	BRL	7,143			2,194			2
BRL/USD	MSC	01/04/17	BRL	7,143			2,194			92
BRL/USD	SCB	01/04/17	BRL	2,452			753			1
BRL/USD	DUB	02/02/17	BRL	7,143			2,174			91
BRL/USD	SCB	02/02/17	BRL	2,452			746			25
CNY/USD	BOA	01/06/17	CNY	12,550			1,806			5
CNY/USD	CIT	02/15/17	CNY	5,775			829			(3)
CNY/USD	SCB	02/15/17	CNY	41,428			5,950			63
EUR/USD	BOA	01/06/17	EUR	8,155			8,586			105
EUR/USD	GSC	01/06/17	EUR	2,996			3,154			(42)
EUR/USD	SCB	01/06/17	EUR	363			382			4
GBP/USD	ANZ	02/14/17	GBP	1,092			1,347			(3)
GBP/USD	BOA	02/14/17	GBP	294			363			(12)
IDR/USD	UBS	01/17/17	IDR	11,739,525			869			(16)
IDR/USD	UBS	03/17/17	IDR	11,739,525			862			2
IDR/USD	UBS	05/16/17	IDR	2,559,255			186			3
IDR/USD	SCB	05/18/17	IDR	3,088,800			225			5
IDR/USD	SCB	05/22/17	IDR	2,362,620			172			3
INR/USD	CIT	01/17/17	INR	93,500			1,376			1
INR/USD	DUB	01/17/17	INR	37,161			547			1
INR/USD	GSC	01/17/17	INR	57,773			850			(4)
INR/USD	UBS	04/20/17	INR	188,434			2,742			4
JPY/USD	BNP	01/06/17	JPY	180,400			1,544			(44)
KRW/USD	UBS	01/17/17	KRW	2,383,144			1,973			(25)
MXN/USD	BOA	02/13/17	MXN	26,318			1,262			(110)
MXN/USD	DUB	02/13/17	MXN	35,762			1,715			(28)
RUB/USD	BOA	02/22/17	RUB	61,855			998			8
RUB/USD	CSI	02/22/17	RUB	54,486			879			8
RUB/USD	JPM	02/22/17	RUB	56,847			917			59
SGD/USD	GSC	01/17/17	SGD	2,895			1,999			—
USD/BRL	BNP	01/04/17	BRL	(2,452)			(753)			(1)
USD/BRL	DUB	01/04/17	BRL	(7,143)			(2,194)			(92)
USD/BRL	MSC	01/04/17	BRL	(7,143)			(2,194)			(2)
USD/BRL	SCB	01/04/17	BRL	(2,452)			(753)			(26)
USD/CNY	SCB	01/06/17	CNY	(12,550)			(1,806)			28
USD/CNY	BCL	02/15/17	CNY	(16,606)			(2,385)			54
USD/CNY	BOA	02/15/17	CNY	(22,256)			(3,197)			8
USD/CNY	SCB	02/15/17	CNY	(8,340)			(1,198)			1
USD/CNY	BOA	12/05/17	CNY	(12,550)			(1,791)			(62)
USD/CNY	SCB	12/05/17	CNY	(41,428)			(5,912)			(212)
USD/EUR	BNP	01/06/17	EUR	(11,425)			(12,029)			89
USD/EUR	CIT	01/06/17	EUR	(89)			(94)			1
USD/EUR	BOA	02/02/17	EUR	(8,155)			(8,598)			(105)
USD/GBP	BNP	02/14/17	GBP	(4,580)			(5,651)			64
USD/IDR	UBS	01/17/17	IDR	(11,739,525)			(869)			(1)
USD/INR	UBS	01/17/17	INR	(188,434)			(2,772)			(4)
USD/JPY	SCB	01/06/17	JPY	(182,561)			(1,562)			71
USD/KRW	BOA	01/17/17	KRW	(2,383,144)			(1,973)			54
USD/KRW	UBS	03/21/17	KRW	(2,383,144)			(1,973)			26
USD/MXN	GSC	02/13/17	MXN	(5,612)			(269)			(6)
USD/MXN	GSC	02/13/17	MXN	(1,946)			(93)			—
USD/PLN	DUB	02/07/17	PLN	(2,646)			(632)			44
USD/SGD	SCB	01/17/17	SGD	(2,895)			(1,999)			31
USD/SGD	GSC	03/17/17	SGD	(2,895)			(1,998)			—
USD/ZAR	JPM	02/07/17	ZAR	(8,047)			(582)			1
						$	(12,930)		$	185

OTC Interest Rate Swap Agreements
Floating Rate Index	Paying/ Receiving Floating Rate	Counterparty	Fixed Rate	Expiration	Notional1		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
7-Day China Fixing Repo Rate	Paying	BNP	3.40%	11/18/21	CNY	13,000	$	—	$	(28)

See accompanying Notes to Financial Statements.

69

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

OTC Interest Rate Swap Agreements (continued)
Floating Rate Index	Paying/ Receiving Floating Rate	Counterparty	Fixed Rate	Expiration	Notional1		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
7-Day China Fixing Repo Rate	Paying	BNP	3.51%	12/02/21	CNY	11,300		—		(17)
7-Day China Fixing Repo Rate	Paying	BOA	3.56%	12/05/21	CNY	15,000		—		(18)
7-Day China Fixing Repo Rate	Paying	BOA	3.56%	12/07/21	CNY	3,100		—		(4)
7-Day China Fixing Repo Rate	Paying	BOA	3.75%	12/19/21	CNY	9,300		—		—
7-Day China Fixing Repo Rate	Paying	GSC	3.50%	12/12/21	CNY	6,400		—		(10)
7-Day China Fixing Repo Rate	Paying	JPM	3.54%	12/06/21	CNY	11,500		—		(15)
Harmonised Index of Consumer Prices	Receiving	BNP	1.00%	12/08/20	EUR	100		—		—
Harmonised Index of Consumer Prices	Receiving	GSC	0.99%	12/15/20	EUR	400		—		1
Harmonised Index of Consumer Prices	Receiving	GSC	1.01%	12/15/20	EUR	200		—		—
US CPURNSA	Receiving	JPM	1.56%	09/15/18		1,200		—		8
							$	—	$	(83)

OTC Credit Default Swap Agreements
Reference Entity	Counterparty	Implied Credit Spread4	Fixed Receive/ Pay Rate7	Expiration	Notional1,6		Value5		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Credit default swap agreements - sell protection3
Anheuser-Busch InBev NV, 2.25%, 09/24/20	BOA	0.31%	1.00%	12/20/17	$	(632)	$	4	$	3	$	1
BHP Billiton Finance USA Ltd., 6.50%, 04/01/19	BNP	0.99%	1.00%	06/20/21		(200)		—		(6)		6
CDX.NA.HY.25	BOA	N/A	5.00%	12/20/20		(400)		57		4		53
CDX.NA.HY.27	CGM	N/A	5.00%	12/20/21		(600)		77		52		25
CDX.NA.HY.27	JPM	N/A	5.00%	12/20/21		(400)		51		34		17
CMBX.NA.AAA.8	CSI	N/A	0.50%	10/17/57		(300)		(3)		(15)		12
CMBX.NA.AAA.9	GSC	N/A	0.50%	09/17/58		(4,000)		(87)		(161)		74
CMBX.NA.AAA.9	MSC	N/A	0.50%	09/17/58		(500)		(11)		(19)		8
CMBX.NA.BB.6	MSC	N/A	5.00%	05/11/63		(1,100)		(144)		(155)		11
CMBX.NA.BBB-.6	GSC	N/A	3.00%	05/11/63		(400)		(23)		(28)		5
CMBX.NA.BBB-.6	MSC	N/A	3.00%	05/11/63		(2,000)		(112)		(167)		55
CMBX.NA.BBB-.7	MSC	N/A	3.00%	01/17/47		(500)		(28)		(59)		31
CMBX.NA.BBB-.9	GSC	N/A	3.00%	09/17/58		(400)		(52)		(74)		22
Deutsche Bank, 5.13%, 08/31/17	BNP	0.93%	1.00%	12/20/17		(210)		—		(4)		4
Federative Republic of Brazil, 12.25%, 03/06/30	MSC	1.17%	1.00%	12/20/18		(100)		—		(4)		4
Federative Republic of Brazil, 4.25%, 01/07/25	CSI	2.08%	1.00%	09/20/20		(200)		(8)		(14)		6
Gazprom OAO, 2.85%, 10/25/19	BOA	1.77%	1.00%	06/20/20		(100)		(2)		(16)		14
Gazprom OAO, 2.85%, 10/25/19	JPM	1.77%	1.00%	06/20/20		(50)		(1)		(8)		7
Goldman Sachs Group Inc., 5.95%, 01/18/18	BCL	0.89%	1.00%	12/20/21		(1,400)		7		2		5
Goldman Sachs Group Inc., 5.95%, 01/18/18	JPM	0.82%	1.00%	06/20/21		(1,700)		14		(2)		16
Goldman Sachs Group Inc., 5.95%, 01/18/18	JPM	0.72%	1.00%	12/20/20		(800)		8		3		5
Italy Government International Bond, 6.88%, 09/27/23	BCL	1.38%	1.00%	06/20/20		(1,200)		(15)		(2)		(13)
Italy Government International Bond, 6.88%, 09/27/23	BNP	1.04%	1.00%	06/20/19		(500)		—		4		(4)
Italy Government International Bond, 6.88%, 09/27/23	BOA	1.55%	1.00%	06/20/21		(1,900)		(43)		(30)		(13)
Italy Government International Bond, 6.88%, 09/27/23	BOA	1.38%	1.00%	06/20/20		(400)		(5)		(1)		(4)
Italy Government International Bond, 6.88%, 09/27/23	BOA	0.98%	1.00%	03/20/19		(400)		—		(7)		7
Italy Government International Bond, 6.88%, 09/27/23	DUB	1.04%	1.00%	06/20/19		(300)		(1)		(2)		1
Italy Government International Bond, 6.88%, 09/27/23	DUB	1.04%	1.00%	06/20/19		(400)		—		3		(3)
Italy Government International Bond, 6.88%, 09/27/23	GSC	1.38%	1.00%	06/20/20		(300)		(3)		—		(3)
Italy Government International Bond, 6.88%, 09/27/23	GSC	1.55%	1.00%	06/20/21		(800)		(18)		(14)		(4)
Italy Government International Bond, 6.88%, 09/27/23	MSC	1.04%	1.00%	06/20/19		(200)		(1)		1		(2)
MCDX.NA.24	MSC	N/A	1.00%	06/20/25		(150)		1		(5)		6
Morgan Stanley, 3.75%, 02/25/23	JPM	0.71%	1.00%	12/20/20		(300)		3		(7)		10
People's Republic of China, 7.50%, 10/28/27	BCL	1.08%	1.00%	06/20/21		(1,500)		(5)		(17)		12
People's Republic of China, 7.50%, 10/28/27	BNP	1.08%	1.00%	06/20/21		(600)		(1)		(6)		5
People's Republic of China, 7.50%, 10/28/27	CGM	0.91%	1.00%	09/20/20		(100)		—		—		—
People's Republic of China, 7.50%, 10/28/27	GSC	1.08%	1.00%	06/20/21		(100)		—		—		—
People's Republic of China, 7.50%, 10/28/27	JPM	1.08%	1.00%	06/20/21		(100)		(1)		(1)		—
People's Republic of China, 7.50%, 10/28/27	MSC	1.08%	1.00%	06/20/21		(300)		(1)		(2)		1
People's Republic of China, 7.50%, 10/28/27	UBS	1.08%	1.00%	06/20/21		(200)		(1)		(2)		1
Petrobras International Finance Co., 8.38%, 12/10/18	BNP	3.10%	1.00%	06/20/19		(100)		(5)		(8)		3

See accompanying Notes to Financial Statements.

70

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

OTC Credit Default Swap Agreements (continued)
Reference Entity	Counterparty	Implied Credit Spread4	Fixed Receive/ Pay Rate7	Expiration	Notional1,6		Value5		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Petrobras International Finance Co., 8.38%, 12/10/18	BNP	3.31%	1.00%	09/20/19		(400)		(23)		(21)		(2)
Petrobras International Finance Co., 8.38%, 12/10/18	BNP	3.48%	1.00%	12/20/19		(400)		(28)		(45)		17
Petroleos Mexicanos, 6.63%, 06/15/35	BCL	2.49%	1.00%	09/20/20		(900)		(46)		(46)		—
Petroleos Mexicanos, 6.63%, 06/15/35	GSC	2.49%	1.00%	09/20/20		(250)		(13)		(13)		—
Republic of Colombia, 10.38%, 01/28/33	DUB	1.48%	1.00%	06/20/21		(650)		(14)		(19)		5
Republic of Colombia, 10.38%, 01/28/33	UBS	1.48%	1.00%	06/20/21		(650)		(13)		(19)		6
Republic of Indonesia, 5.88%, 03/13/20	BCL	1.56%	1.00%	12/20/21		(100)		(3)		(3)		—
Republic of Indonesia, 5.88%, 03/13/20	BNP	1.56%	1.00%	12/20/21		(200)		(5)		(6)		1
Republic of Indonesia, 5.88%, 03/13/20	DUB	1.56%	1.00%	12/20/21		(300)		(8)		(9)		1
Republic of South Africa, 5.50%, 03/09/20	CGM	1.95%	1.00%	06/20/21		(600)		(24)		(50)		26
United Mexican States, 5.95%, 03/19/19	BCL	1.55%	1.00%	12/20/21		(1,200)		(30)		(41)		11
United Mexican States, 5.95%, 03/19/19	BCL	1.41%	1.00%	06/20/21		(400)		(7)		(9)		2
United Mexican States, 5.95%, 03/19/19	BNP	1.41%	1.00%	06/20/21		(600)		(10)		(11)		1
United Mexican States, 5.95%, 03/19/19	BOA	1.55%	1.00%	12/20/21		(1,200)		(30)		(40)		10
United Mexican States, 5.95%, 03/19/19	BOA	1.41%	1.00%	06/20/21		(500)		(8)		(10)		2
United Mexican States, 5.95%, 03/19/19	CGM	1.18%	1.00%	09/20/20		(300)		(2)		(6)		4
United Mexican States, 5.95%, 03/19/19	CSI	1.41%	1.00%	06/20/21		(1,300)		(22)		(35)		13
United Mexican States, 5.95%, 03/19/19	GSC	0.80%	1.00%	03/20/19		(100)		1		1		—
United Mexican States, 5.95%, 03/19/19	GSC	1.41%	1.00%	06/20/21		(300)		(5)		(9)		4
United Mexican States, 5.95%, 03/19/19	JPM	1.18%	1.00%	09/20/20		(700)		(4)		(12)		8
United Mexican States, 5.95%, 03/19/19	MSC	0.80%	1.00%	03/20/19		(400)		2		3		(1)
					$	(37,292)	$	(641)	$	(1,130)	$	489

¹Notional amount is stated in USD unless otherwise noted.

²If 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.

³If 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.

⁴Implied 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.

⁵The 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.

⁶The 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.

⁷If 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.

^‡. The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the Board.

See accompanying Notes to Financial Statements.

71

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
JNL/PPM America Long Short Credit Fund *
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.4%
	American Airlines Pass-Through Trust
		Series 2013-B-2, 5.60%, 07/15/20 (a)	602		625
	American Tower Trust I
		Series 2013-A-2, 3.07%, 03/15/23 (a) (b)	1,170		1,158
	Credit Suisse First Boston Mortgage Securities Corp.
		Series 2004-D-C2, REMIC, 5.57%, 05/15/36 (a) (c)	96		97
	Other Securities				456
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $2,347)			2,336
CORPORATE BONDS AND NOTES 51.3%
Consumer Discretionary 9.2%
	Charter Communications Operating LLC
		6.38%, 10/23/35	125		143
		6.83%, 10/23/55	400		468
	KB Home
		7.63%, 05/15/23	583		611
	Numericable - SFR SA
		7.38%, 05/01/26 (a)	322		329
	Numericable Group SA
		5.38%, 05/15/22, EUR (a)	150		165
	Staples Inc.
		2.75%, 01/12/18 (d)	3,000		3,014
	Wave Holdco LLC
		8.25%, 07/15/19 (a) (e)	567		575
	WideOpenWest Finance LLC
		10.25%, 07/15/19	525		554
	Other Securities				3,132
				8,991
Consumer Staples 4.2%
	Century Intermediate Holding Co. 2
		9.75%, 02/15/19 (a) (e)	592		588
	Kraft Heinz Foods Co.
		3.95%, 07/15/25 (b)	264		267
		5.00%, 07/15/35	279		292
		5.20%, 07/15/45	180		188
		4.38%, 06/01/46	184		173
	Reynolds Group Issuer Inc.
		5.75%, 10/15/20	350		361
	Other Securities				2,213
				4,082
Energy 7.8%
	Chaparral Energy Inc.
		0.00%, 09/01/21 (f) (g)	650		583
	Cheniere Corpus Christi Holdings LLC
		5.88%, 03/31/25 (a)	160		163
	Columbia Pipeline Group Inc.
		3.30%, 06/01/20	365		372
		5.80%, 06/01/45	274		314
	Sabine Pass Liquefaction LLC
		5.63%, 03/01/25	40		43
		5.88%, 06/30/26 (a)	534		575
		5.00%, 03/15/27 (a)	275		277
	Other Securities				5,284
				7,611
Financials 10.4%
	AerCap Ireland Capital Ltd.
		4.25%, 07/01/20	150		154
		4.63%, 10/30/20	367		382
	Anheuser-Busch InBev Finance Inc.
		3.65%, 02/01/26 (b)	688		697
		4.90%, 02/01/46	598		642
	Bank of America Corp.
		4.20%, 08/26/24	629		640
	Credit Suisse AG
		6.50%, 08/08/23 (a)	481		511
	Credit Suisse Group AG
		7.50%, (callable at 100 beginning 12/11/23) (a) (h)	259		271
			Shares/Par†		Value
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (h)	600		612
	Morgan Stanley
		2.63%, 11/17/21	275		271
		4.10%, 05/22/23	1,049		1,076
		2.28%, 10/24/23 (b) (c)	200		202
		4.35%, 09/08/26	268		273
	Reynolds Group Issuer Inc.
		4.38%, 07/15/21 (a) (c)	483		494
	Wells Fargo & Co.
		5.87%, (callable at 100 beginning 06/15/25) (h)	660		693
	Other Securities				3,206
				10,124
Health Care 5.1%
	HCA Inc.
		4.25%, 10/15/19	953		991
	Tenet Healthcare Corp.
		4.46%, 06/15/20 (c)	543		546
		7.50%, 01/01/22 (a)	56		58
		8.13%, 04/01/22	236		223
	Valeant Pharmaceuticals International Inc.
		5.88%, 05/15/23 (a)	309		233
	WellCare Health Plans Inc.
		5.75%, 11/15/20	667		685
	Other Securities				2,274
				5,010
Industrials 5.2%
	Aircastle Ltd.
		4.63%, 12/15/18	539		563
		5.00%, 04/01/23	145		148
	General Electric Co.
		5.00%, (callable at 100 beginning 01/21/21) (b) (h)	1,815		1,883
	International Lease Finance Corp.
		6.25%, 05/15/19	450		484
	Siemens Financieringsmaatschappij NV
		2.35%, 10/15/26 (a) (b)	750		693
	Other Securities				1,338
				5,109
Information Technology 1.6%
	Other Securities				1,594
Materials 3.3%
	Anglo American Plc
		3.63%, 05/14/20 (a)	605		612
	Ardagh Packaging Finance Plc
		3.96%, 12/15/19 (a) (c)	750		761
	FMG Resources August 2006 Pty Ltd.
		9.75%, 03/01/22 (a)	160		186
	Freeport-McMoRan Inc.
		3.88%, 03/15/23	151		139
		4.55%, 11/14/24	257		241
		5.40%, 11/14/34	271		228
	Other Securities				1,016
				3,183
Telecommunication Services 2.8%
	Verizon Communications Inc.
		2.63%, 02/21/20	700		706
		4.27%, 01/15/36	500		478
		5.01%, 08/21/54	218		216
	Other Securities				1,296
				2,696
Utilities 1.7%
	FirstEnergy Corp.
		7.38%, 11/15/31	325		418
	FirstEnergy Transmission LLC
		5.45%, 07/15/44 (a)	197		209
	Other Securities				986
				1,613
	Total Corporate Bonds And Notes (cost $49,890)			50,013

See accompanying Notes to Financial Statements.

72

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
VARIABLE RATE SENIOR LOAN INTERESTS 31.2% (c)
Consumer Discretionary 13.0%
	1011778 B.C. Unltd. Liability Co.
		Term Loan B-2, 3.75%, 12/10/21	1,009		1,017
	Bass Pro Group LLC
		Term Loan B, 5.97%, 04/01/24	850		841
	Charter Communications Operating LLC
		Term Loan I, 3.50%, 01/24/23	186		187
		Term Loan H, 3.25%, 07/23/23	310		312
	Citycenter Holdings LLC
		Term Loan B, 4.25%, 10/09/20	738		746
	Four Seasons Holdings Inc.
		Term Loan B, 3.75%, 11/18/23	586		592
	Hilton Worldwide Finance LLC
		Term Loan B-2, 3.26%, 10/25/23	659		666
	Liberty Cablevision of Puerto Rico LLC
		1st Lien Term Loan, 4.50%, 12/24/21	900		893
	Numericable US LLC
		Term Loan B-7, 5.14%, 01/08/24	398		403
	PetSmart Inc.
		Term Loan B-2, 4.00%, 10/10/22	582		584
	Scientific Games International Inc.
		Term Loan B-2, 6.00%, 09/17/21	577		584
	Seminole Hard Rock Entertainment Inc.
		Term Loan B, 3.59%, 05/15/20	775		779
	Other Securities				5,022
				12,626
Consumer Staples 1.6%
	Dole Food Co. Inc.
		Term Loan B, 4.76%, 10/25/18	653		656
	Pinnacle Foods Finance LLC
		Incremental Term Loan H, 3.25%, 04/29/20	568		573
	Other Securities				373
				1,602
Energy 2.6%
	Other Securities				2,530
Financials 1.2%
	Guggenheim Partners LLC
		Term Loan, 3.75%, 07/22/23	764		769
	Other Securities				379
				1,148
Health Care 2.5%
	DaVita HealthCare Partners Inc.
		Term Loan B, 3.50%, 06/20/21	927		935
	Valeant Pharmaceuticals International Inc.
		Term Loan B, 5.50%, 03/13/22	756		756
	Other Securities				713
				2,404
Industrials 1.7%
	Delta Air Lines Inc.
		Term Loan B-1, 3.25%, 10/18/18	640		647
	Other Securities				1,059
				1,706
Information Technology 2.0%
	Other Securities				1,971
Materials 3.3%
	FMG Resources August 2006 Pty Ltd.
		Term Loan B, 3.75%, 06/30/19	435		436
			Shares/Par†		Value
	Other Securities				2,777
				3,213
Real Estate 0.2%
	Other Securities				247
Telecommunication Services 1.1%
	T-Mobile USA Inc.
		Term Loan B, 3.52%, 11/03/22	605		612
	Other Securities				441
				1,053
Utilities 2.0%
	Energy Future Intermediate Holding Co. LLC
		DIP Term Loan, 4.25%, 06/30/17	1,058		1,064
	Other Securities				865
				1,929
	Total Variable Rate Senior Loan Interests (cost $30,232)			30,429
PREFERRED STOCKS 0.9%
Energy 0.4%
	Other Securities				361
Financials 0.5%
	Other Securities				475
	Total Preferred Stocks (cost $859)			836
OTHER EQUITY INTERESTS 0.0%
	Other Securities				—
	Total Other Equity Interests (cost $0)			—
INVESTMENT COMPANIES 0.4%
	Other Securities				372
	Total Investment Companies (cost $505)			372
SHORT TERM INVESTMENTS 11.6%
Investment Companies 11.6%
	JNL Money Market Fund, 0.34% (i) (j)		11,292		11,292
	Total Short Term Investments (cost $11,292)			11,292
Total Investments 97.8% (cost $95,125)				95,278
Total Securities Sold Short(1.8)% (proceeds $1,728)				(1,757)
Other Derivative Instruments 0.1%				90
Other Assets and Liabilities, Net 3.9%				3,845
Total Net Assets 100.0%				$	97,456

(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 December 31, 2016, the net value and the percentage of net assets of these liquid securities was $19,952 and 20.5%, respectively.

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

(c) The security or securities in this category have a variable rate. Rate stated was in effect as of December 31, 2016.

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

(e) Pay-in-kind security. The coupon interest earned by the security may be paid in cash or additional par.

(f) Non-income producing security.

(g) Issuer was in bankruptcy and/or was in default relating to principal and/or interest. The aggregate value of these securities represented 1.3% of the Fund’s net assets.

(h) Perpetual security.

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

Restricted Securities

	Initial Acquisition		Cost		Ending Value	Percent of Net Assets
Advanced Disposal Services Inc., 5.63%, 11/15/24	10/28/16	$	327	$	323	0.3	%
Chinos Intermediate Holdings A Inc., 7.75%, 05/01/19	10/29/13		278		114	0.1
Concordia Healthcare Corp., 7.00%, 04/15/23	04/14/15		280		88	0.1
Enquest Plc, 7.00%, 04/15/22	12/08/16		251		302	0.3
New Cotai LLC, 10.63%, 05/01/19	08/11/16		137		185	0.2
		$	1,273	$	1,012	1.0	%

See accompanying Notes to Financial Statements.

73

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
SECURITIES SOLD SHORT (1.8%)
CORPORATE BONDS AND NOTES (1.8%)
Health Care (0.8%)
	Teva Pharmaceutical Finance Netherlands III BV
		3.15%, 10/01/26	(800)	$	(739)
			Shares/Par†		Value
Information Technology (1.0%)
	QUALCOMM Inc.
		3.45%, 05/20/25	(1,000)		(1,018)
	Total Corporate Bonds And Notes (proceeds $1,728)			(1,757)
	Total Securities Sold Short (1.8%) (proceeds $1,728)			$	(1,757)

The following schedules reflect the derivative investments for JNL/PPM Long Short Credit Fund at December 31, 2016:

Futures Contracts
Reference Entity	Contracts Long (Short)†	Expiration	Notional1		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
Euro FX Currency Future	(9)	March 2017		(1,193)	$	(6)	$	4
U.S. Treasury Long Bond Future	(7)	March 2017		(1,060)		(5)		6
U.S. Treasury Note Future, 10-Year	(155)	March 2017		(19,303)		(54)		39
U.S. Treasury Note Future, 2-Year	(8)	March 2017		(1,734)		(1)		1
U.S. Treasury Note Future, 5-Year	(161)	March 2017		(18,969)		(26)		25
Ultra 10-Year U.S. Treasury Note Future	7	March 2017		926		5		12
Ultra Long Term U.S. Treasury Bond Future	(16)	March 2017		(2,584)		(16)		20
					$	(103)	$	107

Centrally Cleared Credit Default Swap Agreements
Reference Entity	Fixed Receive/ Pay Rate7	Expiration	Notional1,6		Value5		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
Credit default swap agreements - purchase protection2
CDX.NA.IG.27	1.00%	12/20/21		4,000	$	(61)	$	(1)	$	(14)
					$	(61)	$	(1)	$	(14)

OTC Credit Default Swap Agreements
Reference Entity	Counterparty	Implied Credit Spread4	Fixed Receive/ Pay Rate7	Expiration	Notional1,6		Value5		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Credit default swap agreements - purchase protection2
Capital One Bank USA Corp., 2.25%, 02/13/19	JPM	N/A	1.00%	12/20/21	$	2,500	$	(68)	$	(63)	$	(5)
Carnival Corp., 6.65%, 01/15/28	CGM	N/A	1.00%	12/20/21		3,000		(78)		(39)		(39)
ConAgra Brands Inc., 7.00%, 10/01/28	JPM	N/A	1.00%	12/20/21		1,500		(36)		(11)		(25)
Lamb Weston Holdings Inc., 4.63%, 11/01/24	JPM	N/A	1.00%	12/20/21		1,500		6		(11)		17
Marriott International Inc., 3.00%, 03/01/19	CGM	N/A	1.00%	12/20/21		2,500		(57)		(52)		(5)
Quest Diagnostics Inc., 2.50%, 03/20/20	JPM	N/A	1.00%	12/20/21		3,000		(70)		(73)		3
Staples Inc., 2.75%, 01/12/18	CGM	N/A	1.00%	03/20/18		3,000		(27)		(7)		(20)
					$	17,000	$	(330)	$	(256)	$	(74)
Credit default swap agreements - sell protection3
Citigroup Inc., 6.13%, 05/15/18	JPM	0.75%	1.00%	12/20/21	$	(2,500)	$	30	$	25	$	5
Host Hotels & Resorts LP, 4.75%, 03/01/23	CGM	1.00%	1.00%	12/20/21		(2,500)		1		(17)		18
Royal Caribbean Cruises, 5.25%, 11/15/22	CGM	1.50%	5.00%	12/20/21		(3,000)		493		402		91
					$	(8,000)	$	524	$	410	$	114

¹Notional amount is stated in USD unless otherwise noted.

²If 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.

³If 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.

⁴Implied 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.

⁵The 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.

⁶The 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.

⁷If 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.

See accompanying Notes to Financial Statements.

74

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
JNL/T. Rowe Price Capital Appreciation Fund *
COMMON STOCKS 61.8%
Consumer Discretionary 8.3%
	Adient Plc (a)		115	$	6,757
	Amazon.com Inc. (a) (b)		27		20,249
	AutoZone Inc. (a) (b)		16		12,249
	Liberty Global Plc - Class C (a)		214		6,371
	Lowe's Cos. Inc. (b)		129		9,182
	O'Reilly Automotive Inc. (a)		68		18,844
	Yum! Brands Inc.		143		9,074
	Other Securities				24,207
				106,933
Consumer Staples 10.6%
	Altria Group Inc. (b)		351		23,721
	Dr. Pepper Snapple Group Inc.		106		9,629
	Kraft Heinz Foods Co.		130		11,346
	Mondelez International Inc. - Class A		365		16,183
	PepsiCo Inc. (b)		102		10,690
	Philip Morris International Inc. (b)		275		25,123
	Reckitt Benckiser Group Plc		118		9,996
	Walgreens Boots Alliance Inc.		235		19,420
	Other Securities				11,475
				137,583
Energy 1.4%
	Canadian Natural Resources Ltd.		302		9,644
	Other Securities				8,616
				18,260
Financials 7.4%
	Bank of New York Mellon Corp. (b)		501		23,747
	Marsh & McLennan Cos. Inc.		468		31,635
	State Street Corp.		87		6,782
	Wells Fargo & Co.		231		12,719
	Willis Towers Watson Plc		104		12,702
	Other Securities				8,326
				95,911
Health Care 15.2%
	Abbott Laboratories		689		26,468
	Aetna Inc.		131		16,210
	Becton Dickinson & Co.		115		18,981
	CIGNA Corp.		108		14,433
	Danaher Corp. (b)		306		23,807
	PerkinElmer Inc.		312		16,289
	Thermo Fisher Scientific Inc. (b)		133		18,708
	UnitedHealth Group Inc. (b)		125		19,989
	Zoetis Inc. - Class A (b)		344		18,434
	Other Securities				22,760
				196,079
Industrials 3.6%
	Johnson Controls International Plc		206		8,481
	Roper Industries Inc.		54		9,820
	Other Securities				27,675
				45,976
Information Technology 11.4%
	Alphabet Inc. - Class A (a) (b)		4		3,249
	Alphabet Inc. - Class C (a) (b)		37		28,675
	Apple Inc. (b)		115		13,342
	Fiserv Inc. (a)		257		27,303
	MasterCard Inc. - Class A		87		9,016
	Microsoft Corp. (b)		544		33,835
	Visa Inc. - Class A (b)		240		18,699
	Other Securities				12,790
				146,909
Materials 0.4%
	Other Securities				5,241
Real Estate 0.4%
	American Tower Corp. (b)		48		5,125
Telecommunication Services 0.4%
	SBA Communications Corp. (a)		56		5,779
Utilities 2.7%
	DTE Energy Co.		63		6,246
			Shares/Par†		Value
	PG&E Corp.		462		28,050
				34,296
	Total Common Stocks (cost $754,856)			798,092
TRUST PREFERRED 0.4%
Utilities 0.4%
	Other Securities				4,664
	Total Trust Preferreds (cost $4,946)			4,664
PREFERRED STOCKS 1.6%
Financials 0.5%
	State Street Corp. - Series S, 6.00%, (callable at 25 beginning 12/15/19) (c)		28		708
	State Street Corp., 5.35%, (callable at 25 beginning 03/15/26) (c)		35		876
	Wells Fargo & Co. - Series L, 7.50% (c) (d)		2		2,606
	Other Securities				1,995
				6,185
Real Estate 0.5%
	American Tower Corp., 5.50%, 02/15/18 (d)		63		6,532
Utilities 0.6%
	DTE Energy Co., 0.43%, 10/01/19		91		4,814
	Other Securities				3,417
				8,231
	Total Preferred Stocks (cost $20,752)			20,948
INVESTMENT COMPANIES 0.1%
	T. Rowe Price Institutional Floating Rate Fund (e)		111		1,115
	Total Investment Companies (cost $1,132)			1,115
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%
	Other Securities				1,223
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $1,220)			1,223
CORPORATE BONDS AND NOTES 21.5%
Consumer Discretionary 5.4%
	Amazon.com Inc.
		2.60%, 12/05/19	2,965		3,022
	AutoZone Inc.
		1.63%, 04/21/19	120		119
		2.50%, 04/15/21	590		583
	CCO Holdings LLC
		6.63%, 01/31/22	2,600		2,694
		5.25%, 09/30/22	3,000		3,105
		5.13%, 02/15/23	1,850		1,901
		5.13%, 05/01/23 (f)	475		489
		5.75%, 09/01/23	1,370		1,432
		5.88%, 04/01/24 (f)	1,075		1,148
	Unitymedia Hessen GmbH & Co. KG
		5.50%, 01/15/23 (f)	4,850		5,050
	Unitymedia KabelBW GmbH
		6.13%, 01/15/25 (f)	2,350		2,415
	UPC Holding BV
		6.38%, 09/15/22, EUR (f)	1,275		1,426
	Yum! Brands Inc.
		6.25%, 03/15/18	900		941
		5.30%, 09/15/19	125		132
		3.88%, 11/01/20	1,850		1,889
		3.75%, 11/01/21 (g)	4,151		4,203
		3.88%, 11/01/23 (g)	575		551
	Other Securities				38,534
				69,634
Consumer Staples 0.9%
	PepsiCo Inc.
		1.25%, 04/30/18	370		370
	Walgreens Boots Alliance Inc.
		1.75%, 05/30/18	1,215		1,216
	Other Securities				9,713
				11,299
Energy 2.1%
	Canadian Natural Resources Ltd.
		1.75%, 01/15/18	550		549
	MPLX LP
		5.50%, 02/15/23	3,200		3,329

See accompanying Notes to Financial Statements.

75

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
		4.50%, 07/15/23	4,950		5,022
		4.88%, 12/01/24	1,000		1,028
	Other Securities				17,673
				27,601
Financials 4.2%
	Bank of New York Mellon Corp.
		4.63%, (callable at 100 beginning 09/20/26) (c)	1,225		1,124
		4.95%, (callable at 100 beginning 06/20/20) (c)	3,075		3,090
	Ford Motor Credit Co. LLC
		4.25%, 02/03/17	200		201
		1.46%, 03/27/17	2,245		2,245
		1.63%, 03/27/17 (h)	3,000		3,002
		6.63%, 08/15/17	900		927
		1.47%, 09/08/17 (h)	1,100		1,100
		1.52%, 12/06/17 (h)	2,625		2,622
		1.72%, 12/06/17	650		649
		2.15%, 01/09/18	1,500		1,502
		5.00%, 05/15/18	550		571
		2.38%, 03/12/19 (g)	1,700		1,698
		2.60%, 11/04/19	2,175		2,171
	HUB International Ltd.
		9.25%, 02/15/21 (f)	550		569
		7.88%, 10/01/21 (f)	4,145		4,379
	Marsh & McLennan Cos. Inc.
		2.35%, 03/06/20	440		440
		3.30%, 03/14/23	180		183
	State Street Corp.
		5.25%, (callable at 100 beginning 09/15/20) (c)	1,275		1,304
	Trinity Acquisition Plc
		4.40%, 03/15/26	1,530		1,547
	Other Securities				24,216
				53,540
Health Care 3.9%
	Becton Dickinson & Co.
		1.80%, 12/15/17	1,036		1,038
		2.68%, 12/15/19	854		866
	Centene Corp.
		5.63%, 02/15/21	2,964		3,116
		4.75%, 05/15/22	1,850		1,869
		6.13%, 02/15/24	2,200		2,318
		4.75%, 01/15/25	1,850		1,806
	DaVita HealthCare Partners Inc.
		5.75%, 08/15/22	8,375		8,752
	HCA Inc.
		8.00%, 10/01/18	3,145		3,428
		3.75%, 03/15/19	1,200		1,233
		4.25%, 10/15/19	900		936
		6.50%, 02/15/20	5,716		6,253
	UnitedHealth Group Inc.
		1.40%, 12/15/17	765		765
	Other Securities				18,011
				50,391
Industrials 0.4%
	Fortive Corp.
		1.80%, 06/15/19 (f)	105		104
	Other Securities				4,524
				4,628
Information Technology 1.4%
	Fiserv Inc.
		2.70%, 06/01/20	2,325		2,335
	NXP BV
		3.75%, 06/01/18 (f)	7,725		7,841
		4.13%, 06/15/20 (f)	200		207
		5.75%, 02/15/21 (f)	2,850		2,943
	Visa Inc.
		1.20%, 12/14/17	4,390		4,389
	Other Securities				945
				18,660
Materials 0.1%
	Other Securities				1,721
Real Estate 1.0%
	American Tower Corp.
		3.30%, 02/15/21	1,800		1,819
			Shares/Par†		Value
	Other Securities				10,614
				12,433
Telecommunication Services 1.6%
	Lynx I Corp.
		6.00%, 04/15/21, GBP (f)	73		93
	SBA Communications Corp.
		4.88%, 07/15/22	3,482		3,534
		4.88%, 09/01/24 (f)	5,350		5,283
	Virgin Media Finance Plc
		6.00%, 10/15/24 (f)	1,650		1,700
	Virgin Media Secured Finance Plc
		5.25%, 01/15/26 (f)	1,800		1,778
	Other Securities				8,716
				21,104
Utilities 0.5%
	Other Securities				5,870
	Total Corporate Bonds And Notes (cost $275,246)			276,881
VARIABLE RATE SENIOR LOAN INTERESTS 2.9% (h)
Consumer Discretionary 0.6%
	Yum! Brands Inc.
		1st Lien Term Loan B, 3.49%, 05/23/23	3,582		3,629
	Other Securities				4,398
				8,027
Consumer Staples 0.4%
	Other Securities				5,413
Financials 1.0%
	Hub International Ltd.
		Term Loan B, 4.00%, 09/16/20	7,452		7,504
	Other Securities				6,009
				13,513
Health Care 0.2%
	DaVita HealthCare Partners Inc.
		Term Loan B, 3.50%, 06/20/21	2,561		2,583
Industrials 0.1%
	Other Securities				1,158
Information Technology 0.1%
	NXP BV
		Term Loan F, 3.36%, 12/07/20	718		721
	Other Securities				353
				1,074
Telecommunication Services 0.5%
	Other Securities				6,059
	Total Variable Rate Senior Loan Interests (cost $37,399)			37,827
SHORT TERM INVESTMENTS 10.0%
Investment Companies 9.9%
	JNL Money Market Fund, 0.34% (e) (i)		3,189		3,189
	T. Rowe Price Government Reserve Fund, 0.44% (e) (i)		125,431		125,431
				128,620
Securities Lending Collateral 0.1%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.39% (i)		880		880
	Total Short Term Investments (cost $129,500)			129,500
Total Investments 98.4% (cost $1,225,051)				1,270,250
Total Purchased Options 0.0% (cost $205)				396
Other Derivative Instruments (0.3)%				(4,500)
Other Assets and Liabilities, Net 1.9%				25,363
Total Net Assets 100.0%				$	1,291,509

(a) Non-income producing security.

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

(c) Perpetual security.

(d) Convertible security.

(e) Investment in affiliate.

(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 December 31, 2016, the net value and the percentage of net assets of these liquid securities was $71,775 and 5.6%, respectively.

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

(h) The security or securities in this category have a variable rate. Rate stated was in

See accompanying Notes to Financial Statements.

76

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

effect as of December 31, 2016.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

The following schedules reflect the derivative investments for JNL/T. Rowe Price Capital Appreciation Fund at December 31, 2016:

OTC Purchased Options
Reference Entity	Counterparty	Put/Call	Exercise Price/Rate		Expiration	Notional1/ Contracts†		Value
Options on Securities
Bristol-Myers Squibb Co.	CGM	Call		60.00	01/19/18		714	$	371
Bristol-Myers Squibb Co.	CGM	Call		60.00	01/19/18		48		25
								$	396

OTC Written Options
Reference Entity	Counterparty	Put/Call	Exercise Price/Rate		Expiration	Notional1/ Contracts†		Value
Options on Securities
Alphabet Inc. - Class A	DUB	Call		900.00	01/20/17		20	$	—
Alphabet Inc. - Class A	DUB	Call		800.00	01/20/17		10		(11)
Alphabet Inc. - Class C	CGM	Call		880.00	01/19/18		10		(33)
Alphabet Inc. - Class C	CGM	Call		940.00	01/19/18		10		(20)
Alphabet Inc. - Class C	CGM	Call		880.00	01/19/18		10		(33)
Alphabet Inc. - Class C	CGM	Call		880.00	01/19/18		7		(23)
Alphabet Inc. - Class C	CGM	Call		880.00	01/19/18		7		(23)
Alphabet Inc. - Class C	CGM	Call		840.00	01/19/18		7		(42)
Alphabet Inc. - Class C	CGM	Call		920.00	01/19/18		11		(26)
Alphabet Inc. - Class C	CGM	Call		840.00	01/19/18		7		(42)
Alphabet Inc. - Class C	CGM	Call		940.00	01/19/18		10		(20)
Alphabet Inc. - Class C	CGM	Call		860.00	01/19/18		7		(37)
Alphabet Inc. - Class C	CGM	Call		940.00	01/19/18		6		(12)
Alphabet Inc. - Class C	CGM	Call		860.00	01/19/18		7		(37)
Alphabet Inc. - Class C	CGM	Call		900.00	01/19/18		11		(31)
Alphabet Inc. - Class C	CGM	Call		920.00	01/19/18		6		(14)
Alphabet Inc. - Class C	CGM	Call		920.00	01/19/18		10		(24)
Alphabet Inc. - Class C	CGM	Call		900.00	01/19/18		7		(19)
Alphabet Inc. - Class C	CGM	Call		900.00	01/19/18		6		(17)
Alphabet Inc. - Class C	CGM	Call		920.00	01/19/18		10		(24)
Alphabet Inc. - Class C	CGM	Call		900.00	01/19/18		7		(19)
Alphabet Inc. - Class C	CGM	Call		940.00	01/19/18		10		(20)
Alphabet Inc. - Class C	DUB	Call		800.00	01/20/17		38		(14)
Alphabet Inc. - Class C	DUB	Call		800.00	01/20/17		12		(4)
Alphabet Inc. - Class C	DUB	Call		840.00	01/20/17		12		—
Alphabet Inc. - Class C	DUB	Call		820.00	01/20/17		12		(1)
Alphabet Inc. - Class C	DUB	Call		940.00	01/19/18		7		(14)
Alphabet Inc. - Class C	DUB	Call		900.00	01/19/18		11		(31)
Alphabet Inc. - Class C	DUB	Call		900.00	01/19/18		9		(25)
Alphabet Inc. - Class C	DUB	Call		900.00	01/19/18		7		(19)
Alphabet Inc. - Class C	DUB	Call		880.00	01/19/18		10		(33)
Alphabet Inc. - Class C	DUB	Call		900.00	01/19/18		11		(31)
Alphabet Inc. - Class C	DUB	Call		920.00	01/19/18		7		(17)
Alphabet Inc. - Class C	DUB	Call		920.00	01/19/18		9		(21)
Alphabet Inc. - Class C	MSC	Call		795.00	01/20/17		15		(7)
Alphabet Inc. - Class C	MSC	Call		795.00	01/20/17		15		(7)
Altria Group Inc.	CGM	Call		67.50	01/20/17		146		(16)
Altria Group Inc.	CGM	Call		67.50	01/20/17		146		(16)
Altria Group Inc.	CGM	Call		65.00	01/20/17		147		(44)
Altria Group Inc.	CGM	Call		65.00	01/20/17		146		(44)
Amazon.com Inc.	CGM	Call		1,000.00	01/19/18		18		(41)
Amazon.com Inc.	DUB	Call		1,000.00	01/19/18		18		(41)
American Tower Corp.	CGM	Call		105.00	01/20/17		37		(9)
American Tower Corp.	CGM	Call		110.00	01/20/17		37		(2)
American Tower Corp.	CGM	Call		110.00	01/20/17		38		(2)
American Tower Corp.	CGM	Call		115.00	01/20/17		69		(1)
Apple Inc.	CGM	Call		115.00	01/20/17		178		(42)
Apple Inc.	CGM	Call		115.00	01/20/17		178		(42)
Apple Inc.	CGM	Call		115.00	01/20/17		213		(51)
Apple Inc.	CGM	Call		110.00	01/20/17		213		(134)

See accompanying Notes to Financial Statements.

77

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

OTC Written Options (continued)
Reference Entity	Counterparty	Put/Call	Exercise Price/Rate		Expiration	Notional1/ Contracts†		Value
Apple Inc.	CGM	Call		105.00	01/20/17		213		(236)
AutoZone Inc.	DUB	Call		840.00	01/20/17		12		(1)
Bank of New York Mellon Corp.	DUB	Call		45.00	01/20/17		359		(103)
Bank of New York Mellon Corp.	DUB	Call		45.00	01/20/17		253		(72)
Bank of New York Mellon Corp.	DUB	Call		47.00	01/20/17		252		(35)
Boeing Co.	DUB	Call		160.00	01/20/17		24		(3)
Boeing Co.	DUB	Call		165.00	01/20/17		24		(1)
Boeing Co.	DUB	Call		170.00	01/20/17		10		—
Boeing Co.	DUB	Call		170.00	01/20/17		25		—
Boeing Co.	DUB	Call		165.00	01/20/17		12		—
Boeing Co.	DUB	Call		160.00	01/20/17		12		(1)
Bristol-Myers Squibb Co.	CGM	Call		50.00	01/19/18		714		(785)
Bristol-Myers Squibb Co.	CGM	Call		50.00	01/19/18		48		(53)
Comcast Corp.	CGM	Call		65.00	01/20/17		199		(90)
Comcast Corp.	RBC	Call		70.00	01/20/17		223		(21)
CVS Health Corp.	CGM	Call		110.00	01/20/17		109		—
CVS Health Corp.	CGM	Call		105.00	01/20/17		66		—
CVS Health Corp.	CGM	Call		115.00	01/20/17		61		—
CVS Health Corp.	CGM	Call		115.00	01/20/17		61		—
CVS Health Corp.	CGM	Call		110.00	01/20/17		71		—
CVS Health Corp.	JPM	Call		100.00	01/20/17		46		—
CVS Health Corp.	JPM	Call		100.00	01/20/17		32		—
CVS Health Corp.	JPM	Call		110.00	01/20/17		46		—
CVS Health Corp.	JPM	Call		110.00	01/20/17		32		—
CVS Health Corp.	JPM	Call		105.00	01/20/17		46		—
CVS Health Corp.	JPM	Call		105.00	01/20/17		32		—
Danaher Corp.	DUB	Call		105.00	01/20/17		25		(4)
Danaher Corp.	DUB	Call		105.00	01/20/17		91		(13)
Danaher Corp.	DUB	Call		105.00	01/20/17		38		(6)
Danaher Corp.	DUB	Call		100.00	01/20/17		25		(13)
Danaher Corp.	DUB	Call		100.00	01/20/17		91		(47)
Danaher Corp.	DUB	Call		115.00	01/20/17		39		—
Danaher Corp.	DUB	Call		87.50	01/20/17		265		—
Danaher Corp.	DUB	Call		110.00	01/20/17		150		(2)
Danaher Corp.	DUB	Call		105.00	01/20/17		150		(22)
Danaher Corp.	DUB	Call		110.00	01/20/17		38		(1)
Danaher Corp.	DUB	Call		90.00	01/19/18		182		(33)
Danaher Corp.	DUB	Call		90.00	01/19/18		129		(24)
Lowe's Cos. Inc.	CGM	Call		82.50	01/20/17		51		—
Lowe's Cos. Inc.	CGM	Call		87.50	01/20/17		56		—
Lowe's Cos. Inc.	CGM	Call		87.50	01/20/17		55		—
Lowe's Cos. Inc.	CGM	Call		85.00	01/20/17		51		—
Lowe's Cos. Inc.	CGM	Call		85.00	01/20/17		103		—
Lowe's Cos. Inc.	CGM	Call		85.00	01/20/17		123		—
Lowe's Cos. Inc.	CGM	Call		80.00	01/20/17		51		—
Lowe's Cos. Inc.	CGM	Call		90.00	01/20/17		115		—
Lowe's Cos. Inc.	CGM	Call		90.00	01/20/17		55		—
Lowe's Cos. Inc.	CGM	Call		90.00	01/20/17		56		—
LyondellBasell Industries NV	CGM	Call		87.50	01/20/17		154		(20)
LyondellBasell Industries NV	CGM	Call		87.50	01/20/17		15		(2)
LyondellBasell Industries NV	CGM	Call		87.50	01/20/17		39		(5)
LyondellBasell Industries NV	CGM	Call		87.50	01/20/17		39		(5)
LyondellBasell Industries NV	CGM	Call		87.50	01/20/17		42		(5)
LyondellBasell Industries NV	CGM	Call		87.50	01/20/17		17		(2)
LyondellBasell Industries NV	CGM	Call		87.50	01/20/17		51		(7)
LyondellBasell Industries NV	CGM	Call		87.50	01/20/17		23		(3)
LyondellBasell Industries NV	CGM	Call		87.50	01/20/17		29		(4)
LyondellBasell Industries NV	CGM	Call		87.50	01/20/17		11		(1)
LyondellBasell Industries NV	CIT	Call		87.50	01/20/17		6		(1)
LyondellBasell Industries NV	DUB	Call		90.00	01/20/17		23		(1)
LyondellBasell Industries NV	DUB	Call		90.00	01/20/17		21		(1)
LyondellBasell Industries NV	DUB	Call		87.50	01/20/17		22		(3)
LyondellBasell Industries NV	DUB	Call		87.50	01/20/17		22		(3)
LyondellBasell Industries NV	DUB	Call		87.50	01/20/17		64		(8)

See accompanying Notes to Financial Statements.

78

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

OTC Written Options (continued)
Reference Entity	Counterparty	Put/Call	Exercise Price/Rate		Expiration	Notional1/ Contracts†		Value
Microsoft Corp.	CGM	Call		57.50	01/20/17		329		(160)
Microsoft Corp.	DUB	Call		62.50	01/20/17		400		(34)
Microsoft Corp.	DUB	Call		65.00	01/20/17		206		(3)
Microsoft Corp.	DUB	Call		65.00	01/20/17		423		(6)
Microsoft Corp.	DUB	Call		65.00	01/20/17		399		(6)
Microsoft Corp.	DUB	Call		60.00	01/20/17		93		(24)
Microsoft Corp.	DUB	Call		60.00	01/20/17		137		(35)
Microsoft Corp.	DUB	Call		62.50	01/20/17		205		(17)
Microsoft Corp.	DUB	Call		57.50	01/20/17		426		(207)
PepsiCo Inc.	CGM	Call		110.00	01/20/17		14		—
PepsiCo Inc.	CGM	Call		110.00	01/20/17		33		—
PepsiCo Inc.	CGM	Call		110.00	01/20/17		23		—
PepsiCo Inc.	CGM	Call		110.00	01/20/17		61		—
PepsiCo Inc.	CGM	Call		110.00	01/20/17		14		—
PepsiCo Inc.	CGM	Call		110.00	01/20/17		61		—
PepsiCo Inc.	CGM	Call		110.00	01/20/17		64		—
PepsiCo Inc.	CGM	Call		105.00	01/20/17		64		(8)
PepsiCo Inc.	CGM	Call		105.00	01/20/17		78		(9)
PepsiCo Inc.	CGM	Call		100.00	01/20/17		78		(39)
PepsiCo Inc.	CGM	Call		110.00	01/20/17		78		—
PepsiCo Inc.	CGM	Call		105.00	01/20/17		34		(4)
PepsiCo Inc.	CGM	Call		105.00	01/20/17		22		(3)
Philip Morris International Inc.	CGM	Call		95.00	01/20/17		127		(3)
Philip Morris International Inc.	CGM	Call		97.50	01/20/17		126		(2)
Philip Morris International Inc.	DUB	Call		92.50	01/20/17		42		(4)
Philip Morris International Inc.	DUB	Call		97.50	01/20/17		86		(1)
Philip Morris International Inc.	DUB	Call		97.50	01/20/17		41		(1)
Philip Morris International Inc.	DUB	Call		97.50	01/20/17		16		—
Philip Morris International Inc.	DUB	Call		92.50	01/20/17		16		(2)
Philip Morris International Inc.	DUB	Call		95.00	01/20/17		16		—
Philip Morris International Inc.	DUB	Call		95.00	01/20/17		86		(2)
Philip Morris International Inc.	DUB	Call		95.00	01/20/17		41		(1)
Philip Morris International Inc.	DUB	Call		92.50	01/20/17		85		(8)
Philip Morris International Inc.	DUB	Call		110.00	01/20/17		83		—
Texas Instruments Inc.	CGM	Call		60.00	01/20/17		127		(167)
Texas Instruments Inc.	CGM	Call		72.50	01/20/17		121		(21)
Thermo Fisher Scientific Inc.	CGM	Call		170.00	01/20/17		87		—
Thermo Fisher Scientific Inc.	CGM	Call		170.00	01/20/17		73		—
Thermo Fisher Scientific Inc.	CGM	Call		170.00	01/20/17		59		—
Thermo Fisher Scientific Inc.	CGM	Call		165.00	01/20/17		73		—
Thermo Fisher Scientific Inc.	DUB	Call		160.00	01/20/17		26		—
Thermo Fisher Scientific Inc.	DUB	Call		155.00	01/20/17		26		—
Thermo Fisher Scientific Inc.	DUB	Call		165.00	01/20/17		27		—
Thermo Fisher Scientific Inc.	DUB	Call		170.00	01/20/17		27		—
Thermo Fisher Scientific Inc.	DUB	Call		165.00	01/20/17		26		—
UnitedHealth Group Inc.	DUB	Call		145.00	01/20/17		35		(57)
UnitedHealth Group Inc.	DUB	Call		145.00	01/20/17		20		(33)
UnitedHealth Group Inc.	DUB	Call		155.00	01/20/17		36		(25)
UnitedHealth Group Inc.	DUB	Call		145.00	01/20/17		35		(57)
UnitedHealth Group Inc.	DUB	Call		140.00	01/20/17		36		(75)
UnitedHealth Group Inc.	DUB	Call		140.00	01/20/17		19		(40)
UnitedHealth Group Inc.	DUB	Call		140.00	01/20/17		88		(183)
UnitedHealth Group Inc.	DUB	Call		140.00	01/20/17		35		(73)
UnitedHealth Group Inc.	MSC	Call		145.00	01/20/17		31		(51)
UnitedHealth Group Inc.	MSC	Call		145.00	01/20/17		36		(59)
Visa Inc.	CGM	Call		87.50	01/20/17		88		—
Visa Inc.	CGM	Call		85.00	01/20/17		72		—
Visa Inc.	CGM	Call		87.50	01/20/17		102		—
Visa Inc.	CGM	Call		87.50	01/20/17		89		—
Visa Inc.	CGM	Call		85.00	01/20/17		71		—
Visa Inc.	CGM	Call		85.00	01/20/17		4		—
Visa Inc.	CGM	Call		85.00	01/20/17		74		—
Visa Inc.	CGM	Call		85.00	01/20/17		177		(1)
Visa Inc.	CGM	Call		85.00	01/20/17		65		—

See accompanying Notes to Financial Statements.

79

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

OTC Written Options (continued)

Reference Entity

Counterparty

Put/Call

Exercise Price/Rate

Expiration

Notional1/ Contracts†

Value

Visa Inc.

CGM

Call

95.00

01/19/18

53

(11)

Visa Inc.

CGM

Call

95.00

01/19/18

53

(11)

Visa Inc.

CGM

Call

90.00

01/19/18

115

(35)

Visa Inc.

CGM

Call

90.00

01/19/18

309

(95)

Visa Inc.

CGM

Call

90.00

01/19/18

152

(47)

Zoetis Inc.

MSC

Call

55.00

01/20/17

161

(7)

$

(4,500)

Summary of Written Options
	Number of Contracts†		Premiums
Options outstanding at December 31, 2015	3,376		1,075
Options written during the year	17,266		4,894
Options closed during the year	(4,504	)	(1,059	)
Options exercised during the year	(1,335	)	(359	)
Options expired during the year	(714	)	(216	)
Options outstanding at December 31, 2016	14,089		4,335

¹Notional amount is stated in USD unless otherwise noted.

See accompanying Notes to Financial Statements.

80

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†		Value
JNL/The Boston Company Equity Income Fund
COMMON STOCKS 98.8%
Consumer Discretionary 7.9%
	Carnival Plc	19	$	985
	Comcast Corp. - Class A	18		1,260
	Goodyear Tire & Rubber Co.	27		838
	Omnicom Group Inc.	34		2,927
	Staples Inc.	131		1,182
	Time Warner Inc.	33		3,189
			10,381
Consumer Staples 9.4%
	Archer-Daniels-Midland Co.	28		1,261
	Coca-Cola Co.	42		1,750
	Coca-Cola European Partners Plc	28		872
	ConAgra Brands Inc.	33		1,298
	Kellogg Co.	46		3,363
	Molson Coors Brewing Co. - Class B	23		2,272
	Walgreens Boots Alliance Inc.	19		1,605
			12,421
Energy 12.6%
	EOG Resources Inc.	31		3,171
	Kinder Morgan Inc.	54		1,122
	Marathon Petroleum Corp.	26		1,320
	Occidental Petroleum Corp.	64		4,555
	Phillips 66	33		2,849
	Schlumberger Ltd.	22		1,854
	Valero Energy Corp.	26		1,774
			16,645
Financials 30.8%
	Bank of America Corp.	221		4,895
	BB&T Corp.	38		1,778
	Berkshire Hathaway Inc. - Class B (a)	34		5,572
	Charles Schwab Corp.	26		1,012
	Chubb Ltd.	10		1,303
	Goldman Sachs Group Inc.	13		3,133
	Hartford Financial Services Group Inc.	14		654
	JPMorgan Chase & Co.	76		6,562
	Morgan Stanley	31		1,315
	PNC Financial Services Group Inc.	11		1,319
	Prudential Financial Inc.	30		3,162
	SunTrust Banks Inc.	30		1,647
	Synchrony Financial	89		3,216
	U.S. Bancorp	45		2,299
	Voya Financial Inc.	68		2,682
			40,549
Health Care 9.0%
	Abbott Laboratories	36		1,387
	Aetna Inc.	8		980
	AmerisourceBergen Corp.	8		658

		Shares/Par†		Value
	Bristol-Myers Squibb Co.	16		921
	Eli Lilly & Co.	15		1,132
	Merck & Co. Inc.	55		3,228
	Pfizer Inc.	41		1,340
	UnitedHealth Group Inc.	14		2,185
			11,831
Industrials 7.8%
	Delta Air Lines Inc.	59		2,891
	Honeywell International Inc.	15		1,703
	Raytheon Co.	22		3,123
	United Technologies Corp.	23		2,493
			10,210
Information Technology 7.6%
	Apple Inc.	12		1,335
	Applied Materials Inc.	26		855
	Cisco Systems Inc.	76		2,295
	Corning Inc.	54		1,314
	Microchip Technology Inc.	17		1,108
	Oracle Corp.	26		984
	Texas Instruments Inc.	28		2,064
			9,955
Materials 6.0%
	CF Industries Holdings Inc.	44		1,384
	Dow Chemical Co.	23		1,323
	Martin Marietta Materials Inc.	8		1,760
	Packaging Corp. of America	20		1,669
	Vulcan Materials Co.	14		1,792
			7,928
Real Estate 2.5%
	Communications Sales & Leasing Inc.	67		1,707
	Lamar Advertising Co. - Class A	24		1,606
			3,313
Telecommunication Services 4.0%
	AT&T Inc.	102		4,322
	Vodafone Group Plc - ADR	40		967
			5,289
Utilities 1.2%
	NRG Yield Inc. - Class C	98		1,549
	Total Common Stocks (cost $113,100)		130,071
SHORT TERM INVESTMENTS 0.6%
Investment Companies 0.6%
	JNL Money Market Fund, 0.34% (b) (c)	778		778
	Total Short Term Investments (cost $778)		778
Total Investments 99.4% (cost $113,878)				130,849
Other Assets and Liabilities, Net 0.6%				782
Total Net Assets 100.0%			$	131,631

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

See accompanying Notes to Financial Statements.

81

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†		Value
JNL/The London Company Focused U.S. Equity Fund
COMMON STOCKS 96.7%
Consumer Discretionary 13.5%
	Cabela's Inc. (a)	49	$	2,844
	Carnival Plc	101		5,275
	Dollar Tree Inc. (a)	95		7,301
	Pulte Homes Inc.	231		4,243
	Vista Outdoor Inc. (a)	74		2,728
			22,391
Consumer Staples 5.6%
	Altria Group Inc.	100		6,790
	Spectrum Brands Holdings Inc. (b)	21		2,543
			9,333
Financials 20.2%
	Berkshire Hathaway Inc. - Class B (a)	73		11,961
	BlackRock Inc.	20		7,588
	Cincinnati Financial Corp.	79		6,011
	Wells Fargo & Co.	143		7,858
			33,418
Health Care 6.8%
	Eli Lilly & Co.	94		6,927
	Pfizer Inc.	132		4,272
			11,199
Industrials 28.9%
	Deere & Co.	59		6,114
	General Dynamics Corp.	43		7,407
	General Electric Co.	266		8,415
	Norfolk Southern Corp.	71		7,718
		Shares/Par†		Value
	Old Dominion Freight Line Inc. (a)	82		7,010
	Orbital ATK Inc.	80		7,040
	USG Corp. (a) (b)	148		4,275
			47,979
Information Technology 7.7%
	Apple Inc.	53		6,113
	Citrix Systems Inc. (a)	74		6,596
			12,709
Materials 14.0%
	Martin Marietta Materials Inc.	44		9,794
	NewMarket Corp.	19		8,155
	Tredegar Corp.	220		5,275
			23,224
	Total Common Stocks (cost $136,417)		160,253
SHORT TERM INVESTMENTS 4.5%
Investment Companies 1.8%
	JNL Money Market Fund, 0.34% (c) (d)	3,062		3,062
Securities Lending Collateral 2.7%
	Securities Lending Cash Collateral Fund LLC, 0.50% (c) (d)	4,411		4,411
	Total Short Term Investments (cost $7,473)		7,473
Total Investments 101.2% (cost $143,890)				167,726
Other Assets and Liabilities, Net (1.2)%				(2,030)
Total Net Assets 100.0%			$	165,696

(a) Non-income producing security.

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

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

See accompanying Notes to Financial Statements.

82

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†		Value
JNL/Van Eck International Gold Fund (a)
COMMON STOCKS 98.2%
Financials 0.3%
	First Mining Finance Corp. (b) (c)	243	$	156
Materials 97.9%
	Acacia Mining Plc	172		788
	Agnico-Eagle Mines Ltd.	72		3,030
	Alamos Gold Inc. - Class A	2		11
	Alamos Gold Inc. - Class A (c)	257		1,756
	Argonaut Gold Inc. (b)	568		897
	Asanko Gold Inc. (b) (c)	83		255
	Asanko Gold Inc. (b) (c)	65		200
	Atacama Pacific Gold Corp. (b)	399		113
	AuRico Metals Inc. (b) (c)	641		482
	Auryn Resources Inc. (b)	120		264
	B2Gold Corp. (b) (c)	1,700		4,029
	Barrick Gold Corp.	71		1,135
	Bear Creek Mining Corp. (b) (c)	328		574
	Belo Sun Mining Corp. (b) (c)	630		319
	Brio Gold Inc. (b)	225		545
	Cardinal Resources Ltd. (b) (c)	1,304		223
	Columbus Gold Corp. (b)	379		169
	Continental Gold Inc. (b) (c)	600		1,967
	Corvus Gold Inc. (b)	117		48
	Corvus Gold Inc. (b)	147		61
	Dacian Gold Ltd. (b)	139		205
	Detour Gold Corp. (b) (c)	89		1,212
	Eastmain Resources Inc. (b) (c)	633		240
	Eldorado Gold Corp. (b)	207		666
	Evolution Mining Ltd.	1,245		1,862
	Fortuna Silver Mines Inc. (b) (c)	63		356
	Fresnillo Plc	138		2,053
	Gold Road Resources Ltd. (b) (c)	2,968		1,217
	Goldcorp Inc.	183		2,494
	Guyana Goldfields Inc. (b)	216		984
	Integra Gold Corp. (b)	2,080		867
	Kinross Gold Corp. (b)	309		961
	Kirkland Lake Gold Inc. (c)	182		952
	Klondex Mines Ltd. (b)	262		1,220
	Lundin Gold Inc. (b) (c)	76		298
	MAG Silver Corp. (b)	56		620
	Midas Gold Corp. (b)	280		181
	New Gold Inc. (b)	200		699
	New Gold Inc. (b)	75		264
	Newcastle Gold Ltd. (b)	342		186
	Newcrest Mining Ltd.	90		1,288
	Newmont Mining Corp.	86		2,916
	Northern Star Resources Ltd.	383		979
	NovaGold Resources Inc. (b) (c)	105		479
	OceanaGold Corp	312		909
	Orezone Gold Corp. (b)	901		356
	Osisko Mining Inc. (b) (d) (e)	178		323
	Pilot Gold Inc. (b) (c)	646		214
	Premier Gold Mines Ltd. (b) (c)	238		454
	Pretium Resources Inc. (b) (c)	78		643
	Randgold Resources Ltd. - ADR (c)	20		1,550
	Richmont Mines Inc. (b)	26		169
		Shares/Par†		Value
	Richmont Mines Inc. (b)	30		195
	Roxgold Inc. (b) (c) (f)	707		637
	Royal Gold Inc.	23		1,444
	Rye Patch Gold Corp. (b)	1,014		234
	Sabina Gold & Silver Corp. (b) (c)	901		658
	Saracen Mineral Holdings Ltd. (b)	584		410
	SEMAFO Inc. (b)	367		1,208
	Silver Wheaton Corp.	83		1,602
	Sulliden Mining Capital Inc. (b)	54		12
	Tahoe Resources Inc. (c)	102		961
	Tahoe Resources Inc. (c)	67		631
	TMAC Resources Inc. (b) (c)	109		1,244
	Torex Gold Resources Inc. (b)	89		1,370
	Yamana Gold Inc. (c)	228		641
	Yamana Gold Inc.	159		448
			56,378
	Total Common Stocks (cost $53,642)		56,534
WARRANTS 0.0%
	Pilot Gold Inc. (b) (d) (e) (g)	192		16
	Total Warrants (cost $21)		16
SHORT TERM INVESTMENTS 19.2%
Investment Companies 1.7%
	JNL Money Market Fund, 0.34% (h) (i)	849		849
	JPMorgan U.S. Treasury Plus Money Market Fund - IM Class, 0.00% (i) (j)	107		107
			956
Securities Lending Collateral 17.5%
	Securities Lending Cash Collateral Fund LLC, 0.50% (h) (i)	10,075		10,075
	Total Short Term Investments (cost $11,031)		11,031
Total Investments 117.4% (cost $64,694)				67,581
Other Assets and Liabilities, Net (17.4)%				(10,007)
Total Net Assets 100.0%			$	57,574

(a) Consolidated Schedule of Investments.

(b) Non-income producing security.

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

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

(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) 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 December 31, 2016, the net value and the percentage of net assets of these liquid securities was $637 and 1.1%, respectively.

(g) Security fair valued in good faith in accordance with the procedures approved by the Jackson Variable Series Trust's Board of Trustees. Good faith fair valued securities may be classified as Level 2 or Level 3 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) Investment in affiliate.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

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

Summary of Investments by Country^	Total Long Term Investments
Australia	12.5	%
Canada	69.4
United Kingdom	5.0
United States of America	13.1
	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 Cost Ending Value Percent of

See accompanying Notes to Financial Statements.

83

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

	Acquisition					Net Assets
Osisko Mining Inc.	09/12/16	$	373	$	323	0.6	%
Pilot Gold Inc.	11/16/16		21		16	—
		$	394	$	339	0.6	%

The following schedules reflect the derivative investments for JNL/Van Eck International Gold Fund at December 31, 2016:

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value			Unrealized Appreciation (Depreciation)
USD/AUD	CSI	01/03/17	AUD	—		$	—		$	—
USD/AUD	CSI	01/04/17	AUD	(4)			(3)			—
						$	(3)		$	—

¹Notional amount is stated in USD unless otherwise noted.

See accompanying Notes to Financial Statements.

84

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†		Value
JNL/WCM Focused International Equity Fund
COMMON STOCKS 94.5%
Australia 4.0%
	CSL Ltd.	554	$	40,045
Bermuda 2.2%
	Lazard Ltd. - Class A	550		22,603
Brazil 2.0%
	AMBEV SA - ADR	4,167		20,461
Canada 6.9%
	Canadian Pacific Railway Co. (a)	286		40,899
	Constellation Software Inc.	64		29,060
			69,959
China 6.2%
	Ctrip.com International Ltd. - ADR (b)	719		28,759
	Tencent Holdings Ltd.	1,385		33,580
			62,339
Denmark 7.5%
	Chr Hansen Holding A/S	435		24,039
	Coloplast A/S - Class B (a)	431		29,033
	Novozymes A/S - Class B	667		22,966
			76,038
France 8.0%
	Cie Generale d'Optique Essilor International SA	233		26,345
	Hermes International SCA	58		23,742
	LVMH Moet Hennessy Louis Vuitton SE	160		30,461
			80,548
Germany 2.2%
	Adidas AG	141		22,223
Hong Kong 0.3%
	AIA Group Ltd.	512		2,867
India 2.9%
	HDFC Bank Ltd. - ADR	480		29,140
Ireland 6.3%
	Accenture Plc - Class A	359		42,020
	ICON Plc (b)	289		21,752
			63,772
Italy 2.2%
	Luxottica Group SpA	414		22,261
Japan 5.6%
	Keyence Corp. (a)	51		34,760
		Shares/Par†		Value
	Sysmex Corp.	369		21,347
			56,107
Mexico 1.3%
	Wal-Mart de Mexico SAB de CV	7,325		13,110
Netherlands 3.5%
	Core Laboratories NV (a)	292		35,046
Russian Federation 2.2%
	Yandex NV - Class A (b)	1,118		22,509
South Africa 2.2%
	Shoprite Holdings Ltd.	1,804		22,543
Spain 1.6%
	Inditex SA	458		15,586
Switzerland 6.9%
	Nestle SA	574		41,089
	SGS SA	14		28,743
			69,832
Taiwan 4.4%
	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	1,559		44,813
United Kingdom 11.3%
	Compass Group Plc	1,910		35,298
	Experian Plc	1,717		33,253
	Reckitt Benckiser Group Plc	534		45,201
			113,752
United States of America 4.8%
	Chubb Ltd.	365		48,200
	Total Common Stocks (cost $928,730)		953,754
SHORT TERM INVESTMENTS 8.5%
Investment Companies 7.6%
	JNL Money Market Fund, 0.34% (c) (d)	76,468		76,468
Securities Lending Collateral 0.9%
	Securities Lending Cash Collateral Fund LLC, 0.50% (c) (d)	9,119		9,119
	Total Short Term Investments (cost $85,587)		85,587
Total Investments 103.0% (cost $1,014,317)				1,039,341
Other Derivative Instruments 0.0%				9
Other Assets and Liabilities, Net (3.0)%				(30,721)
Total Net Assets 100.0%			$	1,008,629

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

(b) Non-income producing security.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

The following schedules reflect the derivative investments for JNL/WCM Focused International Equity Fund at December 31, 2016:

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value			Unrealized Appreciation (Depreciation)
AUD/USD	BBH	01/04/17	AUD	969		$	700		$	—
CAD/USD	BBH	01/04/17	CAD	675			503			—
CHF/USD	BBH	01/04/17	CHF	1,256			1,233			—
GBP/USD	BBH	01/03/17	GBP	1,259			1,551			11
GBP/USD	BBH	01/04/17	GBP	1,477			1,821			(2)
GBP/USD	BBH	01/04/17	GBP	340			419			—
HKD/USD	BBH	01/04/17	HKD	22,537			2,906			(1)
HKD/USD	BBH	01/04/17	HKD	4,631			597			—
JPY/USD	BBH	01/06/17	JPY	114,202			977			—
USD/ZAR	BBH	01/04/17	ZAR	(3,039)			(221)			2
USD/ZAR	BBH	01/05/17	ZAR	(4,683)			(341)			(1)
						$	10,145		$	9

¹Notional amount is stated in USD unless otherwise noted.

See accompanying Notes to Financial Statements.

85

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

Currency Abbreviations:

AED - United Arab Emirates Dirham	EUR - European Currency Unit (Euro)	KES - Kenyan Shilling	RUB - Russian Ruble
AUD - Australian Dollar	GBP - British Pound	KRW - Korean Won	SAR - Saudi Riyal
BRL - Brazilian Real	GEL - Georgian Lari	LKR - Sri Lankan Rupee	SEK - Swedish Krona
CAD - Canadian Dollar	HKD - Hong Kong Dollar	MXN - Mexican Peso	SGD - Singapore Dollar
CHF - Swiss Franc	HUF - Hungarian Forint	MYR - Malaysian Ringgit	THB - Thai Baht
CLP - Chilean Peso	IDR - Indonesian Rupiah	NOK - Norwegian Krone	TRY - New Turkish Lira
CNH - Chinese Offshore Yuan	ILS - Israeli New Shekel	NZD - New Zealand Dollar	TWD - Taiwan Dollar
CNY - Chinese Yuan	INR - Indian Rupee	OMR - Omani Rial	UGX - Uganda Shilling
COP - Colombian Peso	ISK - Icelandic Krona - Onshore	PHP - Philippine Peso	USD - United States Dollar
DKK - Danish Krone	ISO - Icelandic Krona - Offshore	PLN - Polish Zloty	ZAR - South African Rand
DOP - Dominican Peso	JPY - Japanese Yen	RSD - Serbian Dinar

Abbreviations:

ADR - American Depositary Receipt	iTraxx - Group of international credit derivative indexes monitored
ASX - Australian Stock Exchange	by the International Index Company
CAC - Cotation Assistee en Continu	JSE - Johannesburg Stock Exchange
CDI - Chess Depository Interest	LIBOR - London Interbank Offer Rate
CDX.NA.HY - Credit Default Swap Index - North American - High Yield	LME - London Metal Exchange
CDX.NA.IG - Credit Default Swap Index - North American - Investment Grade	MBS - Mortgage Backed Security
CLO - Collateralized Loan Obligation	MCDX.NA - Municipal Credit Defualt Swap Index - North American
CPURNSA - CPI Consumers Index Non-Seasonally Adjusted	MLP - Master Limited Partnership
EAFE - Europe, Australia and Far East	MSCI - Morgan Stanley Capital International
ETF - Exchange Traded Fund	NASDAQ - National Association of Securities Dealers Automated Quotations
Euribor - Europe Interbank Offered Rate	OAT - Obligations Assimilables du Tresor
Euro-Bobl - debt instrument issued by the Federal Republic of Germany	OJSC - Open Joint-Stock Company
with a term of 4.5 to 5.5 years	RBOB - Reformulated Gasoline Blendstock for Oxygen Blending
Euro-Bund - debt instrument issued by the Federal Republic of Germany	REMIC - Real Estate Mortgage Investment Conduit
with a term of 8.5 to 10.5 years	SGX - Singapore Exchange
Euro-OAT - debt instrument issued by the Republic of France	SPDR - Standard & Poor's Depositary Receipt
with a term of 8.5 to 10.5 years	SPI - Schedule Performance Index
Euro-Schatz - debt instrument issued by the Federal Republic of Germany	ULSD - Ultra Low Sulfur Diesel
with a term of 1.75 to 2.25 years
FTSE - Financial Times and the London Stock Exchange
GDR - Global Depositary Receipt

Counterparty Abbreviations:

ANZ - Australia and New Zealand Banking Group LTD.	HSB - HSBC SECURITIES, INC.
APS - Amherst Pierpont Securities LLC	JPM - JPMorgan Chase Bank N.A.
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
BNP - BNP Paribas Securities	RBC - Royal Bank of Canada
BOA - Banc of America Securities LLC/Bank of America NA	RBS - Royal Bank of Scotland
CGM - Citigroup Global Markets	SCB - Standard Chartered Bank
CIT - Citibank, Inc.	SGB - Societe Generale Bannon LLC
CON - Convergex GLB	SGN - Societe Generale, NY
CSI - Credit Suisse Securities, LLC	SIG - Susquehanna Investment Group
DUB - Deutsche Bank Alex Brown Inc.	SSB - State Street Brokerage Services, Inc.
GSC - Goldman Sachs & Co.	UBS - UBS Securities LLC
GSI - Goldman Sachs International

† For funds with fixed income securities, par amounts are listed in United States Dollars unless otherwise noted. Options are quoted in unrounded number of contracts or notional. Futures are quoted in unrounded contracts.

"-" 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 December 31, 2016. 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 Annuity Service Center at 1-800-873-5654 or by visiting the Commission’s website, www.sec.gov.

Determinations of liquidity in the Schedules of Investments is unaudited.

See accompanying Notes to Financial Statements.

86

Jackson Variable Series Trust Sub-Advised Funds

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

December 31, 2016

		JNL Tactical ETF Conservative Fund			JNL Tactical ETF Moderate Fund			JNL Tactical ETF Growth Fund			JNL/AQR Risk Parity Fund(i)			JNL/BlackRock Global Long Short Credit Fund			JNL/DFA U.S. Micro Cap Fund
Assets
Investments - unaffiliated, at value (a)(d)		$	112,524		$	243,733		$	171,991		$	27,944		$	314,411		$	116,375
Investments - affiliated, at value (b)			20,464			32,947			26,671			6,098			35,746			661
Repurchase agreements			—			—			—			—			86,080			—
Total investments, at value (c)			132,988			276,680			198,662			34,042			436,237			117,036
Cash			—			—			—			—			18,722			26
Foreign currency (e)			—			—			—			—			7,132			—
Receivable for:
	Investment securities sold		288			—			—			—			626			193
	Fund shares sold		104			38			235			5			229			91
	Dividends and interest		—			1			1			26			3,013			76
	Deposits with brokers and counterparties		—			—			—			1,642			4,160			—
Receivable from adviser			43			93			66			3			16			—
Derivative instruments:
	Variation margin on derivative instruments		—			—			—			234			76			—
	Purchased options, at value (h)		—			—			—			—			736			—
	Forward foreign currency contracts		—			—			—			164			1,177			—
	OTC swap agreements		—			—			—			44			787			—
	OTC swap premiums paid		—			—			—			—			2,558			—
Other assets			3			7			5			2			24			4
Total assets			133,426			276,819			198,969			36,162			475,493			117,426
Liabilities
Cash overdraft			—			—			—			112			—			—
Foreign currency overdraft			—			—			—			6			—			—
Payable for reverse repurchase agreements			—			—			—			—			540			—
Payable for:
	Advisory fees		73			156			110			26			305			76
	Administrative fees		14			31			22			4			48			14
	12b-1 fees		7			15			11			2			23			7
	Investment securities purchased		—			—			—			—			6,397			126
	Fund shares redeemed		74			63			6			94			855			5
	Dividends on securities sold short		—			—			—			—			866			—
	Interest expense and brokerage charges		—			—			—			—			10			—
	Trustee fees		5			11			8			7			29			19
	Chief compliance officer fees		1			2			1			—			4			1
	Other expenses		2			3			4			1			11			2
	Deposits from counterparties		—			—			—			—			1,283			—
	Return of securities loaned		18,999			30,449			24,460			—			—			3,858
Derivative instruments:
	Variation margin on derivative instruments		—			—			—			152			62			—
	Written options, at value (g)		—			—			—			—			283			—
	Forward foreign currency contracts		—			—			—			47			525			—
	OTC swap agreements		—			—			—			—			2,448			—
	OTC swap premiums received		—			—			—			—			2,685			—
Investment in securities sold short, at value (f)			—			—			—			—			84,610			—
Total liabilities			19,175			30,730			24,622			451			100,984			4,108
Net assets		$	114,251		$	246,089		$	174,347		$	35,711		$	374,509		$	113,318
Net assets consist of:
Paid-in capital		$	111,416		$	238,719		$	169,050		$	54,560		$	406,157		$	84,726
Undistributed (excess of distributions
	over) net investment income (loss)		1,815			3,880			2,591			(208	)		2,121			262
Accumulated net realized gain (loss)			(794	)		(2,402	)		(3,220	)		(18,650	)		(23,937	)		3,807
Net unrealized appreciation (depreciation) on
	investments and foreign currency		1,814			5,892			5,926			9			(9,832	)		24,523
		$	114,251		$	246,089		$	174,347		$	35,711		$	374,509		$	113,318
Shares outstanding (no par values), unlimited
	shares authorized		10,209			20,673			14,293			2,790			39,436			11,656
Net asset value per share		$	11.19		$	11.90		$	12.20		$	12.80		$	9.50		$	9.72
(a)	Investments - unaffiliated, at cost	$	110,710		$	237,841		$	166,065		$	28,185		$	408,664		$	91,852
(b)	Investments - affiliated, at cost		20,464			32,947			26,671			6,098			35,742			661
(c)	Total investments, at cost	$	131,174		$	270,788		$	192,736		$	34,283		$	444,406		$	92,513
(d)	Including value of securities on loan	$	18,582		$	29,784		$	23,900		$	—		$	—		$	5,662
(e)	Foreign currency (overdraft) cost		—			—			—			(6	)		7,128			—
(f)	Proceeds from securities sold short		—			—			—			—			84,927			—
(g)	Premiums from written options		—			—			—			—			108			—
(h)	Purchased options, at cost		—			—			—			—			716			—

(i) Consolidated Statement of Assets and Liabilities.

See accompanying Notes to Financial Statements.

87

Jackson Variable Series Trust Sub-Advised Funds

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

December 31, 2016

		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 (a)(d)		$	2,333,420		$	371,297		$	80,784		$	129,637		$	70,425		$	201,628
Investments - affiliated, at value (b)			219,341			43,022			1,214			2,005			515			7,190
Total investments, at value (c)			2,552,761			414,319			81,998			131,642			70,940			208,818
Cash			249			4,030			—			—			—			—
Foreign currency (e)			—			565			20			—			3			—
Receivable for:
	Investment securities sold		—			—			2,625			1,300			182			—
	Fund shares sold		2,001			99			127			20			183			72
	Dividends and interest		8,511			7,282			307			186			133			385
	Deposits with brokers and counterparties		—			16,071			—			—			—			—
Receivable from adviser			—			8			—			—			—			—
Derivative instruments:
	Variation margin on derivative instruments		—			316			—			—			—			—
	Purchased options, at value (h)		—			10,117			—			—			—			—
	Forward foreign currency contracts		—			13,821			—			—			—			27,479
	OTC swap agreements		—			5,397			—			—			—			—
	OTC swap premiums paid		—			8,516			—			—			—			—
Other assets			63			16			2			5			4			9
Total assets			2,563,585			480,557			85,079			133,153			71,445			236,763
Liabilities
Cash overdraft			—			—			636			—			—			—
Payable for:
	Advisory fees		1,020			346			51			65			51			124
	Administrative fees		326			55			11			16			10			27
	12b-1 fees		153			26			5			8			4			13
	Investment securities purchased		—			—			—			1,934			18			—
	Fund shares redeemed		919			556			92			70			305			135
	Dividends on securities sold short		—			310			—			—			—			—
	Interest expense and brokerage charges		—			9			—			—			—			—
	Trustee fees		90			31			6			10			5			32
	Chief compliance officer fees		19			4			1			1			1			2
	Other expenses		49			21			1			2			1			3
	Deposits from counterparties		—			17,963			—			—			—			—
	Return of securities loaned		—			204			1,214			—			—			—
Derivative instruments:
	Variation margin on derivative instruments		—			381			—			—			—			—
	Written options, at value (g)		—			2,099			—			2,331			—			—
	Forward foreign currency contracts		—			10,043			6			—			1			26,267
	OTC swap agreements		—			4,658			—			—			—			—
	OTC swap premiums received		—			7,555			—			—			—			—
Investment in securities sold short, at value (f)			—			8,040			—			—			—			—
Total liabilities			2,576			52,301			2,023			4,437			396			26,603
Net assets		$	2,561,009		$	428,256		$	83,056		$	128,716		$	71,049		$	210,160
Net assets consist of:
Paid-in capital		$	2,518,314		$	428,675		$	86,624		$	118,465		$	75,740		$	210,216
Undistributed (excess of distributions
	over) net investment income (loss)		66,336			4,641			2,952			2,391			1,199			(1,243	)
Accumulated net realized gain (loss)			(9,337	)		(8,835	)		(7,558	)		(7,153	)		(5,369	)		—
Net unrealized appreciation (depreciation) on
	investments and foreign currency		(14,304	)		3,775			1,038			15,013			(521	)		1,187
		$	2,561,009		$	428,256		$	83,056		$	128,716		$	71,049		$	210,160
Shares outstanding (no par values), unlimited
	shares authorized		239,417			44,195			7,320			11,036			6,705			21,523
Net asset value per share		$	10.70		$	9.69		$	11.35		$	11.66		$	10.60		$	9.76
(a)	Investments - unaffiliated, at cost	$	2,347,724		$	372,736		$	79,739		$	114,947		$	70,940		$	201,652
(b)	Investments - affiliated, at cost		219,341			43,022			1,214			2,005			515			7,190
(c)	Total investments, at cost	$	2,567,065		$	415,758		$	80,953		$	116,952		$	71,455		$	208,842
(d)	Including value of securities on loan	$	—		$	200		$	1,183		$	—		$	—		$	—
(e)	Foreign currency cost		—			576			20			—			3			—
(f)	Proceeds from securities sold short		—			8,010			—			—			—			—
(g)	Premiums from written options		—			1,280			—			2,655			—			—
(h)	Purchased options, at cost		—			4,244			—			—			—			—

See accompanying Notes to Financial Statements.

88

Jackson Variable Series Trust Sub-Advised Funds

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

December 31, 2016

		JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund(i)			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 (a)(d)		$	18,290		$	361,280		$	404,401		$	83,986		$	1,140,515	$	130,071
Investments - affiliated, at value (b)			2,273			19,345			5,556			11,292			129,735		778
Total investments, at value (c)			20,563			380,625			409,957			95,278			1,270,250		130,849
Cash			—			1,688			1,164			198			16,177		4
Cash collateral segregated for short sales			—			141,076			—			—			—		—
Foreign currency (e)			—			—			309			697			532		—
Receivable for:
	Investment securities sold		—			2,825			26,441			2,962			9,057		849
	Fund shares sold		55			73			670			46			3,031		126
	Dividends and interest		48			1,498			3,729			763			5,335		268
	Deposits with brokers and counterparties		—			—			1,141			1,465			—		—
Receivable from adviser			—			8			—			21			—		—
Derivative instruments:
	Variation margin on derivative instruments		233			—			39			5			—		—
	Purchased options, at value (h)		—			—			253			—			396		—
	Forward foreign currency contracts		—			—			983			—			—		—
	OTC swap agreements		—			—			547			134			—		—
	OTC swap premiums paid		—			—			110			427			—		—
Other assets			2			25			3			13			17		6
Total assets			20,901			527,818			445,346			102,009			1,304,795		132,102
Liabilities
Payable for reverse repurchase agreements			—			—			16,653			—			—		—
Payable for:
	Advisory fees		11			274			127			80			745		61
	Administrative fees		3			48			48			13			162		17
	12b-1 fees		1			23			22			6			78		8
	Investment securities purchased		—			1,488			48,240			1,247			6,608		266
	Fund shares redeemed		134			447			216			322			249		107
	Dividends on securities sold short		—			8			—			15			—		—
	Interest expense and brokerage charges		—			25			8			1			—		—
	Trustee fees		4			81			13			17			31		8
	Chief compliance officer fees		—			4			2			2			7		1
	Other expenses		—			7			10			2			26		3
	Deposits from counterparties		—			—			260			615			—		—
	Return of securities loaned		—			—			5,556			—			880		—
Derivative instruments:
	Variation margin on derivative instruments		243			—			131			109			—		—
	Written options, at value (g)		—			—			254			—			4,500		—
	Forward foreign currency contracts		—			—			798			—			—		—
	OTC swap agreements		—			—			141			94			—		—
	OTC swap premiums received		—			—			1,240			273			—		—
Investment in securities sold short, at value (f)			—			147,552			—			1,757			—		—
Total liabilities			396			149,957			73,719			4,553			13,286		471
Net assets		$	20,505		$	377,861		$	371,627		$	97,456		$	1,291,509	$	131,631
Net assets consist of:
Paid-in capital		$	97,112		$	399,590		$	368,887		$	124,674		$	1,220,151	$	110,630
Undistributed (excess of distributions
	over) net investment income (loss)		(371	)		(1,422	)		8,905			6,272			12,722		2,192
Accumulated net realized gain (loss)			(76,204	)		(31,374	)		(759	)		(33,734	)		13,413		1,838
Net unrealized appreciation (depreciation) on
	investments and foreign currency		(32	)		11,067			(5,406	)		244			45,223		16,971
		$	20,505		$	377,861		$	371,627		$	97,456		$	1,291,509	$	131,631
Shares outstanding (no par values), unlimited
	shares authorized		1,581			37,590			33,212			10,894			102,112		8,559
Net asset value per share		$	12.97		$	10.05		$	11.19		$	8.95		$	12.65	$	15.38
(a)	Investments - unaffiliated, at cost	$	18,279		$	347,828		$	410,116		$	83,833		$	1,095,299	$	113,100
(b)	Investments - affiliated, at cost		2,273			19,345			5,556			11,292			129,752		778
(c)	Total investments, at cost	$	20,552		$	367,173		$	415,672		$	95,125		$	1,225,051	$	113,878
(d)	Including value of securities on loan	$	—		$	—		$	5,396		$	—		$	861	$	—
(e)	Foreign currency cost		—			—			308			710			529		—
(f)	Proceeds from securities sold short		—			145,171			—			1,728			—		—
(g)	Premiums from written options		—			—			310			—			4,335		—
(h)	Purchased options, at cost		—			—			269			—			205		—

(i) Consolidated Statement of Assets and Liabilities.

See accompanying Notes to Financial Statements.

89

Jackson Variable Series Trust Sub-Advised Funds

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

December 31, 2016

		JNL/The London Company Focused U.S. Equity Fund			JNL/Van Eck International Gold Fund(e)			JNL/WCM Focused International Equity Fund
Assets
Investments - unaffiliated, at value (a)(d)		$	160,253		$	56,657		$	953,754
Investments - affiliated, at value (b)			7,473			10,924			85,587
Total investments, at value (c)			167,726			67,581			1,039,341
Receivable for:
	Investment securities sold		2,236			3			562
	Fund shares sold		105			135			340
	Dividends and interest		281			1			1,446
Derivative instruments:
	Forward foreign currency contracts		—			—			13
Other assets			5			2			32
Total assets			170,353			67,722			1,041,734
Liabilities
Payable for:
	Advisory fees		101			38			666
	Administrative fees		22			7			125
	12b-1 fees		10			3			60
	Investment securities purchased		—			—			22,712
	Fund shares redeemed		103			11			364
	Trustee fees		6			13			29
	Chief compliance officer fees		1			—			7
	Other expenses		3			1			19
	Return of securities loaned		4,411			10,075			9,119
Derivative instruments:
	Forward foreign currency contracts		—			—			4
Total liabilities			4,657			10,148			33,105
Net assets		$	165,696		$	57,574		$	1,008,629
Net assets consist of:
Paid-in capital		$	143,653		$	126,812		$	979,472
Undistributed (excess of distributions
	over) net investment income (loss)		1,025			444			3,886
Accumulated net realized gain (loss)			(2,817	)		(72,570	)		277
Net unrealized appreciation (depreciation) on
	investments and foreign currency		23,835			2,888			24,994
		$	165,696		$	57,574		$	1,008,629
Shares outstanding (no par values), unlimited
	shares authorized		12,832			6,081			91,647
Net asset value per share		$	12.91		$	9.47		$	11.01
(a)	Investments - unaffiliated, at cost	$	136,417		$	53,770		$	928,730
(b)	Investments - affiliated, at cost		7,473			10,924			85,587
(c)	Total investments, at cost	$	143,890		$	64,694		$	1,014,317
(d)	Including value of securities on loan	$	4,316		$	10,685		$	8,894

(e) Consolidated Statement of Assets and Liabilities.

See accompanying Notes to Financial Statements.

90

Jackson Variable Series Trust Sub-Advised Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2016

			JNL Tactical ETF Conservative Fund			JNL Tactical ETF Moderate Fund			JNL Tactical ETF Growth Fund			JNL/AQR Risk Parity Fund(b)			JNL/BlackRock Global Long Short Credit Fund			JNL/DFA U.S. Micro Cap Fund
Investment Income
Dividends (a)			$	2,324		$	5,044		$	3,456		$	12		$	374		$	1,154
Foreign taxes withheld				—			—			—			—			(6	)		—
Interest				—			—			—			192			15,134			—
Securities lending (a)				157			332			203			—			—			125
Total investment income				2,481			5,376			3,659			204			15,502			1,279
Expenses
Advisory fees				743			1,670			1,192			291			3,879			703
Administrative fees				149			334			238			52			612			132
12b-1 fees				198			445			318			68			817			176
Legal fees				6			14			10			2			25			6
Trustee fees				10			20			15			3			41			8
Chief compliance officer fees				2			6			4			1			12			2
Dividends on securities sold short				—			—			—			—			3,296			—
Short holdings borrowing fees				—			—			—			—			158			—
Other expenses				1			4			2			1			35			1
Total expenses				1,109			2,493			1,779			418			8,875			1,028
Expense waiver				(446	)		(1,002	)		(715	)		(34	)		(55	)		—
Net expenses				663			1,491			1,064			384			8,820			1,028
Net investment income (loss)				1,818			3,885			2,595			(180	)		6,682			251
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Unaffiliated investments			(512	)		(1,880	)		(2,778	)		111			(2,950	)		3,814
	Affiliated investments			—			—			—			—			—			—
	Foreign currency			—			—			—			6			73			—
	OTC derivative instruments			—			—			—			133			(4,256	)		—
	Exchange traded and centrally
		cleared derivative instruments		—			—			—			1,858			(4,549	)		—
	Investment securities sold short			—			—			—			—			(2,534	)		—
Net change in unrealized appreciation
	(depreciation) on:
	Investments			4,155			13,584			13,563			(91	)		16,262			18,298
	Foreign currency			—			—			—			(1	)		(60	)		—
	OTC derivative instruments			—			—			—			483			4,206			—
	Exchange traded and centrally
		cleared derivative instruments		—			—			—			425			(740	)		—
	Investment securities sold short			—			—			—			—			(1,715	)		—
Net realized and unrealized gain (loss)				3,643			11,704			10,785			2,924			3,737			22,112
Change in net assets from operations			$	5,461		$	15,589		$	13,380		$	2,744		$	10,419		$	22,363
(a)	Income from affiliated investments		$	168		$	350		$	212		$	12		$	142		$	2

(b) Consolidated Statement of Operations.

See accompanying Notes to Financial Statements.

91

Jackson Variable Series Trust Sub-Advised Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2016

			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)			$	660		$	214		$	4,064		$	3,690		$	2,567		$	32
Foreign taxes withheld				—			(180	)		(116	)		—			(127	)		—
Interest				91,638			26,789			—			—			—			672
Securities lending (a)				—			63			100			—			88			12
Total investment income				92,298			26,886			4,048			3,690			2,528			716
Expenses
Advisory fees				11,407			4,205			685			794			841			1,534
Administrative fees				3,636			664			147			198			158			329
12b-1 fees				4,847			885			196			264			210			438
Legal fees				146			27			6			8			6			13
Trustee fees				216			44			9			13			11			21
Chief compliance officer fees				56			12			3			4			3			6
Dividends on securities sold short				—			325			—			—			—			—
Short holdings borrowing fees				—			59			—			—			—			—
Other expenses				31			10			1			3			4			5
Total expenses				20,339			6,231			1,047			1,284			1,233	��		2,346
Expense waiver				(128	)		(96	)		—			—			—			—
Net expenses				20,211			6,135			1,047			1,284			1,233			2,346
Net investment income (loss)				72,087			20,751			3,001			2,406			1,295			(1,630	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Unaffiliated investments			(9,383	)		(1,689	)		(3,986	)		8,692			(4,564	)		1
	Affiliated investments			—			—			—			—			—			—
	Foreign currency			—			276			(5	)		—			(174	)		—
	OTC derivative instruments			—			(17,346	)		(27	)		—			81			(2,374	)
	Exchange traded and centrally
		cleared derivative instruments		—			(5,359	)		—			(5,150	)		—			—
	Brokerage commissions recaptured			—			—			2			—			1			—
Net change in unrealized appreciation
	(depreciation) on:
	Investments			(22,205	)		24,510			7,244			4,555			(2,253	)		19
	Foreign currency			—			76			7			—			4			—
	OTC derivative instruments			—			11,050			(6	)		—			(2	)		702
	Exchange traded and centrally
		cleared derivative instruments		—			(4,964	)		—			(1,713	)		—			—
	Investment securities sold short			—			202			—			—			—			—
Net realized and unrealized gain (loss)				(31,588	)		6,756			3,229			6,384			(6,907	)		(1,652	)
Change in net assets from operations			$	40,499		$	27,507		$	6,230		$	8,790		$	(5,612	)	$	(3,282	)
(a)	Income from affiliated investments		$	660		$	75		$	105		$	5		$	12		$	31

See accompanying Notes to Financial Statements.

92

Jackson Variable Series Trust Sub-Advised Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2016

			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)			$	5		$	2,257		$	21		$	157		$	12,616		$	3,271
Foreign taxes withheld				—			(67	)		(1	)		—			(41	)		(2	)
Net interest (amortization)				217			(3,788	)		9,506			9,343			9,464			—
Securities lending (a)				—			—			22			—			69			21
Total investment income				222			(1,598	)		9,548			9,500			22,108			3,290
Expenses
Advisory fees				178			3,496			1,103			1,796			6,808			651
Administrative fees				45			617			414			284			1,469			177
12b-1 fees				59			823			551			378			1,959			237
Legal fees				2			25			17			11			62			7
Trustee fees				3			41			20			21			84			12
Chief compliance officer fees				1			12			5			7			20			3
Dividends on securities sold short				—			917			—			2			—			—
Interest expense				—			222			14			—			—			—
Other expenses				5			10			3			7			11			2
Total expenses				293			6,163			2,127			2,506			10,413			1,089
Expense waiver				—			(28	)		—			(472	)		(69	)		—
Net expenses				293			6,135			2,127			2,034			10,344			1,089
Net investment income (loss)				(71	)		(7,733	)		7,421			7,466			11,764			2,201
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Unaffiliated investments			(14	)		(12,757	)		(1,196	)		(11,427	)		15,272			2,092
	Affiliated investments			—			—			—			—			—			—
	Foreign currency			—			—			6			(16	)		(22	)		—
	OTC derivative instruments			—			—			1,351			(542	)		901			—
	Exchange traded and centrally
		cleared derivative instruments		3,201			—			2,129			(6,323	)		4			—
	Investment securities sold short			—			14,140			—			—			—			—
	Brokerage commissions recaptured			—			—			—			—			5			9
Net change in unrealized appreciation
	(depreciation) on:
	Investments			97			33,058			(2,856	)		28,617			42,433			15,890
	Foreign currency			—			(1	)		3			(14	)		—			—
	OTC derivative instruments			—			—			1,124			(601	)		(98	)		—
	Exchange traded and centrally
		cleared derivative instruments		(515	)		—			(93	)		(229	)		(18	)		—
	Investment securities sold short			—			(13,178	)		—			(29	)		—			—
Net realized and unrealized gain (loss)				2,769			21,262			468			9,436			58,477			17,991
Change in net assets from operations			$	2,698		$	13,529		$	7,889		$	16,902		$	70,241		$	20,192
(a)	Income from affiliated investments		$	5		$	41		$	22		$	25		$	490		$	23

(b) Consolidated Statement of Operations.

See accompanying Notes to Financial Statements.

93

Jackson Variable Series Trust Sub-Advised Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2016

		JNL/The London Company Focused U.S. Equity Fund			JNL/Van Eck International Gold Fund(b)			JNL/WCM Focused International Equity Fund
Investment Income
Dividends (a)		$	2,677		$	292		$	15,572
Foreign taxes withheld			—			(19	)		(1,283	)
Securities lending (a)			18			93			290
Total investment income			2,695			366			14,579
Expenses
Advisory fees			1,095			495			7,230
Administrative fees			234			92			1,356
12b-1 fees			313			124			1,807
Legal fees			10			4			56
Trustee fees			15			5			84
Chief compliance officer fees			4			1			22
Other expenses			3			3			18
Total expenses			1,674			724			10,573
Expense waiver			(5	)		—			—
Net expenses			1,669			724			10,573
Net investment income (loss)			1,026			(358	)		4,006
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Unaffiliated investments		(593	)		562			812
	Affiliated investments		—			—			—
	Foreign currency		—			28			(517	)
	OTC derivative instruments		—			(11	)		400
	Brokerage commissions recaptured		6			—			1
Net change in unrealized appreciation
	(depreciation) on:
	Investments		24,284			14,463			(4,579	)
	Foreign currency		—			—			(31	)
	OTC derivative instruments		—			—			9
Net realized and unrealized gain (loss)			23,697			15,042			(3,905	)
Change in net assets from operations		$	24,723		$	14,684		$	101
(a)	Income from affiliated investments	$	31		$	96		$	404

(b) Consolidated Statement of Operations.

See accompanying Notes to Financial Statements.

94

Jackson Variable Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2016

		JNL Tactical ETF Conservative Fund			JNL Tactical ETF Moderate Fund			JNL Tactical ETF Growth Fund			JNL/AQR Risk Parity Fund(a)			JNL/BlackRock Global Long Short Credit Fund			JNL/DFA U.S. Micro Cap Fund
Operations
Net investment income (loss)		$	1,818		$	3,885		$	2,595		$	(180	)	$	6,682		$	251
Net realized gain (loss)			(512	)		(1,880	)		(2,778	)		2,108			(14,216	)		3,814
Net change in unrealized appreciation
	(depreciation)		4,155			13,584			13,563			816			17,953			18,298
Change in net assets from operations			5,461			15,589			13,380			2,744			10,419			22,363
Distributions to shareholders
From net investment income			(1,319	)		(2,980	)		(2,085	)		—			(10,988	)		(151	)
From net realized gains			(2,103	)		(8,419	)		(9,090	)		—			—			(6,729	)
Total distributions to shareholders			(3,422	)		(11,399	)		(11,175	)		—			(10,988	)		(6,880	)
Share transactions1
Proceeds from the sale of shares			45,958			79,533			44,573			19,405			42,976			21,422
Reinvestment of distributions			3,422			11,399			11,175			—			10,988			6,880
Cost of shares redeemed			(18,858	)		(40,032	)		(27,683	)		(23,196	)		(135,910	)		(13,132	)
Change in net assets from
	share transactions		30,522			50,900			28,065			(3,791	)		(81,946	)		15,170
Change in net assets			32,561			55,090			30,270			(1,047	)		(82,515	)		30,653
Net assets beginning of year			81,690			190,999			144,077			36,758			457,024			82,665
Net assets end of year		$	114,251		$	246,089		$	174,347		$	35,711		$	374,509		$	113,318
Undistributed (excess of distributions
	over) net investment income (loss)	$	1,815		$	3,880		$	2,591		$	(208	)	$	2,121		$	262
1Share Transactions
Shares Sold			4,129			6,715			3,678			4,919			4,535			2,412
Shares tendered in reverse share split (b)			—			—			—			(18,101	)		—			—
Reinvestment of distributions			309			979			949			—			1,163			822
Shares redeemed			(1,695	)		(3,384	)		(2,277	)		(9,195	)		(14,330	)		(1,543	)
Change in shares			2,743			4,310			2,350			(22,377	)		(8,632	)		1,691
Purchases and sales of long term
	investments
Purchase of securities		$	70,347		$	152,609		$	121,632		$	1,945		$	706,498		$	25,838
Purchase of U.S. government securities			—			—			—			7,991			338,905			—
Total purchases		$	70,347		$	152,609		$	121,632		$	9,936		$	1,045,403		$	25,838
Proceeds from sales of securities		$	40,844		$	107,756		$	102,452		$	663		$	740,091		$	18,039
Proceeds from sales of U.S. government
	securities		—			—			—			6,868			352,675			—
Total proceeds from sales		$	40,844		$	107,756		$	102,452		$	7,531		$	1,092,766		$	18,039
Security sold short covers		$	—		$	—		$	—		$	—		$	679,845		$	—
Securities sold short proceeds		$	—		$	—		$	—		$	—		$	677,164		$	—

(a)	Consolidated Statement of Changes in Net Assets.
(b)	As of close of business on May 6, 2016, the Fund implemented a reverse share split, which resulted in a reduction in the number of shares. Shares sold and shares redeemed prior to May 6, 2016 reflected in the Statement of Changes in Net Assets were not adjusted for the reverse share split. See Note 10 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

95

Jackson Variable Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2016

		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)		$	72,087		$	20,751		$	3,001		$	2,406		$	1,295		$	(1,630	)
Net realized gain (loss)			(9,383	)		(24,118	)		(4,016	)		3,542			(4,656	)		(2,373	)
Net change in unrealized appreciation
	(depreciation)		(22,205	)		30,874			7,245			2,842			(2,251	)		721
Change in net assets from operations			40,499			27,507			6,230			8,790			(5,612	)		(3,282	)
Distributions to shareholders
From net investment income			(41,372	)		(20,376	)		(3,185	)		(3,535	)		(1,102	)		(4,700	)
From net realized gains			—			—			—			(5,312	)		(4,125	)		—
Total distributions to shareholders			(41,372	)		(20,376	)		(3,185	)		(8,847	)		(5,227	)		(4,700	)
Share transactions1
Proceeds from the sale of shares			1,276,281			46,513			30,199			24,607			47,605			22,161
Reinvestment of distributions			41,372			20,376			3,185			8,847			5,227			4,700
Cost of shares redeemed			(529,255	)		(110,502	)		(49,459	)		(61,785	)		(94,170	)		(37,406	)
Change in net assets from
	share transactions		788,398			(43,613	)		(16,075	)		(28,331	)		(41,338	)		(10,545	)
Change in net assets			787,525			(36,482	)		(13,030	)		(28,388	)		(52,177	)		(18,527	)
Net assets beginning of year			1,773,484			464,738			96,086			157,104			123,226			228,687
Net assets end of year		$	2,561,009		$	428,256		$	83,056		$	128,716		$	71,049		$	210,160
Undistributed (excess of distributions
	over) net investment income (loss)	$	66,336		$	4,641		$	2,952		$	2,391		$	1,199		$	(1,243	)
1Share Transactions
Shares Sold			117,999			4,821			2,621			2,119			4,169			2,182
Reinvestment of distributions			3,802			2,103			285			782			477			478
Shares redeemed			(48,898	)		(11,454	)		(4,365	)		(5,417	)		(8,340	)		(3,694	)
Change in shares			72,903			(4,530	)		(1,459	)		(2,516	)		(3,694	)		(1,034	)
Purchases and sales of long term
	investments
Purchase of securities		$	486,401		$	327,050		$	20,335		$	83,443		$	42,422		$	31,896
Purchase of U.S. government securities			682,429			—			—			—			—			192,863
Total purchases		$	1,168,830		$	327,050		$	20,335		$	83,443		$	42,422		$	224,759
Proceeds from sales of securities		$	219,872		$	335,437		$	36,566		$	124,180		$	81,676		$	—
Proceeds from sales of U.S. government
	securities		168,706			17,095			—			—			—			254,223
Total proceeds from sales		$	388,578		$	352,532		$	36,566		$	124,180		$	81,676		$	254,223
Security sold short covers		$	—		$	309		$	—		$	27,750		$	—		$	—
Securities sold short proceeds		$	—		$	1,472		$	—		$	21,489		$	—		$	—

See accompanying Notes to Financial Statements.

96

Jackson Variable Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2016

		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)		$	(71	)	$	(7,733	)	$	7,421		$	7,466		$	11,764		$	2,201
Net realized gain (loss)			3,187			1,383			2,290			(18,308	)		16,160			2,101
Net change in unrealized appreciation
	(depreciation)		(418	)		19,879			(1,822	)		27,744			42,317			15,890
Change in net assets from operations			2,698			13,529			7,889			16,902			70,241			20,192
Distributions to shareholders
From net investment income			—			(1,860	)		(3,757	)		(12,641	)		(2,905	)		(1,166	)
From net realized gains			—			—			—			—			(11,429	)		(5,089	)
Total distributions to shareholders			—			(1,860	)		(3,757	)		(12,641	)		(14,334	)		(6,255	)
Share transactions1
Proceeds from the sale of shares			28,612			30,747			409,770			82,321			698,601			18,443
Reinvestment of distributions			—			1,860			3,757			12,641			14,334			6,255
Cost of shares redeemed			(60,717	)		(127,868	)		(164,588	)		(302,855	)		(128,292	)		(29,703	)
Change in net assets from
	share transactions		(32,105	)		(95,261	)		248,939			(207,893	)		584,643			(5,005	)
Change in net assets			(29,407	)		(83,592	)		253,071			(203,632	)		640,550			8,932
Net assets beginning of year			49,912			461,453			118,556			301,088			650,959			122,699
Net assets end of year		$	20,505		$	377,861		$	371,627		$	97,456		$	1,291,509		$	131,631
Undistributed (excess of distributions
	over) net investment income (loss)	$	(371	)	$	(1,422	)	$	8,905		$	6,272		$	12,722		$	2,192
1Share Transactions
Shares Sold			3,725			3,114			36,370			8,935			56,608			1,297
Shares tendered in reverse share split (b)			(2,503	)		—			—			—			—			—
Reinvestment of distributions			—			186			327			1,445			1,149			451
Shares redeemed			(8,241	)		(12,981	)		(14,650	)		(32,991	)		(10,448	)		(2,145	)
Change in shares			(7,019	)		(9,681	)		22,047			(22,611	)		47,309			(397	)
Purchases and sales of long term
	investments
Purchase of securities		$	14,252		$	270,591		$	304,090		$	114,933		$	1,064,648		$	78,505
Purchase of U.S. government securities			1,251			—			304,133			—			—			—
Total purchases		$	15,503		$	270,591		$	608,223		$	114,933		$	1,064,648		$	78,505
Proceeds from sales of securities		$	37,879		$	354,405		$	68,214		$	335,865		$	526,188		$	87,482
Proceeds from sales of U.S. government
	securities		2,850			—			266,077			—			690			—
Total proceeds from sales		$	40,729		$	354,405		$	334,291		$	335,865		$	526,878		$	87,482
Security sold short covers		$	—		$	143,895		$	1,581		$	—		$	607		$	—
Securities sold short proceeds		$	—		$	122,176		$	1,672		$	1,728		$	4,893		$	—

(a)	Consolidated Statement of Changes in Net Assets.
(b)	As of close of business on May 6, 2016, the Fund implemented a reverse share split, which resulted in a reduction in the number of shares. Shares sold and shares redeemed prior to May 6, 2016 reflected in the Statement of Changes in Net Assets were not adjusted for the reverse share split. See Note 10 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

97

Jackson Variable Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2016

		JNL/The London Company Focused U.S. Equity Fund			JNL/Van Eck International Gold Fund(a)			JNL/WCM Focused International Equity Fund
Operations
Net investment income (loss)		$	1,026		$	(358	)	$	4,006
Net realized gain (loss)			(587	)		579			696
Net change in unrealized appreciation
	(depreciation)		24,284			14,463			(4,601	)
Change in net assets from operations			24,723			14,684			101
Distributions to shareholders
From net investment income			(901	)		(376	)		(862	)
From net realized gains			—			—			(1,217	)
Total distributions to shareholders			(901	)		(376	)		(2,079	)
Share transactions1
Proceeds from the sale of shares			17,650			54,909			326,252
Reinvestment of distributions			901			376			2,079
Cost of shares redeemed			(24,925	)		(38,815	)		(121,508	)
Change in net assets from
	share transactions		(6,374	)		16,470			206,823
Change in net assets			17,448			30,778			204,845
Net assets beginning of year			148,248			26,796			803,784
Net assets end of year		$	165,696		$	57,574		$	1,008,629
Undistributed (excess of distributions
	over) net investment income (loss)	$	1,025		$	444		$	3,886
1Share Transactions
Shares Sold			1,463			7,817			29,411
Shares tendered in reverse share split (b)			—			(5,980	)		—
Reinvestment of distributions			76			33			179
Shares redeemed			(2,031	)		(4,393	)		(10,901	)
Change in shares			(492	)		(2,523	)		18,689
Purchases and sales of long term
	investments
Purchase of securities		$	16,930		$	37,551		$	368,767
Proceeds from sales of securities		$	23,295		$	22,890		$	190,535

(a)	Consolidated Statement of Changes in Net Assets.
(b)	As of close of business on May 6, 2016, the Fund implemented a reverse share split, which resulted in a reduction in the number of shares. Shares sold and shares redeemed prior to May 6, 2016 reflected in the Statement of Changes in Net Assets were not adjusted for the reverse share split. See Note 10 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

98

Jackson Variable Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2015

		JNL Tactical ETF Conservative Fund		JNL Tactical ETF Moderate Fund		JNL Tactical ETF Growth Fund		JNL/AQR Risk Parity Fund (a)		JNL/BlackRock Global Long Short Credit Fund		JNL/DFA U.S. Micro Cap Fund
	Operations
	Net investment income (loss)	$	1,238	$	2,854	$	2,037	$	(1,517)	$	8,466	$	166
	Net realized gain (loss)		2,108		8,380		8,971		(8,667)		2,573		6,774
	Net change in unrealized appreciation (depreciation)		(3,446)		(12,104)		(11,891)		256		(19,010)		(11,562)
	Change in net assets from operations		(100)		(870)		(883)		(9,928)		(7,971)		(4,622)
	Distributions to shareholders
	From net investment income		(764)		(1,672)		(1,430)		(15,043)		(23,142)		–
	From net realized gain		(543)		(2,424)		(2,615)		(18,506)		(3,347)		(30,316)
	Total distributions to shareholders		(1,307)		(4,096)		(4,045)		(33,549)		(26,489)		(30,316)
	Share transactions1
	Proceeds from sale of shares		47,140		91,670		65,483		132,138		166,216		20,523
	Proceeds in connection with acquisition		–		–		–		–		15,824		–
	Reinvestment of distributions		1,307		4,096		4,045		33,549		26,489		30,316
	Cost of shares redeemed		(16,571)		(20,082)		(25,594)		(260,992)		(98,534)		(26,451)
	Change in net assets from share transactions		31,876		75,684		43,934		(95,305)		109,995		24,388
	Change in net assets		30,469		70,718		39,006		(138,782)		75,535		(10,550)
	Net assets beginning of year		51,221		120,281		105,071		175,540		381,489		93,215
	Net assets end of year	$	81,690	$	190,999	$	144,077	$	36,758	$	457,024	$	82,665
	Undistributed (excess of distributions over) net investment income (loss)	$	1,316	$	2,975	$	2,081	$	(398)	$	12,538	$	164
1	Share transactions
	Shares sold		4,206		7,580		5,171		13,591		16,105		1,586
	Shares issued in connection with acquisition		–		–		–		–		1,525		–
	Reinvestment of distributions		118		345		329		22,516		2,756		3,497
	Shares redeemed		(1,476)		(1,661)		(2,024)		(27,683)		(9,653)		(2,034)
	Change in shares		2,848		6,264		3,476		8,424		10,733		3,049
(a)Consolidated Statement of Changes of Net Assets.

See accompanying Notes to Financial Statements.

99

Jackson Variable Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2015

		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)		$	47,686		$	19,962		$	3,067		$	3,562		$	1,177		$	(2,084)
	Net realized gain (loss)			(9,977)			9,147			(3,407)			8,643			4,019			6,317
	Net change in unrealized appreciation (depreciation)			(17,181)			(21,258)			(8,706)			(20,209)			(192)			442
	Change in net assets from operations			20,528			7,851			(9,046)			(8,004)			5,004			4,675
	Distributions to shareholders
	From net investment income			(23,913)			(28,903)			(1,687)			(2,914)			(863)			(4,083)
	From net realized gain			–			–			(795)			(1,956)			–			(3)
	Total distributions to shareholders			(23,913)			(28,903)			(2,482)			(4,870)			(863)			(4,086)
	Share transactions1
	Proceeds from sale of shares			728,429			136,510			109,415			86,961			76,845			79,129
	Proceeds in connection with acquisition			–			–			–			–			–			–
	Reinvestment of distributions			23,913			28,903			2,482			4,870			863			4,086
	Cost of shares redeemed			(195,791)			(99,793)			(61,645)			(169,777)			(82,484)			(47,743)
	Change in net assets from share transactions			556,551			65,620			50,252			(77,946)			(4,776)			35,472
	Change in net assets			553,166			44,568			38,724			(90,820)			(635)			36,061
	Net assets beginning of year			1,220,318			420,170			57,362			247,924			123,861			192,626
	Net assets end of year		$	1,773,484		$	464,738		$	96,086		$	157,104		$	123,226		$	228,687
	Undistributed (excess of distributions over) net investment income (loss)		$	41,350		$	21,730		$	3,218		$	3,560		$	1,099		$	4,161
1	Share transactions
	Shares sold			67,497			13,462			9,173			7,073			6,315			7,864
	Shares issued in connection with acquisition			–			–			–			–			–			–
	Reinvestment of distributions			2,243			3,033			223			413			72			402
	Shares redeemed			(18,177)			(9,923)			(5,464)			(14,002)			(6,823)			(4,722)
	Change in shares			51,563			6,572			3,932			(6,516)			(436)			3,544

See accompanying Notes to Financial Statements.

100

Jackson Variable Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2015

		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)		$	(832)		$	(12,547)	$		3,380	$		12,819	$		2,326	$		1,180
	Net realized gain (loss)			(36,361)			8,575			(704)			(7,846)			10,532			5,553
	Net change in unrealized appreciation (depreciation)			3,832			(13,017)			(4,571)			(17,684)			(2,217)			(4,701)
	Change in net assets from operations			(33,361)			(16,989)			(1,895)			(12,711)			10,641			2,032
	Distributions to shareholders
	From net investment income			–			(5,231)			(2,324)			(11,466)			(94)			(588)
	From net realized gain			–			–			–			–			(1,094)			(3,137)
	Total distributions to shareholders			–			(5,231)			(2,324)			(11,466)			(1,188)			(3,725)
	Share transactions1
	Proceeds from sale of shares			48,316			95,510			123,387			50,499			608,899			30,634
	Proceeds in connection with acquisition			–			65,802			–			–			–			64,322
	Reinvestment of distributions			–			5,231			2,324			11,466			1,188			3,725
	Cost of shares redeemed			(144,993)			(119,621)			(91,447)			(92,329)			(81,511)			(35,752)
	Change in net assets from share transactions			(96,677)			46,922			34,264			(30,364)			528,576			62,929
	Change in net assets			(130,038)			24,702			30,045			(54,541)			538,029			61,236
	Net assets beginning of year			179,950			436,751			88,511			355,629			112,930			61,463
	Net assets end of year		$	49,912		$	461,453	$		118,556	$		301,088	$		650,959	$		122,699
	Undistributed (excess of distributions over) net investment income (loss)		$	(300)		$	(7,311)	$		3,680	$		12,681	$		2,428	$		1,170
1	Share transactions
	Shares sold			7,275			9,217			11,111			5,180			51,689			2,131
	Shares issued in connection with acquisition			–			6,268			–			–			–			4,833
	Reinvestment of distributions			–			524			217			1,256			98			263
	Shares redeemed			(21,917)			(11,670)			(8,253)			(9,589)			(6,903)			(2,550)
	Change in shares			(14,642)			4,339			3,075			(3,153)			44,884			4,677
(a) Consolidated Statement of Changes in Net Assets.

See accompanying Notes to Financial Statements.

101

Jackson Variable Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2015

		JNL/The London Company Focused U.S. Equity Fund		JNL/Van Eck International Gold Fund (a)		JNL/WCM Focused International Equity Fund
	Operations
	Net investment income (loss)	$	900	$	(189)	$	1,094
	Net realized gain (loss)		(2,230)		(14,316)		1,652
	Net change in unrealized appreciation (depreciation)		(1,360)		7,211		32,274
	Change in net assets from operations		(2,690)		(7,294)		35,020
	Distributions to shareholders
	From net investment income		(279)		(997)		(189)
	From net realized gain		(522)		–		–
	Total distributions to shareholders		(801)		(997)		(189)
	Share transactions1
	Proceeds from sale of shares		81,550		28,281		601,312
	Proceeds in connection with acquisition		–		–		–
	Reinvestment of distributions		801		997		189
	Cost of shares redeemed		(13,416)		(75,638)		(66,476)
	Change in net assets from share transactions		68,935		(46,360)		535,025
	Change in net assets		65,444		(54,651)		569,856
	Net assets beginning of year		82,804		81,447		233,928
	Net assets end of year	$	148,248	$	26,796	$	803,784
	Undistributed (excess of distributions over) net investment income (loss)	$	900	$	27	$	860
1	Share transactions
	Shares sold		7,117		6,959		56,507
	Shares issued in connection with acquisition		–		–		–
	Reinvestment of distributions		70		299		17
	Shares redeemed		(1,157)		(17,215)		(6,005)
	Change in shares		6,030		(9,957)		50,519
(a) Consolidated Statement of Changes in Net Assets.

See accompanying Notes to Financial Statements.

102

Jackson Variable Series Trust Sub-Advised Funds

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)		Net realized & unrealized gains (losses)($)		Total from investment operations($)		Net investment income($)		Net realized gains on investment transactions($)		Net asset value, end of period($)		Total return (%)(c)	Net assets, end of period (in thousands)($)	Portfolio turnover (%)(d)	Net expenses to average net assets(%)		Total expenses to average net assets(%)		Net investment income (loss) to average net assets(%)
JNL Tactical ETF Conservative Fund(e)
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
12/31/12	*	10.00		0.17		0.27		0.44		(0.08)		(0.02)		10.34		4.40	17,867	59	0.96		1.26		1.87
JNL Tactical ETF Moderate Fund(e)
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
12/31/12	*	10.00		0.20		0.33		0.53		(0.09)		(0.02)		10.42		5.32	24,683	54	0.96		1.26		2.22
JNL Tactical ETF Growth Fund(e)
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
12/31/12	*	10.00		0.22		0.41		0.63		(0.10)		(0.04)		10.49		6.28	22,321	99	0.96		1.26		2.39
JNL/AQR Risk Parity Fund(f)
12/31/16		11.68	(g)	(0.07)	(g)	1.19	(g)	1.12	(g)	—		—		12.80		9.59	35,711	61	1.12		1.22		(0.53)
12/31/15		83.87	(g)	(0.83)	(g)	(6.53)	(g)	(7.36)	(g)	(29.07)	(g)	(35.76)	(g)	11.68	(g)(h)	(10.31)	36,758	73	1.12		1.27		(1.10)
12/31/14		80.50	(g)	(0.40)	(g)	6.85	(g)	6.45	(g)	—		(3.08)	(g)	83.87	(g)	7.95	175,540	17	1.13		1.33		(0.47)
12/31/13	*	80.00	(g)	(0.24)	(g)	0.74	(g)	0.50	(g)	—		—		80.50	(g)	0.60	311,716	69	1.14		1.34		(1.00)
JNL/BlackRock Global Long Short Credit Fund
12/31/16		9.51		0.16		0.10		0.26		(0.27)		—		9.50		2.77	374,509	400	2.16	(i)	2.17	(i)	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	(i)	1.96	(i)	1.91
12/31/14		10.10		0.20		(0.08)		0.12		—		—		10.22		1.19	381,489	223	2.19	(i)	2.19	(i)	1.95
12/31/13	*	10.00		0.05		0.05		0.10		—		—		10.10		1.00	413,201	164	1.84	(i)	1.84	(i)	0.78
JNL/DFA U.S. Micro Cap Fund
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	(h)	(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)
12/31/12	*	10.00		0.06		0.05		0.11		—		—		10.11		1.10	135,711	3	1.31		1.31		2.12
JNL/DoubleLine Total Return Fund
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
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
12/31/16		9.54		0.45		0.17		0.62		(0.47)		—		9.69		6.46	428,256	86	1.39	(i)	1.41	(i)	4.69
12/31/15		9.97		0.43		(0.23)		0.20		(0.63)		—		9.54		2.01	464,738	78	1.44	(i)	1.44	(i)	4.22
12/31/14		9.52		0.32		0.13		0.45		—		—		9.97		4.73	420,170	91	1.59	(i)	1.59	(i)	3.26
12/31/13	*	10.00		0.06		(0.54)		(0.48)		—		—		9.52		(4.80)	399,531	106	1.62	(i)	1.62	(i)	0.96
JNL/Epoch Global Shareholder Yield Fund
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)	(j)	(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
12/31/12	*	10.00		0.27		0.45		0.72		(0.14)		—		10.58		7.15	25,991	15	1.21		1.21		2.90

See accompanying Notes to Financial Statements.

103

Jackson Variable Series Trust Sub-Advised Funds

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)		Net realized & unrealized gains (losses)($)		Total from investment operations($)		Net investment income($)		Net realized gains on investment transactions($)		Net asset value, end of period($)		Total return (%)(c)	Net assets, end of period (in thousands)($)	Portfolio turnover (%)(d)	Net expenses to average net assets(%)		Total expenses to average net assets(%)		Net investment income (loss) to average net assets(%)
JNL/FAMCO Flex Core Covered Call Fund
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)	(j)	—		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
12/31/12	*	10.00		0.20		0.08		0.28		(0.08)		—		10.20		2.84	28,691	162	1.11		1.11		2.13
JNL/Lazard International Strategic Equity Fund
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
JNL/Neuberger Berman Currency Fund
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)	(j)	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)	(j)	9.80		(1.91)	164,891	69	1.17		1.17		(1.07)
12/31/12	*	10.00		(0.03)		0.13		0.10		—		—		10.10		1.00	225,986	25	1.21		1.21		(1.09)
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund(f)
12/31/16		11.61	(g)	(0.03)	(g)	1.39	(g)	1.36	(g)	—		—		12.97		11.81	20,505	22	0.99		0.99		(0.24)
12/31/15		15.49	(g)	(0.09)	(g)	(3.79)	(g)	(3.88)	(g)	—		—		11.61	(g)	(25.06)	49,912	13	1.01		1.01		(0.63)
12/31/14	*	20.00	(g)	(0.10)	(g)	(4.41)	(g)	(4.51)	(g)	—		—		15.49	(g)	(22.60)	179,950	49	1.07		1.07		(0.80)
JNL/Nicholas Convertible Arbitrage Fund
12/31/16		9.76		(0.19)		0.53		0.34		(0.05)		—		10.05		3.46	377,861	76	1.49	(i)	1.50	(i)	(1.88)
12/31/15		10.17		(0.28)		(0.02)		(0.30)		(0.11)		—		9.76		(2.96)	461,453	113	1.59	(i)	1.59	(i)	(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	(i)	1.84	(i)	(3.98)
12/31/13		10.26		(0.25)		0.59		0.34		(0.00)	(j)	(0.05)		10.55		3.35	238,456	150	1.88	(i)	1.88	(i)	(2.39)
12/31/12	*	10.00		(0.36)		0.62		0.26		—		—		10.26		2.60	204,528	139	2.50	(i)	2.50	(i)	(3.99)
JNL/PIMCO Credit Income Fund
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)	(j)	—		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)	(j)	10.17		(1.70)	52,473	103	0.97		0.97		1.67
12/31/12	*	10.00		0.16		0.51		0.67		(0.11)		(0.02)		10.54		6.68	33,519	79	1.01		1.01		1.71
JNL/PPM America Long Short Credit Fund
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
JNL/T. Rowe Price Capital Appreciation Fund
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	(k)	1.06		1.20
12/31/15		11.38		0.10		0.42		0.52		(0.00)	(j)	(0.02)		11.88		4.60	650,959	69	1.03	(k)	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	(k)	1.17		0.79
12/31/13	*	10.00		0.02		0.52		0.54		(0.03)		(0.00)	(j)	10.51		5.45	39,085	11	1.03		1.16		0.79
JNL/The Boston Company Equity Income Fund
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
12/31/12	*	10.00		0.21		0.64		0.85		(0.12)		(0.03)		10.70		8.49	16,670	45	1.06		1.06		2.28
JNL/The London Company Focused U.S. Equity Fund
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)	(j)	(0.00)	(j)	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

See accompanying Notes to Financial Statements.

104

Jackson Variable Series Trust Sub-Advised Funds

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)		Net realized & unrealized gains (losses)($)		Total from investment operations($)		Net investment income($)		Net realized gains on investment transactions($)		Net asset value, end of period($)		Total return (%)(c)	Net assets, end of period (in thousands)($)	Portfolio turnover (%)(d)	Net expenses to average net assets(%)	Total expenses to average net assets(%)	Net investment income (loss) to average net assets(%)
JNL/Van Eck International Gold Fund(l)
12/31/16		6.23	(g)	(0.06)	(g)	3.36	(g)	3.30	(g)	(0.06)		—		9.47		53.05	57,574	39	1.17	1.17	(0.58)
12/31/15		8.78	(g)	(0.04)	(g)	(2.27)	(g)	(2.31)	(g)	(0.24)	(g)	—		6.23	(g)	(26.59)	26,796	37	1.22	1.22	(0.45)
12/31/14		9.38	(g)	(0.07)	(g)	(0.50)	(g)	(0.57)	(g)	(0.03)	(g)	—		8.78	(g)	(6.13)	81,447	55	1.27	1.27	(0.62)
12/31/13		18.04	(g)	(0.04)	(g)	(8.60)	(g)	(8.64)	(g)	(0.02)	(g)	—		9.38	(g)	(47.90)	116,757	33	1.29	1.29	(0.31)
12/31/12	*	20.00	(g)	(0.04)	(g)	(1.92)	(g)	(1.96)	(g)	—		—		18.04	(g)	(9.80)	98,607	1	1.31	1.31	(0.72)
JNL/WCM Focused International Equity Fund
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)	(j)	—		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)	(j)	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)

*	Commencement of operations was as follows: February 6, 2012: JNL Tactical ETF Conservative Fund, JNL Tactical ETF Moderate Fund, JNL Tactical ETF Growth Fund, JNL/Epoch Global Shareholder Yield Fund, JNL/FAMCO Flex Core Covered Call Fund, JNL/Nicholas Convertible Arbitrage Fund, JNL/PIMCO Credit Income Fund and JNL/The Boston Company Equity Income Fund; September 10, 2012: JNL/DFA U.S. Micro Cap Fund, JNL/Neuberger Berman Currency Fund and JNL/Van Eck International Gold Fund; 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.
(a)	Annualized for periods less than one year.
(b)	Calculated using the average shares method.
(c)	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.
(d)	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.
(e)	Ratios of net investment income and expenses to average net assets do not include the impact of underlying funds' expenses.
(f)	Consolidated Financial Statements since commencement of operations.
(g)	On May 6, 2016, the Fund effected a reverse share split as described in Note 10 in the Notes to the Financial Statements. Per share data prior to this date has been retroactively adjusted to give effect to the reverse share split.
(h)	The Net Asset Value for the year ended December 31, 2015 decreased due to significant distributions paid by the Fund.
(i)	The net and total expense ratios to average net assets without dividend expenses, borrowing fees on securities sold short or interest expense for the following Funds were as follows:
		December 31, 2016		December 31, 2015		December 31, 2014		December 31, 2013		December 31, 2012
	JNL/BlackRock Global Long Short Credit Fund
	Net Expenses / Total Expenses 1	1.32	/1.33%	1.35	%	1.43	%	1.42	%	N/A
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
	Net Expenses / Total Expenses 2	1.30	/1.32	1.36		1.43		1.43		N/A
	JNL/Nicholas Convertible Arbitrage Fund
	Net Expenses / Total Expenses 1	1.21	/1.22	1.25		1.31		1.32		1.36	%
	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.
	2 Effective January 1, 2016, JNL/Eaton Vance Global Macro Absolute Return Advantage Fund voluntarily began waiving a portion of advisory fees.
(j)	Amount represents less than $0.005.
(k)	The ratios of net expenses to average net assets for JNL/T.Rowe Price Capital Appreciation Fund includes a reimbursement of 0.01% for advisory fees waived by the sub-adviser related to advisory fees earned on an affiliated investment held by the Fund.
(l)	Consolidated Financial Statements starting year ended December 31, 2013.

See accompanying Notes to Financial Statements.

105

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

NOTE 1. ORGANIZATION

The 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 April 27, 2015.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 December 31, 2016 consisted of thirty-three (33) 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.

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. The Funds offer only one class of shares. Shares of each Fund are sold to Jackson and its separate accounts and other affiliated registered investment companies to fund the benefits of variable annuity contracts and variable life insurance policies. Shares may also be sold directly to Jackson and to other affiliated funds. The Funds and each Fund's Sub-Advisers are:

Fund:	Sub-Adviser:
JNL Tactical ETF Conservative Fund, JNL Tactical ETF Moderate Fund, JNL Tactical ETF Growth Fund. The funds are collectively known as "JNL Tactical ETF Funds".	Mellon Capital Management 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), LLC
JNL/DFA U.S. Micro 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/Van Eck 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, JNL/Van Eck International Gold Fund and JNL/WCM Focused International Equity Fund.

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. 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 Pricing Committee (“Pricing Committee”), which consists of certain officers of the Trust and JNAM management. The Pricing 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 Pricing Committee reviews and affirms the reasonableness of the fair valuation determinations after considering all relevant information that is reasonably available. The Pricing 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.

106

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

The net asset value (“NAV”) of a Fund's shares is generally determined once each day on which the New York Stock Exchange (“NYSE”) is open, at the close of the regular trading session of the NYSE (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 or widely used quotation system. 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 and swap 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 Pricing 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. 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 gains tax liability in the Statements of Assets and Liabilities. Foreign capital gains tax paid and the current year’s change in deferred foreign capital gains tax liability are recorded in net realized gain (loss) on unaffiliated investments and net change in unrealized appreciation (depreciation) on unaffiliated investments, respectively, in the Statements of Operations.

107

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

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.

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.

Basis of Consolidation. The accompanying financial statements and Schedules of Investments for the Funds in the summary 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. Subsequent references to the Funds within the Notes to the Financial Statements collectively refer to the Consolidated Funds and their Subsidiaries.

The summary below provides additional information (in thousands, where applicable) for each Subsidiary as of December 31, 2016.

		At December 31, 2016					For the period ended December 31, 2016
	Date Subsidiary Established	Subsidiary Net Assets ($)		Subsidiary Percentage of Fund Net Assets (%)	Subsidiary Net Unrealized Appreciation (Depreciation) ($)		Subsidiary Net Investment Loss ($)		Subsidiary Net Realized Gain ($)		Subsidiary Net Change in Unrealized Appreciation (Depreciation) ($)		Subsidiary Net Change in Net Assets From Operations ($)
JNL/AQR Risk Parity Fund
JNL/AQR Risk Parity Fund Ltd.	04/23/13		5,334	14.94		30		(37)		364		378		705
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund Ltd.	03/07/14		4,074	19.87		(42)		(28)		3,201		(516)		2,657
JNL/Van Eck International Gold Fund
JNL/Van Eck International Gold Fund Ltd.	04/23/13		107	0.19		—		(1)		—		—		(1)

Recent Accounting Pronouncement. In October 2016, the SEC adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by RICs. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the final rules 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.

108

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

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, or ADRs and GDRs for which quoted prices in active markets are not available or securities limited by foreign ownership.

Level 3 includes valuations determined from significant unobservable inputs including the Adviser’s own assumptions in determining the fair value of the investment. Inputs used to determine the fair value of Level 3 securities include security specific inputs such as: credit quality, credit rating spreads, issuer news, trading characteristics, call features, maturity or anticipated cash flows; or industry specific inputs such as: trading activity of similar markets or securities, changes in the security’s underlying index or changes in comparable securities’ models. Level 3 valuations include securities, currency exchange rates and forward foreign currency contracts that are priced based on single source broker quotes; 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 December 31, 2016 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($)	Other1($)	Total($)
JNL Tactical ETF Conservative Fund
Assets - Securities
Investment Companies	112,524	—	—	—	112,524
Short Term Investments	1,465	—	—	18,999	20,464
	113,989	—	—	18,999	132,988
JNL Tactical ETF Moderate Fund	. Level 1 ($) .	. Level 2 ($) .	. Level 3 ($) .	. Other ¹ ($) .	. Total ($) .
Assets - Securities
Investment Companies	243,733	—	—	—	243,733
Short Term Investments	2,498	—	—	30,449	32,947
	246,231	—	—	30,449	276,680
JNL Tactical ETF Growth Fund
Assets - Securities
Investment Companies	171,991	—	—	—	171,991
Short Term Investments	2,211	—	—	24,460	26,671
	174,202	—	—	24,460	198,662
JNL/AQR Risk Parity Fund
Assets - Securities
Government And Agency Obligations	—	13,082	—	—	13,082
Short Term Investments	14,749	6,211	—	—	20,960
	14,749	19,293	—	—	34,042
Assets - Investments in Other Financial Instruments2
Futures Contracts	497	—	—	—	497
Open Forward Foreign Currency Contracts	—	164	—	—	164
OTC Total Return Swap Agreements	—	44	—	—	44
	497	208	—	—	705
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(407)	—	—	—	(407)
Open Forward Foreign Currency Contracts	—	(47)	—	—	(47)
	(407)	(47)	—	—	(454)
JNL/BlackRock Global Long Short Credit Fund
Assets - Securities
Common Stocks	2,356	231	—	—	2,587
Investment Companies	1,320	—	—	—	1,320
Non-U.S. Government Agency Asset-Backed Securities	—	45,306	—	—	45,306
Corporate Bonds And Notes	—	189,978	1,190	—	191,168
Variable Rate Senior Loan Interests3	—	65,281	1,248	—	66,529
Government And Agency Obligations	—	8,350	—	—	8,350
Short Term Investments	34,900	86,080	—	—	120,980

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	Level 1($)	Level 2($)		Level 3($)	Other1($)	Total($)
	38,576	395,226		2,438	—	436,240
Liabilities - Securities
Corporate Bonds And Notes	—	(51,074	)	—	—	(51,074	)
Government And Agency Obligations	—	(33,536	)	—	—	(33,536	)
	—	(84,610	)	—	—	(84,610	)
Assets - Investments in Other Financial Instruments2
Futures Contracts	51	—		—	—	51
Open Forward Foreign Currency Contracts	—	1,177		—	—	1,177
OTC Total Return Swap Agreements	—	20		—	—	20
Centrally Cleared Interest Rate Swap Agreements	—	38		—	—	38
Centrally Cleared Credit Default Swap Agreements	—	250		—	—	250
Exchange Traded Purchased Options	631	3		—	—	634
OTC Purchased Options	—	102		—	—	102
OTC Credit Default Swap Agreements	—	686		—	—	686
OTC Contracts for Difference	—	81		—	—	81
	682	2,357		—	—	3,039
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(410)	—		—	—	(410)
Open Forward Foreign Currency Contracts	—	(525)		—	—	(525)
OTC Total Return Swap Agreements	—	(235)		—	—	(235)
Centrally Cleared Interest Rate Swap Agreements	—	(216)		—	—	(216)
Centrally Cleared Credit Default Swap Agreements	—	(526)		—	—	(526)
Exchange Traded Written Options	(11)	(3)		—	—	(14)
OTC Written Options	—	(269)		—	—	(269)
OTC Credit Default Swap Agreements	—	(2,212)		—	—	(2,212)
OTC Contracts for Difference	—	(1)		—	—	(1)
	(421)	(3,987)		—	—	(4,408)
JNL/DFA U.S. Micro Cap Fund
Assets - Securities
Common Stocks	112,517	—		—	—	112,517
Short Term Investments	4,519	—		—	—	4,519
	117,036	—		—	—	117,036
JNL/DoubleLine Total Return Fund	. Level 1 ($) .	. Level 2 ($) .		. Level 3 ($) .	. Other ¹ ($) .	. Total ($) .
Assets - Securities
Non-U.S. Government Agency Asset-Backed Securities	—	1,016,925		—	—	1,016,925
Government And Agency Obligations	—	1,316,495		—	—	1,316,495
Short Term Investments	219,341	—		—	—	219,341
	219,341	2,333,420		—	—	2,552,761
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund		. Level 2 ($) .
Assets - Securities
Corporate Bonds And Notes	—	7,088		—	—	7,088
Variable Rate Senior Loan Interests	—	—		6,002	—	6,002
Government And Agency Obligations	—	316,165		—	—	316,165
Common Stocks
Iceland	6,335	3,280		—	—	9,615
Singapore	—	3,198		—	—	3,198
Short Term Investments	43,226	29,025		—	—	72,251
	49,561	358,756		6,002	—	414,319
Liabilities - Securities
Government And Agency Obligations	—	(8,040	)	—	—	(8,040	)
	—	(8,040	)	—	—	(8,040	)
Assets - Investments in Other Financial Instruments2
Futures Contracts	370	—		—	—	370
Open Forward Foreign Currency Contracts	—	13,821		—	—	13,821
Centrally Cleared Interest Rate Swap Agreements	—	3,534		—	—	3,534
Centrally Cleared Credit Default Swap Agreements	—	56		—	—	56
OTC Purchased Options	—	10,117		—	—	10,117
OTC Credit Default Swap Agreements	—	1,982		—	—	1,982
OTC Interest Rate Swap Agreements	—	3,415		—	—	3,415
	370	32,925		—	—	33,295

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	Level 1($)	Level 2($)	Level 3($)	Other1($)	Total($)
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(338)	—	—	—	(338)
Open Forward Foreign Currency Contracts	—	(10,043)	—	—	(10,043)
OTC Total Return Swap Agreements	—	—	—	—	—
Centrally Cleared Interest Rate Swap Agreements	—	(6,605)	—	—	(6,605)
Centrally Cleared Credit Default Swap Agreements	—	(1,303)	—	—	(1,303)
OTC Written Options	—	(2,099)	—	—	(2,099)
OTC Credit Default Swap Agreements	—	(4,270)	—	—	(4,270)
OTC Interest Rate Swap Agreements	—	(388)	—	—	(388)
	(338)	(24,708)	—	—	(25,046)
JNL/Epoch Global Shareholder Yield Fund	. Level 1 ($) .	. Level 2 ($) .	. Level 3 ($) .	. Other ¹ ($) .	. Total ($) .
Assets - Securities
Common Stocks
Australia	—	2,756	—	—	2,756
Canada	4,045	—	—	—	4,045
France	—	5,678	—	—	5,678
Germany	—	6,957	—	—	6,957
Italy	440	1,158	—	—	1,598
Netherlands	1,203	—	—	—	1,203
Norway	—	1,696	—	—	1,696
Singapore	—	948	—	—	948
Spain	—	537	—	—	537
Sweden	—	597	—	—	597
Switzerland	—	2,929	—	—	2,929
Taiwan	850	—	—	—	850
United Kingdom	969	9,844	—	—	10,813
United States of America	40,177	—	—	—	40,177
Short Term Investments	—	—	—	1,214	1,214
	47,684	33,100	—	1,214	81,998
Liabilities - Investments in Other Financial Instruments2
Open Forward Foreign Currency Contracts	—	(6)	—	—	(6)
	—	(6)	—	—	(6)
JNL/FAMCO Flex Core Covered Call Fund
Assets - Securities
Common Stocks	129,637	—	—	—	129,637
Short Term Investments	2,005	—	—	—	2,005
	131,642	—	—	—	131,642
Liabilities - Investments in Other Financial Instruments2
Exchange Traded Written Options	(2,331)	—	—	—	(2,331)
	(2,331)	—	—	—	(2,331)
JNL/Lazard International Strategic Equity Fund
Assets - Securities
Common Stocks	10,881	59,544	—	—	70,425
Short Term Investments	515	—	—	—	515
	11,396	59,544	—	—	70,940
Liabilities - Investments in Other Financial Instruments2
Open Forward Foreign Currency Contracts	—	(1)	—	—	(1)
	—	(1)	—	—	(1)
JNL/Neuberger Berman Currency Fund
Assets - Securities
Government And Agency Obligations	—	126,650	—	—	126,650
Short Term Investments	7,190	74,978	—	—	82,168
	7,190	201,628	—	—	208,818
Assets - Investments in Other Financial Instruments2
Open Forward Foreign Currency Contracts	—	27,479	—	—	27,479
	—	27,479	—	—	27,479
Liabilities - Investments in Other Financial Instruments2
Open Forward Foreign Currency Contracts	—	(26,267)	—	—	(26,267)
	—	(26,267)	—	—	(26,267)
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund
Assets - Securities
Non-U.S. Government Agency Asset-Backed Securities	—	3,961	—	—	3,961
Corporate Bonds And Notes	—	10,882	—	—	10,882
Short Term Investments	2,273	3,447	—	—	5,720
	2,273	18,290	—	—	20,563
Assets - Investments in Other Financial Instruments2
Futures Contracts	58	—	—	—	58
	58	—	—	—	58

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December 31, 2016

	Level 1($)		Level 2($)		Level 3($)	Other1($)	Total($)
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(100)		—		—	—	(100)
	(100)		—		—	—	(100)
JNL/Nicholas Convertible Arbitrage Fund	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Other ¹ ($) .	. Total ($) .
Assets - Securities
Preferred Stocks	28,304		—		—	—	28,304
Investment Companies	2,481		—		—	—	2,481
Corporate Bonds And Notes	—		330,495		—	—	330,495
Short Term Investments	19,345		—		—	—	19,345
	50,130		330,495		—	—	380,625
Liabilities - Securities
Common Stocks	(143,721	)	—		—	—	(143,721	)
Investment Companies	(3,831	)	—		—	—	(3,831	)
	(147,552	)	—		—	—	(147,552	)
JNL/PIMCO Credit Income Fund
Assets - Securities
Non-U.S. Government Agency Asset-Backed Securities	—		7,792		—	—	7,792
Corporate Bonds And Notes	—		303,578		—	—	303,578
Variable Rate Senior Loan Interests	—		8,698		—	—	8,698
Government And Agency Obligations	—		76,784		—	—	76,784
Trust Preferred	10		—		—	—	10
Preferred Stocks	43		297		—	—	340
Short Term Investments	—		7,199		—	5,556	12,755
	53		404,348		—	5,556	409,957
Assets – Investments in Other Financial Instruments2
Futures Contracts	64		—		—	—	64
Open Forward Foreign Currency Contracts	—		983		—	—	983
Centrally Cleared Interest Rate Swap Agreements	—		219		—	—	219
Centrally Cleared Credit Default Swap Agreements			102				102
OTC Purchased Options	—		253		—	—	253
OTC Credit Default Swap Agreements	—		538		—	—	538
OTC Interest Rate Swap Agreements	—		9		—	—	9
	64		2,104		—	—	2,168
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(41)		—		—	—	(41)
Open Forward Foreign Currency Contracts	—		(798)		—	—	(798)
Centrally Cleared Interest Rate Swap Agreements	—		(654)		—	—	(654)
Centrally Cleared Credit Default Swap Agreements	—		(11)		—	—	(11)
Exchange Traded Written Options	(1)		—		—	—	(1)
OTC Written Options	—		(253)		—	—	(253)
OTC Credit Default Swap Agreements	—		(49)		—	—	(49)
OTC Interest Rate Swap Agreements	—		(92)		—	—	(92)
	(42)		(1,857)		—	—	(1,899)
JNL/PPM America Long Short Credit Fund
Assets - Securities
Non-U.S. Government Agency Asset-Backed Securities	—		2,336		—	—	2,336
Corporate Bonds And Notes	—		50,013		—	—	50,013
Variable Rate Senior Loan Interests	—		30,130		299	—	30,429
Preferred Stocks	836		—		—	—	836
Other Equity Interests	—		—		—	—	—
Investment Companies	372		—		—	—	372
Short Term Investments	11,292		—		—	—	11,292
	12,500		82,479		299	—	95,278
Liabilities - Securities
Corporate Bonds And Notes	—		(1,757	)	—	—	(1,757	)
Variable Rate Senior Loan Interests	—		—		—	—	—
	—		(1,757	)	—	—	(1,757	)
Assets - Investments in Other Financial Instruments2
Futures Contracts	107		—		—	—	107
OTC Credit Default Swap Agreements	—		134		—	—	134
	107		134		—	—	241
Liabilities - Investments in Other Financial Instruments2
Centrally Cleared Credit Default Swap Agreements	—		(14)		—	—	(14)
OTC Credit Default Swap Agreements	—		(94)		—	—	(94)
	—		(108)		—	—	(108)
JNL/T. Rowe Price Capital Appreciation Fund
Assets - Securities
Common Stocks	776,070		22,022		—	—	798,092
Trust Preferred	4,664		—		—	—	4,664

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	Level 1($)	Level 2($)	Level 3($)	Other1($)	Total($)
Preferred Stocks	20,948	—	—	—	20,948
Investment Companies	1,115	—	—	—	1,115
Non-U.S. Government Agency Asset-Backed Securities	—	1,223	—	—	1,223
Corporate Bonds And Notes	—	276,881	—	—	276,881
Variable Rate Senior Loan Interests	—	37,827	—	—	37,827
Short Term Investments	129,500	—	—	—	129,500
	932,297	337,953	—	—	1,270,250
Assets - Investments in Other Financial Instruments2
OTC Purchased Options	—	396	—	—	396
	—	396	—	—	396
Liabilities - Investments in Other Financial Instruments2
OTC Written Options	—	(4,500)	—	—	(4,500)
	—	(4,500)	—	—	(4,500)
JNL/The Boston Company Equity Income Fund	. Level 1 ($) .	. Level 2 ($) .	. Level 3 ($) .	. Other ¹ ($) .	. Total ($) .
Assets - Securities
Common Stocks	130,071	—	—	—	130,071
Short Term Investments	778	—	—	—	778
	130,849	—	—	—	130,849
JNL/The London Company Focused U.S. Equity Fund
Assets - Securities
Common Stocks	160,253	—	—	—	160,253
Short Term Investments	3,062	—	—	4,411	7,473
	163,315	—	—	4,411	167,726
JNL/Van Eck International Gold Fund
Assets - Securities
Common Stocks	47,509	9,025	—	—	56,534
Warrants	—	16	—	—	16
Short Term Investments	956	—	—	10,075	11,031
	48,465	9,041	—	10,075	67,581
Assets - Investments in Other Financial Instruments2
Open Forward Foreign Currency Contracts	—	—	—	—	—
	—	—	—	—	—
JNL/WCM Focused International Equity Fund
Assets - Securities
Common Stocks
Australia	—	40,045	—	—	40,045
Bermuda	22,603	—	—	—	22,603
Brazil	20,461	—	—	—	20,461
Canada	69,959	—	—	—	69,959
China	28,759	33,580	—	—	62,339
Denmark	—	76,038	—	—	76,038
France	—	80,548	—	—	80,548
Germany	—	22,223	—	—	22,223
Hong Kong	—	2,867	—	—	2,867
India	29,140	—	—	—	29,140
Ireland	63,772	—	—	—	63,772
Italy	—	22,261	—	—	22,261
Japan	—	56,107	—	—	56,107
Mexico	13,110	—	—	—	13,110
Netherlands	35,046	—	—	—	35,046
Russian Federation	22,509	—	—	—	22,509
South Africa	—	22,543	—	—	22,543
Spain	—	15,586	—	—	15,586
Switzerland	—	69,832	—	—	69,832
Taiwan	44,813	—	—	—	44,813
United Kingdom	—	113,752	—	—	113,752
United States of America	48,200	—	—	—	48,200
Short Term Investments	76,468	—	—	9,119	85,587
	474,840	555,382	—	9,119	1,039,341
Assets - Investments in Other Financial Instruments2
Open Forward Foreign Currency Contracts	—	13	—	—	13
	—	13	—	—	13
Liabilities - Investments in Other Financial Instruments2
Open Forward Foreign Currency Contracts	—	(4)	—	—	(4)
	—	(4)	—	—	(4)

¹Certain 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.

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² All derivatives, except for options, are reflected at the unrealized appreciation (depreciation) on the instrument. Options are reflected at value.

³ Unfunded loan commitment in JNL/BlackRock Global Long Short Credit Fund is not reflected in the Schedule of Investments. Unrealized appreciation is reflected as an asset in the table. See Unfunded Commitments in these Notes to Financial Statements.

The Funds recognize transfers between levels as of the beginning of the period for financial reporting purposes. The following table summarizes significant transfers (in thousands) between Level 1 and Level 2 valuations for the year ended December 31, 2016:

			Transfers out of Level 2 into Level 1 during the Period($)		Transfers out of Level 1 into Level 2 during the Period($)
Transfers related to the application of statistical fair value pricing including changes between closing and evaluated pricing
	JNL/Lazard International Strategic Equity Fund
		Common Stocks		2,318		3,322

The following table is a rollforward of significant Level 3 valuations (in thousands) and transfers by category for which significant unobservable inputs were used to determine fair value during the year ended December 31, 2016:

		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
	Short Term Investment		—		—		(6,223)	3		—		6,223	3		—		—		—

¹Reflects the change in unrealized appreciation/ (depreciation) for Level 3 investments held at December 31, 2016.

²There were no significant transfers between Level 3 and Level 2 valuations during the year ended December 31, 2016, other than those noted.

³During the year, the valuation of the Short Term Investment held in JNL/Eaton Vance Global Macro Absolute Return Advantage Fund was transferred from a Level 3 valuation to a Level 2 valuation. At year end, the security was valued by an independent pricing service and was considered a Level 2 valuation. Previously it was valued using the purchase price and considered a Level 3 valuation.

Significant changes in unobservable valuation inputs to a different amount might result in a significantly higher or lower fair value measurement than the one used in a security’s valuation. There were no significant Level 3 valuations for which significant unobservable valuation inputs were developed at December 31, 2016.

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. equities – 102%; U.S. corporate fixed income – 102%; U.S. government 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., UK and certain Eurozone 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

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Notes to Financial Statements

December 31, 2016

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 investment - at value on the Statements of Assets and Liabilities. The value of securities on loan is disclosed under footnote (d) on the Statements of Assets and Liabilities. Each Fund’s net exposure to a borrower is 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 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.

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Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

The average daily balance (in thousands) and the weighted average interest rate for reverse repurchase agreements, for the year ended December 31, 2016, were as follows: JNL/BlackRock Global Long Short Credit Fund, $743 and 0.01%, for 169 days outstanding; and JNL/PIMCO Credit Income Fund, $13,325 and 0.88%, for 26 days outstanding. The value of reverse repurchase agreements and collateral pledged at December 31, 2016 was as follows:

	Collateral	Counter- party	Interest Rate Expense (Income)(%)	Maturity Date	Collateral Amount($)		Payable for Reverse Repurchase Agreement Including Interest Payable($)
JNL/BlackRock Global Long Short Credit Fund	U.S. Treasury Bond	BCL	(0.50)	Rolling		614		540

JNL/PIMCO Credit Income Fund
	U.S. Treasury Bond	SCB	0.87	02/23/2017	10,613	10,591
	U.S. Treasury Bond	MLP	1.15	01/03/2017	4,478	4,511
	U.S. Treasury Bond	RBS	0.93	03/08/2017	413	417
	U.S. Treasury Note	SGN	0.00	01/04/2017	1,141	1,143
						16,662

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-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 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 year ended December 31, 2016 were $9,999 and 0.10%, respectively, for 218 days outstanding. The Fund did not have any treasury roll transactions outstanding on December 31, 2016.

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

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December 31, 2016

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.

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. Funded portions of credit agreements are presented in the Schedules of Investments. The following table details unfunded loan commitments (in thousands) at December 31, 2016:

	Unfunded Commitment ($)	Unrealized Appreciation ($)
JNL/BlackRock Global Long Short Credit Fund
Mission Broadcasting Inc. Term Loan B-2	24	—
Nexstar Broadcasting Inc. Term Loan	270	3
	294	3

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 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/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. Since 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 which 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.

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Jackson Variable Series Trust Sub-Advised Funds

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December 31, 2016

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 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, in most circumstances, 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 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

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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.

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 since 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.

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Jackson Variable Series Trust Sub-Advised Funds

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December 31, 2016

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 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. Notional amounts of all credit default swap agreements outstanding as of December 31, 2016, for which a Fund is the seller of protection, are 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. 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. 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.

120

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

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.

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 year. (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 December 31, 2016. Funds which held only one type of derivative during the year 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 December 31, 2016.For Funds which held only one type of derivative during the year, 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 year ended December 31, 2016.

JNL/AQR Risk Parity Fund Derivative Strategies - The Fund entered into futures contracts to obtain exposure to or hedge changes in securities prices and interest rates, to manage cash flows, to replicate treasury bond positions, as an efficient means of obtaining exposure to certain markets as part of its investment strategy and as a substitute for investment in physical securities 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, to reduce foreign currency exposure on investment securities denominated in foreign currencies and as a means of risk management and/or hedging. The Fund entered into total return swap agreements to obtain exposure to or hedge changes in securities prices and interest rates, 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 December 31, 2016
Derivative instruments assets:
	Variation margin on derivative instruments9	163		—	10		—	61	234
	Forward foreign currency contracts	—		—	—		164	—	164
	OTC swap agreements	—		—	44		—	—	44
Total derivative instruments assets		163		—	54		164	61	442
Derivative instruments liabilities:
	Variation margin on derivative instruments9	77		—	45		—	30	152
	Forward foreign currency contracts	—		—	—		47	—	47
Total derivative instruments liabilities		77		—	45		47	30	199
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2016
Net realized gain (loss) on:
	Futures Contracts	379		—	1,074		—	405	1,858
Total exchange traded or centrally cleared derivative instruments		379		—	1,074		—	405	1,858
	Forward foreign currency contracts	—		—	—		174	—	174
	Swap agreements	(30	)	—	(11	)	—	—	(41	)
Total OTC derivative instruments		(30	)	—	(11	)	174	—	133
Net change in unrealized appreciation (depreciation) on:
	Futures Contracts	336		—	(98	)	—	187	425
Total exchange traded or centrally cleared derivative instruments		336		—	(98	)	—	187	425
	Forward foreign currency contracts	—		—	—		388	—	388
	Swap agreements	32		—	63		—	—	95
Total OTC derivative instruments		32		—	63		388	—	483

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

	Gross Amount Presented in the Statements of Assets and Liabilities3($)		Financial Instruments4($)		Collateral5($)		Net Amount6($)
									Total Collateral7
									Cash($)		Security($)
Derivative Assets by Counterparty*
BOA		38		—		—		38		—		—
CIT		164		(47)		—		117		—		—
GSC		6		—		—		6		—		—
Derivatives eligible for offset		208		(47)		—		161
Derivatives not eligible for offset		234								—		—
		442

121

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

Derivative Liabilities by Counterparty*
CIT	47	(47)	—	—	100	—
Derivatives eligible for offset	47	(47)	—	—
Derivatives not eligible for offset	152				1,542	—
	199

JNL/AQR Risk Parity Fund - Average Derivative Volume¹

	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 Credit Default Swap Agreements($)	Notional Amount of Total Return Swap Agreements($)
Average monthly volume	—	53,931	19,513	—	—	1,992

122

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

JNL/BlackRock Global Long Short Credit Fund Derivative Strategies - The Fund entered into option contracts to obtain exposure to or hedge changes in securities prices, interest rates and foreign currencies, as a means of risk management and/or hedging, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy and take a position on expectations of volatility of a reference entity. The Fund entered into futures contracts to obtain exposure to or hedge changes in security prices and interest rates, as an efficient means of obtaining exposure to certain markets as part of its investment strategy and as a means of risk management and/or hedging. The Fund entered into forward foreign currency contracts to reduce foreign currency exposure on investment securities denominated in foreign currencies and as a means of risk management and/or hedging. The Fund entered into interest rate swap agreements to manage duration, to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall and to obtain interest rate and yield curve exposure. The Fund entered into credit default swap agreements to hedge a portfolio of credit default swap agreements or bonds, obtain credit exposure, as a substitute for investment in physical securities, to speculate on changes in credit quality and used in combination with cash bonds exposure (1) to take advantage of spread variances between cash bonds and the credit default swap agreement or (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 differences to obtain short exposure and 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 December 31, 2016
Derivative instruments assets:
	Variation margin on derivative instruments9	—		4		17		—		55		76
	Purchased options, at value	—		5		605		—		126		736
	Forward foreign currency contracts	—		—		—		1,177		—		1,177
	OTC swap agreements	—		686		101		—		—		787
	OTC swap premiums paid	—		2,558		—		—		—		2,558
Total derivative instruments assets		—		3,253		723		1,177		181		5,334
Derivative instruments liabilities:
	Variation margin on derivative instruments9	—		41		2		—		19		62
	Written options, at value	—		271		10		—		2		283
	Forward foreign currency contracts	—		—		—		525		—		525
	OTC swap agreements	—		2,329		104		—		15		2,448
	OTC swap premiums received	—		2,685		—		—		—		2,685
Total derivative instruments liabilities		—		5,326		116		525		36		6,003
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2016
Net realized gain (loss) on:
	Futures Contracts	—		—		(456	)	—		(846	)	(1,302	)
	Purchased option contracts	(15	)	(576	)	(1,845	)	—		(292	)	(2,728	)
	Written option contracts	5		112		124		—		6		247
	Swap agreements	—		(449	)	—		—		(317	)	(766	)
Total exchange traded or centrally cleared derivative instruments		(10	)	(913	)	(2,177	)	—		(1,449	)	(4,549	)
	Purchased option contracts	—		(261	)	(82	)	(382	)	(50	)	(775	)
	Written option contracts	—		200		—		5		—		205
	Forward foreign currency contracts	—		—		—		2,211		—		2,211
	Swap agreements	—		(4,130	)	(1,284	)	—		(483	)	(5,897	)
Total OTC derivative instruments		—		(4,191	)	(1,366	)	1,834		(533	)	(4,256	)
Net change in unrealized appreciation (depreciation) on:
	Futures Contracts	—		—		67		—		(578	)	(511	)
	Purchased option contracts	—		(12	)	20		—		(9	)	(1	)
	Written option contracts	—		2		20		—		(4	)	18
	Swap agreements	—		(310	)	—		—		64		(246	)
Total exchange traded or centrally cleared derivative instruments		—		(320	)	107		—		(527	)	(740	)
	Purchased option contracts	—		—		—		—		19		19
	Written option contracts	—		(188	)	—		—		—		(188	)
	Forward foreign currency contracts	—		—		—		3,032		—		3,032
	Swap agreements	—		1,640		(282	)	—		(15	)	1,343
Total OTC derivative instruments		—		1,452		(282	)	3,032		4		4,206

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

	Gross Amount Presented in the Statements of Assets and Liabilities3($)		Financial Instruments4($)		Collateral5($)		Net Amount6($)
									Total Collateral 7
									Cash($)		Security($)
Derivative Assets by Counterparty*
BCL		137		(137)		—		—		—		—
BNP		50		(50)		—		—		—		—
BOA		102		(102)		—		—		—		—
CGM		175		(175)		—		—		—		—
CIT		299		(299)		—		—		—		—
CSI		59		(51)		—		8		—		—

123

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

DUB	878	(498)	(380)	—	—	554
GSC	114	(114)	—	—	—	—
JPM	237	(237)	—	—	—	—
MSC	15	(5)	—	10	—	—
Derivatives eligible for offset	2,066	(1,668)	(380)	18
Derivatives not eligible for offset	3,268				—	—
	5,334
Derivative Liabilities by Counterparty*
BCL	169	(137)	—	32	—	—
BNP	73	(50)	—	23	—	—
BOA	169	(102)	(67)	—	150	—
CGM	532	(175)	—	357	—	—
CIT	660	(299)	—	361	—	—
CSI	51	(51)	—	—	500	—
DUB	498	(498)	—	—	—	—
GSC	418	(114)	(304)	—	600	—
JPM	667	(237)	(430)	—	580	—
MSC	5	(5)	—	—	—	—
Derivatives eligible for offset	3,242	(1,668)	(801)	773
Derivatives not eligible for offset	2,761				1,776	—
	6,003

JNL/BlackRock Global Long Short Credit Fund - Average Derivative Volume¹

	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 Credit Default Swap Agreements($)	Notional Amount of Total Return Swap Agreements($)	Notional Amount of Contracts for Difference Agreements($)
Average monthly volume	874	47,805	244,026	22,846	196,550	8,435	3,315

124

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

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

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 December 31, 2016
Derivative instruments assets:
	Variation margin on derivative instruments9	—	1		—		—		315		316
	Purchased options, at value	—	—		1,769		8,348		—		10,117
	Forward foreign currency contracts	—	—		—		13,821		—		13,821
	OTC swap agreements	—	1,982		—		—		3,415		5,397
	OTC swap premiums paid	—	8,516		—		—		—		8,516
Total derivative instruments assets		—	10,499		1,769		22,169		3,730		38,167
Derivative instruments liabilities:
	Variation margin on derivative instruments9	—	3		3		—		375		381
	Written options, at value	—	—		—		2,099		—		2,099
	Forward foreign currency contracts	—	—		—		10,043		—		10,043
	OTC swap agreements	—	4,270		—		—		388		4,658
	OTC swap premiums received	—	7,555		—		—		—		7,555
Total derivative instruments liabilities		—	11,828		3		12,142		763		24,736
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2016
Net realized gain (loss) on:
	Futures Contracts	—	—		(2,464	)	—		(2,533	)	(4,997	)
	Swap agreements	—	(1,129	)	—		—		767		(362	)
Total exchange traded or centrally cleared derivative instruments		—	(1,129	)	(2,464	)	—		(1,766	)	(5,359	)
	Purchased option contracts	—	—		(244	)	(4,467	)	203		(4,508	)
	Written option contracts	—	—		—		2,493		150		2,643
	Forward foreign currency contracts	—	—		—		(12,425	)	—		(12,425	)
	Swap agreements	—	(153	)	—		(212	)	(2,691	)	(3,056	)
Total OTC derivative instruments		—	(153	)	(244	)	(14,611	)	(2,338	)	(17,346	)
Net change in unrealized appreciation (depreciation) on:
	Futures Contracts	—	—		20		—		(238	)	(218	)
	Swap agreements	—	(1,247	)	—		—		(3,499	)	(4,746	)
Total exchange traded or centrally cleared derivative instruments		—	(1,247	)	20		—		(3,737	)	(4,964	)
	Purchased option contracts	—	—		633		4,367		(78	)	4,922
	Written option contracts	—	—		—		(1,312	)	(81	)	(1,393	)
	Forward foreign currency contracts	—	—		—		2,074		—		2,074
	Swap agreements	—	(1,464	)	—		793		6,118		5,447
Total OTC derivative instruments		—	(1,464	)	633		5,922		5,959		11,050

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

	Gross Amount Presented in the Statements of Assets and Liabilities3($)		Financial Instruments4($)		Collateral5($)		Net Amount6($)
									Total Collateral7
									Cash($)		Security($)
Derivative Assets by Counterparty*
BNP		4,171		(4,171)		—		—		—		—
BOA		698		(359)		—		339		—		—
CGM		1,274		(878)		—		396		—		—
CIT		262		—		—		262		—		—
DUB		389		(389)		—		—		—		—
GSC		8,807		(4,697)		(4,110)		—		—		8,681
JPM		4,655		(1,667)		(2,988)		—		3,553		—
MSC		1,667		(1,181)		—		486		—		—
SCB		7,412		(2,403)		(5,009)		—		4,368		1,361
Derivatives eligible for offset		29,335		(15,745)		(12,107)		1,483
Derivatives not eligible for offset		8,832								—		—

125

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

	38,167
Derivative Liabilities by Counterparty*
BNP	4,734	(4,171)	(563)	—	—	776
BOA	359	(359)	—	—	—	1,704
CGM	878	(878)	—	—	—	—
DUB	881	(389)	(492)	—	—	649
GSC	4,697	(4,697)	—	—	—	—
JPM	1,667	(1,667)	—	—	—	—
MSC	1,181	(1,181)	—	—	—	—
SCB	2,403	(2,403)	—	—	—	—
Derivatives eligible for offset	16,800	(15,745)	(1,055)	—
Derivatives not eligible for offset	7,936				6,029	1,654
	24,736

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Average Derivative Volume¹

	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	4,720	101,274	1,039,853	660,393	5,564	232,905	—

126

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

JNL/PIMCO Credit Income Fund Derivative Strategies - The Fund entered into option contracts to obtain exposure to or hedge changes in interest rates, inflation and foreign currencies, to generate income, to take a position on expectations of volatility of a reference entity and as a substitute for investment in physical securities. The Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates and as an efficient means of obtaining exposure to certain markets as part of its investment strategy. 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, to obtain interest rate and yield curve exposure and as a substitute for investment in physical securities. The Fund entered into credit default swap agreements to obtain credit exposure.

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 December 31, 2016
Derivative instruments assets:
	Variation margin on derivative instruments9	—	6	—	—		33		39
	Purchased options, at value	—	—	—	—		253		253
	Forward foreign currency contracts	—	—	—	983		—		983
	OTC swap agreements	—	538	—	—		9		547
	OTC swap premiums paid	—	110	—	—		—		110
Total derivative instruments assets		—	654	—	983		295		1,932
Derivative instruments liabilities:
	Variation margin on derivative instruments9	—	1	—	—		130		131
	Written options, at value	—	4	—	—		250		254
	Forward foreign currency contracts	—	—	—	798		—		798
	OTC swap agreements	—	49	—	—		92		141
	OTC swap premiums received	—	1,240	—	—		—		1,240
Total derivative instruments liabilities		—	1,294	—	798		472		2,564
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2016
Net realized gain (loss) on:
	Futures Contracts	—	—	—	—		(102	)	(102	)
	Written option contracts	—	—	—	—		26		26
	Swap agreements	—	2,177	—	—		28		2,205
Total exchange traded or centrally cleared derivative instruments		—	2,177	—	—		(48	)	2,129
	Purchased option contracts	—	—	—	(44	)	(51	)	(95	)
	Written option contracts	—	119	—	146		54		319
	Forward foreign currency contracts	—	—	—	709		—		709
	Swap agreements	—	327	—	—		91		418
Total OTC derivative instruments		—	446	—	811		94		1,351
Net change in unrealized appreciation (depreciation) on:
	Futures Contracts	—	—	—	—		60		60
	Written option contracts	—	—	—	—		5		5
	Swap agreements	—	277	—	—		(435	)	(158	)
Total exchange traded or centrally cleared derivative instruments		—	277	—	—		(370	)	(93	)
	Purchased option contracts	—	—	—	—		24		24
	Written option contracts	—	17	—	2		(20	)	(1	)
	Forward foreign currency contracts	—	—	—	172		—		172
	Swap agreements	—	872	—	—		57		929
Total OTC derivative instruments		—	889	—	174		61		1,124

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

	Gross Amount Presented in the Statements of Assets and Liabilities3($)		Financial Instruments4($)		Collateral5($)		Net Amount6($)
									Total Collateral7
									Cash($)		Security($)
Derivative Assets by Counterparty*
BCL		84		(14)		—		70		—		—
BNP		219		(96)		—		123		—		—
BOA		267		(267)		—		—		—		—
CGM		55		—		—		55		—		—
CIT		2		(2)		—		—		—		—
CSI		39		—		—		39		—		—
DUB		229		(210)		—		19		—		—
GSC		205		(170)		—		35		—		—
JPM		131		(16)		(115)		—		260		—
MSC		278		(66)		—		212		—		—
SCB		232		(232)		—		—		—		—
UBS		42		(42)		—		—		—		—
Derivatives eligible for offset		1,783		(1,115)		(115)		553
Derivatives not eligible for offset		149								—		—
		1,932

127

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

Derivative Liabilities by Counterparty*
ANZ	3	—	—	3	—	—
BCL	14	(14)	—	—	—	21
BNP	96	(96)	—	—	—	—
BOA	330	(267)	—	63	—	—
CIT	3	(2)	—	1	—	—
DUB	210	(210)	—	—	—	—
GSC	170	(170)	—	—	—	—
GSI	—	—	—	—	—	255
JPM	16	(16)	—	—	—	—
MSC	66	(66)	—	—	—	284
SCB	238	(232)	—	6	—	—
UBS	46	(42)	—	4	—	—
Derivatives eligible for offset	1,192	(1,115)	—	77
Derivatives not eligible for offset	1,372				1,141	4,948
	2,564

	Gross Amount Presented in the Statement of Assets and Liabilities8($)		Financial Instruments4($)		Collateral5($)		Net Amount8($)
									Total Collateral 7
									Cash($)		Security($)
Master Forward Agreement Transaction Assets by Counterparty*
CSI		5,114		(5,114)		-		-		-		-
MLP		16,210		(16,111)		-		99		-		-
		21,324		(21,225)		-		99
Master Forward Agreement Transaction Liabilities by Counterparty*
CSI		5,146		(5,114)		-		32		-		-
MLP		16,111		(16,111)		-		-		-		298
		21,257		(21,225)		-		32

JNL/PIMCO Credit Income Fund - Average Derivative Volume¹

	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 Credit Default Swap Agreements($)	Notional Amount of Total Return Swap Agreements($)
Average monthly volume	615	36,431	52,242	16,157	149,512	—

128

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

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

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 December 31, 2016
Derivative instruments assets:
	Variation margin on derivative instruments9	—	—		—	—		5		5
	OTC swap agreements	—	134		—	—		—		134
	OTC swap premiums paid	—	427		—	—		—		427
Total derivative instruments assets		—	561		—	—		5		566
Derivative instruments liabilities:
	Variation margin on derivative instruments9	—	1		—	6		102		109
	OTC swap agreements	—	94		—	—		—		94
	OTC swap premiums received	—	273		—	—		—		273
Total derivative instruments liabilities		—	368		—	6		102		476
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2016
Net realized gain (loss) on:
	Futures Contracts	—	—		—	32		(6,268	)	(6,236	)
	Swap agreements	—	(87	)	—	—		—		(87	)
Total exchange traded or centrally cleared derivative instruments		—	(87	)	—	32		(6,268	)	(6,323	)
	Forward foreign currency contracts	—	—		—	(7	)	—		(7	)
	Swap agreements	—	(535	)	—	—		—		(535	)
Total OTC derivative instruments		—	(535	)	—	(7	)	—		(542	)
Net change in unrealized appreciation (depreciation) on:
	Futures Contracts	—	—		—	(87	)	(128	)	(215	)
	Swap agreements	—	(14	)	—	—		—		(14	)
Total exchange traded or centrally cleared derivative instruments		—	(14	)	—	(87	)	(128	)	(229	)
	Swap agreements	—	(601	)	—	—		—		(601	)
Total OTC derivative instruments		—	(601	)	—	—		—		(601	)

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

	Gross Amount Presented in the Statements of Assets and Liabilities3($)		Financial Instruments4($)		Collateral5($)		Net Amount6($)
									Total Collateral7
									Cash($)		Security($)
Derivative Assets by Counterparty*
CGM		109		(64)		—		45		—		—
CIT		—		—		—		—		—		615
JPM		25		(25)		—		—		—		—
Derivatives eligible for offset		134		(89)		—		45
Derivatives not eligible for offset		432								—		—
		566
Derivative Liabilities by Counterparty*
CGM		64		(64)		—		—		—		—
JPM		30		(25)		(5)		—		260		—
Derivatives eligible for offset		94		(89)		(5)		—
Derivatives not eligible for offset		382								590		—
		476

JNL/PPM America Long Short Credit Fund - Average Derivative Volume¹

	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 Credit Default Swap Agreements($)	Notional Amount of Total Return Swap Agreements($)
Average monthly volume	—	97,734	—	—	46,385	—

129

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

JNL/T. Rowe Price Capital Appreciation Fund Derivative Strategies - The 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. 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($)	Total($)
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2016
Derivative instruments assets:
	Purchased options, at value	—	—	396		—	—	396
Total derivative instruments assets		—	—	396		—	—	396
Derivative instruments liabilities:
	Written options, at value	—	—	4,500		—	—	4,500
Total derivative instruments liabilities		—	—	4,500		—	—	4,500
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2016
Net realized gain (loss) on:
	Written option contracts	—	—	5		—	—	5
Total exchange traded or centrally cleared derivative instruments		—	—	5		—	—	5
	Purchased option contracts	—	—	(84	)	—	—	(84	)
	Written option contracts	—	—	977		—	—	977
	Forward foreign currency contracts	—	—	—		8	—	8
Total OTC derivative instruments		—	—	893		8	—	901
Net change in unrealized appreciation (depreciation) on:
	Written option contracts	—	—	(18	)	—	—	(18	)
Total exchange traded or centrally cleared derivative instruments		—	—	(18	)	—	—	(18	)
	Purchased option contracts	—	—	191		—	—	191
	Written option contracts	—	—	(289	)	—	—	(289	)
Total OTC derivative instruments		—	—	(98	)	—	—	(98	)

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

	Gross Amount Presented in the Statements of Assets and Liabilities3($)		Financial Instruments4($)		Collateral5($)		Net Amount6($)
									Total Collateral7
									Cash($)		Security($)
Derivative Assets by Counterparty*
CGM		396		(396)		—		—		—		—
Derivatives eligible for offset		396		(396)		—		—
Derivative Liabilities by Counterparty*
CGM		2,794		(396)		—		2,398		—		—
CIT		1		—		—		1		—		—
DUB		1,553		—		—		1,553		—		—
MSC		131		—		—		131		—		—
RBC		21		—		—		21		—		—
Derivatives eligible for offset		4,500		(396)		—		4,104

JNL/T. Rowe Price Capital Appreciation Fund - Average Derivative Volume¹

	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 Credit Default Swap Agreements($)	Notional Amount of Total Return Swap Agreements($)
Average monthly volume	3,005	—	68	—	—	—

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 Financial Instruments⁴($) Collateral⁵($) Net Amount⁶($)

130

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

	Assets and Liabilities3($)
						Total Collateral 7
						Cash($)		Security($)
Derivative Assets by Counterparty*
GSC		5,699	(5,699)	—	—		—		—
RBC		2,845	(2,845)	—	—		—		—
SGB		11,245	(6,805)	—	4,440		—		—
SSB		7,690	(5,629)	—	2,061		—		—
Derivatives eligible for offset		27,479	(20,978)	—	6,501
Derivative Liabilities by Counterparty*
GSC		6,371	(5,699)	—	672		—		—
RBC		7,462	(2,845)	—	4,617		—		—
SGB		6,805	(6,805)	—	—		—		—
SSB		5,629	(5,629)	—	—		—		—
Derivatives eligible for offset		26,267	(20,978)	—	5,289

¹ The derivative instruments outstanding as of December 31, 2016, as disclosed in the Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the year ended December 31, 2016, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds.

² Purchased options market value is reflected in Purchased options, at value. Realized gain (loss) and change in unrealized appreciation (depreciation) on purchased options are reflected in realized gain (loss) on exchange traded and centrally cleared derivative instruments and change in unrealized appreciation (depreciation) on exchange traded and centrally cleared derivative instruments, respectively, in the Statements of Operations.

³ Amounts eligible for offset are presented gross in the Statements of Assets and Liabilities.

⁴ Financial instruments eligible for offset, but not offset in the Statements of Assets and Liabilities.

⁵ Cash and security collateral not offset in the Statements of Assets and Liabilities. For derivative assets and liabilities, amounts do not reflect over-collateralization.

⁶ 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.

⁷ 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.

⁸ 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.

⁹ 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 86 in the Schedules of Investments.

The derivative strategy for Funds which held only one type of derivative during the year 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/Van Eck 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 December 31, 2016, as disclosed in the Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the year ended December 31, 2016, 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:

	Notional Value at Purchase of Futures Contracts($)	Cost of Options Purchased and Written($)	Cost of Forward Foreign Currency Contracts($)
JNL/Epoch Global Shareholder Yield Fund	—	—	143
JNL/FAMCO Flex Core Covered Call Fund	—	3,750	—
JNL/Lazard International Strategic Equity Fund	—	—	748
JNL/Neuberger Berman Currency Fund	—	—	1,538,577
JNL/Neuberger Risk Balanced Commodity Strategy Fund	30,714	—	—
JNL/Van Eck International Gold Fund	—	—	231
JNL/WCM Focused International Equity Fund	—	—	3,535

Pledged or Segregated Collateral. The following table summarizes cash and securities collateral pledged (in thousands) for Funds at December 31, 2016 for which collateral exists but was not presented in a Derivative and Financial Instruments Eligible for Offset table:

		Futures Contracts	Securities Sold Short		Repurchase Agreements
Prime	Counterparties	Pledged or	Pledged or	Pledged	Pledged or Segregated

131

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

	Broker		Segregated Securities($)	Segregated Securities($)	Cash($)	Securities($)
JNL/BlackRock Global Long Short Credit Fund	N/A	RBC	—	—	—	211
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund	N/A	GSC	2,197	—	—	—
JNL/Nicholas Convertible Arbitrage Fund	UBS	N/A	—	75,950	141,076	—
JNL/PPM America Long Short Credit Fund	SSB	N/A	—	2,620	—	—

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. This may be due to changes in such things as 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 the Funds focus 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 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.

132

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

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

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. A portion of this fee is paid by JNAM to the Sub-Advisers as compensation for their services.

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 and independent legal counsel to the disinterested Trustees, and a portion of the costs associated with the Chief Compliance Officer.

The following schedule indicates the advisory fee and administrative fee each Fund is currently 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		Over $1b		$0 to $3b		Over $3b
JNL Tactical ETF Conservative Fund	0.75	%	0.70	%	0.15	%	0.13	%
JNL Tactical ETF Moderate Fund	0.75		0.70		0.15		0.13
JNL Tactical ETF Growth Fund	0.75		0.70		0.15		0.13
JNL/AQR Risk Parity Fund	0.85		0.80		0.15		0.13
JNL/BlackRock Global Long Short Credit Fund	0.95		0.90		0.15		0.13
JNL/DFA U.S. Micro Cap Fund	0.80		0.75		0.15		0.13
JNL/DoubleLine Total Return Fund	0.50		0.45		0.15		0.13
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	0.95		0.90		0.15		0.13
JNL/Epoch Global Shareholder Yield Fund	0.70		0.65		0.15		0.13
JNL/FAMCO Flex Core Covered Call Fund	0.60		0.55		0.15		0.13
JNL/Lazard International Strategic Equity Fund	0.80		0.75		0.15		0.13
JNL/Neuberger Berman Currency Fund	0.70		0.65		0.15		0.13
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund	0.60		0.55		0.15		0.13
JNL/Nicholas Convertible Arbitrage Fund	0.85		0.80		0.15		0.13
JNL/PIMCO Credit Income Fund	0.40		0.35		0.15		0.13
JNL/PPM America Long Short Credit Fund	0.95		0.90		0.15		0.13
JNL/T. Rowe Price Capital Appreciation Fund	0.70		0.65		0.15		0.13
JNL/The Boston Company Equity Income Fund	0.55		0.50		0.15		0.13
JNL/The London Company Focused U.S. Equity Fund	0.70		0.65		0.15		0.13
JNL/Van Eck International Gold Fund	0.80		0.75		0.15		0.13
JNL/WCM Focused International Equity Fund	0.80		0.75		0.15		0.13

133

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

Fee Waiver. Pursuant to contractual and voluntary fee waiver agreements, 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 an expense waiver in each Fund’s Statement of Operations.

	Contractual Advisory Fee Waiver as a Percentage of Average Daily Net Assets
JNL Tactical ETF Conservative Fund	0.45	%
JNL Tactical ETF Moderate Fund	0.45
JNL Tactical ETF Growth Fund	0.45
JNL/AQR Risk Parity Fund	0.10
JNL/DoubleLine Total Return Fund1	0.00
JNL/PPM America Long Short Credit Fund	0.25
JNL/T. Rowe Price Capital Appreciation Fund2	0.00
JNL/The London Company Focused U.S. Equity Fund3	0.00

¹Prior to April 25, 2016, the Fund’s contractual fee waiver was 0.02%.

²Prior to April 25, 2016, the Fund’s contractual fee waiver was 0.03%.

³Prior to April 25, 2016, the Fund’s contractual fee waiver was 0.01%.

	Voluntary Advisory Fee Waiver as a Percentage of Average Daily Net Assets
JNL/BlackRock Global Long Short Credit Fund1	0.05%
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	0.05% on net assets between $250 million - $1 billion
JNL/Nicholas Convertible Arbitrage Fund1	0.025% on net assets between $0 - $500 million

¹ Effective September 19, 2016.

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, the Funds will 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 reimbursement of certain distribution, administrative, or related service expenses from the sale and distribution of each Fund’s 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. Under the Plan, each Fund accrues the Rule 12b-1 fee daily, at the maximum annual rate of 0.20% of the average daily net assets of the Fund, and 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 in each Fund’s Statement of Operations.

Deferred Compensation Plan. The Funds adopted a Deferred Compensation Plan whereby a disinterested 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 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 trustee fees in the Statements of Assets and Liabilities. Increases or decreases related to the changes in value of deferred balances are included in trustee fees set forth in the Statements of Operations.

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.

Investments in Affiliates. During the year ended December 31, 2016, certain Funds invested in a money market fund which is managed by the Adviser. The JNL Money Market Fund is offered as a cash management tool to the Funds and their affiliates and is not available for direct purchase by members of the public. JNAM serves as the Adviser and Administrator for the JNL Money Market Fund. The Fund sub-advised by T. Rowe Price Associates, Inc. invested in T. Rowe Price Government Reserve Fund as a cash management tool and T. Rowe Price Institutional Floating Rate Fund, which are affiliates of the Fund's Sub-Adviser. Certain Funds participating in securities lending receive cash collateral, which is invested by the Custodian in the Securities Lending Cash Collateral Fund LLC, which is an affiliate of the Funds' Adviser. JNAM serves as the Administrator for the Securities Lending Cash Collateral Fund LLC. JNL/BlackRock Global Long Short Credit Fund invested in the iShares 20+ Year Treasury Bond ETF, which is an affiliate of the Fund's Sub-Adviser. The total value and cost of such affiliated investments is disclosed separately in the Statements of Assets and Liabilities, and the associated income and realized gain (loss) are disclosed separately in the Statements of Operations.

The following table details cash management investments in affiliates held at December 31, 2016. There was no realized gain or loss relating to transactions in these investment during the period ended December 31, 2016.

	Beginning Amortized Cost($)	Ending Amortized Cost($)	Dividend Income($)
JNL Money Market Fund
JNL Tactical ETF Conservative Fund	2,209	1,465	11
JNL Tactical ETF Moderate Fund	4,165	2,498	18
JNL Tactical ETF Growth Fund	1,969	2,211	9
JNL/AQR Risk Parity Fund	3,500	6,098	12
JNL/BlackRock Global Long Short Credit Fund	101,147	34,900	142
JNL/DFA U.S. Micro Cap Fund	299	661	2

134

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

	Beginning Amortized Cost($)	Ending Amortized Cost($)	Dividend Income($)
JNL Money Market Fund
JNL/DoubleLine Total Return Fund	188,761	219,341	660
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	40,000	43,022	75
JNL/Epoch Global Shareholder Yield Fund	1,952	-	5
JNL/FAMCO Flex Core Covered Call Fund	1,788	2,005	5
JNL/Lazard International Strategic Equity Fund	6,554	515	12
JNL/Neuberger Berman Currency Fund	8,404	7,190	32
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund	2,128	2,273	5
JNL/Nicholas Convertible Arbitrage Fund	26,086	19,345	41
JNL/PPM America Long Short Credit Fund	20,166	11,292	25
JNL/T. Rowe Price Capital Appreciation Fund	5,115	3,189	11
JNL/The Boston Company Equity Income Fund	2,283	778	2
JNL/The London Company Focused U.S. Equity Fund	5,147	3,062	13
JNL/Van Eck International Gold Fund	622	849	3
JNL/WCM Focused International Equity Fund	24,006	76,468	114
T. Rowe Price Government Reserve Fund
JNL/T. Rowe Price Capital Appreciation Fund	118,716	125,431	432

The following table details each Fund’s long term investments in affiliates held during the year ended December 31, 2016.

	Affiliated Investment	Value Beginning of Period($)	Purchases ($)	Sales Proceeds ($)	Dividend Income($)	Realized Gain (Loss)($)	Value End of Period($)
JNL/BlackRock Global Long Short Credit Fund	iShares 20+ Year Treasury Bond ETF	—	842	—	—	—	846
JNL/T. Rowe Price Capital Appreciation Fund	T. Rowe Price Institutional Floating Rate Fund	1,032	46	—	47	—	1,115

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. The following Funds had Rule 17a-7 transactions (in thousands) that were deemed significant by the Adviser during the year ended December 31, 2016.

Fund	Purchase of Securities	Proceeds from Sales of Securities
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	$ 3,348	$ 21,357
JNL/PIMCO Credit Income Fund	52,860	1,215

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 3, 2016, the Participating Funds may borrow up to the lesser of $600,000,000, 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 3, 2016, the amount available under the facility was $450,000,000. The Participating Funds paid an up-front fee of $45,000 on June 3, 2016 for the increase in the SCA. Effective June 3, 2016, 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. These fees are 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 based on each fund’s net assets as a percentage of the Participating Funds’ total net assets. Prior to June 3, 2016, the Participating Funds paid an annual fee of 0.10% of the available commitments, which was allocated to the Participating Funds based on each Participating Fund’s net assets as a percentage of the Participating Funds’ total net assets. During the year, 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 year.

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 year.

NOTE 10. REVERSE SHARE SPLIT

As of close of business on May 6, 2016, JNL/AQR Risk Parity Fund implemented an 8 for 1 reverse share split and JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund and JNL/Van Eck International Gold Fund each implemented a 2 for 1 reverse share split. The reverse share splits effectively decreased the number of shares outstanding for shares of each Fund. As a result, shareholders’ accounts reflect fewer shares with a higher NAV per

135

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

share. While the number of shares decreased, neither the Fund’s holdings nor the total value of shareholders’ investments were affected. Per share data in the financial highlights prior to May 6, 2016, has been retroactively adjusted to give effect to the reverse share split.

NOTE 11. INCOME TAX MATTERS

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund has the intent to continue to comply with tax provisions pertaining to RICs and make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. 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. Under current tax law, interest, dividends and capital gains paid by the 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, 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, consents and other distribution adjustments. These reclassifications have no impact on net assets.

	Net Increase(Decrease)
	Undistributed Net Investment Income (Loss)($)		Accumulated Net Realized Gain (Loss)($)		Paid-in Capital($)
JNL/AQR Risk Parity Fund	370		(370	)	—
JNL/BlackRock Global Long Short Credit Fund	(6,111	)	6,111		—
JNL/DFA U.S. Micro Cap Fund	(2	)	2		—
JNL/DoubleLine Total Return Fund	(5,729	)	5,729		—
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	(17,464	)	17,464		—
JNL/Epoch Global Shareholder Yield Fund	(82	)	82		—
JNL/FAMCO Flex Core Covered Call Fund	(40	)	40		—
JNL/Lazard International Strategic Equity Fund	(93	)	93		—
JNL/Neuberger Berman Currency Fund	926		2,373		(3,299	)
JNL/Nicholas Convertible Arbitrage Fund	15,482		(15,482	)	—
JNL/PIMCO Credit Income Fund	1,561		(1,561	)	—
JNL/PPM America Long Short Credit Fund	(1,234	)	1,234		—
JNL/T. Rowe Price Capital Appreciation Fund	1,435		(1,435	)	—
JNL/The Boston Company Equity Income Fund	(13	)	13		—
JNL/Van Eck International Gold Fund	1,151		(1,151	)	—
JNL/WCM Focused International Equity Fund	(118	)	118		—

At December 31, 2016, 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.

	Expiring Capital Loss Carryforwards		Capital Loss Carryforwards with No Expiration
	Year(s) of Expiration	Amount ($)	Short Term ($)	Long Term ($)	Total ($)
JNL Tactical ETF Conservative Fund	—	—	32	214	246
JNL Tactical ETF Moderate Fund	—	—	230	1,071	1,301
JNL Tactical ETF Growth Fund	—	—	495	1,664	2,159
JNL/BlackRock Global Long Short Credit Fund	—	—	8,157	15,523	23,680
JNL/DoubleLine Total Return Fund	—	—	9,337	—	9,337
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	—	—	234	8,157	8,391
JNL/Epoch Global Shareholder Yield Fund	—	—	5,176	1,844	7,020
JNL/Lazard International Strategic Equity Fund	—	—	3,848	602	4,450
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund	—	—	38	61	99
JNL/Nicholas Convertible Arbitrage Fund	—	—	11,367	17,106	28,473
JNL/PPM America Long Short Credit Fund	—	—	2,107	31,521	33,628
JNL/The London Company Focused U.S. Equity Fund	—	—	2,256	561	2,817
JNL/Van Eck International Gold Fund	—	—	15,163	50,107	65,270

As of December 31, 2016, the cost of investments and the components of net unrealized appreciation (depreciation) (in thousands) were as follows:

136

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

		Tax Cost of Investments($)	Gross Unrealized Appreciation($)	Gross Unrealized Depreciation($)		Net Unrealized Appreciation (Depreciation)($)
JNL Tactical ETF Conservative Fund		131,722	2,994	(1,728	)	1,266
JNL Tactical ETF Moderate Fund		271,890	9,218	(4,428	)	4,790
JNL Tactical ETF Growth Fund		193,795	8,019	(3,152	)	4,867
JNL/AQR Risk Parity Fund		34,359	31	(348	)	(317	)
JNL/BlackRock Global Long Short Credit Fund		445,454	5,842	(15,059	)	(9,217	)
JNL/DFA U.S. Micro Cap Fund		92,512	32,899	(8,375	)	24,524
JNL/DoubleLine Total Return Fund		2,567,065	24,878	(39,182	)	(14,304	)
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund		415,870	17,537	(19,088	)	(1,551	)
JNL/Epoch Global Shareholder Yield Fund		81,521	5,111	(4,634	)	477
JNL/FAMCO Flex Core Covered Call Fund		116,952	15,638	(948	)	14,690
JNL/Lazard International Strategic Equity Fund		72,376	4,496	(5,932	)	(1,436	)
JNL/Neuberger Berman Currency Fund		208,842	2	(26	)	(24	)
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund		20,552	15	(4	)	11
JNL/Nicholas Convertible Arbitrage Fund
	Long Investments	381,303	15,808	(16,486	)	(678	)
	Short Investments	145,172	15,312	(17,695	)	(2,383	)
JNL/PIMCO Credit Income Fund		417,763	3,898	(11,704	)	(7,806	)
JNL/PPM America Long Short Credit Fund		95,101	2,497	(2,320	)	177
JNL/T. Rowe Price Capital Appreciation Fund		1,228,696	54,558	(13,004	)	41,554
JNL/The Boston Company Equity Income Fund		114,760	18,072	(1,983	)	16,089
JNL/The London Company Focused U.S. Equity Fund		143,890	25,246	(1,410	)	23,836
JNL/Van Eck International Gold Fund		75,264	—	(7,683	)	(7,683	)
JNL/WCM Focused International Equity Fund		1,015,024	72,834	(48,517	)	24,317

As of December 31, 2016, the components of distributable taxable earnings for U.S. federal income tax purposes (in thousands) were as follows:

	Undistributed Net Ordinary Income*($)	Undistributed Net Long-Term Capital Gain($)	Unrealized Gains (Losses)**($)		Capital Loss Carryforward($)
JNL Tactical ETF Conservative Fund	1,818	—	1,263		(246	)
JNL Tactical ETF Moderate Fund	3,886	—	4,785		(1,301	)
JNL Tactical ETF Growth Fund	2,596	—	4,860		(2,159	)
JNL/AQR Risk Parity Fund	1,673	652	(21,174	)	—
JNL/BlackRock Global Long Short Credit Fund	3,023	—	(10,991	)	(23,680	)
JNL/DFA U.S. Micro Cap Fund	1,134	2,952	24,506		—
JNL/DoubleLine Total Return Fund	66,371	—	(14,339	)	(9,337	)
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	14,261	—	(6,289	)	(8,391	)
JNL/Epoch Global Shareholder Yield Fund	2,979	—	473		(7,020	)
JNL/FAMCO Flex Core Covered Call Fund	4,746	509	4,996		—
JNL/Lazard International Strategic Equity Fund	1,201	—	(1,442	)	(4,450	)
JNL/Neuberger Berman Currency Fund	—	—	(56	)	—
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund	2,775	—	(79,283	)	(99	)
JNL/Nicholas Convertible Arbitrage Fund	9,877	—	(3,133	)	(28,473	)
JNL/PIMCO Credit Income Fund	10,534	—	(7,794	)	—
JNL/PPM America Long Short Credit Fund	6,255	—	155		(33,628	)
JNL/T. Rowe Price Capital Appreciation Fund	24,106	7,101	40,151		—
JNL/The Boston Company Equity Income Fund	2,749	2,168	16,084		—
JNL/The London Company Focused U.S. Equity Fund	1,028	—	23,832		(2,817	)
JNL/Van Eck International Gold Fund	3,967	—	(7,935	)	(65,270	)
JNL/WCM Focused International Equity Fund	3,904	986	24,267		—

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

**Unrealized gains (losses) are adjusted for open wash sale loss deferrals.

The tax character of distributions paid (in thousands) during the Funds' fiscal year ended December 31, 2016 was as follows:

	Net Ordinary Income* ($)	Long-term Capital Gain** ($)
JNL Tactical ETF Conservative Fund	2,265	1,157
JNL Tactical ETF Moderate Fund	6,516	4,883
JNL Tactical ETF Growth Fund	6,214	4,961
JNL/BlackRock Global Long Short Credit Fund	10,988	—
JNL/DFA U.S. Micro Cap Fund	571	6,309
JNL/DoubleLine Total Return Fund	41,372	—
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	20,376	—
JNL/Epoch Global Shareholder Yield Fund	3,185	—
JNL/FAMCO Flex Core Covered Call Fund	8,847	—
JNL/Lazard International Strategic Equity Fund	1,403	3,824
JNL/Neuberger Berman Currency Fund	4,700	—
JNL/Nicholas Convertible Arbitrage Fund	1,860	—
JNL/PIMCO Credit Income Fund	3,757	—

137

Jackson Variable Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2016

	Net Ordinary Income* ($)	Long-term Capital Gain** ($)
JNL/PPM America Long Short Credit Fund	12,641	—
JNL/T. Rowe Price Capital Appreciation Fund	10,240	4,094
JNL/The Boston Company Equity Income Fund	1,368	4,887
JNL/The London Company Focused U.S. Equity Fund	901	—
JNL/Van Eck International Gold Fund	376	—
JNL/WCM Focused International Equity Fund	862	1,217

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

** Unrealized gains (losses) are adjusted for open wash sale loss deferrals; accelerated recognition of unrealized gain/loss on futures, options, and forward contracts; and accelerated recognition of unrealized gain on PFICs. Also adjusted for differences between book and tax realized and unrealized gain/loss on swap contracts.

The tax character of distributions paid (in thousands) during the Funds' fiscal year ended December 31, 2015 was as follows:

	Net Ordinary Income* ($)	Long-term Capital Gain ($)
JNL Tactical ETF Conservative Fund	1,101	206
JNL Tactical ETF Moderate Fund	3,216	880
JNL Tactical ETF Growth Fund	3,189	856
JNL/AQR Risk Parity Fund	27,829	5,720
JNL/BlackRock Global Long Short Credit Fund	26,232	257
JNL/DFA U.S. Micro Cap Fund	616	29,700
JNL/DoubleLine Total Return Fund	23,913	–
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	28,903	–
JNL/Epoch Global Shareholder Yield Fund	1,969	513
JNL/FAMCO Flex Core Covered Call Fund	4,813	57
JNL/Lazard International Strategic Equity Fund	863	–
JNL/Neuberger Berman Currency Fund	4,086	–
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund	–	–
JNL/Nicholas Convertible Arbitrage Fund	5,231	–
JNL/PIMCO Credit Income Fund	2,324	–
JNL/PPM America Long Short Credit Fund	11,466	–
JNL/T. Rowe Price Capital Appreciation Fund	1,090	98
JNL/The Boston Company Equity Income Fund	1,616	2,109
JNL/The London Company Focused U.S. Equity Fund	740	61
JNL/Van Eck International Gold Fund	997	–
JNL/WCM Focused International Equity Fund	189	–

* 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 2013, 2014, 2015 and 2016, 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 year ended December 31, 2016.

NOTE 12. SUBSEQUENT EVENTS

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

The following voluntary fee waivers will be effective April 24, 2017 for the Funds indicated. None of the waived fees will be available for recapture by JNAM.

	Voluntary Advisory Fee Waiver as a Percentage of Average Daily Net Assets
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	0.05% for net assets over $250 million1
JNL/WCM Focused International Equity Fund	0.05% for net assets between $500 million and $1 billion

¹ In addition to the existing voluntary waiver.

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

138

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees

Jackson Variable Series Trust:

We have audited the accompanying (consolidated, where applicable) statements of assets and liabilities of each series within Jackson Variable Series Trust (the “Funds”) as listed in Note 1 of the financial statements of Jackson Variable Series Trust Sub-Advised Funds, including the schedules of investments or summary schedules of investments, where applicable, as of December 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian, transfer agents and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements (consolidated, where applicable) and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2016, the results of their operations, changes in their net assets and the financial highlights for each of the years or periods indicated above, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Chicago, Illinois

February 24, 2017

139

Jackson Variable Series Trust Sub-Advised Funds

Additional Disclosures(Unaudited)

December 31, 2016

Disclosure of Fund Expenses. Shareholders incur ongoing costs, which include costs for portfolio management, administrative services, Rule 12b-1 fees of certain Funds 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 07/01/16($)	Ending Account Value 12/31/16($)	Expenses Paid During Period†($)	Beginning Account Value 07/01/16($)	Ending Account Value 12/31/16($)	Expenses Paid During Period†($)
JNL Tactical ETF Conservative Fund
	0.67	1,000.00	1,022.10	3.41	1,000.00	1,021.77	3.40
JNL Tactical ETF Moderate Fund
	0.67	1,000.00	1,040.10	3.44	1,000.00	1,021.77	3.40
JNL Tactical ETF Growth Fund
	0.67	1,000.00	1,059.40	3.47	1,000.00	1,021.77	3.40
JNL/AQR Risk Parity Fund
	1.13	1,000.00	983.10	5.63	1,000.00	1,019.46	5.74
JNL/BlackRock Global Long Short Credit Fund
	1.99	1,000.00	1,026.60	10.14	1,000.00	1,015.13	10.08
JNL/DFA U.S. Micro Cap Fund
	1.17	1,000.00	1,229.00	6.56	1,000.00	1,019.25	5.94
JNL/DoubleLine Total Return Fund
	0.84	1,000.00	990.70	4.20	1,000.00	1,020.91	4.27
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
	1.37	1,000.00	1,035.30	7.01	1,000.00	1,018.25	6.95
JNL/Epoch Global Shareholder Yield Fund
	1.07	1,000.00	985.20	5.34	1,000.00	1,019.76	5.43
JNL/FAMCO Flex Core Covered Call Fund
	0.97	1,000.00	1,051.00	5.00	1,000.00	1,020.26	4.93
JNL/Lazard International Strategic Equity Fund
	1.18	1,000.00	974.20	5.86	1,000.00	1,019.20	5.99
JNL/Neuberger Berman Currency Fund
	1.07	1,000.00	985.90	5.34	1,000.00	1,019.76	5.43
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund
	0.97	1,000.00	991.60	4.86	1,000.00	1,020.26	4.93
JNL/Nicholas Convertible Arbitrage Fund
	1.44	1,000.00	1,017.90	7.30	1,000.00	1,017.90	7.30
JNL/PIMCO Credit Income Fund
	0.77	1,000.00	991.50	3.85	1,000.00	1,021.27	3.91
JNL/PPM America Long Short Credit Fund
	1.08	1,000.00	1,074.20	5.63	1,000.00	1,019.71	5.48
JNL/T. Rowe Price Capital Appreciation Fund
	1.06	1,000.00	1,027.50	5.40	1,000.00	1,019.81	5.38
JNL/The Boston Company Equity Income Fund
	0.92	1,000.00	1,156.80	4.99	1,000.00	1,020.51	4.67
JNL/The London Company Focused U.S. Equity Fund
	1.07	1,000.00	1,090.10	5.62	1,000.00	1,019.76	5.43
JNL/Van Eck International Gold Fund
	1.17	1,000.00	770.80	5.21	1,000.00	1,019.25	5.94
JNL/WCM Focused International Equity Fund
	1.17	1,000.00	972.10	5.80	1,000.00	1,019.25	5.94

140

Jackson Variable Series Trust Sub-Advised Funds

Additional Disclosures(Unaudited)

December 31, 2016

†Expenses paid by each Fund during the period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, then multiplied by 184/366 (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 of the Funds’ Adviser (and Sub-Advisers) used to vote proxies relating to the portfolio securities and information on how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2016, are available (1) without charge, upon request by calling 1-800-873-5654 (Annuity Service Center), 1-800-599-5651 (NY Annuity Service Center) or 1-800-777-7779 (for contracts purchased through a bank or financial institution) or 1-888-464-7779 (for NY contracts purchased through a bank or financial institution) (2) by writing Jackson Variable Series Trust, P.O. Box 30314, Lansing, Michigan 48909-7814 (3) on Jackson National Life Insurance Company's or Jackson National Life Insurance Company of New York's website at www.jackson.com, and (4) on the SEC’s website at www.sec.gov.

141

Trustees and Officers of Jackson Variable Series Trust (“Trust”)

Name, Address, and (Age)	Position(s) Held with Trust (Length of Time Served)	Number of Portfolios in Fund Complex Overseen by Trustee
Interested Trustee
Mark D. Nerud (50) 1 1 Corporate Way Lansing, MI 48951	Trustee 2 (4/2015 to present) President and Chief Executive Officer (8/2014 to present)		33
Principal Occupation(s) During Past 5 Years: Chief Executive Officer of JNAM (1/2010 to present); President of JNAM (1/2007 to present); Managing Board Member of JNAM (5/2015 to present); President and Chief Executive Officer of Curian Series Trust (8/2014 to 2/2016); Managing Board Member of Curian Capital, LLC (1/2011 to 4/2015); Managing Board Member of Curian Clearing LLC (1/2011 to 4/2015); President and Chief Executive Officer of other investment companies advised by JNAM (12/2006 to present)
Other Directorships Held by Trustee During Past 5 Years: Trustee, JNL Series Trust (1/2007 to present); Trustee, JNL Investors Series Trust (1/2007 to present); Manager, JNL Variable Fund LLC (1/2007 to present); Manager, JNL Strategic Income Fund LLC (8/2012 to present)
Independent Trustees
David W. Agostine (55) 1 Corporate Way Lansing, Michigan 48951	Chairman of the Board and Trustee 2 (10/2011 to present)	33
Principal Occupation(s) During Past 5 Years: Chief Executive Officer, Cachematrix Holdings, LLC (software company) (12/2013 to present); Principal, Market Metrics, LLC (market research firm) (1/2011 to 12/2013)
Other Directorships Held by Trustee During Past 5 Years: Director, 361 Capital (11/2014 to present); Trustee, Curian Series Trust (11/2010 to 2/2016)
Gregory P. Contillo (61) 1 Corporate Way Lansing, Michigan 48951	Trustee 2 (10/2011 to present)	33
Principal Occupation(s) During Past 5 Years: Founder and Managing Partner, Crystal River Partners, LLC (financial services company) (2/2005 to present)
Other Directorships Held by Trustee During Past 5 Years: Trustee, Curian Series Trust (9/2011 to 2/2016)
Dylan E. Taylor (46) 1 Corporate Way Lansing, Michigan 48951	Trustee 2 (10/2011 to present)	33
Principal Occupation(s) During Past 5 Years: President and Chief Operating Officer, Colliers International (commercial real estate advisory firm) (6/2015 to present); Chief Executive Officer, Americas, Colliers International (6/2009 to 6/2015)
Other Directorships Held by Trustee During Past 5 Years: Trustee, Curian Series Trust (11/2010 to 2/2016)
Mark S. Wehrle (59) 1 Corporate Way Lansing, Michigan 48951	Trustee 2 (7/2013 to present)		33
Principal Occupation(s) During Past 5 Years: Real Estate Broker, Broker’s Guild (4/2011 to present); Adjunct Professor of Accounting, University of Denver School of Accountancy (1/2011 to 6/2014)
Other Directorships Held by Trustee During Past 5 Years: Trustee, Curian Series Trust (7/2013 to 2/2016); Trustee, Delta Dental of Colorado (1/2012 to present)

142

Trustees and Officers of Jackson Variable Series Trust (“Trust”)

Name, Address, and (Age)	Position(s) Held with Trust (Length of Time Served)	Number of Portfolios in Fund Complex Overseen by Trustee
Scot T. Wetzel (48) 1 Corporate Way Lansing, Michigan 48951	Trustee 2 (10/2011 to present)	33
Principal Occupation(s) During Past 5 Years: Founder, Managing Director, and Chief Executive Officer, Crestmoor Advisors, LLC (advisor in the financial services industry) (4/2010 to present)
Other Directorships Held by Trustee During Past 5 Years: Trustee, Curian Series Trust (11/2010 to 2/2016)
1 Mark D. Nerud is an “interested person” of the Trust due to his position with JNAM, the Adviser.
2 The Chairman of the Board, the interested Trustee, and the independent Trustees are elected to serve for an indefinite term.

143

Trustees and Officers of Jackson Variable Series Trust (“Trust”)

Name, Address, and (Age)	Position(s) Held with Trust (Length of Time Served)			Number of Portfolios in Fund Complex Overseen by Trustee
Name, Address, and (Age)		Position(s) Held with Trust (Length of Time Served)
Officers
Emily J. Bennett (33) 1 Corporate Way Lansing, MI 48951			Assistant Secretary (5/2012 to present)
Principal Occupation(s) During Past 5 Years: Associate General Counsel of JNAM (3/2016 to present); Senior Attorney of JNAM (10/2013 to 3/2016); Assistant Secretary of other investment companies advised by JNAM (3/2016 to present); Assistant Secretary of Curian Series Trust (5/2012 to 2/2016); Attorney of JNAM (11/2011 to 10/2013)
Kelly L. Crosser (44) 1 Corporate Way Lansing, MI 48951			Assistant Secretary (10/2011 to present)
Principal Occupation(s) During Past 5 Years: Manager of Legal Regulatory Filings and Print of Jackson National Life Insurance Company (“Jackson”) (12/2013 to present); Senior Compliance Analyst of Jackson (4/2007 to 12/2013); Assistant Secretary of other investment companies advised by JNAM (8/2012 to present and 9/2007 to present); Assistant Secretary of Curian Series Trust (11/2010 to 2/2016)
Diana R. Gonzalez (38) 1 Corporate Way Lansing, MI 48951			Assistant Vice President (9/2012 to present)
Principal Occupation(s) During Past 5 Years: Associate General Counsel of JNAM (10/2013 to present); Senior Attorney of JNAM (5/2012 to 10/2013); Assistant Secretary of other investment companies advised by JNAM (3/2017 to present); Assistant Vice President of Curian Series Trust (9/2012 to 2/2016); Counsel of Sun Life Financial, Inc. (4/2008 to 5/2012)
William P. Harding (42) 1 Corporate Way Lansing, MI 48951			Vice President (5/2014 to present)
Principal Occupation(s) During Past 5 Years: Senior Vice President and Chief Investment Officer of JNAM (6/2014 to present); Vice President of Curian Series Trust (5/2014 to 2/2016); Vice President of Curian Capital, LLC (2/2013 to 4/2015); Vice President of JNAM (10/2012 to 6/2014); Vice President of other investment companies advised by JNAM (11/2012 to present); Head of Manager Research, Morningstar Associates (8/2011 to 10/2012)
Karen J. Huizenga (51) 1 Corporate Way Lansing, MI 48951			Assistant Treasurer (10/2011 to present)
Principal Occupation(s) During Past 5 Years: Vice President – Financial Reporting of JNAM (7/2011 to present); Assistant Treasurer of other investment companies advised by JNAM (8/2012 to present and 12/2008 to present); Assistant Treasurer of Curian Series Trust (11/2010 to 2/2016)
Daniel W. Koors (46) 1 Corporate Way Lansing, MI 48951			Treasurer & Chief Financial Officer (10/2011 to present)
Principal Occupation(s) During Past 5 Years: Senior Vice President of JNAM (1/2009 to present) and Chief Operating Officer of JNAM (4/2011 to present); Chief Financial Officer of JNAM (1/2007 to 4/2011); Vice President of other investment companies advised by JNAM (12/2006 to present), Treasurer and Chief Financial Officer of other investment companies advised by JNAM (12/2006 to 11/2011; 9/2016 to present); Treasurer and Chief Financial Officer (Principal Financial Officer) of Curian Series Trust (11/2010 to 2/2016)

144

Trustees and Officers of Jackson Variable Series Trust (“Trust”)

Name, Address, and (Age)	Position(s) Held with Trust (Length of Time Served)		Number of Portfolios in Fund Complex Overseen by Trustee
Adam C. Lueck (34) 1 Corporate Way Lansing, MI 48951		Assistant Secretary (12/2015 to present)
Principal Occupation(s) During Past 5 Years: Attorney of JNAM (10/2015 to present); Assistant Secretary of Curian Series Trust (12/2015 to 2/2016); Supervising Attorney, Johnson, Blumberg & Associates, LLC (“JBA”) (10/2013 to 10/2015); Attorney, JBA (7/2011 to 10/2013)
Joseph O’Boyle (54) 1 Corporate Way Lansing, MI 48951		Chief Compliance Officer (5/2012 to present) Anti-Money Laundering Officer (12/2015 to present)
Principal Occupation(s) During Past 5 Years: Vice President of JNAM (8/2015 to present); Chief Compliance Officer of Curian Series Trust (5/2012 to 2/2016); Chief Compliance Officer, Guggenheim Funds (8/2011 to 4/2012)
Michael Piszczek (59) 1 Corporate Way Lansing, MI 48951		Vice President (10/2011 to present)
Principal Occupation(s) During Past 5 Years: Vice President – Tax of JNAM (7/2011 to present); Vice President of other investment companies advised by JNAM (8/2012 to present and 11/2007 to present); Vice President of Curian Series Trust (11/2010 to 2/2016)
Susan S. Rhee (45) 1 Corporate Way Lansing, MI 48951		Vice President, Chief Legal Officer & Secretary (10/2011 to present)
Principal Occupation(s) During Past 5 Years: Senior Vice President and General Counsel of JNAM (1/2010 to present); Secretary of JNAM (11/2000 to present); Vice President, Counsel, and Secretary of other investment companies advised by JNAM (8/2012 to present and 2/2004 to present); Vice President, Chief Legal Officer and Secretary of Curian Series Trust (11/2010 to 2/2016)

The Statement of Additional Information includes additional information about Fund Trustees and may be obtained at no charge by calling 1-800-873-5654 (Annuity and Life Service Center), 1-800-599-5651 (NY Annuity and Life Service Center), 1-800-777-7779 (for contracts purchased through a bank or financial institution) or 1- 888-464-7779 (for NY contracts purchased through a bank or financial institution), by writing Jackson Variable Series Trust, P.O. Box 30314, Lansing, Michigan 48909-7814 or by visiting www.jackson.com.

145

Trustees and Officers of Jackson Variable Series Trust (“Trust”)

The Independent Trustees received the following compensation for their services during the fiscal year ended December 31, 2016:

Trustee	Aggregate Compensation from the Trust	Pension or Retirement Benefits Accrued As Part of Trust Expenses	Estimated Annual Benefits Upon Retirement
David W. Agostine	$197,500	$0	$0
Gregory P. Contillo	$177,500	$0	$0
Dylan E. Taylor	$165,000	$0	$0
Mark S. Wehrle	$180,5001	$0	$0
Scot T. Wetzel	$177,500	$0	$0

¹ Amount includes $36,100 deferred by Mr. Wehrle.

The Trust has not adopted any plan providing pension or retirement benefits for the Trustees.

146

JACKSON VARIABLE SERIES TRUST (“TRUST”)

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

DECEMBER 2016

The Board of Trustees of the Trust (“Board”) oversees the management of each series of the Trust (each, a “Fund” and collectively, the “Funds”) and, as required by law, determines whether to approve and, after the initial term, continue the Funds’ advisory agreement (“Advisory Agreement”) with Jackson National Asset Management, LLC (“JNAM” or “Adviser”) and sub-advisory agreements (“Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Agreements”) with the Funds’ respective investment sub-advisers (the “Sub-Advisers”).

At an in-person meeting held on December 13-14, 2016, the Board, including all of the trustees who are not considered interested persons of the Funds (as defined in the Investment Company Act of 1940, as amended) (the “Independent Trustees”), considered information relating to the continuation of the Agreements. 

In advance of the meeting, independent legal counsel for the Independent Trustees requested that certain information be provided to the Board relating to the Agreements.  The Board received, and had the opportunity to review, this and other materials, ask questions and request further information in connection with its consideration. At the conclusion of the Board’s discussions, the Board approved the Agreements.

In reviewing the Agreements and considering the information, the Board was advised by outside independent legal counsel.  The Board considered the factors it deemed relevant, including: (1) the nature, quality and extent of the services provided and to be provided, (2) the investment performance of each Fund, (3) cost of services for each Fund, (4) profitability data, (5) whether economies of scale may be realized and shared, in some measure, with investors as each Fund grows, and (6) other benefits that may accrue to the Adviser or each Sub-Adviser through its relationship with the Trust.  In its deliberations, the Board, in exercising its business judgment, did not identify any single factor that alone was responsible for its decision to approve the Agreements.

Before approving the Agreements, the Independent Trustees met in executive session with their independent legal counsel to consider the materials provided by JNAM and the Sub-Advisers and the terms of the Agreements.  Based on its evaluation of those materials and the information the Board received throughout the year at its regular meetings, the Board concluded that the Agreements are in the best interests of the shareholders of each applicable Fund.  In reaching its conclusions, the Board considered numerous factors, including the following:

Nature, Quality and Extent of Services

The Board examined the nature, quality and extent of the services provided by JNAM and the Sub-Advisers.

For each Fund, the Board considered the services provided by JNAM, including but not limited to, its oversight of the Sub-Advisers pursuant to the Advisory Agreement, its recommendations on an ongoing basis as to the hiring or removal of Sub-Advisers pursuant to the Trust’s “Manager of Managers” exemptive order, as well as its provision of recordkeeping and compliance services to the Funds.  The Board also took into account that JNAM monitors the performance of the various organizations that provide services to the Funds, including the Funds’ distributor, and custodian.  With respect to JNAM’s oversight of the Sub-Advisers, the Board noted that JNAM is responsible for screening and recommending new sub-advisers when appropriate, as well as monitoring and reporting to the Board on a regular basis as to the performance and operations of the existing Sub-Advisers.  The Board also considered the investment sub-advisory services provided by each Sub-Adviser.  The Board noted JNAM’s evaluation of the Sub-Advisers, as well as JNAM’s recommendations based on its review of the Sub-Advisers, to approve the Sub-Advisory Agreements.The Board also considered the various business-related risks JNAM faces as a result of managing the Funds, including entrepreneurial, legal and litigation risks, some of which may be significant.

The Board reviewed the qualifications, backgrounds and responsibilities of JNAM’s senior management that are responsible for oversight of the Funds and each Sub-Adviser, and also reviewed the qualifications and backgrounds of JNAM’s and the Sub-Advisers’ portfolio managers who are responsible for the day-to-day management of each Fund.  The Board reviewed information pertaining to JNAM’s and each Sub-Adviser’s organizational structure, senior management, financial condition, investment operations and other relevant information.  The Board considered compliance reports about JNAM and each Sub-Adviser from the Trust’s Chief Compliance Officer.

Based on the foregoing, the Board concluded that (i) each Fund is likely to continue to benefit from the nature, extent and quality of the services to be provided by JNAM under the Advisory Agreement, and where applicable, that (ii) each Fund is likely to continue to benefit from the nature, extent and quality of the services to be provided by its Sub-Adviser under the respective Sub-Advisory Agreement.

Investment Performance of the Funds

The Board considered the investment performance of each Fund.  The Board noted that JNAM reviews with the Board on a quarterly basis detailed information about each Fund’s performance results and investment strategies.  The Board also considered the performance of each Fund, including how the Fund performed versus the average performance of a group of comparable funds (“peer group”) and how the Fund performed versus its primary benchmark (“benchmark”) index.  For certain Funds, the Board also considered the Funds’ average performance returns to other funds in a custom peer group (“custom peer group”), the constituents of which were selected by the Adviser and verified and reviewed by an independent third party. This consideration was based on the Adviser’s view that the custom peer group is, in some circumstances, a more meaningful source of comparative information than a broad-based benchmark or peer group for Funds that use a limited or unique investment focus or where the peer group may not be a good source of comparative information.  The performance data was provided by an

147

independent data service and is presented here on a gross basis (except for that of the Funds of Funds, which is presented on a net basis).  The performance reviewed by the Board was for the periods ended June 30, 2016, unless otherwise noted. 

In considering the Funds’ performance, the Board noted that the Funds had been operating for a relatively short period of time.  The Board also noted that JNAM has served as the Funds’ investment adviser since only April 27, 2015, following approval by each Fund’s shareholders. The Board noted that, generally, it would be prudent to allow JNAM more time to develop its performance record for each Fund.

JNAM Guidance - Alt 100 Fund.  The Board considered that the Fund outperformed its peer group average for the one-year period and outperformed its benchmark and peer group average for the three-year period, though it underperformed its benchmark for the one-year period. The Board also considered that the Fund outperformed its benchmark by 50 basis points for the one-year period ended September 30, 2016. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNAM Guidance - Conservative Fund.  The Board considered that the Fund outperformed its peer group average for the one-year period, though it underperformed its benchmark for the one-year period and its benchmark and peer group average for the three-year period.  The Board also considered the Fund's improving performance, noting that as of September 30, 2016, the Fund outperformed its benchmark by 18 basis points and ranked in the 5^th decile of its custom peer group for the quarter. The Board also considered that because JNAM began managing the Fund in April 2015, the Fund's performance record includes the performance of a prior investment adviser. The Board noted, therefore, that it would be prudent to allow JNAM more time to develop its own performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNAM Guidance - Equity 100 Fund. The Board considered that the Fund outperformed its benchmark and peer group average for the three-year period, though it underperformed both for the one-year period. In light of the Fund’s longer-term performance, the Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNAM Guidance - Fixed Income 100 Fund.The Board considered that the Fund outperformed its custom peer group average for the one- and three-year periods, though it underperformed its benchmark and peer group average for the same periods. The Board also considered the Fund's improving performance, noting that as of September 30, 2016, the Fund outperformed its benchmark by 105 and 29 basis points for the quarter and one-year period, respectively. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNAM Guidance - Growth Fund. The Board considered that the Fund outperformed its custom peer group average for the one-year period, though it underperformed its custom peer group average for the three-year period and its benchmark and peer group average for the one- and three-year periods. The Board further considered that the Fund outperformed its benchmark and ranked in the 19^th percentile of its custom peer group for calendar year 2015. The Board also considered that because JNAM began managing the Fund in April 2015, the Fund’s performance record reflects the performance of a prior investment adviser. The Board noted, therefore, that it would be prudent to allow JNAM more time to develop its own performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNAM Guidance - Interest Rate Opportunities Fund. The Board considered that the Fund underperformed its benchmark and peer group average for the one- and three-year periods. The Board further considered that, as of September 30, 2016, the Fund ranked in the 51^st and 52^nd percentile of its custom peer group for the one-year and year-to-date periods, respectively. The Board further considered that because JNAM began managing the Fund in April 2015, the Fund’s performance record includes the performance of a prior investment adviser. The Board noted, therefore, that it would be prudent to allow JNAM more time to develop its own performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNAM Guidance - Maximum Growth Fund. The Board considered that the Fund outperformed its peer group average for the one- and three-year periods, though it underperformed its benchmark for the same periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNAM Guidance - Moderate Fund. The Board considered that the Fund outperformed its peer group for the three-year period, though it underperformed its benchmark and its custom peer group for both the one- and three-year periods. The Board also considered the Fund's improving performance, noting that as of September 30, 2016, the Fund outperformed its custom benchmark and custom peer group for the quarter. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNAM Guidance - Moderate Growth Fund. The Board considered that the Fund outperformed its peer group average for the one-year period, though it underperformed its peer group average for the three-year period and its benchmark and custom peer group average for both the one- and three-year periods. The Board further considered that, as of September 30, 2016, the Fund ranked in the 56^th percentile of its custom peer group for the quarter, and that it ranked in the 51^st percentile of its custom peer group for calendar year 2015. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNAM Guidance - Real Assets Fund. The Board considered that the Fund outperformed its benchmark and peer group average for the one-year period and outperformed its peer group average for the three-year period (though it underperformed its benchmark for the same period). The Board further considered that, as of September 30, 2016, the Fund outperformed its benchmark for the quarter, one-year and year-to-date periods, and that it ranked in the top percentile of its custom peer group for the one-year and year-to-date periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

148

JNL Tactical ETF Conservative Fund. The Board considered that the Fund outperformed its peer group average for the one- and three-year periods and outperformed its benchmark for the three-year period (though it underperformed its benchmark for the one-year period). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL Tactical ETF Growth Fund. The Board considered that the Fund outperformed its benchmark and peer group average for the one- and three-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL Tactical ETF Moderate Fund. The Board considered that the Fund outperformed its peer group average for the one- and three-year periods and outperformed its benchmark for the three-year period (though it underperformed its benchmark for the one-year period). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/American Funds^® Global Growth Fund. The Board considered that the Fund underperformed its benchmark and peer group average for the one-year period. The Board further considered that the Fund outperformed both its benchmark and peer group for the one- and three-year periods ended September 30, 2016. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/American Funds^® Growth Fund. The Board considered that the Fund outperformed its peer group average for the one-year period and its benchmark for the three-year period, though it underperformed its benchmark for the one-year period and its peer group average for the three-year period. The Board also considered that, as of September 30, 2016, the Fund outperformed its benchmark for the quarter and one-year period, and that it ranked in the top decile of its peer group for one-year and year-to-date periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/AQR Risk Parity Fund. The Board considered that the Fund outperformed its benchmark and peer group average for the one-year period. The Board further considered that, as of September 30, 2016, the Fund outperformed both its benchmark and peer group for both the one- and three-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/BlackRock Global Long Short Credit Fund. The Board considered that the Fund outperformed its peer group average for the one-year period and outperformed its benchmark and peer group average for the three-year period (though it underperformed its benchmark for the same period). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/DFA U.S. Micro Cap Fund. The Board considered that the Fund outperformed its benchmark and peer group average for the one- and three-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/DoubleLine Total Return Fund. The Board considered that the Fund underperformed its benchmark and peer group average for the one-year period, however, the Board considered that the Fund was launched on September 16, 2013 and therefore has an abbreviated performance period. The Board further considered that the Fund outperformed its benchmark and ranked in the 36^th percentile of its peer group for the three-year period ended September 30, 2016, and that the Fund ranked in the 3^rd and 14^th percentile of its peer group for calendar years 2015 and 2014, respectively. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund. The Board considered that the Fund outperformed its benchmark and peer group average for the one- and three-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Epoch Global Shareholder Yield Fund. The Board considered that the Fund outperformed its benchmark and peer group average for the one- and three-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/FAMCO Flex Core Covered Call Fund. The Board considered that the Fund outperformed its peer group average for the one- and three-year periods, though it underperformed its benchmark for the same periods. The Board further considered that, as of September 30, 2016, the Fund outperformed both its benchmark and peer group for the quarter, year-to-date and one-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Lazard International Strategic Equity Fund. The Board considered that the Fund outperformed its benchmark and peer group average for the one- and three-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Neuberger Berman Currency Fund.The Board noted that the Fund outperformed its benchmark for the one- and three-year periods and outperformed its peer group average for the three-year period (though it underperformed its peer group average for the one-year period). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund. The Board considered that the Fund outperformed its benchmark for the one-year period, thought it underperformed its peer group average for the same period. It took into account that the Fund commenced its operations in April 2014 and noted, therefore, that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

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JNL/Nicholas Convertible Arbitrage Fund. The Board considered that the Fund outperformed its benchmark for the three-year period, though it underperformed its benchmark for the one-year period and underperformed its peer group average for the one- and three-year periods. The Board also considered the Fund’s improving performance, noting that as of September 30, 2016 it ranked in the 37th percentile of its peer group year to date. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/PIMCO Credit Income Fund. The Board considered that the Fund outperformed its benchmark and peer group average for the three-year period, though it underperformed its benchmark and peer group average for the one-year period. The Board further considered that, as of September 30, 2016, the Fund ranked in the 46^th, 45^th and 51^st percentile for the quarter, year-to-date and one-year periods, respectively, and that the Fund outperformed its benchmark for the same periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/PPM America Long Short Credit Fund. The Board noted that the Fund outperformed its peer group average for the one- and three-year periods and outperformed its benchmark for the three-year period (though it underperformed its benchmark for the one-year period). The Board further considered that the Fund outperformed both its peer group and benchmark for the quarter, year-to-date and one-year periods ended September 30, 2016. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/T. Rowe Price Capital Appreciation Fund. The Board considered that the Fund outperformed its benchmark and peer group average for the one-year period, and that it performed in the top decile of its peer group for the same period. The Board further considered that the Fund outperformed its benchmark and ranked in the top percentile of its peer group for the three-year period ended September 30, 2016. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/The Boston Company Equity Income Fund. The Board considered that the Fund outperformed its benchmark and peer group average for the three-year period, though it underperformed its benchmark and peer group average for the one-year period. The Board further considered that, as of September 30, 2016, the Fund ranked in the 22^nd and 9^th percentile of its peer group for the quarter and since inception, respectively, and that it outperformed its benchmark for the same periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/The London Company Focused U.S. Equity Fund. The Board considered that the Fund outperformed its peer group average for the one-year period, though it underperformed its benchmark for the same period. The Board further considered that, as of September 30, 2016, the Fund outperformed its benchmark and ranked in the 16^th percentile of its peer group year to date. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Van Eck International Gold Fund. The Board considered that the Fund outperformed its benchmark for the three-year period and ranked in the 45^th percentile of its peer group for the same period, though it underperformed its benchmark and peer group average for the one-year period. The Board also considered the Fund's improving performance, noting that as of September 30, 2016, the Fund ranked in the 4th decile of its peer group for the three-year period and in the 5th decile of its peer group for the one-year period. The Board further considered that as of that same date, the Fund outperformed its benchmark by 235 basis points for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.”

JNL/WCM Focused International Equity Fund. The Board considered that the Fund outperformed its benchmark and peer group average for the one-year period, and that, as of September 30, 2016, the Fund outperformed its benchmark and peer group for the three-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

Costs of Services

The Board reviewed the fees paid to JNAM and each Fund’s Sub-Adviser(s).  For each Fund, the Board reviewed fee and expense information as compared to that of comparable funds managed by other advisers, as well as fees charged by each Sub-Adviser to similar clients, if any.  The Board also noted that JNAM does not manage any institutional accounts with which the Funds’ fees could be compared.  Using information provided by an independent data service, the Board evaluated each Fund’s advisory fees compared to the average advisory fees for other funds similar in size, character and investment strategy (the “peer group”).  While the Board also considered each Fund’s sub-advisory fee and compared that to the average sub-advisory fee of the peer group, the Board noted that each Fund’s sub-advisory fee would be paid by JNAM (not the Fund) and, therefore, would be neither a direct shareholder expense nor a direct influence on a Fund’s total expense ratio.

The Board took into account that reductions to the Funds’ 12b-1 and administrative fees effective April 27, 2015 had reduced a majority of the Funds’ total expense structure by ten basis points. The Board also took into account that, effective October 1, 2015, JNAM added a breakpoint to each Fund’s administrative fee schedule.

Further detail considered by the Board regarding the advisory and sub-advisory fees of each Fund is set forth below:

JNAM Guidance - Alt 100 Fund, JNL/PIMCO Credit Income Fund and JNL/Neuberger Berman Currency Fund. The Board noted that each Fund's advisory fee and total expense ratio are lower than their respective peer group averages. The Board concluded that the fees are appropriate in light of the services provided.

JNAM Guidance - Conservative Fund, JNAM Guidance - Growth Fund, JNAM Guidance - Maximum Growth Fund, JNAM Guidance - Moderate Fund, JNAM Guidance - Moderate Growth Fund, and JNAM Guidance - Real Assets Fund. The Board considered that, while each Fund's advisory fee is higher

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than its respective peer group average, the Fund's total expense ratio is lower than its respective peer group average. The Board concluded that the fees are appropriate in light of the services provided.

JNAM Guidance - Equity 100 Fund. The Board noted that the Fund’s advisory fee and total expense ratio are higher than their respective peer group averages. The Board also considered that the Fund’s advisory fee is five basis points higher than its peer group average and that its total expense ratio (excluding underlying fund expenses) is four basis points higher than its peer group average. The Board concluded that the fees are appropriate in light of the services provided.

JNAM Guidance - Fixed Income 100 Fund. The Board noted that the Fund's advisory fee and total expense ratio are higher than their respective peer group averages. The Board also considered that the Fund's total expense ratio (excluding underlying fund expenses) is six basis points higher than its peer group average. The Board concluded that the fees are appropriate in light of the services provided.

JNAM Guidance - Interest Rate Opportunities Fund. The Board considered that, while the Fund’s advisory fee is higher than its peer group average, the Fund’s total expense ratio (excluding underlying fund expenses) is lower than its peer group average. The Board concluded that the fees are appropriate in light of the services provided.

JNL Tactical ETF Conservative Fund. The Board noted that the Fund’s total expense ratio and sub-advisory fee are lower than their respective peer group averages and the Fund’s advisory fee is only one basis point higher than its peer group average. The Board also noted that the Fund’s sub-advisory fee was in the top percentile of its peer group for the one-year period ended June 30, 2016. The Board concluded that the fees are appropriate in light of the services provided.

JNL Tactical ETF Growth Fund and JNL Tactical ETF Moderate Fund. The Board noted that the Fund's advisory fee, sub-advisory fee and total expense ratio are lower than the Fund's respective peer group averages. The Board concluded that the fees are appropriate in light of the services provided.

JNL/American Funds^® Global Growth Fund. The Board noted that the Fund's total expense ratio is equal to its peer group average and the Fund's advisory fee is higher than its peer group average. The Board concluded that the fees are appropriate in light of the services provided.

JNL/American Funds^® Growth Fund. The Board noted that, while the Fund's advisory fee and total expense ratio are higher than their respective peer group averages, the Fund's total expenses have declined over time as assets increased. The Board also considered that, in 2015, the Fund's total expense ratio was reduced by five basis points as a result of a 12b-1 fee reduction, and that JNAM provided a voluntary advisory fee waiver of five basis points in October 2015. The Board concluded that the fees are appropriate in light of the services provided.

JNL/AQR Risk Parity Fund. The Board noted that the Fund's advisory fee and total expense ratio are higher than their respective peer group averages. The Board also considered that the Fund's total expense ratio is one basis point higher than its peer group average. The Board concluded that the fees are appropriate in light of the services provided.

JNL/BlackRock Global Long Short Credit Fund, JNL/DFA U.S. Micro Cap Fund, JNL/FAMCO Flex Core Covered Call Fund, JNL/Nicholas Convertible Arbitrage Fund, and JNL/The Boston Company Equity Income Fund. The Board noted that each Fund's advisory fee, sub-advisory fee and total expense ratio are lower than the Fund's respective peer group averages. The Board concluded that the fees are appropriate in light of the services provided.

JNL/DoubleLine Total Return Fund. The Board noted that the Fund’s total expense ratio is equal to its peer group average and the Fund’s advisory fee is only four basis points higher than its peer group average. The Board concluded that the fees are appropriate in light of the services provided.

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund. The Board noted that, while the Fund's advisory fee, sub-advisory fee and total expense ratio are higher than their respective peer group averages, the Fund's total expenses have declined over time as assets increased. The Board also considered that, in 2015, the Fund's total expense ratio was reduced by ten basis points as a result of a 12b-1 and administrative fee reductions, and that JNAM provided a voluntary advisory fee waiver of five basis points (AUM between $250 million and $1 billion) in January 2016 and will add a voluntary advisory fee waiver of five basis points on assets over $250 million in April 2017. The Board concluded that the fees are appropriate in light of the services provided.

JNL/Epoch Global Shareholder Yield Fund. The Board noted that, while the Fund's advisory fee, sub-advisory fee and total expense ratio are higher than their respective peer group averages, the Fund's total expenses have declined over time as assets increased. The Board also considered that, effective April 2015, the Fund had administrative and 12b-1 fee reductions of five basis points each. The Board concluded that the fees are appropriate in light of the services provided.

JNL/Lazard International Strategic Equity Yield Fund. The Board considered that, while the Fund's advisory fee and sub-advisory fee are higher than their respective peer group averages, the Fund's total expense ratio is lower than its peer group average. The Board also considered that the Fund's total expense ratio was in the top percentile of its peer group for the one-year period ended June 30, 2016. The Board further considered that the advisory fee was two basis points higher than its peer group average and that its sub-advisory fee was six basis points higher than their respective peer group averages. The Board concluded that the fees are appropriate in light of the services provided.

JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund. The Board considered that, while the Fund's advisory fee and sub-advisory fee are higher than their respective peer group averages, the Fund's total expense ratio is lower than its peer group average. The Board also considered that the Fund's

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total expense ratio was in the top percentile of its peer group for the one-year period ended June 30, 2016, and that the Fund’s advisory fee was two basis points higher than its peer group average. The Board concluded that the fees are appropriate in light of the services provided.

JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund. The Board considered that, while the Fund's advisory fee and sub-advisory fee are higher than their respective peer group averages, the Fund's total expense ratio is lower than its peer group average. The Board also considered that the Fund's total expense ratio was in the top percentile of its peer group for the one-year period ended June 30, 2016, and that the Fund’s advisory fee was two basis points higher than its peer group average. The Board concluded that the fees are appropriate in light of the services provided.

JNL/PPM America Long Short Credit Fund. The Board noted that the Fund's advisory fee, sub-advisory fee and total expense ratio ranked in the top percentile of the Fund's respective peer group averages. The Board concluded that the fees are appropriate in light of the services provided.

JNL/T. Rowe Price Capital Appreciation Fund. The Board noted that the Fund's advisory fee, sub-advisory fee and total expense ratio are higher than their respective peer group averages. The Board also considered that, in 2015, the Fund's total expense ratio was reduced by ten basis points as a result of 12b-1 fee and administrative fee reductions. The Board concluded that the fees are appropriate in light of the services provided.

JNL/The London Company Focused U.S. Equity Fund. The Board considered that, while the Fund’s advisory fee and sub-advisory fee are higher than their respective peer group averages, the Fund’s total expense ratio is lower than its peer group average. The Board also considered that the Fund’s advisory fee is only one basis point higher than its peer group average. The Board concluded that the fees are appropriate in light of the services provided.

JNL/Van Eck International Gold Fund. The Board noted that, while the Fund's advisory fee, sub-advisory fee and total expense ratio are higher than their respective peer group averages, the Fund’s total expenses have declined over time. The Board also considered that, in 2015, the Fund's total expense ratio was reduced by ten basis points as a result of 12b-1 fee and administrative fee reductions. Finally, the Board noted that the Fund is the only annuity-based fund in the peer group. The Board concluded that the fees are appropriate in light of the services provided.

JNL/WCM Focused International Equity Fund. The Board noted that the Fund's advisory fee, sub-advisory fee and total expense ratio are higher than their respective peer group averages. The Board also considered that, in 2015, the Fund's total expense ratio was reduced by ten basis points as a result of 12b-1 fee and administrative fee reductions, and that JNAM will add a voluntary advisory fee waiver of five basis points (AUM between $500 million and $1 billion) in April 2017. The Board concluded that the fees are appropriate in light of the services provided.

Economies of Scale

The Board considered whether each Fund’s advisory fee reflects economies of scale for the benefit of the Funds’ shareholders.  Based on information provided by JNAM, the Board noted that the fee arrangement for each Fund contains breakpoints that decrease the advisory fee rate as assets increase.  Additionally, the Board considered JNAM’s assertion that it continually evaluates the advisory fee and breakpoint schedules for the Funds, and it considered the extent to which economies of scale are reflected for the benefit of shareholders.  The Board concluded that the advisory fee structure, in some measure, allows for adequate participation by shareholders in economies of scale across the Fund complex.

The Board also considered that the sub-advisory fee rates have been separately negotiated between JNAM and each Sub-Adviser at arm’s length.  These sub-advisory fees are paid by JNAM to each Sub-Adviser.  For this reason, JNAM, rather than shareholders, directly benefits from these breakpoints.  Additionally, to the extent that JNAM is waiving its advisory fee with respect to a certain Fund, it may also be benefitting from the breakpoints in sub-advisory fees.  The Board concluded that the sub-advisory fee schedules, where applicable, in some measure allow for adequate participation by shareholders in economies of scale.

The Board took into account that, effective October 1, 2015, JNAM added a breakpoint to each Fund’s administrative fee schedule, which also allows shareholder to participate in economies of scale across the Fund complex.

Profitability

The Board considered information concerning the costs incurred and profits realized by JNAM and each Sub-Adviser.  The Board also considered the Adviser’s fee waivers for certain Funds, pursuant to which it has reduced its fees and reimburses other expenses of the Funds, as applicable, to reduce the total annual operating expenses of the Funds.  The Board determined that profits realized by JNAM and each Sub-Adviser were not unreasonable.

Other Benefits to JNAM and the Sub-Advisers

In evaluating the benefits that may accrue to JNAM through its relationship with the Funds, the Board noted that JNAM and certain of its affiliates serve the Funds in various capacities, including as adviser, administrator, transfer agent and distributor, and receive compensation from the Funds in connection with providing certain services to the Funds.  The Board noted that each service provided to the Funds by JNAM or one of its affiliates is pursuant to a written agreement, which the Board evaluates periodically as required by law.  The Board also noted that certain Sub-Advisers pay for portions of meetings organized by the Funds’ distributor to educate wholesalers about the Fund(s) that each of those Sub-Advisers manages.  In addition, certain affiliates of the Sub-Advisers participate in the sale of funds or insurance contracts and are compensated by the Funds’ distributor for these activities, in addition to payments for marketing and conferences.  An affiliate of JNAM and its subsidiaries participate in the sales of shares of retail mutual funds advised by certain Sub-Advisers and other unaffiliated entities, and

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receive selling and other compensation from them in connection with those activities.  The Board reviewed the monetary values of these transactions.  Lastly, the Board considered that certain affiliates of JNAM may receive benefits under the federal income tax laws with respect to tax deductions and credits.

In evaluating the benefits that may accrue to the Sub-Advisers through their relationship with the Fund(s), the Board noted that each Sub-Adviser may receive indirect benefits in the form of soft dollar arrangements for portfolio securities trades placed with the Funds’ assets and may also develop additional investment advisory business with JNAM, the Funds or other clients of the Sub-Adviser as a result of its relationship with the Fund(s).

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Supplement Dated December 15, 2016

To The Prospectus Dated April 25, 2016

Jackson Variable Series Trust

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

Please note that all changes are effective immediately.

In the summary prospectus section entitled “Summary Overview of Each Fund” for the JNL/DoubleLine^® Total Return Fund, please delete the subsection entitled “Principal Investment Strategies,” in its entirety and replace it with the following:

Principal Investment Strategies. Under normal circumstances, the Fund intends to invest more than 50% of its net assets in residential and commercial mortgage-backed securities. These investments may include mortgage-backed securities of any maturity or type, including those guaranteed by, or secured by collateral that is guaranteed by, the United States Government, its agencies, instrumentalities or sponsored corporations, and privately issued mortgage-backed securities rated at the time of investment Aa3 or higher by Moody’s Investor Service, Inc. (“Moody’s”) or AA- or higher by Standard & Poor’s Rating Service (“S&P”) or the equivalent by any other nationally recognized statistical rating organization or in unrated securities that are determined by DoubleLine Capital LP, the Fund’s sub-adviser (“Sub-Adviser”), to be of comparable quality. These investments also include, among others, government mortgage pass-through securities, CMOs, multiclass pass-through securities, private mortgage pass-through securities, stripped mortgage securities (interest-only and principal-only securities) and inverse floaters.

Since the Fund’s inception, the Fund has historically invested substantially all of its assets in the mortgage-backed securities described above; short-term investments, such as notes issued by U.S. Government agencies and shares of money market funds; and, from time to time, other asset-backed backed obligations, collateralized loan obligations, and obligations of the U.S. Government and its agencies, instrumentalities, sponsored corporations. The Fund may invest in other instruments as part of its principal investment strategies, but it has not historically done so and there can be no assurance it will do so in the future.

In managing the Fund’s portfolio, the Sub-Adviser typically uses a controlled-risk approach. The techniques of this approach attempt to control the principal risk components of the fixed income markets and may include, among other factors, consideration of the Sub-Adviser’s view of the following: the potential relative performance of various market sectors, security selection available within a given sector, the risk/reward equation for different asset classes, liquidity conditions in various market sectors, the shape of the yield curve and projections for changes in the yield curve, potential fluctuations in the overall level of interest rates, and current fiscal policy.

Under normal circumstances, the Fund intends to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in bonds. Bonds include bonds, debt securities, and other fixed income instruments issued by governmental or private-sector entities.

The Fund may invest in bonds of any credit quality, including those that are at the time of investment unrated or rated BB+ or lower by S&P or Ba1 or lower by Moody’s or the equivalent by any other nationally recognized statistical rating organization. Bonds and fixed income instruments rated below investment grade, or such instruments that are unrated and determined by the Sub-Adviser to be of comparable quality, are high yield, high risk bonds, commonly known as junk bonds. The Fund may invest up to 33⅓% of its net assets in junk bonds, bank loans and assignments rated below investment grade or unrated but determined by the Sub-Adviser to be of comparable quality, and credit default swaps of companies in the high yield universe. The Sub-Adviser does not consider the term “junk bonds” to include any mortgage-backed securities or any other asset-backed securities, regardless of their credit rating or credit quality. The Fund may invest a portion of its net assets in inverse floater securities and interest-only and principal-only securities.

The Sub-Adviser monitors the duration of the Fund’s portfolio securities to seek to assess and, in its discretion, adjust the Fund’s exposure to interest rate risk. In managing the Fund’s investments, under normal market conditions, the Sub-Adviser intends to seek to construct an investment portfolio with a weighted average effective duration of no less than one year and no more than eight years. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage prepayment rates. The effective duration of the Fund’s investment portfolio may vary materially from its target range, from time to time, and there is no assurance that the effective duration of the Fund’s investment portfolio will always be within its target range.

Portfolio securities may be sold at any time. By way of example, sales may occur when the Sub-Adviser determines to take advantage of what the Sub-Adviser considers to be a better investment opportunity, when the Sub-Adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, when the Sub-Adviser perceives deterioration in the credit fundamentals of the issuer, or when the Sub-Adviser believes it would be appropriate to do so in order to readjust the duration of the Fund’s investment portfolio.

This Supplement is dated December 15, 2016.

(To be used with JMV7698 04/16, VC5869 04/16, JMV7697 04/16, VC5890 04/16, VC5890ML 04/16, VC4224 04/16, JMV8798 04/16, JMV9476 04/16, JMV5763ML 04/16, JMV9476ML 04/16, JMV5763WF 04/16, JMV9476WF 04/16, JMV16966 07/16, JMV17183 09/16, JMV2731 04/16, JMV8037 04/16, JMV8037BE 04/16, JMV7698NY 04/16, NV5869 04/16, JMV7697NY 04/16, NV5890 04/16, NV4224 04/16, JMV9476NY 04/16, NV4224WF 04/16, JMV9476WFNY 04/16, JMV16966NY 07/16, NMV2731 04/16, JMV8037NY 04/16, JMV8037BENY 04/16, FVC4224FT 04/16, VC5526 04/16, VC3656 04/16, VC3657 04/16, VC3723 04/16, NV5526 04/16, and NV3784 04/16.)

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CMV18205 12/16

Supplement Dated January 4, 2017

To The Prospectus Dated April 25, 2016

Jackson Variable Series Trust

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

Please note that all changes are effective January 1, 2017.

In the summary prospectus section entitled “Summary Overview of Each Fund,” please delete the “Portfolio Managers” table for the JNL/American Funds^® Global Growth Fund in its entirety and replace it with the following table:

Portfolio Managers:

Name:	Joined Fund Management Team In:	Title:
Patrice Collette	November 2015	Partner, Capital World InvestorsSM (“CWI”) 1
Isabelle de Wismes	September 2013	Partner, CWI 1
Paul Flynn	January 2017	Partner, CWI 1
Jonathan Knowles	September 2013	Partner, CWI 1

¹ CWI is a division of Capital Research and Management Company.

This supplement is dated January 4, 2017.

(To be used with JMV8037 04/16, JMV8037BE 04/16, JMV8037NY 04/16, and JMV8037BENY 04/16.)

CMV18271 01/17

Supplement Dated February 1, 2017

To The Prospectus Dated April 25, 2016

Jackson Variable Series Trust

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

Unless otherwise noted, all changes are effective immediately.

For the JNL/FAMCO Flex Core Covered Call Fund, please remove all reference to Charles D. Walbrandt.

For the JNL/American Funds^® Growth Fund, please remove all references to Gregory D. Johnson.

This supplement is dated February 1, 2017.

(To be used with JMV8037 04/16, JMV8037BE 04/16, JMV8037NY 04/16, JMV8037BENY 04/16, JMV17955 01/17, and JMV17955NY 01/17.)

CMV18374 02/17

155

Jackson Variable Series Trust   1 Corporate Way
Lansing, MI 48951 PRSRT STD
U.S. POSTAGE
PAID JACKSON NATIONAL
ASSET MANAGEMENT
L.L.C.

CMV13476 01/17

Item 2.  Code of Ethics.

As of the end of the period covered by this report, the registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  There were no substantive amendments or any waivers to this code of ethics during the period covered by this report.  A copy of this code of ethics is filed as exhibit 12(a)(1) to this Form N-CSR.

Item 3.  Audit Committee Financial Expert.

The registrant has named David W. Agostine, Gregory P. Contillo, Dylan E. Taylor, Scot T. Wetzel, and Mark S. Wehrle as audit committee financial experts serving on its Audit Committee.  Each of these individuals is “independent,” meaning that he is not an “interested person” of the registrant, as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended, and  is considered “independent” for purposes of this Item.

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an “audit committee financial expert.”  Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation.  Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the Audit Committee or Board of Trustees.

Item 4.  Principal Accountant Fees and Services.

The administrator of the registrant is responsible for payment of all expenses associated with the annual audit and other required services of the independent registered accounting firm, and all expenses associated with the preparation and filing of the tax returns.

KPMG LLP (“KPMG”) was appointed by the Board of Trustees as the independent registered public accounting firm of the registrant for the fiscal years ended December 31, 2015 and December 31, 2016.  The following table sets forth aggregate fees billed by KPMG for the respective period for professional services rendered to the registrant.

Fees for Services Rendered to the Registrant by the Principal Accountant

Fiscal Year	Audit Fees		Audit-Related Fees		Tax Fees		All Other Fees
2015	$	479,579	$	30,500	$	245,176	$	0
2016	$	480,157	$	11,950	$	818	$	0

The above Audit-Related Fees for 2015 and 2016 are the aggregate fees billed for professional services rendered by KPMG to the registrant for the services provided in connection with the registrant’s registration statement filings.

The above Tax Fees for 2015 and 2016 are the aggregate fees billed for professional services by KPMG to the registrant for tax compliance, tax advice, and tax return review.

Fees for Services Rendered to the Adviser Entities by the Principal Accountant

The following table sets forth the amount of fees that were billed by KPMG for the respective period to any entity controlling, controlled by, or under common control with the investment adviser that provided

ongoing services to the registrant (“Adviser Entities”) that were directly related to the registrant’s operations and financial reporting.

Fiscal Year	Audit-Related Fees		Tax Fees		All Other Fees
2015	$	123,635	$	0	$	0
2016	$	147,321	$	17,000	$	0

The above Audit-Related Fees are the aggregate fees billed to Adviser Entities for the performance of an attestation on the suitability of design and operating effectiveness of control pursuant to Statement on Standards for Attestation Engagements No. 16.

(e)(1) The Audit Committee is authorized to pre-approve non-audit services provided by the registrant’s auditors, if they find it appropriate in light of their fiduciary duties and in the exercise of their good faith business judgment and compatible with the auditors’ independence.  The Chairman of the Audit Committee is authorized to approve audit and non-audit services for newly established Funds of the registrant on the same terms as the full Audit Committee previously had approved for the then existing Funds.

(e)(2) 0%

(f) Not applicable.

(g) The aggregate fees billed for all non-audit fees to the registrant and Adviser Entities for the year ended December 31, 2015 was $466,536.  The aggregate fees billed for all non-audit fees to the registrant and Adviser Entities for the year ended December 31, 2016 was $177,089.

(h) For the fiscal years ended December 31, 2015 and December 31, 2016, the Audit Committee of the registrant’s Board of Trustees considered the provision of non-audit services that were rendered to the Adviser Entities that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, and concluded that such services were compatible with maintaining KPMG’s independence.

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. Micro Cap Fund, the JNL/DoubleLine Total Return Fund, the JNL/PIMCO Credit Income Fund, the JNL/BlackRock Global Long Short Credit Fund, the JNL/PPM America Long Short Credit Fund, and the JNL/T. Rowe Price Capital Appreciation Fund, for which a summary schedule of investments was provided in the Annual Report dated December 31, 2016, pursuant to § 210.1212 of Regulation S-X.

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
JNL/BlackRock Global Long Short Credit Fund (a)
COMMON STOCKS 0.7%
Israel 0.0%
	Teva Pharmaceutical Industries Ltd. - ADR		5	$	164
Italy 0.1%
	Telecom Italia SpA (b)		262		231
United States of America 0.6%
	AMC Networks Inc. - Class A (b)		14		739
	Apple Inc.		2		221
	CSX Corp.		6		198
	Microsoft Corp.		6		345
	Mylan NV (b)		12		448
	United Technologies Corp.		2		241
				2,192
	Total Common Stocks (cost $2,558)			2,587
INVESTMENT COMPANIES 0.4%
United States of America 0.4%
	iShares 20+ Year Treasury Bond ETF (c)		7		846
	Utilities Select Sector SPDR Fund (d)		10		474
	Total Investment Companies (cost $1,301)			1,320
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.1%
Australia 0.3%
	Virgin Australia Trust
		Series 2013-1C, 7.13%, 10/23/18 (e)	618		616
		Series 2013-1B, 6.00%, 10/23/20 (e)	308		313
				929
Canada 0.6%
	Air Canada Pass-Through Trust
		Series 2013-C-1, 6.63%, 05/15/18 (e)	350		363
		Series 2013-1B, 5.38%, 05/15/21 (e)	331		339
		Series 2015-B-2, 5.00%, 12/15/23 (e)	1,525		1,525
				2,227
Cayman Islands 0.8%
	ALM VI Ltd.
		Series 2012-CR-6A, 4.63%, 07/15/26 (e) (f)	250		245
	Atlas Senior Loan Fund Ltd.
		Series 2013-A3L-2A, 3.61%, 02/17/26 (e) (f)	350		347
	BlueMountain CLO Ltd.
		Series 2016-E-1X, 6.60%, 04/25/30, EUR (f) (g)	500		515
	Carlyle Global Market Strategies CLO Ltd.
		Series 2015-D-3X, 5.55%, 01/15/29, EUR (f) (g)	300		268
	ING Investment Management Co.
		Series 2013-B-3A, 3.58%, 01/18/26 (e) (f)	255		254
	KKR CLO Trust
		Series 2013-A1-1A, 2.03%, 07/15/25 (e) (f)	500		499
	Madison Park Funding I Ltd.
		Series 2013-C-11A, 3.63%, 10/23/25 (e) (f)	320		320
	Mountain Hawk CLO Ltd.
		Series 2013-A1-2A, 2.04%, 07/22/24 (e) (f)	460		456
	Octagon Investment Partners XVIII Ltd.
		Series 2013-C-1A, 4.61%, 12/16/24 (e) (f)	250		242
				3,146
Ireland 1.2%
	Adagio IV CLO Ltd.
		Series IV-F-X, 6.65%, 10/15/29, EUR (f) (g)	100		91
	Adagio V CLO DAC
		Series V-E-X, 6.70%, 10/15/29, EUR (f) (g)	110		113
	Arbour CLO DAC
		Series E-4X, 5.00%, 01/15/30, EUR (f) (g)	183		179
		Series F-4X, 5.00%, 01/15/30, EUR (f) (g)	150		145
	Arbour CLO Ltd.
		Series 2014-E-1X, 5.00%, 06/16/27, EUR (f) (g)	338		336
		Series 2014-F-1X, 5.75%, 06/16/27, EUR (f) (g)	336		297
	Avoca CLO XIII Ltd.
		Series E-13X, 5.18%, 12/29/27, EUR (f) (g)	250		248
	Avoca CLO XIV Ltd.
		Series SUB-14X, 0.00%, 07/12/28, EUR (g) (h)	400		385
		Series E-14X, 4.75%, 07/12/28, EUR (f) (g)	200		192
		Series F-14X, 5.75%, 07/12/28, EUR (f) (g)	300		257
			Shares/Par†		Value
	Avoca CLO XV Ltd.
		Series M1-15X, 0.00%, 01/15/29, EUR (f) (g)	500		482
		Series E-15X, 5.00%, 01/15/29, EUR (f) (g)	490		471
		Series F-15X, 6.75%, 01/15/29, EUR (f) (g)	230		199
	Avoca CLO XVII DAC
		Series E-17X, 5.95%, 01/15/30, EUR (f) (g)	179		181
	CVC Cordatus Loan Fund VII DAC
		Series E-7X, 7.00%, 08/15/29, EUR (f) (g)	160		166
	Sorrento Park CLO Ltd.
		Series E-1X, 5.94%, 11/16/27, EUR (f) (g)	250		222
	St. Paul's CLO VI DAC
		Series D-6X, 6.50%, 07/22/29, EUR (f) (g)	350		360
				4,324
Italy 0.1%
	Arianna SPV Srl
		Series A-1, 3.60%, 04/20/19, EUR (g)	424		450
Luxembourg 0.4%
	Harvest CLO XI
		Series SUB-11X, 0.00%, 03/28/29, EUR (f) (g)	985		960
		Series E-11X, 4.93%, 03/28/29, EUR (f) (g)	280		273
	Harvest CLO XVI DAC
		Series E-16X, 6.40%, 10/15/29, EUR (f) (g)	155		157
				1,390
Netherlands 1.6%
	ALME Loan Funding V BV
		Series E-5X, 6.00%, 07/15/29, EUR (f) (g)	500		502
	Cadogan Square CLO VII BV
		Series E-7X, 6.00%, 05/25/29, EUR (f) (g)	200		200
	Cairn CLO VI BV
		Series 2016-E-6X, 6.25%, 07/25/29, EUR (f) (g)	200		202
	Dryden XLVI Euro CLO BV
		Series 2016-E-46X, 5.75%, 01/15/30, EUR (f) (g)	104		102
	Euro-Galaxy IV CLO
		Series 2015-D-4X, 3.35%, 07/30/28, EUR (f) (g)	270		280
		Series 2015-E-4X, 4.50%, 07/30/28, EUR (f) (g)	365		346
		Series 2015-F-4X, 6.25%, 07/30/28, EUR (f) (g)	380		328
	Euro-Galaxy V CLO
		Series 2016-E-46X, 0.00%, 11/10/30, EUR (f) (g)	100		102
	Jubilee CDO BV
		Series VIII-SUB-X, 4.81%, 01/15/24, EUR (g)	690		514
	North Westerly CLO IV BV
		Series IV-SUB-X, 0.00%, 01/15/26, EUR (f) (g)	528		395
		Series IV-A-1-X, 1.26%, 01/15/26, EUR (f) (g)	1,950		2,057
	OZLME BV
		Series E-1X, 6.45%, 01/18/30, EUR (f) (g)	158		158
	St. Pauls CLO Ltd.
		Series 4X-A1, 1.09%, 04/25/28, EUR (f) (g)	500		526
	Tikehau CLO BV
		Series 2015-E-1X, 4.60%, 08/04/28, EUR (f) (g)	200		191
				5,903
Norway 0.3%
	Norwegian Air Shuttle ASA Pass-Through Trust
		Series 2016-B-1, 7.50%, 11/10/23 (e)	1,295		1,301
Turkey 0.2%
	Turk Hava Yollari AO
		Series 2015-A-1, 4.20%, 03/15/27 (e)	842		824
United Arab Emirates 0.2%
	Doric Nimrod Air Alpha Pass-Through Trust
		Series 2013-1A, 5.25%, 05/30/23 (e)	756		784
United Kingdom 0.1%
	Paragon Mortgages No. 13 Plc
		Series 13X-A2C, 1.06%, 01/15/39 (f) (g)	544		500
United States of America 6.3%
	American Airlines Pass-Through Trust
		Series 2013-C-2, 6.00%, 01/15/17 (e)	2,290		2,290
		Series 2013-1C, 6.13%, 07/15/18 (e)	1,750		1,803
		Series 2001-A-1-1, 6.98%, 05/23/21	605		611
	Carlyle Global Market Strategies Euro CLO Ltd.
		Series 2015-D-2X, 5.50%, 09/21/29, EUR (f) (g)	200		197
		Series 2015-E-2X, 6.50%, 09/21/29, EUR (f) (g)	130		122

See accompanying Notes to Financial Statements.

1

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
	CDGJ Commercial Mortgage Trust
		Series 2014-EPA-BXCH, REMIC, 4.95%, 12/15/27 (e) (f)	281		282
	CFCRE Commercial Mortgage Trust
		Interest Only, Series 2016-XA-C4, REMIC, 1.77%, 05/10/58 (f)	1,864		216
	Continental Airlines Inc. Pass-Through Certificates
		Series 2012-C-3, 6.13%, 04/29/18	397		413
	Core Industrial Trust
		Series 2015-F-CALW, REMIC, 3.85%, 02/10/22 (e) (f)	380		373
		Series 2015-G-CALW, REMIC, 3.85%, 02/10/22 (e) (f)	360		338
	Credit Acceptance Auto Loan Trust
		Series 2015-B-2A, 3.04%, 01/15/19 (e)	305		307
		Series 2015-C-2A, 3.76%, 01/15/19 (e)	250		248
		Series 2015-B-1A, 2.61%, 01/17/23 (e)	260		260
	DCP Rights LLC
		Series 2014-A-1A, 5.46%, 10/25/21 (e)	262		261
	Delta Air Lines Pass-Through Trust
		Series 2015-B-1, 4.25%, 07/30/23	1,422		1,447
	Flatiron CLO Ltd.
		Series 2012-CR-1A, 5.35%, 10/25/21 (e) (f)	250		248
		Series 2013-A1-1A, 2.28%, 01/17/26 (e) (f)	345		345
	GAHR Commercial Mortgage Trust
		Series 2015-EFX-NRF, REMIC, 3.38%, 12/15/19 (e) (f)	705		685
		Series 2015-FFX-NRF, REMIC, 3.38%, 12/15/19 (e) (f)	380		359
		Series 2015-GFX-NRF, REMIC, 3.38%, 12/15/19 (e) (f)	875		799
	GRACE Mortgage Trust
		Series 2014-F-GRCE, REMIC, 3.59%, 06/10/21 (e) (f)	205		201
	Hilton USA Trust
		Series 2013-EFX-HLT, REMIC, 4.45%, 11/05/18 (e) (f)	374		374
	LB-UBS Commercial Mortgage Trust
		Series 2006-B-C4, REMIC, 5.87%, 06/15/38 (f)	145		145
		Series 2007-AJ-C1, REMIC, 5.48%, 02/15/40	60		60
	Lone Star Portfolio Trust
		Series 2015-E-LSP, REMIC, 6.30%, 09/15/20 (e) (f)	439		443
	Navient Private Education Loan Trust
		Series 2015-A3-AA, 2.40%, 07/15/24 (e) (f)	295		303
		Series 2015-B-AA, 3.50%, 12/15/24 (e)	100		92
	OneMain Financial Issuance Trust
		Series 2014-A-1A, 2.43%, 08/18/17 (e)	165		165
		Series 2015-A-1A, 3.19%, 01/18/18 (e)	290		292
		Series 2015-B-1A, 3.85%, 01/18/18 (e)	290		290
		Series 2015-A-2A, 2.57%, 10/18/18 (e)	765		765
		Series 2015-B-2A, 3.10%, 01/18/19 (e)	155		153
	SLM Private Education Loan Trust
		Series 2011-A3-B, 2.95%, 05/15/19 (e) (f)	630		655
		Series 2013-B-B, 3.00%, 12/15/19 (e)	360		348
	SMB Private Education Loan Trust
		Series 2015-B-C, 3.50%, 03/15/26 (e)	775		745
	Springleaf Funding Trust
		Series 2015-A-AA, 3.16%, 05/15/19 (e)	475		479
	United Airlines Inc. Pass-Through Trust
		Series 2014-B-2, 4.63%, 09/03/22	470		481
		Series 2013-A-1, 4.30%, 08/15/25	776		799
	US Airways Pass-Through Trust
		Series 2012-C-2, 5.45%, 06/03/18	2,700		2,686
		Series 2012-B-1, 8.00%, 10/01/19	174		193
		Series 2012-B-2, 6.75%, 06/03/21	559		608
		Series 2013-B-1, 5.38%, 11/15/21	1,417		1,502
	Wells Fargo Commercial Mortgage Trust
		Series 2015-D-C31, REMIC, 3.85%, 11/15/25	200		145
				23,528
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $47,155)			45,306
			Shares/Par†		Value
CORPORATE BONDS AND NOTES 51.0%
Australia 0.6%
	Westpac Banking Corp.
		4.32%, 11/23/31 (f) (i)	2,400		2,395
Belgium 0.1%
	Anheuser-Busch InBev SA
		2.00%, 03/17/28, EUR (g)	400		445
Brazil 0.1%
	Petrobras Global Finance BV
		6.63%, 01/16/34, GBP	220		235
Canada 2.4%
	1011778 B.C. Unltd. Liability Co.
		6.00%, 04/01/22 (e)	1,640		1,714
	Cenovus Energy Inc.
		5.70%, 10/15/19	3,867		4,135
	Enbridge Inc.
		6.00%, 01/15/77 (f) (i)	1,000		998
	MDC Partners Inc.
		6.50%, 05/01/24 (e)	146		131
	Teck Resources Ltd.
		8.00%, 06/01/21 (e)	85		94
		8.50%, 06/01/24 (e)	524		604
		6.00%, 08/15/40	730		694
		6.25%, 07/15/41	523		504
		5.20%, 03/01/42	53		47
				8,921
France 1.2%
	Areva SA
		4.88%, 09/23/24, EUR	900		976
	BNP Paribas Cardif SA
		4.03%, (callable at 100 beginning 11/25/25), EUR (g) (j)	500		522
	Bouygues SA
		1.38%, 06/07/27, EUR (g)	500		522
	Casino Guichard Perrachon SA
		2.33%, 02/07/25, EUR (g) (k)	400		420
	Credit Agricole Assurances SA
		4.25%, (callable at 100 beginning 01/13/25), EUR (g) (j)	800		829
	Credit Agricole SA
		6.50%, (callable at 100 beginning 06/23/21), EUR (g) (j)	100		109
		1.88%, 12/20/26, EUR (g)	400		422
	Lion/Seneca France 2
		7.88%, 04/15/19, EUR (g)	140		144
	Numericable - SFR SA
		7.38%, 05/01/26 (e)	623		636
				4,580
Germany 2.9%
	Aroundtown Property Holdings Plc
		3.00%, 05/05/20, EUR (g) (i)	1,300		1,754
	ATF Netherlands BV
		2.13%, 03/13/23, EUR (g)	700		733
	Commerzbank AG
		7.75%, 03/16/21, EUR	900		1,132
	Deutsche Bank AG
		4.25%, 10/14/21 (e)	2,000		2,006
	HSH Nordbank AG
		7.25%, (callable at 100 beginning 03/30/17) (j)	2,364		563
		0.49%, 02/14/17, EUR (f)	1,208		1,257
		0.53%, 02/14/17, EUR (f) (g)	544		567
	IHO Verwaltungs GmbH
		2.75%, 09/15/21, EUR (g) (l)	225		244
	Schaeffler Verwaltung Zwei GmbH
		3.25%, 09/15/23, EUR (g) (l)	525		569
	Unitymedia Hessen GmbH & Co. KG
		5.63%, 04/15/23, EUR (g)	80		90
		4.00%, 01/15/25, EUR (g)	655		717
		3.50%, 01/15/27, EUR (g)	600		619
		6.25%, 01/15/29, EUR (g)	400		465
				10,716

See accompanying Notes to Financial Statements.

2

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
Ireland 0.9%
	AerCap Ireland Capital Ltd.
		4.25%, 07/01/20	832		855
		4.63%, 07/01/22	534		550
	Allied Irish Banks Plc
		4.12%, 11/26/25, EUR (g)	350		373
	Ardagh Packaging Finance Plc
		4.16%, 05/15/21 (e) (f)	400		412
		4.63%, 05/15/23 (e)	200		198
		7.25%, 05/15/24 (e)	200		211
	Bank of Ireland
		7.37%, (callable at 100 beginning 06/18/20), EUR (g) (j)	600		643
				3,242
Italy 1.9%
	Autostrade per l Italia SpA
		1.75%, 06/26/26, EUR (g)	115		125
	Intesa Sanpaolo SpA
		7.00%, (callable at 100 beginning 01/19/21), EUR (g) (j)	725		753
		6.63%, 09/13/23, EUR (g)	810		1,009
		3.93%, 09/15/26, EUR (g)	650		704
	Meccanica Holdings USA Inc.
		7.38%, 07/15/39 (e)	230		249
	Snam SpA
		0.88%, 10/25/26, EUR (g)	110		111
	Telecom Italia Finance SA
		7.75%, 01/24/33, EUR	510		685
	Telecom Italia SpA
		3.63%, 01/19/24, EUR (g)	300		336
	UniCredit SpA
		9.25%, (callable at 100 beginning 06/03/22), EUR (g) (j)	250		278
		6.95%, 10/31/22, EUR (g)	620		749
		5.75%, 10/28/25, EUR (g)	1,535		1,707
	Wind Acquisition Finance SA
		7.38%, 04/23/21 (e)	500		520
				7,226
Jersey 0.1%
	Enterprise Funding Ltd.
		3.50%, 09/10/20, GBP (g) (i)	200		237
Luxembourg 0.7%
	APERAM
		0.63%, 07/08/21 (g) (i)	800		994
	Atalaya Luxco
		11.50%, 05/30/20, EUR (g) (l) (m) (n)	1,159		1,190
	Bilbao Luxembourg SA
		10.50%, 12/01/18, EUR (g) (l)	321		345
	Matterhorn Telecom SA
		3.88%, 05/01/22, EUR (g)	200		217
				2,746
Netherlands 0.2%
	Cooperatieve Rabobank U.A.
		6.62%, (callable at 100 beginning 06/29/21), EUR (g) (j)	200		225
	Petrobras Global Finance BV
		4.75%, 01/14/25, EUR	200		205
		8.75%, 05/23/26	200		216
				646
Portugal 0.3%
	Banco Espirito Santo SA
		0.00%, 05/08/17 - 01/21/19, EUR (b) (g) (o)	3,800		1,100
Spain 1.9%
	Banco Bilbao Vizcaya Argentaria SA
		8.87%, (callable at 100 beginning 04/14/21), EUR (g) (j)	400		453
		9.00%, (callable at 100 beginning 05/09/18) (g) (j)	600		625
	Banco Popular Espanol SA
		8.25%, (callable at 100 beginning 04/10/20), EUR (g) (j)	200		185
		11.50%, (callable at 100 beginning 10/10/18), EUR (g) (j)	600		632
			Shares/Par†		Value
	Banco Santander SA
		6.25%, (callable at 100 beginning 03/12/19), EUR (g) (i) (j)	2,000		1,968
	Bankia SA
		4.00%, 05/22/24, EUR (g)	900		961
	BPE Financiaciones SA
		2.00%, 02/03/20, EUR (g)	1,200		1,262
	Gas Natural Fenosa Finance BV
		3.37%, (callable at 100 beginning 04/24/24), EUR (g) (j)	300		295
	Santander Issuances SAU
		3.25%, 04/04/26, EUR (g)	400		429
	Telefonica Europe BV
		3.75%, (callable at 100 beginning 03/15/22), EUR (g) (j)	200		206
		5.87%, (callable at 100 beginning 03/31/24), EUR (g) (j)	200		221
				7,237
Switzerland 0.6%
	Credit Suisse Group AG
		6.25%, (callable at 100 beginning 12/18/24) (e) (j)	400		389
	UBS AG
		4.75%, 02/12/26, EUR (g)	935		1,056
	UBS Group AG
		5.75%, (callable at 100 beginning 02/19/22), EUR (g) (j)	250		277
		6.87%, (callable at 100 beginning 03/22/21) (g) (j)	450		458
		7.00%, (callable at 100 beginning 02/19/25) (g) (j)	225		236
				2,416
United Kingdom 3.7%
	Annington Finance No. 5 Plc
		13.00%, 01/15/23, GBP (g) (l)	237		341
	HBOS Capital Funding LP
		6.85%, (callable at 100 beginning 03/23/17) (g) (j)	130		131
	HSBC Holdings Plc
		4.38%, 11/23/26	1,100		1,107
	Iceland Bondco Plc
		6.75%, 07/15/24, GBP (g)	100		120
	INEOS Finance Plc
		4.00%, 05/01/23, EUR (g)	710		773
	ITV Plc
		2.00%, 12/01/23, EUR (g)	1,200		1,274
	Marks & Spencer Group Plc
		3.00%, 12/08/23, GBP (g)	300		376
	Mercury Bondco Plc
		8.25%, 05/30/21, EUR (g) (l)	100		111
	New Look Secured Issuer Plc
		6.50%, 07/01/22, GBP (g)	970		1,139
	Noble Holding International Ltd.
		7.75%, 01/15/24	117		110
	Pension Insurance Corp. Plc
		6.50%, 07/03/24, GBP (g)	175		208
	Pizzaexpress Financing 2 Plc
		6.63%, 08/01/21, GBP (g)	500		625
	Punch Taverns Finance B Ltd.
		5.94%, 09/30/22, GBP (g)	740		906
		5.27%, 03/30/24, GBP	158		185
	Punch Taverns Finance Plc
		0.40%, 07/15/21, GBP (f) (g)	63		76
		5.90%, 10/15/27, GBP (f) (g)	528		618
	Synlab Unsecured Bondco Plc
		8.25%, 07/01/23, EUR (g)	200		229
	Tullow Oil Jersey Ltd.
		6.63%, 07/12/21 (g) (i)	200		265
	Tullow Oil Plc
		6.25%, 04/15/22 (g)	400		372
	Unique Pub Finance Co. Plc
		7.40%, 03/30/24, GBP (g)	195		249
		5.66%, 06/30/27, GBP	1,078		1,396
		6.46%, 03/30/32, GBP (g)	491		532
	Virgin Media Receivables Financing Notes I DAC
		5.50%, 09/15/24, GBP (g)	450		553
	Virgin Media Secured Finance Plc
		5.50%, 01/15/25, GBP (g)	180		229
		4.88%, 01/15/27, GBP (g)	400		483

See accompanying Notes to Financial Statements.

3

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
		6.25%, 03/28/29, GBP (g)	605		780
	Voyage Care Bondco Plc
		11.00%, 02/01/19, GBP (g) (m)	450		548
				13,736
United States of America 33.4%
	21st Century Fox America Inc.
		3.38%, 11/15/26 (e)	1,000		979
		4.75%, 11/15/46 (e)	1,450		1,451
	Abbott Laboratories
		2.90%, 11/30/21	1,500		1,496
		3.40%, 11/30/23	1,000		995
		3.75%, 11/30/26	1,500		1,489
	Actavis Funding SCS
		4.55%, 03/15/35	990		978
		4.85%, 06/15/44	990		980
		4.75%, 03/15/45	2,000		1,960
	Albertsons Cos. LLC
		6.63%, 06/15/24 (e)	113		118
	Alere Inc.
		6.50%, 06/15/20	1,375		1,354
		6.38%, 07/01/23 (e)	955		949
	Allstate Corp.
		3.28%, 12/15/26	1,450		1,453
		4.20%, 12/15/46	1,450		1,477
	American Airlines Group Inc.
		4.63%, 03/01/20 (e)	515		521
	Amgen Inc.
		1.85%, 08/19/21	1,485		1,429
		2.60%, 08/19/26	1,485		1,364
		4.40%, 05/01/45	1,475		1,413
	Amsurg Corp.
		5.63%, 07/15/22	390		402
	AT&T Inc.
		0.00%, 11/27/22 (e) (h)	3,000		2,393
		4.13%, 02/17/26	1,000		1,011
	Ball Corp.
		4.38%, 12/15/23, EUR	100		116
	Bank of America Corp.
		6.10%, (callable at 100 beginning 03/17/25) (j)	1,000		1,006
		6.50%, (callable at 100 beginning 10/23/24) (j)	1,500		1,568
	Bank of New York Mellon Corp.
		4.63%, (callable at 100 beginning 09/20/26) (j)	552		506
	Baxter International Inc.
		3.50%, 08/15/46	1,985		1,662
	Blackstone CQP Holdco LP
		9.30%, 03/31/19 (g) (m)	716		722
	Cablevision Systems Corp.
		5.88%, 09/15/22	320		312
	Capital One Financial Corp.
		3.75%, 07/28/26	1,160		1,123
	CCO Holdings LLC
		5.88%, 04/01/24 (e)	245		262
	CenturyLink Inc.
		5.80%, 03/15/22	160		164
		7.50%, 04/01/24	1,085		1,139
	CF Industries Inc.
		3.40%, 12/01/21 (e)	1,500		1,483
		4.50%, 12/01/26 (e)	1,500		1,472
		5.38%, 03/15/44	1,200		990
	Charter Communications Operating LLC
		4.91%, 07/23/25	2,975		3,132
	Cheniere Corpus Christi Holdings LLC
		7.00%, 06/30/24 (e)	126		136
		5.88%, 03/31/25 (e)	156		159
	Chesapeake Energy Corp.
		8.00%, 01/15/25 (e)	456		465
	Citigroup Inc.
		4.75%, 05/18/46	1,900		1,898
	Clear Channel Worldwide Holdings Inc.
		6.50%, 11/15/22	325		332
	CONSOL Energy Inc.
		5.88%, 04/15/22	715		701
	Cox Communications Inc.
		3.25%, 12/15/22 (e)	639		622
			Shares/Par†		Value
		2.95%, 06/30/23 (e)	952		895
		3.35%, 09/15/26 (e)	1,915		1,826
	CSC Holdings LLC
		5.25%, 06/01/24	75		73
	Diamond 1 Finance Corp.
		7.13%, 06/15/24 (e)	531		589
	Discovery Communications LLC
		4.90%, 03/11/26	814		856
	DJO Finco LLC
		8.13%, 06/15/21 (e)	198		172
	Dollar Tree Inc.
		5.25%, 03/01/20	20		21
	EMC Corp.
		1.88%, 06/01/18	813		804
	Endo Finance LLC
		6.00%, 07/15/23 (e)	400		351
		6.50%, 02/01/25 (e)	200		167
	Energy Transfer Partners LP
		6.50%, 02/01/42	903		974
		5.95%, 10/01/43	505		520
		6.13%, 12/15/45	2,320		2,464
	Finisar Corp.
		0.50%, 12/15/36 (e) (i)	237		239
	First Data Corp.
		7.00%, 12/01/23 (e)	704		750
		5.75%, 01/15/24 (e)	284		293
	Florida East Coast Holdings Corp.
		6.75%, 05/01/19 (e) (p)	427		442
	Ford Motor Co.
		4.35%, 12/08/26	1,000		1,009
		5.29%, 12/08/46	1,000		1,011
	Freeport-McMoRan Inc.
		2.38%, 03/15/18	344		341
		3.10%, 03/15/20	595		580
		4.00%, 11/14/21	160		156
		5.45%, 03/15/43	235		194
	Gilead Sciences Inc.
		3.65%, 03/01/26	990		1,002
	Goldman Sachs Group Inc.
		2.64%, 10/28/27 (f)	4,400		4,485
		5.15%, 05/22/45	1,900		1,994
	Gulfport Energy Corp.
		6.38%, 05/15/25 (e)	54		55
	Halliburton Co.
		5.00%, 11/15/45	1,900		2,057
	HCA Inc.
		4.25%, 10/15/19	742		772
	Herc Spinoff Escrow Issuer LLC
		7.50%, 06/01/22 (e)	1,405		1,481
		7.75%, 06/01/24 (e)	650		683
	Hess Corp.
		5.80%, 04/01/47	2,500		2,590
	Hilton Worldwide Finance LLC
		5.63%, 10/15/21	425		439
	Hologic Inc.
		5.25%, 07/15/22 (e)	100		105
	Inception Merger Sub Inc.
		8.63%, 11/15/24 (e)	189		200
	Italics Merger Sub Inc.
		7.13%, 07/15/23 (e)	1,343		1,279
	Jaguar Holding Co. II
		6.38%, 08/01/23 (e)	245		262
	JPMorgan Chase & Co.
		6.10%, (callable at 100 beginning 10/01/24) (j)	1,000		1,012
	JPMorgan Chase Capital XXIII
		1.91%, 05/15/47 (f)	4,800		3,962
	KLX Inc.
		5.88%, 12/01/22 (e)	85		88
	Level 3 Financing Inc.
		6.13%, 01/15/21	662		687
		5.13%, 05/01/23	142		143
		5.38%, 01/15/24	90		91
	LG FinanceCo Corp.
		5.88%, 11/01/24 (e)	610		619

See accompanying Notes to Financial Statements.

4

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
	LGE HoldCo VI BV
		7.13%, 05/15/24, EUR (g)	570		681
	Mallinckrodt International Finance SA
		4.88%, 04/15/20 (e)	46		46
		5.75%, 08/01/22 (e)	1,285		1,237
		5.50%, 04/15/25 (e)	40		36
	Meccanica Holdings USA Inc.
		6.25%, 01/15/40 (e) (p)	1,120		1,134
	Micron Technology Inc.
		5.25%, 08/01/23 (e)	1,945		1,952
		7.50%, 09/15/23 (e)	1,015		1,124
	Morgan Stanley
		2.28%, 10/24/23 (f)	1,900		1,921
	Mylan NV
		3.13%, 11/22/28, EUR (g)	800		856
	NBTY Inc.
		7.63%, 05/15/21 (e)	151		156
	Nexstar Escrow Corp.
		5.63%, 08/01/24 (e)	90		89
	Northwest Florida Timber Finance LLC
		4.75%, 03/04/29 (e)	605		529
	Novelis Corp.
		6.25%, 08/15/24 (e)	268		284
		5.88%, 09/30/26 (e)	197		199
	NRG Energy Inc.
		6.63%, 01/15/27 (e)	171		162
	Nuance Communications Inc.
		5.38%, 08/15/20 (e)	85		87
	Phillips 66 Partners LP
		4.90%, 10/01/46	1,000		958
	Plains All American Pipeline LP
		4.50%, 12/15/26	1,000		1,013
	Post Holdings Inc.
		7.75%, 03/15/24 (e)	179		199
		8.00%, 07/15/25 (e)	88		99
	PQ Corp.
		6.75%, 11/15/22 (e)	58		62
	Prime Security Services Borrower LLC
		9.25%, 05/15/23 (e)	1,483		1,615
	Project Homestake Merger Corp.
		8.88%, 03/01/23 (e)	545		578
	Qorvo Inc.
		6.75%, 12/01/23	1,010		1,111
		7.00%, 12/01/25	1,156		1,280
	QUALCOMM Inc.
		4.80%, 05/20/45	675		720
	Realogy Group LLC
		4.88%, 06/01/23 (e)	139		134
	RegionalCare Hospital Partners Holdings Inc.
		8.25%, 05/01/23 (e)	98		98
	Reynolds Group Issuer Inc.
		4.38%, 07/15/21 (e) (f)	173		177
		7.00%, 07/15/24 (e)	68		72
	Rite Aid Corp.
		6.13%, 04/01/23 (e)	1,659		1,783
	Sabine Pass Liquefaction LLC
		5.63%, 02/01/21 (k)	174		186
		6.25%, 03/15/22	276		302
		5.88%, 06/30/26 (e)	144		155
	Sabre GLBL Inc.
		5.38%, 04/15/23 (e)	832		849
		5.25%, 11/15/23 (e)	262		269
	Sprint Communications Inc.
		9.00%, 11/15/18 (e)	189		208
	Sprint Spectrum Co LLC
		3.36%, 09/20/21 (e)	900		902
	Standard Industries Inc.
		5.13%, 02/15/21 (e)	51		53
	Symantec Corp.
		3.95%, 06/15/22	320		316
	Tenet Healthcare Corp.
		5.00%, 03/01/19	556		542
		4.46%, 06/15/20 (f)	500		503
		6.00%, 10/01/20	247		257
		7.50%, 01/01/22 (e)	39		41
			Shares/Par†		Value
	Time Inc.
		5.75%, 04/15/22 (e)	320		331
	Time Warner Cable Inc.
		5.00%, 02/01/20	1,221		1,295
		5.88%, 11/15/40	1,485		1,581
	Time Warner Inc.
		3.80%, 02/15/27	470		466
		4.65%, 06/01/44	118		114
		4.85%, 07/15/45	882		884
	T-Mobile USA Inc.
		6.63%, 04/28/21	172		180
		6.73%, 04/28/22	79		83
		6.00%, 03/01/23	606		640
		6.50%, 01/15/24	240		257
		6.38%, 03/01/25	340		363
	TransDigm Inc.
		6.00%, 07/15/22	308		320
		6.50%, 07/15/24	418		437
	United States Steel Corp.
		8.38%, 07/01/21 (e)	99		109
	Univision Communications Inc.
		5.13%, 02/15/25 (e)	88		84
	Wayne Merger Sub LLC
		8.25%, 08/01/23 (e)	200		207
	Weatherford International Plc
		9.88%, 02/15/24 (e)	122		130
	Wells Fargo & Co.
		4.75%, 12/07/46	3,300		3,331
	Western Digital Corp.
		7.38%, 04/01/23 (e)	1,344		1,478
		10.50%, 04/01/24 (e)	1,719		2,033
	Williams Cos. Inc.
		5.75%, 06/24/44	950		922
	Williams Partners LP
		4.90%, 01/15/45	1,000		923
		5.10%, 09/15/45	629		597
	WMG Acquisition Corp.
		4.13%, 11/01/24, EUR (g)	225		245
	XPO Logistics Inc.
		6.50%, 06/15/22 (e)	234		246
	Zayo Group LLC
		6.38%, 05/15/25	138		144
				125,290
	Total Corporate Bonds And Notes (cost $197,048)			191,168
VARIABLE RATE SENIOR LOAN INTERESTS 17.8% (f)
Austria 0.2%
	Constantinople Lux I SARL
		Term Loan B-2, 4.00%, 04/30/22, EUR	97		103
		Term Loan B-1, 4.00%, 06/30/22, EUR	647		689
				792
Canada 0.0%
	CEVA Logistics Canada ULC
		Term Loan, 6.50%, 03/18/21	9		7
Cayman Islands 1.2%
	Avago Technologies Cayman Ltd.
		Term Loan B-3, 3.70%, 02/01/23	4,390		4,451
France 0.7%
	SFR Group SA
		Term Loan B-10, 4.00%, 01/19/25, EUR	1,000		1,058
	Technicolor SA
		Term Loan B, 3.25%, 11/22/23, EUR	1,300		1,369
				2,427
Germany 0.2%
	Springer SBM Two GmbH
		Term Loan B-8, 4.75%, 08/14/20, EUR	788		830
Luxembourg 0.7%
	Azelis Finance SA
		1st Lien Term Loan, 6.50%, 11/19/22, EUR	362		382
		2nd Lien Term Loan, 9.50%, 11/19/23, EUR	450		473
	Gol LuxCo SA
		1st Lien Term Loan, 6.50%, 08/18/20	1,594		1,628

See accompanying Notes to Financial Statements.

5

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
	Lully Finance SARL
		Term Loan, 9.25%, 07/30/23, EUR	100		106
				2,589
Netherlands 1.1%
	Axalta Coating Systems Ltd.
		Term Loan, 3.00%, 02/01/23, EUR	1,000		1,062
	CEVA Intercompany BV
		Term Loan, 6.50%, 03/18/21	50		41
	NXP BV
		Term Loan F, 3.36%, 12/07/20	3,119		3,133
				4,236
Spain 0.2%
	Capio Sanidad
		2nd Lien Term Loan, 8.25%, 11/28/22, EUR	200		211
	Car Rentals Subsidiary SLU
		Term Loan B, 6.00%, 06/30/20, EUR	450		476
				687
United Kingdom 0.5%
	CEVA Group Plc
		Term Loan, 6.50%, 03/12/21	69		56
	CEVA Logistics BV
		1st Lien Term Loan, 6.50%, 03/12/21	49		40
	Intervias Finco Ltd.
		Term Loan C-2, 5.00%, 01/30/23, EUR	1,375		1,435
	Optima Sub-Finco Ltd.
		Term Loan B-2, 5.00%, 01/21/23, EUR	384		401
				1,932
United States of America 13.0%
	1011778 B.C. Unltd. Liability Co.
		Term Loan B-2, 3.75%, 12/10/21	329		332
	Alere Inc.
		Term Loan B, 4.25%, 06/15/22	1,483		1,481
	Alliant Holdings I Inc.
		Term Loan B, 4.75%, 08/12/22	274		276
	Altice US Finance I Corp.
		Term Loan B, 3.88%, 01/21/25	69		70
	AMAYA Holdings BV
		1st Lien Term Loan, 5.00%, 07/29/21	269		270
	American Builders & Contractors Supply Co.
		Term Loan B, 3.50%, 09/22/23	158		160
	American Energy - Marcellus LLC
		2nd Lien Term Loan, 8.50%, 07/07/21	568		68
	Applied Systems Inc.
		1st Lien Term Loan, 4.00%, 01/25/21	435		439
	Avaya Inc.
		Term Loan B-7, 6.25%, 04/30/20	50		44
	Bass Pro Group LLC
		Term Loan, 4.00%, 06/15/20	94		94
		Term Loan B, 5.97%, 04/01/24	60		59
	BE Aerospace Inc.
		Term Loan B, 3.85%, 11/12/21	108		108
	Berry Plastics Holding Corp.
		Term Loan H, 3.75%, 10/01/22	129		130
	BJ's Wholesale Club Inc.
		1st Lien Term Loan, 4.50%, 09/26/19	276		279
	Boyd Gaming Corp.
		Term Loan B, 4.00%, 08/15/21	65		66
	Bright Horizons Family Solutions LLC
		Term Loan B, 5.25%, 01/30/20	242		244
	Caesars Entertainment Resort Properties LLC
		Term Loan B, 7.00%, 09/17/20	732		738
	Calpine Corp.
		Term Loan B-5, 3.59%, 06/15/22	190		191
		Term Loan B-7, 3.84%, 05/15/23	209		210
	Camelot UK Holdco Ltd.
		Term Loan B, 4.75%, 09/15/23	110		111
	Catalent Pharma Solutions Inc.
		Term Loan B, 4.25%, 04/30/21	191		192
	Cavium Inc.
		Term Loan B, 3.75%, 08/15/22	422		426
	CBS Radio Inc.
		Term Loan B, 4.50%, 10/06/23	95		96
			Shares/Par†		Value
	Charter Communications Operating LLC
		Term Loan I, 3.50%, 01/24/23	403		405
	Chesapeake Energy Corp.
		Term Loan, 8.50%, 08/25/21	943		1,026
	CHG Healthcare Services Inc.
		Term Loan B, 4.75%, 06/01/23	169		170
	Chobani LLC
		1st Lien Term Loan, 5.25%, 09/30/23	654		663
	CITGO Holding Inc.
		Term Loan B, 9.50%, 05/09/18	99		100
	Community Health Systems Inc.
		Term Loan G, 3.75%, 12/31/19	364		353
	Continental Building Products LLC
		Term Loan, 4.00%, 08/14/20	179		180
	Cortes NP Acquisition Corp.
		Term Loan B, 5.00%, 09/29/23	215		218
	Cotiviti Corp.
		1st Lien Term B Loan, 3.61%, 09/28/23	171		172
	CPG International Inc.
		Term Loan, 4.75%, 09/13/20	363		365
	CSC Holdings LLC
		Term Loan, 3.88%, 10/15/24	185		187
	Cypress Semiconductor Corp.
		Term Loan B, 6.50%, 07/05/21	247		252
	DaVita HealthCare Partners Inc.
		Term Loan B, 3.50%, 06/20/21	196		198
	Dell Inc.
		Term Loan B, 4.00%, 06/02/23	2,325		2,363
	DJO Finance LLC
		Term Loan, 4.25%, 06/08/20	198		189
	Dollar Tree Inc.
		Term Loan B-2, 3.50%, 05/26/22	51		52
	DPx Holdings BV
		Incremental Term Loan, 4.25%, 03/11/21	248		250
	DTZ US Borrower LLC
		1st Lien Term Loan, 4.25%, 11/04/21	188		189
	Dynegy Inc.
		Incremental Term Loan C, 5.00%, 06/15/23	230		233
	Endo Luxembourg Finance Co. I SARL
		Term Loan B, 3.75%, 06/30/22	277		278
	Energy Future Intermediate Holding Co. LLC
		DIP Term Loan, 4.25%, 06/30/17	530		533
	Envision Healthcare Corp.
		Term Loan B, 3.75%, 11/15/23	380		384
	Equinix Inc.
		Term Loan, 3.25%, 12/07/23	1,000		1,006
	ESH Hospitality Inc.
		Term Loan B, 3.77%, 08/15/23	617		624
	Filtration Group Corp.
		1st Lien Term Loan, 4.25%, 11/20/20	58		58
		Delayed Draw Term Loan, 4.25%, 11/21/20	132		132
	First Data Corp.
		Term Loan, 3.76%, 03/24/21	696		704
	Flex Acquisition Co. Inc.
		Term Loan, 8.00%, 12/15/17 (n)	888		886
		1st Lien Term Loan, 5.00%, 12/15/23	85		86
	Four Seasons Holdings Inc.
		Term Loan B, 3.75%, 11/18/23	82		83
	Gates Global Inc.
		Term Loan B, 4.25%, 07/03/21	535		535
	Grifols Worldwide Operations Ltd.
		Term Loan B, 3.68%, 03/03/21	486		489
	Harbor Freight Tools USA Inc.
		Term Loan B, 4.14%, 08/15/23	154		156
	HD Supply Inc.
		Incremental Term Loan B-1, 3.63%, 08/13/21	199		200
		Incremental Term Loan B-2, 2.75%, 10/01/23	410		413
	Hostess Brands LLC
		1st Lien Term Loan, 4.50%, 08/03/22	149		151
	Informatica Corp.
		Term Loan, 4.50%, 06/01/22	1,027		1,021
	Intelsat Jackson Holdings SA
		Term Loan B-2, 3.75%, 06/30/19	200		193
	InVentiv Health Inc.
		Term Loan B, 5.25%, 09/29/23	1,642		1,656

See accompanying Notes to Financial Statements.

6

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
	Jaguar Holding Co. II
		Term Loan B, 4.25%, 08/05/22	1,052		1,063
		Term Loan, 4.25%, 08/18/22	90		91
	KAR Auction Services Inc.
		Term Loan B-3, 4.38%, 03/01/23	89		91
	Keurig Green Mountain Inc.
		Senior 1st Lien Term Loan, 5.00%, 02/01/23, EUR	-		—
	Kronos Inc.
		1st Lien Term Loan, 5.00%, 10/18/23	210		212
	Level 3 Financing Inc.
		Term Loan B, 4.00%, 12/31/20	300		304
	LTS Buyer LLC
		1st Lien Term Loan, 4.09%, 03/15/20	219		220
	MacDermid Inc.
		Term Loan, 0.00%, 06/07/20, EUR (q)	1,000		1,060
		1st Lien Term Loan, 5.50%, 06/15/20	483		488
	MGM Growth Properies Operating Partnership LP
		Term Loan B, 3.50%, 04/15/23	289		292
	Michaels Stores Inc.
		Term Loan B-1, 3.75%, 01/28/23	774		783
	Micron Technology Inc.
		Term Loan, 4.36%, 04/15/22	1,095		1,111
	Mitchell International Inc.
		1st Lien Term Loan, 4.50%, 09/27/20	177		177
	MPH Acquisition Holdings LLC
		Term Loan B, 5.00%, 05/16/20	144		146
	National Vision Inc.
		1st Lien Term Loan, 4.00%, 03/12/21	147		147
	Nature's Bounty Co.
		Term Loan B, 5.00%, 05/05/23	75		75
	Novelis Inc.
		Term Loan B, 4.00%, 06/15/22	632		636
	ON Semiconductor Corp.
		Term Loan B, 5.25%, 03/15/23	1,031		1,044
	Ortho-Clinical Diagnostics Inc.
		Term Loan B, 4.75%, 04/29/21	220		218
	Oxea Finance & Cy SCA
		1st Lien Term Loan B-2, 4.25%, 11/30/19	495		482
	PETCO Animal Supplies Inc.
		Term Loan B-1, 5.00%, 01/17/23	202		203
	Pinnacle Foods Finance LLC
		Term Loan G, 3.00%, 04/15/20	432		436
	Platform Specialty Products Corp.
		Term Loan B-5, 4.50%, 06/07/20	99		100
	PQ Corp.
		Term Loan, 5.75%, 11/04/22	60		60
	Prime Security Services Borrower LLC
		Incremental Term Loan B-1, 4.75%, 04/21/22	806		816
	Quikrete Holdings Inc.
		1st Lien Term Loan, 4.00%, 11/15/23	95		96
	Quintiles IMS Inc.
		Term Loan B, 3.50%, 03/17/21	628		631
	Rackspace Hosting Inc.
		1st Lien Term Loan, 4.50%, 10/26/23	137		138
	RCN Grande
		1st Lien Term Loan, 3.75%, 12/09/23	75		75
	Revlon Consumer Products Corp.
		Term Loan B, 4.25%, 07/14/23	155		156
	Rexnord LLC
		Term Loan B, 4.00%, 08/15/20	189		190
	RP Crown Parent LLC
		Term Loan, 5.25%, 09/21/23	525		530
	RPI Finance Trust
		Term Loan B-5, 3.03%, 10/14/22	201		203
	Sabre Inc.
		Term Loan B, 4.00%, 02/19/19	800		808
	Serta Simmons Bedding LLC
		1st Lien Term Loan, 4.50%, 10/20/23	250		253
	ServiceMaster Co.
		Term Loan B, 3.11%, 11/02/23	355		356
	Signode Industrial Group US Inc.
		Term Loan B, 4.00%, 05/01/21	68		68
	SolarWinds Holdings Inc.
		Refinancing Term Loan, 5.50%, 02/05/23	1,443		1,459
			Shares/Par†		Value
	Spectrum Brands Inc.
		Term Loan B-1, 5.25%, 06/20/22	213		215
	Spin Holdco Inc.
		Term Loan B, 4.25%, 11/14/19	239		238
	Springer SBM Two GmbH
		Term Loan, 9.00%, 08/14/21, EUR (g) (m) (n)	344		362
	Station Casinos LLC
		Term Loan B, 3.75%, 05/29/23	126		127
	Surgery Center Holdings Inc.
		1st Lien Term Loan, 4.75%, 07/16/20	84		84
	Surgical Care Affiliates
		Incremental Term Loan B, 3.75%, 03/17/22	74		74
	Team Health Inc.
		Term Loan, 3.84%, 11/23/22	149		149
	Telenet International Finance SARL
		Temr Loan AF, 3.70%, 01/31/25	200		201
	TEX Operations Co. LLC
		Term Loan B, 5.00%, 08/04/23	1,044		1,056
		Term Loan C, 5.00%, 08/04/23	238		241
	T-Mobile USA Inc.
		Term Loan B, 3.52%, 11/03/22	198		200
	TransDigm Inc.
		Term Loan F, 3.75%, 05/25/23	404		408
	TransUnion LLC
		Term Loan B-2, 3.50%, 04/09/21	246		248
	Univision Communications Inc.
		Term Loan C-4, 4.00%, 03/01/20	291		293
	US Foods Inc.
		Term Loan B, 4.00%, 06/07/23	761		769
	USAGM HoldCo LLC
		Incremental Delayed Draw Term Loan, 5.50%, 07/28/22	216		217
		Incremental Term Loan, 5.50%, 07/28/22	1,085		1,092
	Veritas Software Corp.
		Term Loan B-1, 6.63%, 06/07/23, EUR	427		405
	Vertafore Inc.
		1st Lien Term Loan, 4.75%, 06/13/23	85		85
	Western Digital Corp.
		Term Loan B-1, 4.50%, 04/29/23	1,588		1,612
	WEX Inc.
		Term Loan B, 4.25%, 03/31/23	194		197
	Wilsonart LLC
		Term Loan B, 4.00%, 11/01/19	290		293
		Term Loan, 4.75%, 12/14/23	276		278
	XPO Logistics Inc.
		Term Loan B-2, 4.25%, 10/30/21	40		40
	Yum! Brands Inc.
		1st Lien Term Loan B, 3.49%, 05/23/23	953		965
	Zayo Group LLC
		Term Loan B, 3.75%, 07/02/19	268		271
				48,575
	Total Variable Rate Senior Loan Interests (cost $66,673)			66,526
GOVERNMENT AND AGENCY OBLIGATIONS 2.2%
Argentina 0.1%
	Argentina Republic Government International Bond
		6.88%, 04/22/21 (g)	425		453
Belarus 0.0%
	Republic of Belarus
		8.95%, 01/26/18 (g)	100		103
Brazil 0.4%
	Brazil Government International Bond
		2.88%, 04/01/21, EUR	1,500		1,609
Cote D'Ivoire 0.0%
	Ivory Coast Government International Bond
		5.75%, 12/31/32 (g)	99		91
Croatia 0.1%
	Croatia Government International Bond
		3.88%, 05/30/22, EUR (g)	400		452
Greece 0.2%
	Hellenic Republic Government Bond
		4.75%, 04/17/19, EUR	195		194

See accompanying Notes to Financial Statements.

7

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
		3.00%, 02/24/24, EUR (g) (k)	535		448
				642
Hungary 0.1%
	Hungary Government International Bond
		5.38%, 03/25/24	320		349
Indonesia 0.1%
	Indonesia Government International Bond
		2.88%, 07/08/21, EUR (g)	440		483
Portugal 0.2%
	Portugal Government International Bond
		5.13%, 10/15/24 (g)	725		701
Russian Federation 0.3%
	Russia Government Bond
		3.25%, 04/04/17 (g)	400		401
	Russia Government International Bond
		5.00%, 04/29/20 (g)	600		637
				1,038
Serbia 0.3%
	Republic of Serbia
		5.88%, 12/03/18 (g)	520		544
	Serbia International Bond
		4.88%, 02/25/20 (g)	400		406
				950
United States of America 0.4%
	U.S. Treasury Bond
		2.88%, 11/15/46	1,356		1,306
Venezuela 0.0%
	Petroleos de Venezuela SA
		6.00%, 11/15/26 (g)	300		116
	Venezuela Government International Bond
		11.75%, 10/21/26 (g)	100		57
				173
	Total Government And Agency Obligations (cost $8,622)			8,350
SHORT TERM INVESTMENTS 32.3%
Investment Companies 9.3%
	JNL Money Market Fund, 0.34% (c) (r)		34,900		34,900
Repurchase Agreements 23.0%
	Repurchase Agreements (s)				86,080
	Total Short Term Investments (cost $121,049)			120,980
Total Investments 116.5% (cost $444,406)					436,237
Total Securities Sold Short(22.6)% (proceeds $84,927)					(84,610)
Total Purchased Options 0.2% (cost $716)					736
Other Derivative Instruments (0.4)%					(1,405)
Other Assets and Liabilities, Net 6.3%					23,551
Total Net Assets 100.0%				$	374,509

(a) The Fund had an unfunded commitment at December 31, 2016. See Unfunded Commitments in the Notes to Financial Statements.

(b) Non-income producing security.

(c) Investment in affiliate.

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

(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 December 31, 2016, the net value and the percentage of net assets of these liquid securities was $67,332 and 18.0%, respectively.

(f) The security or securities in this category have a variable rate. Rate stated was in effect as of December 31, 2016.

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

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

(i) Convertible security.

(j) Perpetual 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 December 31, 2016.

(l) Pay-in-kind security. The coupon interest earned by the security may be paid in cash or additional par.

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

Shares/Par† Value

(n) Security fair valued in good faith in accordance with the procedures approved by the Jackson Variable Series Trust's Board of Trustees. Good faith fair valued securities may be classified as Level 2 or Level 3 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) Issuer was in bankruptcy and/or was in default relating to principal and/or interest.

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

(q) This variable rate senior loan will settle after December 31, 2016, at which time the interest rate will be determined.

(r) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

(s) For repurchase agreements held at December 31, 2016, see Repurchase Agreements in these Schedules of Investments.

			Shares/Par†		Value
SECURITIES SOLD SHORT (22.6%)
CORPORATE BONDS AND NOTES (13.6%)
Belgium (0.4%)
	Anheuser-Busch InBev Finance Inc.
		4.90%, 02/01/46	(1,425)	$	(1,542)
China (0.1%)
	Bank of Communications Co. Ltd.
		5.00%, (callable at 100 beginning 07/29/20) (a) (b) (c)	(200)		(205)
	Industrial & Commercial Bank of China Ltd.
		6.00%, (callable at 100 beginning 12/10/19) (a) (b) (c)	(200)		(211)
				(416)
Germany (0.1%)
	Deutsche Bank AG
		7.50%, (callable at 100 beginning 04/30/25) (b)	(200)		(184)
Israel (0.6%)
	Teva Pharmaceutical Finance Netherlands III BV
		3.15%, 10/01/26	(600)		(555)
		4.10%, 10/01/46	(2,000)		(1,724)
				(2,279)
Switzerland (0.3%)
	Novartis Capital Corp.
		4.00%, 11/20/45	(1,100)		(1,113)
	Syngenta Finance NV
		1.88%, 11/02/21, EUR (a)	(100)		(112)
				(1,225)
United States of America (12.1%)
	AbbVie Inc.
		4.45%, 05/14/46	(945)		(910)
	AECOM
		5.88%, 10/15/24	(340)		(366)
	Ally Financial Inc.
		5.13%, 09/30/24	(250)		(256)
	Anadarko Petroleum Corp.
		6.60%, 03/15/46	(400)		(496)
	Baxalta Inc.
		5.25%, 06/23/45	(475)		(508)
	CBS Corp.
		2.90%, 01/15/27	(950)		(884)
	CDW LLC
		5.50%, 12/01/24	(160)		(165)
	Celgene Corp.
		3.88%, 08/15/25	(1,000)		(1,017)
	Citigroup Inc.
		6.13%, (callable at 100 beginning 11/15/20) (b)	(1,500)		(1,556)
	CVS Health Corp.
		5.13%, 07/20/45	(1,900)		(2,130)
	Enterprise Products Operating LLC
		3.95%, 02/15/27	(1,000)		(1,027)
	Express Scripts Holding Co.
		4.80%, 07/15/46	(1,422)		(1,369)
	Exxon Mobil Corp.
		3.04%, 03/01/26	(1,250)		(1,249)
		4.11%, 03/01/46	(1,250)		(1,284)

See accompanying Notes to Financial Statements.

8

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
	Ford Motor Credit Co. LLC
		4.39%, 01/08/26	(800)		(813)
	Goldman Sachs Group Inc.
		3.75%, 02/25/26	(2,859)		(2,874)
	Infor US Inc.
		6.50%, 05/15/22	(350)		(368)
	JC Penney Corp. Inc.
		5.88%, 07/01/23 (d)	(1,250)		(1,295)
	JPMorgan Chase & Co.
		6.75%, (callable at 100 beginning 02/01/24) (b)	(937)		(1,012)
		2.30%, 08/15/21	(2,800)		(2,749)
		4.13%, 12/15/26	(1,400)		(1,433)
	Kennametal Inc.
		3.88%, 02/15/22	(38)		(37)
	Kinder Morgan Inc.
		4.30%, 06/01/25	(1,500)		(1,548)
	Lifepoint Health Inc.
		5.50%, 12/01/21	(510)		(531)
	Merck & Co. Inc.
		3.70%, 02/10/45	(1,100)		(1,052)
	Morgan Stanley
		5.45%, (callable at 100 beginning 07/15/19) (b)	(1,500)		(1,489)
		5.55%, (callable at 100 beginning 07/15/20) (b)	(389)		(394)
		3.88%, 01/27/26	(1,400)		(1,418)
		3.13%, 07/27/26	(1,425)		(1,365)
	Mylan NV
		5.25%, 06/15/46 (d)	(1,425)		(1,321)
	Philip Morris International Inc.
		2.75%, 02/25/26	(2,485)		(2,391)
	QUALCOMM Inc.
		3.45%, 05/20/25	(1,170)		(1,191)
	Seagate HDD Cayman
		4.75%, 06/01/23	(750)		(744)
	Target Corp.
		4.00%, 07/01/42	(1,667)		(1,666)
	United Rentals North America Inc.
		5.88%, 09/15/26	(410)		(426)
	Verizon Communications Inc.
		2.63%, 08/15/26	(1,500)		(1,384)
		4.86%, 08/21/46	(1,400)		(1,427)
	Wells Fargo & Co.
		2.10%, 07/26/21	(2,800)		(2,726)
	Welltower Inc.
		4.00%, 06/01/25	(544)		(557)
				(45,428)
	Total Corporate Bonds And Notes (proceeds $51,499)			(51,074)
GOVERNMENT AND AGENCY OBLIGATIONS (9.0%)
Ecuador (0.1%)
	Ecuador Government International Bond
		7.95%, 06/20/24 (a)	(200)		(193)
France (1.8%)
	France Government Bond OAT
		2.25%, 10/25/22, EUR	(5,700)		(6,819)
United States of America (7.1%)
	U.S. Treasury Bond
		2.25%, 08/15/46	(14,488)		(12,152)
	U.S. Treasury Note
		1.00%, 11/30/18	(740)		(738)
		1.00%, 11/15/19	(4,365)		(4,311)
		1.75%, 11/30/21	(1,331)		(1,320)
		1.63%, 10/31/23	(4,155)		(3,994)
		2.13%, 11/30/23	(1,100)		(1,092)
		1.50%, 08/15/26	(500)		(459)
		2.00%, 11/15/26	(2,558)		(2,458)
				(26,524)
	Total Government And Agency Obligations (proceeds $33,428)			(33,536)
	Total Securities Sold Short (22.6%) (proceeds $84,927)			$	(84,610)

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

(b) Perpetual security.

(c) Convertible security.

Shares/Par† Value

(d) 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 December 31, 2016, the net value and the percentage of net assets of these liquid securities was $67,332 and 18.0%, respectively.

JNL/DFA U.S. Micro Cap Fund
COMMON STOCKS 99.3%
Consumer Discretionary 14.5%
	1-800-Flowers.com Inc. - Class A (a)	7	$	73
	Abercrombie & Fitch Co. - Class A (b)	3		40
	AH Belo Corp. - Class A	4		28
	AMC Entertainment Holdings Inc. - Class A	1		33
	American Axle & Manufacturing Holdings Inc. (a)	11		210
	American Public Education Inc. (a)	3		71
	America's Car-Mart Inc. (a)	2		70
	Arctic Cat Inc. (a) (b)	2		35
	Ark Restaurants Corp.	1		14
	Asbury Automotive Group Inc. (a)	2		153
	Ascent Capital Group Inc. - Class A (a)	2		35
	Ballantyne Strong Inc. (a)	2		15
	Barnes & Noble Education Inc. (a)	5		56
	Barnes & Noble Inc.	8		87
	Bassett Furniture Industries Inc.	1		35
	Belmond Ltd. - Class A (a)	12		161
	Big 5 Sporting Goods Corp.	3		47
	Biglari Holdings Inc. (a)	-		150
	BJ's Restaurants Inc. (a)	3		108
	Blue Nile Inc.	1		54
	Bob Evans Farms Inc.	3		167
	Bojangles' Inc. (a)	4		82
	Bon-Ton Stores Inc. (a) (b)	2		3
	Boot Barn Holdings Inc. (a) (b)	3		37
	Bravo Brio Restaurant Group Inc. (a)	3		13
	Bridgepoint Education Inc. (a)	6		65
	Build-A-Bear Workshop Inc. (a)	3		46
	Caleres Inc.	7		235
	Callaway Golf Co.	14		159
	Cambium Learning Group Inc. (a)	3		13
	Capella Education Co.	2		154
	Career Education Corp. (a)	12		119
	Carriage Services Inc.	3		78
	Carrol's Restaurant Group Inc. (a)	6		93
	Cato Corp. - Class A	4		112
	Cavco Industries Inc. (a)	1		142
	Central European Media Entertainment Ltd. - Class A (a) (b)	10		25
	Century Casinos Inc. (a)	1		11
	Century Communities Inc. (a)	3		65
	Cherokee Inc. (a)	1		15
	Chico's FAS Inc.	17		245
	Childrens Place Retail Stores Inc.	3		276
	Christopher & Banks Corp. (a)	5		12
	Chuy's Holdings Inc. (a)	2		77
	Citi Trends Inc.	3		60
	ClubCorp Holdings Inc.	10		142
	Collectors Universe Inc.	2		38
	Cooper-Standard Holding Inc. (a)	2		204
	Core-Mark Holding Co. Inc.	1		41
	Crocs Inc. (a)	9		63
	Culp Inc.	2		77
	Cumulus Media Inc. - Class A (a)	2		2
	Del Frisco's Restaurant Group Inc. (a)	3		56
	Del Taco Restaurants Inc. (a)	6		86
	Delta Apparel Inc. (a)	1		31
	Denny's Corp. (a)	11		143
	Destination Maternity Corp. (b)	1		7
	Destination XL Group Inc. (a)	12		50
	DeVry Education Group Inc.	3		86
	DineEquity Inc.	2		149
	Dixie Group Inc. - Class A (a)	1		3
	Drew Industries Inc.	1		68
	Duluth Holdings Inc. - Class B (a) (b)	1		31
	El Pollo Loco Holdings Inc. (a) (b)	3		33

See accompanying Notes to Financial Statements.

9

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

	Shares/Par†	Value
Entercom Communications Corp. - Class A	5	78
Entravision Communications Corp. - Class A	8	54
Escalade Inc.	2	28
Ethan Allen Interiors Inc.	5	175
EVINE Live Inc. - Class A (a)	5	8
EW Scripps Co. - Class A (a)	13	248
Express Inc. (a)	9	100
Famous Dave's Of America Inc. (a)	1	4
Fiesta Restaurant Group Inc. (a)	5	138
Finish Line Inc. - Class A	6	115
Flexsteel Industries Inc.	1	47
Fox Factory Holding Corp. (a)	6	154
Francesca's Holdings Corp. (a)	6	102
Fred's Inc. - Class A (b)	5	84
FTD Cos. Inc. (a)	4	86
Gaia Inc. - Class A (a)	1	7
Gannett Co. Inc.	3	25
Genesco Inc. (a)	2	145
Gentherm Inc. (a)	4	151
Global Eagle Entertainment Inc. (a) (b)	12	79
Gordman's Stores Inc. (a) (b)	3	2
Gray Television Inc. (a)	7	78
Green Brick Partners Inc. (a)	5	52
Group 1 Automotive Inc.	3	213
Guess Inc.	6	68
Habit Restaurants Inc. - Class A (a) (b)	3	51
Harte-Hanks Inc.	11	16
Haverty Furniture Cos. Inc.	2	55
hhgregg Inc. (a) (b)	4	6
Hibbett Sports Inc. (a) (b)	3	118
Hooker Furniture Corp.	2	88
Horizon Global Corp. (a)	3	66
Hovnanian Enterprises Inc. - Class A (a) (b)	15	40
Iconix Brand Group Inc. (a)	8	74
Installed Building Products Inc. (a)	4	184
International Speedway Corp. - Class A	1	28
Intrawest Resorts Holdings Inc. (a)	6	114
iRobot Corp. (a)	3	201
Isle of Capri Casinos Inc. (a)	4	103
J Alexander's Holdings Inc. (a)	1	15
Jamba Inc. (a) (b)	2	18
Johnson Outdoors Inc. - Class A	1	31
K12 Inc. (a)	6	111
KB Home (b)	7	108
Kirkland's Inc. (a)	3	40
Kona Grill Inc. (a) (b)	1	19
La Quinta Holdings Inc. (a)	6	90
La-Z-Boy Inc.	7	210
Libbey Inc.	4	71
Liberty Tax Inc. - Class A	2	26
Liberty TripAdvisor Holdings Inc. - Class A (a)	10	145
Lifetime Brands Inc.	2	36
Lindblad Expeditions Holdings Inc. (a)	5	44
Luby's Inc. (a)	3	12
M/I Homes Inc. (a)	3	63
Malibu Boats Inc. - Class A (a)	2	35
Marcus Corp.	2	55
Marine Products Corp.	2	30
MarineMax Inc. (a)	4	77
Marriott Vacations Worldwide Corp.	-	26
McClatchy Co. - Class A (a)	1	11
MDC Holdings Inc.	6	146
Meritage Homes Corp. (a)	4	148
Modine Manufacturing Co. (a)	7	108
Motorcar Parts of America Inc. (a)	3	84
Movado Group Inc.	2	71
MSG Networks Inc. - Class A (a)	7	159
NACCO Industries Inc. - Class A	1	64
Nathan's Famous Inc. (a)	1	61
National American University Holdings Inc.	2	3
National CineMedia Inc.	10	145
Nautilus Inc. (a)	5	93
New Home Co. Inc. (a) (b)	3	36
New Media Investment Group Inc.	5	83
New York & Co. Inc. (a)	10	23
	Shares/Par†	Value
Nexstar Broadcasting Group Inc. - Class A (b)	2	98
NutriSystem Inc.	4	128
Ollie's Bargain Outlet Holdings Inc. (a) (b)	1	14
Overstock.com Inc. (a)	3	56
Oxford Industries Inc.	3	154
Penn National Gaming Inc. (a)	2	33
Perry Ellis International Inc. (a)	2	59
PetMed Express Inc.	2	57
Pier 1 Imports Inc.	12	100
Popeyes Louisiana Kitchen Inc. (a)	3	184
Potbelly Corp. (a)	4	51
RCI Hospitality Holdings Inc.	1	17
Reading International Inc. - Class A (a)	4	59
Red Lion Hotels Corp. (a)	4	32
Red Robin Gourmet Burgers Inc. (a)	2	108
Regis Corp. (a)	7	104
Rent-A-Center Inc.	9	96
Rocky Brands Inc.	1	11
Ruby Tuesday Inc. (a)	6	21
Ruth's Hospitality Group Inc.	4	71
Saga Communications Inc. - Class A	-	14
Salem Media Group Inc. - Class A	2	11
Scholastic Corp.	4	175
SeaWorld Entertainment Inc. (b)	9	165
Select Comfort Corp. (a)	7	151
Sequential Brands Group Inc. (a) (b)	2	7
Shake Shack Inc. - Class A (a)	1	46
Shiloh Industries Inc. (a)	2	17
Shoe Carnival Inc.	3	70
Shutterfly Inc. (a)	3	167
Skyline Corp. (a) (b)	2	36
Smith & Wesson Holding Corp. (a) (b)	7	152
Sonic Automotive Inc. - Class A	5	117
Sonic Corp.	6	152
Spartan Motors Inc.	5	48
Speedway Motorsports Inc.	5	115
Sportsman's Warehouse Holdings Inc. (a)	4	35
Stage Stores Inc.	4	18
Standard Motor Products Inc.	3	183
Stein Mart Inc.	6	34
Stoneridge Inc. (a)	4	77
Strattec Security Corp.	1	22
Strayer Education Inc. (a)	2	138
Sturm Ruger & Co. Inc. (b)	3	152
Superior Industries International Inc.	4	102
Superior Uniform Group Inc.	2	48
Sypris Solutions Inc. (a) (b)	5	4
Tandy Leather Factory Inc. (a)	1	10
Tile Shop Holdings Inc. (a)	7	140
Tilly's Inc. - Class A (a)	2	31
Time Inc.	9	154
TopBuild Corp. (a)	5	180
Tower International Inc.	3	85
Townsquare Media Inc. - Class A (a)	1	12
Tronc Inc.	3	46
Tuesday Morning Corp. (a)	5	25
U.S. Auto Parts Network Inc. (a)	4	15
UCP Inc. - Class A (a)	1	10
Unifi Inc. (a) (b)	3	85
Universal Electronics Inc. (a)	2	148
Universal Technical Institute Inc.	4	12
Vera Bradley Inc. (a)	5	59
Vince Holding Corp. (a) (b)	4	16
Vitamin Shoppe Inc. (a)	4	91
VOXX International Corp. - Class A (a)	4	20
WCI Communities Inc (a)	2	47
West Marine Inc. (a)	3	28
Weyco Group Inc.	1	45
William Lyon Homes - Class A (a) (b)	4	85
Wingstop Inc. (b)	3	95
Winmark Corp.	1	95
Winnebago Industries Inc.	4	133
World Wrestling Entertainment Inc. - Class A	1	20
Zagg Inc. (a)	3	19

See accompanying Notes to Financial Statements.

10

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†		Value
	Zumiez Inc. (a)	4		86
			16,472
Consumer Staples 3.0%
	Alico Inc.	1		31
	Alliance One International Inc. (a)	1		29
	Andersons Inc.	4		168
	Calavo Growers Inc.	2		125
	Central Garden & Pet Co. - Class A (a)	7		216
	Chefs' Warehouse Inc. (a)	3		50
	Coca-Cola Bottling Co.	1		202
	Craft Brewers Alliance Inc. (a)	3		59
	Dean Foods Co.	7		154
	Farmer Bros. Co. (a)	3		98
	Ingles Markets Inc. - Class A	2		98
	Inter Parfums Inc.	5		174
	Inventure Foods Inc. (a)	3		28
	John B. Sanfilippo & Son Inc.	1		85
	Landec Corp. (a)	4		56
	Lifeway Foods Inc. (a)	1		16
	Limoneira Co.	2		50
	Medifast Inc.	2		72
	MGP Ingredients Inc. (b)	2		105
	Natural Alternatives International Inc. (a)	1		10
	Natural Grocers by Vitamin Cottage Inc. (a) (b)	2		28
	Natural Health Trends Corp.	1		22
	Nutraceutical International Corp.	1		48
	Oil-Dri Corp. of America	1		25
	Omega Protein Corp. (a)	4		88
	Orchids Paper Products Co. (b)	1		37
	Primo Water Corp. (a)	4		47
	Revlon Inc. - Class A (a)	3		74
	Rocky Mountain Chocolate Factory Inc.	2		15
	Seneca Foods Corp. - Class A (a)	1		43
	Smart & Final Stores Inc. (a) (b)	1		8
	SpartanNash Co.	4		167
	Supervalu Inc. (a)	26		120
	United-Guardian Inc.	-		2
	Universal Corp. (b)	3		171
	USANA Health Sciences Inc. (a)	3		164
	Village Super Market Inc. - Class A	2		57
	WD-40 Co.	2		221
	Weis Markets Inc.	3		183
			3,346
Energy 3.8%
	Adams Resources & Energy Inc.	1		32
	Alon USA Energy Inc.	9		102
	Bill Barrett Corp. (a)	8		57
	Bristow Group Inc.	4		81
	Callon Petroleum Co. (a)	5		74
	Clayton Williams Energy Inc. (a)	1		179
	Clean Energy Fuels Corp. (a) (b)	20		58
	Cloud Peak Energy Inc. (a) (b)	7		37
	Contango Oil & Gas Co. (a)	3		29
	Dawson Geophysical Co. (a)	3		24
	Delek US Holdings Inc.	6		147
	DHT Holdings Inc.	11		47
	Dorian LPG Ltd. (a)	2		16
	Eclipse Resources Corp. (a)	38		101
	Era Group Inc. (a)	3		53
	Evolution Petroleum Corp.	5		45
	Exterran Corp. (a)	6		132
	Forum Energy Technologies Inc. (a)	12		259
	GasLog Ltd. (b)	2		30
	Geospace Technologies Corp. (a) (b)	2		40
	Green Plains Renewable Energy Inc.	5		129
	Gulf Island Fabrication Inc.	2		23
	Gulfmark Offshore Inc. - Class A (a) (b)	3		5
	Hallador Energy Co.	4		33
	Helix Energy Solutions Group Inc. (a)	21		184
	Hornbeck Offshore Services Inc. (a) (b)	4		32
	International Seaways Inc. (a)	-		7
	ION Geophysical Corp. (a) (b)	1		7
	Jones Energy Inc. - Class A (a) (b)	3		15
	Matrix Service Co. (a)	5		108
		Shares/Par†		Value
	McDermott International Inc. (a)	31		232
	Mitcham Industries Inc. (a)	2		7
	Natural Gas Services Group Inc. (a)	2		57
	Newpark Resources Inc. (a)	15		113
	Nordic American Offshore Ltd. (b)	-		—
	Nordic American Tankers Ltd. (b)	9		77
	Oasis Petroleum Inc. (a)	2		35
	Oil States International Inc. (a)	7		268
	Overseas Shipholding Group Inc. - Class A	1		6
	Pacific Ethanol Inc. (a)	7		62
	Panhandle Oil and Gas Inc. - Class A	2		53
	Par Pacific Holdings Inc. (a)	6		84
	Parker Drilling Co. (a)	13		33
	PHI Inc. (a)	1		26
	Pioneer Energy Services Corp. (a)	10		69
	Renewable Energy Group Inc. (a)	6		57
	REX Stores Corp. (a)	1		59
	RigNet Inc. (a)	3		65
	Ring Energy Inc. (a)	6		82
	Scorpio Tankers Inc.	23		103
	SEACOR Holdings Inc. (a)	2		140
	Synergy Resources Corp. (a) (b)	25		225
	Teekay Tankers Ltd. - Class A	12		27
	Tesco Corp. (a)	7		57
	Tetra Technologies Inc. (a)	11		54
	Unit Corp. (a)	8		209
	Willbros Group Inc. (a)	1		5
			4,291
Financials 25.5%
	1st Source Corp.	4		184
	Access National Corp. (b)	3		70
	Allegiance Bancshares Inc. (a)	1		31
	A-Mark Precious Metals Inc.	1		16
	Ambac Financial Group Inc. (a)	6		141
	American Equity Investment Life Holding Co.	3		79
	American National Bankshares Inc.	1		44
	American River Bankshares (a)	1		17
	Ameris Bancorp	4		175
	Amerisafe Inc.	3		156
	Argo Group International Holdings Ltd.	1		66
	Arrow Financial Corp.	2		90
	Asta Funding Inc. (a)	2		15
	Astoria Financial Corp.	13		243
	Atlantic Capital Bancshares Inc. (a)	1		12
	Atlas Financial Holdings Inc. (a)	1		23
	Baldwin & Lyons Inc. - Class B	2		49
	Banc of California Inc.	7		124
	BancFirst Corp.	2		223
	Bancorp Inc. (a)	8		66
	Bank Mutual Corp.	8		74
	Bank of Commerce Holdings	1		10
	Bank of Marin Bancorp	1		68
	BankFinancial Corp.	3		49
	Banner Corp.	4		203
	Bar Harbor Bankshares	1		59
	BCB Bancorp Inc.	2		23
	Beneficial Bancorp Inc.	9		172
	Berkshire Hills Bancorp Inc.	4		161
	Blue Hills Bancorp Inc.	4		76
	BNC Bancorp	4		126
	BofI Holding Inc. (a) (b)	8		233
	Boston Private Financial Holdings Inc.	15		245
	Bridge Bancorp Inc.	2		94
	Brookline Bancorp Inc.	11		178
	Bryn Mawr Bank Corp.	3		135
	BSB BanCorp Inc. (a)	1		31
	C&F Financial Corp.	1		47
	Calamos Asset Management Inc. - Class A	4		33
	Camden National Corp.	3		126
	Capital Bank Financial Corp. - Class A	3		127
	Capital City Bank Group Inc.	3		52
	Cardinal Financial Corp.	4		144
	Carolina Financial Corp.	2		56
	Cascade Bancorp (a)	5		44

See accompanying Notes to Financial Statements.

11

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

	Shares/Par†	Value
Centerstate Banks of Florida Inc.	7	185
Central Pacific Financial Corp.	6	190
Central Valley Community Bancorp	2	30
Century Bancorp Inc. - Class A	1	41
Charter Financial Corp.	1	24
Chemical Financial Corp.	3	172
Citizens & Northern Corp.	1	34
Citizens Inc. - Class A (a) (b)	8	80
City Holdings Co.	3	175
Civista Bancshares Inc.	1	13
Clifton Bancorp Inc.	4	60
CNB Financial Corp.	2	63
CoBiz Financial Inc.	7	110
Codorus Valley Bancorp Inc. (b)	1	19
Cohen & Steers Inc.	3	93
Columbia Banking System Inc.	5	232
Community Bank System Inc.	4	270
Community Bankers Trust Corp. (a)	1	10
Community Trust Bancorp Inc.	3	153
ConnectOne Bancorp Inc.	5	130
Consumer Portfolio Services Inc. (a)	4	20
Cowen Group Inc. - Class A (a)	3	49
Crawford & Co. - Class A	3	26
Crawford & Co. - Class B (b)	4	47
CU Bancorp (a)	2	60
Customers Bancorp Inc. (a)	5	187
Diamond Hill Investment Group Inc.	1	128
Dime Community Bancshares Inc.	6	124
Donegal Group Inc. - Class A	3	52
Eagle Bancorp Inc. (a)	3	172
Eagle Bancorp Montana Inc.	1	11
eHealth Inc. (a)	2	24
EMC Insurance Group Inc.	3	86
Emergent Capital Inc. (a)	1	1
Employer Holdings Inc.	5	208
Encore Capital Group Inc. (a) (b)	3	89
Enova International Inc. (a)	6	74
Enterprise Bancorp Inc.	2	69
Enterprise Financial Services Corp.	3	129
Equity Bancshares Inc. - Class A (a)	1	21
ESSA Bancorp Inc.	1	19
Ezcorp Inc. - Class A (a)	7	78
Farmers Capital Bank Corp.	1	41
Farmers National Banc Corp.	4	60
FBL Financial Group Inc. - Class A	3	218
FCB Financial Holdings Inc. - Class A (a)	4	197
Federal Agricultural Mortgage Corp. - Class C	1	55
Federated National Holding Co.	2	39
Fidelity & Guaranty Life (b)	1	14
Fidelity Southern Corp.	5	119
Financial Institutions Inc.	2	77
First Bancorp Inc.	4	99
First Bancorp Inc. (a)	28	185
First Bancorp Inc.	2	59
First Busey Corp.	7	230
First Business Financial Services Inc.	1	28
First Commonwealth Financial Corp.	11	157
First Community Bancshares Inc.	3	91
First Connecticut Bancorp Inc.	2	48
First Defiance Financial Corp.	1	49
First Financial Bancorp	8	215
First Financial Corp.	2	92
First Financial Northwest Inc.	2	33
First Foundation Inc. (a)	3	77
First Interstate BancSystem Inc. - Class A	3	110
First Merchants Corp.	4	167
First Mid-Illinois Bancshares Inc.	-	16
First Midwest Bancorp Inc.	10	243
First NBC Bank Holding Co. (a) (b)	2	13
First of Long Island Corp.	3	95
First South Bancorp Inc.	-	5
FirstCash Inc.	4	189
Flagstar Bancorp Inc. (a)	7	192
Flushing Financial Corp.	5	152
FNFV Group (a)	7	101
	Shares/Par†	Value
Franklin Financial Network Inc. (a)	1	62
Gain Capital Holdings Inc.	7	49
GAMCO Investors Inc. - Class A	1	33
Genworth Financial Inc. - Class A (a)	4	15
German American Bancorp Inc.	3	133
Global Indemnity Ltd. - Class A (a)	1	54
Great Southern Bancorp Inc.	3	145
Green Bancorp Inc. (a)	5	78
Green Dot Corp. - Class A (a)	8	189
Greenhill & Co. Inc.	5	128
Greenlight Capital Re Ltd. - Class A (a)	6	135
Guaranty Bancorp	4	93
Hallmark Financial Services Inc. (a)	3	33
Hanmi Financial Corp.	6	206
HCI Group Inc.	2	67
Heartland Financial USA Inc.	5	217
Hennessy Advisors Inc.	1	16
Heritage Commerce Corp.	7	96
Heritage Financial Corp.	5	125
Heritage Insurance Holdings Inc.	4	69
Heritage Oaks Bancorp	1	15
Hingham Institution for Savings	-	65
Home Bancorp Inc.	-	14
HomeStreet Inc. (a)	4	141
HomeTrust Bancshares Inc. (a)	2	64
Hope Bancorp Inc.	-	9
Horace Mann Educators Corp.	5	226
Horizon Bancorp	4	104
Impac Mortgage Holdings Inc. (a) (b)	1	15
Independence Holding Co.	1	28
Independent Bank Corp.	3	211
Independent Bank Group Inc.	3	191
Infinity Property & Casualty Corp.	1	91
International Bancshares Corp.	2	74
INTL FCStone Inc. (a)	3	132
Investment Technology Group Inc.	4	87
Investors Title Co.	-	62
James River Group Holdings Ltd.	2	95
KCG Holdings Inc. - Class A (a)	11	143
Kearny Financial Corp.	10	149
Kemper Corp.	1	58
Ladenburg Thalmann Financial Services Inc. (a)	28	70
Lakeland Bancorp Inc.	8	164
Lakeland Financial Corp.	4	198
LegacyTexas Financial Group Inc.	6	251
LendingTree Inc. (a) (b)	1	113
Macatawa Bank Corp.	3	33
Maiden Holdings Ltd.	10	177
MainSource Financial Group Inc.	4	148
Malvern Bancorp Inc. (a)	1	13
Manning & Napier Inc. - Class A	3	19
Marlin Business Services Inc.	2	39
MBIA Inc. (a)	19	207
MBT Financial Corp.	4	49
Mercantile Bank Corp.	3	96
Merchants Bancshares Inc.	2	86
Meridian Bancorp Inc.	10	180
Meta Financial Group Inc.	2	160
Midsouth Bancorp Inc.	2	32
MidWestOne Financial Group Inc.	1	29
Moelis & Co. - Class A	1	31
National Bank Holdings Corp. - Class A	5	151
National Bankshares Inc. (b)	1	22
National Commerce Corp. (a)	1	32
National Western Life Group Inc. - Class A	1	169
Navigators Group Inc.	2	231
NBT Bancorp Inc.	6	249
Nelnet Inc. - Class A	3	170
NewStar Financial Inc. (a)	7	66
Nicholas Financial Inc. (a)	2	22
Nicolet Bankshares Inc. (a)	-	12
NMI Holdings Inc. - Class A (a)	8	89
Northeast Bancorp	-	2
Northfield Bancorp Inc.	8	165
Northrim BanCorp Inc.	1	35

See accompanying Notes to Financial Statements.

12

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†		Value
	Northwest Bancshares Inc.	13		234
	OceanFirst Financial Corp.	5		135
	OFG Bancorp	6		75
	Old Line Bancshares Inc.	2		37
	Old National Bancorp	10		184
	OM Asset Management Plc	4		54
	On Deck Capital Inc. (a)	2		10
	OneBeacon Insurance Group Ltd. - Class A	3		51
	Oppenheimer Holdings Inc. - Class A	2		33
	Opus Bank	4		108
	Oritani Financial Corp.	8		144
	Pacific Continental Corp.	3		72
	Pacific Mercantile Bancorp (a)	1		8
	Pacific Premier Bancorp Inc. (a)	5		160
	Park National Corp.	2		210
	Park Sterling Corp.	8		87
	Peapack Gladstone Financial Corp.	3		88
	Penns Woods Bancorp Inc. (b)	1		30
	PennyMac Financial Services Inc. - Class A (a)	2		34
	Peoples Bancorp Inc.	3		86
	People's Utah Bancorp	2		66
	PHH Corp. (a)	14		215
	Pico Holdings Inc. (a)	4		56
	PRA Group Inc. (a)	1		23
	Preferred Bank	2		115
	Premier Financial Bancorp Inc.	2		31
	Provident Financial Holdings Inc.	2		42
	Provident Financial Services Inc.	7		199
	Prudential Bancorp Inc.	1		12
	Pzena Investment Management Inc. - Class A	2		24
	QCR Holdings Inc.	2		90
	Regional Management Corp. (a)	2		45
	Renasant Corp.	5		209
	Republic Bancorp Inc. - Class A	3		115
	S&T Bancorp Inc.	4		171
	Safeguard Scientifics Inc. (a)	3		38
	Safety Insurance Group Inc.	3		216
	Sandy Spring Bancorp Inc.	5		185
	Seacoast Banking Corp. of Florida (a)	6		142
	Security National Financial Corp. - Class A (a)	1		7
	ServisFirst Bancshares Inc.	5		201
	Shore Bancshares Inc.	1		17
	Sierra Bancorp	2		58
	Silvercrest Asset Management Group Inc. - Class A	1		11
	Simmons First National Corp. - Class A	4		219
	South State Corp.	2		142
	Southern Missouri Bancorp Inc.	1		22
	Southern National Bancorp of Virginia Inc.	1		21
	Southside Bancshares Inc.	4		162
	Southwest Bancorp Inc.	3		80
	State Auto Financial Corp.	6		166
	State Bank Financial Corp.	6		173
	State National Cos. Inc.	5		69
	Stewart Information Services Corp.	5		239
	Stock Yards Bancorp Inc.	4		173
	Stonegate Bank	2		81
	Suffolk Bancorp	2		91
	Sun Bancorp Inc.	3		77
	Territorial Bancorp Inc.	1		43
	Timberland Bancorp Inc.	-		3
	Tompkins Financial Corp.	2		206
	Towne Bank	5		168
	Trico Bancshares	3		117
	Tristate Capital Holdings Inc. (a)	5		110
	Triumph Bancorp Inc. (a)	2		55
	TrustCo Bank Corp.	17		146
	Trustmark Corp.	6		199
	Union Bankshares Corp.	6		217
	United Community Banks Inc.	9		276
	United Community Financial Corp.	8		70
	United Financial Bancorp Inc.	8		147
	United Fire Group Inc.	3		168
	United Insurance Holdings Corp.	2		36
	Universal Insurance Holdings Inc. (b)	6		177
	Univest Corp. of Pennsylvania	4		132
		Shares/Par†		Value
	Veritex Holdings Inc. (a)	1		26
	Virtus Investment Partners Inc.	1		137
	Walker & Dunlop Inc. (a)	6		188
	Washington Trust Bancorp Inc.	3		166
	WashingtonFirst Bankshares Inc.	-		8
	Waterstone Financial Inc.	5		93
	WesBanco Inc.	5		217
	West Bancorp Inc.	3		64
	Westamerica Bancorp (b)	3		187
	Western New England Bancorp Inc.	5		51
	Westwood Holdings Group Inc.	1		79
	WMIH Corp. (a)	10		15
	World Acceptance Corp. (a)	1		63
	WSFS Financial Corp.	5		210
	Xenith Bankshares Inc. (a)	3		91
	Yadkin Financial Corp.	5		181
			28,930
Health Care 9.2%
	Abaxis Inc.	3		184
	Accuray Inc. (a)	6		26
	Aceto Corp.	4		90
	Achillion Pharmaceuticals Inc. (a)	2		9
	Acorda Therapeutics Inc. (a)	5		95
	Adamas Pharmaceuticals Inc. (a) (b)	2		32
	Addus HomeCare Corp. (a)	3		89
	Air Methods Corp. (a)	4		142
	Akebia Therapeutics Inc. (a)	2		23
	Albany Molecular Research Inc. (a) (b)	5		98
	Alliance HealthCare Services Inc. (a)	-		4
	Almost Family Inc. (a)	2		79
	AMAG Pharmaceuticals Inc. (a)	2		53
	Amedisys Inc. (a)	3		132
	Amicus Therapeutics Inc. (a) (b)	3		16
	AMN Healthcare Services Inc. (a)	5		196
	Amphastar Pharmaceuticals Inc. (a)	7		134
	Analogic Corp.	2		178
	AngioDynamics Inc. (a)	5		84
	ANI Pharmaceuticals Inc. (a)	2		121
	Anika Therapeutics Inc. (a)	2		117
	Aptevo Therapeutics Inc. (a)	2		6
	Ardelyx Inc. (a)	2		30
	Assembly Biosciences Inc. (a)	1		7
	Atrion Corp.	-		163
	aTyr Pharma Inc. (a) (b)	3		7
	BioScrip Inc. (a) (b)	1		2
	Biospecifics Technologies Corp. (a)	1		58
	BioTelemetry Inc. (a)	4		90
	Bovie Medical Corp. (a) (b)	1		2
	Cambrex Corp. (a)	4		216
	Capital Senior Living Corp. (a)	4		68
	Cara Therapeutics Inc. (a) (b)	2		16
	Cascadian Therapeutics Inc. (a)	-		1
	Chimerix Inc. (a)	7		31
	Civitas Solutions Inc. (a)	2		34
	Computer Programs & Systems Inc. (b)	2		37
	Concert Pharmaceuticals Inc. (a)	2		21
	Conmed Corp.	4		167
	Corcept Therapeutics Inc. (a)	13		95
	Corvel Corp. (a)	3		118
	Cross Country Healthcare Inc. (a)	5		79
	CryoLife Inc.	5		105
	Cumberland Pharmaceuticals Inc. (a)	3		15
	Cutera Inc. (a)	3		46
	Cynosure Inc. - Class A (a)	3		152
	DepoMed Inc. (a) (b)	5		92
	Eagle Pharmaceuticals Inc. (a) (b)	1		93
	Emergent BioSolutions Inc. (a)	5		154
	Enanta Pharmaceuticals Inc. (a)	3		92
	Ensign Group Inc.	9		190
	Enzo Biochem Inc. (a)	6		41
	Epizyme Inc. (a)	1		12
	Exactech Inc. (a)	2		55
	Five Prime Therapeutics Inc. (a)	4		186
	Five Star Quality Care Inc. (a)	6		17

See accompanying Notes to Financial Statements.

13

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†		Value
	Fluidigm Corp. (a)	3		23
	Genesis Healthcare Inc. - Class A (a)	10		45
	Haemonetics Corp. (a)	5		192
	Halyard Health Inc. (a)	5		184
	Harvard Bioscience Inc. (a)	6		17
	HealthEquity Inc. (a)	2		93
	HealthStream Inc. (a)	5		121
	Healthways Inc. (a)	5		117
	HMS Holdings Corp. (a)	9		163
	ICU Medical Inc. (a)	2		259
	Ignyta Inc. (a)	5		25
	Innoviva Inc. (a) (b)	1		12
	Inogen Inc. (a)	2		142
	Integer Holdings Corp. (a)	3		93
	Invacare Corp.	6		73
	Invitae Corp. (a)	1		7
	Iridex Corp. (a)	2		23
	Karyopharm Therapeutics Inc. (a)	4		34
	Kindred Healthcare Inc.	8		63
	Landauer Inc.	1		60
	Lannett Co. Inc. (a) (b)	-		6
	LeMaitre Vascular Inc.	3		68
	LHC Group Inc. (a)	3		135
	Lipocine Inc. (a) (b)	1		5
	Luminex Corp. (a)	7		141
	Magellan Health Services Inc. (a)	1		47
	Meridian Bioscience Inc.	5		94
	Merit Medical Systems Inc. (a)	8		206
	Misonix Inc. (a) (b)	1		9
	Momenta Pharmaceuticals Inc. (a)	5		73
	National Healthcare Corp.	2		171
	National Research Corp. - Class A	5		93
	National Research Corp. - Class B (b)	1		34
	Natus Medical Inc. (a)	5		168
	NeoGenomics Inc. (a) (b)	10		87
	Nuvectra Corp. (a)	1		5
	Omnicell Inc. (a)	5		185
	OraSure Technologies Inc. (a)	11		97
	Orthofix International NV (a)	3		95
	Otonomy Inc. (a)	5		72
	PDL BioPharma Inc.	21		45
	Pfenex Inc. (a)	2		14
	PharmAthene Inc. (a)	4		13
	PharMerica Corp. (a)	5		121
	Phibro Animal Health Corp. - Class A	2		68
	Prestige Brands Holdings Inc. (a)	1		39
	Providence Services Corp. (a)	2		80
	Psychemedics Corp.	1		22
	PTC Therapeutics Inc. (a)	3		28
	Quality Systems Inc. (a)	10		126
	Quidel Corp. (a)	4		84
	Quorum Health Corp. (a)	1		5
	RadNet Inc. (a)	7		46
	Recro Pharma Inc. (a)	1		11
	Repligen Corp. (a)	6		180
	Retrophin Inc. (a)	5		100
	Rigel Pharmaceuticals Inc. (a)	11		26
	RTI Surgical Inc. (a)	13		41
	Sangamo Biosciences Inc. (a) (b)	2		6
	Sciclone Pharmaceuticals Inc. (a)	8		88
	SeaSpine Holdings Corp. (a)	-		3
	Select Medical Holdings Corp. (a)	17		229
	Simulations Plus Inc.	1		9
	Span-America Medical Systems Inc.	-		4
	Spectrum Pharmaceuticals Inc. (a)	7		30
	Stemline Therapeutics Inc. (a)	1		13
	Sucampo Pharmaceuticals Inc. - Class A (a) (b)	8		113
	Supernus Pharmaceuticals Inc. (a)	6		159
	Surgical Care Affiliates Inc. (a)	-		23
	SurModics Inc. (a)	3		65
	Tetraphase Pharmaceuticals Inc. (a)	5		20
	Triple-S Management Corp. - Class B (a)	4		81
	Universal American Corp. (a)	10		95
	US Physical Therapy Inc.	2		127
	Utah Medical Products Inc.	1		53
		Shares/Par†		Value
	Vascular Solutions Inc. (a)	2		138
	Verastem Inc. (a)	1		2
	Xencor Inc. (a)	5		136
	Zafgen Inc. (a) (b)	3		11
	Zogenix Inc. (a)	3		41
			10,432
Industrials 19.9%
	AAON Inc.	7		228
	AAR Corp.	5		164
	Acacia Research Corp. (a)	8		50
	ACCO Brands Corp. (a)	16		202
	Actuant Corp. - Class A	7		175
	Advanced Drainage Systems Inc.	5		99
	Aegion Corp. (a)	4		91
	Aerojet Rocketdyne Holdings Inc. (a)	8		144
	Aerovironment Inc. (a)	3		88
	Air Transport Services Group Inc. (a)	9		152
	Alamo Group Inc.	2		130
	Albany International Corp. - Class A	4		202
	Allied Motion Technologies Inc.	1		31
	Altra Holdings Inc.	4		154
	Ameresco Inc. - Class A (a)	4		23
	American Railcar Industries Inc. (b)	2		94
	American Woodmark Corp. (a)	2		166
	Apogee Enterprises Inc.	4		222
	Applied Industrial Technologies Inc.	1		77
	ARC Document Solutions Inc. (a)	6		30
	ArcBest Corp.	4		99
	Argan Inc.	2		162
	Armstrong Flooring Inc. (a)	4		82
	Arotech Corp. (a)	3		11
	Astec Industries Inc.	3		201
	Astronics Corp. (a)	3		111
	Astronics Corp. - Class B (a)	-		10
	Atlas Air Worldwide Holdings Inc. (a)	3		151
	AZZ Inc.	4		267
	Babcock & Wilcox Enterprises Inc. (a)	4		74
	Barrett Business Services Inc.	1		69
	Blue Bird Corp. (a)	1		13
	BMC Stock Holdings Inc. (a)	5		103
	Brady Corp. - Class A	5		197
	Briggs & Stratton Corp.	6		131
	Brink's Co.	5		200
	Builders FirstSource Inc. (a)	13		142
	CAI International Inc. (a)	3		22
	Casella Waste Systems Inc. - Class A (a)	7		81
	CBIZ Inc. (a)	7		91
	CDI Corp. (a)	3		23
	Ceco Environmental Corp.	5		71
	Celadon Group Inc.	3		23
	Chart Industries Inc. (a)	6		205
	CIRCOR International Inc.	3		185
	Columbus Mckinnon Corp.	3		91
	Comfort Systems USA Inc.	4		149
	Commercial Vehicle Group Inc. (a)	6		31
	Continental Building Products Inc. (a)	7		159
	Covenant Transportation Group Inc. - Class A (a)	2		33
	CPI Aerostructures Inc. (a)	3		31
	CRA International Inc.	1		48
	CSW Industrials Inc. (a)	2		80
	Cubic Corp.	3		151
	DigitalGlobe Inc. (a)	5		131
	DMC Global Inc.	3		41
	Douglas Dynamics Inc.	4		119
	Ducommun Inc. (a)	2		53
	DXP Enterprises Inc. (a)	3		99
	Eastern Co.	1		12
	Echo Global Logistics Inc. (a)	5		116
	Encore Wire Corp.	3		119
	Engility Holdings Inc. (a)	4		141
	Ennis Inc.	4		71
	EnPro Industries Inc.	2		133
	ESCO Technologies Inc.	4		210
	Espey Manufacturing & Electronics Corp.	1		16

See accompanying Notes to Financial Statements.

14

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

	Shares/Par†	Value
Essendant Inc.	4	83
ExOne Co. (a) (b)	1	9
Exponent Inc.	3	191
Federal Signal Corp.	9	148
Forward Air Corp.	4	172
Franklin Covey Co. (a)	2	50
Franklin Electric Co. Inc.	5	180
FreightCar America Inc.	2	37
FTI Consulting Inc. (a)	2	95
Fuel Tech Inc. (a)	4	4
G&K Services Inc. - Class A	3	251
Genco Shipping & Trading Ltd. (a) (b)	1	9
Gencor Industries Inc. (a)	2	25
General Cable Corp.	7	140
Gibraltar Industries Inc. (a)	4	177
Global Brass & Copper Holdings Inc.	3	109
Goldfield Corp. (a)	3	16
Gorman-Rupp Co.	4	131
GP Strategies Corp. (a)	3	77
Graham Corp.	1	28
Granite Construction Inc.	2	95
Great Lakes Dredge & Dock Corp. (a)	7	28
Greenbrier Cos. Inc. (b)	1	47
Griffon Corp.	8	203
H&E Equipment Services Inc.	5	114
Hardinge Inc.	2	23
Harsco Corp.	12	163
HC2 Holdings Inc. (a)	6	36
Heartland Express Inc.	8	157
Heidrick & Struggles International Inc.	3	79
Herc Holdings Inc. (a)	4	177
Heritage-Crystal Clean Inc. (a)	2	38
Herman Miller Inc.	1	40
Hill International Inc. (a)	4	17
Houston Wire & Cable Co.	3	17
HUB Group Inc. - Class A (a)	4	188
Hudson Global Inc.	2	2
Hudson Technologies Inc. (a)	6	47
Hurco Cos. Inc.	1	30
Huron Consulting Group Inc. (a)	3	132
Hyster-Yale Materials Handling Inc. - Class A	2	122
ICF International Inc. (a)	3	177
IES Holdings Inc. (a)	3	61
InnerWorkings Inc. (a)	7	73
Innovative Solutions & Support Inc. (a)	-	1
Insperity Inc.	3	244
Insteel Industries Inc.	3	107
Interface Inc.	10	182
Intersections Inc. (a)	3	10
John Bean Technologies Corp.	4	313
Kadant Inc.	-	18
Kaman Corp.	4	173
Kelly Services Inc. - Class A	4	101
Keyw Holding Corp. (a)	4	46
Kforce Inc.	5	106
Kimball International Inc. - Class B	6	104
Knoll Inc.	7	183
Korn/Ferry International	6	179
Kratos Defense & Security Solutions Inc. (a)	10	73
Lawson Products Inc. (a)	-	10
Layne Christensen Co. (a) (b)	4	38
LB Foster Co.	2	22
Lindsay Corp.	1	111
LMI Aerospace Inc. (a)	2	14
LS Starrett Co. - Class A	-	5
LSI Industries Inc.	2	22
Lydall Inc. (a)	3	158
Manitex International Inc. (a) (b)	1	6
Manitowoc Co. Inc. (a)	11	65
Marten Transport Ltd.	6	139
MasTec Inc. (a)	4	144
Matson Inc.	5	171
Matthews International Corp. - Class A	2	121
McGrath RentCorp	4	163
Mercury Systems Inc. (a)	6	166
	Shares/Par†	Value
Meritor Inc. (a)	15	182
Miller Industries Inc.	1	38
Mistras Group Inc. (a)	5	117
Mobile Mini Inc.	5	145
MRC Global Inc. (a)	12	251
Mueller Water Products Inc. - Class A	16	206
Multi-Color Corp.	2	186
MYR Group Inc. (a)	3	102
National Presto Industries Inc.	1	116
Navigant Consulting Inc. (a)	7	173
Navistar International Corp. (a)	1	39
NCI Building Systems Inc. (a)	9	133
Neff Corp. - Class A (a)	1	12
NL Industries Inc. (a)	2	16
NN Inc.	4	75
Northwest Pipe Co. (a)	2	31
NV5 Holdings Inc. (a)	2	57
Omega Flex Inc.	1	70
Orion Energy Systems Inc. (a)	2	5
Orion Group Holdings Inc. (a)	4	43
PAM Transportation Services Inc. (a)	1	14
Park-Ohio Holdings Corp.	2	88
Patrick Industries Inc. (a)	3	205
Patriot Transportation Holding Inc. (a)	-	7
Pendrell Corp. - Class A (a)	1	5
Performant Financial Corp. (a)	3	7
PGT Inc. (a)	7	85
Ply Gem Holdings Inc. (a)	10	167
Powell Industries Inc.	2	69
Power Solutions International Inc. (a)	1	6
Preformed Line Products Co.	-	6
Primoris Services Corp.	7	149
Quad/Graphics Inc. - Class A	4	96
Quanex Building Products Corp.	6	112
Radiant Logistics Inc. (a)	4	16
Raven Industries Inc.	5	136
RBC Bearings Inc. (a)	-	26
Resources Connection Inc.	6	122
Roadrunner Transportation Systems Inc. (a)	5	57
RPX Corp. (a)	8	81
Rush Enterprises Inc. - Class A (a)	4	127
Saia Inc. (a)	4	155
SIFCO Industries Inc. (a)	1	9
SkyWest Inc.	6	225
SP Plus Corp. (a)	4	102
Sparton Corp. (a)	2	43
SPX Corp. (a)	6	139
SPX Flow Technology USA Inc. (a)	3	90
Standex International Corp.	2	184
Steelcase Inc. - Class A	5	82
Sterling Construction Co. Inc. (a)	5	42
Sun Hydraulics Corp.	4	144
Supreme Industries Inc. - Class A	3	40
Taser International Inc. (a)	7	163
Team Inc. (a)	5	190
Tennant Co.	2	176
Tetra Tech Inc.	2	103
Thermon Group Holdings Inc. (a)	5	100
Titan International Inc.	8	95
Titan Machinery Inc. (a) (b)	3	46
TRC Cos. Inc. (a)	3	33
Trex Co. Inc. (a)	4	267
TriMas Corp. (a)	7	164
TriNet Group Inc. (a)	7	178
Triton International Ltd. - Class A	4	67
Triumph Group Inc.	4	102
TrueBlue Inc. (a)	6	147
Tutor Perini Corp. (a)	5	140
Twin Disc Inc. (a)	2	32
Ultralife Corp. (a)	-	1
Universal Forest Products Inc.	1	152
Universal Logistics Holdings Inc.	3	51
US Ecology Inc.	3	164
USA Truck Inc. (a)	1	10
Vectrus Inc. (a)	1	23

See accompanying Notes to Financial Statements.

15

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†		Value
	Veritiv Corp. (a)	2		134
	Versar Inc. (a)	2		3
	Viad Corp.	4		155
	Vicor Corp. (a)	1		18
	Volt Information Sciences Inc. (a)	1		8
	VSE Corp.	2		69
	Wabash National Corp. (a)	10		155
	Wesco Aircraft Holdings Inc. (a)	10		157
	West Corp.	1		13
	Willdan Group Inc. (a)	1		29
	Xerium Technologies Inc. (a)	1		8
	YRC Worldwide Inc. (a)	6		76
			22,535
Information Technology 13.3%
	Actua Corp. (a)	8		106
	ADTRAN Inc.	10		214
	Advanced Energy Industries Inc. (a)	4		233
	Agilysys Inc. (a)	3		33
	Alpha & Omega Semiconductor Ltd. (a)	4		85
	American Software Inc. - Class A	4		42
	Amkor Technology Inc. (a)	13		139
	Amtech Systems Inc. (a)	2		7
	Angie's List Inc. (a)	6		50
	Applied Optoelectronics Inc. (a)	2		36
	Avid Technology Inc. (a)	5		21
	Aware Inc. (a)	5		29
	Axcelis Technologies Inc. (a)	5		67
	AXT Inc. (a)	9		45
	Badger Meter Inc.	4		157
	Bankrate Inc. (a)	13		144
	Barracuda Networks Inc. (a)	7		141
	Bazaarvoice Inc. (a)	14		68
	Bel Fuse Inc. - Class B	2		60
	Benchmark Electronics Inc. (a)	6		187
	Black Box Corp.	3		40
	Blucora Inc. (a)	4		62
	Bottomline Technologies Inc. (a)	2		61
	BroadVision Inc. (a) (b)	2		8
	Brooks Automation Inc.	8		132
	Cabot Microelectronics Corp.	3		211
	CalAmp Corp. (a)	6		85
	Calix Inc. (a)	9		65
	Carbonite Inc. (a)	4		68
	Cardtronics Plc - Class A (a)	2		129
	Cass Information Systems Inc.	2		132
	CEVA Inc. (a)	2		77
	Ciber Inc. (a)	14		9
	Clearfield Inc. (a) (b)	2		46
	Coherent Inc. (a)	-		58
	Cohu Inc.	3		45
	CommerceHub Inc. - Class A (a)	2		31
	Communications Systems Inc.	1		6
	Computer Task Group Inc.	4		17
	Comtech Telecommunications Corp.	3		34
	Concurrent Computer Corp.	1		7
	Control4 Corp. (a)	3		26
	Cray Inc. (a)	5		102
	CSG Systems International Inc.	5		239
	CUI Global Inc. (a) (b)	2		12
	Cyberoptics Corp. (a)	1		21
	Daktronics Inc.	7		73
	Datalink Corp. (a)	3		34
	Datawatch Corp. (a)	2		12
	DHI Group Inc. (a)	8		50
	Digi International Inc. (a)	4		60
	Diodes Inc. (a)	7		173
	DSP Group Inc. (a)	4		48
	EarthLink Holdings Corp.	16		88
	Eastman Kodak Co. (a)	7		103
	Ebix Inc. (b)	2		128
	Electro Scientific Industries Inc. (a)	3		18
	eMagin Corp. (a) (b)	2		5
	Emcore Corp.	5		42
	EnerNOC Inc. (a) (b)	4		23
		Shares/Par†		Value
	Envestnet Inc. (a)	1		51
	ePlus Inc. (a)	1		139
	Everi Holdings Inc. (a)	11		24
	Evolving Systems Inc.	1		5
	Exar Corp. (a)	8		83
	ExlService Holdings Inc. (a)	4		205
	Extreme Networks (a)	8		38
	Fabrinet (a)	5		182
	FARO Technologies Inc. (a)	3		100
	Finisar Corp. (a)	1		37
	FormFactor Inc. (a)	12		137
	Forrester Research Inc.	3		129
	GigPeak Inc. (a)	9		23
	Globalscape Inc.	4		16
	Globant SA (a) (b)	-		8
	Glu Mobile Inc. (a) (b)	8		16
	GSI Technology Inc. (a)	2		12
	GTT Communications Inc. (a)	5		132
	Hackett Group Inc.	6		108
	Harmonic Inc. (a)	11		54
	ID Systems Inc. (a)	2		9
	IEC Electronics Corp. (a)	2		5
	II-VI Inc. (a)	7		211
	Innodata Inc. (a)	6		14
	Insight Enterprises Inc. (a)	5		211
	Internap Corp. (a)	9		14
	Intersil Corp. - Class A	4		100
	Intevac Inc. (a)	1		10
	IntraLinks Holdings Inc. (a)	9		120
	InvenSense Inc. (a) (b)	14		185
	Itron Inc. (a)	3		192
	Ixia (a)	11		179
	IXYS Corp.	5		59
	Kemet Corp. (a)	8		52
	Key Tronic Corp. (a)	3		20
	Kimball Electronics Inc. (a)	4		80
	Knowles Corp. (a)	2		36
	Kopin Corp. (a)	9		26
	Kulicke & Soffa Industries Inc. (a)	10		159
	KVH Industries Inc. (a)	3		32
	Lattice Semiconductor Corp. (a)	13		94
	Leaf Group Ltd. (a)	4		27
	Limelight Networks Inc. (a)	16		39
	Lionbridge Technologies Inc. (a)	9		53
	Liquidity Services Inc. (a)	5		47
	Magnachip Semiconductor Corp. (a) (b)	5		29
	Mantech International Corp. - Class A	3		140
	Marchex Inc. - Class B (a)	4		10
	MaxLinear Inc. - Class A (a)	3		76
	Maxwell Technologies Inc. (a) (b)	3		16
	MeetMe Inc. (a)	10		50
	Mesa Laboratories Inc.	-		58
	Methode Electronics Inc.	5		195
	MOCON Inc.	1		14
	MoneyGram International Inc. (a)	9		101
	Monotype Imaging Holdings Inc.	5		100
	MTS Systems Corp.	3		162
	Nanometrics Inc. (a)	4		105
	NAPCO Security Technologies Inc. (a) (b)	1		11
	NCI Inc. - Class A	2		27
	NeoPhotonics Corp. (a)	7		80
	NetGear Inc. (a)	3		183
	NIC Inc.	8		189
	Novanta Inc. (a)	5		114
	NVE Corp.	-		27
	Oclaro Inc. (a)	10		87
	Optical Cable Corp. (a)	1		2
	OSI Systems Inc. (a)	3		193
	PAR Technology Corp. (a)	-		2
	Park Electrochemical Corp.	3		60
	PC Connection Inc.	3		85
	PCM Inc. (a)	2		47
	PDF Solutions Inc. (a)	5		121
	Perceptron Inc. (a)	2		12
	Perficient Inc. (a)	5		85

See accompanying Notes to Financial Statements.

16

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†		Value
	PFSweb Inc. (a)	2		20
	Photronics Inc. (a)	9		101
	Planet Payment Inc. (a)	6		23
	Plantronics Inc.	2		84
	Plexus Corp. (a)	4		215
	Power Integrations Inc.	2		145
	PRGX Global Inc. (a)	5		30
	Progress Software Corp.	6		203
	QAD Inc. - Class A	1		32
	Qualys Inc. (a)	4		122
	QuinStreet Inc. (a)	7		28
	Qumu Corp. (a)	3		7
	Radisys Corp. (a)	7		29
	Rambus Inc. (a)	14		194
	RealNetworks Inc. (a)	4		18
	Reis Inc.	2		40
	RetailMeNot Inc. (a)	7		70
	RF Industries Ltd. (b)	2		3
	Rightside Group Ltd. (a)	1		8
	Rocket Fuel Inc. (a) (b)	1		2
	Rogers Corp. (a)	3		203
	Rubicon Project Inc. (a)	3		19
	Rudolph Technologies Inc. (a)	3		80
	ScanSource Inc. (a)	4		142
	SeaChange International Inc. (a)	5		12
	Semtech Corp. (a)	5		166
	ServiceSource International Inc. (a)	4		25
	ShoreTel Inc. (a)	10		72
	Sigma Designs Inc. (a)	7		41
	Silver Spring Networks Inc. (a)	8		107
	SMTC Corp. (a)	1		2
	Sonus Networks Inc. (a)	6		41
	Stamps.com Inc. (a) (b)	1		103
	StarTek Inc. (a)	2		14
	Super Micro Computer Inc. (a)	6		155
	Sykes Enterprises Inc. (a)	5		151
	Synchronoss Technologies Inc. (a)	2		89
	Systemax Inc.	2		18
	Tangoe Inc. (a)	3		23
	TechTarget Inc. (a)	4		35
	TeleNav Inc. (a)	7		46
	TeleTech Holdings Inc.	6		195
	Tessco Technologies Inc.	1		17
	Tessera Holding Corp.	4		188
	Transact Technologies Inc.	-		1
	Travelport Worldwide Ltd.	5		72
	Travelzoo Inc. (a) (b)	2		20
	Tremor Video Inc. (a)	4		11
	TrueCar Inc. (a) (b)	2		23
	TTM Technologies Inc. (a)	12		167
	Ultra Clean Holdings Inc. (a)	5		44
	Ultratech Inc. (a)	5		110
	Unisys Corp. (a) (b)	7		102
	USA Technologies Inc. (a) (b)	2		9
	VASCO Data Security International Inc. (a)	5		64
	Veeco Instruments Inc. (a)	7		211
	Viavi Solutions Inc. (a)	18		149
	Virtusa Corp. (a)	4		101
	Vishay Precision Group Inc. (a)	2		41
	Wayside Technology Group Inc.	-		7
	Web.com Group Inc. (a)	7		145
	Xcerra Corp. (a)	7		55
	XO Group Inc. (a)	4		79
	YuMe Inc. (a)	3		12
	Zedge Inc. - Class B (a)	1		3
	Zix Corp. (a)	6		30
			15,072
Materials 5.4%
	A. Schulman Inc.	4		137
	AEP Industries Inc.	1		111
	AK Steel Holding Corp. (a) (b)	21		214
	American Vanguard Corp.	4		86
	Ampco-Pittsburgh Corp.	2		40
	Boise Cascade Co. (a)	6		136
		Shares/Par†		Value
	Calgon Carbon Corp.	9		154
	Carpenter Technology Corp.	3		113
	Century Aluminum Co. (a)	10		84
	Chase Corp.	2		191
	Clearwater Paper Corp. (a)	3		190
	Cliffs Natural Resources Inc. (a)	12		97
	Coeur d'Alene Mines Corp. (a)	8		74
	Core Molding Technologies Inc. (a)	-		3
	Deltic Timber Corp.	2		140
	Ferro Corp. (a)	11		160
	Ferroglobe Plc	9		101
	Ferroglobe Rep and Warranty Insurance Trust (a) (c) (d) (e)	9		—
	Flotek Industries Inc. (a) (b)	7		62
	Friedman Industries Inc.	1		4
	FutureFuel Corp.	6		85
	Gold Resource Corp.	6		25
	Handy & Harman Ltd. (a)	-		7
	Hawkins Inc.	2		109
	Haynes International Inc.	2		95
	Headwaters Inc. (a)	10		238
	Innophos Holdings Inc.	3		176
	Innospec Inc.	3		224
	Intrepid Potash Inc. (a)	11		24
	Kaiser Aluminum Corp.	2		174
	KMG Chemicals Inc.	2		90
	Koppers Holdings Inc. (a)	2		89
	Kraton Corp. (a)	4		111
	Kronos Worldwide Inc.	3		35
	LSB Industries Inc. (a) (b)	3		23
	Materion Corp.	3		120
	McEwen Mining Inc. (b)	4		11
	Mercer International Inc.	9		100
	Myers Industries Inc.	4		63
	Neenah Paper Inc.	2		186
	Northern Technologies International Corp. (a) (b)	1		11
	Olympic Steel Inc.	1		35
	Omnova Solutions Inc. (a)	12		116
	P.H. Glatfelter Co.	6		145
	Quaker Chemical Corp.	2		213
	Rayonier Advanced Materials Inc.	6		91
	Real Industry Inc. (a)	2		11
	Rentech Inc. (a) (b)	1		2
	Resolute Forest Products Inc. (a)	2		10
	Ryerson Holding Corp. (a)	3		38
	Schnitzer Steel Industries Inc. - Class A	5		123
	Schweitzer-Mauduit International Inc.	4		170
	Stepan Co.	3		223
	Stillwater Mining Co. (a)	10		158
	SunCoke Energy Inc. (a)	10		115
	Synalloy Corp. (a)	2		18
	TimkenSteel Corp. (a) (b)	7		105
	Trecora Resources (a)	3		46
	Tredegar Corp.	5		109
	Tronox Ltd. - Class A	6		67
	UFP Technologies Inc. (a)	1		16
	United States Lime & Minerals Inc.	1		43
	Universal Stainless & Alloy Products Inc. (a)	1		19
	US Concrete Inc. (a) (b)	2		122
			6,088
Real Estate 1.0%
	Altisource Portfolio Solutions SA (a) (b)	2		63
	AV Homes Inc. (a) (b)	4		57
	Consolidated-Tomoka Land Co.	1		47
	Forestar Group Inc. (a)	5		71
	FRP Holdings Inc. (a)	1		35
	Griffin Industrial Realty Inc.	1		28
	HFF Inc. - Class A	5		161
	Marcus & Millichap Inc. (a)	6		150
	RE/MAX Holdings Inc. - Class A	3		156
	RMR Group Inc. - Class A	2		89
	St. Joe Co. (a)	7		134
	Stratus Properties Inc. (a)	-		9

See accompanying Notes to Financial Statements.

17

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†		Value
	Tejon Ranch Co. (a)	3		84
			1,084
Telecommunication Services 1.6%
	Alaska Communications Systems Group Inc. (a)	2		4
	ATN International Inc.	2		157
	Boingo Wireless Inc. (a)	6		69
	CIncinnati Bell Inc. (a)	7		162
	Cogent Communications Group Inc.	4		177
	Consolidated Communications Holdings Inc.	7		191
	Fairpoint Communications Inc. (a)	4		72
	General Communication Inc. - Class A (a)	6		115
	Hawaiian Telcom Holdco Inc. (a)	1		26
	IDT Corp. - Class B	4		71
	Inteliquent Inc.	5		103
	Iridium Communications Inc. (a) (b)	11		105
	Lumos Networks Corp. (a)	4		57
	ORBCOMM Inc. (a)	9		74
	pdvWireless Inc. (a) (b)	1		12
	Shenandoah Telecommunications Co.	5		147
	Spok Holdings Inc.	3		68
	Vonage Holdings Corp. (a)	29		201
	Windstream Holdings Inc. (b)	2		17
			1,828
Utilities 2.1%
	American States Water Co.	4		204
	Artesian Resources Corp. - Class A	2		49
	California Water Service Group	6		205
	Chesapeake Utilities Corp.	3		171
	Connecticut Water Services Inc.	2		106
	Consolidated Water Co. Ltd.	2		21
	Delta Natural Gas Co. Inc. (b)	2		46
	Dynegy Inc. (a)	3		24
	El Paso Electric Co.	4		179
	Empire District Electric Co.	5		168
	Gas Natural Inc.	2		22
	Genie Energy Ltd. - Class B	4		22
	MGE Energy Inc.	4		230
	Middlesex Water Co.	2		104
	Northwest Natural Gas Co.	4		211
	Otter Tail Corp.	5		185
	Pattern Energy Group Inc. - Class A (b)	5		102
	RGC Resources Inc.	-		8
	SJW Corp.	3		187
	Spark Energy Inc. - Class A (b)	-		12
	Unitil Corp.	2		106
	York Water Co.	2		77
			2,439
	Total Common Stocks (cost $87,994)		112,517
SHORT TERM INVESTMENTS 4.0%
Investment Companies 0.6%
	JNL Money Market Fund, 0.34% (f) (g)	661		661
Securities Lending Collateral 3.4%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.39% (g)	3,858		3,858
	Total Short Term Investments (cost $4,519)		4,519
Total Investments 103.3% (cost $92,513)				117,036
Other Assets and Liabilities, Net (3.3)%				(3,718)
Total Net Assets 100.0%			$	113,318

(a) Non-income producing security.

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

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

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

(e) Security fair valued in good faith in accordance with the procedures approved by the Jackson Variable Series Trust's Board of Trustees. Good faith fair valued securities may be classified as Level 2 or Level 3 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) Investment in affiliate.

Shares/Par† Value

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

JNL/DoubleLine Total Return Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 39.7%
	Adams Mill CLO Ltd.
		Series 2014-A1-1A, 2.36%, 07/15/26 (a) (b)	2,000	$	1,994
	Adjustable Rate Mortgage Trust
		Series 2005-6A21-4, REMIC, 3.24%, 08/25/35 (a)	9,640		8,789
	ALM X Ltd.
		Series 2013-B-10A, REMIC, 3.48%, 01/15/25 (a) (b)	1,000		998
	ALM XIV Ltd.
		Series 2014-A2-14A, 2.99%, 07/28/26 (a) (b)	1,000		1,004
	ALM XIX LLC
		Series 2016-A1-19A, 2.18%, 07/15/28 (a) (b)	2,500		2,505
		Series 2016-A2-19A, 2.83%, 07/15/28 (a) (b)	2,500		2,500
	Alternative Loan Trust
		Series 2005-A2-23CB, REMIC, 5.50%, 07/25/35	5,624		5,288
		Series 2006-1A7-23CB, REMIC, 6.00%, 08/25/36	3,593		3,362
		Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36	3,659		3,181
	Annisa CLO Ltd.
		Series 2016-B-2A, 2.89%, 07/20/28 (a) (b)	5,000		4,967
	Apidos CDO
		Series 2013-A1-16A, 2.33%, 01/19/25 (a) (b)	2,000		2,001
	Apidos CLO XV
		Series 2015-A1R-20A, 2.24%, 01/16/27 (a) (b)	1,000		998
	ARES CLO Ltd.
		Series 2014-A2-1A, 2.88%, 04/17/26 (a) (b)	500		500
	Ares IIIR/IVR CLO Ltd.
		Series 2007-A2-3RA, 1.10%, 04/16/21 (a) (b)	185		185
	Avery Point CLO Ltd.
		Series 2014-A-1A, 2.40%, 04/25/26 (a) (b)	5,000		5,000
		Series 2014-C-1A, 3.98%, 04/25/26 (a) (b)	500		504
	Avery Point II CLO Ltd.
		Series 2013-D-2A, 4.33%, 07/17/25 (a) (b)	500		481
	Avery Point III CLO Ltd.
		Series 2013-A-3A, 2.28%, 01/18/25 (a) (b)	500		500
	Babson CLO Ltd.
		Series 2013-A-IA, 1.98%, 04/20/25 (a) (b)	1,000		999
		Series 2014-C1-3A, 3.88%, 01/15/26 (a) (b)	1,000		1,000
	Banc of America Alternative Loan Trust
		Series 2006-1CB1-1, REMIC, 6.00%, 02/25/36	15,536		14,943
		Series 2006-5CB1-4, REMIC, 6.50%, 05/25/36	9,420		8,731
	Banc of America Funding Trust
		Series 2005-2A1-5, REMIC, 5.50%, 09/25/35	4,900		5,097
	Banc of America Re-Remic Trust
		Series 2014-E-IP, REMIC, 2.72%, 06/15/18 (a) (b)	2,000		1,971
	BBCMS Trust
		Series 2015-D-STP, REMIC, 4.43%, 09/10/20 (a) (b)	2,300		2,257
	Bear Stearns Asset Backed Securities I Trust
		Series 2006-21A3-AC2, REMIC, 6.00%, 03/25/36	3,175		3,209
	Bear Stearns Commercial Mortgage Securities Trust
		Series 2006-AJ-PW13, REMIC, 5.61%, 09/11/41 (a)	211		211
	Birchwood Park CLO Ltd.
		Series 2014-C2-1A, REMIC, 4.03%, 07/15/26 (a) (b)	250		250
	BlueMountain CLO II Ltd.
		Series 2006-C-2A, 1.73%, 07/15/18 (a) (b)	500		496
	BlueMountain CLO Ltd.
		Series 2015-A1-3A, 2.36%, 10/20/27 (a) (b)	5,000		5,006
	Carlyle Global Market Strategies CLO Ltd.
		Series 2015-A1A-5A, 2.43%, 01/20/28 (a) (b)	5,000		5,013
		Series 2015-A2A-5A, 3.13%, 01/20/28 (a) (b)	2,000		2,006
		Series 2015-B2-5A, 4.13%, 01/20/28 (a) (b)	1,000		1,010
	Catamaran CLO Ltd.
		Series 2014-B-1A, 3.53%, 04/20/26 (a) (b)	500		490
	Cent CLO 19 Ltd.
		Series 2013-A1A-19A, 2.22%, 10/29/25 (a) (b)	500		499
	CFCRE Commercial Mortgage Trust
		Series 2016-C-C4, REMIC, 4.88%, 04/10/26 (a)	2,839		2,801

See accompanying Notes to Financial Statements.

18

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†	Value
CGBAM Commercial Mortgage Trust
	Series 2014-D-HD, REMIC, 2.70%, 02/15/19 (a) (b)	1,600	1,565
Chase Mortgage Finance Trust
	Series 2006-2A1-S2, REMIC, 6.00%, 10/25/36	13,327	11,305
CHL Mortgage Pass-Through Trust
	Series 2006-1A35-20, REMIC, 6.00%, 02/25/37	5,498	4,857
	Series 2007-1A5-8, REMIC, 5.44%, 01/25/38	5,008	4,007
CIM Trust
	Series 2016-B2-1RR, REMIC, 11.55%, 07/26/55 (a) (b)	25,000	21,848
	Series 2016-B2-3RR, REMIC, 11.02%, 02/27/56 (a) (b)	25,000	21,866
	Series 2016-B2-2RR, REMIC, 11.56%, 02/27/56 (a) (b)	25,000	21,864
Citi Held For Asset Issuance
	Series 2015-A-PM1, 1.85%, 12/15/21 (b)	226	226
Citigroup Commercial Mortgage Trust
	Series 2007-AM-C6, REMIC, 5.71%, 06/10/17 (a)	2,149	2,180
	Series 2014-A4-GC25, REMIC, 3.64%, 09/10/24	1,766	1,826
	Interest Only, Series 2014-XA-GC21, REMIC, 1.28%, 05/10/47 (a)	35,370	2,390
	Interest Only, Series 2016-XA-GC36, REMIC, 1.35%, 02/10/49 (a)	21,997	1,915
	Interest Only, Series 2016-XA-P3, REMIC, 1.72%, 04/15/49 (a)	18,407	2,029
Citigroup Mortgage Loan Trust
	Series 2009-3A2-12, REMIC, 6.00%, 05/25/37 (a) (b)	5,069	4,836
Citigroup/Deutsche Bank Commercial Mortgage Trust
	Series 2007-AMFX-CD4, REMIC, 5.37%, 12/11/49 (a)	3,400	3,403
CitiMortgage Alternative Loan Trust
	Series 2006-1A1-A4, REMIC, 6.00%, 09/25/36	3,197	2,849
	Series 2007-1A11-A5, REMIC, 6.00%, 05/25/37	2,866	2,669
COBALT CMBS Commercial Mortgage Trust
	Series 2007-AM-C3, REMIC, 5.76%, 07/15/17 (a)	2,839	2,876
COMM Mortgage Trust
	Interest Only, Series 2016-XA-DC2, REMIC, 1.08%, 10/10/25 (a)	20,061	1,384
	Series 2016-C-CR28, REMIC, 4.65%, 12/10/25 (a)	2,274	2,186
	Series 2016-C-DC2, REMIC, 4.64%, 02/10/26 (a)	1,340	1,259
	Interest Only, Series 2014-XA-CR17, REMIC, 1.16%, 05/10/47 (a)	37,952	2,051
	Interest Only, Series 2015-XA-CR26, REMIC, 1.06%, 10/10/48 (a)	30,674	1,968
	Series 2007-AJFL-C9, REMIC, 1.35%, 07/10/17 (a) (b)	3,262	3,183
Commercial Mortgage Loan Trust
	Interest Only, Series 2013-XA-CR12, REMIC, 1.36%, 10/10/46 (a)	38,481	2,377
Commercial Mortgage Pass-Through Certificates
	Series 2014-C-CR19, REMIC, 4.72%, 08/10/24 (a)	1,500	1,483
	Interest Only, Series 2015-XA-DC1, REMIC, 1.17%, 02/10/48 (a)	29,675	1,858
Commercial Mortgage Trust
	Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24	1,766	1,841
	Series 2014-A4-CR20, REMIC, 3.59%, 10/10/24	1,766	1,823
	Series 2015-AM-CR23, REMIC, 3.80%, 04/10/25	3,000	3,052
Commonbond Student Loan Trust
	Series 2016-A1-B, 2.73%, 10/25/40 (b)	8,731	8,580
Core Industrial Trust
	Series 2015-D-CALW, REMIC, 3.85%, 02/10/22 (a) (b)	2,000	2,025
Cosmopolitan Hotel Trust
	Series 2016-C-CSMO, REMIC, 3.35%, 11/15/21 (a) (b)	3,088	3,105
Credit Suisse Commercial Mortgage Trust
	Series 2007-A1AM-C4, REMIC, 5.93%, 07/15/17 (a)	4,500	4,579
Credit Suisse First Boston Mortgage Securities Corp.
	Series 2005-3A2-9, REMIC, 6.00%, 10/25/35	7,112	4,595
	Series 2005-7A1-11, REMIC, 6.00%, 12/25/35	11,249	9,299
Credit Suisse Mortgage Capital Certificates
	Series 2007-A4-C5, REMIC, 5.69%, 07/15/17 (a)	1,478	1,499
		Shares/Par†	Value
	Series 2006-2A3-2, REMIC, 6.00%, 03/25/36	6,724	5,514
CSAIL Commercial Mortgage Trust
	Interest Only, Series 2015-XA-C1, REMIC, 0.96%, 01/17/25 (a)	20,966	1,158
	Series 2015-C-C4, REMIC, 4.59%, 11/18/25 (a)	1,911	1,824
CSMC Trust
	Series 2016-A1-PR1, REMIC, 5.50%, 05/25/19 (b) (c)	9,126	8,911
	Series 2014-1A1-WIN1, REMIC, 3.00%, 03/25/29 (a) (b)	9,214	9,268
	Series 2011-6A9-5R, REMIC, 3.15%, 11/27/37 (a) (b)	15,500	14,509
	Series 2015-A1-PR2, REMIC, 4.25%, 07/26/55 (a) (b)	12,591	12,678
CSMLT Trust
	Series 2015-1A2-3, REMIC, 3.50%, 08/25/34 (a) (b)	6,443	6,566
	Series 2015-A9-1, REMIC, 3.50%, 06/25/36 (a) (b)	15,781	15,908
DB Master Finance LLC
	Series 2015-A2I-1A, 3.26%, 02/20/19 (b)	9,825	9,838
DBJPM Mortgage Trust
	Interest Only, Series 2016-XA-C1, REMIC, 1.51%, 05/10/49 (a)	24,640	2,517
Deutsche Alt-A Securities Mortgage Loan Trust
	Series 2007-2A1-2, REMIC, 1.06%, 09/25/47 (a)	30,086	24,539
Dryden XXV Senior Loan Fund
	Series 2012-D-25A, 4.88%, 01/15/25 (a) (b)	500	494
Eaton Vance CDO VIII Ltd.
	Series 2006-B-8A, 1.56%, 08/15/22 (a) (b)	1,250	1,227
First Horizon Alternative Mortgage Securities Trust
	Series 2006-1A2-FA2, REMIC, 6.00%, 05/25/36	5,968	4,733
First Horizon Asset Securities Inc.
	Series 2007-A1-5, REMIC, 6.25%, 11/25/37	8,170	6,719
Franklin CLO VI Ltd.
	Series A-6A, 1.12%, 08/09/19 (a) (b)	2,008	2,000
FREMF Mortgage Trust
	Series 2016-B-K54, REMIC, 4.05%, 02/25/26 (a) (b)	1,595	1,550
Galaxy XV CLO Ltd.
	Series 2013-B-15A, 2.73%, 04/15/25 (a) (b)	500	499
GMACM Mortgage Loan Trust
	Series 2005-A7-AF1, REMIC, 5.75%, 07/25/35	5,723	5,322
Greenwich Capital Commercial Funding Corp.
	Series 2007-AM-GG9, REMIC, 5.48%, 02/10/17	2,279	2,282
	Series 2007-AJ-GG11, REMIC, 6.03%, 09/10/17 (a)	4,000	3,997
GS Mortgage Securities Corp. II
	Series 2007-A4-GG10, REMIC, 5.79%, 05/10/17 (a)	1,692	1,703
GS Mortgage Securities Trust
	Series 2016-A-ICE2, 2.63%, 02/15/18 (a) (b)	2,238	2,258
	Interest Only, Series 2016-XA-GS3, 1.28%, 10/10/49 (a)	32,687	2,906
	Series 2014-A5-GC26, REMIC, 3.63%, 11/13/24	1,500	1,553
	Interest Only, Series 2015-XA-GC34, REMIC, 1.37%, 10/10/25 (a)	24,823	2,138
	Interest Only, Series 2014-XA-GC20, REMIC, 1.16%, 04/10/47 (a)	21,649	1,217
	Interest Only, Series 2014-XA-GC24, REMIC, 0.86%, 09/10/47 (a)	48,714	2,228
	Interest Only, Series 2015-XA-GS1, REMIC, 0.84%, 11/10/48 (a)	34,775	1,953
Halcyon Loan Advisors Funding Ltd.
	Series 2012-B-1A, 3.91%, 08/15/23 (a) (b)	500	495
	Series 2012-C-2A, 3.85%, 12/20/24 (a) (b)	1,430	1,403
	Series 2013-C-2A, 3.59%, 08/01/25 (a) (b)	250	244
	Series 2013-D-2A, 4.69%, 08/01/25 (a) (b)	1,000	892
	Series 2014-A1-1A, 2.41%, 04/18/26 (a) (b)	1,000	997
HERO Funding Trust
	Series 2016-A2-4A, 4.29%, 09/20/37 (b)	10,000	10,042
Hildene CLO IV Ltd.
	Series 2015-A1A-4A, 2.38%, 07/23/27 (a) (b)	2,000	1,992
IndyMac INDA Mortgage Loan Trust
	Series 2006-4A1-AR2, REMIC, 3.24%, 09/25/36 (a)	8,017	6,874

See accompanying Notes to Financial Statements.

19

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†	Value
ING IM CLO Ltd.
	Series 2013-D-1A, 5.88%, 04/15/24 (a) (b)	250	232
	Series 2013-A1-3A, 2.33%, 01/18/26 (a) (b)	1,000	1,000
Jamestown CLO Ltd.
	Series 2014-A1A-4A, 2.38%, 07/15/26 (a) (b)	500	500
Jamestown CLO XI Ltd.
	Series 2015-A1A-6A, 2.51%, 02/20/27 (a) (b)	1,000	1,003
JPMBB Commercial Mortgage Securities Trust
	Series 2014-C-C21, REMIC, 4.66%, 07/15/24 (a)	2,000	1,991
	Series 2014-A4-C26, REMIC, 3.49%, 12/15/24	950	974
	Series 2015-C-C32, REMIC, 4.67%, 10/15/25 (a)	2,370	2,159
	Series 2015-C-C33, REMIC, 4.62%, 11/15/25 (a)	2,224	2,201
	Interest Only, Series 2016-XA-C2, REMIC, 1.71%, 06/15/49 (a)	25,545	2,603
JPMorgan Chase Commercial Mortgage Securities Corp.
	Series 2016-B-ASH, 2.85%, 10/15/22 (a) (b)	1,947	1,949
	Series 2016-C-ASH, 3.54%, 10/15/22 (a) (b)	1,099	1,100
	Series 2006-AM-LDP9, REMIC, 5.37%, 05/15/47	1,856	1,855
	Series 2007-AM-LD12, REMIC, 6.04%, 02/15/51 (a)	1,160	1,187
	Series 2016-E-WIKI, REMIC, 4.01%, 10/05/21 (a) (b)	3,075	2,967
JPMorgan Chase Commercial Mortgage Securities Trust
	Series 2007-AM-CB20, REMIC, 5.96%, 09/12/17 (a)	2,500	2,560
	Series 2007-AM-CB19, REMIC, 5.71%, 02/12/49 (a)	5,959	6,017
	Series 2007-AJ-CB20, REMIC, 6.15%, 02/12/51 (a)	1,245	1,254
JPMorgan Resecuritization Trust
	Series 2009-4A2-10, REMIC, 4.33%, 03/26/37 (a) (b)	5,220	4,342
Labrador Aviation Finance Ltd.
	Series 2016-A1-1A, 4.30%, 01/15/24 (b)	20,000	19,662
Lavender Trust
	Series 2010-A3-RR2A, REMIC, 6.25%, 10/26/36 (b)	2,645	2,800
LB-UBS Commercial Mortgage Trust
	Series 2007-AJ-C1, REMIC, 5.48%, 02/15/40	2,000	2,002
	Series 2007-AM-C2, REMIC, 5.49%, 02/15/40	3,000	3,025
	Series 2007-A3-C7, REMIC, 5.87%, 09/15/45 (a)	2,713	2,780
LCM LP
	Series A-16A, 2.38%, 07/15/26 (a) (b)	1,500	1,502
	Series D-16A, 4.48%, 07/15/26 (a) (b)	500	481
LCM X LP
	Series BR-10A, 2.43%, 04/15/22 (a) (b)	500	500
	Series CR-10A, 3.73%, 04/15/22 (a) (b)	500	500
LCM XI LP
	Series B-11A, 3.03%, 04/19/22 (a) (b)	500	500
	Series D2-11A, 4.83%, 04/19/22 (a) (b)	250	250
LCM XIV LP
	Series D-14A, 4.38%, 07/15/25 (a) (b)	500	491
LCM XV LP
	Series C-15A, 4.03%, 08/25/24 (a) (b)	1,000	1,000
Lehman Mortgage Trust
	Series 2005-1A3-1, REMIC, 5.50%, 11/25/35	1,348	1,124
Madison Park Funding IV Ltd.
	Series 2007-A1B-4A, 1.30%, 03/22/21 (a) (b)	1,500	1,471
	Series 2007-D-4A, 2.43%, 03/22/21 (a) (b)	500	489
Madison Park Funding Ltd.
	Series 2014-C1-14A, 3.98%, 07/20/26 (a) (b)	500	500
	Series 2015-D2-18A, 4.83%, 10/21/26 (a) (b)	1,500	1,500
Madison Park Funding XV Ltd.
	Series 2014-C-15A, 4.59%, 01/27/26 (a) (b)	500	497
MAPS CLO Fund II Ltd.
	Series 2007-B-2A, 1.78%, 07/20/22 (a) (b)	1,000	975
Merrill Lynch Mortgage Trust
	Series 2007-AM-C1, REMIC, 5.83%, 07/12/17 (a)	2,192	2,126
ML-CFC Commercial Mortgage Trust
	Series 2007-A4-9, REMIC, 5.70%, 09/12/17	2,257	2,302
	Series 2007-A4-7, REMIC, 5.73%, 06/12/50 (a)	2,174	2,188
Morgan Stanley Bank of America Merrill Lynch Trust
	Series 2014-C-C18, REMIC, 4.49%, 09/15/24	1,500	1,491
	Series 2014-A4-C19, REMIC, 3.53%, 11/15/24	2,000	2,049
		Shares/Par†	Value
	Series 2014-C-C19, REMIC, 4.00%, 12/15/24	2,000	1,818
	Series 2015-B-C20, REMIC, 4.16%, 01/15/25	1,200	1,210
	Series 2015-C-C20, REMIC, 4.46%, 01/15/25 (a)	1,200	1,100
	Series 2015-C-C25, REMIC, 4.53%, 09/15/25 (a)	2,320	2,292
	Interest Only, Series 2016-XA-C28, REMIC, 1.29%, 01/15/26 (a)	24,429	2,009
	Series 2016-C-C29, REMIC, 4.75%, 04/15/26 (a)	676	678
	Interest Only, Series 2013-XA-C7, REMIC, 1.53%, 02/15/46 (a)	25,391	1,541
	Interest Only, Series 2016-XA-C30, REMIC, 1.47%, 09/15/49 (a)	28,526	2,886
Morgan Stanley Capital I Trust
	Series 2014-D-MP, REMIC, 3.69%, 08/11/21 (a) (b)	2,000	1,961
	Series 2007-AM-HQ11, REMIC, 5.48%, 02/12/44 (a)	2,401	2,399
	Series 2007-AM-IQ13, REMIC, 5.41%, 03/15/44	4,421	4,417
Morgan Stanley Mortgage Loan Trust
	Series 2007-A1-8XS, REMIC, 5.75%, 04/25/37 (a)	1,758	1,270
	Series 2007-3A22-12, REMIC, 6.00%, 08/25/37	2,712	2,333
Nautique Funding Ltd.
	Series 2006-C-1A, 2.58%, 04/15/20 (a) (b)	500	499
New Residential Mortgage Loan Trust
	Series 2016-A1-1A, REMIC, 3.75%, 03/25/56 (a) (b)	32,612	33,063
Nomura Asset Acceptance Corp. Alternative Loan Trust
	Series 2006-3A-AR1, REMIC, 3.22%, 02/25/36 (a)	2,071	1,787
North End CLO Ltd.
	Series 2013-C-1A, 3.63%, 07/17/25 (a) (b)	1,000	990
	Series 2013-D-1A, 4.38%, 07/17/25 (a) (b)	500	462
NYMT Residential LLC
	Series 2016-A-RP1A, 4.00%, 03/25/19 (b) (c)	25,899	25,699
Octagon Investment Partners XX Ltd.
	Series 2014-A-1A, 2.34%, 08/12/26 (a) (b)	1,500	1,499
Octagon Investment Partners XXI Ltd.
	Series 2014-C-1A, 4.55%, 11/14/26 (a) (b)	1,000	975
Octagon Investment Partners XXII Ltd.
	Series 2014-D2-1A, 5.46%, 11/22/25 (a) (b)	1,000	1,000
OneMain Financial Issuance Trust
	Series 2014-A-1A, 2.43%, 08/18/17 (b)	10,701	10,701
	Series 2015-A-2A, 2.57%, 10/18/18 (b)	8,795	8,795
OZLM Funding V Ltd.
	Series 2013-A1-5A, 2.38%, 01/17/26 (a) (b)	1,000	1,000
OZLM VI Ltd.
	Series 2014-A2A-6A, 3.03%, 04/17/26 (a) (b)	2,000	2,000
Palisades Center Trust
	Series 2016-B-PLSD, REMIC, 3.36%, 04/13/21 (b)	3,019	2,974
Pinnacle Park CLO Ltd.
	Series 2014-C-1A, 3.98%, 04/15/26 (a) (b)	1,500	1,501
PR Mortgage Loan Trust
	Series 2014-APT-1, REMIC, 5.93%, 09/25/47	11,795	11,301
Pretium Mortgage Credit Partners
	Series 2016-A1-NPL6, REMIC, 3.50%, 10/25/18 (a) (b)	9,918	9,873
RALI Trust
	Series 2005-A41-QA10, REMIC, 4.27%, 09/25/35 (a)	3,218	2,670
	Series 2006-A4-QS5, REMIC, 6.00%, 05/25/36	6,042	5,190
RAMP Trust
	Series 2005-AI4-RS9, REMIC, 1.08%, 11/25/35 (a)	12,278	10,168
RBSGC Mortgage Loan Trust
	Series 2007-1A4-B, REMIC, 1.21%, 01/25/37 (a)	6,820	3,926
	Interest Only, Series 2007-1A6-B, REMIC, 5.29%, 01/25/37 (a)	6,820	1,313
	Series 2007-2A1-A, REMIC, 6.75%, 01/25/37	9,524	9,165
Regatta V Funding Ltd.
	Series 2014-A1A-1A, 2.44%, 10/25/26 (a) (b)	1,000	1,000
Residential Accredit Loans Inc. Trust
	Series 2006-A21-QA1, REMIC, 4.14%, 01/25/36 (a)	8,765	6,966
	Series 2006-A4-QS4, REMIC, 6.00%, 04/25/36	4,879	4,189

See accompanying Notes to Financial Statements.

20

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
	Residential Asset Securitization Trust
		Series 2006-2A11-A6, REMIC, 6.00%, 07/25/36	4,744		4,072
		Series 2006-A1-A12, REMIC, 6.25%, 11/25/36	11,944		8,342
		Series 2007-1A1-A3, REMIC, 1.21%, 04/25/37 (a)	8,439		4,264
		Series 2007-1A2-A3, REMIC, 40.59%, 04/25/37 (a)	1,100		2,177
		Series 2007-1A1-A8, REMIC, 6.00%, 08/25/37	25,111		21,029
	Residential Funding Mortgage Securities Inc. Trust
		Series 2006-A14-S6, REMIC, 6.00%, 07/25/36	852		792
		Series 2006-A1-S11, REMIC, 6.00%, 11/25/36	4,785		4,430
		Series 2007-A4-S2, REMIC, 6.00%, 02/25/37	1,904		1,780
		Series 2007-A2-S4, REMIC, 6.00%, 04/25/37	4,108		3,626
		Series 2007-A20-S7, REMIC, 6.00%, 07/25/37	3,629		3,344
	RFMSI Trust
		Series 2005-A3-S4, REMIC, 5.50%, 05/25/35	4,475		4,640
		Series 2007-A2-S5, REMIC, 6.00%, 05/25/37	15,148		14,091
	Shenton Aircraft Investments I Ltd.
		Series 2015-A-1A, 4.75%, 11/15/27 (b)	13,393		13,442
	Slater Mill Loan Fund LP
		Series 2012-B-1A, 3.56%, 08/17/22 (a) (b)	500		500
	Sound Harbor Loan Fund Ltd.
		Series 2014-A1-1A, 2.39%, 10/30/26 (a) (b)	1,000		1,000
	SpringCastle America Funding LLC
		Series 2016-A-AA, 3.05%, 04/25/29 (b)	9,883		9,933
	Springleaf Mortgage Loan Trust
		Series 2013-B2-2A, REMIC, 6.00%, 12/25/65 (a) (b)	10,000		10,059
	STARM Mortgage Loan Trust
		Series 2007-4A1-2, REMIC, 3.19%, 04/25/37 (a)	2,978		2,349
	Steele Creek CLO Ltd.
		Series 2014-A1-1A, 2.51%, 08/21/26 (a) (b)	250		250
	Structured Adjustable Rate Mortgage Loan Trust
		Series 2005-2A-21, REMIC, 3.10%, 11/25/35 (a)	13,211		11,810
	Structured Asset Securities Corp. Trust
		Series 2005-1A1-5, REMIC, 5.75%, 04/25/35	13,385		12,236
	TCI-Symphony CLO Ltd.
		Series 2016-D-1A, 4.63%, 10/13/29 (a) (b)	2,000		1,969
	Thacher Park CLO
		Series 2014-D1-1A, 4.41%, 10/20/26 (a) (b)	1,000		966
	THL Credit Wind River CLO Ltd.
		Series 2016-B-1A, 3.23%, 07/15/28 (a) (b)	1,500		1,495
		Series 2016-C-1A, 4.08%, 07/15/28 (a) (b)	500		501
	Trinity Rail Leasing 2010 LLC
		Series 2010-A-1A, 5.19%, 01/16/31 (b)	4,559		4,486
	Venture CDO Ltd.
		Series 2014-A1L-16A, 2.38%, 04/15/26 (a) (b)	2,500		2,500
		Series 2014-A-17A, 2.36%, 07/15/26 (a) (b)	2,500		2,500
	Venture XIV CLO Ltd.
		Series 2013-B1-14A, 2.79%, 08/28/25 (a) (b)	500		497
		Series 2013-D-14A, 4.69%, 08/28/25 (a) (b)	500		486
	Venture XVII CLO Ltd.
		Series 2014-B2-17A, 2.98%, 07/15/26 (a) (b)	500		500
	Venture XVIII CLO Ltd.
		Series 2014-A-18A, 2.33%, 10/15/26 (a) (b)	3,000		3,000
	Venture XX CLO Ltd.
		Series 2015-A-20A, 2.37%, 04/15/27 (a) (b)	2,000		2,001
	VOLT XLIII LLC
		Series 2016-A1-NPL3, 4.25%, 03/26/46 (b) (c)	7,962		8,024
	VOLT XLIV LLC
		Series 2016-A1-NPL4, 4.25%, 04/25/19 (b) (c)	8,236		8,295
	Voya CLO Ltd.
		Series 2014-A1-4A, 2.38%, 10/14/26 (a) (b)	3,500		3,495
	Wachovia Bank Commercial Mortgage Trust
		Series 2007-AM-C30, REMIC, 5.38%, 12/15/43	2,000		2,000
		Series 2007-AMFX-C32, REMIC, 5.70%, 06/15/49 (b)	1,695		1,711
		Series 2007-AJ-C33, REMIC, 5.97%, 02/15/51 (a)	5,000		5,013
	Waldorf Astoria Boca Raton Trust
		Series 2016-B-BOCA, REMIC, 2.75%, 06/15/18 (a) (b)	2,708		2,715
		Series 2016-C-BOCA, REMIC, 3.20%, 06/15/18 (a) (b)	2,291		2,296
	Washington Mill CLO Ltd.
		Series 2014-A1-1A, 2.38%, 04/20/26 (a) (b)	1,000		998
			Shares/Par†		Value
		Series 2014-B1-1A, 2.93%, 04/20/26 (a) (b)	500		500
		Series 2014-C-1A, 3.88%, 04/20/26 (a) (b)	500		500
	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
		Series 2006-1A5-5, REMIC, 6.00%, 07/25/36	2,833		2,440
		Series 2006-1A7-5, REMIC, 6.00%, 07/25/36 (a)	5,059		4,358
		Series 2007-2A2-2, REMIC, 5.50%, 04/25/37	4,116		3,901
	Waterfall Commercial Mortgage Trust
		Series 2015-A-SBC5, REMIC, 4.10%, 09/19/22 (a) (b)	15,160		14,799
	Wells Fargo & Co.
		Interest Only, Series 2015-XA-P2, REMIC, 1.03%, 12/15/48 (a)	27,371		1,734
	Wells Fargo Alternative Loan Trust
		Series 2007-2A1-PA3, REMIC, 6.00%, 07/25/37	5,875		5,463
		Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37	5,716		5,169
		Series 2007-1A1-PA5, REMIC, 6.25%, 11/25/37	1,996		1,912
	Wells Fargo Commercial Mortgage Trust
		Series 2015-C-C31, REMIC, 4.61%, 11/15/25 (a)	1,850		1,815
		Series 2015-D-NXS4, REMIC, 3.60%, 11/18/25 (a)	2,031		1,637
		Series 2016-C-C34, REMIC, 5.03%, 05/15/49 (a)	2,855		2,824
		Interest Only, Series 2015-XA-LC20, REMIC, 1.40%, 04/15/50 (a)	24,694		1,863
		Series 2016-C-C32, REMIC, 4.72%, 01/15/59 (a)	1,577		1,449
		Interest Only, Series 2016-XA-C33, REMIC, 1.81%, 03/15/59 (a)	15,523		1,739
	Wells Fargo Mortgage Backed Securities Trust
		Series 2014-A5-LC18, REMIC, 3.41%, 12/15/24	1,138		1,155
		Series 2014-B-LC18, REMIC, 3.96%, 12/15/24	1,761		1,786
		Series 2006-A11-3, REMIC, 5.50%, 03/25/36	3,489		3,543
		Series 2007-1A7-3, REMIC, 5.75%, 04/25/37	12,648		12,502
		Series 2007-1A4-3, REMIC, 6.00%, 04/25/37	2,623		2,619
		Series 2007-A38-7, REMIC, 6.00%, 06/25/37	5,161		5,053
	Wells Fargo-RBS Commercial Mortgage Trust
		Interest Only, Series 2014-XA-C19, REMIC, 1.23%, 03/15/47 (a)	22,943		1,321
		Series 2016-C-C33, REMIC, 3.90%, 03/15/59	1,508		1,378
	WF-RBS Commercial Mortgage Trust
		Interest Only, Series 2014-XA-C25, REMIC, 0.94%, 11/15/47 (a)	29,133		1,505
	Wind River CLO Ltd.
		Series 2016-A-2A, 2.36%, 11/01/28 (a) (b)	2,500		2,499
	WinWater Mortgage Loan Trust
		Series 2015-A3-5, REMIC, 3.50%, 09/20/36 (a) (b)	14,676		14,776
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $1,019,917)			1,016,925
GOVERNMENT AND AGENCY OBLIGATIONS 51.4%
Collateralized Mortgage Obligations 21.8%
	Federal Home Loan Mortgage Corp.
		Series A-4260, REMIC, 3.00%, 02/15/32	14,816		14,852
		Series AY-4092, REMIC, 3.00%, 08/15/32	8,200		8,029
		Series EY-4215, REMIC, 3.00%, 06/15/33	10,000		9,565
		Series UB-4247, REMIC, 3.00%, 09/15/33	6,199		6,003
		Series EB-4247, REMIC, 3.50%, 09/15/33	5,000		5,105
		Series A-4377, REMIC, 3.00%, 06/15/39	18,544		18,815
		Series BK-4469, REMIC, 3.00%, 08/15/39	13,259		13,426
		Series JA-3818, REMIC, 4.50%, 01/15/40	340		348
		Series TB-4419, REMIC, 3.00%, 02/15/40	3,028		3,052
		Series GA-4376, REMIC, 3.00%, 04/15/40	14,819		15,057
		Series NY-4390, REMIC, 3.00%, 06/15/40	14,774		15,045
		Series MA-4391, REMIC, 3.00%, 07/15/40	14,488		14,765
		Interest Only, Series SP-3770, REMIC, 5.80%, 11/15/40 (a)	5,456		629
		Interest Only, Series SM-3780, REMIC, 5.80%, 12/15/40 (a)	19,253		3,579
		Series KA-4366, REMIC, 3.00%, 03/15/41	14,725		15,081
		Series SL-4061, REMIC, 5.98%, 06/15/42 (a)	1,554		1,406
		Series B-4481, REMIC, 3.00%, 12/15/42	25,170		25,276
		Series CS-4156, REMIC, 4.66%, 01/15/43 (a)	5,045		4,257
		Series UZ-4508, REMIC, 3.00%, 07/15/43	9,991		8,999
		Series ZX-4404, REMIC, 4.00%, 04/15/44	53,428		55,963
		Series CA-4573, REMIC, 3.00%, 11/15/44	43,002		42,412
		Series LZ-4410, REMIC, 4.00%, 11/15/44	1,617		1,677

See accompanying Notes to Financial Statements.

21

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
		Series KZ-4440, REMIC, 3.00%, 02/15/45	11,363		10,324
		Series HA-4582, REMIC, 3.00%, 09/15/45	31,162		31,463
		Interest Only, Series MS-4291, REMIC, 5.20%, 01/15/54 (a)	8,518		1,419
	Federal National Mortgage Association
		Interest Only, Series 2010-CS-134, REMIC, 5.92%, 12/25/25 (a)	3,276		406
		Series 2013-AB-53, REMIC, 1.50%, 03/25/28	8,576		8,223
		Series 2013-QZ-54, REMIC, 3.00%, 06/25/33	1,885		1,815
		Series 2013-WB-100, REMIC, 3.00%, 10/25/33	20,000		19,486
		Interest Only, Series 2005-S-2, REMIC, 5.84%, 02/25/35 (a)	10,469		2,113
		Interest Only, Series 2011-PS-84, REMIC, 5.84%, 01/25/40 (a)	26,320		2,839
		Series 2010-KD-120, REMIC, 4.00%, 10/25/40	2,174		2,275
		Series 2014-MA-68, REMIC, 3.00%, 11/25/40	14,107		14,319
		Series 2013-PB-59, REMIC, 2.00%, 09/25/41	7,187		7,032
		Interest Only, Series 2011-ES-93, REMIC, 5.74%, 09/25/41 (a)	3,063		555
		Series 2012-BZ-14, REMIC, 4.00%, 03/25/42	1,819		1,896
		Series 2012-Z-31, REMIC, 4.00%, 04/25/42	1,813		1,896
		Series 2012-CZ-87, REMIC, 3.00%, 08/25/42	11,415		10,544
		Series 2015-AP-95, REMIC, 3.00%, 08/25/42	21,910		22,183
		Series 2013-NZ-31, REMIC, 3.00%, 04/25/43	15,529		13,534
		Series 2015-AC-88, REMIC, 3.00%, 04/25/43	22,920		23,229
		Series 2013-ZA-52, REMIC, 3.00%, 06/25/43	4,016		3,800
		Series 2013-AZ-133, REMIC, 4.00%, 01/25/44	14,470		14,978
		Series 2014-GZ-85, REMIC, 3.00%, 12/25/44	10,673		9,640
		Series 2015-CE-78, REMIC, 2.50%, 11/25/45	39,409		39,253
		Series 2016-PA-81, REMIC, 3.00%, 02/25/44	24,828		24,771
	Government National Mortgage Association
		Interest Only, Series 2010-PS-116, REMIC, 5.36%, 03/20/40 (a)	15,366		1,698
		Series 2011-WS-70, REMIC, 8.22%, 12/20/40 (a)	6,000		6,399
				559,431
Mortgage-Backed Securities 26.5%
	Federal Home Loan Mortgage Corp.
		3.00%, 06/01/43 - 04/01/46	241,511		240,303
		4.00%, 09/01/43 - 02/01/44	14,541		15,369
		3.00%, 04/01/45 - 12/01/46	57,833		57,462
		3.50%, 02/01/46	61,704		63,279
		REMIC, 3.00%, 06/15/44	12,603		12,549
	Federal National Mortgage Association
		4.50%, 04/01/26	6,074		6,458
		3.50%, 09/01/43 - 08/01/45	51,899		53,349
		3.00%, 09/01/33 - 09/01/46	209,176		210,631
	Government National Mortgage Association
		3.50%, 10/20/45	18,290		18,805
				678,205
U.S. Treasury Securities 3.1%
	U.S. Treasury Note
		2.25%, 11/15/25	80,000		78,859
	Total Government And Agency Obligations (cost $1,327,807)			1,316,495
SHORT TERM INVESTMENTS 8.6%
Investment Companies 8.6%
	JNL Money Market Fund, 0.34% (d) (e)		219,341		219,341
	Total Short Term Investments (cost $219,341)			219,341
Total Investments 99.7% (cost $2,567,065)					2,552,761
Other Assets and Liabilities, Net 0.3%					8,248
Total Net Assets 100.0%				$	2,561,009

(a) The security or securities in this category have a variable rate. Rate stated was in effect as of December 31, 2016.

(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 December 31, 2016, the net value and the percentage of net assets of these liquid securities was $502,899 and 19.6%, 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 December 31, 2016.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

			Shares/Par†		Value
JNL/PIMCO Credit Income Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.1%
	Air Canada Pass-Through Trust
		Series 2013-A-1, 4.13%, 05/15/25 (a)	86	$	88
	American Airlines Pass-Through Trust
		Series 2011-A-1, 5.25%, 01/31/21	36		38
		Series 2015-A-1, 3.38%, 05/01/27	279		275
		Series 2016-AA-2, 3.20%, 06/15/28	200		194
	Asset Backed Funding Corp. Trust
		Series 2006-A2-OPT2, REMIC, 0.90%, 10/25/36 (b)	147		125
	Asset Backed Securities Corp. Home Equity Loan Trust
		Series 2004-M1-HE6, REMIC, 1.70%, 09/25/34 (b)	56		55
	Banc of America Alternative Loan Trust
		Series 2005-4A1-10, REMIC, 5.75%, 11/25/35	64		59
	Centex Home Equity Loan Trust
		Series 2004-MV1-D, REMIC, 1.69%, 09/25/34 (b)	48		44
	Citigroup Mortgage Loan Trust Inc.
		Series 2007-A2B-AHL1, REMIC, 0.90%, 12/25/36 (b)	167		151
		Series 2007-3A3A-10, REMIC, 4.85%, 09/25/37 (b)	48		38
	Continental Airlines Inc. Pass-Through Trust
		Series 2009-A-2, 7.25%, 11/10/19	47		53
		Series 2012-B-2, 5.50%, 10/29/20	145		150
	Countrywide Asset-Backed Certificates
		Series 2004-M1-4, REMIC, 1.48%, 07/25/34 (b)	93		87
		Series 2004-M1-5, REMIC, 1.61%, 08/25/34 (b)	46		44
		Series 2006-1A-24, REMIC, 0.90%, 07/25/35 (b)	120		86
		Series 2005-1A-AB4, REMIC, 1.00%, 03/25/36 (b)	57		47
	CVS Pass-Through Trust
		Series A, 7.51%, 01/10/32 (a)	58		71
	CWABS Asset-Backed Certificates Trust
		Series 2006-2A2-14, REMIC, 0.91%, 04/25/33 (b)	60		59
	First Franklin Mortgage Loan Trust
		Series 2004-M3-FF8, REMIC, 2.18%, 10/25/34 (b)	50		43
	GTP Acquisition Partners I LLC
		Series 2015-A-2, 3.48%, 06/16/25 (c) (d)	300		291
	HomeBanc Mortgage Trust
		Series 2005-A1-4, REMIC, 1.03%, 10/25/35 (b)	24		23
	HSI Asset Securitization Corp. Trust
		Series 2006-M1-OPT1, REMIC, 1.12%, 12/25/35 (b)	100		90
	JPMorgan Mortgage Acquisition Trust
		Series 2006-M1-NC2, REMIC, 1.03%, 07/25/36 (b)	300		232
	Lehman XS Trust
		Series 2005-2A4-2, REMIC, 5.17%, 08/25/35	38		36
	Morgan Stanley Home Equity Loan Trust
		Series 2007-A1-2, REMIC, 0.86%, 04/25/37 (b)	15		9
	Northwest Airlines Pass-Through Trust
		Series 2002-G-2-1, 6.26%, 05/20/23	68		73
	OMX Timber Finance Investments I LLC
		Series 2014-A1, 5.42%, 01/29/20 (c) (d)	300		326
	Park Place Securities Inc. Asset-Backed Pass-Through Certificates
		Series 2004-M2-WHQ1, REMIC, 1.75%, 09/25/34 (b)	98		95
	Race Point CLO Ltd.
		Series 2011-AR-5A, 2.26%, 12/15/22 (a) (b)	101		101
	RALI Trust
		Series 2005-A10-QS17, REMIC, 6.00%, 12/25/35	92		86
		Series 2007-A2-QS3, REMIC, 6.00%, 02/25/37	104		83
	RAMP Trust
		Series 2005-A2-EFC7, REMIC, 0.99%, 12/25/35 (b)	268		197
	RASC Trust
		Series 2006-AI3-KS9, REMIC, 0.92%, 09/25/36 (b)	243		223

See accompanying Notes to Financial Statements.

22

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
	Renaissance Home Equity Loan Trust
		Series 2007-AF3-3, REMIC, 7.24%, 09/25/37 (b)	181		108
	SBA Tower Trust
		Series 2016-C-1, 2.88%, 07/15/21 (c) (d)	600		595
		Series 2013-D-1, REMIC, 3.60%, 04/16/18 (c) (d)	100		100
	SLM Private Credit Student Loan Trust
		Series 2006-A4-B, REMIC, 1.14%, 09/15/17 (b)	21		21
	Soundview Home Loan Trust
		Series 2006-2A3-OPT3, REMIC, 0.93%, 06/25/36 (b)	89		82
	Spirit Airlines Pass-Through Trust
		Series 2015-A-1, 4.10%, 04/01/28	966		986
	United Airlines Inc. Pass-Through Trust
		Series 2009-A-2, 9.75%, 01/15/17	23		23
		Series 2014-A-2, 3.75%, 09/03/26	94		95
		Series 2016-A-1, 3.45%, 07/07/28	1,000		972
		Series 2016-A-2, 3.10%, 10/07/28	1,000		950
	US Airways Pass-Through Trust
		Series 2013-B-1, 5.38%, 11/15/21	131		139
		Series 2013-A-1, 3.95%, 11/15/25	84		86
	Virgin Australia Trust
		Series 2013-1A, 5.00%, 10/23/23 (a)	60		63
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $7,814)			7,792
CORPORATE BONDS AND NOTES 81.7%
Consumer Discretionary 6.4%
	Altice SA
		7.75%, 05/15/22 (a)	200		213
	Amazon.com Inc.
		2.60%, 12/05/19	100		102
		3.30%, 12/05/21	100		104
		3.80%, 12/05/24	100		105
	AMC Networks Inc.
		5.00%, 04/01/24	200		200
	AutoNation Inc.
		6.75%, 04/15/18	300		316
	Bacardi Ltd.
		2.75%, 07/15/26 (a)	300		280
	CBS Corp.
		2.90%, 01/15/27	100		93
	Charter Communications Operating LLC
		4.46%, 07/23/22	500		522
		4.91%, 07/23/25	1,875		1,974
		6.38%, 10/23/35	538		613
		6.48%, 10/23/45	300		346
	Comcast Corp.
		6.50%, 01/15/17	50		50
		4.60%, 08/15/45	400		418
		3.40%, 07/15/46	1,200		1,046
	Cox Communications Inc.
		3.85%, 02/01/25 (a)	500		490
		8.38%, 03/01/39 (a)	100		125
	D.R. Horton Inc.
		3.63%, 02/15/18	100		101
		3.75%, 03/01/19	600		612
	Delphi Automotive Plc
		3.15%, 11/19/20	500		508
		4.25%, 01/15/26	200		207
	Discovery Communications LLC
		3.45%, 03/15/25	100		95
	DISH DBS Corp.
		6.75%, 06/01/21	1,100		1,193
	Globo Comunicacao e Participacoes SA
		4.88%, 04/11/22 (a)	200		200
	Home Depot Inc.
		2.63%, 06/01/22	100		100
	MCE Finance Ltd.
		5.00%, 02/15/21 (a) (e)	800		795
	MGM Resorts International
		6.00%, 03/15/23	1,000		1,080
	Newell Rubbermaid Inc.
		3.85%, 04/01/23 (f)	200		207
	Nissan Motor Acceptance Corp.
		2.65%, 09/26/18 (c) (d)	100		101
			Shares/Par†		Value
	Numericable - SFR SA
		7.38%, 05/01/26 (a)	900		919
	Omnicom Group Inc.
		3.60%, 04/15/26	100		99
	Pearson Funding Five Plc
		3.25%, 05/08/23 (a)	200		187
	QVC Inc.
		4.38%, 03/15/23	500		496
		4.45%, 02/15/25	1,000		960
	Schaeffler Finance BV
		3.25%, 05/15/25, EUR	100		112
	Studio City Co. Ltd.
		5.88%, 11/30/19 (a)	500		514
	Thomson Reuters Corp.
		3.35%, 05/15/26	700		679
	Time Warner Cable Inc.
		5.85%, 05/01/17	100		101
		6.75%, 07/01/18	100		107
		8.25%, 04/01/19	300		337
	Time Warner Entertainment Co.
		8.38%, 07/15/33	100		131
	Toll Brothers Finance Corp.
		4.00%, 12/31/18	150		154
	Unitymedia Hessen GmbH & Co. KG
		3.50%, 01/15/27, EUR	1,150		1,186
	Viacom Inc.
		2.50%, 09/01/18	900		903
		3.45%, 10/04/26	400		369
		5.85%, 09/01/43	850		832
	Wyndham Worldwide Corp.
		5.63%, 03/01/21	300		329
	Wynn Las Vegas LLC
		4.25%, 05/30/23 (a) (e)	1,050		1,000
	Wynn Macau Ltd.
		5.25%, 10/15/21 (a) (e)	2,100		2,116
				23,727
Consumer Staples 1.8%
	Altria Group Inc.
		9.25%, 08/06/19 (f)	12		14
	Constellation Brands Inc.
		4.75%, 12/01/25	1,000		1,060
	CVS Health Corp.
		2.13%, 06/01/21	400		393
	Danone SA
		2.59%, 11/02/23 (a)	1,000		962
	Heineken NV
		3.40%, 04/01/22 (a)	400		410
	JM Smucker Co.
		3.00%, 03/15/22	100		101
		3.50%, 03/15/25	100		101
	Kellogg Co.
		3.25%, 04/01/26	100		97
	Kraft Heinz Foods Co.
		3.50%, 07/15/22	200		203
	Lamb Weston Holdings Inc.
		4.63%, 11/01/24 (a)	1,000		1,002
	Philip Morris International Inc.
		2.13%, 05/10/23	1,500		1,429
	Post Holdings Inc.
		5.00%, 08/15/26 (a)	200		191
	Sysco Corp.
		2.50%, 07/15/21	200		198
	Tyson Foods Inc.
		4.50%, 06/15/22	50		53
	Walgreens Boots Alliance Inc.
		2.60%, 06/01/21	400		397
	Whole Foods Market Inc.
		5.20%, 12/03/25	100		106
				6,717
Energy 9.7%
	Access Midstream Partners LP
		4.88%, 05/15/23	900		916
	BG Energy Capital Plc
		4.00%, 10/15/21 (a)	125		133

See accompanying Notes to Financial Statements.

23

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
	Blue Racer Midstream LLC
		6.13%, 11/15/22 (a)	200		200
	BP AMI Leasing Inc.
		5.52%, 05/08/19 (c) (d)	125		134
	Cheniere Corpus Christi Holdings LLC
		7.00%, 06/30/24 (a)	650		704
	Cimarex Energy Co.
		5.88%, 05/01/22	500		520
		4.38%, 06/01/24	575		597
	CNPC General Capital Ltd.
		1.95%, 04/16/18 (a)	500		498
	El Paso Corp.
		7.25%, 06/01/18	700		746
		6.50%, 09/15/20	200		224
	El Paso Pipeline Partners Operating Co. LLC
		5.00%, 10/01/21	300		319
	Energy Transfer Partners LP
		4.65%, 06/01/21	400		415
		3.60%, 02/01/23	400		393
		4.90%, 03/15/35	554		517
		6.05%, 06/01/41	100		103
		6.50%, 02/01/42	100		108
	EnLink Midstream Partners LP
		4.85%, 07/15/26	600		604
	Enterprise Products Operating LLC
		3.90%, 02/15/24	100		103
		3.75%, 02/15/25	400		406
		3.70%, 02/15/26	1,000		1,002
		3.95%, 02/15/27 (e)	500		511
		5.70%, 02/15/42	100		109
		4.45%, 02/15/43	700		662
	EQT Midstream Partners LP
		4.00%, 08/01/24	300		296
		4.13%, 12/01/26	300		292
	Gazprom OAO Via Gaz Capital SA
		8.15%, 04/11/18 (a)	100		107
		6.00%, 01/23/21 (a)	200		216
	Genesis Energy LP
		6.75%, 08/01/22	700		727
		5.63%, 06/15/24	400		393
	Halliburton Co.
		3.80%, 11/15/25	100		101
	Hess Corp.
		7.30%, 08/15/31	65		76
	Kinder Morgan Energy Partners LP
		5.95%, 02/15/18	500		521
		3.45%, 02/15/23	500		495
		4.30%, 05/01/24	300		307
		6.95%, 01/15/38	700		811
	Kinder Morgan Inc.
		5.30%, 12/01/34	100		101
	Occidental Petroleum Corp.
		4.40%, 04/15/46	550		559
	Odebrecht Drilling Norbe VIII/IX Ltd.
		6.35%, 06/30/22 (a)	214		96
	ONEOK Partners LP
		3.38%, 10/01/22	1,300		1,304
		6.85%, 10/15/37	200		232
	Petrobras Global Finance BV
		4.88%, 03/17/20	500		494
		8.38%, 05/23/21	1,950		2,101
	Petrobras International Finance Co.
		7.88%, 03/15/19	100		107
	Petrofac Ltd.
		3.40%, 10/10/18 (c) (d)	100		101
	Petroleos Mexicanos
		3.50%, 07/18/18 (e)	1,600		1,614
		8.00%, 05/03/19	400		439
		4.88%, 01/24/22 (e)	1,100		1,103
		4.61%, 03/11/22 (a) (b)	200		206
	Pioneer Natural Resources Co.
		6.88%, 05/01/18	50		53
		7.50%, 01/15/20	100		114
		3.45%, 01/15/21	1,400		1,430
		3.95%, 07/15/22	400		415
			Shares/Par†		Value
	Plains All American Pipeline LP
		6.50%, 05/01/18	100		106
		8.75%, 05/01/19	300		341
		2.60%, 12/15/19	100		100
		2.85%, 01/31/23	100		94
		4.50%, 12/15/26	700		709
	Ras Laffan Liquefied Natural Gas Co. Ltd. III
		5.84%, 09/30/27 (a)	250		279
	Regency Energy Partners LP
		5.75%, 09/01/20	200		216
		5.88%, 03/01/22	1,000		1,099
		5.00%, 10/01/22	300		318
	Rockies Express Pipeline LLC
		5.63%, 04/15/20 (a)	500		526
	Rosneft Finance SA
		7.88%, 03/13/18	200		211
	Sabine Pass Liquefaction LLC
		5.75%, 05/15/24	300		322
		5.63%, 04/15/23 - 03/01/25	825		880
		5.88%, 06/30/26 (a)	500		539
	Sinopec Group Overseas Development Ltd.
		1.75%, 09/29/19 (a)	500		492
	Southwestern Energy Co.
		5.80%, 01/23/20 (f)	100		103
		4.10%, 03/15/22	50		47
	Spectra Energy Partners LP
		4.75%, 03/15/24	900		954
		3.50%, 03/15/25	250		244
		3.38%, 10/15/26	200		191
	Statoil ASA
		2.45%, 01/17/23	1,900		1,853
	Transocean Phoenix 2 Ltd.
		7.75%, 10/15/24 (a)	100		106
	Western Gas Partners LP
		2.60%, 08/15/18	100		100
		4.00%, 07/01/22	100		102
		3.95%, 06/01/25	300		295
		4.65%, 07/01/26	300		310
	Williams Partners LP
		3.60%, 03/15/22	300		301
		3.35%, 08/15/22	300		295
		4.50%, 11/15/23	100		103
				35,971
Financials 38.6%
	ABN AMRO Bank NV
		4.75%, 07/28/25	1,000		1,012
	ACE INA Holdings Inc.
		3.35%, 05/03/26	1,575		1,593
	AerCap Ireland Capital Ltd.
		3.75%, 05/15/19	300		306
		4.25%, 07/01/20	500		514
		4.63%, 10/30/20	200		208
		4.50%, 05/15/21	1,000		1,036
		5.00%, 10/01/21	600		631
		3.95%, 02/01/22	400		403
	Air Liquide Finance SA
		2.25%, 09/27/23 (a)	1,900		1,809
	Ally Financial Inc.
		8.00%, 11/01/31	200		232
	Altice Financing SA
		6.63%, 02/15/23 (a)	300		308
	Amcor Finance USA Inc.
		3.63%, 04/28/26 (a)	400		391
	American Financial Group Inc.
		3.50%, 08/15/26	100		96
	American International Group Inc.
		3.90%, 04/01/26	1,325		1,346
		4.38%, 01/15/55	400		366
	Anheuser-Busch InBev Finance Inc.
		3.65%, 02/01/26	3,350		3,396
	Banco Bilbao Vizcaya Argentaria SA
		8.87%, (callable at 100 beginning 04/14/21), EUR (g)	1,600		1,811
	Banco de Credito e Inversiones
		3.00%, 09/13/17 (a)	200		201

See accompanying Notes to Financial Statements.

24

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†	Value
Banco do Brasil SA
	3.88%, 10/10/22	400	371
Banco Espirito Santo SA
	5.00%, 05/23/19, EUR	100	72
Banco Santander Brasil SA
	4.63%, 02/13/17 (a)	600	601
Banco Santander SA
	6.25%, (callable at 100 beginning 09/11/21), EUR (g)	400	394
Bank of America Corp.
	0.00%, 01/04/17 (h)	500	500
	2.65%, 04/01/19	100	101
	2.25%, 04/21/20	300	298
	2.15%, 11/09/20	3,900	3,847
	4.10%, 07/24/23	1,475	1,539
	3.88%, 08/01/25	600	609
	3.50%, 04/19/26	1,300	1,281
Bank of America NA
	1.25%, 02/14/17	250	250
	1.30%, 05/08/17 (b)	250	250
Bank of New York Mellon Corp.
	2.30%, 09/11/19	400	403
	3.00%, 02/24/25	500	491
	2.80%, 05/04/26	1,800	1,731
Barclays Bank Plc
	7.63%, 11/21/22	2,400	2,634
	7.75%, 04/10/23 (b)	775	815
Barclays Plc
	6.50%, (callable at 100 beginning 09/15/19), EUR (g)	200	204
BAT International Finance Plc
	2.75%, 06/15/20 (a)	200	201
Berkshire Hathaway Inc.
	3.13%, 03/15/26	1,000	992
BGC Partners Inc.
	5.38%, 12/09/19	225	234
	5.13%, 05/27/21	1,100	1,131
Blackstone Holdings Finance Co. LLC
	5.00%, 06/15/44 (a)	300	295
BNP Paribas SA
	7.37%, (callable at 100 beginning 08/19/25) (a) (g)	300	302
	7.37%, (callable at 100 beginning 08/19/25) (g)	500	503
Brixmor Operating Partnership LP
	3.85%, 02/01/25	300	295
Cemex Finance LLC
	6.00%, 04/01/24 (e)	300	308
CIT Group Inc.
	4.25%, 08/15/17	200	202
	5.50%, 02/15/19 (a)	500	527
Citigroup Inc.
	5.95%, (callable at 100 beginning 05/15/25) (g)	475	469
	2.07%, 08/02/21 (b)	1,000	1,011
	3.40%, 05/01/26	2,600	2,523
	3.20%, 10/21/26	600	573
Citizens Bank NA
	2.55%, 05/13/21	250	248
Citizens Financial Group Inc.
	2.38%, 07/28/21	400	392
CME Group Inc.
	3.00%, 09/15/22 - 03/15/25	1,725	1,746
Cooperatieve Rabobank U.A.
	6.62%, (callable at 100 beginning 06/29/21), EUR (g)	1,400	1,575
	3.75%, 07/21/26	1,000	979
Credit Agricole SA
	1.50%, 06/12/17 (a) (b)	250	250
	2.75%, 06/10/20 (a)	300	301
	2.03%, 07/01/21 (a) (b)	500	505
	4.38%, 03/17/25 (a)	225	221
Credit Suisse
	1.70%, 04/27/18	1,000	998
Credit Suisse AG
	3.00%, 10/29/21	300	303
	6.50%, 08/08/23 (a)	200	212
		Shares/Par†	Value
	6.50%, 08/08/23	300	319
Credit Suisse Group AG
	7.50%, (callable at 100 beginning 12/11/23) (a) (g)	200	209
Credit Suisse Group Funding Guernsey Ltd.
	3.80%, 09/15/22	1,150	1,159
	3.75%, 03/26/25	1,050	1,033
	4.55%, 04/17/26	700	726
DBS Group Holdings Ltd.
	2.25%, 07/16/19 (a)	200	201
Depository Trust & Clearing Corp.
	4.88%, (callable at 100 beginning 06/15/20) (a) (g)	250	254
Deutsche Bank AG
	1.35%, 05/30/17	200	200
	4.25%, 10/14/21 (a)	2,300	2,307
Diamond 1 Finance Corp.
	4.42%, 06/15/21 (a)	1,100	1,137
	5.45%, 06/15/23 (a)	1,925	2,040
Discover Bank
	3.10%, 06/04/20	250	253
DNB Bank ASA
	2.38%, 06/02/21 (a)	600	593
E*Trade Financial Corp.
	5.87%, (callable at 100 beginning 09/15/26) (g)	1,000	992
Emera US Finance LP
	3.55%, 06/15/26 (a)	200	196
ERAC USA Finance LLC
	2.70%, 11/01/23 (a)	2,000	1,919
Fidelity National Financial Inc.
	5.50%, 09/01/22	300	317
First American Financial Corp.
	4.30%, 02/01/23	650	638
	4.60%, 11/15/24	200	197
Flagstar Bancorp Inc.
	6.13%, 07/15/21	800	843
FMR LLC
	4.95%, 02/01/33 (c) (d)	700	724
Ford Motor Credit Co. LLC
	2.38%, 01/16/18	400	402
	5.00%, 05/15/18	200	208
	1.73%, 08/12/19 (b)	400	401
	8.13%, 01/15/20	150	173
GE Capital International Funding Co.
	4.42%, 11/15/35	1,900	1,988
General Motors Financial Co. Inc.
	3.25%, 05/15/18	450	456
	3.20%, 07/06/21	500	495
Goldman Sachs Group Inc.
	6.15%, 04/01/18	200	210
	6.00%, 06/15/20	200	222
	2.70%, 02/25/21 (b)	300	309
	5.25%, 07/27/21	500	548
	2.24%, 11/15/21 (b)	600	603
	5.75%, 01/24/22	100	112
	3.85%, 07/08/24	875	892
	3.50%, 01/23/25	700	690
	3.75%, 02/25/26	1,000	1,002
	2.64%, 10/28/27 (b)	600	612
HSBC Bank Plc
	4.13%, 08/12/20 (a)	400	420
HSBC Bank USA NA
	4.88%, 08/24/20	110	117
HSBC Capital Funding LP
	0.99%, (callable at 100 beginning 06/30/30) (a) (g)	100	148
HSBC Holdings Plc
	6.00%, (callable at 100 beginning 09/29/23), EUR (g)	1,100	1,197
	2.36%, 01/05/22 (b)	200	204
	2.65%, 01/05/22	200	196
	3.60%, 05/25/23	800	804
	4.30%, 03/08/26	725	751
	3.90%, 05/25/26	600	603

See accompanying Notes to Financial Statements.

25

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†	Value
HSBC USA Inc.
	2.35%, 03/05/20	200	198
Imperial Brands Finance Plc
	4.25%, 07/21/25 (a)	300	309
ING Bank NV
	5.80%, 09/25/23 (a)	200	220
	5.80%, 09/25/23	700	769
Intercontinental Exchange Group Inc.
	4.00%, 10/15/23	300	315
Intesa Sanpaolo SpA
	3.88%, 01/16/18	1,000	1,013
	6.50%, 02/24/21 (a)	250	274
	5.71%, 01/15/26 (a)	875	834
Jefferies Finance LLC
	7.38%, 04/01/20 (a)	400	400
	7.50%, 04/15/21 (a)	600	594
	6.88%, 04/15/22 (a)	300	289
JPMorgan Chase & Co.
	5.30%, (callable at 100 beginning 05/01/20) (g)	275	281
	7.90%, (callable at 100 beginning 04/30/18) (g)	1,100	1,139
	0.82%, 05/30/17, GBP (b)	50	62
	6.30%, 04/23/19	300	328
	1.84%, 01/23/20 (b)	100	101
	2.41%, 03/01/21 (b)	1,375	1,417
	3.90%, 07/15/25	200	205
	3.30%, 04/01/26	1,700	1,668
KBC Bank NV
	8.00%, 01/25/23	600	633
Lazard Group LLC
	3.75%, 02/13/25	300	293
LeasePlan Corp. NV
	3.00%, 10/23/17 (a)	200	201
	2.50%, 05/16/18 (a)	1,400	1,402
Legg Mason Inc.
	3.95%, 07/15/24	100	100
Lloyds Bank Plc
	12.00%, (callable at 100 beginning 12/16/24) (a) (g)	100	133
Lloyds Banking Group Plc
	7.62%, (callable at 100 beginning 06/27/23), GBP (g) (i)	1,000	1,287
	7.87%, (callable at 100 beginning 06/27/29), GBP (g) (i)	1,600	2,083
Merrill Lynch & Co. Inc.
	6.40%, 08/28/17	300	309
	6.88%, 04/25/18	1,600	1,700
Mitsubishi UFJ Financial Group Inc.
	2.81%, 03/01/21 (b)	1,000	1,035
	2.02%, 09/13/21 (b)	600	601
	2.76%, 09/13/26	2,000	1,876
Mizuho Financial Group Inc.
	2.63%, 04/12/21 (a)	700	692
Moody's Corp.
	4.50%, 09/01/22	200	214
	4.88%, 02/15/24	290	313
Morgan Stanley
	6.25%, 08/28/17	100	103
	7.30%, 05/13/19	290	323
	5.75%, 01/25/21	100	111
	4.00%, 07/23/25	1,000	1,024
	3.88%, 01/27/26	300	303
	3.13%, 07/27/26	2,200	2,099
	7.25%, 04/01/32	1,000	1,353
MUFG Americas Holdings Corp.
	3.00%, 02/10/25	1,000	959
NASDAQ Inc.
	4.25%, 06/01/24 (f)	600	617
Nationwide Building Society
	6.25%, 02/25/20 (a)	250	278
Navient Corp.
	7.25%, 09/25/23	200	205
New York Life Global Funding
	1.13%, 03/01/17 (a)	100	100
Nordea Bank AB
	4.88%, 05/13/21 (a)	400	429
		Shares/Par†	Value
	2.25%, 05/27/21 (a)	200	197
Northern Trust Corp.
	4.60%, (callable at 100 beginning 10/01/26) (g)	1,000	951
Old Republic International Corp.
	3.88%, 08/26/26	1,100	1,045
OneMain Financial Holdings Inc.
	6.75%, 12/15/19 (a)	400	417
PHH Corp.
	7.38%, 09/01/19 (e)	200	215
	6.38%, 08/15/21	400	400
Piper Jaffray Cos.
	4.00%, 05/31/17 (b) (c) (d)	100	100
PNC Preferred Funding Trust
	2.61%, (callable at 100 beginning 03/15/17) (c) (d) (g)	200	194
QBE Insurance Group Ltd.
	2.40%, 05/01/18 (a)	200	200
Rabobank Nederland NV
	6.88%, 03/19/20, EUR	400	495
Radian Group Inc.
	7.00%, 03/15/21	300	334
RCI Banque SA
	3.50%, 04/03/18 (a)	100	102
Reinsurance Group of America Inc.
	3.95%, 09/15/26	600	593
Reynolds Group Issuer Inc.
	4.38%, 07/15/21 (a) (b)	200	204
Rio Oil Finance Trust
	9.25%, 07/06/24 (e)	551	518
	9.25%, 07/06/24 (a)	230	216
	9.75%, 01/06/27 (a)	235	216
Royal Bank of Scotland Group Plc
	8.00%, (callable at 100 beginning 08/10/25) (g) (i)	600	574
	8.62%, (callable at 100 beginning 08/15/21) (g) (i)	900	918
Royal Bank of Scotland Plc
	9.50%, 03/16/22 (b)	100	102
Santander Bank NA
	1.80%, 01/12/18 (b)	250	250
Santander Holdings USA Inc.
	2.70%, 05/24/19	400	400
Santander UK Group Holdings Plc
	7.37%, (callable at 100 beginning 06/24/22), GBP (g)	295	364
	2.88%, 08/05/21	600	587
	4.75%, 09/15/25 (a)	600	587
Santander UK Plc
	5.00%, 11/07/23 (a)	500	509
Shire Acquisitions Investments Ireland Ltd.
	2.88%, 09/23/23	2,000	1,899
	3.20%, 09/23/26	400	373
SMBC Aviation Capital Finance DAC
	2.65%, 07/15/21 (a)	600	577
Societe Generale SA
	7.37%, (callable at 100 beginning 09/13/21) (a) (g)	200	200
Solvay Finance America LLC
	3.40%, 12/03/20 (a)	600	610
	4.45%, 12/03/25 (a)	300	311
Springleaf Finance Corp.
	5.25%, 12/15/19	100	101
	8.25%, 12/15/20	100	109
	7.75%, 10/01/21	400	422
State Bank of India
	4.13%, 08/01/17	200	202
State Street Corp.
	3.30%, 12/16/24	250	252
Stearns Holdings LLC
	9.38%, 08/15/20 (c) (d)	100	100
Sumitomo Mitsui Financial Group Inc.
	2.63%, 03/09/21 (b)	400	412
	2.06%, 07/14/21	100	97
	2.02%, 10/19/21 (b) (e)	1,300	1,304
Sydney Airport Finance Co. Pty Ltd.
	3.63%, 04/28/26 (c) (d)	200	196

See accompanying Notes to Financial Statements.

26

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
	Synchrony Financial
		2.11%, 02/03/20 (b)	200		198
		2.70%, 02/03/20	100		100
		4.50%, 07/23/25	200		205
	Synovus Financial Corp.
		5.75%, 12/15/25 (b)	200		208
	TIAA Asset Management Finance Co. LLC
		2.95%, 11/01/19 (a)	300		305
		4.13%, 11/01/24 (a)	500		504
	Toronto-Dominion Bank
		1.80%, 07/13/21	600		580
	UBS AG
		2.38%, 08/14/19	300		301
		7.25%, 02/22/22 (b)	200		201
		7.63%, 08/17/22	2,403		2,724
		4.75%, 02/12/26, EUR	300		339
	UBS Group AG
		2.66%, 04/14/21 (a) (b)	300		309
	Wells Fargo & Co.
		5.90%, (callable at 100 beginning 06/15/24) (g)	300		301
		2.55%, 12/07/20	300		300
		2.28%, 03/04/21 (b)	300		306
		2.10%, 07/26/21	400		389
		2.12%, 10/31/23 (b)	2,000		2,025
		4.48%, 01/16/24	100		105
		3.30%, 09/09/24	950		939
		3.00%, 04/22/26	1,200		1,143
		4.65%, 11/04/44	100		98
	Wells Fargo Bank NA
		1.62%, 01/22/18 (b)	1,000		1,005
		5.95%, 08/26/36	100		118
	Weyerhaeuser Co.
		7.38%, 10/01/19 - 03/15/32	1,300		1,602
	Woodside Finance Ltd.
		4.60%, 05/10/21 (a)	600		630
		3.65%, 03/05/25 (a)	200		195
				143,541
Health Care 6.2%
	Abbott Laboratories
		2.90%, 11/30/21	400		399
	AbbVie Inc.
		2.90%, 11/06/22	100		99
		3.60%, 05/14/25	1,275		1,261
		3.20%, 05/14/26	800		760
	Actavis Funding SCS
		2.35%, 03/12/18	250		251
		3.45%, 03/15/22	975		989
		3.80%, 03/15/25	2,500		2,500
	Amgen Inc.
		4.10%, 06/15/21	355		374
		3.63%, 05/22/24	300		305
		2.60%, 08/19/26	700		643
	AstraZeneca Plc
		3.38%, 11/16/25	200		198
	Baxalta Inc.
		2.88%, 06/23/20	300		300
	Becton Dickinson & Co.
		3.73%, 12/15/24	139		142
	Boston Scientific Corp.
		2.65%, 10/01/18	302		305
		3.38%, 05/15/22	775		787
	Cardinal Health Inc.
		2.40%, 11/15/19	1,000		1,007
	Endo Finance LLC
		6.00%, 07/15/23 (a)	200		176
	Endo Finance LLC & Endo Finco Inc.
		5.38%, 01/15/23 (a)	500		425
	HCA Inc.
		5.25%, 06/15/26	300		310
	Humana Inc.
		3.85%, 10/01/24	200		204
	Kinetic Concepts Inc.
		7.88%, 02/15/21 (a)	100		109
			Shares/Par†		Value
	Laboratory Corp. of America Holdings
		3.60%, 02/01/25	200		199
	Mallinckrodt International Finance SA
		4.88%, 04/15/20 (a)	350		351
		5.63%, 10/15/23 (a)	100		93
	Medtronic Inc.
		1.76%, 03/15/20 (b)	150		151
		3.15%, 03/15/22	1,000		1,023
		3.50%, 03/15/25	250		257
	Merck & Co. Inc.
		2.75%, 02/10/25	300		294
	Perrigo Finance Unltd. Co.
		3.50%, 03/15/21	300		303
	Pfizer Inc.
		5.20%, 08/12/20	100		111
	Stryker Corp.			��
		3.50%, 03/15/26	850		857
	Teva Pharmaceutical Finance Co. BV
		2.95%, 12/18/22	200		192
	Teva Pharmaceutical Finance III BV
		2.80%, 07/21/23	300		284
		3.15%, 10/01/26	650		598
	Thermo Fisher Scientific Inc.
		3.30%, 02/15/22	700		710
		2.95%, 09/19/26	200		188
	UnitedHealth Group Inc.
		1.45%, 07/17/17	500		501
	VRX Escrow Corp.
		5.38%, 03/15/20 (a)	1,500		1,267
	Zimmer Biomet Holdings Inc.
		2.70%, 04/01/20	2,000		1,999
		3.55%, 04/01/25	875		851
	Zimmer Holdings Inc.
		3.15%, 04/01/22	1,200		1,195
	Zoetis Inc.
		4.50%, 11/13/25	200		212
				23,180
Industrials 4.2%
	3M Co.
		2.25%, 09/19/26 (e)	4,000		3,749
	A P Moller - Maersk A/S
		3.88%, 09/28/25 (a)	700		676
	ADT Corp.
		3.50%, 07/15/22	100		95
	Air Lease Corp.
		2.63%, 09/04/18	400		403
		2.13%, 01/15/20	1,000		985
		3.00%, 09/15/23	300		286
	Asciano Finance Ltd.
		5.00%, 04/07/18 (c) (d)	900		925
	Aviation Capital Group Corp.
		4.63%, 01/31/18 (a)	100		103
		7.13%, 10/15/20 (a)	750		866
	Burlington Northern Santa Fe LLC
		3.45%, 09/15/21	125		130
	DP World Ltd.
		6.85%, 07/02/37 (a)	800		853
	Fortive Corp.
		3.15%, 06/15/26 (a)	400		394
	Fortune Brands Home & Security Inc.
		3.00%, 06/15/20	200		201
	GATX Corp.
		3.25%, 09/15/26 (e)	300		283
	General Electric Co.
		5.25%, 12/06/17	130		135
	Hellenic Railways Organization SA
		4.03%, 03/17/17, EUR	100		104
	International Lease Finance Corp.
		7.13%, 09/01/18 (a)	190		205
		8.25%, 12/15/20	600		699
	Lockheed Martin Corp.
		3.55%, 01/15/26	300		306
	Masco Corp.
		5.95%, 03/15/22	150		166

See accompanying Notes to Financial Statements.

27

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
		4.45%, 04/01/25	600		609
	Massachusetts Institute of Technology
		4.68%, 07/01/14	200		201
	Odebrecht Offshore Drilling Finance Ltd.
		6.63%, 10/01/23 (a)	171		49
	Owens Corning Inc.
		4.20%, 12/15/22 - 12/01/24	350		361
		3.40%, 08/15/26	600		569
	Penske Truck Leasing Co. LP
		3.40%, 11/15/26 (a)	1,000		955
	Republic Services Inc.
		4.75%, 05/15/23	300		327
	SPX FLOW Inc.
		5.88%, 08/15/26 (a)	200		200
	Standard Industries Inc.
		5.13%, 02/15/21 (a)	200		208
	USG Corp.
		9.50%, 01/15/18 (j)	100		106
	Verisk Analytics Inc.
		4.13%, 09/12/22	100		104
	Waste Management Inc.
		3.13%, 03/01/25	100		100
	WestJet Airlines Ltd.
		3.50%, 06/16/21 (c) (d)	200		200
				15,553
Information Technology 3.3%
	Activision Blizzard Inc.
		6.13%, 09/15/23 (a)	700		766
		3.40%, 09/15/26 (a)	200		190
	Adobe Systems Inc.
		3.25%, 02/01/25	350		350
	Alibaba Group Holding Ltd.
		3.13%, 11/28/21	300		300
		3.60%, 11/28/24	300		297
	Alliance Data Systems Corp.
		5.88%, 11/01/21 (a)	100		102
	Apple Inc.
		2.45%, 08/04/26	1,400		1,312
	Autodesk Inc.
		1.95%, 12/15/17	100		100
	Baidu Inc.
		3.25%, 08/06/18	300		305
		3.00%, 06/30/20	400		401
	Fidelity National Information Services Inc.
		3.88%, 06/05/24	100		102
		3.00%, 08/15/26	1,400		1,315
	Harris Corp.
		2.70%, 04/27/20	100		100
	KLA-Tencor Corp.
		4.65%, 11/01/24	100		106
	Lender Processing Services
		5.75%, 04/15/23	233		244
	Microsoft Corp.
		3.45%, 08/08/36	1,300		1,233
	Motorola Solutions Inc.
		4.00%, 09/01/24	100		100
	Nvidia Corp.
		2.20%, 09/16/21	300		293
		3.20%, 09/16/26	1,000		960
	NXP BV
		4.13%, 06/01/21 (a)	500		516
		3.88%, 09/01/22 (a)	500		506
	Oracle Corp.
		2.50%, 10/15/22	1,900		1,878
	QUALCOMM Inc.
		3.45%, 05/20/25	300		305
	Visa Inc.
		3.15%, 12/14/25	400		401
				12,182
Materials 1.0%
	Ardagh Packaging Finance Plc
		4.13%, 05/15/23, EUR (a)	100		110
	Bahia Sul Holdings GmbH
		5.75%, 07/14/26 (a)	900		867
			Shares/Par†		Value
	Boise Cascade Co.
		5.63%, 09/01/24 (a) (e)	300		298
	Braskem Finance Ltd.
		5.38%, 05/02/22 (a) (e)	1,200		1,240
	Codelco
		3.88%, 11/03/21 (a) (e)	200		204
	Freeport-McMoRan Inc.
		6.63%, 05/01/21 (c) (d)	300		305
	Goldcorp Inc.
		3.63%, 06/09/21	100		102
	Graphic Packaging International Inc.
		4.75%, 04/15/21	50		53
	Huntsman International LLC
		4.88%, 11/15/20	100		104
	Rock Tenn Co.
		4.90%, 03/01/22	30		33
	Westlake Chemical Corp.
		3.60%, 07/15/22	30		30
	Yara International ASA
		3.80%, 06/06/26 (a)	300		294
				3,640
Real Estate 5.1%
	Alexandria Real Estate Equities Inc.
		2.75%, 01/15/20	100		100
		3.90%, 06/15/23	600		609
		4.50%, 07/30/29	500		499
	American Campus Communities Operating Partnership LP
		3.75%, 04/15/23	1,050		1,058
	American Tower Corp.
		2.80%, 06/01/20	200		200
		2.25%, 01/15/22	100		96
		3.50%, 01/31/23	750		751
		4.00%, 06/01/25	200		200
		3.38%, 10/15/26	200		189
		3.13%, 01/15/27	400		370
	ARC Properties Operating Partnership LP
		3.00%, 02/06/19	800		798
	AvalonBay Communities Inc.
		2.95%, 09/15/22	200		199
		4.20%, 12/15/23	500		528
		2.90%, 10/15/26 (e)	1,000		945
	Boston Properties LP
		3.65%, 02/01/26	200		197
	Brixmor Operating Partnership LP
		3.25%, 09/15/23	200		194
	CBL & Associates LP
		5.95%, 12/15/26	900		905
	Columbia Property Trust Operating Partnership LP
		4.15%, 04/01/25	100		99
	Crown Castle International Corp.
		3.40%, 02/15/21	700		710
		4.88%, 04/15/22	300		319
		5.25%, 01/15/23	400		430
	Deutsche Annington Finance BV
		3.20%, 10/02/17 (d)	100		101
	Education Realty Operating Partnership LP
		4.60%, 12/01/24	100		99
	EPR Properties
		4.50%, 04/01/25	100		99
		4.75%, 12/15/26	200		198
	Essex Portfolio LP
		3.50%, 04/01/25	900		885
		3.38%, 04/15/26	500		483
	Goodman Funding Pty Ltd.
		6.00%, 03/22/22 (a)	1,500		1,686
	HCP Inc.
		4.00%, 12/01/22	300		308
	Healthcare Trust of America Holdings LP
		3.38%, 07/15/21	200		201
	Host Hotels & Resorts LP
		6.00%, 10/01/21	50		56
		4.50%, 02/01/26	100		101
	Kilroy Realty LP
		4.38%, 10/01/25	300		308

See accompanying Notes to Financial Statements.

28

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
	Kimco Realty Corp.
		2.80%, 10/01/26	700		650
	Mid-America Apartments LP
		3.75%, 06/15/24	100		100
	Omega Healthcare Investors Inc.
		4.38%, 08/01/23	800		791
		4.95%, 04/01/24	250		253
	Realty Income Corp.
		3.00%, 01/15/27	300		282
	Simon Property Group LP
		3.30%, 01/15/26	45		45
	SL Green Realty Corp.
		4.50%, 12/01/22	100		101
	UDR Inc.
		4.63%, 01/10/22	671		718
		4.00%, 10/01/25	350		358
	Ventas Realty LP
		3.13%, 06/15/23	800		784
	Vornado Realty LP
		2.50%, 06/30/19	150		150
	Welltower Inc.
		4.25%, 04/01/26	300		311
	WP Carey Inc.
		4.00%, 02/01/25	600		578
				19,042
Telecommunication Services 2.4%
	AT&T Inc.
		4.60%, 02/15/21	299		316
		3.00%, 06/30/22	200		196
		3.60%, 02/17/23	1,100		1,108
		3.95%, 01/15/25	100		100
		4.13%, 02/17/26	700		708
	CC Holdings GS V LLC
		3.85%, 04/15/23	200		203
	MTN Mauritius Investments Ltd.
		4.76%, 11/11/24 (a)	200		183
	Sprint Spectrum Co LLC
		3.36%, 09/20/21 (a)	200		200
	Telecom Italia SpA
		7.38%, 12/15/17, GBP	100		130
		5.30%, 05/30/24 (a)	500		487
	Verizon Communications Inc.
		5.15%, 09/15/23	800		884
		4.13%, 08/15/46	800		723
		4.86%, 08/21/46	1,800		1,820
		5.01%, 08/21/54	279		277
		4.67%, 03/15/55	1,679		1,578
	Virgin Media Secured Finance Plc
		6.25%, 03/28/29, GBP	100		129
				9,042
Utilities 3.0%
	Cleco Corporate Holdings LLC
		3.74%, 05/01/26 (a)	2,200		2,164
	Delmarva Power & Light Co.
		3.50%, 11/15/23	250		257
	Dominion Resources Inc.
		1.60%, 08/15/19	200		197
	Duke Energy Corp.
		3.05%, 08/15/22	1,200		1,205
		3.75%, 04/15/24	200		206
		2.65%, 09/01/26	550		513
	Duquesne Light Holdings Inc.
		5.90%, 12/01/21 (a)	50		56
	Dynegy Inc.
		6.75%, 11/01/19	100		102
		8.00%, 01/15/25 (a)	200		186
	Entergy Corp.
		4.00%, 07/15/22	675		705
	Entergy Louisiana LLC
		3.25%, 04/01/28	500		492
	Entergy Mississippi Inc.
		2.85%, 06/01/28	900		853
	Exelon Corp.
		3.95%, 06/15/25	500		513
			Shares/Par†		Value
	Exelon Generation Co. LLC
		6.20%, 10/01/17	200		207
	FirstEnergy Corp.
		4.25%, 03/15/23 (f)	300		310
	Jersey Central Power & Light Co.
		4.70%, 04/01/24 (a)	100		106
	Laclede Group Inc.
		1.66%, 08/15/17 (b)	200		200
	MidAmerican Energy Holdings Co.
		6.50%, 09/15/37	50		65
	Niagara Mohawk Power Corp.
		2.72%, 11/28/22 (c) (d)	100		99
	Pacific Gas & Electric Co.
		3.25%, 06/15/23	800		815
	Pennsylvania Electric Co.
		6.15%, 10/01/38	500		573
	PSEG Power LLC
		3.00%, 06/15/21	375		376
	Southern Co.
		3.25%, 07/01/26	700		680
	Western Massachusetts Electric Co.
		3.50%, 09/15/21	100		103
				10,983
	Total Corporate Bonds And Notes (cost $306,583)			303,578
VARIABLE RATE SENIOR LOAN INTERESTS 2.3% (b)
Consumer Discretionary 0.5%
	Charter Communications Operating LLC
		Term Loan E, 3.00%, 07/01/20	297		298
		Term Loan I, 3.50%, 01/24/23	298		299
	Las Vegas Sands Inc.
		Term Loan B, 3.25%, 12/16/20	1,187		1,193
	Serta Simmons Bedding LLC
		1st Lien Term Loan, 4.50%, 10/20/23	100		101
				1,891
Financials 0.1%
	Delos Finance SARL
		Term Loan, 3.75%, 02/27/21	300		302
	Nielsen Finance LLC
		Term Loan B-3, 3.15%, 09/28/23	100		101
				403
Health Care 0.3%
	HCA Inc.
		Term Loan B-7, 3.50%, 02/01/24	272		275
	Ortho-Clinical Diagnostics Inc.
		Term Loan B, 4.75%, 04/29/21	296		293
	RPI Finance Trust
		Term Loan B-5, 3.03%, 10/14/22	239		242
	Valeant Pharmaceuticals International Inc.
		Term Loan B, 5.25%, 06/20/20	97		97
		Term Loan B, 5.50%, 03/13/22	286		286
				1,193
Information Technology 0.4%
	Ancestry.com Operations Inc.
		1st Lien Term Loan, 5.25%, 10/14/23	300		303
	Avago Technologies Cayman Ltd.
		Term Loan B-3, 3.70%, 02/01/23	740		751
	Dell Inc.
		Term Loan B, 4.00%, 06/02/23	400		407
				1,461
Materials 0.1%
	CPG International Inc.
		Term Loan, 4.75%, 09/13/20 (d)	296		298
Utilities 0.9%
	Energy Future Intermediate Holding Co. LLC
		DIP Term Loan, 4.25%, 06/30/17	3,332		3,351
	Vistra Operations Co. LLC
		Term Loan B-2, 0.00%, 12/12/23 (k)	100		101
				3,452
	Total Variable Rate Senior Loan Interests (cost $8,600)			8,698

See accompanying Notes to Financial Statements.

29

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
GOVERNMENT AND AGENCY OBLIGATIONS 20.7%
Mortgage-Backed Securities 5.9%
	Federal National Mortgage Association
		3.00%, 07/01/43 - 08/01/43	705		704
		TBA, 3.00%, 02/15/47 (l)	4,900		4,857
		TBA, 3.50%, 02/15/47 (l)	16,100		16,467
				22,028
Municipal 0.1%
	California Earthquake Authority
		2.81%, 07/01/19	200		203
Sovereign 1.2%
	Export-Import Bank of India
		3.38%, 08/05/26 (a)	700		653
	Hellenic Republic Government Bond
		3.00%, 02/24/36, EUR (j)	75		50
	Indonesia Government International Bond
		2.88%, 07/08/21, EUR (a)	100		110
	Israel Electric Corp. Ltd.
		5.63%, 06/21/18	200		208
		7.25%, 01/15/19 (a)	200		216
	Poland Government Bond
		3.25%, 07/25/25, PLN	400		94
		2.50%, 07/25/26, PLN	2,300		499
	Republic of South Africa
		10.50%, 12/21/26, ZAR	7,100		570
	Saudi Government International Bond
		3.25%, 10/26/26 (a)	1,800		1,706
	Slovenia Government International Bond
		4.13%, 02/18/19 (a)	200		208
				4,314
Treasury Inflation Indexed Securities 0.2%
	Italy Buoni Poliennali Del Tesoro Inflation Indexed Note
		2.10%, 09/15/21, EUR (m)	545		636
U.S. Treasury Securities 13.3%
	U.S. Treasury Bond
		Principal Only, 0.00%, 05/15/43 - 05/15/45 (h)	5,175		2,161
		2.50%, 02/15/45 - 05/15/46	19,332		17,146
		2.25%, 08/15/46	15,964		13,389
	U.S. Treasury Note
		1.13%, 02/28/21 (n)	8,900		8,652
		1.25%, 03/31/21 (n)	2,000		1,952
		1.63%, 11/15/22	3,000		2,916
		2.00%, 11/15/26	3,526		3,387
				49,603
	Total Government And Agency Obligations (cost $79,572)			76,784
TRUST PREFERRED 0.0%
Utilities 0.0%
	SCE Trust III, 5.75%, (callable at 25 beginning 03/15/24) (g)		-		10
	Total Trust Preferreds (cost $10)			10
PREFERRED STOCKS 0.1%
Financials 0.1%
	CoBank ACB, 6.20%, (callable at 100 beginning 01/01/25) (c) (d) (g)		3		297
Real Estate 0.0%
	Vereit Inc., 6.70%, (callable at 25 beginning 01/03/19) (g)		2		43
	Total Preferred Stocks (cost $338)			340
SHORT TERM INVESTMENTS 3.4%
Certificates of Deposit 0.1%
	Barclays Bank Plc, 1.75%, 09/08/17 (b)		300		300
Securities Lending Collateral 1.5%
	Securities Lending Cash Collateral Fund LLC, 0.50% (o) (p)		5,556		5,556
U.S. Government Agency Obligations 1.8%
	Federal Home Loan Bank
		0.46%, 01/12/17 (q)	4,900		4,899
		0.49%, 01/18/17 (q)	1,400		1,400
			Shares/Par†		Value
		0.48%, 01/23/17 (q)	600		600
				6,899
	Total Short Term Investments (cost $12,755)			12,755
Total Investments 110.3% (cost $415,672)					409,957
Total Purchased Options 0.1% (cost $269)					253
Other Derivative Instruments (0.2)%					(885)
Other Assets and Liabilities, Net (10.2)%					(37,698)
Total Net Assets 100.0%				$	371,627

(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 December 31, 2016, the net value and the percentage of net assets of these liquid securities was $61,805 and 16.6%, respectively.

(b) The security or securities in this category have a variable rate. Rate stated was in effect as of December 31, 2016.

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

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

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

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

(g) Perpetual security.

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

(i) Convertible security.

(j) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2016.

(k) This variable rate senior loan will settle after December 31, 2016, at which time the interest rate will be determined.

(l) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2016, the total payable for investments purchased on a delayed delivery basis was $21,257.

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

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

(o) Investment in affiliate.

(p) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

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

JNL/PPM America Long Short Credit Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.4%
	American Airlines Pass-Through Trust
		Series 2013-B-2, 5.60%, 07/15/20 (a)	602	$	625
	American Tower Trust I
		Series 2013-A-2, 3.07%, 03/15/23 (a) (b)	1,170		1,158
	Credit Suisse First Boston Mortgage Securities Corp.
		Series 2004-D-C2, REMIC, 5.57%, 05/15/36 (a) (c)	96		97
	MVW Owner Trust
		Series 2013-A-1A, 2.15%, 04/22/30 (a)	460		456
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $2,347)			2,336
CORPORATE BONDS AND NOTES 51.3%
Consumer Discretionary 9.2%
	Beazer Homes USA Inc.
		7.50%, 09/15/21	356		365
	Charter Communications Operating LLC
		6.38%, 10/23/35	125		143
		6.83%, 10/23/55	400		468
	Chinos Intermediate Holdings A Inc.
		7.75%, 05/01/19 (d) (e) (f)	278		114
	DISH DBS Corp.
		7.75%, 07/01/26	200		225
	General Motors Co.
		5.00%, 04/01/35	228		222
		5.20%, 04/01/45	197		190
	Gibson Brands Inc.
		8.88%, 08/01/18 (a)	394		364
	Hilton Domestic Operating Co. Inc.
		4.25%, 09/01/24 (a)	100		97

See accompanying Notes to Financial Statements.

30

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
	KB Home
		7.63%, 05/15/23	583		611
	Landry's Inc.
		6.75%, 10/15/24 (a)	217		220
	Neiman Marcus Group Ltd. Inc.
		8.75%, 10/15/21 (a) (f)	135		95
	Netflix Inc.
		4.38%, 11/15/26 (a)	337		327
	New Cotai LLC
		10.63%, 05/01/19 (d) (e) (f)	246		185
	Numericable - SFR SA
		7.38%, 05/01/26 (a)	322		329
	Numericable Group SA
		5.38%, 05/15/22, EUR (a)	150		165
	Schaeffler Verwaltung Zwei GmbH
		4.13%, 09/15/21 (a) (f)	200		202
	Staples Inc.
		2.75%, 01/12/18 (g)	3,000		3,014
	Toll Brothers Finance Corp.
		4.00%, 12/31/18	513		526
	Wave Holdco LLC
		8.25%, 07/15/19 (a) (f)	567		575
	WideOpenWest Finance LLC
		10.25%, 07/15/19	525		554
				8,991
Consumer Staples 4.2%
	Altria Group Inc.
		2.63%, 09/16/26	153		145
		3.88%, 09/16/46	170		157
	Century Intermediate Holding Co. 2
		9.75%, 02/15/19 (a) (f)	592		588
	Dr. Pepper Snapple Group Inc.
		2.55%, 09/15/26 (b)	236		218
	Hearthside Group Holdings LLC
		6.50%, 05/01/22 (a)	302		300
	JBS Investments GmbH
		7.25%, 04/03/24 (a)	520		543
	Kraft Heinz Foods Co.
		3.95%, 07/15/25 (b)	264		267
		5.00%, 07/15/35	279		292
		5.20%, 07/15/45	180		188
		4.38%, 06/01/46	184		173
	Post Holdings Inc.
		5.00%, 08/15/26 (a)	323		309
	Reynolds American Inc.
		4.45%, 06/12/25 (b)	513		541
	Reynolds Group Issuer Inc.
		5.75%, 10/15/20	350		361
				4,082
Energy 7.8%
	Alta Mesa Holdings LP
		7.88%, 12/15/24 (a)	355		367
	Calumet Specialty Products Partners LP
		11.50%, 01/15/21 (a)	299		342
	Chaparral Energy Inc.
		0.00%, 09/01/21 (h) (i)	650		583
	Cheniere Corpus Christi Holdings LLC
		5.88%, 03/31/25 (a)	160		163
	CITGO Holding Inc.
		10.75%, 02/15/20 (a)	185		198
	Columbia Pipeline Group Inc.
		3.30%, 06/01/20	365		372
		5.80%, 06/01/45	274		314
	Concho Resources Inc.
		4.38%, 01/15/25	311		310
	DCP Midstream LLC
		5.85%, 05/21/43 (a) (c)	276		235
	Denbury Resources Inc.
		5.50%, 05/01/22	262		229
	Energy Transfer Partners LP
		5.15%, 03/15/45	267		256
	EnLink Midstream Partners LP
		4.15%, 06/01/25	261		253
			Shares/Par†		Value
	Enquest Plc
		7.00%, 04/15/22 (d) (e) (f)	417		302
	EP Energy LLC
		8.00%, 11/29/24 (a)	425		457
	Halcon Resources Corp.
		12.00%, 02/15/22 (a)	446		486
	HollyFrontier Corp.
		5.88%, 04/01/26	221		226
	Petroleos Mexicanos
		5.38%, 03/13/22 (a)	200		205
		6.50%, 03/13/27 (a)	148		153
	Precision Drilling Corp.
		7.75%, 12/15/23 (a)	90		95
	RSP Permian Inc.
		5.25%, 01/15/25 (a)	36		36
	Sabine Pass Liquefaction LLC
		5.63%, 03/01/25	40		43
		5.88%, 06/30/26 (a)	534		575
		5.00%, 03/15/27 (a)	275		277
	Shell International Finance BV
		4.00%, 05/10/46	185		177
	SM Energy Co.
		6.75%, 09/15/26	275		283
	Tesoro Logistics LP
		6.13%, 10/15/21	100		105
		5.25%, 01/15/25	223		228
	Transocean Proteus Ltd.
		6.25%, 12/01/24 (a)	338		341
				7,611
Financials 10.4%
	AerCap Ireland Capital Ltd.
		4.25%, 07/01/20	150		154
		4.63%, 10/30/20	367		382
	Ally Financial Inc.
		5.75%, 11/20/25	375		374
	Anheuser-Busch InBev Finance Inc.
		3.65%, 02/01/26 (b)	688		697
		4.90%, 02/01/46	598		642
	Bank of America Corp.
		4.20%, 08/26/24	629		640
	Barclays Bank Plc
		7.75%, 04/10/23 (c)	250		263
	Cemex Finance LLC
		9.38%, 10/12/22 (a)	200		218
		6.00%, 04/01/24 (a)	247		254
	Citigroup Inc.
		6.25%, (callable at 100 beginning 08/15/26) (j)	336		346
	Credit Suisse AG
		6.50%, 08/08/23 (a)	481		511
	Credit Suisse Group AG
		7.50%, (callable at 100 beginning 12/11/23) (a) (j)	259		271
	Diamond 1 Finance Corp.
		8.35%, 07/15/46 (a)	405		498
	HSBC Holdings Plc
		4.38%, 11/23/26 (b)	256		258
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (j)	600		612
	Morgan Stanley
		2.63%, 11/17/21	275		271
		4.10%, 05/22/23	1,049		1,076
		2.28%, 10/24/23 (b) (c)	200		202
		4.35%, 09/08/26	268		273
	Prudential Financial Inc.
		5.87%, 09/15/42 (c)	250		262
	Reynolds Group Issuer Inc.
		4.38%, 07/15/21 (a) (c)	483		494
	Stena AB
		7.00%, 02/01/24 (a)	332		294
	Wells Fargo & Co.
		5.87%, (callable at 100 beginning 06/15/25) (j)	660		693
	Ziggo Secured Finance BV
		5.50%, 01/15/27 (a)	450		439
				10,124

See accompanying Notes to Financial Statements.

31

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
Health Care 5.1%
	Abbott Laboratories
		2.90%, 11/30/21	150		150
		3.75%, 11/30/26	160		159
		4.75%, 11/30/36	215		218
	Actavis Funding SCS
		4.75%, 03/15/45	305		299
	Capsugel SA
		7.00%, 05/15/19 (a) (f)	304		307
	Centene Corp.
		4.75%, 05/15/22	175		177
	Concordia Healthcare Corp.
		7.00%, 04/15/23 (d) (e)	280		88
	Concordia International Corp.
		9.00%, 04/01/22 (a)	41		35
	Express Scripts Holding Co.
		4.80%, 07/15/46	184		176
	Gilead Sciences Inc.
		2.95%, 03/01/27 (b)	178		170
		4.15%, 03/01/47	100		95
	HCA Inc.
		4.25%, 10/15/19	953		991
	Perrigo Finance Unltd. Co.
		4.38%, 03/15/26	400		400
	Tenet Healthcare Corp.
		4.46%, 06/15/20 (c)	543		546
		7.50%, 01/01/22 (a)	56		58
		8.13%, 04/01/22	236		223
	Valeant Pharmaceuticals International Inc.
		5.88%, 05/15/23 (a)	309		233
	WellCare Health Plans Inc.
		5.75%, 11/15/20	667		685
				5,010
Industrials 5.2%
	ACCO Brands Corp.
		5.25%, 12/15/24 (a)	120		121
	Advanced Disposal Services Inc.
		5.63%, 11/15/24 (d) (e)	325		323
	Aircastle Ltd.
		4.63%, 12/15/18	539		563
		5.00%, 04/01/23	145		148
	Bombardier Inc.
		4.75%, 04/15/19 (a)	145		146
		7.50%, 03/15/25 (a)	300		296
	Florida East Coast Holdings Corp.
		6.75%, 05/01/19 (a)	437		452
	General Electric Co.
		5.00%, (callable at 100 beginning 01/21/21) (b) (j)	1,815		1,883
	International Lease Finance Corp.
		6.25%, 05/15/19	450		484
	Siemens Financieringsmaatschappij NV
		2.35%, 10/15/26 (a) (b)	750		693
				5,109
Information Technology 1.6%
	Microsoft Corp.
		3.45%, 08/08/36 (b)	400		379
		3.95%, 08/08/56 (b)	150		141
	NXP BV
		4.13%, 06/01/21 (a)	465		480
	Oracle Corp.
		2.40%, 09/15/23 (b)	150		145
		3.85%, 07/15/36	100		97
	Visa Inc.
		4.30%, 12/14/45	334		352
				1,594
Materials 3.3%
	Anglo American Plc
		3.63%, 05/14/20 (a)	605		612
	Ardagh Packaging Finance Plc
		3.96%, 12/15/19 (a) (c)	750		761
	CF Industries Inc.
		3.40%, 12/01/21 (a)	350		346
		4.50%, 12/01/26 (a) (b)	75		74
			Shares/Par†		Value
	FMG Resources August 2006 Pty Ltd.
		9.75%, 03/01/22 (a)	160		186
	Freeport-McMoRan Inc.
		3.88%, 03/15/23	151		139
		4.55%, 11/14/24	257		241
		5.40%, 11/14/34	271		228
	Hexion US Finance Corp.
		6.63%, 04/15/20	500		442
	Samarco Mineracao SA
		0.00%, 09/26/24 (a) (h) (i)	240		130
	Scotts Miracle-Gro Co.
		5.25%, 12/15/26 (a)	24		24
				3,183
Telecommunication Services 2.8%
	SES Global Americas Holdings GP
		5.30%, 03/25/44 (a)	203		174
	Sprint Corp.
		7.13%, 06/15/24	175		180
	Sprint Spectrum Co LLC
		3.36%, 09/20/21 (a)	303		304
	Telesat Canada
		8.88%, 11/15/24 (a)	233		243
	Verizon Communications Inc.
		2.63%, 02/21/20	700		706
		4.27%, 01/15/36	500		478
		5.01%, 08/21/54	218		216
	Wind Acquisition Finance SA
		3.69%, 07/15/20, EUR (a) (b) (c)	375		395
				2,696
Utilities 1.7%
	Enel SpA
		8.75%, 09/24/73 (a) (c)	276		314
	Exelon Corp.
		5.10%, 06/15/45	188		199
	FirstEnergy Corp.
		7.38%, 11/15/31	325		418
	FirstEnergy Transmission LLC
		5.45%, 07/15/44 (a)	197		209
	GenOn Energy Inc.
		9.50%, 10/15/18	300		212
	Wisconsin Energy Corp.
		3.55%, 06/15/25	256		261
				1,613
	Total Corporate Bonds And Notes (cost $49,890)			50,013
VARIABLE RATE SENIOR LOAN INTERESTS 31.2% (c)
Consumer Discretionary 13.0%
	1011778 B.C. Unltd. Liability Co.
		Term Loan B-2, 3.75%, 12/10/21	1,009		1,017
	AMAYA Holdings BV
		1st Lien Term Loan, 5.00%, 07/29/21	509		511
	ARAMARK Services Inc.
		Term Loan E, 3.34%, 09/21/19	501		506
	Bass Pro Group LLC
		Term Loan B, 5.97%, 04/01/24	850		841
	Caesars Growth Properties Holdings LLC
		Term Loan, 6.25%, 04/10/21	389		391
	Charter Communications Operating LLC
		Term Loan I, 3.50%, 01/24/23	186		187
		Term Loan H, 3.25%, 07/23/23	310		312
	Citycenter Holdings LLC
		Term Loan B, 4.25%, 10/09/20	738		746
	Cowlitz Tribal Gaming Authority
		Term Loan, 11.50%, 12/01/21	420		450
	CSC Holdings LLC
		Term Loan, 3.88%, 10/15/24	259		262
	Four Seasons Holdings Inc.
		Term Loan B, 3.75%, 11/18/23	586		592
	Hilton Worldwide Finance LLC
		Term Loan B-2, 3.26%, 10/25/23	659		666
	Liberty Cablevision of Puerto Rico LLC
		1st Lien Term Loan, 4.50%, 12/24/21	900		893
	Lions Gate Entertainment Corp.
		1st Lien Term Loan, 3.75%, 10/12/23	195		196

See accompanying Notes to Financial Statements.

32

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
	MGM Growth Properies Operating Partnership LP
		Term Loan B, 3.50%, 04/15/23	386		390
	MGOC Inc.
		Term Loan B, 4.00%, 07/31/20	487		488
	Mohegan Tribal Gaming Authority
		Term Loan B, 5.50%, 09/28/23	524		527
	Numericable US LLC
		Term Loan B-7, 5.14%, 01/08/24	398		403
	Outfront Media Capital LLC
		Term Loan B, 3.02%, 01/16/21	495		496
	PetSmart Inc.
		Term Loan B-2, 4.00%, 10/10/22	582		584
	Scientific Games International Inc.
		Term Loan B-2, 6.00%, 09/17/21	577		584
	Seminole Hard Rock Entertainment Inc.
		Term Loan B, 3.59%, 05/15/20	775		779
	UFC Holdings LLC
		1st Lien Term Loan, 5.00%, 07/22/23	200		202
		2nd Lien Term Loan, 8.50%, 07/26/24	100		103
	Univision Communications Inc.
		Term Loan C-3, 4.00%, 03/01/20	498		500
				12,626
Consumer Staples 1.6%
	Dole Food Co. Inc.
		Term Loan B, 4.76%, 10/25/18	653		656
	Keurig Green Mountain Inc.
		Term Loan B, 5.31%, 02/09/23	368		373
	Pinnacle Foods Finance LLC
		Incremental Term Loan H, 3.25%, 04/29/20	568		573
				1,602
Energy 2.6%
	Arch Coal Inc.
		Term Loan, 10.00%, 10/05/21	169		171
	Chesapeake Energy Corp.
		Term Loan, 8.50%, 08/25/21	465		505
	Drillships Financing Holding Inc.
		Term Loan B-1, 6.00%, 03/31/21	499		321
	Drillships Ocean Ventures Inc.
		Term Loan B, 5.50%, 07/18/21	199		156
	EFS Cogen Holdings I LLC
		Term Loan B, 5.25%, 06/30/23	281		283
	Samson Investment Co.
		2nd Lien Term Loan, 0.00%, 09/25/18 (e) (h) (i)	350		88
	Seventy Seven Operating LLC
		Term Loan B, 0.00%, 06/18/21 (e) (h) (i)	489		482
	TEX Operations Co. LLC
		Term Loan B, 5.00%, 08/04/23	422		427
		Term Loan C, 5.00%, 08/04/23	96		97
				2,530
Financials 1.2%
	Guggenheim Partners LLC
		Term Loan, 3.75%, 07/22/23	764		769
	Toys R Us Property Co. I LLC
		Term Loan B, 6.00%, 08/21/19	389		379
				1,148
Health Care 2.5%
	CBS Radio Inc.
		Term Loan B, 4.50%, 10/06/23	181		183
	DaVita HealthCare Partners Inc.
		Term Loan B, 3.50%, 06/20/21	927		935
	InVentiv Health Inc.
		Term Loan B, 5.25%, 09/29/23	526		530
	Valeant Pharmaceuticals International Inc.
		Term Loan B, 5.50%, 03/13/22	756		756
				2,404
Industrials 1.7%
	Advanced Disposal Services Inc.
		Term Loan B-3, 3.50%, 10/27/23	177		178
	Commercial Barge Line Co.
		1st Lien Term Loan, 9.75%, 11/06/20	334		312
	Delta Air Lines Inc.
		Term Loan B-1, 3.25%, 10/18/18	640		647
			Shares/Par†		Value
	Harbor Freight Tools USA Inc.
		Term Loan B, 4.14%, 08/15/23	321		326
	Harsco Corp.
		Term Loan B, 6.00%, 10/27/23	239		243
				1,706
Information Technology 2.0%
	Ancestry.com Operations Inc.
		1st Lien Term Loan, 5.25%, 10/14/23	400		404
	Avago Technologies Cayman Ltd.
		Term Loan B-3, 3.70%, 02/01/23	409		414
	Rackspace Hosting Inc.
		1st Lien Term Loan, 4.50%, 10/26/23	200		202
	RCN Grande
		1st Lien Term Loan, 3.75%, 12/09/23	400		402
	Western Digital Corp.
		Term Loan B-1, 4.50%, 04/29/23	540		549
				1,971
Materials 3.3%
	Berry Plastics Holding Corp.
		Term Loan D, 3.50%, 01/29/20	501		505
	Flex Acquisition Co. Inc.
		Term Loan, 8.00%, 12/15/17 (k)	300		299
		1st Lien Term Loan, 5.00%, 12/15/23	70		71
	FMG Resources August 2006 Pty Ltd.
		Term Loan B, 3.75%, 06/30/19	435		436
	Forterra Inc.
		Term Loan B, 3.75%, 10/30/23	361		365
	GCP Applied Technologies Inc.
		Term Loan B, 4.25%, 02/03/22	318		320
	Kraton Polymers LLC
		Term Loan B, 6.00%, 01/06/22	350		354
	MacDermid Inc.
		Term Loan, 5.00%, 06/07/23	136		137
	Platform Specialty Products Corp.
		Term Loan B-5, 4.50%, 06/07/20	293		296
	Solenis International LP
		1st Lien Term Loan, 4.25%, 07/02/21	430		430
				3,213
Real Estate 0.2%
	ESH Hospitality Inc.
		Term Loan B, 3.77%, 08/15/23	244		247
Telecommunication Services 1.1%
	T-Mobile USA Inc.
		Term Loan B, 3.52%, 11/03/22	605		612
	Windstream Corp.
		Delayed Draw Term Loan, 0.00%, 03/29/21 (l)	330		330
		Term Loan B-6, 4.75%, 03/29/21	110		111
				1,053
Utilities 2.0%
	Dynegy Inc.
		Term Loan, 5.00%, 06/27/23	225		228
	Energy Future Intermediate Holding Co. LLC
		DIP Term Loan, 4.25%, 06/30/17	1,058		1,064
	Talen Energy Supply LLC
		Term Loan B, 6.00%, 10/18/23	430		435
	Vistra Operations Co. LLC
		Term Loan B-2, 0.00%, 12/12/23 (l)	200		202
				1,929
	Total Variable Rate Senior Loan Interests (cost $30,232)			30,429
PREFERRED STOCKS 0.9%
Energy 0.4%
	NuStar Logistics LP, 7.63%, (callable at 25 beginning 01/15/18)		14		361
Financials 0.5%
	State Street Corp., 5.35%, (callable at 25 beginning 03/15/26) (j)		19		475
	Total Preferred Stocks (cost $859)			836
OTHER EQUITY INTERESTS 0.0%
	Quicksilver Resources Inc. Escrow (h) (k) (m)		3,156		—
	Quicksilver Resources Inc. Escrow (h) (k) (m)		844		—
	Total Other Equity Interests (cost $0)			—

See accompanying Notes to Financial Statements.

33

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

		Shares/Par†		Value
INVESTMENT COMPANIES 0.4%
	Kayne Anderson MLP Investment Co.	8		152
	PIMCO Dynamic Credit Income Fund	11		220
	Total Investment Companies (cost $505)		372
SHORT TERM INVESTMENTS 11.6%
Investment Companies 11.6%
	JNL Money Market Fund, 0.34% (n) (o)	11,292		11,292
	Total Short Term Investments (cost $11,292)		11,292
Total Investments 97.8% (cost $95,125)				95,278
Total Securities Sold Short(1.8)% (proceeds $1,728)				(1,757)
Other Derivative Instruments 0.1%				90
Other Assets and Liabilities, Net 3.9%				3,845
Total Net Assets 100.0%			$	97,456

(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 December 31, 2016, the net value and the percentage of net assets of these liquid securities was $19,952 and 20.5%, respectively.

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

(c) The security or securities in this category have a variable rate. Rate stated was in effect as of December 31, 2016.

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

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

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

(h) Non-income producing security.

(i) Issuer was in bankruptcy and/or was in default relating to principal and/or interest. The aggregate value of these securities represented 1.3% of the Fund’s net assets.

(j) Perpetual security.

(k) Security fair valued in good faith in accordance with the procedures approved by the Jackson Variable Series Trust's Board of Trustees. Good faith fair valued securities may be classified as Level 2 or Level 3 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) This variable rate senior loan will settle after December 31, 2016, at which time the interest rate will be determined.

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

(n) Investment in affiliate.

(o) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

SECURITIES SOLD SHORT (1.8%)
CORPORATE BONDS AND NOTES (1.8%)
Health Care (0.8%)
	Teva Pharmaceutical Finance Netherlands III BV
		3.15%, 10/01/26	(800)	$	(739)
Information Technology (1.0%)
	QUALCOMM Inc.
		3.45%, 05/20/25	(1,000)		(1,018)
	Total Corporate Bonds And Notes (proceeds $1,728)			(1,757)
	Total Securities Sold Short (1.8%) (proceeds $1,728)			$	(1,757)

JNL/T. Rowe Price Capital Appreciation Fund
COMMON STOCKS 61.8%
Consumer Discretionary 8.3%
	Adient Plc (a)	115	$	6,757
	Amazon.com Inc. (a) (b)	27		20,249
	ARAMARK Corp.	235		8,380
	AutoZone Inc. (a) (b)	16		12,249
	Comcast Corp. - Class A (b)	106		7,312
	Home Depot Inc.	52		7,000
	Liberty Global Plc - Class C (a)	214		6,371
	Lowe's Cos. Inc. (b)	129		9,182
	O'Reilly Automotive Inc. (a)	68		18,844
	Relx Plc	85		1,515
		Shares/Par†		Value
	Yum! Brands Inc.	143		9,074
			106,933
Consumer Staples 10.6%
	Altria Group Inc. (b)	351		23,721
	CVS Health Corp. (b)	83		6,562
	Dr. Pepper Snapple Group Inc.	106		9,629
	Kraft Heinz Foods Co.	130		11,346
	Mondelez International Inc. - Class A	365		16,183
	PepsiCo Inc. (b)	102		10,690
	Philip Morris International Inc. (b)	275		25,123
	Reckitt Benckiser Group Plc	118		9,996
	Tyson Foods Inc. - Class A	80		4,913
	Walgreens Boots Alliance Inc.	235		19,420
			137,583
Energy 1.4%
	Canadian Natural Resources Ltd.	302		9,644
	Total SA	168		8,616
			18,260
Financials 7.4%
	Bank of New York Mellon Corp. (b)	501		23,747
	Hartford Financial Services Group Inc.	39		1,858
	Julius Baer Group Ltd.	43		1,895
	Marsh & McLennan Cos. Inc.	468		31,635
	PNC Financial Services Group Inc.	39		4,573
	State Street Corp.	87		6,782
	Wells Fargo & Co.	231		12,719
	Willis Towers Watson Plc	104		12,702
			95,911
Health Care 15.2%
	Abbott Laboratories	689		26,468
	Aetna Inc.	131		16,210
	Anthem Inc.	57		8,152
	Becton Dickinson & Co.	115		18,981
	Biogen Inc. (a)	22		6,170
	Bristol-Myers Squibb Co. (b)	84		4,905
	CIGNA Corp.	108		14,433
	Danaher Corp. (b)	306		23,807
	Humana Inc.	17		3,533
	PerkinElmer Inc.	312		16,289
	Thermo Fisher Scientific Inc. (b)	133		18,708
	UnitedHealth Group Inc. (b)	125		19,989
	Zoetis Inc. - Class A (b)	344		18,434
			196,079
Industrials 3.6%
	Boeing Co. (b)	27		4,219
	Fortive Corp.	161		8,609
	Hubbell Inc.	2		258
	IDEX Corp.	8		720
	IHS Markit Ltd. (a)	130		4,591
	Johnson Controls International Plc	206		8,481
	Pentair Plc	138		7,752
	Roper Industries Inc.	54		9,820
	Sensata Technologies Holding NV (a)	39		1,526
			45,976
Information Technology 11.4%
	Alphabet Inc. - Class A (a) (b)	4		3,249
	Alphabet Inc. - Class C (a) (b)	37		28,675
	Apple Inc. (b)	115		13,342
	Fidelity National Information Services Inc.	41		3,116
	Fiserv Inc. (a)	257		27,303
	FleetCor Technologies Inc. (a)	22		3,180
	Intuit Inc.	41		4,684
	MasterCard Inc. - Class A	87		9,016
	Microsoft Corp. (b)	544		33,835
	Texas Instruments Inc. (b)	25		1,810
	Visa Inc. - Class A (b)	240		18,699
			146,909
Materials 0.4%
	LyondellBasell Industries NV - Class A (b)	61		5,241
Real Estate 0.4%
	American Tower Corp. (b)	48		5,125

See accompanying Notes to Financial Statements.

34

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
Telecommunication Services 0.4%
	SBA Communications Corp. (a)		56		5,779
Utilities 2.7%
	DTE Energy Co.		63		6,246
	PG&E Corp.		462		28,050
				34,296
	Total Common Stocks (cost $754,856)			798,092
TRUST PREFERRED 0.4%
Utilities 0.4%
	SCE Trust I, 5.63%, (callable at 25 beginning 06/15/17) (c)		82		1,901
	SCE Trust II, 5.10%, (callable at 25 beginning 03/15/18) (c) (d)		-		6
	SCE Trust III, 5.75%, (callable at 25 beginning 03/15/24) (c)		8		212
	SCE Trust IV, 5.38%, (callable at 25 beginning 09/15/25) (c) (d)		77		1,913
	SCE Trust V, 5.45%, (callable at 25 beginning 03/15/26) (c)		25		632
	Total Trust Preferreds (cost $4,946)			4,664
PREFERRED STOCKS 1.6%
Financials 0.5%
	Charles Schwab Corp., 5.95%, (callable at 100 beginning 06/01/21) (c)		4		100
	Charles Schwab Corp. - Series C, 6.00%, (callable at 25 beginning 12/01/20) (c) (d)		75		1,895
	State Street Corp. - Series S, 6.00%, (callable at 25 beginning 12/15/19) (c)		28		708
	State Street Corp., 5.35%, (callable at 25 beginning 03/15/26) (c)		35		876
	Wells Fargo & Co. - Series L, 7.50% (c) (e)		2		2,606
				6,185
Real Estate 0.5%
	American Tower Corp., 5.50%, 02/15/18 (e)		63		6,532
Utilities 0.6%
	DTE Energy Co., 0.43%, 10/01/19		91		4,814
	NextEra Energy Inc., 6.12%, 09/01/19		70		3,417
				8,231
	Total Preferred Stocks (cost $20,752)			20,948
INVESTMENT COMPANIES 0.1%
	T. Rowe Price Institutional Floating Rate Fund (f)		111		1,115
	Total Investment Companies (cost $1,132)			1,115
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%
	Continental Airlines Inc. Pass-Through Trust
		Series 2012-A-1, 4.15%, 04/11/24	17		17
	DB Master Finance LLC
		Series 2015-A2I-1A, 3.26%, 02/20/19 (g)	93		93
	Taco Bell Funding LLC
		Series 2016-A2I-1A, 3.83%, 05/26/20 (g)	913		916
	Wendys Funding LLC
		Series 2015-A2I-1A, 3.37%, 06/15/45 (g)	197		197
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $1,220)			1,223
CORPORATE BONDS AND NOTES 21.5%
Consumer Discretionary 5.4%
	Amazon.com Inc.
		2.60%, 12/05/19	2,965		3,022
	AutoZone Inc.
		1.63%, 04/21/19	120		119
		2.50%, 04/15/21	590		583
	CCO Holdings LLC
		5.25%, 03/15/21	650		670
		6.63%, 01/31/22	2,600		2,694
		5.25%, 09/30/22	3,000		3,105
		5.13%, 02/15/23	1,850		1,901
		5.13%, 05/01/23 (g)	475		489
		5.75%, 09/01/23 - 01/15/24	2,865		2,994
		5.88%, 04/01/24 (g)	1,075		1,148
	Cedar Fair LP
		5.25%, 03/15/21	2,339		2,415
			Shares/Par†		Value
	Cequel Communications Escrow I LLC
		6.38%, 09/15/20 (g)	2,575		2,652
	Charter Communications Operating LLC
		3.58%, 07/23/20	1,275		1,300
	Cox Communications Inc.
		6.25%, 06/01/18 (g)	65		69
	DISH DBS Corp.
		4.63%, 07/15/17	1,300		1,315
		4.25%, 04/01/18	500		513
	Dollar Tree Inc.
		5.75%, 03/01/23	2,500		2,647
	Hilton Domestic Operating Co. Inc.
		4.25%, 09/01/24 (g)	550		534
	Hilton Worldwide Finance LLC
		5.63%, 10/15/21	2,350		2,428
	Lamar Media Corp.
		5.88%, 02/01/22	450		464
	Levi Strauss & Co.
		6.88%, 05/01/22	1,425		1,493
	Limited Brands Inc.
		8.50%, 06/15/19	1,555		1,788
		7.00%, 05/01/20	925		1,041
		6.63%, 04/01/21	3,370		3,783
	McDonald's Corp.
		2.10%, 12/07/18	85		85
	Netflix Inc.
		4.38%, 11/15/26 (g)	600		582
	Service Corp. International
		5.38%, 05/15/24	175		182
	Sirius XM Radio Inc.
		5.75%, 08/01/21 (g)	900		937
		6.00%, 07/15/24 (g)	2,200		2,299
	Six Flags Entertainment Corp.
		5.25%, 01/15/21 (g)	6,100		6,237
	Suburban Propane Partners LP
		7.38%, 08/01/21	750		776
	Time Warner Cable Inc.
		5.85%, 05/01/17	855		867
		6.75%, 07/01/18	1,775		1,895
	Unitymedia Hessen GmbH & Co. KG
		5.50%, 01/15/23 (g)	4,850		5,050
	Unitymedia KabelBW GmbH
		6.13%, 01/15/25 (g)	2,350		2,415
	UPC Holding BV
		6.38%, 09/15/22, EUR (g)	1,275		1,426
	Yum! Brands Inc.
		6.25%, 03/15/18	900		941
		5.30%, 09/15/19	125		132
		3.88%, 11/01/20	1,850		1,889
		3.75%, 11/01/21 (d)	4,151		4,203
		3.88%, 11/01/23 (d)	575		551
				69,634
Consumer Staples 0.9%
	B&G Foods Inc.
		4.63%, 06/01/21	825		842
	Kroger Co.
		2.00%, 01/15/19 (d)	320		321
	PepsiCo Inc.
		1.25%, 04/30/18	370		370
	Reynolds Group Holdings Inc.
		6.88%, 02/15/21	259		267
	Reynolds Group Issuer Inc.
		5.75%, 10/15/20	3,651		3,765
	Rite Aid Corp.
		9.25%, 03/15/20	1,480		1,536
		6.75%, 06/15/21	1,780		1,869
	Spectrum Brands Inc.
		6.63%, 11/15/22	850		903
	TreeHouse Foods Inc.
		6.00%, 02/15/24 (g)	200		210
	Walgreens Boots Alliance Inc.
		1.75%, 05/30/18	1,215		1,216
				11,299

See accompanying Notes to Financial Statements.

35

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
Energy 2.1%
	Canadian Natural Resources Ltd.
		1.75%, 01/15/18	550		549
	Chevron Corp.
		1.37%, 03/02/18	1,750		1,748
	Concho Resources Inc.
		6.50%, 01/15/22	1,625		1,681
		5.50%, 10/01/22 - 04/01/23	6,500		6,736
	Diamondback Energy Inc.
		4.75%, 11/01/24 (g)	500		490
	Enbridge Energy Partners LP
		6.50%, 04/15/18	75		79
	EQT Corp.
		8.13%, 06/01/19	180		202
	Matador Resources Co.
		6.88%, 04/15/23	725		761
	MPLX LP
		5.50%, 02/15/23	3,200		3,329
		4.50%, 07/15/23	4,950		5,022
		4.88%, 12/01/24	1,000		1,028
	Range Resources Corp.
		5.00%, 08/15/22 - 03/15/23 (g)	2,323		2,302
		4.88%, 05/15/25	875		848
	Targa Resources Partners LP
		4.13%, 11/15/19	575		582
		5.25%, 05/01/23	1,275		1,288
		4.25%, 11/15/23	1,000		956
				27,601
Financials 4.2%
	Altice US Finance I Corp.
		5.38%, 07/15/23 (g)	600		623
	American Honda Finance Corp.
		0.95%, 05/05/17	925		924
	AmeriGas Finance LLC
		7.00%, 05/20/22 (d)	1,534		1,615
	Anheuser-Busch InBev Finance Inc.
		1.90%, 02/01/19	630		631
		2.15%, 02/01/21 (h)	850		865
		2.65%, 02/01/21	1,035		1,040
	Bank of New York Mellon Corp.
		4.63%, (callable at 100 beginning 09/20/26) (c)	1,225		1,124
		4.95%, (callable at 100 beginning 06/20/20) (c)	3,075		3,090
	Caterpillar Financial Services Corp.
		1.25%, 11/06/17	1,140		1,137
		2.25%, 12/01/19 (d)	360		361
	CNH Capital LLC
		3.63%, 04/15/18	2,200		2,228
	CNH Industrial Capital LLC
		3.88%, 07/16/18	700		711
	Ford Motor Credit Co. LLC
		4.25%, 02/03/17	200		201
		1.46%, 03/27/17	2,245		2,245
		1.63%, 03/27/17 (h)	3,000		3,002
		6.63%, 08/15/17	900		927
		1.47%, 09/08/17 (h)	1,100		1,100
		1.52%, 12/06/17 (h)	2,625		2,622
		1.72%, 12/06/17	650		649
		2.15%, 01/09/18	1,500		1,502
		5.00%, 05/15/18	550		571
		2.38%, 03/12/19 (d)	1,700		1,698
		2.60%, 11/04/19	2,175		2,171
	HUB International Ltd.
		9.25%, 02/15/21 (g)	550		569
		7.88%, 10/01/21 (g)	4,145		4,379
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (c)	3,605		3,679
	Marsh & McLennan Cos. Inc.
		2.35%, 03/06/20	440		440
		3.30%, 03/14/23	180		183
	MSCI Inc.
		5.25%, 11/15/24 (g)	525		550
		5.75%, 08/15/25 (g)	950		1,007
	National Rural Utilities Cooperative Finance Corp.
		0.95%, 04/24/17	560		560
			Shares/Par†		Value
	PNC Financial Services Group Inc.
		5.00%, (callable at 100 beginning 11/01/26) (c)	2,650		2,557
	Reynolds Group Issuer Inc.
		4.38%, 07/15/21 (g) (h)	2,025		2,071
	Shell International Finance BV
		1.35%, 05/11/20 (h)	465		465
	State Street Corp.
		5.25%, (callable at 100 beginning 09/15/20) (c)	1,275		1,304
	Trinity Acquisition Plc
		4.40%, 03/15/26	1,530		1,547
	Ziggo Secured Finance BV
		5.50%, 01/15/27 (g)	3,275		3,192
				53,540
Health Care 3.9%
	Becton Dickinson & Co.
		1.80%, 12/15/17	1,036		1,038
		2.68%, 12/15/19	854		866
	Centene Corp.
		5.63%, 02/15/21	2,964		3,116
		4.75%, 05/15/22	1,850		1,869
		6.13%, 02/15/24	2,200		2,318
		4.75%, 01/15/25	1,850		1,806
	DaVita HealthCare Partners Inc.
		5.75%, 08/15/22	8,375		8,752
	Eli Lilly & Co.
		1.25%, 03/01/18	745		745
	Fresenius Medical Care US Finance II Inc.
		5.63%, 07/31/19 (g)	3,306		3,521
		5.88%, 01/31/22 (g)	1,825		1,998
	Fresenius Medical Care US Finance Inc.
		5.75%, 02/15/21 (g)	380		410
	Grifols Worldwide Operations Ltd.
		5.25%, 04/01/22	1,075		1,113
	HCA Inc.
		8.00%, 10/01/18	3,145		3,428
		3.75%, 03/15/19	1,200		1,233
		4.25%, 10/15/19	900		936
		6.50%, 02/15/20	5,716		6,253
	Hologic Inc.
		5.25%, 07/15/22	2,075		2,184
	Johnson & Johnson
		1.13%, 11/21/17	695		696
	Medtronic Inc.
		1.50%, 03/15/18	1,555		1,555
		2.50%, 03/15/20	985		995
	Pfizer Inc.
		1.20%, 06/01/18	3,453		3,443
	Teleflex Inc.
		4.88%, 06/01/26	275		272
	UnitedHealth Group Inc.
		1.40%, 12/15/17	765		765
	WellCare Health Plans Inc.
		5.75%, 11/15/20	1,050		1,079
				50,391
Industrials 0.4%
	CNH Capital LLC
		3.25%, 02/01/17	1,075		1,075
	Fortive Corp.
		1.80%, 06/15/19 (g)	105		104
	IHS Markit Ltd.
		5.00%, 11/01/22 (g)	2,090		2,168
	Lennox International Inc.
		3.00%, 11/15/23	340		330
	Manitowoc Foodservice Inc.
		9.50%, 02/15/24	150		173
	Moog Inc.
		5.25%, 12/01/22 (g)	525		536
	Xylem Inc.
		3.25%, 11/01/26	250		242
				4,628
Information Technology 1.4%
	Amphenol Corp.
		1.55%, 09/15/17	375		375

See accompanying Notes to Financial Statements.

36

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

			Shares/Par†		Value
	Fiserv Inc.
		2.70%, 06/01/20	2,325		2,335
	Harris Corp.
		2.00%, 04/27/18	570		570
	NXP BV
		3.75%, 06/01/18 (g)	7,725		7,841
		4.13%, 06/15/20 (g)	200		207
		5.75%, 02/15/21 (g)	2,850		2,943
	Visa Inc.
		1.20%, 12/14/17	4,390		4,389
				18,660
Materials 0.1%
	Cytec Industries Inc.
		3.95%, 05/01/25	1,255		1,186
	Ecolab Inc.
		2.00%, 01/14/19	535		535
				1,721
Real Estate 1.0%
	American Tower Corp.
		3.30%, 02/15/21	1,800		1,819
	CBRE Services Inc.
		5.00%, 03/15/23	225		232
	Crown Castle International Corp.
		4.88%, 04/15/22	1,475		1,571
		5.25%, 01/15/23	3,475		3,740
	Iron Mountain Inc.
		6.00%, 10/01/20 (g)	2,225		2,347
		4.38%, 06/01/21 (g)	400		409
		6.00%, 08/15/23	100		106
		5.75%, 08/15/24	2,150		2,209
				12,433
Telecommunication Services 1.6%
	Level 3 Financing Inc.
		5.38%, 08/15/22	1,775		1,833
		5.63%, 02/01/23	950		974
	Lynx I Corp.
		6.00%, 04/15/21, GBP (g)	73		93
	MetroPCS Wireless Inc.
		6.63%, 11/15/20	1,350		1,380
	SBA Communications Corp.
		4.88%, 07/15/22	3,482		3,534
		4.88%, 09/01/24 (g)	5,350		5,283
	T-Mobile USA Inc.
		5.25%, 09/01/18	200		203
		6.54%, 04/28/20	4,200		4,326
	Virgin Media Finance Plc
		6.00%, 10/15/24 (g)	1,650		1,700
	Virgin Media Secured Finance Plc
		5.25%, 01/15/26 (g)	1,800		1,778
				21,104
Utilities 0.5%
	Berkshire Hathaway Energy Co.
		2.40%, 02/01/20	1,255		1,258
	CMS Energy Corp.
		8.75%, 06/15/19	50		58
	Dominion Resources Inc.
		2.96%, 07/01/19 (i)	170		172
	Southern California Gas Co.
		3.20%, 06/15/25	1,475		1,499
	Southern Co.
		1.55%, 07/01/18	1,930		1,923
		1.85%, 07/01/19	620		618
	Virginia Electric & Power Co.
		3.15%, 01/15/26	345		342
				5,870
	Total Corporate Bonds And Notes (cost $275,246)			276,881
VARIABLE RATE SENIOR LOAN INTERESTS 2.9% (h)
Consumer Discretionary 0.6%
	1011778 B.C. Unltd. Liability Co.
		Term Loan B-2, 3.75%, 12/10/21	721		727
	Charter Communications Operating LLC
		Term Loan E, 3.00%, 07/01/20	1,235		1,240
			Shares/Par†		Value
		Term Loan F, 3.00%, 01/31/21	594		597
	Dollar Tree Inc.
		Term Loan B-2, 4.25%, 07/06/22	75		76
	Hilton Worldwide Finance LLC
		Term Loan B-2, 3.26%, 10/25/23	1,449		1,465
	Kasima LLC
		Term Loan B, 3.25%, 05/17/21	291		293
	Yum! Brands Inc.
		1st Lien Term Loan B, 3.49%, 05/23/23	3,582		3,629
				8,027
Consumer Staples 0.4%
	Chobani LLC
		1st Lien Term Loan, 5.25%, 09/30/23	1,900		1,926
	Oak Tea Inc.
		Term Loan B-1, 4.25%, 05/09/21	1,425		1,432
	Pinnacle Foods Finance LLC
		Term Loan G, 3.00%, 04/15/20	1,100		1,108
		Incremental Term Loan H, 3.25%, 04/29/20	939		947
				5,413
Financials 1.0%
	Hub International Ltd.
		Term Loan B, 4.00%, 09/16/20	7,452		7,504
	UPC Financing Partnership
		Term Loan AN, 4.08%, 07/25/24	5,950		6,009
				13,513
Health Care 0.2%
	DaVita HealthCare Partners Inc.
		Term Loan B, 3.50%, 06/20/21	2,561		2,583
Industrials 0.1%
	Manitowoc Foodservice Inc.
		Term Loan B, 5.75%, 01/26/23	1,142		1,158
Information Technology 0.1%
	Avago Technologies Cayman Ltd.
		Term Loan B-3, 3.70%, 02/01/23	348		353
	NXP BV
		Term Loan F, 3.36%, 12/07/20	718		721
				1,074
Telecommunication Services 0.5%
	Intelsat Jackson Holdings SA
		Term Loan B-2, 3.75%, 06/30/19	6,275		6,059
	Total Variable Rate Senior Loan Interests (cost $37,399)			37,827
SHORT TERM INVESTMENTS 10.0%
Investment Companies 9.9%
	JNL Money Market Fund, 0.34% (f) (j)		3,189		3,189
	T. Rowe Price Government Reserve Fund, 0.44% (f) (j)		125,431		125,431
				128,620
Securities Lending Collateral 0.1%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.39% (j)		880		880
	Total Short Term Investments (cost $129,500)			129,500
Total Investments 98.4% (cost $1,225,051)					1,270,250
Total Purchased Options 0.0% (cost $205)					396
Other Derivative Instruments (0.3)%					(4,500)
Other Assets and Liabilities, Net 1.9%					25,363
Total Net Assets 100.0%				$	1,291,509

(a) Non-income producing security.

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

(c) Perpetual security.

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

(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 December 31, 2016, the net value and the percentage of net assets of these liquid securities was $71,775 and 5.6%, respectively.

(h) The security or securities in this category have a variable rate. Rate stated was in effect as of December 31, 2016.

See accompanying Notes to Financial Statements.

37

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

(i) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2016.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2016.

See accompanying Notes to Financial Statements.

38

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

At December 31, 2016, JNL/BlackRock Global Long Short Credit Fund held the following repurchase agreements:

Counter-party	Collateral	Collateral Par†		Collateral Value		Rate			Settlement		Maturity		Proceeds at Maturity		Par†			Value
APS	AbbVie Inc., 4.45%, due 05/14/46		945	$	910	0.05	%	12/12/16		Open		$		874		874	$		874
APS	Baxalta Inc., 5.25%, due 06/23/45		475		508	0.05		12/12/16		Open				499		499			499
APS	Express Scripts Holding Co., 4.80%, due 07/15/46		1,422		1,369	0.05		12/12/16		Open				1,337		1,337			1,337
APS	U.S. Treasury Note, 2.13%, due 11/30/23		1,100		1,092	(0.75)		12/30/16		01/03/17				1,092		1,092			1,092
APS	U.S. Treasury Note, 1.50%, due 08/15/26		500		459	0.05		12/30/16		01/03/17				461		461			461
BBP	Deutsche Bank AG, 7.50%, perpetual		200		184	(1.50)		11/25/16		Open				176		176			176
BBP	France Government Bond OAT, 2.25%, due 10/25/22	EUR	2,000	EUR	2,273	(0.85)		11/30/16		Open				2,404		2,284			2,404
BCL	Citigroup Inc., 6.13%, perpetual		808		838	(0.10)		12/15/16		Open				837		837			837
BCL	CVS Health Corp., 5.13%, due 07/20/45		473		530	0.25		12/15/16		Open				524		524			524
BCL	Exxon Mobil Corp., 3.04%, due 03/01/26		1,250		1,249	0.25		12/15/16		Open				1,248		1,248			1,248
BCL	Exxon Mobil Corp., 4.11%, due 03/01/46		1,250		1,284	0.25		12/15/16		Open				1,263		1,263			1,263
BCL	Infor US Inc., 6.50%, due 05/15/22		350		368	0.25		12/15/16		Open				366		366			366
BCL	JPMorgan Chase & Co., 6.75%, perpetual		937		1,012	0.25		12/14/16		Open				1,030		1,030			1,030
BCL	JPMorgan Chase & Co., 2.30%, due 08/15/21		2,800		2,749	0.25		12/16/16		Open				2,744		2,744			2,744
BCL	Philip Morris International Inc., 2.75%, due 02/25/26		2,485		2,391	0.15		12/15/16		Open				2,386		2,386			2,386
BCL	Seagate HDD Cayman, 4.75%, due 06/01/23		750		744	0.25		12/15/16		Open				741		741			741
BCL	Wells Fargo & Co., 2.10%, due 07/26/21		2,800		2,726	0.25		12/20/16		Open				2,730		2,730			2,730
BNP	U.S. Treasury Bond, 2.25%, due 08/15/46		8,753		7,342	(1.75)		12/30/16		01/03/17				7,386		7,386			7,386
CGM	AECOM, 5.88%, due 10/15/24		340		366	0.00		11/03/16		Open				380		380			380
CGM	Ally Financial Inc., 5.13%, due 09/30/24		250		256	(0.50)		11/17/16		Open				253		253			253
CGM	Anadarko Petroleum Corp., 6.60%, due 03/15/46		400		496	0.05		11/07/16		Open				483		483			483
CGM	Anheuser-Busch InBev Finance Inc., 4.90%, due 02/01/46		1,425		1,542	0.10		11/16/16		Open				1,571		1,571			1,571
CGM	Bank of Communications Co. Ltd., 5.00%, perpetual		200		205	(3.00)		11/25/16		Open				217		217			217
CGM	Citigroup Inc., 6.13%, perpetual		692		718	(0.30)		12/12/16		Open				717		717			717
CGM	CVS Health Corp., 5.13%, due 07/20/45		1,427		1,600	0.05		11/14/16		Open				1,741		1,741			1,741
CGM	Enterprise Products Operating LLC, 3.95%, due 02/15/27		1,000		1,027	0.00		12/28/16		Open				1,025		1,025			1,025
CGM	Ford Motor Credit Co. LLC, 4.39%, due 01/08/26		800		813	0.10		11/18/16		Open				853		853			853
CGM	JPMorgan Chase & Co., 4.13%, due 12/15/26		1,400		1,433	0.05		10/06/16		Open				1,523		1,522			1,523
CGM	Kennametal Inc., 3.88%, due 02/15/22		38		37	0.00		01/12/16		Open				38		38			38
CGM	Kinder Morgan Inc., 4.30%, due 06/01/25		1,500		1,548	(0.62)		12/09/16		Open				1,528		1,528			1,528
CGM	Merck & Co. Inc., 3.70%, due 02/10/45		1,100		1,052	0.10		03/22/16		Open				1,066		1,066			1,066
CGM	Morgan Stanley, 5.45%, perpetual		1,500		1,489	0.10		12/12/16		Open				1,504		1,504			1,504
CGM	Morgan Stanley, 3.88%, due 01/27/26		1,400		1,418	0.10		10/06/16		Open				1,493		1,493			1,493
CGM	Morgan Stanley, 3.13%, due 07/27/26		1,425		1,365	0.10		11/14/16		Open				1,398		1,398			1,398
CGM	Mylan NV, 5.25%, due 06/15/46		1,425		1,321	0.10		11/04/16		Open				1,493		1,493			1,493
CGM	Novartis Capital Corp., 4.00%, due 11/20/45		1,100		1,113	0.10		03/21/16		Open				1,163		1,163			1,163
CGM	QUALCOMM Inc., 3.45%, due 05/20/25		1,170		1,191	0.10		03/16/16		Open				1,209		1,209			1,209
CGM	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26		300		278	0.10		11/04/16		Open				291		291			291
CGM	Verizon Communications Inc., 4.86%, due 08/21/46		1,400		1,427	0.10		10/06/16		Open				1,554		1,554			1,554
CSI	U.S. Treasury Note, 1.75%, due 11/30/21		1,331		1,320	(2.50)		12/30/16		01/03/17				1,321		1,321			1,321
CSI	Verizon Communications Inc., 2.63%, due 08/15/26		1,500		1,384	0.10		11/04/16		Open				1,446		1,446			1,446
DUB	France Government Bond OAT, 2.25%, due 10/25/22	EUR	1,700	EUR	1,932	(0.70)		12/08/16		Open				2,028		1,926			2,028
DUB	U.S. Treasury Bond, 2.25%, due 08/15/46		5,735		4,810	0.20		11/03/16		Open				5,369		5,369			5,369
DUB	U.S. Treasury Note, 1.00%, due 11/30/18		740		738	(3.50)		12/30/16		01/03/17				738		738			738
DUB	U.S. Treasury Note, 2.00%, due 11/15/26		2,558		2,458	(1.50)		12/30/16		01/03/17				2,459		2,459			2,459
JPM	Ecuador Government International Bond, 7.95%, due 06/20/24		200		193	(0.50)		12/15/16		02/03/17				206		206			206
JPM	France Government Bond OAT, 2.25%, due 10/25/22	EUR	2,000	EUR	2,273	(1.50)		12/01/16		Open				2,393		2,273			2,393
JPM	Industrial & Commercial Bank of China Ltd., 6.00%, perpetual		200		211	(0.50)		12/15/16		02/03/17				220		220			220
JPM	Syngenta Finance NV, 1.88%, due 11/02/21	EUR	100	EUR	107	(1.05)		10/18/16		Open				119		113			119
JPM	U.S. Treasury Note, 1.00%, due 11/15/19		3,465		3,422	0.25		11/23/16		Open				3,430		3,430			3,430
JPM	U.S. Treasury Note, 1.63%, due 10/31/23		4,155		3,994	0.10		12/13/16		Open				3,999		3,999			3,999
MLP	Morgan Stanley, 5.55%, perpetual		389		394	(0.38)		07/14/16		Open				393		393			393
MLP	U.S. Treasury Note, 1.00%, due 11/15/19		900		889	0.05		12/30/16		01/03/17				890		890			890

See accompanying Notes to Financial Statements.

39

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

Counter-party	Collateral	Collateral Par†		Collateral Value		Rate		Settlement		Maturity	Proceeds at Maturity		Par†		Value
RBC	CBS Corp., 2.90%, due 01/15/27		950		884	0.15	12/13/16		Open			884		884		884
RBC	CDW LLC, 5.50%, due 12/01/24		160		165	0.15	11/10/16		Open			170		170		170
RBC	Celgene Corp., 3.88%, due 08/15/25		1,000		1,017	0.15	11/18/16		Open			1,030		1,030		1,030
RBC	Goldman Sachs Group Inc., 3.75%, due 02/25/26		2,859		2,874	0.40	12/16/16		Open			2,873		2,873		2,873
RBC	JC Penney Corp. Inc., 5.88%, due 07/01/2023		1,250		1,295	(0.25)	09/16/16		Open			1,319		1,319		1,319
RBC	LifePoint Health Inc., 5.50%, due 12/01/21		510		531	0.15	11/18/16		Open			532		532		532
RBC	Target Corp., 4.00%, due 07/01/42		1,667		1,666	0.40	12/29/16		Open			1,692		1,692		1,692
RBC	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26		300		277	0.15	11/25/16		Open			279		279		279
RBC	Teva Pharmaceutical Finance Netherlands III BV, 4.10%, due 10/01/46		2,000		1,724	(0.15)	11/18/16		Open			1,720		1,720		1,720
RBC	United Rentals North America Inc., 5.88%, due 09/15/26		410		426	0.15	11/15/16		Open			418		418		418
RBC	Welltower Inc., 4.00%, due 06/01/25		544		557	0.40	12/21/16		Open			554		554		554
																86,080

See accompanying Notes to Financial Statements.

40

Jackson Variable Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2016

Currency Abbreviations:

AED - United Arab Emirates Dirham	EUR - European Currency Unit (Euro)	KES - Kenyan Shilling	RUB - Russian Ruble
AUD - Australian Dollar	GBP - British Pound	KRW - Korean Won	SAR - Saudi Riyal
BRL - Brazilian Real	GEL - Georgian Lari	LKR - Sri Lankan Rupee	SEK - Swedish Krona
CAD - Canadian Dollar	HKD - Hong Kong Dollar	MXN - Mexican Peso	SGD - Singapore Dollar
CHF - Swiss Franc	HUF - Hungarian Forint	MYR - Malaysian Ringgit	THB - Thai Baht
CLP - Chilean Peso	IDR - Indonesian Rupiah	NOK - Norwegian Krone	TRY - New Turkish Lira
CNH - Chinese Offshore Yuan	ILS - Israeli New Shekel	NZD - New Zealand Dollar	TWD - Taiwan Dollar
CNY - Chinese Yuan	INR - Indian Rupee	OMR - Omani Rial	UGX - Uganda Shilling
COP - Colombian Peso	ISK - Icelandic Krona - Onshore	PHP - Philippine Peso	USD - United States Dollar
DKK - Danish Krone	ISO - Icelandic Krona - Offshore	PLN - Polish Zloty	ZAR - South African Rand
DOP - Dominican Peso	JPY - Japanese Yen	RSD - Serbian Dinar

Abbreviations:

ADR - American Depositary Receipt	iTraxx - Group of international credit derivative indexes monitored
ASX - Australian Stock Exchange	by the International Index Company
CAC - Cotation Assistee en Continu	JSE - Johannesburg Stock Exchange
CDI - Chess Depository Interest	LIBOR - London Interbank Offer Rate
CDX.NA.HY - Credit Default Swap Index - North American - High Yield	LME - London Metal Exchange
CDX.NA.IG - Credit Default Swap Index - North American - Investment Grade	MBS - Mortgage Backed Security
CLO - Collateralized Loan Obligation	MCDX.NA - Municipal Credit Defualt Swap Index - North American
CPURNSA - CPI Consumers Index Non-Seasonally Adjusted	MLP - Master Limited Partnership
EAFE - Europe, Australia and Far East	MSCI - Morgan Stanley Capital International
ETF - Exchange Traded Fund	NASDAQ - National Association of Securities Dealers Automated Quotations
Euribor - Europe Interbank Offered Rate	OAT - Obligations Assimilables du Tresor
Euro-Bobl - debt instrument issued by the Federal Republic of Germany	OJSC - Open Joint-Stock Company
with a term of 4.5 to 5.5 years	RBOB - Reformulated Gasoline Blendstock for Oxygen Blending
Euro-Bund - debt instrument issued by the Federal Republic of Germany	REMIC - Real Estate Mortgage Investment Conduit
with a term of 8.5 to 10.5 years	SGX - Singapore Exchange
Euro-OAT - debt instrument issued by the Republic of France	SPDR - Standard & Poor's Depositary Receipt
with a term of 8.5 to 10.5 years	SPI - Schedule Performance Index
Euro-Schatz - debt instrument issued by the Federal Republic of Germany	ULSD - Ultra Low Sulfur Diesel
with a term of 1.75 to 2.25 years
FTSE - Financial Times and the London Stock Exchange
GDR - Global Depositary Receipt

Counterparty Abbreviations:

ANZ - Australia and New Zealand Banking Group LTD.	HSB - HSBC SECURITIES, INC.
APS - Amherst Pierpont Securities LLC	JPM - JPMorgan Chase Bank N.A.
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
BNP - BNP Paribas Securities	RBC - Royal Bank of Canada
BOA - Banc of America Securities LLC/Bank of America NA	RBS - Royal Bank of Scotland
CGM - Citigroup Global Markets	SCB - Standard Chartered Bank
CIT - Citibank, Inc.	SGB - Societe Generale Bannon LLC
CON - Convergex GLB	SGN - Societe Generale, NY
CSI - Credit Suisse Securities, LLC	SIG - Susquehanna Investment Group
DUB - Deutsche Bank Alex Brown Inc.	SSB - State Street Brokerage Services, Inc.
GSC - Goldman Sachs & Co.	UBS - UBS Securities LLC
GSI - Goldman Sachs International

† For funds with fixed income securities, par amounts are listed in United States Dollars unless otherwise noted. Options are quoted in unrounded number of contracts or notional. Futures are quoted in unrounded contracts.

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

Determinations of liquidity in the Schedules of Investments is unaudited.

See accompanying Notes to Financial Statements.

41

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees

Jackson Variable Series Trust:

We have audited the accompanying (consolidated, where applicable) statements of assets and liabilities of JNL/BlackRock Global Long Short Credit Fund, JNL/DFA U.S. Micro Cap Fund, JNL/DoubleLine Total Return Fund, JNL/PIMCO Credit Income Fund, JNL/PPM America Long Short Credit Fund, and JNL/T. Rowe Price Capital Appreciation Fund (the “Funds”), including the summary schedules of investments, as of December 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended (collectively, the "financial statements"), the financial highlights for each of the years or periods in the five-year period then ended (the financial statements and financial highlights are included in Item 1 of this Form N-CSR), and the schedules of investments as of December 31, 2016 (included in Item 6 of this Form N-CSR). These financial statements, financial highlights, and schedules of investments are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements, financial highlights, and schedules of investments based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements, financial highlights, and schedule of investments in securities are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and schedule of investments in securities. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian, transfer agents and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements (consolidated where applicable), financial highlights, and schedules of investments referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2016, and the results of their operations for the year then ended, the changes in its net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Chicago, Illinois

February 24, 2017

(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) Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (as defined in Item 2(b) of Form N-CSR) is attached hereto.

	(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:	March 7, 2017

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:	March 7, 2017
By:	/s/ Daniel W. Koors
	Daniel W. Koors
	Principal Financial Officer
Date:	March 7, 2017

EXHIBIT LIST

Exhibit 12(a)(1)	Registrant’s Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.
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.