Jackson Credit Opportunities Fund NPORT-P Jackson Credit Opportunites Fund (Dec 2023 report)

Jackson Credit Opportunities Fund (Unaudited)

Schedule of Investments (in thousands)

December 31, 2023

			Shares/Par1		Value ($)
Jackson Credit Opportunities Fund
CORPORATE BONDS AND NOTES 51.3%
Consumer Discretionary 11.5%
	888 Acquisitions Limited
		7.56%, 07/15/27, EUR (a)	406		430
	Accor
		7.25%, (100, 01/11/29), EUR (a) (b)	500		600
	Adient Global Holdings Ltd
		8.25%, 04/15/31 (c)	1,315		1,393
	Allwyn Entertainment Financing (UK) PLC
		7.25%, 04/30/30, EUR (a)	604		700
	Aramark Services, Inc.
		5.00%, 02/01/28 (c)	445		431
	Banijay Entertainment
		7.00%, 05/01/29, EUR (a)	636		740
	Bath & Body Works, Inc.
		6.63%, 10/01/30 (c)	1,295		1,325
		6.88%, 11/01/35	450		455
	BCPE Empire Holdings, Inc.
		7.63%, 05/01/27 (c)	225		217
	BK LC Lux Finco 1 S.a r.l.
		5.25%, 04/30/29, EUR (a)	264		288
	Caesars Entertainment, Inc.
		4.63%, 10/15/29 (c)	490		443
	Carnival Holdings Bermuda Ltd.
		10.38%, 05/01/28 (c)	935		1,021
	CDI Escrow Issuer, Inc.
		5.75%, 04/01/30 (c)	1,820		1,771
	Ceconomy AG
		1.75%, 06/24/26, EUR (a)	800		763
	Cirsa Finance International S.a r.l.
		10.38%, 11/30/27, EUR (a)	705		848
	Constellation Automotive Financing PLC
		4.88%, 07/15/27, GBP (a)	421		439
	CPUK Mortgage Finance Limited
		6.50%, 08/28/50, GBP (a)	582		716
	Dana Financing Luxembourg S.a r.l.
		8.50%, 07/15/31, EUR (a)	607		732
	Dana Incorporated
		4.25%, 09/01/30	1,160		1,038
	Dealer Tire, LLC
		8.00%, 02/01/28 (c)	220		218
	Dornoch Debt Merger Subordinated Incorporated
		6.63%, 10/15/29 (c)	250		225
	Douglas GmbH
		6.00%, 04/08/26, EUR (a)	663		722
	Elior Group
		3.75%, 07/15/26, EUR (a)	424		434
	Food Service Project SL
		5.50%, 01/21/27, EUR (a)	263		289
	Forvia
		7.25%, 06/15/26, EUR (a)	371		434
		3.75%, 06/15/28, EUR (a)	404		436
	Grupo Antolin-Irausa SA
		3.50%, 04/30/28, EUR (a)	367		307
	IHO Verwaltungs GmbH
		8.75%, 05/15/28, EUR (a) (d)	726		874
	Jaguar Land Rover Automotive PLC
		4.50%, 07/15/28, EUR (a)	785		845
	KB Home
		7.25%, 07/15/30	705		733
	Lottomatica S.P.A.
		7.13%, 06/01/28, EUR (a)	374		435
	Macys Retail Holdings
		5.88%, 03/15/30 (c)	1,585		1,497
	MCE Finance Limited
		5.75%, 07/21/28 (a)	580		535
	Merlin Entertainments Limited
		5.75%, 06/15/26 (c)	1,280		1,273
	Midwest Gaming Borrower, LLC
		4.88%, 05/01/29 (c)	1,435		1,336
	Motion Bondco Designated Activity Company
		6.63%, 11/15/27 (c)	240		223
	Motion Finco S.a r.l.
		7.38%, 06/15/30, EUR (a)	754		849
	PetSmart, Inc.
		7.75%, 02/15/29 (c)	890		867
	Piaggio & C. S.p.A.
		6.50%, 10/05/30, EUR (a)	254		295
	Pinewood Finco PLC
		3.25%, 09/30/25, GBP (a)	696		860
	Pinnacle Bidco PLC
		10.00%, 10/11/28, GBP (a)	571		755
	Playtech PLC
		5.88%, 06/28/28, EUR (a)	513		563
	Prosus N.V.
		3.83%, 02/08/51 (a)	790		497
	Royal Caribbean Cruises Ltd.
		7.25%, 01/15/30 (c)	1,030		1,076
	Schaeffler AG
		3.38%, 10/12/28, EUR (a)	500		533
	Seaworld Entertainment, Inc.
		5.25%, 08/15/29 (c)	460		431
	SRS Distribution Inc.
		6.13%, 07/01/29 (c)	470		446
	Stonegate Pub Company Financing PLC
		8.25%, 07/31/25, GBP (a)	181		225
	TVL Finance PLC
		10.25%, 04/28/28, GBP (a)	536		709
	WMG Acquisition Corp.
		2.25%, 08/15/31, EUR (a)	308		297
	ZF Friedrichshafen AG
		3.75%, 09/21/28, EUR (a)	500		532
	ZF North America Capital, Inc.
		7.13%, 04/14/30 (c)	620		659
				34,760
Industrials 7.2%
	Abertis Infraestructuras Finance B.V.
		3.25%, (100, 11/24/25), EUR (a) (b)	800		846
	American Airlines, Inc.
		5.75%, 04/20/29 (c)	1,075		1,049
	Ardagh Metal Packaging Finance Public Limited Company
		3.00%, 09/01/29, EUR (a)	334		296
	Ardagh Packaging Finance Public Limited Company
		2.13%, 08/15/26, EUR (a)	293		287
		5.25%, 08/15/27 (c)	235		183
	Chart Industries, Inc.
		7.50%, 01/01/30 (c)	1,145		1,198
	Cornerstone Building Brands, Inc.
		8.75%, 08/01/28 (c)	1,460		1,485
		6.13%, 01/15/29 (c)	530		438
	Deutsche Lufthansa Aktiengesellschaft
		3.75%, 02/11/28, EUR (a)	600		651
	Fiber Bidco S.P.A.
		11.00%, 10/25/27, EUR (a)	600		722
	International Consolidated Airlines Group, S.A.
		3.75%, 03/25/29, EUR (a)	400		427
	Jeld-Wen, Inc.
		4.88%, 12/15/27 (c)	1,725		1,654
	Madison IAQ LLC
		5.88%, 06/30/29 (c)	500		441
	Mauser Packaging Solutions Holding Company
		7.88%, 08/15/26 (c)	990		1,009
		9.25%, 04/15/27 (c)	700		691
	Mobico Group PLC
		4.25%, (100, 11/26/25), GBP (a) (b)	765		857
	Novelis Corporation
		4.75%, 01/30/30 (c)	1,160		1,093
	Pactiv Evergreen Group Issuer LLC
		4.38%, 10/15/28 (c)	1,410		1,327
	SPX Flow, Inc.
		8.75%, 04/01/30 (c)	665		657
	Standard Building Solutions Inc.
		3.38%, 01/15/31 (c)	2,065		1,774
	Titan Holdings II B.V.
		5.13%, 07/15/29, EUR (a)	309		290

1

Jackson Credit Opportunities Fund (Unaudited)

Schedule of Investments (in thousands)

December 31, 2023

			Shares/Par1		Value ($)
	TK Elevator Holdco GmbH
		6.63%, 07/15/28, EUR (a)	438		446
		7.63%, 07/15/28 (c)	220		217
	TransDigm Inc.
		6.75%, 08/15/28 (c)	1,600		1,642
	Trident TPI Holdings, Inc.
		12.75%, 12/31/28 (c)	190		205
	Trivium Packaging Finance B.V.
		8.50%, 08/15/27 (c)	690		677
	United Airlines Pass Through Certificates, Series 2015-1
		4.63%, 04/15/29 (c)	575		536
	Vertical Midco GmbH
		4.38%, 07/15/27, EUR (a)	275		293
	Zenith Finco PLC
		6.50%, 06/30/27, GBP (a)	529		544	��
				21,935
Energy 7.2%
	Ascent Resources - Utica, LLC
		7.00%, 11/01/26 (c)	1,520		1,529
	Bip-V Chinook
		5.50%, 06/15/31 (c)	2,265		2,146
	Borr IHC Limited
		10.00%, 11/15/28 (c)	740		767
	Civitas Resources, Inc.
		8.63%, 11/01/30 (c)	825		878
	Comstock Resources, Inc.
		6.75%, 03/01/29 (c)	1,745		1,603
	DT Midstream, Inc.
		4.38%, 06/15/31 (c)	1,195		1,079
	EQM Midstream Partners, LP
		4.50%, 01/15/29 (c)	1,155		1,093
	Galaxy Pipeline Assets Bidco Limited
		2.63%, 03/31/36 (a)	630		520
	Genesis Energy, L.P.
		7.75%, 02/01/28	850		853
	Greenko Solar (Mauritius) Limited
		5.95%, 07/29/26 (a)	570		552
	ITT Holdings LLC
		6.50%, 08/01/29 (c)	725		641
	Joint Stock Company National Company Kazmunaygas
		3.50%, 04/14/33 (a)	790		658
	Medco Bell PTE. LTD.
		6.38%, 01/30/27 (a)	450		430
	Nabors Industries Ltd.
		7.25%, 01/15/26 (c)	435		417
	Nabors Industries, Inc.
		7.38%, 05/15/27 (c)	980		961
	New Fortress Energy Inc.
		6.50%, 09/30/26 (c)	1,490		1,432
	Northern Oil and Gas Incorporated
		8.75%, 06/15/31 (c)	595		622
	Seplat Energy PLC
		7.75%, 04/01/26 (a)	580		534
	Shelf Drilling Management Services DMCC
		9.63%, 04/15/29 (a)	440		428
	Sierracol Energy Andina, LLC
		6.00%, 06/15/28 (a)	550		461
	Summit Midstream Holdings, LLC
		9.00%, 10/15/26 (c) (e)	930		928
	Sunnova Energy Corporation
		11.75%, 10/01/28 (c)	245		223
	Tallgrass Energy Partners, LP
		6.00%, 09/01/31 (c)	1,320		1,223
	Venture Global LNG, Inc.
		9.50%, 02/01/29 (c)	1,240		1,311
	Wintershall Dea AG
		3.00%, (100, 07/20/28), EUR (a) (b)	500		482
				21,771
Consumer Staples 6.8%
	AA Bond Co Limited
		6.50%, 01/31/26, GBP (a)	595		723
	APX Group, Inc.
		5.75%, 07/15/29 (c)	1,875		1,750
	Avis Budget Finance PLC
		7.25%, 07/31/30, EUR (a)	498		587
	BCP V Modular Services Finance II PLC
		4.75%, 11/30/28, EUR (a)	578		589
	BCP V Modular Services Finance PLC
		6.75%, 11/30/29, EUR (a)	330		297
	Bellis Acquisition Company PLC
		3.25%, 02/16/26, GBP (a)	612		722
	Boels Topholding B.V.
		6.25%, 02/15/29, EUR (a)	381		438
	Co-operative Group Limited
		7.50%, 07/08/26, GBP (a) (e) (f)	677		847
	Coty Inc.
		6.63%, 07/15/30 (c)	630		647
	Edgewell Personal Care Colombia S A S
		5.50%, 06/01/28 (c)	675		660
	Energizer Holdings, Inc.
		4.75%, 06/15/28 (c)	1,250		1,163
	GW B-CR Security Corporation
		9.50%, 11/01/27 (c)	445		449
	Iceland Bondco PLC
		10.88%, 12/15/27, GBP (a)	325		431
	Kapla Holding
		3.38%, 12/15/26, EUR (a)	276		294
	Minerva Luxembourg S.A.
		8.88%, 09/13/33 (a)	530		562
	Mooney Group S.P.A.
		7.81%, (3 Month EURIBOR + 3.88%), 12/17/26, EUR (a) (g)	524		567
	Neptune BidCo US Inc.
		9.29%, 04/15/29 (c)	460		430
	Paganini BidCo S.p.A.
		8.20%, (3 Month EURIBOR + 4.25%), 10/30/28, EUR (a) (g)	779		862
	Picard Groupe
		3.88%, 07/01/26, EUR (a)	402		431
	Pilgrim's Pride Corporation
		6.25%, 07/01/33	1,010		1,038
	Prime Security Services Borrower, LLC
		3.38%, 08/31/27 (c)	700		648
		6.25%, 01/15/28 (c)	1,515		1,500
	Primo Water Holdings Inc.
		3.88%, 10/31/28, EUR (a)	417		446
	RAC Bond Co PLC
		5.25%, 11/04/27, GBP (a) (e)	697		775
	Ritchie Bros. Holdings Inc.
		7.75%, 03/15/31 (c)	940		1,002
	Sigma Holdco B.V.
		5.75%, 05/15/26, EUR (a)	150		148
	Techem Verwaltungsgesellschaft 674 mbH
		6.00%, 07/30/26, EUR (a)	1,071		1,179
	U.S. Foods Inc.
		4.75%, 02/15/29 (c)	455		433
	Verisure Holding AB
		3.88%, 07/15/26, EUR (a)	538		583
	Verisure Midholding AB
		5.25%, 02/15/29, EUR (a)	563		595
				20,796
Communication Services 6.2%
	Altice Financing S.A.
		5.00%, 01/15/28 (c)	840		764
		4.25%, 08/15/29, EUR (a)	623		607
	Altice France Holding S.A.
		8.13%, 02/01/27 (c)	800		735
	British Telecommunications Public Limited Company
		8.38%, 12/20/83, GBP (a)	645		866
	CCO Holdings, LLC
		4.25%, 02/01/31 (c)	2,125		1,856
	CSC Holdings, LLC
		5.25%, 06/01/24	450		441
		5.38%, 02/01/28 (c)	1,480		1,310
		5.75%, 01/15/30 (c)	365		227

2

Jackson Credit Opportunities Fund (Unaudited)

Schedule of Investments (in thousands)

December 31, 2023

			Shares/Par1		Value ($)
	Equipmentshare.Com Inc
		9.00%, 05/15/28 (c)	870		898
	Frontier Communications Parent, Inc.
		5.88%, 10/15/27 (c)	1,115		1,076
	IHS Holding Limited
		6.25%, 11/29/28 (a)	450		365
	Iliad Holding
		5.13%, 10/15/26, EUR (a)	657		721
	Lorca Telecom Bondco SA.
		4.00%, 09/18/27, EUR (a)	1,084		1,167
	MVC Acquisition Corp.
		8.00%, 08/01/29 (c)	465		435
	Northwest Fiber, LLC
		6.00%, 02/15/28 (c)	250		233
	PLT VII Finance S.a r.l.
		4.63%, 01/05/26, EUR (a)	264		289
	RCS & RDS SA
		2.50%, 02/05/25, EUR (a)	300		324
	SES
		2.88%, (100, 05/27/26), EUR (a) (b)	1,011		1,013
	Summer (BC) Holdco B S.a r.l.
		5.75%, 10/31/26, EUR (a)	680		718
	Telecom Italia SPA
		7.88%, 07/31/28, EUR (a)	825		1,011
	Telefonica Europe B.V.
		6.75%, (100, 06/07/31), EUR (a) (b)	1,000		1,177
	TMNL Group Holding B.V.
		5.50%, 01/15/30, EUR (a)	433		435
	United Group B.V.
		5.25%, 02/01/30, EUR (a)	569		595
	Virgin Media Vendor Financing Notes III Designated Activity Company
		4.88%, 07/15/28, GBP (a)	632		741
	Vodafone Group Public Limited Company
		3.00%, 08/27/80, EUR (a)	303		299
	Ziggo Bond Company B.V.
		3.38%, 02/28/30, EUR (a)	651		605
				18,908
Materials 3.9%
	Ashland Services
		2.00%, 01/30/28, EUR (a)	288		294
	ATI Inc.
		7.25%, 08/15/30	1,255		1,307
	Avient Corporation
		7.13%, 08/01/30 (c)	500		518
	CEMEX S.A.B. de C.V.
		9.13%, (100, 03/14/28) (a) (b)	790		841
	Compania de Minas Buenaventura S.A.A.
		5.50%, 07/23/26 (a)	200		191
	Constellium SE
		3.13%, 07/15/29, EUR (a)	291		295
	Diamond Escrow Issuer, LLC
		9.63%, 11/15/28, EUR (a)	506		598
		9.75%, 11/15/28 (c)	1,235		1,317
	Guala Closures S.p.A.
		3.25%, 06/15/28, EUR (a)	288		299
	Hudbay Minerals Inc.
		6.13%, 04/01/29 (c)	1,345		1,322
	Ineos Quattro Finance 1 PLC
		3.75%, 07/15/26, EUR (a)	557		591
	Italmatch Chemicals S.p.A.
		10.00%, 02/06/28, EUR (a)	258		293
	Kronos International, Inc.
		3.75%, 09/15/25, EUR (a)	270		283
	Monitchem Holdco 3 S.A.
		8.75%, 05/01/28, EUR (a)	369		415
	Olympus Water US Holding Corporation
		6.25%, 10/01/29 (c)	515		460
	S.P.C.M. SA
		2.63%, 02/01/29, EUR (a)	291		295
	Samarco Mineracao S/A
		9.00%, 06/30/31 (c) (d)	155		130
	Sasol Financing USA LLC
		6.50%, 09/27/28	690		653
	Vedanta Resources Limited
		8.95%, 03/11/25 (a)	550		411
	Vibrantz Technologies Inc.
		9.00%, 02/15/30 (c)	270		212
	W. R. Grace Holdings LLC
		5.63%, 08/15/29 (c)	250		221
	We Soda Investments Holding PLC
		9.50%, 10/06/28 (a)	300		311
	Wepa Hygieneprodukte GmbH
		2.88%, 12/15/27, EUR (a)	277		285
	White Cap Buyer, LLC
		6.88%, 10/15/28 (c)	230		223
				11,765
Financials 3.0%
	Alliant Holdings Intermediate, LLC
		6.75%, 10/15/27 (c)	665		663
	AmWINS Group, Inc.
		4.88%, 06/30/29 (c)	470		433
	AssuredPartners, Inc.
		5.63%, 01/15/29 (c)	700		653
	Banco Davivienda S A
		6.65%, (100, 04/22/31) (a) (b)	750		534
	Banco De Bogota
		6.25%, 05/12/26 (a)	200		197
	Banco De Credito E Inversiones S.A.
		2.88%, 10/14/31 (a)	290		248
	Banco Mercantil Del Norte S.A
		6.63%, (100, 01/24/32) (a) (b)	790		672
	Banque Ouest Africaine De Developpement
		4.70%, 10/22/31 (a)	690		587
	Benteler International Aktiengesellschaft
		9.38%, 05/15/28, EUR (a)	371		436
	BroadStreet Partners, Inc.
		5.88%, 04/15/29 (c)	705		661
	Grupo Aval Acciones y Valores S.A.
		4.38%, 02/04/30 (a)	300		253
	GTCR W-2 Merger Sub LLC
		7.50%, 01/15/31 (c)	920		976
	HUB International Limited
		7.25%, 06/15/30 (c)	690		728
	ITAU Unibanco Holding SA
		3.88%, 04/15/31 (a)	510		488
	OneMain Finance Corporation
		9.00%, 01/15/29	1,205		1,274
	Turkiye Vakiflar Bankasi T.A.O.
		9.00%, 10/12/28 (a)	340		357
				9,160
Health Care 1.9%
	Avantor, Inc.
		3.88%, 07/15/28, EUR (a)	273		294
	Bayer Aktiengesellschaft
		7.00%, 09/25/83, EUR	500		569
	Cheplapharm Arzneimittel GmbH
		7.50%, 05/15/30, EUR (a)	502		589
	Grifols Escrow Issuer S.A.
		3.88%, 10/15/28, EUR (a)	294		296
	Legacy Lifepoint Health, LLC
		9.75%, 12/01/26 (c)	225		224
	Nidda Healthcare Holding GmbH
		7.50%, 08/21/26, EUR (a)	635		722
	Rede D'Or Finance
		4.50%, 01/22/30 (a)	320		286
	Tenet Healthcare Corporation
		6.88%, 11/15/31	860		887
	Teva Pharmaceutical Finance Netherlands II B.V.
		7.38%, 09/15/29, EUR	969		1,173
	Teva Pharmaceutical Finance Netherlands III B.V.
		7.88%, 09/15/29	810		873
				5,913
Utilities 1.6%
	Adani Green Energy Limited
		4.38%, 09/08/24 (a)	550		532
	Calpine Corporation
		5.00%, 02/01/31 (c)	960		880

3

Jackson Credit Opportunities Fund (Unaudited)

Schedule of Investments (in thousands)

December 31, 2023

			Shares/Par1		Value ($)
	EDP - Energias de Portugal, S.A.
		5.94%, 04/23/83, EUR (a)	600		686
	Electricite de France
		2.63%, (100, 12/01/27), EUR (a) (b)	600		588
		7.50%, (100, 09/06/28), EUR (a) (b)	600		722
	NGG Finance PLC
		5.63%, 06/18/73, GBP (a)	228		286
	NRG Energy, Inc.
		10.25%, (100, 03/15/28) (b) (c)	210		219
	UGI International, LLC
		2.50%, 12/01/29, EUR (a)	464		434
	Vistra Corp.
		7.00%, (100, 12/15/26) (b) (c)	220		218
	Vistra Operations Company LLC
		7.75%, 10/15/31 (c)	205		213
				4,778
Real Estate 1.3%
	Anywhere Real Estate Group LLC
		5.25%, 04/15/30 (c)	630		470
	CPI Property Group
		1.75%, 01/14/30, EUR (a)	460		287
	Cushman & Wakefield U.S. Borrower, LLC
		8.88%, 09/01/31 (c)	505		534
	Franshion Brilliant Limited
		4.25%, 07/23/29 (a)	730		474
	Heimstaden Bostad AB
		3.63%, (100, 10/13/26), EUR (a) (b)	478		202
		1.63%, 10/13/31, EUR (a)	569		394
	Iron Mountain Europe Limited
		3.88%, 11/15/25, GBP (a)	349		427
	MPT Operating Partnership, L.P.
		5.25%, 08/01/26	920		822
	Summit Properties Limited
		2.00%, 01/31/25, EUR (a)	278		287
				3,897
Information Technology 0.7%
	McAfee Corp.
		7.38%, 02/15/30 (c)	730		668
	Minerva Merger Sub Inc
		6.50%, 02/15/30 (c)	245		222
	Presidio Holdings, Inc.
		8.25%, 02/01/28 (c)	430		433
	RingCentral, Inc.
		8.50%, 08/15/30 (c)	525		537
	ViaSat, Inc.
		5.63%, 04/15/27 (c)	230		223
				2,083
	Total Corporate Bonds And Notes (cost $151,627)			155,766
SENIOR FLOATING RATE INSTRUMENTS 19.1%
Industrials 7.5%
	Brown Group Holding, LLC
		Term Loan B, 0.00%, (1 Month Term SOFR + 2.75%), 12/31/24 (g) (h)	2,000		2,001
	Calpine Construction Finance Company, L.P.
		2023 Refinancing Term Loan B, 0.00%, (1 Month Term SOFR + 2.25%), 07/20/30 (g) (h)	2,000		1,998
	Carnival Corporation
		2021 Incremental Term Loan B, 8.71%, (1 Month Term SOFR + 3.25%), 10/08/28 (g)	1,995		1,996
	Crosby US Acquisition Corp
		Term Loan, 0.00%, (3 Month USD LIBOR + 4.75%), 06/12/26 (g) (h)	2,000		2,001
	DS Parent INC
		Term Loan, 0.00%, (SOFR + 5.50%), 12/13/30 (g) (h)	2,000		1,905
	Edelman Financial Center, LLC
		2018 2nd Lien Term Loan, 0.00%, (1 Month Term SOFR + 6.75%), 06/26/26 (g) (h)	1,000		999
	GTCR W Merger Sub LLC
		Term Loan, 0.00%, (SOFR + 3.00%), 09/21/30 (g) (h)	2,000		2,007
	Hayward Industries, Inc.
		Term Loan, 0.00%, (SOFR + 2.75%), 05/14/28 (g) (h)	2,000		1,997
	LSF12 Badger Bidco LLC
		Term Loan B, 11.35%, (1 Month Term SOFR + 6.00%), 07/25/30 (g)	2,000		1,990
	Star Parent, Inc.
		Term Loan B, 0.00%, (SOFR + 4.00%), 09/19/30 (g) (h)	2,000		1,974
	Star US Bidco LLC
		Term Loan, 0.00%, (SOFR + 4.25%), 03/17/27 (g) (h)	2,000		1,996
	Veritiv Corporation
		Term Loan B, 10.35%, (3 Month Term SOFR + 5.00%), 11/30/30 (g)	2,000		1,939
				22,803
Communication Services 2.0%
	888 Acquisitions Limited
		USD Term Loan B, 0.00%, (6 Month Term SOFR + 5.25%), 07/18/28 (g) (h)	2,000		1,935
	Charter Communications Operating, LLC
		2023 Term Loan B4, 7.36%, (1 Month Term SOFR + 2.00%), 12/02/30 (g)	2,000		1,992
	Great Outdoors Group, LLC
		2021 Term Loan B1, 9.40%, (1 Month Term SOFR + 3.75%), 02/26/28 (g)	1,995		1,993
				5,920
Information Technology 1.7%
	Athenahealth Group, Inc.
		2022 Term Loan B, 8.60%, (1 Month Term SOFR + 3.25%), 01/27/29 (g)	1,995		1,984
	McAfee, LLC
		2022 USD Term Loan B, 9.19%, (1 Month Term SOFR + 3.75%), 02/03/29 (g)	1,995		1,981
	Peraton Corp
		Term Loan, 0.00%, (3 Month USD LIBOR + 7.75%), 02/01/29 (g) (h)	1,000		992
				4,957
Consumer Discretionary 1.6%
	First Brands Group, LLC
		2021 2nd Lien Term Loan, 14.38%, (3 Month Term SOFR + 8.50%), 03/30/28 (g)	1,000		944
	Open Text Corporation
		2023 Term Loan B, 0.00%, (SOFR + 5.00%), 03/11/28 (g) (h)	2,000		1,951
	SRAM, LLC
		2021 Term Loan B, 8.21%, (SOFR + 2.75%), 05/12/28 (g)	2,000		1,994
				4,889
Materials 1.3%
	Mauser Packaging Solutions Holding Company
		Term Loan, 0.00%, (SOFR + 4.00%), 08/15/26 (g) (h)	2,000		2,006
	Trident TPI Holdings, Inc.
		2022 USD Incremental Term Loan, 0.00%, (3 Month Term SOFR + 5.25%), 09/15/28 (g) (h)	2,000		2,003
				4,009
Financials 1.3%
	Aretec Group, Inc.
		2023 Incremental Term Loan, 0.00%, (1 Month Term SOFR + 4.50%), 03/08/30 (g) (h)	2,000		1,996
	Hertz Corporation, (The)
		2023 Incremental Term Loan B, 0.00%, (SOFR + 3.75%), 06/30/28 (g) (h)	2,000		1,996
				3,992
Health Care 1.3%
	Bausch & Lomb Corporation
		2023 Incremental Term Loan, 9.35%, (1 Month Term SOFR + 4.00%), 09/14/28 (g)	1,995		1,988
	Summit Behavioral Healthcare LLC
		1st Lien Term Loan, 10.40%, (3 Month Term SOFR + 4.75%), 11/24/28 (g)	2,000		1,995
				3,983
Utilities 1.3%
	Granite Generation LLC
		Term Loan B, 9.21%, (1 Month Term SOFR + 3.75%), 10/22/26 (g)	2,000		1,992

4

Jackson Credit Opportunities Fund (Unaudited)

Schedule of Investments (in thousands)

December 31, 2023

			Shares/Par1		Value ($)
	Lightstone Holdco LLC
		Term Loan, 0.00%, (SOFR + 5.75%), 02/01/27 (g) (h)	2,000		1,898
				3,890
Consumer Staples 1.1%
	Cardenas Markets, Inc.
		2022 Term Loan, 0.00%, (3 Month Term SOFR + 6.75%), 07/20/29 (g) (h)	1,426		1,424
	Northeast Grocery, Inc.
		Term Loan B, 12.86%, (SOFR + 7.50%), 12/05/28 (g)	2,000		1,975
				3,399
	Total Senior Floating Rate Instruments (cost $57,675)			57,842
GOVERNMENT AND AGENCY OBLIGATIONS 12.7%
Sovereign 10.0%
	Angola, Government of
		8.75%, 04/14/32 (a)	750		658
		9.38%, 05/08/48 (a)	750		622
	Departamento Administrativo De La Presidencia De La Republica				��
		4.50%, 03/15/29	630		590
		7.50%, 02/02/34	1,140		1,205
		8.75%, 11/14/53	1,270		1,463
	Ghana, Government of
		REMIC, 10.75%, 10/14/30 (a)	1,620		1,017
	Gobierno de la Republica de Guatemala
		7.05%, 10/04/32 (a)	440		466
		6.60%, 06/13/36 (a)	770		791
	Gobierno de la Republica del Ecuador
		3.50%, 07/31/35 (a) (e)	1,240		446
	Government of Commonwealth of the Bahamas
		6.00%, 11/21/28 (a)	670		591
	Government of the Republic of Panama
		6.85%, 03/28/54	1,340		1,258
	Government of the Republic of Serbia
		2.05%, 09/23/36, EUR (a)	3,580		2,736
	Government of the Republic of Zambia
		0.00%, 07/30/27 (a) (i) (j)	1,870		1,155
	Nigeria, Federal Government of
		8.75%, 01/21/31 (a)	540		514
	People's Government of Inner Mongolia Autonomous Region
		7.88%, 06/05/29 (a)	710		728
	Presidence de la Republique de Cote d'Ivoire
		4.88%, 01/30/32, EUR (a)	1,340		1,243
		6.63%, 03/22/48, EUR (a)	1,500		1,315
	Presidencia Da Republica
		6.00%, 10/20/33	860		860
	Presidencia De La Nacion
		1.00%, 07/09/29	290		116
		0.75%, 07/09/30 (e)	960		385
		3.63%, 07/09/35 (e)	2,630		894
	Presidencia de la Republica de El Salvador
		9.50%, 07/15/52 (a)	1,640		1,367
	Presidencia de la Republica Dominicana
		7.05%, 02/03/31 (a)	540		569
		6.85%, 01/27/45 (a)	1,360		1,353
	Romania, Government of
		6.38%, 09/18/33, EUR (a)	2,370		2,759
		3.75%, 02/07/34, EUR (a)	840		795
	South Africa, Parliament of
		5.75%, 09/30/49	1,980		1,582
	The Arab Republic of Egypt
		8.70%, 03/01/49 (a)	1,160		725
	The Democratic Socialist Republic of Sri Lanka
		0.00%, 03/14/29 (a) (i) (j)	2,840		1,424
	The Republic of Kazakhstan, Government of
		1.50%, 09/30/34, EUR (a)	710		627
				30,254
Collateralized Mortgage Obligations 2.7%
	Connecticut Avenue Securities Trust 2021-R01
		Series 2021-1B1-R01, REMIC, 8.44%, (SOFR 30-Day Average + 3.10%), 10/25/41 (g)	890		902
		Series 2022-1B1-R01, REMIC, 8.49%, (SOFR 30-Day Average + 3.15%), 12/26/41 (g)	900		907
	Connecticut Avenue Securities Trust 2021-R03
		Series 2021-1B1-R03, REMIC, 8.09%, (SOFR 30-Day Average + 2.75%), 12/25/41 (g)	900		903
	Connecticut Avenue Securities Trust 2022-R02
		Series 2022-2B1-R02, REMIC, 9.84%, (SOFR 30-Day Average + 4.50%), 01/27/42 (g)	440		453
	Connecticut Avenue Securities Trust 2022-R08
		Series 2022-1B1-R08, REMIC, 10.94%, (SOFR 30-Day Average + 5.60%), 07/25/42 (g)	825		893
	Federal Home Loan Mortgage Corporation
		Series 2022-M2-DNA1, REMIC, 7.84%, (SOFR 30-Day Average + 2.50%), 01/25/29 (g)	900		898
		Series 2021-B1-HQA4, REMIC, 9.09%, (SOFR 30-Day Average + 3.75%), 12/25/30 (g)	745		745
		Series 2021-B1-HQA3, REMIC, 8.69%, (SOFR 30-Day Average + 3.35%), 09/25/41 (g)	890		890
		Series 2021-B1-DNA7, REMIC, 8.98%, (SOFR 30-Day Average + 3.65%), 11/25/41 (g)	730		748
		Series 2022-M2-DNA6, REMIC, 11.09%, (SOFR 30-Day Average + 5.75%), 09/25/42 (g)	894		994
				8,333
	Total Government And Agency Obligations (cost $37,131)			38,587
CATASTROPHE BONDS 6.8%
	2001 CAT Re, Ltd
		18.03%, 01/08/24 (c) (g)	1,750		1,745
	Blue Halo Re Ltd.
		15.08%, 02/24/25 (c) (g)	1,500		1,497
	Easton Re Pte. Ltd.
		12.85%, 01/08/27 (c) (g) (k)	1,250		1,250
	Foundation Re IV Ltd.
		11.61%, 01/08/27 (c) (g)	1,000		1,000
	Herbie Re Ltd
		15.07%, 01/08/25 (c) (g)	1,000		985
	Hestia Re Ltd
		15.12%, 04/07/26 (c) (g)	1,000		1,021
	Kendall Re Ltd.
		9.37%, 05/02/24 (c) (g)	1,000		992
	Kilimanjaro III Re Ltd
		15.26%, 12/19/24 (c) (g)	1,250		1,239
		17.70%, 04/20/26 (c) (g)	275		263
	Mona Lisa RE Ltd.
		12.36%, 07/08/25 (c) (g)	1,500		1,485
	Montoya Re Ltd.
		12.47%, 04/07/25 (c) (g)	1,000		1,005
		16.84%, 04/07/27 (c) (g)	1,000		1,000
	Mystic Re IV Limited
		17.37%, 01/08/27 (c) (g)	750		750
	Ocelot Re Ltd.
		13.09%, 01/07/31 (c) (g)	1,250		1,250
	Queen Street 2023 Re Designated Activity Company
		12.87%, 12/08/25 (c) (g)	1,000		1,018
	Solomon Re Ltd.
		10.61%, 06/08/26 (c) (g)	1,250		1,271
	Stabilitas Re Ltd.
		13.85%, 06/05/26 (c) (g)	1,500		1,519
	Tailwind Re Ltd.
		17.66%, 01/08/25 (c) (g)	1,500		1,473
	Total Catastrophe Bonds (cost $20,806)			20,763
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 5.4%
	Apidos CLO XVIII
		Series 2018-E-18A, 11.37%, (3 Month Term SOFR + 5.96%), 10/22/30 (g)	2,175		2,101
	Benchmark 2019-B10 Mortgage Trust
		Series 2019-B-B10, REMIC, 4.18%, 03/15/29 (g)	548		455
	Benchmark 2020-B16 Mortgage Trust
		Series 2020-C-B16, REMIC, 3.53%, 01/17/30 (g)	595		469
	Benchmark 2020-B17 Mortgage Trust
		Series 2020-C-B17, REMIC, 3.37%, 03/15/30 (g)	620		456

5

Jackson Credit Opportunities Fund (Unaudited)

Schedule of Investments (in thousands)

December 31, 2023

			Shares/Par1		Value ($)
	Benchmark 2023-B40 Mortgage Trust
		Series 2023-C-B40, REMIC, 7.64%, 12/16/33 (g)	96		96
	BX Commercial Mortgage Trust 2021-VOLT
		Series 2021-C-VOLT, REMIC, 6.58%, (1 Month Term SOFR + 1.21%), 09/15/28 (g)	575		554
		Series 2021-D-VOLT, REMIC, 7.13%, (1 Month Term SOFR + 1.76%), 09/15/36 (g)	462		444
	BX Commercial Mortgage Trust 2023-XL3
		Series 2023-B-XL3, REMIC, 7.61%, (1 Month Term SOFR + 2.25%), 01/15/26 (g)	185		185
		Series 2023-D-XL3, REMIC, 9.01%, (1 Month Term SOFR + 3.65%), 01/15/26 (g)	295		295
	COMM 2013-CCRE8 Mortgage Trust
		Series 2013-D-CR8, REMIC, 3.60%, 06/10/46 (g)	320		302
	Extended Stay America Trust 2021-ESH
		Series 2021-C-ESH, REMIC, 7.18%, (1 Month Term SOFR + 1.81%), 07/15/38 (g)	724		712
	Frontier Issuer LLC
		Series 2023-A2-1, 6.60%, 07/20/28	750		745
	Halseypoint Clo 4, Ltd
		Series 2021-E-4A, REMIC, 12.39%, (3 Month Term SOFR + 6.97%), 04/20/34 (g)	1,500		1,446
	Hilton USA Trust 2016-HHV
		Series 2016-E-HHV, REMIC, 4.19%, 11/05/26 (g)	490		453
	KKR CLO 43 Ltd
		Series 2022-ER-43A, 13.32%, (3 Month Term SOFR + 7.97%), 01/15/36 (g)	1,500		1,500
	KNDL Mortgage Trust, 2019-KNSQ
		Series 2019-E-KNSQ, REMIC, 7.36%, (1 Month Term SOFR + 1.85%), 05/15/36 (g)	615		607
		Series 2019-F-KNSQ, REMIC, 7.56%, (1 Month Term SOFR + 2.05%), 05/15/36 (g)	305		297
	Manhattan West 2020-1MW Mortgage Trust
		Series 2020-B-1MW, REMIC, 2.41%, 09/10/27 (g)	510		449
	MED Trust 2021-MDLN
		Series 2021-F-MDLN, REMIC, 9.48%, (1 Month Term SOFR + 4.11%), 11/15/38 (g)	766		735
	MSWF Commercial Mortgage Trust 2023-2
		Series 2023-D-2, REMIC, 4.00%, 12/16/33	34		20
		Series 2023-C-2, REMIC, 7.25%, 12/16/33 (g)	105		107
	OCP CLO 2023-30 LTD
		Series 2023-E-30A, 0.00%, (3 Month Term SOFR + 7.09%), 01/26/37 (g)	2,000		1,980
	ORL Trust 2023-GLKS
		Series 2023-D-GLKS, REMIC, 9.66%, (1 Month Term SOFR + 4.30%), 10/21/25 (g)	450		450
	Palmer Square Loan Funding 2022-1 Ltd
		Series 2022-E-1A, 12.59%, (3 Month Term SOFR + 7.20%), 04/15/30 (g)	1,000		1,000
	Sierra Timeshare 2019-1 Receivables Funding LLC
		Series 2019-C-1A, 3.77%, 01/22/36	580		572
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $16,324)			16,430
INVESTMENT COMPANIES 4.4%
	SPDR Portfolio High Yield Bond ETF		573		13,396
	Total Investment Companies (cost $13,149)			13,396
SHORT TERM INVESTMENTS 10.1%
Investment Companies 10.1%
	JNL Government Money Market Fund - Class I, 5.22% (l) (m)		30,473		30,473
	Total Short Term Investments (cost $30,473)			30,473
Total Investments 109.8% (cost $327,185)					333,257
Other Derivative Instruments (0.4)%					(1,146)
Other Assets and Liabilities, Net (9.4)%					(28,713)
Total Net Assets 100.0%					303,398

(a)Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(b)Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(c)Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2023, the value and the percentage of net assets of these securities was $98,318 and 32.4% of the Fund.

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

(e)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2023.

(f)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2023.

(g)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(h)This senior floating rate interest will settle after December 31, 2023. If a reference rate and spread is presented, it will go into effect upon settlement.

(i)Non-income producing security.

(j)As of December 31, 2023, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date. The aggregate value of these securities represented 0.9% of the Fund’s net assets.

(k)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Schedule of Investments.

(l)Investment in affiliate.

(m)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2023.

Jackson Credit Opportunities Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Value/ Unrealized Appreciation (Depreciation) ($)
Long Contracts
United States 5 Year Note	25	April 2024		2,715	2			4
Short Contracts
United States Ultra Bond	(27)	March 2024		(3,465)	15			(142)

6

Jackson Credit Opportunities Fund (Unaudited)

Schedule of Investments (in thousands)

December 31, 2023

Jackson Credit Opportunities Fund — Forward Foreign Currency Contracts
Purchased/Sold	Counterparty	Expiration	Notional1		Value ($)			Unrealized Appreciation (Depreciation) ($)
USD/EUR	GSC	01/18/24	EUR	(8,500)		(9,390)			(220)
USD/EUR	SSB	01/18/24	EUR	(42,706)		(47,176)			(807)
USD/GBP	SSB	01/18/24	GBP	(11,795)		(15,036)			(136)
							(71,602)		(1,163)

Jackson Credit Opportunities Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	888 Acquisitions Limited, 7.56%, 07/15/27	12/04/23	413	430	0.1
	AA Bond Co Limited, 6.50%, 01/31/26	12/04/23	708	723	0.2
	Abertis Infraestructuras Finance B.V., 3.25% (callable at 100, 11/24/25)	12/04/23	823	846	0.3
	Accor, 7.25% (callable at 100, 01/11/29)	12/05/23	577	600	0.2
	Adani Green Energy Limited, 4.38%, 09/08/24	12/04/23	531	532	0.2
	Allwyn Entertainment Financing (UK) PLC, 7.25%, 04/30/30	12/05/23	676	700	0.2
	Altice Financing S.A., 4.25%, 08/15/29	12/05/23	561	607	0.2
	Angola, Government of, 8.75%, 04/14/32	12/01/23	632	658	0.2
	Angola, Government of, 9.38%, 05/08/48	12/01/23	584	622	0.2
	Ardagh Metal Packaging Finance Public Limited Company, 3.00%, 09/01/29	12/05/23	284	296	0.1
	Ardagh Packaging Finance Public Limited Company, 2.13%, 08/15/26	12/04/23	282	287	0.1
	Ashland Services, 2.00%, 01/30/28	12/05/23	284	294	0.1
	Avantor, Inc., 3.88%, 07/15/28	12/05/23	283	294	0.1
	Avis Budget Finance PLC, 7.25%, 07/31/30	12/04/23	551	587	0.2
	Banco Davivienda S A, 6.65% (callable at 100, 04/22/31)	12/04/23	510	534	0.2
	Banco De Bogota, 6.25%, 05/12/26	12/01/23	194	197	0.1
	Banco De Credito E Inversiones S.A., 2.88%, 10/14/31	12/04/23	239	248	0.1
	Banco Mercantil Del Norte S.A, 6.63% (callable at 100, 01/24/32)	12/04/23	659	672	0.2
	Banijay Entertainment, 7.00%, 05/01/29	12/05/23	705	740	0.2
	Banque Ouest Africaine De Developpement, 4.70%, 10/22/31	12/04/23	569	587	0.2
	BCP V Modular Services Finance II PLC, 4.75%, 11/30/28	12/04/23	567	589	0.2
	BCP V Modular Services Finance PLC, 6.75%, 11/30/29	12/04/23	285	297	0.1
	Bellis Acquisition Company PLC, 3.25%, 02/16/26	12/04/23	707	722	0.2
	Benteler International Aktiengesellschaft, 9.38%, 05/15/28	12/04/23	424	436	0.1
	BK LC Lux Finco 1 S.a r.l., 5.25%, 04/30/29	12/04/23	282	288	0.1
	Boels Topholding B.V., 6.25%, 02/15/29	12/04/23	419	438	0.1
	British Telecommunications Public Limited Company, 8.38%, 12/20/83	12/04/23	847	866	0.3
	Ceconomy AG, 1.75%, 06/24/26	12/05/23	712	763	0.3
	CEMEX S.A.B. de C.V., 9.13% (callable at 100, 03/14/28)	12/01/23	829	841	0.3
	Cheplapharm Arzneimittel GmbH, 7.50%, 05/15/30	12/04/23	563	589	0.2
	Cirsa Finance International S.a r.l., 10.38%, 11/30/27	12/04/23	824	848	0.3
	Compania de Minas Buenaventura S.A.A., 5.50%, 07/23/26	12/21/23	192	191	0.1
	Constellation Automotive Financing PLC, 4.88%, 07/15/27	12/04/23	422	439	0.1
	Constellium SE, 3.13%, 07/15/29	12/05/23	281	295	0.1
	Co-operative Group Limited, 7.50%, 07/08/26	12/04/23	844	847	0.3
	CPI Property Group, 1.75%, 01/14/30	12/04/23	283	287	0.1
	CPUK Mortgage Finance Limited, 6.50%, 08/28/50	12/05/23	704	716	0.2
	Dana Financing Luxembourg S.a r.l., 8.50%, 07/15/31	12/04/23	712	732	0.2
	Deutsche Lufthansa Aktiengesellschaft, 3.75%, 02/11/28	12/04/23	641	651	0.2
	Diamond Escrow Issuer, LLC, 9.63%, 11/15/28	12/05/23	570	598	0.2
	Douglas GmbH, 6.00%, 04/08/26	12/04/23	703	722	0.2
	EDP - Energias de Portugal, S.A., 5.94%, 04/23/83	12/04/23	667	686	0.2
	Electricite de France, 2.63% (callable at 100, 12/01/27)	12/04/23	573	588	0.2
	Electricite de France, 7.50% (callable at 100, 09/06/28)	12/04/23	698	722	0.2
	Elior Group, 3.75%, 07/15/26	12/04/23	411	434	0.1
	Fiber Bidco S.P.A., 11.00%, 10/25/27	12/04/23	705	722	0.2
	Food Service Project SL, 5.50%, 01/21/27	12/05/23	282	289	0.1
	Forvia, 7.25%, 06/15/26	12/05/23	422	434	0.1
	Forvia, 3.75%, 06/15/28	12/04/23	424	436	0.1
	Franshion Brilliant Limited, 4.25%, 07/23/29	12/04/23	469	474	0.2
	Galaxy Pipeline Assets Bidco Limited, 2.63%, 03/31/36	12/04/23	507	520	0.2
	Ghana, Government of REMIC, 10.75%, 10/14/30	12/01/23	1,028	1,017	0.3
	Gobierno de la Republica de Guatemala, 7.05%, 10/04/32	12/01/23	446	466	0.2
	Gobierno de la Republica de Guatemala, 6.60%, 06/13/36	12/01/23	745	791	0.3
	Gobierno de la Republica del Ecuador, 3.50%, 07/31/35	12/15/23	421	446	0.2
	Government of Commonwealth of the Bahamas, 6.00%, 11/21/28	12/01/23	576	591	0.2
	Government of the Republic of Serbia, 2.05%, 09/23/36	12/04/23	2,549	2,736	0.9
	Government of the Republic of Zambia, 0.00%, 07/30/27	12/01/23	1,131	1,155	0.4
	Greenko Solar (Mauritius) Limited, 5.95%, 07/29/26	12/04/23	545	552	0.2
	Grifols Escrow Issuer S.A., 3.88%, 10/15/28	12/04/23	283	296	0.1
	Grupo Antolin-Irausa SA, 3.50%, 04/30/28	12/04/23	282	307	0.1

7

Jackson Credit Opportunities Fund (Unaudited)

Schedule of Investments (in thousands)

December 31, 2023

Jackson Credit Opportunities Fund — Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Grupo Aval Acciones y Valores S.A., 4.38%, 02/04/30	12/20/23	252	253	0.1
	Guala Closures S.p.A., 3.25%, 06/15/28	12/04/23	284	299	0.1
	Heimstaden Bostad AB, 3.63% (callable at 100, 10/13/26)	12/04/23	191	202	0.1
	Heimstaden Bostad AB, 1.63%, 10/13/31	12/05/23	373	394	0.1
	Iceland Bondco PLC, 10.88%, 12/15/27	12/04/23	424	431	0.1
	IHO Verwaltungs GmbH, 8.75%, 05/15/28	12/05/23	847	874	0.3
	IHS Holding Limited, 6.25%, 11/29/28	12/04/23	361	365	0.1
	Iliad Holding, 5.13%, 10/15/26	12/04/23	704	721	0.2
	Ineos Quattro Finance 1 PLC, 3.75%, 07/15/26	12/05/23	573	591	0.2
	International Consolidated Airlines Group, S.A., 3.75%, 03/25/29	12/04/23	406	427	0.1
	Iron Mountain Europe Limited, 3.88%, 11/15/25	12/04/23	423	427	0.1
	Italmatch Chemicals S.p.A., 10.00%, 02/06/28	12/04/23	283	293	0.1
	ITAU Unibanco Holding SA, 3.88%, 04/15/31	12/04/23	482	488	0.2
	Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28	12/04/23	832	845	0.3
	Joint Stock Company National Company Kazmunaygas, 3.50%, 04/14/33	12/04/23	625	658	0.2
	Kapla Holding, 3.38%, 12/15/26	12/04/23	283	294	0.1
	Kronos International, Inc., 3.75%, 09/15/25	12/05/23	283	283	0.1
	Lorca Telecom Bondco SA., 4.00%, 09/18/27	12/04/23	1,122	1,167	0.4
	Lottomatica S.P.A., 7.13%, 06/01/28	12/04/23	424	435	0.1
	MCE Finance Limited, 5.75%, 07/21/28	12/04/23	518	535	0.2
	Medco Bell PTE. LTD., 6.38%, 01/30/27	12/04/23	425	430	0.1
	Minerva Luxembourg S.A., 8.88%, 09/13/33	12/01/23	537	562	0.2
	Mobico Group PLC, 4.25% (callable at 100, 11/26/25)	12/04/23	849	857	0.3
	Monitchem Holdco 3 S.A., 8.75%, 05/01/28	12/04/23	401	415	0.1
	Mooney Group S.P.A., 7.81%, 12/17/26	12/04/23	556	567	0.2
	Motion Finco S.a r.l., 7.38%, 06/15/30	12/04/23	820	849	0.3
	NGG Finance PLC, 5.63%, 06/18/73	12/04/23	283	286	0.1
	Nidda Healthcare Holding GmbH, 7.50%, 08/21/26	12/04/23	705	722	0.2
	Nigeria, Federal Government of, 8.75%, 01/21/31	12/01/23	490	514	0.2
	Paganini BidCo S.p.A., 8.20%, 10/30/28	12/04/23	847	862	0.3
	People's Government of Inner Mongolia Autonomous Region, 7.88%, 06/05/29	12/06/23	713	728	0.2
	Piaggio & C. S.p.A., 6.50%, 10/05/30	12/04/23	282	295	0.1
	Picard Groupe, 3.88%, 07/01/26	12/05/23	417	431	0.1
	Pinewood Finco PLC, 3.25%, 09/30/25	12/05/23	847	860	0.3
	Pinnacle Bidco PLC, 10.00%, 10/11/28	12/04/23	722	755	0.3
	Playtech PLC, 5.88%, 06/28/28	12/04/23	548	563	0.2
	PLT VII Finance S.a r.l., 4.63%, 01/05/26	12/04/23	283	289	0.1
	Presidence de la Republique de Cote d'Ivoire, 4.88%, 01/30/32	12/04/23	1,170	1,243	0.4
	Presidence de la Republique de Cote d'Ivoire, 6.63%, 03/22/48	12/04/23	1,206	1,315	0.4
	Presidencia de la Republica de El Salvador, 9.50%, 07/15/52	12/01/23	1,314	1,367	0.5
	Presidencia de la Republica Dominicana, 7.05%, 02/03/31	12/01/23	550	569	0.2
	Presidencia de la Republica Dominicana, 6.85%, 01/27/45	12/01/23	1,280	1,353	0.5
	Primo Water Holdings Inc., 3.88%, 10/31/28	12/04/23	425	446	0.2
	Prosus N.V., 3.83%, 02/08/51	12/04/23	474	497	0.2
	RAC Bond Co PLC, 5.25%, 11/04/27	12/04/23	758	775	0.3
	RCS & RDS SA, 2.50%, 02/05/25	12/05/23	316	324	0.1
	Rede D'Or Finance, 4.50%, 01/22/30	12/01/23	275	286	0.1
	Romania, Government of, 6.38%, 09/18/33	12/04/23	2,616	2,759	0.9
	Romania, Government of, 3.75%, 02/07/34	12/04/23	753	795	0.3
	S.P.C.M. SA, 2.63%, 02/01/29	12/05/23	285	295	0.1
	Schaeffler AG, 3.38%, 10/12/28	12/04/23	518	533	0.2
	Seplat Energy PLC, 7.75%, 04/01/26	12/04/23	529	534	0.2
	SES, 2.88% (callable at 100, 05/27/26)	12/04/23	993	1,013	0.3
	Shelf Drilling Management Services DMCC, 9.63%, 04/15/29	12/04/23	425	428	0.1
	Sierracol Energy Andina, LLC, 6.00%, 06/15/28	12/04/23	448	461	0.2
	Sigma Holdco B.V., 5.75%, 05/15/26	12/04/23	140	148	0.1
	Stonegate Pub Company Financing PLC, 8.25%, 07/31/25	12/04/23	216	225	0.1
	Summer (BC) Holdco B S.a r.l., 5.75%, 10/31/26	12/04/23	698	718	0.2
	Summit Properties Limited, 2.00%, 01/31/25	12/04/23	284	287	0.1
	Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26	12/04/23	1,159	1,179	0.4
	Telecom Italia SPA, 7.88%, 07/31/28	12/04/23	965	1,011	0.3
	Telefonica Europe B.V., 6.75% (callable at 100, 06/07/31)	12/04/23	1,121	1,177	0.4
	The Arab Republic of Egypt, 8.70%, 03/01/49	12/01/23	666	725	0.2
	The Democratic Socialist Republic of Sri Lanka, 0.00%, 03/14/29	12/01/23	1,430	1,424	0.5
	The Republic of Kazakhstan, Government of, 1.50%, 09/30/34	12/04/23	593	627	0.2
	Titan Holdings II B.V., 5.13%, 07/15/29	12/04/23	286	290	0.1
	TK Elevator Holdco GmbH, 6.63%, 07/15/28	12/04/23	433	446	0.2
	TMNL Group Holding B.V., 5.50%, 01/15/30	12/04/23	417	435	0.1
	Turkiye Vakiflar Bankasi T.A.O., 9.00%, 10/12/28	12/04/23	348	357	0.1
	TVL Finance PLC, 10.25%, 04/28/28	12/04/23	694	709	0.2
	UGI International, LLC, 2.50%, 12/01/29	12/04/23	427	434	0.1
	United Group B.V., 5.25%, 02/01/30	12/04/23	559	595	0.2

8

Jackson Credit Opportunities Fund (Unaudited)

Schedule of Investments (in thousands)

December 31, 2023

Jackson Credit Opportunities Fund — Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Vedanta Resources Limited, 8.95%, 03/11/25	12/04/23	405	411	0.1
	Verisure Holding AB, 3.88%, 07/15/26	12/04/23	564	583	0.2
	Verisure Midholding AB, 5.25%, 02/15/29	12/04/23	567	595	0.2
	Vertical Midco GmbH, 4.38%, 07/15/27	12/04/23	282	293	0.1
	Virgin Media Vendor Financing Notes III Designated Activity Company, 4.88%, 07/15/28	12/04/23	709	741	0.2
	Vodafone Group Public Limited Company, 3.00%, 08/27/80	12/04/23	285	299	0.1
	We Soda Investments Holding PLC, 9.50%, 10/06/28	12/04/23	304	311	0.1
	Wepa Hygieneprodukte GmbH, 2.88%, 12/15/27	12/04/23	282	285	0.1
	Wintershall Dea AG, 3.00% (callable at 100, 07/20/28)	12/04/23	474	482	0.2
	WMG Acquisition Corp., 2.25%, 08/15/31	12/05/23	284	297	0.1
	Zenith Finco PLC, 6.50%, 06/30/27	12/04/23	550	544	0.2
	ZF Friedrichshafen AG, 3.75%, 09/21/28	12/04/23	519	532	0.2
	Ziggo Bond Company B.V., 3.38%, 02/28/30	12/04/23	568	605	0.2
			85,019	87,996	29.0

9

Jackson Credit Opportunities Fund (Unaudited)

Schedules of Investments (in thousands)

December 31, 2023

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

Currency Abbreivations:

EUR - European Currency Unit (Euro)

GBP - British Pound

USD - United States Dollar

Abbreviations:

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

CLO - Collateralized Loan Obligation

ETF - Exchange Traded Fund

LLC/L.L.C - Limited Liability Company

PLC/P.L.C. - Public Limited Company

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rates

US/U.S. - United States

Counterparty Abbreviations:

GSC - Goldman Sachs & Co.

SSB - State Street Brokerage Services, Inc.

Security Valuation. Under the Fund's valuation policy and procedures (“Valuation Policies and Procedures”), the Fund’s Board of Trustees ("Board" or "Trustees") has designated to the Adviser the responsibility for carrying out certain functions relating to the valuation of portfolio securities for the purpose of determining the NAV of the Fund. The Adviser has established a Valuation Committee (the “Valuation Committee”) that is charged with the responsibilities set forth in the Valuation Policies and Procedures. The Valuation Committee is responsible for determining fair valuations for any security for which market quotations are not readily available. For those securities fair valued under procedures approved by the Board, the Valuation Committee reviews and affirms the reasonableness of the fair valuation determinations after considering all relevant information that is reasonably available. The Valuation Committee’s fair valuation determinations are subject to review by the Board.

The NAV of the Fund’s shares is generally determined once each day on which the New York Stock Exchange (“NYSE”) is open, at the close of the regular trading session of the NYSE (normally, 4:00 PM Eastern Time, Monday through Friday). The NAV of the Fund’s shares may also not be determined on days designated by the Board or on days designated by the SEC. However, consistent with legal requirements, calculation of the Fund’s NAV may be suspended on days determined by the Board during times of NYSE market closure, which may include times during which the SEC issues policies or protocols associated with such closure pursuant to Section 22(e) of the 1940 Act. In the event that the NYSE is closed unexpectedly or opens for trading but closes earlier than scheduled, the Fund’s Valuation Committee will evaluate if trading activity on other U.S. exchanges and markets for equity securities is considered reflective of normal market activity. To the extent an NYSE closure is determined to be accompanied by a disruption of normal market activity, the Valuation Committee may utilize the time the NYSE closed for purposes of measuring and calculating the Fund's NAVs. To the extent an NYSE closure is determined to not have resulted in a disruption of normal market activity, the valuation committee may utilize the time the NYSE was scheduled to close for purposes of measuring and calculating the Fund's NAVs.

Equity securities are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security on the valuation date, the security may be valued at the most recent sale or quoted bid price prior to close. Stocks not listed on a national or foreign stock exchange may be valued at the closing bid price on the over the counter (“OTC”) market. The Adviser has retained an independent statistical fair value pricing service to assist in the fair valuation process for equities traded in foreign markets in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which the NAVs are determined. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. When fair valuing foreign equity securities, the Adviser adjusts the closing prices of foreign portfolio equity securities (except foreign equity securities traded in North America and South America) based upon pricing models provided by a third-party vendor in order to reflect the “fair value” of such securities for purposes of determining the Fund's NAV. Foreign equity securities traded in North America and South America may be fair valued utilizing international adjustment factors in response to local market holidays, exchange closures, or other events as deemed necessary in order to reflect the “fair value” of such securities for purposes of determining the Fund's NAV. If a valuation from a third-party pricing service is unavailable or it is determined that such valuation does not approximate fair value, debt obligations with remaining maturities of sixty (60) days or less may be valued at their amortized cost, unless it is determined that such practice also does not approximate fair value. Debt and derivative securities are generally valued by independent pricing services approved by the Board. Pricing services utilized to value debt and derivative instruments may use various pricing techniques which take into account appropriate factors such as: yield; credit quality; coupon rate; maturity; type of issue; trading characteristics; call features; credit ratings; broker quotes; tranche seniority, catastrophe perils and loss estimates, maturity extensions; and other relevant data. Term loans are generally valued at the composite bid prices provided by approved pricing services. Private Investment Funds (Private Funds) are generally valued using the NAV provided as a practical expedient to estimate the fair value of such interests. Private debt is generally fair valued according to procedures approved by the Board. 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. If 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.

10

Jackson Credit Opportunities Fund (Unaudited)

Schedules of Investments (in thousands)

December 31, 2023

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

If an investment is valued at a fair value for purposes of calculating the 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.

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 the 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 national or foreign stock exchanges, futures listed on derivatives exchanges or investments in mutual funds.

Level 2 includes valuations determined from significant direct or indirect observable inputs. Direct observable inputs include broker quotes, third-party prices, closing prices of similar securities in active markets, closing prices for identical or similar securities in non-active markets or corporate action or reorganization entitlement values. Indirect significant observable inputs include factors such as interest rates, yield curves, prepayment speeds or credit ratings. Level 2 includes valuations for fixed income securities, including certain term loans, OTC derivatives, centrally cleared swap agreements, broker quotes in active markets, securities subject to corporate actions, securities valued at amortized cost, international equity securities priced by an independent statistical fair value pricing service, swap agreements valued by pricing services, ADRs and GDRs for which quoted prices in active markets are not available or securities limited by foreign ownership.

Level 3 includes valuations determined from significant unobservable inputs including the Adviser's own assumptions in determining the fair value of the investment. Inputs used to determine the fair value of Level 3 securities include security specific inputs such as: credit quality, credit rating spreads, issuer news, trading characteristics, call features, maturity or anticipated cash flows; tranche seniority, catastrophe perils and loss estimates, maturity extensions; or industry specific inputs such as: trading activity of similar markets or securities, changes in the security’s underlying index or changes in comparable securities’ models. Level 3 valuations include securities, currency exchange rates and forward foreign currency contracts where forward rates are not available; term loans that do not meet certain liquidity thresholds; securities where prices may be unavailable due to halted trading, restricted to resale due to market events, or newly issued; private placements; or investments for which reliable quotes are otherwise not available.

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 the Fund’s investments in securities and other financial instruments (in thousands) as of December 31, 2023 by valuation level.

	. Level 1 ($) .	. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
Jackson Credit Opportunities Fund
Assets - Securities
Corporate Bonds And Notes	—	155,766	—	155,766
Senior Floating Rate Instruments	—	57,842	—	57,842
Government And Agency Obligations	—	38,587	—	38,587
Catastrophe Bonds	—	19,513	1,250	20,763
Non-U.S. Government Agency Asset-Backed Securities	—	16,430	—	16,430
Investment Companies	13,396	—	—	13,396
Short Term Investments	30,473	—	—	30,473
	43,869	288,138	1,250	333,257

11

Jackson Credit Opportunities Fund (Unaudited)

Schedules of Investments (in thousands)

December 31, 2023

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
Jackson Credit Opportunities Fund (continued)
Assets - Investments in Other Financial Instruments1
Futures Contracts	4		—		—	4
	4		—		—	4
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(142	)	—		—	(142	)
Open Forward Foreign Currency Contracts	—		(1,163	)	—	(1,163	)
	(142	)	(1,163	)	—	(1,305	)

¹All derivatives are reflected at the unrealized appreciation (depreciation) on the instrument.

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 transfers into or out of Level 3 for the period. There were no significant Level 3 valuations for which unobservable valuation inputs were developed at December 31, 2023

12