Jackson Credit Opportunities Fund

05/27/2026 | Press release | Distributed by Public on 05/27/2026 12:55

Annual Report by Investment Company (Form N-CSR)

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: 811-23889

Jackson Credit Opportunities Fund

(Exact name of registrant as specified in charter)

1 Corporate Way, Lansing, Michigan 48951

(Address of principal executive offices)

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

(Mailing address)

Andrew Tedeschi

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: (517) 381-5500

Date of Fiscal Year End: March 31

Date of Reporting Period: April 1, 2025 - March 31, 2026

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, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

Item 1. Report to Shareholders.

Jackson Credit Opportunities Fund

Neuberger Berman Investment Advisers LLC (Unaudited)

Jackson Credit Opportunities Fund

Composition as of March 31, 2026:

Industrials

19.0

%

Catastrophe Bonds

15.1

Financials

11.3

Consumer Discretionary

8.9

Health Care

6.3

Information Technology

6.2

Non-U.S. Government Agency ABS

6.2

Communication Services

5.6

Materials

4.7

Utilities

3.7

Energy

3.6

Government Securities

3.6

Consumer Staples

2.4

Real Estate

1.5

U.S. Government Agency MBS

-

Warrants

-

Other Short Term Investments

1.9

Total Investments

100.0

%

The graph shows the change in value of an assumed $10,000 investment in the Fund's Class I 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.

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.

Average Annual Total Returns

Class I†

1 Year

6.21

%

Since Inception

8.36

†Inception date December 01, 2023

For the year ended March 31, 2026, Jackson Credit Opportunities Fund underperformed its primary benchmark by posting a return of 6.21% for Class I shares compared to 7.01% for the Bloomberg U.S. High Yield 2% Issuer Cap Index.

Macroeconomic and market conditions during the reporting period

Over the past year, the U.S. economy delivered a mixed but broadly resilient performance, with growth moderating before stabilizing into early 2026. Inflation re-accelerated modestly, driven primarily by energy price pressures and the pass-through effects of elevated tariffs, while core inflation remained more contained. Against this backdrop, the Federal Reserve paused its easing cycle, holding rates steady across consecutive meetings as policymakers balanced a solid labor market against persistent inflationary pressures. The escalation of geopolitical tensions in early 2026, alongside the continued economic impact of elevated U.S. tariff rates following the April 2025 trade actions, sustained a degree of policy uncertainty and contributed to heightened volatility across risk assets in 2026. Option-Adjusted Spreads for U.S. investment grade ("IG") credit widened from historically tight levels, with the bulk of movement concentrated in Q1 2026. High yield spreads experienced a sharper move, reflecting a broader recalibration of risk premia amid macro and geopolitical uncertainty. Within IG and high yield corporates, fundamentals remain broadly stable, though earnings expectations have been modestly revised lower and profitability continues to face pressure from elevated input costs tied to the prevailing tariff environment. Management teams have largely maintained disciplined cost management and conservative financial policies, supported by solid free cash flow generation; however, the persistence of broad-based trade measures introduces incremental headwinds to margins and top-line growth that warrant monitoring. Idiosyncratic risk has risen at the margins, though default expectations remain broadly in line with historical norms.

Positioning in alternative credit was the primary driver of returns over the trailing one-year period, with insurance linked bonds, opportunistic private credit, and large cap direct lending as the largest sources of total return. High yield and emerging market debt were also primary contributors to absolute performance. Duration contributed positively to absolute returns. Securitized credit, CLOs, and senior floating rate loans also contributed to total returns, but to a lesser degree. There were no material detractors from absolute performance.

We increased exposure in emerging market debt, senior floating rate loans, non-US DM high yield, hybrids, and US investment grade credit. We reduced exposure to securitized credit, CLOs, US high yield and non-US DM IG credit. While credit spreads are up off the historical lows and all-in yields remain attractive, overall, we expect spreads to be generally rangebound, albeit in a wider range, for the remainder of the year with some potential for further widening depending on the real economic and margin impacts from higher energy costs and volatility in rates from the heightened geopolitical tensions in the Middle East.

1

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Shares/Par1

Value ($)

Jackson Credit Opportunities Fund

SENIOR FLOATING RATE INSTRUMENTS 33.7%

Industrials 12.0%

Allied Universal Holdco LLC

2025 USD Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 08/06/32 (a)

1,990

1,989

Amentum Government Services Holdings LLC

2024 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 07/31/31 (a)

890

890

Arcline FM Holdings, LLC

Term Loan, 0.00%, (SOFR + 2.75%), 12/31/49 (a) (b)

2,000

2,001

Artera Services, LLC

2024 Term Loan, 8.17%, (3 Month Term SOFR + 4.50%), 02/07/31 (a)

2,454

2,086

Ascensus Group Holdings Inc.

2024 Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 08/02/28 (a)

1,000

983

2025 2nd Lien Term Loan B, 8.92%, (3 Month Term SOFR + 5.25%), 11/20/33 (a) (c)

1,000

1,010

Brock Holdings III, Inc.

2024 Term Loan B, 9.67%, (3 Month Term SOFR + 5.75%), 05/01/30 (a)

1,477

1,470

Cast and Crew Payroll, LLC

2021 Incremental Term Loan, 7.42%, (3 Month Term SOFR + 3.75%), 12/30/28 (a)

1,860

711

Columbus McKinnon Corporation

2026 Term Loan B, 7.16%, (3 Month Term SOFR + 3.50%), 01/21/33 (a)

883

879

Constant Contact Inc

Term Loan, 7.93%, (3 Month Term SOFR + 4.00%), 02/10/28 (a)

998

926

Cornerstone Building Brands, Inc.

2024 Term Loan B, 8.17%, (3 Month Term SOFR + 4.50%), 05/05/31 (a)

1,644

781

Cornerstone Generation LLC

Term Loan B, 5.92%, (3 Month Term SOFR + 3.25%), 10/15/31 (a)

1,927

1,926

CP Iris HoldCo I, Inc.

2025 Term Loan, 7.67%, (1 Month Term SOFR + 4.00%), 10/20/32 (a)

1,943

1,925

CPI Holdco B LLC

2025 Add-on Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 05/19/31 (a)

1,985

1,970

Crash Champions, LLC

2024 Term Loan B, 8.42%, (3 Month Term SOFR + 4.75%), 02/23/29 (a)

1,975

1,708

Daintree Bidco Pty Ltd.

Term Loan, 0.00%, (SOFR + 4.50%), 12/31/49 (a) (b)

1,000

981

Darktrace PLC

2nd Lien Term Loan, 8.90%, (3 Month Term SOFR + 5.25%), 07/02/32 (a)

1,000

919

DS Parent Inc

Term Loan B, 9.17%, (3 Month Term SOFR + 5.50%), 12/13/30 (a)

1,965

1,724

Dynasty Acquisition Co., Inc.

2024 1st Lien Term Loan B1, 5.67%, (1 Month Term SOFR + 2.00%), 10/24/31 (a)

1,323

1,322

2024 1st Lien Term Loan B2, 5.67%, (1 Month Term SOFR + 2.00%), 10/24/31 (a)

503

503

Edelman Financial Center, LLC

2024 2nd Lien Term Loan, 8.92%, (1 Month Term SOFR + 5.25%), 10/23/28 (a)

1,000

988

EMG Utica, LLC

2025 Term Loan B, 7.17%, (3 Month Term SOFR + 4.00%), 10/24/29 (a)

1,980

1,985

EMRLD Borrower LP

2024 Term Loan B, 6.12%, (6 Month Term SOFR + 2.25%), 06/18/31 (a)

2,205

2,199

Engineered Machinery Holdings, Inc.

2021 USD 2nd Lien Term Loan, 9.93%, (3 Month Term SOFR + 6.00%), 05/21/29 (a)

417

417

FR BR Holdings, L.L.C.

2025 Term Loan B, 7.92%, (3 Month Term SOFR + 4.25%), 10/09/30 (a) (c)

1,990

1,990

Garda World Security Corporation

2026 Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 02/01/29 (a)

1,982

1,968

Gategroup Fin Luxembourg SA

USD Repriced Term Loan B, 7.20%, (3 Month Term SOFR + 3.50%), 06/10/32 (a)

1,990

1,987

Genuine Financial Holdings, LLC

2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 09/27/30 (a)

1,965

1,681

Icebox Holdco III, Inc.

2021 2nd Lien Term Loan, 10.17%, (3 Month Term SOFR + 6.50%), 12/21/29 (a)

1,000

1,004

Jupiter Buyer, Inc.

2024 Term Loan B, 7.92%, (3 Month Term SOFR + 4.25%), 10/10/31 (a)

888

887

LBM Acquisition LLC

2025 Incremental Term Loan, 8.67%, (1 Month Term SOFR + 5.00%), 06/06/31 (a)

1,592

1,339

LSF12 Badger Bidco LLC

Term Loan B, 9.17%, (1 Month Term SOFR + 5.50%), 07/25/30 (a)

1,858

1,854

LSF12 Helix Parent LLC

USD Term Loan B, 7.17%, (1 Month Term SOFR + 3.50%), 02/28/33 (a)

912

899

Max US Bidco Inc

Term Loan B, 8.67%, (3 Month Term SOFR + 5.00%), 10/02/30 (a)

1,980

1,619

Orion US Finco Inc.

2nd Lien Term Loan, 9.15%, (3 Month Term SOFR + 5.50%), 07/29/33 (a)

2,000

1,870

Petco Health and Wellness Company, Inc.

2026 Term Loan B, 7.92%, (1 Month Term SOFR + 4.25%), 01/22/31 (a)

2,000

1,951

Radar Bidco Sarl

2026 USD Repriced Term Loan, 6.41%, (3 Month Term SOFR + 2.75%), 04/04/31 (a)

1,663

1,654

Star Holding LLC

2024 1st Lien Term Loan B, 8.17%, (1 Month Term SOFR + 4.50%), 07/18/31 (a)

1,970

1,938

Synechron Inc

Term Loan B, 7.42%, (1 Month Term SOFR + 3.75%), 09/25/31 (a)

1,980

1,809

TK Elevator Midco GmbH

Term Loan, 0.00%, (SOFR + 2.75%), 12/31/49 (a) (b)

1,000

1,001

TKC Holdings, Inc.

2026 Term Loan, 8.18%, (1 Month Term SOFR + 4.50%), 08/17/30 (a)

2,000

1,986

TMC Buyer, Inc

2024 Term Loan B, 8.42%, (3 Month Term SOFR + 4.75%), 10/27/30 (a)

1,816

1,818

TransDigm, Inc.

2026 Term Loan N, 6.16%, (3 Month Term SOFR + 2.50%), 02/13/33 (a)

2,050

2,050

Trulite Holding Corp.

Term Loan, 9.66%, (3 Month Term SOFR + 6.00%), 02/15/31 (a) (c)

1,900

1,748

Veritiv Corporation

Term Loan B, 7.67%, (3 Month Term SOFR + 4.00%), 11/30/30 (a)

1,970

1,911

Worldwide Express Operations, LLC

2024 Term Loan B, 7.67%, (3 Month Term SOFR + 4.00%), 07/26/28 (a)

1,969

1,969

69,226

Information Technology 5.7%

Applied Systems, Inc.

2024 2nd Lien Term Loan, 8.17%, (3 Month Term SOFR + 4.50%), 02/07/32 (a)

2,500

2,461

Bending Spoons US Inc

USD Term Loan B, 9.54%, (1 Month Term SOFR + 5.25%), 02/19/31 (a)

1,900

1,729

Bingo Holdings I LLC

Term Loan B, 8.42%, (3 Month Term SOFR + 4.75%), 06/11/32 (a)

1,990

1,936

Cloudera, Inc.

2021 Second Lien Term Loan, 9.77%, (1 Month Term SOFR + 6.00%), 10/01/29 (a)

2,000

1,532

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

2

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Shares/Par1

Value ($)

Confluence Technologies, Inc

2025 Term Loan, 8.65%, (3 Month Term SOFR + 5.00%), 07/30/28 (a) (c)

611

605

Dayforce, Inc.

2026 Term Loan, 6.66%, (3 Month Term SOFR + 3.00%), 10/07/32 (a)

1,000

945

Ellucian Holdings, Inc.

2024 2nd Lien Term Loan, 8.42%, (1 Month Term SOFR + 4.75%), 11/14/32 (a)

2,000

1,908

EP Purchaser, LLC

2023 Term Loan B, 8.29%, (3 Month Term SOFR + 4.50%), 11/06/28 (a)

1,303

807

Gainwell Acquisition Corp.

Term Loan B, 7.77%, (3 Month Term SOFR + 4.00%), 08/17/27 (a)

2,480

2,404

Galaxy US Opco Inc.

Term Loan, 5.67%, (3 Month Term SOFR + 2.00%), 04/19/29 (a)

2,048

1,758

ITG Communications, LLC

Term Loan B, 8.42%, (SOFR + 4.75%), 07/01/31 (a)

1,988

1,888

Javelin Buyer, Inc.

2024 2nd Lien Term Loan, 8.67%, (3 Month Term SOFR + 5.00%), 10/08/32 (a)

2,000

1,820

Kaseya Inc.

2025 2nd Lien Term Loan B, 8.67%, (1 Month Term SOFR + 5.00%), 03/07/33 (a)

1,500

1,186

Newfold Digital Holdings Group Inc.

2025 New Money Tranche A Term Loan, 9.42%, (3 Month Term SOFR + 5.75%), 04/30/29 (a)

695

521

Peraton Corp.

2nd Lien Term Loan B1, 11.52%, (3 Month Term SOFR + 7.75%), 02/01/29 (a)

790

565

Project Alpha Intermediate Holding, Inc.

2025 2nd Lien Incremental Term Loan, 8.67%, (3 Month Term SOFR + 5.00%), 11/22/32 (a)

2,000

1,162

Rackspace Finance, LLC

2024 First Lien First Out Term Loan, 10.04%, (1 Month Term SOFR + 6.25%), 05/15/28 (a)

1,404

1,390

RealPage, Inc

2024 Incremental Term Loan, 7.42%, (3 Month Term SOFR + 3.75%), 04/24/28 (a)

1,485

1,439

Resilience Parent LLC

2nd Lien Term Loan, 8.91%, (3 Month Term SOFR + 5.25%), 01/23/34 (a) (c)

2,000

1,974

Vision Solutions, Inc.

2021 Incremental Term Loan, 7.93%, (3 Month Term SOFR + 4.00%), 04/24/28 (a)

494

378

2021 2nd Lien Term Loan, 11.18%, (3 Month Term SOFR + 7.25%), 04/23/29 (a)

1,800

1,217

WatchGuard Technologies Inc.

Term Loan, 8.92%, (1 Month Term SOFR + 5.25%), 07/02/29 (a)

1,974

1,787

Zayo Group Holdings, Inc.

2025 USD Term Loan, 0.00%, (1 Month Term SOFR + 3.50%), 03/11/30 (a) (b)

500

490

2025 USD Term Loan, 6.79%, (1 Month Term SOFR + 3.50%), 03/11/30 (a)

1,293

1,268

33,170

Health Care 4.6%

Auris Luxembourg III S.a.r.l.

2026 USD Term Loan B, 6.95%, (3 Month Term SOFR + 3.25%), 02/28/29 (a)

1,965

1,963

2026 USD Term Loan B, 6.95%, (1 Month Term SOFR + 3.25%), 02/28/29 (a)

5

5

Bausch & Lomb Corporation

2025 Repriced Term Loan, 7.42%, (1 Month Term SOFR + 3.75%), 01/15/31 (a)

3,945

3,950

Bausch Health Companies Inc.

2025 Term Loan B, 9.92%, (1 Month Term SOFR + 6.25%), 09/25/30 (a)

1,985

1,913

Heartland Dental, LLC

2025 Term Loan, 7.42%, (1 Month Term SOFR + 3.75%), 07/31/32 (a)

1,980

1,974

Help At Home, Inc.

2024 Term Loan B, 8.67%, (1 Month Term SOFR + 5.00%), 09/20/31 (a)

1,954

1,662

Hologic Inc

Term Loan, 0.00%, (SOFR + 2.25%), 12/31/49 (a) (b)

2,000

1,975

LifePoint Health, Inc.

2024 Incremental Term Loan B1, 7.15%, (3 Month Term SOFR + 3.50%), 05/17/31 (a)

2,481

2,477

National Mentor Holdings, Inc.

2025 1st Lien Term Loan B, 0.00%, (1 Month Term SOFR + 6.00%), 12/05/30 (a) (b)

700

696

2025 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 6.00%), 12/05/30 (a) (b)

300

298

Raven Acquisition Holdings LLC

Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 10/25/31 (a)

1,848

1,811

Sound Inpatient Physicians

2024 Tranche C Term Loan (Third Out), 0.00%, (SOFR + 6.75%), 06/28/29 (a) (b)

500

469

2024 Tranche C Term Loan (Third Out), 10.68%, (3 Month Term SOFR + 6.75%), 06/28/29 (a)

1,500

1,406

Summit Behavioral Healthcare LLC

2025 FLSO Term Loan, 8.18%, (3 Month Term SOFR + 4.25%), 12/31/29 (a)

1,960

1,682

2025 FLFO Term Loan, 9.68%, (3 Month Term SOFR + 5.75%), 12/31/29 (a)

334

343

Team Health Holdings, Inc.

2026 Repriced Term Loan B, 7.66%, (3 Month Term SOFR + 4.00%), 06/30/28 (a)

1,985

1,975

TEAM Services Holding Inc.

Term Loan, 0.00%, (SOFR + 5.25%), 12/31/49 (a) (b)

2,000

1,888

26,487

Consumer Discretionary 3.0%

Catawba Nation Gaming Authority

Term Loan B, 8.42%, (3 Month Term SOFR + 4.75%), 12/13/31 (a)

2,000

2,026

Champ Acquisition Corporation

2024 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 11/08/31 (a)

1,588

1,592

DexKo Global Inc.

Term Loan, 0.00%, (SOFR + 5.00%), 12/31/49 (a) (b)

1,500

1,475

Great Outdoors Group, LLC

2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 01/20/32 (a)

1,975

1,969

Jack Ohio Finance LLC

2025 Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 01/28/32 (a)

1,651

1,626

Men's Wearhouse, Inc. (The)

2026 Term Loan B, 9.41%, (3 Month Term SOFR + 5.75%), 01/22/31 (a)

1,000

998

Michaels Companies, Inc. (The)

2026 Term Loan B, 8.67%, (3 Month Term SOFR + 5.00%), 03/02/33 (a)

1,000

968

Peer Holding III B.V.

2025 USD Term Loan B, 5.92%, (3 Month Term SOFR + 2.25%), 09/29/32 (a)

1,000

990

Peninsula Pacific Entertainment, LLC

2025 Term Loan B, 8.42%, (3 Month Term SOFR + 4.75%), 08/14/32 (a)

1,620

1,612

2025 Delayed Draw Term Loan, 8.41%, (1 Month Term SOFR + 4.75%), 10/07/32 (a)

380

378

PetSmart, Inc.

2025 USD Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 08/09/32 (a)

2,000

1,984

S&S Holdings LLC

Term Loan, 8.78%, (1 Month Term SOFR + 5.00%), 03/11/28 (a)

1,949

1,839

17,457

Materials 3.0%

Glatfelter Corp

Term Loan B, 7.92%, (3 Month Term SOFR + 4.25%), 10/10/31 (a)

2,260

2,162

IRIS Holdings Inc.

Term Loan, 8.52%, (3 Month Term SOFR + 4.75%), 06/15/28 (a)

1,971

1,841

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

3

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Shares/Par1

Value ($)

Natgasoline LLC

2025 Term Loan B, 9.17%, (3 Month Term SOFR + 5.50%), 03/25/30 (a)

1,463

1,468

Olympus Water US Holding Corporation

2025 USD Term Loan B, 6.92%, (3 Month Term SOFR + 3.25%), 07/26/32 (a)

1,995

1,918

SCIL IV LLC

USD Term Loan B, 7.79%, (6 Month Term SOFR + 4.00%), 10/09/32 (a)

998

992

Spa Holdings 3 Oy

2025 USD Term Loan B, 8.18%, (3 Month Term SOFR + 4.25%), 05/22/30 (a)

2,481

2,453

SupplyOne, Inc

2024 Term Loan B, 7.17%, (1 Month Term SOFR + 3.50%), 03/27/31 (a)

1,960

1,964

Trident TPI Holdings, Inc.

2024 Term Loan B7, 7.42%, (3 Month Term SOFR + 3.75%), 09/15/28 (a)

1,960

1,853

Vector WP Holdco,Inc

Term Loan B, 8.79%, (1 Month Term SOFR + 5.00%), 10/12/28 (a) (c)

1,974

1,777

Vibrantz Technologies Inc.

Term Loan, 0.00%, (SOFR + 3.25%), 12/31/49 (a) (b)

1,000

995

17,423

Communication Services 1.7%

888 Acquisitions Limited

USD Term Loan B, 9.05%, (6 Month Term SOFR + 5.25%), 07/01/28 (a)

1,952

1,808

Altice France S.A.

2025 USD Term Loan B12, 8.74%, (3 Month Term SOFR + 5.06%), 10/30/28 (a)

986

981

2025 USD Term Loan B14, 10.55%, (3 Month Term SOFR + 6.88%), 05/31/31 (a)

986

987

CSC Holdings, LLC

2019 Term Loan B5, 8.25%, (Prime Rate + 1.50%), 04/15/27 (a)

497

437

Level 3 Financing Inc.

2025 Repriced Term Loan B4, 6.92%, (1 Month Term SOFR + 3.25%), 03/29/32 (a)

1,500

1,498

Neptune BidCo US Inc.

2026 USD Term Loan B, 8.76%, (3 Month Term SOFR + 5.00%), 01/28/33 (a)

2,000

1,906

Radiate Holdco, LLC

2025 Delayed Draw Term Loan, 7.67%, (1 Month Term SOFR + 4.00%), 06/26/29 (a)

335

334

2025 Term Loan, 7.67%, (1 Month Term SOFR + 4.00%), 06/26/29 (a)

335

334

Showtime Acquisition, L.L.C

2024 1st Lien Term Loan, 8.40%, (3 Month Term SOFR + 4.75%), 08/13/31 (a)

1,970

1,940

10,225

Financials 1.3%

Albion Financing 3 SARL

2025 USD Term Loan, 6.66%, (3 Month Term SOFR + 3.00%), 05/21/31 (a)

1,965

1,962

Aretec Group, Inc.

2025 Repriced Term Loan, 6.67%, (1 Month Term SOFR + 3.00%), 08/09/30 (a)

980

967

NEXUS Buyer LLC

2025 2nd Lien Term Loan B, 9.42%, (1 Month Term SOFR + 5.75%), 01/30/32 (a)

2,000

1,929

Viant Medical Holdings, Inc.

2024 Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 10/15/31 (a)

2,481

2,476

7,334

Consumer Staples 0.7%

Nourish Buyer I Inc

2026 Repriced Term Loan B, 7.67%, (3 Month Term SOFR + 4.00%), 07/09/32 (a)

1,995

1,996

PFI Lower Midco LLC

Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 11/15/32 (a)

1,995

1,999

3,995

Energy 0.7%

Freeport LNG Investments, LLLP

2026 Term Loan B, 6.89%, (3 Month Term SOFR + 3.25%), 01/29/33 (a)

2,000

1,998

Prairie ECI Acquiror LP

2026 Repriced Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 08/01/29 (a)

1,960

1,962

3,960

Utilities 0.5%

Eastern Power, LLC

Term Loan B, 8.42%, (1 Month Term SOFR + 5.25%), 04/03/28 (a)

1,852

1,852

New Fortress Energy Inc

2025 Incremental Term Loan B, 9.17%, (3 Month Term SOFR + 5.50%), 10/30/28 (a)

1,975

1,099

2,951

Real Estate 0.5%

Brand Industrial Services Inc

2024 Term Loan B, 8.16%, (3 Month Term SOFR + 4.50%), 08/01/30 (a)

1,109

949

EE TLB Borrower LLC

Term Loan B, 7.67%, (3 Month Term SOFR + 4.00%), 10/15/32 (a)

1,995

2,002

2,951

Total Senior Floating Rate Instruments (cost $205,769)

195,179

CORPORATE BONDS AND NOTES 26.3%

Consumer Discretionary 4.1%

Accor

7.25%, (100, 01/11/29), EUR (d) (e)

200

244

Acushnet Company

5.63%, 12/01/33 (f)

590

585

Advance Auto Parts, Inc.

7.00%, 08/01/30 (f)

95

96

7.38%, 08/01/33 (f)

95

96

Allwyn Entertainment Financing (UK) PLC

7.25%, 04/30/30, EUR (e)

202

241

Aramark International Finance S.a r.l.

4.38%, 04/15/33, EUR (e)

150

165

Azelis Finance

4.75%, 09/25/29, EUR (e)

100

115

B&M European Value Retail S.A.

6.50%, 11/27/31, GBP (e)

267

335

Bath & Body Works, Inc.

6.88%, 11/01/35

125

123

6.75%, 07/01/36

40

38

Beach Acquisition Bidco, LLC

5.25%, 07/15/32, EUR (e)

250

276

Beazer Homes USA, Inc.

7.25%, 10/15/29

165

163

Bertrand Franchise Finance

5.78%, (3 Month EURIBOR + 3.75%), 07/18/30, EUR (a) (e)

100

112

Boots Group Finco LP

5.38%, 08/31/32, EUR (e)

200

230

Bubbles BidCo S.p.A.

6.50%, 09/30/31, EUR (e)

150

173

Carnival Corporation

6.13%, 02/15/33 (f)

685

690

CD&R Firefly Bidco PLC

8.63%, 04/30/29, GBP (e)

100

135

CDI Escrow Issuer, Inc.

5.75%, 04/01/30 (f)

645

637

Ceconomy AG

6.25%, 07/15/29, EUR (e)

330

391

Churchill Downs Incorporated

6.75%, 05/01/31 (f)

115

117

Cirsa Finance International S.a r.l.

6.50%, 03/15/29, EUR (e)

250

294

Clarios Global LP

6.75%, 09/15/32 (f)

330

332

Cougar JV Subsidiary, LLC

8.00%, 05/15/32 (f)

320

331

CT Investment GmbH

6.38%, 04/15/30, EUR (e)

200

233

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

4

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Shares/Par1

Value ($)

Dana Financing Luxembourg S.a r.l.

8.50%, 07/15/31, EUR (e)

100

120

Discovery Communications, LLC

4.13%, 05/15/29

70

68

Dufry One B.V.

4.50%, 05/23/32, EUR (e)

253

288

Elior Group

5.63%, 03/15/30, EUR (e)

200

234

Essendi S.A.

5.50%, 11/15/31, EUR (e)

200

225

Flutter Treasury Designated Activity Company

5.00%, 04/29/29, EUR (e)

150

175

FNAC Darty

6.00%, 04/01/29, EUR (e)

200

238

Fortune Star (BVI) Limited

5.05%, 01/27/27 (e)

330

322

Forvia

5.50%, 06/15/31, EUR (e)

350

400

6.75%, 09/15/33 (f)

530

517

Fressnapf Holding SE

5.25%, 10/31/31, EUR (e)

350

395

Gestamp Automocion Sociedad Anonima

4.38%, 10/15/30, EUR (e)

200

229

IHO Verwaltungs GmbH

8.75%, 05/15/28, EUR (e) (g)

250

295

IHOL-Verwaltungs-GmbH

7.75%, 11/15/30 (f) (g)

325

331

Installed Building Products, Inc.

5.63%, 02/01/34 (f)

150

146

Jaguar Land Rover Automotive PLC

4.50%, 07/15/28, EUR (e)

300

344

K. Hovnanian Enterprises, Inc.

8.00%, 04/01/31 (f)

110

109

8.38%, 10/01/33 (f)

90

89

LCM Investments Holdings II, LLC

4.88%, 05/01/29 (f)

75

73

8.25%, 08/01/31 (f)

180

185

LGI Homes, Inc.

7.00%, 11/15/32 (f)

255

236

LHMC Finco 2 S.A R.L.

9.38%, 05/15/30, EUR (e) (g)

100

121

Light and Wonder International, Inc.

6.25%, 10/01/33 (f)

330

323

Lindblad Expeditions, LLC

7.00%, 09/15/30 (f)

330

336

Macys Retail Holdings

7.38%, 08/01/33 (f)

155

159

Mattamy Homes Limited

6.00%, 12/15/33 (f)

295

277

Michaels Companies, Inc., The

8.50%, 03/15/33 (f)

225

219

11.00%, 03/15/34 (f)

100

93

Midwest Gaming Borrower, LLC

4.88%, 05/01/29 (f)

565

548

Miller Homes Group (Finco) PLC

7.00%, 05/15/29, GBP (e)

200

258

Motel One GmbH

7.75%, 04/02/31, EUR (e)

160

192

Nissan Motor Co., Ltd.

5.25%, 07/17/29, EUR (e)

150

171

6.38%, 07/17/33, EUR (e)

100

115

Patrick Industries, Inc.

6.38%, 11/01/32 (f)

355

355

Petco Health And Wellness Company, Inc.

8.25%, 02/01/31 (f)

245

245

PetSmart, LLC

7.50%, 09/15/32 (f)

230

231

Pinewood Finco PLC

6.00%, 03/27/30, GBP (e)

145

187

Pinnacle Bidco PLC

10.00%, 10/11/28, GBP (e)

200

275

Prosus N.V.

3.83%, 02/08/51 (e)

390

251

Punch Finance PLC

7.88%, 12/30/30, GBP (e)

150

197

Rakuten Group, Inc.

4.25%, (100, 04/22/27), EUR (d) (e)

200

223

Resideo Funding Inc.

6.50%, 07/15/32 (f)

395

389

Schaeffler AG

4.50%, 03/28/30, EUR (e)

700

795

Six Flags Entertainment Corporation

8.63%, 01/15/32 (f)

80

80

Six Flags Operations Inc.

7.25%, 05/15/31 (f)

335

322

6.63%, 05/01/32 (f)

620

619

Studio City Finance Limited

6.50%, 01/15/28 (e)

250

247

TAP-Transportes Aereos Portugueses, SGPS, S.A.

5.13%, 11/15/29, EUR (e)

300

341

TKC Holdings, Inc.

8.50%, 08/15/30 (f)

140

141

12.00%, 02/15/31 (f)

80

83

TVL Finance PLC

10.25%, 04/28/28, GBP (e)

100

127

United Parks And Resorts Inc.

5.25%, 08/15/29 (f)

345

329

V.F. Corporation

4.25%, 03/07/29, EUR

220

251

Valeo

4.50%, 04/11/30, EUR (e)

300

343

5.13%, 05/20/31, EUR (e)

100

115

4.63%, 03/23/32, EUR (e)

100

112

Verde Purchaser, LLC

10.50%, 11/30/30 (f)

205

212

Viking Cruises Limited

5.88%, 10/15/33 (f)

250

247

Viking Ocean Cruises Ship VII Ltd.

5.63%, 02/15/29 (f)

385

384

Warnermedia Holdings, Inc.

4.28%, 03/15/32

290

257

5.05%, 03/15/42

95

63

White Cap Supply Holdings, LLC

7.38%, 11/15/30 (f)

205

199

Windsor Holdings III, LLC

8.50%, 06/15/30 (f)

310

320

Wyndham Hotels & Resorts, Inc.

5.63%, 03/01/33 (f)

240

236

Wynn Macau, Limited

5.63%, 08/26/28 (e)

200

197

ZF Friedrichshafen AG

2.25%, 05/03/28, EUR (e)

200

219

3.75%, 09/21/28, EUR (e)

100

112

6.13%, 03/13/29, EUR (e)

100

116

3.00%, 10/23/29, EUR (e)

100

105

7.00%, 06/12/30, EUR (e)

100

118

ZF North America Capital, Inc.

7.50%, 03/24/31 (f)

315

309

6.88%, 04/23/32 (f)

60

57

23,392

Industrials 3.6%

Abertis Infraestructuras Finance B.V.

4.87%, (100, 11/28/29), EUR (d) (e)

400

463

Adani Ports and Special Economic Zone Limited

3.10%, 02/02/31 (e)

200

176

ADT Security Corporation, The

5.88%, 10/15/33 (f)

545

528

Air France - KLM

4.63%, 05/23/29, EUR (e)

200

232

Amsted Industries Incorporated

6.38%, 03/15/33 (f)

700

704

Ardagh Metal Packaging Finance Public Limited Company

4.00%, 09/01/29 (f)

360

330

5.00%, 01/30/31, EUR (e)

300

335

6.25%, 01/30/31 (f)

140

139

Artera Services, LLC

8.50%, 02/15/31 (f)

145

124

Assemblin Caverion Group AB

6.25%, 07/01/30, EUR (e)

350

410

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

5

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Shares/Par1

Value ($)

Bombardier Inc.

6.75%, 06/15/33 (f)

20

21

Builders FirstSource, Inc.

6.75%, 05/15/35 (f)

545

544

CACI International Inc.

6.38%, 06/15/33 (f)

315

321

Calderys Financing, LLC

11.25%, 06/01/28 (f)

180

186

Castello (BC) Bidco S.p.A.

6.52%, (3 Month EURIBOR + 4.50%), 11/14/31, EUR (a) (e)

136

157

CMA CGM

5.00%, 01/15/31, EUR (e)

100

111

Columbus McKinnon Corporation

7.13%, 02/01/33 (f)

275

274

Corporation De Securite Garda World

8.25%, 08/01/32 (f)

430

426

CTEC II GmbH

5.25%, 02/15/30, EUR (e)

200

208

Cyprium Corporation

6.13%, 04/15/31 (f)

165

163

6.38%, 04/15/34 (f)

165

160

Deutsche Lufthansa Aktiengesellschaft

5.25%, 01/15/55, EUR (e)

300

339

Dovalue S.P.A.

5.38%, 11/15/31, EUR (e)

200

229

Edge Finco PLC

8.13%, 08/15/31, GBP (e)

200

273

EMRLD Borrower LP

6.75%, 07/15/31 (f)

230

236

Energizer Gamma Acquisition B.V.

3.50%, 06/30/29, EUR (e)

100

109

EnerSys

6.63%, 01/15/32 (f)

585

598

Equipmentshare.Com Inc

8.63%, 05/15/32 (f)

40

42

8.00%, 03/15/33 (f)

305

315

ESAB Corporation

5.63%, 04/01/31 (f)

170

171

Gatwick Airport Finance PLC

6.00%, 11/21/30, GBP (e)

200

260

Goat Holdco, LLC

6.75%, 02/01/32 (f)

395

396

Herc Holdings Inc.

7.00%, 06/15/30 (f)

567

581

5.75%, 03/15/31 (f)

65

64

7.25%, 06/15/33 (f)

380

389

JELD-WEN Holding, Inc.

7.00%, 09/01/32 (f)

105

50

Kier Group PLC

9.00%, 02/15/29, GBP (e)

100

137

Lightning Power, LLC

7.25%, 08/15/32 (f)

703

732

LSF12 Helix Parent, LLC

7.13%, 02/01/33 (f)

250

241

Madison IAQ LLC

5.88%, 06/30/29 (f)

565

552

Manitowoc Company, Inc., The

9.25%, 10/01/31 (f)

255

266

Mauser Packaging Solutions Holding Company

7.88%, 04/15/30 (f)

450

450

9.25%, 04/15/30 (f)

580

538

Nexans

4.25%, 03/11/30, EUR (e)

300

347

Paprec Holding

4.50%, 07/15/32, EUR (e)

200

227

Prysmian S.p.A.

5.25%, (100, 05/21/30), EUR (d) (e)

200

234

Queen Mergerco, Inc.

6.75%, 04/30/32 (f)

755

770

Quikrete Holdings, Inc.

6.38%, 03/01/32 (f)

465

470

6.75%, 03/01/33 (f)

215

218

Sensata Technologies, Inc.

6.63%, 07/15/32 (f)

310

316

Standard Building Solutions Inc.

4.38%, 07/15/30 (f)

70

66

3.38%, 01/15/31 (f)

375

336

Terex Corporation

6.25%, 10/15/32 (f)

815

820

TK Elevator Midco GmbH

4.38%, 07/15/27, EUR (e)

30

35

Toucan Finco Ltd.

8.25%, 05/15/30, EUR (e)

150

150

TransDigm Inc.

6.88%, 12/15/30 (f)

150

153

6.63%, 03/01/32 (f)

485

496

6.38%, 05/31/33 (f)

25

25

6.75%, 01/31/34 (f)

250

253

6.13%, 07/31/34 (f)

350

344

Trident TPI Holdings, Inc.

12.75%, 12/31/28 (f)

390

378

Trivium Packaging Finance B.V.

6.63%, 07/15/30, EUR (e)

250

290

8.25%, 07/15/30 (f)

364

381

12.25%, 01/15/31 (f)

180

194

Wesco Distribution, Inc.

6.63%, 03/15/32 (f)

800

817

XPO, Inc.

7.13%, 02/01/32 (f)

705

725

21,025

Financials 3.4%

ABN AMRO Bank N.V.

6.38%, (100, 09/22/34), EUR (d) (e)

400

476

6.88%, (100, 09/22/31), EUR (d) (e)

400

488

Acrisure, LLC

7.50%, 11/06/30 (f)

325

324

Akbank Turk Anonim Sirketi

6.80%, 06/22/31 (e) (h)

300

299

Axis Bank Limited

4.10%, (100, 09/08/26) (d) (e) (h)

300

296

Azorra Finance Limited

6.25%, 02/15/34 (f)

215

200

Banco Bilbao Vizcaya Argentaria Sociedad Anonima

6.88%, (100, 12/13/30), EUR (d) (e)

400

483

7.75%, (100, 01/14/32) (d) (h)

515

525

Banco Mercantil Del Norte S.A.

6.63%, (100, 01/24/32) (d) (e)

215

204

Banco Santander, S.A.

3.63%, (100, 03/21/29), EUR (d) (e) (h)

600

649

Banque Ouest Africaine De Developpement

4.70%, 10/22/31 (e)

240

220

8.20%, 02/13/55 (e)

810

797

BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico

7.63%, 02/11/35 (f)

359

370

BCI Miami

8.75%, (100, 02/08/29) (d) (f)

305

319

Benteler International Aktiengesellschaft

7.25%, 06/15/31, EUR (e)

200

240

Blackstone Mortgage Trust, Inc.

7.75%, 12/01/29 (f)

455

477

Block, Inc.

5.63%, 08/15/30 (f)

15

15

6.50%, 05/15/32

430

432

BSF Finance

5.76%, 09/03/35

215

206

CaixaBank, S.A.

7.50%, (100, 01/16/30), EUR (d) (e)

200

247

COMMERZBANK Aktiengesellschaft

7.88%, (100, 07/02/29), EUR (d) (e)

400

501

Coventry Building Society

8.75%, (100, 06/11/29), GBP (d) (e)

300

407

Deutsche Bank Aktiengesellschaft

8.13%, (100, 10/30/29), EUR (d) (e)

200

243

Dubai Islamic Bank (P S C) Br.

4.80%, 08/16/28 (e)

200

198

Erste Group Bank AG

7.00%, (100, 04/15/31), EUR (d) (e)

400

487

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

6

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Shares/Par1

Value ($)

Hanwha Life Insurance Co., Ltd.

6.30%, 06/24/55 (f)

300

307

HSBC Holdings PLC

6.75%, (100, 03/24/31) (d) (h)

225

222

7.00%, (100, 09/24/35) (d) (h)

240

238

HUB International Limited

7.25%, 06/15/30 (f)

435

446

Industrial Subordinated Trust 2.0

6.55%, 04/15/36 (f)

200

199

ING Groep N.V.

4.25%, (100, 05/16/31) (d) (h)

615

530

Intesa Sanpaolo SPA

7.00%, (100, 05/20/32), EUR (d) (e)

400

484

Jane Street Group, LLC

7.13%, 04/30/31 (f)

175

179

6.75%, 05/01/33 (f)

325

330

Jerrold Finco PLC

7.50%, 06/15/31, GBP (e)

100

130

Landesbank Baden-Wurttemberg

6.75%, (100, 10/15/30), EUR (d) (e)

200

234

Nationwide Building Society

7.50%, (100, 12/20/30), GBP (d) (e)

300

398

Navient Corporation

7.88%, 06/15/32

145

129

OneMain Finance Corporation

6.63%, 05/15/29

545

546

Progroup AG

5.38%, 04/15/31, EUR (e)

195

221

Rocket Companies, Inc.

6.13%, 08/01/30 (f)

380

383

6.38%, 08/01/33 (f)

340

343

Shift4 Payments, LLC

5.50%, 05/15/33, EUR (e)

200

217

Starwood Property Trust, Inc.

6.50%, 07/01/30 (f)

690

701

The PNC Financial Services Group, Inc.

3.40%, (100, 09/15/26) (d)

845

829

Turkiye Is Bankasi Anonim Sirketi

7.75%, 06/12/29 (e)

250

255

UBS Group AG

7.00%, (100, 02/10/30) (d) (f) (h)

770

762

9.25%, (100, 11/13/33) (d) (f) (h)

440

494

Unicredit, Societa' Per Azioni

3.88%, (100, 06/03/27), EUR (d) (e) (h)

200

227

6.50%, (100, 12/03/31), EUR (d) (e)

300

357

UWM Holdings, LLC

6.63%, 02/01/30 (f)

215

203

6.25%, 03/15/31 (f)

40

36

Velocity Commercial Capital, LLC

9.38%, 02/15/31 (f)

155

155

Wells Fargo & Company

6.13%, (100, 06/15/31) (d)

795

797

19,455

Communication Services 3.2%

Altice France

5.50%, 10/15/31, EUR (e)

324

356

6.50%, 10/15/31 (f)

595

562

APLD ComputeCo 2 LLC

6.75%, 03/15/31 (f)

145

144

Bell Canada inc.

7.00%, 09/15/55

1,245

1,271

Black Pearl Compute LLC

6.13%, 02/15/31 (f)

650

662

British Telecommunications Public Limited Company

8.38%, 12/20/83, GBP (e)

360

500

CCO Holdings, LLC

5.38%, 06/01/29 (f)

915

902

6.38%, 09/01/29 (f)

15

15

4.50%, 05/01/32

395

353

7.00%, 02/01/33 (f)

170

171

7.38%, 02/01/36 (f)

85

85

Cipher Compute LLC

7.13%, 11/15/30 (f)

190

197

Clear Channel Outdoor Holdings, Inc.

7.13%, 02/15/31 (f)

195

204

7.50%, 03/15/33 (f)

300

317

CSC Holdings, LLC

5.50%, 04/15/27 (f)

140

121

11.25%, 05/15/28 (f)

310

254

11.75%, 01/31/29 (f)

175

127

Digicel International Finance Limited

8.63%, 08/01/32 (e)

200

203

Eircom Limited

5.00%, 04/30/31, EUR (e)

200

230

Eutelsat S.A.

2.25%, 07/13/27, EUR (e)

200

231

IHS Holding Limited

8.25%, 11/29/31 (e)

200

205

Koninklijke KPN N.V.

4.88%, (100, 06/18/29), EUR (d) (e)

100

116

6.00%, (100, 09/21/27), EUR (d) (e)

100

119

Level 3 Financing, Inc.

6.88%, 06/30/33 (f)

330

336

7.00%, 03/31/34 (f)

285

292

8.50%, 01/15/36 (f)

140

146

Lorca Telecom Bondco S.A.

4.00%, 09/18/27, EUR (e)

74

86

Maya

5.63%, 10/15/28, EUR (e)

200

232

6.88%, 04/15/31, EUR (e)

200

241

Neptune BidCo US Inc.

9.29%, 04/15/29 (f)

260

261

9.50%, 02/15/33 (f)

80

78

Odido Group Holding B.V.

5.50%, 01/15/30, EUR (e)

133

148

Optics BidCo S.p.A.

2.38%, 10/12/27, EUR (e)

100

113

6.88%, 02/15/28, EUR (e)

200

240

7.88%, 07/31/28, EUR

160

198

1.63%, 01/18/29, EUR (e)

100

108

Proximus

4.75%, (100, 07/02/31), EUR (d) (e)

300

344

Rogers Communications Inc.

7.00%, 04/15/55

505

506

7.13%, 04/15/55

1,035

1,059

6.88%, 07/31/56

320

321

SoftBank Group Corp.

5.25%, 10/10/29, EUR (e)

125

142

SV RNO Property Owner 1 LLC

5.88%, 03/01/31 (f)

415

411

Telecom Argentina S.A.

9.50%, 07/18/31 (f)

300

316

Telecom Italia S.p.A.

7.88%, 07/31/28, EUR (e)

200

249

Telefonica Europe B.V.

2.38%, (100, 02/12/29), EUR (d) (e)

400

432

5.75%, (100, 01/15/32), EUR (d) (e)

200

236

6.14%, (100, 02/03/30), EUR (d) (e)

100

120

6.75%, (100, 06/07/31), EUR (d) (e)

200

246

TELUS Corporation

6.63%, 06/09/56

655

637

TMNL Holding BV

3.75%, 01/15/29, EUR (e)

100

112

Turk Telekomunikasyon Anonim Sirketi

7.38%, 05/20/29 (e)

200

202

United Group B.V.

5.25%, 02/01/30, EUR (e)

100

113

6.75%, 02/15/31, EUR (e)

250

290

Uniti Group Inc.

6.50%, 02/15/29 (f)

10

10

VMED O2 UK Financing I PLC

4.50%, 07/15/31, GBP (e)

150

167

5.63%, 04/15/32, EUR (e)

213

226

Vodafone Group Public Limited Company

3.00%, 08/27/80, EUR (e)

503

546

VZ Vendor Financing II B.V.

2.88%, 01/15/29, EUR (e)

100

105

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

7

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Shares/Par1

Value ($)

Wayfair LLC

7.25%, 10/31/29 (f)

200

204

Windstream Services, LLC

8.25%, 10/01/31 (f)

410

429

7.50%, 10/15/33 (f)

570

592

Wulf Compute LLC

7.75%, 10/15/30 (f)

185

196

Zayo Group Holdings, Inc.

6.25%, 03/09/30 (f) (g)

270

268

Zegona Finance PLC

6.75%, 07/15/29, EUR (e)

180

216

Ziggo B.V.

2.88%, 01/15/30, EUR (e)

100

106

18,625

Energy 2.9%

Antero Midstream Partners LP

6.63%, 02/01/32 (f)

510

520

Archrock Partners, L.P.

6.63%, 09/01/32 (f)

315

320

Ascent Resources - Utica, LLC

5.88%, 06/30/29 (f)

600

598

6.63%, 07/15/33 (f)

245

249

Azule Energy Finance PLC

8.13%, 01/23/30 (f)

250

252

BKV Upstream Midstream, LLC

7.50%, 10/15/30 (f)

430

434

Boland Holdings, LLC

6.25%, 12/01/30 (f)

230

233

Constellation Oil Services Holding S.A.

9.38%, 11/07/29 (f)

226

234

Cullinan Holdco SCSp

8.50%, 10/15/29, EUR (e) (g)

92

93

Energy Transfer LP

7.13%, 10/01/54

505

513

Excelerate Energy Limited Partnership

8.00%, 05/15/30 (f)

560

584

FS Luxembourg S.a r.l.

8.13%, 02/11/36 (f)

392

361

Genesis Energy, L.P.

7.88%, 05/15/32

525

540

Global Partners LP

7.13%, 07/01/33 (f)

100

101

Golar LNG Limited

7.50%, 10/02/30 (f)

270

272

Greenko Power II Limited

4.30%, 12/13/28 (e)

152

143

Harvest Midstream I, L.P.

7.50%, 05/15/32 (f)

340

346

Hilcorp Energy I, L.P.

6.25%, 04/15/32 (f)

345

333

8.38%, 11/01/33 (f)

160

166

Howard Midstream Energy Partners, LLC

7.38%, 07/15/32 (f)

610

627

Infinity Natural Resources, Inc.

7.63%, 04/01/31 (f)

140

141

JSC Uzbekneftegaz

8.75%, 05/07/30 (e)

510

536

Kodiak Gas Services, LLC

5.88%, 04/01/31 (f)

95

96

6.50%, 10/01/33 (f)

150

151

6.75%, 10/01/35 (f)

145

147

Matador Resources Company

6.00%, 04/15/34 (f)

345

342

Medco Maple Tree Pte. Ltd.

8.96%, 04/27/29 (e)

250

256

NAC Kazatomprom JSC

3.50%, 04/14/33 (e)

390

350

NGL Energy Operating LLC

8.13%, 02/15/29 (f)

295

303

8.38%, 02/15/32 (f)

40

41

Permian Resources Operating, LLC

7.00%, 01/15/32 (f)

350

363

6.25%, 02/01/33 (f)

330

336

Petroleos Mexicanos

7.69%, 01/23/50

1,920

1,666

Rockies Express Pipeline LLC

6.75%, 03/15/33 (f)

365

375

Seplat Energy PLC

9.13%, 03/21/30 (e)

200

212

Sierracol Energy Andina, LLC

9.00%, 11/14/30 (f)

200

199

Tallgrass Energy Partners, LP

6.00%, 09/01/31 (f)

365

359

Tecpetrol

7.63%, 11/03/30 (f)

115

116

Transmontaigne Partners LLC

8.50%, 06/15/30 (f)

160

161

Transocean Inc

8.25%, 05/15/29 (f)

205

211

8.50%, 05/15/31 (f)

130

136

Transocean International Limited

7.88%, 10/15/32 (f)

160

170

Trident Energy Finance PLC

12.50%, 11/30/29 (f)

200

213

USA Compression Finance Corp.

6.25%, 10/01/33 (f)

740

735

Venture Global LNG, Inc.

9.00%, (100, 09/30/29) (d) (f)

75

75

8.13%, 06/01/28 (f)

165

169

9.50%, 02/01/29 (f)

180

195

7.00%, 01/15/30 (f)

120

123

8.38%, 06/01/31 (f)

180

187

9.88%, 02/01/32 (f)

155

167

Venture Global Plaquemines LNG, LLC

7.50%, 05/01/33 (f)

140

154

6.50%, 06/15/34 (f)

595

619

WBI Operations LLC

6.25%, 10/15/30 (f)

210

210

6.50%, 10/15/33 (f)

210

208

Wintershall Dea GmbH

3.00%, (100, 07/20/28), EUR (d) (e)

300

331

16,972

Utilities 2.7%

A2a S.P.A.

5.00%, (100, 06/11/29), EUR (d) (e)

200

233

Alliant Energy Corporation

5.75%, 04/01/56

865

840

Alpha Generation LLC

6.75%, 10/15/32 (f)

780

792

6.25%, 01/15/34 (f)

300

295

CenterPoint Energy, Inc.

5.95%, 04/01/56

1,110

1,097

Clearway Energy Operating LLC

5.75%, 01/15/34 (f)

140

137

CMS Energy Corporation

6.50%, 06/01/55

935

949

Dominion Energy, Inc.

6.63%, 05/15/55

970

978

EDP, S.A.

4.75%, 05/29/54, EUR (e)

400

464

4.63%, 09/16/54, EUR (e)

100

115

Electricite de France

2.63%, (100, 12/01/27), EUR (d) (e)

800

899

3.38%, (100, 06/15/30), EUR (d) (e)

200

217

7.50%, (100, 09/06/28), EUR (d) (e)

200

247

Emera US Finance LP

6.85%, 10/01/56

108

108

ENEL - SPA

4.50%, (100, 10/14/32), EUR (d) (e)

200

223

Eversource Energy

6.10%, 08/15/56

310

306

6.35%, 08/15/56

575

567

Holding D'infrastructures Des Metiers De L'environnement

4.88%, 10/24/29, EUR (e)

400

469

NextEra Energy Capital Holdings, Inc.

6.75%, 06/15/54

75

78

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

8

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Shares/Par1

Value ($)

NOVA Securitisation S.a r.l.

6.50%, 02/03/36 (f)

200

190

NRG Energy, Inc.

10.25%, (100, 03/15/28) (d) (f)

200

216

6.00%, 02/01/33 (f)

320

320

Orsted A/S

5.13%, (100, 09/14/29), EUR (d) (e)

350

404

5.25%, 12/08/22, EUR (e)

150

175

PG&E Corporation

6.85%, 09/15/56

135

133

Saavi Energia S.a r.l.

8.88%, 02/10/35 (f)

400

418

Sempra

6.38%, 04/01/56

775

778

Sierra Pacific Power Company

6.38%, 09/15/56

705

699

Spire Inc.

6.25%, 06/01/56

480

474

6.45%, 06/01/56

420

419

Talen Energy Supply, LLC

6.25%, 02/01/34 (f)

375

371

6.50%, 02/01/36 (f)

100

101

UGI International, LLC

2.50%, 12/01/29, EUR (e)

200

214

Veolia Environnement

2.50%, (100, 01/20/29), EUR (d) (e)

400

436

Vistra Corp.

7.00%, (100, 12/15/26) (d) (f)

650

648

Vistra Operations Company LLC

7.75%, 10/15/31 (f)

10

10

6.95%, 10/15/33 (f)

20

22

VoltaGrid LLC

7.38%, 11/01/30 (f)

360

371

XPLR Infrastructure Operating Partners, LP

7.75%, 04/15/34 (f)

195

201

15,614

Consumer Staples 1.7%

AA Bond Co Limited

6.85%, 07/31/31, GBP (e)

100

137

Albertsons Companies, Inc.

5.63%, 03/31/32 (f)

375

368

5.75%, 03/31/34 (f)

175

171

Albion Financing 1 S.a r.l.

7.00%, 05/21/30 (f)

265

269

Albion Financing 2 S.a r.l.

5.38%, 05/21/30, EUR (e)

150

173

Allied Universal Holdco LLC

3.63%, 06/01/28, EUR (e)

100

112

4.88%, 06/01/28, GBP (e)

200

256

6.00%, 06/01/29 (f)

335

324

7.88%, 02/15/31 (f)

255

262

Amber FinCo PLC

6.63%, 07/15/29, EUR (e)

200

237

BCP V Modular Services Finance II PLC

4.75%, 11/30/28, EUR (e)

100

108

6.50%, 07/10/31, EUR (e)

100

98

Bellis Acquisition Company PLC

8.13%, 05/14/30, GBP (e)

100

122

Boels Topholding B.V.

6.25%, 02/15/29, EUR (e)

125

148

5.75%, 05/15/30, EUR (e)

100

116

Co-operative Group Limited

7.50%, 07/08/26, GBP (e) (i) (j)

260

345

Currenta Group Holdings S.a r.l.

5.50%, 05/15/30, EUR (e)

250

287

Darling Global Finance B.V.

4.50%, 07/15/32, EUR (e)

200

229

Flora Food Management B.V.

6.88%, 07/02/29, EUR (e)

250

271

Froneri Lux Topco S.a r.l.

6.00%, 08/01/32 (f)

280

274

Grupo Nutresa S.A.

8.00%, 05/12/30 (f)

240

253

Loxama

6.38%, 05/31/29, EUR (e)

180

214

New Immo Holding

6.00%, 03/22/29, EUR (e)

200

231

Ontex Group

5.25%, 04/15/30, EUR (e)

300

318

Pachelbel BidCo S.p.A.

7.13%, 05/17/31, EUR (e)

195

226

Performance Food Group, Inc.

6.13%, 09/15/32 (f)

555

556

Perrigo Finance Unlimited Company

5.38%, 09/30/32, EUR

100

108

Primo Water Holdings Inc.

3.88%, 10/31/28, EUR (e)

150

170

Q-Park Holding I B.V.

5.13%, 02/15/30, EUR (e)

211

245

4.25%, 09/01/30, EUR (e)

100

113

RAC Bond Co PLC

5.25%, 11/04/27, GBP (e)

200

261

Sudzucker International Finance B.V.

5.95%, (100, 05/28/30), EUR (d) (e)

200

224

Techem Verwaltungsgesellschaft 675 mbH

5.38%, 07/15/29, EUR (e)

278

325

United Rentals (North America), Inc.

6.13%, 03/15/34 (f)

395

400

Verisure Midholding AB

5.25%, 02/15/29, EUR (e)

435

500

Wand NewCo 3, Inc.

7.63%, 01/30/32 (f)

830

849

Williams Scotsman, Inc.

7.38%, 10/01/31 (f)

350

359

9,659

Health Care 1.6%

1261229 B.C. Ltd.

10.00%, 04/15/32 (f)

575

589

Bayer Aktiengesellschaft

5.38%, 03/25/82, EUR (e)

300

344

CAB

3.38%, 02/01/28, EUR (e)

308

345

Cheplapharm Arzneimittel GmbH

7.50%, 05/15/30, EUR (e)

300

350

Community Health Systems, Inc.

10.88%, 01/15/32 (f)

110

118

9.75%, 01/15/34 (f)

145

150

CVS Health Corporation

6.75%, 12/10/54

405

409

Ephios Subco 3 S.a r.l.

7.88%, 01/31/31, EUR (e)

300

362

Eurofins Scientific SE

6.75%, (100, 04/24/28), EUR (d) (e)

300

360

Global Medical Response, Inc.

7.38%, 10/01/32 (f)

480

498

Grifols Escrow Issuer S.A.

3.88%, 10/15/28, EUR (e)

100

113

Grifols, S.A.

7.50%, 05/01/30, EUR (e)

550

656

Grunenthal GmbH

4.63%, 11/15/31, EUR (e)

400

453

Gruppo San Donato S.P.A.

6.50%, 10/31/31, EUR (e)

135

151

IQVIA Inc.

2.25%, 01/15/28, EUR (e)

300

335

Lifepoint Health, Inc.

10.00%, 06/01/32 (f)

370

376

Mehilainen Yhtiot Oy

5.13%, 06/30/32, EUR (e)

200

230

Molina Healthcare, Inc.

6.25%, 01/15/33 (f)

250

242

Mozart Debt Merger Sub Inc.

5.25%, 10/01/29 (f)

320

317

Nidda Healthcare Holding GmbH

5.63%, 02/21/30, EUR (e)

200

231

7.00%, 02/21/30, EUR (e)

200

235

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

9

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Shares/Par1

Value ($)

Ray Financing LLC

6.50%, 07/15/31, EUR (e)

400

460

Rossini S.a r.l.

6.75%, 12/31/29, EUR (e)

100

119

Surgery Center Holdings, Inc.

7.25%, 04/15/32 (f)

405

398

Tenet Healthcare Corporation

6.00%, 11/15/33 (f)

445

450

Teva Pharmaceutical Finance Netherlands II B.V.

4.38%, 05/09/30, EUR (e)

500

578

4.13%, 06/01/31, EUR

550

626

9,495

Materials 1.6%

Ahlstrom Oyj

3.63%, 02/04/28, EUR (e)

200

224

Avient Corporation

6.25%, 11/01/31 (f)

450

453

Capstone Copper Corp.

6.75%, 03/31/33 (f)

330

328

Celanese US Holdings LLC

5.00%, 04/15/31, EUR

165

186

Celsa OpCo S.A.

8.25%, 12/15/30, EUR (e)

200

230

CEMEX S.A.B. de C.V.

7.20%, (100, 06/10/30) (d) (f)

200

203

Century Aluminum Company

6.88%, 08/01/32 (f)

200

206

Endeavour Mining PLC

7.00%, 05/28/30 (e)

200

203

First Quantum Minerals Ltd.

6.38%, 02/15/36 (f)

207

198

FMC Corporation

3.45%, 10/01/29

25

22

6.38%, 05/18/53

25

19

8.45%, 11/01/55

20

13

Fresnillo PLC

4.25%, 10/02/50 (e)

200

151

INEOS Finance PLC

6.75%, 05/15/28 (f)

60

58

7.50%, 04/15/29 (f)

35

34

Inversion Escrow Issuer, LLC

6.75%, 08/01/32 (f)

860

819

Kaiser Aluminum Corporation

5.88%, 03/01/34 (f)

335

328

Kronos International, Inc.

9.50%, 03/15/29, EUR (e)

149

148

LANXESS Aktiengesellschaft

1.75%, 03/22/28, EUR (e)

200

221

Lune Holdings S.a r.l.

5.63%, 11/15/28, EUR (e)

150

4

Magnera Corporation

7.25%, 11/15/31 (f)

200

185

Mineral Resources Limited

7.00%, 04/01/31 (f)

305

310

Navoiy Kon-Metallurgiya Kombinati, Aksiyadorlik Jamiyati

6.95%, 10/17/31 (e)

560

582

Novelis Corporation

6.88%, 01/30/30 (f)

455

459

Olympus Water US Holding Corporation

7.25%, 06/15/31 (f)

70

68

6.13%, 02/15/33, EUR (e)

200

222

Samarco Mineracao S.A.

9.00%, 06/30/31 (f) (g) (i)

295

291

Sasol Financing USA LLC

6.50%, 09/27/28

290

293

Scih Salt Holdings Inc.

6.63%, 05/01/29 (f)

285

284

Sealed Air Corporation

7.25%, 02/15/31 (f)

505

529

Silgan Holdings Inc.

4.25%, 02/15/31, EUR (e)

100

112

Snf Group

4.50%, 03/15/32, EUR (e)

100

117

Sociedad Quimica Y Minera De Chile S.A.

5.63%, 04/22/56 (f)

220

215

Taseko Mines Limited

8.25%, 05/01/30 (f)

310

323

Turquoise Hill Resources Ltd.

7.88%, 01/23/30 (e)

200

202

Vedanta Resources Limited

10.88%, 09/17/29 (e)

225

236

Volcan Compania Minera S.A.A.

8.50%, 10/28/32 (f)

330

336

W. R. Grace Holdings LLC

5.63%, 08/15/29 (f)

215

197

7.38%, 03/01/31 (f)

345

346

6.63%, 08/15/32 (f)

110

107

9,462

Real Estate 1.0%

ADLER Financing S.a r.l.

8.25%, 12/31/28, EUR (g)

271

346

Alexandrite Monnet UK HoldCo PLC

10.50%, 05/15/29, EUR (e)

200

243

Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver

7.25%, 01/31/41 (e)

198

198

Castellum Aktiebolag

3.13%, (100, 12/02/26), EUR (d) (e)

150

168

CPI Property Group

3.75%, (100, 04/27/28), EUR (d) (e)

100

99

7.50%, (100, 03/24/31), EUR (d) (e)

204

208

4.00%, 01/22/28, GBP (e) (i) (j)

200

254

1.75%, 01/14/30, EUR (e)

150

144

FIBRA Prologis

5.63%, 01/14/38 (f)

200

191

Globalworth Real Estate Investments Limited

6.25%, 03/31/30, EUR (e)

282

331

Heimstaden AB

6.75%, (100, 10/15/26), EUR (d) (e)

100

115

8.38%, 01/29/30, EUR (e)

200

236

Heimstaden Bostad AB

3.63%, (100, 10/13/26), EUR (d) (e)

350

401

6.25%, (100, 12/04/29), EUR (d) (e)

100

115

1.63%, 10/13/31, EUR (e)

100

98

Longfor Group Holdings Limited

3.95%, 09/16/29 (e)

200

156

MPT Operating Partnership, L.P.

7.00%, 02/15/32, EUR (e)

200

227

New World Development Company Limited

4.13%, 07/18/29 (e)

550

437

Park Intermediate Holdings LLC

7.00%, 02/01/30 (f)

555

562

RHP Hotel Properties, LP

6.50%, 06/15/33 (f)

185

188

5.75%, 03/15/34 (f)

175

173

Star Holdings

8.75%, 08/01/31 (f)

300

303

Unibail-Rodamco-Westfield SE

4.75%, (100, 06/11/31), EUR (d) (e)

300

343

5,536

Information Technology 0.5%

Amentum Escrow Corp.

7.25%, 08/01/32 (f)

455

471

Amkor Technology, Inc.

5.88%, 10/01/33 (f)

585

583

Atos SE

9.36%, 12/18/29, EUR (e) (i)

300

391

5.20%, 12/18/30, EUR (e) (i)

100

109

Cloud Software Group, Inc.

6.63%, 08/15/33 (f)

305

270

Coreweave, Inc.

9.00%, 02/01/31 (f)

170

163

MKS Inc.

4.25%, 02/15/34, EUR (e)

200

221

Oak-Eagle Acquireco, Inc.

7.25%, 07/01/33 (f)

330

342

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

10

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Shares/Par1

Value ($)

8.75%, 07/01/34 (f)

130

136

2,686

Total Corporate Bonds And Notes (cost $151,120)

151,921

CATASTROPHE BONDS 15.0%

Multi-Peril 9.5%

3264 Re Ltd.

24.83%, (Federated Hermes US Treasury Cash Reserves Fund Yield + 21.25%), 02/07/28 (a) (f)

500

523

4.12%, (Goldman Sachs Financial Square Treasury Instruments Fund Yield + 0.50%), 01/08/29 (a) (f)

2,000

2,000

Alamo Re Ltd.

10.06%, (Federated Hermes US Treasury Cash Reserves Fund Yield + 6.54%), 06/07/27 (a) (f)

1,150

1,184

11.95%, (Federated Hermes US Treasury Cash Reserves Fund Yield + 8.43%), 06/07/27 (a) (f)

500

518

Atela Re Ltd.

17.80%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 14.25%), 05/09/27 (a) (f)

750

793

Atlas Capital Designated Activity Company

10.97%, (SOFR + 7.25%), 06/07/28 (a) (f)

1,500

1,542

Bonanza Re Ltd.

9.02%, (MSILF Treasury Securities Portfolio Fund Yield + 5.50%), 12/20/27 (a) (f)

1,500

1,514

Bridge STR RE Ltd.

7.62%, (JPMorgan US Treasury Money Market Fund Yield + 4.00%), 01/07/28 (a) (f)

2,150

2,164

Easton Re Pte. Ltd.

11.05%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 7.50%), 01/08/27 (a) (f)

1,900

1,917

Four Lakes Re Ltd.

9.12%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 5.50%), 01/07/28 (a) (f)

1,500

1,532

Galileo Re Ltd.

8.54%, (JPMorgan US Treasury Money Market Fund Yield + 5.00%), 01/08/30 (a) (f)

2,250

2,218

Gateway Re Ltd.

5.55%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 2.00%), 07/06/29 (a) (f)

750

749

Herbie Re Ltd.

10.91%, (3 Month Treasury + 7.25%), 01/08/29 (a) (f)

2,250

2,272

14.40%, (3 Month Treasury + 10.75%), 01/08/29 (a) (f)

1,250

1,283

Hypatia Ltd.

14.02%, (Goldman Sachs Financial Square Treasury Instruments Fund Yield + 10.50%), 04/08/26 (a) (f)

1,650

1,652

Kendall Re Ltd.

9.80%, (Goldman Sachs Financial Square Treasury Instruments Fund Yield + 6.25%), 04/30/27 (a) (f)

1,500

1,537

11.29%, (Goldman Sachs Financial Square Treasury Instruments Fund Yield + 7.74%), 04/30/27 (a) (f)

750

770

Kilimanjaro III Re Limited

8.13%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 4.56%), 04/20/26 (a) (f)

500

500

8.43%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 4.86%), 04/20/26 (a) (f)

500

500

14.82%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 11.25%), 04/20/26 (a) (f)

275

276

Kilimanjaro Re Limited

10.17%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 6.25%), 06/30/28 (a) (f)

1,150

1,202

9.81%, (Goldman Sachs Financial Square Treasury Instruments Fund Yield + 6.25%), 07/09/29 (a) (f)

500

516

7.31%, (Goldman Sachs Financial Square Treasury Instruments Fund Yield + 3.75%), 07/08/30 (a) (f)

1,000

1,008

Matterhorn Re Ltd.

15.81%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 12.25%), 02/04/28 (a) (f)

1,000

996

15.86%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 12.25%), 07/07/28 (a) (f)

750

767

15.30%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 11.75%), 02/16/29 (a) (f)

750

745

18.55%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 15.00%), 02/16/29 (a) (f)

750

744

Mona Lisa RE Ltd.

11.62%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 8.00%), 01/08/29 (a) (f)

2,250

2,285

4.18%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 0.50%), 01/08/30 (a) (f)

1,500

1,510

Montoya Re Ltd.

8.93%, (1 Month Treasury + 5.25%), 04/09/30 (a) (f)

2,250

2,238

Mystic Re IV Ltd.

7.58%, (Goldman Sachs Financial Square Treasury Instruments Fund Yield + 4.00%), 01/10/28 (a) (f)

1,000

1,009

13.87%, (Goldman Sachs Financial Square Treasury Instruments Fund Yield + 10.25%), 01/10/28 (a) (f)

750

760

10.63%, (Goldman Sachs Financial Square Treasury Instruments Fund Yield + 6.90%), 01/08/29 (a) (f)

1,000

993

Northshore Re II Limited

8.59%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 5.00%), 04/07/28 (a) (f)

825

827

Ocelot Re Ltd.

11.29%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 7.75%), 01/07/31 (a) (f)

1,900

1,915

Residential Reinsurance 2024 Limited

8.93%, (JPMorgan US Treasury Money Market Fund Yield + 5.38%), 12/06/28 (a) (f)

1,250

1,279

10.49%, (JPMorgan US Treasury Money Market Fund Yield + 6.94%), 12/06/28 (a) (f)

1,000

1,015

Residential Reinsurance 2025 Ltd.

6.80%, (JPMorgan US Treasury Money Market Fund Yield + 3.25%), 12/06/29 (a) (f)

1,000

989

Riverfront Re Ltd.

11.37%, (Goldman Sachs Financial Square Treasury Instruments Fund Yield + 7.75%), 01/08/29 (a) (f)

750

783

Sanders Re II Ltd.

7.55%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 3.99%), 04/07/29 (a) (f)

1,000

1,015

8.92%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 5.36%), 04/07/29 (a) (f)

1,000

1,015

Sanders Re III Ltd.

9.12%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 5.56%), 04/07/28 (a) (f)

1,000

1,040

Stabilitas Re Ltd.

12.03%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 8.48%), 06/05/26 (a) (f)

2,500

2,515

Titania Re Ltd.

9.79%, (Goldman Sachs Financial Square Treasury Instruments Fund Yield + 6.25%), 11/26/27 (a) (f)

2,750

2,727

55,337

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

11

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Shares/Par1

Value ($)

Storms 3.7%

Blue Ridge Re Ltd.

11.52%, (Federated Hermes US Treasury Cash Reserves Fund Yield + 8.00%), 01/08/29 (a) (f)

500

492

Cape Lookout Re Ltd.

12.24%, (Goldman Sachs Financial Square Treasury Solutions Fund Yield + 8.70%), 04/05/27 (a) (f)

1,000

1,014

10.42%, (Federated Hermes US Treasury Cash Reserves Fund Yield + 6.90%), 03/13/28 (a) (f)

1,250

1,303

9.51%, (Federated Hermes US Treasury Cash Reserves Fund Yield + 6.00%), 03/21/29 (a) (f)

750

749

Chartwell Re Ltd.

9.55%, (JPMorgan US Treasury Money Market Fund Yield + 6.00%), 06/07/28 (a) (f)

1,250

1,290

10.78%, (JPMorgan US Treasury Money Market Fund Yield + 7.00%), 06/07/28 (a) (f)

1,000

1,029

FloodSmart Re Ltd.

17.87%, (Federated Hermes US Treasury Cash Reserves Fund Yield + 14.36%), 03/12/27 (a) (f)

500

524

Gateway Re II Ltd.

13.12%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 9.57%), 04/27/26 (a) (f)

250

251

Gateway Re Ltd.

13.05%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 9.50%), 07/07/27 (a) (f)

500

514

14.05%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 10.50%), 07/07/28 (a) (f)

500

530

Hestia Re Ltd.

11.78%, (Dreyfus Treasury Securities Cash Management Fund Yield + 8.25%), 03/13/28 (a) (f)

750

765

Marlon Ltd.

10.94%, (JPMorgan US Treasury Money Market Fund Yield + 7.31%), 06/07/27 (a) (f)

1,500

1,566

Meadows Ltd.

15.16%, (3 Month Treasury + 11.50%), 12/07/29 (a) (f)

1,000

973

Meritage Re Ltd.

9.10%, (1 Month Treasury + 5.50%), 03/08/29 (a) (f)

1,000

991

Nature Coast Re Ltd.

4.18%, (3 Month Treasury + 0.50%), 02/26/30 (a) (f)

1,000

996

Palm Re Ltd.

11.29%, (Dreyfus Treasury Securities Cash Management Fund Yield + 7.75%), 06/07/28 (a) (f)

750

772

Purple Re Ltd.

10.80%, (JPMorgan US Treasury Money Market Fund Yield + 7.25%), 06/07/28 (a) (f)

1,750

1,816

11.30%, (JPMorgan US Treasury Money Market Fund Yield + 7.75%), 06/07/28 (a) (f)

500

510

Sabine RE Ltd.

9.18%, (1 Month Treasury + 5.50%), 04/08/30 (a) (f) (k)

1,000

1,000

Windrose Re Ltd.

8.79%, (HSBC US Treasury Money Market Fund Yield + 5.25%), 02/13/29 (a) (f)

1,000

996

11.65%, (3 Month Treasury + 8.00%), 02/13/29 (a) (f)

1,250

1,253

Winston Re Ltd.

13.76%, (Dreyfus Treasury Securities Cash Management Fund Yield + 10.21%), 02/26/27 (a) (f)

1,300

1,350

10.05%, (Dreyfus Treasury Securities Cash Management Fund Yield + 6.50%), 02/21/28 (a) (f)

750

766

21,450

Earthquakes 1.6%

Sutter Re Ltd.

10.27%, (Federated Hermes US Treasury Cash Reserves Fund Yield + 6.75%), 06/19/26 (a) (f)

1,000

1,007

Torrey Pines Re Ltd.

8.86%, (JPMorgan US Treasury Money Market Fund Yield + 5.31%), 06/05/26 (a) (f)

1,000

1,003

10.04%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 6.50%), 06/07/28 (a) (f)

500

513

Turris Re Ltd.

6.16%, (JPMorgan US Treasury Money Market Fund Yield + 2.40%), 01/08/29 (a) (f)

600

601

Ursa Re II Ltd.

11.40%, (3 Month Treasury + 7.75%), 06/07/28 (a) (f)

500

504

12.54%, (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield + 9.00%), 06/07/28 (a) (f)

1,250

1,287

8.65%, (3 Month Treasury + 5.00%), 12/07/29 (a) (f)

750

744

Veraison Re Ltd.

8.28%, (Goldman Sachs Financial Square Treasury Instruments Fund Yield + 4.74%), 03/08/27 (a) (f)

1,000

1,021

7.04%, (Goldman Sachs Financial Square Treasury Instruments Fund Yield + 3.50%), 03/08/28 (a) (f)

1,500

1,512

8.54%, (Goldman Sachs Financial Square Treasury Instruments Fund Yield + 5.00%), 03/08/28 (a) (f)

1,000

1,016

9,208

Cyber 0.2%

PoleStar Re Ltd.

12.65%, (3 Month Treasury + 9.00%), 01/08/29 (a) (f)

1,000

998

Total Catastrophe Bonds (cost $85,877)

86,993

DIRECT ACCESS LENDING 13.6%

Financials 6.6%

Axonic Coinvest II, LP (e) (l)

8,000

6,675

Eiger Funding (PCC) Ltd. (e) (l)

8,107

12,754

EJF CRT 2024-R1 LLC

11.40%, (SOFR + 7.75%), 02/15/43 (a) (c) (e)

5,032

5,018

Harvest Commercial Capital, LLC

11.25%, 11/30/26 (c) (e)

10,579

10,566

Northleaf Chorus Investors LP (e) (l)

3,096

3,001

38,014

Industrials 3.3%

Construction Finance Holdings LLC

12/12/30 (a) (c) (e)

4,830

4,904

HCM 2021-1, LLC (e) (l)

12,000

11,559

Ironwood Funding XIV LLC (e) (l)

2,745

2,399

18,862

Consumer Discretionary 1.7%

AX Southeast Loan Investor LLC (e) (l)

8,000

10,094

Non-U.S. Government Agency Asset-Backed Securities 0.9%

Upgrade Master Pass-Thru Trust

Series 2025-ST1-CRT1, 0.00%, 04/15/32 (c) (e)

11,000

5,274

Communication Services 0.6%

Cutting Edge Group

11.66%, (SOFR + 8.00%), 07/31/29 (a) (c) (e)

3,322

3,268

11.68%, (SOFR + 8.00%), 07/31/29 (a) (c) (e)

178

175

3,443

Utilities 0.5%

Southern Disposal Solutions, LLC

18.00%, 12/15/30 (a) (c) (e)

3,000

2,960

Total Direct Access Lending (cost $75,212)

78,647

NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 5.3%

1211 Avenue of The Americas

Series 2015-C-1211, REMIC, 4.28%, 08/10/35 (a)

355

332

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

12

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Shares/Par1

Value ($)

BAMLL Trust 2024-BHP

Series 2024-B-BHP, REMIC, 6.57%, (1 Month Term SOFR + 2.90%), 08/17/26 (a)

100

100

Bank5 2025-5YR17

Series 2025-D-5YR17, REMIC, 4.50%, 10/18/30

220

195

BBCMS Mortgage Trust 2024-5C31

Series 2024-D-5C31, REMIC, 4.25%, 12/17/29

386

341

Benchmark 2020-B16 Mortgage Trust

Series 2020-B-B16, REMIC, 3.18%, 01/17/30 (a)

373

330

Series 2020-C-B16, REMIC, 3.64%, 01/17/30 (a)

298

251

Benchmark 2024-V5 Mortgage Trust

Series 2024-C-V5, REMIC, 7.20%, 01/12/29 (a)

55

56

Benchmark 2026-V21 Mortgage Trust

Series 2026-C-V21, REMIC, 6.01%, 03/17/31

467

461

BFLD Commercial Mortgage Trust 2025-5MW

Series 2025-D-5MW, REMIC, 6.58%, 10/11/30 (a)

113

114

BMO 2024-5C3 Mortgage Trust

Series 2024-C-5C3, REMIC, 7.09%, 02/16/29 (a)

241

246

BMO 2024-5C6 Mortgage Trust

Series 2024-D-5C8, REMIC, 4.50%, 12/15/57

281

257

Business Jet Securities 2024-1, LLC

Series 2024-B-1A, 6.92%, 05/15/30

189

190

Business Jet Securities 2024-2, LLC

Series 2024-B-2A, 5.75%, 09/15/30

299

295

BX Commercial Mortgage Trust 2024-XL5

Series 2024-D-XL5, REMIC, 6.36%, (1 Month Term SOFR + 2.69%), 03/15/29 (a)

70

70

BX Commercial Mortgage Trust 2026-XL6

Series 2026-D-XL6, REMIC, 5.77%, (1 Month Term SOFR + 2.10%), 03/15/28 (a)

127

126

BX Trust

Series 2024-C-BIO, REMIC, 6.31%, (1 Month Term SOFR + 2.64%), 02/15/29 (a)

278

275

BX Trust 2024-VLT4

Series 2024-E-VLT4, REMIC, 6.56%, (1 Month Term SOFR + 2.89%), 06/15/26 (a)

100

99

BX Trust 2025-VOLT

Series 2025-D-VOLT, REMIC, 6.42%, (1 Month Term SOFR + 3.00%), 12/16/30 (a)

384

381

BX Trust 2026-OPTM

Series 2026-D-OPTM, REMIC, 5.75%, (1 Month Term SOFR + 2.00%), 03/15/28 (a)

255

253

Castlelake Aircraft Structured Trust 2025-1

Series 2025-C-1A, 7.75%, 08/15/30 (i)

393

387

CFCRE 2016-C4 Mortgage Trust

Series 2016-D-C4, REMIC, 4.73%, 05/12/26 (a)

291

283

CHI Commercial Mortgage Trust 2025-SFT

Series 2025-D-SFT, REMIC, 7.57%, 04/17/30 (a)

546

559

Series 2025-D-110W, REMIC, 6.63%, 12/13/30 (a)

911

893

COMM 2025-167G Mortgage Trust

Series 2025-E-167G, REMIC, 8.20%, 08/12/30 (a) (m)

557

562

CONE Trust 2024-DFW1

Series 2024-D-DFW1, REMIC, 6.71%, (1 Month Term SOFR + 3.04%), 08/15/41 (a)

242

242

Consolidated Communications LLC

Series 2025-C-1A, 9.41%, 05/20/30

486

510

CyrusOne Data Centers Issuer I LLC

Series 2023-B-1A, 5.45%, 04/20/28

294

293

DC Office Trust 2019-MTC

Series 2019-D-MTC, REMIC, 3.17%, 11/17/29 (a)

387

334

ELM Trust 2024-ELM

Series 2024-D15-ELM, REMIC, 6.90%, 06/11/27 (a)

325

325

Elmwood CLO 34 Ltd.

Series 2024-E-10A, 9.02%, (3 Month Term SOFR + 5.35%), 10/19/37 (a)

2,500

2,495

GreenSky Home Improvement Issuer Trust 2025-1

Series 2025-D-1A, 6.22%, 03/25/60

232

233

GS Mortgage Securities Trust 2016-GS2

Series 2016-C-GS2, REMIC, 4.71%, 05/12/26 (a)

286

284

GS Mortgage Securities Trust 2017-GS6

Series 2017-B-GS6, REMIC, 3.87%, 05/12/27

185

166

GS Mortgage Securities Trust 2018-GS10

Series 2018-C-GS10, REMIC, 4.58%, 07/12/28 (a)

40

36

J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO

Series 2022-C-OPO, REMIC, 3.56%, 01/08/27 (a)

568

475

Lighthouse Park CLO Ltd.

Series 2025-E-1A, REMIC, 8.57%, (3 Month Term SOFR + 4.65%), 10/26/37 (a)

1,500

1,442

MAD Commercial Mortgage Trust 2025-11MD

Series 2025-E-11MD, REMIC, 6.84%, 10/18/30 (a) (m)

510

506

Magnetite Xlii Ltd.

Series 2024-E-42A, 8.67%, (3 Month Term SOFR + 5.00%), 01/25/38 (a)

2,125

2,083

MetroNet Infrastructure Issuer LLC

Series 2025-C-2A, 7.83%, 08/20/30

695

707

Series 2026-C-1A, 7.10%, 04/20/31

582

577

MidOcean Credit CLO XVIII LLC

Series 2025-E-18A, 9.48%, (3 Month Term SOFR + 0.00%), 10/18/35 (a)

1,000

983

Morgan Stanley Residential Mortgage Loan Trust 2025-NQM2

Series 2025-M1-NQM2, 6.52%, 01/25/70 (a)

822

828

New Residential Mortgage LLC

Series 2024-A-FNT1, 7.40%, 11/25/29 (i)

542

545

NRZ FHT Excess LLC

Series 2025-A-FHT1, 6.55%, 03/25/32 (f) (i)

671

673

OBX 2025-HE1 Trust

Series 2025-M2-HE1, 5.82%, (SOFR 30-Day Average + 2.15%), 02/25/55 (a)

266

267

OHA Credit Partners

Series 2024-E-17A, 8.67%, (3 Month Term SOFR + 5.00%), 01/19/38 (a)

2,000

1,939

One Market Plaza Trust 2017-1MKT

Series 2017-B-1MKT, REMIC, 3.85%, 02/10/32

106

101

PRM Trust 2025-PRM6

Series 2025-E-PRM6, REMIC, 6.80%, 07/05/28 (a)

358

356

QTS Issuer ABS II LLC

Series 2026-A2-4A, 5.70%, 03/06/56

553

553

Series 2026-B-4A, 6.73%, 03/06/56

535

535

RAD CLO 31 Ltd.

Series 2025-D-31A, 9.08%, (3 Month Term SOFR + 5.40%), 04/18/39 (a)

2,500

2,441

SFO Commercial Mortgage Trust 2021-555

Series 2021-D-555, REMIC, 6.19%, (1 Month Term SOFR + 2.51%), 05/15/28 (a)

410

406

Sierra Timeshare 2022-2 Receivables Funding LLC

Series 2022-D-2A, 9.22%, 06/20/40

228

231

Sierra Timeshare 2024-3 Receivables Funding LLC

Series 2024-D-3A, 6.93%, 08/20/41

215

215

Sierra Timeshare 2025-1 Receivables Funding LLC

Series 2025-D-1A, 6.86%, 01/21/42

392

390

SMRT 2022-MINI

Series 2022-E-MINI, REMIC, 6.37%, (1 Month Term SOFR + 2.70%), 01/18/39 (a)

385

384

U.S. Bank National Association

Series 2026-C-RVM1, 5.60%, 12/25/46

256

257

VB-S1 Issuer, LLC

Series 2026-F-1A, 6.84%, 03/15/31

477

480

Verus Securitization Trust 2025-3

Series 2025-M1-3, REMIC, 6.65%, 05/25/70 (a)

270

274

Volofin Finance (Ireland) Designated Activity Company

Series 2024-B-1A, 6.21%, 11/17/31

129

131

Wells Fargo Commercial Mortgage Trust 2017-C39

Series 2017-C-C39, REMIC, 4.12%, 08/17/27

143

134

Willis Engine Structured Trust VIII

Series 2025-B-A, 6.07%, 06/16/31 (i)

276

275

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

13

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Shares/Par1

Value ($)

Wireless Propco Funding LLC

Series 2025-B-1A, 4.30%, 06/25/30

269

254

Total Non-U.S. Government Agency Asset-Backed Securities (cost $30,594)

30,416

GOVERNMENT AND AGENCY OBLIGATIONS 3.6%

Sovereign 3.6%

Arab Republic of Egypt

8.70%, 03/01/49 (e)

1,630

1,422

Departamento Administrativo De La Presidencia De La Republica

7.50%, 02/02/34

670

688

6.50%, 11/26/38, EUR

244

269

Federal Government of Nigeria

8.75%, 01/21/31 (e)

590

622

8.63%, 01/13/36 (e)

200

208

7.70%, 02/23/38 (e)

1,370

1,317

Gobierno de la Provincia de Buenos Aires

6.63%, 09/01/37 (a) (e) (i)

1,503

1,130

Gobierno de la Republica de Guatemala

6.60%, 06/13/36 (e)

560

586

Gobierno De La Republica De Honduras

8.63%, 11/27/34 (e)

1,480

1,659

Gobierno de la Republica del Ecuador

6.90%, 07/31/35 (e) (i)

1,000

880

Gobierno de La Republica del Paraguay

6.65%, 03/04/55 (e)

520

540

Government of Commonwealth of the Bahamas

8.25%, 06/24/36 (e)

660

705

Government of Ghana

5.00%, 07/03/35 (f) (i)

984

836

Government of the People's Republic of Benin

7.96%, 02/13/38 (e)

770

754

Government of the Republic of Zambia

5.75%, 06/30/33 (e) (i)

1,109

1,038

People's Government of Inner Mongolia Autonomous Region

4.45%, 07/07/31 (e)

300

276

Presidence de la Republique de Cote d'Ivoire

4.88%, 01/30/32, EUR (e)

650

698

6.63%, 03/22/48, EUR (e)

1,410

1,399

Presidencia De La Nacion

0.75%, 07/09/30 (i)

643

537

4.13%, 07/09/35 (i)

420

302

Presidencia de la Republica de El Salvador

9.50%, 07/15/52 (e)

310

329

Presidencia de la Republica Dominicana

7.05%, 02/03/31 (e)

340

353

Republic of Suriname, Government of the

8.50%, 11/06/35 (e)

300

309

Romania, Government of

6.38%, 09/18/33, EUR (e)

1,481

1,756

5.75%, 07/04/36 (e)

82

76

South Africa, Parliament of

5.75%, 09/30/49

1,290

997

The Democratic Socialist Republic of Sri Lanka

3.60%, 02/15/38 (e) (i)

620

549

3.60%, 02/15/38 (f) (i)

601

532

20,767

Collateralized Mortgage Obligations 0.0%

Freddie Mac MSCR Trust MN8

Series 2024-M1-MN8, REMIC, 6.51%, (SOFR 30-Day Average + 2.85%), 05/25/29 (a)

257

260

Total Government And Agency Obligations (cost $20,184)

21,027

WARRANTS 0.0%

Construction Finance Holdings LLC (c) (n)

83

132

Total Warrants (cost $0)

132

SHORT TERM INVESTMENTS 1.9%

Investment Companies 1.9%

JNL Government Money Market Fund - Class I, 3.53% (o) (p)

10,816

10,816

Total Short Term Investments (cost $10,816)

10,816

Total Investments 99.4% (cost $579,572)

575,131

Other Derivative Instruments 0.3%

1,585

Other Assets and Liabilities, Net 0.3%

1,689

Total Net Assets 100.0%

578,405

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) This senior floating rate interest will settle after March 31, 2026. If a reference rate and spread is presented, it will go into effect upon settlement.

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

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

(e) 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 Schedule of Investments.

(f) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $163,469 and 28.3% of the Fund.

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

(h) Convertible security.

(i) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2026.

(j) 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 March 31, 2026.

(k) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(l) Security fair valued using the NAV per share practical expedient in accordance with the procedures approved by the Board of Trustees. See "Fair Value Measurement" in the Notes to Financial Statements.

(m) The coupon rate represents the weighted average coupon and may differ from the stated coupon rate.

(n) Non-income producing security.

(o) Investment in affiliate.

(p) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

Unfunded Commitments

Unfunded Commitment ($)

Unrealized Appreciation / (Depreciation)($)

Construction Finance Holdings LLC

5,170

-

CP Iris HoldCo I, Inc., 2025 Delayed Draw Term Loan, SOFR + 4.00%

57

(1)

Cutting Edge Group, SOFR + 8.00%

966

5

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

14

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Unfunded Commitments (continued)

Unfunded Commitment ($)

Unrealized Appreciation / (Depreciation)($)

Ironwood Funding XIV LLC

1,431

-

Northleaf Chorus Investors LP

4,404

-

Radiate Holdco, LLC, 2025 Delayed Draw Term Loan, 1 Month Term SOFR + 4.00%

670

(1)

Raven Acquisition Holdings LLC, Delayed Draw Term Loan, 3 Month Term SOFR + 3.25%

133

(2)

12,831

1

Investment Interests

Lockup Period

Redemption Notice

Termination Date

AX Southeast Loan Investor LLC

An off-market, fund-level NAV loan to a multi-family owner/developer.

N/A

N/A

N/A

Axonic Coinvest II, LP

Controlling tranches of a CMBS SASB securitization backed by department stores.

N/A

N/A

08/27/27

Eiger Funding (PCC) Ltd.

Mezzanine loan backed by a London hotel with ~200 keys.

Termination

N/A

01/21/28†

HCM 2021-1, LLC

A special purpose vehicle ("SPV") that invests in the subordinated bonds of Freddie Mac Small Balance Loans ("SBL") multifamily securitization at new issue.

12 Months

6 months

N/A

Ironwood Funding XIV LLC

A senior secured draw down debt facility to a consumer NPL buyer to fund the purchase of charged-off consumer receivables, alongside the originator, an asset-based credit manager.

Termination

N/A

08/01/28†

Northleaf Chorus Investors LP

A preferred equity transaction to a music royalties platform to support the acquisition of royalty assets in a recently established investment pool.

Termination

N/A

03/19/30†

†Termination date represents the expected maturity of underlying investments held by the entity.

Restricted Securities

Initial Acquisition

Cost ($)

Value ($)

Percent of

Net Assets (%)

A2a S.P.A., 5.00% (callable at 100, 06/11/29)

08/05/24

217

233

-

AA Bond Co Limited, 6.85%, 07/31/31

10/23/24

132

137

-

Abertis Infraestructuras Finance B.V., 4.87% (callable at 100, 11/28/29)

02/19/25

442

463

0.1

ABN AMRO Bank N.V., 6.38% (callable at 100, 09/22/34)

01/28/25

430

476

0.1

ABN AMRO Bank N.V., 6.88% (callable at 100, 09/22/31)

01/28/25

443

488

0.1

Accor, 7.25% (callable at 100, 01/11/29)

12/05/23

228

244

0.1

Adani Ports and Special Economic Zone Limited, 3.10%, 02/02/31

03/26/26

178

176

-

Ahlstrom Oyj, 3.63%, 02/04/28

05/14/24

212

224

-

Air France - KLM, 4.63%, 05/23/29

10/23/24

216

232

-

Akbank Turk Anonim Sirketi, 6.80%, 06/22/31

07/17/25

300

299

0.1

Albion Financing 2 S.a r.l., 5.38%, 05/21/30

07/23/25

181

173

-

Alexandrite Monnet UK HoldCo PLC, 10.50%, 05/15/29

07/09/24

220

243

0.1

Allied Universal Holdco LLC, 3.63%, 06/01/28

10/16/25

116

112

-

Allied Universal Holdco LLC, 4.88%, 06/01/28

11/20/25

261

256

0.1

Allwyn Entertainment Financing (UK) PLC, 7.25%, 04/30/30

12/05/23

220

241

0.1

Altice France, 5.50%, 10/15/31

10/13/25

356

356

0.1

Amber FinCo PLC, 6.63%, 07/15/29

10/22/24

222

237

-

Arab Republic of Egypt, 8.70%, 03/01/49

07/17/25

1,355

1,422

0.3

Aramark International Finance S.a r.l., 4.38%, 04/15/33

05/15/25

165

165

-

Ardagh Metal Packaging Finance Public Limited Company, 5.00%, 01/30/31

03/20/26

344

335

0.1

Assemblin Caverion Group AB, 6.25%, 07/01/30

10/22/24

402

410

0.1

Atos SE, 9.36%, 12/18/29

02/19/25

344

391

0.1

Atos SE, 5.20%, 12/18/30

01/21/26

121

109

-

AX Southeast Loan Investor LLC

11/08/24

8,000

10,094

1.8

Axis Bank Limited, 4.10% (callable at 100, 09/08/26)

01/10/24

277

296

0.1

Axonic Coinvest II, LP

10/01/24

6,920

6,675

1.2

Azelis Finance, 4.75%, 09/25/29

05/21/25

116

115

-

B&M European Value Retail S.A., 6.50%, 11/27/31

02/19/25

351

335

0.1

Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver, 7.25%, 01/31/41

06/20/25

201

198

-

Banco Bilbao Vizcaya Argentaria Sociedad Anonima, 6.88% (callable at 100, 12/13/30)

01/28/25

435

483

0.1

Banco Mercantil Del Norte S.A., 6.63% (callable at 100, 01/24/32)

10/22/24

199

204

-

Banco Santander, S.A., 3.63% (callable at 100, 03/21/29)

01/28/25

567

649

0.1

Banque Ouest Africaine De Developpement, 4.70%, 10/22/31

12/04/23

221

220

-

Banque Ouest Africaine De Developpement, 8.20%, 02/13/55

10/09/25

835

797

0.1

Bayer Aktiengesellschaft, 5.38%, 03/25/82

05/08/24

305

344

0.1

BCP V Modular Services Finance II PLC, 4.75%, 11/30/28

12/10/25

112

108

-

BCP V Modular Services Finance II PLC, 6.50%, 07/10/31

11/27/25

109

98

-

Beach Acquisition Bidco, LLC, 5.25%, 07/15/32

11/25/25

297

276

0.1

Bellis Acquisition Company PLC, 8.13%, 05/14/30

10/23/24

128

122

-

Benteler International Aktiengesellschaft, 7.25%, 06/15/31

09/10/25

249

240

0.1

Bertrand Franchise Finance, 5.78%, 07/18/30

10/23/24

108

112

-

Boels Topholding B.V., 6.25%, 02/15/29

12/05/23

136

148

-

Boels Topholding B.V., 5.75%, 05/15/30

05/21/25

116

116

-

Boots Group Finco LP, 5.38%, 08/31/32

10/16/25

241

230

-

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

15

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Restricted Securities (continued)

Initial Acquisition

Cost ($)

Value ($)

Percent of

Net Assets (%)

British Telecommunications Public Limited Company, 8.38%, 12/20/83

12/04/23

485

500

0.1

Bubbles BidCo S.p.A., 6.50%, 09/30/31

01/07/25

159

173

-

CAB, 3.38%, 02/01/28

07/22/25

346

345

0.1

CaixaBank, S.A., 7.50% (callable at 100, 01/16/30)

01/28/25

224

247

0.1

Castello (BC) Bidco S.p.A., 6.52%, 11/14/31

05/29/25

155

157

-

Castellum Aktiebolag, 3.13% (callable at 100, 12/02/26)

10/22/24

156

168

-

CD&R Firefly Bidco PLC, 8.63%, 04/30/29

04/14/25

133

135

-

Ceconomy AG, 6.25%, 07/15/29

10/22/24

360

391

0.1

Celsa OpCo S.A., 8.25%, 12/15/30

02/20/26

248

230

-

Cheplapharm Arzneimittel GmbH, 7.50%, 05/15/30

12/06/23

329

350

0.1

Cirsa Finance International S.a r.l., 6.50%, 03/15/29

11/26/25

299

294

0.1

CMA CGM, 5.00%, 01/15/31

10/06/25

119

111

-

COMMERZBANK Aktiengesellschaft, 7.88% (callable at 100, 07/02/29)

01/28/25

451

501

0.1

Construction Finance Holdings LLC, 12/12/30

12/15/25

4,830

4,904

0.9

Co-operative Group Limited, 7.50%, 07/08/26

12/04/23

332

345

0.1

Coventry Building Society, 8.75% (callable at 100, 06/11/29)

01/28/25

383

407

0.1

CPI Property Group, 3.75% (callable at 100, 04/27/28)

06/17/25

104

99

-

CPI Property Group, 7.50% (callable at 100, 03/24/31)

06/25/25

231

208

-

CPI Property Group, 4.00%, 01/22/28

10/22/24

245

254

0.1

CPI Property Group, 1.75%, 01/14/30

10/23/24

142

144

-

CT Investment GmbH, 6.38%, 04/15/30

10/22/24

221

233

-

CTEC II GmbH, 5.25%, 02/15/30

10/23/24

210

208

-

Cullinan Holdco SCSp, 8.50%, 10/15/29

09/04/25

91

93

-

Currenta Group Holdings S.a r.l., 5.50%, 05/15/30

07/02/25

299

287

0.1

Cutting Edge Group, 11.66%, 07/31/29

04/02/24

3,164

3,159

0.6

Cutting Edge Group, 11.66%, 07/31/29

07/02/25

111

109

-

Cutting Edge Group, 11.68%, 07/31/29

06/01/24

178

175

-

Dana Financing Luxembourg S.a r.l., 8.50%, 07/15/31

10/23/24

113

120

-

Darling Global Finance B.V., 4.50%, 07/15/32

08/04/25

234

229

-

Deutsche Bank Aktiengesellschaft, 8.13% (callable at 100, 10/30/29)

01/28/25

219

243

0.1

Deutsche Lufthansa Aktiengesellschaft, 5.25%, 01/15/55

03/06/25

338

339

0.1

Digicel International Finance Limited, 8.63%, 08/01/32

03/27/26

202

203

-

Dovalue S.P.A., 5.38%, 11/15/31

01/22/26

241

229

-

Dubai Islamic Bank (P S C) Br., 4.80%, 08/16/28

03/24/26

198

198

-

Dufry One B.V., 4.50%, 05/23/32

07/17/25

297

288

0.1

Edge Finco PLC, 8.13%, 08/15/31

05/21/25

279

273

0.1

EDP, S.A., 4.75%, 05/29/54

07/09/24

451

464

0.1

EDP, S.A., 4.63%, 09/16/54

09/01/25

120

115

-

Eiger Funding (PCC) Ltd.

02/04/25

10,126

12,754

2.2

Eircom Limited, 5.00%, 04/30/31

03/20/26

231

230

-

EJF CRT 2024-R1 LLC, 11.40%, 02/15/43

07/15/24

4,987

5,018

0.9

Electricite de France, 2.63% (callable at 100, 12/01/27)

06/03/24

825

899

0.2

Electricite de France, 3.38% (callable at 100, 06/15/30)

07/02/25

226

217

-

Electricite de France, 7.50% (callable at 100, 09/06/28)

12/04/23

225

247

0.1

Elior Group, 5.63%, 03/15/30

05/15/25

225

234

-

Endeavour Mining PLC, 7.00%, 05/28/30

10/16/25

206

203

-

ENEL - SPA, 4.50% (callable at 100, 10/14/32)

01/22/26

238

223

-

Energizer Gamma Acquisition B.V., 3.50%, 06/30/29

10/23/24

104

109

-

Ephios Subco 3 S.a r.l., 7.88%, 01/31/31

10/22/24

347

362

0.1

Erste Group Bank AG, 7.00% (callable at 100, 04/15/31)

01/28/25

440

487

0.1

Essendi S.A., 5.50%, 11/15/31

08/08/25

238

225

-

Eurofins Scientific SE, 6.75% (callable at 100, 04/24/28)

10/22/24

332

360

0.1

Eutelsat S.A., 2.25%, 07/13/27

03/06/25

206

231

-

Federal Government of Nigeria, 8.75%, 01/21/31

10/22/24

590

622

0.1

Federal Government of Nigeria, 8.63%, 01/13/36

11/05/25

200

208

-

Federal Government of Nigeria, 7.70%, 02/23/38

06/04/25

1,192

1,317

0.2

Flora Food Management B.V., 6.88%, 07/02/29

10/23/24

279

271

0.1

Flutter Treasury Designated Activity Company, 5.00%, 04/29/29

10/23/24

165

175

-

FNAC Darty, 6.00%, 04/01/29

10/23/24

232

238

0.1

Fortune Star (BVI) Limited, 5.05%, 01/27/27

11/29/24

322

322

0.1

Forvia, 5.50%, 06/15/31

06/20/24

395

400

0.1

Fresnillo PLC, 4.25%, 10/02/50

03/17/25

146

151

-

Fressnapf Holding SE, 5.25%, 10/31/31

01/07/25

385

395

0.1

Gatwick Airport Finance PLC, 6.00%, 11/21/30

01/22/26

272

260

0.1

Gestamp Automocion Sociedad Anonima, 4.38%, 10/15/30

01/22/26

240

229

-

Globalworth Real Estate Investments Limited, 6.25%, 03/31/30

01/09/25

291

331

0.1

Gobierno de la Provincia de Buenos Aires, 6.63%, 09/01/37

06/04/25

1,110

1,130

0.2

Gobierno de la Republica de Guatemala, 6.60%, 06/13/36

02/19/25

583

586

0.1

Gobierno De La Republica De Honduras, 8.63%, 11/27/34

05/20/25

1,546

1,659

0.3

Gobierno de la Republica del Ecuador, 6.90%, 07/31/35

07/17/25

749

880

0.2

Gobierno de La Republica del Paraguay, 6.65%, 03/04/55

10/14/25

558

540

0.1

Government of Commonwealth of the Bahamas, 8.25%, 06/24/36

06/17/25

664

705

0.1

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

16

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Restricted Securities (continued)

Initial Acquisition

Cost ($)

Value ($)

Percent of

Net Assets (%)

Government of the People's Republic of Benin, 7.96%, 02/13/38

08/19/25

759

754

0.1

Government of the Republic of Zambia, 5.75%, 06/30/33

06/14/24

1,026

1,038

0.2

Greenko Power II Limited, 4.30%, 12/13/28

07/17/25

145

143

-

Grifols Escrow Issuer S.A., 3.88%, 10/15/28

10/23/24

102

113

-

Grifols, S.A., 7.50%, 05/01/30

10/22/24

637

656

0.1

Grunenthal GmbH, 4.63%, 11/15/31

02/17/25

435

453

0.1

Gruppo San Donato S.P.A., 6.50%, 10/31/31

01/05/26

161

151

-

Harvest Commercial Capital, LLC, 11.25%, 11/30/26

07/31/25

10,579

10,566

1.8

HCM 2021-1, LLC

09/18/24

11,661

11,559

2.0

Heimstaden AB, 6.75% (callable at 100, 10/15/26)

10/22/24

68

115

-

Heimstaden AB, 8.38%, 01/29/30

08/04/25

241

236

-

Heimstaden Bostad AB, 3.63% (callable at 100, 10/13/26)

12/04/23

224

401

0.1

Heimstaden Bostad AB, 6.25% (callable at 100, 12/04/29)

09/01/25

120

115

-

Heimstaden Bostad AB, 1.63%, 10/13/31

10/22/24

94

98

-

Holding D'infrastructures Des Metiers De L'environnement, 4.88%, 10/24/29

02/19/25

462

469

0.1

IHO Verwaltungs GmbH, 8.75%, 05/15/28

10/22/24

282

295

0.1

IHS Holding Limited, 8.25%, 11/29/31

03/04/25

200

205

-

Intesa Sanpaolo SPA, 7.00% (callable at 100, 05/20/32)

01/28/25

445

484

0.1

IQVIA Inc., 2.25%, 01/15/28

05/21/25

336

335

0.1

Ironwood Funding XIV LLC

08/23/24

2,510

2,399

0.4

Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28

05/21/25

344

344

0.1

Jerrold Finco PLC, 7.50%, 06/15/31

08/04/25

136

130

-

JSC Uzbekneftegaz, 8.75%, 05/07/30

10/09/25

543

536

0.1

Kier Group PLC, 9.00%, 02/15/29

02/19/25

130

137

-

Koninklijke KPN N.V., 4.88% (callable at 100, 06/18/29)

10/31/25

120

116

-

Koninklijke KPN N.V., 6.00% (callable at 100, 09/21/27)

02/19/25

108

119

-

Kronos International, Inc., 9.50%, 03/15/29

10/22/24

171

148

-

Landesbank Baden-Wurttemberg, 6.75% (callable at 100, 10/15/30)

01/28/25

207

234

-

LANXESS Aktiengesellschaft, 1.75%, 03/22/28

03/26/26

221

221

-

LHMC Finco 2 S.A R.L., 9.38%, 05/15/30

01/12/26

120

121

-

Longfor Group Holdings Limited, 3.95%, 09/16/29

03/12/26

164

156

-

Lorca Telecom Bondco S.A., 4.00%, 09/18/27

12/05/23

83

86

-

Loxama, 6.38%, 05/31/29

03/18/24

199

214

-

Lune Holdings S.a r.l., 5.63%, 11/15/28

10/22/24

144

4

-

Maya, 5.63%, 10/15/28

03/20/26

233

232

-

Maya, 6.88%, 04/15/31

02/19/25

229

241

0.1

Medco Maple Tree Pte. Ltd., 8.96%, 04/27/29

02/23/26

259

256

0.1

Mehilainen Yhtiot Oy, 5.13%, 06/30/32

09/10/25

238

230

-

Miller Homes Group (Finco) PLC, 7.00%, 05/15/29

10/22/24

256

258

0.1

MKS Inc., 4.25%, 02/15/34

03/20/26

224

221

-

Motel One GmbH, 7.75%, 04/02/31

05/21/25

193

192

-

MPT Operating Partnership, L.P., 7.00%, 02/15/32

05/14/25

237

227

-

NAC Kazatomprom JSC, 3.50%, 04/14/33

12/04/23

324

350

0.1

Nationwide Building Society, 7.50% (callable at 100, 12/20/30)

01/28/25

375

398

0.1

Navoiy Kon-Metallurgiya Kombinati, Aksiyadorlik Jamiyati, 6.95%, 10/17/31

10/09/25

598

582

0.1

New Immo Holding, 6.00%, 03/22/29

03/06/25

224

231

-

New World Development Company Limited, 4.13%, 07/18/29

01/20/26

450

437

0.1

Nexans, 4.25%, 03/11/30

03/06/25

339

347

0.1

Nidda Healthcare Holding GmbH, 5.63%, 02/21/30

05/21/25

230

231

-

Nidda Healthcare Holding GmbH, 7.00%, 02/21/30

08/29/25

241

235

-

Nissan Motor Co., Ltd., 5.25%, 07/17/29

10/16/25

178

171

-

Nissan Motor Co., Ltd., 6.38%, 07/17/33

01/12/26

121

115

-

Northleaf Chorus Investors LP

03/27/25

3,096

3,001

0.5

Odido Group Holding B.V., 5.50%, 01/15/30

12/06/23

139

148

-

Olympus Water US Holding Corporation, 6.13%, 02/15/33

12/15/25

234

222

-

Ontex Group, 5.25%, 04/15/30

05/21/25

350

318

0.1

Optics BidCo S.p.A., 2.38%, 10/12/27

11/20/25

114

113

-

Optics BidCo S.p.A., 6.88%, 02/15/28

10/23/24

227

240

0.1

Optics BidCo S.p.A., 1.63%, 01/18/29

07/18/25

110

108

-

Orsted A/S, 5.13% (callable at 100, 09/14/29)

02/05/25

385

404

0.1

Orsted A/S, 5.25%, 12/08/22

04/22/24

166

175

-

Pachelbel BidCo S.p.A., 7.13%, 05/17/31

10/23/24

234

226

-

Paprec Holding, 4.50%, 07/15/32

10/06/25

238

227

-

People's Government of Inner Mongolia Autonomous Region, 4.45%, 07/07/31

07/18/25

269

276

0.1

Pinewood Finco PLC, 6.00%, 03/27/30

05/29/25

195

187

-

Pinnacle Bidco PLC, 10.00%, 10/11/28

12/05/23

260

275

0.1

Presidence de la Republique de Cote d'Ivoire, 4.88%, 01/30/32

02/19/25

675

698

0.1

Presidence de la Republique de Cote d'Ivoire, 6.63%, 03/22/48

12/04/23

1,263

1,399

0.3

Presidencia de la Republica de El Salvador, 9.50%, 07/15/52

10/22/24

313

329

0.1

Presidencia de la Republica Dominicana, 7.05%, 02/03/31

08/19/25

360

353

0.1

Primo Water Holdings Inc., 3.88%, 10/31/28

02/14/25

156

170

-

Progroup AG, 5.38%, 04/15/31

10/23/24

202

221

-

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

17

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Restricted Securities (continued)

Initial Acquisition

Cost ($)

Value ($)

Percent of

Net Assets (%)

Prosus N.V., 3.83%, 02/08/51

12/04/23

239

251

0.1

Proximus, 4.75% (callable at 100, 07/02/31)

02/05/25

327

344

0.1

Prysmian S.p.A., 5.25% (callable at 100, 05/21/30)

07/02/25

243

234

-

Punch Finance PLC, 7.88%, 12/30/30

07/23/25

207

197

-

Q-Park Holding I B.V., 5.13%, 02/15/30

07/16/25

253

245

0.1

Q-Park Holding I B.V., 4.25%, 09/01/30

08/06/25

118

113

-

RAC Bond Co PLC, 5.25%, 11/04/27

12/06/23

246

261

0.1

Rakuten Group, Inc., 4.25% (callable at 100, 04/22/27)

10/22/24

190

223

-

Ray Financing LLC, 6.50%, 07/15/31

10/22/24

453

460

0.1

Republic of Suriname, Government of the, 8.50%, 11/06/35

10/30/25

300

309

0.1

Romania, Government of, 6.38%, 09/18/33

02/19/25

1,774

1,756

0.3

Romania, Government of, 5.75%, 07/04/36

02/25/26

82

76

-

Rossini S.a r.l., 6.75%, 12/31/29

05/21/25

117

119

-

Schaeffler AG, 4.50%, 03/28/30

05/23/24

785

795

0.1

Seplat Energy PLC, 9.13%, 03/21/30

02/18/26

212

212

-

Shift4 Payments, LLC, 5.50%, 05/15/33

10/16/25

242

217

-

Silgan Holdings Inc., 4.25%, 02/15/31

10/28/25

118

112

-

Snf Group, 4.50%, 03/15/32

05/21/25

116

117

-

SoftBank Group Corp., 5.25%, 10/10/29

02/05/26

150

142

-

Southern Disposal Solutions, LLC, 18.00%, 12/15/30

12/10/25

2,985

2,960

0.5

Studio City Finance Limited, 6.50%, 01/15/28

10/10/25

250

247

0.1

Sudzucker International Finance B.V., 5.95% (callable at 100, 05/28/30)

07/23/25

233

224

-

TAP-Transportes Aereos Portugueses, SGPS, S.A., 5.13%, 11/15/29

02/05/25

334

341

0.1

Techem Verwaltungsgesellschaft 675 mbH, 5.38%, 07/15/29

07/02/25

335

325

0.1

Telecom Italia S.p.A., 7.88%, 07/31/28

07/09/24

230

249

0.1

Telefonica Europe B.V., 2.38% (callable at 100, 02/12/29)

07/02/25

447

432

0.1

Telefonica Europe B.V., 5.75% (callable at 100, 01/15/32)

04/30/24

215

236

-

Telefonica Europe B.V., 6.14% (callable at 100, 02/03/30)

02/19/25

111

120

-

Telefonica Europe B.V., 6.75% (callable at 100, 06/07/31)

10/23/24

236

246

0.1

Teva Pharmaceutical Finance Netherlands II B.V., 4.38%, 05/09/30

10/22/24

542

578

0.1

The Democratic Socialist Republic of Sri Lanka, 3.60%, 02/15/38

11/04/25

572

549

0.1

TK Elevator Midco GmbH, 4.38%, 07/15/27

12/04/23

33

35

-

TMNL Holding BV, 3.75%, 01/15/29

07/18/25

116

112

-

Toucan Finco Ltd., 8.25%, 05/15/30

01/22/26

173

150

-

Trivium Packaging Finance B.V., 6.63%, 07/15/30

07/23/25

307

290

0.1

Turk Telekomunikasyon Anonim Sirketi, 7.38%, 05/20/29

03/19/26

204

202

-

Turkiye Is Bankasi Anonim Sirketi, 7.75%, 06/12/29

10/09/25

258

255

0.1

Turquoise Hill Resources Ltd., 7.88%, 01/23/30

12/05/25

206

202

-

TVL Finance PLC, 10.25%, 04/28/28

01/13/26

135

127

-

UGI International, LLC, 2.50%, 12/01/29

10/23/24

213

214

-

Unibail-Rodamco-Westfield SE, 4.75% (callable at 100, 06/11/31)

12/15/25

361

343

0.1

Unicredit, Societa' Per Azioni, 3.88% (callable at 100, 06/03/27)

10/23/24

205

227

-

Unicredit, Societa' Per Azioni, 6.50% (callable at 100, 12/03/31)

01/28/25

325

357

0.1

United Group B.V., 5.25%, 02/01/30

12/05/23

101

113

-

United Group B.V., 6.75%, 02/15/31

10/23/24

287

290

0.1

Upgrade Master Pass-Thru Trust, Series 2025-ST1-CRT1, 0.00%, 04/15/32

03/31/25

6,065

5,274

0.9

Valeo, 4.50%, 04/11/30

02/19/25

332

343

0.1

Valeo, 5.13%, 05/20/31

09/04/25

118

115

-

Valeo, 4.63%, 03/23/32

11/20/25

115

112

-

Vedanta Resources Limited, 10.88%, 09/17/29

02/03/25

229

236

-

Veolia Environnement, 2.50% (callable at 100, 01/20/29)

02/19/25

426

436

0.1

Verisure Midholding AB, 5.25%, 02/15/29

10/22/24

481

500

0.1

VMED O2 UK Financing I PLC, 4.50%, 07/15/31

07/02/25

187

167

-

VMED O2 UK Financing I PLC, 5.63%, 04/15/32

02/19/25

241

226

-

Vodafone Group Public Limited Company, 3.00%, 08/27/80

12/04/23

520

546

0.1

VZ Vendor Financing II B.V., 2.88%, 01/15/29

07/18/25

109

105

-

Wintershall Dea GmbH, 3.00% (callable at 100, 07/20/28)

12/05/23

289

331

0.1

Wynn Macau, Limited, 5.63%, 08/26/28

03/11/26

199

197

-

Zegona Finance PLC, 6.75%, 07/15/29

02/19/25

207

216

-

ZF Friedrichshafen AG, 2.25%, 05/03/28

03/06/25

205

219

-

ZF Friedrichshafen AG, 3.75%, 09/21/28

02/06/24

105

112

-

ZF Friedrichshafen AG, 6.13%, 03/13/29

07/02/25

117

116

-

ZF Friedrichshafen AG, 3.00%, 10/23/29

10/23/24

99

105

-

ZF Friedrichshafen AG, 7.00%, 06/12/30

07/31/25

116

118

-

Ziggo B.V., 2.88%, 01/15/30

11/20/25

110

106

-

145,568

150,810

26.1

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

18

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Investments in Affiliates

Affiliated Investment

Value Beginning of Period($)

Purchases($)

Sales Proceeds($)

Dividend Income/ Distributions from Funds($)

Realized Gain (Loss)($)

Change in Unrealized Appreciation (Depreciation) ($)

Value End of Period($)

Percentage of Net Assets(%)

JNL Government Money Market Fund, 3.53% - Class I

886

222,971

213,041

645

-

-

10,816

1.9

JNL Government Money Market Fund, 3.63% - Class SL

500

1,511

2,011

4

-

-

-

-

1,386

224,482

215,052

649

-

-

10,816

1.9

Summary of Investments by Country^

Total Long Term Investments

United States of America

64.3

%

Bermuda

14.6

United Kingdom

3.7

France

1.7

Germany

1.6

Cayman Islands

1.5

Spain

0.9

Netherlands

0.9

Canada

0.9

Multi-National

0.8

Italy

0.7

Mexico

0.6

Nigeria

0.5

Argentina

0.4

Cote D'Ivoire

0.4

Romania

0.4

Sweden

0.4

Ireland

0.3

Switzerland

0.3

Honduras

0.3

Egypt

0.3

Colombia

0.2

South Africa

0.2

Brazil

0.2

Zambia

0.2

Israel

0.2

Uzbekistan

0.2

Sri Lanka

0.2

Belgium

0.2

Portugal

0.2

Ecuador

0.2

Chile

0.2

India

0.1

Ghana

0.1

Guatemala

0.1

Turkey

0.1

Benin

0.1

Austria

0.1

Bahamas

0.1

Czech Republic

0.1

Japan

0.1

Denmark

0.1

Paraguay

0.1

China

0.1

Finland

0.1

Macau

0.1

Hong Kong

0.1

Dominican Republic

0.1

Kazakhstan

0.1

Luxembourg

0.1

Peru

0.1

El Salvador

0.1

Australia

0.1

Suriname

0.1

South Korea

0.1

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.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

19

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

Futures Contracts

Reference Entity

Contracts1

Expiration

Notional1

Variation

Margin

Receivable

(Payable) ($)

Value/

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

United States 10 Year Note

252

June 2026

28,530

59

(546)

United States 10 Year Ultra Bond

216

June 2026

24,946

64

(426)

United States 2 Year Note

309

July 2026

64,331

24

(231)

United States 5 Year Note

695

July 2026

76,196

98

(1,011)

United States Long Bond

19

June 2026

2,232

7

(68)

252

(2,282)

Short Contracts

Euro BOBL

(105)

June 2026

EUR

(12,357)

(10)

274

Euro Bund

(53)

June 2026

EUR

(6,817)

(13)

199

Euro Buxl 30 Year Bond

(2)

June 2026

EUR

(225)

(1)

5

Euro OAT

(17)

June 2026

EUR

(2,087)

(7)

80

Euro Schatz

(43)

June 2026

EUR

(4,592)

-

51

Long Gilt

(13)

June 2026

GBP

(1,206)

(2)

86

United States Ultra Bond

(3)

June 2026

(361)

-

11

(33)

706

Centrally Cleared Credit Default Swap Agreements

Reference Entity2

Implied

Credit

Spread

(%)

Fixed

Receive/

Pay Rate

(%)

Expiration

Notional1

Value ($)

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Credit default swap agreements - sell protection

CDX.NA.HY.46 (Q)

3.86

5.00

06/20/31

(5,800)

278

52

48

Forward Foreign Currency Contracts

Purchased/Sold

Counterparty

Expiration

Notional1

Value ($)

Unrealized

Appreciation

(Depreciation) ($)

EUR/USD

SCB

04/15/26

EUR

12,146

14,048

(223)

GBP/EUR

CIT

04/15/26

EUR

(135)

(156)

(1)

GBP/EUR

CIT

04/15/26

EUR

(306)

(354)

1

GBP/USD

SCB

04/15/26

GBP

5,915

7,828

(174)

USD/EUR

SCB

04/15/26

EUR

(55,979)

(64,747)

1,142

USD/GBP

SCB

04/15/26

GBP

(5,805)

(7,683)

176

USD/GBP

SSB

04/15/26

GBP

(12,939)

(17,125)

393

(68,189)

1,314

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 21.

20

Jackson Credit Opportunities Fund

Schedule of Investments (in thousands)

March 31, 2026

1 Rounded par and notional amounts are listed in USD unless otherwise noted. Futures are quoted in unrounded number of contracts. Private Funds can represent number of shares issued or contributed capital to date.

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

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%

EURIBOR - Europe Interbank Offered Rate

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

S.p.A/S.P.A - Joint-Stock Company

US/U.S. - United States

Counterparty Abbreviations:

CIT - Citibank, Inc

GSC - Goldman Sachs & Co.

SCB - Standard Chartered Bank

SSB - State Street Brokerage Services, Inc.

See accompanying Notes to Financial Statements.

21

Jackson Credit Opportunities Fund

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

March 31, 2026

Assets

Investments - unaffiliated, at value

$

564,315

Investments - affiliated, at value

10,816

Forward foreign currency contracts

1,712

Variation margin on futures/futures options contracts

252

Variation margin on swap agreements

52

Cash

4,867

Foreign currency

1,449

Receivable from:

Investment securities sold

993

Dividends and interest

5,301

Deposits with brokers and counterparties

3,215

Prepaid portfolio investment fees

41

Other assets

4

Total assets

593,017

Liabilities

Forward foreign currency contracts

398

Variation margin on futures/futures options contracts

33

Payable for:

Investment securities purchased

13,253

Advisory fees

789

Portfolio investment fees

11

Administrative fees

123

Board of trustee fees

2

Chief compliance officer fees

2

Other expenses

1

Total liabilities

14,612

Net assets

$

578,405

Net assets consist of:

Paid-in capital

$

552,660

Total distributable earnings (loss)

25,745

Net assets

$

578,405

Net assets - Class I

$

578,405

Shares outstanding - Class I

54,535

Net asset value per share - Class I

$

10.61

Investments - unaffiliated, at cost

$

568,756

Investments - affiliated, at cost

10,816

Foreign currency cost

1,450

See accompanying Notes to Financial Statements.

22

Jackson Credit Opportunities Fund

Statement of Operations (in thousands)

For the Year Ended March 31, 2026

Investment income

Dividends (a)

$

645

Interest

48,620

Securities lending (a)

2

Total investment income

49,267

Expenses

Advisory fees

9,074

Administrative fees

1,418

Portfolio investment fees

36

Legal fees

79

Board of trustee fees

8

Chief compliance officer fees

2

Other expenses

9

Total expenses

10,626

Net investment income (loss)

38,641

Realized and unrealized gain (loss)

Net realized gain (loss) on:

Investments - unaffiliated

1,386

Foreign currency

201

Forward foreign currency contracts

(5,047

)

Futures/futures options contracts

3,725

Swap agreements

56

Net change in unrealized appreciation

(depreciation) on:

Investments - unaffiliated

(5,725

)

Foreign currency

(26

)

Forward foreign currency contracts

3,311

Futures/futures options contracts

(3,141

)

Swap agreements

48

Net realized and unrealized gain (loss)

(5,212

)

Change in net assets from operations

$

33,429

(a)

Affiliated income

$

649

See accompanying Notes to Financial Statements.

23

Jackson Credit Opportunities Fund

Statement of Changes in Net Assets (in thousands)

For the Year Ended March 31, 2026

Operations

Net investment income (loss)

$

38,641

Net realized gain (loss)

321

Net change in unrealized appreciation

(depreciation)

(5,533

)

Change in net assets from operations

33,429

Distributions to shareholders

From distributable earnings

Class I

(15,155

)

Total distributions to shareholders

(15,155

)

Share transactions1

Proceeds from the sale of shares

Class I

21,845

Reinvestment of distributions

Class I

5,424

Change in net assets from

share transactions

27,269

Change in net assets

45,543

Net assets beginning of year

532,862

Net assets end of year

$

578,405

1Share transactions

Shares sold

Class I

2,129

Reinvestment of distributions

Class I

516

Change in shares

Class I

2,645

Purchases and sales of long term

investments

Purchase of securities

$

377,677

Proceeds from sales of securities

$

378,716

See accompanying Notes to Financial Statements.

24

Jackson Credit Opportunities Fund

Statement of Changes in Net Assets (in thousands)

For the Year Ended March 31, 2025

Operations

Net investment income (loss)

$

31,607

Net realized gain (loss)

7,838

Net change in unrealized appreciation

(depreciation)

(6,591

)

Change in net assets from operations

32,854

Distributions to shareholders

From distributable earnings

Class I

(34,298

)

Total distributions to shareholders

(34,298

)

Share transactions1

Proceeds from the sale of shares

Class I

218,708

Reinvestment of distributions

Class I

8,370

Change in net assets from

share transactions

227,078

Change in net assets

225,634

Net assets beginning of year

307,228

Net assets end of year

$

532,862

1Share transactions

Shares sold

Class I

21,246

Reinvestment of distributions

Class I

813

Change in shares

Class I

22,059

See accompanying Notes to Financial Statements.

25

Jackson Credit Opportunities Fund

Financial Highlights

For a Share Outstanding

Net Investment Income (Loss). Net investment income(loss) is calculated using the average shares method.

Total Return. Total return assumes reinvestment of all distributions for the period. Total return is not annualized for periods less than one year.

Income and Expense Ratios. Ratios are annualized for periods less than one year. The annualized expense ratios do not include expenses of any underlying investment companies.

Increase (decrease) from
investment operations

Distributions from

Supplemental data

Ratios

Period ended

Net asset value, beginning of period($)

Net investment income (loss)($)

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(%)

Net assets,end of period (in thousands)($)

Portfolio turnover (%)

Net expenses to average net assets(%)

Total expenses to average net assets(%)

Net investment income (loss) to average net assets(%)

Class I

03/31/26

10.27

0.72

(0.10)

0.62

(0.24)

(0.04)

10.61

6.21

578,405

68

1.87

1.87

6.82

03/31/25

10.30

0.76

0.05

0.81

(0.84)

-

10.27

7.99

(a)

532,862

85

1.86

1.86

7.37

03/31/24

(b)

10.00

0.23

0.28

0.51

(0.21)

-

10.30

5.16

307,228

39

1.86

1.86

6.93

(a)

Total return is calculated using the traded net asset value, which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have transacted at. The total return calculated using the reported net asset value was as follows: March 31, 2025: 8.09%;

(b)

The Fund commenced operations on December 1, 2023.

See accompanying Notes to Financial Statements.

26

Jackson Credit Opportunities Fund

Notes to Financial Statements

March 31, 2026

NOTE 1. ORGANIZATION

Jackson Credit Opportunities Fund ("Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company organized as a Massachusetts business trust on June 8, 2023. The Fund has elected to operate as an interval fund. The Fund engages in a continuous offering of shares and will offer to make quarterly repurchases of shares at net asset value ("NAV"), reduced by any applicable repurchase fee.

Jackson National Asset Management, LLC ("JNAM", "Adviser" or "Administrator"), an indirect, wholly owned subsidiary of Jackson Financial Inc. ("Jackson"), serves as investment adviser and administrator to the Fund.

Neuberger Berman Investment Advisers LLC ("Sub-Adviser") serves as Sub-Adviser for the Fund.

Pursuant to exemptive relief, the Fund is authorized to offer two share classes, Class A and Class I. As of March 31, 2026, only Class I shares are available for purchase. Upon commencement of Class A, Class A shares and Class I shares will differ primarily due to the Shareholder Servicing Fee attributable to Class A shares. Shareholders bear the common expenses of the Fund and earn income and realized gains/losses from the Fund pro rata based on the average daily net assets of each class. From time to time, the Fund may have significant subscription and redemption activity which, when executed at the NAV rounded to two decimals, can impact the NAV per share of either class and cause a divergence in the NAV between each class. Each share class also has different voting rights on matters affecting a single class. No class has preferential dividend rights.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

The Fund is an investment company and follows 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 Fund in the preparation of its financial statements in conformity with U.S. generally accepted accounting principles ("GAAP").

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 NAV. 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 NAV.

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. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. Debt obligations with remaining maturities of 60 days or less, and that did not receive a price from a third-party pricing service, or it is determined that such valuation from the pricing service does not approximate fair value, may be valued at their amortized cost, unless it is determined that such practice 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 latest NAV reported by the third-party fund manager or General Partner ("GP") as a practical expedient to estimate the fair value of such interests. The NAV and other information provided by a GP is reviewed for reasonableness based on knowledge of current market conditions and the individual characteristics of each Private Fund. If market information indicates that the NAV is not as of the measurement date, not calculated in a manner consistent with FASB ASC Topic 946 ("Topic 946"), or otherwise not reflective of the current value, best efforts shall be used to adjust the relevant Private Fund's NAV in a manner consistent with the measurement principals of Topic 946, which could include adjusting the Private Fund's NAV based on a proxy or investment model which is correlated to the underlying investment return. Private debt is generally fair valued according to procedures approved by the Board, which take into account factors such as yield; credit quality; interest rates; coupon rate; maturity; type of issue; and call features among others. 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

27

Jackson Credit Opportunities Fund

Notes to Financial Statements

March 31, 2026

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. Swap agreements that clear on exchanges are valued at the most recent bid quotation or evaluated price, as applicable, obtained from pricing models or by the clearing exchange using observable inputs.

Market quotations may not be readily available for certain investments or it may be determined that a quotation of an investment does not represent fair value. In such instances, the investment is valued as determined in good faith using procedures approved by the Board, which take into account factors such as the size of the holding, the nature and duration of the securities and the volume and depth of trading, among others. 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. A market-based approach may be utilized whereby related or comparable assets or liabilities, recent transactions, market multiples, book values and other inputs may be considered in determining fair value. An income-based valuation approach may also be used in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Inputs 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.

Distributions to Shareholders. The Fund intends to qualify as and be eligible to be treated each year as a Regulated Investment Company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). The Fund intends to distribute at least 90% of the sum of its investment company taxable income (as the term is defined in the Code) and any net tax-exempt interest income for such year. Effective October 1, 2025, the Board approved a change to the distribution policy and the Fund intends to declare and distribute dividends from net investment income at least annually. Prior to October 1, 2025, dividends from net investment income were accrued daily and paid quarterly. Distributions of net realized capital gains, if any, are distributed at least annually, to the extent they exceed available capital loss carryforwards. Nevertheless, there can be no assurance that the Fund will pay distributions to Shareholders at any particular rate or at all. All distributions are automatically reinvested by the Fund in additional shares unless a Shareholder is ineligible or elects otherwise. Each year, a statement on Internal Revenue Service Form 1099-DIV identifying the amount and character of the Fund's distributions will be mailed to Shareholders.

Other Service Providers. State Street Bank and Trust Company ("State Street" or "Custodian") acts as custodian and securities lending agent for the Fund. The Custodian has custody of all securities and cash of the Fund maintained in the United States and attends to the collection of principal and income and payment for and collection of proceeds of securities bought and sold by the Fund.

The Fund has entered into a Transfer Agency Agreement with UMB Fund Services, Inc ("UMB"). UMB is the transfer agent and dividend disbursing agent of all shares.

Security Transactions and Investment Income. Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses are determined on the specific identification basis. 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 Statement of Operations. Interest income, including effective-yield amortization of discounts and premiums on debt securities and convertible bonds, is accrued daily. The Fund may place a debt obligation on non-accrual status and reduce related interest income, and value, 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. Distributions from Private Funds are recorded when communicated by the GP. Distributions from Private Funds that represent returns of capital in excess of cumulative profits and losses are credited to cost of investments rather than investment income. Portfolio investment fees that are paid outside of a Private Fund's investment are expensed as incurred.

Expenses. Expenses are recorded on an accrual basis. Expenses of the Fund are allocated to the classes based on the average daily net assets of each class. Expenses attributable to a specific class of shares are charged to that class.

Foreign Taxes. The Fund 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 Fund will accrue such taxes and recoveries as applicable, based upon the current interpretations of tax rules and

28

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Notes to Financial Statements

March 31, 2026

regulations that exist in the markets in which the Fund invests. When a capital gains tax is determined to apply, the Fund will record an estimated tax liability in an amount that may be payable if the securities were disposed of on the valuation date.

Foreign Currency Translations. The accounting records of the Fund are maintained in U.S. dollars. Each business day, the fair 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 Fund does 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 gain (loss) on Investments - unaffiliated and Net change in unrealized appreciation (depreciation) on Investments - unaffiliated, respectively, in the Statement of Operations.

Guarantees and Indemnifications. In the normal course of business, the Fund may enter into contracts that contain a variety of representations which provide general indemnifications for certain liabilities. Under the Fund's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. However, since the commencement of operations, the Fund has not had claims or losses pursuant to its contracts. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined and the Fund has 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 Pronouncements. In December 2023, FASB released Accounting Standards Update ("ASU") 2023-09, titled "Improvements to Income Tax Disclosures" under Topic 740. This update aims to enhance the transparency and consistency of income tax disclosures by requiring disclosure of specific categories in the rate reconciliation and by providing disaggregated information on income taxes paid by jurisdiction, both domestically and internationally. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management has adopted the amendments and determined that they did not have a significant impact on the Fund's financial statements.

NOTE 3. FAIR VALUE MEASUREMENT

FASB ASC Topic 820 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 this guidance. The inputs are summarized into three broad categories:

Level 1 includes quoted prices (unadjusted) in active markets for identical investments that the Fund can access at the measurement date.

Level 2 includes other significant observable inputs (including fair value factors, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3 includes significant unobservable inputs, to the extent observable inputs are not available, including the Adviser's own assumptions in determining the fair value of investments.

Inputs used in the determination of the fair value level of Level 3 securities, which were deemed to be material, are disclosed within the notes below. 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 March 31, 2026 by valuation level.

Level 1 ($)

Level 2 ($)

Level 3 ($)

Other ($)1

Total ($)

Assets - Securities

Senior Floating Rate Instruments

-

186,075

9,104

-

195,179

Corporate Bonds And Notes

-

151,921

-

-

151,921

Catastrophe Bonds

-

86,993

-

-

86,993

Direct Access Lending2

-

-

32,170

46,482

78,652

Non-U.S. Government Agency Asset-Backed Securities

-

30,416

-

-

30,416

Government And Agency Obligations

-

21,027

-

-

21,027

Warrants

-

-

132

-

132

Short Term Investments

10,816

-

-

-

10,816

10,816

476,432

41,406

46,482

575,136

Liabilities - Securities

Senior Floating Rate Instruments2

-

(4

)

-

-

(4

)

-

(4

)

-

-

(4

)

29

Jackson Credit Opportunities Fund

Notes to Financial Statements

March 31, 2026

Level 1 ($)

Level 2 ($)

Level 3 ($)

Other ($)1

Total ($)

(continued)

Assets - Investments in Other Financial Instruments3

Futures Contracts

706

-

-

-

706

Centrally Cleared Credit Default Swap Agreements

-

48

-

-

48

Open Forward Foreign Currency Contracts

-

1,712

-

-

1,712

706

1,760

-

-

2,466

Liabilities - Investments in Other Financial Instruments3

Futures Contracts

(2,282

)

-

-

-

(2,282

)

Open Forward Foreign Currency Contracts

-

(398

)

-

-

(398

)

(2,282

)

(398

)

-

-

(2,680

)

1 Certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule 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.

2 Unfunded commitments are not reflected in total investments in the Schedule of Investments. Net unrealized appreciation is reflected as an asset and net unrealized depreciation is reflected as a liability in the table. See Unfunded Commitments table following the Schedule of Investments.

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

The following table is a rollforward of asset types with 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 March 31, 2026:

Balance at Beginning of Year ($)

Transfers into Level 3 During the Period1

Transfers out of Level 3 During the Period1

Realized Gain/(Loss)

Amortization/Accretion

Purchases

(Sales)

Balance at End of Year ($)

Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at End of Period2 ($)

Jackson Credit Opportunities Fund

Direct Access Lending

19,397

-

-

1

10

21,310

(7,820

)

32,170

(728)

Senior Floating Rate Instruments

7,282

2,938

1,459

11

16

5,566

(4,942

)

9,104

(308)

Warrants

-

-

-

-

-

-

-

132

132

Common Stocks

-

-

-

-

-

25

(25

)

-

-

Non-U.S. Government Agency Asset-Backed Securities

266

-

266

-

-

-

-

-

-

26,945

2,938

1,725

12

26

26,901

(12,787

)

41,406

(904)

1

There were no significant transfers between Level 3 and Level 2 during the Year except for those noted.

2

Reflects the change in unrealized appreciation/(depreciation) for Level 3 investments held March 31, 2026.

Asset Class

Fair Value (In Thousands $)

Valuation Technique

Unobservable Input

Range (Weighted Average†)

Direct Access Lending

32,170

Discounted Cash Flow Model

Discount Rate

10.60% - 40.10% (15.00%)

Senior Floating Rate Instruments

7,130

Market Approach

Bid Price

90.00 - 101.00 (95.60)

Senior Floating Rate Instruments

1,974

Discounted Cash Flow Model

Discount Rate

8.95% - 9.25% (9.08%)

9,104

Warrants

132

Black Scholes Model

Volatility

40.00% - 50.00% (42.50%)

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

Significant changes in unobservable valuation inputs to a different amount might result in a significantly higher or lower fair value measurement than the one used in a security's valuation.

NOTE 4. SECURITIES AND OTHER INVESTMENTS

Securities Lending and Securities Lending Collateral. Jackson Credit Opportunities Fund participates in an agency based securities lending program. State Street serves as the securities lending agent to the Fund. Per the securities lending agreement, the securities lending agent is authorized to loan securities on behalf of the Fund to approved borrowers and is required to maintain collateral. The 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. Collateral is maintained over the life of the loan as determined at the close of Fund business each day; any additional collateral required due to changes in security values is typically delivered to the Fund on the next business day. The duration of each loan is determined by the agent and borrower and generally may be terminated at any time. Certain loans may be negotiated to mature on a specified date. The securities lending agent has agreed to indemnify the Fund in the event of default by a third-party borrower. The 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, which is shared with the borrower through negotiated rebates. The Fund bears the risk that the agent may default on its obligations to the Fund. Non-cash collateral which the Fund receives may include U.S. Government securities; U.S. Government agencies' debt securities; and U.S. Government-sponsored agencies' debt securities and mortgage-backed securities. For non-cash collateral, the Fund receives lending fees negotiated with the borrower. The securities lending agent has

30

Jackson Credit Opportunities Fund

Notes to Financial Statements

March 31, 2026

agreed to indemnify the Fund with respect to the market risk related to the non-cash collateral investments. The Fund also bears the market risk with respect to the collateral received and securities loaned. State Street receives a portion of the earnings from the Fund's securities lending program.

Cash collateral received is invested in the JNL Government Money Market Fund - Class SL, a registered government money market fund under the 1940 Act and series of the JNL Investors Series Trust. JNAM serves as the Adviser and Administrator for the JNL Government Money Market Fund. The JNL Government Money Market Fund is offered to the Fund and its affiliates and is not available for direct purchase by members of the public. The JNL Government Money Market Fund pays JNAM annual fees, accrued daily and payable monthly, for investment advisory and administrative services.

Cash collateral received from the borrower is recorded in the Statement 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 the Fund as Investments - affiliated, at value or Investments - unaffiliated, at value, as applicable, on the Statement of Assets and Liabilities. The value of securities on loan is disclosed as Securities on loan included in Investments - unaffiliated, at value on the Statement of Assets and Liabilities. The Fund's net exposure to a borrower is determined by the amount of any shortfall in collateral received compared to the value of securities on loan. The Fund may receive non-cash collateral in the form of securities received, which the Fund may not sell or re-pledge and accordingly are not reflected in the Statement of Assets and Liabilities. The value of securities on loan and collateral received (in thousands) at March 31, 2026 was $0.

Unregistered Securities. The 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 classified as "illiquid" because there is no readily available market for sale of the securities. Where future dispositions of the securities require registration under the Securities Act of 1933, as amended, the Fund has the right to include those securities in such registration generally without cost to the Fund. The Fund has no right to require registration of unregistered securities. Private placements and other restricted securities are subject to legal and/or contractual restrictions on their sales. These securities may not be listed on an exchange and may have no active trading market. As a result of the absence of a public trading market, the prices of these securities may be more volatile and more difficult to determine than publicly traded securities and these securities may involve heightened risk as compared to investments in securities of publicly traded companies. Private placements and other restricted securities may be illiquid, and it frequently can be difficult to sell them at a time when it may otherwise be desirable to do so or the Fund may be able to sell them only at prices that are less than what the Fund regards as their fair market value. Rule 144A securities are securities offered as exempt from registration with the SEC, but may be treated as liquid securities because there is a market for such securities. Rule 144A securities may have an active trading market but carry the risk that the active trading market may not continue. To the extent that institutional buyers become, for a time, uninterested in purchasing Rule 144A securities, investing in such securities could increase the Fund's level of illiquidity.

Senior and Junior Loans. The Fund 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.

Unfunded Commitments. The Fund may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers' discretion. Unfunded loan commitments and funded portions of credit agreements are marked-to-market daily. Net unrealized appreciation/depreciation on unfunded commitments is reflected in Other assets and Payable for Investment securities purchased in the Statement of Assets and Liabilities and Net change in unrealized appreciation (depreciation) on Investments - unaffiliated in the Statement of Operations.

NOTE 5. PRINCIPAL RISKS

Unlisted Closed-End Structure and Liquidity Limited to Quarterly Repurchases of Shares Risk. The Fund has been organized as a non-diversified, closed-end management investment company. Closed-end funds differ from open-end management investment companies in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their shares on a securities exchange, the Fund does not intend to list the shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the shares. The Fund will offer only a limited degree of liquidity by conducting quarterly repurchase offers, which are generally expected to be for 5% of the Fund's outstanding shares. There is no assurance that the Fund will repurchase shares in the amount desired. In addition, with very limited exceptions, shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. Shares are considerably less liquid than shares of funds that trade on a stock exchange or shares of open-end registered investment companies.

There will be a substantial period of time between the date as of which shareholders must submit a request to have their shares repurchased and the date they can expect to receive payment for their shares from the Fund. Shareholders whose shares are accepted for repurchase bear the risk that the Fund's net asset value may fluctuate significantly between the time that they submit their repurchase requests and the date as of which such shares are valued for purposes of such repurchase.

Repurchase Offers Risk. The Fund currently expects to conduct quarterly repurchase offers for no less than 5% of its outstanding shares. Substantial requests for the Fund to repurchase shares could require the Fund to liquidate certain of its investments more rapidly than otherwise desirable. In the event that a repurchase offer is oversubscribed, the Fund will repurchase tendered shares on a pro rata basis. Shareholders may be unable to liquidate all or a given percentage of their investment in the Fund during a particular repurchase offer.

Credit and Counterparty Risk. In the normal course of business, the Fund trades financial instruments and enters 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. Like credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity

31

Jackson Credit Opportunities Fund

Notes to Financial Statements

March 31, 2026

with which the Fund has unsettled, or open transactions will default. Financial assets, which potentially expose the Fund to credit risk, consist principally of investments and cash due from counterparties ("counterparty risk"). The extent of the Fund's exposure to credit and counterparty risks in respect to these financial assets is incorporated within its carrying value as recorded in the Fund's Statement of Assets and Liabilities. For certain derivative contracts (including futures, options on futures and certain swaps), the potential loss could exceed the value of the financial assets recorded in the financial statements for the Fund.

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.

Senior and Junior Loan Risk. When the 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.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's shares and distributions thereon can decline. Inflation risk is linked to increases in the prices of goods and services and a decrease in the purchasing power of money. Inflation may reduce the intrinsic value of an investment in the Fund.

Catastrophe Bonds Risk. A Catastrophe ("CAT") Bond is a form of insurance-linked security that is sold in the capital markets. An investment in CAT Bonds is subject to special risks, including limited resources of issuers, regulation, subordination and lower or no credit rating. CAT Bonds are a way for insurers, reinsurers, corporations and government entities that have risks associated with natural catastrophe events and disasters to transfer those risks to the capital market in securities format.

Liquidity and Valuation Risk. The securities in which the Fund invests will often be illiquid and may include other funds that will typically hold one or just a few investments. Valuations reported by other fund managers, which will form the basis for the Fund's NAV, may be subject to later adjustment or revision. Valuations of Private Funds are inherently uncertain, may fluctuate over short periods of time, and may be based on estimates. The Adviser has engaged the services of a third-party pricing service to assist its valuations of Fund investments in certain circumstances.

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.

Market and Volatility Risk. In the normal course of business, the Fund trades financial instruments and enters 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. The Fund may invest in derivatives to hedge the Fund's portfolio as well as for investment purposes which may increase volatility. Volatility may cause the Fund's NAV per share to experience significant appreciation or depreciation in value over short periods of time.

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.

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. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

Investment in Other Investment Companies Risk. Investments in other investment companies, including exchange-traded funds, are subject to market risk. In addition, if the Fund acquires shares of investment companies, including ones affiliated with the Fund, Shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies in which the Fund invests. To the extent that shares of the Fund are held by an affiliated fund, the ability of the Fund itself to invest in other investment companies may be limited.

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 the Fund's investments. Cyber-attacks on the Fund, the Sub-Adviser or a service provider could cause business failures or delays in daily processing and the Fund may need to delay transactions, consistent with regulatory requirements, as a result and could impact the performance of the Fund. The rapid

32

Jackson Credit Opportunities Fund

Notes to Financial Statements

March 31, 2026

development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks or result in cybersecurity incidents that implicate personal data.

Leverage Risk. The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions may involve leverage of the 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.

Private Funds Risk. The Private Funds will not be subject to the 1940 Act, nor will they be publicly traded. As a result, the Fund's investments in the Private Funds will not be subject to the protections afforded to Shareholders under the 1940 Act. By investing in the Private Funds indirectly through the Fund, a Shareholder bears two layers of asset-based fees and expenses - at the Fund level and the Private Fund level - in addition to indirectly bearing any performance fees charged by the Private Fund. Given the limited liquidity of the Private Funds, the Fund may not be able to alter its portfolio allocation in sufficient time to respond to any changes in the Private Funds that could be material and adverse, resulting in substantial losses from risks of Private Funds.

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 the Fund, or, in the case of hedging positions, that the 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.

Market Disruption and Geopolitical Risk. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries. Political disruptions, terrorism, armed conflicts, tariffs or the threat of tariffs, other restrictions on trade or economic sanctions, global health crises and pandemics, and geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the prolonged armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, and potential conflict between China and Taiwan (including if China were to attempt unification of Taiwan by force) may adversely affect the value of the Fund's investments. In addition, the Iranian conflict that commenced in February 2026 may result in market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations in currency. Escalation of hostilities in the Middle East could disrupt energy production or transportation, including through key shipping routes, which may lead to increased volatility in energy and other commodity prices. The extent and duration of this conflict is impossible to predict. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments and the Fund. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

Artificial Intelligence Risk. Recent technological developments in, and the increasingly widespread use of, Artificial Intelligence ("AI") Technologies may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI Technologies. As AI Technologies are used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI Technologies operate continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

NOTE 6. INVESTMENT TRANSACTION AGREEMENTS AND COLLATERAL

Under various agreements, certain investment transactions require collateral to be pledged to or from the 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. dollars are generally the preferred forms of collateral, although other forms of high quality or sovereign securities may be used. Securities held by the Fund that are used as collateral are identified as such within the Schedule of Investments.

Master Netting Agreements ("Master Agreements"). The Fund is subject to various Master Agreements, which govern the terms of certain transactions and mitigate the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Because different types of financial transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, potentially resulting in the need for multiple agreements with a single counterparty. The 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

33

Jackson Credit Opportunities Fund

Notes to Financial Statements

March 31, 2026

relevant master agreement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Agreement. The 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 the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund's Sub-Adviser attempts to limit counterparty risk by only entering into Master Agreements with counterparties that the Sub-Adviser believes to have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

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 the 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.

NOTE 7. DERIVATIVE FINANCIAL INSTRUMENTS

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

Forward Foreign Currency Contracts. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of the 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 the 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 Fund. 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, the 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.

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 the Fund's derivative investments during the year; (2) A summary table (in thousands) of the fair valuations of the Fund's derivative instruments categorized by risk exposure, which references the location on the Statement of Assets and Liabilities and the realized and unrealized gain or loss on the Statement of Operations for each derivative instrument as of March 31, 2026; (3) A summary table (in thousands) of derivative instruments and certain investments of the Fund, which are subject to master netting agreements or a similar agreement and are eligible for offset in the Statement of Assets and Liabilities as of March 31, 2026; and (4) A table reflecting the Fund's average monthly derivative volume (in thousands) for the year ended March 31, 2026. The derivative instruments outstanding as of March 31, 2026, as disclosed in the Schedules of

34

Jackson Credit Opportunities Fund

Notes to Financial Statements

March 31, 2026

Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the year ended March 31, 2026, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Fund.

Derivative Strategies - The Fund entered into futures contracts as a means of risk management/hedging and as an efficient means of obtaining exposure to certain markets as part of its investments strategy. The Fund entered into foreign currency contracts as a means of risk management/hedging and to minimize foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into credit default swap agreements as an efficient means of obtaining exposure to certain markets as part of its investment strategy.

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 March 31, 2026

Derivative instruments assets:

Forward foreign currency contracts

-

-

-

1,712

-

1,712

6

Variation margin on futures/futures options contracts

-

-

-

-

252

252

6

Variation margin on swap agreements

-

52

-

-

-

52

Total derivative instruments assets

-

52

-

1,712

252

2,016

Derivative instruments liabilities:

Forward foreign currency contracts

-

-

-

398

-

398

6

Variation margin on futures/futures options contracts

-

-

-

-

33

33

Total derivative instruments liabilities

-

-

-

398

33

431

The effect of derivative instruments on the Statement of Operations for the year ended March 31, 2026

Net realized gain (loss) on:

Forward foreign currency contracts

-

-

-

(5,047

)

-

(5,047

)

Futures/futures options contracts

-

-

-

-

3,725

3,725

Swap agreements

-

56

-

-

-

56

Net change in unrealized appreciation (depreciation) on:

Forward foreign currency contracts

-

-

-

3,311

-

3,311

Futures/futures options contracts

-

-

-

-

(3,141

)

(3,141

)

Swap agreements

-

48

-

-

-

48

Derivative and Financial Instruments Eligible for Offset

Gross Amount Presented in the Statement of

Assets and Liabilities1($)

Financial Instruments2($)

Collateral3,5($)

Net Amount4($)

Derivative Assets by Counterparty*

CIT

1

(1

)

-

-

SCB

1,318

(397

)

-

921

SSB

393

-

-

393

Derivatives eligible for offset

1,712

(398

)

-

1,314

Derivatives not eligible for offset

304

2,016

Derivative Liabilities by Counterparty*

CIT

1

(1

)

-

-

SCB

397

(397

)

-

-

Derivatives eligible for offset

398

(398

)

-

-

Derivatives not eligible for offset

33

431

Average Derivative Volume

Notional Value at Purchase of Futures Contracts ($)

Cost of Forward Foreign Currency Contracts ($)

Notional Amount of Credit Default Swap Agreements ($)

Average monthly volume

190,740

107,616

446

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

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

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

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

5 Cash and security collateral pledged or segregated for derivative investments. For assets, amount reflects collateral received from or segregated by the counterparty. For liabilities, amount reflects collateral pledged or segregated by the Fund.

6 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 21 in the Schedule of Investments.

Pledged or Segregated Collateral. The following tables summarize cash and securities collateral pledged (in thousands) at March 31, 2026 for which collateral exists but was not presented in a Derivative and Financial Instruments Eligible for Offset table:

35

Jackson Credit Opportunities Fund

Notes to Financial Statements

March 31, 2026

Futures Contracts

Swap Agreements

Counterparty

Pledged or Segregated Cash($)

Pledged or Segregated Cash($)

GSC

2,775

440

NOTE 8. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH AFFILIATES

Advisory Fees. The Fund has entered into an Investment Advisory and Management Agreement ("Investment Management Agreement") with JNAM. Subject to the oversight of the Fund's Board of Trustees, JNAM provides investment management services. Pursuant to the Investment Management Agreement, JNAM will receive an annual fee, accrued daily and payable monthly, at an annual rate of 1.60% on net assets between $0 - $1 billion and 1.55% on net assets over $1 billion.

Administrative Fee. JNAM also serves as the Administrator to the Fund. JNAM provides or procures most of the necessary administrative functions and services for the operations of the Fund. The Fund pays JNAM an annual fee, accrued daily and paid monthly, at an annual rate of 0.25% on net assets between $0 - $3 billion and 0.22% on net assets over $3 billion. In accordance with the administration agreement, 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 other services necessary for the operation of the Fund. The Fund is responsible for trading expenses including brokerage commissions, interest and taxes, other non-operating expenses, licensing costs, directors and officers insurance, the fees and expenses of the disinterested Trustees ("Independent Trustees") and independent legal counsel to the Independent Trustees, a portion of the costs associated with the Chief Compliance Officer, and other services necessary for the operation of the Fund, except those specifically allocated to the Administrator under the administration agreement.

Distribution Agreement. Jackson National Life Distributors LLC (the "Distributor"), an affiliate of the Adviser, serves as distributor of the Fund's shares on a best-efforts basis pursuant to a distribution agreement (the "Distribution Agreement") between the Fund and the Distributor.

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

NOTE 9. REPURCHASE OFFERS

The Fund is a closed-end interval fund and, in order to provide some liquidity to Shareholders, the Fund, subject to applicable law, conducts quarterly repurchase offers of the Fund's outstanding Shares at the applicable NAV per Share, subject to approval of the Board. In all cases such repurchases will be for at least 5% and not more than 25% of the Fund's outstanding Shares at the applicable NAV per Share, pursuant to Rule 23c-3 under the 1940 Act. The Fund currently expects to conduct quarterly repurchase offers for no less than 5% of its outstanding Shares under ordinary circumstances. The Fund believes that these repurchase offers are generally beneficial to Shareholders, and repurchases generally will be funded from available cash or sales of portfolio securities. However, repurchase offers and the need to fund repurchase obligations may affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in untimely sales of portfolio securities (with associated imputed transaction costs, which may be significant), and may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective. The Fund may accumulate cash by holding back (i.e., not reinvesting) payments received in connection with the Fund's investments. The Fund believes that payments received in connection with the Fund's investments will generate sufficient cash to meet the maximum potential amount of the Fund's repurchase obligations. If at any time cash and other liquid assets held by the Fund are not sufficient to meet the Fund's repurchase obligations, the Fund intends, if necessary, to sell investments. If, as expected, the Fund employs investment leverage, repurchases of Shares would compound the adverse effects of leverage in a declining market. In addition, if the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Shareholders who do not tender their Shares by increasing the Fund's expenses and reducing any net investment income.

If a repurchase offer is oversubscribed, the Board may determine to increase the amount repurchased by up to 2% of the Fund's outstanding Shares as of the date of the Repurchase Request Deadline. In the event that the Board determines not to repurchase more than the repurchase offer amount, or if Shareholders tender more than the repurchase offer amount plus 2% of the Fund's outstanding Shares as of the date of the Repurchase Request Deadline, the Fund will repurchase the Shares tendered on a pro rata basis, and Shareholders will have to wait until the next repurchase offer to make another repurchase request. As a result, Shareholders may be unable to liquidate all or a given percentage of their investment in the Fund during a particular repurchase offer. Some Shareholders, in anticipation of proration, may tender more Shares than they wish to have repurchased in a particular quarter, thereby increasing the likelihood that proration will occur. A Shareholder may be subject to market and other risks, and the NAV per Share of Shares tendered in a repurchase offer may decline between the Repurchase Request Deadline and the date on which the NAV per Share for tendered Shares is determined. In addition, the repurchase of Shares by the Fund may be a taxable event to Shareholders.

During the year ended March 31, 2026, the Fund engaged in the following repurchase offers:

Repurchase Request Deadline

Shares Repurchased ($ in thousands)

Percentage of Outstanding Shares Offered to be Repurchased

Percentage of Outstanding Shares Repurchased

Amount Repurchased ($ in thousands)

06/10/2025

-

5.00%

0.00%

-

09/09/2025

-

5.00%

0.00%

-

12/09/2025

-

5.00%

0.00%

-

03/10/2026

-

5.00%

0.00%

-

36

Jackson Credit Opportunities Fund

Notes to Financial Statements

March 31, 2026

NOTE 10. INCOME TAX MATTERS

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 the Code, applicable to RICs. Therefore, no federal income tax provision is required.

The Fund did not pay significant federal, state, or local income taxes nor did the Fund pay significant income taxes in foreign jurisdictions.

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: foreign currency reclassifications, premium amortization and paydown reclassifications, adjustments related to complex securities, and distribution adjustments. These reclassifications have no impact on net assets.

As of March 31, 2026, the cost of investments and the components of net unrealized appreciation (depreciation) (in thousands) for federal income tax purposes were as follows:

Tax Cost of Investments($)

Gross Unrealized Appreciation($)

Gross Unrealized Depreciation($)

Net Unrealized Appreciation (Depreciation)($)

584,221

6,237

(15,327

)

(9,090

)

As of March 31, 2026, the components of net unrealized appreciation (depreciation) (in thousands) for derivatives held were as follows:

Tax Cost/Premiums/Adjustment($)

Gross Unrealized Appreciation($)

Gross Unrealized Depreciation($)

Net Unrealized Appreciation (Depreciation)($)

Futures/Futures Options Contracts

(1,576

)

-

-

-

Forward Foreign Currency Contracts

1,314

-

-

-

Swap Agreements

230

48

-

48

As of March 31, 2026, 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($)

33,541

1,331

(9,127

)

-

* 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 certain tax basis adjustments.

The tax character of distributions paid by the Fund (in thousands) during the Fund's fiscal year ended March 31, 2026 was as follows:

Net Ordinary Income*($)

Long-term Capital Gain**($)

Return of Capital($)

13,085

2,164

-

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

** The Fund designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code section 852(b)(3), the amount necessary to reduce earnings and profits of the

Fund related to net capital gains to zero for the fiscal year ended March 31, 2026.

The tax character of distributions paid by the Fund (in thousands) during the Fund's fiscal year ended March 31, 2025 was as follows:

Net Ordinary Income*($)

Long-term Capital Gain($)

Return of Capital($)

40,617

-

-

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

The Fund files U.S. federal and various state and local tax returns. The Fund's federal tax returns are generally subject to examination for a period of three fiscal years after the date they are filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management completed an evaluation of the Fund's tax positions taken for all open tax years and based on that evaluation, determined that no provision for federal income tax was required in the Fund's financial statements during the year ended March 31, 2026.

37

Jackson Credit Opportunities Fund

Notes to Financial Statements

March 31, 2026

NOTE 11. SEGMENT REPORTING

The Fund's President and Chief Executive Officer is the Fund's Chief Operating Decision Maker ("CODM"). The Fund operates as a single reportable segment, which reflects how the CODM monitors and manages the operating results of the Fund. The CODM manages the allocation of resources in accordance with the Fund's objective and the terms of its prospectus and evaluates total return of the Fund versus its comparative benchmarks. The Adviser or Sub-Adviser implements the investment objective and program by selecting securities and determining asset allocation ranges. The financial information used by the CODM to assess the segment's performance and to allocate resources, including total return, expense ratios, changes in net assets from operations and portfolio composition is consistent with that presented within the Fund's financial statements and financial highlights. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as Total Assets and significant segment expenses are listed on the accompanying Statement of Operations.

NOTE 12. SUBSEQUENT EVENTS

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

38

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees
Jackson Credit Opportunities Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Jackson Credit Opportunities Fund (the Fund), including the schedule of investments, as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the two-year period then ended and the period from December 1, 2023 (commencement of operations) through March 31, 2024. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the two-year period then ended and the period from December 1, 2023 through March 31, 2024, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, transfer agent, general partners/managers of the underlying investments, agent banks and brokers or by other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more JNL investment companies since 2001.

Chicago, Illinois
May 20, 2026

39

Jackson Credit Opportunities Fund

Additional Disclosures (Unaudited)

March 31, 2026

Disclosure of Fund Expenses. Shareholders incur ongoing costs, which include costs for portfolio management, administrative services, shareholder services and other operating expenses. Operating expenses such as these are deducted from the 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 the 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.

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 titled "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 the 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.

Expenses Using Actual Fund Return

Expenses Using Hypothetical 5% Return

Annualized Expense Ratios(%)

Beginning Account Value 10/01/25($)

Ending Account Value 03/31/26($)

Expenses Paid During Period($)†

Beginning Account Value 10/01/25($)

Ending Account Value 03/31/26($)

Expenses Paid During Period($)†

Jackson Credit Opportunities Fund

Class I

1.88

1,000.00

1,006.60

9.41

1,000.00

1,015.56

9.45

†Expenses paid during the period are equal to the annualized net expense ratio, multiplied by the average account value over the period, then multiplied by 182/365.

Other Federal Income Tax Information. The information reported below is for the period ended December 31, 2025. Qualified dividend information will be provided on each shareholder's 2025 Form 1099-DIV.

For the period ended December 31, 2025, the Fund hereby designates the following percentages, or the maximum amount allowable under the Code, as qualified dividends: 0.00%

For the period ended December 31, 2025, the Fund hereby designates the following percentages, or the maximum amount allowable under the Code, as distributions eligible for the dividends received deduction for corporations: 0.00%

Quarterly Portfolio Holdings. The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov. The information on Form N-PORT is also available upon request by calling the Fund's toll-free at 1-877-545-0041.

Proxy Voting Policies and Procedures and Proxy Voting Record. A description of the Policy that the Fund's Adviser (and Sub-Adviser) used to vote proxies relating to portfolio securities and additional information on how the Fund voted any proxies relating to portfolio securities during the 12-month period ended June 30, 2025, is available without charge (1) by calling 1-877-545-0041; (2) on Jackson National Life Insurance Company's or Jackson National Life Insurance Company of New York's website at www.jackson.com/interval-funds.html; and (3) by visiting the SEC's website at www.sec.gov.

40

Trustees and Officers of Jackson Credit Opportunities Fund ("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 (59) 1

1 Corporate Way

Lansing, MI 48951

Trustee 2

(6/2023 to present)

President and Chief Executive Officer

(6/2023 to present)

Chief Operating Decision Maker

(12/2024 to present)

124

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, Chief Executive Officer, and Chief Operating Decision Maker of other investment companies advised by JNAM (11/2023 to present and 12/2006 to present); Principal Executive Officer of an investment company advised by PPM America, Inc. (11/2017 to 12/2024)

Other Directorships Held by Trustee During Past 5 Years:

None

Independent Trustees

Eric O. Anyah (58)

1 Corporate Way

Lansing, MI 48951

Trustee 2

(8/2023 to present)

124

Principal Occupation(s) During Past 5 Years:

Chief Financial Officer, The Museum of Fine Arts, Houston (10/2013 to present)

Other Directorships Held by Trustee During Past 5 Years:

None

Michael J. Bouchard (69)

1 Corporate Way

Lansing, MI 48951

Trustee 2

(8/2023 to present)

124

Principal Occupation(s) During Past 5 Years:

Sheriff, Oakland County, Michigan (1/1999 to present)

Other Directorships Held by Trustee During Past 5 Years:

None

Ellen Carnahan (70)

1 Corporate Way

Lansing, MI 48951

Trustee 2

(8/2023 to present)

124

Principal Occupation(s) During Past 5 Years:

Principal, Machrie Enterprises LLC (venture capital firm) (7/2007 to present); Board Member of various corporate boards (see below)

Other Directorships Held by Trustee During Past 5 Years:

Director, Audit Committee Member, and Governance Committee Member (5/2015 to present) and Audit Committee Chair (3/2019 to present), ENOVA International Inc.; Director and Audit Committee Member (11/2016 to 8/2023) and Compensation Committee Chair (3/2018 to 8/2023), Paylocity Holding Corporation

John W. Gillespie (72)

1 Corporate Way

Lansing, MI 48951

Trustee 2

(8/2023 to present)

124

Principal Occupation(s) During Past 5 Years:

Investor, Business Writer, and Advisor (10/2006 to present); Entrepreneur-in-Residence, UCLA Office of Intellectual Property (2/2013 to 12/2022)

Other Directorships Held by Trustee During Past 5 Years:

None

Elisa Zúñiga Ramírez (57)

1 Corporate Way

Lansing, MI 48951

Trustee 2

(1/2026 to present)

124

Principal Occupation(s) During Past 5 Years:

President, Exito Consulting (10/2022 to present)

Other Directorships Held by Trustee During Past 5 Years:

Director, Compensation Committee Member, and Nominating/Governance Committee Member (10/2023 to present) and Audit Committee Chair (5/2025 to present), Century Communities, Inc.; Director (4/2022 to present) and Audit Committee Chair (1/2026 to present), Trust for Professional Managers; Director and Audit & Asset/Liability Committee Member, Peoples Financial Services Corporation (3/2022 to present); Director and Environmental, Social and Governance Advisory Committee Member, Bow River Capital (1/2021 to 12/2024); Director (1/2021 to 12/2024) and Board Chair (1/2023 to 12/2024), Denver Employees Retirement Plan

41

Trustees and Officers of Jackson Credit Opportunities Fund ("Trust")

Name, Address, and (Age)

Position(s) Held with Trust

(Length of Time Served)

Number of Portfolios in Fund Complex Overseen by Trustee

William R. Rybak (75)

1 Corporate Way

Lansing, MI 48951

Trustee 2

(8/2023 to present)

124

Principal Occupation(s) During Past 5 Years:

Private investor (5/2000 to present); Board Member of various corporate boards (see below)

Other Directorships Held by Trustee During Past 5 Years:

Director (2/2010 to present) and Board Chair (2/2016 to present), Christian Brothers Investment Services, Inc.; Trustee (2002 to present), and Audit Committee Chair (7/2019 to present), each of the Calamos Mutual Funds and Closed-End Funds; Trustee (10/2012 to 5/2024) and Chair Emeritus (5/2009 to 5/2024), Lewis University

Eric A. Thomas (61)

1 Corporate Way

Lansing, MI 48951

Trustee 2

(1/2026 to present)

124

Principal Occupation(s) During Past 5 Years:

Independent Consulting Analyst (8/2019 to present); Professor, Suffolk University (7/2019 to present)

Other Directorships Held by Trustee During Past 5 Years:

Independent Trustee, Audit Committee Member, and Nominating and Governance Committee Member, Axxes Capital Funds (7/2022 to present); Director, Colorado State University Foundation (2/2011 to present)

Mark S. Wehrle (69)

1 Corporate Way

Lansing, MI 48951

Chair of the Board 3

(1/2026 to present)

Trustee 2

(8/2023 to present)

124

Principal Occupation(s) During Past 5 Years:

Retired Certified Public Accountant (1/2011 to present)

Other Directorships Held by Trustee During Past 5 Years:

None

Edward C. Wood (70)

1 Corporate Way

Lansing, MI 48951

Trustee 2

(8/2023 to present)

Chair of the Board

(8/2023 to 12/2025)

124

Principal Occupation(s) During Past 5 Years:

None

Other Directorships Held by Trustee During Past 5 Years:

None

Patricia A. Woodworth (71)

1 Corporate Way

Lansing, MI 48951

Trustee 2

(8/2023 to present)

124

Principal Occupation(s) During Past 5 Years:

Chief Financial Officer, National Trust for Historic Preservation (11/2023 to 5/2024)

Other Directorships Held by Trustee During Past 5 Years:

None

1 Mr. Nerud is an "interested person" of the Trust due to his position with JNAM, the Adviser.

2 The Interested Trustee and the Independent Trustees are elected to serve for an indefinite term.

3 The Board Chairperson may be reelected for a second three-year term. If the Board Chairperson has served two consecutive terms, he or she may not serve again as the Board Chairperson, unless at least one year has elapsed since the end of his or her second consecutive term as Board Chairperson.

42

Trustees and Officers of Jackson Credit Opportunities Fund ("Trust")

Name, Address, and (Age)

Position(s) Held with Trust

(Length of Time Served)

Officers

Emily J. Bennett (42)

1 Corporate Way

Lansing, MI 48951

Vice President

(6/2023 to present)

Assistant Secretary

(6/2023 to present)

Principal Occupation(s) During Past 5 Years:

Vice President of JNAM (8/2022 to present); Deputy General Counsel of JNAM (8/2021 to present); Assistant Vice President of JNAM (2/2018 to 8/2022); Associate General Counsel of JNAM (3/2016 to 8/2021); Vice President of other investment companies advised by JNAM (11/2023 to present and 11/2022 to present); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present and 3/2016 to present); Assistant Secretary (1/2021 to 5/2022), Vice President (11/2017 to 12/2024), and Secretary (5/2022 to 12/2024) of an investment company advised by PPM America, Inc.

Eric A. Bjornson (50)

1 Corporate Way

Lansing, MI 48951

Vice President

(8/2025 to present)

Principal Occupation(s) During Past 5 Years:

Chief Operating Officer of JNAM (8/2025 to present); Senior Vice President of JNAM (3/2022 to present); Vice President, Operations of JNAM (6/2014 to 3/2022); Vice President of other investment companies advised by JNAM (8/2025 to present); Vice President of an investment company advised by PPM America, Inc. (8/2021 to 12/2024)

Garett J. Childs (46)

1 Corporate Way

Lansing, MI 48951

Vice President

(6/2023 to present)

Principal Occupation(s) During Past 5 Years:

Senior Vice President of JNAM (8/2025 to present); Chief Financial Officer of JNAM (8/2021 to present); Manager, Board of Managers of Jackson National Life Distributors LLC (8/2025 to present); Vice President, Finance and Risk of JNAM (2/2019 to 8/2025); Controller of JNAM (11/2007 to 8/2021); Vice President of other investment companies advised by JNAM (11/2023 to present and 2/2019 to present)

Kelly L. Crosser (53)

1 Corporate Way

Lansing, MI 48951

Assistant Secretary

(6/2023 to present)

Principal Occupation(s) During Past 5 Years:

Director, Legal of JNAM (12/2021 to present); Manager, Legal Regulatory Filings and Print of JNAM (1/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present and 9/2007 to present)

Richard J. Gorman (60)

1 Corporate Way

Lansing, MI 48951

Chief Compliance Officer

(6/2023 to present)

Anti-Money Laundering Officer

(6/2023 to present)

Principal Occupation(s) During Past 5 Years:

Senior Vice President and Chief Compliance Officer of JNAM (8/2018 to present); Chief Compliance Officer and Anti-Money Laundering Officer of other investment companies advised by JNAM (11/2023 to present and 8/2018 to present)

William P. Harding (51)

1 Corporate Way

Lansing, MI 48951

Vice President

(6/2023 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 other investment companies advised by JNAM (11/2023 to present and 11/2012 to present)

Kristen K. Leeman (50)

1 Corporate Way

Lansing, MI 48951

Assistant Secretary

(6/2023 to present)

Principal Occupation(s) During Past 5 Years:

Senior Project Manager of JNAM (10/2023 to present); Senior Regulatory Analyst of JNAM (5/2021 to 10/2023); Regulatory Analyst of JNAM (1/2018 to 5/2021); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present and 6/2012 to present)

43

Trustees and Officers of Jackson Credit Opportunities Fund ("Trust")

Name, Address, and (Age)

Position(s) Held with Trust

(Length of Time Served)

Adam C. Lueck (43)

1 Corporate Way

Lansing, MI 48951

Assistant Secretary

(6/2023 to present)

Principal Occupation(s) During Past 5 Years:

Associate General Counsel of JNAM (12/2021 to present); Senior Attorney of JNAM (2/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (11/2023 to present and 3/2018 to present)

Mia K. Nelson (43)

1 Corporate Way

Lansing, MI 48951

Vice President

(6/2023 to present)

Principal Occupation(s) During Past 5 Years:

Vice President, Tax of JNAM (8/2022 to present); Assistant Vice President, Tax of JNAM (3/2017 to 8/2022); Vice President of other investment companies advised by JNAM (11/2023 to present and 11/2022 to present); Assistant Vice President of other investment companies advised by JNAM (8/2017 to 11/2022)

Joseph B. O'Boyle (63)

1 Corporate Way

Lansing, MI 48951

Vice President

(6/2023 to present)

Principal Occupation(s) During Past 5 Years:

Vice President of JNAM (8/2015 to present); Vice President of other investment companies advised by JNAM (11/2023 to present and 1/2018 to present); Chief Compliance Officer and Anti-Money Laundering Officer of an investment company advised by PPM America, Inc. (2/2018 to 12/2024)

Susan S. Rhee (54)

1 Corporate Way

Lansing, MI 48951

Vice President, Chief Legal Officer, and Secretary

(6/2023 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, Chief Legal Officer, and Secretary of other investment companies advised by JNAM (11/2023 to present and 2/2004 to present); Vice President and Assistant Secretary of an investment company advised by PPM America, Inc. (11/2017 to 7/2022)

Andrew Tedeschi (61)

1 Corporate Way

Lansing, MI 48951

Treasurer & Chief Financial Officer

(6/2023 to present)

Principal Occupation(s) During Past 5 Years:

Vice President, JNAM (1/2019 to present); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (11/2023 to present and 6/2020 to present); Principal Financial Officer, Treasurer, and Vice President of an investment company advised by PPM America, Inc. (1/2021 to 12/2024)

44

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 19(a)(1) to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The registrant has named Mark Wehrle as an Audit Committee financial expert serving on its Audit Committee. Mark Wehrle is not an "interested person" of the Trust, as that term is defined by 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.

(a)-(d)

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 March 31, 2025, and March 31, 2026. 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 KPMG

Fiscal Year

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

2025

$75,000

$0

$0

$0

2026

$75,000

$0

$0

$0

Fees for Services Rendered to Adviser Entities by KPMG

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

2025

$0

$0

$0

2026

$0

$0

$0

(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 auditor's 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 fiscal year ended March 31, 2025, was $0. The aggregate fees billed for all non-audit fees to the registrant and Adviser Entities for the fiscal year ended March 31, 2026, was $0.

(h) For the fiscal years ended March 31, 2025, and March 31, 2026, 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.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Included as a part of the report to shareholders filed under Item 1.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

I. Introduction and General Principles

A. Certain investment adviser subsidiaries of Neuberger Berman Group LLC ("NB") have been delegated the authority and responsibility to vote the proxies of their respective investment advisory clients and exercise such responsibility according to these policies and procedures.

B. NB understands that proxy voting is an integral aspect of investment management. Accordingly, proxy voting must be conducted with the same degree of prudence and loyalty accorded any fiduciary or other obligation of an investment manager.

C. NB believes that the following policies and procedures are reasonably expected to ensure that proxy matters are conducted in the best interest of clients, in accordance with NB's fiduciary duties, applicable rules under the Investment Advisers Act of 1940, fiduciary standards and responsibilities for ERISA clients set out in Department of Labor interpretations, the UK Stewardship Code, the Japan Stewardship Code and other applicable laws and regulations.

D. In instances where NB does not have authority to vote client proxies, it is the responsibility of the client to instruct the relevant custody bank or banks to mail proxy material directly to such client.

E. In all circumstances, NB will comply with specific client directions to vote proxies, whether or not such client directions specify voting proxies in a manner that is different from NB's proxy votes for other client accounts.

F. NB will seek to vote all shares under its authority so long as that action is not in conflict with client instructions. There may be circumstances under which NB may abstain from voting a client proxy, such as when NB believes voting would not be in clients' best interests (e.g., not voting in countries with share blocking or meetings in which voting would entail additional costs). NB understands that it must weigh the costs and benefits of voting proxy proposals relating to foreign securities and make an informed decision with respect to whether voting a given proxy proposal is prudent and solely in the interests of the clients and, in the case of an ERISA client and other accounts and clients subject to similar local laws, a plan's participants and beneficiaries. NB's decision in such circumstances will take into account the effect that the proxy vote, either by itself or together with other votes, is expected to have on the value of the client's investment and whether this expected effect would outweigh the cost of voting.

II. Responsibility and Oversight

A. NB has designated a Governance & Proxy Committee ("Proxy Committee") with the responsibility for:

(i) developing, authorizing, implementing and updating NB's policies and procedures;

(ii) administering and overseeing the governance and proxy voting processes; and

(iii) engaging and overseeing any third-party vendors as voting delegates to review, monitor and/or vote proxies.

NB, at the recommendation of the Proxy Committee, has retained Glass, Lewis & Co., LLC ("Glass Lewis") as its proxy voting service provider.

B. The Proxy Committee will meet as frequently and in such manner as necessary or appropriate to fulfill its responsibilities.

C. The members of the Proxy Committee will be appointed from time to time and will include the Chief Investment Officer (Equities), the Director of Global Equity Research, the Head of ESG & Impact Investing, and certain portfolio managers. A senior member of the Legal and Compliance Department will advise the Proxy Committee and may vote as a full member of the Committee if a vote is needed to establish a quorum or in the event that a vote is needed to break a tie. The Director of Investment Stewardship serves in an advisory role to the Proxy Committee but may also vote as a full member of the Committee if a vote is needed to establish a quorum or in the event that a vote is needed to break a tie. The Proxy Committee may also appoint substitute or additional members if needed to establish quorum in the absence of one or more members.

D. In the event that one or more members of the Proxy Committee are not independent with respect to a particular matter, the remaining members of the Proxy Committee shall constitute an ad hoc independent subcommittee of the Proxy Committee, which will have full authority to act upon such matter.

III. Proxy Voting Guidelines

A. The Proxy Committee developed the Governance and Proxy Voting Guidelines ("Voting Guidelines") based on our Governance and Engagement Principles. These Guidelines are updated as appropriate and generally at least on an annual basis. With input from certain of our investment professionals, the modifications are intended to reflect emerging corporate governance issues and themes. The Proxy Committee recognizes that in certain circumstances it may be in the interests of our clients to deviate from our Voting Guidelines.

B. Our views regarding corporate governance and engagement, and the related stewardship actions, are informed by our ESG Investing group, in consultation with professionals in the Legal & Compliance and Global Equity Research groups, among others. These insightful, experienced and dedicated groups enable us to think strategically about engagement and stewardship priorities.

C. We believe NB's Voting Guidelines generally represent the voting positions most likely to support our clients' best economic interests across a range of sectors and contexts. These guidelines are not intended to constrain our consideration of the specific issues facing a particular company on a particular vote, and so there will be times when we deviate from the Voting Guidelines.

D. In the event that a portfolio manager or other investment professional at Neuberger Berman believes that it is in the best interest of a client or clients to vote proxies other than as provided in NB's Voting Guidelines, the portfolio manager or other investment professional will submit in writing to the Proxy Committee the basis for his or her recommendation. The Proxy Committee will review this recommendation in the context of the specific circumstances of the proxy vote being considered and with the intention of voting in the best interest of our clients.

IV. Proxy Voting Procedures

A. NB will vote client proxies in accordance with a client's specific request even if it is in a manner inconsistent with NB's proxy votes for other client accounts. Such specific requests should be made in writing by the individual client or by an authorized officer, representative or named fiduciary of a client.

B. NB has engaged Glass Lewis as its proxy voting service provider to:

(i) provide research on proxy matters;

(ii) in a timely manner, notify NB of and provide additional solicitation materials made available reasonably in advance of a vote deadline;

(iii) vote proxies in accordance with NB's Voting Guidelines or as otherwise instructed and submit such proxies in a timely manner;

(iv) handle other administrative functions of proxy voting;

(v) maintain records of proxy statements and additional solicitation materials received in connection with proxy votes and provide copies of such proxy statements promptly upon request; and

(vi) maintain records of votes cast.

C. Except in instances where clients have retained voting authority, NB will instruct custodians of client accounts to forward all proxy statements and materials received in respect of client accounts to Glass Lewis.

D. NB retains final authority and fiduciary responsibility, consistent with applicable law, for proxy voting for clients that have delegated it authority and discretion to vote proxies.

V. Conflicts of Interest

A. NB shall direct Glass Lewis to vote proxies in accordance with the Voting Guidelines described in Section III or, in instances where a material conflict has been determined to exist, NB will generally instruct that such shares be voted in the same proportion as other shares are voted with respect to a proposal, subject to applicable legal, regulatory and operational requirements.. NB believes that this process is reasonably designed to address material conflicts of interest that may arise in conjunction with proxy voting decisions. Potential conflicts considered by the Proxy Committee when it is determining whether to deviate from NB's Voting Guidelines include, among others: a material client relationship with the corporate issuer being considered; personal or business relationships between the portfolio managers and an executive officer; director, or director nominee of the issuer; joint business ventures; or a direct transactional relationship between the issuer and senior executives of NB.

B. In the event that an NB Investment Professional believes that it is in the best interest of a client or clients to vote proxies in a manner inconsistent with the Voting Guidelines described in Section III, such NB Investment Professional will contact a member of the Legal & Compliance Department advising the Proxy Committee and complete and sign a questionnaire in the form adopted from time to time. Such questionnaires will require specific information, including the reasons the NB Investment Professional believes a proxy vote in this manner is in the best interest of a client or clients and disclosure of specific ownership, business or personal relationship, or other matters that may raise a potential material conflict of interest with respect to the voting of the proxy. The Proxy Committee will meet with the NB Investment Professional to review the completed questionnaire and consider such other matters as it deems appropriate to determine that there is no material conflict of interest with respect to the voting of the proxy in the requested manner. The Proxy Committee shall document its consideration of such other matters. In the event that the Proxy Committee determines that such vote will not present a material conflict, the Proxy Committee will make a determination whether to vote such proxy as recommended by the NB Investment Professional. In the event of a determination to vote the proxy as recommended by the NB Investment Professional, an authorized member of the Proxy Committee will instruct Glass Lewis to vote in such manner with respect to the client or clients. In the event that the Proxy Committee determines that the voting of a proxy as recommended by the NB Investment Professional would not be appropriate, the Proxy Committee will:

(i) take no further action, in which case the Committee shall vote such proxy in accordance with the Voting Guidelines;

(ii) disclose such conflict to the client or clients and obtain written direction from the client with

respect to voting the proxy;

(iii) suggest that the client or clients engage another party to determine how to vote the proxy;

(iv) instruct that such shares be voted in the same proportion as other shares are voted with respect to a proposal, subject to applicable legal, regulatory and operational requirements; or

(v) engage another independent third party to determine how to vote the proxy if voting in the manner described in

(iv) is not feasible.

A record of the Proxy Committee's determinations shall be prepared and maintained in accordance with applicable policies.

C. In the event that the Voting Guidelines described in Section III do not address how a proxy should be voted the Proxy Committee will make a determination as to how the proxy should be voted. The Proxy Committee will consider such matters as it deems appropriate to determine how such proxy should be voted, including whether there is a material conflict of interest with respect to the voting of the proxy in accordance with its decision. The Proxy Committee shall document its consideration of such matters, and an authorized member of the Proxy Committee will instruct Glass Lewis to vote in such manner with respect to such client or clients.

D. Material conflicts cannot be resolved by simply abstaining from voting.

VI. Recordkeeping

NB will maintain records relating to the implementation of the Voting Guidelines and these procedures, including:

(i) a copy of the Voting Guidelines and these procedures, which shall be made available to clients upon request;

(ii) proxy statements received regarding client securities (which will be satisfied by relying on EDGAR or Glass Lewis);

(iii) a record of each vote cast (which Glass Lewis maintains on NB's behalf);

(iv) a copy of each questionnaire completed by any NB Investment Professional under Section V above; and

(v) any other document created by NB that was material to a determination regarding the voting of proxies on behalf of clients or that memorializes the basis for that decision.

Such proxy voting books and records shall be maintained in an easily accessible place, which may include electronic means, for a period of five years, the first two by the Legal & Compliance Department. Material conflicts cannot be resolved by simply abstaining from voting.

VII. Engagement and Monitoring

Consistent with the firm's active management strategies, NB portfolio managers and members of the Global Equity Research team continuously monitor material investment factors at portfolio companies. NB professionals remain informed of trends and best practices related to the effective fiduciary administration of proxy voting. NB will make revisions to its Voting Guidelines and related procedures document when it determines it is appropriate or when we observe the opportunity to materially improve outcomes for our clients. Additionally, we will regularly undertake a review of selected voting and

engagement cases to better learn how to improve the monitoring of our portfolio companies and the effectiveness of our stewardship activities.

VIII. Securities Lending

Some NB products or client accounts where NB has authority and responsibility to vote the proxies may participate in a securities lending program administered by NB. Where a security is currently on loan ahead of a shareholder meeting, NB will generally attempt to terminate the loan in time to vote those shares. Where a security that is potentially subject to being loaned is eligible to be voted in a stockholder meeting a portfolio manager may restrict the security from lending. NB maintains the list of securities restricted from lending and receives daily updates on upcoming proxy events from the custodian.

IX. Disclosure

Neuberger Berman will publicly disclose all voting records of its co-mingled funds (Undertakings for Collective Investment in Transferable Securities [UCITS] and mutual funds), which can be found at https://www.nb.com/en/global/esg/nb-votes -- Neuberger Berman cannot publicly disclose vote level records for separate accounts without express permission of the client. Neuberger Berman will publicly disclose aggregate reporting on at least an annual basis for all votes cast across co- mingled and separate accounts. Neuberger Berman welcomes the opportunity to discuss the rationale for a given vote with investee companies as part of our ongoing engagement activities. Neuberger Berman may also choose to provide broad explanations for certain voting positions on important or topical issues in advance of the vote. Additionally, our proxy voting guidelines can be found on our website: https://www.nb.com/en/global/esg/nb-votes.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Portfolio Managers

Adam Grotzinger, CFA is a Managing Director and joined Neuberger in 2015. Mr. Grotzinger is a Senior Fixed Income Portfolio Manager based in Chicago. Prior to joining Neuberger Berman, he worked in the Fixed Income teams at Franklin Templeton in Singapore, London and California. Mr. Grotzinger graduated cum laude from the University of Vermont with a BS in International Business and a minor in Political Science. He is a Chartered Financial Analyst (CFA) Charterholder and member of the Chicago CFA society.

Ashok K. Bhatia, CFA, Managing Director, joined Neuberger in 2017. Mr. Bhatia is the Chief Investment Officer and Global Head of Fixed Income, and a member of Neuberger's Partnership and Asset Allocation Committees and Fixed Income's Investment Strategy Committee. Previously, Mr. Bhatia held senior investment and leadership positions in several asset management firms and hedge funds, including Wells Fargo Asset Management, Balyasny Asset Management and Stark Investments, and had investment responsibilities across global fixed income and currency markets. He began his career in 1993 as an investment analyst at Morgan Stanley. He received a BA with high honors in Economics from the University of Michigan, Ann Arbor, and an MBA with high honors from the University of Chicago. He has been awarded the Chartered Financial Analyst designation.

David M. Brown, CFA, Managing Director, rejoined the Neuberger in 2003. Dave is Global Co-Head of Investment Grade, Co-Head Multi-Sector Fixed Income, a member of the Fixed Income Investment Strategy Committee, and acts as Senior Portfolio Manager on both Global Investment Grade and Multi-Sector Fixed Income strategies. Mr. Brown also leads the Investment Grade Credit team in determining credit exposures across both Global Investment Grade and Multi-Sector Fixed Income strategies. He initially joined the Neuberger in 1991 after graduating from the University of Notre Dame with a BA in Government and subsequently received

his MBA in Finance from Northwestern University. Prior to his return, he was a senior credit analyst at Zurich Scudder Investments and later a credit analyst and portfolio manager at Deerfield Capital. Mr. Brown has been awarded the Chartered Financial Analyst designation.

David Kupperman, PhD is a Managing Director and is Co-head of the Neuberger Private Markets Investment Management team. He is also on the Investment Committees of the Multi-Sector Private Credit group, the Private Debt group, the Specialty Finance Group which he co-founded, as well as Chairman of the NB Insurance-Linked Strategies Underwriting Committee and a Director of NB Reinsurance Ltd. Dr. Kupperman also sits on Neuberger's Asset Allocation Committee and the Investment Risk Committee. Prior to joining Neuberger in 2011, he was a partner and member of the investment committee at Alternative Investment Management, LLC. Before that, he was a managing director and member of the executive committee at Paloma Partners Management Company, a multi-strategy hedge fund focused on relative value trading strategies. Previously, Dr. Kupperman was a principal at The Carlyle Group, one of the world's largest alternative investment managers. Prior to joining Carlyle, he was a vice president in both the private equity and portfolio strategy groups at Goldman, Sachs & Co. Dr. Kupperman is on the board of the Palisades Park Conservancy. He holds an MA and a PhD in physics from Johns Hopkins University and a BA and an ME from Cornell University.

Joseph Lynch is a Managing Director and joined Neuberger in 2002. He is the Global Head of Non-Investment Grade Credit and a Senior Portfolio Manager for Non-Investment Grade Credit focusing on loan portfolios. In addition, he sits on the Credit Committee for Non-Investment Grade Credit and serves on Neuberger's Partnership Committee. Mr. Lynch was a founding partner of LightPoint Capital Management LLC, which was acquired by Neuberger in 2007. Prior to joining LightPoint, he was employed at ABN AMRO, where he was responsible for structuring highly leveraged transactions. Mr. Lynch earned a BS from the University of Illinois and an MBA from DePaul University.

Louay Mikdashi is a Managing Director and joined Neuberger in June 2022 and is Co-Head of Multi-Sector Private Credit. In this role, he co-leads the team's investment strategy and business initiatives. The Multi-Sector Private Credit team employs and opportunistic investment approach designed to have the flexibility to invest across the credit and liquidity spectrum. The team benefits from a differentiated sourcing model that leverages both internal and external origination partners, enabling a high degree of selectivity and flexibility. Prior to joining Neuberger, Mr. Mikdashi was the Head of an Opportunistic alternative division at BlackRock in EMEA, where he helped build and scale a global investment franchise spanning alternative asset classes and the capital structure. Previously, he served as Global Chief Investment Officer of the Alternatives division at Santander Asset Management and co-chaired Neuberger's Global Investment Committee in his role as Chief Investment Strategist. Mr. Mikdashi holds advanced degrees from Harvard Business School (General Management Program), Boston College (M.S. in Finance), Babson College (MBA Entrepreneurship), and HEC Paris (M.S. in Economics).

Neuberger Berman Investment Advisers LLC

Neuberger Berman Investment Advisers LLC ("Neuberger"), 1290 Avenue of the Americas, New York, New York 10104, serves as Sub-Adviser to the Fund. The Sub-Adviser is responsible for choosing the Fund's investments and the day-to-day management of the Fund's investment portfolios. As compensation under the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a monthly sub-advisory fee equal to 0.78% on an annualized basis of the average daily net assets of the Fund allocated to the Sub-Adviser.

Portfolio Manager Compensation Structure

Neuberger's compensation philosophy is one that focuses on rewarding performance and incentivizing employees. Neuberger is also focused on creating a compensation process that it believes is fair, transparent, and competitive with the market.

Compensation for Portfolio Managers consists of either (i) fixed (salary) and variable (discretionary bonus) compensation but is more heavily weighted on the variable portion of total compensation, (ii) on a production model, whereby formulaic compensation is paid from the team compensation pool on a fixed schedule (typically monthly), or (iii) a combination of salary, bonus and/or production compensation. Compensation is paid from a team compensation pool made available to the portfolio management team with which the Portfolio Manager is associated. The size of the team compensation pool is determined based on a formula that takes into consideration a number of factors including the pre-tax revenue that is generated by that particular portfolio management team, less certain adjustments. The amount allocated to individual Portfolio Managers is determined on the basis of a variety of criteria, including investment performance (including the aggregate multi-year track record), utilization of central resources (including research, sales and operations/support), business building to further the longer term sustainable success of the investment team, effective team/people management, and overall contribution to the success of Neuberger. Certain Portfolio Managers may manage products other than mutual funds, such as high net worth separate accounts. The share of pre-tax revenue a Portfolio Manager receives pursuant to any such arrangement will vary based on certain revenue thresholds.

The terms of Neuberger Berman's long-term retention incentives are as follows:

Employee-Owned Equity. Certain employees (primarily senior leadership and investment professionals) participated in Neuberger's equity ownership structure, which was launched as part of the firm's management buyout in 2009 and designed to incentivize and retain key personnel. NBIA also currently offers an equity acquisition program which allows employees a more direct opportunity to invest in Neuberger.

Contingent Compensation. Certain employees may participate in Neuberger's Contingent Compensation Plan (the "CCP") to serve as a means to further align the interests of Neuberger's employees with the success of the firm and the interests of Neuberger's clients, and to reward continued employment. Under the CCP, up to 20% of a participant's annual total compensation in excess of $500,000 is contingent and subject to vesting. The contingent amounts are maintained in a notional account that is tied to the performance of a portfolio of Neuberger investment strategies as specified by the firm on an employee-by-employee basis. By having a participant's contingent compensation tied to Neuberger investment strategies, each employee is given further incentive to operate as a prudent risk manager and to collaborate with colleagues to maximize performance across all business areas. In the case of members of investment teams, including Portfolio Managers, the CCP is currently structured so that such employees have exposure to the investment strategies of their respective teams as well as the broader Neuberger portfolio.

Restrictive Covenants. Most investment professionals, including Portfolio Managers, are subject to notice periods and restrictive covenants which include employee and client non-solicit restrictions as well as restrictions on the use of confidential information. In addition, depending on participation levels, certain senior professionals who have received equity grants have also agreed to additional notice and transition periods and, in some cases, non-compete restrictions.

Other Accounts Managed by the Portfolio Managers and Potential Conflicts of Interest

The following table reflects information as of March 31, 2026:

Jackson Credit Opportunities Fund

Performance Fee Accounts

Portfolio Manager

Category of Account

# of Accounts

AUM

# of Accounts

AUM

Ashok Bhatia, CFA

Other Registered Investment Companies

7

$10.24 billion

0

$0

Other Pooled Vehicles

23

$22.389 billion

0

$0

Other Accounts

27

$8.38 billion

0

$0

David Brown, CFA

Other Registered Investment Companies

9

$10.72 billion

0

$0

Other Pooled Vehicles

128

$36.9 billion

10

$87 million

Other Accounts

416

$47.74 billion

0

$0

Adam Grotzinger, CFA

Other Registered Investment Companies

3

$993 million

0

$0

Other Pooled Vehicles

19

$14.04 billion

0

$0

Other Accounts

21

$3.9 billion

0

$0

David Kupperman, PhD

Other Registered Investment Companies

1

$54 million

0

$0

Other Pooled Vehicles

7

$665 million

0

$0

Other Accounts

4

$2.71 billion

1

$4 million

Joe Lynch

Other Registered Investment Companies

6

$488 million

0

$0

Other Pooled Vehicles

114

$35.61 billion

39

$16.12 billion

Other Accounts

35

$7.85 billion

1

$14 million

Louay Mikdashi

Other Registered Investment Companies

1

$54 million

0

$0

Other Pooled Vehicles

3

$615 million

0

$0

Other Accounts

2

$211 million

0

$0

Conflicts of Interest

Actual or apparent conflicts of interest may arise when a Portfolio Manager for Neuberger has day-to-day management responsibilities with respect to more than one fund or other account. The management of multiple funds and accounts (including proprietary accounts) may give rise to actual or potential conflicts of interest if the funds and accounts have different or similar objectives, benchmarks, time horizons, and fees, as the Portfolio Manager must allocate his or her time and investment ideas across multiple funds and accounts. The Portfolio Manager may execute transactions for another fund or account that may adversely impact the value of securities or instruments held by a fund, and which may include transactions that are directly contrary to the positions taken by a fund. For example, a Portfolio Manager may engage in short sales of securities or instruments for another account that are the same type of securities or instruments in which a fund it manages also invests. In such a case,

the Portfolio Manager could be seen as harming the performance of the fund for the benefit of the account engaging in short sales if the short sales cause the market value of the securities or instruments to fall. Additionally, if a Portfolio Manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, a fund may not be able to take full advantage of that opportunity. There may also be regulatory limitations that prevent a fund from participating in a transaction that another account or fund managed by the same Portfolio Manager will invest. For example, the Investment Company Act of 1940, as amended, prohibits the mutual funds from participating in certain transactions with certain of its affiliates and from participating in "joint" transactions alongside certain of its affiliates. The prohibition on "joint" transactions may limit the ability of the funds to participate alongside its affiliates in privately negotiated transactions unless the transaction is otherwise permitted under existing regulatory guidance and may reduce the amount of privately negotiated transactions that the funds may participate in. Further, NBIA may take an investment position or action for a fund or account that may be different from, inconsistent with, or have different rights than (e.g., voting rights, dividend or repayment priorities or other features that may conflict with one another), an action or position taken for one or more other funds or accounts, including a fund, having similar or different objectives. A conflict may also be created by investing in different parts of an issuer's capital structure (e.g., equity or debt, or different positions in the debt structure). Those positions and actions may adversely impact, or in some instances benefit, one or more affected accounts, including a fund.

Potential conflicts may also arise because portfolio decisions and related actions regarding a position held for a fund or another account may not be in the best interests of a position held by another fund or account having similar or different objectives. If one account were to buy or sell portfolio securities or instruments shortly before another account bought or sold the same securities or instruments, it could affect the price paid or received by the second account. Securities selected for funds or accounts other than a fund may outperform the securities selected for the fund.

Finally, a conflict of interest may arise if Neuberger and a Portfolio Manager have a financial incentive to favor one account over another, such as a performance-based management fee that applies to one account but not all funds or accounts for which the portfolio manager is responsible. In the ordinary course of operations certain businesses within the Neuberger organization ("Neuberger") will seek access to material non-public information. For instance, NBIA portfolio managers may obtain and utilize material non-public information in purchasing loans and other debt instruments and certain privately placed or restricted equity instruments. From time to time, Neuberger portfolio managers will be offered the opportunity on behalf of applicable clients to participate on a creditors or other similar committee in connection with restructuring or other "work-out" activity, which participation could provide access to material non-public information. Neuberger maintains procedures that address the process by which material non-public information may be acquired intentionally by Neuberger. When considering whether to acquire material non-public information, Neuberger will attempt to balance the interests of all clients, taking into consideration relevant factors, including the extent of the prohibition on trading that would occur, the size of Neuberger's existing position in the issuer, if any, and the value of the information as it relates to the investment decision-making process. The acquisition of material non-public information would likely give rise to a conflict of interest since Neuberger may be prohibited from rendering investment advice to clients regarding the securities or instruments of such issuer and thereby potentially limiting the universe of securities or instruments that Neuberger, including a fund, may purchase or potentially limiting the ability of Neuberger, including a fund, to sell such securities or instruments. Similarly, where Neuberger declines access to (or otherwise does not receive or share within Neuberger) material non-public information regarding an issuer, the portfolio managers could potentially base investment decisions with respect to assets of such issuer solely on public information, thereby limiting the amount of information available to the portfolio managers in connection with such investment decisions. In determining whether or not to elect to receive material non-public information, Neuberger will endeavor to act fairly to its clients as a whole. Neuberger reserves the right to decline access to material non-public information, including declining to join a creditors or similar committee.

NBIA has adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Security Ownership of Portfolio Managers for the Jackson Credit Opportunities Fund as of March 31, 2026:

Security Ownership of Portfolio Managers

None

$1-

$10,000

$10,001-

$50,000

$50,001-

$100,000

$100,001-

$500,000

$500,001-

$1,000,000

Over $1,000,000

Ashok Bhatia, CFA

X

David Brown, CFA

X

Adam Grotzinger, CFA

X

David Kupperman, PhD

X

Joe Lynch

X

Louay Mikdashi

X

.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Period

(a)

Total Number of Shares (or Units) Purchased

(b)

Average Price Paid per Share (or Unit)

(c)

Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs

(d)

Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs

Month #1 (04/01/25 - 04/30/25) (1)

1,628,825

$10.13

-

-

Month #2 (05/01/25 - 05/31/25)

-

-

-

-

Month #3 (06/01/25 - 06/30/25) (2)

234,323

$10.39

-

-

Month #4 (07/01/25 - 07/31/25)

-

-

-

-

Month #5 (08/01/25 - 08/31/25)

-

-

-

-

Month #6 (09/01/25 - 09/30/25) (3)

208,825

$10.58

-

-

Month #7 (10/01/25 - 10/31/25)

-

-

-

-

Month #8 (11/01/25 - 11/30/25)

-

-

-

-

Month #9 (12/01/25 - 12/31/25)(4) (5)

573,162

$10.69

-

-

Month #10 (01/01/26 - 01/31/26)

-

-

-

-

Month #11 (02/01/26 - 02/08/26)

-

-

-

-

Month #12 (03/01/26 - 03/31/26)

-

-

-

-

Total

2,645,135

$10.31

-

-

(1) On April 16, 2025, other Funds managed by the Advisor purchased 1,628,825 shares of the registrant.

(2) On June 30, 2025, other Funds managed by the Advisor purchased 234,323 shares of the registrant.

(3) On September 30, 2025, other Funds managed by the Advisor purchased 208,825 shares of the registrant.

(4) On December 18, 2025, other Funds managed by the Advisor purchased 500,468 shares of the registrant.

(5) On December 31, 2025, other Funds managed by the Advisor purchased 72,694 shares of the registrant.

Item 15. Submission of Matters to a Vote of Security Holders.

No material changes have been made.

Item 16. 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 (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) during 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)

(1) Gross income earned by the Fund from securities lending activities

$1,878

(2) Any fees paid to State Street Bank from a revenue split

$85

(2) Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split

$187

(2) Administrative fees not included in the revenue split

$0

(2) Indemnification fees not included in the revenue split

$0

(2) Rebates (paid to borrower)

$1,122

(2) Any other fees not included in the revenue split

$0

(3) Aggregate fees/compensation paid by the Fund for securities lending activities

$1,394

(4) Net income from securities lending activities

$484

(b) Included as a part of the report to shareholders filed under Item 1.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)

(2) Not applicable.

(4) Not applicable.

(5) Not applicable.

(b)

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 Credit Opportunities Fund

By:

/s/ Mark D. Nerud

Mark D. Nerud

Principal Executive Officer

Date:

May 27, 2026

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:

May 27, 2026

By:

/s/ Andrew Tedeschi

Andrew Tedeschi

Principal Financial Officer

Date:

May 27, 2026

EXHIBIT LIST

Exhibit 19(a)(1)

Registrant's Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002

Exhibit 19(a)(3)

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 19(b)

Certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended.

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