JACKSON REAL ASSETS FUND 486BPOS
Ex. 99.28
JACKSON FINANCIAL INC.
Restricted Securities/Affiliates List
Effective January 1, 20261
Restricted Securities
| COMPANY |
| Jackson Financial Inc. |
| Jackson National Life Global Funding |
Minority Interest Holders
| Company | Country of Organization |
Control/Ownership |
| The Vanguard Group | United States (Pennsylvania) | 13.41% Minority Interest held in Jackson Financial Inc.2 |
| BlackRock, Inc. | United States (Delaware) | 9.8% Minority Interest held in Jackson Financial Inc.3 |
| BlackRock Life Limited | United Kingdom | <5% Minority Interest held in Jackson Financial Inc.3 |
| Aperio Group, LLC | California | <5% Minority Interest held in Jackson Financial Inc.3 |
| BlackRock Advisors, LLC | United States (Delaware) | <5% Minority Interest held in Jackson Financial Inc.3 |
| BlackRock (Netherlands) B.V. | Netherlands | <5% Minority Interest held in Jackson Financial Inc.3 |
| BlackRock Institutional Trust Company, National Association | United States (California) | <5% Minority Interest held in Jackson Financial Inc.3 |
| BlackRock Asset Management Ireland Limited | Ireland | <5% Minority Interest held in Jackson Financial Inc.3 |
| BlackRock Financial Management, Inc. | United States (Delaware) | <5% Minority Interest held in Jackson Financial Inc.3 |
| BlackRock Asset Management Schweiz AG | Switzerland | <5% Minority Interest held in Jackson Financial Inc.3 |
| BlackRock Investment Management, LLC | United States (Delaware) | <5% Minority Interest held in Jackson Financial Inc.3 |
| BlackRock Investment Management (UK) Limited | United Kingdom | <5% Minority Interest held in Jackson Financial Inc.3 |
| BlackRock Asset Management Canada Limited | Canada | <5% Minority Interest held in Jackson Financial Inc.3 |
| BlackRock (Luxembourg) S.A. | Luxembourg | <5% Minority Interest held in Jackson Financial Inc.3 |
| BlackRock Investment Management (Australia) Limited | Australia | <5% Minority Interest held in Jackson Financial Inc.3 |
| BlackRock Fund Advisors | United States (California) | 5% or more Minority Interest held in Jackson Financial Inc.3 |
| BlackRock Fund Managers Ltd | United Kingdom | <5% Minority Interest held in Jackson Financial Inc.3 |
| Dimensional Fund Advisors LP | United States (Delaware) | 5.3% Minority Interest held in Jackson Financial Inc.4 |
1. Information as of January 1, 2026, except where otherwise indicated, based on information contained in public filings on EDGAR. To the extent entities have not amended their beneficial ownership filings on EDGAR, actual percentages may differ.
2. Percentage held as of February 13, 2024, as reported on SC 13G/A (Amendment No. 3) filed by The Vanguard Group on EDGAR, subject to change. For a more detailed description, please see Jackson Financial Inc.’s Proxy Statement filed on EDGAR on April 8, 2025.
3. Percentage held as of March 7, 2024, as reported on SC 13G/A (Amendment No. 2) filed by BlackRock, Inc. on EDGAR, subject to change. For a more detailed description, please see Jackson Financial Inc.’s Proxy Statement filed on EDGAR on April 8, 2025.
4. Percentage held as of February 9, 2024, as reported on SC 13G filed by Dimensional Fund Advisors LP on EDGAR, subject to change. For a more detailed description, please see Jackson Financial Inc.’s Proxy Statement filed on EDGAR on April 8, 2025.
- 1 -
As of January 1, 2026
updated by: Jackson Legal, Office of the Corporate Secretary
Affiliates
| Company | State / Country of Organization |
Control/Ownership5 Publicly Traded indicated in red Broker/Dealer indicated in green |
Allied Life Brokerage Agency, Inc. |
Iowa | 100% Jackson National Life Insurance Company |
| Brier Capital LLC | Michigan | 100% Brooke Life Insurance Company |
| Brooke Life Insurance Company | Michigan | 100% Jackson Holdings LLC |
| Brooke Life Reinsurance Company | Michigan | 100% Brooke Life Insurance Company |
| Hermitage Management, LLC | Michigan | 100% Jackson National Life Insurance Company |
| Hickory Brooke Reinsurance Company | Michigan | 100% Brooke Life Reinsurance Company |
| Jackson Brooke LLC | Delaware | 100% Brooke Life Insurance Company |
| Jackson Finance LLC | Michigan | 100% Jackson Financial Inc. |
| Jackson Holdings LLC | Delaware | 100% Jackson Financial Inc. |
| Jackson National Asset Management, LLC | Michigan | 100% Jackson National Life Insurance Company |
| Jackson National Life Distributors LLC | Delaware |
Broker/Dealer / Identifiers: CRD#: 40178; SEC#: 8-48984 100% Jackson National Life Insurance Company |
| Jackson National Life Insurance Agency, LLC | Illinois | 100% Jackson National Life Distributors LLC |
| Jackson National Life Insurance Company | Michigan | 100% Brooke Life Insurance Company |
| Jackson National Life Insurance Company of New York | New York | 100% Jackson National Life Insurance Company |
| Mission Plans of America, Inc. | Texas | 100% Jackson National Life Insurance Company |
| National Planning Holdings LLC | Delaware | 100% Jackson National Life Insurance Company |
| PGDS (US One) LLC | Delaware | 100% Jackson National Life Insurance Company |
| PPM America Capital Partners III, LLC | Delaware | 60.50% PPM America, Inc. |
| PPM America Capital Partners IV, LLC | Delaware | 34.50% PPM America, Inc. |
| PPM America Capital Partners V, LLC | Delaware | 34% PPM America, Inc. |
| PPM America Capital Partners VI, LLC | Delaware | 32% PPM America, Inc. |
| PPM America Capital Partners VII, LLC | Delaware | 15.18% PPM America, Inc. |
- 2 -
As of January 1, 2026
updated by: Jackson Legal, Office of the Corporate Secretary
| PPM America Capital Partners VIII, LLC | Delaware | 50.01% PPM America, Inc. |
| PPM America Capital Partners IX, LLC | Delaware | 68.71% PPM America, Inc. |
| PPM Pomona Capital Partners, LLC | Delaware | 45% PPM America, Inc. |
| PPM OV Capital Partners, LLC | Delaware | 10% PPM America, Inc. |
| PPM Strategic Opportunities Capital Partners I, LLC | Delaware | 94.24% PPM America, Inc. |
| PPM America, Inc. | Delaware | 100% PPM Holdings, Inc. |
| PPM Holdings, Inc. | Delaware | 100% Jackson Holdings LLC |
| PPM Loan Management Company 2, LLC | Delaware |
Management and Originator Series: 100% PPM America, Inc. Any Retention Series: 100% Jackson National Life Insurance Company or 100% Jackson Financial Inc. |
| REALIC of Jacksonville Plans, Inc. | Texas | 100% Jackson National Life Insurance Company |
| ROP, Inc. | Delaware | 100% Jackson National Life Insurance Company |
| Squire Reassurance Company II, Inc. | Michigan | 100% Jackson National Life Insurance Company |
| VFL International Life Company SPC, Ltd. | Cayman Islands | 100% Jackson National Life Insurance Company |
5. Based on most recently available information.
| PPM’s Investment Products and related Entities where ultimate JFI ownership is greater than 56 | State / Country of Organization |
| AA Euro Investment Fund (Lux) SCSP | Luxembourg |
| AA GP Solutions Fund, L.P. | Delaware |
| AA MMF 1 Holdco LP | Delaware |
| AA Tundra Investor, L.P. | Delaware |
| AA WH Holdco, L.P. | Delaware |
| AG Essential Housing Fund II, L.P. | Delaware |
| AOP Finance Partners, L.P. | Delaware |
| B2B Solutions, LLC | Delaware |
| Carlyle Infrastructure Credit Fund Note Issuer, L.P. | Delaware |
| Centre Capital Non-Qualified Investors V AIV-ELS, L.P. | Delaware |
| Centre Capital Non-Qualified Investors V, L.P. | Delaware |
| CEP IV-A CWV AIV Limited Partnership | Canada |
| CEP IV-A Davenport AIV LP | Canada |
| CEP IV-A NMR AIV Limited Partnership | Canada |
- 3 -
As of January 1, 2026
updated by: Jackson Legal, Office of the Corporate Secretary
| CEP V-A CS AIV Limited Partnership | Canada |
| CEP V-A DR AIV Limited Partnership | Canada |
| CEP V-A WBLI AIV Limited Partnership | Canada |
| CEP VI-A AEP AIV Limited Partnership | Canada |
| CEP VI-A BTD AIV Limited Partnership | Canada |
| CEP VI-A MLPT AIV Limited Partnership | Canada |
| CEP VI-A Nextech AIV Limited Partnership | Canada |
| CEP VI-A NH Gaming AIV Limited Partnership | Canada |
| CEP VI-A RO AIV Limited Partnership | Canada |
| CEP VI-A SW AIV LP | Canada |
| CEP VI-A WY Gaming AIV Limited Partnership | Canada |
| Chartwell Investments II, LP | Delaware |
| CIABB Holdings LLC | Delaware |
| Family Bakery Holdings, LLC | Delaware |
| FH VH Co-Invest Aggregator, L.P. | Delaware |
| Haveli VC Gaming Fund I, LP | Delaware |
| Island NYC Recovery Fund I L.P. | Delaware |
| Leeds Learnosity Co-Invest, L.P. | Delaware |
| LGP Sage PC Coinvest LP | Delaware |
| LM Carpenter Co-Invest I LP | Delaware |
| Lovell Minnick Equity Partners III LP | Delaware |
| Lovell Minnick Equity Partners Tailwind Co-Invest I LP | Delaware |
| Motive Capital Fund II-A (AIV 1), LP | Delaware |
| Motive Capital Fund II-A, LP | Delaware |
| NewSpring Growth Capital III, L.P. | Delaware |
| NNN AGP Opportunities Fund, L.P. | Delaware |
| NNN AGP Opportunities Fund II, L.P. | Delaware |
| NNN AGP Opportunities Fund III, L.P. | Delaware |
| NOVA Infrastructure Fund I L.P. | Delaware |
| NOVA Infrastructure Holdings LP | Delaware |
| Novacap FS Revau CV, L.P. | Canada |
- 4 -
As of January 1, 2026
updated by: Jackson Legal, Office of the Corporate Secretary
| NSG III S2S (Unblocked), L.P. | Delaware |
| NSG V Unblocked AIV, L.P. | Delaware |
| Old Hickory Fund I, LLC | Delaware |
| PP Napa Holdings, LLC | Delaware |
| PPM America Private Equity Fund VIII-A LP | Delaware |
| PPM America Private Equity Aggregator Fund IX LP | Delaware |
| PPM America Private Equity Fund IX LP | Delaware |
| PPM Strategic Opportunities Fund I LP | Delaware |
| PPM Strategic Opportunities Aggregator Fund I LP | Delaware |
| PPM CLO 2018-1 Ltd. | Cayman Islands |
| PPM CLO 2018-1, LLC | Delaware |
| PPM CLO 2 Ltd. | Cayman Islands |
| PPM CLO 2, LLC | Delaware |
| PPM CLO 3 Ltd. | Cayman Islands |
| PPM CLO 3, LLC | Delaware |
| PPM CLO 4 Ltd. | Cayman Islands |
| PPM CLO 4, LLC | Delaware |
| PPM CLO 5 Ltd. | Cayman Islands |
| PPM CLO 5, LLC | Delaware |
| PPM CLO 6-R Ltd. | Jersey |
| PPM CLO 6, LLC | Delaware |
| PPM CLO 7, LLC | Delaware |
| PPM CLO 7 Ltd. | Jersey |
| PPM CLO 8, LLC | Delaware |
| PPM CLO 8 Ltd. | Cayman Islands |
| Pretium Olympus JV, L.P. | Delaware |
| PT Co-Investor Holdings, L.P. | Delaware |
| Seidler Equity Partners IV, L.P. | Delaware |
| SEP VII RB Holdings, L.P. | Delaware |
| SFR Delos Partners, L.P. | Delaware |
| TCP Analytical Holdings II, LLC | Delaware |
- 5 -
As of January 1, 2026
updated by: Jackson Legal, Office of the Corporate Secretary
| TPG GP Solutions Inbox CI, LP | Delaware |
6. Based on most recently available information.
| Open-End Management Investment Companies Registered with the U.S. Securities and Exchange Commission, in accord with the provisions of the 1940 Act |
| JNL Investors Series Trust |
| JNL Series Trust |
| Closed-End Management Investment Companies Registered with the U.S. Securities and Exchange Commission, in accord with the provisions of the 1940 Act |
| Jackson Credit Opportunities Fund |
| Jackson Real Assets Fund |
- 6 -
As of January 1, 2026
updated by: Jackson Legal, Office of the Corporate Secretary