Ex. 99.28
JACKSON FINANCIAL INC.
Restricted Securities/Affiliates List1
Effective July 1, 20232
Restricted Securities
| COMPANY |
| Jackson Financial Inc. |
| Jackson National Life Global Funding |
| Prudential plc |
| PPM Funds |
Minority Interest Holders
| Company | Country of Organization |
Control/Ownership |
| Prudential plc | United Kingdom and Wales | 9.2% Minority Interest held in Jackson Financial Inc. 3 |
| The Vanguard Group | United States (Pennsylvania) | 10.2% Minority Interest held in Jackson Financial Inc.4 |
| FMR LLC | United States (Delaware) | 6.815% Minority Interest held in Jackson Financial Inc.5 |
| Abigail P. Johnson | United States | 6.815% Minority Interest held in Jackson Financial Inc. 5 |
| Fidelity Management & Research Company LLC IA | United States (CT, IL, MA, NH, RI) | 5% or more Minority Interest held in Jackson Financial Inc. 5 |
| Fidelity Management Trust Company BK | United States (Massachusetts) | 5% or more Minority Interest held in Jackson Financial Inc. 5 |
| Strategic Advisers LLC IA | United States6 | 5% or more Minority Interest held in Jackson Financial Inc. 5 |
| BlackRock, Inc. | United States (Delaware) | 7.7% Minority Interest held in Jackson Financial Inc7 |
| BlackRock Life Limited | United Kingdom | 5% or more Minority Interest held in Jackson Financial Inc. 7 |
| Aperio Group, LLC | California | 5% or more Minority Interest held in Jackson Financial Inc. 7 |
| BlackRock Advisors, LLC | Delaware | 5% or more Minority Interest held in Jackson Financial Inc. 7 |
| BlackRock (Netherlands) B.V. | Netherlands | 5% or more Minority Interest held in Jackson Financial Inc. 7 |
| BlackRock Institutional Trust Company, National Association | California | 5% or more Minority Interest held in Jackson Financial Inc. 7 |
| BlackRock Asset Management Ireland Limited | Ireland | 5% or more Minority Interest held in Jackson Financial Inc. 7 |
| BlackRock Financial Management, Inc. | Delaware | 5% or more Minority Interest held in Jackson Financial Inc. 7 |
1 As a reminder, the restricted securities section is intended to be used by Sub-Advisers of JNL Funds registered under the ’40 Act. JNAM Compliance is removing Apollo and Athene from a Section 17 perspective, due to their ownership percentages. All other Jackson entities should perform their own analysis and determine issues of affiliation.
2 Information as of July 1, 2023, except where otherwise indicated.
- 1 -
As of July 1, 2023
updated by: Jackson Legal, Office of the Corporate Secretary
| BlackRock Japan Co., Ltd. | Japan | 5% or more Minority Interest held in Jackson Financial Inc. 7 |
| BlackRock Asset Management Schweiz AG | Switzerland | 5% or more Minority Interest held in Jackson Financial Inc. 7 |
| BlackRock Investment Management, LLC | Delaware | 5% or more Minority Interest held in Jackson Financial Inc. 7 |
| BlackRock Investment Management (UK) Limited | United Kingdom | 5% or more Minority Interest held in Jackson Financial Inc. 7 |
| BlackRock Asset Management Canada Limited | Canada | 5% or more Minority Interest held in Jackson Financial Inc. 7 |
| BlackRock (Luxembourg) S.A. | Luxembourg | 5% or more Minority Interest held in Jackson Financial Inc. 7 |
| BlackRock Investment Management (Australia) Limited | Australia | 5% or more Minority Interest held in Jackson Financial Inc. 7 |
| BlackRock Fund Advisors | California | 5% or more Minority Interest held in Jackson Financial Inc. 7 |
| BlackRock Fund Managers Ltd | United Kingdom | 5% or more Minority Interest held in Jackson Financial Inc. 7 |
3. Percentage held as of February 21, 2023, SC 13G filed by Prudential plc on EDGAR, subject to change.
4. Percentage held as of February 9, 2023, SC 13G filed by The Vanguard Group on EDGAR, subject to change.
5. Percentage held as of February 9, 2023, SC 13G filed by FMR LLC on EDGAR, subject to change.
6. Please see https://adviserinfo.sec.gov/firm/summary/104555 for list of individual US States.
7. Percentage held as of February 24, 2023, SC 13G filed by BlackRock, Inc. on EDGAR, subject to change.
- 2 -
As of July 1, 2023
updated by: Jackson Legal, Office of the Corporate Secretary
Affiliates
| Company | State / Country of Organization |
Control/Ownership 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 |
| Hermitage Management, LLC | Michigan | 100% Jackson National Life Insurance Company |
| Jackson Charitable Foundation, Inc. | Michigan | 100% Jackson National 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 (Bermuda) Ltd. | Bermuda | 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. |
| PPM America Capital Partners VIII, LLC | Delaware | 66.56% PPM America, Inc. |
| PPM Pomona Capital Partners, LLC | Delaware | 61.25% PPM America, Inc. |
| PPM America, Inc. | Delaware | 100% PPM Holdings, Inc. |
- 3 -
As of July 1, 2023
updated by: Jackson Legal, Office of the Corporate Secretary
| PPM Funds | Massachusetts | Publicly Traded / Company
Number: 1298727 87.28% Jackson National Life Insurance Company; 12.58% PPM America, 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 |
| REALIC of Jacksonville Plans, Inc. | Texas | 100% Jackson National Life Insurance Company |
| ROP, Inc. | Delaware | 100% Jackson National Life Insurance Company |
| Squire Capital I LLC | Michigan | 100% Jackson National Life Insurance Company |
| Squire Capital II LLC | Michigan | 100% Jackson National Life Insurance Company |
| Squire Reassurance Company II, Inc. | Michigan | 100% Jackson National Life Insurance Company |
| Squire Reassurance Company LLC | Michigan | 100% Jackson National Life Insurance Company |
| VFL International Life Company SPC, Ltd. | Cayman Islands | 100% Jackson National Life Insurance Company |
- 4 -
As of July 1, 2023
updated by: Jackson Legal, Office of the Corporate Secretary
| PPM’s Investment Products and related Entities where ultimate JFI ownership is greater than 5%7 | State / Country of Organization |
| AA GP Solutions Fund, L.P. | Delaware |
| AA MMF 1 Holdco L.P. | Delaware |
| AA Pencil Holdings LP | Delaware |
| AA WH Holdco, L.P. | Delaware |
| AG Essential Housing Fund II, L.P. | Delaware |
| AHVF II (AIV II) LP | Delaware |
| AIOF II VANIR AIV (MF), L.P. | Delaware |
| Apollo Core Infrastructure Feeder Fund, L.P. | Delaware |
| Apollo Impact Mission Fund, L.P. | Delaware |
| Apollo Infrastructure Opportunities Fund II, L.P. | Delaware |
| Apollo Royalties Fund I, L.P. | Delaware |
| AOP Finance Partners, L.P. | Delaware |
| B2B Solutions, LLC | Delaware |
| Calera XXII, LLC | Delaware |
| Calera XXIII, LLC | Delaware |
| Centre Capital Non-Qualified Investors V AIV-ELS LP | Delaware |
| Centre Capital Non-Qualified Investors V LP | Delaware |
| CEP IV-A CWV AIV Limited Partnership | Ontario |
| CEP IV-A Davenport AIV LP | Ontario |
| CEP IV-A NMR AIV Limited Partnership | Ontario |
| Clairvest Equity Partners IV-A Limited Partnership | Ontario |
| CSHC Co-Invest Unblocked, LLC | Delaware |
| DCA Hudson Co-Investor, LP | Delaware |
| Emerald Holdings Partnership, LP | Delaware |
| Fashionphile Group, LLC | Delaware |
| Freedom Parent LP | Delaware |
| GCI Holding Corporation | Delaware |
| Island NYC Recovery Fund I, L.P. | Delaware |
- 5 -
As of July 1, 2023
updated by: Jackson Legal, Office of the Corporate Secretary
| Haveli VC Gaming Fund I, LP | Delaware |
| JFL-IPR Co-Invest Partners, L.P. | Delaware |
| KKR Proof Co-Invest Direct L.P. | Delaware |
| MDP SM Holdings, LLC | Delaware |
| Motive Capital Fund II-A, L.P. | Delaware |
| Metalmark NNE Holdings, LLC | Delaware |
| NewSpring Deposco Investor LLC | Pennsylvania |
| NewSpring Fashionphile Holdings LLC | Pennsylvania |
| 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 L.P. | Delaware |
| NSG III S2S Unblocked L.P. | Delaware |
| NSG V Unblocked AIV L.P. | Delaware |
| Old Hickory Fund I, LLC | Delaware |
| PPM America Private Equity Fund III LP | Delaware |
| PPM America Private Equity Fund IV LP | Delaware |
| PPM America Private Equity Fund V LP | Delaware |
| PPM America Private Equity Fund VI LP | Delaware |
| PPM America Private Equity Fund VII LP | Delaware |
| PPM America Private Equity Fund VIII-A 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 |
- 6 -
As of July 1, 2023
updated by: Jackson Legal, Office of the Corporate Secretary
| 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 Ltd. | Cayman Islands |
| PPM CLO 6, LLC | Delaware |
| Pretium Olympus JV, L.P. | Delaware |
| RCP Fund II Co-Invest – Beacon 2, LP | Delaware |
| RCP Fund II Co-Invest-CEI 2, L.P. | Delaware |
| SEP V HL Holdings II, LP | Delaware |
| SFR Delos Partners, L.P. | Delaware |
| THMI, Inc. | Delaware |
| Wolfcamp Co-Investors, LP | Delaware |
| Wynnefield Private Equity Partners I, LP | Delaware |
| AA Tundra Investor, L.P. | Delaware |
| AEP Fund VI Pace Holdings, L.P. | Delaware |
| AIOF II Njord Debt Aggregator, L.P. | Delaware |
| American Packing & Gasket Holdings, LLC | Delaware |
| Apollo USREF III Royce Holdings LP | Delaware |
| ASG Co-Investment Vehicle, LP | Delaware |
| Calera XXI, LLC | Delaware |
| Calera XIX LLC | Delaware |
| Calera XXIV, LLC | Delaware |
| Carlyle Infrastructure Credit Fund Note Issuer, L.P | Delaware |
| CEP V-A CS AIV Limited Partnership | Delaware |
| CEP V-A DMS AIV LP | Delaware |
| CEP V-A DR AIV Limited Partnership | Delaware |
| CEP V-A Mass AIV Limited Partnership | Delaware |
| CEP V-A WBLI AIV LP | Delaware |
- 7 -
As of July 1, 2023
updated by: Jackson Legal, Office of the Corporate Secretary
| CEP VI-A AEP AIV Limited Partnership | Delaware |
| Chartwell Investments II, LP | Delaware |
| CIABB Holdings, LLC | Delaware |
| CIVH Holdings, LLC | Delaware |
| CIVH Holdings II LLC | Delaware |
| Clairvest Equity Partners VI-A | Canada |
| CPS Performance Materials Holdings | Delaware |
| Eclipse Co-Investor, LP | Delaware |
| Family Bakery Holdings, LLC | Delaware |
| FFP Group Holdings, LP | Delaware |
| FH Sunrise Co-Investment I, LP | Delaware |
| G2G Holdco, LLC | Delaware |
| GFF Holdco LP | Delaware |
| INTO Pooling Entity, LP | Delaware |
| JFI-API Co-Invest Partners, LP | Delaware |
| Kleinfelder Holdings, LLC | Delaware |
| LBR Co-Invest DebtCo, LP | Delaware |
| LBR Co-Invest EquityCo, LP | Delaware |
| LCLA Brazil Holdings, LP | Ontario |
| LCLA Daylight, LP | Delaware |
| Leeds Astra Investors, LLC | Delaware |
| LJ Broder Co-Invest LLC | Delaware |
| LION Co-Invest LP | Delaware |
| LM LSQ Investors LLC | Delaware |
| LM Matthews Holdings III LLC | Delaware |
| LM Matthews Holdings III-A LLC | Delaware |
| LM Tortoise Investment Holdings IV LLC | Delaware |
| Lovell Minnick Equity Partners III, L.P. | Delaware |
| Mallard Co-Investors, LP | Delaware |
- 8 -
As of July 1, 2023
updated by: Jackson Legal, Office of the Corporate Secretary
| Project River Acquisition, LP | Delaware |
| RCP Monte Nido Co-Investment Fund, L.P. | Delaware |
| Roxo Co-Investors, LP | Delaware |
| Sabrosura Super Holdings LLC | Delaware |
| Seidler Equity Partners IV, L.P. | Delaware |
| Seidler Equity Partners VII LP | Delaware |
| SEP V HL Holdings, LP | Delaware |
| SEP VI Achem Holdings LP | Delaware |
| Simplify Compliance Holdings LLC | Delaware |
| SPC Investments Co. LP | Delaware |
| Star2Star Holdings, LLC | Delaware |
| Triple Point Holdings Partnership, L.P. | Delaware |
| TSC Co-Invest, LP | Delaware |
| TSG6 Goat Co-Investors, LP | Delaware |
| VetCor Co-Invest, LP | Delaware |
| Vortus – Foreland II Co-Investment, LP | Delaware |
| VS Professional Training Holdco, LP | Delaware |
| Woodland Graham Holdings, LLC | Delaware |
| YT Brigham Co Investments Partners LP | Delaware |
7 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 |
| PPM Funds |
- 9 -
As of July 1, 2023
updated by: Jackson Legal, Office of the Corporate Secretary