Standard & Poor’s 500 (S&P 500) Index is a market capitalization-weighted index of 500 companies primarily traded on the New York Stock Exchange. The Russell 2500™ Index measures the performance of the 2,500 smallest companies in the Russell 3000® Index, which represents approximately 18% of the total market capitalization of the Russell 3000® Index. The Lipper Global Natural Resources Funds Index are funds that invest primarily in the equity securities of domestic and foreign companies. Both indexes engaged in the exploration, development, production, or distribution of natural resources (including oil, natural gas, and base minerals) and/or alternative energy sources (including solar, wind, hydro, tidal, and geothermal). The Lipper indexes are comprised solely of mutual funds which are subject to higher fees and expenses than Jennison’s Composite. The Global Natural Resources Custom Index is comprised of the Lipper Natural Resources Funds Index and the Lipper Global Natural Resources Funds Index. For the period from January 1, 1992 through December 31, 2008, returns for the Lipper Natural Resources Funds Index are shown; thereafter, returns for the Lipper Global Natural Resources Funds Index are shown. Previously, the benchmark was the Lipper Natural Resources Funds Index for all periods.

SMid Cap Core Equity – Institutional Composite (supplemental): Information is supplemental to the JMA SMid Cap Core Equity Composite. The institutional Jennison SMid Cap Core Equity Composite performance is being shown for informational purposes only. Although the institutional account is currently managed in a similar manner, there may be material differences. Since Jennison manages its client portfolios according to each client’s investment needs and circumstances, you should not assume that similar performance results to those shown would have been achieved for the JMA SMid Cap Core Equity portfolio had you been invested during this period. While the same SMid Cap Core Equity investment process is applied to both the institutional Jennison SMid Cap Core Equity Composite and the JMA SMid Cap Core Equity Composite, accounts in the institutional Jennison SMid Cap Core Equity Composite generally invest in 70 to 100 securities, whereas wrap accounts in the JMA SMid Cap Core Equity Composite generally invest in 100 to 120 securities, therefore performance results may differ. The Composite contains assets that were transferred from the Predecessor. The composite inception date was May 31, 2004. The SMid Cap Core Equity strategy buys both growth and value stocks using a research-intensive process that uses both fundamental research and a disciplined portfolio construction process. The universe of securities in these accounts will have larger cap names that are not normally included in the accounts in the Small Cap Core Equity Composite. In addition, small cap names in the lower end of the small cap universe are generally held exclusively in the accounts in the Small Cap Core Equity Composite. Gross of fee performance is presented before custodial and Jennison’s actual advisory fees but after transaction costs. For periods prior to 2010, net of fee performance is presented net of Jennison’s actual advisory fees and transaction costs. For periods beginning January 1, 2010, net of fee performance reflects the deduction of a model fee. Net of fee performance is net of transaction costs and is calculated based on the highest tier of the fee schedule in effect for the respective period, which may not reflect the actual historical fees applied to accounts in the Composite. Returns are gross of reclaimable withholding taxes, if any, and net of non-reclaimable withholding taxes. For a SMid Cap Core Equity separate account the fee schedule offered to US-based institutional clients is as follows: 0.80% on first $50 million of assets managed; 0.70% on next $50 million; 0.60% on next $100 million; 0.50% on next $200 million; 0.45% on the balance. Actual advisory fees charged and actual account minimum size may vary by account due to various conditions described in Jennison Associates LLC’s Form ADV.

JMA International Equity Opportunities Composite inception date was May 31, 2012. Composite performance presented for periods from December 1, 2017 to present includes all wrap accounts that are managed in JMA’s International Equity Opportunities Strategy. The Strategy seeks long-term growth of capital by investing in stocks of companies outside the United States believed to have the potential to generate attractive long-term earnings growth and price appreciation. Exposure to non-US companies is primarily accessed through American depositary receipts (ADRs). Performance presented for periods prior to December 1, 2017 represents the returns achieved by accounts in the Jennison International Equity Opportunities Composite. The Jennison International Equity Opportunities Composite includes all fee-paying discretionary non-wrap fee program accounts that have been managed in Jennison’s International Equity Opportunities strategy for at least one full calendar month. While the same International Equity Opportunities investment process is applied to both the Jennison International Equity Opportunities Composite and the Composite, accounts in the Jennison International Equity Opportunities Composite generally invest in securities listed on exchanges throughout the world, whereas accounts in the Composite generally invest in securities listed on exchanges in the United States, therefore performance results may differ.

How Performance Is Calculated
Performance results are calculated in U.S. dollars and reflect reinvestment of dividends and other earnings. Returns are gross of reclaimable withholding taxes, if any, and net of non-reclaimable withholding taxes. The wrap fee includes charges for trading costs, portfolio management, custody, and other administrative and sponsor-related fees.

Unless otherwise noted, “pure” gross returns do not reflect the deduction of any trading costs, fees, or expenses. Net-of-fee returns are calculated monthly by subtracting the highest annual program fee charged by sponsors of programs in which JMA participates from the “pure” gross return. The highest annual program fee, which includes fees for JMA’s services that may be charged by sponsors to accounts managed by JMA, is 3.00% (0.25% per month). Each sponsor’s standard program fees are described in Part II of each sponsor’s Form ADV or Wrap Fee Sponsor Brochure.

SMAs differ from pooled vehicles like mutual funds in that each portfolio is unique to a single account therefore the investment decisions may vary from those made for other accounts. SMAs do not issue registered prospectuses, and the fee structures differ from those normally seen in mutual funds and generally carry higher account investment minimums. Please remember that there are inherent risks involved with investing in the markets, and investments may be worth more or less than initial investment upon redemption. There is no guarantee that the investment managers' objectives will be achieved. Professional money management is not suitable for all investors. Investment objectives, risk tolerance, and liquidity needs must be reviewed before suitable programs can be recommended. Asset allocation and diversification strategies do not assure a profit or protect against loss in declining markets. Investors should consult with their attorney, accountant, and/or tax professional for advice concerning their particular situation.

MANAGED ACCOUNTS | Are not insured by the FDIC or any federal government agency | May lose value | Are not a deposit of or guaranteed by any bank or any bank affiliate.

Separately Managed Accounts are offered through our affiliates. Jennison Associates is a registered investment advisor and Prudential Financial company.