Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate and securities, when sold, may be worth more or less than the original cost. Maximum annual program fee is 3.0%.

How Performance Is Calculated

Performance results for the Jennison SMA composites are calculated in US 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.

Gross-of-fees returns do not reflect the deduction of trading costs, fees or expenses. Net-of-fees returns are calculated monthly by subtracting the highest annual program fee charged by sponsors of programs in which SMA participates from the gross return. The highest annual program fee, which includes fees for SMA’s services that may be charged by sponsors to accounts managed by Jennison is 3.00% (0.25% per month). Each sponsor’s standard program fees are described in the Part 2A of each sponsor’s Form ADV or Wrap Fee Sponsor Brochure.

For the Jennison Global Equity Opportunities SMA, Jennison International Equity Opportunities SMA, Jennison Large Cap Growth Equity SMA, Jennison Large Cap Value Equity SMA and Jennison Mid Cap Growth Equity SMA composites, performance shown includes returns achieved by accounts in the institutional Jennison composite; Jennison Global Equity Opportunities Composite, Jennison International Equity Opportunities Composite, Jennison Large Cap Growth Equity Composite, Jennison Large Cap Value Equity Composite, Jennison Mid Cap Growth Equity Composite, respectively. Jennison cannot guarantee that the performance of the respective Jennison institutional composite will be similar to its results from the management of accounts in wrap fee programs due to a variety of reasons, including differences in the types, availability and diversity of securities that can be purchased, economies of scale, regulations and other factors applicable to the management of accounts in the institutional composite that may not be experienced by accounts in wrap fee programs. Unless otherwise noted, performance data provided includes the performance of all discretionary wrap program sponsors managed within the strategy. Non–discretionary accounts are excluded from composite performance. A specific client’s account performance and investment experience will differ from what is shown here.

Managed money programs may not be suitable for all investors. Since no one manager/investment program is suitable for all types of investors, your investment objectives, risk tolerance and liquidity needs must be reviewed before suitable manager/investment programs can be introduced to you. The strategy may vary significantly from the benchmark in several ways, including but not limited to, sector and issuer weightings, portfolio characteristics, and security types. All investments contain risk, including possible loss of principal. There is no guarantee our objectives will be met.

The data presented represents past performance. There is no guarantee that the strategies described will achieve their objectives. Client’s principal may be at risk under certain market conditions. Clients should consider risks of the strategy before investing. Value of an investment upon withdrawal may be worth more or less than its original cost. Small-and mid-cap securities may be subject to more erratic market movements than large–cap stocks. Sector Risk: The chance that significant problems will affect a particular sector, or that returns from that sector will trail returns from the overall stock market. Daily fluctuations in specific market sectors are often more extreme or volatile than fluctuations in the overall market. Because the portfolio invests all, or substantially all, of its assets in the natural resources sector, the portfolio’s performance largely depends—for better or for worse—on the general condition of that sector. Companies in the natural resources sector could be affected by, among other things, commodity prices, government regulation, inflation expectations, resource availability, and economic cycles. Sector risk is expected to be high for the portfolio. Investing in a specific sector makes the portfolio non–diversified, thereby increasing its vulnerability to any single economic, political, or regulatory developments, which will have a greater impact on the portfolio’s return. International investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic, social or political developments. The portfolios may invest in large-capitalization companies that may underperform small- and medium-capitalization companies when stocks of large-capitalization companies are out of favor. Concentration in a relatively small number of investments increases the loss resulting from a particular security. The determination by a speculator that a stock is undervalued may not be borne out by subsequent market movements, and the stock price may not rise to what the speculator believes is its full value. The stock price may even decrease in value. The portfolios may invest in foreign securities, which are subject to currency fluctuation and political uncertainty; short sales, which involve costs and the risks of potentially unlimited losses; and derivative securities, which may carry market, credit, and liquidity risks. These risks may increase the portfolios’ volatility.

Jennison Associates, LLC is an investment adviser registered under the Investment Advisors Act of 1940, as amended, and an indirect wholly owned subsidiary of Prudential Financial, Inc.

*Institutional investment portfolios are only available to qualified institutional investors.

**Currently, there are no accounts actively managed in the Jennison SMid Cap Core Equity SMA strategy (since 9/30/2014) and no accounts actively managed in the Jennison Natural Resources Equity SMA strategy (since 11/30/2016). Therefore, composite performance is not currently available.

The financial indices referenced herein are provided for informational purposes only. When comparing the performance of a manager to its benchmark(s), please note that the manager’s holdings and portfolio characteristics may differ from those of the benchmark(s). Additional factors impacting the performance displayed herein may include portfolio-rebalancing, the timing of cash flows, and differences in volatility, none of which impact the performance of the financial indices. Financial indices assume reinvestment of dividends but do not reflect the impact of fees, applicable taxes or trading costs which may also reduce the returns shown. All indices referenced in this presentation are registered trade names or trademark/service marks of third parties. References to such trade names or trademark/service marks and data is proprietary and confidential and cannot be redistributed without Jennison’s prior consent. Investors cannot directly invest in an index or an average. All indexes and averages are unmanaged.

Source for Russell Index data: Mellon Analytical Solutions. London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. Russell® is a trade mark of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. Source for Lipper data: Lipper, Inc. Certain information in this document has been obtained from sources that Jennison believes to be reliable as of the date presented; however, Jennison cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is current as of the date of issuance (or such earlier date as referenced herein) and is subject to change without notice. Jennison has no obligation to update any or all such information; nor do we make any express or implied warranties or representations as to the completeness or accuracy.

MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 47 country indexes comprising 24 developed and 21 emerging market country indexes. MSCI All Country World ex-U.S. Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. It comprises approximately 23 developed and 21 emerging market country indexes. The Russell 1000® Growth Index measures the performance of those Russell 1000® companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000® Index. The Russell 1000® Value Index measures the performance of those Russell® 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap® Growth Index measures the performance of those Russell Midcap® companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000® Growth Index. The Lipper Natural Resources Funds Index are funds that invest primarily in the equity securities of domestic companies. 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. 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. An investment cannot be made directly in an index or an average. All indexes and averages are unmanaged.

The S&P Indices are products of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM Investments. Copyright ©2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC.

Jennison Focused Large Cap Growth Equity SMA Composite, inception date was April 30, 2017 and the creation date under the GIPS standards was July 2019 The Focused Large Cap Growth Equity SMA strategy seeks long-term growth of capital by investing primarily in stocks of large cap companies we believe have sustainable above-average earnings growth. Valuations of these companies may likewise be above the market average. The accounts are managed in a similar fashion to the Large Cap Growth Equity SMA Composite and may invest in approximately 25-35 companies. For all periods wrap portfolios represent 0% of the Composite. Prior to May 2021, the composite was named Jennison Managed Accounts (JMA) Focused Large Cap Growth Equity. The name change was to better align with industry naming convention.

Jennison Global Equity Opportunities SMA Composite inception date was April 30, 2011 and the creation date under the GIPS standards was September 2017. The Composite includes all accounts managed to the Global Equity Opportunities SMA strategy (Strategy). The Strategy seeks long-term growth of capital by investing in stocks of companies throughout the world 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). Wrap portfolios represent 0% of the Composite through 2018, 92% percentage as of 12/31/19 and 97% as of 12/31/20. Prior to May 2021, the composite was named Jennison Managed Accounts (JMA) Global Equity Opportunities. The name change was to better align with industry naming convention. .

Jennison International Equity Opportunities SMA Composite inception date was May 31, 2012 and the creation date under the GIPS standards was December 2017. The Composite includes all accounts managed to the International Equity Opportunities SMA strategy (Strategy). The Strategy seeks long-term growth of capital by investing in stocks of companies outside of the US 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). Wrap portfolios represent 0% of the Composite through 2018, 79% as of 12/31/19 and 98% as of 12/31/20. Prior to May 2021, the composite was named Jennison Managed Accounts (JMA) International Equity Opportunities. The name change was to better align with industry naming convention. 

Jennison Large Cap Growth Equity SMA Composite inception date was July 31, 1969 and the creation date under the GIPS standards was November 2005. The Composite performance presented for periods from November 1, 2005 to present includes all wrap accounts that are managed in the Large Cap Growth Equity SMA Strategy (Strategy). The Strategy seeks long-term growth of capital by investing primarily in stocks of large cap companies we believe have sustainable above-average earnings growth. Valuations of these companies may likewise be above the market average. Accounts in this Strategy may invest in approximately 45-70 growth stocks. The number of holdings may vary based on portfolio manager assessment of how best to pursue the strategy’s investment objective in light of market conditions. Wrap portfolios represent 100% of the composite for all periods shown. Prior to May 2021, the composite was named Jennison Managed Accounts (JMA) Large Cap Growth Equity and may invest in approximately 50-70 growth stocks. The name change was to better align with industry naming convention. 

Jennison Large Cap Value Equity SMA Composite inception date was May 31, 2000 and the composite creation date under the GIPS standards was January 2003. The Strategy seeks long-term growth of capital by investing primarily in common stocks of large companies that are believed to be valued at a discount to their true worth and that possess a set of catalysts that should lead to a positive change in the market’s expectations, resulting in out-performance. In September 2014, Jennison Associates hired a new Portfolio Manager to replace the existing Large Cap Value Portfolio Managers. Wrap portfolios represent 100% of the composite for all periods shown. Prior to May 2021, the composite was named Jennison Managed Accounts (JMA) Large Cap Value Equity. The name change was to better align with industry naming convention.

Jennison Mid–Cap Growth Equity SMA Composite performance presented for periods from July 1, 2008 to present includes all wrap accounts that are managed in the Mid Cap Growth Equity SMA Strategy (Strategy). The Composite inception date was December 31, 1996 and the creation date under the GIPS standards was August 2008. The Strategy seeks to invest in small to mid-capitalization growth stocks of companies. Wrap portfolios represent 100% of the composite for all periods shown. Prior to May 2021, the composite was named Jennison Managed Accounts (JMA) Mid Cap Growth Equity. The name change was to better align with industry naming convention. 

Global Natural Resources Equity – Institutional Composite (supplemental): Information is supplemental to the Jennison Natural Resources Equity SMA Composite and 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 portfolio 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 Natural Resources Equity SMA portfolio had you been invested during this period. While the same Natural Resources Equity investment process is applied to both the Jennison Natural Resources Equity Composite and the Jennison Natural Resources Equity SMA Composite, performance results may differ due reasons such as differences in investment guidelines, and restrictions and liquidity constraints imposed by the sponsor. Global Natural Resources Equity Composite, formerly named the Natural Resources Equity Composite, contains assets that were transferred from the Predecessor. Jennison did not previously manage assets with a style similar to that of the Composite. The Composite inception date was August 31, 1991. The strategy uses fundamental research to invest primarily in stocks that are attractively priced relative to the intrinsic value of the relevant natural resource or that are issued by companies that should benefit under existing or anticipated economic conditions. Performance returns for periods prior to September 15, 2000 were achieved at and calculated by the Predecessor. For periods prior to September 15, 2000, the net of fee performance was calculated using the highest fee charged by the accounts’ previous investment adviser, which was 100 basis points. Subsequently, net of fee performance is presented net of Jennison’s actual advisory fees and transaction costs. Since September 15, 2000, gross of fee performance is presented before custodial and Jennison’s actual advisory fees but after transaction costs. Returns are gross of reclaimable withholding taxes, if any, and net of non– reclaimable withholding taxes. For a global natural resources equity separate account the fee schedule offered to institutional clients is as follows: 0.75% on first $25 million of assets managed; 0.60% on next $25 million; 0.55% on next $50 million; 0.50% 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.

SMid Cap Core Equity - Institutional Composite (supplemental): Information is supplemental to the Jennison SMid Cap Core Equity SMA 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 SMid Cap Core Equity SMA portfolio had you been invested during this period. While the same SMid Cap Core Equity investment process is applied to both the Jennison SMid Cap Core Equity Composite and the Jennison SMid Cap Core Equity SMA Composite, performance results may differ due reasons such as differences in investment guidelines, and restrictions and liquidity constraints imposed by the sponsor. The SMid Cap Core Equity 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 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.

Other Important Information
Jennison Associates is a registered investment advisor and a Prudential Financial company. Registration as a registered investment adviser does not imply a certain level of skill or training. ©2025 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact their financial professional. This material does not purport to provide any legal, tax, or accounting advice. 

Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

Managed Accounts: Are not insured by the FDIC or any federal government agency. Are not a deposit of or guaranteed by any bank or any bank affiliate. May lose value.

3834138   Ed.  09/2024