April 30, 2017 to December 31, 2024

1. ^{Prior to July 1, 2019, composite assets included institutional Focused Large Cap Growth Equity accounts.}

1.       Jennison Associates LLC (Jennison or the Firm) claims compliance with the Global Investment Performance Standards (GIPS^®) and has prepared and presented this report in compliance with the GIPS standards. Jennison has been independently verified for the period from January 1, 1993 through December 31, 2024. A firm that claims compliance with the GIPS Standards must establish policies and procedures for complying with all applicable requirements of the GIPS Standards.  Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS Standards and have been implemented on a firm-wide basis.   The Jennison Focused Large Cap Growth Equity SMA Composite (Composite) has had a performance examination for the period from May 1, 2017 through December 31, 2024.  The verification and performance examination reports are available upon request.

2.       GIPS^® is a registered trademark of CFA Institute.  CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

3.       Jennison Associates LLC is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an indirect wholly owned subsidiary of Prudential Financial, Inc. (Parent). Registration does not imply a certain level of skill or training. Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. On January 1, 2006, Jennison redefined the Firm to include managed accounts assets, for all periods after January 1, 2006.

4.       The net of fee 1 and 5 year and inception to date returns as of 12/31/2024:  27.26%, 13.33%, and 14.72%, respectively.  The benchmark 1 and 5 year and Composite inception to date returns as of 12/31/2024: 33.36%, 18.94%, and 18.75%, respectively.

5.       The 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.  A list of Jennison’s composite and limited distribution pooled fund descriptions is available upon request. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.

6.       Performance results 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 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 II of each sponsor’s Form ADV or Wrap Fee Sponsor Brochure.

7.       Performance presented for periods prior to July 1, 2019 represents the returns achieved by accounts in the Focused Large Cap Growth Equity Composite. The Jennison Focused Large Cap Growth Equity Composite includes all fee-paying discretionary non-wrap fee program accounts that have been managed in Jennison’s Focused Large Cap Growth Equity strategy for at least one full calendar month. While the same Focused Large Cap Growth investment process is applied to both the Jennison Focused Large Cap Growth Equity Composite and the Composite, performance results may differ due reasons such as differences in investment guidelines, and restrictions and liquidity constraints imposed by the sponsor.

8.       The data presented represents past performance and does not guarantee future results. Performance results fluctuate, and there can be no assurances that objectives will be achieved. All investments involve risk, including the possible loss of capital.

9.       The annual composite dispersion presented is an equal weighted standard deviation calculated for the individual gross account returns in the composite for the entire year.  For annual periods with less than 6 accounts included for the entire year, dispersion is not presented.  The three-year annualized ex-post standard deviation measures the variability of the composite’s gross returns and the benchmark over the preceding 36-month period and is not required to be presented prior to 2011 or when 36 monthly composite returns are not available.

10.    The Benchmark for the Strategy is the Russell 1000^® Growth Index.