Technology Equity Composite

June 30, 2018 to December 31, 2023

Year Ended	Composite Gross of Fee Returns (%)	Composite Net of Fee Returns (%)	MSCI ACWI Information Technology Index (Net) Returns (%)	Composite Gross of Fee 3-Yr Std Dev (%)	MSCI ACWI Information Technology Index (Net) 3-Yr Std Dev (%)	Composite Assets ($ in Millions)	# of Accounts	Internal Dispersion (Equal-Weighted)	Total Firm Assets ($ in Millions)
Inception to 12/31/18	-5.70	-6.03	-12.10	N/A	N/A	7.7	1	N/A	160,734.1
2019	34.94	34.00	46.89	N/A	N/A	12.9	1	N/A	173,202.0
2020	65.04	63.89	45.61	N/A	N/A	22.4	1	N/A	224,260.6
2021	16.43	15.62	27.36	20.23	18.67	30.0	1	N/A	245,584.9
2022	-38.14	-38.57	-31.07	26.13	24.39	15.9	1	N/A	164,123.0
2023	67.12	65.96	51.02	26.02	22.63	24.1	1	N/A	194,154.9

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, 2023. 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 Technology Equity Composite has had a performance examination for the periods from July 1, 2018 to December 31, 2023. 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 JMA assets, for all periods after January 1, 2006.
4. The net of fee 1, 5 year and Inception to Date returns ending 12/31/2023: 65.96%, 20.94% and 17.52%, respectively.  The benchmark 1, 5 year and since composite inception to date returns ending 12/31/2023:  51.02%, 23.16% and 18.04%, respectively. 
5. The Composite inception date was June 30, 2018 and the creation date under the GIPS standards was July 2018. The Technology Equity strategy seeks to generate long-term capital appreciation by investing in a broad range of technology companies, along with businesses in other industries that effectively use technology as a sustained competitive advantage.  Prior to November 1, 2022, the word sustained replaced the word sustainable.  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. Gross of fee performance is presented before custodial and Jennison’s actual advisory fees but after transaction costs. Net of fees performance reflects the deduction of a model fee and is net of transaction costs. Model net of fee performance is based on the highest tier of the standard asset-based fee schedule. Actual net of fee returns are available upon request. Returns are gross of reclaimable withholding taxes, if any, and net of non-reclaimable withholding taxes. For a technology equity separate account the fee schedule offered to institutional clients is as follows: 0.70% on first $100 million of assets managed; 0.60% on next $100 million; and 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.
7. 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. Client’s principal may be at risk under certain market conditions.
8. The annual composite dispersion presented is an equal weighted standard deviation calculated of 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 gross returns are not available.
9. The Benchmark for the Strategy is the MSCI ACWI Information Technology Index (Net).