^{I. “Pure” gross-of-fees returns do not reflect the deduction of any expenses, including trading costs.  “Pure” gross-of-fees returns are supplemental to net returns.}

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 Large Cap Value Equity SMA Composite (Composite) has had a performance examination for the period from January 1, 2006 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, 5 10 year returns as of 12/31/2024: 17.96%, 8.38%, 5.94%, respectively.  The benchmark 1, 5, 10 year returns as of 12/31/2024: 14.37%, 8.67%, 8.48%, respectively.

5.       The 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.  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. “Pure” gross returns do not reflect the deduction of any 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 “pure” 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.       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.

8.       Prior to January 1, 2020 annual composite dispersion presented is an asset weighted standard deviation calculated for the individual gross account returns in the composite for the entire year.  Starting January 1, 2020, annual composite dispersion is presented as 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.

9.       The Benchmark for the Strategy is the Russell 1000^® Value Index.