Our Firm Jennison Associates LLC (Jennison) is an SEC-registered investment adviser organized as a Delaware limited liability company. When we use the terms “we,” “us” and “our” in this brochure, we are referring to Jennison. In 1969, we (through a predecessor company) registered with the SEC and began managing tax- exempt U.S. large cap growth equity accounts, primarily for large institutions. We were acquired by The Prudential Insurance Company of America (PICA) in 1985, and we started to subadvise mutual funds in 1990. Through the years, we have expanded the types of investment strategies that we offer. Today, we manage equity, fixed income, and custom solutions portfolios in a range of styles, geographies and market capitalizations. Our expertise is managing portfolios based on internal fundamental research, bottom-up security selection and a highly interactive investment process. We conduct the majority of our equity portfolio management activities from our New York headquarters, our global/international/emerging markets equities portfolio management and investment research from both our Boston office and New York headquarters, and our fixed income portfolio management activities from our Boston office. We are an indirect wholly owned subsidiary of Prudential Financial, Inc. (Prudential Financial), a publicly held company (NYSE: PRU) which is incorporated in the United States. None of Prudential Financial or any of its affiliates referenced herein is 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. Our Advisory Business in General Our firm offers select capabilities in the following investment disciplines: Growth Equity, Small, SMid and Mid Cap Equity, Global Equity (which includes International, Emerging Markets Equity, International and Global SMid), Value Equity (which includes Income Equity), and Fixed Income. Additionally, we offer Custom Solutions, Combination Strategies (i.e., blended capabilities) and Sector Strategies. For additional information about our strategies, please see Item 8. Separate Account Advisory Services and Advisory Services to Collectively Managed Vehicles We provide our services to our separate account clients on a discretionary basis. In addition to the services to separate account clients, we provide subadvisory services to U.S. and non-U.S. collectively managed funds sponsored by our affiliates and third parties. These funds are registered in the U.S. or in non-U.S. jurisdictions or are offered privately. These funds include, but are not limited to, U.S. mutual funds, exchange traded funds (ETFs), UCITS, SIFs, bank collective investment trusts, Cayman Islands unit trusts, commingled insurance separate accounts, and private 50+ Years of Investment Excellence 6 investment funds. Additionally, we provide discretionary investment management services to private investment funds that we sponsor. Information about these funds, including a description of the services provided and advisory fees and other expenses, is generally contained in each fund’s prospectus, offering memorandum, declaration of trust, subscription agreement and other offering materials as applicable (“Offering Documents”). Investors in these vehicles should refer to each fund’s Offering Documents for additional information. We refer to the services provided to separate accounts and collectively managed vehicles in this brochure as non-wrap account services. Advisory Services in Wrap and UMA Programs We offer a variety of equity strategies to clients of wrap fee programs and non-discretionary models to Unified Managed Account (UMA) programs sponsored by non-affiliates. We provide individualized portfolio management services to clients of wrap fee programs. Our non-discretionary services consist of furnishing model portfolios in various equity strategies, which the UMA program sponsor may choose to employ in its management of accounts under one or more managed account programs. For more information about the strategies that we offer to wrap and UMA programs, please see Item 8. We do not effect or arrange for the purchase or sale of any securities in connection with non-discretionary model portfolios. We refer to our wrap fee and UMA business as Jennison Managed Accounts (JMA). Typically, the sponsor of the wrap fee or UMA program charges a single asset based fee to its clients for all services provided under the program (brokerage, custody, advisory, performance modeling and reporting) and pays its advisers, including us, a portion of the fee for the services that we provide. In some cases, wrap program clients enter into unbundled arrangements with the sponsor

where they enter into investment management agreements directly with us. These are known as “dual contract” arrangements. In these cases, we receive our fees from either the client or the sponsor. Sponsors of wrap fee and UMA programs typically require that their fees be paid in advance. In such cases, the sponsor will be responsible for refunds if participation in the program is terminated before the end of the billing period. Wrap fee and UMA program clients should review the terms and conditions of the wrap program or contact the sponsor regarding arrangements for refunds of pre-paid fees. As a provider of investment advice under a wrap fee or UMA program, Jennison is not responsible for determining whether a particular wrap fee or UMA program or Jennison strategy is suitable or advisable for any particular wrap fee or UMA program client. Rather, such determinations are generally the responsibility of the sponsor and the client (or the client’s financial advisor and the client). Wrap fee and UMA program clients should be aware that comparable services may be available at lower aggregate costs on an “unbundled” basis, negotiated separately by the client, through the sponsor or through other firms. Payment of a bundled asset-based wrap fee may or may not produce accounting, bookkeeping, or income tax results better than those resulting from the separate payment of (i) securities commissions and other execution costs on a trade-by-trade basis and (ii) advisory fees. All wrap fee and UMA program clients and prospective clients should carefully review the terms of the agreement with the sponsor and program brochure to understand the terms, services, minimum 50+ Years of Investment Excellence 7 account size and any additional fees or expenses that may be associated with a wrap fee or UMA program account. Wrap fee or UMA program accounts are not managed identically to our non-wrap accounts. Our portfolios in wrap programs and non-discretionary models for UMA programs may hold fewer securities or ADRs instead of foreign local shares than portfolios managed in the comparable strategy outside of managed account programs. Additionally, wrap fee and UMA program accounts do not purchase in securities offerings (e.g., initial public offerings (IPOs) and follow-on offerings). We also manage our wrap account portfolios with parameters on changes to weightings to existing positions or position thresholds or number of securities that are not applicable to our non-wrap portfolios. We cannot guarantee that the performance and composition of our non-wrap portfolios will be similar to the performance results and composition of accounts in wrap fee programs due to a variety of reasons, including the difference in the types, availability and diversity of securities that can be purchased, timing of purchases and sales, economies of scale, regulations and other factors applicable to the management of our non-wrap accounts that may not be experienced by accounts in wrap fee programs. Additionally, UMA program sponsors retain discretion to implement, reject or adjust the recommendations in the model portfolios we provide. We do not effect or arrange transactions for UMA program accounts. Non-discretionary Advisory Service We also provide non-discretionary advice in the form of model portfolios to some financial institutions, including affiliates that do not sponsor wrap fee account, dual contracts or UMA platforms. These financial institutions use our model portfolios to manage accounts for their clients and retain discretion to implement, reject or adjust the recommendations in our model portfolios. We do not effect or arrange transactions for non-discretionary model portfolios. Customization of our Advisory Services We enter into investment management or subadvisory agreements with our separate account clients which typically incorporate investment guidelines. We work with our separate account clients to devise mutually acceptable investment guidelines to accommodate the individual needs of our clients and to confirm that we can manage the account consistently with our investment philosophy. Examples of client-imposed restrictions include the prohibition of certain issuers or certain types of instruments (such as derivatives), the imposition of limits on the portfolio’s exposure to a single issuer or type of issuer, sector, industry or type of instrument, percent limitations on foreign securities, or customized exclusions based upon a client’s own values and objectives (including ESG objectives), each to the extent such restrictions are consistent with our investment philosophy and strategy. (Please see Item 16 for more information regarding limitations on our investment discretion imposed by our clients and