Managed Account Strategy Performance Review

 
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%.

As of 10/31/2017MonthYTD1-Year3-Year5-Year10-Year20-YearInception
 Jennison Large Cap Blend
 JMA Large Cap Blend Equity Composite07/01/2002
Pure Gross Composite2.9422.6528.0710.0915.618.1210.20
Pure Net Composite2.6919.6824.366.8612.234.946.99
S&P 500 Index2.3316.8923.6110.7615.177.517.308.62
 Jennison Large Cap Growth
 JMA Large Cap Growth Equity Composite07/31/1969
Pure Gross Composite4.3733.1533.4214.1518.6110.188.5411.91
Pure Net Composite4.1229.9529.5610.8115.156.945.358.63
Russell 1000 Growth Index3.8725.4029.7113.1516.839.136.94
 Jennison Large Cap Value Equity
 JMA Large Cap Value Equity Composite05/31/2000
Pure Gross Composite1.4511.7521.825.5111.905.337.94
Pure Net Composite1.209.0218.272.418.622.224.90
Russell 1000 Value Index0.738.7017.787.9913.485.997.546.90
 Jennison Mid Cap Growth Equity
 JMA Mid Cap Growth Equity Composite12/31/1996
Pure Gross Composite1.3818.3322.758.0612.438.4110.5711.12
Pure Net Composite1.1315.4519.184.889.135.237.327.86
Russell Mid Cap Growth Index2.8020.5726.259.9815.348.238.268.85
 Jennison Natural Resources Equity
 JMA Natural Resources Equity Composite**06/30/2014
Pure Gross Composite
Pure Net Composite
Lipper Natural Resources Funds Index-1.81-13.04-1.93-8.93-1.21-2.845.78
 Jennison Global Natural Resources Equity – Institutional Composite (supplemental)*08/30/1991
Pure Gross Composite0.63-1.967.37-6.43-2.91-2.999.2810.34
Pure Net Composite0.60-2.286.94-6.79-3.28-3.348.849.71
Global Natural Resources Custom Index-0.05-0.226.75-2.380.13-2.106.18
 Jennison Opportunistic Equity
 JMA Opportunistic Equity Composite08/31/1980
Pure Gross Composite0.909.9821.098.8913.837.8510.3414.32
Pure Net Composite0.657.2917.565.6910.494.687.1310.99
S&P 500 Index2.3316.8923.6110.7615.177.517.3011.46
 Jennison SMid Cap Core Equity
 JMA SMid Cap Core Equity Composite**01/01/2004
Pure Gross Composite
Pure Net Composite
Russell 2500 Index1.5512.7224.689.5814.458.089.04
 Jennison SMid Cap Core Equity – Institutional Composite (supplemental)*05/31/2004
Pure Gross Composite1.2816.3427.139.5114.738.3310.93
Pure Net Composite1.2115.5626.118.6413.827.5410.19
Russell 2500 Index1.5512.7224.689.5814.458.089.049.58
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 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 stocks may be subject to more erratic market movements than large-cap stocks. 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. 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 JMA SMid Cap Core Equity strategy (since 9/30/2014) and no accounts actively managed in the JMA Natural Resources Equity 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. Source for S&P 500 Index data: Standard & Poor’s or FT Interactive Data Corporation. 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.

Standard & Poor’s 500 (S&P 500) Index
is a market capitalization-weighted index of 500 companies primarily traded on the New York Stock Exchange. 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.

How Performance Is Calculated
Performance results are calculated in U.S. 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.

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

For the JMA Large Cap Growth, JMA Large Cap Value, JMA Mid Cap Growth and JMA Opportunistic Equity composites, performance shown includes returns achieved by accounts in the institutional Jennison composite; Jennison Large Cap Growth Equity Composite, Jennison Large Cap Value Equity Composite, Jennison Mid Cap Growth Equity Composite, Jennison Opportunistic 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.

JMA Large Cap Blend Equity Composite, formerly JMA Multi-Strategy Portfolio Equity Composite, inception date was July 1, 2002. Composite performance presented for all periods includes all wrap accounts that are managed in JMA’s Large Cap Blend Equity Strategy. The strategy uses a bottom-up process to invest primarily in large cap stocks and seeks to outperform the broad equity market at a valuation slightly less than the S&P 500 through participation in both growth and value stocks, with limited exposure to either style over the long-term. Accounts in this strategy own approximately 50% growth and 50% value stocks which when combined typically result in a portfolio of 40-60 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. For all periods wrap portfolios represent 100% of the Composite. From July 1, 2002 through December 31, 2002, net returns were calculated quarterly and reflect the deduction of actual wrap fees. As of January 1, 2003, net-of-fees returns are calculated monthly by subtracting the highest annual program fee charged by sponsors of programs in which JMA participates from the “pure” gross return. Composite performance prior to January 1, 2003 includes account performance calculated by and whose records were maintained by an affiliate of Jennison.

JMA Large Cap Growth Equity Composite, formerly JMA Diversified Large Cap Growth Equity Composite, inception date was July 31, 1969. Composite performance presented for periods from November 1, 2005 to present includes all wrap accounts that are managed in JMA’s Large Cap Growth Equity 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 50-70 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. ”Pure” gross returns from November 1, 2005 to present do not reflect the deduction of any trading costs, fees or expenses. “Pure” gross returns from July 31, 1969 through October 31, 2005 reflect the deduction of trading costs. Performance presented for periods prior to November 1, 2005 represents the returns achieved by accounts in the Jennison Large Cap Growth Equity Composite. The Jennison Large Cap Growth Equity Composite includes all fee-paying discretionary non-wrap fee program accounts that have been managed in Jennison’s Large Cap Growth Equity strategy that hold approximately 55-70 securities for at least one full calendar month. While the same Large Cap Growth Equity investment process is applied to both the Jennison Large Cap Growth Equity Composite and the Composite, accounts in the Jennison Large Cap Growth Equity Composite generally invest in 55 to 70 securities, whereas accounts in the Composite generally invest in 50 to 70 securities, therefore performance results may differ.

JMA Large Cap Value Equity Composite inception date was May 31, 2000. Composite performance presented for periods from October 1, 2000 to present includes all wrap accounts that are managed in JMA’s Large Cap Value Equity Strategy. 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. For all periods since October 1, 2000, wrap portfolios represent 100% of the composite. “Pure” gross returns from October 1, 2000 to present do not reflect the deduction of any trading costs, fees or expenses. “Pure” gross returns from May 31, 2000 through September 30, 2000 reflect the deduction of trading costs. From October 1, 2000 through 2002, net returns were calculated quarterly and reflect the deduction of actual wrap fees. For periods prior to October 1, 2000, and for those beginning January 1, 2003, net-of-fees returns are calculated monthly by subtracting the highest annual program fee charged by sponsors of programs in which JMA participates from the “pure” gross return. Performance presented for periods prior to October 1, 2000 represents the returns achieved by accounts in the Jennison Large Cap Value Equity Composite. The Jennison Large Cap Value Equity Composite includes all fee-paying discretionary non-wrap fee program accounts that have been managed in Jennison’s Large Cap Value Equity strategy for at least one full calendar month. While the same Large Cap Value Equity investment process is applied to both the Jennison Large Cap Value Equity Composite and the Composite, accounts in the Jennison Large Cap Value Equity Composite generally invest in 60 to 80 securities, whereas accounts in the Composite generally invest in 50 to 80 securities, therefore performance results may differ. Composite performance from May 31, 2000 to August 31, 2000 and September 30, 2000 to 2002 includes account performance calculated by and whose records were maintained by an affiliate of Jennison.

JMA Mid-Cap Growth Equity Composite inception date was December 31, 1996. Composite performance presented for periods from July 1, 2008 to present includes all wrap accounts that are managed in JMA’s Mid Cap Growth Equity Strategy. The Strategy seeks to invest in small to mid-capitalization growth stocks of companies. “Pure” gross returns from July 1, 2008 to present do not reflect the deduction of any trading costs, fees or expenses. “Pure” gross returns from December 31, 1996 through June 30, 2008 reflect the deduction of trading costs. Performance presented for periods prior to July 1, 2008 represents the returns achieved by accounts in the Jennison Mid Cap Growth Equity Composite and contains assets that were transferred from the Predecessor. Jennison did not previously manage assets with a style similar to that of the Mid Cap Growth Equity Composite. The Jennison Mid Cap Growth Equity Composite includes all fee-paying discretionary non-wrap fee program accounts that have been managed in Jennison’s Mid Cap Growth Equity strategy that hold approximately 75-80 securities for at least one full calendar month. Performance returns for periods prior to July 31, 2000 were achieved at and calculated by the Predecessor. All institutional account returns were calculated using a Modified Dietz methodology. Gross returns for the investment company accounts were calculated by Lipper.

JMA Natural Resources Equity Composite inception date was June 1, 2014. Composite performance presented for all periods to present includes all wrap accounts that are managed in JMA’s Natural Resources Equity Strategy. The strategy seeks long-term capital growth by investing in companies that own, explore, mine, process, and develop natural resources commodities, and in US-listed natural resources exchange traded funds (ETFs). For all periods wrap portfolios represent 100% of the Composite.

Global Natural Resources Equity – Institutional Composite (supplemental): Information is supplemental to the JMA Natural Resources Equity 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 JMA Natural Resources Equity portfolio had you been invested during this period. While the same Natural Resources Equity investment process is applied to both the institutional Jennison Global Natural Resources Equity Composite and the JMA Natural Resources Equity Composite, accounts in the institutional Global Natural Resources Composite generally invest in 80 to 140 securities, whereas wrap accounts in the JMA Natural Resources Equity Composite generally invest in 50 to 100 securities, therefore performance results, holdings, and fees will differ. 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. All institutional account returns were calculated using a Modified Dietz methodology. Gross returns for the investment company accounts were calculated by Lipper. 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 US-based 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.

JMA Opportunistic Equity Composite inception date was August 31, 1980. Composite performance presented for periods from July 1, 2002 to present includes all wrap accounts that are managed in JMA’s Opportunistic Equity Strategy. The Strategy uses a bottom-up process to invest primarily in multi-cap stocks and seeks over the long-term to outperform the S&P 500 Index with market-like risk. This type of account typically holds securities of established companies with either current or emerging earnings growth not fully appreciated or recognized by the market. “Pure” gross returns from July 1, 2002 to present do not reflect the deduction of any trading costs, fees or expenses. “Pure” gross returns from August 31, 1980 through June 30, 2002 reflect the deduction of trading costs. From July 1, 2002 through December 31, 2002, net returns were calculated quarterly and reflect the deduction of actual wrap fees. For periods prior to July 1, 2002, and for those beginning January 1, 2003, net-of-fees returns are calculated monthly by subtracting the highest annual program fee charged by sponsors of programs in which JMA participates from the “pure” gross return. Performance presented for periods prior to July 1, 2002 represents the returns achieved by accounts in the Jennison Opportunistic Equity Composite. The Jennison Opportunistic Equity Composite includes all fee-paying discretionary non-wrap fee program accounts that have been managed in Jennison’s Opportunistic Equity strategy for at least one full calendar month. While the same Opportunistic Equity investment process is applied to both the Jennison Opportunistic Equity Composite and the Composite, accounts in the Jennison Opportunistic Equity Composite generally invest in 60 to 80 securities, whereas accounts in the Composite generally invest in 50 to 80 securities, therefore performance results may differ. Composite performance from July 1, 2002 through December 31, 2002 includes account performance calculated by and whose records were maintained by an affiliate of Jennison.

SMid Cap Core Equity – Institutional Composite (supplemental): Information is supplemental to the JMA SMid Cap Core Equity 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 JMA SMid Cap Core Equity portfolio had you been invested during this period. While the same SMid Cap Core Equity investment process is applied to both the institutional Jennison SMid Cap Core Equity Composite and the JMA SMid Cap Core Equity Composite, accounts in the institutional Jennison SMid Cap Core Equity Composite generally invest in 70 to 100 securities, whereas wrap accounts in the JMA SMid Cap Core Equity Composite generally invest in 100 to 120 securities, therefore performance results may differ. The 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 US-based 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
©2017 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 about managing or investing your retirement savings. Clients seeking information regarding their particular investment needs should contact a financial professional.

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

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