Clipping Coupons with Jennison Fixed Income

Agency MBS is a market that for institutional investors is very model driven. Listen to Dmitri Rabin’s podcast to learn more about the different types of models used and the implications those models have on overall valuations in mortgages.This podcast is for informational or educational purposes, and it does not constitute investment advice and should not be used as the basis for any investment decision. It does not purport to provide any legal, tax, or accounting advice. In providing this information, Jennison Associates LLC (‘Jennison’) is not acting as your fiduciary. The information 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 warrants 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 warrantees or representations as to the completeness or accuracy.Past performance does not guarantee future results. Any projections or forecasts presented herein are subject to change without notice. No liability whatsoever is accepted for any loss whether direct, indirect, or consequential that may arise from any use of the information contained in or derived from this podcast. Jennison may make investment decisions that are inconsistent with the recommendations or views expressed herein.Jennison Associates is a registered investment advisor under the U.S. Investment Advisers Act of 1940, as amended, and a Prudential Financial, Inc. (“PFI”) company. Registration as a registered investment adviser does not imply a certain level of skill or training. Jennison Associates LLC has not been licensed or registered to provide investment services in any jurisdiction outside the United States. Additionally, vehicles may not be registered or available for investment in all jurisdictions. Prudential Financial, Inc. of the United States is not 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.Please visit https://www.jennison.com/important-disclosures for important information, including information on non-US jurisdictions.The information contained in this podcast should not be construed as a solicitation or offering of investment services by Jennison or a solicitation to sell or a solicitation of an offer to buy any shares of any securities nor shall any securities be offered or sold to any person in any jurisdiction where such a solicitation or offering would be unlawful under the applicable laws of such jurisdiction. This content is intended for Institutional and Professional Investors only. All investments involve risk, including the possible loss of capital. Not for Redistribution.2025-5021378

Jennison’s bond investing is far more than fundamental research - skillful trading contributes to returns. On the latest Clipping Coupons with April Borawski, learn what goes on under the hood. “Traders are expected to be active participants in the investment process. We're definitely not just executioners.”This podcast is for informational or educational purposes, and it does not constitute investment advice and should not be used as the basis for any investment decision. It does not purport to provide any legal, tax, or accounting advice. In providing this information, Jennison Associates LLC (‘Jennison’) is not acting as your fiduciary. The information 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 warrants 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 warrantees or representations as to the completeness or accuracy.Past performance does not guarantee future results. Any projections or forecasts presented herein are subject to change without notice. No liability whatsoever is accepted for any loss whether direct, indirect, or consequential that may arise from any use of the information contained in or derived from this podcast. Jennison may make investment decisions that are inconsistent with the recommendations or views expressed herein.Jennison Associates is a registered investment advisor under the U.S. Investment Advisers Act of 1940, as amended, and a Prudential Financial, Inc. (“PFI”) company. Registration as a registered investment adviser does not imply a certain level of skill or training. Jennison Associates LLC has not been licensed or registered to provide investment services in any jurisdiction outside the United States. Additionally, vehicles may not be registered or available for investment in all jurisdictions. Prudential Financial, Inc. of the United States is not 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.Please visit https://www.jennison.com/important-disclosures for important information, including information on non-US jurisdictions.The information contained in this podcast should not be construed as a solicitation or offering of investment services by Jennison or a solicitation to sell or a solicitation of an offer to buy any shares of any securities nor shall any securities be offered or sold to any person in any jurisdiction where such a solicitation or offering would be unlawful under the applicable laws of such jurisdiction. This content is intended for Institutional and Professional Investors only. All investments involve risk, including the possible loss of capital. Not for Redistribution.2025-4871046

Dmitri Rabin, Rates & Securitized Portfolio Manager, is back on Clipping Coupons, where he focuses on the US mortgage market, Ginnie Mae, and why mortgages are no longer a boring product.This podcast is for informational or educational purposes, and it does not constitute investment advice and should not be used as the basis for any investment decision. It does not purport to provide any legal, tax, or accounting advice. In providing this information, Jennison Associates LLC (‘Jennison’) is not acting as your fiduciary. The information 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 warrants 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 warrantees or representations as to the completeness or accuracy.Past performance does not guarantee future results. Any projections or forecasts presented herein are subject to change without notice. No liability whatsoever is accepted for any loss whether direct, indirect, or consequential that may arise from any use of the information contained in or derived from this podcast. Jennison may make investment decisions that are inconsistent with the recommendations or views expressed herein.Jennison Associates is a registered investment advisor under the U.S. Investment Advisers Act of 1940, as amended, and a Prudential Financial, Inc. (“PFI”) company. Registration as a registered investment adviser does not imply a certain level of skill or training. Jennison Associates LLC has not been licensed or registered to provide investment services in any jurisdiction outside the United States. Additionally, vehicles may not be registered or available for investment in all jurisdictions. Prudential Financial, Inc. of the United States is not 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.Please visit https://www.jennison.com/important-disclosures for important information, including information on non-US jurisdictions.The information contained in this podcast should not be construed as a solicitation or offering of investment services by Jennison or a solicitation to sell or a solicitation of an offer to buy any shares of any securities nor shall any securities be offered or sold to any person in any jurisdiction where such a solicitation or offering would be unlawful under the applicable laws of such jurisdiction. This content is intended for Institutional and Professional Investors only. All investments involve risk, including the possible loss of capital. Not for Redistribution.2025-4766755

CMBS investors have to adapt to higher uncertainty and a new environmentThe macroeconomic environment for CMBS has changed dramatically over the past several years. How do CMBS investors build diverse, quality exposure and find opportunities in this asset class? Jennison’s Adriano Taylor-Escribano discusses options in the latest Clipping Coupons podcast. This podcast is for informational or educational purposes, and it does not constitute investment advice and should not be used as the basis for any investment decision. It does not purport to provide any legal, tax, or accounting advice. In providing this information, Jennison Associates LLC (‘Jennison’) is not acting as your fiduciary. The information 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 warrants 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 warrantees or representations as to the completeness or accuracy.Past performance does not guarantee future results. Any projections or forecasts presented herein are subject to change without notice. No liability whatsoever is accepted for any loss whether direct, indirect, or consequential that may arise from any use of the information contained in or derived from this podcast. Jennison may make investment decisions that are inconsistent with the recommendations or views expressed herein.Jennison Associates is a registered investment advisor under the U.S. Investment Advisers Act of 1940, as amended, and a Prudential Financial, Inc. (“PFI”) company. Registration as a registered investment adviser does not imply a certain level of skill or training. Jennison Associates LLC has not been licensed or registered to provide investment services in any jurisdiction outside the United States. Additionally, vehicles may not be registered or available for investment in all jurisdictions. Prudential Financial, Inc. of the United States is not 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.Please visit https://www.jennison.com/important-disclosures for important information, including information on non-US jurisdictions.The information contained in this podcast should not be construed as a solicitation or offering of investment services by Jennison or a solicitation to sell or a solicitation of an offer to buy any shares of any securities nor shall any securities be offered or sold to any person in any jurisdiction where such a solicitation or offering would be unlawful under the applicable laws of such jurisdiction. This content is intended for Institutional and Professional Investors only. All investments involve risk, including the possible loss of capital. Not for Redistribution.2025-4584863

In our latest episode of Clipping Coupons, Dmitri Rabin, Head of Securitized at Jennison Associates, shares expert insights into the health of US consumers, their credit quality, and what keeps him up at night. Listen to Dmitri's expert tips on understanding today’s economic signals here!Sources: Jennison Associates LLC and BloombergCertain third party 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. Jennison has no obligation to update any or all such third party information. Any references to third party trademarks and data are proprietary and confidential and cannot be redistributed without Jennison's prior consent.This podcast is for informational or educational purposes, and it does not constitute investment advice and should not be used as the basis for any investment decision. It does not purport to provide any legal, tax, or accounting advice. In providing this information, Jennison Associates LLC (‘Jennison’) is not acting as your fiduciary. The information 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 warrants 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 warrantees or representations as to the completeness or accuracy. Past performance does not guarantee future results. Any projections or forecasts presented herein are subject to change without notice. No liability whatsoever is accepted for any loss whether direct, indirect, or consequential that may arise from any use of the information contained in or derived from this podcast. Jennison may make investment decisions that are inconsistent with the recommendations or views expressed herein. Jennison Associates is a registered investment advisor under the U.S. Investment Advisers Act of 1940, as amended, and a Prudential Financial, Inc. (“PFI”) company. Registration as a registered investment adviser does not imply a certain level of skill or training. Jennison Associates LLC has not been licensed or registered to provide investment services in any jurisdiction outside the United States. Additionally, vehicles may not be registered or available for investment in all jurisdictions. Prudential Financial, Inc. of the United States is not 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. Please visit https://www.jennison.com/important-disclosures for important information, including information on non-US jurisdictions. The information contained in this podcast should not be construed as a solicitation or offering of investment services by Jennison or a solicitation to sell or a solicitation of an offer to buy any shares of any securities nor shall any securities be offered or sold to any person in any jurisdiction where such a solicitation or offering would be unlawful under the applicable laws of such jurisdiction. This content is intended for Institutional and Professional Investors only. All investments involve risk, including the possible loss of capital. Not for Redistribution.2025-4511082

Steve Weiss, Institutional Business Development at Jennison Associates, discusses a range of timely fixed income topics - why bonds are attractive today, how to find the right active fixed income manager, and the evolving role of bonds in portfolios in our new “Clipping Coupons” podcast. This podcast is for informational or educational purposes, and it does not constitute investment advice and should not be used as the basis for any investment decision. It does not purport to provide any legal, tax, or accounting advice. In providing this information, Jennison Associates LLC (‘Jennison’) is not acting as your fiduciary. The information 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 warrants 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 warrantees or representations as to the completeness or accuracy. Past performance does not guarantee future results. Any projections or forecasts presented herein are subject to change without notice. No liability whatsoever is accepted for any loss whether direct, indirect, or consequential that may arise from any use of the information contained in or derived from this podcast. Jennison may make investment decisions that are inconsistent with the recommendations or views expressed herein. Jennison Associates is a registered investment advisor under the U.S. Investment Advisers Act of 1940, as amended, and a Prudential Financial, Inc. (“PFI”) company. Registration as a registered investment adviser does not imply a certain level of skill or training. Jennison Associates LLC has not been licensed or registered to provide investment services in any jurisdiction outside the United States. Additionally, vehicles may not be registered or available for investment in all jurisdictions. Prudential Financial, Inc. of the United States is not 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. Please visit https://www.jennison.com/important-disclosures for important information, including information on non-US jurisdictions. The information contained in this podcast should not be construed as a solicitation or offering of investment services by Jennison or a solicitation to sell or a solicitation of an offer to buy any shares of any securities nor shall any securities be offered or sold to any person in any jurisdiction where such a solicitation or offering would be unlawful under the applicable laws of such jurisdiction. This content is intended for Institutional and Professional Investors only. All investments involve risk, including the possible loss of capital. Not for Redistribution.2025-4424975

Sam Kaplan, portfolio manager, dives into interest rates, economic volatility, and investing opportunities in our new “Clipping Coupons” podcast.This podcast is for informational or educational purposes, and it does not constitute investment advice and should not be used as the basis for any investment decision. It does not purport to provide any legal, tax, or accounting advice. In providing this information, Jennison Associates LLC (‘Jennison’) is not acting as your fiduciary. The information 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 warrants 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 warrantees or representations as to the completeness or accuracy. Past performance does not guarantee future results. Any projections or forecasts presented herein are subject to change without notice. No liability whatsoever is accepted for any loss whether direct, indirect, or consequential that may arise from any use of the information contained in or derived from this podcast. Jennison may make investment decisions that are inconsistent with the recommendations or views expressed herein. Jennison Associates is a registered investment advisor under the U.S. Investment Advisers Act of 1940, as amended, and a Prudential Financial, Inc. (“PFI”) company. Registration as a registered investment adviser does not imply a certain level of skill or training. Jennison Associates LLC has not been licensed or registered to provide investment services in any jurisdiction outside the United States. Additionally, vehicles may not be registered or available for investment in all jurisdictions. Prudential Financial, Inc. of the United States is not 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. Please visit https://www.jennison.com/important-disclosures for important information, including information on non-US jurisdictions. The information contained in this podcast should not be construed as a solicitation or offering of investment services by Jennison or a solicitation to sell or a solicitation of an offer to buy any shares of any securities nor shall any securities be offered or sold to any person in any jurisdiction where such a solicitation or offering would be unlawful under the applicable laws of such jurisdiction. This content is intended for Institutional and Professional Investors only. All investments involve risk, including the possible loss of capital. Not for Redistribution.2025-4356042

Listen to members of our fixed income team explore a broad range of market and strategy related topics. While we manage bond portfolios across the duration spectrum, we promise the duration of the podcast will be short.Utilizing a question-and-answer format, please listen in to hear the thoughts of a fixed income team that has been managing bond portfolios for over 50 yearsfor all types of institutional clients. The podcast will attempt to blend timely, market related takes with education and strategy, and introduce you to the people who find the world of fixed income truly fascinating. The inaugural episode features Jake Gaul, Head of Jennison Fixed Income, who will set the stage with an overview of Jennison Fixed Income and our approach to investing.This podcast is for informational or educational purposes, and it does not constitute investment advice and should not be used as the basis for any investment decision. It does not purport to provide any legal, tax, or accounting advice. In providing this information, Jennison Associates LLC (‘Jennison’) is not acting as your fiduciary. The information 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 warrants 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 warrantees or representations as to the completeness or accuracy. Past performance does not guarantee future results. Any projections or forecasts presented herein are subject to change without notice. No liability whatsoever is accepted for any loss whether direct, indirect, or consequential that may arise from any use of the information contained in or derived from this podcast. Jennison may make investment decisions that are inconsistent with the recommendations or views expressed herein. Jennison Associates is a registered investment advisor under the U.S. Investment Advisers Act of 1940, as amended, and a Prudential Financial, Inc. (“PFI”) company. Registration as a registered investment adviser does not imply a certain level of skill or training. Jennison Associates LLC has not been licensed or registered to provide investment services in any jurisdiction outside the United States. Additionally, vehicles may not be registered or available for investment in all jurisdictions. Prudential Financial, Inc. of the United States is not 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. Please visit https://www.jennison.com/important-disclosures for important information, including information on non-US jurisdictions. The information contained in this podcast should not be construed as a solicitation or offering of investment services by Jennison or a solicitation to sell or a solicitation of an offer to buy any shares of any securities nor shall any securities be offered or sold to any person in any jurisdiction where such a solicitation or offering would be unlawful under the applicable laws of such jurisdiction. This content is intended for Institutional and Professional Investors only. All investments involve risk, including the possible loss of capital. Not for Redistribution.2025-4194977

This is a test sample. Episode 1 coming soon.This podcast is forinformational or educational purposes, and it does not constitute investmentadvice and should not be used as the basis for any investment decision. It doesnot purport to provide any legal, tax, or accounting advice. In providing thisinformation, Jennison Associates LLC (‘Jennison’) is not acting as yourfiduciary. The information has been obtained from sources that Jennisonbelieves to be reliable as of the date presented; however, Jennison cannotguarantee the accuracy of such information, assure its completeness, orwarrants such information will not be changed. The information contained hereinis current as of the date of issuance or such earlier date as referenced hereinand is subject to change without notice. Jennison has no obligation to updateany or all such information; nor do we make any express or implied warranteesor representations as to the completeness or accuracy.  Past performance does notguarantee future results. Any projections or forecasts presented herein aresubject to change without notice. Actual data will vary and may not bereflected here. No liability whatsoever is accepted for any loss whetherdirect, indirect, or consequential that may arise from any use of theinformation contained in or derived from this podcast. Jennison may makeinvestment decisions that are inconsistent with the recommendations or viewsexpressed herein. The opinions and recommendations herein do not take intoaccount individual client circumstances, objectives, or needs and are notintended as recommendations of particular securities, financial instruments orstrategies to particular clients or prospects. No determination has been maderegarding the suitability of any securities, financial instruments orstrategies for particular clients or prospects. Distribution of thisinformation to any person other than the person to whom this podcast has beenoriginally delivered, and to such person’s advisers, is not permitted. Anyreproduction of this podcast, in whole or in part, or the disclosure orredistribution of any of its contents, without the prior written consent ofJennison, is prohibited. This podcast may contain confidential information andthe recipient thereof agrees to maintain the confidentiality of suchinformation.  Jennison Associates is aregistered investment advisor under the U.S. Investment Advisers Act of 1940,as amended, and a Prudential Financial, Inc. (“PFI”) company. Registration as aregistered investment adviser does not imply a certain level of skill ortraining. Jennison Associates LLC has not been licensed or registered toprovide investment services in any jurisdiction outside the United States.Additionally, vehicles may not be registered or available for investment in alljurisdictions. Prudential Financial, Inc. of the United States is notaffiliated in any manner with Prudential plc, incorporated in the UnitedKingdom or with Prudential Assurance Company, a subsidiary of M&G plc,incorporated in the United Kingdom.  Please visit https://www.jennison.com/important-disclosuresfor important information, including information on non-US jurisdictions.  The information contained inthis podcast should not be construed as a solicitation or offering ofinvestment services by Jennison or a solicitation to sell or a solicitation ofan offer to buy any shares of any securities nor shall any securities be offeredor sold to any person in any jurisdiction where such a solicitation or offeringwould be unlawful under the applicable laws of such jurisdiction. This contentis intended for Institutional and Professional Investors only. All investmentsinvolve risk, including the possible loss of capital. 2025-xxxxxx