Clipping Coupons with Jennison Fixed Income

Consumer Engine Stalls

Portfolio Manager Dmitri Rabin breaks down the cracks emerging in the subprime consumer and why higher energy costs could be the next headwind for spending and growth. 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. 2026 - 5406050

Deeper in the Tranches

Jennison's Adriano Taylor-Escribano provides an update on the CMBS market, highlighting the risks in SASB deals and the trends in AI/data center securitizations.  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. 2026 - 5339786

Curve Your Enthusiasm

Listen in to hear Griffin Sullivan’s take on consumer trends and corporate credit curves! 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. 2026 – 5216277

2026 - Expect the Unexpected

Listen to Jen Karpinski's podcast to hear a quick 2025 recap and what Jennison's Fixed Income Team is focused on in 2026! 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. 2026-5104920

Modeling Mastery

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