Prudential Jennison MLP Fund

Seeks total return, through a combination of current income and capital appreciation, by investing primarily in Master Limited Partnerships (MLPs) and MLP related investments. MLPs generally build, acquire, and operate transportation, processing, and storage facilities that are used in the energy sector. The Fund may be suited to investors looking for both income and growth through the build out of U.S.'s energy infrastructure.


 
 

Growth of $10,000

 
 
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 shares, when sold, may be worth more or less than the original cost. This chart represents historical performance and does not assume the effects of sales charges. If shown with sales charges, performance would have been lower. It is not possible to invest directly in an index. Click here to view benchmark index definitions.


Portfolio Attributes as of 10/31/2017

Largest Holdings (% of Assets)
MPLX LP
7.6 %
Williams Partners LP
6.3
Energy Transfer Partners LP
6.0
Cheniere Energy Partners LP
5.7
EQT Midstream Partners
4.7
Targa Resources
4.4
Tallgrass Energy Partners LP
4.2
Anadarko Petroleum Equity Unit 7.500% (6/7/2018)
4.1
Enterprise Products Partners LP
4.0
Plains All American Pipeline LP
3.6
Top Ten (of 32) 50.6
Sector Breakdown (% of Assets)
Diversified Midstream
40.0 %
General Partners
16.9
Gathering & Processing
15.1
Natural Gas Pipelines & Storage
12.2
Liquid Pipes & Storage
7.6
Other
4.1
YieldCo
4.1
All data is unaudited and subject to change. Holdings/allocations may vary. This is not a recommendation to buy or sell any security listed. Largest holdings excludes cash, cash equivalents, money market funds and enhanced cash strategies. Totals may not sum due to rounding.




Key Fund Details

 
ClassFund IDCusipTicker
A109374440G701PRPAX
C109474440G800PRPCX
Z109574440G883PRPZX
 

 
Fund Statistics
Avg Weighted Market Cap ($mil)
16,956.9
Beta (3 year)
0.94
P/E (Price/Earnings) Ratio
27.2
Standard Deviation (3 year)
19.00
Turnover Ratio (12-month %)
37
Appreciation / Depreciation (%)
(as of 12/13/17)
-3

 
 
Unlike traditional open-end mutual funds, the Fund is being taxed as a regular corporation, or a "C" corporation and is subject to U.S. federal income tax on its taxable income at the graduated rates applicable to corporations, as well as state and local income taxes. The Fund primarily invests in Master Limited Partnerships (MLP) and MLP related investments, which are subject to complicated and in some cases unsettled accounting, tax and valuation issues as well as risks related to limited control and limited rights to vote, potential conflicts of interest, cash flow, dilution, and limited liquidity and risks related to the general partner's right to force sales at undesirable times or prices. MLPs are also subject to risks relating to their complex tax structure, including losing its tax status as a partnership, resulting in a reduction in the value of the MLP investment and lower income to the Fund. A significant portion of the Fund's distributions will consist of return of capital for U.S. federal tax purposes, which reduce a shareholder's adjusted cost basis in the Fund's shares and impacts the amount of any capital gains or loss realized by the shareholder upon selling the Fund's shares.  Once a shareholder's adjusted cost basis has been reduced to zero (due to return of capital), any further return of capital will be treated as a capital gain.  Many of the Fund's MLP investments are in the energy sector, which subjects the Fund to a greater degree to risk of loss as a result of adverse economic, business, regulatory, environmental or other developments affecting industries within that sector than if the Fund's investments were more diversified across different industries.  Fund risks also include interest rate risk, where its value will decline as interest rates rise; Nondiversification, where a loss resulting from a particular investment will have a greater impact on the Fund's return; and investments in initial public offerings (IPOs). The risks associated with the Fund are more fully explained in the prospectus and summary prospectus. These risks may increase the Fund's share price volatility. There is no guarantee the Fund's objective will be achieved.

Average weighted market capitalization is the average market capitalization of stocks in a fund, each weighted by its proportion of assets. Beta measures a fund’s sensitivity to changes in the overall market relative to its benchmark. The P/E Ratio (Source: Morningstar, Inc.) relates the price of a stock to the per-share earnings of the company. P/E is calculated using a harmonic weighted average, which excludes outliers that can easily skew results. Standard deviation depicts how widely returns vary around its average and is used to understand the range of returns most likely for a given fund. A higher standard deviation generally implies greater volatility. Turnover Ratio is the rate of trading in a portfolio, higher values imply more frequent trading. Appreciation / Depreciation represents the Fund's current appreciation or depreciation status.  When the fund has appreciation, this number will be positive, and the Fund's performance is expected to increase and decrease at a reduced rate due to C-Corp taxes.  When the fund has deprecation, this number will be negative, and the Fund's performance will not be subjected to C-Corp taxes until it no longer has losses. Due to data availability, statistics may not be as of the current reporting period.

Source: Benchmarks and statistics, Lipper Inc. Source of Sector classification: S&P/MSCI. *This figure is comprised of companies that have been classified by S&P/MSCI GICS or classified by Jennison Associates LLC. Companies classified by Jennison Associates LLC are not sponsored by the S&P/MSCI GICS classification system. Sector Breakdown excludes cash in calculation. All other data from PGIM, Inc.(PGIM).

Class Z shares are available to institutional investors through certain retirement, mutual fund wrap and asset allocation programs, and to institutions at an investment minimum of $5,000,000. Performance by share class may vary. Other share classes, which contain either a sales load or a contingent deferred sales charge, are also available. These expenses could lower total fund return. Please see the prospectus for additional information about fees, expenses and investor eligibility requirements.

Consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. For more information about a fund, click on the prospectus or summary prospectus link above. Read them carefully before investing.

The Ammys 2017 MLP Mutual Fund of the Year Award. Awarded by Alerian to the MLP mutual fund that generated the highest total return of 17 funds in 2016. MLP mutual fund is defined as a mutual fund whose principal investment objective is to invest the majority of fund assets in MLPs, and by definition, making a corporate tax election. Total return is calculated using the fund’s Class A shares, adding any dividends paid during the year to the price return. As a viability threshold, the fund must have at least $100 million in assets. Leveraged versions of other mutual funds are not eligible. There are a total of 17 MLP mutual funds in the peer group, one of which was ineligible for utilizing leverage.

Alerian and its affiliates do not endorse, manage, promote, sell, or sponsor any company, investment fund or other vehicle nominated, selected as a finalist, or selected as a winner for the Alerian MLP Awards, or Ammys. Alerian is not an investment advisor, and Alerian and its affiliates make no representations regarding the advisability of investing in any company, investment fund or other vehicle nominated, selected as a finalist, or selected as a winner for the Ammys.

Mutual funds are distributed by Prudential Investment Management Services LLC and member SIPC. Jennison Associates is a registered investment advisor. Both are Prudential Financial companies. Jennison Associates, Jennison, PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

These materials are for informational or educational purposes only. The information is not intended as investment advice and is not a recommendation about managing or investing assets. In providing these materials PGIM Investments is not acting as your fiduciary as defined by the Department of Labor.

Mutual funds are not insured by the FDIC or any federal government agency, are not a deposit of or guaranteed by any bank or any bank affiliate, and may lose value.


Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. which is headquartered in the United Kingdom.


0255359-00019-00    Ed. 7/2017

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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 shares, when sold, may be worth more or less than the original cost. This chart represents historical performance and does not assume the effects of sales charges. If shown with sales charges, performance would have been lower. Click here to view the most recent Monthly Performance.