PRUDENTIAL INVESTMENTS» MUTUAL FUNDS RETHINKING THE ROLE OF INCOME INVESTING THE FOUR WAYS INCOME INVESTMENTS CAN HELP YOU MEET YOUR FINANCIAL GOALS

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1 PRUDENTIAL INVESTMENTS» MUTUAL FUNDS RETHINKING THE ROLE OF INCOME INVESTING THE FOUR WAYS INCOME INVESTMENTS CAN HELP YOU MEET YOUR FINANCIAL GOALS

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3 YOU PLAY MANY ROLES. INCOME INVESTMENTS DO TOO. If you had to choose one word, how would you define yourself? Parent? Partner? Chef? Teacher? Accountant? Entertainer? The truth is, you are more than any one of these titles. You may in fact be all of them, and then some. At any given time in our lives, each of us plays many different roles. The same can be said for income investments. At first glance, you may simply see income as bonds or fixed income funds that can help you generate interest income. And, if you re not ready for retirement, you may dismiss them as irrelevant. But income investing goes far beyond bonds to include dividend-paying equities, real estate investment trusts (REITs), and utilities all of which can play many important roles in your portfolio. Yes, they can help you generate a stream of income no small feat in today s market environment. But they can also do much more. Income investments may help you: 1. SUPPLEMENT YOUR SALARY 2. REDUCE PORTFOLIO VOLATILITY 3. GROW YOUR PORTFOLIO 4. FIGHT INFLATION The challenge is to find the right mix of income-oriented investments to meet your unique goals today and tomorrow. RETHINKING THE ROLE OF INCOME INVESTING 1

4 INCOME INVESTING 101 Income investments come in many forms and offer an array of potential benefits. Whether you have just begun investing, are in the middle of your career, or are well into retirement, there are income options that can help meet your wealth building, capital preservation, and income needs now and in the future. GET TO KNOW THE INCOME OPTIONS A wide range of bonds and dividend-paying equities is uniquely qualified to help you reach your financial goals. This table provides a quick introduction to many of them. INCOME-ORIENTED INVESTMENTS WHAT ARE THEY? HOW DO THEY WORK? Bonds (a.k.a., fixed income investments) Bonds are debt obligations issued by governments, state and local municipalities, and companies all over the world to fund infrastructure projects and acquisitions, or to provide working capital. Bonds pay interest that can be fixed, floating or payable at maturity. The maturity date is the date the issuer of the bond repays the principal. Short-term bonds generally mature in one to three years. Medium- or intermediate-term bonds generally mature in four to 10 years. Long-term bonds are those with maturities greater than 10 years. When you purchase a bond, you are lending money to the issuer. The bond represents the commitment to paying you back. Generally, you receive interest payments periodically. At the maturity date, you receive the par value of the bond. Dividend-Paying Equities Companies around the world offer shares of ownership to investors. Typically, larger, more established companies may also share the profits with stockholders in the form of dividends. When you purchase stock, you become part owner of a company. Each share represents an equal portion of company ownership. Any dividends you receive are your share of the profits. Dividends are typically paid quarterly. Please note that fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise. The safety of principal is based on the creditworthiness of the issuer. U.S. agency-issued bonds are backed by the full faith and credit of the U.S. government. 2

5 INCOME-ORIENTED INVESTMENTS WHAT ARE THEY? HOW DO THEY WORK? Real Estate Investment Trusts (REITs) Investment companies create pooled investments that purchase groups of underlying properties. They sell shares of ownership to investors and offer income in the form of dividends. When you purchase a REIT share, you are buying part ownership of all the underlying properties. Each share represents an ownership stake in the REIT. Income received from the properties is paid to you regularly. Utilities These companies provide electricity, heating oil, and natural gas to consumers and businesses. When you purchase a share of a utility stock, you become part owner of the company. Each share represents an equal portion of utility company ownership. Any dividends you receive are your share of the profits. Dividends are typically paid quarterly. Master Limited Partnerships (MLPs) MLPs are publicly traded partnerships, not corporations, and are traded on major stock exchanges such as the New York Stock Exchange. Most MLPs are focused on natural resources and are engaged in transportation, storage, processing, refining, marketing, exploration, and production of oil and gas, and the mining of minerals or other natural resources. When you purchase a unit of an MLP, you become a limited partner in the venture. Each unit represents an equal share of the venture. Unlike corporations, MLPs are not subject to federal and state income taxes. This enables them to pass through higher distributions to unitholders. Cash distributions are typically paid quarterly. Investments in dividend-paying equities are subject to the inherent risks of investing in the stock market. There is no guarantee of receiving dividend payments or that dividend payments will continue in the future. Distributions from MLP and REIT investments may include a return of capital. Investing in real estate poses certain risks related to individual property, credit, and interest rate fluctuations. Utility investments are sector specific, which increases the risks associated with any single economic, political, or regulatory development in the utility market which will affect the performance of the investment. INVESTMENT TIP: Dividend-paying equities like REITs may have more risks than bonds, so make sure to select an investment manager with strong fundamental research, smart stock pickers, and strong performance. RETHINKING THE ROLE OF INCOME INVESTING 3

6 1. SUPPLEMENT YOUR SALARY Bonds and dividend-paying stocks can be used as an additional source of cash. BONDS In this hypothetical example, Becky is a bondholder for Company ABC. She purchased her bond at face value for $10,000. In essence, she has loaned the company money. She receives interest twice a year and will be repaid in full at maturity. BECKY BONDHOLDER COMPANY ABC Owns $10,000 2-Year Bond Coupon rate: 4% BECKY S INCOME STREAM January Year 1 June Year 1 December Year 1 June Year 2 December Year 2 TOTAL Becky purchases $10,000 2-Year Bond $200 Becky receives semi-annual interest payments $200 $200 $200 Becky is paid back in full at maturity. $10,000 Total income payments: $800 Principal bond amount paid back to Becky: $10,000 Total = $10,800 This hypothetical example represents a potential time line for a bondholder and is for illustrative purposes only. It does not reflect the performance of any specific investment, and there is always the possibility that an issuer may default on payment of interest and principle. Determining a bond s price: The price is based on many variables, including interest rates, supply and demand, liquidity, credit quality, maturity, and tax status. Newly issued bonds normally sell at or close to par, which is 100% of the face, or principal, value. Bonds traded in the secondary market fluctuate in price in response to changing interest rates, credit quality, general economic conditions, and supply and demand. When the price of the bond increases in face value, it is said to be selling at a premium. When a bond sells below its face value, it is said to be selling at a discount. 4

7 STOCKS Stan is a shareholder of the same company from which Becky purchased her bond. He was looking for another source of income, so one reason he bought the stock was the company s history of paying a portion of its profits in dividends. As you can see, Stan is receiving a stream of income in quarterly dividends as a result of his $10,000 investment. STAN STOCKHOLDER COMPANY ABC Owns 100 shares of Company ABC Share price: $100 ($10,000) 12-month yield: 4%, or $400 STAN S INCOME STREAM January Year 1 March Year 1 June Year 1 September Year 1 December Year 1 March Year 2 June Year 2 September Year 2 December Year 2 TOTAL Stan purchases 100 shares of Company ABC at $10,000 Stan receives quarterly dividends $100 $100 $100 $100 $100 $100 $100 $100 The other reason Stan invested in the company was to benefit from the potential growth of its stock. If the value of his stock goes up, Stan could sell at a profit. Even if the price goes down, the stock may continue to pay dividends and offer Stan some downside protection. Total dividend payments: $800 Stan s shares are worth: $10,000 (at $100 share price) Total = $10,800 This hypothetical example represents a potential time line for a stockholder and is for illustrative purposes only. Not all companies pay a dividend, and those that do can have different payment frequencies (quarterly, semi-annually, annually). It does not reflect the performance of any specific investment. Also, there is no guarantee that dividends will continue to be provided in the future. INVESTMENT TIP: Utility stocks have steady return potential in any market. Most utility companies pay the bulk of their profits in the form of dividends. This means potential steady levels of current income. RETHINKING THE ROLE OF INCOME INVESTING 5

8 2. REDUCE PORTFOLIO VOLATILITY Since 2000, market volatility has increased dramatically, and with that volatility may come large movements in the value of your portfolio. Consider the following scenario: on December 31, 1999 a hypothetical $10,000 is invested in an all-equity portfolio, as represented by the S&P 500 Index. Over a 15-year period, that investment is significantly impacted by two major equity market drawdowns. Despite a recent run-up in the S&P 500, we have seen two substantial drawdowns in the last 15 years. 25,000 20,000 Portfolio Value on 12/31/14 $18,709 15,000 10,000 5, Source for chart above and at right: Calculated by Prudential Investments LLC using data presented in Morningstar software products. All rights reserved. Used with permission. Past performance is no guarantee of future results. Time period: 12/31/ /31/2014. Hypothetical growth of $10,000 is represented by the S&P 500 Index, an unmanaged, weighted index of 500 U.S. stocks providing a broad indicator of price movement. Returns are based on index performance; annually rebalanced; do not include sales charges, fees, or expenses; and reflect reinvestment of dividends. If sales charges, fees, and expenses were included, returns would be lower. This chart does not reflect the performance of any specific investment. An investment cannot be made directly in an index. 6

9 BONDS CAN HELP BALANCE RISK AND RETURN Extreme market moves often cause investors to act emotionally. This behavior can take a toll on investment returns. Income-producing investments like bonds have helped reduce volatility in stock portfolios while not generally having a major impact on long-term performance. Investors who diversify their portfolios may be more likely to stay the course. Adding bonds to the same stock portfolio helped reduce sudden changes in performance. 25,000 20,000 Stocks and Bonds $21,252 Stocks $18,709 15,000 10,000 5, Stocks are represented by the S&P 500 Index. Bonds are represented by the Barclays U.S. Aggregate Bond Index, an unmanaged index that covers the U.S. dollar-denominated, investment-grade, fixed rate, taxable bond market of Securities and Exchange Commission-registered securities. The stock and bond portfolio is a 50% stock and 50% bond mix rebalanced annually. Past performance is no guarantee of future results. This chart does not reflect the performance of any specific investment. An investment cannot be made directly in an index. INVESTMENT TIP: DETERMINE WHICH BONDS ARE RIGHT FOR YOU: There are many types of bonds each with unique risks and return potential. Talk to your financial professional about which ones may make sense for you. RETHINKING THE ROLE OF INCOME INVESTING 7

10 3. GROW YOUR YOUR PORTFOLIO Many people don t think about stocks for income. But dividend-paying stocks have the potential to provide the income and downside protection you d expect from bonds, plus the growth potential of equities. And, dividends are not exactly an afterthought when it comes to long-term stock market performance. In fact, dividend income has historically been a major component of stock returns since Dividends to shareholders accounted for 41% of the S&P 500 s total return since Dividend Return Capital Appreciation Return % 5.26% 6.19% 2.98% 5.77% 13.58% 3.42% 4.39% 4.26% 1.60% 4.96% 12.59% 2.89% 15.31% 1.77% 2.72% 2.15% 13.30% 3.97% 5.74% s 1940s 1950s 1960s 1970s 1980s 1990s 2000s Total from S&P 500 Index Total Return 0.05% 9.17% 19.35% 7.81% 5.86% 17.55% 18.20% 0.95% 15.45% 1930 to % % of Total from Dividend Return N/A 2 67% 30% 44% 73% 28% 16% N/A 2 14% 41% 1 Source: Calculated by Prudential Investments LLC using data presented in Morningstar software products. All rights reserved. Used with permission. Total return represents the return, including capital appreciation and reinvested dividends, of the S&P 500 Index, annualized. Total return does not take sales charges into account. If sales charges were included, returns would be lower. Capital appreciation return represents the rise in the price of the S&P 500 Index, annualized. Dividend return represents the dividend distribution of the S&P 500, which includes the appreciation of dividends reinvested into the index, annualized. Past performance is no guarantee of future results. An investment cannot be made directly in an index. 2 Percentages replaced with N/A are due to a negative capital appreciation return, which makes the percentage meaningless. Dividends were positive and cushioned the impact of negative stock returns. Past performance is no guarantee of future results. 8

11 REINVEST DIVIDENDS FOR MAXIMUM PORTFOLIO GROWTH The share prices of dividend-paying equities can rise or fall. Similarly, dividends can increase or decrease. Together, price and dividend return potential may come with the opportunity to grow your initial investment and your income stream. Plus, if you choose to reinvest your dividends (i.e., use the dividends to purchase more shares of stock), you may be able to increase your total return and maximize your growth potential. The ending value of the stock portfolio that reinvested dividends was approximately 33% higher than the portfolio that did not reinvest dividends. 20,000 Stock portfolio that reinvests dividends $18,648 15,000 Stock portfolio that does not reinvest dividends $14,013 10,000 5, Source: Calculated by Prudential Investments LLC using data presented in Morningstar software products. All rights reserved. Used with permission. Past performance is no guarantee of future results. Time period: 12/31/1999 to 12/31/2014. Hypothetical growth of $10,000 portfolio is represented by the S&P 500 Index. Returns are based on index performance and do not include sales charges, fees, or expenses. If these were included, returns would be lower. Total return represents the return, including capital appreciation and reinvested dividends, of the S&P 500 Index, annualized. This chart does not reflect the performance of any specific investment. An investment cannot be made directly in an index. INVESTMENT TIP: To benefit from the maximum growth potential of dividend-paying stocks, consider reinvesting the dividends in additional shares of stock. That way, the number of shares you own continues to increase, and the dividends you receive grow over time. All you have to do is select the reinvest dividends option when you purchase a stock or stock mutual fund. RETHINKING THE ROLE OF INCOME INVESTING 9

12 4. FIGHT INFLATION When stock prices increase, wealth can be created. But when consumer prices increase, that wealth can be eroded. Though many people may not realize it, inflation may be quite harmful to your portfolio and your lifestyle. Inflation refers to the rate at which prices are rising and is measured by changes in the Consumer Price Index (CPI), a weighted average of prices of consumer goods and services, such as housing, food, transportation, and medical care. At 3% inflation, the car you buy today could cost you nearly $4,000 more in just five years and $8,600 in 10 years. COST IN 5 YEARS COST IN 10 YEARS ITEM CURRENT $ AT 3% AT 6% AT 3% AT 6% MILK $3.50 $4.06 $4.68 $4.70 $6.27 MOVIE TICKET $10.00 $11.59 $13.38 $13.44 $17.91 PLANE TICKET $ $ $ $ $ CAR $25, $28, $33, $33, $44, This hypothetical example is for illustrative purposes only. 10

13 REITS ARE BUILT TO HELP FIGHT INFLATION Dividend-paying equities can help you fight inflation through stock market growth and income that may help your assets keep pace with rising costs over the long term. Commercial real estate properties can provide income that keeps pace with inflation through yearly increases built into their leases. Real estate investment trusts that invest in these properties have not simply kept up with inflation, they have often outperformed it. 12 Over the past 30 years, REITs have produced an average annual income of approximately 7%, more than double the average rate of inflation.* REIT Income Return Inflation * Source: NAREIT. REIT income return for the Financial Times Stock Exchange National Association of Real Estate Investment Trusts (FTSE NAREIT) All REITs Index, 1985 to 2014; reinvested dividends, sales charges, fees, and expenses not included. If these were included, returns would be lower. This index is an unmanaged, market capitalization-weighted index that tracks the full universe of common shares of all tax-qualified real estate investment trusts listed on the New York Stock Exchange, American Stock Exchange, and NASDAQ. Past performance is no guarantee of future results. An investment cannot be made directly in an index. INVESTMENT TIP: In return for favorable tax treatment, REITs are required to pay out 90% of their annual taxable income as dividends, providing investors with a way to earn current income. RETHINKING THE ROLE OF INCOME INVESTING 11

14 TAKE A DIVERSIFIED APPROACH TO INCOME Each of the investments discussed offers potential advantages, but they also come with risks. Diversification is a smart way to help manage investment risks. Using mutual funds to diversify your portfolio is easy and affordable because they enable you to invest in large pools of securities for less than purchasing them on your own. Please keep in mind that diversification does not guarantee a profit or protect against loss in declining markets. A SPECTRUM OF DIVERSIFIED INCOME INVESTMENTS Today, you have access to a wide range of mutual funds from around the world. ROLES THEY CAN HELP PLAY INVESTMENT TYPE CHARACTERISTICS SUPPLEMENT SALARY REDUCE VOLATILITY GROW PORTFOLIO FIGHT INFLATION GOVERNMENT BOND FUNDS Government bond funds invest in Treasurys, U.S. government agencies, and U.S. mortgages, or they may focus on international and emerging market government debt. Government bonds may offer lower interest rates than other types of bonds, but they are generally safer. U.S. government bonds, or Treasurys, are backed by the full faith and credit of the U.S. government. MUNICIPAL BOND FUNDS Municipal bond funds invest in bonds of specific states or municipalities across the United States, or in the local debt of emerging markets. The income from U.S. municipal bonds is often federal tax free, and it may be free from state and local taxes as well. Investment-grade domestic municipal bonds are slightly riskier than Treasurys, but they may offer a bit more interest. High yield domestic and international municipal bonds may carry additional risks associated with credit history, local politics, or currency movements. CORPORATE BOND FUNDS Corporate bonds are often part of a diversified bond fund. They can also be the focus of funds like short-term corporate bond funds or high yield corporate bond funds. Domestic and international corporate bonds offer higher yields and higher risk, as corporations (especially those with lower credit ratings) have a higher risk of default than municipalities or governments. 12

15 By investing in a variety of fixed income and dividend-paying equity funds, you can create a powerful investment mix that can potentially help create more income, protect your principal, increase your wealth, and fight inflation. INVESTMENT TYPE EQUITY INCOME FUNDS REAL ESTATE INVESTMENT TRUST FUNDS UTILITY FUNDS MASTER LIMITED PARTNERSHIPS (MLPS) CHARACTERISTICS Equity income funds generally invest in stocks of firms known for paying moderate dividends. They tend to be larger, more established firms that are believed to be undervalued by the market. As a result, they may have the potential for capital appreciation. The trade-off for the potential to grow both principal investment and income is the risk that your investment may lose value. REITs can invest in properties both inside and outside the United States. REIT mutual funds may focus on U.S. REITs, international REITs, or global REITs (both domestic and international) to take advantage of real estate opportunities anywhere in the world. Rental income can translate into levels of current income that may surpass inflation. Utility funds can often invest across different types of utilities and utility-related companies to find the potential for capital appreciation and current income. Utilities offer the potential for higher current income streams than bonds, but they come with the risk of loss of investment principal. MLP Funds can often invest in midstream companies that build, acquire, and operate transportation, processing, and storage facilities. Midstream operations tend to be more stable and provide more predictable cash flows. MLPs generally offer distributions that are higher than other asset classes. Historically, MLPs have shown low correlation with broader markets. ROLES THEY CAN HELP PLAY SUPPLEMENT SALARY REDUCE VOLATILITY GROW PORTFOLIO FIGHT INFLATION INVESTMENT TIP: Work with your financial professional to develop a regular withdrawal plan to deliver the income stream you need from your portfolio. Remember, the longer you can live off your interest or dividends, the more opportunity your principal has to grow. RETHINKING THE ROLE OF INCOME INVESTING 13

16 CONSIDER INCOME-ORIENTED SOLUTIONS FROM PRUDENTIAL INVESTMENTS At Prudential Investments, we offer potential solutions for all kinds of investor challenges, including the need for income. We can help turn your unique challenges into opportunities with a broad range of funds designed to meet a wide array of needs in a variety of market environments. And behind each fund is Prudential s renowned institutional investment management strength. When you invest with us, you benefit from the same process, research, risk management, and competitive performance demanded by some of today s largest and most sophisticated investors. JENNISON ASSOCIATES PRUDENTIAL FIXED INCOME PRUDENTIAL REAL ESTATE INVESTORS The true measure of an investment manager is the ability to deliver long-term competitive performance. Jennison Associates has been meeting that standard since The Jennison approach combines the experience and judgment of its portfolio managers with a consistent and disciplined investment process built on fundamental research and specialized teamwork. Jennison Associates had $188 billion in assets under management as of 12/31/2014. Since 1875, Prudential Fixed Income has been a research-driven manager with a keen eye for managing risk. Its distinctive approach to managing assets gives equal weight to risk management, credit research, and portfolio management to seek competitive returns while managing volatility. Prudential Fixed Income had $543 billion in assets under management as of 12/31/2014 Prudential Real Estate Investors also known as PREI is among the largest and most experienced global real estate investors. It has over 300 investment professionals on the ground in 19 locations within 13 countries and a 40-year track record of managing institutional real estate assets worldwide. PREI had $44 billion in assets under management as of 12/31/

17 INCOME INVESTMENTS CAN PLAY MANY ROLES Income investments are often seen as one-dimensional. But the truth is they can play many important roles in your portfolio. From helping to lower volatility to fighting inflation, creating income and even helping your assets grow income investments like bonds, dividend-paying equities, REITs, and utilities can meet your needs. Together, they can help you create current income in today s market where it s harder than ever to find. Prudential Investments offers a broad spectrum of bond, dividend-paying equity, REIT, and utility funds that can help you turn challenges into opportunities. Talk to your financial professional about the important role income-oriented funds from Prudential might play in your investment plan. RETHINKING THE ROLE OF INCOME INVESTING 15

18 Prudential Investments is dedicated to helping you solve your toughest investment challenges whether it s capital growth, reliable income, or protection from market volatility and other risks. Through ever-changing markets, we strive to be a leader in a broad range of investments to help you stay on course to the future you envision. ABOUT PRUDENTIAL INVESTMENTS Our investment professionals also manage money for major corporations and pension funds around the world, which means you benefit from the same expertise, innovation, and attention to risk demanded by today s most sophisticated investors. Together they manage more than $884 billion in assets (through 12/31/2014). We believe the knowledge and experience of a financial professional provides a valuable advantage, so we make our products available through financial advisors. We are part of Prudential Financial, a company America has been bringing its challenges to for 140 years. Bring us yours. FOR MORE INFORMATION, contact your financial professional or visit our website at prudentialfunds.com.

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20 A WORD ABOUT RISK Mutual fund investing involves risk. Some mutual funds have more risk than others. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost. Fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise. Investing in master limited partnerships (MLPs) and MLPrelated investments involves risks such as potential conflict of interest risks, cash flow risks, dilution risks, and risks related to the general partner s right to require unitholders to sell their common units at an undesirable time or price. There is no guarantee a fund s objective will be achieved. The risks associated with each fund are explained more fully in the fund s prospectus. Fund distributions are taxable and will be taxed as ordinary income or capital gains, unless investing through a tax-deferred arrangement such as a 401(k) plan or IRA. Such tax-deferred arrangements may be taxed at or upon withdrawal of monies from those arrangements. Dividends and distributions from the fund may also be subject to state and local income tax in the state of residence. Neither Prudential Financial, its affiliates, nor their licensed sales professionals provide legal or tax advice. Please consult your legal and tax advisors for advice concerning your particular situation. 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. Contact your financial professional for a prospectus and summary prospectus. Read them carefully before investing. Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. Prudential Fixed Income and Prudential Real Estate Investors (PREI) are units of Prudential Investment Management, Inc. (PIM). PIM and Jennison Associates are registered investment advisors and Prudential Financial companies Prudential Financial, Inc. and its related entities. Prudential Investments LLC, Prudential, Jennison Associates, Jennison, PREI, the Prudential logo, Bring Your Challenges, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. MUTUAL FUNDS 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 PI3283 Expiration: 8/31/2016

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