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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Brinx Resources Ltd (CE) | USOTC:BNXR | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
As filed with the Securities and Exchange Commission on March 5, 2014
Securities Act Registration No. 333-82621
Investment Company Act Registration No. 811-09439
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
PRE-EFFECTIVE AMENDMENT NO.
POST-EFFECTIVE AMENDMENT NO. 32 (X)
and/or
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
POST-EFFECTIVE AMENDMENT NO. 32 (X)
Check appropriate box or boxes
Prudential Investment Portfolios 5
Exact name of registrant as specified in charter
Gateway Center Three, 4th floor
100 Mulberry Street
Newark, New Jersey 07102
Address of Principal Executive Offices including Zip Code
(973) 367-7521
Registrant’s Telephone Number, Including Area Code
Deborah A. Docs
Gateway Center Three, 4th floor
100 Mulberry Street
Newark, New Jersey 07102
Name and Address of Agent for Service
It is proposed that this filing will become effective:
(X)
immediately upon filing pursuant to
paragraph (b)
__ on (____) pursuant to paragraph (b)
__ 60 days after filing pursuant to paragraph (a)(1)
__ on (____) pursuant to paragraph (a)(1)
__
75 days after filing pursuant to paragraph (a)(2)
__ on (date) pursuant to paragraph (a)(2) of Rule 485
If appropriate, check the following box:
__ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.
PRUDENTIAL JENNISON RISING DIVIDEND FUND | ||||||||||
SHARE CLASS | A | C | Z | |||||||
NASDAQ | PJDAX | PJDCX | PJDZX |
Shareholder Fees (paid directly from your investment) | |||
Class A | Class C | Class Z | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.5% | None | None |
Maximum deferred sales charge (load) (as a percentage of the lower of original purchase price or sale proceeds) | 1% | 1% | None |
Maximum sales charge (load) imposed on reinvested dividends and other distributions | None | None | None |
Redemption fees | None | None | None |
Exchange fee | None | None | None |
Maximum account fee (accounts under $10,000) | $15 | $15 | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class A | Class C | Class Z | |
Management fees | .78% | .78% | .78% |
+ Distribution and service (12b-1) fees (1) | .30 | 1.00 | None |
+ Other expenses (2) | .98 | .98 | .98 |
= Total annual Fund operating expenses | 2.06 | 2.76 | 1.76 |
– Fee waiver or expense reimbursement (3) | (.82) | (.77) | (.77) |
= Net annual Fund operating expenses | 1.24 | 1.99 | .99 |
If Shares Are Redeemed | If Shares Are Not Redeemed | ||||
Share Class | 1 Year | 3 Years | 1 Year | 3 Years | |
Class A | $669 | $1,085 | $669 | $1,085 | |
Class C | $302 | $783 | $202 | $783 | |
Class Z | $101 | $479 | $101 | $479 |
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■ | Strong and/or rising free cash flow |
■ | Strong credit profile |
■ | Rising or above average return on invested capital or return on equity, or |
■ | Company management demonstrates a willingness to return capital to shareholders |
4 | Prudential Jennison Rising Dividend Fund |
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Investment Manager | Subadviser | Portfolio Managers | Title | Service Date |
Prudential Investments LLC | Jennison Associates LLC | Shaun Hong, CFA | Managing Director | March 2014 |
Ubong “Bobby” Edemeka | Managing Director | March 2014 |
Minimum Initial Investment | Minimum Subsequent Investment | |
Fund shares (most cases) | $2,500 | $100 |
Retirement accounts and custodial accounts for minors | $1,000 | $100 |
Automatic Investment Plan (AIP) | $50 | $50 |
6 | Prudential Jennison Rising Dividend Fund |
■ | Strong and/or rising free cash flow |
■ | Strong credit profile |
■ | Rising or above average return on invested capital or return on equity, or |
■ | Company management demonstrates a willingness to return capital to shareholders |
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8 | Prudential Jennison Rising Dividend Fund |
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Equity and Equity-Related Securities of Medium-Sized and Small Companies | |
Risks | Potential Rewards |
limited financial results and may lack management depth. |
Foreign Securities | |
Risks | Potential Rewards |
■
Foreign markets, economies and political systems, particularly those in developing countries, may not be as stable as those in the U.S.
■ Currency risk—the risk that adverse changes in the values of foreign currencies can cause losses (non-U.S. dollar denominated securities). ■ May be less liquid than U.S. stocks and bonds. ■ Differences in foreign laws, accounting standards, public information, custody and settlement practices may result in less reliable information on foreign investments and involve more risks. ■ Investments in emerging market securities are subject to greater volatility and price declines. |
■
Investors may participate in the growth of foreign markets through the Fund's investments in companies operating in those markets.
■ The Fund may profit from a favorable change in the value of foreign currencies (non-U.S. dollar denominated securities). |
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Fixed-Income Obligations | |
Risks | Potential Rewards |
perceived greater likelihood or risk of default by the issuer. Fixed income instruments
generally compensate for greater credit risk by paying interest at a higher rate. As the spread on a security widens (or increases), the price (or value) of the security generally falls.
■ Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government—some are backed only by the issuing agency, which must rely on its own resources to repay the debt. |
High Yield Debt Securities (Junk Bonds) | |
Risks | Potential Rewards |
■
Credit risk (particularly high)—the risk that the borrower can’t pay back the money borrowed or make interest payments. The lower a bond’s quality, the higher its potential
volatility.
■ Market risk (particularly high)—the risk that bonds will lose value in the market, sometimes rapidly or unpredictably, because interest rates rise or there is a lack of confidence in the borrower or the bond's insurer. ■ Illiquidity risk—the risk that bonds may be difficult to value precisely and to sell at the time or price desired. ■ Are generally less secure than higher quality debt securities. ■ Interest rate risk—the risk that the value of most bonds will fall when interest rates rise. The longer a bond’s maturity and the lower the credit quality, the more its value typically falls. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by the subadviser. Price volatility may result. |
■
May offer higher interest income and higher potential gains than higher grade debt securities.
■ Most bonds rise in value when interest rates fall. |
Money Market Instruments | |
Risks | Potential Rewards |
■
May limit the Fund's potential for capital appreciation and achieving its objective.
■ Credit risk (which is less of a concern for money market instruments)—the risk that the borrower or counterparty can’t pay back the money borrowed or make interest payments. ■ Market risk (which is less of a concern for money market instruments)—the risk that bonds will lose value in the market, sometimes rapidly or unpredictably, because interest rates rise or there is a lack of confidence in the borrower or the bond's insurer. |
■ May preserve the Fund's assets. |
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Illiquid Securities | |
Risks | Potential Rewards |
■
May be difficult to value precisely.
■ May be difficult to sell at the time or price desired. |
■ May offer a more attractive yield or potential for growth than more widely traded securities. |
Repurchase Agreements | |
Risks | Potential Rewards |
■ The counterparty to the repurchase agreement may fail to repurchase the securities in a timely manner or at all. | ■ Creates a fixed rate of return for the Fund. |
Principal & Non-Principal Strategies |
■
Equity and equity-related securities of companies that the subadviser expects to experience dividend growth, that is, companies that currently pay dividends and are expected to increase them:
At least 80% of investable assets
■ Fixed-income Obligations (including junk bonds): Up to 20% of investable assets ■ Foreign Securities: Up to 50% of total assets ■ Illiquid Securities: Up to 15% of net assets ■ Short Sales: Up to 25% of net assets (not including short sales “against the box”) ■ Money Market Instruments: up to 100% on temporary basis |
12 | Prudential Jennison Rising Dividend Fund |
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14 | Prudential Jennison Rising Dividend Fund |
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Expected Distribution Schedule* | |
Dividends | Quarterly |
Short-Term Capital Gains | Annually |
Long-Term Capital Gains | Annually |
16 | Prudential Jennison Rising Dividend Fund |
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Share Class | Eligibility |
Class A | Individual investors |
Class C | Individual investors |
Class Z | Institutional investors and certain other investors |
■ | Class A shares purchased in amounts of less than $1 million require you to pay a sales charge at the time of purchase, but the operating expenses of Class A shares are lower than the operating expenses of Class C shares. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are also subject to a contingent deferred sales charge (CDSC) of 1%. |
■ | Class C shares do not require you to pay a sales charge at the time of purchase, but do require you to pay a sales charge if you sell your shares within 12 months of purchase. The operating expenses of Class C shares are higher than the operating expenses of Class A shares. |
■ | The amount of your investment and any previous or planned future investments, which may qualify you for reduced sales charges for Class A shares under Rights of Accumulation or a Letter of Intent. |
■ | The length of time you expect to hold the shares and the impact of varying distribution fees. Over time, these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. For this reason, Class C shares are generally appropriate only for investors who plan to hold their shares for no more than 3 years. |
■ | The different sales charges that apply to each share class — Class A's front-end sales charge (and in certain instances, CDSC) vs. Class C's lower CDSC. |
■ | Class C shares purchased in single amounts greater than $1 million are generally less advantageous than purchasing Class A shares. Purchase orders for Class C shares above this amount generally will not be accepted. |
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■ | Because Class Z shares have lower operating expenses than Class A or Class C shares, you should consider whether you are eligible to purchase Class Z shares. |
Class A | Class C | Class Z | |
Minimum purchase amount | $2,500 | $2,500 | None |
Minimum amount for
subsequent purchases |
$100 | $100 | None |
Maximum initial sales charge |
5.50% of
the public offering price |
None | None |
Contingent Deferred
Sales Charge (CDSC) |
1% on sales of $1 million or more made within 12 months of purchase |
1% on sales made within
12 months of purchase |
None |
Annual distribution and
service (12b-1) fees (shown as a percentage of average daily net assets) |
.30% | 1% | None |
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Amount of Purchase |
Sales Charge as a % of
Offering Price * |
Sales Charge as a % of
Amount Invested * |
Dealer Reallowance |
Less than $25,000 | 5.50% | 5.82% | 5.00% |
$25,000 to $49,999 | 5.00% | 5.26% | 4.50% |
$50,000 to $99,999 | 4.50% | 4.71% | 4.00% |
$100,000 to $249,999 | 3.75% | 3.90% | 3.25% |
$250,000 to $499,999 | 2.75% | 2.83% | 2.50% |
$500,000 to $999,999 | 2.00% | 2.04% | 1.75% |
$1 million to $4,999,999** | None | None | 1.00% |
$5 million to $9,999,999** | None | None | 0.50% |
$10 million and over** | None | None | 0.25% |
■ | Use your Rights of Accumulation , which allow you or an eligible group of related investors to combine (1) the current value of Class A, Class B, Class C, Class F and Class X Prudential Investments mutual fund shares you or the group already own, (2) the value of money market shares (other than Direct Purchase money market shares) you or an eligible group of related investors have received for shares of other Prudential Investments mutual funds in an exchange transaction, and (3) the value of the shares you or an eligible group of related investors are purchasing; or |
■ | Sign a Letter of Intent , stating in writing that you or an eligible group of related investors will purchase a certain amount of shares in the Fund and other Prudential Investments mutual funds within 13 months. |
■ | All accounts held in your name (alone or with other account holders) and taxpayer identification number (TIN); |
■ | Accounts held in your spouse's name (alone or with other account holders) and TIN (see definition of spouse below); |
■ | Accounts for your children or your spouse's children, including children for whom you and/or your spouse are legal guardian(s) (e.g., UGMAs and UTMAs); |
■ | Accounts in the name and TINs of your parents; |
■ | Trusts with you, your spouse, your children, your spouse's children and/or your parents as the beneficiaries; |
■ | With limited exclusions, accounts with the same address (exclusions include, but are not limited to, addresses for brokerage firms and other intermediaries and Post Office boxes); and |
■ | Accounts held in the name of a company controlled by you (a person, entity or group that holds 25% or more of the outstanding voting securities of a company will be deemed to control the company, and a partnership will be deemed to be controlled by each of its general partners), including employee benefit plans of the company where the accounts are held in the plan's TIN. |
■ | The person to whom you are legally married. We also consider your spouse to include the following: |
■ | An individual of the same gender with whom you have been joined in a civil union, or legal contract similar to marriage; |
■ | A domestic partner, who is an individual (including one of the same gender) with whom you have shared a primary residence for at least six months, in a relationship as a couple where you, your domestic partner or both provide for the personal or financial welfare of the other without a fee, to whom you are not related by blood; or |
■ | An individual with whom you have a common law marriage, which is a marriage in a state where such marriages are recognized between a man and a woman arising from the fact that the two live together and hold themselves out as being married. |
20 | Prudential Jennison Rising Dividend Fund |
■ | for Class A shares and any other share class for which a sales charge is paid, the value of existing shares is determined by the maximum offering price (NAV plus maximum sales charge); and |
■ | for all other share classes, the value of existing shares is determined by the NAV. |
■ | Mutual fund “wrap” or asset allocation programs, where the sponsor places fund trades, links its clients' accounts to a master account in the sponsor's name and charges its clients a management, consulting or other fee for its services; or |
■ | Mutual fund “supermarket” programs, where the sponsor links its clients' accounts to a master account in the sponsor's name and the sponsor charges a fee for its services. |
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■ | certain directors, officers, employees (including their spouses, children and parents) of Prudential and its affiliates, the Prudential Investments mutual funds, and the investment subadvisers of the Prudential Investments mutual funds; |
■ | persons who have retired directly from active service with Prudential or one of its subsidiaries; |
■ | certain real estate brokers, agents and employees of real estate brokerage companies affiliated with the Prudential Real Estate Affiliates; |
■ | registered representatives and employees of broker-dealers (including their spouses, children and parents) that have entered into dealer agreements with the Distributor; |
■ | investors in IRAs, provided that: (a) the purchase is made either from a directed rollover to such IRA or with the proceeds of a tax-free rollover of assets from a Benefit Plan for which Prudential Retirement (the institutional Benefit Plan recordkeeping entity of Prudential) provides administrative or recordkeeping services, in each case provided that such purchase is made within 60 days of receipt of the Benefit Plan distribution, and (b) the IRA is established through Prudential Retirement as part of its “Rollover IRA” program (regardless of whether or not the purchase consists of proceeds of a tax-free rollover of assets from a Benefit Plan described above); and |
■ | Clients of financial intermediaries, who (i) have entered into an agreement with the principal underwriter to offer Class A shares through a no-load network or platform, (ii) charge clients an ongoing fee for advisory, investment, consulting or similar services, or (iii) offer self-directed brokerage accounts that may or may not charge transaction fees to customers. |
■ | Mutual fund “wrap” or asset allocation programs where the sponsor places fund trades, links its clients' accounts to a master account in the sponsor's name and charges its clients a management, consulting or other fee for its services; or |
■ | Mutual fund “supermarket” programs where the sponsor links its clients' accounts to a master account in the sponsor's name and the sponsor charges a fee for its services. |
22 | Prudential Jennison Rising Dividend Fund |
■ | Certain participants in the MEDLEY Program (group variable annuity contracts) sponsored by Prudential for whom Class Z shares of the Prudential mutual funds are an available option; |
■ | Current and former Directors/Trustees of mutual funds managed by PI or any other affiliate of Prudential; |
■ | Prudential, with an investment of $10 million or more (except that seed money investments by Prudential in other Prudential funds may be made in any amount); |
■ | Prudential funds, including Prudential fund-of-funds; |
■ | Qualified state tuition programs (529 plans); and |
■ | Investors working with fee-based consultants for investment selection and allocations. |
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24 | Prudential Jennison Rising Dividend Fund |
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26 | Prudential Jennison Rising Dividend Fund |
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■ | You are selling more than $100,000 of shares; |
■ | You want the redemption proceeds made payable to someone that is not in our records; |
■ | You want the redemption proceeds sent to some place that is not in our records; |
■ | You are a business or a trust; or |
■ | You are redeeming due to the death of the shareholder or on behalf of the shareholder. |
■ | Amounts representing shares you purchased with reinvested dividends and distributions, |
■ | Amounts representing the increase in NAV above the total amount of payments for shares made during the past 12 months for Class A shares (in certain cases) and 12 months for Class C shares, and |
■ | Amounts representing the cost of shares held beyond the CDSC period (12 months for Class A shares (in certain cases) and 12 months for Class C shares). |
28 | Prudential Jennison Rising Dividend Fund |
■ | After a shareholder is deceased or permanently disabled (or, in the case of a trust account, after the death or permanent disability of the grantor). This waiver applies to individual shareholders, as well as shares held in joint tenancy, provided the shares were purchased before the death or permanent disability; |
■ | To provide for certain distributions—made without IRS penalty—from a qualified or tax-deferred retirement plan, benefit plan, IRA or Section 403(b) custodial account; |
■ | To withdraw excess contributions from a qualified or tax-deferred retirement plan, IRA or Section 403(b) custodial account; and |
■ | For redemptions by certain retirement or benefit plans. |
■ | After a shareholder is deceased or permanently disabled (or, in the case of a trust account, after the death or permanent disability of the grantor). This waiver applies to individual shareholders, as well as shares held in joint tenancy, provided the shares were purchased before the death or permanent disability; |
■ | To provide for certain distributions—made without IRS penalty—from a qualified or tax-deferred retirement plan, benefit plan, IRA or Section 403(b) custodial account; |
■ | To withdraw excess contributions from a qualified or tax-deferred retirement plan, IRA or Section 403(b) custodial account; and |
■ | The CDSC will be waived for redemptions by certain group retirement plans for which Prudential or brokers not affiliated with Prudential provide administrative or recordkeeping services. The CDSC also will be waived for certain redemptions by benefit plans sponsored by Prudential and its affiliates. For more information, call Prudential at (800) 353-2847. |
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30 | Prudential Jennison Rising Dividend Fund |
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32 | Prudential Jennison Rising Dividend Fund |
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■
E-DELIVERY
To receive your mutual fund documents on-line, go to www.prudentialfunds.com/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above. |
Prudential Jennison Rising Dividend Fund | |||
Share Class | A | C | Z |
NASDAQ | PJDAX | PJDCX | PJDZX |
CUSIP | 74440V823 | 74440V815 | 74440V799 |
MF220STAT | The Fund's Investment Company Act File No. 811-09439 |
PRUDENTIAL JENNISON RISING DIVIDEND FUND | ||||||||||
SHARE CLASS | A | C | Z | |||||||
NASDAQ | PJDAX | PJDCX | PJDZX |
Term | Definition |
ADR | American Depositary Receipt |
ADS | American Depositary Share |
Board | Fund’s Board of Directors or Trustees |
Board Member | A trustee or director of the Fund’s Board |
CFTC | U.S. Commodity Futures Trading Commission |
Code | Internal Revenue Code of 1986, as amended |
CDO | Collateralized Debt Obligation |
CMO | Collateralized Mortgage Obligation |
ETF | Exchange-Traded Fund |
EDR | European Depositary Receipt |
Fannie Mae | Federal National Mortgage Association |
FDIC | Federal Deposit Insurance Corporation |
Fitch | Fitch, Inc. |
Freddie Mac | Federal Home Loan Mortgage Corporation |
GDR | Global Depositary Receipt |
Ginnie Mae | Government National Mortgage Association |
IPO | Initial Public Offering |
IRS | Internal Revenue Service |
1933 Act | Securities Act of 1933, as amended |
1934 Act | Securities Exchange Act of 1934, as amended |
1940 Act | Investment Company Act of 1940, as amended |
1940 Act Laws, Interpretations and Exemptions | Exemptive order, SEC release, no-action letter or similar relief or interpretations, collectively |
LIBOR | London Interbank Offered Rate |
Manager or PI | Prudential Investments LLC |
Moody’s | Moody’s Investor Services, Inc. |
NASDAQ | National Association of Securities Dealers Automated Quotations System |
Term | Definition |
NAV | Net Asset Value |
NYSE | New York Stock Exchange |
OTC | Over the Counter |
Prudential | Prudential Financial, Inc. |
PMFS | Prudential Mutual Fund Services LLC |
REIT | Real Estate Investment Trust |
RIC | Regulated Investment Company, as the term is used in the Internal Revenue Code of 1986, as amended |
S&P | Standard & Poor’s Corporation |
SEC | U.S. Securities & Exchange Commission |
World Bank | International Bank for Reconstruction and Development |
■ | Junk bonds are issued by less creditworthy issuers. These securities are vulnerable to adverse changes in the issuer's economic condition and to general economic conditions. Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing. |
■ | The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations. |
■ | Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the senior obligations are generally paid off before the junior obligations. |
■ | Junk bonds frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If an issuer redeems the junk bonds, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a greater impact on the prices of junk bonds than on other higher rated fixed income securities. |
■ | Junk bonds may be less liquid than higher rated fixed income securities even under normal economic conditions. There are fewer dealers in the junk bond market, and there may be significant differences in the prices quoted for junk bonds by the dealers. Because they are less liquid, judgment may play a greater role in valuing certain of the Fund’s portfolio securities than in the case of securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
Independent Board Members (1) | ||
Name, Address, Age
Position(s) Portfolios Overseen |
Principal Occupation(s) During Past Five Years | Other Directorships Held |
Ellen S. Alberding (55)
Board Member Portfolios Overseen: 67 |
President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (since 2011); Trustee, Skills for America’s Future (national initiative to connect employers to community colleges) (since 2011); Trustee, National Park Foundation (charitable foundation for national park system) (since 2009); Trustee, Economic Club of Chicago (since 2009). | None. |
Kevin J. Bannon (61)
Board Member Portfolios Overseen: 67 |
Managing Director (since April 2008) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds. | Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008). |
Linda W. Bynoe (61)
Board Member Portfolios Overseen: 67 |
President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co (broker-dealer). | Director of Simon Property Group, Inc. (retail real estate) (May 2003-May 2012); Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009). |
Keith F. Hartstein (57)
Board Member Portfolios Overseen: 67 |
Retired; Formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008). | None. |
Michael S. Hyland, CFA (68)
Board Member Portfolios Overseen: 67 |
Retired (since February 2005); Formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999). | None. |
Douglas H. McCorkindale (74)
Board Member Portfolios Overseen: 67 |
Retired; Formerly Chairman (February 2001-June 2006), Chief Executive Officer (June 2000-July 2005), President (September 1997-July 2005) and Vice Chairman (March 1984-May 2000) of Gannett Co. Inc. (publishing and media). | Director of Lockheed Martin Corp. (aerospace and defense) (since May 2001). |
Independent Board Members (1) | ||
Name, Address, Age
Position(s) Portfolios Overseen |
Principal Occupation(s) During Past Five Years | Other Directorships Held |
Stephen P. Munn (71)
Board Member Portfolios Overseen: 67 |
Lead Director (since 2007) and formerly Chairman (1993-2007) of Carlisle Companies Incorporated (manufacturer of industrial products). | Lead Director (since 2007) of Carlisle Companies Incorporated (manufacturer of industrial products). |
James E. Quinn (62)
Board Member Portfolios Overseen: 67 |
Retired; Formerly President (2003-2012) and Director (2003-2008), and Vice Chairman and Director (1998-2003), Tiffany & Company (jewelry retailing); Director, Mutual of America Capital Management Corporation (asset management) (since 1996); Director, Hofstra University (since 2008); Vice Chairman, Museum of the City of New York (since 1994). | Director of Deckers Outdoor Corporation (footwear manufacturer) (since 2011). |
Richard A. Redeker (70)
Board Member & Independent Chair Portfolios Overseen: 67 |
Retired Mutual Fund Senior Executive (44 years); Management Consultant; Independent Directors Council (organization of 2,800 Independent Mutual Fund Directors)-Executive Committee, Chair of Policy Steering Committee, Governing Council. | None. |
Robin B. Smith (74)
Board Member Portfolios Overseen: 67 |
Chairman of the Board (since January 2003) of Publishers Clearing House (direct marketing); Member of the Board of Directors of ADLPartner (marketing) (since December 2010); formerly Chairman and Chief Executive Officer (August 1996-January 2003) of Publishers Clearing House. | Formerly Director of BellSouth Corporation (telecommunications) (1992-2006). |
Stephen G. Stoneburn (70)
Board Member Portfolios Overseen: 67 |
Chairman, (since July 2011), President and Chief Executive Officer (since June 1996) of Quadrant Media Corp. (publishing company); formerly President (June 1995-June 1996) of Argus Integrated Media, Inc.; Senior Vice President and Managing Director (January 1993-1995) of Cowles Business Media; Senior Vice President of Fairchild Publications, Inc. (1975-1989). | None. |
Interested Board Members (1) | ||
Name, Address, Age
Position(s) Portfolios Overseen |
Principal Occupation(s) During Past Five Years | Other Directorships Held |
Stuart S. Parker (51)
Board Member & President Portfolios Overseen: 67 |
President of Prudential Investments LLC (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of Prudential Investments LLC (June 2005-December 2011). | None. |
Scott E. Benjamin (40)
Board Member & Vice President Portfolios Overseen: 67 |
Executive Vice President (since June 2009) of Prudential Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, Prudential Investments (since February 2006); Vice President of Product Development and Product Management, Prudential Investments (2003-2006). | None. |
Fund Officers (a) | ||
Name, Address and Age
Position with Fund |
Principal Occupation(s) During Past Five Years |
Length of
Service as Fund Officer |
Raymond A. O’Hara (58)
Chief Legal Officer |
Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of Prudential Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.). | Since 2012 |
Deborah A. Docs (56)
Secretary |
Vice President and Corporate Counsel (since January 2001) of Prudential; Vice President (since December 1996) and Assistant Secretary (since March 1999) of Prudential Investments LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc. | Since 2004 |
Jonathan D. Shain (55)
Assistant Secretary |
Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of Prudential Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc. | Since 2005 |
Claudia DiGiacomo (39)
Assistant Secretary |
Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of Prudential Investments LLC (since December 2005); Associate at Sidley Austin Brown & Wood LLP (1999-2004). | Since 2005 |
Andrew R. French (51)
Assistant Secretary |
Vice President and Corporate Counsel (since February 2010) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of Prudential Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC. | Since 2006 |
Amanda S. Ryan (36)
Assistant Secretary |
Director and Corporate Counsel (since March 2012) of Prudential; Director and Assistant Secretary (since June 2012) of Prudential Investments LLC; Associate at Ropes & Gray LLP (2008-2012). | Since 2012 |
Bruce Karpati (44)
Chief Compliance Officer |
Chief Compliance Officer of the Prudential Investments Funds, Target Funds, Advanced Series Trust, the Prudential Series Fund and Prudential's Gibraltar Fund, Inc. (May 2013 - Present); formerly National Chief (May 2012 - May 2013) and Co-Chief (January 2010 - May 2012) of the Asset Management Unit, Division of Enforcement, of the U.S. Securities and Exchange Commission; Assistant Regional Director (January 2005 - January 2010) of the U.S. Securities and Exchange Commission. | Since 2013 |
Theresa C. Thompson (51)
Deputy Chief Compliance Officer |
Vice President, Compliance, Prudential Investments LLC (since April 2004); and Director, Compliance, Prudential Investments LLC (2001-2004). | Since 2008 |
Richard W. Kinville (45)
Anti-Money Laundering Compliance Officer |
Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2005) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2007); formerly Investigator and Supervisor in the Special Investigations Unit for the New York Central Mutual Fire Insurance Company (August 1994-January 1999); Investigator in AXA Financial's Internal Audit Department and Manager in AXA's Anti-Money Laundering Office (January 1999-January 2005); first chair of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (June 2007-December 2009). | Since 2011 |
Grace C. Torres (54)
Treasurer and Principal Financial and Accounting Officer |
Assistant Treasurer (since March 1999) and Senior Vice President (since September 1999) of Prudential Investments LLC; Assistant Treasurer (since May 2003) and Vice President (since June 2005) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (since May 2003) of Prudential Annuities Advisory Services, Inc.; formerly Senior Vice President (May 2003-June 2005) of AST Investment Services, Inc. | Since 1998 |
M. Sadiq Peshimam (50)
Assistant Treasurer |
Vice President (since 2005) of Prudential Investments LLC. | Since 2006 |
Peter Parrella (55)
Assistant Treasurer |
Vice President (since 2007) and Director (2004-2007) within Prudential Mutual Fund Administration; formerly Tax Manager at SSB Citi Fund Management LLC (1997-2004). | Since 2007 |
■ | Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with Prudential Investments LLC and/or an affiliate of Prudential Investments LLC. |
■ | Unless otherwise noted, the address of all Board Members and Officers is c/o Prudential Investments LLC, Gateway Center Three, 100 Mulberry Street, Newark, New Jersey 07102-4077. |
■ | There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75. |
■ | “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act. |
■ | “Portfolios Overseen” includes all investment companies managed by Prudential Investments LLC. The investment companies for which Prudential Investments LLC serves as manager include the Prudential Investments Mutual Funds, The Prudential Variable Contract Accounts, Target Mutual Funds, Prudential Short Duration High Yield Fund, Inc., Prudential Global Short Duration High Yield Fund, Inc., The Prudential Series Fund, Prudential's Gibraltar Fund, Inc. and the Advanced Series Trust. |
Board Committee Meetings (for most recently completed fiscal year)* | ||
Audit Committee | Nominating & Governance Committee | Prudential Investment Committee |
N/A | N/A | N/A |
■ | the salaries and expenses of all of its and the Fund's personnel except the fees and expenses of Independent Board Members; |
■ | all expenses incurred by the Manager or the Fund in connection with managing the ordinary course of a Fund’s business, other than those assumed by the Fund as described below; and |
■ | the fees, costs and expenses payable to any investment subadviser pursuant to a subadvisory agreement between PI and such investment subadviser. |
■ | the fees and expenses incurred by the Fund in connection with the management of the investment and reinvestment of the Fund's assets payable to the Manager; |
■ | the fees and expenses of Independent Board Members; |
■ | the fees and certain expenses of the Custodian and transfer and dividend disbursing agent, including the cost of providing records to the Manager in connection with its obligation of maintaining required records of the Fund and of pricing the Fund's shares; |
■ | the charges and expenses of the Fund's legal counsel and independent auditors and of legal counsel to the Independent Board Members; |
■ | brokerage commissions and any issue or transfer taxes chargeable to the Fund in connection with securities (and futures, if applicable) transactions; |
■ | all taxes and corporate fees payable by the Fund to governmental agencies; |
■ | the fees of any trade associations of which the Fund may be a member; |
■ | the cost of share certificates representing, and/or non-negotiable share deposit receipts evidencing, shares of the Fund; |
■ | the cost of fidelity, directors and officers and errors and omissions insurance; |
■ | the fees and expenses involved in registering and maintaining registration of the Fund and of Fund shares with the SEC and paying notice filing fees under state securities laws, including the preparation and printing of the Fund's registration statements and prospectuses for such purposes; allocable communications expenses with respect to investor services and all expenses of shareholders' and Board meetings and of preparing, printing and mailing reports and notices to shareholders; and |
■ | litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business and distribution and service (12b-1) fees. |
Information About Other Accounts Managed by the Portfolio Manager* | ||||
Portfolio Managers |
Registered Investment
Companies |
Other Pooled
Investment Vehicles |
Other Accounts |
Ownership of
Fund Securities |
Shaun Hong, CFA | 5/$8,125,207,000 | None | None | None |
Ubong “ Bobby” Edemeka | 5/$8,125,207,000 | None | None | None |
■ | One-, three-, five-year and longer term pre-tax investment performance of groupings of accounts managed by the portfolio manager in the same strategy (composite) relative to market conditions, pre-determined passive indices and industry peer group data for the product strategy (e.g., large cap growth, large cap value) for which the portfolio manager is responsible. |
■ | Performance for the composite of accounts that includes the Fund managed by the portfolio managers is measured against the S&P 500 Total Return Index. |
■ | The quality of the portfolio manager’s investment ideas and consistency of the portfolio manager’s judgment; |
■ | Historical and long-term business potential of the product strategies; |
■ | Qualitative factors such as teamwork and responsiveness; and |
■ | Individual factors such as years of experience and responsibilities specific to the individual’s role such as being a team leader or supervisor are also factored into the determination of an investment professional’s total compensation. |
■ |
Long only accounts/long-short accounts:
Jennison manages accounts in strategies that only hold long securities positions as well as accounts in strategies that are permitted to sell securities short. Jennison may hold a long position in a security in some client accounts while selling the same security short in other client accounts. Jennison permits quantitatively hedged strategies to short securities that are held long in other strategies. Additionally, Jennison permits securities that are held long in quantitatively derived strategies to be shorted by other strategies. The strategies that sell a security short that is held long by another strategy could lower the price for the security held long. Similarly, if a strategy is purchasing a security that is held short in other strategies, the strategies purchasing the security could increase the price of the security held short. |
■ |
Multiple strategies:
Jennison may buy or sell, or may direct or recommend that one client buy or sell, securities of the same kind or class that are purchased or sold for another client at prices that may be different. Jennison may also, at any time, execute trades of securities of the same kind or class in one direction for an account and in the opposite direction for another account, due to differences in investment strategy or client direction. Different strategies effecting trading in the same securities or types of securities may appear as inconsistencies in Jennison’s management of multiple accounts side-by-side. |
■ |
Affiliated accounts/unaffiliated accounts and seeded/non-seeded accounts and accounts receiving asset allocation assets from affiliated investment advisers:
Jennison manages accounts for its affiliates and accounts in which it has an interest alongside unaffiliated accounts. Jennison could have an incentive to favor its affiliated accounts over unaffiliated accounts. Additionally, Jennison’s affiliates may provide initial funding or otherwise invest in vehicles managed by Jennison. When an affiliate provides “seed capital” or other capital for a fund, it |
may do so with the intention of redeeming all or part of its interest at a particular future point in time or when it deems that sufficient additional capital has been invested in that fund. Jennison typically requests seed capital to start a track record for a new strategy or product. Managing “seeded” accounts alongside “non-seeded” accounts can create an incentive to favor the “seeded” accounts to establish a track record for a new strategy or product. Additionally, Jennison’s affiliated investment advisers could allocate their asset allocation clients’ assets to Jennison. Jennison could favor accounts used by its affiliate for their asset allocation clients to receive more assets from the affiliate. | |
■ |
Non-discretionary accounts or models:
Jennison provides non-discretionary model portfolios to some clients and manages other portfolios on a discretionary basis. The non-discretionary clients may be disadvantaged if Jennison delivers the model investment portfolio to them after Jennison initiates trading for the discretionary clients, or vice versa. |
■ |
Higher fee paying accounts or products or strategies:
Jennison receives more revenues from (1) larger accounts or client relationships than smaller accounts or client relationships and from (2) managing discretionary accounts than advising nondiscretionary models and from (3) non-wrap fee accounts than from wrap fee accounts and from (4) charging higher fees for some strategies than others. The differences in revenue that Jennison receives could create an incentive for Jennison to favor the higher fee paying or higher revenue generating account or product or strategy over another. |
■ |
Personal interests:
The performance of one or more accounts managed by Jennison’s investment professionals is taken into consideration in determining their compensation. Jennison also manages accounts that are investment options in its employee benefit plans such as its defined contribution plans or deferred compensation arrangements and where its employees may have personally invested alongside other accounts where there is no personal interest. These factors could create an incentive for Jennison to favor the accounts where it has a personal interest over accounts where Jennison does not have a personal interest. |
■ | Jennison has adopted trade aggregation and allocation procedures that seek to treat all clients (including affiliated accounts) fairly and equitably. These policies and procedures address the allocation of limited investment opportunities, such as initial public offerings (IPOs) and new issues, the allocation of transactions across multiple accounts, and the timing of transactions between its non-wrap accounts and its wrap fee accounts. |
■ | Jennison has policies that limit the ability to short securities in portfolios that primarily rely on its fundamental research and investment processes (fundamental portfolios) if the security is held long in other fundamental portfolios. |
■ | Jennison has adopted procedures to monitor allocations between accounts with performance fees and non-performance fee based accounts and to monitor overlapping long and short positions among long accounts and long-short accounts. |
■ | Jennison has adopted a code of ethics and policies relating to personal trading. |
■ | Prudential Retirement |
■ | Wells Fargo Advisors, LLC |
■ | Ameriprise Financial Services Inc. |
■ | Merrill Lynch Pierce Fenner & Smith Inc. |
■ | MSSB |
■ | UBS Financial Services Inc. |
■ | Fidelity |
■ | Raymond James |
■ | Principal Life Insurance Company |
■ | LPL Financial |
■ | GWFS Equities, Inc. (Great West) |
■ | Nationwide Financial Services Inc. |
■ | ADP Broker-Dealer, Inc. |
■ | Hartford Life |
■ | MSCS Financial Services LLC |
■ | ING |
■ | Commonwealth Financial Network |
■ | American United Life Insurance Company |
■ | Charles Schwab & Co., Inc. |
■ | Ascensus |
■ | JP Morgan Chase Bank, N.A. |
■ | MidAtlantic Capital Corp. |
■ | NYLIFE Distributors LLC |
■ | T. Rowe Price Retirement Plan Services |
■ | Lincoln Retirement Services Company LLC |
■ | John Hancock USA |
■ | Benefit Trust Company |
■ | Diversified Investment Advisors |
■ | Mercer HR Services, LLC |
■ | The Ohio National Life Insurance Company |
■ | Security Benefit Life Insurance Company |
■ | RBC Capital Markets Corporation |
■ | Janney Montgomery & Scott, Inc. |
■ | TD Ameritrade Trust Company |
■ | Cambridge |
■ | Hewitt Associates LLC |
■ | Newport Retirement Plan Services, Inc. |
■ | Vanguard Group, Inc. |
■ | Standard Insurance Company |
■ | Securities America, Inc. |
■ | Genworth |
■ | Massachusetts Mutual Life Insurance Company |
■ | Reliance Trust Company |
■ | VALIC Retirement Services Company |
■ | Wilmington Trust Company |
■ | CPI Qualified Plan Consultants, Inc. |
■ | First Allied Securities |
■ | 1st Global Capital Corp. |
■ | ExpertPlan, Inc. |
■ | Daily Access Corporation |
■ | Oppenheimer & Co. |
■ | Northern Trust |
■ | Sammons Retirement Solutions, Inc. |
■ | Triad Advisors Inc. |
■ | AXA Equitable Life Insurance Company |
■ | United Planners Financial Services of America |
■ | Investacorp |
■ | Morgan Keegan & Co. |
■ | BPAS |
■ | National Security Life |
■ | After a shareholder is deceased or permanently disabled (or, in the case of a trust account, after the death or disability of the grantor). This waiver applies to individual shareholders as well as shares held in joint tenancy, provided the shares were purchased before the death or permanent disability, |
■ | To provide for certain distributions—made without IRS penalty—from a qualified or tax-deferred retirement plan, benefit plan, IRA or Section 403(b) custodial account, |
■ | To withdraw excess contributions from a qualified or tax-deferred retirement plan, IRA or Section 403(b) custodial account, |
■ | For redemptions by certain retirement or benefit plans (Class A shares only), |
■ | On certain redemptions effected through a Systematic Withdrawal Plan (Class B shares only), and |
■ | For redemptions by certain group retirement plans for which Prudential or brokers not affiliated with Prudential provide administrative or record keeping services. The CDSC will also be waived for certain redemptions by benefit plans sponsored by Prudential and its affiliates. For more information, call Prudential Retirement at (800) 353-2847. (Class C shares only) |
■ | Class B shares will automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. |
■ | Class F shares will automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. |
■ | Class X shares will automatically convert to Class A shares on a monthly basis approximately ten years after purchase. |
■ | Full holdings on a daily basis to Institutional Shareholder Services (ISS), Broadridge and Glass, Lewis & Co. (proxy voting administrator/agents) at the end of each day; |
■ | Full holdings on a daily basis to ISS (securities class action claims administrator) at the end of each day; |
■ | Full holdings on a daily basis to a Fund's Subadviser(s), Custodian Bank, sub-custodian (if any) and accounting agents (which includes the Custodian Bank and any other accounting agent that may be appointed) at the end of each day. When a Fund has more than one Subadviser, each Subadviser receives holdings information only with respect to the “sleeve” or segment of the Fund for which the Subadviser has responsibility; |
■ | Full holdings to a Fund's independent registered public accounting firm as soon as practicable following the Fund's fiscal year-end or on an as-needed basis; and |
■ | Full holdings to financial printers as soon as practicable following the end of a Fund's quarterly, semi-annual and annual period-ends. |
■ | Fund trades on a quarterly basis to Abel/Noser Corp. (an agency-only broker and transaction cost analysis company) as soon as practicable following a Fund's fiscal quarter-end; |
■ | Full holdings on a daily basis to FT Interactive Data (a fair value information service) at the end of each day; |
■ | Full holdings on a daily basis to FactSet Research Systems Inc. and Lipper, Inc. (investment research providers) at the end of each day; |
■ | Full holdings on a daily basis to Performance Explorer Limited (investment research provider for funds engaged in securities lending) at the end of each day, for certain funds; |
■ | Full holdings on a daily basis to Vestek (for preparation of fact sheets) at the end of each day (Target Portfolio Trust, and selected Prudential Investments Funds only); |
■ | Full holdings to Frank Russell Company (investment research provider) at the end of each month (Prudential Jennison Small Company Fund, Prudential Variable Contract Accounts -2 and -10 only); |
■ | Full holdings on a monthly basis to Fidelity Advisors (wrap program provider) approximately five days after the end of each month (Prudential Jennison Growth Fund and certain other selected Prudential Investments Funds only); |
■ | Full holdings on a daily basis to Brown Brothers Harriman & Co. (operations support) (Prudential Financial Services Fund only); |
■ | Full holdings on a daily basis to Markit WSO Corporation (certain operational functions)(Prudential Financial Services Fund only); |
■ | Full holdings on a daily basis to Investment Technology Group, Inc. (analytical service provider) (Prudential Financial Services Fund only); |
■ | Full holdings on a daily basis to State Street Bank and Trust Company (operations service provider) (Prudential Financial Services Fund only); and |
■ | Full holdings on a quarterly basis to Prudential Retirement Services / Watson Wyatt Investment Retirement Services (401(k) plan recordkeeping) approximately 30 days after the close of the Fund's fiscal quarter-end (Prudential Jennison Growth Fund only). |
■ | Leading market positions in well-established industries. |
■ | High rates of return on funds employed. |
■ | Conservative capitalization structure with moderate reliance on debt and ample asset protection. |
■ | Broad margins in earnings coverage of fixed financial charges and high internal cash generation. |
■ | Well-established access to a range of financial markets and assured sources of alternate liquidity. |
■ | Amortization schedule-the longer the final maturity relative to other maturities the more likely it will be treated as a note. |
■ | Source of payment-the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note. |
Name and Principal Business Address
Positions and Offices with Underwriter
David Hunt (2)
President and Chief Executive Officer
Christine C. Marcks (4)
Executive Vice President
Gary F. Neubeck (2)
Executive Vice President
Stuart S. Parker (1)
Executive Vice President
Scott E. Benjamin (1)
Vice President
Joanne M. Accurso-Soto (1)
Senior Vice President
Michael J. King (3)
Senior Vice President, Chief Legal Officer and Secretary
Peter J. Boland (1)
Senior Vice President and Chief Operating Officer
John N. Christolini (4)
Senior Vice President
Mark R. Hastings (1)
Senior Vice President and Chief Compliance Officer
Michael J. McQuade (1)
Senior Vice President, Comptroller and Chief Financial Officer
John L. Bronson (3)
Vice President and Deputy Chief Legal Officer
Richard W. Kinville (3)
Vice President and Anti-Money Laundering Officer
(1)
Gateway Center Three, Newark, NJ 07102-4061
(2)
Gateway Center Two, Newark, NJ 07102-4061
(3)
751 Broad Street, Newark NJ, 07102-3714
(4)
280 Trumbull Street, Hartford, CT 06103-3509
Prudential Investment Portfolios 5
*
Stuart S. Parker, President
Signature
Title
Date
*
Ellen S. Alberding
Trustee
*
Kevin J. Bannon
Trustee
*
Scott E. Benjamin
Trustee
*
Linda W. Bynoe
Trustee
*
Keith F. Hartstein
Trustee
*
Michael S. Hyland
Trustee
*
Douglas H. McCorkindale
Trustee
*
Stephen P. Munn
Trustee
*
Stuart S. Parker
Trustee and President, Principal Executive Officer
*
James E. Quinn
Trustee
*
Richard A. Redeker
Trustee
*
Robin B. Smith
Trustee
*
Stephen Stoneburn
Trustee
Signature
Title
Date
*
Grace C. Torres
Treasurer, Principal Financial and Accounting Officer
*By: /s/ Jonathan D. Shain
Jonathan D. Shain
Attorney-in-Fact
March 5, 2014
/s/ Ellen S. Alberding
Ellen S. Alberding
/s/ Stephen P. Munn
Stephen P. Munn
/s/ Kevin J. Bannon
Kevin J. Bannon
/s/ Stuart S. Parker
Stuart S. Parker
/s/ Scott E. Benjamin
Scott E. Benjamin
/s/ James E. Quinn
James E. Quinn
/s/ Linda W. Bynoe
Linda W. Bynoe
/s/ Richard A. Redeker
Richard A. Redeker
/s/ Keith F. Hartstein
Keith F. Hartstein
/s/Robin B. Smith
Robin B. Smith
/s/ Michael S. Hyland
Michael S. Hyland
/s/ Stephen Stoneburn
Stephen Stoneburn
/s/ Douglas H. McCorkindale
Douglas H. McCorkindale
/s/ Grace C. Torres
Grace C. Torres
Dated: September 18, 2013
Item 28
Exhibit No.
Description
(d)(2)
Management Agreement between Registrant and PI with respect to the Prudential Jennison Rising Dividend Fund
(d)(3)(iii)
Subadvisory Agreement between PI and Jennison Associates LLC with respect to the Prudential Jennison Rising Dividend Fund
(d)(4)(ii)
Expense Cap for Prudential Jennison Rising Dividend Fund
(i)(4)
Opinion of Morris, Nichols, Arsht & Tunnell with respect to Prudential Jennison Rising Dividend Fund
(m)(8)
Rule 12b-1 Fee Waiver for Class A Shares of Prudential Jennison Rising Dividend Fund
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