To provide a high level of total return including current
distributions and capital appreciation.
The Fund invests primarily in Energy master limited partnerships (MLPs) of any capitalization, with a focus on small and mid cap Energy MLPs. The fund uses leverage.
- Actively managed portfolio of Energy MLPs with a focus on small and mid cap MLPs—an often overlooked segment of the market
- Tax-advantaged quarterly distributions with simplified tax reporting (Form 1099, no K-1s)
- MLPs offer a potential hedge against inflation, as well as the potential for capital appreciation and increasing current income.
- Advisory Research Investment Management has been managing MLP portfolios since 1995, the longest track record in the industry. Their specialized investment process starts top-down to identify broad investment themes and trends in this dramatically growing market, then concludes with rigorous bottom-up analysis seeking to identify high quality, high value investment opportunities. To implement JMLP's focus on small and mid cap Energy MLPs, the Fund’s portfolio management team excludes the 10 largest MLPs in the Alerian MLP index and seeks to identify MLPs positioned for accelerated growth.
|Closing Share Price (As of 9/30/2014)||$19.22
|Closing NAV per Share (As of 9/30/2014)||$20.53
|Premium / Discount**||-6.38%
|Current Distribution Rate (Market price)††||6.91%
|Distribution Amount (Quarterly)†† ||$0.3360
|Distribution Type ||Cash Flow
Market Capitalization Breakdown
As of 08/29/20141
The Fund is designed as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program. Investors should carefully review and consider the risks listed below before investing.
An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the corporate securities owned by the Fund, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.Shares of closed-end investment companies like the Fund frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.A substantial percentage of the Fund’s assets are invested in MLP equity securities (units). An investment in MLP units involves some risks that are similar, and some that differ from an investment in common equity securities. Holders of MLP units have the rights typically afforded to limited partners in a limited partnership. As compared to common stockholders of a corporation, holders of MLP units have more limited control and limited rights to vote on matters affecting the partnership. As traded equity securities, MLP units are subject to risks associated with actual and perceived views and market changes that affect the industries and specific companies whose securities the Fund holds.
Because the Funds invest primarily in energy sector MLPs, concentration in this sector may present more risks than if the Funds were invested in numerous
sectors of the economy.The Fund’s investment program and the tax treatment of Fund distributions may be affected by IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations, including changes resulting from the “sunset” provisions that may apply to the favorable tax treatment of tax-advantaged dividends. There can be no assurance as to the percentage of a Fund’s distributions that will qualify as tax-advantaged dividends.Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.The Fund invests in securities of MLPs and other
issuers that have comparatively smaller capitalizations relative to issuers whose
securities are included in major benchmark indexes, which presents unique
investment risks. These issuers often have limited markets, distribution channels
or financial resources, and their management may be dependent upon one or a
few key people. The market movements of equity securities issued by MLPs with
smaller capitalizations may be more abrupt or erratic than the market movements
of equity securities of larger, more established MLPs or the stock market in general.The Funds are able to invest a greater
portion of their assets in obligations of a single issuer than a “diversified” fund. A
nondiversified fund, or one with a portfolio concentrated in a particular industry or
geographical region, may be affected disproportionately by the performance of a
single security or relatively few securities as a result of adverse economic, regulatory, or
Potential distribution sources include net investment income, realized gains and/or return of capital. This fund uses a cash-flow based distribution approach, designed to provide attractive regular distributions throughout the year, in amounts based on the fund’s net cash flow received from portfolio investments. Although the amounts of regular fund distributions are not intended to reflect expected portfolio appreciation, the fund invests in securities (e.g. REITs or MLPs) which have cash flow that, at least in part, ultimately may be treated as something other than net investment income for tax purposes. Return of capital is a non-taxable distribution of a portion of the investment’s capital; capital consists of the original investment plus any unrealized gains, life-to-date.
If a distribution includes anything other than net investment income, the fund provides a notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year.
Fund data is updated daily, monthly, and quarterly, depending on the specific data point.
for the update schedule.
|Daily all funds:
||Market price, NAV, premium/discount, annualized distribution rates on market price and NAV
|Monthly all funds:
||Assets, leverage, expenses, total return performance, distribution amounts, earnings & UNII
|Monthly certain funds:
Municipal bond fund holdings and portfolio information
|Monthly certain funds, with 1-month lag:
Taxable fund holdings and portfolio information except JCE, NSL, JFR and JRO; and % AMT for municipal bond funds
|Quarterly certain funds:
JCE, NSL, JFR, and JRO holdings and portfolio information, tax characteristic estimates for distributions from funds paying quarterly distributions
|Quarterly all funds:
SEC filings (annual shareholder report, semi-annual shareholder report, or 10-Q filing)