Barron’s Best Fund Families 2024

Barron’s Best Fund Families: Ranked #4 for best fund family over the 1-year period ended 12/31/2024, among 48 qualifying fund families based on asset- weighted returns.

Objective

Seeks long-term capital growth by investing in companies that own, explore, mine, process, and develop natural resources commodities. The Fund may be appropriate  for those who want to invest in companies that may benefit from the earth's limited natural resources and can handle the volatility associated with sector investing. 

Growth of $10,000

Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost. This chart represents historical performance and does not assume the effects of sales charges or varying fees and expenses of other share classes. If shown with sales charges or these other fees and expenses, performance could have been lower. It is not possible to invest directly in an index. Click here to view benchmark index definitions.

FUND INFORMATION
Style: Sector
Total Net Assets: $680 Million
Dividends (Paid): Annually
Dividends (Accrued):
Capital Gains: Annually
Fund Statistics
AS OF 07/31/2025
Name
Weight
Average Weighted Market Cap ($mil) 65,813.10
Beta (3 year) 0.84
Standard Deviation (3 year) 20.60
Turnover Ratio (12-month %) 31.00

Barron's Information: PGIM Investments ranked 4 out of 48, 8 out of 47, 12 out of 46 firms for the 1-, 5-, and 10-year periods ended 12/31/2024, respectively.

PGIM Jennison Natural Resources Fund (Class Z) Lipper total return ranking for the 1-, 3-, 5-, and 10-year periods as of 12/31/2024 for the Global Natural Resources Funds category were: 26/60, 23/57, 11/54, and 19/49, respectively. Lipper Funds category rankings are based on total return, do not take sales charges into account, and are calculated against all funds in each fund’s respective Lipper category. 

Class Z Lipper total return ranking for the 1-, 3-, 5-, and 10-year periods as of 6/30/2025: 34/60, 17/56, 11/53, and 16/48, respectively. Past Performance is no guarantee of future results.

*Used with permission. © 2025 Dow Jones & Company, Inc. Source: Barron’s, Feb. 27, 2025. Barron’s rankings are based on asset-weighted returns in funds in five categories: U.S. Equity; World Equity; Mixed Asset; Taxable Bond; and Tax-Exempt (each a “Barron’s ranking category”). Rankings also take into account an individual fund’s performance within its Lipper peer universe. Lipper calculated each fund’s net total return for the year ended Dec. 31, 2024, minus the effects of 12b-1 fees and sales charges. Each fund in the survey was given a percentile ranking, with 100 the highest and 1 the lowest in its category. That ranking measured how a fund compared with its peer “universe,” as tracked by Lipper, not just the funds in the survey. Individual fund scores were then multiplied by the 2024 weighting of their Barron’s ranking category as determined by the entire Lipper universe of funds. Those fund scores were then totaled, creating an overall score and ranking for each fund family in the survey in each Barron’s ranking category. To qualify for the ranking, firms must offer at least three active mutual funds or actively run ETFs in Lipper’s general U.S. Stock category; one in World Equity; and one Mixed Asset. They also need to offer at least two taxable bond funds and one national tax-exempt bond fund. All funds must have a track record of at least one year.

The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is an objective, quantitative, risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see lipperfundawards.com. Although LSEG Lipper makes reasonable efforts to ensure the accuracy and reliability of the data used to calculate the awards, their accuracy is not guaranteed. LSEG Lipper Fund Awards, © 2025 LSEG. All rights reserved. Used under license.

PGIM Jennison Natural Resources Fund (Class R6) total return ranking for the 1-year period: 28 out of 60 funds; 3-year period: 22 out of 57 funds; 5-year period: 10 out of 54 funds as of 11/30/2024. Inception date: Class R6: 12/27/2010. Lipper Funds category rankings are based on total return, do not take sales charges into account, and are calculated against all funds in each fund’s respective Lipper category.

Class R6 Lipper total return ranking for the 1-, 3-, 5-, and 10-year periods as of 3/31/2025 for the Global Natural Resources Fund category were: 50/64, 25/58, 13/54, and 20/49 funds, respectively. Past performance is no guarantee of future results.

Risks of investing in the fund include but are not limited to the following: Investments in natural resource companies may be affected by events occurring in nature, inflation pressures and international politics. Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. Securities in the energy sector may decline for many reasons, including changes in energy prices, supply and demand, government regulations, conservation efforts and potential civil liabilities. Foreign securities are subject to currency fluctuations and political uncertainty. The value of asset-based securities may not be perfectly correlated with the market price of the underlying natural resources. Investments in commodities may be speculative and more volatile than traditional securities and may be subject to counterparty risk. Master limited partnerships are subject to complex accounting, tax and valuation issues. Investments are subject to limited control, voting rights, and liquidity, as well as risks related to potential conflicts of interest, dilution and cash flow. The general partner may force sales at undesirable times or prices. Credit risk is the risk that the issuer, guarantor, or insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to meet their obligations. There is no guarantee the Fund's objective will be achieved. Risks are more fully explained in the fund's prospectus.

Total Returns (%)

as of
RETURNS:
SALES CHARGE:
TOTAL RETURNS (%) WITH SALES CHARGE WITHOUT SALES CHARGE
Cumulative Average Annual
Class Ticker YTD 1-Yr 3-Yr 5-Yr 10-Yr Since Inception

Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost.

See Daily Returns for the PGIM Jennison Natural Resources Fund.
See Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM Jennison Natural Resources Fund.

See Daily Returns for the PGIM Jennison Natural Resources Fund.
See Quarterly SEC Standardized Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM Jennison Natural Resources Fund.

Fund Expenses
Maximum Sales Charge (%)
Class
Gross (%)
Net (%)
Date*
A 1.26 1.26 5.50
C 2.03 2.03 1.00
R 1.78 1.53 02/28/2026
R6 0.83 0.83
Z 0.92 0.92

*This date represents the contractual reduction date through which the net expense ratio is in effect.

Total return describes the return to the investor after net operating expenses but before any sales charges are imposed. Morningstar Category Average is unmanaged, is based on the average return of all funds in this category, and does not take into consideration applicable sales charges. Unless noted otherwise, Morningstar Category Average and index returns reflect performance beginning the closest month-end date to the Fund's inception. Benchmark since inception average is based on Class Z inception date. SEC standardized return describes the return to the investor after net operating expense and maximum sales charges are imposed. All returns assume share price changes as well as the compounding effect of reinvested dividends and capital gains. Returns may reflect fee waivers and/or expense reimbursements. Without such, returns would be lower. All returns 1-year or less are cumulative.

Morningstar Natural Resources Category Average: Natural-resources portfolios focus on commodity-based industries such as energy, chemicals, minerals, and forest products in the United States or outside of the United States. Some portfolios invest across this spectrum to offer broad natural-resources exposure. Others concentrate heavily or even exclusively in specific industries. Portfolios that concentrate primarily in energy-related industries are part of the equity energy category.

Lipper Global Natural Resources Index consists of approximately the 10 largest global natural resources funds.

An investment cannot be made directly in an index or average. All indexes and averages are unmanaged.

Prices

AS OF 08/22/2025
Class
NAV ($)
NAV Change ($)
NAV Change (%)
POP ($)
Total Net Assets ($)
A 58.35 Gain 1.08 1.89 61.75 269,576,841.20
C 44.83 Gain 0.83 1.89 11,978,555.95
R 57.13 Gain 1.05 1.87 21,175,820.21
R6 61.93 Gain 1.14 1.88 93,265,875.61
Z 61.38 Gain 1.14 1.89 308,196,020.31

NAV (Net Asset Value) is the $U.S. value of a single share of a fund, excluding any sales charges. Change shows the change in $U.S. value over the previous day:Gain= Gain, Loss= Loss,  No Change = No Change.

See Prices of other PGIM Investments Mutual Funds.

52 Week High/Low

AS OF 08/22/2025
Class
52 Week High ($)
52 Week High Date
52 Week Low ($)
52 Week Low Date
A 58.35 08/22/2025 44.04 04/08/2025
C 44.83 08/22/2025 33.94 04/08/2025
R 57.13 08/22/2025 43.17 04/08/2025
R6 61.93 08/22/2025 46.67 04/08/2025
Z 61.38 08/22/2025 46.27 04/08/2025

For share classes less than one year old, the 52-week high and 52-week low NAVs are calculated from inception to the current date.

Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost.

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

Portfolio Attributes

AS OF 07/31/2025
Largest Holdings (% of Assets)
Agnico Eagle Mines 5.7%
Cameco 5.3%
Shell PLC - ADR 4.7%
TechnipFMC 4.4%
Hudbay Minerals 4.1%
Exxon Mobil 4.0%
EQT 3.8%
Cheniere Energy 3.7%
Expand Energy 3.6%
Technip Energies NV 3.6%
Sector Breakdown (% of Assets)
Industry
Fund (% of Assets)
Energy 54.7%
Oil & Gas - Exploration & Production 16.5%
Integrated Oil & Gas 13.5%
Oil & Gas - Equipment & Services 10.1%
Oil & Gas - Storage & Transportation 7.1%
Coal & Consumable Fuels 5.9%
Oil & Gas - Refining & Marketing 1.6%
Materials 35.1%
Gold 14.1%
Diversified Metals & Mining** 8.4%
Copper 5.8%
Fertilizers & Agricultural Chemicals 4.0%
Industrial Gases 1.6%
Other 10.2%
Heavy Electrical Equipment 3.4%
Construction & Engineering 2.3%
Semiconductors 1.3%
Industrial Machinery & Supplies & Compon 1.0%
Agricultural Products & Services 0.6%
Cash/Equiv 1.8%
Geographic Concentration (% of Assets)
Geographic Concentration
% of Assets
United States 45.1%
Canada 30.0%
United Kingdom 12.1%
France 9.1%
Brazil 1.2%
Isle of Man 0.5%
Australia 0.3%
Cash/Equiv 1.8%
Fund Statistics
AS OF 07/31/2025
Average Weighted Market Cap ($mil) 65,813.10
Beta (3 year) 0.84
Standard Deviation (3 year) 20.60
Turnover Ratio (12-month %) 31

All data is unaudited and subject to change. Holdings/allocations may vary. This is not a recommendation to buy or sell any security listed. Largest holdings excludes cash, cash equivalents, money market funds and enhanced cash strategies. Totals may not sum due to rounding.

Fund Holdings

AS OF 07/31/2025

Holdings are unaudited, may vary and are subject to change. Please refer to the Fund's annual report for audited holdings information. This is not a recommendation to buy or sell any security listed.

Value ($): Cash securities are calculated using market value and derivative securities are calculated using notional value.

Source: Bank of New York Mellon. Holdings are provided to Prudential Financial by the custodian bank and Prudential Financial is not responsible for any errors or omissions related to the holdings data.

© 2025, American Bankers Association. CUSIP Database provided by FactSet Research Systems Inc. All rights reserved.

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

Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. Jennison Associates is a registered investment advisor. All are Prudential Financial affiliates. © 2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, Jennison Associates, Jennison, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact their financial professional.

INVESTMENT PRODUCTS | 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. 

Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

4072323 Ed. 12/2024

Security ID# (CUSIP/SEDOL)
Security Description
Ticker Symbol
Coupon Rate
Maturity Date
Shares/Notional
Value ($)
% of Portfolio
008474108 Agnico Eagle Mines Ltd AEM 309,466.00 38,485,191.00 5.66
13321L108 Cameco Corp CCJ 478,238.00 35,834,373.00 5.27
780259305 Shell Plc SHEL 442,929.00 31,983,903.00 4.71
BDSFG98 Technipfmc Plc FTI 824,264.00 29,978,481.00 4.41
B05BDX1 Hudbay Minerals Inc HBM 2,970,189.00 27,566,852.00 4.06
30231G102 Exxon Mobil Corp XOM 242,334.00 27,054,167.00 3.98
26884L109 EQT Corp EQT 477,328.00 25,656,380.00 3.78
16411R208 Cheniere Energy Inc LNG 106,919.00 25,220,053.00 3.71
165167735 Expand Energy Corp EXE 233,310.00 24,446,221.00 3.60
BNC0116 Technip Energies Nv TE 564,993.00 24,397,173.00 3.59
36828A101 GE Vernova Inc GEV 35,008.00 23,115,432.00 3.40
89151E109 Totalenergies Se TTE 387,527.00 23,077,232.00 3.40
969457100 Williams Cos Inc/the WMB 383,511.00 22,991,484.00 3.38
284902509 Eldorado Gold Corp EGO 1,113,867.00 22,834,273.00 3.36
22052L104 Corteva Inc CTVA 279,289.00 20,145,115.00 2.96
BN7KJJ5 Endeavour Mining Plc EDV 666,323.00 20,005,078.00 2.94
BF02Z72 ERO Copper Corp ERO 1,415,692.00 19,157,206.00 2.82
71424F105 Permian Resources Corp PR 1,311,134.00 18,565,657.00 2.73
B6463M8 ARC Resources Ltd ARX 935,800.00 18,268,901.00 2.69
576323109 Mastec Inc MTZ 81,402.00 15,402,072.00 2.27
011532108 Alamos Gold Inc AGI 589,714.00 14,330,050.00 2.11
BLGWF90 Vallourec Saca VK 763,720.00 14,273,228.00 2.10
25278X109 Diamondback Energy Inc FANG 89,726.00 13,338,667.00 1.96
35671D857 Freeport-mcmoran Inc FCX 325,049.00 13,079,971.00 1.93
74440W862 (pipa070) Pgim Core Government Money Mar 4.41 12/01/2099 11,772,643.00 11,772,643.00 1.73
BD73C40 Ivanhoe Mines Ltd IVN 1,503,625.00 11,730,792.00 1.73
91913Y100 Valero Energy Corp VLO 81,287.00 11,161,517.00 1.64
BNZHB81 Linde Plc LIN 24,064.00 11,075,696.00 1.63
166764100 Chevron Corp CVX 61,363.00 9,305,085.00 1.37
336433107 First Solar Inc FSLR 48,895.00 8,543,423.00 1.26
91912E105 VALE Sa VALE 872,825.00 8,318,022.00 1.22
46578C108 Ivanhoe Electric Inc / Us IE 743,290.00 7,105,852.00 1.05
2347608 First Quantum Minerals Ltd FM 425,527.00 7,152,514.00 1.05
61945C103 Mosaic Co/the MOS 194,024.00 6,986,804.00 1.03
16115Q308 Chart Industries Inc GTLS 32,429.00 6,447,858.00 0.95
402635502 Gulfport Energy Corp GPOR 34,938.00 6,083,753.00 0.90
BMQ5701 Solaris Resources Inc SLS 1,043,391.00 5,082,916.00 0.75
75281A109 Range Resources Corp RRC 127,397.00 4,678,017.00 0.69
237266101 Darling Ingredients Inc DAR 121,747.00 3,942,167.00 0.58
BLCY1J2 Lifezone Metals Ltd LZM 775,168.00 3,418,490.00 0.50
B987K72 Nexgen Energy Ltd NXE 366,501.00 2,459,915.00 0.36
6121176 Lynas Rare Earths Ltd LYC 313,535.00 2,106,767.00 0.31
15643U104 Centrus Energy Corp LEU 9,680.00 2,085,072.00 0.31
82938H206 Sintana Energy Restricted 1,304,999.00 631,025.00 0.09
BYSMR15 Sintana Energy Inc SEI 637,992.00 308,497.00 0.05
B779P58 Platmin Ltd 523,100.00 69.00 0.00
CURRENCY Currency -153,168.00 -153,168.00 -0.02

The CUSIP information contained in pgimfunds.com and/or prudential.com consists of security identifiers and related descriptive information (“the CUSIP Database”) and is protected under the copyright laws and is licensed with permission from CUSIP Global Services (“CGS”), on behalf of the American Bankers Association (“ABA”).

VISITOR agrees and acknowledges that the CUSIP Database and the information contained therein is and shall remain valuable intellectual property owned by, or licensed to, CGS and ABA, and that no proprietary rights are being transferred to VISITOR in such materials or in any of the information contained therein by virtue of VISITOR’s use of Subscriber’s Web Site. Any use of the CUSIP Database by VISITOR outside of the clearing and settlement of transactions may require a license from CGS, along with an associated fee based on usage.

VISITOR agrees that misappropriation or misuse of such materials will cause serious damage to CGS and ABA, and that in such event, money damages may not constitute sufficient compensation to CGS and ABA; consequently, VISITOR agrees that in the event of any misappropriation or misuse, CGS and ABA shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which CGS and ABA may be entitled.

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(c) Interfere or attempt to interfere with the proper working of the Subscriber Web Site or any activities conducted on or through the Subscriber Web Site, including accessing any CUSIP Database, content or other information prior to the time that is intended to be available to the public on the Subscriber Web Site;

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ABOUT

Jennison 50 Year Anniversary Logo

Jennison Associates is one of the nation's leading managers of growth, value, blend, and specialty equity strategies. It has earned a reputation for excellence by fulfilling the needs of clients for more than 50 years.

Neil Brown and Jay Saunders are the portfolio managers for the PGIM Jennison Natural Resources Fund.

Neil P. Brown, CFA
Neil P. Brown, CFA

Managing Director

|

Jennison Associates

Neil P. Brown, CFA, is a managing director and equity research analyst.

Jay Saunders
Jay Saunders

Managing Director, Global Natural Resources Equity Portfolio Manager, and Research Analyst

|

Jennison Associates

Jay Saunders is a Managing Director, global natural resources equity portfolio manager, and research analyst.

Average weighted market capitalization is the average market capitalization of stocks in a fund, each weighted by its proportion of assets. Beta measures a fund's sensitivity to changes in the overall market relative to its benchmark. Standard deviation depicts how widely returns vary around its average and is used to understand the range of returns most likely for a given fund. A higher standard deviation generally implies greater volatility. Turnover Ratio is the rate of trading in a portfolio, higher values imply more frequent trading. Beta is benchmarked against the Lipper Natural Resources Index which is an unmanaged equally weighted index of the largest mutual funds in the Lipper Natural Resources category of funds, adjusted for the reinvestment of capital gains distributions and income dividends. An investment cannot be made directly in an index. Due to data availability, statistics may not be as of current reporting period.

Enhanced cash strategies are variations on traditional money market vehicles. They are designed to provide liquidity and principal preservation, but with more of an emphasis on seeking returns that are superior to those of traditional money market offerings.

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

**Holdings in the GICS Diversified Metals & Mining subindustry may include companies with operations in one or more of the following areas: aluminum, coal, cobalt, copper, diamonds, gold, iron ore, nickel, platinum, silver, stainless steel, uranium, and zinc. Holdings in the GICS Precious Metals & Minerals subindustry may include companies with operations in one or more of the following areas: gold, platinum, palladium, and silver. These allocations are estimates based on the business of each company owned in the fund as of 4/30/2025.

***Other refers to investments in sectors other than energy and materials.

© 2025 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results.

Class R shares are closed to new investors. Class R6 and Z shares may be available to group retirement plans and institutional investors through certain retirement, mutual fund wrap and asset allocation programs. They may also be available to institutional investors. Class Z shares may be available through fee- or commission-based retail brokerage programs of certain financial intermediaries. Class A, C, and Z shares are generally closed to new retirement plans. Please see the prospectus for additional information about fees, expenses, and investor eligibility.

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

Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. Jennison Associates is a registered investment advisor. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC, a registered investment advisor. PGIM Fixed Income and PGIM Real Estate are units of PGIM, a registered investment advisor. PGIM DC Solutions is a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly owned subsidiary of PGIM, Inc. (PGIM), the principal asset management business of Prudential Financial, Inc. (PFI), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. © 2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, Jennison Associates, Jennison, PGIM Fixed Income, PGIM Limited, PGIM Quantitative Solutions, PGIM Real Estate, PGIM DC Solutions and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact their financial professional.

INVESTMENT PRODUCTS | 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. 

Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

4364076    Ed. 03/2025

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