Awards
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 real returns by investing in master limited partnerships (MLPs), real estate, utilities/infrastructure, commodities, natural resources, fixed income and gold/defensive. The Fund may be appropriate for those seeking greater diversification and a potential hedge against rising interest rates and inflation. 

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: Real Assets
Total Net Assets: $78 Million
Dividends (Paid): Quarterly
Dividends (Accrued):
Capital Gains: Annually

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 Real Assets Fund (Class Z) Lipper total return ranking for the 1-, 3-, 5-, and 10-year periods as of 12/31/2024 for the Real Return Funds category were: 5/87, 11/83, 7/76, and 13/51, 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: 27/85, 34/82, 34/75, and 22/52, 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 Real Assets Fund (Class R6) total return ranking for the 1-year period: 16 out of 87 funds; 5-year period: 9 out of 76 funds as of 11/30/2024. Inception date: Class R6: 01/23/2015. 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-, and 5-year periods as of 12/31/2024 for the Real Return Fund category were: 6/87, 10/83, and 5/76 funds, respectively. Past performance is no guarantee of future results.

Risks of investing in the fund include but are not limited to the following: As a “fund of funds”, the fund is subject to the performance and risks of the underlying funds and their investments. Small- and mid-cap investments may be subject to more erratic market movements than large-cap stocks. Utilities and infrastructure investments are subject to economic, social and regulatory occurrences affecting the industry. Investments in natural resource companies may be affected by events occurring in nature, inflation pressures and international politics. 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. Foreign securities are subject to currency fluctuations and political uncertainty. Investments in commodities may be speculative and more volatile than traditional securities and may be subject to counterparty risk. The Fund is deemed a commodity pool and compliance with certain commodity pool regulations may cause the Fund's expenses to increase. 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. Fixed Income investments are subject to credit, market, prepayment and interest rate risks, and their value will decline as interest rates rise. The Fund may invest in a wholly-owned Cayman subsidiary. Changes in laws of the Cayman Islands may negatively impact the Fund's commodity investment strategy. High yield ("junk") bonds are subject to greater credit and market risks. Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to a similar risk of decline in market value during periods of rising interest rates. Investing in real estate poses certain risks related to overall and specific economic conditions as well as risks related to individual property, credit and interest rate fluctuations. Treasury Inflation Protected Securities may experience greater losses than other fixed income securities with similar durations. Investments in currency may result in a decline in the fund’s net asset value due to changes in exchange rates. The Fund's manager serves as the manager of the underlying affiliated funds, and a conflict of interest could affect how the manager and subadvisors fulfill their fiduciary duties to the Fund and the underlying funds. Derivatives may carry market, credit and liquidity risks. Leveraging techniques may magnify loses. Short Sales are subject to potentially unlimited losses. 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 Real Assets Fund.
See Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM Real Assets Fund.

See Daily Returns for the PGIM Real Assets Fund.
See Quarterly SEC Standardized Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM Real Assets Fund.

Fund Expenses
Maximum sales charge (%)
Class
Gross (%)
Net (%)
Date*
A 2.39 1.28 02/28/2026 5.50
C 3.57 2.03 02/28/2026 1.00
R6 1.71 0.85 02/28/2026
Z 1.86 0.96 02/28/2026

*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 Moderate Allocation Category Average: Funds in allocation categories seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%.

Bloomberg U.S. TIPS Index includes all publicly issued, U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade, and have $250 million or more of outstanding face value. 

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

Prices

AS OF 08/08/2025
Class
NAV ($)
NAV Change ($)
NAV Change (%)
POP ($)
Total Net Assets ($)
A 9.61 Loss -0.02 -0.21 10.17 6,031,190.48
C 9.50 Loss -0.02 -0.21 882,299.48
R6 9.63 Loss -0.02 -0.21 38,880,898.08
Z 9.64 Loss -0.02 -0.21 25,804,721.16

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 08/08/2025
Class
52 Week High ($)
52 Week High Date
52 Week Low ($)
52 Week Low Date
A 9.97 11/29/2024 8.82 04/08/2025
C 9.85 11/29/2024 8.70 04/08/2025
R6 9.99 11/29/2024 8.84 04/08/2025
Z 9.99 11/29/2024 8.84 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.

Yields

AS OF 07/31/2025
Class SEC 30-Day Subsidized Yield (%) SEC 30-Day Unsubsidized Yield (%) Offer Distb. Yield (%) NAV Distb. Yield (%) SEC-30 Day Sub Taxable Equivalent Yield (%)
A - View Prospectus 1.05 -0.03
C - View Prospectus 0.37 -1.30
R6 - View Prospectus 1.58 0.69
Z - View Prospectus 1.43 0.52

See Yields of other PGIM Investments Mutual Funds.

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 06/30/2025
Fund Allocations (% of Assets)
Fund Allocations
% of Assets
Real Estate 22.2%
Fixed Income 26.3%
Commodities 18.1%
Global Infrastructure 11.1%
MLPs 9.2%
Gold/Defensive 7.8%
Natural Resources 4.2%
Cash/Equiv 1.2%
Portfolio Characteristics
Since Inception
Fund
Benchmark
Net Annualized Returns 3.9% 2.4
Standard Deviation 9.2% 9.2
Sharpe Ratio 0.3% 0.1
Correlation to Stocks 0.8% 0.7
Correlation to Bonds 0.4% 0.4
Fund Statistics
AS OF 06/30/2025
Holdings - International (% of Equity) 38.8
Holdings - U.S. (% of Equity) 61.2

Click on a fund name for more information about the underlying fund’s holdings: PGIM TIPS Fund, PGIM Short-Term Corporate Bond Fund, PGIM Short Duration High Yield Income Fund, PGIM QMA Commodity Strategies Fund, PGIM Global Real Estate Fund, PGIM US Real Estate Fund, PGIM Jennison Natural Resources Fund, PGIM Jennison MLP Fund, and PGIM Jennison Utility Fund.

All data is unaudited and subject to change. Fund Statistics (Holdings U.S. and International % of Equity) do not include cash. Holdings/allocations may vary. This is not a recommendation to buy or sell any security listed. Natural Resources, Utilities/Infrastructure, International Real Estate, and U.S. Real Estate Holdings (% of Category) display holdings of underlying mutual funds. Fund Allocations indicate the percentage that PGIM Real Assets Fund invests within each category. Totals may not sum due to rounding.

Fund Holdings

AS OF 06/30/2025

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. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC, a registered investment advisor. All are Prudential Financial affiliates. © 2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Quantitative 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.

4072323 Ed. 12/2024

Security ID# (CUSIP/SEDOL)
Security Description
Ticker Symbol
Coupon Rate
Maturity Date
Shares/Notional
Value ($)
% of Portfolio
74440E870 PGIM Tips Fund-q PQTSX 47.6 12/01/2099 2,416,220.00 20,320,410.00 26.05
74440E862 PGIM Quant Solutions Commodity Strategie PQCMX 2,039,552.00 14,032,121.00 17.99
74441J787 PGIM Select Real Estate Fund SREQX 997,350.00 13,344,546.00 17.11
743969560 PGIM Jennison Global Infrastructure Fund PGJQX 476,894.00 8,646,083.00 11.08
74440G859 PGIM Jennison Energy Infrastructure Fund PRPQX 1,096,137.00 7,124,889.00 9.13
PDCZ00005 PDCZ Pru Real Asset Cayman Sub 38,484.00 6,050,974.00 7.76
744336876 PGIM Global Real Estate Fund PGRQX 190,990.00 3,905,749.00 5.01
74441K602 PGIM Jennison Natural Resource Fund PJNQX 53,675.00 3,248,438.00 4.16
74440E201 PGIM Core Ultra Short Bond Fund 4.53 12/01/2099 1,338,613.00 1,338,612.00 1.72
CURRENCY Currency -6,733.00 -6,732.00 -0.01

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.

VISITOR agrees that VISITOR shall not publish or distribute in any medium the CUSIP Database or any substantial portion of the information contained therein or summaries or subsets thereof to any person or entity unless permitted by a direct agreement with CGS. VISITOR may not create or maintain a master file or database of CUSIP identifiers or descriptions for itself or any third party recipient that is intended to serve as a substitute for any CUSIP service.

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ABOUT

The Fund gains exposure to real asset classes by investing in varying combinations of other PGIM mutual funds and direct investments in securities. The asset allocation of the PGIM Real Assets Fund is managed by Joel M. Kallman, CFA, Rory Cummings, CFA, and Marco Aiolfi, PHD. Each is a member of PGIM Quantitative Solutions. Since 1975, PGIM Quantitative Solutions targets superior risk-adjusted returns by combining research-driven quantitative processes built on economic and behavioral foundations with judgment from experienced market practitioners. 

Joel M. Kallman, CFA
Joel M. Kallman, CFA

Vice President and Portfolio Manager for DC Solutions

|

PGIM DC Solutions

Joel M. Kallman, CFA, is a Vice President and Portfolio Manager for DC Solutions.

Rory Cummings, CFA
Rory Cummings, CFA

Principal and Portfolio Manager for PGIM Quantitative Solutions within Global Multi-Asset Team

|

PGIM Quantitative Solutions

Rory Cummings, CFA, is a Principal and Portfolio Manager for PGIM Quantitative Solutions working within the Global Multi-Asset Solutions team.

Marco Aiolfi, PhD
Marco Aiolfi, PhD

Managing Director and Head of PGIM Quantitative Solutions’ Multi-Asset team

|

PGIM Quantitative Solutions

Marco Aiolfi, PhD, is a Managing Director and Head of PGIM Quantitative Solutions’ Multi-Asset team.

Sharpe Ratio is a risk-adjusted measure using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the historical risk-adjusted performance. 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. Due to data availability, statistics may not be as of current reporting period.

Source: Benchmarks - Lipper Inc.; Statistics - Morningstar Inc.; Sector classification - S&P/MSCI. All other data from PGIM, Inc. (PGIM).

© 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.

BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves nor endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results obtained therefrom and, to the maximum extend allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC, a registered investment advisor. All are Prudential Financial affiliates. © 2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Quantitative 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.

4342642    Ed. 03/2025

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