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Overall Morningstar Rating TM
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 to provide capital appreciation and income by investing primarily in domestic real estate securities. The Fund may be appropriate for investors looking to increase overall portfolio diversification and take advantage of potential real estate opportunities in the United States. 

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: U.S. Real Estate
Total Net Assets: $146 Million
Dividends (Paid): Quarterly
Dividends (Accrued):
Capital Gains: Annually
Fund Statistics
AS OF 06/30/2025
Name
Weight
Avg Weighted Market Cap ($mil) 40,086.90
Beta (3 year) 1.04
Standard Deviation (3 year) 19.28
Turnover Ratio (12-month %) 118.00

Morningstar Ratings

AS OF 06/30/2025
Class A Shares
Overall (Out of 210 Funds)
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3-Year (Out of 210 Funds)
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5-Year (Out of 193 Funds)
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10-Year (Out of 149 Funds)
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Class C Shares
Overall (Out of 210 Funds)
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3-Year (Out of 210 Funds)
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5-Year (Out of 193 Funds)
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10-Year (Out of 149 Funds)
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Class R6 Shares
Overall (Out of 210 Funds)
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3-Year (Out of 210 Funds)
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5-Year (Out of 193 Funds)
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10-Year (Out of 149 Funds)
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Class Z Shares
Overall (Out of 210 Funds)
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3-Year (Out of 210 Funds)
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5-Year (Out of 193 Funds)
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10-Year (Out of 149 Funds)
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Source: Morningstar. Morningstar Ratings may be calculated based on share class adjusted historical returns. If so, the fund’s independent Morningstar Rating metric uses the fund’s oldest class to determine its hypothetical rating for certain periods. Morningstar Ratings are calculated for managed products with a 3-year minimum history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. Rating is calculated based on a Morningstar Risk-Adjusted Return measure accounting for variation in a managed product's monthly excess performance that emphasizes downward variations more and rewards consistent performance, with no sales load adjustment. In each category, the top 10% receive 5 stars, with 4 stars for the next 22.5%, 3 stars for the next 35%, 2 stars for the next 22.5%, and 1 star for the bottom 10%. Overall Morningstar Rating is derived from a weighted average of the performance associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics: for 36-59 months of total returns, 100% 3-year rating, for 60-119 months of total returns, 60% 5-year rating/40% 3-year rating, and for 120 or more months of total returns, 50% 10-year rating/30% 5-year rating/20% 3-year rating.

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 US Real Estate Fund (Class Z) Lipper total return ranking for the 1-, 3-, 5-, and 10-year periods as of 12/31/2024 for the Real Estate Funds category were: 11/215, 27/208, 9/197, and 5/150, 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: 18/211, 11/207, 6/195, and 5/151, 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 US Real Estate Fund (Class R6) total return ranking for the 1-year period: 13 out of 219 funds; 3-year period: 18 out of 212 funds as of 11/30/2024. Inception date: Class R6: 5/25/2017. 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 Estate Fund category were: 10/215, 26/208, and 8/197 funds, respectively. Past performance is no guarantee of future results.

Risks of investing in the fund include but are not limited to the following: 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. Real estate companies and Real estate investment trusts (REITS) may be leveraged, which increases risk. REIT performance depends on the strength of the real estate markets, REIT management and property management which can be affected by many factors, including national and regional economic conditions. 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. The Fund's concentration in certain securities may cause the Fund to be adversely affected by the performance of those securities. As a non-diversified fund, the Fund may not be invested all sectors, so losses in one sector or security will have a greater impact on performance. Value style investing may be out of favor for long periods of time, and the market may not recognize a security's intrinsic value for a long time or at all. 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 US Real Estate Fund.
See Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM US Real Estate Fund.

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

Fund Expenses
Maximum sales charge (%)
Class
Gross (%)
Net (%)
Date*
A 1.73 1.27 07/31/2026 5.50
C 3.21 2.02 07/31/2026 1.00
R6 1.01 1.01
Z 1.11 1.02 07/31/2026

*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 Real Estate Category Average: Real estate portfolios invest primarily in US real estate investment trusts of various types. Securities that these portfolios purchase include: debt securities, equity securities, convertible securities, and securities issued by real estate investment trusts and REIT-like entities. Some portfolios in this category also invest in real estate operating companies.

The Financial Times Stock Exchange National Association of Real Estate Investment Trusts (FTSE NAREIT) Developed Index is an unmanaged index which measures the performance of all real estate investment trusts listed on the New York Stock Exchange, the NASDAQ National Market, and the American Stock Exchange.

Source: FTSE International Limited (“FTSE”) © FTSE 2025. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. "FT-SE®", "FOOTSIE®" and "FTSE4GOOD®" are trade marks of the London Stock Exchange Group companies. "NAREIT®" is a trade mark of the National Association of Real Estate Investment Trusts ("NAREIT”) and "EPRA®" is a trade mark of the European Public Real Estate Association ("EPRA”) and all are used by FTSE International Limited ("FTSE”) under licence. The FTSE EPRA/NAREIT Developed Index is calculated by FTSE. Neither FTSE, Euronext N. V., NAREIT nor EPRA sponsor, endorse or promote this product and are not in any way connected to it and do not accept any liability. All intellectual property rights in the index values and constituent list vests in FTSE, Euronext N. V., NAREIT and EPRA. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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 15.03 Loss -0.15 -0.99 15.90 4,552,898.88
C 14.56 Loss -0.14 -0.95 1,516,488.08
R6 15.07 Loss -0.14 -0.92 112,247,465.66
Z 15.06 Loss -0.15 -0.99 83,858,998.92

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 16.76 11/27/2024 13.48 04/08/2025
C 16.23 11/27/2024 13.04 04/08/2025
R6 16.80 11/27/2024 13.51 04/08/2025
Z 16.80 11/27/2024 13.51 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 2.55 2.12
C - View Prospectus 1.93 1.11
R6 - View Prospectus 3.05 3.05
Z - View Prospectus 2.95 2.92

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

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.

*Diversified sector represents real estate companies that own properties across multiple sectors.

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 Real Estate is a unit of PGIM, a registered investment advisor. All are Prudential Financial affiliates. © 2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Real Estate, 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
95040Q104 Welltower Inc WELL 100,947.00 15,518,582.00 10.65
253868103 Digital Realty Trust Inc DLR 58,207.00 10,147,226.00 6.97
74340W103 Prologis Inc PLD 95,607.00 10,050,207.00 6.90
29444U700 Equinix Inc EQIX 10,609.00 8,439,141.00 5.79
297178105 Essex Property Trust Inc ESS 27,378.00 7,758,925.00 5.33
828806109 Simon Property Group Inc SPG 47,349.00 7,611,825.00 5.23
46284V101 IRON Mountain Inc IRM 62,219.00 6,381,802.00 4.38
008492100 Agree Realty Corp ADC 87,217.00 6,372,074.00 4.37
83192D402 Smartstop Self Storage Reit Inc SMA 143,791.00 5,209,547.00 3.58
398182303 American Healthcare Reit Inc AHR 136,622.00 5,019,492.00 3.45
26884U109 EPR Properties EPR 81,648.00 4,756,812.00 3.27
29476L107 Equity Residential EQR 70,389.00 4,750,553.00 3.26
78440X887 SL Green Realty Corp SLG 68,570.00 4,244,483.00 2.91
11120U105 Brixmor Property Group Inc BRX 148,005.00 3,854,050.00 2.65
29670E107 Essential Properties Realty Trust Inc EPRT 116,828.00 3,727,981.00 2.56
32054K103 First Industrial Realty Trust Inc FR 75,570.00 3,637,184.00 2.50
30225T102 Extra Space Storage Inc EXR 20,454.00 3,015,737.00 2.07
85254J102 STAG Industrial Inc STAG 80,304.00 2,913,429.00 2.00
554489104 Veris Residential Inc VRE 193,039.00 2,874,350.00 1.97
74460D109 Public Storage PSA 9,215.00 2,703,865.00 1.86
925652109 VICI Properties Inc VICI 79,597.00 2,594,862.00 1.78
42226K105 Healthcare Realty Trust Inc HR 134,271.00 2,129,538.00 1.46
63633D104 National Health Investors Inc NHI 29,779.00 2,088,103.00 1.43
637870106 National Storage Affiliates Trust NSA 62,178.00 1,989,074.00 1.37
867892101 Sunstone Hotel Investors Inc SHO 196,149.00 1,702,573.00 1.17
23128Q101 Curbline Properties Corp CURB 72,703.00 1,659,809.00 1.14
78377T107 Ryman Hospitality Properties Inc RHP 15,383.00 1,517,840.00 1.04
59522J103 Mid-america Apartment Communities Inc MAA 9,830.00 1,454,938.00 1.00
74440W862 (pipa070) Pgim Core Government Money Mar 4.42 12/01/2099 1,445,931.00 1,445,931.00 0.99
758849103 Regency Centers Corp REG 19,915.00 1,418,545.00 0.97
37954A204 Global Medical Reit Inc GMRE 196,218.00 1,359,790.00 0.93
91704F104 Urban Edge Properties UE 70,672.00 1,318,739.00 0.91
720190206 Piedmont Realty Trust Inc PDM 171,452.00 1,249,885.00 0.86
02665T306 American Homes 4 Rent AMH 31,420.00 1,133,319.00 0.78
444097109 Hudson Pacific Properties Inc HPP 378,399.00 1,036,813.00 0.71
756109104 Realty Income Corp O 13,209.00 760,970.00 0.52
101121101 BXP Inc BXP 7,797.00 526,063.00 0.36
CURRENCY Currency 475,494.00 475,494.00 0.33
554382101 Macerich Co/the MAC 25,839.00 418,075.00 0.29
902653104 UDR Inc UDR 9,770.00 398,909.00 0.27

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.

VISITOR agrees not to:

(a) Violate the restrictions in any robot inclusion headers on the Subscriber Web Site or in any way bypass or circumvent any other measure employed to limit or prevent access to the CUSIP Database on the Subscriber Web Site;

(b) Violate the security of the Subscriber Web Site or attempt to gain unauthorized access to the Web Site, CUSIP Database, materials, information, computer systems or networks connected to Subscriber server, through hacking, password mining or any other means; or

(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;

NEITHER CGS, ABA NOR ANY OF THEIR AFFILIATES MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY OF THE INFORMATION CONTAINED IN THE CUSIP DATABASE. ALL SUCH MATERIALS ARE PROVIDED TO VISITOR ON AN “AS IS” BASIS, WITHOUT ANY WARRANTIES AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE NOR WITH RESPECT TO THE RESULTS WHICH MAY BE OBTAINED FROM THE USE OF SUCH MATERIALS. NEITHER CGS, ABA NOR THEIR AFFILIATES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY FOR ANY ERRORS OR OMISSIONS NOR SHALL THEY BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT OR INDIRECT, SPECIAL OR CONSEQUENTIAL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL THE LIABILITY OF CGS, ABA OR ANY OF THEIR AFFILIATES PURSUANT TO ANY CAUSE OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EXCEED THE FEE PAID BY VISITOR FOR ACCESS TO SUCH MATERIALS IN THE MONTH IN WHICH SUCH CAUSE OF ACTION IS ALLEGED TO HAVE ARISEN. FURTHERMORE, CGS AND ABA SHALL HAVE NO RESPONSIBILITY OR LIABILITY FOR DELAYS OR FAILURES DUE TO CIRCUMSTANCES BEYOND THEIR CONTROL.

VISITOR agrees that the foregoing terms and conditions shall survive any termination of its right of access to the materials identified above.

ABOUT

PGIM Real Estate has been managing real estate assets since 1970 and is one of the largest real estate managers investing in both public and private real estate. PGIM Real Estate's scale as a manager of private real estate assets gives them a significant competitive advantage by giving them access to top industry leaders around the world. PGIM Real Estate also has vast resources on a global scale: They have more than 300 investment professionals located across the world, giving them a firm understanding of local economies and supply/demand characteristics to fully assess investment opportunities across the globe.

Rick Romano, CFA (Based in U.S.) and Daniel Cooney (Based in U.S.) are the portfolio managers for the PGIM US Real Estate Fund.

Rick Romano, CFA
Rick Romano, CFA

Managing Director and Head of Global Real Estate Securities (GRES)

|

PGIM Real Estate

Rick J. Romano, CFA, is a Managing Director and Head of Global Real Estate Securities (GRES) business.

Daniel Cooney
Daniel Cooney

Managing Director with PGIM Real Estate and Portfolio Manager for Global Real Estate Securities Business

|

PGIM Real Estate

Daniel Cooney is a Managing Director with PGIM Real Estate and a portfolio manager for the Global Real Estate Securities (GRES) business.

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. 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.; All other data from PGIM, Inc.

© 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 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 Real Estate is a unit of PGIM, a registered investment advisor. All are Prudential Financial affiliates. © 2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Real Estate, 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.

4353283    Ed. 03/2025

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