PGIM Real Assets Fund

C000094730 Fund Overview

PGIM Real Assets Fund is a US mutual fund managed by Prudential Investment Portfolios 3, categorised as United States Blend / Core Financials Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Prudential Investment Portfolios 3
• Category: United States Blend / Core Financials Equity
• Assets under management: $40.26M
• SEC CIK: 0001104631
• SEC series ID: S000030542
• Share class ID: C000094730

C000094730 Investment Objective and Strategy

PGIM Real Assets Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Prudential Investment Portfolios 3.

Investment objective

The investment objective of the Fund is to seek long-term real return .

Principal investment strategy

The Fund seeks to achieve its investment objective by investing primarily in real assets that may perform well in periods of high inflation. Real return is the rate of return after adjusting for inflation. The Fund invests in real assets through its investments within the following asset classes: commodities; domestic and international real estate; utilities/infrastructure; natural resources; master limited partnerships (MLPs); fixed income instruments; and gold/defensive. The Fund gains exposure to the real asset classes by investing in varying combinations of other Prudential mutual funds (the Underlying Prudential Funds); the Cayman Subsidiary; and direct investments in securities (such as equity and equity-related securities, including common stock, convertible securities, nonconvertible preferred stock, American Depositary Receipts, warrants and other rights that can be exercised to obtain stock, preferred stocks, exchange-traded funds (ETFs), notes and bonds and certain financial and derivative instruments, including futures).

The Fund is non-diversified, which means it may invest in a smaller number of issuers than a diversified fund. The Funds asset allocation strategy is determined by Quantitative Management Associates LLC (QMA), one of the Funds subadvisers. QMA utilizes a dynamic asset allocation strategy among the real asset classes to seek to provide attractive risk adjusted real return. QMA utilizes a dynamic asset allocation process that makes tactical allocation decisions based on portfolio management judgment which incorporates factors such as current market and economic conditions, risk, and valuation. This analyzes the momentum of asset class prices, their volatility and their correlations to each other and adapts the asset class allocations to reflect the current market environment. Finally, QMAs portfolio managers overlay their judgment over the analysis to incorporate data and information that they believe may also impact future asset class returns.

QMA may tactically adjust the asset allocation ranges among the real asset classes within the following approximate ranges: commodities (0% to 50%), real estate (0% to 50%), utilities/infrastructure (0% to 40%), natural resources (0% to 40%), fixed income (0% to 60%), MLPs (0% to 20%), and gold/defensive (0% to 40%). Additionally, the Funds investments in the Underlying Prudential Funds may range from 0% to 100% of the Funds assets. As of October 31, 2017, the Funds assets were allocated approximately to each asset class as follows: commodities (15.48%), real estate (24.65%), utilities/infrastructure (13.36%), natural resources (11.30%), fixed income (26.18%), MLPs (5.24%), and gold/defensive (3.79%). IMPORTANT NOTE: The Funds Board of Trustees recently approved QMA to replace CoreCommodity Management LLC (CoreCommodity) as a subadviser to the Funds commodity asset class.

This change is expected to become effective on or about April 2, 2018. The following Commodity Asset Class disclosure is effective until on or about April 2, 2018: Commodity Asset Class. The Fund gains exposure to the commodities asset class through investment of the Funds assets directly or in the Cayman Subsidiary. The manager has retained CoreCommodity to serve as subadviser for the commodity asset class. Their strategy (the Founders Blend Strategy) seeks to generate returns over time in excess of the Bloomberg Commodity Index, which is a broadly diversified index composed of future contracts on physical commodities. Techniques that may be utilized by the Founders Blend Strategy include the selection of commodity futures contracts with expiration dates different from the expiration dates of the comparable futures contracts that comprise benchmark indexes and the over-weighting or under-weighting of certain commodity futures contracts relative to their weights in benchmark indexes.

The Fund gains exposure to the commodity markets primarily through exchange-traded futures on commodities held by the Cayman Subsidiary. The Fund may invest up to 25% of the Funds total assets in the Cayman Subsidiary. The Cayman Subsidiary may invest in commodity investments without limit. The Fund invests in the Cayman Subsidiary in order to gain exposure to commodities within the limitations of the federal tax law requirements applicable to regulated investment companies such as the Fund. The Cayman Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies and procedures, as the Fund. The Fund and the Cayman Subsidiary will test for compliance with certain investment restrictions and limitations on a consolidated basis. If QMA, as asset allocator, directs more than approximately 25% of the Funds total assets to the commodity asset class, then CoreCommodity may invest the Funds assets directly.

The Fund may obtain exposure to commodity markets by investing directly in commodity-linked structured notes (CLNs), ETFs and exchange traded notes (ETNs) whose returns are linked to commodities or commodity indices within the limits of applicable tax law. The following Commodity Asset Class disclosure is effective beginning on or about April 2, 2018: Commodity Asset Class. The Fund gains exposure to the commodities asset class through investment of the Funds assets directly or in the Cayman Subsidiary. The manager has retained QMA to serve as subadviser for the commodity asset class. Their strategy seeks to generate returns over a market cycle in excess of the Bloomberg Commodity Index using a systematic, factor-based investment process. The Fund gains exposure to the commodity markets primarily through exchange-traded futures on commodities held by the Cayman Subsidiary.

The Fund may invest up to 25% of the Funds total assets in the Cayman Subsidiary. The Cayman Subsidiary may invest in commodity investments without limit. The Fund invests in the Cayman Subsidiary in order to gain exposure to commodities within the limitations of the federal tax law requirements applicable to regulated investment companies (RICs) such as the Fund. The Cayman Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies and procedures, as the Fund. The Fund and the Cayman Subsidiary will test for compliance with certain investment restrictions and limitations on a consolidated basis. If QMA, as asset allocator, directs more than approximately 25% of the Funds total assets to the commodity asset class, then QMA may invest the Funds assets directly.

The Fund may obtain exposure to commodity markets by investing directly in commodity-linked structured notes (CLNs), ETFs and exchange traded notes (ETNs) whose returns are linked to commodities or commodity indices within the limits of applicable tax law. Segregation of Assets . As an open-end investment company registered with the Securities and Exchange Commission (SEC), the Fund is subject to the federal securities laws, including the Investment Company Act of 1940, as amended (the 1940 Act), the rules thereunder, and various interpretive positions of the SEC and the staff of the SEC. In accordance with these laws, rules and positions, the Fund must set aside unencumbered cash or liquid securities, or engage in other measures, to cover open positions with respect to certain kinds of derivative instruments.

This practice is often referred to as asset segregation. In the case of futures contracts that are not contractually required to cash settle, for example, the Fund must set aside liquid assets equal to such contracts full notional value while the positions are open, except as described below. With respect to futures contracts that are contractually required to cash settle, however, the Fund is permitted to set aside liquid assets in an amount equal to the Funds daily mark-to-market net obligations (i.e., the Funds daily net liability) under the contracts, if any, rather than such contracts full notional value. Futures contracts and forward contracts that settle physically will be treated as cash settled for asset segregation purposes when the Fund has entered into contractual arrangements with third party futures commission merchants or other counterparties or brokers that provide for cash settlement of these obligations.

The Fund reserves the right to modify its asset segregation policies in the future to comply with any changes in the positions from time to time articulated by the SEC or its staff regarding asset segregation. The Fund generally will use its unencumbered cash and cash equivalents to cover its obligations as required by the 1940 Act, the rules thereunder, and applicable SEC and SEC staff interpretive positions. The manager and the subadviser will monitor the Funds use of derivatives or other investments that require asset segregation and will take action as necessary for the purpose of complying with the asset segregation policy stated above. Such actions may include the sale of the Funds portfolio investments. Real Estate, Utilities/Infrastructure, Natural Resources, MLPs, and Fixed Income Asset Classes.

The Fund invests in the shares of the named Underlying Prudential Funds to obtain exposure to the real asset classes as noted: real estate (Prudential US Real Estate Fund, Prudential Global Real Estate Fund, Prudential Select Real Estate Fund and/or Prudential Real Estate Income Fund), utilities/infrastructure (Prudential Jennison Global Infrastructure Fund and/or Prudential Jennison Utility Fund), natural resources (Prudential Jennison Natural Resources Fund), and MLPs (Prudential Jennison MLP Fund). For the fixed income asset class, QMA may select from the following Underlying Prudential Funds to obtain fixed income exposure in addition to the direct investments made in the fixed income asset class, as further described below: Prudential Short-Term Corporate Bond Fund, Prudential Absolute Return Bond Fund, Prudential Short Duration High Yield Income Fund and Prudential Floating Rate Income Fund.

Each Underlying Prudential Fund invests primarily in securities or other instruments suggested by such Underlying Prudential Funds name. Each Underlying Prudential Fund is managed by PGIM Investments LLC. Each of the Underlying Prudential Funds that may be used in the fixed income asset class is subadvised by PGIM Fixed Income, a business unit of PGIM, Inc. (PGIM). The Prudential US Real Estate Fund, the Prudential Global Real Estate Fund, the Prudential Select Real Estate Fund and the Prudential Real Estate Income Fund are each subadvised by PGIM Real Estate, a business unit of PGIM. The Prudential Jennison Utility Fund, the Prudential Jennison Natural Resources Fund and the Prudential Jennison MLP Fund are each subadvised by Jennison Associates LLC. More detailed information appears in the section entitled More About the Funds Principal and Non-Principal Investment Strategies, Investments and Risks.

The Fund invests in the Class Q shares of the named Underlying Prudential Funds. If any Underlying Prudential Fund does not offer Class Q shares, the Fund will invest in Class Z shares of such Underlying Prudential Fund. Fixed Income Asset Class. In addition to the Underlying Prudential Funds noted above, the Fund invests directly in inflation-indexed bonds issued by the US Government, its agencies and instrumentalities, consisting principally of US Treasury Inflation-Protected Securities (referred to herein collectively as TIPS). PGIM Fixed Income manages the Funds direct assets that are allocated to this asset class, and serves as the subadviser to each of the Underlying Prudential Funds that are investment options for this asset class. For its direct investments, PGIM Fixed Income utilizes a conservative, quantitatively-driven strategy that seeks minimal risk versus the Bloomberg Barclays US Treasury Inflation Protected Index, while attempting to capture excess return through security selection.

C000094730 Holdings

Top 9 holdings of PGIM Real Assets Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000094730 holdings

C000094730 Portfolio Allocation

Asset-class allocation of PGIM Real Assets Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000094730 Costs and Fees

C000094730 costs about $220 per $10,000 invested per year in fund expenses.

• Net expense ratio: 2.20%
• Gross expense ratio: 5.06%
• Portfolio turnover: 41%
• Brokerage commissions: 0.05 bps of average net assets (SEC N-CEN)

C000094730 Cashflows

Over the 12 months to 2026-04, PGIM Real Assets Fund had net outflows of $43.86M, from monthly SEC N-PORT filings.

C000094730 Debt Constituents

No individual debt constituents are reported in PGIM Real Assets Fund's latest SEC N-PORT filing.

C000094730 Prospectus and SEC Filings

Official PGIM Real Assets Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-02-18
• Prospectus (485BPOS) — filed 2025-02-13
• Prospectus (485BPOS) — filed 2024-02-15
• Portfolio holdings (N-PORT) — filed 2026-09-29
• Portfolio holdings (N-PORT) — filed 2026-06-26
• Portfolio holdings (N-PORT) — filed 2026-03-31
• Annual census (N-CEN) — filed 2026-01-13
• Annual census (N-CEN) — filed 2025-01-14

Related Funds

Other United States Blend / Core Financials Equity funds tracked on ABC INVEST:

• Alternative Asset Allocation Fund (JAAAX)
• NYLI Hedge Multi-Strategy Tracker ETF (QAI)
• Invesco Financial Preferred ETF (PGF)
• The Brinsmere Fund - Growth ETF (TBFG)
• GuidePath Flexible Income Allocation Fund (GPIFX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.