Prudential Global Real Estate Fund
      4 stars
Class A , B and C Shares    
   5 stars
Class Z Shares    

Morningstar Overall RatingTM out of 160 Global Real Estate funds, as of 6/30/2013.
Morningstar measures risk-adjusted returns. The overall rating is a weighted average based on the Fund's 3-, 5-, and 10-year star rating.


Seeks to provide capital appreciation and income by investing primarily in domestic and international real estate securities. May be suited to investors looking to increase overall portfolio diversification and take advantage of potential real estate opportunities anywhere in the world.

See quarterly PDF version of this Fund Fact Sheet.
PerformanceFund Facts
& Holdings
Fund ManagersProspectus, Shareholder
Reports, & Sales
Load Breakpoints
Stylebox - Global Real Estate
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. Maximum sales charges: Class A, 5.5%; Class B, 5.0%; and Class C, 1.0%.

Average Annual Total Returns

Total Returns
(with sales charge)
as of 7/31/2013
Total Returns
(without sales charge)
as of 7/31/2013
Lipper Global Real Estate Funds Average as of 7/31/2013 S&P Developed BMI Property Net Index as of 7/31/2013
Class ABCRZABCRZ
Year-to-Date2.932.512.512.813.102.273.90
1-Year5.325.659.6511.2111.7611.4510.6510.6511.2111.7611.5012.04
3-Year10.0210.5311.3411.9112.4512.1211.3411.3411.9112.4511.1012.84
5-Year3.754.044.214.745.254.934.214.214.745.254.234.39
10-Year9.899.719.7110.8210.519.719.7110.828.779.70
Since Incpt.8.788.398.393.559.489.198.398.393.559.487.31

See Daily Returns and Quarterly SEC Standardized Performance.

See Calendar Year Performance for the Prudential Global Real Estate Fund.

Total return describes the return to the investor after net operating expenses but before any sales charges are imposed. Lipper 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, Lipper averages and index returns reflect performance beginning the closest month-end date to the Fund's inception. Benchmark since inception average is based on Class A 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.

Lipper Global Real Estate Funds Average includes funds that invest at least 25% but less than 75% of their equity portfolio in shares of companies engaged in the real estate industry that are strictly outside of the US or whose securities are principally traded outside of the US. The S&P Developed BMI Property Net Index is weighted and comprised of public real estate companies that meet certain free-float market capitalization, trading volume, and other criteria with dividends reinvested after tax. An investment cannot be made directly in an index or an average. All indexes and averages are unmanaged.

Inception: Class A, B, C, and Z, 5/5/1998; Class R, 6/13/2008.

Morningstar Ratings as of 6/30/2013

ClassOverall 3-Year5-Year10-Year
A4 stars
out of 160 funds
3 stars
out of 160 funds
3 stars
out of 133 funds
4 stars
out of 26 funds
B4 stars
out of 160 funds
3 stars
out of 160 funds
3 stars
out of 133 funds
4 stars
out of 26 funds
C4 stars
out of 160 funds
3 stars
out of 160 funds
3 stars
out of 133 funds
4 stars
out of 26 funds
R3 stars
out of 160 funds
4 stars
out of 160 funds
3 stars
out of 133 funds
4 stars
out of 26 funds
Z5 stars
out of 160 funds
4 stars
out of 160 funds
4 stars
out of 133 funds
5 stars
out of 26 funds

The Morningstar Rating may not be customarily calculated based on adjusted historical returns. If so, this investment's independent Morningstar Rating metric is compared against the retail mutual fund universe breakpoints to determine its hypothetical rating for certain time periods. Other share classes may have different performance characteristics. Past performance does not guarantee future results. For each fund with at least a 3-year history, Morningstar calculates a Morningstar rating (based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star (each share class is rated separately, which may cause slight variations in the distribution percentages). The Fund was rated against U.S.-domiciled funds. ©2013 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (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.


Fund Facts & Holdings


Objective: Capital Appreciation and Income. There is no guarantee the Fund's objective will be achieved.

Dividends: Paid quarterly, if any.

Capital Gains: Paid annually, if any.

See Dividend and Capital Gains Distributions .

See most recent complete Portfolio Holdings list.

The following information is as of 6/30/2013 and is subject to change.

Total Net Assets:
$2.335 Billion

Largest Stock Holdings (% of Assets)
Simon Property4.8 %
Mitsubishi Estate3.6
Mitsui Fudosan3.0
Public Storage2.8
Prologis2.6
Health Care REIT2.4
Sun Hung Kai Properties2.3
Ventas2.1
Unibail-Rodamco2.0
Westfield Group Australia2.0
Top Ten (of 134) 27.6%

Sector Breakdown (% of Assets)
Diversified29.8 %
Retail Property23.5
Office Space12.0
Residential10.5
Industrial Property6.1
Healthcare Property6.1
Storage Property4.8
Hotel/Resort & Entertainment4.4
Cash & Equivalents2.8

Geographic Concentration (% of Assets)
United States47.9 %
Japan16.1
Hong Kong9.0
Australia6.9
United Kingdom4.0
France3.7
Singapore3.2
Canada1.7
Other4.7
Cash & Equivalents2.8


Fund Statistics
Average Weighted Market Cap ($mil)17,058.9
Beta (3 year)1.02
Standard Deviation (3 year)17.70
Turnover Ratio (12-month %)20
All data is unaudited and subject to change. Holdings/sectors may vary. This is not a recommendation to buy or sell any security listed.

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. The Fund may have additional risks due to its narrow focus; is nondiversified, so a loss resulting from a particular security or sector will have a greater impact on the Fund’s return; derivative securities, which may carry market, credit, and liquidity risks; and invests in foreign securities, which are subject to currency fluctuation and political uncertainty. These risks may increase the Fund’s share price volatility. There is no guarantee the Fund’s objective will be achieved.

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 is the rate of trading in a portfolio, higher values imply more frequent trading. Beta is benchmarked against the S&P/Citigroup BMI World Property Index which is a broad market index of more than 400 companies from 21 countries, and is available for a wide range of regions (including ex-U.S.) as well as by country. An investment cannot be made directly in an index. Due to data availability, statistics may not be as of current reporting period.

Source: Prudential Investment Management, Inc. (PIM), Prudential Real Estate Investors, and Lipper Inc. PIM and PREI ® are both Prudential Financial companies.

Fund Managers



Prudential Real Estate Investors, or PREI, 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. PREI'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. PREI also has vast resources on a global scale: With more than 200 investment professionals located in 14 countries, they have a firm understanding of local economies and supply/demand characteristics, giving them keen insight to fully assess investment opportunities across the globe.

Marc Halle, Rick Romano, Gek Lang Lee, and Michael Gallagher are the portfolio managers for the Prudential Global Real Estate Fund.


Marc HalleMarc Halle is a Managing Director for Prudential Real Estate Investors, where he is the Senior Portfolio Manager for all global real estate securities funds and investments. Marc is also a member of the Prudential Real Estate Investors US Executive Management Committee. Marc’s investment career includes experience in real estate capital markets, securities, development, acquisition, and finance. Marc joined Prudential in 1999 from Alpine Management & Research, LLC, where he was the chief operating officer and portfolio manager for US and global real estate securities funds. Prior to forming Alpine, he was the senior real estate analyst and associate portfolio manager with Evergreen Asset Management, Inc., where he was jointly responsible for research, investment analysis, and portfolio recommendations for all real estate securities. Previously, Marc was senior vice president of W & M Properties, Inc., a national real estate investment firm. He serves on the Board of Directors of several privately held companies. He is also a member of the National Association of Real Estate Investment Trusts (NAREIT), and is affiliated with the International Council of Shopping Centers (ICSC). In January 2011, Marc was featured in both The Wall Street Journal and SmartMoney magazine and named as one of “America’s Best Mutual Fund Managers” for long-term consistent performance. SmartMoney selected The Prudential Global Real Estate Fund the top fund out of 12 global real estate funds for 2011 based on managers’ experience, fund expenses, and 5-year performance (through 11/30/2010) as measured by Morningstar.  Marc also has been widely quoted in the financial media including CNBC, Fox Business Channel, The Wall Street Journal, SmartMoney, Forbes, and Barron’s. He holds an M.B.A. in finance from New York University’s Executive M.B.A. Program and a B.S., magna cum laude, from Tufts University College of Engineering.
Rick J. RomanoRick J. Romano, CFA, is a Principal for PREI. He is responsible for management of the group's U.S. public securities investments. He joined Prudential in 1998 from Rockefeller & Co., an investment management firm for the Rockefeller family and other high net worth clients. At Rockefeller & Co., he was an equity analyst for three investment partnerships totaling over US$4.0 billion in publicly traded securities. He was responsible for covering real estate and leisure stocks globally, and served as a generalist covering domestic equity securities. Prior to joining Rockefeller & Co., Rick was a senior investment analyst at the Prudential Realty Group where he worked on the valuation, asset management, and portfolio management of a US$1.0 billion equity hotel portfolio. He currently serves on the boards of several private real estate companies. He is also a member of the CFA Institute, the New York Society of Security Analysts, and NAREIT. Rick received a B.A. from Rutgers College and an M.B.A. in Finance from New York University's Stern School of Business. In addition, he is a CFA charter holder.
Gek Lang LeeGek Lang Lee, CFA, is a Principal and Portfolio Manager for PREI. She joined Prudential in June 2007 from Moon Capital LLC, where she was the global real estate sector head responsible for managing a portfolio of real estate stocks spanning Asia and Latin America. She joined Moon Capital in July 2005. She joined UBS AG in 1998 to head the Singapore equities research team where she was also the Singapore strategist and property analyst. Gek was credited with building the Singapore institutional research team. She also assisted the UBS investment banking team with REITs listings in Singapore. She was also head of Singapore equities at Indosuez W.I. Carr, as well as in charge of regional real estate research at the firm. She joined W.I. Carr in 1992. Prior to that, Gek worked as a real estate analyst at Phillip Securities. She joined Phillip Securities in 1990. Gek, who is based in Asia, holds a Bachelor of Science degree from the National University of Singapore and is a CFA charter holder.
Michael GallagherMichael Gallagher is a Director for Prudential Real Estate Investors based in London.  He is the Portfolio Manager for the European real estate securities.  Mr. Gallagher has been working in the public securities market for over 13 years and specifically within real estate for 8 years.  Prior to joining Prudential, Mr. Gallagher was the Assistant Fund Manager for Global Real Estate Securities at Aviva Investors (London) where he was responsible for portfolio construction and stock selection of European real estate securities.

Prior to Aviva, Mr. Gallagher was a Vice President of Citigroup (London) where he covered diversified financials and the real estate sector.  At Citigroup, Mr. Gallagher was responsible for modeling and research for companies under his coverage.  Mr. Gallagher came to Citigroup from Deutsche Bank (London /Frankfurt) where he was a pan European equity analyst covering bank stocks and diversified German companies. Mr. Gallagher holds a B.A. in Economics from Harvard University, magna cum laude and was the recipient of the Harvard College Scholarship.  Mr. Gallagher also holds a M.A. in International Political Economy from Cornell University where he was awarded the Mellon Foundation Scholarship. Mr. Gallagher speaks several languages including English (native), German, French, Italian and Portuguese.



Class Z shares are available to institutional investors through certain retirement, mutual fund wrap and asset allocation programs, and to institutions at an investment minimum of $10,000,000. Performance by share class may vary. Other share classes, which contain either a sales load or a contingent deferred sales charge, are also available. These expenses could lower total fund return. Please see the prospectus for additional information about fees, expenses and investor eligibility requirements.
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.
Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. Prudential Investments, Prudential, the Prudential logo, the Rock symbol, and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. which is headquartered in the United Kingdom.
Mutual funds are not insured by the FDIC or any federal government agency, are not a deposit of or guaranteed by any bank or any bank affiliate, and may lose value.
0236085-00012-00    Ed. 7/2013