PGIM Floating Rate Income Fund (FRFZX)
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.
MorningStar Rankings
Source: Morningstar. All rights reserved. Used with permission. Class Z shares inception: 3/30/2011. Morningstar rankings are based on total return, do not include the effects of sales charges, and are calculated against all funds in the Morningstar US Fund Nontraditional Bond category.
Past performance does not guarantee future results.
Seeks to maximize current income by investing primarily in senior floating rate loans. The Fund may be appropriate for investors seeking to enhance diversification away from traditional fixed income asset class.
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
Fund Statistics
|
Name
|
Weight
|
|---|---|
| Average Maturity (years) | 10.60 |
| Standard Deviation (3 year) | 2.91 |
Source: Morningstar. The Morningstar Rating may be calculated based on its share class adjusted historical returns. If so, the fund’s independent Morningstar Rating metric uses its oldest class to determine its hypothetical rating for certain periods. The Fund’s Overall, 3-, 5-, and 10-year Star Ratings/Fund are, if applicable: 4/212.0, 4/212.0, 4/201.0 and 4/173.0, respectively. Morningstar Ratings are calculated for managed products with a 3-year minimum history. Comparatively, exchange-traded funds and open-ended mutual funds are considered a single population. 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 consistency, 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. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating period
Risks of investing in the fund include but are not limited to the following: Fixed Income investments are subject to credit, market, prepayment and interest rate risks, and their value will decline as interest rates rise. High yield ("junk") bonds are subject to greater credit and market risks. Floating rate and other loans are subject to the risk that failure to receive scheduled interest or principal payments on a loan would adversely affect the income of the Fund and would likely reduce the value of its assets. The Fund’s investments in loans may subject it to additional illiquidity risks. Leveraging techniques may magnify loses. Foreign securities are subject to currency fluctuations and political uncertainty. Derivatives may carry market, credit and liquidity risks. There is no guarantee the Fund's objective will be achieved. Risks are more fully explained in the fund's prospectus.
- Monthly & Quarterly Performance
- Prices & Yields
Total Returns (%)
| 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 Floating Rate Income Fund.
See Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM Floating Rate Income Fund.
See Daily Returns for the PGIM Floating Rate Income Fund.
See Quarterly SEC Standardized Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM Floating Rate Income Fund.
|
Fund Expenses
|
Maximum Sales Charge (%)
|
|||
|---|---|---|---|---|
|
Class
|
Gross (%)
|
Net (%)
|
Date*
|
|
| A | 1.20 | 1.10 | 06/30/2026 | 2.25 |
| C | 1.96 | 1.85 | 06/30/2026 | 1.00 |
| R6 | 0.85 | 0.80 | 06/30/2026 | — |
| Z | 0.97 | 0.85 | 06/30/2026 | — |
The Adjusted Expense Ratio excludes expenses from certain investments such as interest expense from borrowings and repurchase agreements. The Fund’s Adjusted Expense Ratio by share class: A 0.95%, C 1.70%, Z 0.70%, R6 0.65%.
*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 Bank Loan Category Average: Bank-loan portfolios primarily invest in floating-rate bank loans and floating-rate below investment- grade securities instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmarks such as Libor or SOFR.
An investment cannot be made directly in an index or average. All indexes and averages are unmanaged.
Prices
|
Class
|
NAV ($)
|
NAV Change ($)
|
NAV Change (%)
|
POP ($)
|
Total Net Assets ($)
|
|---|---|---|---|---|---|
| A |
+8.89
|
+0.01
|
+0.11
|
9.09 | 213,001,631.97 |
| C |
+8.89
|
N/C 0.00 | N/C 0.00 | — | 41,595,041.47 |
| R6 |
+8.90
|
+0.01
|
+0.11
|
— | 208,340,562.94 |
| Z |
+8.89
|
N/C 0.00 | N/C 0.00 | — | 1,740,203,343.79 |
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 $U.S. value over the previous day:
= Gain, 
= Loss, 
= No Change.
See Prices of other PGIM Investments Mutual Funds.
52 Week High/Low
|
Class
|
52 Week High ($)
|
52 Week High Date
|
52 Week Low ($)
|
52 Week Low Date
|
|---|---|---|---|---|
| A | 9.15 | 02/19/2025 | 8.77 | 04/07/2025 |
| C | 9.15 | 02/19/2025 | 8.78 | 04/11/2025 |
| R6 | 9.16 | 02/19/2025 | 8.78 | 04/07/2025 |
| Z | 9.16 | 02/19/2025 | 8.78 | 04/07/2025 |
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
| 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 | 5.89 | 5.77 | 6.13 | 6.27 | — |
| C - View Prospectus | 5.26 | 5.11 | — | 5.52 | — |
| R6 - View Prospectus | 6.33 | 6.26 | — | 6.57 | — |
| Z - View Prospectus | 6.28 | 6.13 | — | 6.52 | — |
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 Summary
- Complete Holdings
Portfolio Attributes
Sector Breakdown (% of Assets)
|
Sector Breakdown
|
% of Assets
|
|---|---|
| Bank Loans | 62.3% |
| ABS | 20.0% |
| Corporates | 16.2% |
| Commercial MBS | 1.4% |
| Non Agency MBS | 0.9% |
| U.S. Govt Related | 0.8% |
| Emerging Markets | 0.2% |
| Other | 0.1% |
| Cash/Equiv | -1.7% |
Largest Industries (% of Assets)
|
Industry
|
Fund (% of Assets)
|
|---|---|
| Banking | 10.9% |
| Technology | 8.3% |
| Consumer Non-Cyclical | 7.5% |
| Health Care & Pharmaceutical | 6.0% |
| Chemicals | 4.3% |
| Gaming & Lodging & Leisure | 4.0% |
| Paper & Packaging | 3.2% |
| Transportation & Environmental Services | 3.2% |
| Capital Goods | 3.2% |
| REIT | 2.6% |
Credit Quality (% of Assets)
|
Credit Quality
|
% of Assets
|
|---|---|
| AAA | 1.9% |
| AA | 18.8% |
| A | 1.9% |
| BBB | 11.6% |
| BB | 19.7% |
| B | 39.6% |
| CCC | 3.1% |
| Not Rated | 5.2% |
| Cash/Equiv | -1.7% |
Top 10 Corporate issuers (% of Assets)
| CitiGroup | 2.8% |
|---|---|
| Toronto-Dominion Bank | 1.7% |
| Goldman Sachs | 1.7% |
| Brookfield | 1.5% |
| Bank of Nova Scotia | 1.5% |
| JPMorgan Chase | 1.1% |
| Royal Bank of Canada | 1.0% |
| Lumen Technologies | 1.0% |
| Pegasus Holdings | 0.9% |
| Lonestar Intermediate | 0.9% |
FUND STATISTICS
| Average Maturity (years) | 10.6 |
| Standard Deviation (3 year) | 2.91 |
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 exclude cash, cash equivalents, money market funds and enhanced cash strategies. Totals may not sum due to rounding. Negative holdings reflect outstanding trades at period end.
Fund Holdings
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.
© 2026, 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 Fixed Income is a unit of PGIM, Inc., 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. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates. ©2026 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Fixed Income, PGIM Limited, 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.
5044609 Ed. 12/2025
| Security ID# (CUSIP/SEDOL) | Security Description | Ticker Symbol | Coupon Rate | Maturity Date | Shares/Notional | Value ($) | % of Portfolio |
|---|
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ABOUT
PGIM Fixed Income, with $906 billion in assets under management as of September 30, 2025, is a global asset manager offering active solutions across all fixed income markets. The company has offices in Newark, N.J., London, Tokyo and Singapore. At PGIM Fixed Income we believe that research-driven security selection is the most consistent strategy for adding value to client portfolios. The firm complements that base strategy with active sector rotation, duration management, and superior trade execution. Risk budgeting is central to this approach. PGIM Limited is also a subadvisor on this fund. 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.
Brian Juliano, Parag Pandya, Robert Cignarella, Robert Meyer and Michael Haigh of PGIM Fixed Income are primarily responsible for management of the PGIM Floating Rate Income Fund.
Brian Juliano
Managing Director and Head of the U.S. Leveraged Loan Team
Brian Juliano is a Managing Director and Head of the U.S. Leveraged Loan Team for PGIM Fixed Income.
Robert Cignarella, CFA
Managing Director and Head of U.S. High Yield for PGIM Fixed Income
Robert Cignarella, CFA, is a Managing Director and Head of U.S. High Yield for PGIM Fixed Income.
Parag Pandya, CFA
Principal and Portfolio Manager for PGIM Fixed Income's U.S. Leveraged Loan Team
Parag Pandya, CFA, is a Principal and portfolio manager for PGIM Fixed Income's U.S. Leveraged Loan Team.
Robert Meyer, CFA
Principal for PGIM Fixed Income's U.S. Leveraged Loan Team
Public & Private Fixed Income
Robert Meyer, CFA, is a Principal for the PGIM Fixed Income's U.S. Leveraged Loan Team.
Michael Haigh, CFA
Principal and Portfolio Manager for PGIM Fixed Income's U.S. Leveraged Loan Team
Public & Private Fixed Income
Michael Haigh, CFA, is a Principal and Portfolio Manager for PGIM Fixed Income's U.S. Leveraged Loan Team.
Average Maturity is the average time to maturity for a bond. Credit quality is calculated using the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s, S&P, or Fitch. The Not Rated category consists of securities that have not been rated by an NRSRO. Duration measures investment risk that takes into account both a bond's interest payments and its value to maturity. 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 the 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.
© 2026 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.
The S&P UBS Leveraged Loan Index is unmanaged and represents the investable universe of the dollar-denominated leveraged loan market. An investment cannot be made directly in an index.
The S&P UBS Leveraged Loan Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM Investments. Copyright © 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC.
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 Fixed Income is a unit of PGIM, Inc., 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. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates. ©2026 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Fixed Income, PGIM Limited, 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.
4926861 Ed. 10/2025
Fund Literature
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