PGIM Floating Rate Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, PGIM Floating Rate Income Fund held 438 positions with $1.98B in net assets. Its ten largest holdings made up 12.5% of the fund. The FRFAX share class costs 1.01% a year. Over the 12 months to Jun 2026, FRFAX returned 5.2%, with dividends reinvested. In 2026 Q3 it added 130 new positions and exited 93.
The primary investment objective of the Fund is to maximize current income . Capital appreciation is a secondary investment objective , but only when consistent with the Fund's primary investment objective of seeking to maximize current income.
The fund invests at least 80% of assets in floating rate loans and other floating rate debt securities, which carry interest rates that adjust periodically based on a recognized base lending rate plus a premium. A subadviser manages the portfolio using top-down economic analysis and bottom-up research combined with proprietary quantitative models and risk management systems, evaluating issuers' financial health and expected total return alongside credit quality and spread. Most floating rate loans are senior in rank and often secured by collateral, giving holders priority claims in default or bankruptcy. The fund may invest up to 25% in foreign-domiciled borrowers and emerging market securities, holds no maturity or quality requirements, and may invest substantially in below-investment-grade or unrated senior loans.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
(PIPA070) PGIM Core Government Money Market Fund | 3.33% | $65.71M | — |
BANK OF NOVA SCOTIA (THE) 7.35% · due 2085-04-27 | 1.46% | $28.86M | — |
Brookfield Property Reit Inc 6.62% floating · due 2030-05-28 | 1.24% | $24.46M | — |
JP MORGAN CHASE & COMPANY 6.44% floating | 1.17% | $23.02M | — |
RAD CLO 19 LTD 5.63% floating · due 2038-03-22 | 1.02% | $20.07M | — |
BATTALION CLO XI LTD 5.42% floating · due 2034-04-24 | 1.01% | $20.02M | — |
Asurion LLC 7.41% floating · due 2033-02-23 | 0.94% | $18.54M | — |
TORONTO DOMINION BANK (THE) 7.25% · due 2084-07-31 | 0.84% | $16.57M | — |
CITIGROUP INC 6.95% | 0.80% | $15.71M | — |
WELLS FARGO & COMPANY 6.13% | 0.71% | $14.09M | — |
The 200 largest of 438 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Loans | 60.30% |
| Securitized | 21.02% |
| Bonds | 16.59% |
| Stocks | 1.64% |
| 2 smaller | 1.32% |
Look-through blends 2 underlying funds; 0.0% of NAV was not looked through and stays direct-classified. The blend is as of 2025Q4, one or more quarters before the direct holdings (2026Q2).
By sector
- Other
- 54.2%
- Securitized
- 13.2%
- International
- 11.6%
- Financials
- 8.6%
- 12 other sectors
- 12.4%
- Other
- 54.2%
- Securitized
- 13.2%
- International
- 11.6%
- Financials
- 8.6%
- Cash
- 5.6%
- Information Technology
- 2.0%
- Consumer Discretionary
- 0.8%
- Health Care
- 0.8%
- Materials
- 0.7%
- Government
- 0.7%
- Industrials
- 0.6%
- Utilities
- 0.5%
- Real Estate
- 0.4%
- Communication Services
- 0.2%
- Consumer Staples
- 0.1%
- Energy
- 0.1%
How it has done
FRFAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.72%. Past returns are a record, not a forecast.
Jul 2026 and Aug 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.01% | +5.22% | +25.06% | +30.75% | -1.50% | |
| 1.76% | +4.55% | +22.36% | +25.87% | -1.60% | |
| 0.76% | +5.49% | +26.01% | +32.37% | -1.44% | |
| 0.71% | +5.66% | +26.31% | +32.82% | -1.53% |
These classes hold the same portfolio, so the 6.94pp spread over 5 years is the cost difference between them — roughly 1.39pp a year — not a difference in what they own.
Fees & fund details
PGIM Floating Rate Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.71% – 1.76%· FRFAX 1.01%
- Portfolio turnover
- 53.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
130 new· the largest 8
93 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-29
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 86.7% |
| Fixed rate | 13.3% |
| Zero-coupon or unclassified | 0.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.4% |
| 1-3y | 15.5% |
| 3-5y | 22.6% |
| 5-10y | 36.3% |
| 10y+ | 18.8% |
| Unknown | 5.5% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Interest-rate moves barely touch this fund — but its credit exposure is real: a 100bp widening in credit spreads costs roughly 2.5%. Duration alone would have told you none of that.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 94% |
| Interest rates | 6% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.63 yr |
| High yield | +1.12 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.06 yr | 27% |
| 1 yr | 0.02 yr | 8% |
| 10 yr | 0.06 yr | 30% |
| 30 yr | 0.07 yr | 35% |
5 yr is NEGATIVE (-0.03 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.76 yr | 28% |
| 5 yr | 1.53 yr | 56% |
| 10 yr | 0.29 yr | 11% |
| 30 yr | 0.16 yr | 6% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.06 | +0.00 | +0.01 | $310 | $1.5k |
| 1 yr | +0.02 | +0.10 | +0.66 | $20.5k | $130.1k |
| 5 yr | -0.03 | +1.07 | +0.45 | $212.0k | $89.5k |
| 10 yr | +0.06 | +0.29 | +0.00 | $57.4k | $0 |
| 30 yr | +0.07 | +0.16 | +0.00 | $31.2k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 0.17 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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