Prudential Floating Rate Income Fund

Seeks to maximize current income by investing primarily in senior floating rate loans. The Fund may be suited to 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. If shown with sales charges, performance would have been lower. It is not possible to invest directly in an index. Click here to view benchmark index definitions.


Morningstar Ratings as of 10/31/2017

        4 stars
Class A , Q and Z Shares    

Morningstar Overall RatingTM out of 209 Bank Loan funds.
Morningstar measures risk-adjusted returns. The overall rating is a weighted average based on the Fund's 3-, 5-, and 10-year star rating.


Portfolio Attributes as of 10/31/2017

Credit Quality (% of Assets)
A
0.5 %
BBB
2.2
BB
29.4
B
64.7
CCC
2.7
CC
0.2
Not Rated
0.6
Cash/Equiv
-0.3
Largest Issuers (% of Assets)
BMC Software Finance
1.4 %
Avantor Performance Materials Holdings
1.0
Valeant Pharmaceuticals International
0.9
Rite Aid
0.9
Lightstone
0.8
Wengen Alberta
0.8
Community Health Systems
0.8
Argos Holdings
0.8
Scientific Games
0.7
Micro Focus International
0.7
Top Ten (of 400) 8.8
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.


Morningstar Ratings as of 10/31/2017

ClassOverall 3-Year5-Year
A4 stars
out of 209 funds
4 stars
out of 209 funds
4 stars
out of 160 funds
C2 stars
out of 209 funds
3 stars
out of 209 funds
2 stars
out of 160 funds
Q4 stars
out of 209 funds
5 stars
out of 209 funds
4 stars
out of 160 funds
Z4 stars
out of 209 funds
5 stars
out of 209 funds
4 stars
out of 160 funds

Source: Morningstar. The Morningstar Rating may not be calculated based on its share class adjusted historical returns. If so, this investment's independent Morningstar Rating metric uses the fund's oldest share class to determine its hypothetical rating for certain time periods. The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. 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 periods. 2017 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. Past performance does not guarantee future results.


Key Fund Details

 
ClassFund IDCusipTicker
A103474439V602FRFAX
C103574439V701FRFCX
Q112274439V883PFRIX
Z103674439V800FRFZX
 

 
Fund Statistics
Average Maturity (years)
5.4
Duration (years)
Standard Deviation (3 year)
2.52

 
 
Principal risks include: investing primarily in senior loans that are rated below investment grade; risk of investment in loans, where the Fund's ability to receive payments in connection with loans depends on the financial condition of the borrower (failure to receive such payments may reduce the value of the Fund's assets); fixed income instruments, which are subject to credit, market, and interest rate risk; interest rate risk, where the value will decline as interest rates rise; call and redemption risk, where the issuer may call a bond held by the Fund for redemption before it matures and the Fund may lose income; derivative securities, which may carry market, credit, and liquidity risks; high yield ("junk") bonds, which are subject to greater credit and market risks; foreign or non-U.S. securities, which are subject to the risks of currency fluctuation and political uncertainty; liquidity risk, which exists when particular investments are difficult to sell. The risks associated with the Fund are more fully explained in the prospectus and summary prospectus. Diversification does not assure a profit or protect against loss in declining markets. These risks may increase the Fund's share price volatility. There is no guarantee the Fund's objective will be achieved.

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.

Source: PGIM, Inc. (PGIM) and Lipper Inc. PGIM is a Prudential Financial company.

Class Q and Z shares may be available to group retirement plans and institutional investors through certain retirement, mutual fund wrap and asset allocation programs, and to institutions at an investment minimum of $5,000,000. 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 (PIMS) and member SIPC. PGIM Fixed Income is a unit of PGIM, a registered investment advisor. PIMS and PGIM are Prudential Financial companies. The Prudential logo and the Rock symbol 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 about managing or investing your retirement savings. Clients seeking information regarding their particular investment needs should contact a financial professional.

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.


Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. which is headquartered in the United Kingdom.


0246632-00021-00    Ed. 9/2017

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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. If shown with sales charges, performance would have been lower. Click here to view the most recent Monthly Performance.