FRFAX Fees and Costs — PGIM Floating Rate Income Fund, Class A
Data updated: 2026-07-27
The net expense ratio is 1.01%: a 0.65% management fee, a 0.25% 12b-1 fee plus 0.21% other expenses, less a 0.10% fee waiver. This share class carries a maximum front-end sales load of 2.25% and a deferred sales charge of up to 1.00%. In fiscal 2026 the fund paid $42K in broker commissions, 0.0018% of average net assets, and portfolio turnover was 53%.
FRFAX Fees and Expenses
Annual operating expenses and sales charges of FRFAX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.21% |
| Gross expense ratio | 1.11% |
| Fee waiver | −0.10% |
| Net expense ratio | 1.01% |
| Sales charges | |
|---|---|
| Max front load | 2.25% |
| Max deferred load | 1.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
FRFAX Costs Over Time
On $10,000 invested in FRFAX, assuming 5% a year before costs, total costs come to $906 over 5 years, cutting the return by 1.53% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $327 | $225 | $225 |
| Fund expenses (net expense ratio 1.01%) | $104 | $323 | $561 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $11 | $52 | $119 |
| Total costs | $442 | $600 | $906 |
| Value after costs | $10,058 | $10,976 | $11,857 |
| Impact on return, per year | 4.42% | 1.85% | 1.53% |
FRFAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0018%
- Total broker commissions: $42K
- Bought from dealers (principal trades, not a cost): $3.7B
- Portfolio turnover (prospectus): 53%
- Securities on loan, average value: $19.8M
- Net income from securities lending: $73K (0.003% of average net assets)
FRFAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $22K | 52.65% |
| JEFFERIES LLC | $15K | 35.72% |
| RBC CAPITAL MARKETS, LLC | $2K | 4.40% |
| CITADEL SECURITIES LLC | $1K | 3.32% |
| BOFA SECURITIES, INC. | $887 | 2.13% |
| JANE STREET EXECUTION SERVICES, LLC | $444 | 1.07% |
| LADENBURG THALMANN & CO. INC. | $190 | 0.46% |
| GOLDMAN SACHS & CO. LLC | $92 | 0.22% |
| BNP PARIBAS SECURITIES CORP. | $12 | 0.03% |
| ROBERT W. BAIRD & CO. INC. | $4 | 0.01% |
FRFAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| UBS SECURITIES LLC | $939.2M | 30.15% |
| J.P. Morgan Securities LLC | $504.4M | 16.19% |
| CLEAR STREET LLC | $392.1M | 12.59% |
| BOFA SECURITIES, INC. | $301.8M | 9.69% |
| GOLDMAN SACHS & CO. LLC | $204.9M | 6.58% |
| BARCLAYS CAPITAL, INC. | $191.3M | 6.14% |
| MORGAN STANLEY & CO. LLC | $190.7M | 6.12% |
| CitiGroup Global Markets Inc. | $160.2M | 5.14% |
| WELLS FARGO SECURITIES, LLC | $127.3M | 4.09% |
| RBC CAPITAL MARKETS, LLC | $102.9M | 3.30% |
PGIM Floating Rate Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PFRIX | Class R6 | 0.71% | none |
| FRFZX | Class Z | 0.76% | none |
| FRFAX | Class A | 1.01% | 2.25% |
| FRFCX | Class C | 1.76% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.