PADAX Fees and Costs — PGIM Absolute Return Bond Fund, Class A
Data updated: 2026-09-29
The net expense ratio is 0.95%: a 0.58% management fee, a 0.25% 12b-1 fee plus 0.12% other expenses, less a 0.01% fee waiver. This share class carries a maximum front-end sales load of 3.25% and a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $228K in broker commissions, 0.0070% of average net assets, and portfolio turnover was 102%.
PADAX Fees and Expenses
Annual operating expenses and sales charges of PADAX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.58% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.12% |
| Gross expense ratio | 0.96% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.95% |
| Sales charges | |
|---|---|
| Max front load | 3.25% |
| 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 | No |
PADAX Costs Over Time
On $10,000 invested in PADAX, assuming 5% a year before costs, total costs come to $994 over 5 years, cutting the return by 1.69% 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 | $426 | $325 | $325 |
| Fund expenses (net expense ratio 0.95%) | $97 | $301 | $523 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $16 | $66 | $143 |
| Total costs | $539 | $695 | $994 |
| Value after costs | $9,961 | $10,882 | $11,768 |
| Impact on return, per year | 5.39% | 2.14% | 1.69% |
PADAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0070%
- Total broker commissions: $228K
- Bought from dealers (principal trades, not a cost): $6.8B
- Portfolio turnover (prospectus): 102%
- Securities on loan, average value: $30.6M
- Net income from securities lending: $76K (0.002% of average net assets)
PADAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $165K | 72.44% |
| Jane Street Execution Services, LLC | $29K | 12.92% |
| GOLDMAN SACHS & CO. LLC | $12K | 5.39% |
| BOFA SECURITIES, INC. | $10K | 4.28% |
| RBC CAPITAL MARKETS, LLC | $7K | 2.95% |
| CITADEL SECURITIES LLC | $2K | 0.82% |
| BARCLAYS CAPITAL, INC. | $1K | 0.45% |
| CITIGROUP GLOBAL MARKETS INC. | $811 | 0.36% |
| WELLS FARGO SECURITIES, LLC | $582 | 0.26% |
| DEUTSCHE BANK SECURITIES INC. | $328 | 0.14% |
PADAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $1.2B | 20.37% |
| J.P. Morgan Securities LLC | $1.0B | 16.87% |
| CitiGroup Global Markets Inc. | $795.3M | 13.30% |
| WELLS FARGO SECURITIES, LLC | $768.8M | 12.86% |
| BOFA SECURITIES, INC. | $612.7M | 10.25% |
| MORGAN STANLEY & CO. LLC | $509.2M | 8.52% |
| BARCLAYS CAPITAL, INC. | $473.1M | 7.91% |
| SCOTIA CAPITAL (USA), INC. | $270.1M | 4.52% |
| RBC CAPITAL MARKETS, LLC | $172.9M | 2.89% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $150.7M | 2.52% |
PGIM Absolute Return Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PADQX | Class R6 | 0.63% | none |
| PADZX | Class Z | 0.73% | none |
| PADAX | Class A | 0.95% | 3.25% |
| PADCX | Class C | 1.72% | 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.