SDMAX Fees and Costs — PGIM Short Duration Multi-Sector Bond Fund, Class A
Data updated: 2026-09-29
The net expense ratio is 0.62%: a 0.32% management fee, a 0.25% 12b-1 fee plus 0.06% other expenses, less a 0.01% 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 2025 the fund paid $339K in broker commissions, 0.0054% of average net assets, and portfolio turnover was 104%.
SDMAX Fees and Expenses
Annual operating expenses and sales charges of SDMAX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.32% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.06% |
| Gross expense ratio | 0.63% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.62% |
| 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 |
SDMAX Costs Over Time
On $10,000 invested in SDMAX, assuming 5% a year before costs, total costs come to $672 over 5 years, cutting the return by 1.13% 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 0.62%) | $64 | $199 | $347 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $11 | $45 | $97 |
| Total costs | $402 | $471 | $672 |
| Value after costs | $10,098 | $11,105 | $12,090 |
| Impact on return, per year | 4.02% | 1.45% | 1.13% |
SDMAX 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): 0.0054%
- Total broker commissions: $339K
- Bought from dealers (principal trades, not a cost): $13.6B
- Portfolio turnover (prospectus): 104%
- Securities on loan, average value: $57.3M
- Net income from securities lending: $131K (0.002% of average net assets)
SDMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $259K | 76.52% |
| Jane Street Execution Services, LLC | $26K | 7.71% |
| GOLDMAN SACHS & CO. LLC | $15K | 4.52% |
| RBC CAPITAL MARKETS, LLC | $15K | 4.43% |
| BOFA SECURITIES, INC. | $11K | 3.34% |
| WELLS FARGO SECURITIES, LLC | $4K | 1.25% |
| BARCLAYS CAPITAL, INC. | $4K | 1.06% |
| CITIGROUP GLOBAL MARKETS INC. | $1K | 0.43% |
| MORGAN STANLEY & CO. LLC | $1K | 0.41% |
| CITADEL SECURITIES LLC | $1K | 0.34% |
SDMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $2.5B | 21.36% |
| J.P. Morgan Securities LLC | $2.1B | 17.54% |
| WELLS FARGO SECURITIES, LLC | $2.0B | 17.13% |
| BARCLAYS CAPITAL, INC. | $1.1B | 9.12% |
| BOFA SECURITIES, INC. | $979.0M | 8.28% |
| CitiGroup Global Markets Inc. | $973.4M | 8.23% |
| MORGAN STANLEY & CO. LLC | $912.4M | 7.72% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $633.3M | 5.36% |
| SCOTIA CAPITAL (USA), INC. | $322.3M | 2.73% |
| BNP PARIBAS SECURITIES CORP. | $300.8M | 2.54% |
PGIM Short Duration Multi-Sector 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 |
|---|---|---|---|
| SDMQX | Class R6 | 0.32% | none |
| SDMZX | Class Z | 0.39% | none |
| SDMAX | Class A | 0.62% | 2.25% |
| SDMCX | Class C | 1.44% | 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.