C000226557 Fees and Costs — PSF Global Portfolio, Class III
Data updated: 2026-08-26
The net expense ratio is 0.98% (1.26% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $340K in broker commissions, 0.0347% of average net assets, and portfolio turnover was 123%.
C000226557 Fees and Expenses
Annual operating expenses and sales charges of C000226557. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.06% |
| Gross expense ratio | 1.26% |
| Fee waiver | −0.28% |
| Net expense ratio | 0.98% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
C000226557 Costs Over Time
On $10,000 invested in C000226557, assuming 5% a year before costs, total costs come to $635 over 5 years, cutting the return by 1.07% 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 |
| Fund expenses (net expense ratio 0.98%) | $103 | $321 | $557 |
| Trading costs (broker commissions) | $4 | $11 | $20 |
| Lost growth on money paid in costs | $0 | $16 | $58 |
| Total costs | $107 | $349 | $635 |
| Value after costs | $10,393 | $11,227 | $12,128 |
| Impact on return, per year | 1.07% | 1.07% | 1.07% |
C000226557 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0347%
- Total broker commissions: $340K
- Bought from dealers (principal trades, not a cost): $395.3M
- Portfolio turnover (prospectus): 123%
- Securities on loan, average value: $23.9M
- Net income from securities lending: $44K (0.004% of average net assets)
C000226557 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INSTINET, LLC | $65K | 22.05% |
| JEFFERIES LLC | $46K | 15.76% |
| GOLDMAN SACHS & CO. LLC | $41K | 14.07% |
| Pershing LLC | $35K | 11.87% |
| UBS Securities LLC | $30K | 10.27% |
| CitiGroup Global Markets Inc. | $27K | 9.21% |
| CLSA Americas, LLC | $20K | 6.98% |
| HSBC SECURITIES (USA) INC. | $12K | 4.09% |
| SG AMERICAS SECURITIES LLC | $9K | 3.10% |
| BOFA SECURITIES, INC. | $8K | 2.59% |
C000226557 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| UBS SECURITIES LLC | $314.5M | 79.59% |
| J.P. Morgan Securities LLC | $31.9M | 8.07% |
| BOFA SECURITIES, INC. | $17.4M | 4.41% |
| Jane Street Execution Services, LLC | $16.5M | 4.18% |
| GOLDMAN SACHS & CO. LLC | $9.7M | 2.45% |
| CITADEL SECURITIES LLC | $1.5M | 0.38% |
| WELLS FARGO SECURITIES, LLC | $1.4M | 0.35% |
| SG AMERICAS SECURITIES, LLC | $1.4M | 0.35% |
| CitiGroup Global Markets Inc. | $693K | 0.18% |
| STATE STREET GLOBAL MARKETS, LLC | $169K | 0.04% |
PSF Global Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| C000005695 | Class I | 0.73% | — |
| C000226557 | Class III | 0.98% | — |
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.