PAJAX Fees and Costs — PGIM Global Dynamic Bond Fund, Class A
Data updated: 2023-09-25
The net expense ratio is 1.20%: a 0.70% management fee, a 0.25% 12b-1 fee plus 1.14% other expenses, less a 0.89% 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 2022 the fund paid $10K in broker commissions, 0.0185% of average net assets, and portfolio turnover was 11%.
PAJAX Fees and Expenses
Annual operating expenses and sales charges of PAJAX. Prospectus, as of February 28, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.25% |
| Other expenses | 1.14% |
| Gross expense ratio | 2.09% |
| Fee waiver | −0.89% |
| Net expense ratio | 1.20% |
| 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 | Yes |
PAJAX Costs Over Time
On $10,000 invested in PAJAX, assuming 5% a year before costs, total costs come to $1,149 over 5 years, cutting the return by 1.96% 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 | $425 | $325 | $325 |
| Fund expenses (net expense ratio 1.20%) | $122 | $379 | $657 |
| Trading costs (broker commissions) | $2 | $6 | $10 |
| Lost growth on money paid in costs | $16 | $70 | $157 |
| Total costs | $565 | $781 | $1,149 |
| Value after costs | $9,935 | $10,796 | $11,614 |
| Impact on return, per year | 5.65% | 2.42% | 1.96% |
PAJAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2022.
- Explicit cost rate (commissions ÷ average net assets): 0.0185%
- Total broker commissions: $10K
- Bought from dealers (principal trades, not a cost): $28.1M
- Portfolio turnover (prospectus): 11%
- Securities on loan, average value: $126K
- Net income from securities lending: $2K (0.003% of average net assets)
PAJAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $7K | 74.07% |
| CITIGROUP GLOBAL MARKETS INC. | $2K | 20.69% |
| ROBERT W. BAIRD & CO. INC. | $225 | 2.37% |
| BOFA SECURITIES, INC. | $109 | 1.15% |
| MORGAN STANLEY & CO. LLC | $59 | 0.62% |
| GOLDMAN SACHS & CO. LLC | $55 | 0.58% |
| Jane Street Execution Services, LLC | $50 | 0.53% |
PAJAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $6.5M | 29.33% |
| MORGAN STANLEY & CO. LLC | $3.8M | 17.25% |
| JEFFERIES LLC | $2.5M | 11.24% |
| Amherst Pierpont | $1.8M | 8.16% |
| BARCLAYS CAPITAL, INC. | $1.5M | 7.02% |
| BNP PARIBAS SECURITIES CORP. | $1.4M | 6.17% |
| GOLDMAN SACHS & CO. LLC | $1.3M | 6.04% |
| BNY MELLON CAPITAL MARKETS, LLC | $1.2M | 5.67% |
| DEUTSCHE BANK SECURITIES, INC. | $1.0M | 4.73% |
| CitiGroup Global Markets Inc. | $965K | 4.38% |
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.