PCWAX Fees and Costs — PGIM Corporate Bond Fund, Class A
Data updated: 2025-06-25
The net expense ratio is 0.80%: a 0.45% management fee, a 0.25% 12b-1 fee plus 1.10% other expenses, less a 1.00% 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 2024 the fund paid $364 in broker commissions, 0.0015% of average net assets, and portfolio turnover was 17%.
PCWAX Fees and Expenses
Annual operating expenses and sales charges of PCWAX. Prospectus, as of September 30, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.25% |
| Other expenses | 1.10% |
| Gross expense ratio | 1.80% |
| Fee waiver | −1.00% |
| Net expense ratio | 0.80% |
| 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 |
PCWAX Costs Over Time
On $10,000 invested in PCWAX, assuming 5% a year before costs, total costs come to $902 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 | $426 | $325 | $325 |
| Fund expenses (net expense ratio 0.80%) | $81 | $254 | $442 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $16 | $64 | $134 |
| Total costs | $523 | $643 | $902 |
| Value after costs | $9,977 | $10,933 | $11,861 |
| Impact on return, per year | 5.23% | 1.98% | 1.53% |
PCWAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0015%
- Total broker commissions: $364
- Bought from dealers (principal trades, not a cost): $9.5M
- Portfolio turnover (prospectus): 17%
- Securities lending: none during the year
PCWAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $342 | 93.96% |
| GOLDMAN SACHS & CO. LLC | $14 | 3.85% |
| CITIGROUP GLOBAL MARKETS INC. | $5 | 1.37% |
| BOFA SECURITIES, INC. | $3 | 0.82% |
PCWAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $1.9M | 27.49% |
| CitiGroup Global Markets Inc. | $887K | 12.71% |
| BARCLAYS CAPITAL, INC. | $711K | 10.19% |
| J.P. Morgan Securities LLC | $686K | 9.82% |
| GOLDMAN SACHS & CO. LLC | $663K | 9.49% |
| MORGAN STANLEY & CO. LLC | $483K | 6.92% |
| MILLENNIUM ADVISORS, LLC | $469K | 6.72% |
| DEUTSCHE BANK SECURITIES, INC. | $463K | 6.63% |
| Jane Street Execution Services, LLC | $355K | 5.09% |
| RBC CAPITAL MARKETS LLC | $345K | 4.94% |
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.