PMSAX Fees and Costs — Global Multi-Strategy Fund, Class A
Data updated: 2026-10-13
The net expense ratio is 1.78%. This share class carries a maximum front-end sales load of 3.75% and a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $178K in broker commissions, 0.0421% of average net assets, and portfolio turnover was 139%.
PMSAX Fees and Expenses
Annual operating expenses and sales charges of PMSAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.21% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.27% |
| Gross expense ratio | 1.78% |
| Fee waiver | — |
| Net expense ratio | 1.78% |
| Sales charges | |
|---|---|
| Max front load | 3.75% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
PMSAX Costs Over Time
On $10,000 invested in PMSAX, assuming 5% a year before costs, total costs come to $1,558 over 5 years, cutting the return by 2.70% 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 | $474 | $375 | $375 |
| Fund expenses (net expense ratio 1.78%) | $180 | $557 | $957 |
| Trading costs (broker commissions) | $4 | $13 | $23 |
| Lost growth on money paid in costs | $19 | $87 | $203 |
| Total costs | $677 | $1,032 | $1,558 |
| Value after costs | $9,823 | $10,544 | $11,205 |
| Impact on return, per year | 6.77% | 3.22% | 2.70% |
PMSAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0421%
- Total broker commissions: $178K
- Bought from dealers (principal trades, not a cost): $630.1M
- Portfolio turnover (prospectus): 139%
- Securities lending: none during the year
PMSAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NATALLIANCE SECURITIES | $36K | 30.69% |
| MORGAN STANLEY & CO. LLC. | $14K | 11.61% |
| COWEN GROUP INC. | $13K | 11.23% |
| JEFFERIES & COMPANY | $12K | 10.46% |
| RAYMOND JAMES & ASSOCIATES | $9K | 7.28% |
| WALLACHBETH CAPITAL | $8K | 6.97% |
| J.P. MORGAN SECURITIES LLC | $8K | 6.97% |
| UNITED FIRST PARTNERS | $7K | 5.81% |
| CANTOR FITZGERALD & CO. | $5K | 4.62% |
| STIFEL NICOLAUS & COMPANY | $5K | 4.36% |
PMSAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $74.5M | 16.28% |
| RBC DOMINION SECURITIES CORP. | $73.1M | 15.97% |
| TD BANK FINANCIAL GROUP | $72.5M | 15.83% |
| GOLDMAN SACHS CO. | $57.3M | 12.51% |
| MORGAN STANLEY & CO. LLC. | $45.4M | 9.92% |
| CITIGROUP GLOBAL MARKETS | $40.0M | 8.73% |
| BANK OF MONTREAL | $29.0M | 6.34% |
| BMO CAPITAL MARKETS | $25.1M | 5.47% |
| HSBC SECURITIES INC. | $22.4M | 4.90% |
| BARCLAYS CAPITAL INC. | $18.6M | 4.05% |
Global Multi-Strategy Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PGLSX | Class R-6 | 1.33% | none |
| PSMIX | Institutional Class | 1.47% | none |
| PMSAX | Class A | 1.78% | 3.75% |
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.