PAPIX Fees and Costs — Princeton Adaptive Premium Fund, Class I
Data updated: 2026-09-28
The net expense ratio is 1.55%: a 1.50% management fee plus 12.79% other expenses, less a 12.75% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $984 in broker commissions, 0.0594% of average net assets, and portfolio turnover was 0%.
PAPIX Fees and Expenses
Annual operating expenses and sales charges of PAPIX. Prospectus, as of August 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 12.79% |
| Gross expense ratio | 14.30% |
| Fee waiver | −12.75% |
| Net expense ratio | 1.55% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| 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 |
PAPIX Costs Over Time
On $10,000 invested in PAPIX, assuming 5% a year before costs, total costs come to $994 over 5 years, cutting the return by 1.69% 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 1.55%) | $163 | $505 | $869 |
| Trading costs (broker commissions) | $6 | $19 | $33 |
| Lost growth on money paid in costs | $0 | $26 | $92 |
| Total costs | $169 | $550 | $994 |
| Value after costs | $10,331 | $11,026 | $11,768 |
| Impact on return, per year | 1.69% | 1.69% | 1.69% |
PAPIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0594%
- Total broker commissions: $984
- Bought from dealers (principal trades, not a cost): $7.8M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
PAPIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Stonex Financial, Inc. | $984 | 100.00% |
PAPIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $3.9M | 50.77% |
| Nomura Securities International, Inc. | $2.8M | 35.89% |
| Stonex Financial, Inc. | $1.0M | 13.34% |
Princeton Adaptive Premium Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PAPIX | Class I | 1.55% | none |
| PAPAX | Class A | 1.80% | 5.75% |
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.