PPSAX Fees and Costs — Spectrum Preferred and Capital Securities Income Fund, Class A
Data updated: 2026-07-24
The net expense ratio is 1.05%: a 0.69% management fee, a 0.25% 12b-1 fee plus 0.10% other expenses. 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 $86K in broker commissions, 0.0015% of average net assets, and portfolio turnover was 25%.
PPSAX Fees and Expenses
Annual operating expenses and sales charges of PPSAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.69% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.10% |
| Gross expense ratio | 1.05% |
| Fee waiver | — |
| Net expense ratio | 1.05% |
| 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 |
PPSAX Costs Over Time
On $10,000 invested in PPSAX, assuming 5% a year before costs, total costs come to $1,111 over 5 years, cutting the return by 1.90% 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 | $475 | $375 | $375 |
| Fund expenses (net expense ratio 1.05%) | $106 | $331 | $574 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $19 | $76 | $162 |
| Total costs | $600 | $782 | $1,111 |
| Value after costs | $9,900 | $10,794 | $11,652 |
| Impact on return, per year | 6.00% | 2.42% | 1.90% |
PPSAX 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): 0.0015%
- Total broker commissions: $86K
- Bought from dealers (principal trades, not a cost): $3.3B
- Portfolio turnover (prospectus): 25%
- Securities on loan, average value: $124.2M
- Net income from securities lending: $949K (0.016% of average net assets)
PPSAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| SAMI BROKERAGE LLC | $85K | 99.39% |
| MORGAN STANLEY & CO. LLC. | $524 | 0.61% |
PPSAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| SAMI BROKERAGE LLC | $3.3B | 100.00% |
Spectrum Preferred and Capital Securities Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PPREX | Class R-6 | 0.71% | none |
| PPSIX | Institutional Class | 0.81% | none |
| PPARX | Class R-5 | 0.97% | none |
| PPSJX | Class J | 1.00% | none |
| PPSAX | Class A | 1.05% | 3.75% |
| PNARX | Class R-3 | 1.28% | none |
| PRFCX | Class C | 1.82% | none |
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.