FSMMX Fees and Costs — FS Multi-Strategy Alternatives Fund, Class A
Data updated: 2026-08-28
The net expense ratio is 2.27%: a 1.25% management fee, a 0.25% 12b-1 fee plus 0.80% other expenses, less a 0.03% fee waiver. This share class carries a maximum front-end sales load of 5.00%. In fiscal 2025 the fund paid $94K in broker commissions, 0.0052% of average net assets, and portfolio turnover was 636%.
FSMMX Fees and Expenses
Annual operating expenses and sales charges of FSMMX. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.80% |
| Gross expense ratio | 2.30% |
| Fee waiver | −0.03% |
| Net expense ratio | 2.27% |
| Sales charges | |
|---|---|
| Max front load | 5.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
FSMMX Costs Over Time
On $10,000 invested in FSMMX, assuming 5% a year before costs, total costs come to $1,956 over 5 years, cutting the return by 3.44% 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 | $500 | $500 | $500 |
| Fund expenses (net expense ratio 2.27%) | $226 | $697 | $1,193 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $25 | $114 | $261 |
| Total costs | $752 | $1,313 | $1,956 |
| Value after costs | $9,748 | $10,264 | $10,807 |
| Impact on return, per year | 7.52% | 4.13% | 3.44% |
FSMMX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0052%
- Total broker commissions: $94K
- Bought from dealers (principal trades, not a cost): $44.7B
- Portfolio turnover (prospectus): 636%
- Securities lending: none during the year
FSMMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BAML | $15K | 16.97% |
| BNP PARIBAS | $13K | 14.44% |
| J P MORGAN CHASE BANK | $11K | 12.58% |
| BARCLAY BANK PLC | $10K | 11.15% |
| PIPER JAFFRAY | $9K | 9.88% |
| MORGAN STANLEY & CO, INC | $8K | 9.59% |
| GOLDMAN, SACHS & CO. | $8K | 9.36% |
| CSFB | $6K | 6.98% |
| COWEN AND COMPANY | $4K | 4.60% |
| BLOOMBERG TRADEBOOK | $4K | 4.43% |
FSMMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO, INC | $40.7B | 92.13% |
| STATE STREET | $1.0B | 2.33% |
| BARCLAY BANK PLC | $781.1M | 1.77% |
| J P MORGAN CHASE BANK | $481.9M | 1.09% |
| BAML | $443.1M | 1.00% |
| GOLDMAN, SACHS & CO. | $365.0M | 0.83% |
| WELLS FARGO | $131.2M | 0.30% |
| DEUTSCHE BANK SECURITIES, INC. | $97.6M | 0.22% |
| CITIGROUP | $95.7M | 0.22% |
| JEFFERIES LLC | $53.7M | 0.12% |
FS Multi-Strategy Alternatives Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FSMSX | Class I | 2.02% | none |
| FSMMX | Class A | 2.27% | 5.00% |
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.