FSMSX Fees and Costs — FS Multi-Strategy Alternatives Fund, Class I
Data updated: 2026-08-28
The net expense ratio is 2.02%: a 1.25% management fee plus 0.80% other expenses, less a 0.03% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $94K in broker commissions, 0.0052% of average net assets, and portfolio turnover was 636%.
FSMSX Fees and Expenses
Annual operating expenses and sales charges of FSMSX. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.80% |
| Gross expense ratio | 2.05% |
| Fee waiver | −0.03% |
| Net expense ratio | 2.02% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
FSMSX Costs Over Time
On $10,000 invested in FSMSX, assuming 5% a year before costs, total costs come to $1,241 over 5 years, cutting the return by 2.13% 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 2.02%) | $212 | $655 | $1,123 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $33 | $115 |
| Total costs | $213 | $689 | $1,241 |
| Value after costs | $10,287 | $10,887 | $11,522 |
| Impact on return, per year | 2.13% | 2.13% | 2.13% |
FSMSX 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
FSMSX 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% |
FSMSX 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.