SMNAX Fees and Costs — Steward Equity Market Neutral Fund, Class A
Data updated: 2026-09-28
The net expense ratio is 2.71%. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2026 the fund paid $522K in broker commissions, 0.4809% of average net assets, and portfolio turnover was 176%.
SMNAX Fees and Expenses
Annual operating expenses and sales charges of SMNAX. Prospectus, as of August 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | — |
| Gross expense ratio | 2.71% |
| Fee waiver | — |
| Net expense ratio | 2.71% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
SMNAX Costs Over Time
On $10,000 invested in SMNAX, assuming 5% a year before costs, total costs come to $2,534 over 5 years, cutting the return by 4.55% 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 | $575 | $575 | $575 |
| Fund expenses (net expense ratio 2.71%) | $268 | $818 | $1,386 |
| Trading costs (broker commissions) | $48 | $145 | $246 |
| Lost growth on money paid in costs | $29 | $139 | $328 |
| Total costs | $920 | $1,677 | $2,534 |
| Value after costs | $9,580 | $9,899 | $10,228 |
| Impact on return, per year | 9.20% | 5.34% | 4.55% |
SMNAX 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): 0.4809%
- Total broker commissions: $522K
- Bought from dealers (principal trades, not a cost): $202.4M
- Portfolio turnover (prospectus): 176%
- Securities lending: none during the year
SMNAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES, LLC | $339K | 64.83% |
| NORTHERN TRUST SECURITIES, INC. | $184K | 35.17% |
SMNAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $166.1M | 82.07% |
| Fidelity Investments | $36.3M | 17.93% |
Steward Equity Market Neutral Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SMNRX | C000232242 | 2.38% | none |
| SMNIX | Institutional Class | 2.50% | none |
| SMNAX | Class A | 2.71% | 5.75% |
| SMNCX | C000232241 | 3.50% | 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.