SMSAX Fees and Costs — SIMT Multi-Strategy Alternatives Fund, Class F
Data updated: 2026-08-28
The net expense ratio is 2.93%. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $685K in broker commissions, 0.2235% of average net assets, and portfolio turnover was 358%.
SMSAX Fees and Expenses
Annual operating expenses and sales charges of SMSAX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.19% |
| Gross expense ratio | 2.93% |
| Fee waiver | — |
| Net expense ratio | 2.93% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
SMSAX Costs Over Time
On $10,000 invested in SMSAX, assuming 5% a year before costs, total costs come to $1,889 over 5 years, cutting the return by 3.31% 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 2.93%) | $308 | $939 | $1,591 |
| Trading costs (broker commissions) | $23 | $72 | $121 |
| Lost growth on money paid in costs | $0 | $51 | $177 |
| Total costs | $331 | $1,061 | $1,889 |
| Value after costs | $10,169 | $10,515 | $10,873 |
| Impact on return, per year | 3.31% | 3.31% | 3.31% |
SMSAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.2235%
- Total broker commissions: $685K
- Bought from dealers (principal trades, not a cost): $429.1M
- Portfolio turnover (prospectus): 358%
- Securities lending: none during the year
SMSAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| SOCIETE GENERALE | $197K | 41.30% |
| MORGAN STANLEY & CO, INC | $93K | 19.47% |
| WELLS FARGO | $43K | 8.95% |
| UBS SECURITIES | $28K | 5.76% |
| BTIG | $23K | 4.75% |
| INSTINET | $22K | 4.56% |
| EVERCORE | $20K | 4.19% |
| CRAIG HALLUM . | $18K | 3.74% |
| J P MORGAN CHASE BANK | $18K | 3.74% |
| RAYMOND JAMES & ASSOCIATES, INC. | $17K | 3.54% |
SMSAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO, INC | $86.5M | 25.96% |
| CITADEL | $41.7M | 12.53% |
| J P MORGAN CHASE BANK | $39.0M | 11.72% |
| GOLDMAN, SACHS & CO. | $38.8M | 11.65% |
| BAML | $32.0M | 9.61% |
| CITIGROUP | $23.3M | 7.00% |
| BNP PARIBAS | $22.0M | 6.62% |
| JEFFERIES LLC | $18.9M | 5.67% |
| BARCLAY BANK PLC | $18.6M | 5.57% |
| NIKKO | $12.2M | 3.67% |
SIMT 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 |
|---|---|---|---|
| SMUYX | Class Y | 2.68% | — |
| SMSAX | Class F | 2.93% | — |
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.