TMMAX Fees and Costs — SIMT Tax-Managed Managed Volatility Fund, Class F
Data updated: 2026-08-28
The net expense ratio is 1.14%: a 0.55% management fee plus 0.59% other expenses. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $48K in broker commissions, 0.0059% of average net assets, and portfolio turnover was 43%.
TMMAX Fees and Expenses
Annual operating expenses and sales charges of TMMAX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.59% |
| Gross expense ratio | 1.14% |
| Fee waiver | — |
| Net expense ratio | 1.14% |
| 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 |
TMMAX Costs Over Time
On $10,000 invested in TMMAX, assuming 5% a year before costs, total costs come to $715 over 5 years, cutting the return by 1.20% 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 1.14%) | $120 | $373 | $646 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $19 | $66 |
| Total costs | $120 | $393 | $715 |
| Value after costs | $10,380 | $11,183 | $12,048 |
| Impact on return, per year | 1.20% | 1.20% | 1.20% |
TMMAX 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): 0.0059%
- Total broker commissions: $48K
- Bought from dealers (principal trades, not a cost): $8.9M
- Portfolio turnover (prospectus): 43%
- Securities on loan, average value: $1.8M
- Net income from securities lending: $12K (0.001% of average net assets)
TMMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| ABEL NOSER CORPORATION | $15K | 31.93% |
| PERSHING LLC | $15K | 31.16% |
| BAML | $7K | 15.21% |
| J P MORGAN CHASE BANK | $3K | 5.47% |
| JEFFERIES LLC | $2K | 4.00% |
| LIQUIDNET | $2K | 3.92% |
| MORGAN STANLEY & CO, INC | $2K | 3.23% |
| CITIGROUP | $1K | 2.44% |
| UBS SECURITIES | $658 | 1.37% |
| CITADEL | $611 | 1.27% |
TMMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J P MORGAN CHASE BANK | $8.9M | 100.00% |
SIMT Tax-Managed Managed Volatility Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| STVYX | Class Y | 0.89% | — |
| TMMAX | Class F | 1.14% | — |
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.