SMBAX Fees and Costs — Saratoga Municipal Bond Portfolio, Class A
Data updated: 2026-01-28
The net expense ratio is 4.90%. This share class carries a maximum front-end sales load of 5.75%. Portfolio turnover was 36%.
SMBAX Fees and Expenses
Annual operating expenses and sales charges of SMBAX. Prospectus, as of December 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.40% |
| Other expenses | 3.86% |
| Gross expense ratio | 4.90% |
| Fee waiver | — |
| Net expense ratio | 4.90% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
SMBAX Costs Over Time
On $10,000 invested in SMBAX, assuming 5% a year before costs, total costs come to $3,406 over 5 years, cutting the return by 6.32% 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 4.90%) | $485 | $1,453 | $2,418 |
| Lost growth on money paid in costs | $29 | $165 | $413 |
| Total costs | $1,089 | $2,192 | $3,406 |
| Value after costs | $9,411 | $9,384 | $9,357 |
| Impact on return, per year | 10.89% | 7.10% | 6.32% |
SMBAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $282K
- Portfolio turnover (prospectus): 36%
- Securities lending: none during the year
SMBAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY Mellon Corp. | $282K | 100.00% |
Saratoga Municipal Bond Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SMBPX | Class I | 4.49% | none |
| SMBAX | Class A | 4.90% | 5.75% |
| SMBCX | Class C | 5.47% | 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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.