SPMAX Fees and Costs — Saratoga Mid Capitalization Portfolio, Mid Capitalization Class A
Data updated: 2026-07-24
The net expense ratio is 2.65%. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2025 the fund paid $11K in broker commissions, 0.0921% of average net assets, and portfolio turnover was 152%.
SPMAX Fees and Expenses
Annual operating expenses and sales charges of SPMAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | — |
| Other expenses | 1.50% |
| Gross expense ratio | 2.65% |
| Fee waiver | — |
| Net expense ratio | 2.65% |
| 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 | No |
| Waived fees subject to recoupment | No |
SPMAX Costs Over Time
On $10,000 invested in SPMAX, assuming 5% a year before costs, total costs come to $2,295 over 5 years, cutting the return by 4.08% 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 2.65%) | $262 | $804 | $1,368 |
| Trading costs (broker commissions) | $9 | $28 | $48 |
| Lost growth on money paid in costs | $29 | $132 | $304 |
| Total costs | $875 | $1,539 | $2,295 |
| Value after costs | $9,625 | $10,037 | $10,468 |
| Impact on return, per year | 8.75% | 4.88% | 4.08% |
SPMAX 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): 0.0921%
- Total broker commissions: $11K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 152%
- Securities on loan, average value: $69K
- Net income from securities lending: $50 (0.000% of average net assets)
SPMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Liquidnet | $5K | 47.39% |
| Instinet, Inc. | $2K | 19.58% |
| Raymond James | $702 | 7.10% |
| Oppenheimer & Co. | $686 | 6.94% |
| UBS | $436 | 4.41% |
| JPMorgan Chase | $381 | 3.86% |
| Jefferies Group | $339 | 3.43% |
| BOFA SECURITIES, INC. | $247 | 2.50% |
| MORGAN STANLEY | $240 | 2.43% |
| Cantor Fitzgerald | $232 | 2.35% |
Saratoga Mid Capitalization Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SMIPX | Mid Capitalization Class I | 2.22% | none |
| SPMAX | Mid Capitalization Class A | 2.65% | 5.75% |
| SPMCX | Mid Capitalization Class C | 3.10% | 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.