UTMAX Fees and Costs — Victory Target Managed Allocation Fund
Data updated: 2026-07-27
The net expense ratio is 0.68% (0.70% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $873K in broker commissions, 0.2348% of average net assets, and portfolio turnover was 147%.
UTMAX Fees and Expenses
Annual operating expenses and sales charges of UTMAX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.17% |
| Gross expense ratio | 0.70% |
| Fee waiver | −0.02% |
| Net expense ratio | 0.68% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
UTMAX Costs Over Time
On $10,000 invested in UTMAX, assuming 5% a year before costs, total costs come to $573 over 5 years, cutting the return by 0.96% 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 0.68%) | $71 | $223 | $387 |
| Trading costs (broker commissions) | $25 | $77 | $134 |
| Lost growth on money paid in costs | $0 | $15 | $53 |
| Total costs | $96 | $315 | $573 |
| Value after costs | $10,404 | $11,261 | $12,190 |
| Impact on return, per year | 0.96% | 0.96% | 0.96% |
UTMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.2348%
- Total broker commissions: $873K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 147%
- Securities on loan, average value: $3.0M
- Net income from securities lending: $4K (0.001% of average net assets)
UTMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $359K | 41.43% |
| RBC Capital Markets, LLC | $230K | 26.55% |
| UBS Securities LLC | $121K | 13.99% |
| Jefferies LLC | $56K | 6.50% |
| Goldman Sachs & Co. LLC | $47K | 5.48% |
| Citadel Securities LLC | $25K | 2.85% |
| Morgan Stanley & Co. LLC | $13K | 1.51% |
| Loop Capital Markets LLC | $5K | 0.58% |
| Susquehanna Securities | $5K | 0.56% |
| BofA Securities, Inc. | $5K | 0.53% |
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.