EIIAX Fees and Costs — Delaware Tax-Exempt Opportunities Fund, Institutional Class
Data updated: 2020-11-25
The net expense ratio is 0.66%: a 0.55% management fee plus 0.19% other expenses, less a 0.08% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 60%.
EIIAX Fees and Expenses
Annual operating expenses and sales charges of EIIAX. Prospectus, as of April 30, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.19% |
| Gross expense ratio | 0.74% |
| Fee waiver | −0.08% |
| Net expense ratio | 0.66% |
| 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 | No |
EIIAX Costs Over Time
On $10,000 invested in EIIAX, assuming 5% a year before costs, total costs come to $416 over 5 years, cutting the return by 0.69% 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 0.66%) | $69 | $217 | $378 |
| Lost growth on money paid in costs | $0 | $11 | $38 |
| Total costs | $69 | $228 | $416 |
| Value after costs | $10,431 | $11,349 | $12,347 |
| Impact on return, per year | 0.69% | 0.69% | 0.69% |
EIIAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $186.3M
- Portfolio turnover (prospectus): 60%
- Securities lending: none during the year
EIIAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $43.4M | 32.19% |
| BARCLAY INVESTMENTS, INC. | $21.0M | 15.57% |
| WELLS FARGO SECURITIES, LLC | $17.0M | 12.62% |
| CitiGroup Global Markets Inc. | $10.9M | 8.09% |
| B.C. ZIEGLER AND COMPANY | $9.9M | 7.33% |
| MORGAN STANLEY & CO. LLC | $7.9M | 5.90% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $7.4M | 5.46% |
| PIPER JAFFRAY & CO. | $7.1M | 5.27% |
| RBC CAPITAL MARKETS LLC | $5.2M | 3.84% |
| The Toronto-Dominion Bank | $5.0M | 3.74% |
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.