IAPOX Fees and Costs — Delaware Ivy Strategic Income Fund, Class A
Data updated: 2023-08-29
The net expense ratio is 0.92%: a 0.68% management fee, a 0.25% 12b-1 fee plus 0.35% other expenses, less a 0.36% fee waiver. This share class carries a maximum front-end sales load of 4.50% and a deferred sales charge of up to 1.00%. In fiscal 2022 the fund paid $4K in broker commissions, 0.0014% of average net assets, and portfolio turnover was 57%.
IAPOX Fees and Expenses
Annual operating expenses and sales charges of IAPOX. Prospectus, as of September 30, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 0.68% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.35% |
| Gross expense ratio | 1.28% |
| Fee waiver | −0.36% |
| Net expense ratio | 0.92% |
| Sales charges | |
|---|---|
| Max front load | 4.50% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
IAPOX Costs Over Time
On $10,000 invested in IAPOX, assuming 5% a year before costs, total costs come to $1,126 over 5 years, cutting the return by 1.92% 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 | $549 | $450 | $450 |
| Fund expenses (net expense ratio 0.92%) | $92 | $288 | $500 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $22 | $85 | $175 |
| Total costs | $664 | $824 | $1,126 |
| Value after costs | $9,836 | $10,753 | $11,637 |
| Impact on return, per year | 6.64% | 2.55% | 1.92% |
IAPOX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2022.
- Explicit cost rate (commissions ÷ average net assets): 0.0014%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $243.4M
- Portfolio turnover (prospectus): 57%
- Securities on loan, average value: $8.7M
- Net income from securities lending: $114K (0.045% of average net assets)
IAPOX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CitiGroup Global Markets Inc. | $995 | 27.16% |
| ADVANTAGE SECURITIES LLC | $701 | 19.14% |
| MORGAN STANLEY & CO. LLC | $626 | 17.09% |
| SANFORD C. BERNSTEIN & CO., LLC | $465 | 12.69% |
| BARCLAYS CAPITAL, INC. | $397 | 10.84% |
| J.P. Morgan Securities LLC | $395 | 10.78% |
| HSBC SECURITIES (USA) INC. | $84 | 2.29% |
IAPOX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $49.4M | 27.79% |
| Amherst Pierpont Securities LLC | $18.8M | 10.58% |
| BOFA SECURITIES, INC. | $17.5M | 9.84% |
| DEUTSCHE BANK SECURITIES, INC. | $17.4M | 9.79% |
| J.P. Morgan Securities LLC | $16.2M | 9.11% |
| CitiGroup Global Markets Inc. | $14.6M | 8.20% |
| BARCLAYS CAPITAL, INC. | $13.6M | 7.62% |
| HSBC SECURITIES (USA), INC. | $12.0M | 6.73% |
| MORGAN STANLEY & CO. LLC | $9.2M | 5.18% |
| STATE STREET GLOBAL MARKETS, LLC | $9.2M | 5.17% |
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.