IVORX Fees and Costs — Nomura Mid Cap Income Opportunities Fund, Class R
Data updated: 2026-08-26
The net expense ratio is 1.32%: a 0.85% management fee, a 0.50% 12b-1 fee plus 0.19% other expenses, less a 0.22% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $330K in broker commissions, 0.0387% of average net assets, and portfolio turnover was 22%.
IVORX Fees and Expenses
Annual operating expenses and sales charges of IVORX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.50% |
| Other expenses | 0.19% |
| Gross expense ratio | 1.54% |
| Fee waiver | −0.22% |
| Net expense ratio | 1.32% |
| 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 |
IVORX Costs Over Time
On $10,000 invested in IVORX, assuming 5% a year before costs, total costs come to $844 over 5 years, cutting the return by 1.43% 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 1.32%) | $139 | $431 | $744 |
| Trading costs (broker commissions) | $4 | $13 | $22 |
| Lost growth on money paid in costs | $0 | $22 | $78 |
| Total costs | $143 | $465 | $844 |
| Value after costs | $10,357 | $11,111 | $11,919 |
| Impact on return, per year | 1.43% | 1.43% | 1.43% |
IVORX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0387%
- Total broker commissions: $330K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 22%
- Securities lending: none during the year
IVORX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $100K | 33.32% |
| GOLDMAN SACHS & CO. LLC | $98K | 32.78% |
| BOFA SECURITIES, INC. | $17K | 5.83% |
| JEFFERIES LLC | $15K | 4.85% |
| MORGAN STANLEY & CO. LLC | $14K | 4.78% |
| BARCLAYS CAPITAL, INC. | $13K | 4.37% |
| J.P. Morgan Securities LLC | $12K | 3.91% |
| BTIG, LLC | $11K | 3.64% |
| VIRTU AMERICAS LLC | $11K | 3.52% |
| UBS Securities LLC | $9K | 2.99% |
Nomura Mid Cap Income Opportunities Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| IVOSX | Class R6 | 0.73% | none |
| IVOIX | Institutional Class | 0.82% | none |
| IVOAX | Class A | 1.07% | 5.75% |
| IVOYX | Class Y | 1.07% | none |
| IVORX | Class R | 1.32% | none |
| IVOCX | Class C | 1.82% | 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.