IYIAX Fees and Costs — Delaware Ivy Municipal High Income Fund, Class A
Data updated: 2023-08-29
The net expense ratio is 0.86%: a 0.52% management fee, a 0.25% 12b-1 fee plus 0.17% other expenses, less a 0.08% fee waiver. This share class carries a maximum front-end sales load of 4.50%. Portfolio turnover was 79%.
IYIAX Fees and Expenses
Annual operating expenses and sales charges of IYIAX. Prospectus, as of March 31, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.52% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.17% |
| Gross expense ratio | 0.94% |
| Fee waiver | −0.08% |
| Net expense ratio | 0.86% |
| Sales charges | |
|---|---|
| Max front load | 4.50% |
| 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 |
IYIAX Costs Over Time
On $10,000 invested in IYIAX, assuming 5% a year before costs, total costs come to $1,089 over 5 years, cutting the return by 1.86% 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 | $450 | $450 | $450 |
| Fund expenses (net expense ratio 0.86%) | $86 | $269 | $468 |
| Lost growth on money paid in costs | $23 | $84 | $172 |
| Total costs | $559 | $804 | $1,089 |
| Value after costs | $9,941 | $10,773 | $11,673 |
| Impact on return, per year | 5.59% | 2.49% | 1.86% |
IYIAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $501.3M
- Portfolio turnover (prospectus): 79%
- Securities lending: none during the year
IYIAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $103.6M | 24.00% |
| WELLS FARGO SECURITIES, LLC | $78.7M | 18.24% |
| STIFEL, NICHOLAS & COMPANY, INC. | $68.7M | 15.93% |
| TD SECURITIES (USA) LLC | $45.4M | 10.52% |
| BARCLAYS CAPITAL, INC. | $43.3M | 10.03% |
| CitiGroup Global Markets Inc. | $28.9M | 6.70% |
| J.P. Morgan Securities LLC | $24.6M | 5.69% |
| MORGAN STANLEY & CO. LLC | $19.3M | 4.48% |
| MURIEL SIEBERT & CO INC. | $10.2M | 2.37% |
| KEYBANC CAPITAL MARKETS, INC. | $8.9M | 2.06% |
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.