VAZIX Fees and Costs — Delaware Tax-Free Arizona Fund, Class A
Data updated: 2025-07-29
The net expense ratio is 0.84%: a 0.50% management fee, a 0.25% 12b-1 fee plus 0.37% other expenses, less a 0.28% fee waiver. This share class carries a maximum front-end sales load of 4.50%. Portfolio turnover was 18%.
VAZIX Fees and Expenses
Annual operating expenses and sales charges of VAZIX. Prospectus, as of August 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.37% |
| Gross expense ratio | 1.12% |
| Fee waiver | −0.28% |
| Net expense ratio | 0.84% |
| 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 |
VAZIX Costs Over Time
On $10,000 invested in VAZIX, assuming 5% a year before costs, total costs come to $1,078 over 5 years, cutting the return by 1.84% 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 0.84%) | $84 | $263 | $457 |
| Lost growth on money paid in costs | $22 | $84 | $170 |
| Total costs | $557 | $797 | $1,078 |
| Value after costs | $9,943 | $10,779 | $11,685 |
| Impact on return, per year | 5.57% | 2.47% | 1.84% |
VAZIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $39.4M
- Portfolio turnover (prospectus): 18%
- Securities lending: none during the year
VAZIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES, LLC | $14.3M | 40.98% |
| MORGAN STANLEY & CO. LLC | $5.0M | 14.46% |
| MURIEL SIEBERT & CO INC. | $3.1M | 8.75% |
| BARCLAYS CAPITAL, INC. | $2.8M | 8.06% |
| BOFA SECURITIES, INC. | $2.2M | 6.39% |
| PIPER SANDLER & CO. | $2.1M | 6.00% |
| RBC CAPITAL MARKETS LLC | $1.5M | 4.35% |
| TD SECURITIES (USA) LLC | $1.4M | 4.04% |
| J.P. Morgan Securities LLC | $1.3M | 3.83% |
| HILLTOP SECURITIES INC. | $1.1M | 3.14% |
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.