DEFFX Fees and Costs — Macquarie Tax-Free Minnesota Fund, Class A
Data updated: 2026-07-27
The net expense ratio is 0.81%: a 0.55% management fee, a 0.25% 12b-1 fee plus 0.16% other expenses, less a 0.15% fee waiver. This share class carries a maximum front-end sales load of 4.50%. Portfolio turnover was 17%.
DEFFX Fees and Expenses
Annual operating expenses and sales charges of DEFFX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.16% |
| Gross expense ratio | 0.96% |
| Fee waiver | −0.15% |
| Net expense ratio | 0.81% |
| 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 |
DEFFX Costs Over Time
On $10,000 invested in DEFFX, assuming 5% a year before costs, total costs come to $1,060 over 5 years, cutting the return by 1.81% 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 0.81%) | $81 | $254 | $441 |
| Lost growth on money paid in costs | $23 | $83 | $169 |
| Total costs | $554 | $787 | $1,060 |
| Value after costs | $9,946 | $10,789 | $11,703 |
| Impact on return, per year | 5.54% | 2.44% | 1.81% |
DEFFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $221.2M
- Portfolio turnover (prospectus): 17%
- Securities lending: none during the year
DEFFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| PIPER SANDLER & CO. | $41.5M | 26.39% |
| WELLS FARGO SECURITIES, LLC | $21.3M | 13.56% |
| BARCLAYS CAPITAL, INC. | $20.6M | 13.11% |
| RBC CAPITAL MARKETS, LLC | $13.8M | 8.76% |
| TRUIST SECURITIES, INC. | $12.5M | 7.95% |
| MORGAN STANLEY & CO. LLC | $10.7M | 6.81% |
| JEFFERIES LLC | $10.7M | 6.78% |
| BOFA SECURITIES, INC. | $10.3M | 6.53% |
| J.P. Morgan Securities LLC | $8.1M | 5.14% |
| NORTHLAND SECURITIES, INC. | $7.8M | 4.96% |
Macquarie Tax-Free Minnesota Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DMNIX | Institutional Class | 0.56% | none |
| DEFFX | Class A | 0.81% | 4.50% |
| DMOCX | Class C | 1.56% | 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.