DEVLX Fees and Costs — Nomura Small Cap Value Fund, Class A
Data updated: 2026-07-27
The net expense ratio is 1.09%: a 0.65% management fee, a 0.25% 12b-1 fee plus 0.19% other expenses. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2025 the fund paid $1.2M in broker commissions, 0.0288% of average net assets, and portfolio turnover was 21%.
DEVLX Fees and Expenses
Annual operating expenses and sales charges of DEVLX. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.19% |
| Gross expense ratio | 1.09% |
| Fee waiver | — |
| Net expense ratio | 1.09% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
DEVLX Costs Over Time
On $10,000 invested in DEVLX, assuming 5% a year before costs, total costs come to $1,392 over 5 years, cutting the return by 2.40% 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 | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.09%) | $108 | $336 | $582 |
| Trading costs (broker commissions) | $3 | $9 | $15 |
| Lost growth on money paid in costs | $29 | $108 | $219 |
| Total costs | $714 | $1,028 | $1,392 |
| Value after costs | $9,786 | $10,548 | $11,371 |
| Impact on return, per year | 7.14% | 3.20% | 2.40% |
DEVLX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0288%
- Total broker commissions: $1.2M
- Bought from dealers (principal trades, not a cost): $87.9M
- Portfolio turnover (prospectus): 21%
- Securities lending: none during the year
DEVLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $145K | 17.18% |
| GOLDMAN SACHS & CO. LLC | $120K | 14.21% |
| BOFA SECURITIES, INC. | $113K | 13.41% |
| J.P. Morgan Securities LLC | $95K | 11.27% |
| MORGAN STANLEY & CO. LLC | $92K | 10.96% |
| CitiGroup Global Markets Inc. | $64K | 7.59% |
| RBC CAPITAL MARKETS, LLC | $63K | 7.53% |
| JEFFERIES LLC | $59K | 7.00% |
| BARCLAYS CAPITAL, INC. | $54K | 6.45% |
| PIPER SANDLER & CO. | $37K | 4.42% |
DEVLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $78.0M | 88.66% |
| GOLDMAN SACHS & CO. LLC | $10.0M | 11.34% |
Nomura Small Cap Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DVZRX | Class R6 | 0.71% | none |
| DEVIX | Institutional Class | 0.84% | none |
| DEVLX | Class A | 1.09% | 5.75% |
| DVLRX | Class R | 1.34% | none |
| DEVCX | Class C | 1.84% | 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.