DFALX Fees and Costs — Large Cap International Portfolio, Institutional Class Shares
Data updated: 2026-09-24
The net expense ratio is 0.18%: a 0.14% management fee plus 0.04% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $219K in broker commissions, 0.0034% of average net assets, and portfolio turnover was 8%.
DFALX Fees and Expenses
Annual operating expenses and sales charges of DFALX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.14% |
| 12b-1 fee | — |
| Other expenses | 0.04% |
| Gross expense ratio | 0.18% |
| Fee waiver | — |
| Net expense ratio | 0.18% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
DFALX Costs Over Time
On $10,000 invested in DFALX, assuming 5% a year before costs, total costs come to $117 over 5 years, cutting the return by 0.19% 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 0.18%) | $19 | $59 | $104 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $3 | $11 |
| Total costs | $19 | $64 | $117 |
| Value after costs | $10,481 | $11,513 | $12,646 |
| Impact on return, per year | 0.19% | 0.19% | 0.19% |
DFALX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0034%
- Total broker commissions: $219K
- Bought from dealers (principal trades, not a cost): $10.7M
- Portfolio turnover (prospectus): 8%
- Securities on loan, average value: $290.6M
- Net income from securities lending: $1.8M (0.028% of average net assets)
DFALX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $67K | 30.37% |
| Nomura Securities International, Inc. | $64K | 29.35% |
| Virtu Americas LLC | $48K | 21.69% |
| UBS Securities LLC | $27K | 12.47% |
| Citigroup Global Markets Inc. | $8K | 3.74% |
| Loop Capital Markets LLC | $3K | 1.44% |
| Goldman Sachs & Co. LLC | $2K | 0.88% |
| BofA Securities, Inc. | $112 | 0.05% |
DFALX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $465K | 48.98% |
| Macquarie Capital (USA) Inc. | $271K | 28.50% |
| State Street Bank and Trust Company | $103K | 10.88% |
| ABN AMRO Securities (USA) LLC | $75K | 7.90% |
| Morgans Financial Limited | $36K | 3.74% |
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.