DFCEX Fees and Costs — Emerging Markets Core Equity 2 Portfolio, Institutional Class Shares
Data updated: 2026-09-24
The net expense ratio is 0.39%: a 0.33% management fee plus 0.06% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.5M in broker commissions, 0.0052% of average net assets, and portfolio turnover was 5%.
DFCEX Fees and Expenses
Annual operating expenses and sales charges of DFCEX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.33% |
| 12b-1 fee | — |
| Other expenses | 0.06% |
| Gross expense ratio | 0.39% |
| Fee waiver | — |
| Net expense ratio | 0.39% |
| 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 |
DFCEX Costs Over Time
On $10,000 invested in DFCEX, assuming 5% a year before costs, total costs come to $250 over 5 years, cutting the return by 0.41% 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 0.39%) | $41 | $129 | $224 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $6 | $23 |
| Total costs | $41 | $137 | $250 |
| Value after costs | $10,459 | $11,440 | $12,513 |
| Impact on return, per year | 0.41% | 0.41% | 0.41% |
DFCEX 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): 0.0052%
- Total broker commissions: $1.5M
- Bought from dealers (principal trades, not a cost): $111.7M
- Portfolio turnover (prospectus): 5%
- Securities on loan, average value: $2.2B
- Net income from securities lending: $60.2M (0.207% of average net assets)
DFCEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $489K | 32.58% |
| Virtu Americas LLC | $418K | 27.81% |
| Nomura Securities International, Inc. | $357K | 23.80% |
| UBS Securities LLC | $158K | 10.55% |
| Citigroup Global Markets Inc. | $39K | 2.60% |
| Goldman Sachs & Co. LLC | $19K | 1.28% |
| J.P. Morgan Securities LLC | $10K | 0.68% |
| Loop Capital Markets LLC | $9K | 0.60% |
| BofA Securities, Inc. | $968 | 0.06% |
| State Street Bank and Trust Company | $539 | 0.04% |
DFCEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $13 | 57.56% |
| Nomura Securities International, Inc. | $5 | 22.13% |
| Virtu Americas LLC | $4 | 20.31% |
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.