DFNRX Fees and Costs — Kensington Defender Fund
Data updated: 2026-08-26
The net expense ratio is 2.50% (2.58% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $58K in broker commissions, 0.0809% of average net assets, and portfolio turnover was 260%.
DFNRX Fees and Expenses
Annual operating expenses and sales charges of DFNRX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 2.58% |
| Fee waiver | −0.08% |
| Net expense ratio | 2.50% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 | Yes |
DFNRX Costs Over Time
On $10,000 invested in DFNRX, assuming 5% a year before costs, total costs come to $1,564 over 5 years, cutting the return by 2.71% 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 2.50%) | $262 | $806 | $1,374 |
| Trading costs (broker commissions) | $8 | $26 | $44 |
| Lost growth on money paid in costs | $0 | $42 | $146 |
| Total costs | $271 | $873 | $1,564 |
| Value after costs | $10,229 | $10,703 | $11,199 |
| Impact on return, per year | 2.71% | 2.71% | 2.71% |
DFNRX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0809%
- Total broker commissions: $58K
- Bought from dealers (principal trades, not a cost): $3.0M
- Portfolio turnover (prospectus): 260%
- Securities on loan, average value: $15.0M
- Net income from securities lending: $49K (0.068% of average net assets)
DFNRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MISCHLER FINANCIAL GROUP, INC. | $30K | 52.69% |
| GOLDMAN SACHS & CO. LLC | $16K | 28.45% |
| PERSHING LLC | $6K | 9.88% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $5K | 8.03% |
| AURIGA USA, LLC | $345 | 0.60% |
| DREXEL HAMILTON, LLC | $206 | 0.36% |
DFNRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $3.0M | 100.00% |
Kensington Defender Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DFNDX | Institutional Class | 1.80% | none |
| DFNRX | C000271021 | 2.50% | 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.