DFSTX Fees and Costs — U.s. Small Cap Portfolio, Institutional Class Shares
Data updated: 2026-09-24
The net expense ratio is 0.27%: a 0.25% management fee plus 0.03% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $883K in broker commissions, 0.0054% of average net assets, and portfolio turnover was 6%.
DFSTX Fees and Expenses
Annual operating expenses and sales charges of DFSTX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | — |
| Other expenses | 0.03% |
| Gross expense ratio | 0.28% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.27% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
DFSTX Costs Over Time
On $10,000 invested in DFSTX, assuming 5% a year before costs, total costs come to $175 over 5 years, cutting the return by 0.29% 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 0.27%) | $28 | $89 | $156 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $4 | $16 |
| Total costs | $29 | $95 | $175 |
| Value after costs | $10,471 | $11,481 | $12,588 |
| Impact on return, per year | 0.29% | 0.29% | 0.29% |
DFSTX 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): 0.0054%
- Total broker commissions: $883K
- Bought from dealers (principal trades, not a cost): $4.8B
- Portfolio turnover (prospectus): 6%
- Securities on loan, average value: $1.4B
- Net income from securities lending: $2.5M (0.015% of average net assets)
DFSTX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $178K | 20.19% |
| Nomura Securities International, Inc. | $159K | 17.98% |
| BofA Securities, Inc. | $155K | 17.57% |
| Goldman Sachs & Co. LLC | $127K | 14.40% |
| Citigroup Global Markets Inc. | $127K | 14.33% |
| BNY Capital Markets, LLC | $88K | 9.99% |
| UBS Securities LLC | $28K | 3.19% |
| Stifel, Nicolaus & Company, Incorporated | $16K | 1.80% |
| JonesTrading Institutional Services LLC | $4K | 0.47% |
| BTIG, LLC | $778 | 0.09% |
DFSTX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $4.8B | 99.99% |
| Jefferies LLC | $325K | 0.01% |
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.