DFSVX Fees and Costs — U.s. Small Cap Value Portfolio, Institutional Class Shares
Data updated: 2026-09-24
The net expense ratio is 0.31%: a 0.28% management fee plus 0.03% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.1M in broker commissions, 0.0069% of average net assets, and portfolio turnover was 12%.
DFSVX Fees and Expenses
Annual operating expenses and sales charges of DFSVX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.28% |
| 12b-1 fee | — |
| Other expenses | 0.03% |
| Gross expense ratio | 0.31% |
| Fee waiver | — |
| Net expense ratio | 0.31% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
DFSVX Costs Over Time
On $10,000 invested in DFSVX, assuming 5% a year before costs, total costs come to $201 over 5 years, cutting the return by 0.33% 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 0.31%) | $33 | $102 | $179 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $0 | $5 | $18 |
| Total costs | $33 | $110 | $201 |
| Value after costs | $10,467 | $11,467 | $12,562 |
| Impact on return, per year | 0.33% | 0.33% | 0.33% |
DFSVX 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): 0.0069%
- Total broker commissions: $1.1M
- Bought from dealers (principal trades, not a cost): $5.5B
- Portfolio turnover (prospectus): 12%
- Securities on loan, average value: $889.9M
- Net income from securities lending: $1.3M (0.008% of average net assets)
DFSVX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $215K | 19.57% |
| Nomura Securities International, Inc. | $191K | 17.41% |
| BofA Securities, Inc. | $184K | 16.76% |
| Goldman Sachs & Co. LLC | $169K | 15.39% |
| Citigroup Global Markets Inc. | $147K | 13.39% |
| BNY Capital Markets, LLC | $135K | 12.30% |
| UBS Securities LLC | $33K | 2.99% |
| Stifel, Nicolaus & Company, Incorporated | $21K | 1.94% |
| JonesTrading Institutional Services LLC | $3K | 0.25% |
DFSVX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $5.5B | 99.91% |
| Jefferies LLC | $4.9M | 0.09% |
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.