DMSZX Fees and Costs — Destinations Multi Strategy Alternatives Fund, Class Z
Data updated: 2026-07-20
The net expense ratio is 1.18% (1.54% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $141K in broker commissions, 0.0255% of average net assets, and portfolio turnover was 55%.
DMSZX Fees and Expenses
Annual operating expenses and sales charges of DMSZX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.35% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.09% |
| Gross expense ratio | 1.54% |
| Fee waiver | −0.36% |
| Net expense ratio | 1.18% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
DMSZX Costs Over Time
On $10,000 invested in DMSZX, assuming 5% a year before costs, total costs come to $751 over 5 years, cutting the return by 1.27% 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 1.18%) | $124 | $386 | $668 |
| Trading costs (broker commissions) | $3 | $8 | $14 |
| Lost growth on money paid in costs | $0 | $20 | $69 |
| Total costs | $127 | $414 | $751 |
| Value after costs | $10,373 | $11,163 | $12,012 |
| Impact on return, per year | 1.27% | 1.27% | 1.27% |
DMSZX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0255%
- Total broker commissions: $141K
- Bought from dealers (principal trades, not a cost): $3.0B
- Portfolio turnover (prospectus): 55%
- Securities on loan, average value: $4.1M
- Net income from securities lending: $260K (0.047% of average net assets)
DMSZX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| TD Securities (USA) LLC. | $22K | 17.74% |
| BTIG, LLC | $18K | 14.34% |
| ROYAL BANK OF CANADA | $18K | 14.23% |
| Cantor Fitzgerald & Co. | $17K | 13.45% |
| STEPHENS INC | $15K | 11.77% |
| Jefferies LLC | $8K | 6.85% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $8K | 6.79% |
| PIPER JAFFRAY & CO. | $7K | 5.82% |
| COHEN & COMPANY SECURITIES, LLC | $7K | 5.62% |
| BNY MELLON CAPITAL MARKETS, LLC | $4K | 3.39% |
DMSZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $2.0B | 69.70% |
| Goldman Sachs & Co, LLC | $575.2M | 19.71% |
| BROWN BROTHERS HARRIMAN INVESTMENTS, LLC | $152.5M | 5.23% |
| HILLTOP SECURITIES INC. | $54.5M | 1.87% |
| Citigroup Global Markets Inc. | $25.2M | 0.86% |
| BNY MELLON CAPITAL MARKETS, LLC | $19.3M | 0.66% |
| DEUTSCHE BANK SECURITIES INC. | $18.5M | 0.63% |
| Wells Fargo Securities LLC | $18.4M | 0.63% |
| BTIG, LLC | $10.8M | 0.37% |
| J.P. MORGAN SECURITIES LLC | $9.7M | 0.33% |
Destinations Multi Strategy Alternatives Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DMSZX | Class Z | 1.18% | — |
| DMSFX | Class I | 1.33% | — |
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.