DSMFX Fees and Costs — Destinations Small-Mid Cap Equity Fund, Class I
Data updated: 2026-07-20
The net expense ratio is 1.12%: a 0.90% management fee plus 0.30% other expenses, less a 0.09% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $763K in broker commissions, 0.1100% of average net assets, and portfolio turnover was 124%.
DSMFX Fees and Expenses
Annual operating expenses and sales charges of DSMFX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.30% |
| Gross expense ratio | 1.21% |
| Fee waiver | −0.09% |
| Net expense ratio | 1.12% |
| 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 |
DSMFX Costs Over Time
On $10,000 invested in DSMFX, assuming 5% a year before costs, total costs come to $766 over 5 years, cutting the return by 1.29% 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 1.12%) | $118 | $366 | $633 |
| Trading costs (broker commissions) | $12 | $36 | $62 |
| Lost growth on money paid in costs | $0 | $20 | $70 |
| Total costs | $129 | $422 | $766 |
| Value after costs | $10,371 | $11,154 | $11,997 |
| Impact on return, per year | 1.29% | 1.29% | 1.29% |
DSMFX 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): 0.1100%
- Total broker commissions: $763K
- Bought from dealers (principal trades, not a cost): $12.9M
- Portfolio turnover (prospectus): 124%
- Securities on loan, average value: $9.5M
- Net income from securities lending: $118K (0.017% of average net assets)
DSMFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RAYMOND JAMES (USA) LTD. | $50K | 14.49% |
| ROYAL BANK OF CANADA | $46K | 13.40% |
| PIPER JAFFRAY & CO. | $45K | 12.91% |
| TD Securities (USA) LLC. | $34K | 9.87% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $33K | 9.67% |
| Jefferies LLC | $31K | 8.95% |
| BARCLAYS CAPITAL INC. | $28K | 8.14% |
| Robert W. Baird & Co. | $28K | 8.08% |
| WILLIAM BLAIR & COMPANY, L.L.C. | $26K | 7.59% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $24K | 6.90% |
DSMFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $2.0M | 19.08% |
| MORGAN STANLEY & CO. LLC | $1.9M | 17.50% |
| Goldman Sachs & Co, LLC | $1.7M | 16.20% |
| J.P. MORGAN SECURITIES LLC | $1.3M | 12.66% |
| SVB Leerink | $837K | 7.92% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $722K | 6.83% |
| PIPER JAFFRAY & CO. | $646K | 6.11% |
| UBS Securities LLC | $632K | 5.98% |
| TD Securities (USA) LLC. | $432K | 4.09% |
| OPPENHEIMER & CO. INC. | $385K | 3.64% |
Destinations Small-Mid Cap Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DSMZX | Class Z | 0.97% | — |
| DSMFX | Class I | 1.12% | — |
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.