Fund Evaluator:
Destinations Municipal Fixed Income Z (DMFZX)
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Best Performing in Muni National Interm Over the Last Year
| 8.4% | Sit Tax-Free Income (SNTIX) |
| 5.6% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 5.5% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 5.3% | Victory Tax Exempt Intermediate-Term (USATX) |
| 5.2% | Vanguard Tax-Exempt Bond Index Admiral (VTEAX) |
Fund Details
Destinations Municipal Fixed Income Z Overview
Destinations Municipal Fixed Income Z (DMFZX) is an actively managed Municipal Bond Muni National Interm fund. Destinations Funds launched the fund in 2018.
The investment seeks current income that is exempt from federal income taxation. The fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income securities that pay interest that is exempt from regular federal income tax. It primarily invests in investment grade debt obligations, but may invest to a limited extent in obligations that are rated below-investment grade (commonly referred to as "junk bonds").
About Destinations Municipal Fixed Income Z (DMFZX)
There are 9 members of the management team with an average tenure of 3.41 years: Timothy Holland (2022), Dusty Self (2020), Brian Storey (2022), Gregory Shuman (2023), Nate Miller (2022), Andrew Goins (2023), Adam Shane (2022), John Hoffmann (2026), Daniel Solender (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: ICE BofA 2-12 US Muni Sec TR USD index with a weighting of 100%. Destinations Municipal Fixed Income Z has 469 securities in its portfolio. The top 10 holdings constitute 11.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Destinations Municipal Fixed Income Z is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Destinations Municipal Fixed Income Z has 1.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 94.8% (93.8% domestic bond, 1.0% foreign bond and 0.0% convertible bond). Destinations Municipal Fixed Income Z has 5.2% of the portfolio in cash.
Assets Under Management
The fund has $39 million in total assets, which is below the $1 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DMFZX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Destinations Municipal Fixed Income Z expense ratio is above average compared to funds in the Muni National Interm category. Destinations Municipal Fixed Income Z has an expense ratio of 0.69%, which is 2% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Destinations Municipal Fixed Income Z has a portfolio turnover rate of 48%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.
Recently, in the month of July 2026, Destinations Municipal Fixed Income Z returned -1.5%, which earned it a grade of B, as the Muni National Interm category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Destinations Municipal Fixed Income Z has a trailing yield of 3.08%, which is below the 3.27% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Destinations Municipal Fixed Income Z Grades
Year to date, the fund has returned 0.4%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 4.3% over the past year (grade of D), 3.0% over the past three years (grade of D) and 0.8% per year over the past five years (grade of B).
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DMFZX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DMFZX Return (NAV) | -1.5% | -0.4% | 4.3% | 3.0% | 0.8% | na |
| DMFZX Grade | B | B | D | D | B | na |
| +/- Category | 0.1% | 0.1% | -0.3% | -0.2% | 0.2% | na |
| Muni National Interm Avg | -1.6% | -0.5% | 4.6% | 3.2% | 0.6% | 1.7% |
| DMFZX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
DMFZX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DMFZX Return (NAV) | 0.4% | 3.8% | 2.1% | 4.7% | -6.0% | 0.0% | 4.0% | 6.0% | 0.9% | na | na |
| DMFZX Grade | C | D | C | F | A | F | D | D | B | na | na |
| +/- Category | 0.0% | -0.4% | 0.2% | -1.0% | 2.2% | -1.7% | -0.2% | -0.7% | 0.2% | na | na |
| Muni National Interm Avg | 0.4% | 4.2% | 2.0% | 5.8% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 4.1% |
| Total Risk Index: | 0.33 - Low |
| Category Risk Index: | 0.86 - Low |
| Category Risk Grade: | A (15% Rank) |
| Beta: | 0.71 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 3.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $634 Mil |
| Fund Total Assets: | $ 40 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 48% |
Management Team
| Number of Managers: 9 | |||
| Longest Tenure: 6.0 years | |||
| Average Tenure: 3.4 years | |||
| Managers (Year): Self Dusty (2020), Storey Brian (2022), Holland Timothy (2022), Shane Adam (2022), Miller Nate (2022), Shuman Gregory (2023), Solender Daniel (2023), Goins Andrew (2023), Hoffmann John (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 469 |
| % in Top 10 Holdings: | 11.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 93.8% |
| Foreign Bond: | 1.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 5.2% |
Purchase Information
| Fund Family: | Destinations Funds |
| Phone Number: | 877-771-7979 |
| Website: |
| Status: | Open |
| Inception Date: | July 16, 2018 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.69% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.68% |
| Share Class: | Destinations Municipal Fixed Income I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
