Destinations Equity Income Fund

Overview

The Destinations Equity Income Fund seeks to provide a high level of current income with long-term capital appreciation, investing primarily in dividend-paying equity securities.

Employing a multi-manager approach, the Fund currently allocates assets among the following sub-advisers:

Federated Equity Management Company of Pennsylvania is the sub-adviser of Federated Strategic Value Dividend which employs a bottom-up, fundamental approach with an emphasis on high-yielding, dividend growing stocks.
NWQ Investment Management Company LLC is the sub-adviser of NWQ Global Equity Income which seeks to provide high current income and long-term capital appreciation by investing in global equity and income-producing securities.

I Share Fund performance as of 9/30/2019

Annualized

MTD

QTD

YTD

1 Year

3 Years

5 Years

Since
Inception

Destinations Equity Income Fund

3.59%

1.79%

14.50%

6.71%

N/A

6.69%

S&P 500 Index

1.87%

1.70%

20.55%

4.24%

N/A

11.40%

*Effective June 30, 2019, the Fund’s adviser, Brinker Capital, Inc. (“Brinker” or the “Adviser”), has contractually agreed to waive a portion of its management fee for a period of one year as necessary to keep the Fund’s management fee from exceeding 0.39% more than the total amount of sub-advisory fees paid by the Adviser. This contractual waiver will only apply if the Fund’s total management fees exceed the total amount of sub-advisory fees paid by the Adviser plus 0.39%, and will not affect the Fund’s total management fees if they are less than such amount. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2020. The agreement may be amended or terminated only with the consent of the Board of Trustees.

S&P 500 Index Definition: Widely regarded as the best single gauge of large cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. One cannot invest directly in an index.

An investment in the Destinations Equity Income Fund is subject to risk, including the possible loss of principal amount invested.

Derivatives, such as futures, involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues include tax issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund.

Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including the political, regulatory, economic, social, diplomatic and other conditions or events, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies. Risks of foreign investment tend to be greater in emerging markets, which tend to be more likely to experience political turmoil or rapid change to market or economic conditions.

Mid-capitalization companies may be newer or less established than large-capitalization companies, and may have limited resources, products and markets, can be more volatile and may be less liquid.

Stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies and typically are traded in lower volume, are less liquid.

Real estate investment trusts (REITs) are trusts that invest primarily in commercial real estate or real estate-related loans. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.

Liquidity risk refers to the possibility that securities cannot be readily sold within seven days at approximately the price at which the Fund has valued them.

With securities lending risk, the Fund may lose money from securities lending if, for example, it is delayed in or prevented from selling the collateral after the loan is made or recovering the securities loaned or if it incurs losses on the reinvestment of cash collateral.

Fund facts

Ticker: DGEFX
CUSIP: 10964R400
Benchmark: S&P 500 Index
Inception date: 03/20/2017
Gross expense ratio: 1.06%
Net expense ratio: 0.89%*

Daily NAV

Date:

10/14/2019

NAV:

$10.48
NAV change:

-$0.01
Total assets ($m):

$491.3

Quick links

Management team

Jeffrey W. Raupp Chief Investment Officer
Jeffrey W. Raupp, CFA, MBA, is Chief Investment Officer at Brinker Capital with portfolio management responsibilities for the Destinations program. He also serves as chair of Brinker Capital’s asset allocation committee. Mr. Raupp joined Brinker Capital in 1996 as an operations manager and has been a portfolio manager for the Destinations program since 2001. Prior to joining Brinker Capital, Mr. Raupp was an electronic engineer and project manager for a small electronics firm. He also served as an officer in the United States Army. Mr. Raupp has a B.S. in Mechanical Engineering from the University of Delaware and a MBA in Finance from Villanova University.
Amy L. Magnotta Senior Vice President
Amy L. Magnotta, CFA, is a Senior Vice President at Brinker Capital with portfolio management responsibilities for the Destinations program. Ms. Magnotta joined Brinker Capital in 2006 as a senior analyst and has been portfolio manager for the Destinations program since 2007. Prior to joining Brinker Capital, Ms. Magnotta was an associate at Franklin Park Associates from 2004 to 2006 and an associate at BlackRock from 2001 to 2004. Ms. Magnotta has a B.S. in Finance from Lehigh University.
Leigh A. Lowman Investment Manager
Leigh A. Lowman, CFA is an Investment Manager at Brinker Capital with portfolio management responsibilities for the Destinations program. Prior to joining Brinker Capital in 2015, Ms. Lowman was an outreach analyst for The Investment Fund for Foundations (TIFF) and a senior associate for Mondrian Investment Partners. Ms. Lowman was previously at Brinker Capital from 2004 to 2010 as an investment associate and operations analyst. Ms. Lowman has a B.A. in Economics from Wittenberg University.

Performance

I Share Fund performance as of 9/30/2019

Annualized

MTD

QTD

YTD

1 Year

3 Years

5 Years

Since
Inception

Inception
Date

Gross
expense
ratio

Net
expense
ratio*

Destinations Equity Income Fund

3.59%

1.79%

14.50%

6.71%

N/A

6.69%

3/20/2017

1.06%

0.89%

S&P 500 Index

1.87%

1.70%

20.55%

4.24%

N/A

11.40%

Holdings

Security Description	Ticker Symbol	Security ID	Security Type Description	Quantity	Base Market Value	Percent TNA
CANADIAN DOLLAR		CASHCAD	CURRENCY	-53.8200	-40.63	-.00
BRITISH POUNDS		CASHGBP	CURRENCY	351,221.0800	431,826.30	.08
US DOLLARS		CASHUSD	CURRENCY	14,458,757.9500	14,458,757.95	2.82
AGEAS /EUR/		B86S2N0	COMMON STOCK	63,370.0000	3,513,965.80	.68
GREAT EAGLE HOLDINGS LTD /HKD/		6387406	COMMON STOCK	384,000.0000	1,313,029.89	.26
BANK OF N.T. BUTTERFIELD&SON	NTB	BD8FF02	COMMON STOCK	51,360.0000	1,522,310.40	.30
INVESCO LTD	IVZ	G491BT108	COMMON STOCK	140,600.0000	2,381,764.00	.46
RENAISSANCERE HOLDINGS LTD	RNR	G7496G103	COMMON STOCK	16,230.0000	3,139,693.50	.61
TELEFONICA BRASIL S.A.-P /BRL/		B3ZCNF7	COMMON STOCK	214,290.0000	2,833,373.67	.55
CAN IMPERIAL BK OF COMME /CAD/	BCM	136069101	COMMON STOCK	83,900.0000	6,922,636.62	1.35
ENBRIDGE INC /CAD/	ENB	2466149	COMMON STOCK	141,150.0000	4,954,313.86	.97
TC ENERGY CORP /CAD/		87807B107	COMMON STOCK	53,025.0000	2,745,708.79	.53
BCE INC /CAD/		B188TH2	COMMON STOCK	183,000.0000	8,851,630.43	1.72
BCE INC	BCE	05534B760	COMMON STOCK	29,318.0000	1,419,284.38	.28
MER LYNCH INT CV BAC WT EX 2/25/20		59027A631	WARRANTS	4,931.0000	1,372,907.31	.27
VEOLIA ENVIRONNEMENT /EUR/		4031879	COMMON STOCK	96,325.0000	2,441,830.13	.48
SANOFI /EUR/		5671735	COMMON STOCK	29,710.0000	2,754,195.41	.54
ENGIE /EUR/		B0C2CQ3	COMMON STOCK	158,255.0000	2,583,663.64	.50
TOTAL SA /EUR/		B15C557	COMMON STOCK	141,447.0000	7,381,760.54	1.44
DEUTSCHE POST AG-REG /EUR/	DPW	4617859	COMMON STOCK	144,445.0000	4,824,239.49	.94
BAYER AG-REG /EUR/		5069211	COMMON STOCK	33,035.0000	2,329,046.62	.45
HENKEL AG & CO KGAA /EUR/		5076705	COMMON STOCK	19,100.0000	1,890,105.02	.37
ALLIANZ SE REGISTERED /EUR/	ALV	5231485	COMMON STOCK	10,155.0000	2,366,769.17	.46
SIEMENS AG-REG /EUR/	SIE	5727973	COMMON STOCK	29,985.0000	3,210,726.65	.63
INFINEON TECHNOLOGIES AG /EUR/	IFX	5889505	COMMON STOCK	70,500.0000	1,268,690.00	.25
DEUTSCHE BOERSE AG /EUR/	DB1	7021963	COMMON STOCK	17,400.0000	2,719,350.07	.53
AURELIUS EQUITY OPPORTUN /EUR/		B17NLM7	COMMON STOCK	55,025.0000	2,270,426.16	.44
AIB GROUP PLC /EUR/		BF0L353	COMMON STOCK	151,545.0000	449,899.42	.09
AIB GROUP PLC /EUR/		BF4KR65	COMMON STOCK	647,485.0000	1,933,512.55	.38
EATON CORP PLC	ETN	G29183103	COMMON STOCK	28,920.0000	2,404,698.00	.47
DAIWA SECURITIES GROUP I /JPY/		6251448	COMMON STOCK	489,315.0000	2,178,554.83	.42
MITSUI & CO LTD /JPY/		6597302	COMMON STOCK	157,000.0000	2,567,176.88	.50
NINTENDO CO LTD /JPY/		6639550	COMMON STOCK	12,945.0000	4,791,296.18	.93
NIPPON TELEGRAPH & TELEP /JPY/		6641373	COMMON STOCK	51,100.0000	2,436,731.56	.47
SEKISUI HOUSE LTD /JPY/		6793906	COMMON STOCK	184,300.0000	3,622,080.92	.71
AMCOR PLC	AMCR	BJ1F307	COMMON STOCK	357,025.0000	3,480,993.75	.68
ING GROEP NV /EUR/		BZ57390	COMMON STOCK	308,150.0000	3,225,381.15	.63
LYONDELLBASELL INDU-CL A	LYB	N53745100	COMMON STOCK	54,775.0000	4,900,719.25	.95
SAMSUNG ELECTRONICS PRF /KRW/	005935	6773812	COMMON STOCK	69,630.0000	2,293,688.65	.45
UNICAJA BANCO SA /EUR/		BH4H4H0	COMMON STOCK	1,721,600.0000	1,369,688.58	.27
ROCHE HOLDING AG-GENUSSC /CHF/	ROG	7110388	COMMON STOCK	5,993.0000	1,743,805.70	.34
BRITISH AMERICAN TOBACCO /GBP/		0287580	COMMON STOCK	93,200.0000	3,446,276.11	.67
BP PLC /GBP/	BP/	0798059	COMMON STOCK	1,483,950.0000	9,410,855.99	1.83
GLAXOSMITHKLINE PLC /GBP/	GSK	0925288	COMMON STOCK	679,100.0000	14,566,597.51	2.84
ASTRAZENECA PLC /GBP/	AZN	0989529	COMMON STOCK	25,751.0000	2,298,894.58	.45
KINGFISHER PLC /GBP/	KGF	3319521	COMMON STOCK	955,110.0000	2,428,468.35	.47
ROYAL DUTCH SHELL PLC-B /GBP/		B03MM40	COMMON STOCK	37,350.0000	1,100,286.90	.21
NATIONAL GRID PLC /GBP/		BDR05C0	COMMON STOCK	1,286,973.0000	13,954,597.04	2.72
VODAFONE GROUP PLC /GBP/		BH4HKS3	COMMON STOCK	3,163,768.0000	6,301,561.30	1.23
BP PLC-SPONS ADR	BP	055622104	COMMON STOCK	49,439.0000	1,878,187.61	.37
AT&T INC	T	00206R102	COMMON STOCK	295,172.0000	11,169,308.48	2.18
ABBVIE INC	ABBV	00287Y109	COMMON STOCK	157,451.0000	11,922,189.72	2.32
ALTRIA GROUP INC	MO	02209S103	COMMON STOCK	73,909.0000	3,022,878.10	.59
BANK OF AMERICA CORP	BAC	060505104	COMMON STOCK	82,510.0000	2,406,816.70	.47
BRISTOL-MYERS SQUIBB CO	BMY	110122108	COMMON STOCK	55,620.0000	2,820,490.20	.55
BROADCOM INC	AVGO	11135F101	COMMON STOCK	8,388.0000	2,315,675.16	.45
CNA FINANCIAL CORP	CNA	126117100	COMMON STOCK	48,372.0000	2,382,321.00	.46
CENTERPONT ENERGY INC /PFD/	CNP PRB	15189T503	PREFERRED STOCK	45,730.0000	2,389,849.80	.47
CHEVRON CORP	CVX	166764100	COMMON STOCK	110,152.0000	13,064,027.20	2.55
CITIGROUP INC	C	172967424	COMMON STOCK	75,400.0000	5,208,632.00	1.01
COCA-COLA CO/THE	KO	191216100	COMMON STOCK	144,161.0000	7,848,124.84	1.53
CRACKER BARREL OLD COUNTRY	CBRL	22410J106	COMMON STOCK	18,225.0000	2,964,296.25	.58
CROWN CASTLE INTL CORP	CCI	22822V101	REIT - Real Estate Invesment Trust	2,050.0000	284,970.50	.06
CYPRESS SEMICONDUCTOR CORP	CY	232806109	COMMON STOCK	69,739.0000	1,627,708.26	.32
DELTA AIR LINES INC	DAL	247361702	COMMON STOCK	83,550.0000	4,812,480.00	.94
DOMINION ENERGY INC	D	25746U109	COMMON STOCK	138,325.0000	11,209,858.00	2.18
DUKE ENERGY CORP	DUK	26441C204	COMMON STOCK	113,600.0000	10,889,696.00	2.12
DUPONT DE NEMOURS INC	DD	26614N102	COMMON STOCK	44,750.0000	3,191,122.50	.62
ENTERPRISE PRODUCTS PARTNERS	EPD	293792107	POOLED INVESTMENTS	219,495.0000	6,273,167.10	1.22
EQUITRANS MIDSTREAM CORP	ETRN	294600101	COMMON STOCK	127,421.0000	1,853,975.55	.36
EXXON MOBIL CORP	XOM	30231G102	COMMON STOCK	149,775.0000	10,575,612.75	2.06
FIRSTENERGY CORP	FE	337932107	COMMON STOCK	53,615.0000	2,585,851.45	.50
GILEAD SCIENCES INC	GILD	375558103	COMMON STOCK	149,753.0000	9,491,345.14	1.85
ISHARES CORE HIGH DIVIDEND E	HDV	46429B663	POOLED INVESTMENTS	331,594.0000	31,222,891.04	6.08
ISHARES CORE DIVIDEND GROWTH	DGRO	46434V621	POOLED INVESTMENTS	1,314,502.0000	51,449,608.28	10.02
JPMORGAN CHASE & CO	JPM	46625H100	COMMON STOCK	22,105.0000	2,601,537.45	.51
KEYCORP	KEY	493267108	COMMON STOCK	187,425.0000	3,343,662.00	.65
KIMBERLY-CLARK CORP	KMB	494368103	COMMON STOCK	15,125.0000	2,148,506.25	.42
MGM GROWTH PROPERTIES LLC-A	MGP	55303A105	REIT - Real Estate Invesment Trust	76,695.0000	2,304,684.75	.45
MICROSOFT CORP	MSFT	594918104	COMMON STOCK	27,165.0000	3,776,749.95	.74
NATIONAL RETAIL PROPERTIES	NNN	637417106	REIT - Real Estate Invesment Trust	59,575.0000	3,360,030.00	.65
OCCIDENTAL PETROLEUM CORP	OXY	674599105	COMMON STOCK	94,525.0000	4,203,526.75	.82
OLD REPUBLIC INTL CORP	ORI	680223104	COMMON STOCK	99,117.0000	2,336,187.69	.46
OMEGA HEALTHCARE INVESTORS	OHI	681936100	REIT - Real Estate Invesment Trust	98,525.0000	4,117,359.75	.80
ORACLE CORP	ORCL	68389X105	COMMON STOCK	63,910.0000	3,516,967.30	.69
PNC FINANCIAL SERVICES GROUP	PNC	693475105	COMMON STOCK	25,625.0000	3,591,600.00	.70
PPL CORP	PPL	69351T106	COMMON STOCK	243,350.0000	7,663,091.50	1.49
PEPSICO INC	PEP	713448108	COMMON STOCK	47,250.0000	6,477,975.00	1.26
PFIZER INC	PFE	717081103	COMMON STOCK	235,575.0000	8,464,209.75	1.65
PHILIP MORRIS INTERNATIONAL	PM	718172109	COMMON STOCK	170,921.0000	12,978,031.53	2.53
REGIONS FINANCIAL CORP	RF	7591EP100	COMMON STOCK	197,375.0000	3,122,472.50	.61
SOUTHERN CO/THE	SO	842587107	COMMON STOCK	89,190.0000	5,509,266.30	1.07
UNITED PARCEL SERVICE-CL B	UPS	911312106	COMMON STOCK	66,425.0000	7,959,043.50	1.55
VENTAS INC	VTR	92276F100	REIT - Real Estate Invesment Trust	126,250.0000	9,220,037.50	1.80
VERIZON COMMUNICATIONS INC	VZ	92343V104	COMMON STOCK	184,576.0000	11,141,007.36	2.17
VIACOM INC-CLASS B	VIAB	92553P201	COMMON STOCK	81,585.0000	1,960,487.55	.38
WELLTOWER INC	WELL	95040Q104	REIT - Real Estate Invesment Trust	29,450.0000	2,669,642.50	.52

As of 09/30/2019.

Distributions

Fund Name	Fund Cusip	Distribution Type	Amount per Share	Ex Date	Reinvest Date	Reinvest Price
Destinations Equity Income Fund	10964R400	Dividend	0.066392	9/26/2019	9/26/2019	$10.50
Destinations Equity Income Fund	10964R400	Dividend	0.089535	6/27/2019	6/27/2019	$10.35
Destinations Equity Income Fund	10964R400	Dividend	0.037394	3/28/2019	3/28/2019	$10.27
Destinations Equity Income Fund	10964R400	Dividend	0.080288	12/27/2018	12/27/2018	$9.28
Destinations Equity Income Fund	10964R400	Short-Term Capital Gains	0.182344	12/17/2018	12/17/2018	$9.65
Destinations Equity Income Fund	10964R400	Long-Term Capital Gains	0.182525	12/17/2018	12/17/2018	$9.65
Destinations Equity Income Fund	10964R400	Dividend	0.075074	9/27/2018	9/27/2018	$10.50
Destinations Equity Income Fund	10964R400	Dividend	0.099103	6/28/2018	6/28/2018	$10.13
Destinations Equity Income Fund	10964R400	Dividend	0.040482	3/28/2018	3/28/2018	$9.95
Destinations Equity Income Fund	10964R400	Dividend	0.073313	12/28/2017	12/28/2017	$10.58
Destinations Equity Income Fund	10964R400	Short-Term Capital Gains	0.035778	12/15/2017	12/15/2017	$10.60
Destinations Equity Income Fund	10964R400	Dividend	0.080647	9/28/2017	9/28/2017	$10.22
Destinations Equity Income Fund	10964R400	Dividend	0.105492	6/29/2017	6/29/2017	$10.00

Fees and expenses

Type	Amount
Management Fees	0.80%
Distribution and Service (12b-1) Fees	None
Other Expenses	0.24%
AFFE	0.02%
Total Annual Fund Operating Expenses	1.06%
Fee waivers and expense reimbursements	(0.17%)
Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements	0.89%*

Overview

The Destinations Equity Income Fund seeks to provide a high level of current income with long-term capital appreciation, investing primarily in dividend-paying equity securities.

Employing a multi-manager approach, the Fund currently allocates assets among the following sub-advisers:

Federated Equity Management Company of Pennsylvania is the sub-adviser of Federated Strategic Value Dividend which employs a bottom-up, fundamental approach with an emphasis on high-yielding, dividend growing stocks.
NWQ Investment Management Company LLC is the sub-adviser of NWQ Global Equity Income which seeks to provide high current income and long-term capital appreciation by investing in global equity and income-producing securities.

Z Share Fund performance as of 9/30/2019

Annualized

MTD

QTD

YTD

1 Year

3 Years

5 Years

Since
Inception

Destinations Equity Income Fund

3.63%

1.88%

14.71%

6.84%

N/A

8.21%

S&P 500 Index

1.87%

1.70%

20.55%

4.24%

N/A

7.25%

An investment in the Destinations Equity Income Fund is subject to risk, including the possible loss of principal amount invested.

Stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies and typically are traded in lower volume, are less liquid.

Liquidity risk refers to the possibility that securities cannot be readily sold within seven days at approximately the price at which the Fund has valued them.

Fund facts

Ticker: DGEZX
CUSIP: 10964R830
Benchmark: S&P 500 Index
Inception date: 07/16/2018
Gross expense ratio: 0.91%
Net expense ratio: 0.74%*

Daily NAV

Date:

10/14/2019

NAV:

$10.16
NAV change:

-$0.02
Total assets ($m):

$20.0

Quick links

Management team

Jeffrey W. Raupp Chief Investment Officer
Jeffrey W. Raupp, CFA, MBA, is Chief Investment Officer at Brinker Capital with portfolio management responsibilities for the Destinations program. He also serves as chair of Brinker Capital’s asset allocation committee. Mr. Raupp joined Brinker Capital in 1996 as an operations manager and has been a portfolio manager for the Destinations program since 2001. Prior to joining Brinker Capital, Mr. Raupp was an electronic engineer and project manager for a small electronics firm. He also served as an officer in the United States Army. Mr. Raupp has a B.S. in Mechanical Engineering from the University of Delaware and a MBA in Finance from Villanova University.
Amy L. Magnotta Senior Vice President
Amy L. Magnotta, CFA, is a Senior Vice President at Brinker Capital with portfolio management responsibilities for the Destinations program. Ms. Magnotta joined Brinker Capital in 2006 as a senior analyst and has been portfolio manager for the Destinations program since 2007. Prior to joining Brinker Capital, Ms. Magnotta was an associate at Franklin Park Associates from 2004 to 2006 and an associate at BlackRock from 2001 to 2004. Ms. Magnotta has a B.S. in Finance from Lehigh University.
Leigh A. Lowman Investment Manager
Leigh A. Lowman, CFA is an Investment Manager at Brinker Capital with portfolio management responsibilities for the Destinations program. Prior to joining Brinker Capital in 2015, Ms. Lowman was an outreach analyst for The Investment Fund for Foundations (TIFF) and a senior associate for Mondrian Investment Partners. Ms. Lowman was previously at Brinker Capital from 2004 to 2010 as an investment associate and operations analyst. Ms. Lowman has a B.A. in Economics from Wittenberg University.

Performance

Z Share Fund performance as of 9/30/2019

Annualized

MTD

QTD

YTD

1 Year

3 Years

5 Years

Since
Inception

Inception
Date

Gross
expense
ratio

Net
expense
ratio*

Destinations Equity Income Fund

3.63%

1.88%

14.71%

6.84%

N/A

8.21%

7/16/2018

0.91%

0.74%

S&P 500 Index

1.87%

1.70%

20.55%

4.24%

N/A

7.25%

Holdings

Security Description	Ticker Symbol	Security ID	Security Type Description	Quantity	Base Market Value	Percent TNA
CANADIAN DOLLAR		CASHCAD	CURRENCY	-53.8200	-40.63	-.00
BRITISH POUNDS		CASHGBP	CURRENCY	351,221.0800	431,826.30	.08
US DOLLARS		CASHUSD	CURRENCY	14,458,757.9500	14,458,757.95	2.82
AGEAS /EUR/		B86S2N0	COMMON STOCK	63,370.0000	3,513,965.80	.68
GREAT EAGLE HOLDINGS LTD /HKD/		6387406	COMMON STOCK	384,000.0000	1,313,029.89	.26
BANK OF N.T. BUTTERFIELD&SON	NTB	BD8FF02	COMMON STOCK	51,360.0000	1,522,310.40	.30
INVESCO LTD	IVZ	G491BT108	COMMON STOCK	140,600.0000	2,381,764.00	.46
RENAISSANCERE HOLDINGS LTD	RNR	G7496G103	COMMON STOCK	16,230.0000	3,139,693.50	.61
TELEFONICA BRASIL S.A.-P /BRL/		B3ZCNF7	COMMON STOCK	214,290.0000	2,833,373.67	.55
CAN IMPERIAL BK OF COMME /CAD/	BCM	136069101	COMMON STOCK	83,900.0000	6,922,636.62	1.35
ENBRIDGE INC /CAD/	ENB	2466149	COMMON STOCK	141,150.0000	4,954,313.86	.97
TC ENERGY CORP /CAD/		87807B107	COMMON STOCK	53,025.0000	2,745,708.79	.53
BCE INC /CAD/		B188TH2	COMMON STOCK	183,000.0000	8,851,630.43	1.72
BCE INC	BCE	05534B760	COMMON STOCK	29,318.0000	1,419,284.38	.28
MER LYNCH INT CV BAC WT EX 2/25/20		59027A631	WARRANTS	4,931.0000	1,372,907.31	.27
VEOLIA ENVIRONNEMENT /EUR/		4031879	COMMON STOCK	96,325.0000	2,441,830.13	.48
SANOFI /EUR/		5671735	COMMON STOCK	29,710.0000	2,754,195.41	.54
ENGIE /EUR/		B0C2CQ3	COMMON STOCK	158,255.0000	2,583,663.64	.50
TOTAL SA /EUR/		B15C557	COMMON STOCK	141,447.0000	7,381,760.54	1.44
DEUTSCHE POST AG-REG /EUR/	DPW	4617859	COMMON STOCK	144,445.0000	4,824,239.49	.94
BAYER AG-REG /EUR/		5069211	COMMON STOCK	33,035.0000	2,329,046.62	.45
HENKEL AG & CO KGAA /EUR/		5076705	COMMON STOCK	19,100.0000	1,890,105.02	.37
ALLIANZ SE REGISTERED /EUR/	ALV	5231485	COMMON STOCK	10,155.0000	2,366,769.17	.46
SIEMENS AG-REG /EUR/	SIE	5727973	COMMON STOCK	29,985.0000	3,210,726.65	.63
INFINEON TECHNOLOGIES AG /EUR/	IFX	5889505	COMMON STOCK	70,500.0000	1,268,690.00	.25
DEUTSCHE BOERSE AG /EUR/	DB1	7021963	COMMON STOCK	17,400.0000	2,719,350.07	.53
AURELIUS EQUITY OPPORTUN /EUR/		B17NLM7	COMMON STOCK	55,025.0000	2,270,426.16	.44
AIB GROUP PLC /EUR/		BF0L353	COMMON STOCK	151,545.0000	449,899.42	.09
AIB GROUP PLC /EUR/		BF4KR65	COMMON STOCK	647,485.0000	1,933,512.55	.38
EATON CORP PLC	ETN	G29183103	COMMON STOCK	28,920.0000	2,404,698.00	.47
DAIWA SECURITIES GROUP I /JPY/		6251448	COMMON STOCK	489,315.0000	2,178,554.83	.42
MITSUI & CO LTD /JPY/		6597302	COMMON STOCK	157,000.0000	2,567,176.88	.50
NINTENDO CO LTD /JPY/		6639550	COMMON STOCK	12,945.0000	4,791,296.18	.93
NIPPON TELEGRAPH & TELEP /JPY/		6641373	COMMON STOCK	51,100.0000	2,436,731.56	.47
SEKISUI HOUSE LTD /JPY/		6793906	COMMON STOCK	184,300.0000	3,622,080.92	.71
AMCOR PLC	AMCR	BJ1F307	COMMON STOCK	357,025.0000	3,480,993.75	.68
ING GROEP NV /EUR/		BZ57390	COMMON STOCK	308,150.0000	3,225,381.15	.63
LYONDELLBASELL INDU-CL A	LYB	N53745100	COMMON STOCK	54,775.0000	4,900,719.25	.95
SAMSUNG ELECTRONICS PRF /KRW/	005935	6773812	COMMON STOCK	69,630.0000	2,293,688.65	.45
UNICAJA BANCO SA /EUR/		BH4H4H0	COMMON STOCK	1,721,600.0000	1,369,688.58	.27
ROCHE HOLDING AG-GENUSSC /CHF/	ROG	7110388	COMMON STOCK	5,993.0000	1,743,805.70	.34
BRITISH AMERICAN TOBACCO /GBP/		0287580	COMMON STOCK	93,200.0000	3,446,276.11	.67
BP PLC /GBP/	BP/	0798059	COMMON STOCK	1,483,950.0000	9,410,855.99	1.83
GLAXOSMITHKLINE PLC /GBP/	GSK	0925288	COMMON STOCK	679,100.0000	14,566,597.51	2.84
ASTRAZENECA PLC /GBP/	AZN	0989529	COMMON STOCK	25,751.0000	2,298,894.58	.45
KINGFISHER PLC /GBP/	KGF	3319521	COMMON STOCK	955,110.0000	2,428,468.35	.47
ROYAL DUTCH SHELL PLC-B /GBP/		B03MM40	COMMON STOCK	37,350.0000	1,100,286.90	.21
NATIONAL GRID PLC /GBP/		BDR05C0	COMMON STOCK	1,286,973.0000	13,954,597.04	2.72
VODAFONE GROUP PLC /GBP/		BH4HKS3	COMMON STOCK	3,163,768.0000	6,301,561.30	1.23
BP PLC-SPONS ADR	BP	055622104	COMMON STOCK	49,439.0000	1,878,187.61	.37
AT&T INC	T	00206R102	COMMON STOCK	295,172.0000	11,169,308.48	2.18
ABBVIE INC	ABBV	00287Y109	COMMON STOCK	157,451.0000	11,922,189.72	2.32
ALTRIA GROUP INC	MO	02209S103	COMMON STOCK	73,909.0000	3,022,878.10	.59
BANK OF AMERICA CORP	BAC	060505104	COMMON STOCK	82,510.0000	2,406,816.70	.47
BRISTOL-MYERS SQUIBB CO	BMY	110122108	COMMON STOCK	55,620.0000	2,820,490.20	.55
BROADCOM INC	AVGO	11135F101	COMMON STOCK	8,388.0000	2,315,675.16	.45
CNA FINANCIAL CORP	CNA	126117100	COMMON STOCK	48,372.0000	2,382,321.00	.46
CENTERPONT ENERGY INC /PFD/	CNP PRB	15189T503	PREFERRED STOCK	45,730.0000	2,389,849.80	.47
CHEVRON CORP	CVX	166764100	COMMON STOCK	110,152.0000	13,064,027.20	2.55
CITIGROUP INC	C	172967424	COMMON STOCK	75,400.0000	5,208,632.00	1.01
COCA-COLA CO/THE	KO	191216100	COMMON STOCK	144,161.0000	7,848,124.84	1.53
CRACKER BARREL OLD COUNTRY	CBRL	22410J106	COMMON STOCK	18,225.0000	2,964,296.25	.58
CROWN CASTLE INTL CORP	CCI	22822V101	REIT - Real Estate Invesment Trust	2,050.0000	284,970.50	.06
CYPRESS SEMICONDUCTOR CORP	CY	232806109	COMMON STOCK	69,739.0000	1,627,708.26	.32
DELTA AIR LINES INC	DAL	247361702	COMMON STOCK	83,550.0000	4,812,480.00	.94
DOMINION ENERGY INC	D	25746U109	COMMON STOCK	138,325.0000	11,209,858.00	2.18
DUKE ENERGY CORP	DUK	26441C204	COMMON STOCK	113,600.0000	10,889,696.00	2.12
DUPONT DE NEMOURS INC	DD	26614N102	COMMON STOCK	44,750.0000	3,191,122.50	.62
ENTERPRISE PRODUCTS PARTNERS	EPD	293792107	POOLED INVESTMENTS	219,495.0000	6,273,167.10	1.22
EQUITRANS MIDSTREAM CORP	ETRN	294600101	COMMON STOCK	127,421.0000	1,853,975.55	.36
EXXON MOBIL CORP	XOM	30231G102	COMMON STOCK	149,775.0000	10,575,612.75	2.06
FIRSTENERGY CORP	FE	337932107	COMMON STOCK	53,615.0000	2,585,851.45	.50
GILEAD SCIENCES INC	GILD	375558103	COMMON STOCK	149,753.0000	9,491,345.14	1.85
ISHARES CORE HIGH DIVIDEND E	HDV	46429B663	POOLED INVESTMENTS	331,594.0000	31,222,891.04	6.08
ISHARES CORE DIVIDEND GROWTH	DGRO	46434V621	POOLED INVESTMENTS	1,314,502.0000	51,449,608.28	10.02
JPMORGAN CHASE & CO	JPM	46625H100	COMMON STOCK	22,105.0000	2,601,537.45	.51
KEYCORP	KEY	493267108	COMMON STOCK	187,425.0000	3,343,662.00	.65
KIMBERLY-CLARK CORP	KMB	494368103	COMMON STOCK	15,125.0000	2,148,506.25	.42
MGM GROWTH PROPERTIES LLC-A	MGP	55303A105	REIT - Real Estate Invesment Trust	76,695.0000	2,304,684.75	.45
MICROSOFT CORP	MSFT	594918104	COMMON STOCK	27,165.0000	3,776,749.95	.74
NATIONAL RETAIL PROPERTIES	NNN	637417106	REIT - Real Estate Invesment Trust	59,575.0000	3,360,030.00	.65
OCCIDENTAL PETROLEUM CORP	OXY	674599105	COMMON STOCK	94,525.0000	4,203,526.75	.82
OLD REPUBLIC INTL CORP	ORI	680223104	COMMON STOCK	99,117.0000	2,336,187.69	.46
OMEGA HEALTHCARE INVESTORS	OHI	681936100	REIT - Real Estate Invesment Trust	98,525.0000	4,117,359.75	.80
ORACLE CORP	ORCL	68389X105	COMMON STOCK	63,910.0000	3,516,967.30	.69
PNC FINANCIAL SERVICES GROUP	PNC	693475105	COMMON STOCK	25,625.0000	3,591,600.00	.70
PPL CORP	PPL	69351T106	COMMON STOCK	243,350.0000	7,663,091.50	1.49
PEPSICO INC	PEP	713448108	COMMON STOCK	47,250.0000	6,477,975.00	1.26
PFIZER INC	PFE	717081103	COMMON STOCK	235,575.0000	8,464,209.75	1.65
PHILIP MORRIS INTERNATIONAL	PM	718172109	COMMON STOCK	170,921.0000	12,978,031.53	2.53
REGIONS FINANCIAL CORP	RF	7591EP100	COMMON STOCK	197,375.0000	3,122,472.50	.61
SOUTHERN CO/THE	SO	842587107	COMMON STOCK	89,190.0000	5,509,266.30	1.07
UNITED PARCEL SERVICE-CL B	UPS	911312106	COMMON STOCK	66,425.0000	7,959,043.50	1.55
VENTAS INC	VTR	92276F100	REIT - Real Estate Invesment Trust	126,250.0000	9,220,037.50	1.80
VERIZON COMMUNICATIONS INC	VZ	92343V104	COMMON STOCK	184,576.0000	11,141,007.36	2.17
VIACOM INC-CLASS B	VIAB	92553P201	COMMON STOCK	81,585.0000	1,960,487.55	.38
WELLTOWER INC	WELL	95040Q104	REIT - Real Estate Invesment Trust	29,450.0000	2,669,642.50	.52

As of 09/30/2019.

Distributions

Fund Name	Fund Cusip	Distribution Type	Amount per Share	Ex Date	Reinvest Date	Reinvest Price
Destinations Equity Income Fund	10964R830	Dividend	0.069737	9/26/2019	9/26/2019	$10.18
Destinations Equity Income Fund	10964R830	Dividend	0.093391	6/27/2019	6/27/2019	$10.04
Destinations Equity Income Fund	10964R830	Dividend	0.038702	3/28/2019	3/28/2019	$9.96
Destinations Equity Income Fund	10964R830	Dividend	0.083434	12/27/2018	12/27/2018	$9.00
Destinations Equity Income Fund	10964R830	Short-Term Capital Gains	0.182344	12/17/2018	12/17/2018	$9.36
Destinations Equity Income Fund	10964R830	Long-Term Capital Gains	0.182525	12/17/2018	12/17/2018	$9.36
Destinations Equity Income Fund	10964R830	Dividend	0.078994	9/27/2018	9/27/2018	$10.20

Fees and expenses

Type	Amount
Management Fees	0.80%
Distribution and Service (12b-1) Fees	None
Other Expenses	0.09%
AFFE	0.02%
Total Annual Fund Operating Expenses	0.91%
Fee waivers and expense reimbursements	(0.17%)
Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements	0.74%*

Contact

Individual Investor Contact Information
1-877-771-7979
Monday – Friday 8:30 am – 5:00 pm EST

Or write to the Funds at:
Brinker Capital Destinations Funds
P.O. Box 2175
Milwaukee, WI 53201

Overnight/Certified Mail:
Brinker Capital Destinations Funds
235 W. Galena Street
Milwaukee, WI 53212

Investment Adviser
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
www.brinkercapital.com

Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
www.foreside.com

Media Relations
marketingmembers@brinkercapital.com

Mutual fund investing involves risk. The value of your investment in a Fund could go down. Multi-investment management styles may lead to overlapping securities transactions and higher transaction expenses compared to single investment management styles. Outcomes depend on the skill of the sub-advisers and adviser and the allocation of assets amongst them, as well as market fluctuations and industry/economic trends etc.

Before investing you should consider the Destinations Funds’ investment objectives, risks, charges and expenses carefully. The prospectus contains this and other information about the Funds. You may obtain a copy of the prospectus by calling 1-877-771-7979. The prospectus should be read carefully before investing.

Any tax or legal information provided is not an exhaustive interpretation of some of the current income tax regulations. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Funds nor any of their representatives may give legal or tax advice.

The Destinations Funds are distributed by Foreside Fund Services, LLC.