Destinations Global Fixed Income Opportunities Fund

Overview

The Destinations Global Fixed Income Opportunities Fund seeks to maximize total return and invests in global investment grade credit, global high yield credit, global sovereign debt, bank loans, preferred securities and convertible securities.

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

  • CrossingBridge Advisors, LLC is the sub-adviser of CrossingBridge Corporate Credit which employs an opportunistic approach, allocating to high yield and investment grade credit opportunities.
  • DoubleLine Capital LP is the sub-adviser of DoubleLine Low Duration Emerging Markets which employs a value-oriented, research driven approach to identify countries and companies with the potential for improving credit fundamentals and ratings.
  • Nuveen Asset Management, LLC is the sub-adviser of Nuveen Preferred Securities Opportunities which employs a top-down quantitative driven process complemented by fundamental credit research analysis with a focus on relative value, resulting in a concentrated portfolio of preferred securities.
Fund performance as of 9/30/17
Annualized
MTD QTD YTD 1 Year 3 Years 5 Years Since
Inception
Destinations Global Fixed Income Opportunities Fund
0.32%
1.03%
N/A
N/A
N/A
N/A
3.34%
Bloomberg Barclays U.S. Universal Bond Index
-0.35%
1.01%
N/A
N/A
N/A
N/A
3.22%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-877-771-7979. Year-to-date (YTD) returns are not listed for the Funds as a full year of performance does not yet exist.

*Effective March 20, 2017, 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, 2018. The agreement may be amended or terminated only with the consent of the Board of Trustees.

Bloomberg Barclays U.S. Universal Bond Index Definition: Represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. One cannot invest directly in an index.

An investment in the Destinations Global Fixed Income Opportunities 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.

The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened.

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. 

The risk that debt instruments quality are predominantly speculative. Known as ‘junk bonds,’ these have a higher degree of default risk and may be less liquid than higher-rated bonds, may be subject to greater price volatility.

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: DGFFX
  • CUSIP: 10964R806
  • Benchmark: Bloomberg Barclays U.S. Universal Bond Index
  • Inception date: 03/20/2017
  • Gross expense ratio: 1.09%
  • Net expense ratio: 0.98%*
Daily NAV Date: 11/17/2017

Management team

  • Jeffrey W. Raupp
    Jeffrey W. Raupp Director of Investments

    Jeffrey W. Raupp, CFA, MBA, is Director of Investments 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
    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
    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

Fund performance as of 9/30/17
Annualized
MTD QTD YTD 1 Year 3 Years 5 Years Since
Inception
Inception
Date
Gross
expense
ratio
Net
expense
ratio*
Destinations Global Fixed Income Opportunities Fund
0.32%
1.03%
N/A
N/A
N/A
N/A
3.34%
3/20/2017
1.09%
0.98%
Bloomberg Barclays U.S. Universal Bond Index
-0.35%
1.01%
N/A
N/A
N/A
N/A
3.22%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-877-771-7979. Year-to-date (YTD) returns are not listed for the Funds as a full year of performance does not yet exist.

*Effective March 20, 2017, 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, 2018. The agreement may be amended or terminated only with the consent of the Board of Trustees.

Bloomberg Barclays U.S. Universal Bond Index Definition: Represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. One cannot invest directly in an index.

Holdings

Security DescriptionTicker SymbolSecurity IDSecurity Type DescriptionQuantityBase Market ValuePercent TNA
CANADIAN DOLLARCASHCADCURRENCY56,148.160043,529.08.01
EUROCASHEURCURRENCY-5.5600-6.48-.00
US DOLLARSCASHUSDCURRENCY30,264,481.080030,264,481.085.69
FRONTERA ENERGY CORPPEGFF35905B107COMMON STOCK8,481.0000253,566.63.05
AXIS CAPITAL HLDGS LTD /PFD/AXS PRE05461T305PREFERRED STOCK31,722.0000803,518.26.15
FARM CREDIT BK OF TEXAS /PFD/FCTXZ30767E406PREFERRED STOCK19,210.00002,113,100.00.40
FARMLAND PARTNERS INC31154R208PREFERRED STOCK14,089.0000379,698.55.07
GMAC CAP 8.125% 2/15/40 /PFD/ALLY PRA361860208PREFERRED STOCK25,550.0000670,943.00.13
HUNTINGTON BANCSHARES IN /PFD/HBANO446150708PREFERRED STOCK54,847.00001,522,552.72.29
MORGAN STANLEY /PFD/MS PRK61762V606PREFERRED STOCK95,960.00002,590,920.00.49
NY COMMUNITY BANCORP INC PREFNYCB PRA649445202PREFERRED STOCK20,000.0000558,600.00.10
NUSTAR ENERGY LP SER B /PFD/NS PRB67058H300PREFERRED STOCK45,000.00001,145,250.00.22
ASPEN INSURANCE HLDG LTD /PFD/AHL PRDG05384162PREFERRED STOCK29,008.0000734,772.64.14
MAIDEN HOLDINGS LTD /PFD/MH PRCG5753U138PREFERRED STOCK50,120.00001,301,115.20.24
BHP BILLITON FIN V/R 10/19/75055451AW8CORPORATE BONDS600,000.0000657,000.00.12
CNOOC FINANCE 2.625% 05/05/2012634GAA1CORPORATE BONDS2,335,000.00002,343,202.41.44
OAS INVESTMENTS 8.25% 10/19/19A57902AA5CORPORATE BONDS400,000.000030,000.00.01
DIGICEL GROUP L 8.25% 09/30/20B8K3F98CORPORATE BONDS600,000.0000593,250.00.11
STOLT-NIELSEN 6.375% 09/21/22BF2P5M4CORPORATE BONDS4,100,000.00004,059,000.00.76
GLOBO COMMUNIC 4.875% 04/11/22P47773AL3CORPORATE BONDS300,000.0000313,500.00.06
POSTMEDIA 8.25% 07/15/21/CAD/73753MAA5CORPORATE BONDS862,000.0000602,544.62.11
AVISON YOUNG CAN 9.5% 12/15/2105381NAA5CORPORATE BONDS692,000.0000703,937.00.13
EMERA INC V/R 06/15/76290876AD3CORPORATE BONDS1,500,000.00001,715,625.00.32
EXPRESS PIPELIN 7.39% 12/31/1730217VAC1CORPORATE BONDS41,303.400042,119.25.01
NOVA CHEMICALS 5.25% 06/01/2766977WAR0CORPORATE BONDS1,327,000.00001,350,222.50.25
CK HUTCHISON I 2.875% 04/05/2212563UAA5CORPORATE BONDS2,200,000.00002,209,096.21.41
SPARC EM SPC PANA ZCP 12/05/22846502AC6CORPORATE BONDS2,700,000.00002,463,750.00.46
TENCENT HOLDIN 2.875% 02/11/2088032XAC8CORPORATE BONDS2,400,000.00002,431,307.18.46
PERU ENHANCED PASS 0% 5/31/18B1LB150CORPORATE BONDS605,163.4100597,175.25.11
PERU ENHANCED PAS ZCP 06/02/25B1VYKW9CORPORATE BONDS280,000.0000240,800.00.05
SPARC EM SPC PANA ZCP 12/05/22BF7TXZ0CORPORATE BONDS1,200,000.00001,095,000.00.21
CK HUTCHISON I 2.875% 04/05/22BYQCLD7CORPORATE BONDS2,700,000.00002,711,626.20.51
AGROMERCANTIL S 6.25% 04/10/19G0131LAA6CORPORATE BONDS1,000,000.00001,032,440.00.19
GUANAY FINANCE LTD 6% 12/15/20G4182JAA1CORPORATE BONDS1,275,093.14701,313,460.70.25
INTEROCEANICA IV 0% 11/30/18P52715AA0CORPORATE BONDS220,926.9370217,613.03.04
BANCO SANTANDE 3.875% 09/20/2205967FAB2CORPORATE BONDS1,700,000.00001,781,743.99.33
BANCO DEL ESTA 3.875% 02/08/2205968AAA4CORPORATE BONDS4,500,000.00004,701,127.10.88
CELULOSA ARAUCO 7.25% 07/29/19151191AQ6CORPORATE BONDS800,000.0000869,572.77.16
CELULOSA ARAUCO CO 5% 01/21/21151191AT0CORPORATE BONDS1,050,000.00001,117,565.47.21
CELULOSA ARAUC 4.75% 01/11/22151191AW3CORPORATE BONDS400,000.0000423,866.89.08
REPUBLIC OF CHI 3.25% 09/14/21168863AW8GOVERNMENT BONDS660,000.0000685,740.00.13
REPUBLIC OF CHI 2.25% 10/30/22168863BN7GOVERNMENT BONDS7,700,000.00007,632,120.731.43
ITAU CORPBANCA 3.875% 09/22/19P3143KEZ9CORPORATE BONDS600,000.0000615,354.09.12
E.CL SA 5.625% 01/15/21P36020AA6CORPORATE BONDS1,030,000.00001,123,998.55.21
INVERSIONES CMPC 4.5% 04/25/22P58073AA8CORPORATE BONDS2,680,000.00002,806,361.20.53
SACI FALABELLA 3.75% 04/30/23P82290AA8CORPORATE BONDS740,000.0000756,364.52.14
TELEFONICA CHI 3.875% 10/12/22P9047EAA6CORPORATE BONDS2,975,000.00003,106,500.62.58
EMPRESAS PUBLI 7.625% 07/29/19B3VZTW9CORPORATE BONDS1,600,000.00001,740,000.00.33
TRANSPRTDRA DE G 5.7% 03/20/22P93077AA6CORPORATE BONDS3,000,000.00003,087,000.00.58
BANCO NAL COST 5.875% 04/25/21059613AC3CORPORATE BONDS400,000.0000415,800.00.08
BANCO NAL COST 4.875% 11/01/18BG3DSS1CORPORATE BONDS480,000.0000485,520.00.09
BANCO DE COSTA 5.25% 08/12/18P09262AA7CORPORATE BONDS800,000.0000810,000.00.15
COSTA RICA GOV 9.995% 08/01/20P3699PAA5GOVERNMENT BONDS920,000.00001,067,200.00.20
DOMINICAN REPUBLICP3579EAD9GOVERNMENT BONDS598,404.8510608,236.64.11
DOMINICAN REPU 7.5% 05/06/21P3579EAH0GOVERNMENT BONDS1,800,000.00001,991,250.00.37
BNP PARIBAS V/R /PERP/05565AAQ6CORPORATE BONDS610,000.0000683,962.50.13
CREDIT AGRICOLE SA V/R /PERP/225313AJ4CORPORATE BONDS1,000,000.00001,203,674.00.23
SOCIETE GENERALE V/R /PERP/83367TBF5CORPORATE BONDS2,000,000.00002,267,500.00.43
REPUBLIC OF GUA 5.75% 06/06/22P5015VAD8GOVERNMENT BONDS600,000.0000651,486.00.12
INDIAN OIL COR 5.625% 08/02/21B4MR909CORPORATE BONDS2,240,000.00002,456,802.88.46
EXPORT-IMPORT BK V/R 08/21/22BF46XD2GOVERNMENT BONDS1,000,000.00001,003,270.00.19
OIL INDIA LTD 3.875% 04/17/19BLMHTW0CORPORATE BONDS1,835,000.00001,867,648.32.35
ONGC VIDESH LTD 3.25% 07/15/19BP3YP86CORPORATE BONDS2,000,000.00002,023,800.00.38
EXPORT-IMPORT B 2.75% 04/01/20BWK1PH8GOVERNMENT BONDS200,000.0000201,026.00.04
EXPORT-IMPORT 3.125% 07/20/21BYW8BD9GOVERNMENT BONDS3,200,000.00003,233,120.00.61
ADANI PORTS AND 3.5% 07/29/20Y00130CZ8CORPORATE BONDS2,800,000.00002,847,877.20.53
BHARAT PETROLE 4.625% 10/25/22Y0882ZBH0CORPORATE BONDS3,680,000.00003,920,672.00.74
PERUSAHAAN PEN 6.125% 03/15/1971567RAB2GOVERNMENT BONDS440,000.0000463,892.00.09
REPUBLIC OF INDO 3.7% 01/08/22BYNPMT2GOVERNMENT BONDS2,240,000.00002,324,983.36.44
REPUBLIC OF IN 4.875% 05/05/21Y20721AU3GOVERNMENT BONDS4,000,000.00004,300,200.00.81
ISRAEL ELECTRI 5.625% 06/21/1846507NAD2CORPORATE BONDS1,600,000.00001,632,160.00.31
STATE OF ISRAEL 4% 06/30/2246513AGA2GOVERNMENT BONDS4,600,000.00004,895,136.00.92
DELEK & AVNER 4.435% 12/30/20BMJJM83CORPORATE BONDS1,984,000.00002,007,847.68.38
WASTE ITAL 10.5% 11/15/19/EUR/BSP5RG0CORPORATE BONDS2,728,000.0000222,439.75.04
INTESA SANPAOLO SPA V/R /PERP/46115HAU1CORPORATE BONDS1,425,000.00001,556,812.50.29
UNICREDIT SPA V/R /PERP/BL25ZT3CORPORATE BONDS325,000.0000359,767.20.07
EURONAV LUXEMBOU 7.5% 05/31/2233KMFYCORPORATE BONDS600,000.0000576,480.00.11
INTERNATIONAL 9.125% 06/01/1845903PAA5CORPORATE BONDS6,945,000.00006,945,000.001.30
WAKALA GLOBAL 4.646% 07/06/21B45VGR4CORPORATE BONDS3,750,000.00004,045,143.75.76
IOI INVESTMENT 4.375% 06/27/22B8GJJP4CORPORATE BONDS600,000.0000624,559.20.12
MALAYAN BANKING B V/R 10/29/26BD3C8K9CORPORATE BONDS200,000.0000206,326.20.04
AXIATA SPV2 BH 3.466% 11/19/20BD5WCP0CORPORATE BONDS4,600,000.00004,701,660.00.88
PETRONAS CAPIT 3.125% 03/18/22Y68856AM8CORPORATE BONDS1,600,000.00001,633,961.60.31
PETRONAS GLOBA 2.707% 03/18/20Y68868AA9CORPORATE BONDS2,980,000.00003,002,046.04.56
GOLAR LNG PARTNER V/R 05/22/20BXQ9SM9CORPORATE BONDS2,200,000.00002,112,000.00.40
AMERICA MOVIL SAB 5% 03/30/2002364WAV7CORPORATE BONDS800,000.0000850,782.46.16
AMERICA MOVIL 3.125% 07/16/22AMX2202364WBD6CORPORATE BONDS2,600,000.00002,647,998.78.50
COCA-COLA FEMS 4.625% 02/15/20191241AD0CORPORATE BONDS1,600,000.00001,680,216.61.32
UNITED MEXICAN 3.625% 03/15/2291086QBA5GOVERNMENT BONDS1,200,000.00001,249,800.00.23
UNITED MEXICAN S 3.5% 01/21/2191086QBD9GOVERNMENT BONDS2,800,000.00002,920,400.00.55
BANCO SANTANDER M V/R 01/30/24P1507SAD9CORPORATE BONDS4,400,000.00004,587,000.00.86
COMISION FED D 4.875% 05/26/21P30179AJ7CORPORATE BONDS2,800,000.00002,979,200.00.56
GRUPO BIMBO SA 4.875% 06/30/20P4949BAG9CORPORATE BONDS2,800,000.00002,972,433.32.56
GRUPO IDESA SA 7.875% 12/18/20P4954WAA8CORPORATE BONDS600,000.0000591,000.00.11
COOPERATIEVE RABOBA V/R /PERP/749770AQ6CORPORATE BONDS1,500,000.00001,702,500.00.32
BHARTI AIRTEL 5.125% 03/11/23N1384FAA3CORPORATE BONDS2,000,000.00002,142,160.00.40
T/L AUTOPARTS HOL 0% 12/23/21LX158275LOAN2,062,430.38002,088,210.76.39
BANISTMO SA 3.65% 09/19/2206034LAA8CORPORATE BONDS300,000.0000299,820.00.06
MCDERMOTT INTERNAT 8% 05/01/21580037AB5CORPORATE BONDS1,054,000.00001,088,255.00.20
REPUBLIC OF PANA 5.2% 01/30/20698299AX2GOVERNMENT BONDS3,600,000.00003,861,000.00.73
AEROPUERTO INTL 5.75% 10/09/23P0092AAA7CORPORATE BONDS2,787,076.92303,058,816.92.57
BANCO LATINOAME 3.25% 05/07/20P1393HAB4CORPORATE BONDS3,325,000.00003,395,656.25.64
ENA NORTE TRUST 4.95% 04/25/23P3716XAA7CORPORATE BONDS2,251,759.79202,347,459.58.44
GLOBAL BANK CO 5.125% 10/30/19P47718AA2CORPORATE BONDS800,000.0000836,800.00.16
TELFON CELUAR D 6.75% 12/13/22P90475AA5CORPORATE BONDS200,000.0000205,612.00.04
BANCO CREDITO 5.375% 09/16/20B679CQ1CORPORATE BONDS3,000,000.00003,251,250.00.61
BANCO INTL DEL 5.75% 10/07/20P1342SAC0CORPORATE BONDS3,500,000.00003,823,750.00.72
FONDO MIVIVIENDA 3.5% 01/31/23P42009AA1GOVERNMENT BONDS2,150,000.00002,191,172.50.41
REPUBLIC OF PHILIP 4% 01/15/21718286BK2GOVERNMENT BONDS5,200,000.00005,488,932.801.03
BDO UNIBANK IN 2.625% 10/24/21BD3V3H8CORPORATE BONDS500,000.0000498,212.00.09
REPUBLIC OF PO 5.125% 04/21/21857524AA0GOVERNMENT BONDS2,800,000.00003,056,961.60.57
DBS GROUP HOLDING V/R 07/25/2224023KAC2CORPORATE BONDS1,700,000.00001,705,437.81.32
OVERSEA-CHINESE B V/R 10/15/2469033DAB3CORPORATE BONDS4,200,000.00004,300,772.36.81
UNITED OVERSEAS B V/R 09/16/26BDFSK43CORPORATE BONDS3,100,000.00003,155,635.70.59
UNITED OVERSEAS B V/R 09/19/24BKRQS51CORPORATE BONDS1,600,000.00001,630,694.40.31
UNITED OVERSEAS B V/R 03/08/27BYZBLR9CORPORATE BONDS200,000.0000198,299.00.04
ONGC VIDESH VA 2.875% 01/27/22BZ30F84CORPORATE BONDS2,580,000.00002,568,526.74.48
DBS GROUP HOLDINGS V/R /PERP/BZCN164CORPORATE BONDS3,200,000.00003,211,049.60.60
CREDIT SUISSE GROUP V/R /PERP/22546DAB2CORPORATE BONDS1,000,000.00001,162,500.00.22
UBS GROUP AG V/R /PERP/BVXZ4Q2CORPORATE BONDS1,200,000.00001,374,876.00.26
BARCLAYS PLC V/R /PERP/06738EAA3CORPORATE BONDS1,800,000.00001,913,256.00.36
LLOYDS BANKING GROU V/R /PERP/539439AG4CORPORATE BONDS2,150,000.00002,453,687.50.46
ROYAL BK SCOTLND GR V/R /PERP/780097BB6CORPORATE BONDS1,245,000.00001,409,838.00.26
ACTIVISION BLI 6.125% 09/15/2300507VAE9CORPORATE BONDS6,158,000.00006,563,919.101.23
AERCAP GLOBAL AVI V/R 06/15/4500773HAA5CORPORATE BONDS1,585,000.00001,727,650.00.32
AMERICA WEST A 8.057% 07/02/20023650AG9CORPORATE BONDS155,271.5930174,680.54.03
AMERICAN AXLE & 6.5% 04/01/2702406PAS9CORPORATE BONDS574,000.0000586,197.50.11
AMERICAN EXPRESS CO V/R /PERP/025816BJ7CORPORATE BONDS1,291,000.00001,336,185.00.25
APPLE INC V/R 02/09/22037833CN8CORPORATE BONDS373,000.0000377,690.26.07
BANK OF AMERICA COR V/R /PERP/060505EH3CORPORATE BONDS2,000,000.00002,227,500.00.42
BANK OF AMERICA COR V/R /PERP/060505EU4CORPORATE BONDS1,195,000.00001,361,439.60.26
BANK OF NY MELLON C V/R /PERP/064058AD2CORPORATE BONDS1,315,000.00001,374,175.00.26
BI-LO LLC/BI-LO 9.25% 02/15/19088611AA6CORPORATE BONDS3,813,000.00003,479,362.50.65
BRUNSWICK CORP 4.625% 05/15/21117043AP4CORPORATE BONDS4,176,000.00004,249,537.73.80
BUILDERS FIRST 10.75% 08/15/2312008RAH0CORPORATE BONDS2,250,000.00002,559,375.00.48
CAPITAL ONE FINANCI V/R /PERP/14040HBH7CORPORATE BONDS1,750,000.00001,835,312.50.34
CAROLINA BEVE 10.625% 08/01/18143818AA0CORPORATE BONDS4,359,000.00004,402,590.00.83
CHESTER DOWNS & 9.25% 02/01/20165749AA0CORPORATE BONDS3,585,000.00003,656,700.00.69
CITIGROUP INC V/R /PERP/172967JK8CORPORATE BONDS1,565,000.00001,638,398.50.31
CITIGROUP INC V/R /PERP/172967KM2CORPORATE BONDS1,200,000.00001,366,500.00.26
CITIZENS FINANCIAL V/R /PERP/174610AH8CORPORATE BONDS1,000,000.00001,047,500.00.20
CLEARWIRE COMM/ 8.25% 12/01/4018538TAG4CORPORATE BONDS2,571,000.00002,583,855.00.49
COACH INC 4.25% 04/01/25189754AA2CORPORATE BONDS3,341,000.00003,456,029.06.65
COACH INC 3% 07/15/22189754AB0CORPORATE BONDS362,000.0000363,711.71.07
COACH INC 4.125% 07/15/27189754AC8CORPORATE BONDS362,000.0000364,471.04.07
COMCAST CORP 3% 02/01/2420030NBX8CORPORATE BONDS93,000.000094,535.22.02
COMCAST CORP 3.3% 02/01/2720030NBY6CORPORATE BONDS186,000.0000188,477.33.04
CONTINENTAL AI 5.983% 04/19/2221079NAA9CORPORATE BONDS415,550.3290459,561.26.09
CONTINENTAL AIR 7.707% 4/2/21210805DD6ASSET BACKED490,399.7770539,733.99.10
CONTL AIRLINES 6.236% 03/15/20210805DS3CORPORATE BONDS124,428.8120128,783.82.02
CRESCENT COMMU 8.875% 10/15/2122572LAA3CORPORATE BONDS1,347,000.00001,431,187.50.27
CRESTWOOD MIDST 6.25% 04/01/23226373AL2CORPORATE BONDS2,185,000.00002,272,400.00.43
DS SERVICES OF AM 10% 09/01/2123340JAA7CORPORATE BONDS6,288,000.00006,635,097.601.25
GCB DELPHI 6.55% 6/15/06247ESCA14CORPORATE BONDS57,652,000.0000.00.00
WALT DISNEY COM 2.95% 06/15/2725468PDV5CORPORATE BONDS181,000.0000180,334.26.03
DISCOVER FINANCIAL V/R /PERP/254709AN8CORPORATE BONDS360,000.0000367,200.00.07
DOLLAR TREE INC 5.75% 03/01/23256746AB4CORPORATE BONDS3,761,000.00003,953,751.25.74
ASSURED GUARANTY V/R 12/15/6631769PAB6CORPORATE BONDS2,544,000.00002,493,120.00.47
T/L APPVION INC 0% 10/13/2233NVXSLOAN791,408.8200791,408.82.15
FORD MOTOR CREDIT V/R 06/12/20345397YN7CORPORATE BONDS8,272,000.00008,317,165.121.56
FRESH MARKET IN 9.75% 05/01/2335804HAA4CORPORATE BONDS2,143,000.00001,210,795.00.23
FXI HOLDINGS I 7.875% 11/01/2436120RAA7CORPORATE BONDS1,148,000.00001,162,350.00.22
TEGNA INC 5.125% 10/15/19364725BD2CORPORATE BONDS1,352,000.00001,372,280.00.26
GENERAL ELECTRIC CO V/R /PERP/369604BQ5CORPORATE BONDS2,500,000.00002,602,325.00.49
GENERAL MOTORS FINL V/R /PERP/37045XCA2CORPORATE BONDS1,040,000.00001,085,500.00.20
GOLDMAN SACHS GROUP V/R /PERP/38148BAB4CORPORATE BONDS2,081,000.00002,156,696.38.41
HC2 HOLDINGS INC 11% 12/01/19404139AA5CORPORATE BONDS6,838,000.00007,077,330.001.33
HEXION INC 10% 04/15/2042829LAC8CORPORATE BONDS1,123,000.00001,066,850.00.20
HEXION INC 10.375% 02/01/2242829LAD6CORPORATE BONDS2,518,000.00002,373,215.00.45
HEXION INC 13.75% 02/01/2242829LAE4CORPORATE BONDS1,381,000.00001,108,252.50.21
HOMEFED CORP 6.5% 10/01/1943739DAD1CORPORATE BONDS5,218,000.00005,218,000.00.98
HOT TOPIC INC 9.25% 06/15/21441339AA6CORPORATE BONDS724,000.0000600,920.00.11
INTERNATIONAL 10.75% 08/01/21460933AL8CORPORATE BONDS407,000.0000371,387.50.07
INVISTA FINANCE 4.25% 10/15/1946186RAA7CORPORATE BONDS1,089,000.00001,121,670.00.21
J2 CLOUD LLC/GLOBA 6% 07/15/25466253AA9CORPORATE BONDS362,000.0000381,005.00.07
JPMORGAN CHASE & CO V/R /PERP/46625HJQ4CORPORATE BONDS2,750,000.00003,152,187.50.59
JONES ENERGY HL 9.25% 03/15/2348019TAE4CORPORATE BONDS1,740,000.00001,365,900.00.26
KEYCORP V/R /PERP/493267AK4CORPORATE BONDS1,325,000.00001,382,968.75.26
KRATON POLYMERS 10.5% 04/15/2350077DAC8CORPORATE BONDS2,832,000.00003,214,320.00.60
LBI MEDIA INC 10% 04/15/19501786AG2CORPORATE BONDS2,755,000.00002,727,450.00.51
LAND O'LAKES INC 7.25% /PERP/514666AM8CORPORATE BONDS1,500,000.00001,620,000.00.30
MHGE PARENT LLC/ 8.5% 08/01/1955303MAA7CORPORATE BONDS6,119,000.00006,111,351.251.15
MCGRAW-HILL GL 7.875% 05/15/24580638AC8CORPORATE BONDS979,000.0000985,118.75.19
METLIFE INC V/R /PERP/59156RBP2CORPORATE BONDS2,100,000.00002,196,306.00.41
MICHAELS STORE 5.875% 12/15/20594087AT5CORPORATE BONDS5,120,000.00005,216,000.00.98
MODUSLINK GLOBA 5.25% 03/01/1960786LAB3CORPORATE BONDS415,000.0000396,325.00.07
MUELLER INDUSTRIES 6% 03/01/27624756AE2CORPORATE BONDS11,084,000.000011,388,810.002.14
NETFLIX INC 4.875% 04/15/2864110LAP1CORPORATE BONDS325,000.0000323,033.75.06
PNC FINANCIAL SERVI V/R /PERP/693475AQ8CORPORATE BONDS1,630,000.00001,727,800.00.32
PROSPECT CAPITA 5.75% 03/15/1874348TAL6CORPORATE BONDS1,865,000.00001,888,312.50.35
PROVIDENT FINA 7.405% 03/15/38743863AA0CORPORATE BONDS1,000,000.00001,145,000.00.22
REAL ALLOY HOLDIN 10% 01/15/1975583RAA5CORPORATE BONDS2,415,000.00002,233,875.00.42
RUBY TUESDAY I 7.625% 05/15/20781182AB6CORPORATE BONDS1,772,000.00001,816,300.00.34
SBA TOWER TRUS 3.598% 04/10/1878403DAE0CORPORATE BONDS5,487,000.00005,486,982.991.03
SITV LLC/SITV 10.375% 07/01/1978428JAA6CORPORATE BONDS3,825,000.00002,677,500.00.50
SALEM MEDIA GRO 6.75% 06/01/24794093AG9CORPORATE BONDS486,000.0000507,870.00.10
SIRIUS XM RADIO IN 5% 08/01/2782967NBA5CORPORATE BONDS1,488,000.00001,501,020.00.28
SOUTHERN STATES C 10% 08/15/21843877AJ0CORPORATE BONDS1,990,000.00001,980,050.00.37
SPIRIT AEROSYST 5.25% 03/15/2285205TAF7CORPORATE BONDS6,280,000.00006,517,672.441.22
STATE STREET CORP V/R /PERP/857477AQ6CORPORATE BONDS1,500,000.00001,580,625.00.30
SUNTRUST BANKS INC V/R /PERP/867914BN2CORPORATE BONDS1,360,000.00001,394,680.00.26
T-MOBILE USA I 6.125% 01/15/2287264AAH8CORPORATE BONDS2,174,000.00002,260,960.00.42
TOLL ROAD INV PAR ZCP 02/15/4588948ABL0CORPORATE BONDS1,441,969.8370348,658.08.07
TRIUMPH GROUP I 7.75% 08/15/25896818AM3CORPORATE BONDS757,000.0000809,043.75.15
US BANCORP V/R /PERP/902973AY2CORPORATE BONDS745,000.0000789,700.00.15
VIACOM INC V/R 02/28/5792553PBC5CORPORATE BONDS645,000.0000639,711.00.12
WACHOVIA CAP TRUST V/R /PERP/WFC/TP92978AAA0CORPORATE BONDS635,000.0000637,381.25.12
WELLS FARGO & COMPA V/R /PERP/949746RN3CORPORATE BONDS2,555,000.00002,856,490.00.54
WESTMORELAND CO 8.75% 01/01/22960878AB2CORPORATE BONDS2,746,000.00001,651,032.50.31
XERIUM TECHNOLOG 9.5% 08/15/2198416JAE0CORPORATE BONDS2,764,000.00002,839,180.80.53
T/L REDDY INC CORP 0% 5/1/19LX128969LOAN3,260,927.08003,203,860.86.60
T/L APPVION INC 0% 06/28/19LX130410LOAN2,164,000.00002,091,506.00.39
T/L EASTMAN KODAK 0% 9/3/19LX131438LOAN3,251,907.31003,151,651.01.59
T/L HAMPTON RUBB 0% 03/27/2021LX135905LOAN1,674,347.04001,536,213.41.29
T/L LEE ENTERPRISES 0% 3/31/19LX136193LOAN284,108.7000284,108.70.05
T/L LEE ENTERPRISE 0% 12/15/22LX136195LOAN1,901,008.91001,958,039.18.37
T/L LSC COMMUNICA 0% 09/30/22LX155096LOAN2,278,000.00002,286,542.50.43
T/L ENVIGO HOLD 0% 11/3/21LX156308LOAN2,239,818.70002,228,619.61.42
T/L INTERNAP NETW 0% 4/6/22LX161977LOAN3,379,530.00003,418,969.12.64
T/L MELISSA 0% 06/19/2024LX165594LOAN1,446,375.00001,464,454.69.28
T/L KINGPIN INTE0% 7/3/24LX166123LOAN723,187.5000728,163.03.14
T/L TRAVEL LEADERS 0% 01/25/24LX167820LOAN188,527.5000191,591.07.04
RELIANCE HOLDING 4.5% 10/19/20U75888AA2CORPORATE BONDS2,400,000.00002,535,369.38.48
RELIANCE HOLDING 5.4% 02/14/22U75888AC8CORPORATE BONDS2,150,000.00002,361,809.21.44
SINOPEC GRP OVERSE 3% 04/12/2282938NAA2CORPORATE BONDS200,000.0000202,045.80.04
SINOPEC GRP OVERSE 2% 09/29/2182939CAG2CORPORATE BONDS600,000.0000586,266.00.11
SINOPEC GRP OVERSE 3% 04/12/22BYP3573CORPORATE BONDS1,000,000.00001,010,229.00.19
SINOPEC GRP OV 2.125% 05/03/19BYYXKP7CORPORATE BONDS680,000.0000677,881.12.13
CNPC GENERAL CA 3.95% 04/19/22G22004AB4CORPORATE BONDS2,000,000.00002,094,634.16.39
CNPC GENERAL CA 2.75% 05/14/19G22004AG3CORPORATE BONDS2,000,000.00002,011,919.44.38
CNOOC FINANCE 3.875% 05/02/22G23530AA9CORPORATE BONDS1,920,000.00002,004,960.00.38
SINOPEC GRP OVERSE 2% 09/29/21G8200TAG5CORPORATE BONDS200,000.0000195,422.00.04
SINOPEC GRP OVER 2.5% 04/28/20G8201JAB7CORPORATE BONDS1,615,000.00001,616,783.90.30
ARROWS ELECTRO DISC 11/06/1704273LY66SHORT TERMS5,546,000.00005,544,392.771.04
AUTONATION INC DISC 11/9/1705330LY98SHORT TERMS4,898,000.00004,895,865.94.92
BOSTON SCIE DISC 11/7/1710114AY78SHORT TERMS5,551,000.00005,549,521.211.04
BOSTON SCIEN DISC 11/14/1710114AYE3SHORT TERMS2,587,000.00002,585,603.54.49
T/L FXI HOLDINGS 0% 02/02/201833NDRLLOAN7,676,000.00007,676,000.001.44
KANSAS CITY SO DISC 11/01/1748516VY19SHORT TERMS5,210,000.00005,209,749.40.98
MARRIOTT INTER DISC 11/08/1757163TY86SHORT TERMS6,000,000.00005,998,170.601.13
MOLEX ELECTRO DISC 11/22/1760856RYN3SHORT TERMS4,969,000.00004,964,754.98.93
MOLSON COORS B DISC 11/02/1760871VY21SHORT TERMS3,716,000.00003,715,719.81.70
MOLSON COORS B DISC 11/06/1760871VY62SHORT TERMS3,907,000.00003,906,109.20.73
ONEOK INC DISC 11/06/201768269EY63SHORT TERMS2,619,000.00002,618,284.49.49
ONEOK INC DISC 11/10/1768269EYA4SHORT TERMS3,254,000.00003,252,513.90.61
VIACOM INC DISC 11/15/179255M2YF3SHORT TERMS5,551,000.00005,547,784.861.04

As of 10/31/2017.

Distributions

Fund NameFund CusipDistribution TypeAmount per ShareEx DateReinvest DateReinvest Price
Destinations Global Fixed Income Opportunities Fund10964R806Dividend0.0553885/30/20175/30/2017$10.14
Destinations Global Fixed Income Opportunities Fund10964R806Dividend0.0433676/29/20176/29/2017$10.13
Destinations Global Fixed Income Opportunities Fund10964R806Dividend0.0302347/27/20177/27/2017$10.14
Destinations Global Fixed Income Opportunities Fund10964R806Dividend0.0309278/30/20178/30/2017$10.14
Destinations Global Fixed Income Opportunities Fund10964R806Dividend0.0329019/28/20179/28/2017$10.14
Destinations Global Fixed Income Opportunities Fund10964R806Dividend0.03089210/30/201710/30/2017$10.13

Fees and expenses

Type Amount
Management fee 0.85%
Distribution and service (12b-1) fee None
Other expenses 0.24%
Total annual fund operating expense 1.09%
Fee waivers and expense reimbursements (0.11%)
Total annual fund operating expenses less fee waivers and expense reimbursements 0.98%*

*Effective March 20, 2017, 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, 2018. The agreement may be amended or terminated only with the consent of the Board of Trustees.

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

 

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.

Copyright © 2017 Brinker Capital Destinations Trust. All rights reserved.

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