Destinations Low Duration Fixed Income Fund

Overview

The Destinations Low Duration Fixed Income Fund seeks current income and invests in multi-sector fixed income, investment-grade corporate credit, high yield corporate credit and low duration 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 Low Duration High Yield which invests in a number of underlying event driven high yield credit opportunities with an estimated holding life of several months to three years.
  • DoubleLine Capital LP is the sub-adviser of DoubleLine Low Duration which seeks to maximize current income through investing in a variety of fixed income sectors with an average effective duration of three years of less.
Fund performance as of 9/30/17
Annualized
MTD QTD YTD 1 Year 3 Years 5 Years Since
Inception
Destinations Low Duration Fixed Income Fund
0.05%
0.57%
N/A
N/A
N/A
N/A
0.85%
BofA Merrill Lynch 1-3 Year U.S. Treasury Index
-0.17%
0.23%
N/A
N/A
N/A
N/A
0.58%

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.

BofA Merrill Lynch 1-3 U.S. Year Treasury Index Definition: An unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years. One cannot invest directly in an index.

An investment in the Destinations Low Duration Fixed 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.

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: DLDFX
  • CUSIP: 10964R707
  • Benchmark: BofA Merrill Lynch 1-3 Year U.S. Treasury Index
  • Inception date: 03/20/2017
  • Gross expense ratio: 0.97%
  • Net expense ratio: 0.89%*
Daily NAV Date: 12/11/2017

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 Low Duration Fixed Income Fund
0.05%
0.57%
N/A
N/A
N/A
N/A
0.85%
3/20/2017
0.97%
0.89%
BofA Merrill Lynch 1-3 Year U.S. Treasury Index
-0.17%
0.23%
N/A
N/A
N/A
N/A
0.58%

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.

BofA Merrill Lynch 1-3 U.S. Year Treasury Index Definition: An unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years. One cannot invest directly in an index.

Holdings

Security DescriptionTicker SymbolSecurity IDSecurity Type DescriptionQuantityBase Market ValuePercent TNA
SWEDISH KRONACASHSEKCURRENCY-12,015,925.0100-1,435,225.72-.82
US DOLLARSCASHUSDCURRENCY6,684,027.36006,684,027.363.80
ISHARES CORE 1-5 YEAR USD BOISTB46432F859POOLED INVESTMENTS548,502.000027,381,219.8415.57
CNOOC FINANCE 2.625% 05/05/2012634GAA1CORPORATE BONDS200,000.0000199,963.14.11
COMMONWEALTH BA 2.25% 03/10/202027A0JH3CORPORATE BONDS90,000.000089,864.95.05
WESTPAC BANKING 1.6% 08/19/19961214CY7CORPORATE BONDS70,000.000069,312.45.04
BANK OF NOVA SC 2.15% 07/14/20064159JX5CORPORATE BONDS95,000.000094,631.07.05
ROYAL BANK OF CA 1.5% 07/29/1978012KRK5CORPORATE BONDS95,000.000094,019.80.05
APID 2013-16A A1 V/R 01/19/2503764UAN3ASSET BACKED1,000,000.00001,001,499.40.57
AVERY 2015-7A A1 V/R 01/15/2805364CAA0ASSET BACKED500,000.0000504,944.85.29
BSPRT 2017-FL1 A V/R 01/15/2105583WAA1ASSET BACKED70,000.000070,263.20.04
BSPRT 2017-FL2 A V/R 10/15/3405585BAA5ASSET BACKED231,000.0000230,430.10.13
BSPRT 2017-FL2 A V/R 10/15/3405585BAC1ASSET BACKED81,000.000080,799.43.05
BSPRT 2017-FL2 B V/R 10/15/3405585BAE7ASSET BACKED81,000.000080,899.83.05
CK HUTCHISON I 2.875% 04/05/2212563UAA5CORPORATE BONDS200,000.0000199,794.00.11
CRNPT 2013-2A A1 V/R 12/31/2322845RAL7ASSET BACKED500,000.0000499,455.30.28
HLA 2015-2A A V/R 07/25/2740538KAA0ASSET BACKED425,000.0000426,082.94.24
JTWN 2016-9A A1A V/R 10/20/2847048JAA1ASSET BACKED500,000.0000503,083.55.29
JTWN 2016-9A A1B V/R 10/20/2847048JAJ2ASSET BACKED500,000.0000503,439.40.29
MCLO 2014-7A A1R V/R 10/28/2556577AAJ1ASSET BACKED1,000,000.00001,005,078.70.57
OCP 2014-5A A1 V/R 04/26/2667102SAA2ASSET BACKED250,000.0000250,200.10.14
RACEP 2015-9A A1 V/R 10/15/3074981HCC2ASSET BACKED1,000,000.00001,007,476.50.57
VENTR 2006-7A A1 V/R 01/20/2292328WAA9ASSET BACKED153,837.2700153,229.44.09
ZAIS2 2014-2A A1 V/R 07/25/2698886YAQ1ASSET BACKED1,000,000.00001,001,162.70.57
SPARC EM SPC PANA ZCP 12/05/22BF7TXZ0CORPORATE BONDS200,000.0000183,000.00.10
AGROMERCANTIL S 6.25% 04/10/19G0131LAA6CORPORATE BONDS200,000.0000205,880.00.12
BANCO SANTANDE 3.875% 09/20/2205967FAB2CORPORATE BONDS150,000.0000156,702.78.09
CELULOSA ARAUC 4.75% 01/11/22151191AW3CORPORATE BONDS100,000.0000105,838.66.06
REPUBLIC OF CHI 3.25% 09/14/21168863AW8GOVERNMENT BONDS200,000.0000206,800.00.12
BANCO DEL ESTA 4.125% 10/07/20B4P2L27CORPORATE BONDS200,000.0000208,871.20.12
INVERSIONES CMPC 4.5% 04/25/22P58073AA8CORPORATE BONDS200,000.0000208,567.25.12
BANCO GNB SUDA 3.875% 05/02/18P1265VAB8CORPORATE BONDS200,000.0000200,154.00.11
EMPRESA DE ENE 6.125% 11/10/21P37100AA5CORPORATE BONDS200,000.0000204,100.00.12
DOMINICAN REPU 7.5% 05/06/21P3579EAH0GOVERNMENT BONDS200,000.0000218,750.00.12
ORANGE SA 2.75% 02/06/19685218AA7CORPORATE BONDS80,000.000080,570.06.05
INDIAN OIL COR 5.625% 08/02/21B4MR909CORPORATE BONDS200,000.0000218,206.80.12
EXPORT-IMPORT BK V/R 08/21/22BF46XD2GOVERNMENT BONDS200,000.0000200,802.00.11
ONGC VIDESH LTD 3.25% 07/15/19BP3YP86CORPORATE BONDS200,000.0000201,560.00.11
ADANI PORTS AND 3.5% 07/29/20Y00130CZ8CORPORATE BONDS200,000.0000202,705.80.12
BHARAT PETROLE 4.625% 10/25/22Y0882ZBH0CORPORATE BONDS200,000.0000212,186.00.12
REPUBLIC OF IN 4.875% 05/05/21Y20721AU3GOVERNMENT BONDS200,000.0000213,979.40.12
ARDAGH PKG FIN/HLD 6% 06/30/2103969AAG5CORPORATE BONDS2,041,000.00002,097,127.501.19
STATE OF ISRAEL 4% 06/30/2246513AGA2GOVERNMENT BONDS200,000.0000212,679.60.12
DELEK & AVNER 4.435% 12/30/20BMJJM83CORPORATE BONDS160,000.0000160,409.60.09
SUMITOMO MITSU 2.058% 07/14/2186562MAE0CORPORATE BONDS20,000.000019,597.71.01
INTERNATIONAL 9.125% 06/01/1845903PAA5CORPORATE BONDS2,641,000.00002,654,205.001.51
T/L LICENSING IP 0% 10/18/2018LX133470LOAN442,109.8900486,320.88.28
WAKALA GLOBAL 4.646% 07/06/21B45VGR4CORPORATE BONDS250,000.0000267,830.00.15
IOI INVESTMENT 4.375% 06/27/22B8GJJP4CORPORATE BONDS200,000.0000207,134.40.12
AXIATA SPV2 BH 3.466% 11/19/20BD5WCP0CORPORATE BONDS200,000.0000203,139.20.12
PETRONAS GLOBA 2.707% 03/18/20Y68868AA9CORPORATE BONDS200,000.0000200,701.00.11
SCORPIO TANKER 2.375% 07/01/1980918TAA7CORPORATE BONDS124,000.0000109,740.00.06
TEEKAY CORP 8.5% 01/15/20TK2087900YAA1CORPORATE BONDS1,519,000.00001,526,595.00.87
GOLAR LNG PARTNER V/R 05/22/20BXQ9SM9CORPORATE BONDS600,000.0000570,000.00.32
UNITED MEXICAN 3.625% 03/15/2291086QBA5GOVERNMENT BONDS50,000.000052,200.00.03
BANCO SANTANDER M V/R 01/30/24P1507SAD9CORPORATE BONDS200,000.0000208,250.00.12
COMISION FED D 4.875% 05/26/21P30179AJ7CORPORATE BONDS200,000.0000212,900.00.12
NXP BV/NXP FUND 3.75% 06/01/1862947QAQ1CORPORATE BONDS675,000.0000678,206.25.39
MCDERMOTT INTERNAT 8% 05/01/21580037AB5CORPORATE BONDS674,000.0000694,220.00.39
ENA NORTE TRUST 4.95% 04/25/23P3716XAA7CORPORATE BONDS148,142.0900154,438.13.09
GLOBAL BANK CO 5.125% 10/30/19P47718AA2CORPORATE BONDS200,000.0000207,850.00.12
BANCO DE CREDIT 2.25% 10/25/19P09646AH6CORPORATE BONDS200,000.0000200,000.00.11
BANCO INTL DEL 5.75% 10/07/20P1342SAC0CORPORATE BONDS200,000.0000217,250.00.12
CORP FINANCIERA 3.25% 07/15/19P3R94GAF6GOVERNMENT BONDS200,000.0000203,000.00.12
FONDO MIVIVIEN 3.375% 04/02/19P42009AB9GOVERNMENT BONDS200,000.0000202,000.00.11
REPUBLIC OF PHILIP 4% 01/15/21718286BK2GOVERNMENT BONDS300,000.0000315,305.10.18
OVERSEA-CHINESE B V/R 10/15/2469033DAB3CORPORATE BONDS200,000.0000203,992.28.12
PSA INTERNATIO 4.625% 09/11/19B41H8S1CORPORATE BONDS200,000.0000207,953.20.12
UNITED OVERSEAS B V/R 09/19/24BKRQS51CORPORATE BONDS200,000.0000202,965.00.12
DBS GROUP HOLDINGS V/R /PERP/BZCN164CORPORATE BONDS200,000.0000199,318.20.11
MAXFASTIGHET V/R 09/15/20/SEK/W5S91TAA8CORPORATE BONDS12,000,000.00001,433,323.58.81
ASTRAZENECA PL 2.375% 11/16/20046353AK4CORPORATE BONDS140,000.0000139,848.78.08
BP CAPITAL MAR 1.676% 05/03/1905565QDC9CORPORATE BONDS75,000.000074,637.08.04
BP CAPITAL MAR 1.768% 09/19/1905565QDR6CORPORATE BONDS35,000.000034,793.81.02
AMAZON.COM INC 2.6% 12/05/19023135AL0CORPORATE BONDS75,000.000075,875.59.04
AMAZON.COM INC 1.9% 08/21/20023135AR7CORPORATE BONDS20,000.000019,869.22.01
AMERICAN ELECTR 2.15% 11/13/20025537AH4CORPORATE BONDS25,000.000024,895.45.01
AMERICAN HONDA 1.95% 07/20/2002665WBT7CORPORATE BONDS20,000.000019,845.71.01
AMGEN INC 2.2% 05/11/20031162CM0CORPORATE BONDS120,000.0000119,500.55.07
AMKOR TECHNOLO 6.625% 06/01/21031652BE9CORPORATE BONDS3,000,000.00003,056,250.001.74
ANTHEM INC 2.5% 11/21/20036752AE3CORPORATE BONDS30,000.000030,014.67.02
AVNT 2017-A A 2.41% 03/15/2105352NAA0ASSET BACKED872,174.7900873,265.10.50
AVNT 2017-B A 2.29% 11/15/1805353WAA9ASSET BACKED500,000.0000500,135.60.28
BAT CAPITAL CO 2.297% 08/14/2005526DAQ8CORPORATE BONDS90,000.000089,527.21.05
BBCMS 2017-GLKS V/R 11/15/1905547WAN8ASSET BACKED275,000.0000275,000.00.16
BX 2017-IMC D V/R 10/15/1905607EAL9ASSET BACKED27,000.000027,042.13.02
BX 2017-IMC E V/R 10/15/1905607EAN5ASSET BACKED44,000.000044,082.27.03
BANK 2017-BNK6 X V/R 07/15/60060352AG6ASSET BACKED1,904,085.3800117,598.79.07
BANK OF AMERIC 2.625% 10/19/2006051GFT1CORPORATE BONDS20,000.000020,079.88.01
BANK 2017-BNK4 X V/R 05/15/5006541FBB4ASSET BACKED1,577,945.4100153,463.40.09
BOMFT 2017-RN2 A V/R 04/28/3207333RAA1ASSET BACKED539,372.8000541,425.81.31
BSCMS 2005-PW10 V/R 12/11/1507387BEE9ASSET BACKED124,460.9800132,981.33.08
BI-LO LLC/BI-LO 9.25% 02/15/19088611AA6CORPORATE BONDS1,000,000.0000957,500.00.54
BOSTON PROPERT 5.875% 10/15/19BXP1910112RAQ7CORPORATE BONDS65,000.000068,777.67.04
CD 2017-CD4 XA V/R 04/10/2712515DAS3ASSET BACKED1,702,852.9400152,677.79.09
CF INDUSTRIES 6.875% 05/01/18CF1812527GAA1CORPORATE BONDS1,069,000.00001,090,380.00.62
CFCRE 2017-C8 XA V/R 05/15/2712532CBE4ASSET BACKED1,392,652.1000155,986.64.09
CFCRE 2017-C8 XB V/R 05/15/2712532CBF1ASSET BACKED287,000.000021,955.10.01
CLNS 2017-IKPR D V/R 06/11/22125639AL8ASSET BACKED47,000.000047,073.22.03
CLNS 2017-IKPR E V/R 06/11/22125639AN4ASSET BACKED47,000.000047,146.63.03
CSAIL 2017-C8 XA V/R 06/15/2712595BAF8ASSET BACKED825,105.540066,306.14.04
CSAIL 2017-CX10 V/R 11/15/2712595JAN4ASSET BACKED4,835,000.0000271,398.22.15
COMM 2013-CR9 XA V/R 07/10/2312625UBC6ASSET BACKED24,451,008.5700138,737.47.08
CSMC 2017-LSTK X V/R 05/05/2012651PAC5ASSET BACKED8,157,000.0000116,913.47.07
CSMC 2017-LSTK X V/R 05/05/2012651PAE1ASSET BACKED2,969,000.000017,333.32.01
CSMC 2017-LST 3.229% 04/05/2112651PAL5ASSET BACKED107,000.0000107,727.30.06
CSMC 2017-LSTK D V/R 04/05/2112651PAN1ASSET BACKED128,000.0000127,745.23.07
CSMC 2017-LSTK E V/R 04/05/2112651PAQ4ASSET BACKED47,000.000046,644.16.03
CSMC 2017-CHOP D V/R 06/15/1912651QAL3ASSET BACKED70,000.000070,176.48.04
CVS HEALTH CORP 2.8% 07/20/20126650CJ7CORPORATE BONDS140,000.0000140,807.55.08
CAESARS ENT RESORT 8% 10/01/2012768XAA2CORPORATE BONDS2,577,000.00002,634,982.501.50
CAPITAL ONE FINA 2.4% 10/30/2014040HBR5CORPORATE BONDS145,000.0000144,292.97.08
CARDINAL HEALT 1.948% 06/14/1914149YBL1CORPORATE BONDS95,000.000094,491.11.05
CAROLINA BEVE 10.625% 08/01/18143818AA0CORPORATE BONDS2,317,000.00002,345,962.501.33
CATERPILLAR FINL 2.1% 01/10/2014912L6Y2CORPORATE BONDS140,000.0000139,783.69.08
CELGENE CORP 2.875% 08/15/20151020AQ7CORPORATE BONDS140,000.0000141,301.13.08
CHESTER DOWNS & 9.25% 02/01/20165749AA0CORPORATE BONDS1,293,000.00001,324,549.20.75
CHURCHILL DOWN 5.375% 12/15/21171484AB4CORPORATE BONDS1,700,000.00001,746,750.00.99
CINTAS CORPORATI 2.9% 04/01/2217252MAM2CORPORATE BONDS140,000.0000141,509.62.08
CITIGROUP INC 2.05% 12/07/18172967KE0CORPORATE BONDS80,000.000079,997.52.05
CITIGROUP INC V/R 04/25/22172967LH2CORPORATE BONDS65,000.000065,693.65.04
CLEAN HARBORS I 5.25% 08/01/20184496AJ6CORPORATE BONDS2,590,000.00002,628,850.001.49
CLEARWIRE COMM/ 8.25% 12/01/4018538TAG4CORPORATE BONDS1,770,000.00001,773,717.001.01
COLD 2017-ICE3 A V/R 04/15/24193046AA7ASSET BACKED74,000.000074,183.19.04
COLD 2017-ICE3 C V/R 04/15/24193046AE9ASSET BACKED90,000.000090,251.92.05
COLT 2017-1 A2 V/R 05/27/4719687TAB2ASSET BACKED658,715.0500658,856.74.37
COMCAST CORP 5.15% 03/01/2020030NBA8CORPORATE BONDS75,000.000079,815.79.05
COMM 2013-LC6 XA V/R 01/10/2320048EAZ4ASSET BACKED2,468,760.1100136,848.06.08
CONN 2017-A A 2.73% 07/15/1920824YAA5ASSET BACKED340,276.9300340,333.38.19
CONSOLIDATED EDISO 2% 03/15/20209115AD6CORPORATE BONDS95,000.000094,501.25.05
CLUB 2017-NP1 2.39% 06/15/1821050EAA2ASSET BACKED503,314.3900503,482.80.29
COTT BEVERAGES 5.375% 07/01/22221643AH2CORPORATE BONDS1,334,000.00001,387,360.00.79
DS SERVICES OF AM 10% 09/01/2123340JAA7CORPORATE BONDS1,855,000.00001,957,396.001.11
DRMT 2017-1A A1 V/R 10/25/2524380TAA4ASSET BACKED517,280.5800515,766.50.29
DRMT 2017-1A A2 V/R 10/25/2524380TAB2ASSET BACKED517,280.5800515,897.58.29
DELL INC 5.65% 04/15/1824702RAE1CORPORATE BONDS275,000.0000277,915.00.16
DISH DBS CORP 4.25% 04/01/1825470XAP0CORPORATE BONDS2,443,000.00002,461,078.201.40
DOLLAR TREE INC 5.25% 03/01/20256746AD0CORPORATE BONDS1,250,000.00001,275,000.00.72
EMC CORP 1.875% 06/01/18268648AP7CORPORATE BONDS3,786,000.00003,774,411.892.15
EARN 2017-A A2 2.65% 07/25/2527035BAB3ASSET BACKED437,002.2500433,292.28.25
GCAT 2017-2 A1 V/R 04/25/4736155CAA8ASSET BACKED828,300.2800831,404.58.47
GSMS 2013-GC1 2.995% 08/10/1836198FAB8ASSET BACKED132,333.3400132,886.74.08
GSMS 2017-GS6 XA V/R 05/10/2736253PAE2ASSET BACKED2,327,420.3500188,989.09.11
GSMS 2017-500K E V/R 07/15/1936253XAN5ASSET BACKED77,000.000077,068.08.04
GSMS 2017-500K F V/R 07/15/1936253XAQ8ASSET BACKED53,000.000053,078.38.03
GSMS 2017-500K G V/R 07/15/1936253XAS4ASSET BACKED34,000.000034,009.96.02
GSMS 2017-GS8 XA V/R 11/10/2736254KAP7ASSET BACKED3,626,000.0000273,617.96.16
TEGNA INC 5.125% 10/15/19364725BD2CORPORATE BONDS989,000.00001,002,598.75.57
GENERAL MOTORS 2.65% 04/13/2037045XBV7CORPORATE BONDS70,000.000070,120.00.04
GIBRALTAR INDUS 6.25% 02/01/21374689AF4CORPORATE BONDS880,000.0000897,600.00.51
GOLDMAN SACHS GR 2.3% 12/13/1938145GAJ9CORPORATE BONDS140,000.0000139,796.06.08
HC2 HOLDINGS INC 11% 12/01/19404139AA5CORPORATE BONDS1,300,000.00001,322,750.00.75
HRG GROUP INC 7.875% 07/15/1940434JAD2CORPORATE BONDS1,200,000.00001,206,000.00.69
HEXION INC 6.625% 04/15/20428302AA1CORPORATE BONDS1,500,000.00001,323,750.00.75
HOMEFED CORP 6.5% 10/01/1943739DAD1CORPORATE BONDS2,008,000.00002,008,000.001.14
HUNT COS INC 9.625% 03/01/21445587AA6CORPORATE BONDS2,874,000.00003,017,700.001.72
ICAHN ENTERPRI 4.875% 03/15/19451102BB2CORPORATE BONDS1,694,000.00001,700,352.50.97
INFOR US INC 5.75% 08/15/2045672NAF8CORPORATE BONDS1,460,000.00001,501,522.40.85
JPMBB 2015-C32 X V/R 09/15/2546590JAY3ASSET BACKED1,447,609.590088,253.81.05
JPMORGAN CHASE 2.25% 01/23/2046625HKA7CORPORATE BONDS120,000.0000119,969.67.07
JPMCC 2007-LDPX V/R 03/15/1746630JAE9ASSET BACKED74,663.190074,900.93.04
JPMCC 2007-LD1 V/R 06/15/4946631BAJ4ASSET BACKED52,776.150053,644.85.03
JPMCC 2014-C20 X V/R 06/15/2446642CBL3ASSET BACKED3,624,063.8100144,734.96.08
JPMCC 2014-FL6 A V/R 09/15/1646643RAA4ASSET BACKED113,426.2700113,462.80.06
KINDER MORGAN I 3.05% 12/01/1949456BAE1CORPORATE BONDS90,000.000090,776.96.05
KROGER CO 6.15% 01/15/20KR20501044CH2CORPORATE BONDS65,000.000069,993.41.04
LEVEL 3 FINANC 6.125% 01/15/21527298AY9CORPORATE BONDS2,250,000.00002,289,375.001.30
MHGE PARENT LLC/ 8.5% 08/01/1955303MAA7CORPORATE BONDS2,033,000.00002,033,000.001.16
MUFG AMERICAS H 2.25% 02/10/20553794AB4CORPORATE BONDS70,000.000069,715.66.04
MFT 2017-2A A 2.39% 07/15/2457108PAA3ASSET BACKED373,342.7000373,674.41.21
MCKESSON CORP 2.284% 03/15/19581557BD6CORPORATE BONDS65,000.000065,072.73.04
MICHAELS STORE 5.875% 12/15/20594087AT5CORPORATE BONDS2,900,000.00002,947,125.001.68
MOLSON COORS BR 1.45% 07/15/1960871RAE0CORPORATE BONDS40,000.000039,546.06.02
MSC 2016-BNK2 XA V/R 11/15/4961690YBV3ASSET BACKED2,214,142.7700151,691.14.09
MSC 2016-UB12 XA V/R 11/15/2661691EBB0ASSET BACKED4,269,101.6300214,476.68.12
MSBAM 2016-C32 X V/R 12/15/2661691GAT7ASSET BACKED2,958,483.6000153,869.55.09
MSC 2017-H1 XA V/R 05/15/2761691JAW4ASSET BACKED997,198.880095,287.04.05
MSC 2017-ASHF D V/R 11/15/1961691KAL5ASSET BACKED76,000.000076,423.17.04
MSC 2017-ASHF E V/R 11/15/1961691KAN1ASSET BACKED162,000.0000161,679.08.09
MSC 2017-ASHF F V/R 11/15/1961691KAQ4ASSET BACKED123,000.0000123,516.11.07
MSC 2017-CLS E V/R 11/15/1961691LAN9ASSET BACKED186,000.0000186,000.00.11
MSC 2017-CLS F V/R 11/15/1961691LAQ2ASSET BACKED206,000.0000206,000.00.12
MORGAN STANLEY V/R 07/22/2261744YAJ7CORPORATE BONDS140,000.0000141,026.21.08
MSC 2011-C1 D V/R 02/15/21617458AS3ASSET BACKED164,000.0000173,213.29.10
MSC 2016-UB11 XA V/R 08/15/2661767FBB6ASSET BACKED1,543,888.0200151,064.81.09
NAI ENTERTAINMENT 5% 08/01/1862875FAB4CORPORATE BONDS1,978,000.00001,978,000.001.12
NRZT 2017-RPL1 A V/R 04/27/2064829MAA4ASSET BACKED748,151.1800749,325.03.43
NEWELL BRANDS I 3.15% 04/01/21651229AU0CORPORATE BONDS135,000.0000136,630.74.08
NIELSEN FINANCE 4.5% 10/01/2065409QBA9CORPORATE BONDS1,438,000.00001,454,177.50.83
NORTHROP GRUMMA 2.08% 10/15/20666807BL5CORPORATE BONDS140,000.0000138,831.94.08
ORBITAL ATK INC 5.25% 10/01/2168557NAA1CORPORATE BONDS1,000,000.00001,027,500.00.58
PNC FINANCIAL 4.375% 08/11/20PNC/20A693476BL6CORPORATE BONDS135,000.0000142,118.91.08
PRINCE MINERAL 11.5% 12/15/19741745AA1CORPORATE BONDS2,000,000.00002,047,500.001.16
PRUDENTIAL FIN 7.375% 06/15/19PRU1974432QBG9CORPORATE BONDS105,000.0000113,082.40.06
QUALCOMM INC 2.1% 05/20/20747525AP8CORPORATE BONDS110,000.0000109,141.80.06
RAITF 2017-FL7 A V/R 06/15/2574890EAA5ASSET BACKED127,985.2600128,056.38.07
RAITF 2017-FL7 A V/R 06/15/2574890EAC1ASSET BACKED36,000.000035,999.96.02
RCO 2017-INV1 A V/R 11/25/5274937VAA2ASSET BACKED900,000.0000900,002.43.51
REYNOLDS AMERIC 3.25% 06/12/20761713BE5CORPORATE BONDS50,000.000050,905.64.03
REYNOLDS GRP IS 5.75% 10/15/20761735AP4CORPORATE BONDS2,503,000.00002,545,238.131.45
RPT 2017-ROSS A V/R 06/15/2077846EAA3ASSET BACKED35,000.000034,555.70.02
RPT 2017-ROSS B V/R 06/15/2077846EAE5ASSET BACKED35,000.000034,599.84.02
RUBY TUESDAY I 7.625% 05/15/20781182AB6CORPORATE BONDS1,007,000.00001,024,622.50.58
SGR 2017-1 A1 V/R 04/25/47784211AA2ASSET BACKED549,017.3500554,879.10.32
SHERWIN-WILLIAM 2.25% 05/15/20824348AT3CORPORATE BONDS140,000.0000139,374.95.08
SILGAN HOLDING 5% 04/01/2827048AP4CORPORATE BONDS1,986,000.00001,995,930.001.13
SIMON PROPERTY G 2.2% 02/01/19828807CQ8CORPORATE BONDS75,000.000075,186.00.04
SCLP 2017-3 A 2.77% 01/25/2283404JAA4ASSET BACKED788,209.2600791,828.56.45
SOFI 2017-C A2 1.75% 03/25/2083405DAB4ASSET BACKED404,802.8700403,543.89.23
SCLP 2017-5 A1 2.14% 11/25/1983405LAA8ASSET BACKED886,337.2200884,820.96.50
SOUTHERN CO 1.85% 07/01/19SO19A842587CQ8CORPORATE BONDS75,000.000074,615.09.04
SCFT 2016-AA A 3.05% 04/25/2985022WAA2ASSET BACKED832,810.9000839,458.73.48
SPRINT COMMUNICATI 9% 11/15/18852061AK6CORPORATE BONDS930,000.0000982,312.50.56
NUVEEN FINANCE 2.95% 11/01/1987246YAA4CORPORATE BONDS45,000.000045,469.78.03
THERMO FISHER S 2.15% 12/14/18883556BL5CORPORATE BONDS80,000.000080,145.21.05
TIME INC 5.75% 04/15/22887228AA2CORPORATE BONDS968,000.00001,010,350.00.57
TOYOTA MOTOR CR 1.95% 04/17/2089236TDU6CORPORATE BONDS45,000.000044,775.00.03
UBSCM 2012-C1 XA V/R 05/10/4590269GAG6ASSET BACKED1,931,517.4900141,990.68.08
UBSCM 2017-C1 XA V/R 06/15/5090276EAF4ASSET BACKED1,384,684.0800155,726.83.09
USROF 2017-1III V/R 11/27/3790354BAA6ASSET BACKED750,000.0000750,000.00.43
US TREAS NTS 2% 08/31/21912828D72GOVERNMENT BONDS640,000.0000639,425.00.36
US TREAS NTS 2.125% 09/30/21912828F21GOVERNMENT BONDS640,000.0000642,050.00.37
US TREAS NTS 1% 03/15/18912828J68GOVERNMENT BONDS690,000.0000689,382.28.39
US TREAS NTS 0.875% 03/31/18912828Q45GOVERNMENT BONDS830,000.0000828,670.70.47
US TREAS NTS 0.875% 05/31/18912828R51GOVERNMENT BONDS730,000.0000727,832.81.41
US TREAS NTS 0.75% 10/31/18912828T83GOVERNMENT BONDS280,000.0000277,703.13.16
UNITED TECHNOLOG 1.5% 11/01/19913017CF4CORPORATE BONDS55,000.000054,376.65.03
UNITED TECHNOLOG 1.9% 05/04/20913017CM9CORPORATE BONDS40,000.000039,679.01.02
VOLT 2017-NPL6 A V/R 05/26/2091832KAA6ASSET BACKED704,959.7000708,081.05.40
VMWARE INC 2.3% 08/21/20928563AA3CORPORATE BONDS90,000.000089,365.50.05
VOLT 2017-NPL4 A V/R 04/25/4792871XAA8ASSET BACKED552,514.0000555,623.99.32
VOLT 2017-NPL3 A V/R 03/25/4792871YAA6ASSET BACKED790,432.9700795,220.46.45
WBCMT 2007-C33 A V/R 07/15/1792978NAK0ASSET BACKED164,000.0000166,738.80.09
WELLS ENTERPRIS 6.75% 02/01/2094973BAA9CORPORATE BONDS3,258,000.00003,327,232.501.89
ANTHEM INC 2.3% 07/15/1894973VBE6CORPORATE BONDS70,000.000070,122.51.04
WELLS FARGO & CO 1.5% 01/16/1894974BFG0CORPORATE BONDS65,000.000064,990.25.04
WELLS FARGO & C 2.15% 01/30/20WFC20H94974BGF1CORPORATE BONDS75,000.000074,773.25.04
WFCM 2015-NXS2 X V/R 07/15/5894989MAH2ASSET BACKED6,226,294.0000242,276.93.14
WFCM 2015-LC22 X V/R 09/15/5894989TBC7ASSET BACKED2,920,441.3100149,645.46.09
WILLIAM CARTER 5.25% 08/15/2196926JAA5CORPORATE BONDS1,500,000.00001,543,125.00.88
T/L REDDY INC CORP 0% 5/1/19LX128969LOAN994,791.7300978,208.55.56
T/L CRESTWOOD HLDGS 0% 6/19/19LX129978LOAN1,890,428.82001,889,634.841.07
T/L INTERNAP NETW 0% 4/6/22LX161977LOAN1,250,000.00001,263,537.50.72
T/L SUNEDISON INC 0% 5/2/18LX162458LOAN807,486.0000806,815.79.46
T/L APPVION INC 0% 07/02/2018LX168946LOAN198,151.7100197,820.80.11
RELIANCE HOLDING 5.4% 02/14/22U75888AC8CORPORATE BONDS250,000.0000272,550.98.15
CNPC GENERAL CA 3.95% 04/19/22G22004AB4CORPORATE BONDS200,000.0000208,253.66.12
SINOPEC GRP OVER 2.5% 04/28/20G8201JAB7CORPORATE BONDS200,000.0000199,327.44.11
BOSTON SCIENTI DISC 12/13/1710114AZD4SHORT TERMS2,517,000.00002,515,741.251.43
CONSTELLATION DISC 12/8/1721037CZ82SHORT TERMS2,139,000.00002,138,172.421.22
KANSAS CITY DISC 01/04/201848516WA47SHORT TERMS2,525,000.00002,520,500.201.43
MOLSON COORS DISC 12/11/1760871VZB0SHORT TERMS2,350,000.00002,349,009.011.34
ONEOK INC DISC 12/06/201768269EZ62SHORT TERMS2,580,000.00002,579,295.141.47
US T BILL ZCP 12/07/17912796LB3SHORT TERMS730,000.0000729,875.05.41
T/L APPVION INC 0% 07/02/18LX168947LOAN542,000.0000544,710.00.31

As of 11/30/2017.

Distributions

Fund NameFund CusipDistribution TypeAmount per ShareEx DateReinvest DateReinvest Price
Destinations Low Duration Fixed Income Fund10964R707Dividend0.0176975/30/20175/30/2017$10.00
Destinations Low Duration Fixed Income Fund10964R707Dividend0.0294696/29/20176/29/2017$9.98
Destinations Low Duration Fixed Income Fund10964R707Dividend0.0194047/27/20177/27/2017$9.98
Destinations Low Duration Fixed Income Fund10964R707Dividend0.0228808/30/20178/30/2017$9.98
Destinations Low Duration Fixed Income Fund10964R707Dividend0.0247709/28/20179/28/2017$9.97
Destinations Low Duration Fixed Income Fund10964R707Dividend0.02474610/30/201710/30/2017$9.97
Destinations Low Duration Fixed Income Fund10964R707Dividend0.02831111/29/201711/29/2017$9.95

Fees and expenses

Type Amount
Management fee 0.70%
Distribution and service (12b-1) fee None
Other expenses 0.25%
Acquired Fund Fees and Expenses (AFFE) 0.02%
Total annual fund operating expense 0.97%
Fee waivers and expense reimbursements (0.08%)
Total annual fund operating expenses less fee waivers and expense reimbursements 0.89%*

*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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