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 3/31/18
Annualized
MTD QTD YTD 1 Year 3 Years 5 Years Since
Inception
Destinations Low Duration Fixed Income Fund
0.18%
0.42%
0.42%
1.70%
N/A
N/A
1.64%
BofA Merrill Lynch 1-3 Year U.S. Treasury Index
0.19%
-0.14%
-0.14%
0.02%
N/A
N/A
0.19%

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.

*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: 0.87%*
Daily NAV Date: 06/15/2018

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 3/31/18
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
0.18%
0.42%
0.42%
1.70%
N/A
N/A
1.64%
3/20/2017
0.97%
0.87%
BofA Merrill Lynch 1-3 Year U.S. Treasury Index
0.19%
-0.14%
-0.14%
0.02%
N/A
N/A
0.19%

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
NORWEGIAN KRONECASHNOKCURRENCY.0500.01.00
US DOLLARSCASHUSDCURRENCY12,154,378.540012,154,378.546.80
ISHARES CORE 1-5 YEAR USD BOISTB46432F859POOLED INVESTMENTS548,502.000026,969,843.3415.08
CNOOC FINANCE 2.625% 05/05/2012634GAA1CORPORATE BONDS200,000.0000197,415.40.11
COMMONWEALTH BA 2.25% 03/10/202027A0JH3CORPORATE BONDS90,000.000088,810.35.05
WESTPAC BANKING 1.6% 08/19/19961214CY7CORPORATE BONDS145,000.0000143,037.96.08
JBS INVESTMENTS 7.75% 10/28/20BFZCH59CORPORATE BONDS200,000.0000204,000.00.11
SHIP FINANCE IN 5.75% 10/15/21G81075AF3CORPORATE BONDS946,000.0000950,049.83.53
AVISON YOUNG CAN 9.5% 12/15/2105381NAA5CORPORATE BONDS980,000.00001,009,400.00.56
LARGO RESOURCES 9.25% 06/01/21517103AA5CORPORATE BONDS691,000.0000680,635.00.38
LUNDIN MINING 7.875% 11/01/22550372AB2CORPORATE BONDS1,366,000.00001,437,715.00.80
ROYAL BANK OF CA 1.5% 07/29/1978012KRK5CORPORATE BONDS95,000.000093,799.67.05
ROYAL BANK OF CA 3.2% 04/30/2178013XKG2CORPORATE BONDS95,000.000095,149.73.05
APID 2013-16A A1 V/R 01/19/2503764UAN3ASSET BACKED744,556.2600744,483.52.42
AVERY 2015-7A A1 V/R 01/15/2805364CAA0ASSET BACKED500,000.0000502,010.60.28
BSPRT 2017-FL1 A V/R 01/15/2105583WAA1ASSET BACKED70,000.000070,112.00.04
BSPRT 2017-FL2 A V/R 10/15/3405585BAA5ASSET BACKED231,000.0000230,591.18.13
BSPRT 2017-FL2 A V/R 10/15/3405585BAC1ASSET BACKED81,000.000080,666.42.05
BSPRT 2017-FL2 B V/R 10/15/3405585BAE7ASSET BACKED81,000.000080,358.96.04
BXMT 2017-FL1 C V/R 10/15/2005607KAG6ASSET BACKED117,000.0000117,126.90.07
CK HUTCHISON I 2.875% 04/05/2212563UAA5CORPORATE BONDS200,000.0000195,349.14.11
CRNPT 2013-2A A1 V/R 12/31/2322845RAL7ASSET BACKED183,860.0200183,870.50.10
GPMT 2018-FL1 A V/R 12/19/2036255CAA7ASSET BACKED118,000.0000118,000.46.07
HLA 2015-2A A V/R 07/25/2740538KAA0ASSET BACKED425,000.0000425,153.81.24
JTWN 2016-9A A1A V/R 10/20/2847048JAA1ASSET BACKED500,000.0000501,229.55.28
JTWN 2016-9A A1B V/R 10/20/2847048JAJ2ASSET BACKED500,000.0000501,023.65.28
MCLO 2014-7A A1R V/R 10/28/2556577AAJ1ASSET BACKED1,000,000.00001,000,634.50.56
OCP 2014-5A A1R V/R 04/26/3167102SAL8ASSET BACKED250,000.0000250,385.68.14
OCT24 2015-1A A1 V/R 05/21/2767591MAA3ASSET BACKED500,000.0000499,450.00.28
RACEP 2015-9A A1 V/R 10/15/3074981HCC2ASSET BACKED1,000,000.00001,004,471.00.56
VENTR 2006-7A A1 V/R 01/20/2292328WAA9ASSET BACKED117,219.3400117,149.61.07
ZAIS2 2014-2A A1 V/R 07/25/2698886YAQ1ASSET BACKED1,000,000.00001,000,337.40.56
SPARC EM SPC PANA ZCP 12/05/22BF7TXZ0CORPORATE BONDS200,000.0000179,600.00.10
AGROMERCANTIL S 6.25% 04/10/19G0131LAA6CORPORATE BONDS200,000.0000202,252.00.11
BANCO SANTANDE 3.875% 09/20/2205967FAB2CORPORATE BONDS150,000.0000148,607.46.08
CELULOSA ARAUC 4.75% 01/11/22151191AW3CORPORATE BONDS100,000.0000101,625.00.06
REPUBLIC OF CHI 3.25% 09/14/21168863AW8GOVERNMENT BONDS200,000.0000199,600.00.11
BANCO DEL ESTA 4.125% 10/07/20B4P2L27CORPORATE BONDS200,000.0000201,554.00.11
INVERSIONES CMPC 4.5% 04/25/22P58073AA8CORPORATE BONDS200,000.0000201,756.35.11
ECOPETROL SA 7.625% 07/23/19EC19279158AB5CORPORATE BONDS50,000.000052,245.00.03
OLEODUCTO CENTRAL 4% 05/07/21P7358RAC0CORPORATE BONDS200,000.0000199,480.00.11
DOMINICAN REPU 7.5% 05/06/21P3579EAH0GOVERNMENT BONDS200,000.0000209,396.00.12
BNP PARIBAS 5% 01/15/2105567LT31CORPORATE BONDS65,000.000067,925.28.04
INDIAN OIL COR 5.625% 08/02/21B4MR909CORPORATE BONDS200,000.0000209,474.40.12
ONGC VIDESH LTD 3.25% 07/15/19BP3YP86CORPORATE BONDS200,000.0000199,560.00.11
ADANI PORTS AND 3.5% 07/29/20Y00130CZ8CORPORATE BONDS200,000.0000197,769.60.11
BHARAT PETROLE 4.625% 10/25/22Y0882ZBH0CORPORATE BONDS200,000.0000203,866.00.11
REPUBLIC OF IN 4.875% 05/05/21Y20721AU3GOVERNMENT BONDS200,000.0000206,129.60.12
ARDAGH PKG FIN/HLD 6% 06/30/2103969AAG5CORPORATE BONDS2,342,000.00002,371,275.001.33
STATE OF ISRAEL 4% 06/30/2246513AGA2GOVERNMENT BONDS200,000.0000204,815.20.11
DELEK & AVNER 4.435% 12/30/20BMJJM83CORPORATE BONDS160,000.0000158,750.40.09
SUMITOMO MITSU 2.058% 07/14/2186562MAE0CORPORATE BONDS20,000.000019,233.49.01
WAKALA GLOBAL 4.646% 07/06/21B45VGR4CORPORATE BONDS250,000.0000261,075.00.15
IOI INVESTMENT 4.375% 06/27/22B8GJJP4CORPORATE BONDS200,000.0000201,441.40.11
AXIATA SPV2 BH 3.466% 11/19/20BD5WCP0CORPORATE BONDS200,000.0000199,503.80.11
PETRONAS GLOBA 2.707% 03/18/20Y68868AA9CORPORATE BONDS200,000.0000198,076.80.11
DYNAGAS LNG PAR 6.25% 10/30/1926780TAA5CORPORATE BONDS1,675,000.00001,687,562.50.94
SCORPIO TANKER 2.375% 07/01/1980918TAA7CORPORATE BONDS124,000.0000119,540.96.07
TEEKAY CORP 8.5% 01/15/20TK2087900YAA1CORPORATE BONDS992,000.00001,024,240.00.57
GOLAR LNG PARTNER V/R 05/22/20BXQ9SM9CORPORATE BONDS1,000,000.0000982,500.00.55
BANCO SANTANDER M V/R 01/30/24P1507SAD9CORPORATE BONDS200,000.0000201,500.00.11
YANDEX NV 1.125% 12/15/1898474TAB3CORPORATE BONDS791,000.0000772,977.86.43
SONGA BULK ASA V/R 06/13/22BDCL517CORPORATE BONDS1,400,000.00001,418,620.00.79
REPUBLIC OF PANA 5.2% 01/30/20698299AX2GOVERNMENT BONDS100,000.0000103,200.00.06
ENA NORTE TRUST 4.95% 04/25/23P3716XAA7CORPORATE BONDS140,817.1700142,577.38.08
GLOBAL BANK CO 5.125% 10/30/19P47718AA2CORPORATE BONDS200,000.0000202,740.00.11
BANCO DE CREDIT 2.25% 10/25/19P09646AH6CORPORATE BONDS200,000.0000197,250.00.11
BANCO INTL DEL 5.75% 10/07/20P1342SAC0CORPORATE BONDS200,000.0000208,750.00.12
CORP FINANCIERA 3.25% 07/15/19P3R94GAF6GOVERNMENT BONDS200,000.0000200,100.00.11
FONDO MIVIVIEN 3.375% 04/02/19P42009AB9GOVERNMENT BONDS200,000.0000200,000.00.11
REPUBLIC OF PHILIP 4% 01/15/21718286BK2GOVERNMENT BONDS300,000.0000304,685.40.17
UNION BK OF PH 3.369% 11/29/22BF2WQR7CORPORATE BONDS200,000.0000191,878.80.11
OVERSEA-CHINESE B V/R 10/15/2469033DAB3CORPORATE BONDS200,000.0000200,873.36.11
SP POWERASSETS L 2.7% 09/14/22B6RVFW4CORPORATE BONDS200,000.0000194,928.00.11
UNITED OVERSEAS B V/R 09/19/24BKRQS51CORPORATE BONDS200,000.0000200,181.20.11
DBS GROUP HOLDINGS V/R /PERP/BZCN164CORPORATE BONDS200,000.0000192,601.60.11
EUROPEAN LIN V/R 02/22/21/EUR/W3R39XAA0CORPORATE BONDS1,700,000.00001,997,321.921.12
MAXFASTIGHET V/R 09/15/20/SEK/W5S91TAA8CORPORATE BONDS12,000,000.00001,347,244.27.75
SAMHALLSBYGG V/R 01/29/21/SEK/W7T8BRAE0CORPORATE BONDS1,000,000.0000114,113.18.06
ASTRAZENECA PL 2.375% 11/16/20046353AK4CORPORATE BONDS140,000.0000137,596.02.08
INMARSAT FINAN 4.875% 05/15/2245763PAE6CORPORATE BONDS1,012,000.0000963,930.00.54
AT&T INC 2.8% 02/17/2100206RCR1CORPORATE BONDS140,000.0000138,270.28.08
ACI WORLDWIDE 6.375% 08/15/20004498AA9CORPORATE BONDS1,750,000.00001,763,125.00.99
AIR LEASE CORP 2.5% 03/01/2100912XAZ7CORPORATE BONDS145,000.0000141,841.71.08
AMERICAN ELECTR 2.15% 11/13/20025537AH4CORPORATE BONDS25,000.000024,459.18.01
AMGEN INC 2.2% 05/11/20031162CM0CORPORATE BONDS120,000.0000118,352.17.07
AMKOR TECHNOLO 6.625% 06/01/21031652BE9CORPORATE BONDS3,000,000.00003,006,000.001.68
ANALOG DEVICES 2.95% 01/12/21032654AR6CORPORATE BONDS95,000.000094,642.16.05
ANTHEM INC 2.5% 11/21/20036752AE3CORPORATE BONDS70,000.000068,943.57.04
AHPT 2017-ATRM E V/R 12/15/1904965JAJ2ASSET BACKED118,000.0000118,037.10.07
AVNT 2017-A A 2.41% 03/15/2105352NAA0ASSET BACKED97,747.890097,724.83.05
AVNT 2017-B A 2.29% 11/15/1805353WAA9ASSET BACKED214,265.2700214,029.64.12
BAT CAPITAL CO 2.297% 08/14/2005526DAQ8CORPORATE BONDS90,000.000088,184.12.05
BBCMS 2017-GLKS V/R 11/15/1905547WAN8ASSET BACKED275,000.0000275,038.50.15
BBCMS 2018-TALL V/R 03/15/2005548WAA5ASSET BACKED118,000.0000117,926.01.07
BX 2018-BIOA E V/R 02/15/20056057AN2ASSET BACKED118,000.0000117,889.50.07
BX 2018-MCSF F V/R 04/15/2005607AAQ6ASSET BACKED118,000.0000116,973.42.07
BX 2017-IMC D V/R 10/15/1905607EAL9ASSET BACKED27,000.000027,076.28.02
BX 2017-IMC E V/R 10/15/1905607EAN5ASSET BACKED44,000.000044,151.39.02
BANK 2017-BNK6 X V/R 07/15/60060352AG6ASSET BACKED1,897,791.7900110,329.26.06
BANK OF AMERICA C V/R 03/05/2406051GHE2CORPORATE BONDS75,000.000074,880.75.04
BANK 2017-BNK9 X V/R 11/15/5406540RAF1ASSET BACKED1,816,829.6100109,904.38.06
BANK 2017-BNK4 X V/R 05/15/5006541FBB4ASSET BACKED1,571,454.1400143,234.12.08
BOMFT 2018-SBR2 V/R 04/28/3307334EAA9ASSET BACKED968,201.2100968,316.62.54
BSCMS 2005-PW10 V/R 12/11/1507387BEE9ASSET BACKED120,570.1100127,804.76.07
BI-LO LLC/BI-LO 9.25% 02/15/19088611AA6CORPORATE BONDS1,479,000.00001,479,000.00.83
BRIGGS & STRAT 6.875% 12/15/20BGG20109043AG4CORPORATE BONDS81,000.000086,265.00.05
CCO HLDGS LLC/C 5.25% 03/15/211248EPBB8CORPORATE BONDS2,226,000.00002,242,695.001.25
CD 2017-CD4 XA V/R 04/10/2712515DAS3ASSET BACKED1,698,362.1800141,388.65.08
CFCRE 2017-C8 XA V/R 05/15/2712532CBE4ASSET BACKED1,386,912.7800144,138.93.08
CFCRE 2017-C8 XB V/R 05/15/2712532CBF1ASSET BACKED287,000.000020,564.15.01
CGGS 2018-WSS D V/R 02/15/2012533AAL2ASSET BACKED118,000.0000118,208.81.07
CHT 2017-CSMO A V/R 11/15/1912546DAA5ASSET BACKED117,000.0000117,184.86.07
CHT 2017-CSMO E V/R 11/15/1912546DAN7ASSET BACKED77,000.000077,502.04.04
CHT 2017-CSMO F V/R 11/15/1912546DAQ0ASSET BACKED41,000.000041,266.50.02
CLNS 2017-IKPR D V/R 06/11/22125639AL8ASSET BACKED47,000.000047,147.28.03
CLNS 2017-IKPR E V/R 06/11/22125639AN4ASSET BACKED47,000.000047,294.73.03
CSAIL 2017-C8 XA V/R 06/15/2712595BAF8ASSET BACKED823,944.000061,676.49.03
CSAIL 2017-CX10 V/R 11/15/2712595JAN4ASSET BACKED4,826,798.3800255,339.08.14
COMM 2013-CR9 XA V/R 07/10/2312625UBC6ASSET BACKED23,301,139.9300114,087.04.06
CSMC TRUST 2017-1 A 20210325 4.5000012651LAA8ASSET BACKED392,730.7900395,632.87.22
CSMC 2017-LSTK X V/R 05/05/2012651PAC5ASSET BACKED8,157,000.000093,161.10.05
CSMC 2017-LSTK X V/R 05/05/2012651PAE1ASSET BACKED2,969,000.000013,896.40.01
CSMC 2017-LST 3.229% 04/05/2112651PAL5ASSET BACKED107,000.0000105,815.84.06
CSMC 2017-LSTK D V/R 04/05/2112651PAN1ASSET BACKED128,000.0000125,750.89.07
CSMC 2017-LSTK E V/R 04/05/2112651PAQ4ASSET BACKED47,000.000045,892.24.03
CSMC 2017-CHOP D V/R 06/15/1912651QAL3ASSET BACKED70,000.000070,350.99.04
CVS HEALTH CORP 2.8% 07/20/20126650CJ7CORPORATE BONDS140,000.0000139,004.47.08
CAPITAL ONE FINA 2.4% 10/30/2014040HBR5CORPORATE BONDS145,000.0000141,984.97.08
CARDINAL HEALT 1.948% 06/14/1914149YBL1CORPORATE BONDS140,000.0000138,846.35.08
CAROLINA BEVE 10.625% 08/01/18143818AA0CORPORATE BONDS2,317,000.00002,323,024.201.30
CELGENE CORP 2.875% 08/15/20151020AQ7CORPORATE BONDS140,000.0000139,105.53.08
CINTAS CORPORATI 2.9% 04/01/2217252MAM2CORPORATE BONDS140,000.0000137,474.36.08
CITIGROUP INC V/R 06/01/24172967MA6CORPORATE BONDS140,000.0000140,137.54.08
CLEAN HARBORS I 5.25% 08/01/20184496AJ6CORPORATE BONDS2,590,000.00002,598,080.801.45
COLD 2017-ICE3 A V/R 04/15/24193046AA7ASSET BACKED74,000.000074,256.69.04
COLD 2017-ICE3 C V/R 04/15/24193046AE9ASSET BACKED90,000.000090,396.92.05
COLT 2017-1 A2 V/R 05/27/4719687TAB2ASSET BACKED474,267.4700472,063.55.26
COMM 2013-LC6 XA V/R 01/10/2320048EAZ4ASSET BACKED2,316,954.5000121,884.09.07
CONSOLIDATED EDISO 2% 05/15/21209115AC8CORPORATE BONDS45,000.000043,501.21.02
CONSOLIDATED EDISO 2% 03/15/20209115AD6CORPORATE BONDS95,000.000093,330.90.05
CLUB 2018-NP1 2.99% 03/15/1921051HAA4ASSET BACKED216,712.2200216,655.12.12
DRMT 2017-1A A1 V/R 10/25/2524380TAA4ASSET BACKED367,822.7400365,365.35.20
DRMT 2017-1A A2 V/R 10/25/2524380TAB2ASSET BACKED367,822.7400365,351.93.20
DELTA AIR LINES 3.4% 04/19/21247361ZM3CORPORATE BONDS40,000.000040,050.87.02
EMC CORP 1.875% 06/01/18268648AP7CORPORATE BONDS4,534,000.00004,534,000.002.54
EARN 2017-A A2 2.65% 07/25/2527035BAB3ASSET BACKED359,075.4400351,082.10.20
EDGEWELL PERSONA 4.7% 05/19/2129266RAB4CORPORATE BONDS328,000.0000328,000.00.18
GCAT 2017-2 A1 V/R 04/25/4736155CAA8ASSET BACKED705,428.7000700,105.25.39
GSMS 2013-GC1 2.995% 08/10/1836198FAB8ASSET BACKED51,556.490051,546.54.03
GSMS 2016-GS4 XA V/R 11/10/2636251XAT4ASSET BACKED5,312,539.0100183,509.44.10
GSMS 2017-GS6 XA V/R 05/10/2736253PAE2ASSET BACKED2,324,673.7500176,373.00.10
GSMS 2017-500K E V/R 07/15/1936253XAN5ASSET BACKED77,000.000077,096.54.04
GSMS 2017-500K F V/R 07/15/1936253XAQ8ASSET BACKED53,000.000053,182.97.03
GSMS 2017-500K G V/R 07/15/1936253XAS4ASSET BACKED34,000.000034,095.91.02
GSMS 2017-GS8 XA V/R 11/10/2736254KAP7ASSET BACKED3,624,632.3500257,904.55.14
GAMESTOP CORP 5.5% 10/01/1936467WAA7CORPORATE BONDS1,448,000.00001,457,050.00.81
TEGNA INC 5.125% 10/15/19364725BD2CORPORATE BONDS989,000.0000991,472.50.55
GENERAL DYNAMICS C 3% 05/11/21369550BE7CORPORATE BONDS95,000.000094,771.63.05
GENERAL MILLS IN 3.2% 04/16/21370334CD4CORPORATE BONDS140,000.0000139,714.11.08
GENERAL MOTORS F 3.2% 07/06/2137045XBM7CORPORATE BONDS70,000.000069,306.99.04
GENERAL MOTORS 2.65% 04/13/2037045XBV7CORPORATE BONDS70,000.000069,346.94.04
GIBRALTAR INDUS 6.25% 02/01/21374689AF4CORPORATE BONDS2,932,000.00002,953,990.001.65
GOLDMAN SACHS GR 2.3% 12/13/1938145GAJ9CORPORATE BONDS140,000.0000138,762.87.08
GREIF INC 7.75% 08/01/19GEF19397624AG2CORPORATE BONDS647,000.0000672,880.00.38
HC2 HOLDINGS INC 11% 12/01/19404139AA5CORPORATE BONDS3,610,000.00003,663,067.002.05
HEXION INC 6.625% 04/15/20428302AA1CORPORATE BONDS1,500,000.00001,415,625.00.79
HILT 2018-ORL B V/R 12/15/24432885AG6ASSET BACKED78,000.000078,074.37.04
ICAHN ENTERPRISES/ 6% 08/01/20451102AX5CORPORATE BONDS2,214,000.00002,255,512.501.26
INFOR US INC 5.75% 08/15/2045672NAF8CORPORATE BONDS1,806,000.00001,835,347.501.03
IHSFR 2018-SFR1 V/R 03/17/2046185JAA6ASSET BACKED199,043.0600198,980.52.11
INVISTA FINANCE 4.25% 10/15/1946186RAA7CORPORATE BONDS34,000.000034,093.26.02
IHSFR 2017-SFR2 V/R 12/17/1946187BAA1ASSET BACKED199,086.2900199,675.45.11
IRON MOUNTAIN 4.375% 06/01/2146284VAB7CORPORATE BONDS505,000.0000509,570.25.28
JPMBB 2015-C32 X V/R 09/15/2546590JAY3ASSET BACKED1,431,937.170078,713.01.04
JPMORGAN CHASE 2.25% 01/23/2046625HKA7CORPORATE BONDS140,000.0000138,420.06.08
JPMCC 2007-LDPX V/R 03/15/1746630JAE9ASSET BACKED20,467.320020,519.85.01
JPMCC 2007-LD1 V/R 06/15/4946631BAJ4ASSET BACKED42,653.190043,335.64.02
JPMCC 2014-C20 X V/R 06/15/2446642CBL3ASSET BACKED3,600,329.2900124,701.37.07
KINDER MORGAN I 3.05% 12/01/1949456BAE1CORPORATE BONDS90,000.000090,007.58.05
KROGER CO 6.15% 01/15/20KR20501044CH2CORPORATE BONDS115,000.0000120,659.39.07
LEE ENTERPRISES 9.5% 03/15/22523768AF6CORPORATE BONDS1,727,000.00001,791,762.501.00
LENNAR CORP 6.95% 06/01/18LEN18526057BD5CORPORATE BONDS2,847,000.00002,847,000.001.59
LEVEL 3 FINANC 6.125% 01/15/21527298AY9CORPORATE BONDS2,685,000.00002,715,206.251.52
MGM RESORTS IN 8.625% 02/01/19552953BW0CORPORATE BONDS1,122,000.00001,160,248.98.65
MACQUARIE INFR 2.875% 07/15/1955608BAA3CORPORATE BONDS985,000.0000972,678.64.54
MFT 2017-2A A 2.39% 07/15/2457108PAA3ASSET BACKED212,392.2400211,911.24.12
MCDERMOTT TEC 10.625% 05/01/2458003XAA0CORPORATE BONDS584,000.0000610,280.00.34
MEDIACOM BRDBND 5.5% 04/15/2158446VAL5CORPORATE BONDS1,643,000.00001,659,183.55.93
MICHAELS STORE 5.875% 12/15/20594087AT5CORPORATE BONDS2,900,000.00002,929,000.001.64
MICROCHIP TECH 3.922% 06/01/21595017AJ3CORPORATE BONDS95,000.000095,480.81.05
MOLSON COORS BR 1.45% 07/15/1960871RAE0CORPORATE BONDS40,000.000039,354.14.02
MONDELEZ INTERNATI 3% 05/07/20609207AN5CORPORATE BONDS45,000.000045,019.25.03
MSC 2016-BNK2 XA V/R 11/15/4961690YBV3ASSET BACKED2,200,636.1700141,340.26.08
MSC 2016-UB12 XA V/R 11/15/2661691EBB0ASSET BACKED4,242,553.7800196,916.86.11
MSBAM 2016-C32 X V/R 12/15/2661691GAT7ASSET BACKED2,945,344.5300142,124.07.08
MSC 2017-H1 XA V/R 05/15/2761691JAW4ASSET BACKED993,588.250088,381.66.05
MSC 2017-ASHF D V/R 11/15/1961691KAL5ASSET BACKED76,000.000075,999.98.04
MSC 2017-ASHF E V/R 11/15/1961691KAN1ASSET BACKED162,000.0000162,450.33.09
MSC 2017-ASHF F V/R 11/15/1961691KAQ4ASSET BACKED123,000.0000123,325.70.07
MSC 2017-CLS E V/R 11/15/1961691LAN9ASSET BACKED186,000.0000186,918.67.10
MSC 2017-CLS F V/R 11/15/1961691LAQ2ASSET BACKED206,000.0000206,636.11.12
MORGAN STANLEY V/R 07/22/2261744YAJ7CORPORATE BONDS140,000.0000141,362.90.08
MSC 2011-C1 D V/R 02/15/21617458AS3ASSET BACKED164,000.0000169,859.88.10
MSC 2016-UB11 XA V/R 08/15/2661767FBB6ASSET BACKED1,530,505.0200140,419.70.08
NCR CORP 4.625% 02/15/2162886EAH1CORPORATE BONDS1,037,000.00001,026,630.00.57
NRG YIELD INC 3.5% 02/01/1962942XAA6CORPORATE BONDS1,614,000.00001,607,287.37.90
NEWELL BRANDS I 3.15% 04/01/21651229AU0CORPORATE BONDS140,000.0000138,707.38.08
NIELSEN FINANCE 4.5% 10/01/2065409QBA9CORPORATE BONDS3,144,000.00003,147,930.001.76
NORTHROP GRUMMA 2.08% 10/15/20666807BL5CORPORATE BONDS100,000.000097,833.00.05
ORBITAL ATK INC 5.25% 10/01/2168557NAA1CORPORATE BONDS1,000,000.00001,017,500.00.57
PNC FINANCIAL 4.375% 08/11/20PNC/20A693476BL6CORPORATE BONDS135,000.0000138,694.91.08
PACKAGING CORP 2.45% 12/15/20695156AS8CORPORATE BONDS145,000.0000142,503.82.08
PMIT 2018-1A A 3.11% 06/17/2474361HAA8ASSET BACKED232,254.3200232,290.41.13
PRUDENTIAL FIN 7.375% 06/15/19PRU1974432QBG9CORPORATE BONDS105,000.0000109,809.62.06
RAITF 2017-FL7 A V/R 06/15/2574890EAA5ASSET BACKED126,911.3100127,007.18.07
RAITF 2017-FL7 A V/R 06/15/2574890EAC1ASSET BACKED36,000.000035,999.93.02
RCO 2017-INV1 A V/R 11/25/5274937VAA2ASSET BACKED829,971.6400836,121.65.47
REALOGY GROUP/C 5.25% 12/01/2175606DAC5CORPORATE BONDS1,569,000.00001,580,767.50.88
REYNOLDS AMERIC 3.25% 06/12/20761713BE5CORPORATE BONDS50,000.000050,027.82.03
REYNOLDS GRP IS 5.75% 10/15/20761735AP4CORPORATE BONDS2,425,676.59812,437,804.981.36
RIVERS PITTSBU 6.125% 08/15/2176882AAB6CORPORATE BONDS1,268,000.00001,264,830.00.71
RPT 2017-ROSS A V/R 06/15/2077846EAA3ASSET BACKED35,000.000035,087.90.02
RPT 2017-ROSS B V/R 06/15/2077846EAE5ASSET BACKED35,000.000035,087.88.02
SGR 2017-1 A1 V/R 04/25/47784211AA2ASSET BACKED390,438.4700385,594.96.22
SCLP 2018-2 A1 2.93% 05/25/2078471WAA3ASSET BACKED234,445.4300234,467.51.13
A SCHULMAN INC 6.875% 06/01/23808194AB0CORPORATE BONDS1,550,000.00001,627,887.50.91
SHERWIN-WILLIAM 2.25% 05/15/20824348AT3CORPORATE BONDS140,000.0000137,915.15.08
SIMON PROPERTY G 2.2% 02/01/19828807CQ8CORPORATE BONDS85,000.000084,758.01.05
SCLP 2017-3 A 2.77% 01/25/2283404JAA4ASSET BACKED617,710.8900614,333.80.34
SOFI 2017-C A2 1.75% 03/25/2083405DAB4ASSET BACKED278,287.4900275,930.98.15
SCLP 2017-5 A1 2.14% 11/25/1983405LAA8ASSET BACKED546,210.0100543,235.19.30
SOUTHERN CAL EDI 3.4% 06/01/23842400GL1CORPORATE BONDS30,000.000029,993.49.02
SOUTHERN CO 1.85% 07/01/19SO19A842587CQ8CORPORATE BONDS75,000.000074,194.06.04
SCFT 2016-AA A 3.05% 04/25/2985022WAA2ASSET BACKED695,789.2000693,756.38.39
SPIRIT AEROSYST 5.25% 03/15/2285205TAF7CORPORATE BONDS2,489,000.00002,556,488.071.43
SPRINT COMMUNICATI 9% 11/15/18852061AK6CORPORATE BONDS3,049,000.00003,122,785.801.75
THERMO FISHER SC 3.6% 08/15/21TMO21A883556AZ5CORPORATE BONDS20,000.000020,148.65.01
UBSCM 2012-C1 XA V/R 05/10/4590269GAG6ASSET BACKED1,894,755.4500123,084.83.07
UBSCM 2017-C1 XA V/R 06/15/5090276EAF4ASSET BACKED1,377,694.2000144,241.69.08
USROF 2017-1III V/R 11/27/3790354BAA6ASSET BACKED504,808.3000502,852.67.28
US TIPS 0.125% 04/15/19912828C99GOVERNMENT BONDS457,958.6000455,937.14.25
US TREAS NTS 2% 08/31/21912828D72GOVERNMENT BONDS640,000.0000628,175.00.35
US TREAS NTS 2.125% 09/30/21912828F21GOVERNMENT BONDS250,000.0000246,181.64.14
QWEST CAPITAL FU 6.5% 11/15/18912912AR3CORPORATE BONDS1,999,000.00002,023,987.501.13
UPST 2018-1 A 3.015% 08/20/2591678TAA4ASSET BACKED250,000.0000250,085.85.14
VOLT 2017-NPL6 A V/R 05/26/2091832KAA6ASSET BACKED544,755.8400541,032.38.30
VERIZON COMMUNICA V/R 05/15/2592343VEP5CORPORATE BONDS95,000.000094,967.71.05
VERUS 2018-1 A1 V/R 02/25/4892536FAA4ASSET BACKED595,369.5200591,542.60.33
VOLT 2017-NPL4 A V/R 04/25/4792871XAA8ASSET BACKED400,472.5400399,358.15.22
VOLT 2017-NPL3 A V/R 03/25/4792871YAA6ASSET BACKED749,046.1200748,498.19.42
WSLT 2006-1 A5 V/R 07/26/2792978JAE3ASSET BACKED645,689.0100645,212.81.36
WEB.COM GROUP INC 1% 08/15/1894733AAA2CORPORATE BONDS1,207,000.00001,201,322.27.67
ANTHEM INC 2.3% 07/15/1894973VBE6CORPORATE BONDS70,000.000069,980.43.04
WFCM 2015-NXS2 X V/R 07/15/5894989MAH2ASSET BACKED6,192,925.9800217,764.95.12
WFCM 2015-LC22 X V/R 09/15/5894989TBC7ASSET BACKED2,899,902.1600137,035.46.08
WFCM 2017-SMP A V/R 12/15/1995001CAA0ASSET BACKED196,000.0000196,058.35.11
WLAKE 2018-2A B 3.2% 01/16/2496042FAD6ASSET BACKED500,000.0000501,210.95.28
WILLIAM CARTER 5.25% 08/15/2196926JAA5CORPORATE BONDS2,446,000.00002,482,690.001.39
T/L REDDY INC CORP 0% 5/1/19LX128969LOAN989,583.3900984,843.29.55
T/L INTERNAP NETW 0% 4/6/22LX161977LOAN1,623,777.05001,633,243.67.91
T/L LSC COMMUNICAT 0% 09/30/22LX169586LOAN1,463,040.00001,464,868.80.82
T/L CRESTWOOD HOLD 0% 02/28/23LX171649LOAN1,987,684.77001,957,869.501.10
RELIANCE HOLDING 5.4% 02/14/22U75888AC8CORPORATE BONDS250,000.0000261,867.57.15
CNPC GENERAL CA 3.95% 04/19/22G22004AB4CORPORATE BONDS200,000.0000202,883.16.11
SINOPEC GRP OVER 2.5% 04/28/20G8201JAB7CORPORATE BONDS200,000.0000197,344.70.11
US T BILL ZCP 07/19/18912796MK2SHORT TERMS1,050,000.00001,047,523.89.59
US T BILL ZCP 08/16/18912796NQ8SHORT TERMS590,000.0000587,692.61.33
US T BILL ZCP 06/07/18912796PJ2SHORT TERMS550,000.0000549,848.75.31
US T BILL ZCP 09/20/18912796PZ6SHORT TERMS450,000.0000447,356.81.25
US T BILL ZCP 10/18/18912796QD4SHORT TERMS450,000.0000446,594.50.25
T/L APPVION INC 0% 07/02/18LX168947LOAN542,000.0000395,660.00.22
T/L APPVION INC 0% 07/02/18LX171994LOAN233,119.6500233,119.65.13
EUR/USD FWD 20180614 000000010 USDEUR1295235989FORWARD-1,715,000.0000-2,006,345.43-1.12
SEK/USD FWD 20180614 000000010 USDSEK1295231112FORWARD-12,976,550.0000-1,472,687.27-.82
USD/SEK FWD 20180614 000000010 USDUSD1295231112FORWARD1,495,252.64001,495,252.64.84
USD/EUR FWD 20180614 000000010 USDUSD1295235989FORWARD2,038,877.75002,038,877.751.14

As of 05/31/2018.

Distributions

Fund NameFund CusipDistribution TypeAmount per ShareEx DateReinvest DateReinvest Price
Destinations Low Duration Fixed Income Fund10964R707Dividend0.0299905/30/20185/30/2018$9.87
Destinations Low Duration Fixed Income Fund10964R707Dividend0.0281394/27/20184/27/2018$9.88
Destinations Low Duration Fixed Income Fund10964R707Dividend0.0278343/28/20183/28/2018$9.89
Destinations Low Duration Fixed Income Fund10964R707Dividend0.0267942/27/20182/27/2018$9.89
Destinations Low Duration Fixed Income Fund10964R707Dividend0.0267651/30/20181/30/2018$9.92
Destinations Low Duration Fixed Income Fund10964R707Dividend0.02938112/28/201712/28/2017$9.93
Destinations Low Duration Fixed Income Fund10964R707Dividend0.02831111/29/201711/29/2017$9.95
Destinations Low Duration Fixed Income Fund10964R707Dividend0.02474610/30/201710/30/2017$9.97
Destinations Low Duration Fixed Income Fund10964R707Dividend0.0247709/28/20179/28/2017$9.97
Destinations Low Duration Fixed Income Fund10964R707Dividend0.0228808/30/20178/30/2017$9.98
Destinations Low Duration Fixed Income Fund10964R707Dividend0.0194047/27/20177/27/2017$9.98
Destinations Low Duration Fixed Income Fund10964R707Dividend0.0294696/29/20176/29/2017$9.98
Destinations Low Duration Fixed Income Fund10964R707Dividend0.0176975/30/20175/30/2017$10.00

Fees and expenses

Type Amount
Management Fees 0.70%
Distribution and Service (12b-1) Fees None
Other Expenses 0.25%
Acquired Fund Fees and Expenses (AFFE) 0.02%
Total Annual Fund Operating Expenses 0.97%
Fee Waivers and Expense Reimbursements -0.10%
Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements 0.87%*

*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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