Destinations Multi Strategy Alternatives Fund

Overview

The Destinations Multi Strategy Alternatives Fund seeks long-term growth of capital with reduced correlation to equity and fixed income markets and may invest across multiple strategies including long/short credit, long/short equity, relative value, distressed credit, global macro, event driven and closed-end funds.

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

  • Avenue Capital Group II, L.P. is the sub-adviser of Avenue Credit Strategies which employs a total return, event driven approach supported by in-depth bottom up credit research, resulting in a focused portfolio diversified across capital structure and geography.
  • Driehaus Capital Management LLC is the sub-adviser of Driehaus Active Income which seeks opportunities in credit markets by employing relative value and directional strategies, while fully hedging interest rate risk.
  • Driehaus Capital Management LLC is the sub-adviser of Driehaus Event Driven which seeks asymmetric payoff profiles in directional long, directional short and relative value arbitrage strategies, focusing on liquid credit, equity and derivative securities.
  • The JPMorgan Strategic Income Opportunities Fund is an absolute return oriented strategy that invests flexibly across traditional, alternative and private fixed income, seeking to provide uncorrelated, low volatility returns across market environments.
  • The Legg Mason BW Absolute Return Opportunities Fund employs a top-down, value driven process that makes long and short investments across sovereign debt and currencies.
  • RiverNorth Capital Management, LLC is the sub-adviser of RiverNorth Opportunities which seeks to exploit the anomaly of closed-end fund discounts in the secondary market through investing in equity, fixed income and hybrid closed-end funds.
Fund performance as of 6/30/17
Annualized
MTD QTD YTD 1 Year 3 Years 5 Years Since
Inception
Destinations Multi Strategy Alternatives
1.04%
1.55%
N/A
N/A
N/A
N/A
1.55%
HFRX Global Hedge Fund Index
0.21%
0.88%
N/A
N/A
N/A
N/A
0.86%

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.

HFRX Global Hedge Fund Index Definition: An asset weighted index comprised of all eligible hedge fund strategies, designed to be representative of the overall composition of the hedge fund universe. One cannot invest directly in an index.

An investment in the Destinations Multi Strategy Alternatives 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.

Mid-capitalization companies may be newer or less established than large-capitalization companies, and may have limited resources, products and markets, can be more volatile and may be less liquid. Stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies and typically are traded in lower volume, are less liquid. These risks may be heightened with respect to micro-cap companies.

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

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.

Short sale risk involve positions in shorted securities are speculative and more risky than long positions (purchases) in securities. Short selling will also result in higher transaction costs (such as interest and dividends), and may result in higher taxes, which reduce the Fund’s return. Theoretically the potential loss resulting from short sales is unlimited.

The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Underlying Funds may have limited recourse in the event of a default.

Fund facts
  • Ticker: DMSFX
  • CUSIP: 10964R871
  • Benchmark: HFRX Global Hedge Fund Index
  • Inception date: 03/20/2017
  • Gross expense ratio: 1.91%
  • Net expense ratio: 1.44%*
Daily NAV Date: 09/18/2017

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 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 6/30/17
Annualized
MTD QTD YTD 1 Year 3 Years 5 Years Since
Inception
Inception
Date
Gross
expense
ratio
Net
expense
ratio*
Destinations Multi Strategy Alternatives
1.04%
1.55%
N/A
N/A
N/A
N/A
1.55%
3/20/2017
1.91%
1.44%
HFRX Global Hedge Fund Index
0.21%
0.88%
N/A
N/A
N/A
N/A
0.86%

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.

HFRX Global Hedge Fund Index Definition: An asset weighted index comprised of all eligible hedge fund strategies, designed to be representative of the overall composition of the hedge fund universe. One cannot invest directly in an index.

Holdings

Security DescriptionTicker SymbolSecurity IDSecurity Type DescriptionQuantityBase Market ValuePercent TNA
EUROCASHEURCURRENCY-51.7900-61.66-.00
US DOLLARSCASHUSDCURRENCY308,914,070.2800308,914,070.2831.41
BANK OF N.T. BUTTERFIELD&SONNTBBD8FF02COMMON STOCK133,000.00004,373,040.00.44
CONNACHER OIL & GAS LTD /CAD/20588Y400COMMON STOCK534,616.0000.00.00
CENTRAL FUND CANADA LTD-ACEF153501101POOLED INVESTMENTS235,898.00003,116,212.58.32
CLEMENTIA PHARMACEUTICALS INCMTA185575107COMMON STOCK188,326.00003,075,363.58.31
ALIBABA GROUP HOLDING-SP ADRBABA01609W102COMMON STOCK-15,400.0000-2,644,796.00-.27
ANDINA ACQUISITION CORP IIANDABYVTM41COMMON STOCK59,834.0000606,716.76.06
CF CORPORATION - CLASS ACFCOBZCFL26COMMON STOCK587,028.00006,480,789.12.66
WEATHERFORD INTERNATIONAL PLWFTG48833100COMMON STOCK-133,000.0000-509,390.00-.05
ALTICE NV - A /EUR/BYT3416COMMON STOCK228,211.00005,263,205.29.54
NXP SEMICONDUCTORS NVNXPIB505PN7COMMON STOCK147,771.000016,692,212.161.70
TRANSOCEAN LTDRIGB3KFWW1COMMON STOCK-22,500.0000-183,600.00-.02
VENATOR MATERIALS PLCVNTRBF3ZNS5COMMON STOCK155,000.00003,146,500.00.32
AMC ENTERTAINMENT HLDS-CL AAMC00165C104COMMON STOCK10,777.0000144,411.80.01
ACLARIS THERAPEUTICS INCACRS00461U105COMMON STOCK30,230.0000783,863.90.08
ADAMS DIVERSIFIED EQUITY FUNADX006212104POOLED INVESTMENTS181,413.00002,679,470.01.27
ADVENT/CLAYMORE ENH GR & INCLCM00765E104POOLED INVESTMENTS107,579.0000910,118.34.09
ALLIANZGI EQUITY & CONVERTIBXNIEX018829101POOLED INVESTMENTS84,257.00001,712,944.81.17
ALLIANZGI NFJ DIVIDEND INTERXNFJX01883A107POOLED INVESTMENTS55,552.0000732,175.36.07
ALPINE TOTAL DYNAMIC DIVIDEN021060207POOLED INVESTMENTS346,927.00003,014,795.63.31
ARES CAPITAL CORPARCC04010L103COMMON STOCK66,861.00001,073,787.66.11
ATLANTIC ACQUISITION COR - UATACU048206205OTHER EQUITY26,313.0000263,919.39.03
BECTON DICKINSON AND COBDX075887109COMMON STOCK-5,300.0000-1,057,032.00-.11
BECTON DICKINSON & CO /PFD/BCTTP075887208PREFERRED STOCK30,000.00001,668,600.00.17
BLACKROCK ENHANCED GLOBAL DIVIBOE092501105POOLED INVESTMENTS92,525.00001,218,554.25.12
BLACKROCK CREDIT ALLOCATIONBTZ092508100POOLED INVESTMENTS178,158.00002,396,225.10.24
BLACKROCK RESOURCES & COMMODBCX09257A108POOLED INVESTMENTS140,255.00001,216,010.85.12
BLACKSTONE/GSO LONG-SHORT CRBGX09257D102POOLED INVESTMENTS4,523.000071,825.24.01
BLACKROCK MULTI-SECTOR INCOMBIT09258A107POOLED INVESTMENTS21,456.0000394,575.84.04
BLUEPRINT MEDICINES CORPBPMC09627Y109COMMON STOCK45,719.00002,478,884.18.25
BOULDER GROWTH & INCOME FUNDBIF101507101POOLED INVESTMENTS40,720.0000407,607.20.04
BOYD GAMING CORPBYD103304101COMMON STOCK-5,825.0000-154,013.00-.02
BUILDERS FIRSTSOURCE INCBLDR12008R107COMMON STOCK160,261.00002,609,049.08.27
CBRE CLARION GL R/E INCOME FIGR12504G100POOLED INVESTMENTS7,509.000058,795.47.01
CIENA CORPCIEN171779309COMMON STOCK-64,400.0000-1,391,684.00-.14
CLOUGH GLOBAL EQUITY FUNDGLQ18914C100POOLED INVESTMENTS311,709.00004,204,954.41.43
CLOUGH GLBL OPPORTUNITIES FDGLO18914E106POOLED INVESTMENTS715,656.00008,051,130.00.82
CONCERT PHARMACEUTICALS INCCNCE206022105COMMON STOCK117,620.00001,790,176.40.18
CORNERSTONE STRATEGIC VALUECLM21924B302POOLED INVESTMENTS49.0000693.84.00
CORNERSTONE TOTAL RETURN FNDCRF21924U300POOLED INVESTMENTS49.0000695.80.00
DELAWARE ENHANCED GLOBAL DIVDEX246060107POOLED INVESTMENTS53,587.0000617,858.11.06
EATON VANCE LTD DURATION FNDEVV27828H105POOLED INVESTMENTS39,339.0000548,385.66.06
ELDORADO RESORTS INCERI28470R102COMMON STOCK-99,931.0000-2,298,413.00-.23
ENDURANCE INTERNATIONAL GROUEIGI29272B105COMMON STOCK179,757.00001,384,128.90.14
CHASSIX HOLDINGS INC CALL EXP33JTJ8COMMON STOCK38,375.0000253,658.75.03
GMAC CAP 8.125% 2/15/40 /PFD/ALLY PRA361860208PREFERRED STOCK130,384.00003,405,630.08.35
GAMING AND LEISURE PROPERTIEGLPI36467J108REIT - Real Estate Invesment Trust223,892.00008,774,327.48.89
GENERAL AMERICAN INVESTORSGAM368802104POOLED INVESTMENTS55,719.00001,947,379.05.20
GENERAL AMERICAN INVEST PREFERRED SERIES BGAM PRB368802401POOLED INVESTMENTS21,578.0000581,527.10.06
GENERAL MOTORS COGM37045V100COMMON STOCK40,676.00001,486,301.04.15
HARVEST CAP CREDIT CORP /PFD/41753F307PREFERRED STOCK18,566.0000464,150.00.05
HENNESSY CAPITAL ACQUISITIONHCAC/U42588L204OTHER EQUITY42,864.0000438,070.08.04
I-AM CAPITAL ACQUISITION COIAMXU45074Q207OTHER EQUITY26,357.0000267,523.55.03
INDUSTREA ACQUISITION CORPINDUU45579J203OTHER EQUITY25,795.0000261,303.35.03
ISHARES PHLX SOX SEMICONDUCTORSOXX464287523POOLED INVESTMENTS-26,000.0000-3,932,500.00-.40
ISHARES NASDAQ BIOTECHNOLOGYIBB464287556POOLED INVESTMENTS-17,760.0000-5,920,296.00-.60
ISHARES RUSSELL 2000 ETFIWM464287655POOLED INVESTMENTS-16,500.0000-2,305,545.00-.23
JPMORGAN STRAT INC OPP-IJSOSX4812A4351POOLED INVESTMENTS11,894,864.4376138,218,324.7614.05
KCAP FINANCIAL INC PREFERRED48668E309PREFERRED STOCK24,764.0000619,100.00.06
LMP CAPITAL AND INCOME FUNDSCD50208A102POOLED INVESTMENTS8,776.0000125,233.52.01
LEGG MASON BW ABS RET OPP-ISLROSX524686664POOLED INVESTMENTS5,062,158.158063,732,571.216.48
LEGG MASON BW GLOBAL INCOMEBWG52469B100POOLED INVESTMENTS156,176.00002,119,308.32.22
LIBERTY ALL STAR EQUITY FUNDUSA530158104POOLED INVESTMENTS636,345.00003,582,622.35.36
LOXO ONCOLOGY INCLOXO548862101COMMON STOCK63,170.00005,268,378.00.54
MANDATORY EXCH TRUST /PRF/MNXCZ56262P109PREFERRED STOCK15,000.00002,927,700.00.30
MICROCHIP TECHNOLOGY INCMCHP595017104COMMON STOCK-47,400.0000-4,114,320.00-.42
NATERA INCNTRA632307104COMMON STOCK231,438.00002,858,259.30.29
NEXPOINT CREDIT STRATEGIES65340G205POOLED INVESTMENTS51,614.00001,149,443.78.12
NUVEEN AMT-FREE QTY MUN INC FDNEA670657105POOLED INVESTMENTS155,894.00002,180,957.06.22
NUVEEN QUALITY MUN INC FDNAD67066V101POOLED INVESTMENTS132,733.00001,902,063.89.19
NUVEEN INT DUR QU MUN TRM FDNIQ670677103POOLED INVESTMENTS118,158.00001,579,772.46.16
NUVEEN MORT OPP TERM FDJLS670735109POOLED INVESTMENTS119,555.00003,070,172.40.31
NUVEEN CREDIT STRAT INC FDJQC67073D102POOLED INVESTMENTS144,092.00001,219,018.32.12
NUVEEN MORT OPP TERM FD 2JMT67074R100POOLED INVESTMENTS48,505.00001,199,528.65.12
OCEANFIRST FINANCIAL CORPOCFC675234108COMMON STOCK30,000.0000748,800.00.08
ORITANI FINANCIAL CORPORIT68633D103COMMON STOCK163,547.00002,624,929.35.27
OSPREY ENERGY ACQUISITION COOSPRU688397207OTHER EQUITY30,010.0000300,100.00.03
PACIFIC PREMIER BANCORP INCPPBI69478X105COMMON STOCK69,417.00002,457,361.80.25
PENSARE ACQUISITION CORPWRLSU70957E204OTHER EQUITY60,189.0000616,937.25.06
PINNACLE ENTERTAINMENT INCPNK72348Y105COMMON STOCK521,101.000010,161,469.501.03
POWERSHARES QQQ TRUST SERIESQQQ73935A104POOLED INVESTMENTS-33,000.0000-4,824,600.00-.49
PRUDENTIAL GL SH DUR HI YLDGHY74433A109POOLED INVESTMENTS47,184.0000700,210.56.07
RMR REAL ESTATE RTS 12/31/204974965J114RIGHTS2,830.00001,556.50.00
REAVES UTILITY INC RTS 12/31/2049756158135RIGHTS159.000057.24.00
ROYCE VALUE TRUSTRVT780910105POOLED INVESTMENTS194,632.00002,878,607.28.29
ROYCE MICRO-CAP TRUST INCRMT780915104POOLED INVESTMENTS193,074.00001,658,505.66.17
SPDR S&P OIL & GAS EXP & PRXOP78464A730POOLED INVESTMENTS60,000.00001,809,600.00.18
SPDR S&P BIOTECH ETFXBI78464A870POOLED INVESTMENTS-79,865.0000-6,695,082.95-.68
SPROTT FOCUS TRUST INC85208J109POOLED INVESTMENTS422,826.00003,171,195.00.32
STONEGATE BANKSGBK861811107COMMON STOCK25,000.00001,205,250.00.12
TAILORED BRANDS INCTLRD87403A107COMMON STOCK-26,000.0000-307,320.00-.03
TEMPLETON GLOBAL INCOME FUNDGIM880198106POOLED INVESTMENTS383,488.00002,565,534.72.26
TIME WARNER INCTWX887317303COMMON STOCK81,600.00008,249,760.00.84
TIVO CORPTIVO88870P106COMMON STOCK477,012.00008,729,319.60.89
TRIPLEPOINT VENTURE GROW/PFD/TPVY89677Y308PREFERRED STOCK21,189.0000533,962.80.05
VIRTUS TOTAL RETURN FUND INCZF92837G100POOLED INVESTMENTS99,156.00001,269,196.80.13
WATERSTONE FINANCIAL INC94188P101COMMON STOCK71,314.00001,258,692.10.13
WESTERN ASSET EMERGING MARKEEMD95766A101POOLED INVESTMENTS288,505.00004,509,333.15.46
WESTERN ASSET HIGH INCOME OPHIO95766K109POOLED INVESTMENTS598,677.00003,047,265.93.31
XPO LOGISTICS INCXPO983793100COMMON STOCK109,911.00006,726,553.20.68
TRSGSCBDRC2 /LONG/TRSGSCBDRC2SWAPS7,750.0000819,020.00.08
TRSGSCBDRS2 /LONG/TRSGSCBDRS2SWAPS7,751.0000781,765.86.08
CONSTELLATION ALPHA CAPITALCNACUBF3NP94OTHER EQUITY22,935.0000233,478.30.02
AEROPUERTOS AR 6.875% 02/01/2700786PAC8CORPORATE BONDS985,000.00001,038,938.60.11
DIGICEL LIMITED 6.75% 03/01/2325380QAH2CORPORATE BONDS4,000,000.00003,835,000.00.39
WEATHERFORD BER 7.75% 06/15/21947075AJ6CORPORATE BONDS245,000.0000245,000.00.02
DIGICEL LIMITED 6.75% 03/01/23BW1YMC0CORPORATE BONDS1,500,000.00001,438,125.00.15
CONNACHER OIL AND 12% 08/31/1820588YAJ2CORPORATE BONDS803,238.00008,032.38.00
VALEANT PHARMA 5.875% 05/15/2391831AAB7CORPORATE BONDS6,809,000.00005,804,672.50.59
VALEANT PHARMACE 6.5% 03/15/2291911KAJ1CORPORATE BONDS774,000.0000811,732.50.08
VALEANT PHARMACEUT 7% 03/15/2491911KAK8CORPORATE BONDS1,031,000.00001,094,148.75.11
T/L CONNACHER OIL 0% 05/23/18LX144549LOAN723,718.549036,185.93.00
TRANSOCEAN INC 9% 07/15/23893830BE8CORPORATE BONDS1,088,000.00001,158,720.00.12
SFR GROUP SA 7.375% 05/01/2667054KAA7CORPORATE BONDS3,500,000.00003,780,070.00.38
ARDAGH PKG FIN 4.625% 05/15/2303969AAH3CORPORATE BONDS1,210,000.00001,243,275.00.13
ARDAGH PKG FIN/HLD 6% 02/15/2503969AAL4CORPORATE BONDS2,355,000.00002,499,243.75.25
CODERE FIN 6.75% 11/01/21/EUR/BD5MPH3CORPORATE BONDS4,000,000.00004,887,284.86.50
ALTICE LUXEMBOU 7.75% 05/15/2202154VAA9CORPORATE BONDS3,500,000.00003,714,375.00.38
ARCELORMITTAL 6% 3/1/21MT2103938LAU8CORPORATE BONDS-1,800,000.0000-1,966,500.00-.20
INTELSAT JACKSON H 8% 02/15/2445824TAR6CORPORATE BONDS1,117,000.00001,202,506.35.12
INTELSAT JACKSO 9.75% 07/15/2545824TAY1CORPORATE BONDS2,230,000.00002,269,025.00.23
PACIFIC DRILLI 5.375% 06/01/2069419BAA3CORPORATE BONDS672,000.0000248,640.00.03
CODERE FINANCE 7.625% 11/01/21BDS6DJ0CORPORATE BONDS2,625,000.00002,609,906.25.27
T/L SEADRILL 0% 2/21/21LX135384LOAN8,968,721.43405,765,183.82.59
ALCOA NEDERLAND HO 7% 09/30/26013822AB7CORPORATE BONDS1,715,000.00001,916,512.50.19
ENDO DAC/FIN L 5.875% 10/15/2429273DAA8CORPORATE BONDS1,500,000.00001,548,750.00.16
ENDO DAC/FIN LLC/F 6% 02/01/2529273EAA6CORPORATE BONDS6,419,000.00005,279,627.50.54
HEXION INC/HEXION 9% 11/15/20428303AM3CORPORATE BONDS1,056,000.0000686,400.00.07
MATALAN F 6.875% 06/01/19/GBP/BMP3Q98CORPORATE BONDS4,750,000.00006,023,433.01.61
ROYAL BK SCOTL V/R /PERP/RLSPY780097AU5CORPORATE BONDS8,450,000.00008,116,225.00.83
APX GROUP INC 8.75% 12/01/2000213MAD6CORPORATE BONDS-8,139,000.0000-8,383,170.00-.85
PERMIAN RESOUR 7.125% 11/01/2002563LAB4CORPORATE BONDS6,336,000.00005,195,520.00.53
PERMIAN RESOUR 7.375% 11/01/2102563LAC2CORPORATE BONDS417,000.0000341,940.00.03
AMSTED INDUSTRIES 5% 03/15/22032177AE7CORPORATE BONDS4,000,000.00004,140,000.00.42
ANTERO RESOURCES C 5% 03/01/2503674XAJ5CORPORATE BONDS2,470,000.00002,420,600.00.25
PETSMART INC 7.125% 03/15/2304021LAA8CORPORATE BONDS-1,750,000.0000-1,426,250.00-.15
AVAYA INC 7% 04/01/19053499AG4CORPORATE BONDS5,546,000.00004,672,505.00.48
BUILDERS FIRST 5.625% 09/01/2412008RAJ6CORPORATE BONDS3,004,000.00003,139,180.00.32
CCO HLDGS LLC/ 5.125% 05/01/271248EPBT9CORPORATE BONDS1,750,000.00001,802,500.00.18
CHS/COMMUNITY 5.125% 08/01/2112543DAU4CORPORATE BONDS2,450,000.00002,453,062.50.25
CHS/COMMUNITY H 6.25% 03/31/2312543DAY6CORPORATE BONDS4,994,000.00005,031,455.00.51
XPO CNW INC 6.7% 05/01/34CNW/3412612WAB0CORPORATE BONDS2,853,000.00002,738,880.00.28
CALIFORNIA RESOURC 8% 12/15/2213057QAG2CORPORATE BONDS4,736,000.00002,616,640.00.27
CIENA CORP 3.75% 10/15/18171779AG6CORPORATE BONDS2,500,000.00003,028,125.00.31
UNITI GROUP/CSL 8.25% 10/15/2320341WAD7CORPORATE BONDS1,207,000.00001,179,359.70.12
CONCHO RESOURCES 5.5% 04/01/23CXO2320605PAE1CORPORATE BONDS500,000.0000515,000.00.05
CONSOLIDATED COM 6.5% 10/01/2220903XAE3CORPORATE BONDS-3,187,000.0000-3,077,446.88-.31
CONTINENTAL RESO 4.9% 06/01/44212015AQ4CORPORATE BONDS2,996,000.00002,533,417.60.26
DIAMONDBACK ENE 4.75% 11/01/2425278XAE9CORPORATE BONDS1,062,000.00001,064,655.00.11
DIAMONDBACK EN 5.375% 05/31/2525278XAH2CORPORATE BONDS3,195,000.00003,282,862.50.33
DYNEGY INC 7.625% 11/01/2426817RAP3CORPORATE BONDS5,984,000.00006,171,000.00.63
EP ENER/EVEREST 7.75% 09/01/22268787AB4CORPORATE BONDS742,000.0000452,620.00.05
EP ENER/EVERES 6.375% 06/15/23268787AD0CORPORATE BONDS1,810,000.00001,031,700.00.10
EP ENER/EVEREST AC 8% 11/29/24268787AE8CORPORATE BONDS1,000,000.0000977,500.00.10
ESH HOSPITALITY 5.25% 05/01/2526907YAA2CORPORATE BONDS8,342,000.00008,592,260.00.87
EP ENER/EVERES 9.375% 05/01/2029977HAB6CORPORATE BONDS3,909,000.00002,878,001.25.29
FRONTIER COMMUN 10.5% 09/15/2235906AAW8CORPORATE BONDS1,808,000.00001,627,200.00.17
ABE INV HLDG/GETTY 7% 10/15/20398176AA5CORPORATE BONDS-580,000.0000-381,350.00-.04
ABE INV HLDG/GETTY 7% 10/15/20398176AA5CORPORATE BONDS1,000,000.0000657,500.00.07
HCA INC 5.875% 02/15/26404119BS7CORPORATE BONDS2,220,000.00002,394,825.00.24
HC2 HOLDINGS INC 11% 12/01/19404139AA5CORPORATE BONDS6,640,000.00006,706,400.00.68
HRG GROUP INC 7.75% 01/15/2240434JAC4CORPORATE BONDS8,000,000.00008,380,000.00.85
HEXION INC 10% 04/15/2042829LAC8CORPORATE BONDS5,334,000.00005,213,985.00.53
HEXION INC 10.375% 02/01/2242829LAD6CORPORATE BONDS2,028,000.00001,977,300.00.20
HEXION INC 6.625% 04/15/20428302AA1CORPORATE BONDS1,960,000.00001,783,600.00.18
JPMORGAN CHASE & CO V/R /PERP/46625HHA1CORPORATE BONDS5,000,000.00005,161,250.00.52
KINDRED HEALTH 6.375% 04/15/22494580AD5CORPORATE BONDS3,200,000.00002,912,000.00.30
KINDRED HEALTHCARE 8% 01/15/20KND20A494580AE3CORPORATE BONDS1,500,000.00001,488,750.00.15
KRATON POLYMERS 10.5% 04/15/2350077DAC8CORPORATE BONDS3,000,000.00003,457,500.00.35
NEIMAN MARCUS GROU 8% 10/15/21570254AA0CORPORATE BONDS6,308,000.00003,232,850.00.33
THE MEN'S WEARHOUS 7% 07/01/22587118AE0CORPORATE BONDS1,960,000.00001,739,500.00.18
MICROCHIP TECH 1.625% 02/15/25595017AD6CORPORATE BONDS2,500,000.00004,237,500.00.43
NRG ENERGY INC 6.25% 05/01/24629377BY7CORPORATE BONDS3,000,000.00003,105,000.00.32
NEWFIELD EXPLO 5.625% 07/01/24NFX24651290AQ1CORPORATE BONDS2,445,000.00002,600,746.50.26
NEWFIELD EXPLO 5.375% 01/01/26651290AR9CORPORATE BONDS750,000.0000783,750.00.08
PNC CAPITAL TRUST V/R 06/01/2869349AAA0CORPORATE BONDS7,784,000.00007,316,960.00.74
PEABODY ENERGY COR 6% 03/31/2270457LAA2CORPORATE BONDS1,470,000.00001,506,750.00.15
PEABODY ENERGY 6.375% 03/31/2570457LAB0CORPORATE BONDS2,174,000.00002,217,480.00.23
JC PENNEY CORP 5.875% 07/01/23708160CB0CORPORATE BONDS7,593,000.00007,621,473.75.77
PUERTO RICO CMWLTH 8% 07/01/3574514LE86MUNICIPAL BONDS3,675,000.00002,122,312.50.22
PUERTO RICO CM 4.704% 05/01/16745177EX9MUNICIPAL BONDS1,515,000.0000501,843.75.05
PUERTO RICO CMWL 4.9% 08/01/21745177FD2MUNICIPAL BONDS3,220,000.00001,071,519.40.11
PUERTO RICO CMW 4.35% 08/01/18745177FK6MUNICIPAL BONDS2,615,000.0000866,297.20.09
PUERTO RICO CM 3.875% 02/01/17745177FM2MUNICIPAL BONDS6,380,000.00002,113,375.00.21
REVLON CONSUMER 5.75% 02/15/21761519BD8CORPORATE BONDS-3,360,000.0000-3,005,923.20-.31
RITE AID CORP 7.7% 02/15/27RAD27767754AJ3CORPORATE BONDS2,232,000.00002,142,720.00.22
RITE AID CORP 6.75% 06/15/21767754CG7CORPORATE BONDS365,000.0000377,775.00.04
RITE AID CORP 6.125% 04/01/23767754CH5CORPORATE BONDS3,627,000.00003,563,527.50.36
SINCLAIR TELEV 5.625% 08/01/24829259AR1CORPORATE BONDS2,380,000.00002,434,264.00.25
STATE STREET CORP V/R 06/15/47857477AY9CORPORATE BONDS4,213,000.00003,873,326.88.39
STERIGENICS-NORD 6.5% 05/15/2385917DAA2CORPORATE BONDS3,500,000.00003,605,000.00.37
SYNIVERSE FORE 9.125% 01/15/2287166MAA6CORPORATE BONDS5,187,950.00005,252,799.38.53
TALEN ENERGY SUP 9.5% 07/15/2287422VAB4CORPORATE BONDS801,000.0000720,900.00.07
TENET HEALTHCA 8.125% 04/01/2288033GCE8CORPORATE BONDS-3,300,000.0000-3,465,000.00-.35
TESLA INC 5.3% 08/15/2588160RAE1CORPORATE BONDS4,500,000.00004,429,687.50.45
USB REALTY V/R /PERP/903312AA4CORPORATE BONDS4,735,000.00004,196,393.75.43
VALEANT PHARMA 6.375% 10/15/2091829KAA1CORPORATE BONDS3,483,000.00003,449,214.90.35
WESTERN DIGITA 7.375% 04/01/23958102AJ4CORPORATE BONDS388,000.0000425,345.00.04
WESTERN DIGITAL 10.5% 04/01/24958102AL9CORPORATE BONDS735,000.0000871,893.75.09
T/L GETTY IMAGES ZCP 10/18/19LX126129LOAN8,020,000.00006,925,991.80.70
T/L AVAYA INC ZCP 03/31/18LX135229LOAN1,650,000.00001,383,937.50.14
T/L LA PALOMA GENE 0% 02/20/20LX135585LOAN7,595,000.0000379,750.00.04
T/L NEIMAN MARCUS ZCP 10/25/20LX135908LOAN1,180,620.9500867,484.86.09
T/L SOUTHERN PAC 0% 03/29/2019LX136385LOAN3,117,343.2500.00.00
T/L EVERGREEN SKIL 0% 04/28/21LX136501LOAN3,274,235.74003,065,503.21.31
T/L PROQUEST LLC 0% 10/24/21LX141006LOAN3,994,787.86004,031,420.06.41
T/L TOYS R US-DELAWA 0% 4/24/20LX141526LOAN2,913,169.52802,230,992.62.23
T/L AVAYA INC 0% 5/29/20LX144217LOAN1,200,000.00001,010,256.00.10
T/L QUORUM HEALTH 0% 04/29/22LX152098LOAN685,000.0000689,431.95.07
T/L DYNCORP INTERNAT 0% 07/07/20LX153252LOAN1,500,000.00001,501,875.00.15
T/L UBER TECHN 0% 07/13/23LX153549LOAN5,082,198.49005,071,068.48.52
T/L REVLON CONSUME 0% 09/07/23LX153860LOAN5,400,000.00004,838,778.00.49
T/L ULTIMATE FIGHTING CHAMPIONSHIP LTDREGD 0% 08/18/23LX153867LOAN1,595,979.84001,599,969.79.16
T/L CALIFORNIA R 0% 12/31/2021LX154198LOAN4,695,000.00004,968,859.35.51
T/L CHESAPEAKE ENE 0% 08/23/21LX154538LOAN1,225,000.00001,300,545.75.13
T/L CHOBANI LLC 0% 10/10/23LX155479LOAN5,513,382.00005,549,549.79.56
T/L ACRISURE LLC 0% 11/22/23LX156199LOAN1,685,775.00001,704,739.97.17
T/L AVAYA INC 0% 1/24/18LX159374LOAN955,500.0000969,832.50.10
T/L CSL CAPITAL 0% 10/24/22LX159837LOAN750,000.0000724,372.50.07
T/L NAVISTAR INC 0% 8/07/20LX160018LOAN2,987,335.35003,007,260.88.31
T/L EQUINOX FIT 0% 03/08/24LX160946LOAN3,241,875.00003,244,565.76.33
T/L EQUINOX HOLD 0% 09/06/2024LX160948LOAN1,000,000.00001,016,670.00.10
T/L AVANTOR PERFOR 0% 03/11/24LX161214LOAN2,643,375.00002,642,555.55.27
T/L UTILITY ONE 0% 04/18/2023LX162200LOAN3,000,000.00003,054,390.00.31
T/L SUPERVALU INC 0% 06/08/24LX164594LOAN1,738,933.26001,676,627.28.17
T/L SUPERVALU INC 0% 06/08/24LX164595LOAN1,043,359.96001,005,976.37.10
T/L EIG INVESTORS CO 0% 2/9/23LX164875LOAN4,322,441.13004,364,757.83.44
T/L VIVID SEATS 0% 06/30/2024LX165896LOAN7,175,000.00007,161,582.75.73
T/L ASURION LLC 0% 07/14/2025LX167087LOAN2,800,000.00002,857,176.00.29
T/L SCIENTIFIC 0.0% 08/14/2024LX167677LOAN6,300,000.00006,342,525.00.64
CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX LONGSP9F6UXYSWAPS1,300,000.00001,353,826.98.14
CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX SHORTSP9F6UXYSWAPS-1,300,000.0000-1,300,000.00-.13
CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX SHORTSP9F6WB0SWAPS-650,000.0000-650,000.00-.07
CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX LONGSP9F6WB0SWAPS650,000.0000676,913.49.07
CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX SHORTSP9J2QS7SWAPS-390,000.0000-390,000.00-.04
CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX LONGSP9J2QS7SWAPS390,000.0000405,613.56.04
CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX SHORTSPA03UFQSWAPS-500,000.0000-500,000.00-.05
CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX LONGSPA03UFQSWAPS500,000.0000520,017.39.05
TRSGSCBDRC2 US0001M+40BPS /SHORT/TRSGSCBDRC2SWAPS-788,543.1300-788,543.13-.08
TRSGSCBDRS2 US0001M+40BPS /SHORT/TRSGSCBDRS2SWAPS-779,207.2500-779,207.25-.08
PACIFIC DRILLIN 7.25% 12/01/17694184AA0CORPORATE BONDS2,045,000.0000920,250.00.09
C/O NXP SEMICONDUC JAN 110.000NXPI190118C0011000098D998TC8OPTIONS-1,275.0000-1,185,750.00-.12
GBP/USD FWD 20171102 000009969 USDGBP1295117611FORWARD-2,000,000.0000-2,591,556.45-.26
GBP/USD FWD 20171102 000024689 USDGBP1295117928FORWARD-2,750,000.0000-3,563,390.12-.36
EUR/USD FWD 20171102 000000005 USDEUR1295116973FORWARD-4,000,000.0000-4,777,693.90-.49
USD/EUR FWD 20171102 000000005 USDUSD1295116973FORWARD4,725,200.00004,725,200.00.48
USD/GBP FWD 20171102 000009969 USDUSD1295117611FORWARD2,590,590.00002,590,590.00.26
USD/GBP FWD 20171102 000024689 USDUSD1295117928FORWARD3,581,537.50003,581,537.50.36
F/C US 10YR NOTE (CBT)DEC17TYZ7 XCBT33J0R2FUTURES-164.0000-20,825,437.50-2.12
F/C US 5YR NOTE (CBT) DEC17FVZ7 XCBT33KGR6FUTURES-536.0000-63,516,000.00-6.46
F/C US LONG BOND(CBT) DEC17USZ7 XCBT33KGSDFUTURES-63.0000-9,833,906.25-1.00
F/C S&P500 EMINI FUT SEP17ESU7 XCME33KPR8FUTURES-38.0000-4,693,000.00-.48

As of 08/31/2017.

Distributions

Fund NameFund CusipDistribution TypeAmount per ShareEx DateReinvest DateReinvest Price
Destinations Multi Strategy Alternatives Fund10964R871Dividend0.0447996/29/20176/29/2017$10.11

Fees and expenses

Type Amount
Management fee 1.35%
Distribution and service (12b-1) fee None
Other expenses 0.28%
Acquired Fund Fees and Expenses (AFFE) 0.28%
Total annual fund operating expense 1.91%
Fee waivers and expense reimbursements (0.47%)
Total annual fund operating expenses less fee waivers and expense reimbursements 1.44%*

*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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