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 BrandywineGLOBAL-Global Unconstrained Bond 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 3/31/18
Annualized
MTD QTD YTD 1 Year 3 Years 5 Years Since
Inception
Destinations Multi Strategy Alternatives
-0.17%
0.82%
0.82%
3.77%
N/A
N/A
3.63%
HFRX Global Hedge Fund Index
-0.98%
-1.02%
-1.02%
3.21%
N/A
N/A
3.07%

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.

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: 1.86%
  • Net expense ratio: 1.32%*
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 Multi Strategy Alternatives
-0.17%
0.82%
0.82%
3.77%
N/A
N/A
3.63%
3/20/2017
1.86%
1.32%
HFRX Global Hedge Fund Index
-0.98%
-1.02%
-1.02%
3.21%
N/A
N/A
3.07%

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
CANADIAN DOLLARCASHCADCURRENCY.0500.04.00
EUROCASHEURCURRENCY67,067.580078,405.35.01
BRITISH POUNDSCASHGBPCURRENCY-642.8600-854.49-.00
US DOLLARSCASHUSDCURRENCY173,758,717.2000173,758,717.2018.82
XL GROUP LTDXLBD95VZ8COMMON STOCK12,300.0000683,634.00.07
MARVELL TECHNOLOGY GROUP LTDMRVLG5876H105COMMON STOCK166,249.00003,581,003.46.39
CLEMENTIA PHARMACEUTICALS INCMTA185575107COMMON STOCK239,080.00003,387,763.60.37
FGL HOLDINGSFGBD063H6COMMON STOCK1,428,485.000011,842,140.651.28
CM SEVEN STAR ACQUISITION COCMSSBDGJMV6COMMON STOCK52,566.0000516,723.78.06
CM SEVEN STAR ACCUISITION CO WT EX 11/6/18G2345N110WARRANTS26,283.00009,199.05.00
CM SEVEN STAR ACQUISITION CO RTS 12/31/49G2345N136RIGHTS52,566.000015,769.80.00
ALTICE NV RTS 06/04/18 /EUR/BD85NM0RIGHTS663,371.00004,837,864.89.52
ALTICE NV - A /EUR/BYT3416COMMON STOCK663,371.00002,349,807.02.25
MCDERMOTT INTL INCMDR580037703COMMON STOCK-17.0000-369.41-.00
AT&T INCT00206R102COMMON STOCK-10,500.0000-339,360.00-.04
ABERDEEN EM MRKT EQTY INCAEF00301W105POOLED INVESTMENTS44,893.0000386,528.73.04
ABERDEEN TTL DYN DIVIDAOD00326L100POOLED INVESTMENTS624,126.00005,542,238.88.60
ACLARIS THERAPEUTICS INCACRS00461U105COMMON STOCK184,140.00003,327,409.80.36
ADVENT/CLAYMORE ENH GR & INCLCM00765E104POOLED INVESTMENTS154,881.00001,204,974.18.13
ADVERUM BIOTECHNOLOGIES INC00773U108COMMON STOCK373,044.00002,331,525.00.25
ALLIANZGI NFJ DIVIDEND INTERXNFJX01883A107POOLED INVESTMENTS171,245.00002,217,622.75.24
ALLIANZGI CONVERTIBLE & INCOCBH01883H102POOLED INVESTMENTS261,437.00002,428,749.73.26
ALTICE USA INC- AATUS02156K103COMMON STOCK-262,800.0000-5,140,368.00-.56
AMERICAN CAPITAL SENIOR FLOAACSF02504D108COMMON STOCK167,638.00002,061,947.40.22
ARRAY BIOPHARMA INCARRY04269X105COMMON STOCK487,216.00007,965,981.60.86
ATARA BIOTHERAPEUTICS INCATRA046513107COMMON STOCK12,025.0000598,845.00.06
ATLANTIC ACQUISITION CORPATAC048206106COMMON STOCK26,313.0000263,130.00.03
ATLANTIC ACQUISITION COR RTS 12/31/49048206304RIGHTS26,313.000014,209.02.00
AVAYA HOLDINGS CORPAVYA05351X101COMMON STOCK137,349.00003,031,292.43.33
BB&T CORPBBT054937107COMMON STOCK11,949.0000627,322.50.07
BIG ROCK PARTNERS ACQUISITIOBRPAU089482202OTHER EQUITY42,941.0000457,321.65.05
BLACK RIDGE ACQUISITION CORPBRAC09216T107COMMON STOCK34,933.0000340,946.08.04
BLACK RIDGE ACQUISITION CORP WT EX 10/25/2209216T115WARRANTS52,399.000014,671.72.00
BLACK RIDGE ACQU CORP RTS 11/16/2009216T123RIGHTS17,467.00004,454.09.00
BLACKROCK CREDIT ALLOCATIONBTZ092508100POOLED INVESTMENTS176,089.00002,179,981.82.24
BLUEPRINT MEDICINES CORPBPMC09627Y109COMMON STOCK45,847.00003,854,815.76.42
BRANDYWINEGLOBAL GLOBAL INCO10537L104POOLED INVESTMENTS212,642.00002,500,669.92.27
BUILDERS FIRSTSOURCE INCBLDR12008R107COMMON STOCK186,954.00003,660,559.32.40
CAPITAL SOUTHWEST CORP /PFD/CSWCL140501206PREFERRED STOCK36,032.0000944,038.40.10
CHINA FUND INCCHN169373107POOLED INVESTMENTS7,472.0000165,728.96.02
CIENA CORPCIEN171779309COMMON STOCK-99,394.0000-2,291,031.70-.25
CLOUGH GLOBAL EQUITY FUNDGLQ18914C100POOLED INVESTMENTS62,918.0000877,076.92.09
CLOUGH GLBL OPPORTUNITIES FDGLO18914E106POOLED INVESTMENTS554,937.00006,098,757.63.66
CONCERT PHARMACEUTICALS INCCNCE206022105COMMON STOCK44,016.0000899,246.88.10
DELAWARE INV DIVIDEND & INCDDF245915103POOLED INVESTMENTS248,550.00002,756,419.50.30
DELAWARE ENHANCED GLOBAL DIVDEX246060107POOLED INVESTMENTS366,380.00004,293,973.60.47
DRAPER OAKWOOD TECHNOLOGY-ADOTA26146L103COMMON STOCK21,044.0000210,440.00.02
DRAPER OAKWOOD TECH WT EX 09/30/2426146L111WARRANTS10,522.00005,892.32.00
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FIRST TRUST SENIOR FLOATINGFIV33740K101POOLED INVESTMENTS173,420.00001,624,945.40.18
GMAC CAP 8.125% 2/15/40 /PFD/ALLY PRA361860208PREFERRED STOCK130,384.00003,404,326.24.37
GABELLI UTILITY TRUSTGUT36240A101POOLED INVESTMENTS102,612.0000599,254.08.06
GARRISON CAPITAL INCGARS366554103COMMON STOCK131,712.00001,156,431.36.13
GENERAL AMERICAN INVEST PREFERRED SERIES BGAM PRB368802401POOLED INVESTMENTS21,578.0000559,301.76.06
GENERAL MOTORS COGM37045V100COMMON STOCK40,676.00001,736,865.20.19
HC2 HOLDINGS INCHCHC404139107COMMON STOCK149,274.0000918,035.10.10
HAYMAKER ACQUISITION CORPHYACU420870206OTHER EQUITY50,123.0000501,230.00.05
HENNESSY CAPITAL ACQUISITIONHCAC42588L105COMMON STOCK42,864.0000427,354.08.05
HENNESSY CAPITAL ACQUISITION CORP IIIL WT EX 8/1/2242588L113WARRANTS32,148.000034,076.88.00
HERCULES TEC 6.25% 7/30/24/PFDHTGX427096862PREFERRED STOCK4,213.0000106,167.60.01
HIGHLAND FLTNG RTE OPPORTHFRO43010E404POOLED INVESTMENTS311,577.00004,947,842.76.54
HUNTINGTON BANCSHARES INCHBAN446150104COMMON STOCK50,713.0000754,102.31.08
HUNTSMAN CORPHUN447011107COMMON STOCK174,325.00005,573,170.25.60
I AM CAPITAL ACQUISITION CORP WT EX 10/09/2245074Q116WARRANTS26,357.00007,379.96.00
INDIA FUND INCIFN454089103POOLED INVESTMENTS49,041.00001,209,841.47.13
INDUSTREA ACQUISITION CORP-AINDU45579J104COMMON STOCK25,795.0000253,822.80.03
INDUSTREA ACQUISITION CORP A WT EX 8/1/2445579J112WARRANTS25,795.000015,990.32.00
INSPIRE MEDICAL SYSTEMS INC457730109COMMON STOCK53,197.00001,595,910.00.17
INVESCO HIGH INCOME TRUST IIVLT46131F101POOLED INVESTMENTS243,103.00003,286,752.56.36
INVESCO SENIOR INCOME TRUSTVVR46131H107POOLED INVESTMENTS497,814.00002,185,403.46.24
INVESTORS BANCORP INC46146L101COMMON STOCK43,385.0000578,755.90.06
ISHARES NASDAQ BIOTECHNOLOGYIBB464287556POOLED INVESTMENTS-54,693.0000-5,931,455.85-.64
ISHARES RUSSELL 2000 ETFIWM464287655POOLED INVESTMENTS-16,500.0000-2,685,705.00-.29
JPMORGAN STRAT INC OPP-IJSOSX4812A4351POOLED INVESTMENTS10,842,795.3126125,234,285.8613.56
KAYNE ANDERSON MLP INVESTKYN486606106POOLED INVESTMENTS170,465.00003,201,332.70.35
KCAP FINANCIAL INC PREFERREDKCAPL48668E309PREFERRED STOCK24,762.0000626,478.60.07
KEARNY FINANCIAL CORP/MDKRNY48716P108COMMON STOCK47,400.0000684,930.00.07
KEYCORPKEY493267108COMMON STOCK30,122.0000585,571.68.06
KNIGHT-SWIFT TRANSPORTATIONKNX499049104COMMON STOCK141,285.00005,747,473.80.62
LAZARD WORLD DIVIDEND & INCOLOR521076109POOLED INVESTMENTS68,222.0000747,713.12.08
LEGACY ACQUISITION CORPLGC/U524643202OTHER EQUITY35,601.0000355,653.99.04
BRANDYWINEGLB-GLB UNCON B-ISLROSX524686664POOLED INVESTMENTS4,929,609.460058,711,648.676.36
LEISURE ACQUISITION CORPLACQU52539T206OTHER EQUITY52,477.0000521,096.61.06
LIBERTY ALL STAR EQUITY FUNDUSA530158104POOLED INVESTMENTS89,189.0000564,566.37.06
LOXO ONCOLOGY INCLOXO548862101COMMON STOCK60,466.000010,722,435.781.16
M & T BANK CORPMTB55261F104COMMON STOCK3,264.0000561,669.12.06
MVC CAPITAL INC /PREFERRED/MVCD553829409PREFERRED STOCK12,912.0000331,192.80.04
MADISON COVERED CALL & EQUITXMCNX557437100POOLED INVESTMENTS253,821.00001,880,813.61.20
MANAGED DURATION INVESTMENTMZF56165R103POOLED INVESTMENTS203,004.00002,904,987.24.31
MICROCHIP TECHNOLOGY INCMCHP595017104COMMON STOCK-32,550.0000-3,169,719.00-.34
MIRATI THERAPEUTICS INCMRTX60468T105COMMON STOCK30,760.00001,307,300.00.14
MONSANTO COMON61166W101COMMON STOCK5,300.0000675,538.00.07
MORGAN STANLEY EMRG MARKETSMSF61744G107POOLED INVESTMENTS188,752.00003,163,483.52.34
MORGAN STANLEY EMRG MKT DEBTMSD61744H105POOLED INVESTMENTS248,898.00002,250,037.92.24
MORGAN STANLEY INCOME SECSICB61745P874POOLED INVESTMENTS7,662.0000141,900.24.02
NATERA INCNTRA632307104COMMON STOCK263,698.00003,074,718.68.33
NEXPOINT STRATEGIC OPPORTUNI65340G205POOLED INVESTMENTS59,858.00001,321,066.06.14
NEXPOINT CREDIT STRATEGIES65340G999COMMON STOCK45,278.0000.00.00
NUVEEN AMT-FREE QTY MUN INC FDNEA670657105POOLED INVESTMENTS138,430.00001,805,127.20.20
NUVEEN QUALITY MUN INC FDNAD67066V101POOLED INVESTMENTS132,821.00001,762,534.67.19
NUVEEN INT DUR QU MUN TRM FDNIQ670677103POOLED INVESTMENTS114,933.00001,438,961.16.16
NUVEEN MORT OPP TERM FDJLS670735109POOLED INVESTMENTS91,524.00002,133,424.44.23
NUVEEN CREDIT STRAT INC FDJQC67073D102POOLED INVESTMENTS149,948.00001,213,079.32.13
NUVEEN BLD AMER BOND FDNBB67074C103POOLED INVESTMENTS31,555.0000644,984.20.07
NUVEEN BLD AMER BOND OPP FDNBD67074Q102POOLED INVESTMENTS12,059.0000263,790.63.03
NUVEEN MORT OPP TERM FD 2JMT67074R100POOLED INVESTMENTS62,201.00001,426,890.94.15
NUVEEN EMERGING MARKETS DEBTJEMD67077P101POOLED INVESTMENTS60,966.0000546,865.02.06
OCEANFIRST FINANCIAL CORPOCFC675234108COMMON STOCK217,199.00006,368,274.68.69
ORITANI FINANCIAL CORPORIT68633D103COMMON STOCK229,484.00003,648,795.60.40
OSPREY ENERGY ACQUISITION COOSPR688397108COMMON STOCK30,010.0000289,896.60.03
OSPREY ENERGY WT EX 08/15/22688397116WARRANTS15,005.000014,704.90.00
PENSARE ACQUISITION CORPWRLS70957E105COMMON STOCK60,188.0000590,444.28.06
PENSARE ACQUI WT EX 8/8/2270957E113WARRANTS30,094.000014,746.06.00
PENSARE ACQUISITION CORP RTS 12/31/4970957E121RIGHTS60,188.000021,065.80.00
PRUDENTIAL GL SH DUR HI YLDGHY74433A109POOLED INVESTMENTS292,334.00004,025,439.18.44
PRUDENTIAL SHORT DURATION HIISD74442F107POOLED INVESTMENTS34,810.0000489,776.70.05
PURE ACQUISITION CORPPACQU74621Q205OTHER EQUITY23,463.0000240,495.75.03
QUANTA SERVICES INCPWR74762E102COMMON STOCK93,547.00003,368,627.47.36
REAVES UTILITY INCOME FUNDUTG756158101POOLED INVESTMENTS81,869.00002,320,167.46.25
ROCKWELL COLLINS INCCOL774341101COMMON STOCK58,211.00008,004,594.61.87
ROYCE MICRO-CAP TRUST INCRMT780915104POOLED INVESTMENTS28,456.0000288,259.28.03
SPDR S&P REGIONAL BANKING ETF_KRE78464A698POOLED INVESTMENTS-85,212.0000-5,383,694.16-.58
SPDR S&P BIOTECH ETFXBI78464A870POOLED INVESTMENTS-134,629.0000-12,745,327.43-1.38
SIENTRA INCSIEN82621J105COMMON STOCK114,169.00002,061,892.14.22
SIERRA ONCOLOGY INCSRRA82640U107COMMON STOCK486,776.00001,367,840.56.15
SPROTT FOCUS TRUST INC85208J109POOLED INVESTMENTS354,645.00002,826,520.65.31
TEMPLETON EMERG MKTS INC FDTEI880192109POOLED INVESTMENTS405,153.00004,258,158.03.46
TEMPLETON GLOBAL INCOME FUNDGIM880198106POOLED INVESTMENTS388,118.00002,414,093.96.26
TIME WARNER INCTWX887317303COMMON STOCK7,000.0000659,120.00.07
TRIANGLE CAPITAL CORPTCAP895848109COMMON STOCK241,560.00002,736,874.80.30
TRIPLEPOINT VENTURE GROW/PFD/TPVY89677Y308PREFERRED STOCK21,189.0000536,081.70.06
UNITED TECHNOLOGIES CORPUTX913017109COMMON STOCK-1,115.0000-139,174.30-.02
VECTOIQ ACQUISITION CORPVTIQU92243N202OTHER EQUITY13,305.0000133,050.00.01
VIRTUS TOTAL RETURN FUND INCZF92837G100POOLED INVESTMENTS250,880.00002,747,136.00.30
VOYA PRIME RATE TRUST92913A100POOLED INVESTMENTS181,577.0000929,674.24.10
WATERSTONE FINANCIAL INC94188P101COMMON STOCK153,754.00002,667,631.90.29
WESTERN ASSET EMERGING MARKEEMD95766A101POOLED INVESTMENTS274,906.00003,730,474.42.40
WESTERN ASSET HIGH INCOME OPHIO95766K109POOLED INVESTMENTS572,442.00002,724,823.92.30
WESTERN ASSET INFLATION-LINKWIW95766R104POOLED INVESTMENTS75,145.0000837,115.30.09
XPO LOGISTICS INCXPO983793100COMMON STOCK71,372.00007,511,903.00.81
TRSGSCBDRC2 /LONG/TRSGSCBDRC2SWAPS1,092.0000319,606.56.03
TRSGSCBDRS2 /LONG/TRSGSCBDRS2SWAPS4,614.0000688,501.08.07
CONSTELLATION ALPHA CAPITALCNACBF47W05COMMON STOCK22,935.0000226,597.80.02
CONSTELLATION ALPHA CAP CORP RTS 12/31/49BF47W16RIGHTS22,935.00007,316.27.00
CONSTELLATION ALPHA CAP CORP WT EX 08/09/2022BF47W27WARRANTS22,935.00005,733.75.00
AEROPUERTOS AR 6.875% 02/01/2700786PAC8CORPORATE BONDS985,000.0000964,334.70.10
TRANSPORT DE GA 6.75% 05/02/25893870AX3CORPORATE BONDS1,350,000.00001,296,000.00.14
CAPEX SA 6.875% 05/15/24BDT74X3CORPORATE BONDS2,245,000.00002,117,686.05.23
DIGICEL LIMITED 6.75% 03/01/2325380QAH2CORPORATE BONDS4,450,000.00003,882,625.00.42
DIGICEL GROUP 7.125% 04/01/2225380WAF3CORPORATE BONDS-600,000.0000-417,000.00-.05
DIGICEL LIMITED 6.75% 03/01/23BW1YMC0CORPORATE BONDS3,820,000.00003,311,462.50.36
VALEANT PHARMACEUT 9% 12/15/2591911KAP7CORPORATE BONDS5,000,000.00005,231,250.00.57
TRANSOCEAN INC 9% 07/15/23893830BE8CORPORATE BONDS690,000.0000743,475.00.08
TRANSOCEAN INC 7.5% 01/15/26893830BF5CORPORATE BONDS150,000.0000152,062.50.02
COM CELULARES( 6.875% 02/06/24G2300TAA0CORPORATE BONDS2,100,000.00002,147,250.00.23
TRS EGYPT TREASU ZCP 06/05/18 /EGP/TRS998056I1SWAPS70,500,000.00003,935,471.92.43
TRS EGYPT TREASURY BILL /EGP/TRS998078I1SWAPS51,187,500.00002,765,040.34.30
ALTICE FRANCE 7.375% 05/01/2667054KAA7CORPORATE BONDS3,180,000.00003,100,500.00.34
ARDAGH PKG FIN/HLD 6% 02/15/2503969AAL4CORPORATE BONDS2,355,000.00002,307,900.00.25
CODERE FIN 6.75% 11/01/21/EUR/BD5MPH3CORPORATE BONDS2,000,000.00002,262,789.79.25
ADECOAGRO SA 6% 09/21/2700676LAA4CORPORATE BONDS1,200,000.00001,050,000.00.11
ALTICE LUXEMBOU 7.75% 05/15/2202154VAA9CORPORATE BONDS2,795,000.00002,683,200.00.29
INTELSAT JACKSON H 8% 02/15/2445824TAR6CORPORATE BONDS2,617,000.00002,767,477.50.30
INTELSAT JACKSO 9.75% 07/15/2545824TAY1CORPORATE BONDS3,980,000.00004,129,250.00.45
MALLINCKRODT F 4.875% 04/15/20561233AB3CORPORATE BONDS100,000.000096,250.00.01
MALLINCKRODT FIN 5.5% 04/15/25561233AC1CORPORATE BONDS-2,750,000.0000-2,193,400.00-.24
CODERE FINANCE 7.625% 11/01/21BDS6DJ0CORPORATE BONDS2,625,000.00002,526,037.50.27
VTR FINANCE BV 6.875% 01/15/24918370AB3CORPORATE BONDS1,050,000.00001,070,895.00.12
VTR FINANCE BV 6.875% 01/15/24N9417JAB7CORPORATE BONDS1,200,000.00001,223,880.00.13
T/L MCDERMOTT INTE 0% 04/04/25LX170450LOAN2,700,000.00002,720,871.00.29
ENDO DAC/FIN LLC/F 6% 02/01/2529273EAA6CORPORATE BONDS8,878,000.00006,303,380.00.68
HEXION INC/HEXION 9% 11/15/20428303AM3CORPORATE BONDS1,056,000.0000884,400.00.10
VENATOR FIN SAR 5.75% 07/15/259226APAA3CORPORATE BONDS2,775,000.00002,719,500.00.29
ROYAL BK SCOTL V/R /PERP/RLSPY780097AU5CORPORATE BONDS4,590,000.00004,544,100.00.49
ACRISURE LLC / FIN 7% 11/15/2500489LAA1CORPORATE BONDS960,000.0000895,200.00.10
AMERICAN AXLE & 6.25% 04/01/2502406PAR1CORPORATE BONDS1,425,000.00001,407,187.50.15
AMERICAN AXLE & 6.5% 04/01/2702406PAU4CORPORATE BONDS1,230,000.00001,201,587.00.13
SABLE PERMIAN 7.125% 11/01/2002563LAB4CORPORATE BONDS6,336,000.00004,308,480.00.47
SABLE PERMIAN 7.375% 11/01/2102563LAC2CORPORATE BONDS3,242,000.00002,204,560.00.24
ANTERO RESOURCES C 5% 03/01/2503674XAJ5CORPORATE BONDS3,920,000.00003,894,284.80.42
STAPLES INC 8.5% 09/15/2503939PAA2CORPORATE BONDS-3,000,000.0000-2,811,000.00-.30
AVAYA INC ESCROW 7% 04/01/19053ESCAG4CORPORATE BONDS5,546,000.0000.00.00
BUILDERS FIRST 5.625% 09/01/2412008RAJ6CORPORATE BONDS2,625,000.00002,578,380.00.28
CCO HLDGS LLC/ 5.125% 05/01/271248EPBT9CORPORATE BONDS1,750,000.00001,638,437.50.18
CHS/COMMUNITY 5.125% 08/01/2112543DAU4CORPORATE BONDS2,450,000.00002,302,240.50.25
CHS/COMMUNITY H 6.25% 03/31/2312543DAY6CORPORATE BONDS994,000.0000926,905.00.10
XPO CNW INC 6.7% 05/01/34CNW/3412612WAB0CORPORATE BONDS2,853,000.00002,931,457.50.32
CALIFORNIA RESOURC 8% 12/15/2213057QAG2CORPORATE BONDS4,736,000.00004,179,520.00.45
CHESAPEAKE ENERGY 8% 01/15/25165167CT2CORPORATE BONDS750,000.0000745,312.50.08
CHOBANI LLC/FINA 7.5% 04/15/2517027NAA0CORPORATE BONDS750,000.0000721,875.00.08
CIENA CORP 3.75% 10/15/18171779AG6CORPORATE BONDS2,500,000.00002,947,452.50.32
CLEAR CHANNEL 7.625% 03/15/2018451QAH1CORPORATE BONDS2,500,000.00002,490,625.00.27
UNITI GROUP/CSL 8.25% 10/15/2320341WAD7CORPORATE BONDS1,207,000.00001,176,462.90.13
CONSOLIDATED COM 6.5% 10/01/2220903XAE3CORPORATE BONDS8,659,000.00008,052,870.00.87
CONTINENTAL RESO 4.9% 06/01/44212015AQ4CORPORATE BONDS2,996,000.00002,948,780.91.32
DYNCORP INTER 11.875% 11/30/2026817CAC5CORPORATE BONDS7,963,516.00008,321,874.22.90
EIG INVESTORS 10.875% 02/01/2426854XAB5CORPORATE BONDS3,440,000.00003,723,800.00.40
EP ENER/EVEREST 7.75% 09/01/22268787AB4CORPORATE BONDS742,000.0000545,370.00.06
EP ENER/EVERES 6.375% 06/15/23268787AD0CORPORATE BONDS4,310,000.00002,736,850.00.30
EP ENER/EVERES 9.375% 05/01/24268787AH1CORPORATE BONDS5,458,000.00004,311,820.00.47
ESH HOSPITALITY 5.25% 05/01/2526907YAA2CORPORATE BONDS3,807,000.00003,657,004.20.40
ENBRIDGE ENERGY P V/R 10/01/3729250RAK2CORPORATE BONDS1,800,000.00001,786,500.00.19
ENDO FINANCE LL 5.75% 01/15/2229271LAA2CORPORATE BONDS1,500,000.00001,248,750.00.14
FIRSTENERGY SOL 6.05% 08/15/21FE2133766JAD5CORPORATE BONDS393,000.0000198,465.00.02
FIRSTENERGY SOLU 6.8% 08/15/39FE3933766JAF0CORPORATE BONDS104,000.000052,520.00.01
FRONTIER COMMUNI 8.5% 04/01/2635906ABA5CORPORATE BONDS5,000,000.00004,843,750.00.52
GENWORTH HOLDI 7.625% 09/24/21GNW21A37247DAP1CORPORATE BONDS3,513,000.00003,469,087.50.38
ABE INV HLDG/GETTY 7% 10/15/20398176AA5CORPORATE BONDS2,526,000.00002,248,140.00.24
HC2 HOLDINGS INC 11% 12/01/19404139AA5CORPORATE BONDS13,298,000.000013,493,480.601.46
HRG GROUP INC 7.75% 01/15/2240434JAC4CORPORATE BONDS3,871,000.00003,976,291.20.43
HADRIAN MERGER S 8.5% 05/01/2642239PAA7CORPORATE BONDS-300,000.0000-297,375.00-.03
HERTZ CORP 5.875% 10/15/20HTZ/20428040CP2CORPORATE BONDS4,000,000.00003,850,800.00.42
HEXION INC 10% 04/15/2042829LAC8CORPORATE BONDS2,334,000.00002,310,660.00.25
HEXION INC 6.625% 04/15/20428302AA1CORPORATE BONDS1,960,000.00001,849,750.00.20
ILFC E-CAPITAL TR V/R 12/21/6544965TAA5CORPORATE BONDS7,287,000.00006,886,215.00.75
JPMORGAN CHASE & CO V/R /PERP/46625HHA1CORPORATE BONDS3,250,000.00003,270,312.50.35
KINDRED HEALTH 6.375% 04/15/22494580AD5CORPORATE BONDS3,364,000.00003,451,363.08.37
KINDRED HEALTHCARE 8% 01/15/20KND20A494580AE3CORPORATE BONDS3,906,000.00004,159,850.94.45
NEIMAN MARCUS GROU 8% 10/15/21570254AA0CORPORATE BONDS3,828,000.00002,737,020.00.30
MICROCHIP TECH 1.625% 02/15/25595017AD6CORPORATE BONDS1,750,000.00003,321,228.75.36
OHIO ST AIR QUALI V/R 12/01/23677525VK0MUNICIPAL BONDS2,539,000.00001,282,195.00.14
JC PENNEY CORP 5.875% 07/01/23708160CB0CORPORATE BONDS7,593,000.00006,957,086.25.75
PINNACLE ENTER 5.625% 05/01/2472348YAA3CORPORATE BONDS1,667,000.00001,746,182.50.19
PUERTO RICO CMWLTH 8% 07/01/3574514LE86MUNICIPAL BONDS16,175,000.00006,773,281.25.73
PUERTO RICO CM 4.704% 05/01/16745177EX9MUNICIPAL BONDS1,515,000.0000613,575.00.07
PUERTO RICO CMWL 4.9% 08/01/21745177FD2MUNICIPAL BONDS3,220,000.00001,304,100.00.14
PUERTO RICO CMW 4.35% 08/01/18745177FK6MUNICIPAL BONDS2,615,000.00001,059,075.00.11
PUERTO RICO CM 3.875% 02/01/17745177FM2MUNICIPAL BONDS6,380,000.00002,583,900.00.28
RENT-A-CENTER I 4.75% 05/01/2176009NAK6CORPORATE BONDS3,927,000.00003,671,745.00.40
RITE AID CORP 6.125% 04/01/23767754CH5CORPORATE BONDS1,231,000.00001,261,775.00.14
SINCLAIR TELEV 5.625% 08/01/24829259AR1CORPORATE BONDS2,380,000.00002,370,361.00.26
STATE STREET CORP V/R 06/15/47857477AY9CORPORATE BONDS4,213,000.00003,781,167.50.41
SOTERA HEALTH HL 6.5% 05/15/2385917DAA2CORPORATE BONDS4,910,000.00004,971,375.00.54
TALEN ENERGY SU 10.5% 01/15/2687422VAE8CORPORATE BONDS1,579,000.00001,468,470.00.16
USB REALTY V/R /PERP/903312AA4CORPORATE BONDS7,915,000.00007,192,756.25.78
ULTRA RESOURCE 6.875% 04/15/2290400GAA9CORPORATE BONDS1,449,000.0000972,641.25.11
US TREAS NTS 0.75% 10/31/18912828T83GOVERNMENT BONDS438,800.0000436,451.74.05
US TREAS NTS 1.125% 01/31/19912828V56GOVERNMENT BONDS6,717,600.00006,670,104.49.72
VECTOR GROUP L 6.125% 02/01/2592240MBF4CORPORATE BONDS4,077,000.00003,995,460.00.43
WEWORK COS INC 7.875% 05/01/2596208LAA9CORPORATE BONDS750,000.0000706,042.50.08
T/L GETTY IMAGES ZCP 10/18/19LX126129LOAN13,281,534.990012,854,932.081.39
T/L LA PALOMA GENE 0% 02/20/20LX135585LOAN7,595,000.0000189,875.00.02
T/L NEIMAN MARCUS ZCP 10/25/20LX135908LOAN873,776.7500772,925.44.08
T/L SOUTHERN PAC 0% 03/29/2019LX136385LOAN3,117,343.2500.00.00
T/L EVERGREEN SKIL 0% 04/28/21LX136501LOAN5,157,498.69004,821,178.20.52
T/L PROQUEST LLC 0% 10/24/21LX141006LOAN3,963,474.19004,003,108.93.43
T/L QUORUM HEALTH 0% 04/29/22LX152098LOAN406,808.3600412,764.03.04
T/L DYNCORP INTERNAT 0% 07/07/20LX153252LOAN1,261,495.37001,264,119.28.14
T/L UBER TECHN 0% 07/13/23LX153549LOAN5,043,793.96005,052,217.10.55
T/L CALIFORNIA R 0% 12/31/2021LX154198LOAN1,695,000.00001,899,467.85.21
T/L QUALITY CARE 0% 10/31/22LX154934LOAN2,732,525.43002,755,287.37.30
T/L CONSOLIDATED COMMUNICATIONS INC 0% 10/05/23LX154992LOAN1,196,977.63001,189,496.52.13
T/L CSL CAPITAL 0% 10/24/22LX159837LOAN4,932,041.47004,790,245.28.52
T/L NAVISTAR INC 0% 8/07/20LX160018LOAN.0100.01.00
T/L EQUINOX HOLD 0% 09/06/2024LX160948LOAN1,000,000.00001,022,000.00.11
T/L UTILITY ONE 0% 04/18/2023LX162200LOAN3,226,246.87003,282,706.19.36
T/L SUPERVALU INC 0% 06/08/24LX164594LOAN1,448,592.21001,449,041.27.16
T/L SUPERVALU INC 0% 06/08/24LX164595LOAN869,155.3200869,424.76.09
T/L EIG INVESTORS CO 0% 2/9/23LX164875LOAN2,069,969.31002,077,731.69.23
T/L GOLDEN ENTERT 0% 10/21/24LX165659LOAN1,200,000.00001,205,004.00.13
T/L GOLDEN ENTER 0% 10/20/25LX165662LOAN1,530,000.00001,558,687.50.17
T/L VIVID SEATS 0% 06/30/2024LX165896LOAN4,925,460.15004,931,616.98.53
T/L ASURION LLC 0% 8/4/2025LX167087LOAN2,800,000.00002,865,800.00.31
T/L DIGICERT HOLDI 0% 10/31/24LX168511LOAN3,150,853.78003,142,976.65.34
T/L MCAFEE LLC 0% 09/30/24LX168582LOAN1,910,400.00001,922,607.46.21
T/L MCAFEE LLC 0% 09/29/2025LX168583LOAN1,600,000.00001,622,496.00.18
T/L CHOBANI LLC 0.0% 10/10/23LX168623LOAN4,472,031.64004,477,621.68.48
T/L NAVISTAR INC 0% 11/6/24LX169275LOAN2,987,012.05002,999,467.89.32
T/L ACRISURE LLC 0% 11/22/23LX169343LOAN2,747,742.24002,763,761.58.30
T/L AVAYA INC 0% 12/15/2024LX169485LOAN4,468,800.00004,492,395.26.49
T/L EQUINOX HOLDING 0% 3/8/24LX169635LOAN3,217,581.24003,225,625.19.35
T/L SCIENTIFIC GAM 0% 08/14/24LX171269LOAN6,230,625.00006,247,198.46.68
T/L SYNIVERSE 0% 2/9/23LX171276LOAN2,250,000.00002,252,092.50.24
T/L SYNIVERSE HOLD 0% 02/09/24LX171442LOAN1,200,000.00001,191,996.00.13
T/L GENWORTH FINAN 0% 02/28/23LX171577LOAN1,050,000.00001,069,687.50.12
T/L HEARTLAND DENT 0% 04/18/25LX172789LOAN586,956.5200587,508.26.06
T/L HEARTLAND DENT 0% 04/18/25LX172790LOAN88,043.480088,126.24.01
CDS US868536AW39 05.000 BP 06/20/2023 GS LONGSP1A69ARSWAPS700,000.0000739,725.76.08
CDS US868536AW39 05.000 BP 06/20/2023 GS SHORTSP1A69ARSWAPS-700,000.0000-700,000.00-.08
CDS US868536AW39 05.000 BP 06/20/2023 GS LONGSP2K0JC3SWAPS2,210,000.00002,335,419.91.25
CDS US868536AW39 05.000 BP 06/20/2023 GS SHORTSP2K0JC3SWAPS-2,210,000.0000-2,210,000.00-.24
TRSGSCBDRC2 US0001M+40BPS /SHORT/TRSGSCBDRC2SWAPS-320,870.0000-320,870.00-.03
TRSGSCBDRS2 US0001M+40BPS /SHORT/TRSGSCBDRS2SWAPS-719,101.1300-719,101.13-.08
ILFC E-CAPITAL TR V/R 12/21/65U4504YAA3CORPORATE BONDS434,000.0000410,130.00.04
C/O UNITED TECHNOL JAN 135.000UTX190118C0013500058A998TB7OPTIONS331.0000111,878.00.01
C/O MONSANTO CO NE JUL 120.000MON180720C0012000065Q999B22OPTIONS510.0000402,900.00.04
C/O MONSANTO CO NE JUL 125.000MON180720C0012500065Q999B30OPTIONS-510.0000-150,450.00-.02
P/O MONSANTO CO NE JUL 105.000MON180720P0010500075U999AZ4OPTIONS-510.0000-3,570.00-.00
EUR/USD FWD 20180809 000020545 USDEUR1295235261FORWARD-7,100,000.0000-8,344,106.24-.90
EUR/USD FWD 20180809 000009969 USDEUR1295241174FORWARD3,500,000.00004,113,291.81.45
USD/EUR FWD 20180809 000020545 USDUSD1295235261FORWARD8,526,489.40008,526,489.40.92
USD/EUR FWD 20180809 000009969 USDUSD1295241174FORWARD-4,146,579.5000-4,146,579.50-.45
F/C US 10YR NOTE (CBT)JUN18TYM8 XCBT33P867FUTURES-150.0000-18,110,156.25-1.96
F/C US 5YR NOTE (CBT) JUN18FVM8 XCBT33P87CFUTURES-485.0000-55,343,046.88-5.99
F/C US LONG BOND(CBT) JUN18USM8 XCBT33P87FFUTURES-61.0000-8,906,000.00-.96

As of 05/31/2018.

Distributions

Fund NameFund CusipDistribution TypeAmount per ShareEx DateReinvest DateReinvest Price
Destinations Multi Strategy Alternatives Fund10964R871Dividend0.0329313/28/20183/28/2018$10.13
Destinations Multi Strategy Alternatives Fund10964R871Dividend0.08968312/28/201712/28/2017$10.09
Destinations Multi Strategy Alternatives Fund10964R871Dividend0.0664629/28/20179/28/2017$10.09
Destinations Multi Strategy Alternatives Fund10964R871Dividend0.0447996/29/20176/29/2017$10.11

Fees and expenses

Type Amount
Management Fees 1.35%
Distribution and Service (12b-1) Fees None
Other Expenses 0.23%
Acquired Fund Fees and Expenses (AFFE) 0.28%
Total Annual Fund Operating Expenses 1.86%
Fee Waivers and Expense Reimbursements -0.54%
Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements 1.32%*

*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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