Destinations Municipal Fixed Income Fund

Overview

The Destinations Municipal Fixed Income Fund seeks current income that is exempt from federal income taxation and invests in municipal fixed income of primarily investment grade.

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

  • Northern Trust Investments, Inc. is the sub-adviser of Northern Trust Intermediate Municipal which employs a relative value, high quality approach that seeks to identify undervalued securities and sectors.
Fund performance as of 6/30/17
Annualized
MTD QTD YTD 1 Year 3 Years 5 Years Since
Inception
Destinations Municipal Fixed Income Fund
-0.20%
0.40%
N/A
N/A
N/A
N/A
0.70%
BofA Merrill Lynch 1-10 Year Municipal Securities Index
-0.18%
0.94%
N/A
N/A
N/A
N/A
1.34%

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.

Merrill Lynch 1-10 Year Municipal Securities Index Definition: A subset of the BofA Merrill Lynch U.S. Municipal Securities Index including all securities with a remaining term to final maturity less than 10 years. One cannot invest directly in an index.

An investment in the Destinations Municipal 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.

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.

To the extent the Fund invests in Puerto Rico municipal securities, the Fund’s performance will be affected by the fiscal and economic health of the Commonwealth of Puerto Rico, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Puerto Rico municipal issuers. Unfavorable developments in any economic sector may have far-reaching ramifications on the overall Puerto Rico municipal market.

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.

Tax risk is the risk that future legislative or administrative changes or court decisions may materially affect the value of municipal instruments or the ability of the Fund to pay tax-exempt dividends.

Fund facts
  • Ticker: DMFFX
  • CUSIP: 10964R889
  • Benchmark: BofA Merrill Lynch 1-10 Year Municipal Securities Index
  • Inception date: 03/20/2017
  • Gross expense ratio: 0.94%
  • Net expense ratio: 0.93%*
Daily NAV Date: 08/17/2017

Management team

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

    Jeffrey W. Raupp, CFA, MBA, is Director of Investments at Brinker Capital with portfolio management responsibilities for the Destinations program. He also serves as chair of Brinker Capital’s asset allocation committee. Mr. Raupp joined Brinker Capital in 1996 as an operations manager and has been a portfolio manager for the Destinations program since 2001. Prior to joining Brinker Capital, Mr. Raupp was an electronic engineer and project manager for a small electronics firm. He also served as an officer in the United States Army. Mr. Raupp has a B.S. in Mechanical Engineering from the University of Delaware and a MBA in Finance from Villanova University.

  • Amy L. Magnotta
    Amy L. Magnotta Senior Vice President

    Amy L. Magnotta, CFA, is a Senior Vice President at Brinker Capital with portfolio management responsibilities for the Destinations program. Ms. Magnotta joined Brinker Capital in 2006 as a senior analyst and has been portfolio manager for the Destinations program since 2007. Prior to joining Brinker Capital, Ms. Magnotta was an associate at Franklin Park Associates from 2004 to 2006 and an associate at BlackRock from 2001 to 2004. Ms. Magnotta has a B.S. in Finance from Lehigh University.

  • Leigh A. Lowman
    Leigh A. Lowman Investment Manager

    Leigh A. Lowman 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 Municipal Fixed Income Fund
-0.20%
0.40%
N/A
N/A
N/A
N/A
0.70%
3/20/2017
0.94%
0.93%
BofA Merrill Lynch 1-10 Year Municipal Securities Index
-0.18%
0.94%
N/A
N/A
N/A
N/A
1.34%

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.

Merrill Lynch 1-10 Year Municipal Securities Index Definition: A subset of the BofA Merrill Lynch U.S. Municipal Securities Index including all securities with a remaining term to final maturity less than 10 years. One cannot invest directly in an index.

Holdings

Security DescriptionTicker SymbolSecurity IDSecurity Type DescriptionQuantityBase Market ValuePercent TNA
EUROCASHEURCURRENCY-4,000,000.0000-4,734,999.92-.48
US DOLLARSCASHUSDCURRENCY332,110,211.1700332,110,211.1733.85
BANK OF NT BUTTERFIELD & SONNTBBD8FF02COMMON STOCK85,000.00002,897,650.00.30
CONNACHER OIL & GAS LTD /CAD/20588Y400COMMON STOCK534,616.0000.00.00
CENTRAL FUND CANADA LTD-ACEF153501101POOLED INVESTMENTS235,898.00002,944,007.04.30
ALIBABA GROUP HOLDING-SP ADRBABA01609W102COMMON STOCK-15,400.0000-2,386,230.00-.24
CF CORPORATION - CLASS ACFCOBZCFL26COMMON STOCK427,200.00004,622,304.00.47
WEATHERFORD INTERNATIONAL PLWFTG48833100COMMON STOCK-133,000.0000-593,180.00-.06
ALTICE NV - A /EUR/BYT3416COMMON STOCK228,211.00005,633,869.12.57
NXP SEMICONDUCTORS NVNXPIB505PN7COMMON STOCK147,771.000016,303,574.431.66
TRANSOCEAN LTDRIGB3KFWW1COMMON STOCK-22,500.0000-194,625.00-.02
AMC ENTERTAINMENT HLDS-CL AAMC00165C104COMMON STOCK411,794.00008,400,597.60.86
ACLARIS THERAPEUTICS INCACRS00461U105COMMON STOCK30,230.0000870,624.00.09
ADAMS DIVERSIFIED EQUITY FUNADX006212104POOLED INVESTMENTS181,413.00002,681,284.14.27
ADVENT/CLAYMORE ENH GR & INCLCM00765E104POOLED INVESTMENTS113,216.0000992,904.32.10
ALLIANZGI EQUITY & CONVERTIBXNIEX018829101POOLED INVESTMENTS87,803.00001,763,084.24.18
ALLIANZGI NFJ DIVIDEND INTERXNFJX01883A107POOLED INVESTMENTS57,303.0000764,422.02.08
ALPINE TOTAL DYNAMIC DIVIDEN021060207POOLED INVESTMENTS341,898.00003,022,378.32.31
ARES CAPITAL CORPARCC04010L103COMMON STOCK64,359.00001,054,844.01.11
BECTON DICKINSON AND COBDX075887109COMMON STOCK-5,300.0000-1,067,420.00-.11
BECTON DICKINSON & CO /PFD/BCTTP075887208PREFERRED STOCK30,000.00001,676,700.00.17
BLACKROCK ENHANCED GLOBAL DIVIBOE092501105POOLED INVESTMENTS130,681.00001,764,193.50.18
BLACKROCK CREDIT ALLOCATIONBTZ092508100POOLED INVESTMENTS177,007.00002,387,824.43.24
BLACKROCK RESOURCES & COMMODBCX09257A108POOLED INVESTMENTS137,456.00001,186,245.28.12
BLACKSTONE/GSO LONG-SHORT CRBGX09257D102POOLED INVESTMENTS5,763.000093,245.34.01
BLACKROCK MULTI-SECTOR INCOMBIT09258A107POOLED INVESTMENTS58,596.00001,082,854.08.11
BLUEPRINT MEDICINES CORPBPMC09627Y109COMMON STOCK106,208.00005,557,864.64.57
BOULDER GROWTH & INCOME FUNDBIF101507101POOLED INVESTMENTS64,102.0000633,968.78.06
BOYD GAMING CORPBYD103304101COMMON STOCK-55,000.0000-1,378,300.00-.14
BUILDERS FIRSTSOURCE INCBLDR12008R107COMMON STOCK121,861.00001,909,561.87.19
CBRE CLARION GL R/E INCOME FIGR12504G100POOLED INVESTMENTS45,969.0000361,316.34.04
CIENA CORPCIEN171779309COMMON STOCK-74,400.0000-1,915,800.00-.20
CLOUGH GLOBAL EQUITY FUNDGLQ18914C100POOLED INVESTMENTS311,319.00004,152,995.46.42
CLOUGH GLBL OPPORTUNITIES FDGLO18914E106POOLED INVESTMENTS716,892.00008,022,021.48.82
CONCERT PHARMACEUTICALS INCCNCE206022105COMMON STOCK117,620.00001,697,256.60.17
CORNERSTONE STRATEGIC RTS 08/25/17219991973RIGHTS147.0000.00.00
CORNERSTONE TOTAL RET RTS 12/31/49219991981RIGHTS147.0000.00.00
DELAWARE ENHANCED GLOBAL DIVDEX246060107POOLED INVESTMENTS48,926.0000573,412.72.06
EATON VANCE LTD DURATION FNDEVV27828H105POOLED INVESTMENTS75,775.00001,075,247.25.11
ELDORADO RESORTS INCERI28470R102COMMON STOCK-201,000.0000-4,100,400.00-.42
ENDURANCE INTERNATIONAL GROUEIGI29272B105COMMON STOCK162,180.00001,500,165.00.15
CHASSIX HOLDINGS INC CALL EXP33JTJ8COMMON STOCK38,375.0000172,687.50.02
ASPIRE HOLDINGS LLC33JTKGCOMMON STOCK8,558,328.0000.00.00
GMAC CAP 8.125% 2/15/40 /PFD/ALLY PRA361860208PREFERRED STOCK120,384.00003,196,195.20.33
GAMING AND LEISURE PROPERTIEGLPI36467J108REIT - Real Estate Invesment Trust360,745.000013,686,665.301.39
GENERAL AMERICAN INVESTORSGAM368802104POOLED INVESTMENTS56,202.00001,971,004.14.20
GENERAL AMERICAN INVEST PREFERRED SERIES BGAM PRB368802401POOLED INVESTMENTS21,578.0000578,506.18.06
GENERAL MOTORS COGM37045V100COMMON STOCK40,676.00001,463,522.48.15
HENNESSY CAPITAL ACQUISITIONHCAC/U42588L204OTHER EQUITY42,864.0000437,212.80.04
INDUSTREA ACQUISITION CORPINDUU45579J203OTHER EQUITY25,795.0000259,239.75.03
ISHARES PHLX SOX SEMICONDUCTORSOXX464287523POOLED INVESTMENTS-26,000.0000-3,821,480.00-.39
ISHARES NASDAQ BIOTECHNOLOGYIBB464287556POOLED INVESTMENTS-17,760.0000-5,667,038.40-.58
ISHARES RUSSELL 2000 ETFIWM464287655POOLED INVESTMENTS-16,500.0000-2,334,915.00-.24
JPMORGAN STRAT INC OPP-IJSOSX4812A4351POOLED INVESTMENTS11,703,710.1186136,699,334.1813.93
LMP CAPITAL AND INCOME FUNDSCD50208A102POOLED INVESTMENTS17,474.0000253,373.00.03
LEGG MASON BW ABS RET OPP-ISLROSX524686664POOLED INVESTMENTS4,466,318.344056,454,263.875.75
LEGG MASON BW GLOBAL INCOMEBWG52469B100POOLED INVESTMENTS155,921.00002,122,084.81.22
LIBERTY ALL STAR EQUITY FUNDUSA530158104POOLED INVESTMENTS637,243.00003,645,029.96.37
LOXO ONCOLOGY INCLOXO548862101COMMON STOCK63,170.00004,567,822.70.47
MANDATORY EXCH TRUST /PRF/MNXCZ56262P109PREFERRED STOCK15,000.00002,679,900.00.27
MICROCHIP TECHNOLOGY INCMCHP595017104COMMON STOCK-47,400.0000-3,793,896.00-.39
NATERA INCNTRA632307104COMMON STOCK231,438.00001,867,704.66.19
NEXPOINT CREDIT STRATEGIES65340G205POOLED INVESTMENTS51,614.00001,131,895.02.12
NUVEEN AMT-FREE QTY MUN INC FDNEA670657105POOLED INVESTMENTS155,894.00002,179,398.12.22
NUVEEN QUALITY MUN INC FDNAD67066V101POOLED INVESTMENTS132,733.00001,902,063.89.19
NUVEEN INT DUR QU MUN TRM FDNIQ670677103POOLED INVESTMENTS126,220.00001,671,152.80.17
NUVEEN MORT OPP TERM FDJLS670735109POOLED INVESTMENTS133,460.00003,417,910.60.35
NUVEEN CREDIT STRAT INC FDJQC67073D102POOLED INVESTMENTS144,092.00001,252,159.48.13
NUVEEN MORT OPP TERM FD 2JMT67074R100POOLED INVESTMENTS48,505.00001,190,797.75.12
OCEANFIRST FINANCIAL CORPOCFC675234108COMMON STOCK30,000.0000812,400.00.08
ORITANI FINANCIAL CORPORIT68633D103COMMON STOCK189,294.00003,142,280.40.32
OSPREY ENERGY ACQUISITION COOSPRU688397207OTHER EQUITY30,010.0000301,600.50.03
PACIFIC PREMIER BANCORP INCPPBI69478X105COMMON STOCK69,417.00002,492,070.30.25
PENSARE ACQUISITION CORPWRLSU70957E204OTHER EQUITY60,189.0000604,899.45.06
PINNACLE ENTERTAINMENT INCPNK72348Y105COMMON STOCK827,944.000015,730,936.001.60
POWERSHARES QQQ TRUST SERIESQQQ73935A104POOLED INVESTMENTS-33,000.0000-4,726,590.00-.48
PRUDENTIAL GL SH DUR HI YLDGHY74433A109POOLED INVESTMENTS47,184.0000712,950.24.07
ROYCE VALUE TRUSTRVT780910105POOLED INVESTMENTS200,507.00002,999,584.72.31
ROYCE MICRO-CAP TRUST INCRMT780915104POOLED INVESTMENTS195,201.00001,688,488.65.17
SPDR S&P OIL & GAS EXP & PRXOP78464A730POOLED INVESTMENTS60,000.00001,951,200.00.20
SPDR S&P BIOTECH ETFXBI78464A870POOLED INVESTMENTS-79,865.0000-6,243,047.05-.64
SPROTT FOCUS TRUST INC85208J109POOLED INVESTMENTS422,826.00003,179,651.52.32
STEWART INFORMATION SERVICESSTC860372101COMMON STOCK353,735.000013,901,785.501.42
TAILORED BRANDS INCTLRD87403A107COMMON STOCK-26,000.0000-326,040.00-.03
TEMPLETON GLOBAL INCOME FUNDGIM880198106POOLED INVESTMENTS395,788.00002,643,863.84.27
TIME WARNER INCTWX887317303COMMON STOCK46,600.00004,772,772.00.49
TIVO CORPTIVO88870P106COMMON STOCK488,620.00009,576,952.00.98
TRIPLEPOINT VENTURE GROW/PFD/89677Y308PREFERRED STOCK21,189.0000541,378.95.06
VIRTUS TOTAL RETURN FUND INCZF92837G100POOLED INVESTMENTS99,156.00001,243,416.24.13
WGL HOLDINGS INCWGL92924F106COMMON STOCK14,796.00001,268,313.12.13
WESTAR ENERGY INCWR95709T100COMMON STOCK41,683.00002,115,412.25.22
WESTERN ASSET EMERGING MARKEEMD95766A101POOLED INVESTMENTS289,283.00004,521,493.29.46
WESTERN ASSET HIGH INCOME OPHIO95766K109POOLED INVESTMENTS598,677.00003,095,160.09.32
XPO LOGISTICS INCXPO983793100COMMON STOCK99,911.00006,005,650.21.61
CONSTELLATION ALPHA CAPITALCNACUBF3NP94OTHER EQUITY22,935.0000230,496.75.02
AEROPUERTOS AR 6.875% 02/01/2700786PAC8CORPORATE BONDS5,635,000.00005,860,400.00.60
CAPEX SA 6.875% 05/15/24139612AE5CORPORATE BONDS1,900,000.00001,900,000.00.19
DIGICEL LIMITED 6.75% 03/01/2325380QAH2CORPORATE BONDS4,000,000.00003,825,000.00.39
WEATHERFORD BER 7.75% 06/15/21947075AJ6CORPORATE BONDS245,000.0000251,125.00.03
DIGICEL LIMITED 6.75% 03/01/23BW1YMC0CORPORATE BONDS1,500,000.00001,434,375.00.15
CONNACHER OIL AND 12% 08/31/1820588YAJ2CORPORATE BONDS803,238.00008,032.38.00
VALEANT PHARMA 5.875% 05/15/2391831AAB7CORPORATE BONDS6,809,000.00005,855,740.00.60
VALEANT PHARMACE 6.5% 03/15/2291911KAJ1CORPORATE BONDS774,000.0000816,570.00.08
VALEANT PHARMACEUT 7% 03/15/2491911KAK8CORPORATE BONDS1,031,000.00001,098,015.00.11
VALEANT PHARMAC 6.75% 08/15/1892912EAC7CORPORATE BONDS1,000,000.00001,001,250.00.10
T/L CONNACHER OIL 0% 05/23/18LX144549LOAN723,718.549014,474.37.00
TRANSOCEAN INC 9% 07/15/23893830BE8CORPORATE BONDS788,000.0000823,460.00.08
SFR GROUP SA 7.375% 05/01/2667054KAA7CORPORATE BONDS3,500,000.00003,788,750.00.39
ARDAGH PKG FIN 4.625% 05/15/2303969AAH3CORPORATE BONDS1,210,000.00001,237,225.00.13
ARDAGH PKG FIN/HLD 6% 02/15/2503969AAL4CORPORATE BONDS2,355,000.00002,515,422.60.26
CODERE FIN 6.75% 11/01/21/EUR/BD5MPH3CORPORATE BONDS4,000,000.00004,818,335.92.49
ALTICE LUXEMBOU 7.75% 05/15/2202154VAA9CORPORATE BONDS3,500,000.00003,718,750.00.38
ARCELORMITTAL 6% 3/1/21MT2103938LAU8CORPORATE BONDS-1,800,000.0000-1,971,000.00-.20
INTELSAT JACKSON H 8% 02/15/2445824TAR6CORPORATE BONDS1,117,000.00001,213,341.25.12
INTELSAT JACKSO 9.75% 07/15/2545824TAY1CORPORATE BONDS2,230,000.00002,305,262.50.23
PACIFIC DRILLI 5.375% 06/01/2069419BAA3CORPORATE BONDS672,000.0000275,520.00.03
ACC INDU BO/ACC 7.75% 12/15/20828326AA6CORPORATE BONDS1,535,000.00001,595,632.50.16
CODERE FINANCE 7.625% 11/01/21BDS6DJ0CORPORATE BONDS2,625,000.00002,598,750.00.26
T/L SEADRILL 0% 2/21/21LX135384LOAN8,968,721.43406,128,596.42.62
ALCOA NEDERLAND HO 7% 09/30/26013822AB7CORPORATE BONDS1,715,000.00001,907,937.50.19
ENDO DAC/FIN L 5.875% 10/15/2429273DAA8CORPORATE BONDS1,500,000.00001,552,500.00.16
ENDO DAC/FIN LLC/F 6% 02/01/2529273EAA6CORPORATE BONDS6,419,000.00005,408,893.32.55
HEXION INC/HEXION 9% 11/15/20428303AM3CORPORATE BONDS934,000.0000666,642.50.07
ROYAL BK SCOTL V/R /PERP/RLSPY780097AU5CORPORATE BONDS8,450,000.00008,101,437.50.83
APX GROUP INC 8.75% 12/01/2000213MAD6CORPORATE BONDS-8,139,000.0000-8,362,822.50-.85
PERMIAN RESOUR 7.125% 11/01/2002563LAB4CORPORATE BONDS5,880,000.00004,909,800.00.50
PERMIAN RESOUR 7.375% 11/01/2102563LAC2CORPORATE BONDS269,000.0000223,270.00.02
AMSTED INDUSTRIES 5% 03/15/22032177AE7CORPORATE BONDS4,000,000.00004,140,000.00.42
ANTERO RESOURCES C 5% 03/01/2503674XAG1CORPORATE BONDS1,700,000.00001,674,500.00.17
ANTERO RESOURCES C 5% 03/01/2503674XAJ5CORPORATE BONDS770,000.0000758,450.00.08
PETSMART INC 7.125% 03/15/2304021LAA8CORPORATE BONDS-1,750,000.0000-1,581,562.50-.16
AVAYA INC 7% 04/01/19053499AG4CORPORATE BONDS2,700,000.00002,227,500.00.23
BUILDERS FIRST 5.625% 09/01/2412008RAJ6CORPORATE BONDS3,004,000.00003,154,200.00.32
CCO HLDGS LLC/ 5.125% 05/01/271248EPBT9CORPORATE BONDS1,750,000.00001,809,062.50.18
CHS/COMMUNITY 5.125% 08/01/2112543DAU4CORPORATE BONDS2,450,000.00002,465,312.50.25
CHS/COMMUNITY H 6.25% 03/31/2312543DAY6CORPORATE BONDS4,994,000.00005,112,607.50.52
XPO CNW INC 6.7% 05/01/34CNW/3412612WAB0CORPORATE BONDS2,593,000.00002,521,692.50.26
CALIFORNIA RESOURC 8% 12/15/2213057QAG2CORPORATE BONDS4,736,000.00003,025,120.00.31
CIENA CORP 3.75% 10/15/18171779AG6CORPORATE BONDS2,500,000.00003,437,500.00.35
UNITI GROUP/CSL 8.25% 10/15/2320341WAD7CORPORATE BONDS1,207,000.00001,243,210.00.13
CONCHO RESOURCES 5.5% 04/01/23CXO2320605PAE1CORPORATE BONDS500,000.0000516,250.00.05
CONSOLIDATED COM 6.5% 10/01/2220903XAE3CORPORATE BONDS-687,000.0000-673,260.00-.07
CONTINENTAL RESO 4.9% 06/01/44212015AQ4CORPORATE BONDS2,996,000.00002,561,580.00.26
DIAMONDBACK EN 5.375% 05/31/2525278XAF6CORPORATE BONDS1,115,000.00001,154,025.00.12
DIAMONDBACK EN 5.375% 05/31/2525278XAH2CORPORATE BONDS1,023,000.00001,058,805.00.11
DYNEGY INC 7.625% 11/01/2426817RAP3CORPORATE BONDS6,749,000.00006,681,510.00.68
EP ENER/EVEREST 7.75% 09/01/22268787AB4CORPORATE BONDS742,000.0000500,850.00.05
EP ENER/EVERES 6.375% 06/15/23268787AD0CORPORATE BONDS1,810,000.00001,144,825.00.12
EP ENER/EVEREST AC 8% 11/29/24268787AE8CORPORATE BONDS1,000,000.00001,010,000.00.10
ESH HOSPITALITY 5.25% 05/01/2526907YAA2CORPORATE BONDS8,342,000.00008,717,390.00.89
EP ENER/EVERES 9.375% 05/01/2029977HAB6CORPORATE BONDS3,909,000.00003,327,536.25.34
FRONTIER COMMUN 10.5% 09/15/2235906AAW8CORPORATE BONDS1,808,000.00001,699,520.00.17
ABE INV HLDG/GETTY 7% 10/15/20398176AA5CORPORATE BONDS-580,000.0000-446,600.00-.05
HCA INC 5.875% 02/15/26404119BS7CORPORATE BONDS2,220,000.00002,419,800.00.25
HC2 HOLDINGS INC 11% 12/01/19404139AA5CORPORATE BONDS5,640,000.00005,788,050.00.59
HRG GROUP INC 7.75% 01/15/2240434JAC4CORPORATE BONDS8,000,000.00008,440,000.00.86
HEXION INC 10% 04/15/2042829LAC8CORPORATE BONDS5,334,000.00005,347,335.00.54
HEXION INC 10.375% 02/01/2242829LAD6CORPORATE BONDS2,028,000.00002,053,350.00.21
HEXION INC 6.625% 04/15/20428302AA1CORPORATE BONDS1,960,000.00001,844,850.00.19
JPMORGAN CHASE & CO V/R /PERP/46625HHA1CORPORATE BONDS5,000,000.00005,187,500.00.53
KINDRED HEALTH 6.375% 04/15/22494580AD5CORPORATE BONDS3,200,000.00002,968,000.00.30
KINDRED HEALTHCARE 8% 01/15/20KND20A494580AE3CORPORATE BONDS1,500,000.00001,507,500.00.15
KRATON POLYMERS 10.5% 04/15/2350077DAC8CORPORATE BONDS3,000,000.00003,487,500.00.36
NEIMAN MARCUS GROU 8% 10/15/21570254AA0CORPORATE BONDS6,308,000.00003,485,170.00.36
THE MEN'S WEARHOUS 7% 07/01/22587118AE0CORPORATE BONDS1,960,000.00001,778,700.00.18
MICROCHIP TECH 1.625% 02/15/25595017AD6CORPORATE BONDS2,500,000.00003,906,250.00.40
NRG ENERGY INC 6.25% 05/01/24629377BY7CORPORATE BONDS3,000,000.00003,112,500.00.32
NEWFIELD EXPLO 5.625% 07/01/24NFX24651290AQ1CORPORATE BONDS2,445,000.00002,564,193.75.26
PNC CAPITAL TRUST V/R 06/01/2869349AAA0CORPORATE BONDS7,784,000.00007,239,120.00.74
PEABODY ENERGY COR 6% 03/31/2270457LAA2CORPORATE BONDS1,470,000.00001,499,400.00.15
PEABODY ENERGY 6.375% 03/31/2570457LAB0CORPORATE BONDS2,174,000.00002,195,740.00.22
JC PENNEY CORP 5.875% 07/01/23708160CB0CORPORATE BONDS7,593,000.00007,687,912.50.78
PUERTO RICO CMWLTH 8% 07/01/3574514LE86MUNICIPAL BONDS3,675,000.00002,205,000.00.22
PUERTO RICO CM 4.704% 05/01/16745177EX9MUNICIPAL BONDS1,515,000.0000501,843.75.05
PUERTO RICO CMWL 4.9% 08/01/21745177FD2MUNICIPAL BONDS3,220,000.00001,071,455.00.11
PUERTO RICO CMW 4.35% 08/01/18745177FK6MUNICIPAL BONDS2,615,000.0000866,218.75.09
PUERTO RICO CM 3.875% 02/01/17745177FM2MUNICIPAL BONDS6,380,000.00002,113,375.00.22
REVLON CONSUMER 5.75% 02/15/21761519BD8CORPORATE BONDS-3,360,000.0000-2,788,800.00-.28
RITE AID CORP 7.7% 02/15/27RAD27767754AJ3CORPORATE BONDS2,232,000.00002,204,100.00.22
RITE AID CORP 6.75% 06/15/21767754CG7CORPORATE BONDS815,000.0000845,562.50.09
RITE AID CORP 6.125% 04/01/23767754CH5CORPORATE BONDS3,627,000.00003,595,263.75.37
SINCLAIR TELEV 5.625% 08/01/24829259AR1CORPORATE BONDS2,380,000.00002,475,200.00.25
STATE STREET CORP V/R 06/15/47857477AY9CORPORATE BONDS4,213,000.00003,899,552.80.40
STERIGENICS-NORD 6.5% 05/15/2385917DAA2CORPORATE BONDS3,500,000.00003,622,500.00.37
TALEN ENERGY SUP 9.5% 07/15/2287422VAB4CORPORATE BONDS801,000.0000706,882.50.07
TENET HEALTHCA 8.125% 04/01/2288033GCE8CORPORATE BONDS-3,300,000.0000-3,547,500.00-.36
USB REALTY V/R /PERP/903312AA4CORPORATE BONDS3,985,000.00003,536,687.50.36
VALEANT PHARMA 6.375% 10/15/2091829KAA1CORPORATE BONDS3,483,000.00003,387,217.50.35
WESTERN DIGITA 7.375% 04/01/23958102AJ4CORPORATE BONDS388,000.0000425,830.00.04
WESTERN DIGITAL 10.5% 04/01/24958102AL9CORPORATE BONDS735,000.0000870,056.25.09
T/L GETTY IMAGES ZCP 10/18/19LX126129LOAN420,000.0000390,390.00.04
T/L LA PALOMA GENE 0% 02/20/20LX135585LOAN7,595,000.0000379,750.00.04
T/L ASURION LLC 0% 3/3/21LX135662LOAN8,000,000.00008,010,000.00.82
T/L NEIMAN MARCUS ZCP 10/25/20LX135908LOAN1,629,690.72001,202,353.22.12
T/L SOUTHERN PAC 0% 03/29/2019LX136385LOAN3,117,343.2500.00.00
T/L EVERGREEN SKIL 0% 04/28/21LX136501LOAN2,974,235.74002,790,457.71.28
T/L PROQUEST LLC 0% 10/24/21LX141006LOAN3,994,787.86004,047,239.42.41
T/L TOYS R US-DELAWA 0% 4/24/20LX141526LOAN2,920,658.39802,351,130.01.24
T/L QUORUM HEALTH 0% 04/29/22LX152098LOAN685,000.0000684,575.30.07
T/L UBER TECHN 0% 07/13/23LX153549LOAN5,082,198.49005,085,400.28.52
T/L ULTIMATE FIGHTING CHAMPIONSHIP LTDREGD 0% 08/18/23LX153867LOAN1,595,979.84001,604,709.85.16
T/L CALIFORNIA R 0% 12/31/2021LX154198LOAN4,695,000.00005,049,472.50.51
T/L NEW ASURION CO 0% 8/31/21LX154316LOAN1,050,000.00001,074,937.50.11
T/L CHESAPEAKE ENE 0% 08/23/21LX154538LOAN1,225,000.00001,314,118.75.13
T/L CHOBANI LLC 0% 10/10/23LX155479LOAN5,513,382.00005,547,840.64.57
T/L ACRISURE LLC 0% 11/22/23LX156199LOAN1,685,775.00001,706,324.60.17
T/L AVAYA INC 0% 1/24/18LX159374LOAN955,500.0000980,715.65.10
T/L SCIENTIFIC 0% 10/01/21LX159994LOAN7,481,250.00007,488,282.38.76
T/L NAVISTAR INC 0% 8/07/20LX160018LOAN2,994,936.71003,024,886.08.31
T/L EQUINOX FIT 0% 03/08/24LX160946LOAN3,241,875.00003,265,378.59.33
T/L EQUINOX HOLD 0% 09/06/2024LX160948LOAN1,000,000.00001,017,500.00.10
T/L AVANTOR PERFOR 0% 03/11/24LX161214LOAN2,643,375.00002,643,375.00.27
T/L UTILITY ONE 0% 04/18/2023LX162200LOAN3,000,000.00003,048,750.00.31
T/L SUPERVALU INC 0% 06/08/24LX164594LOAN1,738,933.26001,725,456.53.18
T/L SUPERVALU INC 0% 06/08/24LX164595LOAN1,043,359.96001,035,273.92.11
T/L EIG INVESTORS CO 0% 2/9/23LX164875LOAN4,322,441.13004,367,005.50.45
T/L VIVID SEATS 0% 06/30/2024LX165896LOAN4,550,000.00004,586,991.50.47
T/L ASURION LLC 0% 07/14/2025LX167087LOAN2,800,000.00002,869,132.00.29
CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX LONGSP9F6UXYSWAPS1,300,000.00001,311,831.83.13
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 LONGSP9F6WB0SWAPS650,000.0000655,915.92.07
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 LONGSP9J2QS7SWAPS390,000.0000392,968.00.04
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 LONGSPA03UFQSWAPS500,000.0000503,805.13.05
CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX SHORTSPA03UFQSWAPS-500,000.0000-500,000.00-.05
PACIFIC DRILLIN 7.25% 12/01/17694184AA0CORPORATE BONDS1,576,000.0000760,420.00.08
C/O NXP SEMICONDUC JAN 110.000NXPI190118C0011000098D998TC8OPTIONS-1,275.0000-892,500.00-.09
F/C US 10YR NOTE (CBT)SEP17TYU7 XCBT33J8KHFUTURES-103.0000-12,966,734.38-1.32
F/C US 5YR NOTE (CBT) SEP17FVU7 XCBT33KGR7FUTURES-345.0000-40,761,211.11-4.15
F/C US LONG BOND(CBT) SEP17USU7 XCBT33KGSBFUTURES-39.0000-5,965,781.25-.61
F/C S&P500 EMINI FUT SEP17ESU7 XCME33KPR8FUTURES-38.0000-4,689,200.00-.48

As of 07/31/2017.

Distributions

Fund NameFund CusipDistribution TypeAmount per ShareEx DateReinvest DateReinvest Price

Fees and expenses

Type Amount
Management fee 0.70%
Distribution and service (12b-1) fee None
Other expenses 0.24%
Total annual fund operating expense 0.94%
Fee waivers and expense reimbursements (0.01%)
Total annual fund operating expenses less fee waivers and expense reimbursements 0.93%*

*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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