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.
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| BofA Merrill Lynch 1-10 Year Municipal Securities Index |
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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.
- 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%*
Management team
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Jeffrey W. Raupp Director of InvestmentsJeffrey 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.
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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.
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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 | ||||||||||||||||||||
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| Annualized | ||||||||||||||||||||
| MTD | QTD | YTD | 1 Year | 3 Years | 5 Years | Since Inception |
Inception Date |
Gross expense ratio |
Net expense ratio* |
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| Destinations Municipal Fixed Income Fund |
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| BofA Merrill Lynch 1-10 Year Municipal Securities Index |
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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 Description | Ticker Symbol | Security ID | Security Type Description | Quantity | Base Market Value | Percent TNA |
|---|---|---|---|---|---|---|
| EURO | CASHEUR | CURRENCY | -4,000,000.0000 | -4,734,999.92 | -.48 | |
| US DOLLARS | CASHUSD | CURRENCY | 332,110,211.1700 | 332,110,211.17 | 33.85 | |
| BANK OF NT BUTTERFIELD & SON | NTB | BD8FF02 | COMMON STOCK | 85,000.0000 | 2,897,650.00 | .30 |
| CONNACHER OIL & GAS LTD /CAD/ | 20588Y400 | COMMON STOCK | 534,616.0000 | .00 | .00 | |
| CENTRAL FUND CANADA LTD-A | CEF | 153501101 | POOLED INVESTMENTS | 235,898.0000 | 2,944,007.04 | .30 |
| ALIBABA GROUP HOLDING-SP ADR | BABA | 01609W102 | COMMON STOCK | -15,400.0000 | -2,386,230.00 | -.24 |
| CF CORPORATION - CLASS A | CFCO | BZCFL26 | COMMON STOCK | 427,200.0000 | 4,622,304.00 | .47 |
| WEATHERFORD INTERNATIONAL PL | WFT | G48833100 | COMMON STOCK | -133,000.0000 | -593,180.00 | -.06 |
| ALTICE NV - A /EUR/ | BYT3416 | COMMON STOCK | 228,211.0000 | 5,633,869.12 | .57 | |
| NXP SEMICONDUCTORS NV | NXPI | B505PN7 | COMMON STOCK | 147,771.0000 | 16,303,574.43 | 1.66 |
| TRANSOCEAN LTD | RIG | B3KFWW1 | COMMON STOCK | -22,500.0000 | -194,625.00 | -.02 |
| AMC ENTERTAINMENT HLDS-CL A | AMC | 00165C104 | COMMON STOCK | 411,794.0000 | 8,400,597.60 | .86 |
| ACLARIS THERAPEUTICS INC | ACRS | 00461U105 | COMMON STOCK | 30,230.0000 | 870,624.00 | .09 |
| ADAMS DIVERSIFIED EQUITY FUN | ADX | 006212104 | POOLED INVESTMENTS | 181,413.0000 | 2,681,284.14 | .27 |
| ADVENT/CLAYMORE ENH GR & INC | LCM | 00765E104 | POOLED INVESTMENTS | 113,216.0000 | 992,904.32 | .10 |
| ALLIANZGI EQUITY & CONVERTIB | XNIEX | 018829101 | POOLED INVESTMENTS | 87,803.0000 | 1,763,084.24 | .18 |
| ALLIANZGI NFJ DIVIDEND INTER | XNFJX | 01883A107 | POOLED INVESTMENTS | 57,303.0000 | 764,422.02 | .08 |
| ALPINE TOTAL DYNAMIC DIVIDEN | 021060207 | POOLED INVESTMENTS | 341,898.0000 | 3,022,378.32 | .31 | |
| ARES CAPITAL CORP | ARCC | 04010L103 | COMMON STOCK | 64,359.0000 | 1,054,844.01 | .11 |
| BECTON DICKINSON AND CO | BDX | 075887109 | COMMON STOCK | -5,300.0000 | -1,067,420.00 | -.11 |
| BECTON DICKINSON & CO /PFD/ | BCTTP | 075887208 | PREFERRED STOCK | 30,000.0000 | 1,676,700.00 | .17 |
| BLACKROCK ENHANCED GLOBAL DIVI | BOE | 092501105 | POOLED INVESTMENTS | 130,681.0000 | 1,764,193.50 | .18 |
| BLACKROCK CREDIT ALLOCATION | BTZ | 092508100 | POOLED INVESTMENTS | 177,007.0000 | 2,387,824.43 | .24 |
| BLACKROCK RESOURCES & COMMOD | BCX | 09257A108 | POOLED INVESTMENTS | 137,456.0000 | 1,186,245.28 | .12 |
| BLACKSTONE/GSO LONG-SHORT CR | BGX | 09257D102 | POOLED INVESTMENTS | 5,763.0000 | 93,245.34 | .01 |
| BLACKROCK MULTI-SECTOR INCOM | BIT | 09258A107 | POOLED INVESTMENTS | 58,596.0000 | 1,082,854.08 | .11 |
| BLUEPRINT MEDICINES CORP | BPMC | 09627Y109 | COMMON STOCK | 106,208.0000 | 5,557,864.64 | .57 |
| BOULDER GROWTH & INCOME FUND | BIF | 101507101 | POOLED INVESTMENTS | 64,102.0000 | 633,968.78 | .06 |
| BOYD GAMING CORP | BYD | 103304101 | COMMON STOCK | -55,000.0000 | -1,378,300.00 | -.14 |
| BUILDERS FIRSTSOURCE INC | BLDR | 12008R107 | COMMON STOCK | 121,861.0000 | 1,909,561.87 | .19 |
| CBRE CLARION GL R/E INCOME F | IGR | 12504G100 | POOLED INVESTMENTS | 45,969.0000 | 361,316.34 | .04 |
| CIENA CORP | CIEN | 171779309 | COMMON STOCK | -74,400.0000 | -1,915,800.00 | -.20 |
| CLOUGH GLOBAL EQUITY FUND | GLQ | 18914C100 | POOLED INVESTMENTS | 311,319.0000 | 4,152,995.46 | .42 |
| CLOUGH GLBL OPPORTUNITIES FD | GLO | 18914E106 | POOLED INVESTMENTS | 716,892.0000 | 8,022,021.48 | .82 |
| CONCERT PHARMACEUTICALS INC | CNCE | 206022105 | COMMON STOCK | 117,620.0000 | 1,697,256.60 | .17 |
| CORNERSTONE STRATEGIC RTS 08/25/17 | 219991973 | RIGHTS | 147.0000 | .00 | .00 | |
| CORNERSTONE TOTAL RET RTS 12/31/49 | 219991981 | RIGHTS | 147.0000 | .00 | .00 | |
| DELAWARE ENHANCED GLOBAL DIV | DEX | 246060107 | POOLED INVESTMENTS | 48,926.0000 | 573,412.72 | .06 |
| EATON VANCE LTD DURATION FND | EVV | 27828H105 | POOLED INVESTMENTS | 75,775.0000 | 1,075,247.25 | .11 |
| ELDORADO RESORTS INC | ERI | 28470R102 | COMMON STOCK | -201,000.0000 | -4,100,400.00 | -.42 |
| ENDURANCE INTERNATIONAL GROU | EIGI | 29272B105 | COMMON STOCK | 162,180.0000 | 1,500,165.00 | .15 |
| CHASSIX HOLDINGS INC CALL EXP | 33JTJ8 | COMMON STOCK | 38,375.0000 | 172,687.50 | .02 | |
| ASPIRE HOLDINGS LLC | 33JTKG | COMMON STOCK | 8,558,328.0000 | .00 | .00 | |
| GMAC CAP 8.125% 2/15/40 /PFD/ | ALLY PRA | 361860208 | PREFERRED STOCK | 120,384.0000 | 3,196,195.20 | .33 |
| GAMING AND LEISURE PROPERTIE | GLPI | 36467J108 | REIT - Real Estate Invesment Trust | 360,745.0000 | 13,686,665.30 | 1.39 |
| GENERAL AMERICAN INVESTORS | GAM | 368802104 | POOLED INVESTMENTS | 56,202.0000 | 1,971,004.14 | .20 |
| GENERAL AMERICAN INVEST PREFERRED SERIES B | GAM PRB | 368802401 | POOLED INVESTMENTS | 21,578.0000 | 578,506.18 | .06 |
| GENERAL MOTORS CO | GM | 37045V100 | COMMON STOCK | 40,676.0000 | 1,463,522.48 | .15 |
| HENNESSY CAPITAL ACQUISITION | HCAC/U | 42588L204 | OTHER EQUITY | 42,864.0000 | 437,212.80 | .04 |
| INDUSTREA ACQUISITION CORP | INDUU | 45579J203 | OTHER EQUITY | 25,795.0000 | 259,239.75 | .03 |
| ISHARES PHLX SOX SEMICONDUCTOR | SOXX | 464287523 | POOLED INVESTMENTS | -26,000.0000 | -3,821,480.00 | -.39 |
| ISHARES NASDAQ BIOTECHNOLOGY | IBB | 464287556 | POOLED INVESTMENTS | -17,760.0000 | -5,667,038.40 | -.58 |
| ISHARES RUSSELL 2000 ETF | IWM | 464287655 | POOLED INVESTMENTS | -16,500.0000 | -2,334,915.00 | -.24 |
| JPMORGAN STRAT INC OPP-I | JSOSX | 4812A4351 | POOLED INVESTMENTS | 11,703,710.1186 | 136,699,334.18 | 13.93 |
| LMP CAPITAL AND INCOME FUND | SCD | 50208A102 | POOLED INVESTMENTS | 17,474.0000 | 253,373.00 | .03 |
| LEGG MASON BW ABS RET OPP-IS | LROSX | 524686664 | POOLED INVESTMENTS | 4,466,318.3440 | 56,454,263.87 | 5.75 |
| LEGG MASON BW GLOBAL INCOME | BWG | 52469B100 | POOLED INVESTMENTS | 155,921.0000 | 2,122,084.81 | .22 |
| LIBERTY ALL STAR EQUITY FUND | USA | 530158104 | POOLED INVESTMENTS | 637,243.0000 | 3,645,029.96 | .37 |
| LOXO ONCOLOGY INC | LOXO | 548862101 | COMMON STOCK | 63,170.0000 | 4,567,822.70 | .47 |
| MANDATORY EXCH TRUST /PRF/ | MNXCZ | 56262P109 | PREFERRED STOCK | 15,000.0000 | 2,679,900.00 | .27 |
| MICROCHIP TECHNOLOGY INC | MCHP | 595017104 | COMMON STOCK | -47,400.0000 | -3,793,896.00 | -.39 |
| NATERA INC | NTRA | 632307104 | COMMON STOCK | 231,438.0000 | 1,867,704.66 | .19 |
| NEXPOINT CREDIT STRATEGIES | 65340G205 | POOLED INVESTMENTS | 51,614.0000 | 1,131,895.02 | .12 | |
| NUVEEN AMT-FREE QTY MUN INC FD | NEA | 670657105 | POOLED INVESTMENTS | 155,894.0000 | 2,179,398.12 | .22 |
| NUVEEN QUALITY MUN INC FD | NAD | 67066V101 | POOLED INVESTMENTS | 132,733.0000 | 1,902,063.89 | .19 |
| NUVEEN INT DUR QU MUN TRM FD | NIQ | 670677103 | POOLED INVESTMENTS | 126,220.0000 | 1,671,152.80 | .17 |
| NUVEEN MORT OPP TERM FD | JLS | 670735109 | POOLED INVESTMENTS | 133,460.0000 | 3,417,910.60 | .35 |
| NUVEEN CREDIT STRAT INC FD | JQC | 67073D102 | POOLED INVESTMENTS | 144,092.0000 | 1,252,159.48 | .13 |
| NUVEEN MORT OPP TERM FD 2 | JMT | 67074R100 | POOLED INVESTMENTS | 48,505.0000 | 1,190,797.75 | .12 |
| OCEANFIRST FINANCIAL CORP | OCFC | 675234108 | COMMON STOCK | 30,000.0000 | 812,400.00 | .08 |
| ORITANI FINANCIAL CORP | ORIT | 68633D103 | COMMON STOCK | 189,294.0000 | 3,142,280.40 | .32 |
| OSPREY ENERGY ACQUISITION CO | OSPRU | 688397207 | OTHER EQUITY | 30,010.0000 | 301,600.50 | .03 |
| PACIFIC PREMIER BANCORP INC | PPBI | 69478X105 | COMMON STOCK | 69,417.0000 | 2,492,070.30 | .25 |
| PENSARE ACQUISITION CORP | WRLSU | 70957E204 | OTHER EQUITY | 60,189.0000 | 604,899.45 | .06 |
| PINNACLE ENTERTAINMENT INC | PNK | 72348Y105 | COMMON STOCK | 827,944.0000 | 15,730,936.00 | 1.60 |
| POWERSHARES QQQ TRUST SERIES | QQQ | 73935A104 | POOLED INVESTMENTS | -33,000.0000 | -4,726,590.00 | -.48 |
| PRUDENTIAL GL SH DUR HI YLD | GHY | 74433A109 | POOLED INVESTMENTS | 47,184.0000 | 712,950.24 | .07 |
| ROYCE VALUE TRUST | RVT | 780910105 | POOLED INVESTMENTS | 200,507.0000 | 2,999,584.72 | .31 |
| ROYCE MICRO-CAP TRUST INC | RMT | 780915104 | POOLED INVESTMENTS | 195,201.0000 | 1,688,488.65 | .17 |
| SPDR S&P OIL & GAS EXP & PR | XOP | 78464A730 | POOLED INVESTMENTS | 60,000.0000 | 1,951,200.00 | .20 |
| SPDR S&P BIOTECH ETF | XBI | 78464A870 | POOLED INVESTMENTS | -79,865.0000 | -6,243,047.05 | -.64 |
| SPROTT FOCUS TRUST INC | 85208J109 | POOLED INVESTMENTS | 422,826.0000 | 3,179,651.52 | .32 | |
| STEWART INFORMATION SERVICES | STC | 860372101 | COMMON STOCK | 353,735.0000 | 13,901,785.50 | 1.42 |
| TAILORED BRANDS INC | TLRD | 87403A107 | COMMON STOCK | -26,000.0000 | -326,040.00 | -.03 |
| TEMPLETON GLOBAL INCOME FUND | GIM | 880198106 | POOLED INVESTMENTS | 395,788.0000 | 2,643,863.84 | .27 |
| TIME WARNER INC | TWX | 887317303 | COMMON STOCK | 46,600.0000 | 4,772,772.00 | .49 |
| TIVO CORP | TIVO | 88870P106 | COMMON STOCK | 488,620.0000 | 9,576,952.00 | .98 |
| TRIPLEPOINT VENTURE GROW/PFD/ | 89677Y308 | PREFERRED STOCK | 21,189.0000 | 541,378.95 | .06 | |
| VIRTUS TOTAL RETURN FUND INC | ZF | 92837G100 | POOLED INVESTMENTS | 99,156.0000 | 1,243,416.24 | .13 |
| WGL HOLDINGS INC | WGL | 92924F106 | COMMON STOCK | 14,796.0000 | 1,268,313.12 | .13 |
| WESTAR ENERGY INC | WR | 95709T100 | COMMON STOCK | 41,683.0000 | 2,115,412.25 | .22 |
| WESTERN ASSET EMERGING MARKE | EMD | 95766A101 | POOLED INVESTMENTS | 289,283.0000 | 4,521,493.29 | .46 |
| WESTERN ASSET HIGH INCOME OP | HIO | 95766K109 | POOLED INVESTMENTS | 598,677.0000 | 3,095,160.09 | .32 |
| XPO LOGISTICS INC | XPO | 983793100 | COMMON STOCK | 99,911.0000 | 6,005,650.21 | .61 |
| CONSTELLATION ALPHA CAPITAL | CNACU | BF3NP94 | OTHER EQUITY | 22,935.0000 | 230,496.75 | .02 |
| AEROPUERTOS AR 6.875% 02/01/27 | 00786PAC8 | CORPORATE BONDS | 5,635,000.0000 | 5,860,400.00 | .60 | |
| CAPEX SA 6.875% 05/15/24 | 139612AE5 | CORPORATE BONDS | 1,900,000.0000 | 1,900,000.00 | .19 | |
| DIGICEL LIMITED 6.75% 03/01/23 | 25380QAH2 | CORPORATE BONDS | 4,000,000.0000 | 3,825,000.00 | .39 | |
| WEATHERFORD BER 7.75% 06/15/21 | 947075AJ6 | CORPORATE BONDS | 245,000.0000 | 251,125.00 | .03 | |
| DIGICEL LIMITED 6.75% 03/01/23 | BW1YMC0 | CORPORATE BONDS | 1,500,000.0000 | 1,434,375.00 | .15 | |
| CONNACHER OIL AND 12% 08/31/18 | 20588YAJ2 | CORPORATE BONDS | 803,238.0000 | 8,032.38 | .00 | |
| VALEANT PHARMA 5.875% 05/15/23 | 91831AAB7 | CORPORATE BONDS | 6,809,000.0000 | 5,855,740.00 | .60 | |
| VALEANT PHARMACE 6.5% 03/15/22 | 91911KAJ1 | CORPORATE BONDS | 774,000.0000 | 816,570.00 | .08 | |
| VALEANT PHARMACEUT 7% 03/15/24 | 91911KAK8 | CORPORATE BONDS | 1,031,000.0000 | 1,098,015.00 | .11 | |
| VALEANT PHARMAC 6.75% 08/15/18 | 92912EAC7 | CORPORATE BONDS | 1,000,000.0000 | 1,001,250.00 | .10 | |
| T/L CONNACHER OIL 0% 05/23/18 | LX144549 | LOAN | 723,718.5490 | 14,474.37 | .00 | |
| TRANSOCEAN INC 9% 07/15/23 | 893830BE8 | CORPORATE BONDS | 788,000.0000 | 823,460.00 | .08 | |
| SFR GROUP SA 7.375% 05/01/26 | 67054KAA7 | CORPORATE BONDS | 3,500,000.0000 | 3,788,750.00 | .39 | |
| ARDAGH PKG FIN 4.625% 05/15/23 | 03969AAH3 | CORPORATE BONDS | 1,210,000.0000 | 1,237,225.00 | .13 | |
| ARDAGH PKG FIN/HLD 6% 02/15/25 | 03969AAL4 | CORPORATE BONDS | 2,355,000.0000 | 2,515,422.60 | .26 | |
| CODERE FIN 6.75% 11/01/21/EUR/ | BD5MPH3 | CORPORATE BONDS | 4,000,000.0000 | 4,818,335.92 | .49 | |
| ALTICE LUXEMBOU 7.75% 05/15/22 | 02154VAA9 | CORPORATE BONDS | 3,500,000.0000 | 3,718,750.00 | .38 | |
| ARCELORMITTAL 6% 3/1/21 | MT21 | 03938LAU8 | CORPORATE BONDS | -1,800,000.0000 | -1,971,000.00 | -.20 |
| INTELSAT JACKSON H 8% 02/15/24 | 45824TAR6 | CORPORATE BONDS | 1,117,000.0000 | 1,213,341.25 | .12 | |
| INTELSAT JACKSO 9.75% 07/15/25 | 45824TAY1 | CORPORATE BONDS | 2,230,000.0000 | 2,305,262.50 | .23 | |
| PACIFIC DRILLI 5.375% 06/01/20 | 69419BAA3 | CORPORATE BONDS | 672,000.0000 | 275,520.00 | .03 | |
| ACC INDU BO/ACC 7.75% 12/15/20 | 828326AA6 | CORPORATE BONDS | 1,535,000.0000 | 1,595,632.50 | .16 | |
| CODERE FINANCE 7.625% 11/01/21 | BDS6DJ0 | CORPORATE BONDS | 2,625,000.0000 | 2,598,750.00 | .26 | |
| T/L SEADRILL 0% 2/21/21 | LX135384 | LOAN | 8,968,721.4340 | 6,128,596.42 | .62 | |
| ALCOA NEDERLAND HO 7% 09/30/26 | 013822AB7 | CORPORATE BONDS | 1,715,000.0000 | 1,907,937.50 | .19 | |
| ENDO DAC/FIN L 5.875% 10/15/24 | 29273DAA8 | CORPORATE BONDS | 1,500,000.0000 | 1,552,500.00 | .16 | |
| ENDO DAC/FIN LLC/F 6% 02/01/25 | 29273EAA6 | CORPORATE BONDS | 6,419,000.0000 | 5,408,893.32 | .55 | |
| HEXION INC/HEXION 9% 11/15/20 | 428303AM3 | CORPORATE BONDS | 934,000.0000 | 666,642.50 | .07 | |
| ROYAL BK SCOTL V/R /PERP/ | RLSPY | 780097AU5 | CORPORATE BONDS | 8,450,000.0000 | 8,101,437.50 | .83 |
| APX GROUP INC 8.75% 12/01/20 | 00213MAD6 | CORPORATE BONDS | -8,139,000.0000 | -8,362,822.50 | -.85 | |
| PERMIAN RESOUR 7.125% 11/01/20 | 02563LAB4 | CORPORATE BONDS | 5,880,000.0000 | 4,909,800.00 | .50 | |
| PERMIAN RESOUR 7.375% 11/01/21 | 02563LAC2 | CORPORATE BONDS | 269,000.0000 | 223,270.00 | .02 | |
| AMSTED INDUSTRIES 5% 03/15/22 | 032177AE7 | CORPORATE BONDS | 4,000,000.0000 | 4,140,000.00 | .42 | |
| ANTERO RESOURCES C 5% 03/01/25 | 03674XAG1 | CORPORATE BONDS | 1,700,000.0000 | 1,674,500.00 | .17 | |
| ANTERO RESOURCES C 5% 03/01/25 | 03674XAJ5 | CORPORATE BONDS | 770,000.0000 | 758,450.00 | .08 | |
| PETSMART INC 7.125% 03/15/23 | 04021LAA8 | CORPORATE BONDS | -1,750,000.0000 | -1,581,562.50 | -.16 | |
| AVAYA INC 7% 04/01/19 | 053499AG4 | CORPORATE BONDS | 2,700,000.0000 | 2,227,500.00 | .23 | |
| BUILDERS FIRST 5.625% 09/01/24 | 12008RAJ6 | CORPORATE BONDS | 3,004,000.0000 | 3,154,200.00 | .32 | |
| CCO HLDGS LLC/ 5.125% 05/01/27 | 1248EPBT9 | CORPORATE BONDS | 1,750,000.0000 | 1,809,062.50 | .18 | |
| CHS/COMMUNITY 5.125% 08/01/21 | 12543DAU4 | CORPORATE BONDS | 2,450,000.0000 | 2,465,312.50 | .25 | |
| CHS/COMMUNITY H 6.25% 03/31/23 | 12543DAY6 | CORPORATE BONDS | 4,994,000.0000 | 5,112,607.50 | .52 | |
| XPO CNW INC 6.7% 05/01/34 | CNW/34 | 12612WAB0 | CORPORATE BONDS | 2,593,000.0000 | 2,521,692.50 | .26 |
| CALIFORNIA RESOURC 8% 12/15/22 | 13057QAG2 | CORPORATE BONDS | 4,736,000.0000 | 3,025,120.00 | .31 | |
| CIENA CORP 3.75% 10/15/18 | 171779AG6 | CORPORATE BONDS | 2,500,000.0000 | 3,437,500.00 | .35 | |
| UNITI GROUP/CSL 8.25% 10/15/23 | 20341WAD7 | CORPORATE BONDS | 1,207,000.0000 | 1,243,210.00 | .13 | |
| CONCHO RESOURCES 5.5% 04/01/23 | CXO23 | 20605PAE1 | CORPORATE BONDS | 500,000.0000 | 516,250.00 | .05 |
| CONSOLIDATED COM 6.5% 10/01/22 | 20903XAE3 | CORPORATE BONDS | -687,000.0000 | -673,260.00 | -.07 | |
| CONTINENTAL RESO 4.9% 06/01/44 | 212015AQ4 | CORPORATE BONDS | 2,996,000.0000 | 2,561,580.00 | .26 | |
| DIAMONDBACK EN 5.375% 05/31/25 | 25278XAF6 | CORPORATE BONDS | 1,115,000.0000 | 1,154,025.00 | .12 | |
| DIAMONDBACK EN 5.375% 05/31/25 | 25278XAH2 | CORPORATE BONDS | 1,023,000.0000 | 1,058,805.00 | .11 | |
| DYNEGY INC 7.625% 11/01/24 | 26817RAP3 | CORPORATE BONDS | 6,749,000.0000 | 6,681,510.00 | .68 | |
| EP ENER/EVEREST 7.75% 09/01/22 | 268787AB4 | CORPORATE BONDS | 742,000.0000 | 500,850.00 | .05 | |
| EP ENER/EVERES 6.375% 06/15/23 | 268787AD0 | CORPORATE BONDS | 1,810,000.0000 | 1,144,825.00 | .12 | |
| EP ENER/EVEREST AC 8% 11/29/24 | 268787AE8 | CORPORATE BONDS | 1,000,000.0000 | 1,010,000.00 | .10 | |
| ESH HOSPITALITY 5.25% 05/01/25 | 26907YAA2 | CORPORATE BONDS | 8,342,000.0000 | 8,717,390.00 | .89 | |
| EP ENER/EVERES 9.375% 05/01/20 | 29977HAB6 | CORPORATE BONDS | 3,909,000.0000 | 3,327,536.25 | .34 | |
| FRONTIER COMMUN 10.5% 09/15/22 | 35906AAW8 | CORPORATE BONDS | 1,808,000.0000 | 1,699,520.00 | .17 | |
| ABE INV HLDG/GETTY 7% 10/15/20 | 398176AA5 | CORPORATE BONDS | -580,000.0000 | -446,600.00 | -.05 | |
| HCA INC 5.875% 02/15/26 | 404119BS7 | CORPORATE BONDS | 2,220,000.0000 | 2,419,800.00 | .25 | |
| HC2 HOLDINGS INC 11% 12/01/19 | 404139AA5 | CORPORATE BONDS | 5,640,000.0000 | 5,788,050.00 | .59 | |
| HRG GROUP INC 7.75% 01/15/22 | 40434JAC4 | CORPORATE BONDS | 8,000,000.0000 | 8,440,000.00 | .86 | |
| HEXION INC 10% 04/15/20 | 42829LAC8 | CORPORATE BONDS | 5,334,000.0000 | 5,347,335.00 | .54 | |
| HEXION INC 10.375% 02/01/22 | 42829LAD6 | CORPORATE BONDS | 2,028,000.0000 | 2,053,350.00 | .21 | |
| HEXION INC 6.625% 04/15/20 | 428302AA1 | CORPORATE BONDS | 1,960,000.0000 | 1,844,850.00 | .19 | |
| JPMORGAN CHASE & CO V/R /PERP/ | 46625HHA1 | CORPORATE BONDS | 5,000,000.0000 | 5,187,500.00 | .53 | |
| KINDRED HEALTH 6.375% 04/15/22 | 494580AD5 | CORPORATE BONDS | 3,200,000.0000 | 2,968,000.00 | .30 | |
| KINDRED HEALTHCARE 8% 01/15/20 | KND20A | 494580AE3 | CORPORATE BONDS | 1,500,000.0000 | 1,507,500.00 | .15 |
| KRATON POLYMERS 10.5% 04/15/23 | 50077DAC8 | CORPORATE BONDS | 3,000,000.0000 | 3,487,500.00 | .36 | |
| NEIMAN MARCUS GROU 8% 10/15/21 | 570254AA0 | CORPORATE BONDS | 6,308,000.0000 | 3,485,170.00 | .36 | |
| THE MEN'S WEARHOUS 7% 07/01/22 | 587118AE0 | CORPORATE BONDS | 1,960,000.0000 | 1,778,700.00 | .18 | |
| MICROCHIP TECH 1.625% 02/15/25 | 595017AD6 | CORPORATE BONDS | 2,500,000.0000 | 3,906,250.00 | .40 | |
| NRG ENERGY INC 6.25% 05/01/24 | 629377BY7 | CORPORATE BONDS | 3,000,000.0000 | 3,112,500.00 | .32 | |
| NEWFIELD EXPLO 5.625% 07/01/24 | NFX24 | 651290AQ1 | CORPORATE BONDS | 2,445,000.0000 | 2,564,193.75 | .26 |
| PNC CAPITAL TRUST V/R 06/01/28 | 69349AAA0 | CORPORATE BONDS | 7,784,000.0000 | 7,239,120.00 | .74 | |
| PEABODY ENERGY COR 6% 03/31/22 | 70457LAA2 | CORPORATE BONDS | 1,470,000.0000 | 1,499,400.00 | .15 | |
| PEABODY ENERGY 6.375% 03/31/25 | 70457LAB0 | CORPORATE BONDS | 2,174,000.0000 | 2,195,740.00 | .22 | |
| JC PENNEY CORP 5.875% 07/01/23 | 708160CB0 | CORPORATE BONDS | 7,593,000.0000 | 7,687,912.50 | .78 | |
| PUERTO RICO CMWLTH 8% 07/01/35 | 74514LE86 | MUNICIPAL BONDS | 3,675,000.0000 | 2,205,000.00 | .22 | |
| PUERTO RICO CM 4.704% 05/01/16 | 745177EX9 | MUNICIPAL BONDS | 1,515,000.0000 | 501,843.75 | .05 | |
| PUERTO RICO CMWL 4.9% 08/01/21 | 745177FD2 | MUNICIPAL BONDS | 3,220,000.0000 | 1,071,455.00 | .11 | |
| PUERTO RICO CMW 4.35% 08/01/18 | 745177FK6 | MUNICIPAL BONDS | 2,615,000.0000 | 866,218.75 | .09 | |
| PUERTO RICO CM 3.875% 02/01/17 | 745177FM2 | MUNICIPAL BONDS | 6,380,000.0000 | 2,113,375.00 | .22 | |
| REVLON CONSUMER 5.75% 02/15/21 | 761519BD8 | CORPORATE BONDS | -3,360,000.0000 | -2,788,800.00 | -.28 | |
| RITE AID CORP 7.7% 02/15/27 | RAD27 | 767754AJ3 | CORPORATE BONDS | 2,232,000.0000 | 2,204,100.00 | .22 |
| RITE AID CORP 6.75% 06/15/21 | 767754CG7 | CORPORATE BONDS | 815,000.0000 | 845,562.50 | .09 | |
| RITE AID CORP 6.125% 04/01/23 | 767754CH5 | CORPORATE BONDS | 3,627,000.0000 | 3,595,263.75 | .37 | |
| SINCLAIR TELEV 5.625% 08/01/24 | 829259AR1 | CORPORATE BONDS | 2,380,000.0000 | 2,475,200.00 | .25 | |
| STATE STREET CORP V/R 06/15/47 | 857477AY9 | CORPORATE BONDS | 4,213,000.0000 | 3,899,552.80 | .40 | |
| STERIGENICS-NORD 6.5% 05/15/23 | 85917DAA2 | CORPORATE BONDS | 3,500,000.0000 | 3,622,500.00 | .37 | |
| TALEN ENERGY SUP 9.5% 07/15/22 | 87422VAB4 | CORPORATE BONDS | 801,000.0000 | 706,882.50 | .07 | |
| TENET HEALTHCA 8.125% 04/01/22 | 88033GCE8 | CORPORATE BONDS | -3,300,000.0000 | -3,547,500.00 | -.36 | |
| USB REALTY V/R /PERP/ | 903312AA4 | CORPORATE BONDS | 3,985,000.0000 | 3,536,687.50 | .36 | |
| VALEANT PHARMA 6.375% 10/15/20 | 91829KAA1 | CORPORATE BONDS | 3,483,000.0000 | 3,387,217.50 | .35 | |
| WESTERN DIGITA 7.375% 04/01/23 | 958102AJ4 | CORPORATE BONDS | 388,000.0000 | 425,830.00 | .04 | |
| WESTERN DIGITAL 10.5% 04/01/24 | 958102AL9 | CORPORATE BONDS | 735,000.0000 | 870,056.25 | .09 | |
| T/L GETTY IMAGES ZCP 10/18/19 | LX126129 | LOAN | 420,000.0000 | 390,390.00 | .04 | |
| T/L LA PALOMA GENE 0% 02/20/20 | LX135585 | LOAN | 7,595,000.0000 | 379,750.00 | .04 | |
| T/L ASURION LLC 0% 3/3/21 | LX135662 | LOAN | 8,000,000.0000 | 8,010,000.00 | .82 | |
| T/L NEIMAN MARCUS ZCP 10/25/20 | LX135908 | LOAN | 1,629,690.7200 | 1,202,353.22 | .12 | |
| T/L SOUTHERN PAC 0% 03/29/2019 | LX136385 | LOAN | 3,117,343.2500 | .00 | .00 | |
| T/L EVERGREEN SKIL 0% 04/28/21 | LX136501 | LOAN | 2,974,235.7400 | 2,790,457.71 | .28 | |
| T/L PROQUEST LLC 0% 10/24/21 | LX141006 | LOAN | 3,994,787.8600 | 4,047,239.42 | .41 | |
| T/L TOYS R US-DELAWA 0% 4/24/20 | LX141526 | LOAN | 2,920,658.3980 | 2,351,130.01 | .24 | |
| T/L QUORUM HEALTH 0% 04/29/22 | LX152098 | LOAN | 685,000.0000 | 684,575.30 | .07 | |
| T/L UBER TECHN 0% 07/13/23 | LX153549 | LOAN | 5,082,198.4900 | 5,085,400.28 | .52 | |
| T/L ULTIMATE FIGHTING CHAMPIONSHIP LTDREGD 0% 08/18/23 | LX153867 | LOAN | 1,595,979.8400 | 1,604,709.85 | .16 | |
| T/L CALIFORNIA R 0% 12/31/2021 | LX154198 | LOAN | 4,695,000.0000 | 5,049,472.50 | .51 | |
| T/L NEW ASURION CO 0% 8/31/21 | LX154316 | LOAN | 1,050,000.0000 | 1,074,937.50 | .11 | |
| T/L CHESAPEAKE ENE 0% 08/23/21 | LX154538 | LOAN | 1,225,000.0000 | 1,314,118.75 | .13 | |
| T/L CHOBANI LLC 0% 10/10/23 | LX155479 | LOAN | 5,513,382.0000 | 5,547,840.64 | .57 | |
| T/L ACRISURE LLC 0% 11/22/23 | LX156199 | LOAN | 1,685,775.0000 | 1,706,324.60 | .17 | |
| T/L AVAYA INC 0% 1/24/18 | LX159374 | LOAN | 955,500.0000 | 980,715.65 | .10 | |
| T/L SCIENTIFIC 0% 10/01/21 | LX159994 | LOAN | 7,481,250.0000 | 7,488,282.38 | .76 | |
| T/L NAVISTAR INC 0% 8/07/20 | LX160018 | LOAN | 2,994,936.7100 | 3,024,886.08 | .31 | |
| T/L EQUINOX FIT 0% 03/08/24 | LX160946 | LOAN | 3,241,875.0000 | 3,265,378.59 | .33 | |
| T/L EQUINOX HOLD 0% 09/06/2024 | LX160948 | LOAN | 1,000,000.0000 | 1,017,500.00 | .10 | |
| T/L AVANTOR PERFOR 0% 03/11/24 | LX161214 | LOAN | 2,643,375.0000 | 2,643,375.00 | .27 | |
| T/L UTILITY ONE 0% 04/18/2023 | LX162200 | LOAN | 3,000,000.0000 | 3,048,750.00 | .31 | |
| T/L SUPERVALU INC 0% 06/08/24 | LX164594 | LOAN | 1,738,933.2600 | 1,725,456.53 | .18 | |
| T/L SUPERVALU INC 0% 06/08/24 | LX164595 | LOAN | 1,043,359.9600 | 1,035,273.92 | .11 | |
| T/L EIG INVESTORS CO 0% 2/9/23 | LX164875 | LOAN | 4,322,441.1300 | 4,367,005.50 | .45 | |
| T/L VIVID SEATS 0% 06/30/2024 | LX165896 | LOAN | 4,550,000.0000 | 4,586,991.50 | .47 | |
| T/L ASURION LLC 0% 07/14/2025 | LX167087 | LOAN | 2,800,000.0000 | 2,869,132.00 | .29 | |
| CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX LONG | SP9F6UXY | SWAPS | 1,300,000.0000 | 1,311,831.83 | .13 | |
| CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX SHORT | SP9F6UXY | SWAPS | -1,300,000.0000 | -1,300,000.00 | -.13 | |
| CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX LONG | SP9F6WB0 | SWAPS | 650,000.0000 | 655,915.92 | .07 | |
| CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX SHORT | SP9F6WB0 | SWAPS | -650,000.0000 | -650,000.00 | -.07 | |
| CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX LONG | SP9J2QS7 | SWAPS | 390,000.0000 | 392,968.00 | .04 | |
| CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX SHORT | SP9J2QS7 | SWAPS | -390,000.0000 | -390,000.00 | -.04 | |
| CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX LONG | SPA03UFQ | SWAPS | 500,000.0000 | 503,805.13 | .05 | |
| CDS US868536AV55 05.000 BP 06/20/2022 GOLDUS33XXX SHORT | SPA03UFQ | SWAPS | -500,000.0000 | -500,000.00 | -.05 | |
| PACIFIC DRILLIN 7.25% 12/01/17 | 694184AA0 | CORPORATE BONDS | 1,576,000.0000 | 760,420.00 | .08 | |
| C/O NXP SEMICONDUC JAN 110.000 | NXPI190118C00110000 | 98D998TC8 | OPTIONS | -1,275.0000 | -892,500.00 | -.09 |
| F/C US 10YR NOTE (CBT)SEP17 | TYU7 XCBT | 33J8KH | FUTURES | -103.0000 | -12,966,734.38 | -1.32 |
| F/C US 5YR NOTE (CBT) SEP17 | FVU7 XCBT | 33KGR7 | FUTURES | -345.0000 | -40,761,211.11 | -4.15 |
| F/C US LONG BOND(CBT) SEP17 | USU7 XCBT | 33KGSB | FUTURES | -39.0000 | -5,965,781.25 | -.61 |
| F/C S&P500 EMINI FUT SEP17 | ESU7 XCME | 33KPR8 | FUTURES | -38.0000 | -4,689,200.00 | -.48 |
As of 07/31/2017.
Distributions
| Fund Name | Fund Cusip | Distribution Type | Amount per Share | Ex Date | Reinvest Date | Reinvest 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.
1-877-771-7979
Monday – Friday 8:30 am – 5:00 pm EST
Brinker Capital Destinations Funds
P.O. Box 2175
Milwaukee, WI 53201
Brinker Capital Destinations Funds
235 W. Galena Street
Milwaukee, WI 53212
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
www.brinkercapital.com
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
www.foreside.com
marketingmembers@brinkercapital.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.
