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 9/30/17
Annualized
MTD QTD YTD 1 Year 3 Years 5 Years Since
Inception
Destinations Municipal Fixed Income Fund
-0.42%
0.13%
N/A
N/A
N/A
N/A
0.83%
BofA Merrill Lynch 1-10 Year Municipal Securities Index
-0.23%
1.43%
N/A
N/A
N/A
N/A
2.79%

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: 10/20/2017

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, 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 9/30/17
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
-0.42%
0.13%
N/A
N/A
N/A
N/A
0.83%
3/20/2017
0.94%
0.93%
BofA Merrill Lynch 1-10 Year Municipal Securities Index
-0.23%
1.43%
N/A
N/A
N/A
N/A
2.79%

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
US DOLLARSCASHUSDCURRENCY34,890,537.290034,890,537.2917.88
ALASKA ST HSG FIN 5% 06/01/30011839NS2MUNICIPAL BONDS1,000,000.00001,204,790.00.62
BAY AREA CA TOLL V/R 04/01/53072024UQ3MUNICIPAL BONDS3,000,000.00002,998,170.001.54
BAY AREA CA TOLL V/R 04/01/53072024UR1MUNICIPAL BONDS1,500,000.00001,494,330.00.77
BEXAR CNTY TX 4% 06/15/32088281VB3MUNICIPAL BONDS1,000,000.00001,094,170.00.56
CALIFORNIA ST 5% 11/01/2613063DBN7MUNICIPAL BONDS5,000,000.00006,206,650.003.18
CANADIAN CNTY OK E 5% 09/01/26135521CL4MUNICIPAL BONDS500,000.0000605,510.00.31
CLARK CNTY NV SCH 5% 06/15/25181059WV4MUNICIPAL BONDS2,500,000.00003,016,850.001.55
CLARK CNTY NV SCH 5% 06/15/26181059WW2MUNICIPAL BONDS3,500,000.00004,256,560.002.18
CLARK CNTY NV SCH 4% 06/15/35181059XF8MUNICIPAL BONDS2,000,000.00002,106,820.001.08
CONNECTICUT ST REV 5% 06/01/2220775YDW3MUNICIPAL BONDS1,000,000.00001,160,890.00.60
CONROE TX INDEP SC 5% 02/15/30208418E58MUNICIPAL BONDS2,175,000.00002,642,712.001.35
DIST OF COLUMBIA 3% 06/01/3025476FBU1MUNICIPAL BONDS1,000,000.00001,000,430.00.51
FAIRFAX CNTY VA 4% 10/01/2730382AEP3MUNICIPAL BONDS250,000.0000286,360.00.15
FLORIDA ST 3% 07/01/313411502J8MUNICIPAL BONDS1,500,000.00001,503,735.00.77
GEORGIA ST 5% 07/01/29373385BH5MUNICIPAL BONDS3,835,000.00004,779,675.552.45
GEORGIA ST 5% 07/01/30373385BJ1MUNICIPAL BONDS2,500,000.00003,096,025.001.59
HAWAII ST 5% 10/01/28419792MK9MUNICIPAL BONDS500,000.0000612,765.00.31
HOUSTON TX INDEP V/R 06/01/39442403MQ1MUNICIPAL BONDS1,000,000.00001,028,840.00.53
HOUSTON TX UTILITY 4% 11/15/2144244CMR5MUNICIPAL BONDS250,000.0000276,650.00.14
KENTUCKY ST PROPER 5% 11/01/2749151FNL0MUNICIPAL BONDS1,000,000.00001,172,630.00.60
KOOTENAI CNTY ID S 4% 09/15/28500548GL0MUNICIPAL BONDS2,830,000.00003,208,229.501.64
LEHIGH CNTY PA IN V/R 09/01/29524808BX9MUNICIPAL BONDS1,400,000.00001,390,200.00.71
LEWISVILLE TX INDE 5% 08/15/285288287Z3MUNICIPAL BONDS1,225,000.00001,469,534.50.75
LOS ANGELES CA UNI 5% 07/01/275446465Q1MUNICIPAL BONDS1,500,000.00001,899,615.00.97
LOUISIANA ST LOCAL 5% 10/01/2654628CCP5MUNICIPAL BONDS1,500,000.00001,820,040.00.93
MAINE ST HSG AUT 3.5% 11/15/3756052FJQ9MUNICIPAL BONDS1,660,000.00001,641,142.40.84
MASSACHUSETTS ST V/R 07/01/4157584XS85MUNICIPAL BONDS500,000.0000500,180.00.26
MET WTR DIST OF 2.5% 07/01/2659266TNF4MUNICIPAL BONDS500,000.0000521,595.00.27
MINNESOTA ST 5% 08/01/2560412AGP2MUNICIPAL BONDS3,000,000.00003,683,190.001.89
MINNESOTA ST 5% 10/01/2560412ALA9MUNICIPAL BONDS2,500,000.00003,077,050.001.58
MISSISSIPPI ST 5% 10/01/29605581JM0MUNICIPAL BONDS2,500,000.00003,074,550.001.58
MOUNT PLEASANT SC 5% 06/01/31622634FL2MUNICIPAL BONDS250,000.0000303,340.00.16
NEW MEXICO ST 5% 03/01/26647293RJ0MUNICIPAL BONDS3,940,000.00004,861,132.602.49
NEW YORK CITY NY V/R 08/01/4164971WUR9MUNICIPAL BONDS3,700,000.00003,700,000.001.90
NEW YORK CITY NY T 4% 08/01/4264971XAJ7MUNICIPAL BONDS2,000,000.00002,130,460.001.09
NEW YORK CITY NY T 5% 07/15/2964972HZP0MUNICIPAL BONDS3,000,000.00003,676,440.001.88
NEW YORK ST ENVRNM 5% 06/15/3664986DDV4MUNICIPAL BONDS3,110,000.00003,716,729.901.90
NEW YORK ST DORM A 5% 03/15/3164990AGD1MUNICIPAL BONDS2,500,000.00003,030,150.001.55
NORTH CAROLINA ST 5% 06/01/26658256Z54MUNICIPAL BONDS4,000,000.00004,978,640.002.55
NORTHAMPTON CNTY P 5% 11/01/2766353LDF1MUNICIPAL BONDS1,000,000.00001,233,510.00.63
OHIO ST WTR DEV A V/R 12/01/3667766WXK3MUNICIPAL BONDS2,000,000.00002,000,000.001.03
OREGON ST DEPT OF 5% 11/15/2168607DTJ4MUNICIPAL BONDS5,000,000.00005,745,650.002.94
PIERCE CNTY WA SCH 5% 12/01/34720390ZQ9MUNICIPAL BONDS500,000.0000600,030.00.31
SAN ANTONIO TX IND 5% 08/01/28796269XM5MUNICIPAL BONDS1,195,000.00001,453,538.25.74
SAN FRANCISCO CA M 5% 03/01/31797686DV1MUNICIPAL BONDS1,555,000.00001,905,481.45.98
SCOTTSDALE AZ 5% 07/01/23810454AC2MUNICIPAL BONDS1,000,000.00001,191,320.00.61
SHELBY CNTY TN 5% 04/01/31821686S86MUNICIPAL BONDS3,000,000.00003,658,740.001.88
SUFFOLK VA 5% 02/01/278648133R9MUNICIPAL BONDS2,635,000.00003,299,467.951.69
TEXAS ST 5% 04/01/268827234J5MUNICIPAL BONDS2,655,000.00003,279,057.751.68
TEXAS ST 5% 10/01/308827236Y0MUNICIPAL BONDS1,500,000.00001,852,245.00.95
TRINITY RIVER TX A 5% 02/01/22896564VZ1MUNICIPAL BONDS400,000.0000460,256.00.24
WISCONSIN ST HLTH 4% 11/15/3697712DRA6MUNICIPAL BONDS500,000.0000520,710.00.27
BROWARD CNTY FL SC 2% 06/15/18115067HH6SHORT TERMS5,000,000.00005,033,850.002.58
CHARLESTON CNTY SC 5% 03/30/18160075YF8SHORT TERMS3,500,000.00003,570,910.001.83
COLORADO ST GEN FN 4% 06/27/18196729CC9SHORT TERMS1,400,000.00001,430,814.00.73
COLORADO ST EDUC L 5% 06/28/1819672MBZ0SHORT TERMS3,000,000.00003,087,510.001.58
ERIE CNTY NY 2% 06/30/18295084PS0SHORT TERMS5,000,000.00005,035,800.002.58
HOUSTON TX 5% 06/29/18442331S70SHORT TERMS2,000,000.00002,059,660.001.06
IDAHO ST 4% 06/29/18451434BX1SHORT TERMS1,000,000.00001,022,390.00.52
MASSACHUSETTS ST 2% 05/21/1857582RPT7SHORT TERMS10,000,000.000010,065,600.005.16
MILWAUKEE WI 4% 12/21/17602366XY7SHORT TERMS1,000,000.00001,006,940.00.52
OREGON ST 5% 09/28/1868609B5X1SHORT TERMS7,500,000.00007,795,875.004.00
SAN DIEGO CA UNIF 3% 06/29/187973555H3SHORT TERMS3,000,000.00003,046,980.001.56
TEXAS ST 4% 08/30/18882724DQ7SHORT TERMS8,500,000.00008,730,010.004.47
UNIV OF MINNESOTA 2% 12/01/17914460QM5SHORT TERMS5,000,000.00005,008,650.002.57

As of 09/29/2017.

Distributions

Fund NameFund CusipDistribution TypeAmount per ShareEx DateReinvest DateReinvest Price
Destinations Municipal Fixed Income Fund10964R889Dividend0.0056568/30/20178/30/2017$10.12
Destinations Municipal Fixed Income Fund10964R889Dividend0.0074579/28/20179/28/2017$10.07

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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