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.
- FIAM LLC is the sub-adviser of Fidelity Intermediate Municipal Fixed Income strategy which seeks a high level of tax-exempt income while focusing on fundamental credit analysis, yield curve positioning and an analysis of security-specific structural characteristics.
| Fund performance as of 6/30/18 | ||||||||||||||
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| MTD | QTD | YTD | 1 Year | 3 Years | 5 Years | Since Inception |
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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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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: 0.88%
- Net expense ratio: 0.76%*
Management team
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Jeffrey W. Raupp Chief Investment OfficerJeffrey W. Raupp, CFA, MBA, is Chief Investment Officer 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, 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 6/30/18 | ||||||||||||||||||||
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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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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 |
|---|---|---|---|---|---|---|
| US DOLLARS | CASHUSD | CURRENCY | 46,819,658.1900 | 46,819,658.19 | 18.91 | |
| ALASKA ST HSG FIN 5% 06/01/30 | 011839NS2 | MUNICIPAL BONDS | 1,000,000.0000 | 1,157,890.00 | .47 | |
| AUBURN UNIV AL GEN 5% 06/01/35 | 050589PP9 | MUNICIPAL BONDS | 2,000,000.0000 | 2,349,460.00 | .95 | |
| BALTIMORE CNTY M 4.5% 09/01/24 | 05914FUS7 | MUNICIPAL BONDS | 4,230,000.0000 | 4,779,773.10 | 1.93 | |
| BAY AREA CA TOLL V/R 04/01/53 | 072024UQ3 | MUNICIPAL BONDS | 3,000,000.0000 | 2,929,590.00 | 1.18 | |
| BAY AREA CA TOLL V/R 04/01/53 | 072024UR1 | MUNICIPAL BONDS | 2,000,000.0000 | 1,946,380.00 | .79 | |
| CALIFORNIA ST HLT V/R 08/15/53 | 13032UDW5 | MUNICIPAL BONDS | 3,500,000.0000 | 3,469,935.00 | 1.40 | |
| CANADIAN CNTY OK E 5% 09/01/26 | 135521CL4 | MUNICIPAL BONDS | 500,000.0000 | 583,710.00 | .24 | |
| CEDAR RAPIDS IA 5% 06/01/25 | 150528VY0 | MUNICIPAL BONDS | 1,155,000.0000 | 1,332,627.45 | .54 | |
| CHARLESTON CNTY SC 5% 11/01/27 | 160069ZQ6 | MUNICIPAL BONDS | 2,500,000.0000 | 3,028,625.00 | 1.22 | |
| CLARK CNTY NV 5% 06/01/35 | 180848XD0 | MUNICIPAL BONDS | 2,250,000.0000 | 2,639,610.00 | 1.07 | |
| CLARK CNTY NV SCH 5% 06/15/24 | 181059UM6 | MUNICIPAL BONDS | 1,500,000.0000 | 1,708,785.00 | .69 | |
| CLARK CNTY NV SCH 5% 06/15/25 | 181059WV4 | MUNICIPAL BONDS | 2,500,000.0000 | 2,863,825.00 | 1.16 | |
| COLUMBUS OH 5% 04/01/24 | 199492VG1 | MUNICIPAL BONDS | 4,000,000.0000 | 4,617,480.00 | 1.86 | |
| CONNECTICUT ST HL V/R 07/01/36 | 20774LRT4 | MUNICIPAL BONDS | 4,465,000.0000 | 4,465,000.00 | 1.80 | |
| CONNECTICUT ST REV 5% 06/01/22 | 20775YDW3 | MUNICIPAL BONDS | 1,000,000.0000 | 1,117,100.00 | .45 | |
| DELAWARE ST 5% 07/01/27 | 246381LN5 | MUNICIPAL BONDS | 3,160,000.0000 | 3,662,060.80 | 1.48 | |
| FAIRFAX CNTY VA 4% 10/01/27 | 30382AEP3 | MUNICIPAL BONDS | 250,000.0000 | 275,322.50 | .11 | |
| FAIRFAX CNTY VA 5% 10/01/27 | 30382AFL1 | MUNICIPAL BONDS | 3,000,000.0000 | 3,606,600.00 | 1.46 | |
| FLORIDA ST TUR 4.375% 07/01/37 | 3431364D6 | MUNICIPAL BONDS | 2,500,000.0000 | 2,633,400.00 | 1.06 | |
| GEARY CNTY KS UNIF 5% 09/01/20 | 368347CD0 | MUNICIPAL BONDS | 1,000,000.0000 | 1,065,090.00 | .43 | |
| GEORGIA ST 5% 07/01/29 | 373385BH5 | MUNICIPAL BONDS | 3,835,000.0000 | 4,596,170.80 | 1.86 | |
| GEORGIA ST 4% 07/01/36 | 373385CV3 | MUNICIPAL BONDS | 2,500,000.0000 | 2,680,575.00 | 1.08 | |
| HAMPTON ROADS VA T 5% 07/01/35 | 40934TAL7 | MUNICIPAL BONDS | 3,180,000.0000 | 3,733,669.80 | 1.51 | |
| HAWAII ST 5% 10/01/28 | 419792MK9 | MUNICIPAL BONDS | 500,000.0000 | 589,325.00 | .24 | |
| HOUSTON TX INDEP V/R 06/01/39 | 442403MQ1 | MUNICIPAL BONDS | 1,000,000.0000 | 1,011,240.00 | .41 | |
| HOUSTON TX INDEP S 5% 02/15/36 | 442403PF2 | MUNICIPAL BONDS | 2,000,000.0000 | 2,330,120.00 | .94 | |
| HOUSTON TX UTILITY 4% 11/15/21 | 44244CMR5 | MUNICIPAL BONDS | 250,000.0000 | 266,785.00 | .11 | |
| HOWARD CNTY MD 5% 02/15/30 | 44256PKQ5 | MUNICIPAL BONDS | 2,500,000.0000 | 3,007,550.00 | 1.21 | |
| IRVING TX 5.5% 08/15/23 | 463777Y63 | MUNICIPAL BONDS | 1,040,000.0000 | 1,207,928.80 | .49 | |
| KENTUCKY ST PROPER 5% 11/01/27 | 49151FNL0 | MUNICIPAL BONDS | 1,000,000.0000 | 1,136,110.00 | .46 | |
| KOOTENAI CNTY ID S 4% 09/15/28 | 500548GL0 | MUNICIPAL BONDS | 2,830,000.0000 | 3,141,271.70 | 1.27 | |
| LEHIGH CNTY PA IN V/R 09/01/29 | 524808BX9 | MUNICIPAL BONDS | 1,000,000.0000 | 977,920.00 | .39 | |
| LEWISVILLE TX INDE 5% 08/15/28 | 5288287Z3 | MUNICIPAL BONDS | 1,225,000.0000 | 1,420,032.25 | .57 | |
| LOS ANGELES CA UNI 5% 07/01/27 | 5446465Q1 | MUNICIPAL BONDS | 1,500,000.0000 | 1,826,010.00 | .74 | |
| LOUISIANA ST LOCAL 5% 10/01/26 | 54628CCP5 | MUNICIPAL BONDS | 1,500,000.0000 | 1,742,580.00 | .70 | |
| MASSACHUSETTS ST V/R 07/01/41 | 57584XS85 | MUNICIPAL BONDS | 500,000.0000 | 491,760.00 | .20 | |
| MET SAINT LOUIS MO 5% 05/01/37 | 592481KE4 | MUNICIPAL BONDS | 2,500,000.0000 | 2,910,450.00 | 1.18 | |
| MICHIGAN ST HOSP F 5% 12/01/19 | 59465HUE4 | MUNICIPAL BONDS | 750,000.0000 | 784,350.00 | .32 | |
| MICHIGAN ST HOSP F 5% 12/01/20 | 59465HUF1 | MUNICIPAL BONDS | 700,000.0000 | 751,576.00 | .30 | |
| MINNESOTA ST 5% 08/01/26 | 6041294K9 | MUNICIPAL BONDS | 3,685,000.0000 | 4,244,014.50 | 1.71 | |
| MINNESOTA ST 5% 08/01/25 | 60412AGP2 | MUNICIPAL BONDS | 3,000,000.0000 | 3,530,520.00 | 1.43 | |
| MISSISSIPPI ST 5% 10/01/29 | 605581JM0 | MUNICIPAL BONDS | 2,500,000.0000 | 2,956,300.00 | 1.19 | |
| MISSISSIPPI ST 5% 10/01/34 | 605581JS7 | MUNICIPAL BONDS | 1,250,000.0000 | 1,455,962.50 | .59 | |
| MOUNT PLEASANT SC 5% 06/01/31 | 622634FL2 | MUNICIPAL BONDS | 250,000.0000 | 295,917.50 | .12 | |
| NEW YORK NY V/R 06/01/44 | 64966LT84 | MUNICIPAL BONDS | 2,825,000.0000 | 2,825,000.00 | 1.14 | |
| NEW YORK NY 5% 12/01/38 | 64966MHP7 | MUNICIPAL BONDS | 2,035,000.0000 | 2,330,644.80 | .94 | |
| NEW YORK NY 5.25% 03/01/34 | 64966MXB0 | MUNICIPAL BONDS | 1,325,000.0000 | 1,579,506.00 | .64 | |
| NEW YORK NY 5% 04/01/43 | 64966MZY8 | MUNICIPAL BONDS | 1,000,000.0000 | 1,158,700.00 | .47 | |
| NEW YORK CITY NY T 4% 08/01/42 | 64971XAJ7 | MUNICIPAL BONDS | 2,000,000.0000 | 2,081,900.00 | .84 | |
| NEW YORK CITY NY T 5% 07/15/29 | 64972HZP0 | MUNICIPAL BONDS | 3,000,000.0000 | 3,534,000.00 | 1.43 | |
| NORTH CAROLINA ST 5% 06/01/26 | 658256Z54 | MUNICIPAL BONDS | 4,000,000.0000 | 4,767,440.00 | 1.93 | |
| NORTHAMPTON CNTY P 5% 11/01/27 | 66353LDF1 | MUNICIPAL BONDS | 1,000,000.0000 | 1,201,290.00 | .49 | |
| OHIO ST WTR DEV A V/R 12/01/36 | 67766WXK3 | MUNICIPAL BONDS | 2,000,000.0000 | 2,000,000.00 | .81 | |
| PIERCE CNTY WA SCH 5% 12/01/34 | 720390ZQ9 | MUNICIPAL BONDS | 500,000.0000 | 580,220.00 | .23 | |
| PORT AUTH OF NEW Y 5% 07/15/36 | 73358WW26 | MUNICIPAL BONDS | 1,400,000.0000 | 1,643,684.00 | .66 | |
| PRINCE GEORGES CNT 5% 07/15/22 | 7417014K9 | MUNICIPAL BONDS | 3,595,000.0000 | 4,018,275.30 | 1.62 | |
| PRINCE GEORGES CNT 4% 08/01/26 | 741701U87 | MUNICIPAL BONDS | 2,065,000.0000 | 2,221,010.75 | .90 | |
| RHODE ISLAND ST HL 5% 09/01/29 | 762197VE8 | MUNICIPAL BONDS | 2,000,000.0000 | 2,396,200.00 | .97 | |
| SAN ANTONIO TX IND 5% 08/01/28 | 796269XM5 | MUNICIPAL BONDS | 1,195,000.0000 | 1,405,582.90 | .57 | |
| SAN ANTONIO TX WTR 5% 05/15/36 | 79642GAT9 | MUNICIPAL BONDS | 2,000,000.0000 | 2,331,920.00 | .94 | |
| SCOTTSDALE AZ 5% 07/01/23 | 810454AC2 | MUNICIPAL BONDS | 1,000,000.0000 | 1,141,920.00 | .46 | |
| SHELBY CNTY TN 5% 04/01/31 | 821686S86 | MUNICIPAL BONDS | 3,000,000.0000 | 3,549,510.00 | 1.43 | |
| S E ALABAMA ST GA V/R 06/01/49 | 84131TAQ5 | MUNICIPAL BONDS | 3,500,000.0000 | 3,728,795.00 | 1.51 | |
| SUFFOLK VA 5% 02/01/27 | 8648133R9 | MUNICIPAL BONDS | 2,635,000.0000 | 3,147,428.45 | 1.27 | |
| TENNESSEE ST 5% 02/01/25 | 880541YL5 | MUNICIPAL BONDS | 5,000,000.0000 | 5,849,600.00 | 2.36 | |
| TEXAS ST A & M UNI 5% 05/15/26 | 88213AKV6 | MUNICIPAL BONDS | 2,500,000.0000 | 2,945,700.00 | 1.19 | |
| TEXAS ST 5% 04/01/26 | 8827234J5 | MUNICIPAL BONDS | 2,655,000.0000 | 3,127,802.40 | 1.26 | |
| TEXAS ST 5% 10/01/24 | 882723MY2 | MUNICIPAL BONDS | 2,500,000.0000 | 2,869,900.00 | 1.16 | |
| TEXAS ST WTR DEV B 5% 10/15/26 | 882854G63 | MUNICIPAL BONDS | 5,000,000.0000 | 5,938,050.00 | 2.40 | |
| TRINITY RIVER TX A 5% 02/01/22 | 896564VZ1 | MUNICIPAL BONDS | 400,000.0000 | 441,228.00 | .18 | |
| WASHINGTON ST 5% 07/01/18 | 93974C3Q1 | MUNICIPAL BONDS | 5,000,000.0000 | 5,000,000.00 | 2.02 | |
| WEST VIRGINIA ST 5% 06/01/35 | 956553B59 | MUNICIPAL BONDS | 2,000,000.0000 | 2,348,200.00 | .95 | |
| WILLIAMSON CNTY TX 5% 02/15/30 | 9698874P0 | MUNICIPAL BONDS | 2,215,000.0000 | 2,596,821.70 | 1.05 | |
| ERIE CNTY NY 2% 06/30/18 | 295084PS0 | SHORT TERMS | 5,000,000.0000 | 5,000,000.00 | 2.02 | |
| GEORGIA ST 5% 07/01/19 | 373385CC5 | MUNICIPAL BONDS | 5,000,000.0000 | 5,168,250.00 | 2.09 | |
| OREGON ST 5% 09/28/18 | 68609B5X1 | SHORT TERMS | 7,500,000.0000 | 7,562,850.00 | 3.05 | |
| TEXAS ST 4% 08/30/18 | 882724DQ7 | SHORT TERMS | 8,500,000.0000 | 8,535,275.00 | 3.45 |
As of 06/29/2018.
Distributions
| Fund Name | Fund Cusip | Distribution Type | Amount per Share | Ex Date | Reinvest Date | Reinvest Price |
|---|---|---|---|---|---|---|
| Destinations Municipal Fixed Income Fund | 10964R889 | Dividend | 0.008437 | 6/28/2018 | 6/28/2018 | $9.97 |
| Destinations Municipal Fixed Income Fund | 10964R889 | Dividend | 0.008482 | 5/30/2018 | 5/30/2018 | $9.98 |
| Destinations Municipal Fixed Income Fund | 10964R889 | Dividend | 0.008625 | 4/27/2018 | 4/27/2018 | $9.92 |
| Destinations Municipal Fixed Income Fund | 10964R889 | Dividend | 0.008557 | 3/28/2018 | 3/28/2018 | $9.95 |
| Destinations Municipal Fixed Income Fund | 10964R889 | Dividend | 0.007442 | 2/27/2018 | 2/27/2018 | $9.93 |
| Destinations Municipal Fixed Income Fund | 10964R889 | Dividend | 0.006918 | 1/30/2018 | 1/30/2018 | $9.98 |
| Destinations Municipal Fixed Income Fund | 10964R889 | Dividend | 0.006846 | 12/28/2017 | 12/28/2017 | $10.08 |
| Destinations Municipal Fixed Income Fund | 10964R889 | Short-Term Capital Gains | 0.008954 | 12/15/2017 | 12/15/2017 | $10.08 |
| Destinations Municipal Fixed Income Fund | 10964R889 | Dividend | 0.006201 | 11/29/2017 | 11/29/2017 | $10.01 |
| Destinations Municipal Fixed Income Fund | 10964R889 | Dividend | 0.007379 | 10/30/2017 | 10/30/2017 | $10.08 |
| Destinations Municipal Fixed Income Fund | 10964R889 | Dividend | 0.007457 | 9/28/2017 | 9/28/2017 | $10.07 |
| Destinations Municipal Fixed Income Fund | 10964R889 | Dividend | 0.005656 | 8/30/2017 | 8/30/2017 | $10.12 |
Fees and expenses
| Type | Amount |
|---|---|
| Management Fees | 0.70% |
| Distribution and Service (12b-1) Fees | None |
| Other Expenses | 0.17% |
| Acquired Fund Fees and Expenses (AFFE) | None |
| Total Annual Fund Operating Expenses | 0.87% |
| Fee Waivers and Expense Reimbursements | -0.12% |
| Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements | 0.75%* |
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.
