Destinations Small-Mid Cap Equity Fund
Overview
The Destinations Small-Mid Cap Equity Fund seeks to provide long-term capital appreciation and invests primarily in small and mid-cap equity securities.
Employing a multi-manager approach, the Fund currently allocates assets among the following sub-advisers:
- Ceredex Value Advisors LLC is the sub-adviser of Ceredex Mid-Cap Value which employes a disciplined and methodical bottom-up stock selection process with an emphasis on dividends, valuation and fundamentals.
- Driehaus Capital Management LLC is the sub-adviser of Driehaus Micro Cap Growth which focuses on micro and small cap companies with company-specific growth inflection points.
- LMCG Investments, LLC is the sub-adviser of the LMCG Small Cap Value Strategy which employs a classic value approach with an emphasis on purchasing high quality companies at a discount to intrinsic value.
| Fund performance as of 3/31/18 | ||||||||||||||
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| Destinations Small-Mid Cap Equity Fund |
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| Russell 2500 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.
*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.
Russell 2500 Index Definition: A market cap weighted index that includes the smallest 2,500 companies covered in the Russell 3000 universe of United States-based listed equities. One cannot invest directly in an index.
An investment in the Destinations Small-Mid Cap Equity Fund is subject to risk, including the possible loss of principal amount invested.
Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including the political, regulatory, economic, social, diplomatic and other conditions or events, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies.
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.
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.
Mid-capitalization companies may be newer or less established than large-capitalization companies, and may have limited resources, products and markets, can be more volatile and may be less liquid.
Stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies and typically are traded in lower volume, are less liquid. These risks may be heightened with respect to micro-cap companies.
- Ticker: DSMFX
- CUSIP: 10964R202
- Benchmark: Russell 2500 Index
- Inception date: 03/20/2017
- Gross expense ratio: 1.13%
- Net expense ratio: 0.98%*
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, CFA is an Investment Manager at Brinker Capital with portfolio management responsibilities for the Destinations program. Prior to joining Brinker Capital in 2015, Ms. Lowman was an outreach analyst for The Investment Fund for Foundations (TIFF) and a senior associate for Mondrian Investment Partners. Ms. Lowman was previously at Brinker Capital from 2004 to 2010 as an investment associate and operations analyst. Ms. Lowman has a B.A. in Economics from Wittenberg University.
Performance
| Fund performance as of 3/31/18 | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Annualized | ||||||||||||||||||||
| MTD | QTD | YTD | 1 Year | 3 Years | 5 Years | Since Inception |
Inception Date |
Gross expense ratio |
Net expense ratio* |
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| Destinations Small-Mid Cap Equity Fund |
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| Russell 2500 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.
Russell 2500 Index Definition: A market cap weighted index that includes the smallest 2,500 companies covered in the Russell 3000 universe of United States-based listed equities. 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 | 23,334,268.0600 | 23,334,268.06 | 3.08 | |
| VALIDUS HOLDINGS LTD | VR | B23HRW2 | COMMON STOCK | 27,259.0000 | 1,847,069.84 | .24 |
| BANK OF N.T. BUTTERFIELD&SON | NTB | BD8FF02 | COMMON STOCK | 45,671.0000 | 2,180,790.25 | .29 |
| EVEREST RE GROUP LTD | RE | G3223R108 | COMMON STOCK | 15,900.0000 | 3,582,111.00 | .47 |
| CLEMENTIA PHARMACEUTICALS IN | CMTA | 185575107 | COMMON STOCK | 61,318.0000 | 868,876.06 | .11 |
| MASONITE INTERNATIONAL CORP | DOOR | 575385109 | COMMON STOCK | 14,294.0000 | 944,833.40 | .12 |
| SMART GLOBAL HOLDINGS INC | SGH | BYPBTG4 | COMMON STOCK | 28,985.0000 | 1,290,702.05 | .17 |
| TALEND SA - ADR | TLND | 874224207 | COMMON STOCK | 33,788.0000 | 1,918,482.64 | .25 |
| INGERSOLL-RAND PLC | IR | B633030 | COMMON STOCK | 48,900.0000 | 4,280,706.00 | .57 |
| WILLIS TOWERS WATSON PLC | WLTW | BDB6Q21 | COMMON STOCK | 28,800.0000 | 4,353,120.00 | .58 |
| PERRIGO COMPANY PLC | PRGO | G97822103 | COMMON STOCK | 99,600.0000 | 7,286,736.00 | .96 |
| RADCOM LTD | RDCM | 2117124 | COMMON STOCK | 41,101.0000 | 782,974.05 | .10 |
| NOVA MEASURING INSTRUMENTS | NVMI | 2577740 | COMMON STOCK | 21,695.0000 | 632,626.20 | .08 |
| FOAMIX PHARMACEUTICALS LTD | FOMX | BQRB1Q0 | COMMON STOCK | 89,045.0000 | 466,595.80 | .06 |
| KORNIT DIGITAL LTD | KRNT | BWFRFD7 | COMMON STOCK | 56,541.0000 | 969,678.15 | .13 |
| SODASTREAM INTERNATIONAL LTD | SODA | M9068E105 | COMMON STOCK | 8,546.0000 | 711,539.96 | .09 |
| MIMECAST LTD | MIME | BYT5JK6 | COMMON STOCK | 76,040.0000 | 3,389,102.80 | .45 |
| ARGENX SE - ADR | ARGX | 04016X101 | COMMON STOCK | 15,773.0000 | 1,506,321.50 | .20 |
| ACLARIS THERAPEUTICS INC | ACRS | 00461U105 | COMMON STOCK | 29,019.0000 | 524,373.33 | .07 |
| ACTUANT CORP-A | ATU | 00508X203 | COMMON STOCK | 39,935.0000 | 932,482.25 | .12 |
| ADAMAS PHARMACEUTICALS INC | ADMS | 00548A106 | COMMON STOCK | 25,526.0000 | 731,064.64 | .10 |
| ADESTO TECHNOLOGIES CORP | IOTS | 00687D101 | COMMON STOCK | 94,854.0000 | 863,171.40 | .11 |
| ADVERUM BIOTECHNOLOGIES INC | 00773U108 | COMMON STOCK | 188,968.0000 | 1,181,050.00 | .16 | |
| AFFILIATED MANAGERS GROUP | AMG | 008252108 | COMMON STOCK | 28,500.0000 | 4,538,910.00 | .60 |
| AIR PRODUCTS & CHEMICALS INC | APD | 009158106 | COMMON STOCK | 20,800.0000 | 3,357,328.00 | .44 |
| ALASKA AIR GROUP INC | ALK | 011659109 | COMMON STOCK | 75,200.0000 | 4,572,912.00 | .60 |
| ALLEGHENY TECHNOLOGIES INC | ATI | 01741R102 | COMMON STOCK | 61,411.0000 | 1,751,441.72 | .23 |
| ALTAIR ENGINEERING INC - A | ALTR | 021369103 | COMMON STOCK | 92,872.0000 | 3,268,165.68 | .43 |
| ALTERYX INC - CLASS A | AYX | 02156B103 | COMMON STOCK | 33,245.0000 | 1,130,994.90 | .15 |
| ALTRA INDUSTRIAL MOTION CORP | AIMC | 02208R106 | COMMON STOCK | 21,341.0000 | 882,450.35 | .12 |
| AMERICAN CAMPUS COMMUNITIES | ACC | 024835100 | REIT - Real Estate Invesment Trust | 143,400.0000 | 5,750,340.00 | .76 |
| AMERICAN HOMES 4 RENT- A | AMH | 02665T306 | REIT - Real Estate Invesment Trust | 347,100.0000 | 6,914,232.00 | .91 |
| AMERISOURCEBERGEN CORP | ABC | 03073E105 | COMMON STOCK | 94,600.0000 | 7,770,444.00 | 1.03 |
| ANADARKO PETROLEUM CORP | APC | 032511107 | COMMON STOCK | 61,100.0000 | 4,264,780.00 | .56 |
| ANALOG DEVICES INC | ADI | 032654105 | COMMON STOCK | 46,700.0000 | 4,538,306.00 | .60 |
| ANDEAVOR | ANDV | 03349M105 | COMMON STOCK | 29,800.0000 | 4,304,014.00 | .57 |
| ARENA PHARMACEUTICALS INC | ARNA | 040047607 | COMMON STOCK | 32,761.0000 | 1,497,832.92 | .20 |
| ARRAY BIOPHARMA INC | ARRY | 04269X105 | COMMON STOCK | 213,565.0000 | 3,491,787.75 | .46 |
| ASURE SOFTWARE INC | ASUR | 04649U102 | COMMON STOCK | 61,053.0000 | 1,070,259.09 | .14 |
| ATARA BIOTHERAPEUTICS INC | ATRA | 046513107 | COMMON STOCK | 30,211.0000 | 1,504,507.80 | .20 |
| AXOGEN INC | AXGN | 05463X106 | COMMON STOCK | 39,439.0000 | 1,936,454.90 | .26 |
| AXON ENTERPRISE INC | AAXN | 05464C101 | COMMON STOCK | 39,009.0000 | 2,484,093.12 | .33 |
| B&G FOODS INC | BGS | 05508R106 | COMMON STOCK | 34,909.0000 | 982,688.35 | .13 |
| BAKER HUGHES A GE CO | 05722G100 | COMMON STOCK | 42,700.0000 | 1,476,993.00 | .20 | |
| BANDWIDTH INC-CLASS A | BAND | 05988J103 | COMMON STOCK | 37,705.0000 | 1,406,773.55 | .19 |
| BANC OF CALIFORNIA INC | BANC | 05990K106 | COMMON STOCK | 53,065.0000 | 1,029,461.00 | .14 |
| BANKUNITED INC | BKU | 06652K103 | COMMON STOCK | 61,261.0000 | 2,583,376.37 | .34 |
| BJ'S RESTAURANTS INC | BJRI | 09180C106 | COMMON STOCK | 21,277.0000 | 1,191,512.00 | .16 |
| BLACK HILLS CORP | BKH | 092113109 | COMMON STOCK | 16,524.0000 | 961,035.84 | .13 |
| BLACKHAWK NETWORK HOLDINGS I | 09238E104 | COMMON STOCK | 8,466.0000 | 380,970.00 | .05 | |
| BLACKSTONE MORTGAGE TRU-CL A | BXMT | 09257W100 | REIT - Real Estate Invesment Trust | 74,814.0000 | 2,363,374.26 | .31 |
| BLUEPRINT MEDICINES CORP | BPMC | 09627Y109 | COMMON STOCK | 20,294.0000 | 1,706,319.52 | .23 |
| BOOT BARN HOLDINGS INC | BOOT | 099406100 | COMMON STOCK | 76,168.0000 | 1,803,658.24 | .24 |
| BRUNSWICK CORP | BC | 117043109 | COMMON STOCK | 44,700.0000 | 2,842,920.00 | .38 |
| CMS ENERGY CORP | CMS | 125896100 | COMMON STOCK | 94,300.0000 | 4,350,059.00 | .57 |
| CTI BIOPHARMA CORP | CTIC | 12648L601 | COMMON STOCK | 87,315.0000 | 375,454.50 | .05 |
| CABOT OIL & GAS CORP | COG | 127097103 | COMMON STOCK | 193,500.0000 | 4,421,475.00 | .58 |
| CACI INTERNATIONAL INC -CL A | CACI | 127190304 | COMMON STOCK | 8,727.0000 | 1,454,354.55 | .19 |
| CACTUS INC - A | WHD | 127203107 | COMMON STOCK | 25,277.0000 | 852,340.44 | .11 |
| CALAVO GROWERS INC | CVGW | 128246105 | COMMON STOCK | 14,677.0000 | 1,291,576.00 | .17 |
| CALLAWAY GOLF COMPANY | ELY | 131193104 | COMMON STOCK | 163,518.0000 | 3,097,030.92 | .41 |
| CALLON PETROLEUM CO | CPE | 13123X102 | COMMON STOCK | 96,847.0000 | 1,146,668.48 | .15 |
| CARBON BLACK INC | CBLK | 14081R103 | COMMON STOCK | 29,081.0000 | 683,694.31 | .09 |
| CARDLYTICS INC | CDLX | 14161W105 | COMMON STOCK | 31,556.0000 | 644,373.52 | .09 |
| CAREER EDUCATION CORP | CECO | 141665109 | COMMON STOCK | 58,630.0000 | 902,315.70 | .12 |
| CARRIZO OIL & GAS INC | CRZO | 144577103 | COMMON STOCK | 63,818.0000 | 1,612,042.68 | .21 |
| CENTURY CASINOS INC | CNTY | 156492100 | COMMON STOCK | 113,808.0000 | 966,229.92 | .13 |
| CERUS CORP | CERS | 157085101 | COMMON STOCK | 197,312.0000 | 1,300,286.08 | .17 |
| CHARLES RIVER LABORATORIES | CRL | 159864107 | COMMON STOCK | 16,358.0000 | 1,758,812.16 | .23 |
| CHEFS' WAREHOUSE INC/THE | CHEF | 163086101 | COMMON STOCK | 47,147.0000 | 1,282,398.40 | .17 |
| CHEGG INC | CHGG | 163092109 | COMMON STOCK | 49,185.0000 | 1,375,704.45 | .18 |
| CHEMICAL FINANCIAL CORP | CHFC | 163731102 | COMMON STOCK | 31,826.0000 | 1,786,075.12 | .24 |
| CINEMARK HOLDINGS INC | CNK | 17243V102 | COMMON STOCK | 96,800.0000 | 3,268,936.00 | .43 |
| CITI TRENDS INC | CTRN | 17306X102 | COMMON STOCK | 23,659.0000 | 710,006.59 | .09 |
| CLEAN HARBORS INC | CLH | 184496107 | COMMON STOCK | 23,599.0000 | 1,250,747.00 | .17 |
| CODEXIS INC | CDXS | 192005106 | COMMON STOCK | 104,381.0000 | 1,565,715.00 | .21 |
| COGENT COMMUNICATIONS HOLDIN | CCOI | 19239V302 | COMMON STOCK | 19,618.0000 | 1,004,441.60 | .13 |
| COLUMBIA PROPERTY TRUST INC | 198287203 | REIT - Real Estate Invesment Trust | 74,390.0000 | 1,645,506.80 | .22 | |
| COLUMBUS MCKINNON CORP/NY | CMCO | 199333105 | COMMON STOCK | 40,288.0000 | 1,669,131.84 | .22 |
| CONDUENT INC | CNDT | 206787103 | COMMON STOCK | 51,098.0000 | 983,636.50 | .13 |
| COOPER COS INC/THE | COO | 216648402 | COMMON STOCK | 13,600.0000 | 3,077,816.00 | .41 |
| CORPORATE OFFICE PROPERTIES | OFC | 22002T108 | REIT - Real Estate Invesment Trust | 55,442.0000 | 1,546,831.80 | .20 |
| CROCS INC | CROX | 227046109 | COMMON STOCK | 107,540.0000 | 1,918,513.60 | .25 |
| CROWN CASTLE INTL CORP | CCI | 22822V101 | REIT - Real Estate Invesment Trust | 45,000.0000 | 4,686,750.00 | .62 |
| CRYOLIFE INC | CRY | 228903100 | COMMON STOCK | 23,642.0000 | 651,337.10 | .09 |
| CRYOPORT INC | CYRX | 229050307 | COMMON STOCK | 36,477.0000 | 473,836.23 | .06 |
| CYPRESS SEMICONDUCTOR CORP | CY | 232806109 | COMMON STOCK | 366,000.0000 | 6,024,360.00 | .80 |
| CYRUSONE INC | 23283R100 | REIT - Real Estate Invesment Trust | 102,700.0000 | 5,687,526.00 | .75 | |
| DARLING INGREDIENTS INC | DAR | 237266101 | COMMON STOCK | 83,115.0000 | 1,561,730.85 | .21 |
| DEL FRISCO'S RESTAURANT GROU | DFRG | 245077102 | COMMON STOCK | 43,896.0000 | 581,622.00 | .08 |
| DIEBOLD NIXDORF INC | DBD | 253651103 | COMMON STOCK | 56,495.0000 | 649,692.50 | .09 |
| DOVER CORP | DOV | 260003108 | COMMON STOCK | 57,000.0000 | 4,400,970.00 | .58 |
| EAGLE BANCORP INC | EGBN | 268948106 | COMMON STOCK | 24,385.0000 | 1,476,511.75 | .20 |
| ECHO GLOBAL LOGISTICS INC | ECHO | 27875T101 | COMMON STOCK | 27,270.0000 | 758,106.00 | .10 |
| EDUCATION REALTY TRUST INC | 28140H203 | REIT - Real Estate Invesment Trust | 37,688.0000 | 1,377,119.52 | .18 | |
| ELDORADO RESORTS INC | ERI | 28470R102 | COMMON STOCK | 36,184.0000 | 1,635,516.80 | .22 |
| EMCOR GROUP INC | EME | 29084Q100 | COMMON STOCK | 14,851.0000 | 1,127,636.43 | .15 |
| ENCOMPASS HEALTH CORP | EHC | 29261A100 | COMMON STOCK | 34,287.0000 | 2,220,083.25 | .29 |
| ENERGIZER HOLDINGS INC | ENR | 29272W109 | COMMON STOCK | 92,300.0000 | 5,606,302.00 | .74 |
| ENPRO INDUSTRIES INC | NPO | 29355X107 | COMMON STOCK | 21,690.0000 | 1,597,685.40 | .21 |
| ENVISION HEALTHCARE CORP | EVHC | 29414D100 | COMMON STOCK | 58,100.0000 | 2,491,328.00 | .33 |
| EVERBRIDGE INC | EVBG | 29978A104 | COMMON STOCK | 74,368.0000 | 3,426,133.76 | .45 |
| EVERI HOLDINGS INC | EVRI | 30034T103 | COMMON STOCK | 112,244.0000 | 840,707.56 | .11 |
| EXPRESS INC | EXPR | 30219E103 | COMMON STOCK | 25,194.0000 | 214,400.94 | .03 |
| FNB CORP | FNB | 302520101 | COMMON STOCK | 190,670.0000 | 2,526,377.50 | .33 |
| FEDERATED INVESTORS INC-CL B | FII | 314211103 | COMMON STOCK | 17,529.0000 | 425,428.83 | .06 |
| FIRST HORIZON NATIONAL CORP | FHN | 320517105 | COMMON STOCK | 105,733.0000 | 1,960,289.82 | .26 |
| FIRST REPUBLIC BANK/CA | FRC | 33616C100 | COMMON STOCK | 84,600.0000 | 8,426,160.00 | 1.11 |
| FIRSTENERGY CORP | FE | 337932107 | COMMON STOCK | 156,600.0000 | 5,390,172.00 | .71 |
| FIVE9 INC | FIVN | 338307101 | COMMON STOCK | 59,458.0000 | 2,074,489.62 | .27 |
| FRESHPET INC | FRPT | 358039105 | COMMON STOCK | 74,625.0000 | 1,701,450.00 | .22 |
| H.B. FULLER CO. | FUL | 359694106 | COMMON STOCK | 23,077.0000 | 1,189,619.35 | .16 |
| G1 THERAPEUTICS INC | GTHX | 3621LQ109 | COMMON STOCK | 12,054.0000 | 522,058.74 | .07 |
| G-III APPAREL GROUP LTD | GIII | 36237H101 | COMMON STOCK | 30,518.0000 | 1,278,704.20 | .17 |
| GTT COMMUNICATIONS INC | GTT | 362393100 | COMMON STOCK | 6,572.0000 | 308,884.00 | .04 |
| GENERAC HOLDINGS INC | GNRC | 368736104 | COMMON STOCK | 28,903.0000 | 1,447,751.27 | .19 |
| GENUINE PARTS CO | GPC | 372460105 | COMMON STOCK | 39,700.0000 | 3,604,363.00 | .48 |
| GLOBAL BLOOD THERAPEUTICS IN | GBT | 37890U108 | COMMON STOCK | 34,834.0000 | 1,677,257.10 | .22 |
| GOLDEN ENTERTAINMENT INC | GDEN | 381013101 | COMMON STOCK | 47,738.0000 | 1,456,963.76 | .19 |
| GOOSEHEAD INSURANCE INC -A | GSHD | 38267D109 | COMMON STOCK | 63,647.0000 | 1,027,899.05 | .14 |
| WR GRACE & CO | GRA | 38388F108 | COMMON STOCK | 24,071.0000 | 1,723,242.89 | .23 |
| GREAT PLAINS ENERGY INC | GXP | 391164100 | COMMON STOCK | 131,200.0000 | 4,452,928.00 | .59 |
| HAIN CELESTIAL GROUP INC | HAIN | 405217100 | COMMON STOCK | 45,491.0000 | 1,160,930.32 | .15 |
| HANOVER INSURANCE GROUP INC/ | THG | 410867105 | COMMON STOCK | 19,212.0000 | 2,329,262.88 | .31 |
| HARTFORD FINANCIAL SVCS GRP | HIG | 416515104 | COMMON STOCK | 115,200.0000 | 6,028,416.00 | .80 |
| HAWAIIAN ELECTRIC INDS | HE | 419870100 | COMMON STOCK | 28,007.0000 | 961,480.31 | .13 |
| HERCULES CAPITAL INC | HTGC | 427096508 | COMMON STOCK | 136,692.0000 | 1,693,613.88 | .22 |
| HEWLETT PACKARD ENTERPRIS | HPE | 42824C109 | COMMON STOCK | 376,600.0000 | 5,739,384.00 | .76 |
| HEXCEL CORP | HXL | 428291108 | COMMON STOCK | 23,897.0000 | 1,692,624.51 | .22 |
| HIBBETT SPORTS INC | HIBB | 428567101 | COMMON STOCK | 28,874.0000 | 763,717.30 | .10 |
| HORIZON GLOBAL CORP | HZN | 44052W104 | COMMON STOCK | 92,398.0000 | 614,446.70 | .08 |
| HOSTESS BRANDS INC | TWNK | 44109J106 | COMMON STOCK | 113,889.0000 | 1,552,307.07 | .21 |
| HUBBELL INC | HUBB | 443510607 | COMMON STOCK | 56,200.0000 | 6,052,178.00 | .80 |
| HUMANA INC | HUM | 444859102 | COMMON STOCK | 39,900.0000 | 11,610,102.00 | 1.53 |
| HURON CONSULTING GROUP INC | HURN | 447462102 | COMMON STOCK | 34,190.0000 | 1,384,695.00 | .18 |
| IRHYTHM TECHNOLOGIES INC | IRTC | 450056106 | COMMON STOCK | 31,271.0000 | 2,377,534.13 | .31 |
| ITT INC | ITT | 45073V108 | COMMON STOCK | 33,745.0000 | 1,741,916.90 | .23 |
| IBERIABANK CORP | IBKC | 450828108 | COMMON STOCK | 34,256.0000 | 2,737,054.40 | .36 |
| IDACORP INC | IDA | 451107106 | COMMON STOCK | 13,676.0000 | 1,263,115.36 | .17 |
| INGEVITY CORP | NGVT | 45688C107 | COMMON STOCK | 13,668.0000 | 1,040,681.52 | .14 |
| INSPIRE MEDICAL SYSTEMS INC | 457730109 | COMMON STOCK | 32,328.0000 | 969,840.00 | .13 | |
| INOGEN INC | INGN | 45780L104 | COMMON STOCK | 18,547.0000 | 3,388,351.43 | .45 |
| INSTRUCTURE INC | INST | 45781U103 | COMMON STOCK | 37,050.0000 | 1,593,150.00 | .21 |
| INTERPUBLIC GROUP OF COS INC | IPG | 460690100 | COMMON STOCK | 244,589.0000 | 5,527,711.40 | .73 |
| INTERSECT ENT INC | XENT | 46071F103 | COMMON STOCK | 32,717.0000 | 1,395,380.05 | .18 |
| INTRICON CORP | IIN | 46121H109 | COMMON STOCK | 28,314.0000 | 901,800.90 | .12 |
| ISHARES S&P MID-CAP ETF | IJH | 464287507 | POOLED INVESTMENTS | 410,225.0000 | 79,899,523.25 | 10.56 |
| ISHARES RUSSELL 2000 VALUE E | IWN | 464287630 | POOLED INVESTMENTS | 13,011.0000 | 1,709,255.07 | .23 |
| ISHARES CORE S&P SMALL-CAP E | IJR | 464287804 | POOLED INVESTMENTS | 882,978.0000 | 73,145,897.52 | 9.66 |
| KMG CHEMICALS INC | KMG | 482564101 | COMMON STOCK | 18,239.0000 | 1,219,277.15 | .16 |
| KADANT INC | KAI | 48282T104 | COMMON STOCK | 11,226.0000 | 1,095,096.30 | .14 |
| KELLOGG CO | K | 487836108 | COMMON STOCK | 63,800.0000 | 4,108,082.00 | .54 |
| KELLY SERVICES INC -A | KELYA | 488152208 | COMMON STOCK | 31,508.0000 | 706,094.28 | .09 |
| KINSALE CAPITAL GROUP INC | KNSL | 49714P108 | COMMON STOCK | 17,442.0000 | 923,728.32 | .12 |
| KORN/FERRY INTERNATIONAL | KFY | 500643200 | COMMON STOCK | 37,092.0000 | 2,028,190.56 | .27 |
| L3 TECHNOLOGIES INC | LLL | 502413107 | COMMON STOCK | 20,250.0000 | 4,016,182.50 | .53 |
| LEXINGTON REALTY TRUST REIT | LXP | 529043101 | REIT - Real Estate Invesment Trust | 92,435.0000 | 797,714.05 | .11 |
| LIVE OAK BANCSHARES INC | LOB | 53803X105 | COMMON STOCK | 75,044.0000 | 2,217,550.20 | .29 |
| LOXO ONCOLOGY INC | LOXO | 548862101 | COMMON STOCK | 22,703.0000 | 4,025,922.99 | .53 |
| MB FINANCIAL INC | MBFI | 55264U108 | COMMON STOCK | 180,481.0000 | 8,913,956.59 | 1.18 |
| MCBC HOLDINGS INC | MCFT | 55276F107 | COMMON STOCK | 74,625.0000 | 2,200,691.25 | .29 |
| MGP INGREDIENTS INC | MGPI | 55303J106 | COMMON STOCK | 22,255.0000 | 1,970,680.25 | .26 |
| MACOM TECHNOLOGY SOLUTIONS | MTSI | 55405Y100 | COMMON STOCK | 151,615.0000 | 3,418,918.25 | .45 |
| STEVEN MADDEN LTD | SHOO | 556269108 | COMMON STOCK | 27,484.0000 | 1,452,529.40 | .19 |
| MALIBU BOATS INC - A | MBUU | 56117J100 | COMMON STOCK | 66,713.0000 | 2,860,653.44 | .38 |
| MAMMOTH ENERGY SERVICES INC | TUSK | 56155L108 | COMMON STOCK | 41,787.0000 | 1,577,877.12 | .21 |
| MARTIN MARIETTA MATERIALS | MLM | 573284106 | COMMON STOCK | 44,500.0000 | 9,917,715.00 | 1.31 |
| MATTHEWS INTL CORP-CLASS A | MATW | 577128101 | COMMON STOCK | 24,334.0000 | 1,338,370.00 | .18 |
| MEDICAL PROPERTIES TRUST INC | MPW | 58463J304 | REIT - Real Estate Invesment Trust | 402,000.0000 | 5,455,140.00 | .72 |
| MEDIFAST INC | MED | 58470H101 | COMMON STOCK | 16,335.0000 | 2,392,914.15 | .32 |
| META FINANCIAL GROUP INC | CASH | 59100U108 | COMMON STOCK | 16,184.0000 | 1,831,219.60 | .24 |
| MICHAELS COS INC/THE | MIK | 59408Q106 | COMMON STOCK | 39,616.0000 | 727,349.76 | .10 |
| MILACRON HOLDINGS CORP | MCRN | 59870L106 | COMMON STOCK | 85,488.0000 | 1,684,968.48 | .22 |
| MIRATI THERAPEUTICS INC | MRTX | 60468T105 | COMMON STOCK | 40,282.0000 | 1,711,985.00 | .23 |
| MONARCH CASINO & RESORT INC | MCRI | 609027107 | COMMON STOCK | 10,027.0000 | 446,602.58 | .06 |
| MOTOROLA SOLUTIONS INC | MSI | 620076307 | COMMON STOCK | 53,600.0000 | 5,753,424.00 | .76 |
| MOVADO GROUP INC | MOV | 624580106 | COMMON STOCK | 41,709.0000 | 2,047,911.90 | .27 |
| MURPHY USA INC | MUSA | 626755102 | COMMON STOCK | 25,789.0000 | 1,721,673.64 | .23 |
| MYOKARDIA INC | MYOK | 62857M105 | COMMON STOCK | 22,423.0000 | 1,067,334.80 | .14 |
| NV5 GLOBAL INC | NVEE | 62945V109 | COMMON STOCK | 20,154.0000 | 1,265,671.20 | .17 |
| NATERA INC | NTRA | 632307104 | COMMON STOCK | 104,754.0000 | 1,221,431.64 | .16 |
| NATIONAL GENERAL HLDGS | NGHC | 636220303 | COMMON STOCK | 99,526.0000 | 2,725,021.88 | .36 |
| NEXSTAR MEDIA GROUP INC-CL A | NXST | 65336K103 | COMMON STOCK | 30,017.0000 | 1,990,127.10 | .26 |
| NLIGHT INC | LASR | 65487K100 | COMMON STOCK | 54,232.0000 | 2,014,718.80 | .27 |
| NOBLE ENERGY INC | NBL | 655044105 | COMMON STOCK | 117,300.0000 | 4,187,610.00 | .55 |
| NOODLES & CO | NDLS | 65540B105 | COMMON STOCK | 13,049.0000 | 112,873.85 | .01 |
| NUVECTRA CORP | NVTR | 67075N108 | COMMON STOCK | 45,221.0000 | 761,973.85 | .10 |
| OLIN CORP | OLN | 680665205 | COMMON STOCK | 46,361.0000 | 1,498,851.13 | .20 |
| OPTINOSE INC | OPTN | 68404V100 | COMMON STOCK | 35,527.0000 | 819,607.89 | .11 |
| ORTHOPEDIATRICS CORP | KIDS | 68752L100 | COMMON STOCK | 62,577.0000 | 1,317,871.62 | .17 |
| OVID THERAPEUTICS INC | OVID | 690469101 | COMMON STOCK | 42,891.0000 | 338,409.99 | .04 |
| OWENS-ILLINOIS INC | OI | 690768403 | COMMON STOCK | 50,668.0000 | 942,424.80 | .12 |
| OXFORD INDUSTRIES INC | OXM | 691497309 | COMMON STOCK | 11,032.0000 | 910,360.64 | .12 |
| PGT INNOVATIONS INC | PGTI | 69336V101 | COMMON STOCK | 52,432.0000 | 1,085,342.40 | .14 |
| PPL CORP | PPL | 69351T106 | COMMON STOCK | 193,900.0000 | 5,297,348.00 | .70 |
| PATTERSON COS INC | PDCO | 703395103 | COMMON STOCK | 42,575.0000 | 890,669.00 | .12 |
| PATTERSON-UTI ENERGY INC | PTEN | 703481101 | COMMON STOCK | 124,300.0000 | 2,570,524.00 | .34 |
| PENN VIRGINIA CORP | PVAC | 70788V102 | COMMON STOCK | 7,543.0000 | 520,165.28 | .07 |
| PERFORMANCE FOOD GROUP CO | PFGC | 71377A103 | COMMON STOCK | 30,990.0000 | 1,107,892.50 | .15 |
| PINNACLE FINANCIAL PARTNERS | PNFP | 72346Q104 | COMMON STOCK | 117,000.0000 | 7,844,850.00 | 1.04 |
| PINNACLE FOODS INC | PF | 72348P104 | COMMON STOCK | 34,600.0000 | 2,212,324.00 | .29 |
| PLAYAGS INC | AGS | 72814N104 | COMMON STOCK | 56,977.0000 | 1,442,657.64 | .19 |
| PORTLAND GENERAL ELECTRIC CO | POR | 736508847 | COMMON STOCK | 46,116.0000 | 1,967,308.56 | .26 |
| PREFERRED BANK/LOS ANGELES | PFBC | 740367404 | COMMON STOCK | 23,231.0000 | 1,479,814.70 | .20 |
| PRESTIGE BRANDS HOLDINGS INC | PBH | 74112D101 | COMMON STOCK | 55,983.0000 | 1,871,511.69 | .25 |
| PRIMO WATER CORP | PRMW | 74165N105 | COMMON STOCK | 66,749.0000 | 1,133,398.02 | .15 |
| PROGRESSIVE CORP | PGR | 743315103 | COMMON STOCK | 71,500.0000 | 4,439,435.00 | .59 |
| Q2 HOLDINGS INC | QTWO | 74736L109 | COMMON STOCK | 19,609.0000 | 1,120,654.35 | .15 |
| QUINSTREET INC | QNST | 74874Q100 | COMMON STOCK | 110,572.0000 | 1,515,942.12 | .20 |
| REGAL BELOIT CORP | RBC | 758750103 | COMMON STOCK | 21,786.0000 | 1,730,897.70 | .23 |
| RETAIL OPPORTUNITY INVESTMEN | ROIC | 76131N101 | REIT - Real Estate Invesment Trust | 312,200.0000 | 5,657,064.00 | .75 |
| RING ENERGY INC | REI | 76680V108 | COMMON STOCK | 54,745.0000 | 756,028.45 | .10 |
| ROCKWELL AUTOMATION INC | ROK | 773903109 | COMMON STOCK | 15,800.0000 | 2,771,478.00 | .37 |
| SPX FLOW INC | FLOW | 78469X107 | COMMON STOCK | 15,384.0000 | 670,280.88 | .09 |
| SRC ENERGY INC | SRCI | 78470V108 | COMMON STOCK | 132,429.0000 | 1,713,631.26 | .23 |
| SAIA INC | SAIA | 78709Y105 | COMMON STOCK | 13,787.0000 | 1,136,048.80 | .15 |
| SCHNEIDER NATIONAL INC-CL B | SNDR | 80689H102 | COMMON STOCK | 166,200.0000 | 4,899,576.00 | .65 |
| SEALED AIR CORP | SEE | 81211K100 | COMMON STOCK | 99,300.0000 | 4,325,508.00 | .57 |
| SELECT ENERGY SERVICES INC-A | WTTR | 81617J301 | COMMON STOCK | 39,696.0000 | 566,461.92 | .07 |
| SEMTECH CORP | SMTC | 816850101 | COMMON STOCK | 23,338.0000 | 1,129,559.20 | .15 |
| SEMPRA ENERGY | SRE | 816851109 | COMMON STOCK | 51,800.0000 | 5,518,254.00 | .73 |
| SIENTRA INC | SIEN | 82621J105 | COMMON STOCK | 92,919.0000 | 1,678,117.14 | .22 |
| SILGAN HOLDINGS INC | SLGN | 827048109 | COMMON STOCK | 35,657.0000 | 970,583.54 | .13 |
| SITEONE LANDSCAPE SUPPLY INC | SITE | 82982L103 | COMMON STOCK | 15,910.0000 | 1,203,591.50 | .16 |
| SKYLINE CORP | SKY | 830830105 | COMMON STOCK | 35,501.0000 | 1,126,801.74 | .15 |
| SMARTSHEET INC-CLASS A | SMAR | 83200N103 | COMMON STOCK | 39,928.0000 | 995,005.76 | .13 |
| SOLAREDGE TECHNOLOGIES INC | SEDG | 83417M104 | COMMON STOCK | 26,148.0000 | 1,460,365.80 | .19 |
| SOLARIS OILFIELD INFRAST-A | SOI | 83418M103 | COMMON STOCK | 49,642.0000 | 766,472.48 | .10 |
| SONOCO PRODUCTS CO | SON | 835495102 | COMMON STOCK | 18,827.0000 | 962,624.51 | .13 |
| SPARTAN MOTORS INC | SPAR | 846819100 | COMMON STOCK | 64,058.0000 | 992,899.00 | .13 |
| SPECTRUM BRANDS HOLDINGS INC | SPB | 84763R101 | COMMON STOCK | 14,300.0000 | 1,139,567.00 | .15 |
| STANDEX INTERNATIONAL CORP | SXI | 854231107 | COMMON STOCK | 20,221.0000 | 2,017,044.75 | .27 |
| STANLEY BLACK & DECKER INC | SWK | 854502101 | COMMON STOCK | 34,100.0000 | 4,748,084.00 | .63 |
| STERLING BANCORP/DE | 85917A100 | COMMON STOCK | 121,716.0000 | 2,988,127.80 | .39 | |
| STERLING BANCORP INC/MI | SBT | 85917W102 | COMMON STOCK | 72,613.0000 | 988,989.06 | .13 |
| STERLING CONSTRUCTION CO | STRL | 859241101 | COMMON STOCK | 63,913.0000 | 812,334.23 | .11 |
| STONERIDGE INC | SRI | 86183P102 | COMMON STOCK | 62,252.0000 | 1,962,805.56 | .26 |
| TCF FINANCIAL CORP | TCF | 872275102 | COMMON STOCK | 51,051.0000 | 1,343,151.81 | .18 |
| TPI COMPOSITES INC | TPIC | 87266J104 | COMMON STOCK | 42,203.0000 | 1,109,938.90 | .15 |
| TABULA RASA HEALTHCARE INC | TRHC | 873379101 | COMMON STOCK | 15,216.0000 | 830,032.80 | .11 |
| TACTILE SYSTEMS TECHNOLOGY I | TCMD | 87357P100 | COMMON STOCK | 89,182.0000 | 4,426,102.66 | .58 |
| TAILORED BRANDS INC | TLRD | 87403A107 | COMMON STOCK | 26,053.0000 | 854,798.93 | .11 |
| TEAM INC | TISI | 878155100 | COMMON STOCK | 140,805.0000 | 2,992,106.25 | .40 |
| TELADOC INC | TDOC | 87918A105 | COMMON STOCK | 48,954.0000 | 2,491,758.60 | .33 |
| TETRA TECH INC | TTEK | 88162G103 | COMMON STOCK | 14,626.0000 | 803,698.70 | .11 |
| TREEHOUSE FOODS INC | THS | 89469A104 | COMMON STOCK | 45,088.0000 | 2,160,166.08 | .29 |
| TRIMAS CORP | TRS | 896215209 | COMMON STOCK | 56,108.0000 | 1,604,688.80 | .21 |
| TRISTATE CAPITAL HLDGS INC | TSC | 89678F100 | COMMON STOCK | 42,624.0000 | 1,095,436.80 | .14 |
| TRIUMPH BANCORP INC | TBK | 89679E300 | COMMON STOCK | 31,862.0000 | 1,307,935.10 | .17 |
| TRIUMPH GROUP INC | TGI | 896818101 | COMMON STOCK | 27,282.0000 | 578,378.40 | .08 |
| USA TECHNOLOGIES INC | USAT | 90328S500 | COMMON STOCK | 119,705.0000 | 1,610,032.25 | .21 |
| UNIVEST CORP OF PENNSYLVANIA | UVSP | 915271100 | COMMON STOCK | 61,415.0000 | 1,787,176.50 | .24 |
| UPLAND SOFTWARE INC | UPLD | 91544A109 | COMMON STOCK | 53,817.0000 | 1,925,572.26 | .25 |
| VALVOLINE INC | VVV | 92047W101 | COMMON STOCK | 93,737.0000 | 1,915,984.28 | .25 |
| VARONIS SYSTEMS INC | VRNS | 922280102 | COMMON STOCK | 13,012.0000 | 1,010,381.80 | .13 |
| VERICEL CORP | 92346J108 | COMMON STOCK | 102,386.0000 | 1,377,091.70 | .18 | |
| VIAVI SOLUTIONS INC | VIAV | 925550105 | COMMON STOCK | 208,590.0000 | 1,983,690.90 | .26 |
| VIRTUSA CORP | VRTU | 92827P102 | COMMON STOCK | 28,572.0000 | 1,387,170.60 | .18 |
| VISTA OUTDOOR INC | VSTO | 928377100 | COMMON STOCK | 45,849.0000 | 776,682.06 | .10 |
| WILLIAMS COS INC | WMB | 969457100 | COMMON STOCK | 217,300.0000 | 5,836,678.00 | .77 |
| WINGSTOP INC | WING | 974155103 | COMMON STOCK | 30,721.0000 | 1,554,789.81 | .21 |
| XCEL ENERGY INC | XEL | 98389B100 | COMMON STOCK | 96,600.0000 | 4,397,232.00 | .58 |
| XILINX INC | XLNX | 983919101 | COMMON STOCK | 63,200.0000 | 4,304,552.00 | .57 |
| ZIMMER BIOMET HOLDINGS INC | ZBH | 98956P102 | COMMON STOCK | 84,400.0000 | 9,411,444.00 | 1.24 |
| ZSCALER INC | ZS | 98980G102 | COMMON STOCK | 32,487.0000 | 853,108.62 | .11 |
| FUSION CONNECT INC | FSNN | BF5DW02 | COMMON STOCK | 94,306.0000 | 368,736.46 | .05 |
As of 05/31/2018.
Distributions
| Fund Name | Fund Cusip | Distribution Type | Amount per Share | Ex Date | Reinvest Date | Reinvest Price |
|---|---|---|---|---|---|---|
| Destinations Small-Mid Cap Equity Fund | 10964R202 | Dividend | 0.043013 | 12/15/2017 | 12/15/2017 | $11.02 |
| Destinations Small-Mid Cap Equity Fund | 10964R202 | Short-Term Capital Gains | 0.059872 | 12/15/2017 | 12/15/2017 | $11.02 |
Fees and expenses
| Type | Amount |
|---|---|
| Management Fees | 0.90% |
| Distribution and Service (12b-1) Fees | None |
| Other Expenses | 0.21% |
| Acquired Fund Fees and Expenses (AFFE) | 0.02% |
| Total Annual Fund Operating Expenses | 1.13% |
| Fee Waivers and Expense Reimbursements | -0.15% |
| Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements | 0.98%* |
*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.
