Destinations Multi Strategy Alternatives Fund
Overview
The Destinations Multi Strategy Alternatives Fund seeks long-term growth of capital with reduced correlation to equity and fixed income markets and may invest across multiple strategies including long/short credit, long/short equity, relative value, distressed credit, global macro, event driven and closed-end funds.
Employing a multi-manager approach, the Fund currently allocates assets among the following sub-advisers:
- Driehaus Capital Management LLC is the sub-adviser of Driehaus Event Driven which seeks asymmetric payoff profiles in directional long, directional short and relative value arbitrage strategies, focusing on liquid credit, equity and derivative securities.
- LMCG Investments, LLC is the sub-adviser of the LMCG Serenitas Relative Value Credit Strategy which employs a quantitative approach based on proprietary analytics to exploit pricing inefficiencies in structured credit markets.
I Share Fund performance as of 9/30/24 | ||||||||||||
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ICE BofA US Broad Market 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.
The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2025 and may be amended or terminated only with the consent of the Board of Trustees.
**Annual expenses have been restated based on estimated current expenses as of April 30, 2024 using the Fund’s assets as of April 30, 2024. Consequently, the Fund’s Total Annual Fund Operating Expenses will differ from the numbers shown in the Fund's financial statements (or the “Financial Highlights” section in the prospectus).
ICE BofA US Broad Market Index: A broad based index that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
An investment in the Destinations Multi Strategy Alternatives 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.
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.
Risks of foreign investment tend to be greater in emerging markets, which tend to be more likely to experience political turmoil or rapid change to market or economic conditions.
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.
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.
Real estate investment trusts (REITs) are trusts that invest primarily in commercial real estate or real estate-related loans. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.
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.
Short sale risk involve positions in shorted securities are speculative and more risky than long positions (purchases) in securities. Short selling will also result in higher transaction costs (such as interest and dividends), and may result in higher taxes, which reduce the Fund’s return. Theoretically the potential loss resulting from short sales is unlimited.
The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Underlying Funds may have limited recourse in the event of a default.
- Ticker: DMSFX
- CUSIP: 10964R871
- Benchmark: ICE BofA US Broad Market Index
- Inception date: 03/20/2017
- Gross expense ratio:
1.67% - Net expense ratio:*
1.23%
Daily NAV | Date: | 12/09/2024 |
NAV: $10.64 NAV change: -$0.03 Total assets ($m): $583.7
Management team
- Brian Storey CFA, Deputy CIO of Destinations Portfolios, Brinker Capital Investments
Brian Storey is a senior portfolio manager at Brinker Capital Investments, a brand entity of Orion Advisor Solutions. In this role, he has portfolio management responsibilities for Brinker Capital’s Destinations program. Brian is involved in all aspects of the investment process for these multi-asset class portfolio solutions, including asset allocation, portfolio construction, manager research, and due diligence.
Prior to joining Brinker Capital, Brian was a Senior Portfolio Manager at First Citizens Bank where he oversaw portfolio construction for the globally-diversified investment strategies utilized by the firm’s private wealth and institutional clients. Previously, he served in various leadership and operational roles during his five years as an officer in the U.S. Coast Guard.
Brian graduated from the United States Coast Guard Academy with a Bachelor of Science in management and earned his Master of Business Administration from Duke University’s Fuqua School of Business where he graduated as a Fuqua scholar. Brian is a CFA® charterholder and holds the FINRA Series 65 license. He is a member of the CFA® Institute and the CFA® Society North Carolina.
- Andrew Goins Andrew Goins, CFA, Senior Portfolio Manager
Andrew Goins is a senior portfolio manager at Brinker Capital Investments, a brand entity of Orion Advisor Solutions. In this role, he has portfolio management responsibilities for Brinker Capital’s Destinations program. Andrew is involved in all aspects of the investment process for these multi-asset class portfolio solutions, including asset allocation, portfolio construction, manager research, and due diligence. Andrew first joined Brinker Capital in 2010. He held several roles focusing on manager research and due diligence as well as managing multi-asset class portfolios before moving into a senior portfolio manager role in 2023.
Prior to joining Brinker Capital, Andrew was an investment management analyst at Budros, Ruhlin & Roe, an independent RIA in Columbus, OH. Andrew graduated from The Ohio State University with a Bachelor of Science in Business Administration. Andrew is a CFA® charterholder and holds the FINRA Series 7 license. He is a member of the CFA® Institute and the CFA® Society North Carolina.
Performance
I Share Fund performance as of 9/30/24 | ||||||||||||||||||
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Annualized | ||||||||||||||||||
QTD | YTD | 1 Year | 3 Years | 5 Years | Since Inception | Inception Date | Gross expense ratio | Net expense ratio* | ||||||||||
Destinations Multi Strategy Alternatives |
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ICE BofA US Broad Market 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.
The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2025 and may be amended or terminated only with the consent of the Board of Trustees.
**Annual expenses have been restated based on estimated current expenses as of April 30, 2024 using the Fund’s assets as of April 30, 2024. Consequently, the Fund’s Total Annual Fund Operating Expenses will differ from the numbers shown in the Fund's financial statements (or the “Financial Highlights” section in the prospectus).
ICE BofA US Broad Market Index: A broad based index that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
Holdings
Security Description | Ticker Symbol | Security ID | Security Type Description | Quantity | Base Market Value | Percent TNA |
---|---|---|---|---|---|---|
CANADIAN DOLLAR | CASHCAD | CURRENCY | .0500 | .04 | .00 | |
EURO | CASHEUR | CURRENCY | -1.9100 | -2.13 | -.00 | |
BRITISH POUNDS | CASHGBP | CURRENCY | .0100 | .01 | .00 | |
US DOLLARS | CASHUSD | CURRENCY | 120,613,789.6100 | 120,613,789.61 | 16.92 | |
XENON PHARMACEUTICALS INC | XENE | 98420N105 | COMMON STOCK | 255,592.0000 | 10,062,657.04 | 1.41 |
HAYMAKER ACQUISITION CORP 4 | HYAC | BMGS9V5 | COMMON STOCK | 292,343.0000 | 3,116,376.38 | .44 |
HAYMAKER ACQUISIT WRT 09/12/28 | BMGS9W6 | WARRANTS | 146,171.0000 | 23,387.36 | .00 | |
ARES ACQUISITION CORP II | AACT | BPYS350 | COMMON STOCK | 299,624.0000 | 3,244,927.92 | .46 |
ARES ACQUISIT WT EX 04/21/28 | BPYS383 | WARRANTS | 149,812.0000 | 23,969.92 | .00 | |
CHURCHILL CAPITAL CORP IX | BSMR286 | OTHER EQUITY | 27,458.0000 | 276,776.64 | .04 | |
PAGAYA TECHNOL WT EX 06/22/27 | BQ5J6C7 | WARRANTS | 358,816.0000 | 66,380.96 | .01 | |
ALBERTSONS COS INC - CLASS A | ACI | 013091103 | COMMON STOCK | 249,868.0000 | 4,617,560.64 | .65 |
APOGEE THERAPEUTICS INC | APGE | 03770N101 | COMMON STOCK | 37,200.0000 | 2,185,128.00 | .31 |
BLUE FOUNDRY BANCORP | BLFY | 09549B104 | COMMON STOCK | 990,406.0000 | 10,151,661.50 | 1.42 |
CAESARS ENTERTAINMENT INC | CZR | 12769G100 | COMMON STOCK | 47,118.0000 | 1,966,705.32 | .28 |
CANNAE HOLDINGS INC | CNNE | 13765N107 | COMMON STOCK | 632,537.0000 | 12,056,155.22 | 1.69 |
CRINETICS PHARMACEUTICALS IN | CRNX | 22663K107 | COMMON STOCK | 207,658.0000 | 10,611,323.80 | 1.49 |
CALIDI BIOTHERAPE WRT 09/10/26 | 320703119 | WARRANTS | 556,875.0000 | 7,295.06 | .00 | |
CALIDI BIOTHERAPEUTICS INC | 320703309 | COMMON STOCK | 7,034.0000 | 8,018.76 | .00 | |
QXO INC PIPE | 3430RZ | COMMON STOCK | 409,911.0000 | 6,464,296.47 | .91 | |
GXO LOGISTICS INC | GXO | 36262G101 | COMMON STOCK | 67,720.0000 | 3,526,180.40 | .49 |
GOLDEN ENTERTAINMENT INC | GDEN | 381013101 | COMMON STOCK | 355,468.0000 | 11,300,327.72 | 1.59 |
HILLMAN SOLUTIONS CORP | HLMN | 431636109 | COMMON STOCK | 674,014.0000 | 7,117,587.84 | 1.00 |
INSPIRATO INC WT EX 12/15/27 | 45791E115 | WARRANTS | 131,807.0000 | 1,739.85 | .00 | |
JPMORGAN STRAT INC OPP-R6 | JSOZX | 48121L114 | POOLED INVESTMENTS | 9,208,042.5740 | 105,432,087.47 | 14.79 |
MACY'S INC | M | 55616P104 | COMMON STOCK | -35,126.0000 | -551,126.94 | -.08 |
PENN ENTERTAINMENT INC | PENN | 707569109 | COMMON STOCK | 129,123.0000 | 2,435,259.78 | .34 |
REVOLUTION MEDICI WRT 11/14/28 | 76155X118 | WARRANTS | 88,320.0000 | 12,364.80 | .00 | |
PALM VALLEY CAPITAL FUND-INV | PVCMX | 81752T684 | POOLED INVESTMENTS | 1,047,554.0330 | 13,670,580.13 | 1.92 |
SOMALOGIC INC WRT 12/31/27 | 83444K113 | WARRANTS | 77,310.0000 | 7,808.31 | .00 | |
VIRIDIAN THERAPEUTICS INC | VRDN | 92790C104 | COMMON STOCK | 231,118.0000 | 5,257,934.50 | .74 |
WESCO INTERNATIONAL INC. | WCC A | 95082P303 | COMMON STOCK | 292,290.0000 | 7,555,696.50 | 1.06 |
BRIDGER AEROSPACE WRT 01/25/28 | 96812F110 | WARRANTS | 468,723.0000 | 24,045.49 | .00 | |
WILLSCOT HOLDINGS CORP | 971378104 | COMMON STOCK | 230,056.0000 | 8,650,105.60 | 1.21 | |
TRR SPDR S&P REGIONAL BANKING ETF_ | TRSB17N7T6USD | SWAPS | -120,727.0000 | -6,833,148.20 | -.96 | |
CFD GSCBDNYB | TRSGSCBDNYBUSD | SWAPS | -28,621.0000 | -3,395,023.02 | -.48 | |
CFD GSCNNED3 | TRSGSCNNED3USD | SWAPS | -364,092.0000 | -8,224,838.28 | -1.15 | |
TRS CFD GSUCDHY1 /SHORT/ | TRSGSUCDHY1USD | SWAPS | -14,359,758.0000 | -14,386,438.43 | -2.02 | |
CFD MSDRCASI | TRSMSDRCASIUSD | SWAPS | -73,890.0000 | -7,276,687.20 | -1.02 | |
CFD MSHEWSC | TRSMSHEWSCUSD | SWAPS | -40,778.0000 | -4,490,473.36 | -.63 | |
CFD MSXXBIOH | TRSMSXXBIOHUSD | SWAPS | -109,026.0000 | -12,979,545.30 | -1.82 | |
ANCHC 2021-18A A V/R 04/15/34 | 03331AAA9 | ASSET BACKED | 5,000,000.0000 | 5,003,492.00 | .70 | |
ARES 2019-51A BR V/R 07/15/34 | 04019LAN4 | ASSET BACKED | 6,507,000.0000 | 6,510,726.56 | .91 | |
BABSN 2021-1A B V/R 04/25/34 | 06762EAC8 | ASSET BACKED | 13,505,000.0000 | 13,508,634.20 | 1.90 | |
BABSN 2020-1A BR V/R 10/15/36 | 06762LAN8 | ASSET BACKED | 2,860,000.0000 | 2,861,390.25 | .40 | |
BSP 2021-24A B V/R 10/20/34 | 08182NAC6 | ASSET BACKED | 4,300,000.0000 | 4,305,093.35 | .60 | |
BKPRK 2019-1A B1 V/R 07/18/34 | 118382AS9 | ASSET BACKED | 5,475,000.0000 | 5,477,786.23 | .77 | |
LONGF 2013-1A ER V/R 04/15/29 | 54303NAF7 | ASSET BACKED | 1,315,518.8700 | 1,315,418.89 | .18 | |
RRAM 2018-4A A2 V/R 04/15/30 | 74972FAG0 | ASSET BACKED | 9,505,000.0000 | 9,508,239.30 | 1.33 | |
STCR 2016-1A ER V/R 06/15/31 | 85816TAF8 | ASSET BACKED | 380,000.0000 | 308,152.30 | .04 | |
VENTR 2014-18A E V/R 10/15/29 | 92329HAH6 | ASSET BACKED | 1,030,000.0000 | 626,475.25 | .09 | |
VIBR 2018-8A A1B V/R 01/20/31 | 92558FAJ8 | ASSET BACKED | 1,291,000.0000 | 1,292,059.39 | .18 | |
WELF 2019-XA A2R V/R 07/20/32 | 94949WAN6 | ASSET BACKED | 7,000,000.0000 | 7,003,514.00 | .98 | |
WELF 2019-1A A2R V/R 07/20/32 | 94950NAQ5 | ASSET BACKED | 2,850,000.0000 | 2,854,165.56 | .40 | |
INVCO 2022-3A B V/R 10/22/35 | 46146VAE9 | ASSET BACKED | 6,500,000.0000 | 6,517,162.60 | .91 | |
DANAOS CORP 8.5% 03/01/28 | 23585WAA2 | CORPORATE BONDS | 8,665,000.0000 | 8,919,170.45 | 1.25 | |
AMIT 2005-4 M3 V/R 10/25/35 | 00252FCV1 | ASSET BACKED | 1,094,089.3900 | 1,082,783.29 | .15 | |
ACCR 2006-2 M1 V/R 09/25/36 | 00437NAE2 | ASSET BACKED | 2,430,000.0000 | 2,295,703.13 | .32 | |
ARMT 2005-2 6M2 V/R 06/25/35 | 007036HA7 | ASSET BACKED | 1,572,809.1100 | 1,559,374.96 | .22 | |
ARROW BIDCO LL 10.75% 06/15/25 | 042728AB1 | CORPORATE BONDS | 11,923,000.0000 | 12,162,187.30 | 1.71 | |
ABFC 2003-OPT1 A V/R 04/25/33 | 04542BDG4 | ASSET BACKED | 3,899,401.7900 | 3,900,781.79 | .55 | |
ABSHE 2007-HE1 A V/R 12/25/36 | 04544RAC9 | ASSET BACKED | 794,207.3700 | 781,631.89 | .11 | |
BBCMS 2023-C1 5.756% 03/15/28 | 05553RAB6 | ASSET BACKED | 5,400,000.0000 | 5,550,076.80 | .78 | |
BALTA 2006-8 3A1 V/R 02/25/34 | 07387QAX8 | ASSET BACKED | 427,988.4100 | 402,913.08 | .06 | |
BMARK 2023-B3 5.626% 04/15/28 | 081916AB4 | ASSET BACKED | 2,000,000.0000 | 2,035,017.80 | .29 | |
CWL 2004-2 M1 V/R 05/25/34 | 1266713Z7 | ASSET BACKED | 141,738.6000 | 141,743.12 | .02 | |
CARR 2006-NC3 A3 V/R 08/25/36 | 144528AC0 | ASSET BACKED | 1,801,070.5800 | 1,745,877.13 | .24 | |
CHEC 2004-1 A3 V/R 07/25/34 | 162765AC5 | ASSET BACKED | 1,754,008.2300 | 1,715,765.76 | .24 | |
CAS 2019-HRP1 B1 V/R 11/25/39 | 20754PAD2 | ASSET BACKED | 8,200,000.0000 | 9,120,368.82 | 1.28 | |
DBALT 2007-OA5 A V/R 12/25/15 | 25150XAA0 | ASSET BACKED | 3,247,435.3900 | 3,010,866.54 | .42 | |
ELAT 2007-1 A1 V/R 05/25/37 | 288542AA1 | ASSET BACKED | 1,385,777.5000 | 1,355,365.64 | .19 | |
EMLT 2003-2 1A1 V/R 09/25/33 | 29445FAF5 | ASSET BACKED | 2,401,241.0600 | 2,390,288.28 | .34 | |
EART 2023-5A B 6.58% 02/15/26 | 30168DAD8 | ASSET BACKED | 2,630,000.0000 | 2,679,570.77 | .38 | |
FNBA 2004-AR1 M2 V/R 08/19/34 | 30251YAE8 | ASSET BACKED | 2,254,429.0400 | 2,371,102.06 | .33 | |
CAS 2016-C02 1B V/R 09/25/28 | 30711XCH5 | ASSET BACKED | 3,385,699.0100 | 3,893,553.86 | .55 | |
CAS 2016-C03 2M2 V/R 10/25/28 | 30711XCT9 | ASSET BACKED | 1,871,306.6600 | 1,960,193.73 | .27 | |
CAS 2016-C04 1B V/R 01/25/29 | 30711XDB7 | ASSET BACKED | 1,257,648.5100 | 1,433,218.13 | .20 | |
CAS 2016-C06 1B V/R 04/25/29 | 30711XDY7 | ASSET BACKED | 4,633,259.1600 | 5,247,166.00 | .74 | |
STACR 2015-DNA2 V/R 12/25/27 | 3137G0FZ7 | ASSET BACKED | 4,714,781.1200 | 4,873,354.30 | .68 | |
STACR 2016-DNA1 V/R 07/25/28 | 3137G0HZ5 | ASSET BACKED | 1,905,862.2900 | 2,108,692.92 | .30 | |
STACR 2016-DNA4 V/R 03/25/29 | 3137G0LK3 | ASSET BACKED | 1,058,795.7600 | 1,177,910.28 | .17 | |
STACR 2017-HQA3 V/R 04/25/30 | 3137G0SE0 | ASSET BACKED | 4,290,000.0000 | 4,589,532.95 | .64 | |
STACR 2018-HRP1 V/R 04/25/43 | 3137G0VA4 | ASSET BACKED | 4,064,148.3000 | 4,185,505.80 | .59 | |
STACR 2018-HRP1 V/R 05/25/43 | 3137G0VB2 | ASSET BACKED | 4,701,236.3200 | 5,719,051.16 | .80 | |
STACR 2019-HQA1 V/R 02/25/49 | 35563MBE5 | ASSET BACKED | 4,030,000.0000 | 5,052,421.88 | .71 | |
STACR 2019-DNA2 V/R 03/25/49 | 35564LBE6 | ASSET BACKED | 5,000,000.0000 | 5,946,200.00 | .83 | |
STACR 2019-HQA2 V/R 04/25/49 | 35564MBD6 | ASSET BACKED | 5,500,000.0000 | 5,885,000.00 | .83 | |
STACR 2019-FTR1 V/R 01/25/48 | 35564PAC2 | ASSET BACKED | 5,800,000.0000 | 6,893,693.24 | .97 | |
STACR 2019-HRP1 V/R 02/25/49 | 35564RCB8 | ASSET BACKED | 3,100,000.0000 | 3,429,375.00 | .48 | |
STACR 2019-HRP1 V/R 02/25/49 | 35564RCC6 | ASSET BACKED | 5,000,000.0000 | 5,755,255.00 | .81 | |
STACR 2019-DNA3 V/R 07/25/49 | 35564TBE9 | ASSET BACKED | 4,870,000.0000 | 5,576,150.00 | .78 | |
STACR 2019-DNA4 V/R 10/25/49 | 35565ABE9 | ASSET BACKED | 4,588,000.0000 | 5,089,426.19 | .71 | |
STACR 2020-DNA1 V/R 01/25/50 | 35565HBE4 | ASSET BACKED | 5,438,000.0000 | 6,002,653.10 | .84 | |
STACR 2020-HQA3 V/R 07/25/50 | 35565MBE3 | ASSET BACKED | 1,280,000.0000 | 1,727,905.15 | .24 | |
STACR 2020-HQA4 V/R 09/25/50 | 35565RBE2 | ASSET BACKED | 1,260,000.0000 | 1,666,470.83 | .23 | |
STACR 2020-DNA5 V/R 10/25/50 | 35566ABE8 | ASSET BACKED | 3,780,000.0000 | 5,196,885.37 | .73 | |
STACR 2020-DNA6 V/R 12/25/50 | 35566CBE4 | ASSET BACKED | 1,500,000.0000 | 1,701,391.65 | .24 | |
FHLT 2003-A M1 V/R 08/25/33 | 35729PBL3 | ASSET BACKED | 3,844,938.9600 | 4,005,157.95 | .56 | |
GENWORTH HOLDINGS V/R 11/15/36 | 37247DAG1 | CORPORATE BONDS | 6,351,000.0000 | 5,190,233.45 | .73 | |
GMCAR 2023-1 A 4.66% 08/16/26 | 38013JAD5 | ASSET BACKED | 4,880,000.0000 | 4,894,988.92 | .69 | |
HEAT 2005-6 M5 V/R 12/25/35 | 437084NG7 | ASSET BACKED | 2,810,000.0000 | 2,700,689.88 | .38 | |
HMBT 2005-4 M3 V/R 10/25/35 | 43739EBW6 | ASSET BACKED | 2,448,030.0000 | 2,294,261.40 | .32 | |
SERVICE PROPERT 4.75% 10/01/26 | 44106MBA9 | CORPORATE BONDS | -1,396,000.0000 | -1,341,522.36 | -.19 | |
HART 2023-B A3 5.48% 04/17/28 | 44933XAD9 | ASSET BACKED | 2,690,000.0000 | 2,730,853.84 | .38 | |
INDX 2006-FLX1 A V/R 11/25/36 | 45667WAA6 | ASSET BACKED | 3,042,135.4200 | 2,860,572.56 | .40 | |
JPMAC 2007-CH4 A V/R 11/25/13 | 46630CAE4 | ASSET BACKED | 573,501.7700 | 569,866.46 | .08 | |
KOHL'S CORPORA 4.625% 05/01/31 | 500255AX2 | CORPORATE BONDS | 2,794,000.0000 | 2,352,968.22 | .33 | |
MACY'S RETAIL 5.125% 01/15/42 | M/42 | 55616XAG2 | CORPORATE BONDS | 7,188,000.0000 | 5,530,329.32 | .78 |
MABS 2004-WMC1 M V/R 02/25/34 | 57643LCW4 | ASSET BACKED | 1,767,354.8700 | 1,861,364.01 | .26 | |
MLMI 2005-FM1 M1 V/R 05/25/36 | 59020UC29 | ASSET BACKED | 230,728.5800 | 228,710.10 | .03 | |
MLMI 2006-OPT1 A V/R 08/25/37 | 59022VAD3 | ASSET BACKED | 1,376,620.1700 | 1,296,707.37 | .18 | |
MICHAEL KORS US 4.25% 11/01/24 | 59408TAA8 | CORPORATE BONDS | 529,000.0000 | 528,455.13 | .07 | |
NRG ENERGY INC V/R /PERP/ | 629377CU4 | CORPORATE BONDS | 8,428,867.0000 | 9,507,458.54 | 1.33 | |
NCR ATLEOS LLC 9.5% 04/01/29 | 638962AA8 | CORPORATE BONDS | 1,153,000.0000 | 1,269,301.96 | .18 | |
NHEL 2006-1 A2C V/R 05/25/36 | 669884AD0 | ASSET BACKED | 492,789.2700 | 489,320.87 | .07 | |
PPSI 2005-WCH1 M V/R 01/25/36 | 70069FFM4 | ASSET BACKED | 3,600,000.0000 | 3,412,469.52 | .48 | |
PPSI 2005-WCW2 M V/R 07/25/35 | 70069FLH8 | ASSET BACKED | 521,072.5400 | 517,154.07 | .07 | |
WILLIAMS SCOTS 6.125% 06/15/25 | 71953LAA9 | CORPORATE BONDS | 6,444,000.0000 | 6,437,427.12 | .90 | |
RAMP 2004-RS8 MI V/R 08/25/34 | 76112BAN0 | ASSET BACKED | 2,098,033.3400 | 2,118,051.10 | .30 | |
SDART 2022-2 B 3.44% 08/15/25 | 80286MAD0 | ASSET BACKED | 6,708,833.0800 | 6,671,656.75 | .94 | |
SDART 2024-2 A2 5.8% 09/15/25 | 80286YAB8 | ASSET BACKED | 3,448,825.3400 | 3,461,708.43 | .49 | |
SERVICE PROPER 8.625% 11/15/31 | 81761LAC6 | CORPORATE BONDS | 12,222,000.0000 | 13,290,923.90 | 1.86 | |
SIX FLAGS THEME PA 7% 07/01/25 | 83001WAC8 | CORPORATE BONDS | 2,388,000.0000 | 2,389,876.97 | .34 | |
SURF 2004-BC1 M1 V/R 02/25/35 | 84751PBZ1 | ASSET BACKED | 2,498,343.4000 | 2,534,218.86 | .36 | |
SASC 2005-WF4 M8 V/R 11/25/35 | 863576DN1 | ASSET BACKED | 2,600,000.0000 | 2,532,675.60 | .36 | |
SASC 2006-GEL1 M V/R 11/25/35 | 863576EH3 | ASSET BACKED | 471,391.1000 | 468,546.11 | .07 | |
STRUCTURED ASSET INV 2004-2 A4 20340325 FLT | 86358EGW0 | ASSET BACKED | 2,785,137.1900 | 2,824,691.71 | .40 | |
SASC 2006-BC6 A4 V/R 01/25/37 | 86362VAD4 | ASSET BACKED | 384,944.2500 | 380,394.44 | .05 | |
SASC 2007-BC3 2A V/R 06/25/13 | 86363WAG4 | ASSET BACKED | 639,122.6400 | 617,493.39 | .09 | |
TMTS 2006-5 1A2C V/R 07/25/37 | 8815612G8 | ASSET BACKED | 6,738,000.0000 | 6,475,003.73 | .91 | |
TMTS 2006-7 1A2C V/R 07/25/37 | 88156PAD3 | ASSET BACKED | 2,465,000.0000 | 2,189,691.55 | .31 | |
VISTRA CORP V/R /PERP/ | 92840MAC6 | CORPORATE BONDS | 13,154,000.0000 | 13,427,655.82 | 1.88 | |
T/L MAJORDRIVE 00.00% 06/01/28 | LX194777 | LOAN | 4,349,924.0000 | 4,357,188.37 | .61 | |
T/L NCR ATLEOS LLC 0% 03/22/29 | LX217002 | LOAN | 1,641,388.3596 | 1,655,750.51 | .23 | |
T/L RECESS HOLDING 0% 02/14/30 | LX226754 | LOAN | 3,995,920.0000 | 4,006,908.78 | .56 | |
T/L CROWN SUBSEA ZCP 01/30/31 | LX236679 | LOAN | 4,007,955.0000 | 4,026,992.79 | .56 | |
CXT 2I65BRYO2 05.000 SP A15-E25 12/20/2025 MSCSNY SHORT | SCCDS2714 | SWAPS | -10,000,000.0000 | -10,000,000.00 | -1.40 | |
CXT 2I65BRYO2 05.000 SP A15-E25 12/20/2025 MSCSNY LONG | SCCDS2714 | SWAPS | 10,000,000.0000 | 10,556,635.50 | 1.48 | |
CXT 2I65BRZD5 05.000 SP A15-E25 12/20/2025 MSCSNY LONG | SCCDS4654 | SWAPS | 10,000,000.0000 | 10,556,635.50 | 1.48 | |
CXT 2I65BRZD5 05.000 SP A15-E25 12/20/2025 MSCSNY SHORT | SCCDS4654 | SWAPS | -10,000,000.0000 | -10,000,000.00 | -1.40 | |
CXT 2I65BYEB7 01.000 SP 12/20/2027 A3-E7 GOLDNY SHORT | SCCDS4882 | SWAPS | -20,000,000.0000 | -20,000,000.00 | -2.81 | |
CXT 2I65BYEB7 01.000 SP 12/20/2027 A3-E7 GOLDNY LONG | SCCDS4882 | SWAPS | 20,000,000.0000 | 19,987,406.60 | 2.80 | |
CXT 2I65BRZP8 05.000 SP 12/20/2028 A25 - E35 MSCSNY LONG | SCCDS5747 | SWAPS | 30,000,000.0000 | 34,297,992.30 | 4.81 | |
CXT 2I65BRZP8 05.000 SP 12/20/2028 A25 - E35 MSCSNY SHORT | SCCDS5747 | SWAPS | -30,000,000.0000 | -30,000,000.00 | -4.21 | |
CXT 2I65BRAA6 05.000 SP 12/20/2026 A15 - E25 GOLDNY SHORT | SCCDS6675 | SWAPS | -15,000,000.0000 | -15,000,000.00 | -2.10 | |
CXT 2I65BRAA6 05.000 SP 12/20/2026 A15 - E25 GOLDNY LONG | SCCDS6675 | SWAPS | 15,000,000.0000 | 16,369,520.25 | 2.30 | |
CXT 2I65BYEG6 01.000 SP A3 - E7 12/20/2029 GOLDNY LONG | SCCDS6815 | SWAPS | 20,000,000.0000 | 18,785,838.80 | 2.64 | |
CXT 2I65BYEG6 01.000 SP A3- E7 12/20/2029 GOLDNY SHORT | SCCDS6815 | SWAPS | -20,000,000.0000 | -20,000,000.00 | -2.81 | |
CXT 2I65BYEG6 01.000 SP A3 - E7 12/20/2029 GOLDNY LONG | SCCDS6894 | SWAPS | 20,000,000.0000 | 18,785,838.80 | 2.64 | |
CXT 2I65BYEG6 01.000 SP A3 - E7 12/20/2029 GOLDNY SHORT | SCCDS6894 | SWAPS | -20,000,000.0000 | -20,000,000.00 | -2.81 | |
CXT 2I65BYEG6 01.000 SP A3 - E7 12/20/2029 MSCSNY LONG | SCCDS6895 | SWAPS | 20,000,000.0000 | 18,785,838.80 | 2.64 | |
CXT 2I65BYEG6 01.000 SP A3 - E7 12/20/2029 MSCSNY SHORT | SCCDS6895 | SWAPS | -20,000,000.0000 | -20,000,000.00 | -2.81 | |
TRR SPDR S&P REGIONAL BANKING ETF_ | TRSB17N7T6USD | SWAPS | 6,738,981.1400 | 6,738,981.14 | .95 | |
CFD GSCBDNYB | TRSGSCBDNYBUSD | SWAPS | 3,118,396.7000 | 3,118,396.70 | .44 | |
CFD GSCNNED3 | TRSGSCNNED3USD | SWAPS | 8,165,953.6800 | 8,165,953.68 | 1.15 | |
TRS CFD GSUCDHY1 /LONG/ | TRSGSUCDHY1USD | SWAPS | 14,101,110.0400 | 14,101,110.04 | 1.98 | |
CFD MSDRCASI | TRSMSDRCASIUSD | SWAPS | 7,009,308.8500 | 7,009,308.85 | .98 | |
CFD MSHEWSC | TRSMSHEWSCUSD | SWAPS | 4,378,737.5600 | 4,378,737.56 | .61 | |
CFD MSXXBIOH | TRSMSXXBIOHUSD | SWAPS | 12,908,618.2300 | 12,908,618.23 | 1.81 |
As of 09/30/2024.
Distributions
Fund Name | Fund Cusip | Distribution Type | Amount per Share | Ex Date | Reinvest Date | Reinvest Price |
---|---|---|---|---|---|---|
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.151767 | 9/27/24 | 9/27/24 | 10.53 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.141681 | 6/27/24 | 6/27/24 | $10.34 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.047706 | 3/27/24 | 3/27/24 | $10.47 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.365383 | 12/28/23 | 12/28/23 | $10.32 |
Destinations Multi Strategy Alternatives Fund - Class I | 10964R871 | Dividend | 0.143108 | 9/28/23 | 9/28/23 | $10.28 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.138529 | 6/29/23 | 6/29/23 | $10.13 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.036306 | 3/30/23 | 3/30/23 | $9.97 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.136602 | 12/29/22 | 12/29/22 | $9.76 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Long-Term Capital Gains | 0.027439 | 12/15/22 | 12/15/22 | $9.93 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.070556 | 9/29/22 | 9/29/22 | $9.67 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.047979 | 6/29/22 | 6/29/22 | $9.74 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.015385 | 3/30/22 | 3/30/22 | $10.28 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.16748 | 12/29/21 | 12/29/21 | $10.38 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Short-Term Capital Gains | 0.061257 | 12/16/21 | 12/16/21 | $10.49 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Long-Term Capital Gains | 0.203343 | 12/16/21 | 12/16/21 | $10.49 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.020694 | 9/29/21 | 9/29/21 | $10.76 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.025173 | 6/29/21 | 6/29/21 | $10.72 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.009451 | 3/30/21 | 3/30/21 | $10.58 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.032649 | 12/29/20 | 12/29/20 | $10.34 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.041362 | 9/29/20 | 9/29/20 | $9.75 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.056309 | 6/29/20 | 6/29/20 | $9.40 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.023078 | 3/30/20 | 3/30/20 | $8.27 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.155252 | 12/27/19 | 12/27/19 | $9.55 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Long-Term Capital Gains | 0.03246 | 12/16/19 | 12/16/19 | $9.60 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.090809 | 9/26/19 | 9/26/19 | $9.47 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.125101 | 6/27/19 | 6/27/19 | $9.66 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.040985 | 3/28/19 | 3/28/19 | $9.69 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.128265 | 12/27/18 | 12/27/18 | $9.13 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Short-Term Capital Gains | 0.033439 | 12/17/18 | 12/17/18 | $9.40 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Long-Term Capital Gains | 0.13937 | 12/17/18 | 12/17/18 | $9.40 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.112707 | 9/27/18 | 9/27/18 | $10.19 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.07801 | 6/28/18 | 6/28/18 | $10.16 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.032931 | 3/28/18 | 3/28/18 | $10.13 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.089683 | 12/28/17 | 12/28/17 | $10.09 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.066462 | 9/28/17 | 9/28/17 | $10.09 |
Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.044799 | 6/29/17 | 6/29/17 | $10.11 |
Fees and expenses
Type | Amount | |
---|---|---|
Management Fees | 1.35% | |
Distribution and Service (12b-1) Fees | None | |
Other Expenses | 0.09% | |
AFFE | 0.13% | |
Total Annual Fund Operating Expenses | 1.65% | |
Fee waivers and expense reimbursements | (0.43)%* | |
Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements |
|
The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2025 and may be amended or terminated only with the consent of the Board of Trustees.
**Annual expenses have been restated based on estimated current expenses as of April 30, 2024 using the Fund’s assets as of April 30, 2024. Consequently, the Fund’s Total Annual Fund Operating Expenses will differ from the numbers shown in the Fund's financial statements (or the “Financial Highlights” section in the prospectus).
Overview
The Destinations Multi Strategy Alternatives Fund seeks long-term growth of capital with reduced correlation to equity and fixed income markets and may invest across multiple strategies including long/short credit, long/short equity, relative value, distressed credit, global macro, event driven and closed-end funds.
Employing a multi-manager approach, the Fund currently allocates assets among the following sub-advisers:
- Driehaus Capital Management LLC is the sub-adviser of Driehaus Event Driven which seeks asymmetric payoff profiles in directional long, directional short and relative value arbitrage strategies, focusing on liquid credit, equity and derivative securities.
- LMCG Investments, LLC is the sub-adviser of the LMCG Serenitas Relative Value Credit Strategy which employs a quantitative approach based on proprietary analytics to exploit pricing inefficiencies in structured credit markets.
Z Share Fund performance as of 9/30/2024 | ||||||||||||
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Annualized | ||||||||||||
QTD | YTD | 1 Year | 3 Years | 5 Years | Since Inception | |||||||
Destinations Multi Strategy Alternatives |
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ICE BofA US Broad Market 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.
The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2025 and may be amended or terminated only with the consent of the Board of Trustees.
**Annual expenses have been restated based on estimated current expenses as of April 30, 2024 using the Fund’s assets as of April 30, 2024. Consequently, the Fund’s Total Annual Fund Operating Expenses will differ from the numbers shown in the Fund's financial statements (or the “Financial Highlights” section in the prospectus).
ICE BofA US Broad Market Index: A broad based index that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
An investment in the Destinations Multi Strategy Alternatives 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.
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.
Risks of foreign investment tend to be greater in emerging markets, which tend to be more likely to experience political turmoil or rapid change to market or economic conditions.
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.
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.
Real estate investment trusts (REITs) are trusts that invest primarily in commercial real estate or real estate-related loans. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.
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.
Short sale risk involve positions in shorted securities are speculative and more risky than long positions (purchases) in securities. Short selling will also result in higher transaction costs (such as interest and dividends), and may result in higher taxes, which reduce the Fund’s return. Theoretically the potential loss resulting from short sales is unlimited.
The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Underlying Funds may have limited recourse in the event of a default.
- Ticker: DMSZX
- CUSIP: 10964R772
- Benchmark: ICE BofA US Broad Market Index
- Inception date: 07/16/2018
- Gross expense ratio:
1.52% - Net expense ratio:*
1.08%
Daily NAV | Date: | 12/09/2024 |
NAV: $10.35 NAV change: -$0.03 Total assets ($m): $45.1
Management team
- Brian Storey CFA, Deputy CIO of Destinations Portfolios, Brinker Capital Investments
Brian Storey is a senior portfolio manager at Brinker Capital Investments, a brand entity of Orion Advisor Solutions. In this role, he has portfolio management responsibilities for Brinker Capital’s Destinations program. Brian is involved in all aspects of the investment process for these multi-asset class portfolio solutions, including asset allocation, portfolio construction, manager research, and due diligence.
Prior to joining Brinker Capital, Brian was a Senior Portfolio Manager at First Citizens Bank where he oversaw portfolio construction for the globally-diversified investment strategies utilized by the firm’s private wealth and institutional clients. Previously, he served in various leadership and operational roles during his five years as an officer in the U.S. Coast Guard.
Brian graduated from the United States Coast Guard Academy with a Bachelor of Science in management and earned his Master of Business Administration from Duke University’s Fuqua School of Business where he graduated as a Fuqua scholar. Brian is a CFA® charterholder and holds the FINRA Series 65 license. He is a member of the CFA® Institute and the CFA® Society North Carolina.
- Andrew Goins Andrew Goins, CFA, Senior Portfolio Manager
Andrew Goins is a senior portfolio manager at Brinker Capital Investments, a brand entity of Orion Advisor Solutions. In this role, he has portfolio management responsibilities for Brinker Capital’s Destinations program. Andrew is involved in all aspects of the investment process for these multi-asset class portfolio solutions, including asset allocation, portfolio construction, manager research, and due diligence. Andrew first joined Brinker Capital in 2010. He held several roles focusing on manager research and due diligence as well as managing multi-asset class portfolios before moving into a senior portfolio manager role in 2023.
Prior to joining Brinker Capital, Andrew was an investment management analyst at Budros, Ruhlin & Roe, an independent RIA in Columbus, OH. Andrew graduated from The Ohio State University with a Bachelor of Science in Business Administration. Andrew is a CFA® charterholder and holds the FINRA Series 7 license. He is a member of the CFA® Institute and the CFA® Society North Carolina.
Performance
Z Share Fund performance as of 9/30/2024 | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Annualized | ||||||||||||||||||
QTD | YTD | 1 Year | 3 Years | 5 Years | Since Inception | Inception Date | Gross expense ratio | Net expense ratio* | ||||||||||
Destinations Multi Strategy Alternatives |
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ICE BofA US Broad Market 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.
The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2025 and may be amended or terminated only with the consent of the Board of Trustees.
**Annual expenses have been restated based on estimated current expenses as of April 30, 2024 using the Fund’s assets as of April 30, 2024. Consequently, the Fund’s Total Annual Fund Operating Expenses will differ from the numbers shown in the Fund's financial statements (or the “Financial Highlights” section in the prospectus).
ICE BofA US Broad Market Index: A broad based index that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
Holdings
Security Description | Ticker Symbol | Security ID | Security Type Description | Quantity | Base Market Value | Percent TNA |
---|---|---|---|---|---|---|
CANADIAN DOLLAR | CASHCAD | CURRENCY | .0500 | .04 | .00 | |
EURO | CASHEUR | CURRENCY | -1.9100 | -2.13 | -.00 | |
BRITISH POUNDS | CASHGBP | CURRENCY | .0100 | .01 | .00 | |
US DOLLARS | CASHUSD | CURRENCY | 120,613,789.6100 | 120,613,789.61 | 16.92 | |
XENON PHARMACEUTICALS INC | XENE | 98420N105 | COMMON STOCK | 255,592.0000 | 10,062,657.04 | 1.41 |
HAYMAKER ACQUISITION CORP 4 | HYAC | BMGS9V5 | COMMON STOCK | 292,343.0000 | 3,116,376.38 | .44 |
HAYMAKER ACQUISIT WRT 09/12/28 | BMGS9W6 | WARRANTS | 146,171.0000 | 23,387.36 | .00 | |
ARES ACQUISITION CORP II | AACT | BPYS350 | COMMON STOCK | 299,624.0000 | 3,244,927.92 | .46 |
ARES ACQUISIT WT EX 04/21/28 | BPYS383 | WARRANTS | 149,812.0000 | 23,969.92 | .00 | |
CHURCHILL CAPITAL CORP IX | BSMR286 | OTHER EQUITY | 27,458.0000 | 276,776.64 | .04 | |
PAGAYA TECHNOL WT EX 06/22/27 | BQ5J6C7 | WARRANTS | 358,816.0000 | 66,380.96 | .01 | |
ALBERTSONS COS INC - CLASS A | ACI | 013091103 | COMMON STOCK | 249,868.0000 | 4,617,560.64 | .65 |
APOGEE THERAPEUTICS INC | APGE | 03770N101 | COMMON STOCK | 37,200.0000 | 2,185,128.00 | .31 |
BLUE FOUNDRY BANCORP | BLFY | 09549B104 | COMMON STOCK | 990,406.0000 | 10,151,661.50 | 1.42 |
CAESARS ENTERTAINMENT INC | CZR | 12769G100 | COMMON STOCK | 47,118.0000 | 1,966,705.32 | .28 |
CANNAE HOLDINGS INC | CNNE | 13765N107 | COMMON STOCK | 632,537.0000 | 12,056,155.22 | 1.69 |
CRINETICS PHARMACEUTICALS IN | CRNX | 22663K107 | COMMON STOCK | 207,658.0000 | 10,611,323.80 | 1.49 |
CALIDI BIOTHERAPE WRT 09/10/26 | 320703119 | WARRANTS | 556,875.0000 | 7,295.06 | .00 | |
CALIDI BIOTHERAPEUTICS INC | 320703309 | COMMON STOCK | 7,034.0000 | 8,018.76 | .00 | |
QXO INC PIPE | 3430RZ | COMMON STOCK | 409,911.0000 | 6,464,296.47 | .91 | |
GXO LOGISTICS INC | GXO | 36262G101 | COMMON STOCK | 67,720.0000 | 3,526,180.40 | .49 |
GOLDEN ENTERTAINMENT INC | GDEN | 381013101 | COMMON STOCK | 355,468.0000 | 11,300,327.72 | 1.59 |
HILLMAN SOLUTIONS CORP | HLMN | 431636109 | COMMON STOCK | 674,014.0000 | 7,117,587.84 | 1.00 |
INSPIRATO INC WT EX 12/15/27 | 45791E115 | WARRANTS | 131,807.0000 | 1,739.85 | .00 | |
JPMORGAN STRAT INC OPP-R6 | JSOZX | 48121L114 | POOLED INVESTMENTS | 9,208,042.5740 | 105,432,087.47 | 14.79 |
MACY'S INC | M | 55616P104 | COMMON STOCK | -35,126.0000 | -551,126.94 | -.08 |
PENN ENTERTAINMENT INC | PENN | 707569109 | COMMON STOCK | 129,123.0000 | 2,435,259.78 | .34 |
REVOLUTION MEDICI WRT 11/14/28 | 76155X118 | WARRANTS | 88,320.0000 | 12,364.80 | .00 | |
PALM VALLEY CAPITAL FUND-INV | PVCMX | 81752T684 | POOLED INVESTMENTS | 1,047,554.0330 | 13,670,580.13 | 1.92 |
SOMALOGIC INC WRT 12/31/27 | 83444K113 | WARRANTS | 77,310.0000 | 7,808.31 | .00 | |
VIRIDIAN THERAPEUTICS INC | VRDN | 92790C104 | COMMON STOCK | 231,118.0000 | 5,257,934.50 | .74 |
WESCO INTERNATIONAL INC. | WCC A | 95082P303 | COMMON STOCK | 292,290.0000 | 7,555,696.50 | 1.06 |
BRIDGER AEROSPACE WRT 01/25/28 | 96812F110 | WARRANTS | 468,723.0000 | 24,045.49 | .00 | |
WILLSCOT HOLDINGS CORP | 971378104 | COMMON STOCK | 230,056.0000 | 8,650,105.60 | 1.21 | |
TRR SPDR S&P REGIONAL BANKING ETF_ | TRSB17N7T6USD | SWAPS | -120,727.0000 | -6,833,148.20 | -.96 | |
CFD GSCBDNYB | TRSGSCBDNYBUSD | SWAPS | -28,621.0000 | -3,395,023.02 | -.48 | |
CFD GSCNNED3 | TRSGSCNNED3USD | SWAPS | -364,092.0000 | -8,224,838.28 | -1.15 | |
TRS CFD GSUCDHY1 /SHORT/ | TRSGSUCDHY1USD | SWAPS | -14,359,758.0000 | -14,386,438.43 | -2.02 | |
CFD MSDRCASI | TRSMSDRCASIUSD | SWAPS | -73,890.0000 | -7,276,687.20 | -1.02 | |
CFD MSHEWSC | TRSMSHEWSCUSD | SWAPS | -40,778.0000 | -4,490,473.36 | -.63 | |
CFD MSXXBIOH | TRSMSXXBIOHUSD | SWAPS | -109,026.0000 | -12,979,545.30 | -1.82 | |
ANCHC 2021-18A A V/R 04/15/34 | 03331AAA9 | ASSET BACKED | 5,000,000.0000 | 5,003,492.00 | .70 | |
ARES 2019-51A BR V/R 07/15/34 | 04019LAN4 | ASSET BACKED | 6,507,000.0000 | 6,510,726.56 | .91 | |
BABSN 2021-1A B V/R 04/25/34 | 06762EAC8 | ASSET BACKED | 13,505,000.0000 | 13,508,634.20 | 1.90 | |
BABSN 2020-1A BR V/R 10/15/36 | 06762LAN8 | ASSET BACKED | 2,860,000.0000 | 2,861,390.25 | .40 | |
BSP 2021-24A B V/R 10/20/34 | 08182NAC6 | ASSET BACKED | 4,300,000.0000 | 4,305,093.35 | .60 | |
BKPRK 2019-1A B1 V/R 07/18/34 | 118382AS9 | ASSET BACKED | 5,475,000.0000 | 5,477,786.23 | .77 | |
LONGF 2013-1A ER V/R 04/15/29 | 54303NAF7 | ASSET BACKED | 1,315,518.8700 | 1,315,418.89 | .18 | |
RRAM 2018-4A A2 V/R 04/15/30 | 74972FAG0 | ASSET BACKED | 9,505,000.0000 | 9,508,239.30 | 1.33 | |
STCR 2016-1A ER V/R 06/15/31 | 85816TAF8 | ASSET BACKED | 380,000.0000 | 308,152.30 | .04 | |
VENTR 2014-18A E V/R 10/15/29 | 92329HAH6 | ASSET BACKED | 1,030,000.0000 | 626,475.25 | .09 | |
VIBR 2018-8A A1B V/R 01/20/31 | 92558FAJ8 | ASSET BACKED | 1,291,000.0000 | 1,292,059.39 | .18 | |
WELF 2019-XA A2R V/R 07/20/32 | 94949WAN6 | ASSET BACKED | 7,000,000.0000 | 7,003,514.00 | .98 | |
WELF 2019-1A A2R V/R 07/20/32 | 94950NAQ5 | ASSET BACKED | 2,850,000.0000 | 2,854,165.56 | .40 | |
INVCO 2022-3A B V/R 10/22/35 | 46146VAE9 | ASSET BACKED | 6,500,000.0000 | 6,517,162.60 | .91 | |
DANAOS CORP 8.5% 03/01/28 | 23585WAA2 | CORPORATE BONDS | 8,665,000.0000 | 8,919,170.45 | 1.25 | |
AMIT 2005-4 M3 V/R 10/25/35 | 00252FCV1 | ASSET BACKED | 1,094,089.3900 | 1,082,783.29 | .15 | |
ACCR 2006-2 M1 V/R 09/25/36 | 00437NAE2 | ASSET BACKED | 2,430,000.0000 | 2,295,703.13 | .32 | |
ARMT 2005-2 6M2 V/R 06/25/35 | 007036HA7 | ASSET BACKED | 1,572,809.1100 | 1,559,374.96 | .22 | |
ARROW BIDCO LL 10.75% 06/15/25 | 042728AB1 | CORPORATE BONDS | 11,923,000.0000 | 12,162,187.30 | 1.71 | |
ABFC 2003-OPT1 A V/R 04/25/33 | 04542BDG4 | ASSET BACKED | 3,899,401.7900 | 3,900,781.79 | .55 | |
ABSHE 2007-HE1 A V/R 12/25/36 | 04544RAC9 | ASSET BACKED | 794,207.3700 | 781,631.89 | .11 | |
BBCMS 2023-C1 5.756% 03/15/28 | 05553RAB6 | ASSET BACKED | 5,400,000.0000 | 5,550,076.80 | .78 | |
BALTA 2006-8 3A1 V/R 02/25/34 | 07387QAX8 | ASSET BACKED | 427,988.4100 | 402,913.08 | .06 | |
BMARK 2023-B3 5.626% 04/15/28 | 081916AB4 | ASSET BACKED | 2,000,000.0000 | 2,035,017.80 | .29 | |
CWL 2004-2 M1 V/R 05/25/34 | 1266713Z7 | ASSET BACKED | 141,738.6000 | 141,743.12 | .02 | |
CARR 2006-NC3 A3 V/R 08/25/36 | 144528AC0 | ASSET BACKED | 1,801,070.5800 | 1,745,877.13 | .24 | |
CHEC 2004-1 A3 V/R 07/25/34 | 162765AC5 | ASSET BACKED | 1,754,008.2300 | 1,715,765.76 | .24 | |
CAS 2019-HRP1 B1 V/R 11/25/39 | 20754PAD2 | ASSET BACKED | 8,200,000.0000 | 9,120,368.82 | 1.28 | |
DBALT 2007-OA5 A V/R 12/25/15 | 25150XAA0 | ASSET BACKED | 3,247,435.3900 | 3,010,866.54 | .42 | |
ELAT 2007-1 A1 V/R 05/25/37 | 288542AA1 | ASSET BACKED | 1,385,777.5000 | 1,355,365.64 | .19 | |
EMLT 2003-2 1A1 V/R 09/25/33 | 29445FAF5 | ASSET BACKED | 2,401,241.0600 | 2,390,288.28 | .34 | |
EART 2023-5A B 6.58% 02/15/26 | 30168DAD8 | ASSET BACKED | 2,630,000.0000 | 2,679,570.77 | .38 | |
FNBA 2004-AR1 M2 V/R 08/19/34 | 30251YAE8 | ASSET BACKED | 2,254,429.0400 | 2,371,102.06 | .33 | |
CAS 2016-C02 1B V/R 09/25/28 | 30711XCH5 | ASSET BACKED | 3,385,699.0100 | 3,893,553.86 | .55 | |
CAS 2016-C03 2M2 V/R 10/25/28 | 30711XCT9 | ASSET BACKED | 1,871,306.6600 | 1,960,193.73 | .27 | |
CAS 2016-C04 1B V/R 01/25/29 | 30711XDB7 | ASSET BACKED | 1,257,648.5100 | 1,433,218.13 | .20 | |
CAS 2016-C06 1B V/R 04/25/29 | 30711XDY7 | ASSET BACKED | 4,633,259.1600 | 5,247,166.00 | .74 | |
STACR 2015-DNA2 V/R 12/25/27 | 3137G0FZ7 | ASSET BACKED | 4,714,781.1200 | 4,873,354.30 | .68 | |
STACR 2016-DNA1 V/R 07/25/28 | 3137G0HZ5 | ASSET BACKED | 1,905,862.2900 | 2,108,692.92 | .30 | |
STACR 2016-DNA4 V/R 03/25/29 | 3137G0LK3 | ASSET BACKED | 1,058,795.7600 | 1,177,910.28 | .17 | |
STACR 2017-HQA3 V/R 04/25/30 | 3137G0SE0 | ASSET BACKED | 4,290,000.0000 | 4,589,532.95 | .64 | |
STACR 2018-HRP1 V/R 04/25/43 | 3137G0VA4 | ASSET BACKED | 4,064,148.3000 | 4,185,505.80 | .59 | |
STACR 2018-HRP1 V/R 05/25/43 | 3137G0VB2 | ASSET BACKED | 4,701,236.3200 | 5,719,051.16 | .80 | |
STACR 2019-HQA1 V/R 02/25/49 | 35563MBE5 | ASSET BACKED | 4,030,000.0000 | 5,052,421.88 | .71 | |
STACR 2019-DNA2 V/R 03/25/49 | 35564LBE6 | ASSET BACKED | 5,000,000.0000 | 5,946,200.00 | .83 | |
STACR 2019-HQA2 V/R 04/25/49 | 35564MBD6 | ASSET BACKED | 5,500,000.0000 | 5,885,000.00 | .83 | |
STACR 2019-FTR1 V/R 01/25/48 | 35564PAC2 | ASSET BACKED | 5,800,000.0000 | 6,893,693.24 | .97 | |
STACR 2019-HRP1 V/R 02/25/49 | 35564RCB8 | ASSET BACKED | 3,100,000.0000 | 3,429,375.00 | .48 | |
STACR 2019-HRP1 V/R 02/25/49 | 35564RCC6 | ASSET BACKED | 5,000,000.0000 | 5,755,255.00 | .81 | |
STACR 2019-DNA3 V/R 07/25/49 | 35564TBE9 | ASSET BACKED | 4,870,000.0000 | 5,576,150.00 | .78 | |
STACR 2019-DNA4 V/R 10/25/49 | 35565ABE9 | ASSET BACKED | 4,588,000.0000 | 5,089,426.19 | .71 | |
STACR 2020-DNA1 V/R 01/25/50 | 35565HBE4 | ASSET BACKED | 5,438,000.0000 | 6,002,653.10 | .84 | |
STACR 2020-HQA3 V/R 07/25/50 | 35565MBE3 | ASSET BACKED | 1,280,000.0000 | 1,727,905.15 | .24 | |
STACR 2020-HQA4 V/R 09/25/50 | 35565RBE2 | ASSET BACKED | 1,260,000.0000 | 1,666,470.83 | .23 | |
STACR 2020-DNA5 V/R 10/25/50 | 35566ABE8 | ASSET BACKED | 3,780,000.0000 | 5,196,885.37 | .73 | |
STACR 2020-DNA6 V/R 12/25/50 | 35566CBE4 | ASSET BACKED | 1,500,000.0000 | 1,701,391.65 | .24 | |
FHLT 2003-A M1 V/R 08/25/33 | 35729PBL3 | ASSET BACKED | 3,844,938.9600 | 4,005,157.95 | .56 | |
GENWORTH HOLDINGS V/R 11/15/36 | 37247DAG1 | CORPORATE BONDS | 6,351,000.0000 | 5,190,233.45 | .73 | |
GMCAR 2023-1 A 4.66% 08/16/26 | 38013JAD5 | ASSET BACKED | 4,880,000.0000 | 4,894,988.92 | .69 | |
HEAT 2005-6 M5 V/R 12/25/35 | 437084NG7 | ASSET BACKED | 2,810,000.0000 | 2,700,689.88 | .38 | |
HMBT 2005-4 M3 V/R 10/25/35 | 43739EBW6 | ASSET BACKED | 2,448,030.0000 | 2,294,261.40 | .32 | |
SERVICE PROPERT 4.75% 10/01/26 | 44106MBA9 | CORPORATE BONDS | -1,396,000.0000 | -1,341,522.36 | -.19 | |
HART 2023-B A3 5.48% 04/17/28 | 44933XAD9 | ASSET BACKED | 2,690,000.0000 | 2,730,853.84 | .38 | |
INDX 2006-FLX1 A V/R 11/25/36 | 45667WAA6 | ASSET BACKED | 3,042,135.4200 | 2,860,572.56 | .40 | |
JPMAC 2007-CH4 A V/R 11/25/13 | 46630CAE4 | ASSET BACKED | 573,501.7700 | 569,866.46 | .08 | |
KOHL'S CORPORA 4.625% 05/01/31 | 500255AX2 | CORPORATE BONDS | 2,794,000.0000 | 2,352,968.22 | .33 | |
MACY'S RETAIL 5.125% 01/15/42 | M/42 | 55616XAG2 | CORPORATE BONDS | 7,188,000.0000 | 5,530,329.32 | .78 |
MABS 2004-WMC1 M V/R 02/25/34 | 57643LCW4 | ASSET BACKED | 1,767,354.8700 | 1,861,364.01 | .26 | |
MLMI 2005-FM1 M1 V/R 05/25/36 | 59020UC29 | ASSET BACKED | 230,728.5800 | 228,710.10 | .03 | |
MLMI 2006-OPT1 A V/R 08/25/37 | 59022VAD3 | ASSET BACKED | 1,376,620.1700 | 1,296,707.37 | .18 | |
MICHAEL KORS US 4.25% 11/01/24 | 59408TAA8 | CORPORATE BONDS | 529,000.0000 | 528,455.13 | .07 | |
NRG ENERGY INC V/R /PERP/ | 629377CU4 | CORPORATE BONDS | 8,428,867.0000 | 9,507,458.54 | 1.33 | |
NCR ATLEOS LLC 9.5% 04/01/29 | 638962AA8 | CORPORATE BONDS | 1,153,000.0000 | 1,269,301.96 | .18 | |
NHEL 2006-1 A2C V/R 05/25/36 | 669884AD0 | ASSET BACKED | 492,789.2700 | 489,320.87 | .07 | |
PPSI 2005-WCH1 M V/R 01/25/36 | 70069FFM4 | ASSET BACKED | 3,600,000.0000 | 3,412,469.52 | .48 | |
PPSI 2005-WCW2 M V/R 07/25/35 | 70069FLH8 | ASSET BACKED | 521,072.5400 | 517,154.07 | .07 | |
WILLIAMS SCOTS 6.125% 06/15/25 | 71953LAA9 | CORPORATE BONDS | 6,444,000.0000 | 6,437,427.12 | .90 | |
RAMP 2004-RS8 MI V/R 08/25/34 | 76112BAN0 | ASSET BACKED | 2,098,033.3400 | 2,118,051.10 | .30 | |
SDART 2022-2 B 3.44% 08/15/25 | 80286MAD0 | ASSET BACKED | 6,708,833.0800 | 6,671,656.75 | .94 | |
SDART 2024-2 A2 5.8% 09/15/25 | 80286YAB8 | ASSET BACKED | 3,448,825.3400 | 3,461,708.43 | .49 | |
SERVICE PROPER 8.625% 11/15/31 | 81761LAC6 | CORPORATE BONDS | 12,222,000.0000 | 13,290,923.90 | 1.86 | |
SIX FLAGS THEME PA 7% 07/01/25 | 83001WAC8 | CORPORATE BONDS | 2,388,000.0000 | 2,389,876.97 | .34 | |
SURF 2004-BC1 M1 V/R 02/25/35 | 84751PBZ1 | ASSET BACKED | 2,498,343.4000 | 2,534,218.86 | .36 | |
SASC 2005-WF4 M8 V/R 11/25/35 | 863576DN1 | ASSET BACKED | 2,600,000.0000 | 2,532,675.60 | .36 | |
SASC 2006-GEL1 M V/R 11/25/35 | 863576EH3 | ASSET BACKED | 471,391.1000 | 468,546.11 | .07 | |
STRUCTURED ASSET INV 2004-2 A4 20340325 FLT | 86358EGW0 | ASSET BACKED | 2,785,137.1900 | 2,824,691.71 | .40 | |
SASC 2006-BC6 A4 V/R 01/25/37 | 86362VAD4 | ASSET BACKED | 384,944.2500 | 380,394.44 | .05 | |
SASC 2007-BC3 2A V/R 06/25/13 | 86363WAG4 | ASSET BACKED | 639,122.6400 | 617,493.39 | .09 | |
TMTS 2006-5 1A2C V/R 07/25/37 | 8815612G8 | ASSET BACKED | 6,738,000.0000 | 6,475,003.73 | .91 | |
TMTS 2006-7 1A2C V/R 07/25/37 | 88156PAD3 | ASSET BACKED | 2,465,000.0000 | 2,189,691.55 | .31 | |
VISTRA CORP V/R /PERP/ | 92840MAC6 | CORPORATE BONDS | 13,154,000.0000 | 13,427,655.82 | 1.88 | |
T/L MAJORDRIVE 00.00% 06/01/28 | LX194777 | LOAN | 4,349,924.0000 | 4,357,188.37 | .61 | |
T/L NCR ATLEOS LLC 0% 03/22/29 | LX217002 | LOAN | 1,641,388.3596 | 1,655,750.51 | .23 | |
T/L RECESS HOLDING 0% 02/14/30 | LX226754 | LOAN | 3,995,920.0000 | 4,006,908.78 | .56 | |
T/L CROWN SUBSEA ZCP 01/30/31 | LX236679 | LOAN | 4,007,955.0000 | 4,026,992.79 | .56 | |
CXT 2I65BRYO2 05.000 SP A15-E25 12/20/2025 MSCSNY SHORT | SCCDS2714 | SWAPS | -10,000,000.0000 | -10,000,000.00 | -1.40 | |
CXT 2I65BRYO2 05.000 SP A15-E25 12/20/2025 MSCSNY LONG | SCCDS2714 | SWAPS | 10,000,000.0000 | 10,556,635.50 | 1.48 | |
CXT 2I65BRZD5 05.000 SP A15-E25 12/20/2025 MSCSNY LONG | SCCDS4654 | SWAPS | 10,000,000.0000 | 10,556,635.50 | 1.48 | |
CXT 2I65BRZD5 05.000 SP A15-E25 12/20/2025 MSCSNY SHORT | SCCDS4654 | SWAPS | -10,000,000.0000 | -10,000,000.00 | -1.40 | |
CXT 2I65BYEB7 01.000 SP 12/20/2027 A3-E7 GOLDNY SHORT | SCCDS4882 | SWAPS | -20,000,000.0000 | -20,000,000.00 | -2.81 | |
CXT 2I65BYEB7 01.000 SP 12/20/2027 A3-E7 GOLDNY LONG | SCCDS4882 | SWAPS | 20,000,000.0000 | 19,987,406.60 | 2.80 | |
CXT 2I65BRZP8 05.000 SP 12/20/2028 A25 - E35 MSCSNY LONG | SCCDS5747 | SWAPS | 30,000,000.0000 | 34,297,992.30 | 4.81 | |
CXT 2I65BRZP8 05.000 SP 12/20/2028 A25 - E35 MSCSNY SHORT | SCCDS5747 | SWAPS | -30,000,000.0000 | -30,000,000.00 | -4.21 | |
CXT 2I65BRAA6 05.000 SP 12/20/2026 A15 - E25 GOLDNY SHORT | SCCDS6675 | SWAPS | -15,000,000.0000 | -15,000,000.00 | -2.10 | |
CXT 2I65BRAA6 05.000 SP 12/20/2026 A15 - E25 GOLDNY LONG | SCCDS6675 | SWAPS | 15,000,000.0000 | 16,369,520.25 | 2.30 | |
CXT 2I65BYEG6 01.000 SP A3 - E7 12/20/2029 GOLDNY LONG | SCCDS6815 | SWAPS | 20,000,000.0000 | 18,785,838.80 | 2.64 | |
CXT 2I65BYEG6 01.000 SP A3- E7 12/20/2029 GOLDNY SHORT | SCCDS6815 | SWAPS | -20,000,000.0000 | -20,000,000.00 | -2.81 | |
CXT 2I65BYEG6 01.000 SP A3 - E7 12/20/2029 GOLDNY LONG | SCCDS6894 | SWAPS | 20,000,000.0000 | 18,785,838.80 | 2.64 | |
CXT 2I65BYEG6 01.000 SP A3 - E7 12/20/2029 GOLDNY SHORT | SCCDS6894 | SWAPS | -20,000,000.0000 | -20,000,000.00 | -2.81 | |
CXT 2I65BYEG6 01.000 SP A3 - E7 12/20/2029 MSCSNY LONG | SCCDS6895 | SWAPS | 20,000,000.0000 | 18,785,838.80 | 2.64 | |
CXT 2I65BYEG6 01.000 SP A3 - E7 12/20/2029 MSCSNY SHORT | SCCDS6895 | SWAPS | -20,000,000.0000 | -20,000,000.00 | -2.81 | |
TRR SPDR S&P REGIONAL BANKING ETF_ | TRSB17N7T6USD | SWAPS | 6,738,981.1400 | 6,738,981.14 | .95 | |
CFD GSCBDNYB | TRSGSCBDNYBUSD | SWAPS | 3,118,396.7000 | 3,118,396.70 | .44 | |
CFD GSCNNED3 | TRSGSCNNED3USD | SWAPS | 8,165,953.6800 | 8,165,953.68 | 1.15 | |
TRS CFD GSUCDHY1 /LONG/ | TRSGSUCDHY1USD | SWAPS | 14,101,110.0400 | 14,101,110.04 | 1.98 | |
CFD MSDRCASI | TRSMSDRCASIUSD | SWAPS | 7,009,308.8500 | 7,009,308.85 | .98 | |
CFD MSHEWSC | TRSMSHEWSCUSD | SWAPS | 4,378,737.5600 | 4,378,737.56 | .61 | |
CFD MSXXBIOH | TRSMSXXBIOHUSD | SWAPS | 12,908,618.2300 | 12,908,618.23 | 1.81 |
As of 09/30/2024.
Distributions
Fund Name | Fund Cusip | Distribution Type | Amount per Share | Ex Date | Reinvest Date | Reinvest Price |
---|---|---|---|---|---|---|
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.155849 | 9/27/24 | 9/27/24 | 10.23 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.145673 | 6/27/24 | 6/27/24 | $10.06 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.049113 | 3/27/24 | 3/27/24 | $10.19 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.369354 | 12/28/23 | 12/28/23 | $10.04 |
Destinations Multi Strategy Alternatives Fund - Class Z | 10964R772 | Dividend | 0.146907 | 9/28/23 | 9/28/23 | $10.01 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.142282 | 6/29/23 | 6/29/23 | $9.87 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.037626 | 3/30/23 | 3/30/23 | $9.71 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.140779 | 12/29/22 | 12/29/22 | $9.51 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Long-Term Capital Gains | 0.027439 | 12/15/22 | 12/15/22 | $9.68 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.074317 | 9/29/22 | 9/29/22 | $9.42 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.051762 | 6/29/22 | 6/29/22 | $9.49 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.016687 | 3/30/22 | 3/30/22 | $10.03 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.171461 | 12/29/21 | 12/29/21 | $10.12 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Short-Term Capital Gains | 0.061257 | 12/16/21 | 12/16/21 | $10.23 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Long-Term Capital Gains | 0.203343 | 12/16/21 | 12/16/21 | $10.23 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.024733 | 9/29/21 | 9/29/21 | $10.50 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.029141 | 6/29/21 | 6/29/21 | $10.46 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.010803 | 3/30/21 | 3/30/21 | $10.32 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.036471 | 12/29/20 | 12/29/20 | $10.09 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.045023 | 9/29/20 | 9/29/20 | $9.52 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.059652 | 6/29/20 | 6/29/20 | $9.17 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.024214 | 3/30/20 | 3/30/20 | $8.08 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.158817 | 12/27/19 | 12/27/19 | $9.32 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Long-Term Capital Gains | 0.03246 | 12/16/19 | 12/16/19 | $9.37 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.09443 | 9/26/19 | 9/26/19 | $9.25 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.128731 | 6/27/19 | 6/27/19 | $9.43 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.042222 | 3/28/19 | 3/28/19 | $9.47 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.131949 | 12/27/18 | 12/27/18 | $8.92 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Short-Term Capital Gains | 0.033439 | 12/17/18 | 12/17/18 | $9.18 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Long-Term Capital Gains | 0.13937 | 12/17/18 | 12/17/18 | $9.18 |
Destinations Multi Strategy Alternatives Fund | 10964R772 | Dividend | 0.11722 | 9/27/18 | 9/27/18 | $9.97 |
Fees and expenses
Type | Amount |
---|---|
Management Fees | 1.35% |
Distribution and Service (12b-1) Fees | None |
Dividends/Interest on Short Sales | 0.15% |
Other Expenses | 0.08% |
AFFE | 0.12% |
Total Annual Fund Operating Expenses | 1.70% |
Fee waivers and expense reimbursements | (0.43%)* |
Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements | 1.27% |
The Fund’s adviser, Orion Portfolio Solutions, LLC d.b.a. Brinker Capital Investments (“the Adviser”), has contractually agreed to waive a portion of its management fee as necessary to keep the Fund’s management fee from exceeding 0.444% more than the total amount of sub-advisory fees paid by the Adviser. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2025 and may be amended or terminated only with the consent of the Board of Trustees.
**Annual expenses have been restated based on estimated current expenses as of April 30, 2024 using the Fund’s assets as of April 30, 2024. Consequently, the Fund’s Total Annual Fund Operating Expenses will differ from the numbers shown in the Fund's financial statements (or the “Financial Highlights” section in the prospectus).
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 Investments LLC
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.