Prospectus
July 1,
2023
Destinations
Large Cap Equity Fund Class / Ticker: I /
DLCFX, Z
/ DLCZX
Destinations Small-Mid Cap
Equity Fund Class / Ticker: I /
DSMFX,
Z / DSMZX
Destinations International
Equity Fund Class / Ticker: I /
DIEFX,
Z / DIEZX
Destinations Equity Income
Fund Class / Ticker: I / DGEFX, Z /
DGEZX
Destinations Core Fixed
Income Fund Class / Ticker: I / DCFFX, Z /
DCFZX
Destinations Low Duration
Fixed Income Fund Class / Ticker: I /
DLDFX,
Z / DLDZX
Destinations Global Fixed
Income Opportunities Fund Class / Ticker: I /
DGFFX,
Z / DGFZX
Destinations Municipal Fixed
Income Fund Class / Ticker: I / DMFFX, Z /
DMFZX
Destinations Multi Strategy
Alternatives Fund Class / Ticker: I /
DMSFX,
Z / DMSZX
Destinations Shelter
Fund Class / Ticker: I / DSHFX, Z /
DSHZX
INVESTMENT
PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
The
Securities and Exchange Commission has not approved or disapproved these
securities or passed upon the adequacy of this Prospectus. Any representation to
the contrary is a criminal offense.
|
www.destinationsfunds.com // 877.771.7979 |
Brinker Capital Destinations
Trust
Contents
Destinations Large Cap Equity
Fund
Investment
objective
Long term
capital appreciation.
Fund fees and
expenses
This table
describes the fees and expenses you may pay if you buy, hold and sell shares of
the Fund. You may pay other fees, such as brokerage commissions and other fees
to financial intermediaries, which are not reflected in the tables and examples
below.
Annual
Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment) |
|
Class I |
|
|
Class Z |
|
Management
Fees |
|
|
0.75 |
% |
|
|
0.75 |
% |
Distribution
and Service (12b-1) Fees |
|
|
None |
|
|
|
None |
|
Other
Expenses |
|
|
0.21 |
% |
|
|
0.06 |
% |
Total
Annual Fund Operating Expenses |
|
|
0.96 |
% |
|
|
0.81 |
% |
Fee
Waivers and Expense Reimbursements |
|
|
(0.14 |
)%* |
|
|
(0.14 |
)%* |
Total
Annual Fund Operating Expenses Less Fee Waivers and Expense
Reimbursements |
|
|
0.82 |
% |
|
|
0.67 |
% |
Examples
These
examples are intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The examples assume that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those time periods. The examples also assume that your
investment has a 5% return each year and that the Fund’s operating expenses
remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
|
|
After 1 year |
|
|
After 3 years |
|
|
After 5 years |
|
|
After 10 years |
|
Class I
Shares |
|
$ |
84 |
|
|
$ |
292 |
|
|
$ |
517 |
|
|
$ |
1,165 |
|
Class Z Shares
|
|
$ |
68 |
|
|
$ |
245 |
|
|
$ |
436 |
|
|
$ |
989 |
|
Portfolio
turnover
The Fund
pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transactions costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the above examples, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was
71% of the average value of its
portfolio.
Principal investment
strategies
The
Fund will invest, under normal market conditions, at least 80% of its net assets
(plus the amount of any borrowings for investment purposes) in the equity
securities of large capitalization companies. The Fund defines large cap
companies as companies whose market capitalizations typically fall within the
range of the Russell 1000® Index, which ranged from approximately
$2.4 billion to $2,684.7 billion as of the last reconstitution of the
index on April 28, 2023.The Fund’s 80% policy is not fundamental and can be
changed upon 60 days’ prior notice to shareholders.
Destinations
Large Cap Equity Fund (continued)
The Fund
employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s
assets among professional money managers (each, a “Sub-adviser,” collectively,
the “Sub-advisers”), each of which is responsible for investing its allocated
portion of the Fund’s assets. The Adviser may also invest a portion of the
Fund’s assets in unaffiliated funds that are registered under the Investment
Company Act of 1940, as amended (the “1940 Act”), and that have investment
objectives and principal investment strategies consistent with those of the
Fund, including open-end funds, closed-end funds and exchange traded funds
(ETFs), which may be passively managed (i.e., index-tracking) or actively
managed. ETFs may also be used to transition the Fund’s portfolio or to equitize
cash while awaiting an opportunity to purchase securities directly. When
determining how to allocate the Fund’s assets between unaffiliated funds and
Sub-advisers, and among Sub-advisers, the Adviser considers a variety of
factors.
The Fund
invests primarily in common and preferred stock, rights or warrants to purchase
common or preferred stock, interests in Real Estate Investment Trusts (REITs),
securities convertible into common or preferred stock such as convertible
preferred stock, bonds or debentures, and other securities with equity
characteristics. A Sub-adviser employing an actively managed strategy will
select securities based on its assessment of one or more of a variety of factors
about the company or the market.
The Fund
may also invest in futures contracts for speculative or hedging purposes.
Although
most assets will typically be invested in U.S. common stocks, the Fund may
invest directly in foreign stocks or indirectly through depositary receipts in
keeping with the Fund’s objectives.
A
Sub-adviser may sell a security for a variety of reasons, including, but not
limited to, where the Sub-adviser believes the security will no longer
contribute to meeting the investment objective of the Fund or selling the
security will help the Fund to secure gains, limit losses, or redeploy assets
into more promising opportunities.
The Fund
may also lend portfolio securities in an attempt to earn additional income. Any
income realized through securities lending may help Fund
performance.
Principal risks of investing in the
Fund
Investing in any mutual
fund involves the risk that you may lose part or all of the money you
invest. Over time, the value of your investment in the Fund will
increase and decrease according to changes in the value of the securities in the
Fund’s portfolio.
The Fund’s
principal risks include:
Market
Risk. Market values of securities or other investments that
the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise.
Returns from the securities in which the Fund invests may underperform returns
from the general securities markets or other types of securities. Markets may
decline significantly in response to adverse issuer, political, regulatory,
market, economic or other developments that may cause broad changes in market
value, public perceptions concerning these developments, and adverse investor
sentiment or publicity. Similarly, environmental and public health risks, such
as natural disasters, epidemics, pandemics or widespread fear that such events
may occur, may impact markets adversely and cause market volatility in both the
short- and long-term.
Equity
Securities Risk. The Fund is subject to the risk that stock
prices will fall over short or extended periods of time. Individual companies
may report poor results or be negatively affected by industry and/or economic
trends and developments. The prices of securities issued by these companies may
decline in response to such developments, which could result in a decline in the
value of the Fund’s shares.
Investment
Style Risk. Different investment styles tend to shift in and
out of favor depending on market conditions and investor sentiment. A
Sub-adviser’s approach to investing could cause it to underperform other
managers that employ a different investment style.
Active
Management Risk. Due to the active management investment
strategies used by the Fund’s Sub-advisers, the Fund could underperform its
benchmark index and/or other funds with similar investment objectives and/or
strategies. The Sub-advisers’ judgments about the attractiveness, value, or
potential appreciation of the Fund’s investments may prove to be
incorrect.
Foreign
Securities Risk. 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. The performance of the Fund may also
be negatively impacted by fluctuations in a foreign currency’s strength or
weakness relative to the U.S. dollar.
Destinations
Large Cap Equity Fund (continued)
Depositary
Receipts Risk. Because the Fund may invest in American
Depositary Receipts (“ADRs”) and other domestically-traded securities of foreign
companies, the Fund’s share price may be more affected by foreign economic and
political conditions, taxation policies and accounting and auditing standards
than would otherwise be the case.
Liquidity
Risk. The risk that certain securities may be difficult or
impossible to sell at the time and the price that the seller would like. The
seller may have to lower the price of the security, sell other securities
instead or forego an investment opportunity, any of which could have a negative
effect on Fund management or performance.
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.
Management
Risk. Securities held by the Fund may underperform those
held by other funds investing in the same asset class or benchmarks that are
representative of the asset class because of the Sub-advisers’ choice of
securities.
Multi-Manager
Risk. The Adviser may be unable to identify and retain
Sub-advisers who achieve superior investment returns relative to other similar
Sub-advisers. In addition, the investment styles of the Sub-advisers may not
complement each other as expected by the Adviser. The Fund may experience a
higher portfolio turnover rate, which can increase the Fund’s transaction costs
and more taxable short-term gains for shareholders.
Sector
Risk. Companies with similar characteristics may be grouped
together in broad categories called sectors. Sector risk is the possibility that
a certain sector may underperform other sectors or the market as a whole. To the
extent the Fund invests more heavily in particular sectors of the economy, its
performance will be more susceptible to any economic, business or other
developments which generally affect that sector.
Real
Estate Investment Trusts (REITs) Risk. REITs are trusts that
invest primarily in commercial real estate or real estate-related loans. The
Fund’s investments in REITs will be subject to the risks associated with the
direct ownership of real estate. 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. Some REITs may have
limited diversification and may be subject to risks inherent in financing a
limited number of properties.
Investment
Company and Exchange-Traded Funds (ETFs) Risk. When the Fund
invests in an investment company, including closed-end funds and ETFs, in
addition to directly bearing the expenses associated with its own operations, it
will bear a pro rata portion of the investment company’s expenses. Further,
while the risks of owning shares of an investment company generally reflect the
risks of owning the underlying investments of the investment company, the Fund
may be subject to additional or different risks than if the Fund had invested
directly in the underlying investments.
Private
Placement Risk. A private placement involves the sale of
securities that have not been registered under U.S. or foreign securities laws
to certain institutional and qualified individual purchasers. In addition to the
general risks to which all securities are subject, securities received in a
private placement generally are subject to strict restrictions on resale, and
there may be no liquid secondary market or ready purchaser for such securities.
Securities sold through private placements are not publicly traded and,
therefore, are less liquid. Companies seeking private placement investments tend
to be in earlier stages of development and have not yet been fully tested in the
public marketplace.
Currency
Risk. Exchange rates for currencies fluctuate daily.
Accordingly, the Fund may experience volatility with respect to the value of its
shares and its returns as a result of its exposure to foreign currencies through
direct holdings of such currencies or holdings in non-U.S. dollar denominated
securities.
Derivatives
Risk. 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 related to
the use of such derivatives include tax issues, increased potential for losses
and/or costs to the Fund, and a potential reduction in gains to the Fund. Each
of these issues is described in greater detail in this Prospectus. Derivatives
may also involve other risks described in this Prospectus or the Fund’s
Statement of Additional Information (SAI), such as market, interest rate,
currency, liquidity and leverage risks.
Destinations
Large Cap Equity Fund (continued)
Preferred
Securities Risk. The risk that: (i) certain preferred
stocks contain provisions that allow an issuer under certain conditions to skip
or defer distributions; (ii) preferred stocks may be subject to redemption,
including at the issuer’s call, and, in the event of redemption, the Fund may
not be able to reinvest the proceeds at comparable or favorable rates of return;
(iii) preferred stocks are generally subordinated to bonds and other debt
securities in an issuer’s capital structure in terms of priority for corporate
income and liquidation payments; and (iv) preferred stocks may trade less
frequently and in a more limited volume and may be subject to more abrupt or
erratic price movements than many other securities.
Convertible
Securities Risk. Convertible securities generally tend to be
of lower credit quality, and the value of a convertible security may change with
the value of the underlying common stock or changes in interest rates. A
convertible security may also be subject to redemption at the option of the
issuer at a price established in the convertible security’s governing
instrument. If a convertible security held by the Fund is called for redemption,
the Fund will be required to permit the issuer to redeem the security, convert
it into the underlying common stock or sell it to a third party, which could
result in a loss to the Fund. Additionally, the Fund could lose money if the
issuer of a convertible security is unable to meet its financial obligations or
declares bankruptcy.
Warrants
Risk. Warrants are instruments that entitle the holder to buy an
equity security at a specific price for a specific period of time. Warrants may
be more speculative than other types of investments. The price of a warrant may
be more volatile than the price of its underlying security, and a warrant may
offer greater potential for capital appreciation as well as capital loss. A
warrant ceases to have value if it is not exercised prior to its expiration
date.
Please see
“Principal Risks of the Funds” for a more detailed description of the risks of
investing in the Fund.
Your investment in the
Fund is not a bank deposit and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency entity or
person.
Performance
The bar chart
and the performance table below provide some indication of the risks of
investing in the Fund by showing changes in the Fund’s Class I shares’
performance from year to year and by showing how the Fund’s average annual
returns for 1 year, 5 years, and since the Fund’s inception compare with those
of a broad measure of market performance. The bar chart shows
only the performance of the Fund’s Class I shares. Returns for Class Z
shares would have been substantially similar to those of Class I shares and
would have differed only to the extent that Class I shares have higher
total annual fund operating expenses than Class Z shares. The Fund’s past
performance, before and after taxes, does not necessarily indicate how the Fund
will perform in the future. Current performance information is
available at www.destinationsfunds.com
or by calling 1-877-771-7979.
Annual Total Returns (%) as of
December 31, 2022
The Fund’s
best and worst calendar quarters
Best Quarter:
22.97% (June 30,
2020)
Worst Quarter:
-21.43% (March 31,
2020)
The Fund’s Class I total return (pre-tax)
from January 1, 2023 to March 31,
2023 was 6.64%.
AVERAGE
ANNUAL TOTAL RETURNS
(For the period ended December 31,
2022)
|
|
1 Year |
|
|
5
Years |
|
|
Since Inception (03/20/2017) |
|
Return
Before Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-18.80 |
% |
|
|
7.54 |
% |
|
|
8.98 |
% |
Class Z*
|
|
|
-18.74 |
% |
|
|
— |
|
|
|
7.01 |
% |
Return
After Taxes on Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-19.93 |
% |
|
|
5.98 |
% |
|
|
7.56 |
% |
Return
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-10.50 |
% |
|
|
5.86 |
% |
|
|
7.06 |
% |
Russell
1000 Index (reflects no deduction for
fees, expenses, or taxes) |
|
|
-19.13 |
% |
|
|
9.13 |
% |
|
|
10.34 |
% |
Destinations
Large Cap Equity Fund (continued)
The after-tax
returns are calculated using the highest historical individual federal marginal
income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns
depend on an individual investor’s tax situation and may differ from those
shown, and after-tax returns shown are not relevant to investors who hold their
Fund shares through tax- deferred arrangements, such as 401(k) plans or
individual retirement accounts. After-tax returns are shown
only for Class I and will vary for Class Z.
In some cases, the return
after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of Fund shares at the end of the measurement
period.
Investment
adviser
Orion
Portfolio Solutions LLC d.b.a. Brinker Capital Investments serves as the
investment adviser for the Fund. The Fund employs a “multi-manager” strategy.
The Adviser selects and oversees professional money managers (the Sub-advisers),
each of which is responsible for investing a portion of the assets of the Fund
as allocated by the Adviser. The Adviser’s portfolio management team is jointly
and primarily responsible for overseeing the Sub-advisers and the Fund. Where
more than one person is listed with respect to a Sub-adviser, the sub-advisory
team is jointly and primarily responsible for the portion of the Fund’s assets
allocated to such Sub-adviser.
Portfolio
Manager |
|
Experience
with the Fund |
|
Title
with Adviser |
Brian
Storey, CFA |
|
2022 |
|
Deputy
Chief Investment Officer - Destinations Portfolios |
Timothy
Holland, CFA |
|
2017 |
|
Senior
Portfolio Manager |
Rusty
Vanneman, CFA, CMT, & BFA |
|
2023 |
|
Chief
Investment Officer & Senior Portfolio Manager |
Michael
Hadden, CFA |
|
2022 |
|
Senior
Portfolio Manager |
Andrew
Goins, CFA |
|
2023 |
|
Senior
Portfolio Manager |
Sub-advisers
and Portfolio Managers (Title) |
|
Fund’s
Portfolio Manager Since |
BlackRock
Investment Management, LLC |
|
|
Paul
Whitehead, Portfolio Manager and Managing Director |
|
2022 |
Jennifer
Hsui, CFA, Portfolio Manager and Managing Director |
|
2018 |
Peter
Sietsema, CFA, Senior Portfolio Manager and Director |
|
2023 |
Columbia
Management Investment Advisers, LLC |
|
|
Thomas
Galvin, CFA, Senior Portfolio Manager and Head of Focused Large Cap Growth
|
|
2017 |
Richard
Carter, Senior Portfolio Manager |
|
2017 |
Todd
Herget, Senior Portfolio Manager |
|
2017 |
Newton
Investment Management North America, LLC |
|
|
Brian
C. Ferguson, Executive Vice President and Senior Portfolio Manager |
|
2019 |
River
Road Asset Management, LLC |
|
|
Daniel
R. Johnson, CFA, CPA, Vice President and Portfolio Manager |
|
2021 |
Matt
W. Moran, CFA, Vice President and Portfolio Manager |
|
2021 |
SSGA
Funds Management, Inc. |
|
|
Juan
Acevedo, Vice President |
|
2023 |
Lisa
Hobart, Vice President |
|
2023 |
Destinations
Large Cap Equity Fund (continued)
Sub-advisers
and Portfolio Managers (Title) |
|
Fund’s
Portfolio Manager Since |
John
Law, CFA, Vice President |
|
2023 |
Karl
Schneider, CAIA, Managing Director |
|
2023 |
Strategas
Asset Management, LLC |
|
|
Daniel
M. Clifton, Portfolio Manager |
|
2018 |
Nicholas
G. Bohnsack, Chief Executive Officer, President and Portfolio Manager |
|
2018 |
T.
Rowe Price Associates, Inc. |
|
|
Joseph
B. Fath, CPA, Portfolio Manager |
|
2017 |
William
Blair Investment Management, LLC |
|
|
James
Golan, CFA, Partner and Portfolio Manager |
|
2023 |
David
Ricci, CFA, Partner and Portfolio Manager |
|
2023 |
For
important information about the Fund Shares, Tax Information and Payments
to Financial Intermediaries, please turn to page 64 of this prospectus.
Destinations Small-Mid Cap Equity
Fund
Investment
objective
Long term
capital appreciation.
Fund fees and
expenses
This table
describes the fees and expenses you may pay if you buy, hold and sell shares of
the Fund. You may pay other fees, such as brokerage commissions and other fees
to financial intermediaries, which are not reflected in the tables and examples
below.
Annual
Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment) |
|
Class I |
|
|
Class Z |
|
Management
Fees |
|
|
0.90 |
% |
|
|
0.90 |
% |
Distribution
and Service (12b-1) Fees |
|
|
None |
|
|
|
None |
|
Other
Expenses |
|
|
0.23 |
% |
|
|
0.08 |
% |
Total
Annual Fund Operating Expenses |
|
|
1.13 |
% |
|
|
0.98 |
% |
Fee
Waivers and Expense Reimbursements |
|
|
(0.01 |
)%* |
|
|
(0.01 |
)%* |
Total
Annual Fund Operating Expenses Less Fee Waivers and Expense
Reimbursements |
|
|
1.12 |
% |
|
|
0.97 |
% |
Examples
These
examples are intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The examples assume that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those time periods. The examples also assume that your
investment has a 5% return each year and that the Fund’s operating expenses
remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
|
|
After 1 year |
|
|
After 3 years |
|
|
After 5 years |
|
|
After 10 years |
|
Class I
Shares |
|
$ |
115 |
|
|
$ |
361 |
|
|
$ |
627 |
|
|
$ |
1,385 |
|
Class Z
Shares |
|
$ |
99 |
|
|
$ |
311 |
|
|
$ |
541 |
|
|
$ |
1,200 |
|
Portfolio
turnover
The Fund
pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transactions costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the above examples, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was
125% of the average value of its
portfolio.
Principal investment
strategies
The
Fund will invest, under normal market conditions, at least 80% of its net assets
(plus the amount of any borrowings for investment purposes) in the equity
securities of small- and mid-capitalization companies. The Fund defines
small-mid cap companies as companies whose market capitalizations typically fall
within the range of either the Russell Midcap® Index or the Russell
2000® Index, which together ranged from approximately $159.5 million
to $47.0 billion as of the last reconstitution of the indexes on
April 28, 2023. The Fund’s 80% policy is not fundamental and can be changed
upon 60 days’ prior notice to shareholders.
Destinations
Small-Mid Cap Equity Fund (continued)
The Fund
employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s
assets among professional money managers (each, a “Sub-adviser,” collectively,
the “Sub-advisers”), each of which is responsible for investing its allocated
portion of the Fund’s assets.
The Adviser
may also invest a portion of the Fund’s assets in unaffiliated funds that are
registered under the Investment Company Act of 1940, as amended (the “1940
Act”), and that have investment objectives and principal investment strategies
consistent with those of the Fund, including open-end funds, closed-end funds
and exchange traded funds (ETFs), which may be passively managed (i.e.,
index-tracking) or actively managed. When determining how to allocate the Fund’s
assets between unaffiliated funds and Sub-advisers, and among Sub-advisers, the
Adviser considers a variety of factors.
The Fund
invests primarily in common and preferred stock, rights or warrants to purchase
common or preferred stock, securities convertible into common or preferred stock
such as convertible preferred stock, bonds or debentures, and other securities
with equity characteristics. A Sub-adviser employing an actively managed
strategy will select securities based on its assessment of one or more of a
variety of factors about the company or the market.
The Fund
may invest a portion of its assets in securities of micro-cap companies (i.e.,
companies with market capitalizations of typically less than $1.2 billion). The
Fund invests in securities of companies operating in a broad range of
industries. Most of these companies are based in the United States, but in some
instances, may be headquartered in or doing a substantial portion of their
business overseas. Although most assets will typically be invested in U.S.
common stocks, the Fund may invest directly in foreign stocks or indirectly
through depositary receipts in keeping with the Fund’s objectives.
A
Sub-adviser may sell a security for a variety of reasons, including, but not
limited to, where the Sub-adviser believes selling the security will help the
Fund to secure gains, limit losses, or redeploy assets into more promising
opportunities, or the valuation is no longer attractive.
Due to its
investment strategy, the Fund may buy and sell securities and other instruments
frequently.
The Fund
may also lend portfolio securities in an attempt to earn additional income. Any
income realized through securities lending may help Fund
performance.
Principal risks of investing in the
Fund
Investing in any mutual
fund involves the risk that you may lose part or all of the money you
invest. Over time, the value of your investment in the Fund will
increase and decrease according to changes in the value of the securities in the
Fund’s portfolio.
The Fund’s
principal risks include:
Market
Risk. Market values of securities or other investments that
the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise.
Returns from the securities in which the Fund invests may underperform returns
from the general securities markets or other types of securities. Markets may
decline significantly in response to adverse issuer, political, regulatory,
market, economic or other developments that may cause broad changes in market
value, public perceptions concerning these developments, and adverse investor
sentiment or publicity. Similarly, environmental and public health risks, such
as natural disasters, epidemics, pandemics or widespread fear that such events
may occur, may impact markets adversely and cause market volatility in both the
short- and long-term.
Equity
Securities Risk. The Fund is subject to the risk that stock
prices will fall over short or extended periods of time. Individual companies
may report poor results or be negatively affected by industry and/or economic
trends and developments. The prices of securities issued by these companies may
decline in response to such developments, which could result in a decline in the
value of the Fund’s shares.
Investment
Style Risk. Different investment styles tend to shift in and
out of favor depending on market conditions and investor sentiment. A
Sub-adviser’s approach to investing could cause it to underperform other
managers that employ a different investment style.
Active
Management Risk. Due to the active management investment
strategies used by the Fund’s Sub-advisers, the Fund could underperform its
benchmark index and/or other funds with similar investment objectives and/or
strategies. The Sub-advisers’ judgments about the attractiveness, value, or
potential appreciation of the Fund’s investments may prove to be
incorrect.
Destinations
Small-Mid Cap Equity Fund (continued)
Mid-Cap
Securities Risk. Mid-capitalization stocks tend to perform
differently from other segments of the equity market or the equity market as a
whole and can be more volatile than stocks of large-capitalization companies.
Mid-capitalization companies may be newer or less established, and may have
limited resources, products and markets, and may be less
liquid.
Small-Cap
and Micro-Cap Securities Risk. Small capitalization stocks
may underperform other types of stocks or the equity market as a whole. Stocks
of smaller companies may be subject to more abrupt or erratic market movements
than stocks of larger, more established companies. Small companies may have
limited product lines or financial resources or may be dependent upon a small or
inexperienced management group. In addition, small-cap stocks typically are
traded in lower volume, are less liquid, and their issuers typically are subject
to greater degrees of changes in their earnings and prospects. These risks may
be heightened with respect to micro-cap companies.
Liquidity
Risk. The risk that certain securities may be difficult or
impossible to sell at the time and the price that the seller would like. The
seller may have to lower the price of the security, sell other securities
instead or forego an investment opportunity, any of which could have a negative
effect on Fund management or performance.
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.
Management
Risk. Securities held by the Fund may underperform those
held by other funds investing in the same asset class or benchmarks that are
representative of the asset class because of the Sub-advisers’ choice of
securities.
Multi-Manager
Risk. The Adviser may be unable to identify and retain
Sub-advisers who achieve superior investment returns relative to other similar
Sub-advisers. In addition, the investment styles of the Sub-advisers may not
complement each other as expected by the Adviser. The Fund may experience a
higher portfolio turnover rate, which can increase the Fund’s transaction costs
and more taxable short-term gains for shareholders.
Portfolio
Turnover Risk. Frequent buying and selling of investments
may involve higher trading costs and other expenses and may affect the Fund’s
performance over time.
Sector
Risk. Companies with similar characteristics may be grouped
together in broad categories called sectors. Sector risk is the possibility that
a certain sector may underperform other sectors or the market as a whole. To the
extent the Fund invests more heavily in particular sectors of the economy, its
performance will be more susceptible to any economic, business or other
developments which generally affect that sector.
Value
Stocks Risk. The risk that the Fund will underperform when
value investing is out of favor or that the Fund’s investments will not
appreciate in value as anticipated.
Growth
Stock Risk. Growth stocks are typically priced higher than other
stocks, in relation to earnings and other measures, because investors believe
they have more growth potential. This potential may or may not be realized and,
if it is not realized, may result in a loss to the Fund. Growth stock prices
also tend to be more volatile than the overall market.
Foreign
Securities Risk. 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. The performance of the Fund may also
be negatively impacted by fluctuations in a foreign currency’s strength or
weakness relative to the U.S. dollar.
Depositary
Receipts Risk. Because the Fund may invest in American
Depositary Receipts (“ADRs”) and other domestically-traded securities of foreign
companies, the Fund’s share price may be more affected by foreign economic and
political conditions, taxation policies and accounting and auditing standards
than would otherwise be the case.
Investment
Company and Exchange-Traded Funds (ETFs) Risk. When the Fund
invests in an investment company, including closed-end funds and ETFs, in
addition to directly bearing the expenses associated with its own operations, it
will bear a pro rata portion of the investment company’s expenses. Further,
while the risks of owning shares of an investment company generally reflect the
risks of owning the underlying investments of the investment company, the Fund
may be subject to additional or different risks than if the Fund had invested
directly in the underlying investments.
Destinations
Small-Mid Cap Equity Fund (continued)
Currency
Risk. Exchange rates for currencies fluctuate daily.
Accordingly, the Fund may experience volatility with respect to the value of its
shares and its returns as a result of its exposure to foreign currencies through
direct holdings of such currencies or holdings in non-U.S. dollar denominated
securities.
Preferred
Securities Risk. The risk that: (i) certain preferred
stocks contain provisions that allow an issuer under certain conditions to skip
or defer distributions; (ii) preferred stocks may be subject to redemption,
including at the issuer’s call, and, in the event of redemption, the Fund may
not be able to reinvest the proceeds at comparable or favorable rates of return;
(iii) preferred stocks are generally subordinated to bonds and other debt
securities in an issuer’s capital structure in terms of priority for corporate
income and liquidation payments; and (iv) preferred stocks may trade less
frequently and in a more limited volume and may be subject to more abrupt or
erratic price movements than many other securities.
Convertible
Securities Risk. Convertible securities generally tend to be
of lower credit quality, and the value of a convertible security may change with
the value of the underlying common stock or changes in interest rates. A
convertible security may also be subject to redemption at the option of the
issuer at a price established in the convertible security’s governing
instrument. If a convertible security held by the Fund is called for redemption,
the Fund will be required to permit the issuer to redeem the security, convert
it into the underlying common stock or sell it to a third party, which could
result in a loss to the Fund. Additionally, the Fund could lose money if the
issuer of a convertible security is unable to meet its financial obligations or
declares bankruptcy.
Warrants
Risk. Warrants are instruments that entitle the holder to buy an
equity security at a specific price for a specific period of time. Warrants may
be more speculative than other types of investments. The price of a warrant may
be more volatile than the price of its underlying security, and a warrant may
offer greater potential for capital appreciation as well as capital loss. A
warrant ceases to have value if it is not exercised prior to its expiration
date.
Please see
“Principal Risks of the Funds” for a more detailed description of the risks of
investing in the Fund.
Your investment in the
Fund is not a bank deposit and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency entity or
person.
Performance
The bar chart
and the performance table below provide some indication of the risks of
investing in the Fund by showing changes in the Fund’s Class I shares’
performance from year to year and by showing how the Fund’s average annual
returns for 1 year, 5 years, and since the Fund’s inception compare with those
of a broad measure of market performance. The bar chart shows
only the performance of the Fund’s Class I shares. Returns for Class Z
shares would have been substantially similar to those of Class I shares and
would have differed only to the extent that Class I shares have higher
total annual fund operating expenses than Class Z shares. The Fund’s past
performance, before and after taxes, does not necessarily indicate how the Fund
will perform in the future. Current performance information is
available at www.destinationsfunds.com
or by calling 1-877-771-7979.
Annual Total Returns (%) as of
December 31, 2022
The Fund’s
best and worst calendar quarters
Best Quarter:
29.81% (June 30,
2020)
Worst Quarter:
-31.04% (March 31,
2020)
The Fund’s Class I total return (pre-tax)
from January 1, 2023 to March 31,
2023 was 0.53%.
AVERAGE
ANNUAL TOTAL RETURNS
(For the
periods ended December 31, 2022)
Destinations
Small-Mid Cap Equity Fund (continued)
|
|
1 Year |
|
|
5
Years |
|
|
Since Inception (03/20/2017) |
|
Return
Before Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-19.83 |
% |
|
|
8.81 |
% |
|
|
9.76 |
% |
Class Z*
|
|
|
-19.69 |
% |
|
|
— |
|
|
|
8.00 |
% |
Return
After Taxes on Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-20.48 |
% |
|
|
6.35 |
% |
|
|
7.53 |
% |
Return
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-11.27 |
% |
|
|
6.48 |
% |
|
|
7.32 |
% |
Russell
Mid Cap Index (reflects no deduction for
fees, expenses, or taxes) |
|
|
-17.32 |
% |
|
|
7.10 |
% |
|
|
8.30 |
% |
Russell
2000 Index (reflects no deduction for fees, expenses, or taxes)
|
|
|
-20.44 |
% |
|
|
4.13 |
% |
|
|
5.61 |
% |
The above table
compares the Fund’s average annual total returns to those of a broad-based
index, the Russell Midcap Index, and a secondary broad-based index, the Russell
2000 Index.
The after-tax
returns are calculated using the highest historical individual federal marginal
income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns
depend on an individual investor’s tax situation and may differ from those
shown, and after-tax returns shown are not relevant to investors who hold their
Fund shares through tax- deferred arrangements, such as 401(k) plans or
individual retirement accounts. After tax returns are shown
only for Class I and will vary for Class Z.
In some cases, the return
after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of Fund shares at the end of the measurement
period.
Investment
adviser
Orion
Portfolio Solutions, LLC d.b.a. Brinker Capital Investments serves as the
investment adviser for the Fund. The Fund employs a “multi-manager” strategy.
The Adviser selects and oversees professional money managers (the Sub-advisers),
each of which is responsible for investing a portion of the assets of the Fund
as allocated by the Adviser. The Adviser’s portfolio management team is jointly
and primarily responsible for overseeing the Sub-advisers and the Fund. Where
more than one person is listed with respect to a Sub-adviser, the sub-advisory
team is jointly and primarily responsible for the portion of the Fund’s assets
allocated to such Sub-adviser.
Portfolio
Manager |
|
Experience
with the Fund |
|
Title
with Adviser |
Brian
Storey, CFA |
|
2022 |
|
Deputy
Chief Investment Officer - Destinations Portfolios |
Timothy
Holland, CFA |
|
2017 |
|
Senior
Portfolio Manager |
Rusty
Vanneman, CFA, CMT & BFA |
|
2023 |
|
Chief
Investment Officer & Senior Portfolio Manager |
Michael
Hadden, CFA |
|
2022 |
|
Senior
Portfolio Manager |
Andrew
Goins, CFA |
|
2023 |
|
Senior
Portfolio Manager |
Sub-advisers
and Portfolio Managers (Title) |
|
|
Fund’s Portfolio Manager
Since |
|
Ceredex
Value Advisors LLC |
|
|
|
|
Don
Wordell, CFA, Managing Director and Portfolio Manager |
|
|
2017 |
|
Cody
P. Smith, CFA, Portfolio Manager |
|
|
2023 |
|
Driehaus
Capital Management LLC |
|
|
|
|
Jeff
James, Lead Portfolio Manager |
|
|
2017 |
|
Michael
Buck, Portfolio Manager |
|
|
2017 |
|
Prakash
Vijayan, Assistant Portfolio Manager |
|
|
2020 |
|
Leeward
Investments, LLC |
|
|
|
|
R.
Todd Vingers, CFA, President, Portfolio Manager |
|
|
2022 |
|
Jay
C. Willadsen, CFA, Portfolio Manager |
|
|
2022 |
|
SSGA
Funds Management, Inc. |
|
|
|
|
Juan
Acevedo, Vice President |
|
|
2023 |
|
Lisa
Hobart, Vice President |
|
|
2023 |
|
John
Law, CFA, Vice President |
|
|
2023 |
|
Karl
Schneider, CAIA, Managing Director |
|
|
2023 |
|
For
important information about the Fund Shares, Tax Information and Payments
to Financial Intermediaries, please turn to page 64 of this prospectus.
Destinations International Equity
Fund
Investment
objective
Long term
capital appreciation.
Fund fees and
expenses
This table
describes the fees and expenses you may pay if you buy, hold and sell shares of
the Fund. You may pay other fees, such as brokerage commissions and other fees
to financial intermediaries, which are not reflected in the tables and examples
below.
Annual
Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment) |
|
Class I |
|
|
Class Z |
|
Management
Fees |
|
|
1.00 |
% |
|
|
1.00 |
% |
Distribution
and Service (12b-1) Fees |
|
|
None |
|
|
|
None |
|
Other
Expenses |
|
|
0.26 |
% |
|
|
0.11 |
% |
Total
Annual Fund Operating Expenses |
|
|
1.26 |
% |
|
|
1.11 |
% |
Fee
Waivers and Expense Reimbursements |
|
|
(0.10 |
)%* |
|
|
(0.10 |
)%* |
Total
Annual Fund Operating Expenses Less Fee Waivers and Expense
Reimbursements |
|
|
1.16 |
% |
|
|
1.01 |
% |
Examples
These
examples are intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The examples assume that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those time periods. The examples also assume that your
investment has a 5% return each year and that the Fund’s operating expenses
remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
|
|
After 1 year |
|
|
After 3 years |
|
|
After 5 years |
|
|
After 10 years |
|
Class I
Shares |
|
$ |
118 |
|
|
$ |
390 |
|
|
$ |
682 |
|
|
$ |
1,514 |
|
Class Z
Shares |
|
$ |
103 |
|
|
$ |
343 |
|
|
$ |
602 |
|
|
$ |
1,343 |
|
Portfolio
turnover
The Fund
pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transactions costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the above examples, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was
66% of the average value of its
portfolio.
Principal investment
strategies
The Fund
will invest, under normal market conditions, at least 80% of its net assets
(plus the amount of any borrowing for investment purposes) in equity securities.
The Fund’s 80% policy is not fundamental and can be changed upon 60 days’
prior notice to shareholders.
The Fund
employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s
assets among professional money managers (each, a “Sub-adviser,” collectively,
the “Sub-advisers”), each of which is responsible for investing its allocated
portion of the Fund’s assets. The Adviser may also invest a portion of the
Fund’s assets in unaffiliated funds that are registered under the Investment
Company Act of 1940, as amended (the “1940 Act”), and that have investment
objectives and principal investment strategies consistent with those of the
Fund, including open-end funds, closed-end funds and exchange traded funds
(ETFs), which may be passively managed (i.e., index-tracking) or actively
managed. ETFs may also be used to transition the Fund’s portfolio or to equitize
cash while awaiting an opportunity to purchase securities directly. When
determining how to allocate the Fund’s assets between unaffiliated funds and
Sub-advisers, and among Sub-advisers, the Adviser considers a variety of
factors.
Destinations
International Equity Fund
The Fund’s
assets will primarily be invested in foreign equity securities, including
emerging market and frontier market equity securities, of any capitalization.
Equity securities include common stock, preferred stock and securities
convertible into common or preferred stock, warrants and rights, depositary
receipts, and other securities with equity characteristics (for example,
participatory notes or derivatives linked to a basket of underlying equity
securities, certain options on common stock, and ETFs).
The Fund’s
Sub-advisers will employ a number of different investment approaches. The
portfolios of some Sub-advisers may, at times, invest a
significant percentage of assets in issuers in a particular geographic
region, country or small number of countries, or in a single or small number of
industries or sectors. Other Sub-advisers will manage a more broadly diversified
portfolio that focuses more on stocks of larger companies or various
capitalization levels. Other Sub-advisers may invest in foreign companies of
micro-cap companies (i.e., companies with market capitalizations of typically
less than $1.4 billion).
It is
expected that, under normal market conditions, at least 40% of the Fund’s assets
will be invested in the securities of companies that are tied economically to at
least three countries outside the U.S.
A
Sub-adviser may sell a security for a variety of reasons, including, but not
limited to, where the Sub-adviser believes selling the security will help the
Fund to secure gains, limit losses, or redeploy assets into more promising
opportunities, or the valuation is no longer attractive.
The Fund’s
investments in foreign countries generally are traded in currencies other than
U.S. dollars. As a result, certain Sub-advisers will buy and sell foreign
currencies to facilitate transactions in portfolio securities. Certain
Sub-advisers will invest in derivatives, including futures, forwards, options
and swaps, primarily to increase or decrease currency exposure and for other
investment purposes. However, not all Sub-advisers will hedge their portfolios
against possible fluctuations in exchange rates. Due to its investment strategy,
the Fund may buy and sell securities and other instruments frequently. The Fund
may also lend portfolio securities in an attempt to earn additional income. Any
income realized through securities lending may help Fund
performance.
Principal risks of investing in the
Fund
Investing in any mutual
fund involves the risk that you may lose part or all of the money you
invest. Over time, the value of your investment in the Fund will
increase and decrease according to changes in the value of the securities in the
Fund’s portfolio.
The Fund’s
principal risks include:
Market
Risk. Market values of securities or other investments that
the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise.
Returns from the securities in which the Fund invests may underperform returns
from the general securities markets or other types of securities. Markets may
decline significantly in response to adverse issuer, political, regulatory,
market, economic or other developments that may cause broad changes in market
value, public perceptions concerning these developments, and adverse investor
sentiment or publicity. Similarly, environmental and public health risks, such
as natural disasters, epidemics, pandemics or widespread fear that such events
may occur, may impact markets adversely and cause market volatility in both the
short- and long-term.
Equity
Securities Risk. The Fund is subject to the risk that stock
prices will fall over short or extended periods of time. Individual companies
may report poor results or be negatively affected by industry and/or economic
trends and developments. The prices of securities issued by these companies may
decline in response to such developments, which could result in a decline in the
value of the Fund’s shares.
Destinations
International Equity Fund (continued)
Foreign
and Emerging Markets Securities Risk. 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. The performance of
the Fund may also be negatively impacted by fluctuations in a foreign currency’s
strength or weakness relative to the U.S. dollar. Investments in emerging
markets can involve additional and greater risks than the risks associated with
investments in developed foreign markets. Emerging markets can have less
developed markets, greater custody and operational risk, less developed legal,
regulatory, and accounting systems, and greater political, social, and economic
instability than developed markets. Frontier markets, considered by the Fund to
be a subset of emerging markets, generally have smaller economies and less
mature capital markets than emerging markets. As a result, the risks of
investing in emerging market countries are magnified in frontier market
countries.
Currency
Risk. Exchange rates for currencies fluctuate daily.
Accordingly, the Fund may experience volatility with respect to the value of its
shares and its returns as a result of its exposure to foreign currencies through
direct holdings of such currencies or holdings in non-U.S. dollar denominated
securities.
Small-Cap
and Micro-Cap Securities Risk. Small capitalization stocks
may underperform other types of stocks or the equity market as a whole. Stocks
of smaller companies may be subject to more abrupt or erratic market movements
than stocks of larger, more established companies. Small companies may have
limited product lines or financial resources or may be dependent upon a small or
inexperienced management group. In addition, small-cap stocks typically are
traded in lower volume, are less liquid, and their issuers typically are subject
to greater degrees of changes in their earnings and prospects. These risks may
be heightened with respect to micro-cap companies.
Mid-Cap
Securities Risk. Mid-capitalization stocks tend to perform
differently from other segments of the equity market or the equity market as a
whole and can be more volatile than stocks of large-capitalization companies.
Mid-capitalization companies may be newer or less established, and may have
limited resources, products and markets, and may be less
liquid.
Investment
Style Risk. Different investment styles tend to shift in and
out of favor depending on market conditions and investor sentiment. A
Sub-adviser’s approach to investing could cause it to underperform other
managers that employ a different investment style.
Active
Management Risk. Due to the active management investment
strategies used by the Fund’s Sub-advisers, the Fund could underperform its
benchmark index and/or other funds with similar investment objectives and/or
strategies. The Sub-advisers’ judgments about the attractiveness, value, or
potential appreciation of the Fund’s investments may prove to be
incorrect.
Investment
Company and Exchange-Traded Funds (ETFs) Risk. When the Fund
invests in an investment company, including closed-end funds and ETFs, in
addition to directly bearing the expenses associated with its own operations, it
will bear a pro rata portion of the investment company’s expenses. Further,
while the risks of owning shares of an investment company generally reflect the
risks of owning the underlying investments of the investment company, the Fund
may be subject to additional or different risks than if the Fund had invested
directly in the underlying investments.
Liquidity
Risk. The risk that certain securities may be difficult or
impossible to sell at the time and the price that the seller would like. The
seller may have to lower the price of the security, sell other securities
instead or forego an investment opportunity, any of which could have a negative
effect on Fund management or performance.
Europe
and United Kingdom Risk. The European financial markets have
experienced increased volatility due to concerns about economic downturns,
political unrest, war, military conflict, economic sanctions, rising government
debt levels, energy crises, and public pandemics, and these events may continue
to significantly affect all of Europe. European economies could be significantly
affected by, among other things, rising unemployment, the imposition or
unexpected elimination of fiscal and monetary controls by member countries of
the European Economic and Monetary Union, uncertainty surrounding the euro, the
success of governmental actions to reduce budget deficits, and ongoing
uncertainties surrounding Brexit, the formal withdrawal by the United Kingdom
from the European Union. In addition, acts of war may amplify already existing
geopolitical tensions and could increase volatility and uncertainty in the
financial markets and adversely affect regional and global
economies.
Destinations
International Equity Fund (continued)
Asia
Region Risk: Many Asian economies have at various times been
negatively affected by inflation, currency devaluations, an over-reliance on
international trade and exports, political and social instability, and less
developed financial systems and securities trading markets. Trade restrictions,
unexpected decreases in exports, changes in government policies, expropriation
and/or nationalization of assets, confiscatory taxation, or natural disasters
could have a significant impact on companies doing business in Asia. The Asian
region may be significantly affected by political unrest, military conflict,
economic sanctions, and less demand for Asian products and
services.
Indian
Market and India Region Risk. Government actions, bureaucratic
obstacles and inconsistent economic and tax reform policies within the Indian
government have had a significant effect on the economy and could adversely
affect market conditions, deter economic growth and reduce the profitability of
private enterprises. Global factors and foreign actions may inhibit the flow of
foreign capital on which India is dependent to sustain its growth. Large
portions of many Indian companies remain in the hands of their founders
(including members of their families). Family-controlled companies may have
weaker and less transparent corporate governance, which increases the potential
for loss and unequal treatment of investors. India experiences many of the
market risks associated with developing economies, including relatively low
levels of liquidity, which may result in extreme volatility in the prices of
Indian securities. Religious, cultural and military disputes persist in India,
and between India and Pakistan (as well as sectarian groups within each
country). The threat of aggression in the region could hinder development of the
Indian economy, and escalating tensions could impact the broader region,
including China. Because the Fund may invest a large percentage of its
assets in India, the value of the Fund’s shares may be affected by events that
adversely affect India and may fluctuate more than the value of a less
concentrated fund’s shares.
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.
Management
Risk. Securities held by the Fund may underperform those
held by other funds investing in the same asset class or benchmarks that are
representative of the asset class because of the Sub-advisers’ choice of
securities.
Multi-Manager
Risk. The Adviser may be unable to identify and retain
Sub-advisers who achieve superior investment returns relative to other similar
Sub-advisers. In addition, the investment styles of the Sub-advisers may not
complement each other as expected by the Adviser. The Fund may experience a
higher portfolio turnover rate, which can increase the Fund’s transaction costs
and more taxable short-term gains for shareholders.
Derivatives
Risk. Derivatives, such as forwards, futures, options and
swaps, involve risks different from, or possibly greater than, risks associated
with investing directly in securities and other traditional investments.
Specific risk issues related to the use of such derivatives include valuation
and tax issues, increased potential for losses and/or costs to the Fund, and a
potential reduction in gains to the Fund. Each of these issues is described in
greater detail in this Prospectus. Derivatives may also involve other risks
described in this Prospectus or the Fund’s Statement of Additional Information
(SAI), such as market, interest rate, credit, counterparty, currency, liquidity
and leverage risks.
Hedging
Risk. Hedges are sometimes subject to imperfect matching
between the derivative and the underlying security, and there can be no
assurance that the Fund’s hedging transactions will be effective. In addition,
the use of hedging may result in certain adverse tax
consequences.
Depositary
Receipts Risk. Because the Fund may invest in American
Depositary Receipts (“ADRs”) and other domestically-traded securities of foreign
companies, the Fund’s share price may be more affected by foreign economic and
political conditions, taxation policies and accounting and auditing standards
than would otherwise be the case.
Concentration
Risk. Issuers in a single industry, sector, country or
region can react similarly to market, economic, political, regulatory,
geopolitical, and other conditions.
Preferred
Securities Risk. The risk that: (i) certain preferred
stocks contain provisions that allow an issuer under certain conditions to skip
or defer distributions; (ii) preferred stocks may be subject to redemption,
including at the issuer’s call, and, in the event of redemption, the Fund may
not be able to reinvest the proceeds at comparable or favorable rates of return;
(iii) preferred stocks are generally subordinated to bonds and other debt
securities in an issuer’s capital structure in terms of priority for corporate
income and liquidation payments; and (iv) preferred stocks may trade less
frequently and in a more limited volume and may be subject to more abrupt or
erratic price movements than many other securities.
Destinations
International Equity Fund (continued)
Convertible
Securities Risk. Convertible securities generally tend to be
of lower credit quality, and the value of a convertible security may change with
the value of the underlying common stock or changes in interest rates. A
convertible security may also be subject to redemption at the option of the
issuer at a price established in the convertible security’s governing
instrument. If a convertible security held by the Fund is called for redemption,
the Fund will be required to permit the issuer to redeem the security, convert
it into the underlying common stock or sell it to a third party, which could
result in a loss to the Fund. Additionally, the Fund could lose money if the
issuer of a convertible security is unable to meet its financial obligations or
declares bankruptcy.
Warrants
Risk. Warrants are instruments that entitle the holder to buy an
equity security at a specific price for a specific period of time. Warrants may
be more speculative than other types of investments. The price of a warrant may
be more volatile than the price of its underlying security, and a warrant may
offer greater potential for capital appreciation as well as capital loss. A
warrant ceases to have value if it is not exercised prior to its expiration
date.
Please see
“Principal Risks of the Funds” for a more detailed description of the risks of
investing in the Fund.
Your investment in the
Fund is not a bank deposit and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency entity or
person.
Performance
The bar chart
and the performance table below provide some indication of the risks of
investing in the Fund by showing changes in the Fund’s Class I shares’
performance from year to year and by showing how the Fund’s average annual
returns for 1 year, 5 years, and since the Fund’s inception compare with those
of a broad measure of market performance. The bar chart shows
only the performance of the Fund’s Class I shares. Returns for Class Z
shares would have been substantially similar to those of Class I shares and
would have differed only to the extent that Class I shares have higher
total annual fund operating expenses than Class Z shares. The Fund’s past
performance, before and after taxes, does not necessarily indicate how the Fund
will perform in the future. Current performance information is
available at www.destinationsfunds.com
or by calling 1-877-771-7979.
Annual Total Returns (%) as of
December 31, 2022
The Fund’s
best and worst calendar quarters
Best Quarter:
21.77% (June 30,
2020)
Worst Quarter:
-19.69% (March 31,
2020)
The Fund’s Class I total return (pre-tax)
from January 1, 2023 to March 31,
2023 was 6.65%.
AVERAGE
ANNUAL TOTAL RETURNS
(For the
periods ended December 31, 2022)
|
|
1 Year |
|
|
5 Years |
|
|
Since Inception (03/20/2017) |
|
Return Before Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Class I |
|
|
-20.92 |
% |
|
|
1.16 |
% |
|
|
3.89 |
% |
Class Z* |
|
|
-20.83 |
% |
|
|
- |
|
|
|
1.99 |
% |
Return
After Taxes on Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-21.32 |
% |
|
|
0.78 |
% |
|
|
3.50 |
% |
Return
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-11.93 |
% |
|
|
0.98 |
% |
|
|
3.09 |
% |
FTSE
All-World ex US Index (reflects no deduction for
fees, expenses, or taxes) |
|
|
-15.22 |
% |
|
|
1.58 |
% |
|
|
4.25 |
% |
Destinations
International Equity Fund (continued)
The after-tax
returns are calculated using the highest historical individual federal marginal
income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns
depend on an individual investor’s tax situation and may differ from those
shown, and after-tax returns shown are not relevant to investors who hold their
Fund shares through tax- deferred arrangements, such as 401(k) plans or
individual retirement accounts. After tax returns are shown
only for Class I and will vary for Class Z.
In some cases, the return
after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of Fund shares at the end of the measurement
period.
Investment
adviser
Orion
Portfolio Solutions, LLC d.b.a. Brinker Capital Investments serves as the
investment adviser for the Fund. The Fund employs a “multi-manager” strategy.
The Adviser selects and oversees professional money managers (the Sub-advisers),
each of which is responsible for investing a portion of the assets of the Fund
as allocated by the Adviser. The Adviser’s portfolio management team is jointly
and primarily responsible for overseeing the Sub-advisers and the Fund. Where
more than one person is listed with respect to a Sub-adviser, the sub-advisory
team is jointly and primarily responsible for the portion of the Fund’s assets
allocated to such Sub-adviser.
Portfolio
Manager |
|
Experience
with the Fund |
|
Title
with Adviser |
Brian
Storey, CFA |
|
2022 |
|
Deputy
Chief Investment Officer - Destinations Portfolios |
Timothy
Holland, CFA |
|
2017 |
|
Senior
Portfolio Manager |
Rusty
Vanneman, CFA, CMT & BFA |
|
2023 |
|
Chief
Investment Officer & Senior Portfolio Manager |
Michael
Hadden, CFA |
|
2022 |
|
Senior
Portfolio Manager |
Andrew
Goins, CFA |
|
2023 |
|
Senior
Portfolio Manager |
Sub-advisers
and Portfolio Managers (Title) |
|
Fund’s
Portfolio Manager Since |
BAMCO, Inc. |
|
|
Michael
Kass, Vice President, Portfolio Manager |
|
2017 |
Anuj
Aggarwal, Vice President, Assistant Portfolio Manager |
|
2020 |
|
|
|
Barrow, Hanley,
Mewhinney & Strauss, LLC |
|
|
Rand
Wrighton, CFA, Senior Managing Director, Portfolio Manager |
|
2021 |
Patrik
Wibom, Managing Director, Portfolio Manager/Analyst |
|
2023 |
|
|
|
Causeway Capital Management,
LLC |
|
|
Arjun
Jayaraman, PhD, CFA, Portfolio Manager |
|
2023 |
MacDuff
Kuhnert, CFA, Portfolio Manager |
|
2023 |
Joe
Gubler, CFA, Portfolio Manager |
|
2023 |
Ryan
Myers, Portfolio Manager |
|
2023 |
|
|
|
Loomis, Sayles &
Company, L.P. |
|
|
Ashish
Chugh, Vice President, Portfolio Manager |
|
2022 |
|
|
|
MFS
Investment Management |
|
|
Philip
Evans, Investment Officer |
|
2020 |
Benjamin
Stone, Investment Officer |
|
2017 |
Destinations
International Equity Fund (continued)
SSGA
Funds Management, Inc. |
|
|
Juan
Acevedo, Vice President |
|
2023 |
Lisa
Hobart, Vice President |
|
2023 |
John
Law, CFA, Vice President |
|
2023 |
Karl
Schneider, CAIA, Managing Director |
|
2023 |
|
|
|
T. Rowe Price
Associates, Inc. |
|
|
Richard
N. Clattenburg, CFA, Portfolio Manager |
|
2017 |
|
|
|
Wasatch
Advisors, Inc. |
|
|
Linda
Lasater, CFA, Lead Portfolio Manager |
|
2017 |
Dan
Chace, CFA, Portfolio Manager |
|
2020 |
Allison
He, CFA, Associate Portfolio Manager |
|
2018 |
For
important information about the Fund Shares, Tax Information and Payments
to Financial Intermediaries, please turn to page 64 of this prospectus.
Destinations Equity Income
Fund
Investment objective
Primary
objective of current income with secondary objective of
long-term capital appreciation.
Fund fees and
expenses
This table
describes the fees and expenses you may pay if you buy, hold and sell shares of
the Fund. You may pay other fees, such as brokerage commissions and other fees
to financial intermediaries, which are not reflected in the tables and examples
below.
Annual
Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment) |
|
Class I |
|
|
Class Z |
|
Management
Fees |
|
|
0.80 |
% |
|
|
0.80 |
% |
Distribution
and Service (12b-1) Fees |
|
|
None |
|
|
|
None |
|
Other
Expenses |
|
|
0.24 |
% |
|
|
0.09 |
% |
Total
Annual Fund Operating Expenses |
|
|
1.04 |
% |
|
|
0.89 |
% |
Fee
Waivers and Expense Reimbursements |
|
|
(0.10 |
)%* |
|
|
(0.10 |
)%* |
Total
Annual Fund Operating Expenses Less Fee Waivers and Expense
Reimbursements |
|
|
0.94 |
% |
|
|
0.79 |
% |
Examples
These
examples are intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The examples assume that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those time periods. The examples also assume that your
investment has a 5% return each year and that the Fund’s operating expenses
remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
|
|
After 1 year |
|
|
After 3 years |
|
|
After 5 years |
|
|
After 10 years |
|
Class I
Shares |
|
$ |
96 |
|
|
$ |
321 |
|
|
$ |
564 |
|
|
$ |
1,262 |
|
Class Z Shares
|
|
$ |
81 |
|
|
$ |
274 |
|
|
$ |
483 |
|
|
$ |
1,087 |
|
Portfolio
turnover
The Fund
pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transactions costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the above examples, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was
46% of the average value of its
portfolio.
Principal investment
strategies
The Fund
will invest, under normal market conditions, at least 80% of its net assets
(plus the amount of any borrowings for investment purposes) in dividend-paying
equity securities of both U.S.-based and foreign companies. The Fund’s 80%
policy is not fundamental and can be changed upon 60 days’ prior notice to
shareholders.
The Fund
employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s
assets among professional money managers (each, a “Sub-adviser,” collectively,
the “Sub-advisers”), each of which is responsible for investing its allocated
portion of the Fund’s assets. The Adviser may also invest a portion of the
Fund’s assets in unaffiliated funds that are registered under the Investment
Company Act of 1940, as amended (the “1940 Act”), and that have investment
objectives and principal investment strategies consistent with those of the
Fund, including open-end funds, closed-end funds and exchange traded funds
(ETFs), which may be passively managed (i.e., index-tracking) or actively
managed. In addition, ETFs that pay dividends are counted towards the Fund’s
non-fundamental investment policy.
Destinations
Equity Income Fund
ETFs may
also be used to transition the Fund’s portfolio or to equitize cash while
awaiting an opportunity to purchase securities directly. When determining how to
allocate the Fund’s assets between unaffiliated funds and Sub-advisers, and
among Sub-advisers, the Adviser considers a variety of factors.
The Fund
invests primarily in common stock and preferred stock (of any capitalization),
interests in Real Estate Investment Trusts (REITs), foreign securities,
depositary receipts, equity-linked notes and derivatives that are believed to be
attractively valued and to have the potential for long-term growth. A
Sub-adviser employing an actively managed strategy will select securities based
on its assessment of one or more of a variety of factors. In selecting
investments for purchase and sale, the Fund seeks to deliver a dividend yield
that is higher than the broad equity market.
The Fund
typically will invest in foreign securities, including securities of issuers
located in emerging markets, which often are denominated in currencies other
than U.S. dollars. Accordingly, the Sub-advisers will have the ability, at their
discretion, to attempt to hedge against unfavorable changes in currency exchange
rates by engaging in forward currency transactions or currency swaps and trading
currency futures contracts and options on these futures. However, a Sub-adviser
may choose not to, or may be unable to, hedge the Fund’s currency exposure.
A
Sub-adviser may sell a security for a variety of reasons, including, but not
limited to, where the Sub-adviser believes the combination of dividend yield and
dividend growth becomes inadequate, the investment thesis deteriorates or there
is diminished management commitment to the dividend.
The Fund
may also lend portfolio securities in an attempt to earn additional income. Any
income realized through securities lending may help Fund
performance.
Principal risks of investing in the
Fund
Investing in any mutual
fund involves the risk that you may lose part or all of the money you
invest. Over time, the value of your investment in the Fund will
increase and decrease according to changes in the value of the securities in the
Fund’s portfolio.
The Fund’s
principal risks include:
Market
Risk. Market values of securities or other investments that
the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise.
Returns from the securities in which the Fund invests may underperform returns
from the general securities markets or other types of securities. Markets may
decline significantly in response to adverse issuer, political, regulatory,
market, economic or other developments that may cause broad changes in market
value, public perceptions concerning these developments, and adverse investor
sentiment or publicity. Similarly, environmental and public health risks, such
as natural disasters, epidemics, pandemics or widespread fear that such events
may occur, may impact markets adversely and cause market volatility in both the
short- and long-term.
Equity
Securities Risk. The Fund is subject to the risk that stock
prices will fall over short or extended periods of time. Individual companies
may report poor results or be negatively affected by industry and/or economic
trends and developments. The prices of securities issued by these companies may
decline in response to such developments, which could result in a decline in the
value of the Fund’s shares.
Dividend
Income Risk. There is no guarantee that the issuers of the
stocks held by the Fund will declare dividends in the future or that, if
dividends are declared, they will remain at their current levels or increase
over time.
Destinations
Equity Income Fund (continued)
Foreign
and Emerging Markets Securities Risk. 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. The performance of
the Fund may also be negatively impacted by fluctuations in a foreign currency’s
strength or weakness relative to the U.S. dollar. Investments in emerging
markets can involve additional and greater risks than the risks associated with
investments in developed foreign markets. Emerging markets can have less
developed markets, greater custody and operational risk, less developed legal,
regulatory, and accounting systems, and greater political, social, and economic
instability than developed markets. Frontier markets, considered by the Fund to
be a subset of emerging markets, generally have smaller economies and less
mature capital markets than emerging markets. As a result, the risks of
investing in emerging market countries are magnified in frontier market
countries.
Currency
Risk. Exchange rates for currencies fluctuate daily.
Accordingly, the Fund may experience volatility with respect to the value of its
shares and its returns as a result of its exposure to foreign currencies through
direct holdings of such currencies or holdings in non-U.S. dollar denominated
securities.
Investment
Style Risk. Different investment styles tend to shift in and
out of favor depending on market conditions and investor sentiment. A
Sub-adviser’s approach to investing could cause it to underperform other
managers that employ a different investment style.
Active
Management Risk. Due to the active management investment
strategies used by the Fund’s Sub-advisers, the Fund could underperform its
benchmark index and/or other Funds with similar investment objectives and/or
strategies. The Sub-advisers’ judgments about the attractiveness, value, or
potential appreciation of the Fund’s investments may prove to be
incorrect.
Investment
Company and Exchange-Traded Funds (ETFs) Risk. When the Fund
invests in an investment company, including closed-end funds and ETFs, in
addition to directly bearing the expenses associated with its own operations, it
will bear a pro rata portion of the investment company’s expenses. Further,
while the risks of owning shares of an investment company generally reflect the
risks of owning the underlying investments of the investment company, the Fund
may be subject to additional or different risks than if the Fund had invested
directly in the underlying investments.
Depositary
Receipts Risk. Because the Fund may invest in depositary
receipts, to include American Depositary Receipts (ADRs), Global Depositary
Receipts (GDRs), European Depositary Receipts (EDRs), and other
domestically-traded securities of foreign companies, the Fund’s share price may
be more affected by foreign economic and political conditions, taxation policies
and accounting and auditing standards than would otherwise be the
case.
Liquidity
Risk. The risk that certain securities may be difficult or
impossible to sell at the time and the price that the seller would like. The
seller may have to lower the price of the security, sell other securities
instead or forego an investment opportunity, any of which could have a negative
effect on Fund management or performance.
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.
Sector
Risk. Companies with similar characteristics may be grouped
together in broad categories called sectors. Sector risk is the possibility that
a certain sector may underperform other sectors or the market as a whole. To the
extent the Fund invests more heavily in particular sectors of the economy, its
performance will be more susceptible to any economic, business or other
developments which generally affect that sector.
Management
Risk. Securities held by the Fund may underperform those
held by other funds investing in the same asset class or benchmarks that are
representative of the asset class because of the Sub-advisers’ choice of
securities.
Multi-manager
Risk. The Adviser may be unable to identify and retain
Sub-advisers who achieve superior investment returns relative to other similar
Sub-advisers. In addition, the investment styles of the Sub-advisers may not
complement each other as expected by the Adviser. The Fund may experience a
higher portfolio turnover rate, which can increase the Fund’s transaction costs
and more taxable short-term gains for shareholders.
Destinations
Equity Income Fund (continued)
Real
Estate Investment Trusts (REITs) Risk. REITs are trusts that
invest primarily in commercial real estate or real estate- related loans. The
Fund’s investments in REITs will be subject to the risks associated with the
direct ownership of real estate. 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. Some REITs may have
limited diversification and may be subject to risks inherent in financing a
limited number of properties.
Preferred
Securities Risk. The risk that: (i) certain preferred
stocks contain provisions that allow an issuer under certain conditions to skip
or defer distributions; (ii) preferred stocks may be subject to redemption,
including at the issuer’s call, and, in the event of redemption, the Fund may
not be able to reinvest the proceeds at comparable or favorable rates of return;
(iii) preferred stocks are generally subordinated to bonds and other debt
securities in an issuer’s capital structure in terms of priority for corporate
income and liquidation payments; and (iv) preferred stocks may trade less
frequently and in a more limited volume and may be subject to more abrupt or
erratic price movements than many other securities.
Convertible
Securities Risk. The value of a convertible security, which
is a form of hybrid security (i.e., a security with both debt and equity
characteristics), typically increases or decreases with the price of the
underlying common stock. In general, a convertible security is subject to the
market risks of stocks when the underlying stock’s price is high relative to the
conversion price and is subject to the market risks of debt securities when the
underlying stock’s price is low relative to the conversion price. The general
market risks of debt securities that are common to convertible securities
include, but are not limited to, interest rate risk and credit risk — that is,
the value of convertible securities will move in the direction opposite to
movements in interest rates; they are subject to the risk that the issuer will
not be able to pay interest or dividends when due; and their market value may
change based on changes in the issuer’s credit rating or the market’s perception
of the issuer’s creditworthiness. Many convertible securities have credit
ratings that are below investment grade and are subject to the same risks as an
investment in lower-rated debt securities (commonly known as “junk bonds”).
Lower-rated debt securities may fluctuate more widely in price and yield than
investment grade debt securities and may fall in price during times when the
economy is weak or is expected to become weak. To the extent the Fund invests in
convertible securities issued by small- or mid-cap companies, it will be subject
to the risks of investing in such companies.
Mid-Cap
Securities Risk. Mid-capitalization stocks tend to perform
differently from other segments of the equity market or the equity market as a
whole and can be more volatile than stocks of large-capitalization companies.
Mid-capitalization companies may be newer or less established, and may have
limited resources, products and markets, and may be less
liquid.
Small-Cap
Securities Risk. Small capitalization stocks may
underperform other types of stocks or the equity market as a whole. Stocks of
smaller companies may be subject to more abrupt or erratic market movements than
stocks of larger, more established companies. Small companies may have limited
product lines or financial resources, or may be dependent upon a small or
inexperienced management group. In addition, small-cap stocks typically are
traded in lower volume, are less liquid, and their issuers typically are subject
to greater degrees of changes in their earnings and
prospects.
Derivatives
Risk. Derivatives, such as forwards, futures, options and
swaps, involve risks different from, or possibly greater than, risks associated
with investing directly in securities and other traditional investments.
Specific risk issues related to the use of such derivatives include valuation
and tax issues, increased potential for losses and/or costs to the Fund, and a
potential reduction in gains to the Fund. Each of these issues is described in
greater detail in this Prospectus. Derivatives may also involve other risks
described in this Prospectus or the Fund’s Statement of Additional Information
(SAI), such as market, interest rate, credit, counterparty, currency, liquidity
and leverage risks.
Please see
“Principal Risks of the Funds” for a more detailed description of the risks of
investing in the Fund.
Your investment in the
Fund is not a bank deposit and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency entity or
person.
Destinations
Equity Income Fund (continued)
Performance
The bar chart
and the performance table below provide some indication of the risks of
investing in the Fund by showing changes in the Fund’s Class I shares’
performance from year to year and by showing how the Fund’s average annual
returns for 1 year, 5 years, and since the Fund’s inception compare with those
of a broad measure of market performance. The bar chart shows
only the performance of the Fund’s Class I shares. Returns for Class Z
shares would have been substantially similar to those of Class I shares and
would have differed only to the extent that Class I shares have higher
total annual fund operating expenses than Class Z shares. The Fund’s past
performance, before and after taxes, does not necessarily indicate how the Fund
will perform in the future. Current performance information is
available at www.destinationsfunds.com
or by calling 1-877-771-7979.
Annual Total Returns (%) as of
December 31,
2022
The Fund’s
best and worst calendar quarters
Best Quarter:
13.45% (December 31,
2022)
Worst Quarter:
-24.39% (March 31,
2020)
The Fund’s Class I total return (pre-tax)
from January 1, 2023 to March 31,
2023 was -0.07%.
AVERAGE
ANNUAL TOTAL RETURNS
(For the
periods ended December 31, 2022)
|
|
1 Year |
|
|
5 Years |
|
|
Since Inception (03/20/2017) |
|
Return
Before Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-1.09 |
% |
|
|
5.98 |
% |
|
|
6.71 |
% |
Class Z*
|
|
|
-0.92 |
% |
|
|
— |
|
|
|
7.22 |
% |
Return
After Taxes on Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-2.18 |
% |
|
|
4.74 |
% |
|
|
5.40 |
% |
Return
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
0.10 |
% |
|
|
4.42 |
% |
|
|
4.93 |
% |
FTSE
All-World High Dividend Yield Index (reflects no deduction
for fees, expenses, or taxes) |
|
|
-5.72 |
% |
|
|
3.50 |
% |
|
|
5.10 |
% |
*
The after-tax
returns are calculated using the highest historical individual federal marginal
income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns
depend on an individual investor’s tax situation and may differ from those
shown, and after-tax returns shown are not relevant to investors who hold their
Fund shares through tax- deferred arrangements, such as 401(k) plans or
individual retirement accounts. After tax returns are shown
only for Class I and will vary for
Class Z.
Investment
adviser
Orion
Portfolio Solutions, LLC d.b.a. Brinker Capital Investments serves as the
investment adviser for the Fund. The Fund employs a “multi-manager” strategy.
The Adviser selects and oversees professional money managers (the Sub-advisers),
each of which is responsible for investing a portion of the assets of the Fund
as allocated by the Adviser. The Adviser’s portfolio management team is jointly
and primarily responsible for overseeing the Sub-advisers and the Fund. Where
more than one person is listed with respect to a Sub-adviser, the sub-advisory
team is jointly and primarily responsible for the portion of the Fund’s assets
allocated to such Sub-adviser.
Portfolio
Manager |
|
Experience
with the Fund |
|
Title
with Adviser |
Brian
Storey, CFA |
|
2022 |
|
Deputy
Chief Investment Officer – Destinations Portfolios |
Timothy
Holland, CFA |
|
2017 |
|
Senior
Portfolio Manager |
Rusty
Vanneman, CFA, CMT & BFA |
|
2023 |
|
Chief
Investment Officer & Senior Portfolio Manager |
Michael
Hadden, CFA |
|
2022 |
|
Senior
Portfolio Manager |
Andrew
Goins, CFA |
|
2023 |
|
Senior
Portfolio manager |
Destinations
Equity Income Fund (continued)
Sub-advisers
and Portfolio Managers (Title) |
|
Fund’s
Portfolio Manager Since |
Federated
Equity Management Company of Pennsylvania |
|
|
Daniel
Peris, CFA, Senior Portfolio Manager |
|
2017 |
Deborah
D. Bickerstaff, Portfolio Manager |
|
2017 |
Michael
Tucker, Senior Portfolio Manager |
|
2020 |
Jared
Hoff, Senior Portfolio Manager |
|
2020 |
|
|
|
Neuberger
Berman Investment Advisers LLC |
|
|
Richard
S. Levine, Managing Director and Portfolio Manager |
|
2021 |
Alexandra
Pomeroy, Managing Director and Portfolio Manager |
|
2021 |
William
D. Hunter, Managing Director and Portfolio Manager |
|
2021 |
Shawn
Trudeau, Managing Director and Portfolio Manager |
|
2021 |
|
|
|
Nuveen
Asset Management LLC |
|
|
James
T. Stephenson, CFA, Managing Director and Portfolio Manager |
|
2018 |
Thomas
J. Ray, CFA, Managing Director and Portfolio Manager |
|
2018 |
Peter
Boardman, Managing Director and Portfolio Manager |
|
2022 |
For
important information about the Fund Shares, Tax Information and Payments
to Financial Intermediaries, please turn to page 64 of this prospectus.
Destinations Core Fixed Income
Fund
Investment objective
Maximize
current income and total return.
Fund fees and
expenses
This table
describes the fees and expenses you may pay if you buy, hold and sell shares of
the Fund. You may pay other fees, such as brokerage commissions and other fees
to financial intermediaries, which are not reflected in the tables and examples
below.
Annual
Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment) |
|
Class I |
|
|
Class Z |
|
Management
Fees |
|
|
0.65 |
% |
|
|
0.65 |
% |
Distribution
and Service (12b-1) Fees |
|
|
None |
|
|
|
None |
|
Other
Expenses |
|
|
0.24 |
% |
|
|
0.09 |
% |
Total
Annual Fund Operating Expenses |
|
|
0.89 |
% |
|
|
0.74 |
% |
Fee
Waivers and Expense Reimbursements |
|
|
(0.08 |
)%* |
|
|
(0.08 |
)%* |
Total
Annual Fund Operating Expenses Less Fee Waivers and Expense
Reimbursements |
|
|
0.81 |
% |
|
|
0.66 |
% |
*
Examples
These
examples are intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The examples assume that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those time periods. The examples also assume that your
investment has a 5% return each year and that the Fund’s operating expenses
remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
|
|
After 1 year |
|
|
After 3 years |
|
|
After 5 years |
|
|
After 10 years |
|
Class I
Shares |
|
$ |
83 |
|
|
$ |
276 |
|
|
$ |
485 |
|
|
$ |
1,089 |
|
Class Z
Shares |
|
$ |
67 |
|
|
$ |
229 |
|
|
$ |
404 |
|
|
$ |
911 |
|
Portfolio
turnover
The Fund
pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transactions costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the above examples, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was
198% of the average value of its
portfolio.
Principal investment
strategies
The Fund
will invest, under normal market conditions, at least 80% of its net assets
(plus the amount of any borrowing for investment purposes) in fixed income
instruments. The Fund’s 80% policy is not fundamental and can be changed upon
60 days’ prior written notice to shareholders.
The Fund
employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s
assets among professional money managers (each, a “Sub-adviser,” collectively,
the “Sub-advisers”), each of which is responsible for investing its allocated
portion of the Fund’s assets. The Adviser may also invest a portion of the
Fund’s assets in unaffiliated funds that are registered under the Investment
Company Act of 1940, as amended (the “1940 Act”), and that have investment
objectives and principal investment strategies consistent with those of the
Fund, including open-end funds, closed-end funds and exchange traded funds
(ETFs), which may be passively managed (i.e., index-tracking) or actively
managed. ETFs may also be used to transition the Fund’s portfolio or to equitize
cash while awaiting an opportunity to purchase securities directly. When
determining how to allocate the Fund’s assets between unaffiliated funds and
Sub-advisers, and among Sub-advisers, the Adviser considers a variety of
factors.
Destinations
Core Fixed Income Fund
The Fund
invests primarily in bonds, debt, and other fixed income instruments issued by
governmental or private-sector entities, including mortgage-backed securities,
asset-backed securities, investment grade corporate bonds, junk bonds, bank
loans, loan participations, assignments, derivatives, credit default swaps,
inverse floater securities, interest-only and principal-only securities and
money market instruments.
A
Sub-adviser will select securities based on its assessment of one or more of a
variety of factors. Under normal market conditions, the Fund’s total investment
portfolio will have a weighted average effective duration of no less than one
year and no more than ten years.
The Fund
will invest a substantial portion of its nets assets in mortgage-backed
securities of any maturity or type guaranteed by, or secured by collateral that
is guaranteed by, the United States Government, its agencies, instrumentalities
or sponsored corporations, or in privately issued mortgage-backed securities
rated at the time of investment Aa3 or higher by Moody’s or AA- or higher by
S&P or the equivalent by any other nationally recognized statistical rating
organization or in unrated securities that are determined by a Sub-adviser to be
of comparable quality.
The Fund
will also invest in junk bonds, bank loans and assignments, privately issued
residential and commercial mortgage-backed securities, and other instruments
rated below investment grade or unrated but determined by the Sub-adviser to be
of comparable quality, and may invest in credit default swaps of companies in
the high yield universe.
A
Sub-adviser may sell a security for a variety of reasons, such as where the
Sub-adviser believes there is a better investment opportunity, when the
portfolio managers perceive deterioration in the credit fundamentals of the
issuer or when the portfolio managers believe it would be appropriate to do so
in order to readjust duration of the Fund’s investment portfolio.
Due to its
investment strategy, the Fund may buy and sell securities and other instruments
frequently.
The Fund
may also lend portfolio securities in an attempt to earn additional income. Any
income realized through securities lending may help Fund
performance.
Principal risks of investing in the
Fund
Investing in any mutual
fund involves the risk that you may lose part or all of the money you
invest. Over time, the value of your investment in the Fund will
increase and decrease according to changes in the value of the securities in the
Fund’s portfolio.
The Fund’s
principal risks include:
Market
Risk. Market values of securities or other investments that
the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise.
Returns from the securities in which the Fund invests may underperform returns
from the general securities markets or other types of securities. Markets may
decline significantly in response to adverse issuer, political, regulatory,
market, economic or other developments that may cause broad changes in market
value, public perceptions concerning these developments, and adverse investor
sentiment or publicity. Similarly, environmental and public health risks, such
as natural disasters, epidemics, pandemics or widespread fear that such events
may occur, may impact markets adversely and cause market volatility in both the
short- and long-term.
Destinations
Core Fixed Income Fund (continued)
Fixed
Income Market Risk. 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. Declines in dealer market- making capacity as a result of structural
or regulatory changes could decrease liquidity and/or increase volatility in the
fixed income markets. In the case of foreign securities, price fluctuations will
reflect international economic and political events, as well as changes in
currency valuations relative to the U.S. dollar.
Interest
Rate Risk. The risk that debt instruments will change in
value because of changes in interest rates. Generally, the value of the Fund’s
fixed income securities will vary inversely with the direction of prevailing
interest rates. Changing interest rates may have unpredictable effects on the
markets and may affect the value and liquidity of instruments held by the
Fund.
Mortgage-Backed
Securities Risk. The risk that borrowers may default on
their mortgage obligations or the guarantees underlying the mortgage-backed
securities will default or otherwise fail and that, during periods of falling
interest rates, mortgage-backed securities will be called or prepaid, which may
result in the Fund having to reinvest proceeds in other investments at a lower
interest rate. During periods of rising interest rates, the average life of a
mortgage-backed security may extend, which may lock in a below-market interest
rate, increase the security’s duration, and reduce the value of the
security.
Credit
Risk. Credit risk refers to the possibility that the issuer
of a debt security (i.e., the borrower) will not be able to make principal and
interest payments when due. Changes in an issuer’s credit rating or the market’s
perception of an issuer’s creditworthiness may also affect the value of the
Fund’s investment in that issuer. The degree of credit risk depends on the
issuer’s financial condition and on the terms of the
securities.
High
Yield (Junk Bonds) Risk. The risk that debt instruments
rated below investment grade or debt instruments that are unrated and determined
by a Sub-adviser to be of comparable quality are predominantly speculative.
These instruments, commonly known as ‘junk bonds,’ have a higher degree of
default risk and may be less liquid than higher-rated bonds. These instruments
may be subject to greater price volatility due to such factors as specific
corporate developments, interest rate sensitivity, negative perceptions of high
yield investments generally, and less secondary market
liquidity.
Asset-Backed
Securities Risk. The risk that borrowers may default on the
obligations that underlie the asset-backed security and that, during periods of
falling interest rates, asset-backed securities may be called or prepaid, which
may result in the Fund having to reinvest proceeds in other investments at a
lower interest rate, and the risk that the impairment of the value of the
collateral underlying a security in which the Fund invests (due, for example, to
non-payment of loans) will result in a reduction in the value of the
security.
Prepayment
Risk. When interest rates fall, certain obligations will be
paid off by the obligor more quickly than originally anticipated, and the Fund
may have to invest the proceeds in securities with lower
yields.
Extension
Risk. When interest rates rise, certain obligations will be
paid off by the obligor more slowly than anticipated, causing the value of these
obligations to fall.
U.S.
Government Securities Risk. Certain securities in which the
Fund may invest, including securities issued by certain U.S. Government agencies
and U.S. Government sponsored enterprises, are not guaranteed by the U.S.
Government or supported by the full faith and credit of the United
States.
Bank
Loans Risk. The market for corporate loans may be subject to
irregular trading activity and wide bid/ask spreads. In addition, transactions
in corporate loans may settle on a delayed basis. As a result, the proceeds from
the sale of corporate loans may not be readily available to make additional
investments or to meet the Fund’s redemption obligations. To the extent the
extended settlement process gives rise to short-term liquidity needs, the Fund
may hold additional cash, sell investments or temporarily borrow from banks and
other lenders.
Foreign
Securities Risk. 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. The performance of the Fund may also
be negatively impacted by fluctuations in a foreign currency’s strength or
weakness relative to the U.S. dollar. 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.
Destinations
Core Fixed Income Fund (continued)
Investment
Style Risk. Different investment styles tend to shift in and
out of favor depending on market conditions and investor sentiment. A
Sub-adviser’s approach to investing could cause it to underperform other
managers that employ a different investment style.
Active
Management Risk. Due to the active management investment
strategies used by the Fund’s Sub-advisers, the Fund could underperform its
benchmark index and/or other funds with similar investment objectives and/or
strategies. The Sub-advisers’ judgments about the attractiveness, value, or
potential appreciation of the Fund’s investments may prove to be
incorrect.
Liquidity
Risk. The risk that certain securities may be difficult or
impossible to sell at the time and the price that the seller would like. The
seller may have to lower the price of the security, sell other securities
instead or forego an investment opportunity, any of which could have a negative
effect on Fund management or performance.
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.
Management
Risk. Securities held by the Fund may underperform those
held by other funds investing in the same asset class or benchmarks that are
representative of the asset class because of the Sub-advisers’ choice of
securities.
Multi-Manager
Risk. The Adviser may be unable to identify and retain
Sub-advisers who achieve superior investment returns relative to other similar
Sub-advisers. In addition, the investment styles of the Sub-advisers may not
complement each other as expected by the Adviser. The Fund may experience a
higher portfolio turnover rate, which can increase the Fund’s transaction costs
and more taxable short-term gains for shareholders.
Portfolio
Turnover Risk. Frequent buying and selling of investments
may involve higher trading costs and other expenses and may affect the Fund’s
performance over time.
Loan
Assignment/Loan Participation Risk. If a bank loan is
acquired through an assignment or a participation, the Fund will be exposed to
the credit risk of both the borrower or the institution selling the
participation.
Derivatives
Risk. Derivatives, such as forwards, futures, options and
swaps, involve risks different from, or possibly greater than, risks associated
with investing directly in securities and other traditional investments.
Specific risk issues related to the use of such derivatives include valuation
and tax issues, increased potential for losses and/or costs to the Fund, and a
potential reduction in gains to the Fund. Each of these issues is described in
greater detail in this Prospectus. Derivatives may also involve other risks
described in this Prospectus or the Fund’s Statement of Additional Information
(SAI), such as market, interest rate, credit, counterparty, currency, liquidity
and leverage risks.
TBA
and When-Issued Transaction Risk. TBA and When-Issued
securities involve risk that a security the Fund buys will lose value prior to
its delivery. There is also risk that the security will not be issued or that
the other party to the transaction will not meet its obligations. If this
occurs, the Fund loses both the investment opportunity for the assets it set
aside to pay for the security and any gain in the security’s
price.
Call
Risk. If, during periods of falling interest rates, an issuer
calls higher-yielding debt securities held by the Strategy, the Strategy may
have to reinvest in securities with lower yields or higher of default, which may
adversely impact the Strategy’s risk performance.
Hedging
Risk. Hedges are sometimes subject to imperfect matching
between the derivative and the underlying security, and there can be no
assurance that the Fund’s hedging transactions will be effective. In addition,
the use of hedging may result in certain adverse tax
consequences.
Currency
Risk. Exchange rates for currencies fluctuate daily.
Accordingly, the Fund may experience volatility with respect to the value of its
shares and its returns as a result of its exposure to foreign currencies through
direct holdings of such currencies or holdings in non-U.S. dollar denominated
securities.
Destinations
Core Fixed Income Fund (continued)
Investment
Company and Exchange-Traded Funds (ETFs) Risk. When the Fund
invests in an investment company, including closed-end funds and ETFs, in
addition to directly bearing the expenses associated with its own operations, it
will bear a pro rata portion of the investment company’s expenses. Further,
while the risks of owning shares of an investment company generally reflect the
risks of owning the underlying investments of the investment company, the Fund
may be subject to additional or different risks than if the Fund had invested
directly in the underlying investments.
LIBOR
Replacement Risk. The U.K. Financial Conduct Authority
stopped compelling or inducing banks to submit certain London Inter-Bank Offered
Rate (LIBOR) rates, and will do so for the remaining LIBOR rates immediately
after June 30, 2023. Following the discontinuation of the remaining LIBOR
rates, contracts whose value has been tied to a discontinued LIBOR rate will
fall back to a corresponding Secured Overnight Financing Rate (SOFR) or
synthetic U.S. dollar LIBOR rate. The FCA will permit the use of synthetic U.S.
dollar LIBOR rates for non-U.S. contracts starting July 1, 2023 through
September 30, 2024.
Please see
“Principal Risks of the Funds” for a more detailed description of the risks of
investing in the Fund.
Your investment in the
Fund is not a bank deposit and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency entity or
person.
Performance
The bar chart
and the performance table below provide some indication of the risks of
investing in the Fund by showing changes in the Fund’s Class I shares’
performance from year to year and by showing how the Fund’s average annual
returns for 1 year, 5 years, and since the Fund’s inception compare with those
of a broad measure of market performance. The bar chart shows
only the performance of the Fund’s Class I shares. Returns for Class Z
shares would have been substantially similar to those of Class I shares and
would have differed only to the extent that Class I shares have higher
total annual fund operating expenses than Class Z shares. The Fund’s past
performance, before and after taxes, does not necessarily indicate how the Fund
will perform in the future. Current performance information is
available at www.destinationsfunds.com
or by calling 1-877-771-7979.
Annual Total Returns (%) as of
December 31, 2022
The Fund’s
best and worst calendar quarters
Best Quarter:
3.56% (June 30,
2020)
Worst
Quarter: -5.65% in
(March 31,
2022)
The Fund’s Class I total return (pre-tax)
from January 1, 2023 to March 31,
2023 was 3.55%.
AVERAGE
ANNUAL TOTAL RETURNS
(For the
periods ended December 31, 2022)
|
|
1 Year |
|
|
5 Years |
|
|
Since Inception (03/20/2017) |
|
Return
Before Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-14.06 |
% |
|
|
-1.03 |
% |
|
|
-0.54 |
% |
Class Z*
|
|
|
-13.86 |
% |
|
|
— |
|
|
|
-0.74 |
% |
Return
After Taxes on Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-14.88 |
% |
|
|
-2.07 |
% |
|
|
-1.58 |
% |
Return
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-8.31 |
% |
|
|
-1.10 |
% |
|
|
-0.75 |
% |
ICE
BofA US Broad Market Index (reflects no deduction for
fees, expenses, or taxes) |
|
|
-13.16 |
% |
|
|
0.03 |
% |
|
|
0.57 |
% |
Destinations
Core Fixed Income Fund (continued)
The after-tax
returns are calculated using the highest historical individual federal marginal
income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns
depend on an individual investor’s tax situation and may differ from those
shown, and after-tax returns shown are not relevant to investors who hold their
Fund shares through tax- deferred arrangements, such as 401(k) plans or
individual retirement accounts. After tax returns are shown
only for Class I and will vary for Class Z.
In some cases, the return
after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of Fund shares at the end of the measurement
period.
Investment
adviser
Orion
Portfolio Solutions, LLC d.b.a. Brinker Capital Investments serves as the
investment adviser for the Fund. The Fund employs a “multi-manager” strategy.
The Adviser selects and oversees professional money managers (the Sub-advisers),
each of which is responsible for investing a portion of the assets of the Fund
as allocated by the Adviser. The Adviser’s portfolio management team is jointly
and primarily responsible for overseeing the Sub-advisers and the Fund. Where
more than one person is listed with respect to a Sub-adviser, the sub-advisory
team is jointly and primarily responsible for the portion of the Fund’s assets
allocated to such Sub-adviser.
Portfolio
Manager |
|
Experience
with the Fund |
|
Title
with Adviser |
Brian
Storey, CFA |
|
2022 |
|
Deputy
Chief Investment Officer – Destinations Portfolios |
Timothy
Holland, CFA |
|
2017 |
|
Senior
Portfolio Manager |
Rusty
Vanneman, CFA, CMT & BFA |
|
2023 |
|
Chief
Investment Officer & Senior Portfolio Manager |
Michael
Hadden, CFA |
|
2022 |
|
Senior
Portfolio Manager |
Andrew
Goins, CFA |
|
2023 |
|
Senior
Portfolio Manager |
Sub-advisers
and Portfolio Managers (Title) |
|
Fund’s
Portfolio Manager Since |
DoubleLine
Capital LP |
|
|
Jeffrey
E. Gundlach, Co-Founder, Chief Executive Officer and Chief Investment
Officer |
|
2017 |
Jeffrey
J. Sherman, CFA, Deputy Chief Investment Officer and Portfolio Manager |
|
2017 |
|
|
|
Merganser
Capital Management Inc. |
|
|
Andrew
M. Smock, CFA, Chief Investment Officer, Managing Principal and
Portfolio Manager |
|
2020 |
Todd
Copenhaver, CFA, Principal and Portfolio Manager…………………………………………… |
|
2020 |
|
|
|
Wellington
Management Company LLP |
|
|
Joseph
F. Marvan, CFA, Senior Managing Director, Partner, and Fixed Income
Portfolio Manager |
|
2020 |
Campe
Goodman, CFA, Senior Managing Director, Partner, and Fixed Income
Portfolio Manager |
|
2020 |
Robert
D. Burn, CFA, Senior Managing Director, Partner and Fixed Income Portfolio
Manager |
|
2020 |
For
important information about the Purchase and Sale of Fund Shares, Tax
Information and Payments to Financial Intermediaries, please turn to
page 64 of this prospectus.
Destinations Low Duration Fixed
Income Fund
Investment
objective
Current
income.
Fund fees and
expenses
This table
describes the fees and expenses you may pay if you buy, hold and sell shares of
the Fund. You may pay other fees, such as brokerage commissions and other fees
to financial intermediaries, which are not reflected in the tables and examples
below.
Annual
Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment) |
|
Class I |
|
|
Class Z |
|
Management
Fees |
|
|
0.70 |
% |
|
|
0.70 |
% |
Distribution
and Service (12b-1) Fees |
|
|
None |
|
|
|
None |
|
Other
Expenses |
|
|
0.26 |
% |
|
|
0.10 |
% |
Total
Annual Fund Operating Expenses |
|
|
0.96 |
% |
|
|
0.80 |
% |
Fee
Waivers and Expense Reimbursements |
|
|
(0.02 |
)%* |
|
|
(0.01 |
)%* |
Total
Annual Fund Operating Expenses Less Fee Waivers and Expense
Reimbursements |
|
|
0.94 |
% |
|
|
0.79 |
% |
Examples
These
examples are intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The examples assume that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those time periods. The examples also assume that your
investment has a 5% return each year and that the Fund’s operating expenses
remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
|
|
After 1 year |
|
|
After 3 years |
|
|
After 5 years |
|
|
After 10 years |
|
Class I
Shares |
|
$ |
96 |
|
|
$ |
304 |
|
|
$ |
529 |
|
|
$ |
1,176 |
|
Class Z
Shares |
|
$ |
81 |
|
|
$ |
254 |
|
|
$ |
443 |
|
|
$ |
989 |
|
Portfolio
turnover
The Fund
pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transactions costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the above examples, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was
98% of the average value of its
portfolio.
Principal investment
strategies
The Fund
will invest, under normal market conditions, at least 80% of its total assets
(plus the amount of any borrowings for investment purposes) in a diversified
portfolio of fixed income securities. The Fund will normally be constructed with
an average duration of three years or less. The Fund’s 80% policy is not
fundamental and can be changed upon 60 days’ prior notice to
shareholders.
The Fund
employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s
assets among professional money managers (each, a “Sub-adviser,” collectively,
the “Sub-advisers”), each of which is responsible for investing its allocated
portion of the Fund’s assets. The Adviser may also invest a portion of the
Fund’s assets in unaffiliated funds that are registered under the Investment
Company Act of 1940, as amended (the “1940 Act”), and that have investment
objectives and principal investment strategies consistent with those of the
Fund, including open-end funds, closed-end funds and exchange traded funds
(ETFs), which may be passively managed (i.e., index-tracking) or actively
managed. ETFs may also be used to transition the Fund’s portfolio or to equitize
cash while awaiting an opportunity to purchase securities directly. When
determining how to allocate the Fund’s assets between unaffiliated funds and
Sub-advisers, and among Sub-advisers, the Adviser considers a variety of
factors.
Destinations
Low Duration Fixed Income Fund
The Fund
primarily invests in bonds, debt, fixed income and income-producing instruments
issued by governmental or private-sector entities, including mortgage-backed
securities, asset-backed securities, junk bonds, corporate debt, foreign
securities (including emerging markets), inflation-indexed bonds, bank loans and
assignments, collateralized loan obligations, preferred securities, and special
purpose acquisition companies (SPACs). Sub-advisers employing an actively
managed strategy will select securities based on its assessment of one or more
of a variety of factors.
The Fund
may invest some of its assets in securities that have not been called or
tendered having a maturity date in excess of three years. The Fund will
also invest in fixed income and other income-producing instruments rated below
investment grade and those that are unrated but determined by the Fund’s
Sub-advisers to be of comparable credit quality.
The Fund
may invest in mortgage-backed securities issued by companies operated or managed
by a Sub-adviser or its affiliates and in other investment companies or private
investment vehicles managed by a Sub-adviser, subject to limitations imposed by
applicable law.
The Fund
may enter into derivatives transactions and other instruments of any kind for
hedging purposes or otherwise to gain or reduce long or short exposure to one or
more asset classes or issuers.
A
Sub-adviser may sell a security for a variety of reasons, such as where the
Sub-adviser believes there is a better investment opportunity, there is a
deterioration in the credit fundamentals of the issuer or the individual
security has reached the sell target.
Due to its
investment strategy, the Fund may buy and sell securities and other instruments
frequently.
The Fund
may also lend portfolio securities in an attempt to earn additional income. Any
income realized through securities lending may help Fund
performance.
Principal risks of investing in the
Fund
Investing in any mutual
fund involves the risk that you may lose part or all of the money you
invest. Over time, the value of your investment in the Fund will
increase and decrease according to changes in the value of the securities in the
Fund’s portfolio.
The Fund’s
principal risks include:
Market
Risk. Market values of securities or other investments that
the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise.
Returns from the securities in which the Fund invests may underperform returns
from the general securities markets or other types of securities. Markets may
decline significantly in response to adverse issuer, political, regulatory,
market, economic or other developments that may cause broad changes in market
value, public perceptions concerning these developments, and adverse investor
sentiment or publicity. Similarly, environmental and public health risks, such
as natural disasters, epidemics, pandemics or widespread fear that such events
may occur, may impact markets adversely and cause market volatility in both the
short- and long-term.
Fixed
Income Market Risk. 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. Declines in dealer market- making capacity as a result of structural
or regulatory changes could decrease liquidity and/or increase volatility in the
fixed income markets. In the case of foreign securities, price fluctuations will
reflect international economic and political events, as well as changes in
currency valuations relative to the U.S. dollar. In response to these events,
the Fund’s value may fluctuate and/or the Fund may experience increased
redemptions from shareholders, which may impact the Fund’s liquidity or force
the Fund to sell securities into a declining or illiquid
market.
Destinations
Low Duration Fixed Income Fund (continued)
Interest
Rate Risk. The risk that debt instruments will change in
value because of changes in interest rates. Generally, the value of the Fund’s
fixed income securities will vary inversely with the direction of prevailing
interest rates. Changing interest rates may have unpredictable effects on the
markets and may affect the value and liquidity of instruments held by the
Fund.
Credit
Risk. Credit risk refers to the possibility that the issuer
of a debt security (i.e., the borrower) will not be able to make principal and
interest payments when due. Changes in an issuer’s credit rating or the market’s
perception of an issuer’s creditworthiness may also affect the value of the
Fund’s investment in that issuer.
High
Yield (Junk Bonds) Risk. The risk that debt instruments
rated below investment grade or debt instruments that are unrated and determined
by the Sub-advisers to be of comparable quality are predominantly speculative.
These instruments commonly known as ‘junk bonds,’ have a higher degree of
default risk and may be less liquid than higher-rated bonds.
These instruments may be subject to greater price
volatility due to such factors as specific corporate developments, interest rate
sensitivity, negative perceptions of high yield investments generally, and less
secondary market liquidity.
Mortgage-Backed
Securities Risk. The risk that borrowers may default on
their mortgage obligations or the guarantees underlying the mortgage-backed
securities will default or otherwise fail and that, during periods of falling
interest rates, mortgage-backed securities will be called or prepaid, which may
result in the Fund having to reinvest proceeds in other investments at a lower
interest rate. During periods of rising interest rates, the average life of a
mortgage-backed security may extend, which may lock in a below-market interest
rate, increase the security’s duration, and reduce the value of the security.
Enforcing rights against the underlying assets or collateral may be difficult,
or the underlying assets or collateral may be insufficient if the issuer
defaults. The values of certain types of mortgage-backed securities, such as
inverse floaters and interest-only and principal-only securities, may be
extremely sensitive to changes in interest rates and prepayment
rates.
Foreign
and Emerging Markets Securities Risk. 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. The performance of
the Fund may also be negatively impacted by fluctuations in a foreign currency’s
strength or weakness relative to the U.S. dollar. Investments in emerging
markets can involve additional and greater risks than the risks associated with
investments in developed foreign markets. Emerging markets can have less
developed markets, greater custody and operational risk, less developed legal,
regulatory, and accounting systems, and greater political, social, and economic
instability than developed markets. Frontier markets, considered by the Fund to
be a subset of emerging markets, generally have smaller economies and less
mature capital markets than emerging markets. As a result, the risks of
investing in emerging market countries are magnified in frontier market
countries.
Asset-Backed
Securities Risk. The risk that borrowers may default on the
obligations that underlie the asset-backed security and that, during periods of
falling interest rates, asset-backed securities may be called or prepaid, which
may result in the Fund having to reinvest proceeds in other investments at a
lower interest rate, and the risk that the impairment of the value of the
collateral underlying a security in which the Fund invests (due, for example, to
non-payment of loans) will result in a reduction in the value of the
security.
Bank
Loans Risk. The market for corporate loans may be subject to
irregular trading activity and wide bid/ask spreads. In addition, transactions
in corporate loans may settle on a delayed basis. As a result, the proceeds from
the sale of corporate loans may not be readily available to make additional
investments or to meet the Fund’s redemption obligations. To the extent the
extended settlement process gives rise to short-term liquidity needs, the Fund
may hold additional cash, sell investments or temporarily borrow from banks and
other lenders.
Senior
Loans Risk. Senior loans are business loans made to
borrowers that may be corporations, partnerships or other entities. Investing in
senior loans involves investment risk and some borrowers default on their senior
loan repayments. The risks associated with senior loans are similar to the risks
of junk bonds, although senior loans typically are senior and secured, whereas
junk bonds often are subordinated and unsecured. An economic downturn generally
leads to a higher non- payment rate, and a senior loan may lose significant
value before a default occurs. No active trading market may exist for certain
senior loans, which may impair the ability of the Fund to realize full value in
the event of the need to sell a senior loan and which may make it difficult to
value senior loans. Senior loans are subject to the risk that when sold, such
sale may not settle in a timely manner, resulting in a settlement date that may
be much later than the trade date. Delayed settlement interferes with the Fund’s
ability to realize the proceeds of senior loan sales in a timely
way.
Destinations
Low Duration Fixed Income Fund (continued)
U.S.
Government Securities Risk. Certain securities in which the
Fund may invest, including securities issued by certain U.S. Government agencies
and U.S. Government sponsored enterprises, are not guaranteed by the U.S.
Government or supported by the full faith and credit of the United
States.
Investment
Style Risk. Different investment styles tend to shift in and
out of favor depending on market conditions and investor sentiment. A
Sub-adviser’s approach to investing could cause it to underperform other
managers that employ a different investment style.
Active
Management Risk. Due to the active management investment
strategies used by the Fund’s Sub-advisers, the Fund could underperform its
benchmark index and/or other funds with similar investment objectives and/or
strategies. The Sub-advisers’ judgments about the attractiveness, value, or
potential appreciation of the Fund’s investments may prove to be
incorrect.
Liquidity
Risk. The risk that certain securities may be difficult or
impossible to sell at the time and the price that the seller would like. The
seller may have to lower the price of the security, sell other securities
instead or forego an investment opportunity, any of which could have a negative
effect on Fund management or performance.
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.
Special
Purpose Acquisition Companies Risks. The Fund may, to the
extent permitted by the 1940 Act, as amended, and its investment policies,
invest in special purpose acquisition companies (“SPACs”). Unless and until an
acquisition is completed, a SPAC generally invests its assets (less an amount to
cover expenses) in U.S. Government securities, money market fund securities and
cash. SPACs and similar entities may be blank check companies with no operating
history or ongoing business other than to seek a potential acquisition.
Accordingly, the value of their securities is particularly dependent on the
ability of the entity’s management to identify and complete a profitable
acquisition. Certain SPACs may seek acquisitions only in limited industries or
regions, which may increase the volatility of their prices. Investments in SPACs
may be illiquid and/or be subject to restrictions on resale. To the extent the
SPAC is invested in cash or similar securities, this may impact a Fund’s ability
to meet its investment objective.
Tax
Risk. The investment in equity securities of SPACs introduces
complexities beyond typical equity investments and may introduce tax risks to
the Fund. In particular, certain non-U.S. SPACs may be treated as “passive
foreign investment companies” (“PFICs”) under the Internal Revenue Code of 1986,
as amended (the “Code”), thereby causing the Fund to be subject to special tax
rules. If a SPAC is classified as a PFIC, the Fund may be subject to U.S.
federal income tax on a portion of any “excess distribution” or gain from the
disposition of shares in the PFIC even if such income is distributed as a
taxable dividend by the Fund to its shareholders. Additional charges in the
nature of interest may be imposed on a Fund in respect of deferred taxes arising
from such distributions or gains unless the Fund makes certain elections. See
“Taxes — The Funds and Their Investments — Foreign Investments” in the SAI for
additional information.
Investment
Company and Exchange-Traded Funds (ETFs) Risk. When the Fund
invests in an investment company, including closed-end funds and ETFs, in
addition to directly bearing the expenses associated with its own operations, it
will bear a pro rata portion of the investment company’s expenses. Further,
while the risks of owning shares of an investment company generally reflect the
risks of owning the underlying investments of the investment company, the Fund
may be subject to additional or different risks than if the Fund had invested
directly in the underlying investments.
Management
Risk. Securities held by the Fund may underperform those
held by other funds investing in the same asset class or benchmarks that are
representative of the asset class because of the Sub-advisers’ choice of
securities.
Multi-Manager
Risk. The Adviser may be unable to identify and retain
Sub-advisers who achieve superior investment returns relative to other similar
Sub-advisers. In addition, the investment styles of the Sub-advisers may not
complement each other as expected by the Adviser. The Fund may experience a
higher portfolio turnover rate, which can increase the Fund’s transaction costs
and more taxable short-term gains for shareholders.
Destinations
Low Duration Fixed Income Fund (continued)
Collateralized
Loan Obligations (CLOs) Risk. CLOs are securities backed by
an underlying portfolio of loan obligations. CLOs issue classes or “tranches”
that vary in risk and yield and may experience substantial losses due to actual
defaults, decrease in market value due to collateral defaults and removal of
subordinate tranches, market anticipation of defaults and investor aversion to
CLO securities as a class. The risks of investing in CLOs depend largely on the
tranche invested in and the type of the underlying debts and loans in the
tranche of the CLO in which the Fund invests. CLOs also carry risks including,
but not limited to, interest rate risk and credit risk, which are described
below. For example, a liquidity crisis in the global credit markets could cause
substantial fluctuations in prices for leveraged loans and limited liquidity for
such instruments. When the Fund invests in CLOs, in addition to directly bearing
the expenses associated with its own operations, it may bear a pro rata
portion of the CLO’s expenses.
Prepayment
Risk. When interest rates fall, certain obligations will be
paid off by the obligor more quickly than originally anticipated, and the Fund
may have to invest the proceeds in securities with lower
yields.
Extension
Risk. When interest rates rise, certain obligations will be
paid off by the obligor more slowly than anticipated, causing the value of these
obligations to fall.
Preferred
Securities Risk. The risk that: (i) certain preferred
stocks contain provisions that allow an issuer under certain conditions to skip
or defer distributions; (ii) preferred stocks may be subject to redemption,
including at the issuer’s call, and, in the event of redemption, the Fund may
not be able to reinvest the proceeds at comparable or favorable rates of return;
(iii) preferred stocks are generally subordinated to bonds and other debt
securities in an issuer’s capital structure in terms of priority for corporate
income and liquidation payments; and (iv) preferred stocks may trade less
frequently and in a more limited volume and may be subject to more abrupt or
erratic price movements than many other securities.
Currency
Risk. Exchange rates for currencies fluctuate daily.
Accordingly, the Fund may experience volatility with respect to the value of its
shares and its returns as a result of its exposure to foreign currencies through
direct holdings of such currencies or holdings in non-U.S. dollar denominated
securities.
Derivatives
Risk. Derivatives, such as forwards, futures, options and
swaps, involve risks different from, or possibly greater than, risks associated
with investing directly in securities and other traditional investments.
Specific risk issues related to the use of such derivatives include valuation
and tax issues, increased potential for losses and/or costs to the Fund, and a
potential reduction in gains to the Fund. Each of these issues is described in
greater detail in this Prospectus. Derivatives may also involve other risks
described in this Prospectus or the Fund’s Statement of Additional Information
(SAI), such as market, interest rate, credit, counterparty, currency, liquidity
and leverage risks.
LIBOR
Replacement Risk. The U.K. Financial Conduct Authority
stopped compelling or inducing banks to submit certain London Inter-Bank Offered
Rate (LIBOR) rates and will do so for the remaining LIBOR rates immediately
after June 30, 2023. Following the discontinuation of the remaining LIBOR
rates, contracts whose value has been tied to a discontinued LIBOR rate will
fall back to a corresponding Secured Overnight Financing Rate (SOFR) or
synthetic U.S. dollar LIBOR rate. The FCA will permit the use of synthetic U.S.
dollar LIBOR rates for non-U.S. contracts starting July 1, 2023 through
September 30, 2024.
Please see
“Principal Risks of the Funds” for a more detailed description of the risks of
investing in the Fund.
Your investment in the
Fund is not a bank deposit and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency entity or
person.
Performance
The bar chart
and the performance table below provide some indication of the risks of
investing in the Fund by showing changes in the Fund’s Class I shares’
performance from year to year and by showing how the Fund’s average annual
returns for 1 year, 5 years, and since the Fund’s inception compare with those
of a broad measure of market performance. The bar chart shows
only the performance of the Fund’s Class I shares. Returns for Class Z
shares would have been substantially similar to those of Class I shares and
would have differed only to the extent that Class I shares have higher
total annual fund operating expenses than Class Z shares. The Fund’s past
performance, before and after taxes, does not necessarily indicate how the Fund
will perform in the future. Current performance information is
available at www.destinationsfunds.com
or by calling 1-877-771-7979.
Destinations
Low Duration Fixed Income Fund (continued)
Annual Total Returns (%) as of
December 31, 2022
The Fund’s
best and worst calendar quarters
Best Quarter:
3.92% (June 30,
2020)
Worst Quarter:
-5.63% (March 31,
2020)
The Fund’s Class I total return (pre-tax)
from January 1, 2023 to March 31,
2023 was 1.84%.
AVERAGE
ANNUAL TOTAL RETURNS
(For the periods ended December 31,
2022)
|
|
1 Year |
|
|
5 Years |
|
|
Since Inception (03/20/2017) |
|
Return
Before Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-1.48 |
% |
|
|
2.20 |
% |
|
|
2.12 |
% |
Class Z*
|
|
|
-1.32 |
% |
|
|
— |
|
|
|
2.35 |
% |
Return
After Taxes on Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-3.68 |
% |
|
|
0.52 |
% |
|
|
0.52 |
% |
Return
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-0.88 |
% |
|
|
0.97 |
% |
|
|
0.94 |
% |
ICE
BofA US Corporate & Government 1-3 Year Index(reflects
no deduction for fees, expenses, or taxes)** |
|
|
-3.79 |
% |
|
|
0.93 |
% |
|
|
0.90 |
% |
ICE
BofA US High Yield 0-3 Year Index(reflects no deduction for fees,
expenses, or taxes)** |
|
|
-2.45 |
% |
|
|
3.23 |
% |
|
|
3.45 |
% |
The after-tax
returns are calculated using the highest historical individual federal marginal
income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns
depend on an individual investor’s tax situation and may differ from those
shown, and after-tax returns shown are not relevant to investors who hold their
Fund shares through tax- deferred arrangements, such as 401(k) plans or
individual retirement accounts. After tax returns are shown
only for Class I and will vary for Class Z.
In some cases, the return
after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of Fund shares at the end of the measurement
period.
Investment
adviser
Orion
Portfolio Solutions, LLC d.b.a. Brinker Capital Investments serves as the
investment adviser for the Fund. The Fund employs a “multi-manager” strategy.
The Adviser selects and oversees professional money managers (the Sub-advisers),
each of which is responsible for investing a portion of the assets of the Fund
as allocated by the Adviser. The Adviser’s portfolio management team is jointly
and primarily responsible for overseeing the Sub-advisers and the Fund. Where
more than one person is listed with respect to a Sub-adviser, the sub-advisory
team is jointly and primarily responsible for the portion of the Fund’s assets
allocated to such Sub-adviser.
Destinations
Low Duration Fixed Income Fund (continued)
Portfolio
Manager |
|
Experience
with the Fund |
|
Title
with Adviser |
Brian
Storey, CFA |
|
2022 |
|
Deputy
Chief Investment Officer – Destinations Portfolios |
Timothy
Holland, CFA |
|
2017 |
|
Senior
Portfolio Manager |
Rusty
Vanneman, CFA, CMT & BFA |
|
2023 |
|
Chief
Investment Officer & Senior Portfolio Manager |
Michael
Hadden, CFA |
|
2022 |
|
Senior
Portfolio Manager |
Andrew
Goins, CFA |
|
2023 |
|
Senior
Portfolio Manager |
Sub-advisers
and Portfolio Managers (Title) |
|
Fund’s
Portfolio Manager Since |
CrossingBridge
Advisors, LLC |
|
|
David
K. Sherman, Portfolio Manager |
|
2017 |
Kirk
Whitney, Assistant Portfolio Manager |
|
2022 |
|
|
|
DoubleLine
Capital LP |
|
|
Jeffrey
E. Gundlach, Co-Founder, Chief Executive Officer, Chief Investment Officer
and Portfolio Manager |
|
2017 |
Jeffrey
J. Sherman, CFA, Deputy Chief Investment Officer and Portfolio Manager |
|
2017 |
Luz
M. Padilla, Director of Emerging Markets Group and Portfolio Manager |
|
2017 |
Robert
Cohen, Director of Global Developed Credit and Portfolio Manager |
|
2017 |
For
important information about the Fund Shares, Tax Information and Payments
to Financial Intermediaries, please turn to page 64 of this prospectus.
Destinations Global Fixed Income
Opportunities Fund
Investment
objective
Maximize
total return.
Fund fees and
expenses
This table
describes the fees and expenses you may pay if you buy, hold and sell shares of
the Fund. You may pay other fees, such as brokerage commissions and other fees
to financial intermediaries, which are not reflected in the tables and examples
below.
Annual
Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment) |
|
Class I |
|
|
Class Z |
|
Management
Fees |
|
|
0.85 |
% |
|
|
0.85 |
% |
Distribution
and Service (12b-1) Fees |
|
|
None |
|
|
|
None |
|
Dividend/Interest
on Short Sales |
|
|
0.04 |
% |
|
|
0.04 |
% |
Other
Expenses |
|
|
0.25 |
% |
|
|
0.10 |
% |
Total
Annual Fund Operating Expenses |
|
|
1.14 |
% |
|
|
0.99 |
% |
Fee
Waivers and Expense Reimbursements |
|
|
(0.11 |
)%* |
|
|
(0.11 |
)%* |
Total
Annual Fund Operating Expenses Less Fee Waivers and Expense
Reimbursements |
|
|
1.03 |
% |
|
|
0.88 |
% |
Examples
These
examples are intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The examples assume that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those time periods. The examples also assume that your
investment has a 5% return each year and that the Fund’s operating expenses
remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
|
|
After 1 year |
|
|
After 3 years |
|
|
After 5 years |
|
|
After 10 years |
|
Class I
Shares |
|
$ |
105 |
|
|
$ |
351 |
|
|
$ |
617 |
|
|
$ |
1,376 |
|
Class Z Shares
|
|
$ |
90 |
|
|
$ |
304 |
|
|
$ |
536 |
|
|
$ |
1,203 |
|
Portfolio
turnover
The Fund
pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transactions costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the above examples, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was
58% of the average value of its
portfolio.
Principal investment
strategies
The Fund
will invest, under normal market conditions, at least 80% of its net assets
(plus the amount of any borrowing for investment purposes) in fixed income
securities. The Fund’s 80% policy is not fundamental and can be changed upon
60 days’ prior notice to shareholders.
The Fund
employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s
assets among professional money managers (each, a “Sub-adviser,” collectively,
the “Sub-advisers”), each of which is responsible for investing its allocated
portion of the Fund’s assets. The Adviser will also invest a portion of the
Fund’s assets in unaffiliated funds that are registered under the Investment
Company Act of 1940, as amended (the “1940 Act”), and that have investment
objectives and principal investment strategies consistent with those of the
Fund, including open-end funds, closed-end funds and exchange traded funds
(ETFs), which may be passively managed (i.e., index-tracking) or actively
managed.
Destinations
Global Fixed Income Opportunities Fund (continued)
ETFs may
also be used to transition the Fund’s portfolio or to equitize cash while
awaiting an opportunity to purchase securities directly. When determining how to
allocate the Fund’s assets between ETFs and Sub-advisers, and among
Sub-advisers, the Adviser considers a variety of factors.
The Fund
invests primarily in investment grade and non-investment grade debt, preferred
stock, convertible bonds (i.e., a bond that can be converted into a
predetermined amount of the issuing company’s stock), bank loans, high yield
bonds, municipal bonds, and special purpose acquisition companies (SPACs). The
Fund will invest in securities of various credit qualities (i.e., investment
grade and non-investment grade, which are commonly referred to as “high yield”
securities or “junk bonds”, debt instruments rated below investment grade or
debt instrument grade or debt instruments that are unrated and determined by the
Adviser to be of comparable quality are predominantly speculative) and
maturities (i.e., long-term, intermediate and short-term). The Fund will invest
in debt obligations issued by sovereign, quasi-sovereign and private
(non-government) emerging market issuers as well as U.S. dollar-denominated
securities issued by non-U.S. domiciled companies.
It is
expected that, under normal market conditions, at least 40% of the Fund’s assets
will be invested in the securities of companies that are tied economically to at
least three countries outside the U.S.
The Fund
may invest in fixed income and debt obligations of any kind. Fixed income
obligations include bonds, debt securities and fixed income and income-producing
instruments of any kind issued or guaranteed by governmental or private- sector
entities and other securities or instruments bearing fixed, floating, or
variable interest rates of any maturity. The Fund may, from time to time, invest
significantly in a specific credit quality, such as high-yield, or maturity,
such as short-term.
The Fund
may enter into derivatives transactions and other instruments of any kind for
hedging purposes or otherwise to gain, or reduce, long or short exposure to one
or more asset classes or issuers. The Fund also may use derivatives transactions
with the purpose or effect of creating investment leverage. The Fund may enter
into currency-related transactions, including spot transactions, forward
exchange contracts and futures contracts.
A
Sub-adviser may sell a security for a variety of reasons, including, among other
things, if it believes a corporate action or announcement will affect the issuer
or that it would be advantageous to do so.
The Fund
may also lend portfolio securities in an attempt to earn additional income. Any
income realized through securities lending may help Fund
performance.
Principal risks of investing in the
Fund
Investing in any mutual
fund involves the risk that you may lose part or all of the money you
invest. Over time, the value of your investment in the Fund will
increase and decrease according to changes in the value of the securities in the
Fund’s portfolio.
The Fund’s
principal risks include:
Market
Risk. Market values of securities or other investments that
the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise.
Returns from the securities in which the Fund invests may underperform returns
from the general securities markets or other types of securities. Markets may
decline significantly in response to adverse issuer, political, regulatory,
market, economic or other developments that may cause broad changes in market
value, public perceptions concerning these developments, and adverse investor
sentiment or publicity. Similarly, environmental and public health risks, such
as natural disasters, epidemics, pandemics or widespread fear that such events
may occur, may impact markets adversely and cause market volatility in both the
short- and long-term.
Fixed
Income Market Risk. 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. Declines in dealer market- making capacity as a result of structural
or regulatory changes could decrease liquidity and/or increase volatility in the
fixed income markets. In the case of foreign securities, price fluctuations will
reflect international economic and political events, as well as changes in
currency valuations relative to the U.S. dollar.
Destinations
Global Fixed Income Opportunities Fund (continued)
Interest
Rate Risk. The risk that debt instruments will change in
value because of changes in interest rates. Generally, the value of the Fund's
fixed income securities will vary inversely with the direction of prevailing
interest rates. Changing interest rates may have unpredictable effects on the
markets and may affect the value and liquidity of instruments held by the
Fund.
Credit
Risk. Credit risk refers to the possibility that the issuer
of a debt security (i.e., the borrower) will not be able to make principal and
interest payments when due. Changes in an issuer’s credit rating or the market’s
perception of an issuer’s creditworthiness may also affect the value of the
Fund’s investment in that issuer. The degree of credit risk depends on the
issuer’s financial condition and on the terms of the
securities.
High
Yield (Junk Bonds) Risk. The risk that debt instruments
rated below investment grade or debt instruments that are unrated and determined
by a Sub-adviser to be of comparable quality are predominantly speculative.
These instruments, commonly known as ‘junk bonds,’ have a higher degree of
default risk and may be less liquid than higher-rated bonds. These instruments
may be subject to greater price volatility due to such factors as specific
corporate developments, interest rate sensitivity, negative perceptions of high
yield investments generally, and less secondary market
liquidity.
Foreign
and Emerging Markets Securities Risk. 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. The performance of
the Fund may also be negatively impacted by fluctuations in a foreign currency’s
strength or weakness relative to the U.S. dollar. Investments in emerging
markets can involve additional and greater risks than the risks associated with
investments in developed foreign markets. Emerging markets can have less
developed markets, greater custody and operational risk, less developed legal,
regulatory, and accounting systems, and greater political, social, and economic
instability than developed markets.
Preferred
Securities Risk. The risk that: (i) certain preferred
stocks contain provisions that allow an issuer under certain conditions to skip
or defer distributions; (ii) preferred stocks may be subject to redemption,
including at the issuer’s call, and, in the event of redemption, the Fund may
not be able to reinvest the proceeds at comparable or favorable rates of return;
(iii) preferred stocks are generally subordinated to bonds and other debt
securities in an issuer’s capital structure in terms of priority for corporate
income and liquidation payments; and (iv) preferred stocks may trade less
frequently and in a more limited volume and may be subject to more abrupt or
erratic price movements than many other securities.
Bank
Loans Risk. The market for corporate loans may be subject to
irregular trading activity and wide bid/ask spreads. In addition, transactions
in corporate loans may settle on a delayed basis. As a result, the proceeds from
the sale of corporate loans may not be readily available to make additional
investments or to meet the Fund’s redemption obligations. To the extent the
extended settlement process gives rise to short-term liquidity needs, the Fund
may hold additional cash, sell investments or temporarily borrow from banks and
other lenders.
Senior
Loans Risk. Senior loans are business loans made to
borrowers that may be corporations, partnerships or other entities. Investing in
senior loans involves investment risk and some borrowers default on their senior
loan repayments. The risks associated with senior loans are similar to the risks
of junk bonds, although senior loans typically are senior and secured, whereas
junk bonds often are subordinated and unsecured. An economic downturn generally
leads to a higher non- payment rate, and a senior loan may lose significant
value before a default occurs. No active trading market may exist for certain
senior loans, which may impair the ability of the Fund to realize full value in
the event of the need to sell a senior loan and which may make it difficult to
value senior loans. Senior loans are subject to the risk that when sold, such
sale may not settle in a timely manner, resulting in a settlement date that may
be much later than the trade date. Delayed settlement interferes with the Fund’s
ability to realize the proceeds of senior loan sales in a timely
way.
Investment
Style Risk. Different investment styles tend to shift in and
out of favor depending on market conditions and investor sentiment. A
Sub-adviser’s approach to investing could cause it to underperform other
managers that employ a different investment style.
Destinations
Global Fixed Income Opportunities Fund (continued)
Active
Management Risk. Due to the active management investment
strategies used by the Fund’s Sub-advisers, the Fund could underperform its
benchmark index and/or other funds with similar investment objectives and/or
strategies. The Sub-advisers’ judgments about the attractiveness, value, or
potential appreciation of the Fund’s investments may prove to be
incorrect.
Liquidity
Risk. The risk that certain securities may be difficult or
impossible to sell at the time and the price that the seller would like. The
seller may have to lower the price of the security, sell other securities
instead or forego an investment opportunity, any of which could have a negative
effect on Fund management or performance.
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.
Sovereign
Obligation Risk. 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.
Special
Purpose Acquisition Companies Risks. The Fund may, to the extent
permitted by the 1940 Act, as amended, and its investment policies, invest in
special purpose acquisition companies (“SPACs”). Unless and until an acquisition
is completed, a SPAC generally invests its assets (less an amount to cover
expenses) in U.S. Government securities, money market fund securities and cash.
SPACs and similar entities may be blank check companies with no operating
history or ongoing business other than to seek a potential acquisition.
Accordingly, the value of their securities is particularly dependent on the
ability of the entity’s management to identify and complete a profitable
acquisition. Certain SPACs may seek acquisitions only in limited industries or
regions, which may increase the volatility of their prices. Investments in SPACs
may be illiquid and/or be subject to restrictions on resale. To the extent the
SPAC is invested in cash or similar securities, this may impact a Fund’s ability
to meet its investment objective.
Tax
Risk. The investment in equity securities of SPACs introduces
complexities beyond typical equity investments and may introduce tax risks to
the Fund. In particular, certain non-U.S. SPACs may be treated as “passive
foreign investment companies” (“PFICs”) under the Internal Revenue Code of 1986,
as amended (the “Code”), thereby causing the Fund to be subject to special tax
rules. If a SPAC is classified as a PFIC, the Fund may be subject to U.S.
federal income tax on a portion of any “excess distribution” or gain from the
disposition of shares in the PFIC even if such income is distributed as a
taxable dividend by the Fund to its shareholders. Additional charges in the
nature of interest may be imposed on a Fund in respect of deferred taxes arising
from such distributions or gains unless the Fund makes certain elections. See
“Taxes — The Funds and Their Investments — Foreign Investments” in the SAI for
additional information.
Management
Risk. Securities held by the Fund may underperform those
held by other funds investing in the same asset class or benchmarks that are
representative of the asset class because of the Sub-advisers’ choice of
securities.
Multi-Manager
Risk. The Adviser may be unable to identify and retain
Sub-advisers who achieve superior investment returns relative to other similar
Sub-advisers. In addition, the investment styles of the Sub-advisers may not
complement each other as expected by the Adviser. The Fund may experience a
higher portfolio turnover rate, which can increase the Fund’s transaction costs
and more taxable short-term gains for shareholders.
Convertible
Bond Risk. Convertible bonds are hybrid securities that have
characteristics of both bonds and common stocks and are subject to risks
associated with both debt securities and equity securities. Convertible bonds
that are rated below investment grade are subject to the risks associated with
high-yield (junk bond) investments.
Derivatives
Risk. Derivatives, such as forwards, futures, options and
swaps, involve risks different from, or possibly greater than, risks associated
with investing directly in securities and other traditional investments.
Specific risk issues related to the use of such derivatives include valuation
and tax issues, increased potential for losses and/or costs to the Fund, and a
potential reduction in gains to the Fund. Each of these issues is described in
greater detail in this Prospectus. Derivatives may also involve other risks
described in this Prospectus or the Fund’s Statement of Additional Information
(SAI), such as market, interest rate, credit, counterparty, currency, liquidity
and leverage risks.
Destinations
Global Fixed Income Opportunities Fund (continued)
Hedging
Risk. Hedges are sometimes subject to imperfect matching
between the derivative and the underlying security, and there can be no
assurance that the Fund’s hedging transactions will be effective. In addition,
the use of hedging may result in certain adverse tax
consequences.
Investment
Company and Exchange-Traded Funds (ETFs) Risk. When the Fund
invests in an investment company, including closed-end funds and ETFs, in
addition to directly bearing the expenses associated with its own operations, it
will bear a pro rata portion of the investment company’s expenses. Further,
while the risks of owning shares of an investment company generally reflect the
risks of owning the underlying investments of the investment company, the Fund
may be subject to additional or different risks than if the Fund had invested
directly in the underlying investments.
Contingent
Capital Security Risk. Contingent capital securities (sometimes
referred to as “CoCos”) have loss absorption mechanisms benefitting the issuer
built into their terms. Upon the occurrence of a specified trigger or event,
CoCos may be subject to automatic conversion into the issuer’s common stock,
which likely will have declined in value and which will be subordinate to the
issuer’s other classes of securities, or to an automatic write-down of the
principal amount of the securities, potentially to zero, which could result in
the Strategy losing a portion or all of its investment in such securities. CoCos
are often rated below investment grade and are subject to the risks of high
yield securities.
Municipal
Securities Risk. The risk that municipal securities may be
subject to credit/default risk, interest rate risk and certain additional risks.
The Fund may be more sensitive to adverse economic, business or political
developments if it invests more than 25% of its assets in the debt securities of
similar projects (such as those relating to education, healthcare, housing,
transportation, and utilities), industrial development bonds, or in particular
types of municipal securities (such as general obligation bonds, private
activity bonds and moral obligation bonds).
Extension
Risk. When interest rates rise, certain obligations will be
paid off by the obligor more slowly than anticipated, causing the value of these
obligations to fall.
Prepayment
Risk. When interest rates fall, certain obligations will be
paid off by the obligor more quickly than originally anticipated, and the Fund
may have to invest the proceeds in securities with lower
yields.
Currency
Risk. Exchange rates for currencies fluctuate daily.
Accordingly, the Fund may experience volatility with respect to the value of its
shares and its returns as a result of its exposure to foreign currencies through
direct holdings of such currencies or holdings in non-U.S. dollar denominated
securities.
LIBOR
Replacement Risk. The U.K. Financial Conduct Authority
stopped compelling or inducing banks to submit certain London Inter-Bank Offered
Rate (LIBOR) rates and will do so for the remaining LIBOR rates immediately
after June 30, 2023. Following the discontinuation of the remaining LIBOR
rates, contracts whose value has been tied to a discontinued LIBOR rate will
fall back to a corresponding Secured Overnight Financing Rate (SOFR) or
synthetic U.S. dollar LIBOR rate. The FCA will permit the use of synthetic U.S.
dollar LIBOR rates for non-U.S. contracts starting July 1, 2023 through
September 30, 2024.
Call
Risk. If, during periods of falling interest rates, an issuer
calls higher-yielding debt securities held by the Strategy, the Strategy may
have to reinvest in securities with lower yields or higher risk of default,
which may adversely impact the Strategy’s performance.
Please see
“Principal Risks of the Funds” for a more detailed description of the risks of
investing in the Fund.
Your investment in the
Fund is not a bank deposit and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency entity or
person.
Performance
The bar chart
and the performance table below provide some indication of the risks of
investing in the Fund by showing changes in the Fund’s Class I shares’
performance from year to year and by showing how the Fund’s average annual
returns for 1 year, 5 years, and since the Fund’s inception compare with those
of a broad measure of market performance. The bar chart shows
only the performance of the Fund’s Class I shares. Returns for Class Z
shares would have been substantially similar to those of Class I shares and
would have differed only to the extent that Class I shares have higher
total annual fund operating expenses than Class Z shares. The Fund’s past
performance, before and after taxes, does not necessarily indicate how the Fund
will perform in the future. Current performance information is
available at www.destinationsfunds.com
or by calling 1-877-771-7979.
Destinations
Global Fixed Income Opportunities Fund (continued)
Annual Total Returns (%) as of
December 31, 2022
The Fund’s
best and worst calendar quarters
Best Quarter:
7.62% (June 30,
2020)
Worst Quarter:
-9.19% (March 31,
2020)
The Fund’s Class I total return (pre-tax)
from January 1, 2023 to March 31,
2023 was 1.32%.
AVERAGE
ANNUAL TOTAL RETURNS
(For the periods ended December 31,
2022)
|
|
1 Year |
|
|
5
Years |
|
|
Since Inception (03/20/2017) |
|
Return
Before Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-5.07 |
% |
|
|
1.93 |
% |
|
|
2.28 |
% |
Class Z* |
|
|
-4.96 |
% |
|
|
— |
|
|
|
2.25 |
% |
Return
After Taxes on Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-6.74 |
% |
|
|
0.20 |
% |
|
|
0.56 |
% |
Return
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-3.00 |
% |
|
|
0.75 |
% |
|
|
1.02 |
% |
ICE
BofA US High Yield Index (reflects no deduction for
fees, expenses, or taxes) |
|
|
-11.22 |
% |
|
|
2.12 |
% |
|
|
2.76 |
% |
The after-tax
returns are calculated using the highest historical individual federal marginal
income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns
depend on an individual investor’s tax situation and may differ from those
shown, and after-tax returns shown are not relevant to investors who hold their
Fund shares through tax- deferred arrangements, such as 401(k) plans or
individual retirement accounts. After tax returns are shown
only for Class I and will vary for Class Z.
In some cases, the return
after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of Fund shares at the end of the measurement
period.
Investment
adviser
Orion
Portfolio Solutions, LLC d.b.a. Brinker Capital Investments serves as the
investment adviser for the Fund. The Fund employs a “multi-manager” strategy.
The Adviser selects and oversees professional money managers (the Sub-advisers),
each of which is responsible for investing a portion of the assets of the Fund
as allocated by the Adviser. The Adviser’s portfolio management team is jointly
and primarily responsible for overseeing the Sub-advisers and the Fund. Where
more than one person is listed with respect to a Sub-adviser, the sub-advisory
team is jointly and primarily responsible for the portion of the Fund’s assets
allocated to such Sub-adviser.
Portfolio
Manager |
|
Experience
with the Fund |
|
Title
with Adviser |
Brian
Storey, CFA |
|
2022 |
|
Deputy
Chief Investment Officer - Destinations Portfolios |
Timothy
Holland, CFA |
|
2017 |
|
Senior
Portfolio Manager |
Rusty
Vanneman, CFA, CMT & BFA |
|
2023 |
|
Chief
Investment Officer & Senior Portfolio Manager |
Michael
Hadden, CFA |
|
2022 |
|
Senior
Portfolio Manager |
Andrew
Goins, CFA |
|
2023 |
|
Senior
Portfolio Manager |
Destinations
Global Fixed Income Opportunities Fund (continued)
Sub-advisers
and Portfolio Managers (Title) |
|
Fund’s
Portfolio Manager Since |
CrossingBridge
Advisors, LLC |
|
|
David
K. Sherman, Portfolio Manager |
|
2017 |
Jonathan
Berg, Assistant Portfolio Manager |
|
2018 |
DoubleLine
Capital LP |
|
|
Luz
M. Padilla, Director of Emerging Markets Group and Portfolio Manager |
|
2017 |
Mark
Christensen, Portfolio Manager and Senior Credit Analyst |
|
2017 |
Su
Fei Koo, Portfolio Manager and Senior Credit Analyst |
|
2017 |
Nuveen
Asset Management, LLC |
|
|
Douglas
M. Baker, CFA, Managing Director, Portfolio Manager and Head of Preferred
Securities Sector Team |
|
2017 |
Brenda
A. Langenfeld, CFA, Senior Vice President and Portfolio
Manager |
|
2017 |
For
important information about the Fund Shares, Tax Information and Payments
to Financial Intermediaries, please turn to page 64 of this prospectus.
Destinations Municipal Fixed
Income Fund
Investment
objective
Current
income that is exempt from federal income taxation.
Fund fees and
expenses
This table
describes the fees and expenses you may pay if you buy, hold and sell shares of
the Fund. You may pay other fees, such as brokerage commissions and other fees
to financial intermediaries, which are not reflected in the tables and examples
below.
Annual
Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment) |
|
Class I |
|
|
Class Z |
|
Management
Fees |
|
|
0.70 |
% |
|
|
0.70 |
% |
Distribution
and Service (12b-1) Fees |
|
|
None |
|
|
|
None |
|
Other
Expenses |
|
|
0.24 |
% |
|
|
0.09 |
% |
Total
Annual Fund Operating Expenses |
|
|
0.94 |
% |
|
|
0.79 |
% |
Fee
Waivers and Expense Reimbursements |
|
|
(0.16 |
)%* |
|
|
(0.16 |
)%* |
Total
Annual Fund Operating Expenses Less Fee Waivers and Expense
Reimbursements |
|
|
0.78 |
% |
|
|
0.63 |
% |
Examples
These
examples are intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The examples assume that you invest
$10,000 in the for the time periods indicated and then redeem all of your shares
at the end of those time periods. The examples also assume that your investment
has a 5% return each year and that the Fund’s operating expenses remain the
same. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
|
|
After 1 year |
|
|
After 3 years |
|
|
After 5 years |
|
|
After 10 years |
|
Class I
Shares |
|
$ |
80 |
|
|
$ |
284 |
|
|
$ |
504 |
|
|
$ |
1,140 |
|
Class Z Shares
|
|
$ |
64 |
|
|
$ |
236 |
|
|
$ |
423 |
|
|
$ |
963 |
|
Portfolio
turnover
The Fund
pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transactions costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the above examples, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was
48% of the average value of its
portfolio.
Principal investment
strategies
The Fund
will invest, under normal market conditions, at least 80% of its net assets
(plus the amount of any borrowing for investment purposes) in fixed income
securities that pay interest that is exempt from regular federal income tax. The
Fund’s 80% policy is not fundamental and can be changed upon 60 days’ prior
notice to shareholders.
The Fund
employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s
assets among professional money managers (each, a “Sub-adviser,” collectively,
the “Sub-advisers”), each of which is responsible for investing its allocated
portion of the Fund’s assets. The Adviser may also invest a portion of the
Fund’s assets in unaffiliated funds that are registered under the Investment
Company Act of 1940, as amended (the “1940 Act”), and that have investment
objectives and principal investment strategies consistent with those of the
Fund, including open-end funds, closed-end funds and exchange traded funds
(ETFs), which may be passively managed (i.e., index-tracking) or actively
managed. ETFs may also be used to transition the Fund’s portfolio or to equitize
cash while awaiting an opportunity to purchase securities directly. When
determining how to allocate the Fund’s assets between unaffiliated funds and
Sub-advisers, and among Sub-advisers, the Adviser considers a variety of
factors.
Destinations
Municipal Fixed Income Fund
In seeking
high current income exempt from regular federal income tax, the Fund will invest
in municipal instruments, which are fixed-income obligations issued by a state,
territory or possession of the United States (including the District of
Columbia) or a political subdivision, agency or instrumentality thereof.
Interest income received by holders of municipal instruments is often exempt
from the federal income tax and from the income tax of the state in which they
are issued (although there may not be a similar exemption under the laws of a
particular state or local taxing jurisdiction), although municipal instruments
issued for certain purposes may not be tax-exempt. For non-corporate
shareholders subject to the federal alternative minimum tax (“AMT”), a limited
portion of the Fund’s dividends may be subject to federal tax.
The Fund
primarily invests in investment grade debt obligations, but may invest to a
limited extent in obligations that are rated below-investment grade (commonly
referred to as “junk bonds”).
A
Sub-adviser may sell a security for a variety of reasons, including, but not
limited to, where the Sub-adviser believes selling the security will help the
Fund to secure gains, limit losses, or redeploy assets into more promising
opportunities, or the valuation is no longer attractive.
The Fund’s
dollar-weighted average maturity, under normal circumstances, will range between
three and thirteen years.
In seeking
to achieve its investment objective, the Fund may make significant investments
in structured securities and also may invest, to a lesser extent, in futures
contracts, options and swaps, all of which are considered to be derivative
instruments, for both hedging and non-hedging purposes.
The Fund’s
investment adviser may engage in active trading and will not consider portfolio
turnover a limiting factor in making decisions for the Fund.
The Fund
may also lend portfolio securities in an attempt to earn additional income. Any
income realized through securities lending may help Fund
performance.
Principal risks of investing in the
Fund
Investing in any mutual
fund involves the risk that you may lose part or all of the money you
invest. Over time, the value of your investment in the Fund will
increase and decrease according to changes in the value of the securities in the
Fund’s portfolio.
The Fund’s
principal risks include:
Market
Risk. Market values of securities or other investments that
the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise.
Returns from the securities in which the Fund invests may underperform returns
from the general securities markets or other types of securities. Markets may
decline significantly in response to adverse issuer, political, regulatory,
market, economic or other developments that may cause broad changes in market
value, public perceptions concerning these developments, and adverse investor
sentiment or publicity. Similarly, environmental and public health risks, such
as natural disasters, epidemics, pandemics or widespread fear that such events
may occur, may impact markets adversely and cause market volatility in both the
short- and long-term.
Fixed
Income Market Risk. 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. Declines in dealer market- making capacity as a result of structural
or regulatory changes could decrease liquidity and/or increase volatility in the
fixed income markets. In the case of foreign securities, price fluctuations will
reflect international economic and political events, as well as changes in
currency valuations relative to the U.S. dollar.
Destinations
Municipal Fixed Income Fund (continued)
Interest
Rate Risk. The risk that debt instruments will change in
value because of changes in interest rates. Generally, the value of the Fund’s
fixed income securities will vary inversely with the direction of prevailing
interest rates. Changing interest rates may have unpredictable effects on the
markets and may affect the value and liquidity of instruments held by the
Fund.
Municipal
Securities Risk. The risk that municipal securities may be
subject to credit/default risk, interest rate risk and certain additional risks.
The Fund may be more sensitive to adverse economic, business or political
developments if it invests more than 25% of its assets in the debt securities of
similar projects (such as those relating to education, healthcare, housing,
transportation, and utilities), industrial development bonds, or in particular
types of municipal securities (such as general obligation bonds, private
activity bonds and moral obligation bonds).
Credit
Risk. Credit risk refers to the possibility that the issuer
of a debt security (i.e., the borrower) will not be able to make principal and
interest payments when due. Changes in an issuer’s credit rating or the market’s
perception of an issuer’s creditworthiness may also affect the value of the
Fund’s investment in that issuer. The degree of credit risk depends on the
issuer’s financial condition and on the terms of the
securities.
Investment
Style Risk. Different investment styles tend to shift in and
out of favor depending on market conditions and investor sentiment. A
Sub-adviser’s approach to investing could cause it to underperform other
managers that employ a different investment style.
Active
Management Risk. Due to the active management investment
strategies used by the Fund’s Sub-advisers, the Fund could underperform its
benchmark index and/or other funds with similar investment objectives and/or
strategies. The Sub-advisers’ judgments about the attractiveness, value, or
potential appreciation of the Fund’s investments may prove to be
incorrect.
Liquidity
Risk. The risk that certain securities may be difficult or
impossible to sell at the time and the price that the seller would like. The
seller may have to lower the price of the security, sell other securities
instead or forego an investment opportunity, any of which could have a negative
effect on Fund management or performance.
Tax
Risk. The risk that future legislative or administrative
changes or court decisions may materially affect the value of municipal
instruments or the ability of the Fund to pay tax-exempt dividends. The Fund may
rely on the opinion of issuers’ bond counsel on the tax-exempt status of
interest on municipal bond obligations. In such instances, neither the Fund nor
the Sub-adviser will independently review the bases for those tax opinions,
which may ultimately be determined to be incorrect and subject the Fund and its
shareholders to substantial tax liabilities. Some of the Fund’s income
distributions may be, and distributions of the Fund’s gains may be, subject to
federal taxation. The Fund may realize taxable gains on the sale of its
securities or other transactions, and some of the Fund’s income distributions
may be subject to the AMT tax applicable to non-corporate shareholders. This may
result in a lower tax-adjusted return. Additionally, distributions of the Fund’s
income and gains generally will be subject to state
taxation.
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.
Management
Risk. Securities held by the Fund may underperform those
held by other funds investing in the same asset class or benchmarks that are
representative of the asset class because of the Sub-advisers’ choice of
securities.
Multi-Manager
Risk. The Adviser may be unable to identify and retain
Sub-advisers who achieve superior investment returns relative to other similar
Sub-advisers. In addition, the investment styles of the Sub-advisers may not
complement each other as expected by the Adviser. The Fund may experience a
higher portfolio turnover rate, which can increase the Fund’s transaction costs
and more taxable short-term gains for shareholders.
High
Yield (Junk Bonds) Risk. The risk that debt instruments
rated below investment grade or debt instruments that are unrated and determined
by a Sub-adviser to be of comparable quality are predominantly speculative.
These instruments, commonly known as ‘junk bonds,’ have a higher degree of
default risk and may be less liquid than higher-rated bonds. These instruments
may be subject to greater price volatility due to such factors as specific
corporate developments, interest rate sensitivity, negative perceptions of high
yield investments generally, and less secondary market
liquidity.
Destinations
Municipal Fixed Income Fund (continued)
Prepayment
Risk. When interest rates fall, certain obligations will be
paid off by the obligor more quickly than originally anticipated, and the Fund
may have to invest the proceeds in securities with lower
yields.
Extension
Risk. When interest rates rise, certain obligations will be
paid off by the obligor more slowly than anticipated, causing the value of these
obligations to fall.
Puerto
Rico Investment Risk. To the extent the Fund invests in
Puerto Rico municipal securities, the Fund’s performance will be affected by the
fiscal and economic health of the Commonwealth of Puerto Rico, its political
subdivisions, municipalities, agencies and authorities and political and
regulatory developments affecting Puerto Rico municipal issuers. Developments in
Puerto Rico may adversely affect the securities held by the Fund. Unfavorable
developments in any economic sector may have far-reaching ramifications on the
overall Puerto Rico municipal market.
Investment
Company and Exchange-Traded Funds (ETFs) Risk. When the Fund
invests in an investment company, including closed-end funds and ETFs, in
addition to directly bearing the expenses associated with its own operations, it
will bear a pro rata portion of the investment company’s expenses. Further,
while the risks of owning shares of an investment company generally reflect the
risks of owning the underlying investments of the investment company, the Fund
may be subject to additional or different risks than if the Fund had invested
directly in the underlying investments.
Derivatives
Risk. Derivatives, such as forwards, futures, options and
swaps, involve risks different from, or possibly greater than, risks associated
with investing directly in securities and other traditional investments.
Specific risk issues related to the use of such derivatives include valuation
and tax issues, increased potential for losses and/or costs to the Fund, and a
potential reduction in gains to the Fund. Each of these issues is described in
greater detail in this Prospectus. Derivatives may also involve other risks
described in this Prospectus or the Fund’s Statement of Additional Information
(SAI), such as market, interest rate, credit, counterparty, currency, liquidity
and leverage risks.
Please see
“Principal Risks of the Funds” for a more detailed description of the risks of
investing in the Fund.
Your investment in the
Fund is not a bank deposit and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency entity or
person.
Performance
The bar chart
and the performance table below provide some indication of the risks of
investing in the Fund by showing changes in the Fund’s Class I shares’
performance from year to year and by showing how the Fund’s average annual
returns for 1 year, 5 years, and since the Fund’s inception compare with those
of a broad measure of market performance. The bar chart shows
only the performance of the Fund’s Class I shares. Returns for Class Z
shares would have been substantially similar to those of Class I shares and
would have differed only to the extent that Class I shares have higher
total annual fund operating expenses than Class Z shares. The Fund’s past
performance, before and after taxes, does not necessarily indicate how the Fund
will perform in the future. Current performance information is
available at www.destinationsfunds.com
or by calling 1-877-771-7979.
Annual Total Returns (%) as of
December 31,
2022
The Fund’s
best and worst calendar quarters
Best Quarter:
2.94% (December 31, 2022)
Worst
Quarter: -5.19% (March 31,
2022)
The Fund’s Class I total return (pre-tax)
from January 1, 2023 to March 31,
2023 was 1.96%.
Destinations
Municipal Fixed Income Fund (continued)
AVERAGE
ANNUAL TOTAL RETURNS
(For the periods ended December 31,
2022)
|
|
1 Year |
|
|
5
Years |
|
|
Since Inception (03/20/2017) |
|
Return
Before Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-6.17 |
% |
|
|
0.75 |
% |
|
|
0.86 |
% |
Class Z* |
|
|
-6.01 |
% |
|
|
— |
|
|
|
1.08 |
% |
Return
After Taxes on Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-6.17 |
% |
|
|
0.68 |
% |
|
|
0.77 |
% |
Return
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-2.97 |
% |
|
|
0.95 |
% |
|
|
0.97 |
% |
ICE
BofA US Municipal Securities 2-12 Year Index (reflects
no deduction for fees, expenses, or taxes)**
|
|
|
-5.51 |
% |
|
|
1.37 |
% |
|
|
1.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
ICE
BofA US Municipal Securities 1-10 Year Index (reflects no deduction for
fees, expenses, or taxes)** |
|
|
-4.63 |
% |
|
|
1.27 |
% |
|
|
1.41 |
% |
The after-tax
returns are calculated using the highest historical individual federal marginal
income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns
depend on an individual investor’s tax situation and may differ from those
shown, and after-tax returns shown are not relevant to investors who hold their
Fund shares through tax- deferred arrangements, such as 401(k) plans or
individual retirement accounts. After tax returns are shown
only for Class I and will vary for Class Z.
In some cases, the return
after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of Fund shares at the end of the measurement
period.
Investment
adviser
Orion
Portfolio Solutions, LLC d.b.a. Brinker Capital Investments serves as the
investment adviser for the Fund. The Fund employs a “multi-manager” strategy.
The Adviser selects and oversees professional money managers (the Sub-advisers),
each of which is responsible for investing a portion of the assets of the Fund
as allocated by the Adviser. The Adviser’s portfolio management team is jointly
and primarily responsible for overseeing the Sub-advisers and the Fund. Where
more than one person is listed with respect to a Sub-adviser, the sub-advisory
team is jointly and primarily responsible for the portion of the Fund’s assets
allocated to such Sub-adviser.
Portfolio
Manager |
|
Experience
with the Fund |
|
Title
with Adviser |
Brian
Storey, CFA |
|
2022 |
|
Deputy
Chief Investment Officer – Destinations Portfolios |
Timothy
Holland, CFA |
|
2017 |
|
Senior
Portfolio Manager |
Rusty
Vanneman, CFA, CMT & BFA |
|
2023 |
|
Chief
Investment Officer & Senior Portfolio Manager |
Michael
Hadden, CFA |
|
2022 |
|
Senior
Portfolio Manager |
Andrew
Goins, CFA |
|
2023 |
|
Senior
Portfolio Manager |
Destinations
Municipal Fixed Income Fund (continued)
Sub-advisers
and Portfolio Managers (Title) |
|
Fund’s Portfolio Manager Since |
Lord, Abbett & Co,
LLC |
|
|
Daniel
S. Solender, Partner and Director of Tax Free Fixed Income |
|
2023 |
Gregory
M. Shuman, Partner and Portfolio Manager |
|
2023 |
|
|
|
Northern Trust
Investments, Inc. |
|
|
Adam
Shane, CFA, Co-Head of Municipal Bond Portfolio Management |
|
2022 |
Nate
Miller, Portfolio Manager |
|
2022 |
|
|
|
Seix
Investment Advisors LLC |
|
|
Dusty
L. Self, Managing Director, Senior Portfolio Manager |
|
2020 |
For
important information about the Fund Shares, Tax Information and Payments
to Financial Intermediaries, please turn to page 64 of this prospectus.
Destinations Multi Strategy
Alternatives Fund
Investment
objective
Capital
appreciation with reduced correlation to equity and fixed income
markets.
Fund fees and
expenses
This table
describes the fees and expenses you may pay if you buy, hold and sell shares of
the Fund. You may pay other fees, such as brokerage commissions and other fees
to financial intermediaries, which are not reflected in the tables and examples
below.
Annual
Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment) |
|
Class I |
|
|
Class Z |
|
Management
Fees |
|
|
1.35 |
% |
|
|
1.35 |
% |
Distribution
and Service (12b-1) Fees |
|
|
None |
|
|
|
None |
|
Dividends/Interest
on Short Sales |
|
|
0.15 |
% |
|
|
0.15 |
% |
Other
Expenses |
|
|
0.25 |
% |
|
|
0.10 |
% |
Acquired
Fund Fees and Expenses (AFFE) |
|
|
0.12 |
% |
|
|
0.12 |
% |
Total
Annual Fund Operating Expenses |
|
|
1.87 |
% |
|
|
1.72 |
% |
Fee
Waivers and Expense Reimbursements |
|
|
(0.45 |
)%* |
|
|
(0.45 |
)%* |
Total
Annual Fund Operating Expenses Less Fee Waivers and Expense
Reimbursements |
|
|
1.42 |
%† |
|
|
1.27 |
%† |
Examples
These
examples are intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The examples assume that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those time periods. The examples also assume that your
investment has a 5% return each year and that the Fund’s operating expenses
remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
|
|
After 1 year |
|
|
After 3 years |
|
|
After 5 years |
|
|
After 10 years |
|
Class I
Shares |
|
$ |
145 |
|
|
$ |
544 |
|
|
$ |
969 |
|
|
$ |
2,154 |
|
Class Z
Shares |
|
$ |
129 |
|
|
$ |
498 |
|
|
$ |
891 |
|
|
$ |
1,993 |
|
Portfolio
turnover
The Fund
pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transactions costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the above examples, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was
70% of the average value of its
portfolio.
Principal investment
strategies
The Fund,
under normal market conditions, employs a strategy intended to generate long
term growth across market cycles with reduced correlation to the equity and
fixed income markets.
Destinations
Multi Strategy Alternatives Fund (continued)
The Fund
employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s
assets among professional money managers (each, a “Sub-adviser,” collectively,
the “Sub-advisers”), each of which is responsible for investing its allocated
portion of the Fund’s assets. The Adviser may also invest a portion of the
Fund’s assets in unaffiliated funds that are registered under the Investment
Company Act of 1940, as amended (the “1940 Act”), and that have investment
objectives and principal investment strategies consistent with those of the
Fund, including open-end funds, closed-end funds and exchange traded funds
(ETFs), which may be passively managed (i.e., index-tracking) or actively
managed. The Fund may specifically use ETFs to gain passive investment exposure,
transitioning the Fund’s portfolio or awaiting an opportunity to purchase
securities directly. When determining how to allocate the Fund’s assets between
the unaffiliated funds and Sub-advisers, and among Sub-advisers, the Adviser
considers a variety of factors.
The
unaffiliated funds or Sub-advisers that are employed may apply any of a variety
of investment strategies, which may include: (i) directional or tactical
strategies, such as long/short equity, long/short credit and global tactical
asset allocation; (ii) event driven strategies, such as distressed
securities, special situations and merger arbitrage; (iii) arbitrage
strategies, such as fixed income or interest rate arbitrage, convertible
arbitrage, and equity market neutral; (iv) global macro strategies; and
(v) relative value credit strategies. A short sale involves the sale of a
security that the Fund does not own in the expectation of purchasing the same
security (or a security exchangeable therefore) at a later date at a lower
price.
The Fund
invests primarily in U.S., foreign and emerging markets securities, equity
securities of all types and capitalization ranges, investment and non-investment
grade fixed income securities (junk bonds) of any duration or maturity issued by
corporations or governments (including foreign governments), bank loans,
commodities, currencies, warrants, depositary receipts, real estate investment
trust (REITs), structured products, including mortgage-backed securities and
collateralized loan obligations (CLOs), floating rate instruments, ETFs,
exchange-traded notes and derivative instruments (which may involve leverage),
principally, options, futures contracts, options on futures contracts, forward
contracts and swap agreements. In addition, the Fund may invest in cash and cash
equivalents, commercial paper, money market instruments and other short-term
obligations to achieve its investment goal. An active management Sub-adviser
will select securities based on its assessment of one or more of a variety of
factors.
The Fund
may invest in publicly or private offered special purpose acquisition companies
(“SPACs”) to the extent that a Sub-adviser believes that such investments will
help the Fund to meet its investment objective. SPACs are collective investment
structures that pool funds in order to seek potential acquisition
opportunities.
In
selecting investments for purchase and sale, the Sub-advisers may seek
investment opportunities where a catalyst has been identified that is expected
to occur within the near to immediate term, generally within twelve months,
to unlock the value embedded in the investment opportunity.
The Fund
may invest a significant portion of its assets in a particular geographic region
or country, including emerging markets countries.
The Fund
may lend portfolio securities to earn additional income. Any income realized
through securities lending may help Fund performance.
A
Sub-adviser may sell a security for a variety of reasons, such as where the
Sub-adviser believes the Fund needs to generate cash to invest in more
attractive opportunities, the average maturity of the Fund needs to be adjusted
and the country or sector exposure needs to be altered.
Due to its
investment strategy, the Fund may buy and sell securities and other instruments
frequently.
Principal risks of investing in the
Fund
Investing in any mutual
fund involves the risk that you may lose part or all of the money you
invest. Over time, the value of your investment in the Fund will
increase and decrease according to changes in the value of the securities in the
Fund’s portfolio.
The Fund’s
principal risks include:
Market
Risk. Market values of securities or other investments that
the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise.
Returns from the securities in which the Fund invests may underperform returns
from the general securities markets or other types of securities. Markets may
decline significantly in response to adverse issuer, political, regulatory,
market, economic or other developments that may cause broad changes in market
value, public perceptions concerning these developments, and adverse investor
sentiment or publicity. Similarly, environmental and public health risks, such
as natural disasters, epidemics, pandemics or widespread fear that such events
may occur, may impact markets adversely and cause market volatility in both the
short- and long-term.
Destinations
Multi Strategy Alternatives Fund (continued)
Fixed
Income Market Risk. 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. Declines in dealer market- making capacity as a result of structural
or regulatory changes could decrease liquidity and/or increase volatility in the
fixed income markets. In the case of foreign securities, price fluctuations will
reflect international economic and political events, as well as changes in
currency valuations relative to the U.S. dollar.
Equity
Securities Risk. The Fund is subject to the risk that stock
prices will fall over short or extended periods of time. Individual companies
may report poor results or be negatively affected by industry and/or economic
trends and developments. The prices of securities issued by these companies may
decline in response to such developments, which could result in a decline in the
value of the Fund’s shares.
Credit
Risk. Credit risk refers to the possibility that the issuer
of a debt security (i.e., the borrower) will not be able to make principal and
interest payments when due. Changes in an issuer’s credit rating or the market’s
perception of an issuer’s creditworthiness may also affect the value of the
Fund’s investment in that issuer. The degree of credit risk depends on the
issuer’s financial condition and on the terms of the securities. Credit spread
risk is the risk that economic and market conditions or any actual or perceived
credit deterioration may lead to an increase in the credit spreads (i.e., the
difference in yield between two securities of similar maturity but different
credit quality) and a decline in price of the issuer’s
securities.
High
Yield (Junk Bonds) Risk. The risk that debt instruments
rated below investment grade or debt instruments that are unrated and determined
by a Sub-adviser to be of comparable quality are predominantly speculative.
These instruments, commonly known as ‘junk bonds,’ have a higher degree of
default risk and may be less liquid than higher-rated bonds. These instruments
may be subject to greater price volatility due to such factors as specific
corporate developments, interest rate sensitivity, negative perceptions of high
yield investments generally, and less secondary market
liquidity.
Mortgage-Backed
Securities Risk. The risk that borrowers may default on
their mortgage obligations or the guarantees underlying the mortgage-backed
securities will default or otherwise fail and that, during periods of falling
interest rates, mortgage-backed securities will be called or prepaid, which may
result in the Fund having to reinvest proceeds in other investments at a lower
interest rate. During periods of rising interest rates, the average life of a
mortgage-backed security may extend, which may lock in a below-market interest
rate, increase the security’s duration, and reduce the value of the
security.
Small-Cap
Securities Risk. Small capitalization stocks may
underperform other types of stocks or the equity market as a whole. Stocks of
smaller companies may be subject to more abrupt or erratic market movements than
stocks of larger, more established companies. Small companies may have limited
product lines or financial resources, or may be dependent upon a small or
inexperienced management group. In addition, small-cap stocks typically are
traded in lower volume, are less liquid, and their issuers typically are subject
to greater degrees of changes in their earnings and prospects. These risks may
be heightened with respect to micro-cap companies.
Mid-Cap
Securities Risk. Mid-capitalization stocks tend to perform
differently from other segments of the equity market or the equity market as a
whole and can be more volatile than stocks of large-capitalization companies.
Mid-capitalization companies may be newer or less established, and may have
limited resources, products and markets, and may be less
liquid.
Investment
Company and Exchange-Traded Funds (ETFs) Risk. When the Fund
invests in an investment company, including closed-end funds and ETFs, in
addition to directly bearing the expenses associated with its own operations, it
will bear a pro rata portion of the investment company’s expenses. Further,
while the risks of owning shares of an investment company generally reflect the
risks of owning the underlying investments of the investment company, the Fund
may be subject to additional or different risks than if the Fund had invested
directly in the underlying investments.
Destinations
Multi Strategy Alternatives Fund (continued)
Private
Placement Risk. A private placement involves the sale of
securities that have not been registered under U.S. or foreign securities laws
to certain institutional and qualified individual purchasers. In addition to the
general risks to which all securities are subject, securities received in a
private placement generally are subject to strict restrictions on resale, and
there may be no liquid secondary market or ready purchaser for such securities.
Securities sold through private placements are not publicly traded and,
therefore, are less liquid. Companies seeking private placement investments tend
to be in earlier stages of development and have not yet been fully tested in the
public marketplace.
Event-Driven
Risk. Event-driven opportunities may not occur as
anticipated, resulting in potentially reduced returns or losses to the Fund as
it unwinds trades where those opportunities do not materialize as
anticipated.
Derivatives
Risk. Derivatives, such as forwards, futures, options and
swaps, involve risks different from, or possibly greater than, risks associated
with investing directly in securities and other traditional investments.
Specific risk issues related to the use of such derivatives include valuation
and tax issues, increased potential for losses and/or costs to the Fund, and a
potential reduction in gains to the Fund. Each of these issues is described in
greater detail in this Prospectus. Derivatives may also involve other risks
described in this Prospectus or the Fund’s Statement of Additional Information
(SAI), such as market, interest rate, credit, counterparty, currency, liquidity
and leverage risks.
Investment
Style Risk. Different investment styles tend to shift in and
out of favor depending on market conditions and investor sentiment. A
Sub-adviser’s approach to investing could cause it to underperform other
managers that employ a different investment style.
Active
Management Risk. Due to the active management investment
strategies used by the Fund’s Sub-advisers, the Fund could underperform its
benchmark index and/or other funds with similar investment objectives and/or
strategies. The Sub-advisers’ judgments about the attractiveness, value, or
potential appreciation of the Fund’s investments may prove to be
incorrect.
Hedging
Risk. Hedges are sometimes subject to imperfect matching
between the derivative and the underlying security, and there can be no
assurance that the Fund’s hedging transactions will be effective. In addition,
the use of hedging may result in certain adverse tax
consequences.
Short
Sale Risk. 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. Generally, the short
sales in which the Fund may invest will not be “against the box,” meaning the
Fund will not own the shorted security, so theoretically the potential loss
resulting from short sales is unlimited.
Liquidity
Risk. The risk that certain securities may be difficult or
impossible to sell at the time and the price that the seller would like. The
seller may have to lower the price of the security, sell other securities
instead or forego an investment opportunity, any of which could have a negative
effect on Fund management or performance.
Bank
Loans Risk. The market for corporate loans may be subject to
irregular trading activity and wide bid/ask spreads. In addition, transactions
in corporate loans may settle on a delayed basis. As a result, the proceeds from
the sale of corporate loans may not be readily available to make additional
investments or to meet the Fund’s redemption obligations. To the extent the
extended settlement process gives rise to short-term liquidity needs, the Fund
may hold additional cash, sell investments or temporarily borrow from banks and
other lenders.
Senior
Loans Risk. Senior loans are business loans made to
borrowers that may be corporations, partnerships or other entities. Investing in
senior loans involves investment risk and some borrowers default on their senior
loan repayments. The risks associated with senior loans are similar to the risks
of junk bonds, although senior loans typically are senior and secured, whereas
junk bonds often are subordinated and unsecured. An economic downturn generally
leads to a higher non- payment rate, and a senior loan may lose significant
value before a default occurs. No active trading market may exist for certain
senior loans, which may impair the ability of the Fund to realize full value in
the event of the need to sell a senior loan and which may make it difficult to
value senior loans. Senior loans are subject to the risk that when sold, such
sale may not settle in a timely manner, resulting in a settlement date that may
be much later than the trade date. Delayed settlement interferes with the Fund’s
ability to realize the proceeds of senior loan sales in a timely
way.
Destinations
Multi Strategy Alternatives Fund (continued)
Special
Purpose Acquisition Companies Risks. The Fund may, to the
extent permitted by the 1940 Act and its investment policies, invest in special
purpose acquisition companies (“SPACs”). Unless and until an acquisition is
completed, a SPAC generally invests its assets (less an amount to cover
expenses) in U.S. Government securities, money market fund securities and cash.
SPACs and similar entities may be blank check companies with no operating
history or ongoing business other than to seek a potential acquisition.
Accordingly, the value of their securities is particularly dependent on the
ability of the entity’s management to identify and complete a profitable
acquisition. Certain SPACs may seek acquisitions only in limited industries or
regions, which may increase the volatility of their prices. Investments in SPACs
may be illiquid and/or be subject to restrictions on resale. To the extent the
SPAC is invested in cash or similar securities, this may impact a Fund’s ability
to meet its investment objective.
Tax
Risk. The investment in equity securities of SPACs introduces
complexities beyond typical equity investments and may introduce tax risks to
the Fund. In particular, certain non-U.S. SPACs may be treated as “passive
foreign investment companies” (“PFICs”) under the Internal Revenue Code of 1986,
as amended (the “Code”), thereby causing the Fund to be subject to special tax
rules. If a SPAC is classified as a PFIC, the Fund may be subject to U.S.
federal income tax on a portion of any “excess distribution” or gain from the
disposition of shares in the PFIC even if such income is distributed as a
taxable dividend by the Fund to its shareholders. Additional charges in the
nature of interest may be imposed on a Fund in respect of deferred taxes arising
from such distributions or gains unless the Fund makes certain elections. See
“Taxes — The Funds and Their Investments — Foreign Investments” in the SAI for
additional information.
Collateralized
Loan Obligations (CLOs) Risk. CLOs are securities backed by
an underlying portfolio of loan obligations. CLOs issue classes or “tranches”
that vary in risk and yield and may experience substantial losses due to actual
defaults, decrease in market value due to collateral defaults and removal of
subordinate tranches, market anticipation of defaults and investor aversion to
CLO securities as a class. The risks of investing in CLOs depend largely on the
tranche invested in and the type of the underlying debts and loans in the
tranche of the CLO in which the Fund invests. CLOs also carry risks including,
but not limited to, interest rate risk and credit risk, which are described
below. For example, a liquidity crisis in the global credit markets could cause
substantial fluctuations in prices for leveraged loans and limited liquidity for
such instruments. When the Fund invests in CLOs, in addition to directly bearing
the expenses associated with its own operations, it may bear a pro rata
portion of the CLO’s expenses.
Foreign
and Emerging Markets Securities Risk. 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. The performance of
the Fund may also be negatively impacted by fluctuations in a foreign currency’s
strength or weakness relative to the U.S. dollar. 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.
Investments in emerging markets can involve additional and greater risks than
the risks associated with investments in developed foreign markets. Emerging
markets can have less developed markets, greater custody and operational risk,
less developed legal, regulatory, and accounting systems, and greater political,
social, and economic instability than developed markets. Frontier markets,
considered by the Fund to be a subset of emerging markets, generally have
smaller economies and less mature capital markets than emerging markets. As a
result, the risks of investing in emerging market countries are magnified in
frontier market countries.
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.
Destinations
Multi Strategy Alternatives Fund (continued)
Asset-Backed
Securities Risk. The risk that borrowers may default on the
obligations that underlie the asset-backed security and that, during periods of
falling interest rates, asset-backed securities may be called or prepaid, which
may result in the Fund having to reinvest proceeds in other investments at a
lower interest rate, and the risk that the impairment of the value of the
collateral underlying a security in which the Fund invests (due, for example, to
non-payment of loans) will result in a reduction in the value of the
security.
Convertible
Securities Risk. Convertible securities generally tend to be
of lower credit quality, and the value of a convertible security may change with
the value of the underlying common stock or changes in interest rates. A
convertible security may also be subject to redemption at the option of the
issuer at a price established in the convertible security’s governing
instrument. If a convertible security held by the Fund is called for redemption,
the Fund will be required to permit the issuer to redeem the security, convert
it into the underlying common stock or sell it to a third party, which could
result in a loss to the Fund. Additionally, the Fund could lose money if the
issuer of a convertible security is unable to meet its financial obligations or
declares bankruptcy.
Management
Risk. Securities held by the Fund may underperform those
held by other funds investing in the same asset class or benchmarks that are
representative of the asset class because of the Sub-advisers’ choice of
securities.
Multi-Manager
Risk. The Adviser may be unable to identify and retain
Sub-advisers who achieve superior investment returns relative to other similar
Sub-advisers. In addition, the investment styles of the Sub-advisers may not
complement each other as expected by the Adviser. The Fund may experience a
higher portfolio turnover rate, which can increase the Fund’s transaction costs
and more taxable short-term gains for shareholders.
Portfolio
Turnover Risk. Frequent buying and selling of investments
may involve higher trading costs and other expenses and may affect the Fund’s
performance over time.
Cash
Position Risk. To the extent the Fund holds assets in cash
and cash equivalents, the ability of the Fund to meet its objective may be
limited.
Interest
Rate Risk. The risk that debt instruments will change in
value because of changes in interest rates. Generally, the value of the Fund's
fixed income securities will vary inversely with the direction of prevailing
interest rates. Changing interest rates may have unpredictable effects on the
markets and may affect the value and liquidity of instruments held by the
Fund.
Extension
Risk. When interest rates rise, certain obligations will be
paid off by the obligor more slowly than anticipated, causing the value of these
obligations to fall.
Prepayment
Risk. When interest rates fall, certain obligations will be
paid off by the obligor more quickly than originally anticipated, and the Fund
may have to invest the proceeds in securities with lower
yields.
Warrants
Risk. Warrants are instruments that entitle the holder to
buy an equity security at a specific price for a specific period of time.
Warrants may be more speculative than other types of investments. The price of a
warrant may be more volatile than the price of its underlying security, and a
warrant may offer greater potential for capital appreciation as well as capital
loss. A warrant ceases to have value if it is not exercised prior to its
expiration date.
Exchange-Traded
Note (ETNs) Risk. The Fund may invest in ETNs, which are
notes representing unsecured debt of the issuer. ETNs are typically linked to
the performance of an index plus a specified rate of interest that could be
earned on cash collateral. The value of an ETN may be influenced by time to
maturity, level of supply and demand for the ETN, volatility and lack of
liquidity in underlying markets, changes in the applicable interest rates,
changes in the issuer’s credit rating and economic, legal, political or
geographic events that affect the referenced index.
U.S.
Government Securities Risk. Certain securities in which the
Fund may invest, including securities issued by certain U.S. Government agencies
and U.S. Government sponsored enterprises, are not guaranteed by the U.S.
Government or supported by the full faith and credit of the United
States.
Sovereign
Obligation Risk. 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.
Destinations
Multi Strategy Alternatives Fund (continued)
Currency
Risk. Exchange rates for currencies fluctuate daily.
Accordingly, the Fund may experience volatility with respect to the value of its
shares and its returns as a result of its exposure to foreign currencies through
direct holdings of such currencies or holdings in non-U.S. dollar denominated
securities.
Depositary
Receipts Risk. Because the Fund may invest in American
Depositary Receipts (“ADRs”) and other domestically-traded securities of foreign
companies, the Fund’s share price may be more affected by foreign economic and
political conditions, taxation policies and accounting and auditing standards
than would otherwise be the case.
Commercial
Paper Risk. Commercial paper is a short-term obligation with
a maturity generally ranging from one to 270 days and is issued by U.S. or
foreign companies or other entities in order to finance their current
operations. Such investments are unsecured and usually discounted from their
value at maturity. The value of commercial paper may be affected by changes in
the credit rating or financial condition of the issuing entities and will tend
to fall when interest rates rise and rise when interest rates
fall.
Real
Estate Investment Trusts (REITs) Risk. REITs are trusts that
invest primarily in commercial real estate or real estate- related loans. The
Fund’s investments in REITs will be subject to the risks associated with the
direct ownership of real estate. 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. Some REITs may have
limited diversification and may be subject to risks inherent in financing a
limited number of properties.
LIBOR
Replacement Risk. The U.K. Financial Conduct Authority
stopped compelling or inducing banks to submit certain London Inter-Bank Offered
Rate (LIBOR) rates and will do so for the remaining LIBOR rates immediately
after June 30, 2023. Following the discontinuation of the remaining LIBOR
rates, contracts whose value has been tied to a discontinued LIBOR rate will
fall back to a corresponding Secured Overnight Financing Rate (SOFR) or
synthetic U.S. dollar LIBOR rate. The FCA will permit the use of synthetic U.S.
dollar LIBOR rates for non-U.S. contracts starting July 1, 2023 through
September 30, 2024.
Please see
“Principal Risks of the Funds” for a more detailed description of the risks of
investing in the Fund.
Your investment in the
Fund is not a bank deposit and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency entity or
person.
Performance
The bar chart
and the performance table below provide some indication of the risks of
investing in the Fund by showing changes in the Fund’s Class I shares’
performance from year to year and by showing how the Fund’s average annual
returns for 1 year, 5 years, and since the Fund’s inception compare with those
of a broad measure of market performance. The bar chart shows
only the performance of the Fund’s Class I shares. Returns for Class Z
shares would have been substantially similar to those of Class I shares and
would have differed only to the extent that Class I shares have higher
total annual fund operating expenses than Class Z shares. The Fund’s past
performance, before and after taxes, does not necessarily indicate how the Fund
will perform in the future. Current performance information is
available at www.destinationsfunds.com
or by calling 1-877-771-7979.
Annual Total Returns (%) as of
December 31, 2022
The Fund’s
best and worst calendar quarters
Best: 13.31% (June 30,
2020)
Worst: -12.18% (March 31,
2020)
The Fund’s Class I total return (pre-tax)
from January 1, 2023 to March 31,
2023 was 2.83%.
Destinations
Multi Strategy Alternatives Fund (continued)
AVERAGE
ANNUAL TOTAL RETURNS
(For the periods ended December 31,
2022)
|
|
1 Year |
|
|
5
Years |
|
|
Since Inception (03/20/2017) |
|
Return
Before Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-3.45 |
% |
|
|
3.24 |
% |
|
|
3.31 |
% |
Class Z*
|
|
|
-3.31 |
% |
|
|
— |
|
|
|
3.24 |
% |
Return
After Taxes on Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-4.54 |
% |
|
|
1.86 |
% |
|
|
1.96 |
% |
Return
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
-1.96 |
% |
|
|
2.01 |
% |
|
|
2.06 |
% |
Morningstar
Broad Hedge Fund Index (reflects no deduction for
fees, expenses, or taxes) |
|
|
21.02 |
% |
|
|
8.92 |
% |
|
|
8.56 |
% |
The after-tax
returns are calculated using the highest historical individual federal marginal
income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns
depend on an individual investor’s tax situation and may differ from those
shown, and after-tax returns shown are not relevant to investors who hold their
Fund shares through tax- deferred arrangements, such as 401(k) plans or
individual retirement accounts. After tax returns are shown
only for Class I and will vary for Class Z.
In some cases, the return
after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of Fund shares at the end of the measurement
period.
Investment
adviser
Orion
Portfolio Solutions, LLC d.b.a. Brinker Capital Investments serves as the
investment adviser for the Fund. The Fund employs a “multi-manager” strategy.
The Adviser selects and oversees professional money managers (the Sub-advisers),
each of which is responsible for investing a portion of the assets of the Fund
as allocated by the Adviser. The Adviser’s portfolio management team is jointly
and primarily responsible for overseeing the Sub-advisers and the Fund. Where
more than one person is listed with respect to a Sub-adviser, the sub-advisory
team is jointly and primarily responsible for the portion of the Fund’s assets
allocated to such Sub-adviser.
Portfolio
Manager |
|
Experience
with the Fund |
|
Title
with Adviser |
Brian
Storey, CFA |
|
2022 |
|
Deputy
Chief Investment Officer - Destinations Portfolios |
Timothy
Holland, CFA |
|
2017 |
|
Senior
Portfolio Manager |
Rusty
Vanneman, CFA, CMT & BFA |
|
2023 |
|
Chief
Investment Officer & Senior Portfolio Manager |
Michael
Hadden, CFA |
|
2022 |
|
Senior
Portfolio Manager |
Andrew
Goins, CFA |
|
2023 |
|
Senior
Portfolio Manager |
Sub-advisers
and Portfolio Managers (Title) |
|
Fund’s
Portfolio Manager Since |
Driehaus
Capital Management LLC |
|
|
Michael
Caldwell, Portfolio Manager |
|
2017 |
Yoav
Sharon, Portfolio Manager |
|
2017 |
Thomas
McCauley, Portfolio Manager |
|
2017 |
|
|
|
LMCG
Investments, LLC |
|
|
David
Weeks, Chief Investment Officer of the Relative Value Credit Team |
|
2019 |
Ajit
Kumar, CFA, Portfolio Manager |
|
2019 |
Edwin
Tsui, CFA, Portfolio Manager |
|
2019 |
Andreas
Eckner, PhD, Portfolio Manager |
|
2019 |
Guillaume
Horel, PhD, Portfolio Manager |
|
2019 |
Destinations
Multi Strategy Alternatives Fund (continued)
For
important information about the Fund Shares, Tax Information and Payments to
Financial Intermediaries, please turn to page 64 of this prospectus.
Destinations Shelter
Fund
Investment
objective
Capital
appreciation with lower volatility than broad equity
markets.
Fund fees and
expenses
This table
describes the fees and expenses you may pay if you buy, hold and sell shares of
the Fund. You may pay other fees, such as brokerage commissions and other fees
to financial intermediaries, which are not reflected in the tables and examples
below.
Annual
Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment) |
|
Class I |
|
|
Class Z |
|
Management
Fees |
|
|
0.85 |
% |
|
|
0.85 |
% |
Distribution
and/or Service (12b-1) Fees |
|
|
None |
|
|
|
None |
|
Other
Expenses |
|
|
0.27 |
%† |
|
|
0.12 |
%† |
Total
Annual Fund Operating Expenses |
|
|
1.12 |
% |
|
|
0.97 |
% |
Fee
Waivers and Expense Reimbursements |
|
|
(0.11 |
)%* |
|
|
(0.11 |
)%* |
Total
Annual Fund Operating Expenses Less Fee Waivers and Expense
Reimbursements |
|
|
1.01 |
% |
|
|
0.86 |
% |
Examples
These
examples are intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The examples assume that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those time periods. The examples also assume that your
investment has a 5% return each year and that the Fund’s operating expenses
remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
|
|
After 1 year |
|
|
After 3 years |
|
|
After 5 years |
|
|
After 10 years |
|
Class I
Shares |
|
$ |
103 |
|
|
$ |
346 |
|
|
$ |
608 |
|
|
$ |
1,357 |
|
Class Z Shares
|
|
$ |
88 |
|
|
$ |
298 |
|
|
$ |
526 |
|
|
$ |
1,181 |
|
Portfolio
turnover
The Fund
pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transactions costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the above examples, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was
5% of the average value of its
portfolio.
Principal investment
strategies
The Fund’s
investment strategy seeks to provide capital appreciation through broad exposure
to the equity markets with a lower volatility profile than long-only equity
strategies, due to its implementation of a hedging strategy that uses index
options to seek to limit the magnitude of negative returns during a declining
equity market, thereby reducing the level of positive returns required to recoup
losses (also referred to as drawdown risk). Insofar as the Fund’s investment
strategy seeks to minimize investment losses during a declining equity market,
it can be thought of as seeking to provide “shelter” to investors while
weathering such market conditions.
Destinations
Shelter Fund (continued)
The Fund
employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s
assets among one or more professional money managers (each, a “Sub-Adviser,”
collectively, the “Sub-Advisers”), each of which is responsible for investing
its allocated portion of the Fund’s assets. The Adviser may also invest a
portion of the Fund’s assets in unaffiliated funds that are registered under the
Investment Company Act of 1940, as amended (the “1940 Act”), and that have
investment objectives and principal investment strategies consistent with those
of the Fund, including open-end funds, closed-end funds and exchange traded
funds (ETFs), which may be passively managed (i.e., index-tracking) or actively
managed.
To achieve
its investment objective, the Fund may invest in equity securities (including
U.S. and foreign common stocks, real estate investment trusts (REITs) and
depositary receipts, including emerging markets); cash, cash equivalents, money
market instruments and shares of money market funds; U.S. investment grade fixed
income securities of various maturities, including U.S. government bonds;
derivative instruments, including options on equity indexes, interest rate
swaps, total return swaps, credit default swaps and futures; structured notes,
and interests in unaffiliated funds. The Fund will use derivative investments
primarily for hedging purposes. The Fund has the ability to invest in equity
securities of issuers of various capitalizations, including small- and mid-cap
issuers.
The Fund
will invest in a diversified portfolio of equity securities and will implement
an option overlay strategy, pursuant to which it will systematically purchase
and sell exchange-traded index put options and sell exchange-traded index call
options. The Fund’s combination of equity exposure, downside protection from
investments in put options, and income from the sale of index call options is
designed to provide the Fund with investment returns associated with equity
market investments, but with less risk and a lower volatility profile than
traditional long-only equity strategies. As a trade-off for providing shelter
during declining equity markets, the Fund is expected to underperform
traditional long-only equity strategies in rising equity markets and is not
expected to provide shelter from equity market downside during periods of low
volatility.
The Fund
may also lend portfolio securities in an attempt to earn additional
income.
Principal risks of investing in the
Fund
Investing in any mutual
fund involves the risk that you may lose part or all of the money you
invest. Over time, the value of your investment in the Fund will
increase and decrease according to changes in the value of the securities in the
Fund’s portfolio.
The Fund’s
principal risks include:
Market
Risk. Market values of securities or other investments that
the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise.
Returns from the securities in which the Fund invests typically will
underperform positive returns from the equity markets. Markets may decline
significantly in response to adverse issuer, political, regulatory, market,
economic or other developments that may cause broad changes in market value,
public perceptions concerning these developments, and adverse investor sentiment
or publicity. Similarly, environmental and public health risks, such as natural
disasters, epidemics, pandemics or widespread fear that such events may occur,
may impact markets adversely and cause market volatility in both the short- and
long-term.
Equity
Securities Risk. The Fund is subject to the risk that stock
prices will fall over short or extended periods of time. Individual companies
may report poor results or be negatively affected by industry and/or economic
trends and developments. The prices of securities issued by these companies may
decline in response to such developments, which could result in a decline in the
value of the Fund’s shares. Low and minimum volatility equity securities tend
not to appreciate or depreciate significantly over short periods of time.
However, such securities may not necessarily protect against significant market
declines, and they may limit participation in significant market gains. Because
the Fund is designed to serve as a hedge against large equity market declines,
the Fund could produce negative returns in years when equity markets are
rising.
Small-Cap
Securities Risk. Small capitalization stocks may
underperform other types of stocks or the equity market as a whole. Stocks of
smaller companies may be subject to more abrupt or erratic market movements than
stocks of larger, more established companies. In addition, small-cap stocks
typically are traded in lower volume, are less liquid, and their issuers
typically are subject to greater degrees of changes in their earnings and
prospects.
Mid-Cap
Securities Risk. Mid-capitalization stocks tend to perform
differently from other segments of the equity market or the equity market as a
whole and can be more volatile than stocks of large-capitalization companies.
Mid-capitalization companies may be newer or less established, and may have
limited resources, products and markets, and may be less
liquid.
Destinations
Shelter Fund (continued)
Foreign
and Emerging Markets Securities Risk. 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. Investments in
emerging markets can involve additional and greater risks than the risks
associated with investments in developed foreign markets.
Fixed
Income Market Risk. 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. In the case of foreign securities, price fluctuations will reflect
international economic and political events, as well as changes in currency
valuations relative to the U.S. dollar.
Management
Risk. Securities held by the Fund may underperform those
held by other funds investing in the same asset class or benchmarks that are
representative of the asset class because of the Sub-adviser’s choice of
securities.
U.S.
Government Securities Risk. Certain securities in which the
Fund may invest, including securities issued by certain U.S. Government agencies
and U.S. Government sponsored enterprises, are not guaranteed by the U.S.
Government or supported by the full faith and credit of the United
States.
Investment
Company and Exchange-Traded Funds (ETFs) Risk. When the Fund
invests in an investment company, including closed-end funds and ETFs, in
addition to directly bearing the expenses associated with its own operations, it
will bear a pro rata portion of the investment company’s expenses. Further,
while the risks of owning shares of an investment company generally reflect the
risks of owning the underlying investments of the investment company, the Fund
may be subject to additional or different risks than if the Fund had invested
directly in the underlying investments.
Derivatives
Risk. Derivatives, such as futures, options and swaps, involve
risks different from, or possibly greater than, risks associated with investing
directly in securities and other traditional investments. The Fund will invest,
in particular, in U.S. exchange-traded index options. Specific risk issues
related to the use of such derivatives include valuation and tax issues,
increased potential for losses and/or costs to the Fund, and a potential
reduction in gains to the Fund. Each of these issues is described in greater
detail in this Prospectus. Derivatives may also involve other risks described in
this Prospectus or the Fund’s Statement of Additional Information (SAI), such as
market, interest rate, credit, counterparty, currency, liquidity and leverage
risks.
Structured
Notes Risk. The Fund may invest in structured notes, which are
derivative debt securities, the interest rate or principal of which is
determined by an unrelated indicator. Indexed securities include structured
notes as well as securities other than debt securities, the interest rate or
principal of which is determined by an unrelated indicator. Indexed securities
may include a multiplier that multiplies the indexed element by a specified
factor and, therefore, the value of such securities may be very
volatile.
Interest
Rate Risk. The risk that debt instruments will change in value
because of changes in interest rates. Generally, the value of the Fund’s fixed
income securities will vary inversely with the direction of prevailing interest
rates. Changing interest rates may have unpredictable effects on the markets and
may affect the value and liquidity of instruments held by the
Fund.
Depositary
Receipts Risk. Because the Fund may invest in American
Depositary Receipts (“ADRs”) and other domestically-traded securities of foreign
companies, the Fund’s share price may be more affected by foreign economic and
political conditions, taxation policies and accounting and auditing standards
than would otherwise be the case.
Currency
Risk. Exchange rates for currencies fluctuate daily.
Accordingly, the Fund may experience volatility with respect to the value of its
shares and its returns as a result of its exposure to foreign currencies through
direct holdings of such currencies or holdings in non-U.S. dollar denominated
securities.
Real
Estate Investment Trust (REITs) Risk. The performance of
investments in real estate depends on the overall strength of the real estate
market, the management of real estate investments trusts (REITs), and property
management, all of which can be affected by a variety of factors, including
national and regional economic conditions.
Destinations
Shelter Fund (continued)
Hedging
Risk. Hedges are sometimes subject to imperfect matching
between the derivative and the underlying security, and there can be no
assurance that the Fund’s hedging transactions will be effective. In addition,
the use of hedging may result in certain adverse tax
consequences.
Liquidity
Risk. The risk that certain securities may be difficult or
impossible to sell at the time and the price that the seller would like. The
seller may have to lower the price of the security, sell other securities
instead or forego an investment opportunity, any of which could have a negative
effect on Fund management or performance.
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.
Please see
“Principal Risks of the Fund” for a more detailed description of the risks of
investing in the Fund.
Your investment in the
Fund is not a bank deposit and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency entity or
person.
Performance
The bar chart
and the performance table below provide some indication of the risks of
investing in the Fund by showing changes in the Fund’s Class I shares’
performance from year to year and by showing how the Fund’s average annual
returns for 1 year and since the Fund’s inception compare with those of a broad
measure of market performance. The bar chart shows only the
performance of the Fund’s Class I shares. Returns for Class Z shares
would have been substantially similar to those of Class I shares and would
have differed only to the extent that Class I shares have higher total
annual fund operating expenses than Class Z shares. The Fund’s past
performance, before and after taxes, does not necessarily indicate how the Fund
will perform in the future. Current performance information is
available at www.destinationsfunds.com
or by calling 1-877-771-7979.
Annual Total Returns (%) as of
December 31, 2022
The Fund’s
best and worst calendar quarters
Best: 1.98% (December 31,
2021)
Worst: -5.91% (September 30,
2022)
The Fund’s Class I total return (pre-tax)
from January 1, 2023 to March 31,
2023 was 4.73%.
AVERAGE
ANNUAL TOTAL RETURNS
(For the periods ended December 31,
2022)
|
|
1 Year |
|
|
Since Inception (10/26/2021) |
|
Return
Before Taxes |
|
|
|
|
|
|
|
|
Class I
|
|
|
-15.98 |
% |
|
|
-12.19 |
% |
Class Z
|
|
|
-15.86 |
% |
|
|
-13.26 |
%* |
Return
After Taxes on Distributions |
|
|
|
|
|
|
|
|
Class I
|
|
|
-16.07 |
% |
|
|
-12.29 |
% |
Return
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
|
Class I
|
|
|
-9.39 |
% |
|
|
-9.26 |
% |
S&P
500 Index (reflects no deduction for
fees, expenses, or taxes) |
|
|
-18.11 |
% |
|
|
10.60 |
% |
|
|
|
|
|
|
|
|
|
The after-tax
returns are calculated using the highest historical individual federal marginal
income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns
depend on an individual investor’s tax situation and may differ from those
shown, and after-tax returns shown are not relevant to investors who hold their
Fund shares through tax- deferred arrangements, such as 401(k) plans or
individual retirement accounts. After tax returns are shown
only for Class I and will vary for Class Z.
In some cases, the return
after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of Fund shares at the end of the measurement
period.
Destinations
Shelter Fund (continued)
Investment
Adviser
Orion
Portfolio Solutions, LLC d.b.a. Brinker Capital Investments serves as the
investment adviser for the Fund. The Fund employs a “multi-manager” strategy.
The Adviser selects and oversees a professional money manager (the Sub-adviser),
which is responsible for investing a portion of the assets of the Fund as
allocated by the Adviser. The Adviser’s portfolio management team is jointly and
primarily responsible for overseeing the Sub-adviser and the Fund. Where more
than one person is listed with respect to the Sub-adviser, the sub-advisory team
is jointly and primarily responsible for the portion of the Fund’s assets
allocated to the Sub-adviser.
Portfolio
Manager |
|
Experience
with the Fund |
|
Title
with Adviser |
Brian
Storey, CFA |
|
2022 |
|
Head of
Destinations Portfolios |
Timothy
Holland, CFA |
|
2021 |
|
Senior
Portfolio Manager |
Rusty
Vanneman, CFA, CMT & BFA |
|
2023 |
|
Chief
Investment Officer & Senior Portfolio Manager |
Michael
Hadden, CFA |
|
2022 |
|
Senior
Portfolio Manager |
Andrew
Goins, CFA |
|
2023 |
|
Senior
Portfolio Manager |
|
|
|
|
|
Sub-adviser
and Portfolio Managers (Title) |
|
Fund’s Portfolio Manager Since |
Gateway
Investment Advisers, LLC |
|
|
Daniel
M. Ashcraft, Vice President, Portfolio Manager |
|
2021 |
Michael
T. Buckius, President, Chief Investment Officer |
|
2021 |
Kenneth
H. Toft, Senior Vice-President, Portfolio Manager |
|
2021 |
Mitchell
J. Trotta, Portfolio Manager |
|
2021 |
Michael
A. Dirr, Trader |
|
2022 |
For
important information about the Fund Shares, Tax Information and Payments to
Financial Intermediaries, please turn to page 64 of this
Prospectus.
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