Destinations Defensive Qualified March 31, 2018 Portfolio overview* Absolute return objective Low volatility and low correlation to equity markets Suited for investors with a timeframe of 1+ years Key statistics Inception date October 2009 Number of strategies 28 Yield 2.35% Internal expense ratio 0.89% Beta vs. S&P 500 (5 year) 0.13 Portfolio management team Jeff Raupp, CFA, Director of Investments 22 years industry experience BS University of Delaware MBA Villanova University Amy Magnotta, CFA, SVP, Head of Discretionary Portfolios 18 years industry experience BS Lehigh University Leigh Lowman, CFA, Investment Manager 13 years industry experience BA Wittenberg University The holdings supplied are a complete list as of 3/31/2018. Holdings are subject to change at any time. Allocations may not add to totals due to rounding fund allocation percentages and an approximate 1.0% allocation to cash. Beta: A measure of a portfolio s sensitivity to market movements, measured against S&P 500. Yield: The income return on an investment, such as the interest or dividends received from holding a particular security. Asset class breakdown Portfolio holdings Domestic Equity 5% International Equity 2% Fixed Income 64% Global Credit 13% Absolute Return 16% Real Assets 1% Domestic Equity (0%-16%) 5.27% Destinations Large Cap Equity Fund 5.27% BlackRock S&P 500 Index 1.53% T. Rowe Price Growth Stock 0.88% TCW Relative Value Dividend Appreciation 0.84% Delaware Value 0.77% Columbia Focused Large Cap Growth 0.76% Fort Washington Large Cap Focused Equity 0.48% International Equity (0%-8%) 1.94% Destinations International Equity Fund 1.94% T. Rowe Price International Growth 0.45% MFS International Value 0.37% Baron Emerging Markets 0.36% Wasatch International Micro Cap 0.34% ishares Core MSCI EAFE ETF 0.25% ishares Core MSCI Emerging Markets ETF 0.16% Fixed Income (50%-100%) 63.55% Destinations Core Fixed Income Fund 43.69% DoubleLine Total Return Tactical 27.19% BlackRock US Aggregate Index 16.50% Destinations Low Duration Fund 19.04% CrossingBridge Low Duration High Yield 11.03% DoubleLine Low Duration 5.11% ishares Core 1-5 Year USD Bond ETF 2.90% Global Credit (0%-30%) 12.52% Destinations Global Fixed Income Opps Fund 12.52% CrossingBridge Corporate Credit 6.20% DoubleLine Low Duration Emerging Markets 4.50% Nuveen Preferred Securities Opportunities 1.83% Absolute Return (0%-30%) 15.60% Destinations Multi Strategy Alternatives Fund 15.60% Driehaus Active Income 4.68% Driehaus Event Driven 3.03% RiverNorth Opportunities 2.45% Avenue Credit Strategies 2.23% JPMorgan Strategic Income Opportunities Fund 2.16% BrandywineGLOBAL Global Unconstrained Bond Fund 1.06% Real Assets (0%-10%) 1.12% Destinations Real Assets Fund 1.12% SailingStone Global Natural Resources 0.92% ishares Core US REIT ETF 0.20% * Represents the investment goals of the portfolio. There is no guarantee a portfolio will achieve its stated objectives.
Growth of $100,000 since inception $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 Sep-09 Nov-11 Dec-13 Feb-16 Mar-18 Ending values as of March 31, 2018 Strategy $129,810 Russell 3000 $298,441 ACWI ex US $165,697 Barclays Agg $131,177 HFRX $111,467 Annualized performance (trailing as of quarter-end) QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inc. Strategy -0.38% -0.38% 2.69% 1.84% 2.03% -- 3.12% Russell 3000-0.64% -0.64% 13.81% 10.22% 13.03% -- 13.73% ACWI ex US -1.08% -1.08% 17.05% 6.68% 6.37% -- 6.12% Barclays Agg -1.46% -1.46% 1.20% 1.20% 1.82% -- 3.24% HFRX -1.02% -1.02% 3.20% 0.51% 1.29% -- 1.29% Calendar year performance Standard deviation 1 Year 3 Year 5 Year Since Inc. 1.16% 2.01% 2.09% 2.31% 7.63% 10.21% 9.91% 12.36% 8.79% 12.31% 11.79% 14.67% 2.27% 2.65% 2.91% 2.82% 3.81% 3.92% 3.64% 3.97% 2010 2011 2012 2013 2014 2015 2016 2017 Strategy 5.95% 2.04% 6.29% 1.53% 3.22% -0.93% 3.67% 4.37% Russell 3000 16.93% 1.03% 16.42% 33.55% 12.56% 0.48% 12.74% 21.13% ACWI ex US 11.60% -13.33% 17.39% 15.78% -3.44% -5.25% 5.01% 27.77% Barclays Agg 6.54% 7.84% 4.21% -2.02% 5.97% 0.55% 2.65% 3.54% HFRX 5.19% -8.87% 3.51% 6.72% -0.58% -3.64% 2.50% 5.99% The chart reflects a hypothetical $100,000 investment made at inception with no additional trading and all dividends reinvested. Past performance is no guarantee of future results or trends. The performance returns provided for Destinations are composed of accounts that were open for the full period and are invested in mutual funds according to the asset allocation policy for the recommended Investment Strategy. Performance and standard deviation for periods greater than one year are annualized. Standard Deviation: A statistical measure of volatility indicates the risk associated with a return series. The lower the number the less volatility. Detailed information regarding the Investment Strategy composite is available upon request. The composite returns are based on actual market values and are weighted accordingly. All return calculations are in U.S. Dollars and include all paid and accrued dividends and interest as well as the reinvestment of dividends when applicable. Certain funds included in the performance information may no longer be available for purchase and may not be included in the recommended Investment Strategy. Brinker Capital may also determine to replace a fund due to a change in management or based upon Brinker Capital s evaluation of the fund s performance. Since Brinker Capital retains full discretion to add or replace mutual funds in which the account is invested and to change the allocation among such funds, the historical performance of the recommended Investment Strategy may reflect the performance of mutual funds which are no longer included in the recommended Investment Strategy. Furthermore, past performance of the funds included in the recommended Investment Strategy is not a guarantee of future results or trends. Returns are calculated gross (before the deduction) of advisory fees payable to Brinker Capital and any other expenses for services not covered by the advisory fee including administrative costs, which would reduce your return. Brinker Capital s fee does not include the internal management fees and operating expenses of mutual funds in which a client s account is invested, which are reflected in the performance information contained herein. Brinker Capital s fees are disclosed in Part 2A of its Form ADV. The net effect of the deduction of Brinker Capital s fees on annualized performance, including the compounded effect over time, is determined by the relative size of the fee and the account s investment performance. The chart in the bottom right depicts the effect of a 1% management fee on the growth of one dollar over a ten year period at 10% (9% after fees), 5% (4% after fees) and 3% (2% after fees) assumed rates of return. Looked at another way, $10,000.00 invested at 10% for ten years would grow to $25,937.42; at 9% it would grow to $23,673.64. As a strategist, Brinker Capital creates and updates a model portfolio utilizing various mutual funds, exchange traded funds or stocks and delivers the model portfolio to platforms for implementation. Your account may not contain certain securities due to their availability and substitute securities will be selected at Brinker Capital s discretion. All investments involve risk including loss of principal. Foreign securities involve additional risks, including foreign currency changes, political risks, foreign taxes, and different methods of accounting and financial reporting. Fixed income investments are subject to interest rate and credit risks. Alternative investment strategies are speculative, not suitable for all clients, and intended for experienced and sophisticated investors who are willing to bear the high economic risks of the investment. Mutual fund and exchange traded fund (ETF) performance information is based upon published performance of the mutual funds or ETFs, which must be calculated by the funds in accordance with rules and regulations promulgated by the Securities and Exchange Commission. Indices: Figures for the indices reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or expenses, which would reduce returns. Indices are unmanaged and an investor cannot invest directly in an index. Russell 3000: A market capitalization weighted equity index maintained by the Russell Investment Group that seeks to be a benchmark of the entire U.S. stock market. This index encompasses the 3,000 largest U.S.-traded stocks, in which the underlying companies are all incorporated in the U.S. MSCI All Country World Index Ex USA: A market-capitalization-weighted index maintained by MSCI Inc. and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI All Country World Index Ex-U.S. includes both developed and emerging markets. Bloomberg Barclays U.S. Aggregate: A market capitalization-weighted index, maintained by Bloomberg Barclays, and is often used to represent investment grade bonds being traded in United States. HFRX Global Hedge Fund Index (USD): An asset weighted index comprised of all eligible hedge fund strategies, designed to be representative of the overall composition of the hedge fund universe. Year 1 2 3 4 5 6 7 8 9 10 10% 1.10 1.21 1.33 1.46 1.61 1.77 1.95 2.14 2.36 2.59 9% 1.09 1.19 1.30 1.41 1.54 1.68 1.83 1.99 2.17 2.37 5% 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 4% 1.04 1.08 1.12 1.17 1.22 1.27 1.32 1.37 1.42 1.48 3% 1.03 1.06 1.09 1.13 1.16 1.19 1.23 1.27 1.30 1.34 2% 1.02 1.04 1.06 1.08 1.10 1.13 1.15 1.17 1.20 1.22 FS_DEST_DEF_Q
Destinations Defensive Taxable March 31, 2018 Portfolio overview* Absolute return objective Low volatility and low correlation to equity markets Suited for investors with a timeframe of 1+ years Key statistics Inception date October 2009 Number of strategies 29 Yield 1.67% Internal expense ratio 0.87% Beta vs. S&P 500 (5 year) 0.12 Portfolio management team Jeff Raupp, CFA, Director of Investments 22 years industry experience BS University of Delaware MBA Villanova University Amy Magnotta, CFA, SVP, Head of Discretionary Portfolios 18 years industry experience BS Lehigh University Leigh Lowman, CFA, Investment Manager 13 years industry experience BA Wittenberg University The holdings supplied are a complete list as of 3/31/2018. Holdings are subject to change at any time. Allocations may not add to totals due to rounding fund allocation percentages and an approximate 1.0% allocation to cash. Beta: A measure of a portfolio s sensitivity to market movements, measured against S&P 500. Yield: The income return on an investment, such as the interest or dividends received from holding a particular security. For assets invested in the Destinations Municipal Fixed Income Fund, Brinker Capital is contractually required to waive a portion of its advisory fee in order to keep the Fund's total annual operating expenses at the contracted expense ratio. In addition, Brinker Capital currently expects to voluntarily waive an extra portion of its advisory fee, as necessary, to keep the Fund s expected total annual operating expenses at or below 0.80%. As the Fund s assets increase, its fixed expenses will become a smaller percentage of the Fund s total assets and Brinker Capital will no longer have to continue to voluntarily waive this additional portion of its fee. This voluntary waiver applies only to the advisory fee and does not apply to any other direct or indirect expenses incurred by the Fund. Brinker Capital is under no obligation to continue to voluntarily waive this additional amount and may discontinue all or part of this voluntary waiver at any time. However, Brinker Capital's contractual waiver will remain in place at least until June 30, 2018. Asset class breakdown Portfolio holdings Domestic Equity 6% International Equity 2% Fixed Income 66% Global Credit 12% Absolute Return 13% Real Assets 1% Domestic Equity (0%-16%) 5.82% Destinations Large Cap Equity Fund 5.82% BlackRock S&P 500 Index 1.69% T. Rowe Price Growth Stock 0.98% TCW Relative Value Dividend Appreciation 0.93% Delaware Value 0.85% Columbia Focused Large Cap Growth 0.84% Fort Washington Large Cap Focused Equity 0.53% International Equity (0%-8%) 2.12% Destinations International Equity Fund 2.12% T. Rowe Price International Growth 0.49% MFS International Value 0.41% Baron Emerging Markets 0.39% Wasatch International Micro Cap 0.38% ishares Core MSCI EAFE ETF 0.28% ishares Core MSCI Emerging Markets ETF 0.17% Fixed Income (50%-100%) 65.81% Destinations Municipal Fixed Income Fund 41.41% Northern Trust Intermediate Municipal 41.41% Destinations Low Duration Fund 17.47% CrossingBridge Low Duration High Yield 10.13% DoubleLine Low Duration 4.69% ishares Core 1-5 Year USD Bond ETF 2.66% Destinations Core Fixed Income Fund 6.09% DoubleLine Total Return Tactical 3.79% BlackRock US Aggregate Index 2.30% Global Credit (0%-30%) 12.35% Destinations Global Fixed Income Opps Fund 12.35% CrossingBridge Corporate Credit 6.11% DoubleLine Low Duration Emerging Markets 4.44% Nuveen Preferred Securities Opportunities 1.80% Absolute Return (0%-30%) 12.78% Destinations Multi Strategy Alternatives Fund 12.78% Driehaus Active Income 3.83% Driehaus Event Driven 2.48% RiverNorth Opportunities 2.01% Avenue Credit Strategies 1.83% JPMorgan Strategic Income Opportunities Fund 1.77% BrandywineGLOBAL Global Unconstrained Bond Fund 0.87% Real Assets (0%-10%) 1.12% Destinations Real Assets Fund 1.12% SailingStone Global Natural Resources 0.92% ishares Core US REIT ETF 0.20% * Represents the investment goals of the portfolio. There is no guarantee a portfolio will achieve its stated objectives.
Growth of $100,000 since inception $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 Sep-09 Nov-11 Dec-13 Feb-16 Mar-18 Ending values as of March 31, 2018 Strategy $127,095 Russell 3000 $298,441 ACWI ex US $165,697 Barclays Muni $137,546 HFRX $111,467 Annualized performance (trailing as of quarter-end) QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inc. Strategy -0.39% -0.39% 2.51% 1.85% 2.16% -- 2.86% Russell 3000-0.64% -0.64% 13.81% 10.22% 13.03% -- 13.73% ACWI ex US -1.08% -1.08% 17.05% 6.68% 6.37% -- 6.12% Barclays Muni -1.11% -1.11% 2.66% 2.25% 2.73% -- 3.82% HFRX -1.02% -1.02% 3.20% 0.51% 1.29% -- 1.29% Calendar year performance Standard deviation 1 Year 3 Year 5 Year Since Inc. 1.15% 1.97% 2.07% 2.20% 7.63% 10.21% 9.91% 12.36% 8.79% 12.31% 11.79% 14.67% 2.67% 3.21% 3.55% 3.64% 3.81% 3.92% 3.64% 3.97% 2010 2011 2012 2013 2014 2015 2016 2017 Strategy 3.37% 3.78% 5.06% 1.29% 4.25% 0.06% 2.51% 4.29% Russell 3000 16.93% 1.03% 16.42% 33.55% 12.56% 0.48% 12.74% 21.13% ACWI ex US 11.60% -13.33% 17.39% 15.78% -3.44% -5.25% 5.01% 27.77% Barclays Muni 2.38% 10.70% 6.78% -2.55% 9.05% 3.30% 0.25% 5.45% HFRX 5.19% -8.87% 3.51% 6.72% -0.58% -3.64% 2.50% 5.99% The chart reflects a hypothetical $100,000 investment made at inception with no additional trading and all dividends reinvested. Past performance is no guarantee of future results or trends. The performance returns provided for Destinations are composed of accounts that were open for the full period and are invested in mutual funds according to the asset allocation policy for the recommended Investment Strategy. Performance and standard deviation for periods greater than one year are annualized. Standard Deviation: A statistical measure of volatility indicates the risk associated with a return series. The lower the number the less volatility. Detailed information regarding the Investment Strategy composite is available upon request. The composite returns are based on actual market values and are weighted accordingly. All return calculations are in U.S. Dollars and include all paid and accrued dividends and interest as well as the reinvestment of dividends when applicable. Certain funds included in the performance information may no longer be available for purchase and may not be included in the recommended Investment Strategy. Brinker Capital may also determine to replace a fund due to a change in management or based upon Brinker Capital s evaluation of the fund s performance. Since Brinker Capital retains full discretion to add or replace mutual funds in which the account is invested and to change the allocation among such funds, the historical performance of the recommended Investment Strategy may reflect the performance of mutual funds which are no longer included in the recommended Investment Strategy. Furthermore, past performance of the funds included in the recommended Investment Strategy is not a guarantee of future results or trends. Returns are calculated gross (before the deduction) of advisory fees payable to Brinker Capital and any other expenses for services not covered by the advisory fee including administrative costs, which would reduce your return. Brinker Capital s fee does not include the internal management fees and operating expenses of mutual funds in which a client s account is invested, which are reflected in the performance information contained herein. Brinker Capital s fees are disclosed in Part 2A of its Form ADV. The net effect of the deduction of Brinker Capital s fees on annualized performance, including the compounded effect over time, is determined by the relative size of the fee and the account s investment performance. The chart in the bottom right depicts the effect of a 1% management fee on the growth of one dollar over a ten year period at 10% (9% after fees), 5% (4% after fees) and 3% (2% after fees) assumed rates of return. Looked at another way, $10,000.00 invested at 10% for ten years would grow to $25,937.42; at 9% it would grow to $23,673.64. As a strategist, Brinker Capital creates and updates a model portfolio utilizing various mutual funds, exchange traded funds or stocks and delivers the model portfolio to platforms for implementation. Your account may not contain certain securities due to their availability and substitute securities will be selected at Brinker Capital s discretion. All investments involve risk including loss of principal. Foreign securities involve additional risks, including foreign currency changes, political risks, foreign taxes, and different methods of accounting and financial reporting. Fixed income investments are subject to interest rate and credit risks. Alternative investment strategies are speculative, not suitable for all clients, and intended for experienced and sophisticated investors who are willing to bear the high economic risks of the investment. Mutual fund and exchange traded fund (ETF) performance information is based upon published performance of the mutual funds or ETFs, which must be calculated by the funds in accordance with rules and regulations promulgated by the Securities and Exchange Commission. Indices: Figures for the indices reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or expenses, which would reduce returns. Indices are unmanaged and an investor cannot invest directly in an index. Russell 3000: A market capitalization weighted equity index maintained by the Russell Investment Group that seeks to be a benchmark of the entire U.S. stock market. This index encompasses the 3,000 largest U.S.-traded stocks, in which the underlying companies are all incorporated in the U.S. MSCI All Country World Index Ex USA: A market-capitalization-weighted index maintained by MSCI Inc. and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI All Country World Index Ex-U.S. includes both developed and emerging markets. Bloomberg Barclays U.S. Municipal Bond Index: A market-weighted index, maintained by Barclays Capital, used to represent the broad market for investment grade, tax-exempt bonds with a maturity of over one year. Such index will have different level of volatility than the actual investment portfolio. HFRX Global Hedge Fund Index (USD): An asset weighted index comprised of all eligible hedge fund strategies, designed to be representative of the overall composition of the hedge fund universe. Year 1 2 3 4 5 6 7 8 9 10 10% 1.10 1.21 1.33 1.46 1.61 1.77 1.95 2.14 2.36 2.59 9% 1.09 1.19 1.30 1.41 1.54 1.68 1.83 1.99 2.17 2.37 5% 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 4% 1.04 1.08 1.12 1.17 1.22 1.27 1.32 1.37 1.42 1.48 3% 1.03 1.06 1.09 1.13 1.16 1.19 1.23 1.27 1.30 1.34 2% 1.02 1.04 1.06 1.08 1.10 1.13 1.15 1.17 1.20 1.22 FS_DEST_DEF_T
Destinations Conservative Qualified March 31, 2018 Portfolio overview* Wealth preservation Strategic target of 30% growth assets and 70% stable assets Suitable for investors with a timeframe of 3+ years Key statistics Inception date June 1995 Number of strategies 33 Yield 1.87% Internal expense ratio 0.90% Beta vs. S&P 500 (5 year) 0.29 Portfolio management team Jeff Raupp, CFA, Director of Investments 22 years industry experience BS University of Delaware MBA Villanova University Amy Magnotta, CFA, SVP, Head of Discretionary Portfolios 18 years industry experience BS Lehigh University Leigh Lowman, CFA, Investment Manager 13 years industry experience BA Wittenberg University The holdings supplied are a complete list as of 3/31/2018. Holdings are subject to change at any time. Allocations may not add to totals due to rounding fund allocation percentages and an approximate 1.0% allocation to cash. Beta: A measure of a portfolio s sensitivity to market movements, measured against S&P 500. Yield: The income return on an investment, such as the interest or dividends received from holding a particular security. Asset class breakdown Portfolio holdings Domestic Equity 19% International Equity 7% Fixed Income 49% Global Credit 8% Absolute Return 15% Real Assets 2% Domestic Equity (13%-30%) 18.78% Destinations Large Cap Equity Fund 15.01% BlackRock S&P 500 Index 4.37% T. Rowe Price Growth Stock 2.52% TCW Relative Value Dividend Appreciation 2.39% Delaware Value 2.18% Columbia Focused Large Cap Growth 2.17% Fort Washington Large Cap Focused Equity 1.38% Destinations Small-Mid Cap Equity Fund 3.77% Ceredex Mid Cap Value 1.50% Driehaus Micro Cap Growth 0.77% LMCG Small Cap Value 0.68% ishares S&P Mid Cap ETF 0.46% ishares S&P Small Cap ETF 0.36% International Equity (5%-15%) 7.03% Destinations International Equity Fund 7.03% T. Rowe Price International Growth 1.63% MFS International Value 1.36% Baron Emerging Markets 1.30% Wasatch International Micro Cap 1.25% ishares Core MSCI EAFE ETF 0.92% ishares Core MSCI Emerging Markets ETF 0.57% Fixed Income (40%-80%) 49.22% Destinations Core Fixed Income Fund 42.76% DoubleLine Total Return Tactical 26.62% BlackRock US Aggregate Index 16.15% Destinations Low Duration Fund 5.64% CrossingBridge Low Duration High Yield 3.27% DoubleLine Low Duration 1.51% ishares Core 1-5 Year USD Bond ETF 0.86% Global Credit (0%-25%) 7.95% Destinations Global Fixed Income Opps Fund 7.95% CrossingBridge Corporate Credit 3.94% DoubleLine Low Duration Emerging Markets 2.86% Nuveen Preferred Securities Opportunities 1.16% Absolute Return (0%-25%) 14.67% Destinations Multi Strategy Alternatives Fund 14.67% Driehaus Active Income 4.40% Driehaus Event Driven 2.85% RiverNorth Opportunities 2.30% Avenue Credit Strategies 2.10% JPMorgan Strategic Income Opportunities Fund 2.03% BrandywineGLOBAL Global Unconstrained Bond Fund 0.99% Real Assets (0%-10%) 2.35% Destinations Real Assets Fund 2.35% SailingStone Global Natural Resources 1.93% ishares Core US REIT ETF 0.42% * Represents the investment goals of the portfolio. There is no guarantee a portfolio will achieve its stated objectives.
Growth of $100,000 over a 10 year period $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Ending values as of March 31, 2018 Strategy $143,675 Russell 3000 $250,604 ACWI ex US $136,652 Barclays Agg $142,845 HFRX $97,673 Annualized performance (trailing as of quarter-end) QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inc. Strategy -0.40% -0.40% 4.82% 3.29% 3.82% 3.69% 5.61% Russell 3000-0.64% -0.64% 13.81% 10.22% 13.03% 9.62% 9.44% ACWI ex US -1.08% -1.08% 17.05% 6.68% 6.37% 3.17% 5.96% Barclays Agg -1.46% -1.46% 1.20% 1.20% 1.82% 3.63% 5.19% HFRX -1.02% -1.02% 3.20% 0.51% 1.29% -0.24% -- Calendar year performance Standard deviation 1 Year 3 Year 5 Year Since Inc. 2.26% 3.45% 3.43% 5.73% 7.63% 10.21% 9.91% 14.91% 8.79% 12.31% 11.79% 16.57% 2.27% 2.65% 2.91% 3.40% 3.81% 3.92% 3.64% -- 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Strategy -19.72% 17.03% 8.79% 0.72% 9.06% 5.94% 4.30% -1.06% 5.22% 7.79% Russell 3000-37.31% 28.34% 16.93% 1.03% 16.42% 33.55% 12.56% 0.48% 12.74% 21.13% ACWI ex US -45.24% 42.14% 11.60% -13.33% 17.39% 15.78% -3.44% -5.25% 5.01% 27.77% Barclays Agg 5.24% 5.93% 6.54% 7.84% 4.21% -2.02% 5.97% 0.55% 2.65% 3.54% HFRX -23.25% 13.40% 5.19% -8.87% 3.51% 6.72% -0.58% -3.64% 2.50% 5.99% The chart reflects a hypothetical $100,000 investment made at inception with no additional trading and all dividends reinvested. Past performance is no guarantee of future results or trends. The performance returns provided for Destinations are composed of accounts that were open for the full period and are invested in mutual funds according to the asset allocation policy for the recommended Investment Strategy. Performance and standard deviation for periods greater than one year are annualized. Standard Deviation: A statistical measure of volatility indicates the risk associated with a return series. The lower the number the less volatility. Detailed information regarding the Investment Strategy composite is available upon request. The composite returns are based on actual market values and are weighted accordingly. All return calculations are in U.S. Dollars and include all paid and accrued dividends and interest as well as the reinvestment of dividends when applicable. Certain funds included in the performance information may no longer be available for purchase and may not be included in the recommended Investment Strategy. Brinker Capital may also determine to replace a fund due to a change in management or based upon Brinker Capital s evaluation of the fund s performance. Since Brinker Capital retains full discretion to add or replace mutual funds in which the account is invested and to change the allocation among such funds, the historical performance of the recommended Investment Strategy may reflect the performance of mutual funds which are no longer included in the recommended Investment Strategy. Furthermore, past performance of the funds included in the recommended Investment Strategy is not a guarantee of future results or trends. Returns are calculated gross (before the deduction) of advisory fees payable to Brinker Capital and any other expenses for services not covered by the advisory fee including administrative costs, which would reduce your return. Brinker Capital s fee does not include the internal management fees and operating expenses of mutual funds in which a client s account is invested, which are reflected in the performance information contained herein. Brinker Capital s fees are disclosed in Part 2A of its Form ADV. The net effect of the deduction of Brinker Capital s fees on annualized performance, including the compounded effect over time, is determined by the relative size of the fee and the account s investment performance. The chart in the bottom right depicts the effect of a 1% management fee on the growth of one dollar over a ten year period at 10% (9% after fees), 5% (4% after fees) and 3% (2% after fees) assumed rates of return. Looked at another way, $10,000.00 invested at 10% for ten years would grow to $25,937.42; at 9% it would grow to $23,673.64. As a strategist, Brinker Capital creates and updates a model portfolio utilizing various mutual funds, exchange traded funds or stocks and delivers the model portfolio to platforms for implementation. Your account may not contain certain securities due to their availability and substitute securities will be selected at Brinker Capital s discretion. All investments involve risk including loss of principal. Foreign securities involve additional risks, including foreign currency changes, political risks, foreign taxes, and different methods of accounting and financial reporting. Fixed income investments are subject to interest rate and credit risks. Alternative investment strategies are speculative, not suitable for all clients, and intended for experienced and sophisticated investors who are willing to bear the high economic risks of the investment. Mutual fund and exchange traded fund (ETF) performance information is based upon published performance of the mutual funds or ETFs, which must be calculated by the funds in accordance with rules and regulations promulgated by the Securities and Exchange Commission. Indices: Figures for the indices reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or expenses, which would reduce returns. Indices are unmanaged and an investor cannot invest directly in an index. Russell 3000: A market capitalization weighted equity index maintained by the Russell Investment Group that seeks to be a benchmark of the entire U.S. stock market. This index encompasses the 3,000 largest U.S.-traded stocks, in which the underlying companies are all incorporated in the U.S. MSCI All Country World Index Ex USA: A market-capitalization-weighted index maintained by MSCI Inc. and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI All Country World Index Ex-U.S. includes both developed and emerging markets. Bloomberg Barclays U.S. Aggregate: A market capitalization-weighted index, maintained by Bloomberg Barclays, and is often used to represent investment grade bonds being traded in United States. HFRX Global Hedge Fund Index (USD): An asset weighted index comprised of all eligible hedge fund strategies, designed to be representative of the overall composition of the hedge fund universe. Year 1 2 3 4 5 6 7 8 9 10 10% 1.10 1.21 1.33 1.46 1.61 1.77 1.95 2.14 2.36 2.59 9% 1.09 1.19 1.30 1.41 1.54 1.68 1.83 1.99 2.17 2.37 5% 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 4% 1.04 1.08 1.12 1.17 1.22 1.27 1.32 1.37 1.42 1.48 3% 1.03 1.06 1.09 1.13 1.16 1.19 1.23 1.27 1.30 1.34 2% 1.02 1.04 1.06 1.08 1.10 1.13 1.15 1.17 1.20 1.22 FS_DEST_CONS_Q
Destinations Conservative Taxable March 31, 2018 Portfolio overview* Wealth preservation Strategic target of 30% growth assets and 70% stable assets Suitable for investors with a timeframe of 3+ years Key statistics Inception date January 1995 Number of strategies 34 Yield 1.04% Internal expense ratio 0.86% Beta vs. S&P 500 (5 year) 0.27 Portfolio management team Jeff Raupp, CFA, Director of Investments 22 years industry experience BS University of Delaware MBA Villanova University Amy Magnotta, CFA, SVP, Head of Discretionary Portfolios 18 years industry experience BS Lehigh University Leigh Lowman, CFA, Investment Manager 13 years industry experience BA Wittenberg University The holdings supplied are a complete list as of 3/31/2018. Holdings are subject to change at any time. Allocations may not add to totals due to rounding fund allocation percentages and an approximate 1.0% allocation to cash. Beta: A measure of a portfolio s sensitivity to market movements, measured against S&P 500. Yield: The income return on an investment, such as the interest or dividends received from holding a particular security. For assets invested in the Destinations Municipal Fixed Income Fund, Brinker Capital is contractually required to waive a portion of its advisory fee in order to keep the Fund's total annual operating expenses at the contracted expense ratio. In addition, Brinker Capital currently expects to voluntarily waive an extra portion of its advisory fee, as necessary, to keep the Fund s expected total annual operating expenses at or below 0.80%. As the Fund s assets increase, its fixed expenses will become a smaller percentage of the Fund s total assets and Brinker Capital will no longer have to continue to voluntarily waive this additional portion of its fee. This voluntary waiver applies only to the advisory fee and does not apply to any other direct or indirect expenses incurred by the Fund. Brinker Capital is under no obligation to continue to voluntarily waive this additional amount and may discontinue all or part of this voluntary waiver at any time. However, Brinker Capital's contractual waiver will remain in place at least until June 30, 2018. Asset class breakdown Portfolio holdings Domestic Equity 20% International Equity 7% Fixed Income 55% Global Credit 5% Absolute Return 10% Real Assets 2% Domestic Equity (13%-30%) 19.66% Destinations Large Cap Equity Fund 15.72% BlackRock S&P 500 Index 4.57% T. Rowe Price Growth Stock 2.64% TCW Relative Value Dividend Appreciation 2.50% Delaware Value 2.28% Columbia Focused Large Cap Growth 2.28% Fort Washington Large Cap Focused Equity 1.44% Destinations Small-Mid Cap Equity Fund 3.94% Ceredex Mid Cap Value 1.57% Driehaus Micro Cap Growth 0.80% LMCG Small Cap Value 0.71% ishares S&P Mid Cap ETF 0.48% ishares S&P Small Cap ETF 0.38% International Equity (5%-15%) 7.35% Destinations International Equity Fund 7.35% T. Rowe Price International Growth 1.71% MFS International Value 1.42% Baron Emerging Markets 1.36% Wasatch International Micro Cap 1.31% ishares Core MSCI EAFE ETF 0.96% ishares Core MSCI Emerging Markets ETF 0.60% Fixed Income (40%-80%) 55.49% Destinations Municipal Fixed Income Fund 47.86% Northern Trust Intermediate Municipal 47.86% Destinations Low Duration Fund 3.68% CrossingBridge Low Duration High Yield 2.13% DoubleLine Low Duration 0.99% ishares Core 1-5 Year USD Bond ETF 0.56% Destinations Core Fixed Income Fund 3.12% DoubleLine Total Return Tactical 1.94% BlackRock US Aggregate Index 1.18% Global Credit (0%-25%) 5.03% Destinations Global Fixed Income Opps Fund 5.03% CrossingBridge Corporate Credit 2.49% DoubleLine Low Duration Emerging Markets 1.81% Nuveen Preferred Securities Opportunities 0.73% Absolute Return (0%-25%) 10.12% Destinations Multi Strategy Alternatives Fund 10.12% Driehaus Active Income 3.03% Driehaus Event Driven 1.96% RiverNorth Opportunities 1.59% Avenue Credit Strategies 1.45% JPMorgan Strategic Income Opportunities Fund 1.40% BrandywineGLOBAL Global Unconstrained Bond Fund 0.69% Real Assets (0%-10%) 2.35% Destinations Real Assets Fund 2.35% SailingStone Global Natural Resources 1.93% ishares Core US REIT ETF 0.42% * Represents the investment goals of the portfolio. There is no guarantee a portfolio will achieve its stated objectives.
Growth of $100,000 over a 10 year period $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Ending values as of March 31, 2018 Strategy $147,297 Russell 3000 $250,604 ACWI ex US $136,652 Barclays Muni $153,871 HFRX $97,673 Annualized performance (trailing as of quarter-end) QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inc. Strategy -0.42% -0.42% 5.13% 3.46% 4.09% 3.95% 5.82% Russell 3000-0.64% -0.64% 13.81% 10.22% 13.03% 9.62% 9.96% ACWI ex US -1.08% -1.08% 17.05% 6.68% 6.37% 3.17% 6.02% Barclays Muni -1.11% -1.11% 2.66% 2.25% 2.73% 4.40% 5.39% HFRX -1.02% -1.02% 3.20% 0.51% 1.29% -0.24% -- Calendar year performance Standard deviation 1 Year 3 Year 5 Year Since Inc. 2.33% 3.31% 3.38% 5.36% 7.63% 10.21% 9.91% 14.82% 8.79% 12.31% 11.79% 16.51% 2.67% 3.21% 3.55% 4.09% 3.81% 3.92% 3.64% -- 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Strategy -17.13% 17.38% 6.27% 2.45% 7.92% 5.49% 5.73% 0.25% 3.64% 8.32% Russell 3000-37.31% 28.34% 16.93% 1.03% 16.42% 33.55% 12.56% 0.48% 12.74% 21.13% ACWI ex US -45.24% 42.14% 11.60% -13.33% 17.39% 15.78% -3.44% -5.25% 5.01% 27.77% Barclays Muni -2.47% 12.91% 2.38% 10.70% 6.78% -2.55% 9.05% 3.30% 0.25% 5.45% HFRX -23.25% 13.40% 5.19% -8.87% 3.51% 6.72% -0.58% -3.64% 2.50% 5.99% The chart reflects a hypothetical $100,000 investment made at inception with no additional trading and all dividends reinvested. Past performance is no guarantee of future results or trends. The performance returns provided for Destinations are composed of accounts that were open for the full period and are invested in mutual funds according to the asset allocation policy for the recommended Investment Strategy. Performance and standard deviation for periods greater than one year are annualized. Standard Deviation: A statistical measure of volatility indicates the risk associated with a return series. The lower the number the less volatility. Detailed information regarding the Investment Strategy composite is available upon request. The composite returns are based on actual market values and are weighted accordingly. All return calculations are in U.S. Dollars and include all paid and accrued dividends and interest as well as the reinvestment of dividends when applicable. Certain funds included in the performance information may no longer be available for purchase and may not be included in the recommended Investment Strategy. Brinker Capital may also determine to replace a fund due to a change in management or based upon Brinker Capital s evaluation of the fund s performance. Since Brinker Capital retains full discretion to add or replace mutual funds in which the account is invested and to change the allocation among such funds, the historical performance of the recommended Investment Strategy may reflect the performance of mutual funds which are no longer included in the recommended Investment Strategy. Furthermore, past performance of the funds included in the recommended Investment Strategy is not a guarantee of future results or trends. Returns are calculated gross (before the deduction) of advisory fees payable to Brinker Capital and any other expenses for services not covered by the advisory fee including administrative costs, which would reduce your return. Brinker Capital s fee does not include the internal management fees and operating expenses of mutual funds in which a client s account is invested, which are reflected in the performance information contained herein. Brinker Capital s fees are disclosed in Part 2A of its Form ADV. The net effect of the deduction of Brinker Capital s fees on annualized performance, including the compounded effect over time, is determined by the relative size of the fee and the account s investment performance. The chart in the bottom right depicts the effect of a 1% management fee on the growth of one dollar over a ten year period at 10% (9% after fees), 5% (4% after fees) and 3% (2% after fees) assumed rates of return. Looked at another way, $10,000.00 invested at 10% for ten years would grow to $25,937.42; at 9% it would grow to $23,673.64. As a strategist, Brinker Capital creates and updates a model portfolio utilizing various mutual funds, exchange traded funds or stocks and delivers the model portfolio to platforms for implementation. Your account may not contain certain securities due to their availability and substitute securities will be selected at Brinker Capital s discretion. All investments involve risk including loss of principal. Foreign securities involve additional risks, including foreign currency changes, political risks, foreign taxes, and different methods of accounting and financial reporting. Fixed income investments are subject to interest rate and credit risks. Alternative investment strategies are speculative, not suitable for all clients, and intended for experienced and sophisticated investors who are willing to bear the high economic risks of the investment. Mutual fund and exchange traded fund (ETF) performance information is based upon published performance of the mutual funds or ETFs, which must be calculated by the funds in accordance with rules and regulations promulgated by the Securities and Exchange Commission. Indices: Figures for the indices reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or expenses, which would reduce returns. Indices are unmanaged and an investor cannot invest directly in an index. Russell 3000: A market capitalization weighted equity index maintained by the Russell Investment Group that seeks to be a benchmark of the entire U.S. stock market. This index encompasses the 3,000 largest U.S.-traded stocks, in which the underlying companies are all incorporated in the U.S. MSCI All Country World Index Ex USA: A market-capitalization-weighted index maintained by MSCI Inc. and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI All Country World Index Ex-U.S. includes both developed and emerging markets. Bloomberg Barclays U.S. Municipal Bond Index: A market-weighted index, maintained by Barclays Capital, used to represent the broad market for investment grade, tax-exempt bonds with a maturity of over one year. Such index will have different level of volatility than the actual investment portfolio. HFRX Global Hedge Fund Index (USD): An asset weighted index comprised of all eligible hedge fund strategies, designed to be representative of the overall composition of the hedge fund universe. Year 1 2 3 4 5 6 7 8 9 10 10% 1.10 1.21 1.33 1.46 1.61 1.77 1.95 2.14 2.36 2.59 9% 1.09 1.19 1.30 1.41 1.54 1.68 1.83 1.99 2.17 2.37 5% 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 4% 1.04 1.08 1.12 1.17 1.22 1.27 1.32 1.37 1.42 1.48 3% 1.03 1.06 1.09 1.13 1.16 1.19 1.23 1.27 1.30 1.34 2% 1.02 1.04 1.06 1.08 1.10 1.13 1.15 1.17 1.20 1.22 FS_DEST_CONS_T
Destinations Diversified Income Qualified March 31, 2018 Portfolio overview* Maintains a strategic target allocation of 30% growth assets and 70% stable assets Target yield is within the range of Treasury bills +2-4% Investors should have an investment timeframe of at least 3 years Key statistics Inception date November 2011 Number of strategies 31 Yield 2.48% Internal expense ratio 0.91% Beta vs. S&P 500 (5 year) 0.16 Portfolio management team Jeff Raupp, CFA, Director of Investments 22 years industry experience BS University of Delaware MBA Villanova University Amy Magnotta, CFA, SVP, Head of Discretionary Portfolios 18 years industry experience BS Lehigh University Leigh Lowman, CFA, Investment Manager 13 years industry experience BA Wittenberg University The holdings supplied are a complete list as of 3/31/2018. Holdings are subject to change at any time. Allocations may not add to totals due to rounding fund allocation percentages and an approximate 1.0% allocation to cash. Beta: A measure of a portfolio s sensitivity to market movements, measured against S&P 500. Yield: The income return on an investment, such as the interest or dividends received from holding a particular security. The performance returns provided prior to 7/1/17 is that of both qualified and taxable accounts that were open for the full period of Diversified Income. Those accounts may have been invested in mutual funds, exchange-traded funds and individual securities, according to the asset allocation policy for Diversified Income. As of 8/01/16, Brinker Capital no longer invested in individual securities within Diversified Income and as of 7/10/17, will only invest in mutual funds within the strategy. There has been no change in the investment philosophy and objective of Diversified Income during this period. Asset class breakdown Portfolio holdings Domestic Equity 19% International Equity 6% Fixed Income 40% Global Credit 20% Absolute Return 11% Real Assets 3% Domestic Equity (9%-30%) 19.33% Destinations Equity Income Fund 16.71% Columbia Dividend Opportunity 7.07% Federated Strategic Value Dividend 6.44% ishares Core High Dividend ETF 3.20% Destinations Large Cap Equity Fund 2.62% BlackRock S&P 500 Index 0.76% T. Rowe Price Growth Stock 0.44% TCW Relative Value Dividend Appreciation 0.42% Delaware Value 0.38% Columbia Focused Large Cap Growth 0.38% Fort Washington Large Cap Focused Equity 0.24% International Equity (3%-15%) 6.00% Destinations International Equity Fund 6.00% T. Rowe Price International Growth 1.39% MFS International Value 1.16% Baron Emerging Markets 1.11% Wasatch International Micro Cap 1.07% ishares Core MSCI EAFE ETF 0.79% ishares Core MSCI Emerging Markets ETF 0.49% Fixed Income (35%-85%) 39.89% Destinations Core Fixed Income Fund 29.41% DoubleLine Total Return Tactical 18.30% BlackRock US Aggregate Index 11.10% Destinations Low Duration Fund 9.65% CrossingBridge Low Duration High Yield 5.59% DoubleLine Low Duration 2.59% ishares Core 1-5 Year USD Bond ETF 1.47% Global Credit (0%-30%) 20.24% Destinations Global Fixed Income Opps Fund 20.24% CrossingBridge Corporate Credit 10.02% DoubleLine Low Duration Emerging Markets 7.27% Nuveen Preferred Securities Opportunities 2.95% Absolute Return (0%-25%) 11.19% Destinations Multi Strategy Alternatives Fund 11.19% Driehaus Active Income 3.35% Driehaus Event Driven 2.17% RiverNorth Opportunities 1.76% Avenue Credit Strategies 1.60% JPMorgan Strategic Income Opportunities Fund 1.55% BrandywineGLOBAL Global Unconstrained Bond Fund 0.76% Real Assets (0%-20%) 3.35% Destinations Real Assets Fund 3.35% SailingStone Global Natural Resources 2.75% ishares Core US REIT ETF 0.60% * Represents the investment goals of the portfolio. There is no guarantee a portfolio will achieve its stated objectives.
Growth of $100,000 since inception $280,000 $260,000 $240,000 $220,000 $200,000 $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 Oct-11 May-13 Jan-15 Aug-16 Mar-18 Ending values as of March 31, 2018 Strategy $125,203 Russell 3000 $239,878 ACWI ex US $154,938 Barclays Agg $115,091 HFRX $112,354 Annualized performance (trailing as of quarter-end) QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inc. Strategy -1.34% -1.34% 3.76% 0.56% 2.06% -- 3.56% Russell 3000-0.64% -0.64% 13.81% 10.22% 13.03% -- 14.61% ACWI ex US -1.08% -1.08% 17.05% 6.68% 6.37% -- 7.06% Barclays Agg -1.46% -1.46% 1.20% 1.20% 1.82% -- 2.21% HFRX -1.02% -1.02% 3.20% 0.51% 1.29% -- 1.83% Calendar year performance Standard deviation 1 Year 3 Year 5 Year Since Inc. 2.56% 3.12% 3.09% 3.50% 7.63% 10.21% 9.91% 9.88% 8.79% 12.31% 11.79% 12.54% 2.27% 2.65% 2.91% 2.74% 3.81% 3.92% 3.64% 3.54% 2012 2013 2014 2015 2016 2017 Strategy 8.37% 7.59% 3.40% -4.37% 1.79% 7.34% Russell 3000 16.42% 33.55% 12.56% 0.48% 12.74% 21.13% ACWI ex US 17.39% 15.78% -3.44% -5.25% 5.01% 27.77% Barclays Agg 4.21% -2.02% 5.97% 0.55% 2.65% 3.54% HFRX 3.51% 6.72% -0.58% -3.64% 2.50% 5.99% The chart reflects a hypothetical $100,000 investment made at inception with no additional trading and all dividends reinvested. Past performance is no guarantee of future results or trends. The performance returns provided for Destinations are composed of accounts that were open for the full period and are invested in mutual funds according to the asset allocation policy for the recommended Investment Strategy. Performance and standard deviation for periods greater than one year are annualized. Standard Deviation: A statistical measure of volatility indicates the risk associated with a return series. The lower the number the less volatility. Detailed information regarding the Investment Strategy composite is available upon request. The composite returns are based on actual market values and are weighted accordingly. All return calculations are in U.S. Dollars and include all paid and accrued dividends and interest as well as the reinvestment of dividends when applicable. Certain funds included in the performance information may no longer be available for purchase and may not be included in the recommended Investment Strategy. Brinker Capital may also determine to replace a fund due to a change in management or based upon Brinker Capital s evaluation of the fund s performance. Since Brinker Capital retains full discretion to add or replace mutual funds in which the account is invested and to change the allocation among such funds, the historical performance of the recommended Investment Strategy may reflect the performance of mutual funds which are no longer included in the recommended Investment Strategy. Furthermore, past performance of the funds included in the recommended Investment Strategy is not a guarantee of future results or trends. Returns are calculated gross (before the deduction) of advisory fees payable to Brinker Capital and any other expenses for services not covered by the advisory fee including administrative costs, which would reduce your return. Brinker Capital s fee does not include the internal management fees and operating expenses of mutual funds in which a client s account is invested, which are reflected in the performance information contained herein. Brinker Capital s fees are disclosed in Part 2A of its Form ADV. The net effect of the deduction of Brinker Capital s fees on annualized performance, including the compounded effect over time, is determined by the relative size of the fee and the account s investment performance. The chart in the bottom right depicts the effect of a 1% management fee on the growth of one dollar over a ten year period at 10% (9% after fees), 5% (4% after fees) and 3% (2% after fees) assumed rates of return. Looked at another way, $10,000.00 invested at 10% for ten years would grow to $25,937.42; at 9% it would grow to $23,673.64. As a strategist, Brinker Capital creates and updates a model portfolio utilizing various mutual funds, exchange traded funds or stocks and delivers the model portfolio to platforms for implementation. Your account may not contain certain securities due to their availability and substitute securities will be selected at Brinker Capital s discretion. All investments involve risk including loss of principal. Foreign securities involve additional risks, including foreign currency changes, political risks, foreign taxes, and different methods of accounting and financial reporting. Fixed income investments are subject to interest rate and credit risks. Alternative investment strategies are speculative, not suitable for all clients, and intended for experienced and sophisticated investors who are willing to bear the high economic risks of the investment. Mutual fund and exchange traded fund (ETF) performance information is based upon published performance of the mutual funds or ETFs, which must be calculated by the funds in accordance with rules and regulations promulgated by the Securities and Exchange Commission. Indices: Figures for the indices reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or expenses, which would reduce returns. Indices are unmanaged and an investor cannot invest directly in an index. Russell 3000: A market capitalization weighted equity index maintained by the Russell Investment Group that seeks to be a benchmark of the entire U.S. stock market. This index encompasses the 3,000 largest U.S.-traded stocks, in which the underlying companies are all incorporated in the U.S. MSCI All Country World Index Ex USA: A market-capitalization-weighted index maintained by MSCI Inc. and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI All Country World Index Ex-U.S. includes both developed and emerging markets. Bloomberg Barclays U.S. Aggregate: A market capitalization-weighted index, maintained by Bloomberg Barclays, and is often used to represent investment grade bonds being traded in United States. HFRX Global Hedge Fund Index (USD): An asset weighted index comprised of all eligible hedge fund strategies, designed to be representative of the overall composition of the hedge fund universe. Year 1 2 3 4 5 6 7 8 9 10 10% 1.10 1.21 1.33 1.46 1.61 1.77 1.95 2.14 2.36 2.59 9% 1.09 1.19 1.30 1.41 1.54 1.68 1.83 1.99 2.17 2.37 5% 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 4% 1.04 1.08 1.12 1.17 1.22 1.27 1.32 1.37 1.42 1.48 3% 1.03 1.06 1.09 1.13 1.16 1.19 1.23 1.27 1.30 1.34 2% 1.02 1.04 1.06 1.08 1.10 1.13 1.15 1.17 1.20 1.22 FS_DEST_DI_Q