Brinker Capital June 2014 commentary/results.

1. Destinations Portfolios
Markets continued to grind higher in the second quarter, with
the S&P 500 gaining +5.2%, small caps (Russell 2000) up +2.1%,
international developed markets (MSCI EAFE) up +4.3%, Emerg-
ing Markets up +6.7% and fixed income (Barclays Aggregate) up
+2.0%. The S&P 500 is now up over +7% year to date, and up
nearly 20% since investor sentiment levels became elevated in
September 2013. While elevated sentiment is a negative market
indicator in our eyes, absent a catalyst the market can often
plow through. We remain cautiously optimistic, translating into
an overweight to overall risk across portfolios, primarily in
moderate to aggressive strategies.
Traditional Strategies Recap
Because of the strong performance of global equity markets
in the second quarter, Destinations investors were rewarded
for taking risk. Aggressive Equity, which gained +4.1%, was
the top performing strategy. However, all strategies produced
solid gains, with Conservative up +2.6% and Moderate up
+3.3%. Year to date returns for all portfolios are within a tight
band of +4.1% (Conservative) to +5.2% (Aggressive Equity).
Positive contributors to performance during the quarter:
Overweight to risk
Allocation to global natural resources
Focus on yield-advantaged fixed income
Performance detractors included:
Domestic equity manager selection, particularly the growth
side
Emphasis on absolute return in lieu of fixed income
Specialty Strategies Recap
Defensive gained +1.9% in the second quarter and has gained
+5.2% over the last 12 months, in line with its stated objec-
tives. Positive contributors for the quarter were our focus on
yield advantaged fixed income, as well as a meaningful alloca-
tion to equity-oriented strategies and closed-end funds. Our
low volatility absolute return allocation was a detractor, as
those strategies delivered slightly positive returns, but lagged
pure fixed income.
Balanced Income has been our best performing strategy so
far in 2014, gaining +4.1% in the second quarter and +6.7%
year to date. The strategy’s value and income biases played
well during the quarter helped by strong performance high
dividend and preferred REIT strategies. On the fixed income
side, meaningful allocations to US and emerging market credit
were also positives. Our low volatility absolute return alloca-
tion was a detractor, as those strategies delivered slightly
positive returns, but lagged pure fixed income.
Current Positioning Summary
AllocationDecision Current Bias
Overall Risk Overweight
Global Equity Overweight U.S. versus international
U.S. Equity
Overweight large cap at the expense of small cap;
growth bias; equity income allocation
Int’l Equity
Underweight developed; EM overweight concentrated
in frontier markets
Fixed Income Emphasize MBS, global credit, short duration
Absolute Return Creditorientedstrategies,closed-endfunds,eventdriven
Real Assets Global natural resource equities
Private Equity
Listed private equity allocation in moderate to
aggressive strategies
MONTHLY COMMENTARY
PORTFOLIO REVIEW
JUNE 2014
For use with advisors and investors in a one-on-one setting Brinker Capital Inc., A Registered Investment AdvisorBrinkerCapital.com 800.333.4573
Assetallocationdoesnotassureaprofitorprotectionagainstloss.Investinginanyinvestmentvehiclecarriesrisk,includingthepossiblelossofprincipal,andtherecanbenoassurancethatanyinvestmentstrategywillprovidepositive
performanceoveraperiodoftime.Theassetclassesand/orinvestmentstrategiesdescribedinthispublicationmaynotbesuitableforallinvestors.Investmentdecisionsshouldbemadebasedontheinvestor’sspecificfinancialneeds
andobjectives,goals,timehorizon,taxliability,andrisktolerance.Wheninvestinginmanagedaccountsandwrapaccounts,theremaybeadditionalfeesandexpensesaddedontothefeesoftheunderlyinginvestmentproducts.

2. PORTFOLIO PERFORMANCE
Past performance does not guarantee future results. Returns are based on actual market values and are weighted accordingly. The returns assume reinvestment of dividends or any earnings. Time
periods were selected by Brinker Capital and are shown for illustrative purposes only. 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. 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 to the 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.
JUNE 2014
For use with advisors and investors in a one-on-one setting Brinker Capital Inc., A Registered Investment AdvisorBrinkerCapital.com 800.333.4573
Destinations Portfolios
June QTD YTD 1 Year 3 Year 5 Year 7 Year 10 Year
Since
Inception
5 Year
Std Dev
Conservative Taxable 0.64% 2.64% 4.63% 9.57% 5.58% 7.38% 3.66% 5.05% 6.30% (01-95) 4.85%
Conservative Qualified 0.78% 2.57% 4.06% 9.09% 5.43% 7.85% 3.38% 5.02% 6.11% (06-95) 4.96%
Moderately Conservative Taxable 0.89% 2.90% 4.78% 11.77% 6.75% 8.82% 3.94% 5.56% 6.72% (02-95) 6.23%
Moderately Conservative Qualified 1.01% 2.83% 4.29% 11.34% 6.58% 9.15% 3.69% 5.51% 6.79% (02-95) 6.43%
Moderate Taxable 1.46% 3.31% 4.98% 15.87% 8.57% 11.44% 4.06% 6.25% 7.54% (03-95) 9.17%
Moderate Qualified 1.53% 3.25% 4.67% 15.58% 8.50% 11.79% 4.16% 6.37% 7.80% (01-95) 9.39%
Moderately Aggressive Taxable 1.68% 3.54% 5.05% 17.76% 9.55% 12.70% 4.13% 6.58% 7.51% (04-95) 10.60%
Moderately Aggressive Qualified 1.74% 3.50% 4.90% 17.63% 9.49% 12.92% 4.23% 6.71% 7.75% (01-95) 10.78%
Aggressive Taxable 1.95% 3.76% 5.08% 19.60% 10.54% 14.00% 4.13% 6.86% 7.32% (07-95) 12.09%
Aggressive Qualified 1.98% 3.74% 5.02% 19.59% 10.49% 14.08% 4.22% 6.95% 8.05% (01-95) 12.21%
Aggressive Equity Taxable 2.23% 4.09% 5.15% 22.81% 12.32% 16.07% 4.15% 7.22% 6.55% (01-97) 14.26%
Aggressive Equity Qualified 2.23% 4.09% 5.15% 22.81% 12.32% 16.07% 4.22% 7.27% 6.58% (01-97) 14.26%
Specialized Strategies
Conservative Government Focused -0.01% 0.87% 1.41% 1.48% 0.91% 1.55% n/a n/a 1.83% (11-08) 1.42%
Defensive Taxable 0.47% 1.96% 3.60% 5.41% 3.60% n/a n/a n/a 3.65% (10-09) n/a
Defensive Qualified 0.57% 1.91% 3.25% 5.24% 3.49% n/a n/a n/a 4.20% (10-09) n/a
Balanced Income Taxable 1.10% 4.20% 6.75% 13.13% 8.84% 11.62% 4.10% n/a 5.16% (08-06) 6.85%
Balanced Income Qualified 1.15% 4.12% 6.56% 13.02% 8.82% 11.94% 4.09% 6.17% 6.17% (07-04) 6.93%
Major Market Indices
S&P 500 2.07% 5.23% 7.14% 24.61% 16.58% 18.83% 6.16% 7.78% 13.29%
MSCI All Country World Index ex USA 1.72% 5.25% 5.89% 22.27% 6.21% 11.59% 1.73% 8.22% 16.73%
Barclays US Aggregate 0.05% 2.04% 3.93% 4.37% 3.66% 4.85% 5.35% 4.93% 2.83%
Lipper Intermediate Municipal -0.05% 1.97% 4.30% 4.94% 4.19% 4.85% 4.35% 4.03% 3.61%
HFRX Global Hedge Fund 0.93% 0.64% 1.76% 5.28% 1.53% 2.97% -1.20% 1.22% 4.13%
DJUBSCommodityIndex 0.60% 0.08% 7.08% 8.21% -5.17% 1.99% -2.69% 0.87% 14.89%
FTSE/EPRA NAREIT Global Real Estate 1.36% 7.88% 12.21% 14.38% 10.19% 17.41% 2.01% 9.12% 16.52%
Red Rocks Listed Private Equity 3.17% 2.05% 4.69% 27.81% 13.10% 21.31% 0.18% 9.60% 20.00%