Investment Advisory Results August 2014

1. Destinations Portfolios
Specialty Strategies Recap
Defensive strategies gained 0.8% (Qualifi ed) and 0.9% (Tax-able)
in August, and now are up 3.8% (Qualifi ed) and 4.4%
(Taxable) so far this year. The portfolio is well positioned to
protect if rates were to rise, but also to participate in bond
rallies like we have experienced this year. Positive contribu-tors
included our allocation to U.S. equities and equity-orient-ed
absolute return strategies, as well as our core fi xed income
allocation. Detractors included our allocation to low volatility
fi xed income strategies, which fully hedge interest rate risk
and could not keep up with the fi xed income indexes.
Balanced Income strategies gained 1.7% in August. Balanced
Income continues to be our strongest performing strategy
year-to-date, up 7.0% (Qualifi ed) and 7.3% (Taxable), helped
by the strong performance of yield-oriented equity strategies
and real assets. However, Balanced Income trailed the Moder-ate
strategy in August as income equity lagged total return
equity by a small margin, and growth outperformed value.
Current Positioning Summary
Allocation Decision 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 Credit-oriented strategies, closed-end funds, event driven
Real Assets Global natural resource equities
Private Equity
Listed private equity allocation in moderate to
aggressive strategies
MONTHLY COMMENTARY
PORTFOLIO REVIEW
AUGUST 2014
After a lackluster July, equity markets continued to grind higher in
August while global bond yields fell. Markets shook off elevated geopo-litical
tensions in Ukraine and the Middle East, and focused on stronger
earnings from U.S. companies, better U.S. macroeconomic data, and
the anticipation that central banks globally will remain supportive.
The S&P 500 Index gained 4% and crossed the 2000 level for the
fi rst time. Developed international equity markets meaningfully
lagged the U.S. in August, in part due to weaker currencies. How-ever,
emerging market equities posted another solid month and,
after a very weak start to the year, are now ahead of U.S. equities.
Global fi xed income rallied along with equities in August. The yield
on the 10-year U.S. Treasury note fell 22 basis points to 2.34%,
which is still above sovereign yields in Japan and most of Europe.
Traditional Strategies Recap
Destinations portfolios gained between 3.2% (Aggressive
Equity) and 1.4% (Conservative), with Moderate up 2.1%.
Year-to-date through August, portfolios have gained between
6.9% (Aggressive Equity) and 4.8% (Conservative), with the
qualifi ed Moderate strategy up 5.7%.
Positive contributors to performance:
Overweight to risk
Underweight to international equity
International equity manager selection
Individual strategies: Columbia Select Large Cap Growth
(+5.7%), RidgeWorth Mid Cap Value (+5.0%), Wasatch
International Opportunities (+1.9%)
Performance detractors included:
Fixed income positioning (short duration)
Absolute return allocation
Listed private equity allocation
Individual strategies: Driehaus Active Income (-0.3%),
JPMorgan Strategic Income Opportunities (+0.0%),
Wasatch Frontier Emerging Small Countries (+0.0%)
For use in a one-on-one presentation with Brinker Capital Destinations Advisors and clients. BrinkerCapital.com 800.333.4573 Brinker Capital Inc., A Registered Investment Advisor
The views expressed by Brinker Capital are for informational purposes only. Asset allocation does not assure a profi t or protection against loss. Investing in any investment vehicle carries risk, including the
possible loss of principal, and there can be no assurance that any investment strategy will provide positive performance over a period of time. The asset classes and/or investment strategies described in this
publication may not be suitable for all investors. Investment decisions should be made based on the investor’s specifi c fi nancial needs and objectives, goals, time horizon, tax liability, and risk tolerance. When
investing in managed accounts and wrap accounts, there may be additional fees and expenses added onto the fees of the underlying investment products.

2. Destinations Portfolios
PORTFOLIO PERFORMANCE
August 2014
August YTD 1 Year 3 Year 5 Year 7 Year 10 Year
Since
Inception
5 Year
Std Dev
Conservative Taxable 1.44% 5.74% 10.95% 6.59% 6.52% 3.88% 5.18% 6.30% (01-95) 4.68%
Conservative Qualifi ed 1.36% 4.81% 9.36% 6.51% 6.79% 3.54% 5.09% 6.10% (06-95) 4.74%
Moderately Conservative Taxable 1.67% 5.86% 12.57% 8.17% 7.75% 4.18% 5.77% 6.72% (02-95) 6.04%
Moderately Conservative Qualifi ed 1.59% 5.07% 11.21% 8.11% 7.92% 3.89% 5.68% 6.77% (02-95) 6.21%
Moderate Taxable 2.16% 6.16% 15.64% 10.88% 9.96% 4.38% 6.59% 7.54% (03-95) 8.94%
Moderate Qualifi ed 2.09% 5.67% 14.77% 10.88% 10.18% 4.45% 6.68% 7.78% (01-95) 9.12%
Moderately Aggressive Taxable 2.41% 6.32% 17.11% 12.29% 11.08% 4.48% 7.00% 7.51% (04-95) 10.37%
Moderately Aggressive Qualifi ed 2.36% 6.03% 16.57% 12.30% 11.22% 4.56% 7.11% 7.74% (01-95) 10.53%
Aggressive Taxable 2.67% 6.45% 18.49% 13.71% 12.20% 4.52% 7.37% 7.32% (07-95) 11.84%
Aggressive Qualifi ed 2.62% 6.31% 18.22% 13.76% 12.24% 4.60% 7.45% 8.04% (01-95) 11.96%
Aggressive Equity Taxable 3.21% 6.91% 21.22% 16.29% 14.05% 4.64% 7.83% 6.58% (01-97) 13.99%
Aggressive Equity Qualifi ed 3.21% 6.91% 21.23% 16.30% 14.04% 4.72% 7.88% 6.61% (01-97) 13.99%
Specialized Strategies
Conservative Government Focused 0.36% 1.60% 1.94% 0.63% 1.44% N/A N/A 1.81% (11-08) 1.42%
Defensive Taxable 0.89% 4.37% 6.86% 3.85% N/A N/A N/A 3.67% (10-09) N/A
Defensive Qualifi ed 0.82% 3.75% 5.81% 3.82% N/A N/A N/A 4.16% (10-09) N/A
Balanced Income Taxable 1.73% 7.34% 14.14% 10.06% 10.02% 4.54% N/A 5.13% (08-06) 6.60%
Balanced Income Qualifi ed 1.66% 7.03% 13.52% 10.10% 10.25% 4.47% 6.16% 6.11% (07-04) 6.65%
Major Market Indices
S&P 500 4.00% 9.89% 25.25% 20.61% 16.88% 6.79% 8.38% 13.08%
MSCI All Country World Index ex USA 0.57% 5.47% 18.25% 9.77% 8.64% 1.94% 8.41% 16.23%
Barclays US Aggregate 1.10% 4.81% 5.66% 2.91% 4.48% 5.16% 4.72% 2.79%
Barclays Muni 0.92% 5.43% 7.56% 3.80% 4.51% 4.43% 3.87% 3.56%
HFRX Global Hedge Fund 1.09% 1.97% 5.34% 2.83% 2.43% -0.67% 1.36% 4.11%
DJ UBS Commodity Index -1.05% 0.68% -2.92% -8.30% 0.22% -3.31% 0.26% 15.01%
FTSE/EPRA NAREIT Global Real Estate 1.53% 14.30% 20.29% 13.02% 13.93% 2.60% 8.64% 15.81%
Red Rocks Listed Private Equity 1.25% 1.73% 19.42% 17.63% 15.94% 0.56% 9.30% 19.33%
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.
For use in a one-on-one presentation with Brinker Capital Destinations Advisors and clients. BrinkerCapital.com 800.333.4573 Brinker Capital Inc., A Registered Investment Advisor