Destinations Global Fixed Income Opportunities Fund

Overview

The Destinations Global Fixed Income Opportunities Fund seeks to maximize total return and invests in global investment grade credit, global high yield credit, global sovereign debt, bank loans, preferred securities and convertible securities.

Employing a multi-manager approach, the Fund currently allocates assets among the following sub-advisers:

CrossingBridge Advisors, LLC is the sub-adviser of CrossingBridge Corporate Credit which employs an opportunistic approach, allocating to high yield and investment grade credit opportunities.
DoubleLine Capital LP is the sub-adviser of DoubleLine Low Duration Emerging Markets which employs a value-oriented, research driven approach to identify countries and companies with the potential for improving credit fundamentals and ratings.
Nuveen Asset Management, LLC is the sub-adviser of Nuveen Preferred Securities Opportunities which employs a top-down quantitative driven process complemented by fundamental credit research analysis with a focus on relative value, resulting in a concentrated portfolio of preferred securities.

I Share Fund performance as of 12/31/2019

Annualized

MTD

QTD

YTD

1 Year

3 Years

5 Years

Since
Inception

Destinations Global Fixed Income Opportunities Fund

0.74%

1.09%

6.62%

N/A

3.49%

Bloomberg Barclays U.S. Universal Bond Index

0.15%

0.45%

9.25%

N/A

4.46%

*Effective June 30, 2019, the Fund’s adviser, Brinker Capital, Inc. (“Brinker” or the “Adviser”), has contractually agreed to waive a portion of its management fee for a period of one year as necessary to keep the Fund’s management fee from exceeding 0.39% more than the total amount of sub-advisory fees paid by the Adviser. This contractual waiver will only apply if the Fund’s total management fees exceed the total amount of sub-advisory fees paid by the Adviser plus 0.39%, and will not affect the Fund’s total management fees if they are less than such amount. This fee waiver and reimbursement agreement shall remain in effect until June 30, 2020. The agreement may be amended or terminated only with the consent of the Board of Trustees.

Bloomberg Barclays U.S. Universal Bond Index Definition: Represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. One cannot invest directly in an index.

An investment in the Destinations Global Fixed Income Opportunities Fund is subject to risk, including the possible loss of principal amount invested.

Derivatives, such as futures, involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues include tax issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund.

The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened.

Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including the political, regulatory, economic, social, diplomatic and other conditions or events, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies.

Risks of foreign investment tend to be greater in emerging markets, which tend to be more likely to experience political turmoil or rapid change to market or economic conditions.

The risk that debt instruments quality are predominantly speculative. Known as ‘junk bonds,’ these have a higher degree of default risk and may be less liquid than higher-rated bonds, may be subject to greater price volatility.

Liquidity risk refers to the possibility that securities cannot be readily sold within seven days at approximately the price at which the Fund has valued them.

With securities lending risk, the Fund may lose money from securities lending if, for example, it is delayed in or prevented from selling the collateral after the loan is made or recovering the securities loaned or if it incurs losses on the reinvestment of cash collateral.

Fund facts

Ticker: DGFFX
CUSIP: 10964R806
Benchmark: Bloomberg Barclays U.S. Universal Bond Index
Inception date: 03/20/2017
Gross expense ratio: 1.09%
Net expense ratio: 0.98%*

Daily NAV

Date:

01/21/2020

NAV:

$9.93
NAV change:

$0.00
Total assets ($m):

$771.8

Quick links

Management team

Jeffrey W. Raupp Chief Investment Officer
Jeffrey W. Raupp, CFA, MBA, is Chief Investment Officer at Brinker Capital with portfolio management responsibilities for the Destinations program. He also serves as chair of Brinker Capital’s asset allocation committee. Mr. Raupp joined Brinker Capital in 1996 as an operations manager and has been a portfolio manager for the Destinations program since 2001. Prior to joining Brinker Capital, Mr. Raupp was an electronic engineer and project manager for a small electronics firm. He also served as an officer in the United States Army. Mr. Raupp has a B.S. in Mechanical Engineering from the University of Delaware and a MBA in Finance from Villanova University.
Amy L. Magnotta Senior Vice President
Amy L. Magnotta, CFA, is a Senior Vice President at Brinker Capital with portfolio management responsibilities for the Destinations program. Ms. Magnotta joined Brinker Capital in 2006 as a senior analyst and has been portfolio manager for the Destinations program since 2007. Prior to joining Brinker Capital, Ms. Magnotta was an associate at Franklin Park Associates from 2004 to 2006 and an associate at BlackRock from 2001 to 2004. Ms. Magnotta has a B.S. in Finance from Lehigh University.
Leigh A. Lowman Investment Manager
Leigh A. Lowman, CFA is an Investment Manager at Brinker Capital with portfolio management responsibilities for the Destinations program. Prior to joining Brinker Capital in 2015, Ms. Lowman was an outreach analyst for The Investment Fund for Foundations (TIFF) and a senior associate for Mondrian Investment Partners. Ms. Lowman was previously at Brinker Capital from 2004 to 2010 as an investment associate and operations analyst. Ms. Lowman has a B.A. in Economics from Wittenberg University.

Performance

I Share Fund performance as of 12/31/2019

Annualized

MTD

QTD

YTD

1 Year

3 Years

5 Years

Since
Inception

Inception
Date

Gross
expense
ratio

Net
expense
ratio*

Destinations Global Fixed Income Opportunities Fund

0.74%

1.09%

6.62%

N/A

3.49%

3/20/2017

1.09%

0.98%

Bloomberg Barclays U.S. Universal Bond Index

0.15%

0.45%

9.25%

N/A

4.46%

Holdings

Security Description	Ticker Symbol	Security ID	Security Type Description	Quantity	Base Market Value	Percent TNA
EURO		CASHEUR	CURRENCY	801,223.0000	898,771.88	.11
US DOLLARS		CASHUSD	CURRENCY	37,374,485.8900	37,374,485.89	4.65
OAS FINANCE LTD WT EX 01/21/39		33X1P6	WARRANTS	58,463.0000	.00	.00
FRONTERA ENERGY CORP	FECCF	35905B107	COMMON STOCK	21,182.0000	159,500.46	.02
AMCI ACQUISITION CORP-CL A	AMCI	00165R101	COMMON STOCK	76,960.0000	777,296.00	.10
AIR LEASE CORP /PFD/	AL PRA	00912X500	PREFERRED STOCK	10,100.0000	278,154.00	.03
ALPINE INCOME PROPERTY TRUST	PINE	02083X103	REIT - Real Estate Invesment Trust	88,882.0000	1,691,424.46	.21
AMERICAN EQUITY INVESTME /PFD/	AEL PRA	025676503	PREFERRED STOCK	26,340.0000	678,255.00	.08
AXA EQUITABLE HOLDINGS I /PFD/	AXQEL	054561204	PREFERRED STOCK	9,755.0000	254,605.50	.03
AXIS CAPITAL HLDGS LTD /PFD/	AXS PRE	05461T305	PREFERRED STOCK	16,495.0000	425,406.05	.05
COBANK ACB /PFD/	CBKAZ	19075Q805	PREFERRED STOCK	3,000.0000	315,000.00	.04
CONS TOMOKA LAND CO-FLORIDA	CTO	210226106	COMMON STOCK	8,888.0000	536,124.16	.07
DAIRY FARMERS OF AMERICA /PFD/	DFRMP	23385H406	PREFERRED STOCK	1,000.0000	98,898.00	.01
DELPHI FINANCIAL GROUP PFD		247131303	PREFERRED STOCK	50,000.0000	1,118,750.00	.14
ENSTAR GROUP LTD /PFD/	ESGRP	29359U109	PREFERRED STOCK	42,868.0000	1,196,874.56	.15
FARM CREDIT BK OF TEXAS /PFD/	FCTXZ	30767E406	PREFERRED STOCK	21,970.0000	2,350,790.00	.29
RA PARENT INC /RESTRICTED/		33TG3R	COMMON STOCK	52.0400	1,583,056.80	.20
GMAC CAP 8.125% 2/15/40 /PFD/	ALLY PRA	361860208	PREFERRED STOCK	25,550.0000	665,577.50	.08
HC2 HOLDINGS INC	HCHC	404139107	COMMON STOCK	13,753.0000	29,844.01	.00
HC2 HOLDINGS INC	HCHC	404139107	COMMON STOCK	-124,857.0000	-270,939.69	-.03
HUNTINGTON BANCSHARES IN /PFD/	HBANO	446150708	PREFERRED STOCK	54,847.0000	1,426,022.00	.18
ISHARES IBOXX HIGH YLD CORP	HYG	464288513	POOLED INVESTMENTS	-14,889.0000	-1,309,338.66	-.16
LANDCADIA HOLDINGS II INC-A	LCA	51476X105	COMMON STOCK	61,500.0000	607,005.00	.08
MORGAN STANLEY /PFD/	MS PRI	61761J406	PREFERRED STOCK	49,200.0000	1,385,964.00	.17
MORGAN STANLEY /PFD/	MS PRK	61762V606	PREFERRED STOCK	75,960.0000	2,154,225.60	.27
NY COMMUNITY BANCORP INC PREF	NYCB PRA	649445202	PREFERRED STOCK	20,000.0000	559,200.00	.07
NUSTAR ENERGY LP SER B /PFD/	NS PRB	67058H300	PREFERRED STOCK	45,000.0000	974,250.00	.12
REGIONS FINANCIAL CORP	RF PRC	7591EP704	PREFERRED STOCK	43,830.0000	1,222,418.70	.15
SCHULTZE SPECIAL PURPOSE ACQ	SAMA	80821R109	COMMON STOCK	240,010.0000	2,433,701.40	.30
SYNOVUS FINANCIAL CORP /PFD/	SNV PRE	87161C709	PREFERRED STOCK	13,000.0000	347,100.00	.04
SYNCHRONY FINANCIAL /PFD/	SYF PRA	87165B202	PREFERRED STOCK	19,075.0000	487,366.25	.06
TUSCAN HOLDINGS CORP II	THCA	90070A103	COMMON STOCK	80,750.0000	796,195.00	.10
TUSCAN HLDGS CORP II WT EX 07/16/2025	THCAW	90070A111	WARRANTS	40,375.0000	16,150.00	.00
VECTOIQ ACQUISITION CORP	VTIQ	92243N103	COMMON STOCK	96,200.0000	992,784.00	.12
VOYA FINANCIAL INC /PFD/	VOYXL	929089209	PREFERRED STOCK	90,000.0000	2,429,100.00	.30
APPVION INC		989713111	COMMON STOCK	267,281.0000	2,646,081.90	.33
ASPEN INSURANCE HLDG LTD /PFD/	AHL PRD	G05384162	PREFERRED STOCK	30,926.0000	814,900.10	.10
ATHENE HOLDING LTD /PFD/	ATH PRA	G0684D305	PREFERRED STOCK	17,350.0000	490,137.50	.06
PAMPA ENERGIA 7.375% 07/21/23		P7873PAE6	CORPORATE BONDS	900,000.0000	850,500.00	.11
BHP BILLITON FIN V/R 10/19/75		055451AX6	CORPORATE BONDS	550,000.0000	645,793.50	.08
CNOOC FINANCE 2.625% 05/05/20		12634GAA1	CORPORATE BONDS	4,100,000.0000	4,104,346.00	.51
QBE INSURANCE GRO V/R 12/02/44		BSSWBW2	CORPORATE BONDS	2,000,000.0000	2,240,000.00	.28
JBS INVESTMENTS 6.25% 02/05/23		A9617TAA9	CORPORATE BONDS	554,000.0000	559,540.00	.07
SILVERSEA CRUIS 7.25% 02/01/25		82845LAA8	CORPORATE BONDS	9,325,000.0000	9,861,187.50	1.23
DIGICEL GROUP T 8.25% 09/30/22		25382FAB7	CORPORATE BONDS	1,100,000.0000	264,000.00	.03
STOLT-NIELSEN 6.375% 09/21/22		BF2P5M4	CORPORATE BONDS	5,100,000.0000	5,228,170.70	.65
SFL CORP LTD 5.75% 10/15/21		G81075AF3	CORPORATE BONDS	2,327,000.0000	2,473,323.58	.31
BANCO BTG PACTUAL V/R 02/15/29		05890BAE7	CORPORATE BONDS	700,000.0000	741,132.00	.09
BANCO BTG PACTUAL/ 4% 01/16/20		05971BAB5	CORPORATE BONDS	2,300,000.0000	2,297,723.00	.29
FED REPUBLIC O 4.875% 01/22/21		105756BS8	GOVERNMENT BONDS	900,000.0000	927,900.00	.12
ITAU UNIBANCO HL 6.2% 04/15/20		46556MAA0	CORPORATE BONDS	800,000.0000	809,248.00	.10
ITAU UNIBANCO HL 6.2% 12/21/21		46556MAE2	CORPORATE BONDS	400,000.0000	423,004.00	.05
BANCO DO BRASIL (CA V/R /PERP/		B512BN9	CORPORATE BONDS	1,900,000.0000	1,974,594.00	.25
BANCO BRADESCO ( 5.9% 01/16/21		B57H150	CORPORATE BONDS	1,800,000.0000	1,854,900.00	.23
B3 SA-BRASIL BOL 5.5% 07/16/20		P1728MAA1	CORPORATE BONDS	1,600,000.0000	1,624,016.00	.20
GLOBO COMMUNIC 4.875% 04/11/22		P47773AL3	CORPORATE BONDS	3,430,000.0000	3,562,089.30	.44
ITAU UNIBANCO HLDG V/R /PERP/		P5R6DPAA8	CORPORATE BONDS	400,000.0000	417,504.00	.05
WILDBRAIN 5.875% 09/30/24/CAD/		96810CAA9	CORPORATE BONDS	1,153,000.0000	728,589.09	.09
EMERA INC V/R 06/15/76		290876AD3	CORPORATE BONDS	950,000.0000	1,073,500.00	.13
NOVA CHEMICALS 5.25% 06/01/27		66977WAR0	CORPORATE BONDS	1,872,000.0000	1,923,480.00	.24
PTTEP CANADA I 5.692% 04/05/21		B84Y4C3	CORPORATE BONDS	200,000.0000	208,114.00	.03
ALIBABA GROUP 3.125% 11/28/21		01609WAP7	CORPORATE BONDS	1,500,000.0000	1,529,654.25	.19
CK HUTCHISON I 2.875% 04/05/22		12563UAA5	CORPORATE BONDS	2,000,000.0000	2,020,589.32	.25
ITAU UNIBANCO H 5.75% 01/22/21		46556MAB8	CORPORATE BONDS	2,400,000.0000	2,466,024.00	.31
NEXTEER AUTO G 5.875% 11/15/21		65341EAA8	CORPORATE BONDS	2,495,000.0000	2,537,945.59	.32
SPARC EM SPC PANA ZCP 12/05/22		846502AC6	CORPORATE BONDS	1,943,580.9200	1,865,857.12	.23
VANTAGE DRILL I 9.25% 11/15/23		92210KAC2	CORPORATE BONDS	4,980,000.0000	4,843,050.00	.60
PERU ENHANCED PAS ZCP 06/02/25		B1VYKW9	CORPORATE BONDS	390,648.5300	361,838.20	.05
BANCO CONT(CONT 5.5% 11/18/20		B617QX6	CORPORATE BONDS	1,500,000.0000	1,545,000.00	.19
HUTCH WHAMPOA 4.625% 01/13/22		B7K5BL1	CORPORATE BONDS	1,900,000.0000	1,982,299.05	.25
GRUPO AVAL LTD 4.75% 09/26/22		B8FB0M5	CORPORATE BONDS	2,000,000.0000	2,085,020.00	.26
TECNOGLASS INC 8.2% 01/31/22		BDGJ595	CORPORATE BONDS	1,900,000.0000	2,055,800.00	.26
SPARC EM SPC PANA ZCP 12/05/22		BF7TXZ0	CORPORATE BONDS	3,211,822.9600	3,083,382.16	.38
CK HUTCHISON I 2.875% 04/05/22		BYQCLD7	CORPORATE BONDS	2,500,000.0000	2,526,800.00	.31
COM CELULARES( 6.875% 02/06/24		G2300TAA0	CORPORATE BONDS	1,400,000.0000	1,435,014.00	.18
GUANAY FINANCE LTD 6% 12/15/20		G4182JAA1	CORPORATE BONDS	520,843.4170	526,702.91	.07
LATAM FINANCE 6.875% 04/11/24		G53770AB2	CORPORATE BONDS	2,600,000.0000	2,746,926.00	.34
INTEROCEANICA 0% 11/30/25		P52715AB8	CORPORATE BONDS	533,253.6400	485,970.04	.06
AES GENER SA V/R 03/26/79		00105DAF2	CORPORATE BONDS	1,000,000.0000	1,049,515.76	.13
BANCO DEL ESTA 3.875% 02/08/22		05968AAA4	CORPORATE BONDS	500,000.0000	514,255.56	.06
BANCO DEL ESTA 2.668% 01/08/21		05968AAD8	CORPORATE BONDS	1,899,000.0000	1,899,874.34	.24
BANCO SANTANDER 2.5% 12/15/20		05971WAA1	CORPORATE BONDS	800,000.0000	798,400.00	.10
REPUBLIC OF CH 3.875% 08/05/20		168863AV0	GOVERNMENT BONDS	1,800,000.0000	1,816,200.00	.23
REPUBLIC OF CHI 2.25% 10/30/22		168863BN7	GOVERNMENT BONDS	2,000,000.0000	2,005,900.00	.25
AES GENER SA V/R 03/26/79		P0607LAC7	CORPORATE BONDS	2,200,000.0000	2,308,934.67	.29
CODELCO INC 3.875% 11/03/21		P3143NAN4	CORPORATE BONDS	300,000.0000	307,628.29	.04
CODELCO INC 3% 07/17/22		P3143NAP9	CORPORATE BONDS	400,000.0000	404,610.09	.05
E.CL SA 5.625% 01/15/21		P36020AA6	CORPORATE BONDS	3,000,000.0000	3,091,891.59	.38
INVERSIONES CMPC 4.5% 04/25/22		P58073AA8	CORPORATE BONDS	5,135,000.0000	5,300,686.06	.66
SOC QUIMICA Y MI 5.5% 04/21/20		P8718AAC0	CORPORATE BONDS	900,000.0000	907,002.00	.11
TELEFONICA CHI 3.875% 10/12/22		P9047EAA6	CORPORATE BONDS	4,000,000.0000	4,110,000.00	.51
BANCOLOMBIA SA 5.95% 06/03/21		05968LAG7	CORPORATE BONDS	4,071,000.0000	4,274,550.00	.53
REPUBLIC OF CO 4.375% 07/12/21		195325BN4	GOVERNMENT BONDS	6,900,000.0000	7,115,694.00	.89
GRUPO INVERSIONE 5.7% 05/18/21		G42036AA4	CORPORATE BONDS	3,945,000.0000	4,107,770.70	.51
COLOMBIA TELEC 5.375% 09/27/22		P28768AA0	CORPORATE BONDS	1,443,000.0000	1,453,836.93	.18
COLOMBIA TELECOMUNI V/R /PERP/		P28768AB8	CORPORATE BONDS	1,222,000.0000	1,234,232.22	.15
OLEODUCTO CENTRAL 4% 05/07/21		P7358RAC0	CORPORATE BONDS	4,500,000.0000	4,578,795.00	.57
COSTA RICA GOV 9.995% 08/01/20		P3699PAA5	GOVERNMENT BONDS	1,150,000.0000	1,190,250.00	.15
GEORG JENSEN V/R 05/15/23/EUR/		K40294AA6	CORPORATE BONDS	600,000.0000	669,914.66	.08
BANCO RESERVAS REP 7% 02/01/23		B9L68W7	CORPORATE BONDS	1,100,000.0000	1,156,386.00	.14
DOMINICAN REPU 7.5% 05/06/21		P3579EAH0	GOVERNMENT BONDS	6,320,000.0100	6,564,963.21	.82
BNP PARIBAS V/R /PERP/		05565AHN6	CORPORATE BONDS	1,000,000.0000	1,080,000.00	.13
CREDIT AGRICOLE SA V/R /PERP/		225313AJ4	CORPORATE BONDS	1,475,000.0000	1,788,437.50	.22
CREDIT AGRICOLE SA V/R /PERP/		225313AL9	CORPORATE BONDS	200,000.0000	220,250.00	.03
SOCIETE GENERALE V/R /PERP/		83367TBF5	CORPORATE BONDS	1,090,000.0000	1,224,887.50	.15
SOCIETE GENERALE V/R /PERP/		83368JFA3	CORPORATE BONDS	490,000.0000	575,750.00	.07
BASF SE 0.875% 11/15/27/EUR/		BZ6T254	CORPORATE BONDS	-824,000.0000	-969,770.90	-.12
LIFEFITGROUP V/R 07/26/23/EUR/		D5S7C6AA1	CORPORATE BONDS	2,765,000.0000	3,172,976.38	.39
INDIAN OIL COR 5.625% 08/02/21		B4MR909	CORPORATE BONDS	2,995,000.0000	3,132,290.80	.39
ONGC VIDESH LTD 3.75% 05/07/23		B8CH8T9	CORPORATE BONDS	900,000.0000	922,116.40	.11
INDIAN OIL CORP 5.75% 08/01/23		BCHH9P5	CORPORATE BONDS	2,000,000.0000	2,174,280.00	.27
ADANI PORTS AND 3.95% 01/19/22		Y00130HS9	CORPORATE BONDS	3,350,000.0000	3,430,045.20	.43
BHARAT PETROLE 4.625% 10/25/22		Y0882ZBH0	CORPORATE BONDS	3,600,000.0000	3,737,412.00	.46
EXPORT-IMPORT 3.125% 07/20/21		Y23874TK9	GOVERNMENT BONDS	2,000,000.0000	2,017,949.08	.25
PERUSAHAAN PENER 3.4% 03/29/22		71567RAG1	GOVERNMENT BONDS	1,000,000.0000	1,022,420.00	.13
PERUSAHAAN LISTR 5.5% 11/22/21		71568QAA5	CORPORATE BONDS	1,000,000.0000	1,057,500.00	.13
PERTAMINA PERSE 5.25% 05/23/21		B5SY4C8	CORPORATE BONDS	4,500,000.0000	4,679,370.00	.58
REPUBLIC OF INDO 3.7% 01/08/22		BYNPMT2	GOVERNMENT BONDS	2,795,000.0000	2,868,899.69	.36
REPUBLIC OF IN 4.875% 05/05/21		Y20721AU3	GOVERNMENT BONDS	3,000,000.0000	3,116,250.00	.39
PERTAMINA PERS 4.875% 05/03/22		Y7138AAC4	CORPORATE BONDS	2,500,000.0000	2,632,548.00	.33
C&W SENIOR FINAN 7.5% 10/15/26		G3165UAB7	CORPORATE BONDS	3,100,000.0000	3,356,866.00	.42
ISRAEL ELECTRI 6.875% 06/21/23		46507NAE0	CORPORATE BONDS	500,000.0000	566,825.00	.07
DELEK & AVNER 4.435% 12/30/20		BMJJM83	CORPORATE BONDS	2,479,000.0000	2,518,218.18	.31
LINKEM SPA V/R 08/09/22/EUR/		333CY4	CORPORATE BONDS	10,374,000.0000	11,641,863.43	1.45
INTESA SANPAOLO SPA V/R /PERP/		46115HAU1	CORPORATE BONDS	635,000.0000	688,181.25	.09
UNICREDIT SPA V/R /PERP/		BL25ZT3	CORPORATE BONDS	650,000.0000	708,500.00	.09
SOFTBANK GROUP 4.75% 09/19/24		BF166D6	CORPORATE BONDS	-1,604,000.0000	-1,625,863.08	-.20
SWISS RE FINANCE V/R 04/02/49		87089NAA8	CORPORATE BONDS	400,000.0000	445,500.00	.06
MILLICOM INTL CELL 6% 03/15/25		BWC4Q27	CORPORATE BONDS	2,200,000.0000	2,279,750.00	.28
MILLICOM INTL 6.625% 10/15/26		BYQM483	CORPORATE BONDS	600,000.0000	664,380.00	.08
EURONAV LUXEMBOU 7.5% 05/31/22		BZ121X9	CORPORATE BONDS	400,000.0000	411,000.00	.05
WAKALA GLOBAL 4.646% 07/06/21		B45VGR4	CORPORATE BONDS	1,000,000.0000	1,037,270.00	.13
MALAYAN BANKING B V/R 10/29/26		BD3C8K9	CORPORATE BONDS	1,715,000.0000	1,743,469.00	.22
AXIATA SPV2 BH 3.466% 11/19/20		BD5WCP0	CORPORATE BONDS	7,500,000.0000	7,559,625.00	.94
PETRONAS CAPIT 3.125% 03/18/22		Y68856AM8	CORPORATE BONDS	500,000.0000	508,269.84	.06
PETRONAS GLOBA 2.707% 03/18/20		Y68868AA9	CORPORATE BONDS	6,855,000.0000	6,859,318.65	.85
BOREALIS FINANCE 7.5% 11/16/22		09972AAA0	CORPORATE BONDS	5,067,000.0000	4,661,640.00	.58
CHEMBULK HOLDING L 8% 02/02/23		BD49177	CORPORATE BONDS	500,000.0000	442,500.00	.06
GOLAR LNG PARTNER V/R 05/22/20		BXQ9SM9	CORPORATE BONDS	1,200,000.0000	1,188,000.00	.15
UPL CORP LTD 3.25% 10/13/21		BD2N5F7	CORPORATE BONDS	3,000,000.0000	3,010,620.00	.37
BANCO SANTANDER M V/R 10/01/28		05969BAC7	CORPORATE BONDS	500,000.0000	535,630.00	.07
COCA-COLA FEMS 4.625% 02/15/20		191241AD0	CORPORATE BONDS	1,700,000.0000	1,704,184.77	.21
FOMENTO ECONOM 2.875% 05/10/23		344419AA4	CORPORATE BONDS	350,000.0000	353,001.76	.04
BBVA BANCOMER 7.25% 04/22/20		B3L6LN7	CORPORATE BONDS	2,000,000.0000	2,022,520.00	.25
UNIFIN FINANCIE 7.25% 09/27/23		BD878V0	CORPORATE BONDS	2,450,000.0000	2,551,087.00	.32
CEMEX SAB DE CV 7.75% 04/16/26		BZ3CH28	CORPORATE BONDS	1,000,000.0000	1,087,500.00	.14
BANCO MERCANTIL DE V/R /PERP/		P14008AD1	CORPORATE BONDS	5,400,000.0000	5,643,054.00	.70
BANCO NACIONAL CO V/R 08/11/26		P14517AB5	CORPORATE BONDS	5,000,000.0000	5,056,300.00	.63
BBVA BANCOMER SA 6.5% 03/10/21		P16259AB2	CORPORATE BONDS	1,500,000.0000	1,563,765.00	.19
BBVA BANCOMER S 6.75% 09/30/22		P16259AH9	CORPORATE BONDS	1,300,000.0000	1,415,388.00	.18
BBVA BANCOMER SA V/R 11/12/29		P16259AL0	CORPORATE BONDS	1,943,000.0000	1,962,449.43	.24
CEMEX SAB DE C 6.125% 05/05/25		P2253TJG5	CORPORATE BONDS	1,200,000.0000	1,245,012.00	.15
GRUPO BIMBO SA 4.875% 06/30/20		P4949BAG9	CORPORATE BONDS	610,000.0000	616,803.53	.08
GRUPO BIMBO SAB 4.5% 01/25/22		P4949BAH7	CORPORATE BONDS	1,400,000.0000	1,454,844.08	.18
GRUPO BIMBO SAB DE V/R /PERP/		P4949BAN4	CORPORATE BONDS	3,400,000.0000	3,604,000.00	.45
NACIONAL FINAN 3.375% 11/05/20		P7071QAA2	GOVERNMENT BONDS	1,500,000.0000	1,506,690.00	.19
AERCAP HOLDINGS N V/R 10/10/79		00774YAA7	CORPORATE BONDS	1,290,000.0000	1,381,035.30	.17
ALCOA NEDERLAND 6.75% 09/30/24		013822AA9	CORPORATE BONDS	3,903,000.0000	4,106,307.27	.51
PETROBRAS GLOB 5.375% 01/27/21	PBR/41	71645WAR2	CORPORATE BONDS	1,644,000.0000	1,695,950.40	.21
MPC CONTAINER SHI V/R 09/22/22		BF59L14	CORPORATE BONDS	3,000,000.0000	2,934,521.76	.37
SYNGENTA FINAN 3.698% 04/24/20		BFM6WF9	CORPORATE BONDS	200,000.0000	200,629.28	.02
ING GROEP NV V/R /PERP/		BJ1FGT7	CORPORATE BONDS	600,000.0000	650,970.00	.08
AES ANDRS/DMCN 7.95% 05/11/26		BZ04KR3	CORPORATE BONDS	400,000.0000	424,504.00	.05
VTR FINANCE BV 6.875% 01/15/24		N9417JAB7	CORPORATE BONDS	4,400,000.0000	4,499,000.00	.56
JACKTEL 10% 12/04/23		BH0M918	CORPORATE BONDS	2,200,000.0000	1,760,000.00	.22
BANISTMO SA 3.65% 09/19/22		06034LAA8	CORPORATE BONDS	300,000.0000	303,003.00	.04
MULTIBANK INC. 4.375% 11/09/22		BF8QD50	CORPORATE BONDS	1,000,000.0000	1,033,760.00	.13
T/L MCDERMOTT INTE 0% 05/12/25		LX170450	LOAN	3,080,138.3400	1,793,410.55	.22
BANCO LATINOAME 3.25% 05/07/20		P1393HAB4	CORPORATE BONDS	1,500,000.0000	1,503,765.00	.19
BANISTMO SA 3.65% 09/19/22		P15383AC9	CORPORATE BONDS	500,000.0000	505,005.00	.06
ENA NORTE TRUST 4.95% 04/25/23		P3716XAA7	CORPORATE BONDS	4,502,150.5080	4,648,515.42	.58
GLOBAL BANK CORP 4.5% 10/20/21		P47718AC8	CORPORATE BONDS	2,900,000.0000	2,985,579.00	.37
BBVA BANCO CONTINE 5% 08/26/22		B8HLLL9	CORPORATE BONDS	165,000.0000	174,901.65	.02
SCOTIABANK PERU S V/R 12/13/27		B95K160	CORPORATE BONDS	1,040,000.0000	1,073,810.40	.13
FONDO MIVIVIENDA 3.5% 01/31/23		P42009AA1	GOVERNMENT BONDS	1,500,000.0000	1,531,890.00	.19
REPUBLIC OF PHILIP 4% 01/15/21		718286BK2	GOVERNMENT BONDS	1,000,000.0000	1,021,246.44	.13
UNION BK OF PH 3.369% 11/29/22		BF2WQR7	CORPORATE BONDS	800,000.0000	818,977.46	.10
DBS GROUP HOLDING V/R 06/08/20		24023LAD8	CORPORATE BONDS	200,000.0000	200,144.23	.02
DBS GROUP HOLDI 2.85% 04/16/22		24023LAE6	CORPORATE BONDS	1,400,000.0000	1,420,765.86	.18
DBS GROUP HOLDING V/R 12/11/28		24023NAA0	CORPORATE BONDS	500,000.0000	531,744.49	.07
OVERSEA-CHINESE 4.25% 06/19/24		69033DAC1	CORPORATE BONDS	500,000.0000	531,547.63	.07
TEMASEK FINANC 2.375% 01/23/23		87973RAC4	CORPORATE BONDS	3,450,000.0000	3,493,013.57	.43
UNITED OVERSEAS B V/R 04/15/29		91127LAC4	CORPORATE BONDS	1,900,000.0000	1,971,551.32	.25
SP POWERASSETS L 2.7% 09/14/22		B6RVFW4	CORPORATE BONDS	3,000,000.0000	3,054,120.00	.38
UNITED OVERSEAS B V/R 09/16/26		BDFSK43	CORPORATE BONDS	4,500,000.0000	4,560,615.00	.57
UNITED OVERSEAS B V/R 03/08/27		BYZBLR9	CORPORATE BONDS	800,000.0000	801,312.00	.10
ONGC VIDESH VA 2.875% 01/27/22		BZ30F84	CORPORATE BONDS	4,365,000.0000	4,372,114.95	.54
DBS GROUP HOLDINGS V/R /PERP/		BZCN164	CORPORATE BONDS	5,000,000.0000	5,031,250.00	.63
CREDIT SUISSE GROUP V/R /PERP/		225401AJ7	CORPORATE BONDS	655,000.0000	716,799.25	.09
CREDIT SUISSE GROUP V/R /PERP/		225401AL2	CORPORATE BONDS	1,000,000.0000	1,078,000.00	.13
UBS GROUP AG V/R /PERP/		BVXZ4Q2	CORPORATE BONDS	1,400,000.0000	1,599,500.00	.20
BANGKOK BANK PCL 4.8% 10/18/20		Y0606WBS8	CORPORATE BONDS	1,300,000.0000	1,325,528.39	.16
BANGKOK BANK P 3.875% 09/27/22		Y0606WBU3	CORPORATE BONDS	1,800,000.0000	1,868,104.28	.23
CENTRALNIC G V/R 07/03/23/EUR/		BKFVF91	CORPORATE BONDS	1,475,000.0000	1,692,818.29	.21
SB HOLDCO PL V/R 07/13/22/EUR/		G7837UAA8	CORPORATE BONDS	2,400,000.0000	2,658,547.45	.33
BARCLAYS PLC V/R /PERP/		06738EBA2	CORPORATE BONDS	1,700,000.0000	1,857,250.00	.23
FERROGLOBE / G 9.375% 03/01/22		315419AA9	CORPORATE BONDS	862,000.0000	534,440.00	.07
LLOYDS BANKING GROU V/R /PERP/		539439AG4	CORPORATE BONDS	1,700,000.0000	1,878,500.00	.23
ROYAL BK SCOTLND GR V/R /PERP/		780097BB6	CORPORATE BONDS	1,645,000.0000	1,778,738.50	.22
STANDARD CHARTERED V/R /PERP/		853254BH2	CORPORATE BONDS	600,000.0000	663,750.00	.08
VODAFONE GROUP PL V/R 04/04/79		92857WBQ2	CORPORATE BONDS	370,000.0000	434,138.29	.05
VEDANTA RESOUR 6.125% 08/09/24		BF2WGB1	CORPORATE BONDS	200,000.0000	182,094.22	.02
MARB BONDCO PLC 7% 03/15/24		G5825AAA0	CORPORATE BONDS	4,600,000.0000	4,795,500.00	.60
VEDANTA RESOUR 7.125% 05/31/23		G9328DAJ9	CORPORATE BONDS	800,000.0000	786,400.00	.10
AMERICA WEST A 8.057% 07/02/20		023650AG9	CORPORATE BONDS	167,010.0930	171,822.91	.02
AMERICAN AIRLI 4.625% 03/01/20		02376RAB8	CORPORATE BONDS	7,647,000.0000	7,659,005.79	.95
AMERICAN EXPRESS CO V/R /PERP/		025816BJ7	CORPORATE BONDS	706,000.0000	708,647.50	.09
AMERICAN INTL GRO V/R 04/01/48		026874DM6	CORPORATE BONDS	1,350,000.0000	1,484,271.00	.18
ARROW BIDCO LLC 9.5% 03/15/24		042728AA3	CORPORATE BONDS	150,000.0000	143,250.00	.02
ASSURANT INC V/R 03/27/48		04621XAK4	CORPORATE BONDS	1,230,000.0000	1,377,600.00	.17
BANK OF AMERICA COR V/R /PERP/		060505EH3	CORPORATE BONDS	450,000.0000	500,062.50	.06
BANK OF AMERICA COR V/R /PERP/		060505EN0	CORPORATE BONDS	885,000.0000	985,713.00	.12
BANK OF AMERICA COR V/R /PERP/		060505EU4	CORPORATE BONDS	1,340,000.0000	1,547,700.00	.19
BAYER US FINANCE V/R 06/25/21		07274NAC7	CORPORATE BONDS	245,000.0000	245,773.07	.03
CIT GROUP INC V/R /PERP/		125581GU6	CORPORATE BONDS	290,000.0000	297,975.00	.04
CSC HOLDINGS L 5.375% 07/15/23		126307AT4	CORPORATE BONDS	7,367,000.0000	7,551,175.00	.94
CAPITAL ONE FINANCI V/R /PERP/		14040HBH7	CORPORATE BONDS	1,600,000.0000	1,623,792.00	.20
CENTERPOINT ENERGY V/R /PERP/		15189TAS6	CORPORATE BONDS	1,005,000.0000	1,062,787.50	.13
CITIGROUP INC V/R /PERP/		172967HQ7	CORPORATE BONDS	500,000.0000	541,785.00	.07
CITIGROUP INC V/R /PERP/		172967JM4	CORPORATE BONDS	2,389,000.0000	2,606,996.25	.32
CITGO PETROLEUM 6.25% 08/15/22		17302XAJ5	CORPORATE BONDS	4,359,000.0000	4,418,936.25	.55
CITIZENS FINANCIAL V/R /PERP/		174610AQ8	CORPORATE BONDS	835,000.0000	891,362.50	.11
TAPESTRY INC 4.25% 04/01/25		189754AA2	CORPORATE BONDS	4,020,000.0000	4,251,954.64	.53
COBANK ACB V/R /PERP/		19075QAC6	CORPORATE BONDS	1,175,000.0000	1,292,500.00	.16
COMCAST CORP V/R 10/01/20		20030NCV1	CORPORATE BONDS	520,000.0000	520,895.42	.06
COMCAST CORP V/R 10/01/21		20030NCW9	CORPORATE BONDS	260,000.0000	261,277.52	.03
CONTINENTAL AI 5.983% 04/19/22		21079NAA9	CORPORATE BONDS	469,226.7490	493,510.27	.06
CONTINENTAL AIR 7.707% 4/2/21		210805DD6	ASSET BACKED	268,365.2770	274,598.81	.03
CONTL AIRLINES 6.236% 03/15/20		210805DS3	CORPORATE BONDS	20,577.1720	20,703.33	.00
COTT HOLDINGS IN 5.5% 04/01/25		221644AA5	CORPORATE BONDS	5,436,000.0000	5,680,620.00	.71
DAIRY FARMERS OF 7.125% /PERP/		23385HAA7	CORPORATE BONDS	535,000.0000	529,650.00	.07
DAVITA INC 5.125% 07/15/24		23918KAQ1	CORPORATE BONDS	-1,418,000.0000	-1,453,450.00	-.18
DIAMOND SPORTS 5.375% 08/15/26		25277LAA4	CORPORATE BONDS	1,615,000.0000	1,633,656.48	.20
DISCOVER FINANCIAL V/R /PERP/		254709AN8	CORPORATE BONDS	1,060,000.0000	1,116,180.00	.14
DOLLAR TREE INC V/R 04/17/20		256746AE8	CORPORATE BONDS	7,688,000.0000	7,689,427.43	.96
EP ENER/EVEREST 7.75% 05/15/26		268787AJ7	CORPORATE BONDS	3,944,000.0000	2,819,960.00	.35
FARM CREDIT BK OF T V/R /PERP/		30767EAC3	GOVERNMENT BONDS	135,000.0000	142,474.72	.02
ASSURED GUARANTY V/R 12/15/66		31769PAB6	CORPORATE BONDS	2,369,000.0000	2,463,760.00	.31
INVEPAR A-1 0% 12/30/2028		3323Z7	CORPORATE BONDS	70,068.0000	2,996.25	.00
FIVE POINT OP 7.875% 11/15/25		33834YAA6	CORPORATE BONDS	1,944,000.0000	1,958,210.64	.24
FORD MOTOR CREDIT V/R 06/12/20		345397YN7	CORPORATE BONDS	5,222,000.0000	5,225,039.10	.65
FOXTROT ESCROW 12.25% 11/15/26		35166FAA0	CORPORATE BONDS	3,452,000.0000	3,594,395.00	.45
FREEPORT-MCMORA 3.55% 03/01/22	FCX22	35671DAU9	CORPORATE BONDS	1,500,000.0000	1,518,750.00	.19
FREEPORT-MCMORA 4.55% 11/14/24		35671DBL8	CORPORATE BONDS	2,900,000.0000	3,065,532.00	.38
FRESH MARKET IN 9.75% 05/01/23		35804HAA4	CORPORATE BONDS	2,126,000.0000	1,063,000.00	.13
GENERAL ELECTRIC CO V/R /PERP/		369604BQ5	CORPORATE BONDS	2,095,000.0000	2,051,968.70	.26
GENERAL MOTORS FINL V/R /PERP/		37045XCA2	CORPORATE BONDS	1,935,000.0000	1,968,862.50	.24
GOLDMAN SACHS GROUP V/R /PERP/		38148BAE8	CORPORATE BONDS	2,524,000.0000	2,711,308.66	.34
HC2 HOLDINGS IN 11.5% 12/01/21		404139AD9	CORPORATE BONDS	2,791,000.0000	2,595,630.00	.32
HC2 HOLDINGS INC 7.5% 06/01/22		404139AF4	CORPORATE BONDS	1,668,000.0000	1,137,796.36	.14
ICAHN ENTERPRIS 6.25% 05/15/26		451102BT3	CORPORATE BONDS	3,207,000.0000	3,415,455.00	.42
ICAHN ENTERPRIS 5.25% 05/15/27		451102BX4	CORPORATE BONDS	3,573,000.0000	3,653,856.99	.45
JPMORGAN CHASE & CO V/R /PERP/		46625HJQ4	CORPORATE BONDS	2,650,000.0000	2,992,512.50	.37
JPMORGAN CHASE & CO V/R /PERP/		48128BAF8	CORPORATE BONDS	1,745,000.0000	1,814,800.00	.23
KEYCORP V/R /PERP/		493267AK4	CORPORATE BONDS	475,000.0000	504,754.00	.06
LSC COMMUNICATI 8.75% 10/15/23		50218PAA5	CORPORATE BONDS	3,256,000.0000	1,758,240.00	.22
LAND O'LAKES INC 7.25% /PERP/		514666AM8	CORPORATE BONDS	2,050,000.0000	1,957,750.00	.24
LAND O'LAKES INC 7% /PERP/		514666AN6	CORPORATE BONDS	415,000.0000	385,950.00	.05
LEE ENTERPRISES 9.5% 03/15/22		523768AF6	CORPORATE BONDS	6,856,000.0000	6,376,080.00	.79
LEVEL 3 FINANCIN 3.4% 03/01/27		527298BP7	CORPORATE BONDS	575,000.0000	579,042.25	.07
LIBERTY MEDIA C 2.75% 12/01/49		531229AJ1	CORPORATE BONDS	593,000.0000	621,167.50	.08
M&T BANK CORPORATIO V/R /PERP/		55261FAH7	CORPORATE BONDS	1,125,000.0000	1,219,218.75	.15
MACQUARIE INFRASTR 2% 10/01/23		55608BAB1	CORPORATE BONDS	575,000.0000	549,874.81	.07
WELBILT INC 9.5% 02/15/24		563568AB0	CORPORATE BONDS	5,628,000.0000	5,965,680.00	.74
MCKESSON CORP 3.95% 02/16/28		581557BJ3	CORPORATE BONDS	-840,000.0000	-895,121.44	-.11
METLIFE INC V/R /PERP/		59156RBT4	CORPORATE BONDS	985,000.0000	1,096,492.15	.14
MUELLER INDUSTRIES 6% 03/01/27		624756AE2	CORPORATE BONDS	11,968,000.0000	12,252,240.00	1.52
NISOURCE INC V/R /PERP/		65473PAG0	CORPORATE BONDS	510,000.0000	522,750.00	.07
PNC FINANCIAL SERVI V/R /PERP/		693475AQ8	CORPORATE BONDS	902,000.0000	964,571.74	.12
PACIFIC GAS & EL 3.5% 10/01/20		694308GT8	CORPORATE BONDS	8,320,000.0000	8,340,800.00	1.04
PACIFIC GAS & E 2.95% 03/01/26		694308HP5	CORPORATE BONDS	2,625,000.0000	2,631,562.50	.33
PROVIDENT FINA 7.405% 03/15/38		743863AA0	CORPORATE BONDS	905,000.0000	1,090,525.00	.14
REYNOLDS GRP IS 5.75% 10/15/20		761735AP4	CORPORATE BONDS	11,118,572.7900	11,132,471.01	1.38
SESI LLC 7.125% 12/15/21		78412FAP9	CORPORATE BONDS	3,127,000.0000	2,667,018.30	.33
SESI LLC 7.75% 09/15/24		78412FAU8	CORPORATE BONDS	3,475,000.0000	2,310,875.00	.29
SIRIUS XM RADIO IN 5% 08/01/27		82967NBA5	CORPORATE BONDS	2,273,000.0000	2,398,015.00	.30
SOUTHERN COPPE 5.375% 04/16/20		84265VAD7	CORPORATE BONDS	4,400,000.0000	4,435,182.09	.55
SOUTHERN COPPER 3.5% 11/08/22		84265VAF2	CORPORATE BONDS	425,000.0000	438,360.47	.05
TOLL ROAD INV PAR ZCP 02/15/45		88948ABL0	CORPORATE BONDS	632,298.6070	163,890.77	.02
TRIMBLE INC 4.75% 12/01/24		896239AA8	CORPORATE BONDS	3,901,000.0000	4,210,684.83	.52
TRIMBLE INC 4.15% 06/15/23		896239AB6	CORPORATE BONDS	2,930,000.0000	3,086,208.23	.38
TRIUMPH GROUP I 7.75% 08/15/25		896818AP6	CORPORATE BONDS	945,000.0000	985,351.50	.12
TRIUMPH GROUP I 6.25% 09/15/24		896818AQ4	CORPORATE BONDS	1,178,000.0000	1,238,372.50	.15
TRUIST FIN CORP V/R /PERP/		89832QAB5	CORPORATE BONDS	1,360,000.0000	1,387,200.00	.17
TRUIST FIN CORP V/R /PERP/		89832QAD1	CORPORATE BONDS	1,645,000.0000	1,698,462.50	.21
W & T OFFSHORE 9.75% 11/01/23		92922PAL0	CORPORATE BONDS	1,787,000.0000	1,704,351.25	.21
WELLS FARGO & COMPA V/R /PERP/		949746RN3	CORPORATE BONDS	3,810,000.0000	4,238,625.00	.53
T/L TOWN SPORTS INT 0% 11/15/20		LX133451	LOAN	1,403,486.1600	1,033,906.15	.13
T/L LEE ENTERPRISE 0% 12/15/22		LX136195	LOAN	2,751,902.9000	2,724,383.87	.34
T/L WINDSTREAM SERVICES LLC 0% 03/29/21		LX155086	LOAN	7,653,000.0000	7,310,375.19	.91
T/L INTERNAP NETW 0% 4/6/22		LX161977	LOAN	5,356,899.8700	3,285,547.40	.41
T/L YOUNG INNOVATI 0% 11/7/24		LX169121	LOAN	2,721,905.3800	2,531,372.00	.31
T/L LSC COMMUNICAT 0% 09/30/22		LX169586	LOAN	2,415,267.2600	1,543,355.78	.19
T/L CRESTWOOD HOLD 0% 03/06/23		LX171649	LOAN	6,551,368.2700	6,078,752.56	.76
T/L GENERAL NUTRIT 0% 12/31/22		LX171697	LOAN	2,168,000.0000	2,160,173.52	.27
T/L FIELDWOOD 0% 4/11/22		LX173060	LOAN	8,261,000.0000	6,874,969.42	.86
T/L BI LO LLC 0% 05/31/24		LX173260	LOAN	2,345,407.4100	2,157,774.82	.27
T/L RA ACQUISITI 0% 05/31/23		LX174026	LOAN	1,069,837.2700	1,069,837.27	.13
T/L APPVION OPER 0% 06/12/26		LX174398	LOAN	1,511,201.8700	1,511,201.87	.19
T/L PRODUCTION RES 0% 08/21/24		LX175621	LOAN	2,450,000.0000	2,303,000.00	.29
T/L TRICO GROUP LL 0% 2/02/24		LX178622	LOAN	5,077,302.1300	5,023,381.18	.62
T/L WINDSTREAM REG 0% 02/26/21		LX179044	LOAN	9,515,903.2000	9,501,058.39	1.18
T/L IEA ENERGY SER 0% 09/25/24		LX180731	LOAN	3,982,523.4000	3,992,479.71	.50
T/L MONITRONICS 0% 04/29/24		LX182627	LOAN	1,151,006.5200	970,678.33	.12
T/L DELL 0% 9/11/25		LX182708	LOAN	6,177,472.3600	6,215,340.27	.77
RELIANCE HOLDING 4.5% 10/19/20		U75888AA2	CORPORATE BONDS	3,700,000.0000	3,756,378.01	.47
RELIANCE HOLDING 5.4% 02/14/22		U75888AC8	CORPORATE BONDS	3,400,000.0000	3,593,441.27	.45
SINOPEC GRP OVERSE 3% 04/12/22		82938NAA2	CORPORATE BONDS	200,000.0000	202,749.83	.03
SINOPEC GRP OVERSE 2% 09/29/21		82939CAG2	CORPORATE BONDS	800,000.0000	795,232.00	.10
SINOPEC GRP OVERSE 3% 04/12/22		BYP3573	CORPORATE BONDS	1,000,000.0000	1,013,749.13	.13
CNPC HK OVERSEAS 4.5% 04/28/21		G21895AB6	CORPORATE BONDS	1,200,000.0000	1,233,264.00	.15
CNPC GENERAL CA 3.95% 04/19/22		G22004AB4	CORPORATE BONDS	4,965,000.0000	5,138,749.23	.64
CNOOC FINANCE 3.875% 05/02/22		G23530AA9	CORPORATE BONDS	3,200,000.0000	3,305,211.49	.41
SINOCHEM CORP 4.5% 11/12/20		G8185TAA7	CORPORATE BONDS	4,800,000.0000	4,884,335.38	.61
SINOPEC GRP OVERSE 2% 09/29/21		G8200TAG5	CORPORATE BONDS	1,500,000.0000	1,491,060.00	.19
SINOPEC GRP OVER 2.5% 04/28/20		G8201JAB7	CORPORATE BONDS	3,900,000.0000	3,902,751.68	.49
C/O CRESTWOOD EQUITY P APR 35.000	CEQP200417C00035000	6XV998C67	OPTIONS	-86.0000	-4,300.00	-.00
P/O CRESTWOOD EQUITY P APR 25.000	CEQP200417P00025000	8X7998C47	OPTIONS	172.0000	6,020.00	.00
CAMPBELL SOUP DISC 01/09/20		13443CA92	SHORT TERMS	9,849,000.0000	9,844,449.76	1.22
CONSTELLATION 0% 1/13/20		21037CAD8	SHORT TERMS	10,000,000.0000	9,990,784.00	1.24
FORD MOTOR CRE DISC 01/13/20		3454G0AD0	SHORT TERMS	6,056,000.0000	6,050,309.78	.75
GNRL MTRS FINC DISC 01/09/20		37046TA95	SHORT TERMS	7,315,000.0000	7,310,251.10	.91
SMUCKER J M 0% 1/6/20		46642QA66	SHORT TERMS	9,990,000.0000	9,986,993.01	1.24
JABIL INC DISC 02/14/20		46652LBE6	SHORT TERMS	10,137,000.0000	10,104,181.46	1.26
MARRIOTT INTER DISC 01/03/20		57163TA33	SHORT TERMS	6,837,000.0000	6,835,994.28	.85
NETAPP INC DISC 01/27/20		64112PAT2	SHORT TERMS	5,937,000.0000	5,928,014.35	.74
NUTRIEN LTD DISC 02/10/2020		67077UBA7	SHORT TERMS	7,898,000.0000	7,879,254.89	.98
ROYAL CARIBBEA DISC 01/06/20		78015FA62	SHORT TERMS	10,407,000.0000	10,403,506.37	1.29
SHERWIN WILLIA DISC 01/22/20		82434TAN0	SHORT TERMS	6,562,000.0000	6,555,355.32	.82
VIACOMCBS INC DISC 01/31/20		92557KAX7	SHORT TERMS	3,965,000.0000	3,958,021.20	.49
WALGREENS BOOT DISC 02/05/20		93142WB51	SHORT TERMS	9,552,000.0000	9,532,284.67	1.19
CAD/USD FWD 20200115 000000010 USD	CAD	1295445657	FORWARD	-960,000.0000	-739,409.12	-.09
EUR/USD FWD 20200115 000000010 USD	EUR	1295447639	FORWARD	-18,000,000.0000	-20,206,805.43	-2.51
SEK/USD FWD 20200115 000000010 USD	SEK	1295446282	FORWARD	-9,580,000.0000	-1,023,356.24	-.13
SEK/USD FWD 20200115 000000010 USD	SEK	1295446282	FORWARD	9,580,000.0000	1,023,356.24	.13
USD/CAD FWD 20200115 000000010 USD	USD	1295445657	FORWARD	725,437.1500	725,437.15	.09
USD/SEK FWD 20200115 000000010 USD	USD	1295446282	FORWARD	1,008,278.8300	1,008,278.83	.13
USD/SEK FWD 20200115 000000010 USD	USD	1295446282	FORWARD	-1,022,622.5900	-1,022,622.59	-.13
USD/EUR FWD 20200115 000000010 USD	USD	1295447639	FORWARD	19,992,330.0000	19,992,330.00	2.49

As of 12/31/2019.

Distributions

Fund Name	Fund Cusip	Distribution Type	Amount per Share	Ex Date	Reinvest Date	Reinvest Price
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.053307	12/27/2019	12/27/2019	$9.88
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.031546	11/26/2019	11/26/2019	$9.86
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.032210	10/30/2019	10/30/2019	$9.89
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.031609	9/26/2019	9/26/2019	$9.89
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.033619	8/29/2019	8/29/2019	$9.91
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.033985	7/30/2019	7/30/2019	$9.94
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.032935	6/27/2019	6/27/2019	$9.94
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.034830	5/30/2019	5/30/2019	$9.88
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.033960	4/29/2019	4/29/2019	$9.90
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.031697	3/28/2019	3/28/2019	$9.86
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.032361	2/27/2019	2/27/2019	$9.80
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.032255	1/30/2019	1/30/2019	$9.78
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.034952	12/27/2018	12/27/2018	$9.64
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.031595	11/29/2018	11/29/2018	$9.73
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.032246	10/30/2018	10/30/2018	$9.81
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.028701	9/27/2018	9/27/2018	$9.88
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.030826	8/30/2018	8/30/2018	$9.89
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.027209	7/30/2018	7/30/2018	$9.89
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.031041	6/28/2018	6/28/2018	$9.87
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.032159	5/30/2018	5/30/2018	$9.89
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.032271	4/27/2018	4/27/2018	$9.93
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.028055	3/28/2018	3/28/2018	$9.94
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.029096	2/27/2018	2/27/2018	$9.98
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.028428	1/30/2018	1/30/2018	$10.04
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.032600	12/28/2017	12/28/2017	$10.06
Destinations Global Fixed Income Opportunities Fund	10964R806	Short-Term Capital Gains	0.006355	12/15/2017	12/15/2017	$10.08
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.032793	11/29/2017	11/29/2017	$10.08
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.030892	10/30/2017	10/30/2017	$10.13
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.032901	9/28/2017	9/28/2017	$10.14
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.030927	8/30/2017	8/30/2017	$10.14
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.030234	7/27/2017	7/27/2017	$10.14
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.043367	6/29/2017	6/29/2017	$10.13
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.055388	5/30/2017	5/30/2017	$10.14

Fees and expenses

Type	Amount
Management Fees	0.85%
Distribution and Service (12b-1) Fees	None
Other Expenses	0.24%
AFFE	None
Total Annual Fund Operating Expenses	1.09%
Fee waivers and expense reimbursements	(0.11%)
Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements	0.98%*

Overview

Employing a multi-manager approach, the Fund currently allocates assets among the following sub-advisers:

CrossingBridge Advisors, LLC is the sub-adviser of CrossingBridge Corporate Credit which employs an opportunistic approach, allocating to high yield and investment grade credit opportunities.
DoubleLine Capital LP is the sub-adviser of DoubleLine Low Duration Emerging Markets which employs a value-oriented, research driven approach to identify countries and companies with the potential for improving credit fundamentals and ratings.
Nuveen Asset Management, LLC is the sub-adviser of Nuveen Preferred Securities Opportunities which employs a top-down quantitative driven process complemented by fundamental credit research analysis with a focus on relative value, resulting in a concentrated portfolio of preferred securities.

Z Share Fund performance as of 12/31/2019

Annualized

MTD

QTD

YTD

1 Year

3 Years

5 Years

Since
Inception

Destinations Global Fixed Income Opportunities Fund

0.74%

1.11%

6.78%

N/A

4.17%

Bloomberg Barclays U.S. Universal Bond Index

0.15%

0.45%

9.25%

N/A

6.93%

Barclays U.S. Universal Bond Index Definition: Represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. One cannot invest directly in an index.

An investment in the Destinations Global Fixed Income Opportunities Fund is subject to risk, including the possible loss of principal amount invested.

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.

Liquidity risk refers to the possibility that securities cannot be readily sold within seven days at approximately the price at which the Fund has valued them.

Fund facts

Ticker: DGFZX
CUSIP: 10964R798
Benchmark: Bloomberg Barclays U.S. Universal Bond Index
Inception date: 07/16/2018
Gross expense ratio: 0.94%
Net expense ratio: 0.83%*

Daily NAV

Date:

01/21/2020

NAV:

$10.09
NAV change:

$0.00
Total assets ($m):

$35.1

Quick links

Management team

Jeffrey W. Raupp Chief Investment Officer
Jeffrey W. Raupp, CFA, MBA, is Chief Investment Officer at Brinker Capital with portfolio management responsibilities for the Destinations program. He also serves as chair of Brinker Capital’s asset allocation committee. Mr. Raupp joined Brinker Capital in 1996 as an operations manager and has been a portfolio manager for the Destinations program since 2001. Prior to joining Brinker Capital, Mr. Raupp was an electronic engineer and project manager for a small electronics firm. He also served as an officer in the United States Army. Mr. Raupp has a B.S. in Mechanical Engineering from the University of Delaware and a MBA in Finance from Villanova University.
Amy L. Magnotta Senior Vice President
Amy L. Magnotta, CFA, is a Senior Vice President at Brinker Capital with portfolio management responsibilities for the Destinations program. Ms. Magnotta joined Brinker Capital in 2006 as a senior analyst and has been portfolio manager for the Destinations program since 2007. Prior to joining Brinker Capital, Ms. Magnotta was an associate at Franklin Park Associates from 2004 to 2006 and an associate at BlackRock from 2001 to 2004. Ms. Magnotta has a B.S. in Finance from Lehigh University.
Leigh A. Lowman Investment Manager
Leigh A. Lowman, CFA is an Investment Manager at Brinker Capital with portfolio management responsibilities for the Destinations program. Prior to joining Brinker Capital in 2015, Ms. Lowman was an outreach analyst for The Investment Fund for Foundations (TIFF) and a senior associate for Mondrian Investment Partners. Ms. Lowman was previously at Brinker Capital from 2004 to 2010 as an investment associate and operations analyst. Ms. Lowman has a B.A. in Economics from Wittenberg University.

Performance

Z Share Fund performance as of 12/31/2019

Annualized

MTD

QTD

YTD

1 Year

3 Years

5 Years

Since
Inception

Inception
Date

Gross
expense
ratio

Net
expense
ratio*

Destinations Global Fixed Income Opportunities Fund

0.74%

1.11%

6.78%

N/A

4.17%

7/16/2018

0.94%

0.83%

Bloomberg Barclays U.S. Universal Bond Index

0.15%

0.45%

9.25%

N/A

6.93%

Holdings

Security Description	Ticker Symbol	Security ID	Security Type Description	Quantity	Base Market Value	Percent TNA
EURO		CASHEUR	CURRENCY	801,223.0000	898,771.88	.11
US DOLLARS		CASHUSD	CURRENCY	37,374,485.8900	37,374,485.89	4.65
OAS FINANCE LTD WT EX 01/21/39		33X1P6	WARRANTS	58,463.0000	.00	.00
FRONTERA ENERGY CORP	FECCF	35905B107	COMMON STOCK	21,182.0000	159,500.46	.02
AMCI ACQUISITION CORP-CL A	AMCI	00165R101	COMMON STOCK	76,960.0000	777,296.00	.10
AIR LEASE CORP /PFD/	AL PRA	00912X500	PREFERRED STOCK	10,100.0000	278,154.00	.03
ALPINE INCOME PROPERTY TRUST	PINE	02083X103	REIT - Real Estate Invesment Trust	88,882.0000	1,691,424.46	.21
AMERICAN EQUITY INVESTME /PFD/	AEL PRA	025676503	PREFERRED STOCK	26,340.0000	678,255.00	.08
AXA EQUITABLE HOLDINGS I /PFD/	AXQEL	054561204	PREFERRED STOCK	9,755.0000	254,605.50	.03
AXIS CAPITAL HLDGS LTD /PFD/	AXS PRE	05461T305	PREFERRED STOCK	16,495.0000	425,406.05	.05
COBANK ACB /PFD/	CBKAZ	19075Q805	PREFERRED STOCK	3,000.0000	315,000.00	.04
CONS TOMOKA LAND CO-FLORIDA	CTO	210226106	COMMON STOCK	8,888.0000	536,124.16	.07
DAIRY FARMERS OF AMERICA /PFD/	DFRMP	23385H406	PREFERRED STOCK	1,000.0000	98,898.00	.01
DELPHI FINANCIAL GROUP PFD		247131303	PREFERRED STOCK	50,000.0000	1,118,750.00	.14
ENSTAR GROUP LTD /PFD/	ESGRP	29359U109	PREFERRED STOCK	42,868.0000	1,196,874.56	.15
FARM CREDIT BK OF TEXAS /PFD/	FCTXZ	30767E406	PREFERRED STOCK	21,970.0000	2,350,790.00	.29
RA PARENT INC /RESTRICTED/		33TG3R	COMMON STOCK	52.0400	1,583,056.80	.20
GMAC CAP 8.125% 2/15/40 /PFD/	ALLY PRA	361860208	PREFERRED STOCK	25,550.0000	665,577.50	.08
HC2 HOLDINGS INC	HCHC	404139107	COMMON STOCK	13,753.0000	29,844.01	.00
HC2 HOLDINGS INC	HCHC	404139107	COMMON STOCK	-124,857.0000	-270,939.69	-.03
HUNTINGTON BANCSHARES IN /PFD/	HBANO	446150708	PREFERRED STOCK	54,847.0000	1,426,022.00	.18
ISHARES IBOXX HIGH YLD CORP	HYG	464288513	POOLED INVESTMENTS	-14,889.0000	-1,309,338.66	-.16
LANDCADIA HOLDINGS II INC-A	LCA	51476X105	COMMON STOCK	61,500.0000	607,005.00	.08
MORGAN STANLEY /PFD/	MS PRI	61761J406	PREFERRED STOCK	49,200.0000	1,385,964.00	.17
MORGAN STANLEY /PFD/	MS PRK	61762V606	PREFERRED STOCK	75,960.0000	2,154,225.60	.27
NY COMMUNITY BANCORP INC PREF	NYCB PRA	649445202	PREFERRED STOCK	20,000.0000	559,200.00	.07
NUSTAR ENERGY LP SER B /PFD/	NS PRB	67058H300	PREFERRED STOCK	45,000.0000	974,250.00	.12
REGIONS FINANCIAL CORP	RF PRC	7591EP704	PREFERRED STOCK	43,830.0000	1,222,418.70	.15
SCHULTZE SPECIAL PURPOSE ACQ	SAMA	80821R109	COMMON STOCK	240,010.0000	2,433,701.40	.30
SYNOVUS FINANCIAL CORP /PFD/	SNV PRE	87161C709	PREFERRED STOCK	13,000.0000	347,100.00	.04
SYNCHRONY FINANCIAL /PFD/	SYF PRA	87165B202	PREFERRED STOCK	19,075.0000	487,366.25	.06
TUSCAN HOLDINGS CORP II	THCA	90070A103	COMMON STOCK	80,750.0000	796,195.00	.10
TUSCAN HLDGS CORP II WT EX 07/16/2025	THCAW	90070A111	WARRANTS	40,375.0000	16,150.00	.00
VECTOIQ ACQUISITION CORP	VTIQ	92243N103	COMMON STOCK	96,200.0000	992,784.00	.12
VOYA FINANCIAL INC /PFD/	VOYXL	929089209	PREFERRED STOCK	90,000.0000	2,429,100.00	.30
APPVION INC		989713111	COMMON STOCK	267,281.0000	2,646,081.90	.33
ASPEN INSURANCE HLDG LTD /PFD/	AHL PRD	G05384162	PREFERRED STOCK	30,926.0000	814,900.10	.10
ATHENE HOLDING LTD /PFD/	ATH PRA	G0684D305	PREFERRED STOCK	17,350.0000	490,137.50	.06
PAMPA ENERGIA 7.375% 07/21/23		P7873PAE6	CORPORATE BONDS	900,000.0000	850,500.00	.11
BHP BILLITON FIN V/R 10/19/75		055451AX6	CORPORATE BONDS	550,000.0000	645,793.50	.08
CNOOC FINANCE 2.625% 05/05/20		12634GAA1	CORPORATE BONDS	4,100,000.0000	4,104,346.00	.51
QBE INSURANCE GRO V/R 12/02/44		BSSWBW2	CORPORATE BONDS	2,000,000.0000	2,240,000.00	.28
JBS INVESTMENTS 6.25% 02/05/23		A9617TAA9	CORPORATE BONDS	554,000.0000	559,540.00	.07
SILVERSEA CRUIS 7.25% 02/01/25		82845LAA8	CORPORATE BONDS	9,325,000.0000	9,861,187.50	1.23
DIGICEL GROUP T 8.25% 09/30/22		25382FAB7	CORPORATE BONDS	1,100,000.0000	264,000.00	.03
STOLT-NIELSEN 6.375% 09/21/22		BF2P5M4	CORPORATE BONDS	5,100,000.0000	5,228,170.70	.65
SFL CORP LTD 5.75% 10/15/21		G81075AF3	CORPORATE BONDS	2,327,000.0000	2,473,323.58	.31
BANCO BTG PACTUAL V/R 02/15/29		05890BAE7	CORPORATE BONDS	700,000.0000	741,132.00	.09
BANCO BTG PACTUAL/ 4% 01/16/20		05971BAB5	CORPORATE BONDS	2,300,000.0000	2,297,723.00	.29
FED REPUBLIC O 4.875% 01/22/21		105756BS8	GOVERNMENT BONDS	900,000.0000	927,900.00	.12
ITAU UNIBANCO HL 6.2% 04/15/20		46556MAA0	CORPORATE BONDS	800,000.0000	809,248.00	.10
ITAU UNIBANCO HL 6.2% 12/21/21		46556MAE2	CORPORATE BONDS	400,000.0000	423,004.00	.05
BANCO DO BRASIL (CA V/R /PERP/		B512BN9	CORPORATE BONDS	1,900,000.0000	1,974,594.00	.25
BANCO BRADESCO ( 5.9% 01/16/21		B57H150	CORPORATE BONDS	1,800,000.0000	1,854,900.00	.23
B3 SA-BRASIL BOL 5.5% 07/16/20		P1728MAA1	CORPORATE BONDS	1,600,000.0000	1,624,016.00	.20
GLOBO COMMUNIC 4.875% 04/11/22		P47773AL3	CORPORATE BONDS	3,430,000.0000	3,562,089.30	.44
ITAU UNIBANCO HLDG V/R /PERP/		P5R6DPAA8	CORPORATE BONDS	400,000.0000	417,504.00	.05
WILDBRAIN 5.875% 09/30/24/CAD/		96810CAA9	CORPORATE BONDS	1,153,000.0000	728,589.09	.09
EMERA INC V/R 06/15/76		290876AD3	CORPORATE BONDS	950,000.0000	1,073,500.00	.13
NOVA CHEMICALS 5.25% 06/01/27		66977WAR0	CORPORATE BONDS	1,872,000.0000	1,923,480.00	.24
PTTEP CANADA I 5.692% 04/05/21		B84Y4C3	CORPORATE BONDS	200,000.0000	208,114.00	.03
ALIBABA GROUP 3.125% 11/28/21		01609WAP7	CORPORATE BONDS	1,500,000.0000	1,529,654.25	.19
CK HUTCHISON I 2.875% 04/05/22		12563UAA5	CORPORATE BONDS	2,000,000.0000	2,020,589.32	.25
ITAU UNIBANCO H 5.75% 01/22/21		46556MAB8	CORPORATE BONDS	2,400,000.0000	2,466,024.00	.31
NEXTEER AUTO G 5.875% 11/15/21		65341EAA8	CORPORATE BONDS	2,495,000.0000	2,537,945.59	.32
SPARC EM SPC PANA ZCP 12/05/22		846502AC6	CORPORATE BONDS	1,943,580.9200	1,865,857.12	.23
VANTAGE DRILL I 9.25% 11/15/23		92210KAC2	CORPORATE BONDS	4,980,000.0000	4,843,050.00	.60
PERU ENHANCED PAS ZCP 06/02/25		B1VYKW9	CORPORATE BONDS	390,648.5300	361,838.20	.05
BANCO CONT(CONT 5.5% 11/18/20		B617QX6	CORPORATE BONDS	1,500,000.0000	1,545,000.00	.19
HUTCH WHAMPOA 4.625% 01/13/22		B7K5BL1	CORPORATE BONDS	1,900,000.0000	1,982,299.05	.25
GRUPO AVAL LTD 4.75% 09/26/22		B8FB0M5	CORPORATE BONDS	2,000,000.0000	2,085,020.00	.26
TECNOGLASS INC 8.2% 01/31/22		BDGJ595	CORPORATE BONDS	1,900,000.0000	2,055,800.00	.26
SPARC EM SPC PANA ZCP 12/05/22		BF7TXZ0	CORPORATE BONDS	3,211,822.9600	3,083,382.16	.38
CK HUTCHISON I 2.875% 04/05/22		BYQCLD7	CORPORATE BONDS	2,500,000.0000	2,526,800.00	.31
COM CELULARES( 6.875% 02/06/24		G2300TAA0	CORPORATE BONDS	1,400,000.0000	1,435,014.00	.18
GUANAY FINANCE LTD 6% 12/15/20		G4182JAA1	CORPORATE BONDS	520,843.4170	526,702.91	.07
LATAM FINANCE 6.875% 04/11/24		G53770AB2	CORPORATE BONDS	2,600,000.0000	2,746,926.00	.34
INTEROCEANICA 0% 11/30/25		P52715AB8	CORPORATE BONDS	533,253.6400	485,970.04	.06
AES GENER SA V/R 03/26/79		00105DAF2	CORPORATE BONDS	1,000,000.0000	1,049,515.76	.13
BANCO DEL ESTA 3.875% 02/08/22		05968AAA4	CORPORATE BONDS	500,000.0000	514,255.56	.06
BANCO DEL ESTA 2.668% 01/08/21		05968AAD8	CORPORATE BONDS	1,899,000.0000	1,899,874.34	.24
BANCO SANTANDER 2.5% 12/15/20		05971WAA1	CORPORATE BONDS	800,000.0000	798,400.00	.10
REPUBLIC OF CH 3.875% 08/05/20		168863AV0	GOVERNMENT BONDS	1,800,000.0000	1,816,200.00	.23
REPUBLIC OF CHI 2.25% 10/30/22		168863BN7	GOVERNMENT BONDS	2,000,000.0000	2,005,900.00	.25
AES GENER SA V/R 03/26/79		P0607LAC7	CORPORATE BONDS	2,200,000.0000	2,308,934.67	.29
CODELCO INC 3.875% 11/03/21		P3143NAN4	CORPORATE BONDS	300,000.0000	307,628.29	.04
CODELCO INC 3% 07/17/22		P3143NAP9	CORPORATE BONDS	400,000.0000	404,610.09	.05
E.CL SA 5.625% 01/15/21		P36020AA6	CORPORATE BONDS	3,000,000.0000	3,091,891.59	.38
INVERSIONES CMPC 4.5% 04/25/22		P58073AA8	CORPORATE BONDS	5,135,000.0000	5,300,686.06	.66
SOC QUIMICA Y MI 5.5% 04/21/20		P8718AAC0	CORPORATE BONDS	900,000.0000	907,002.00	.11
TELEFONICA CHI 3.875% 10/12/22		P9047EAA6	CORPORATE BONDS	4,000,000.0000	4,110,000.00	.51
BANCOLOMBIA SA 5.95% 06/03/21		05968LAG7	CORPORATE BONDS	4,071,000.0000	4,274,550.00	.53
REPUBLIC OF CO 4.375% 07/12/21		195325BN4	GOVERNMENT BONDS	6,900,000.0000	7,115,694.00	.89
GRUPO INVERSIONE 5.7% 05/18/21		G42036AA4	CORPORATE BONDS	3,945,000.0000	4,107,770.70	.51
COLOMBIA TELEC 5.375% 09/27/22		P28768AA0	CORPORATE BONDS	1,443,000.0000	1,453,836.93	.18
COLOMBIA TELECOMUNI V/R /PERP/		P28768AB8	CORPORATE BONDS	1,222,000.0000	1,234,232.22	.15
OLEODUCTO CENTRAL 4% 05/07/21		P7358RAC0	CORPORATE BONDS	4,500,000.0000	4,578,795.00	.57
COSTA RICA GOV 9.995% 08/01/20		P3699PAA5	GOVERNMENT BONDS	1,150,000.0000	1,190,250.00	.15
GEORG JENSEN V/R 05/15/23/EUR/		K40294AA6	CORPORATE BONDS	600,000.0000	669,914.66	.08
BANCO RESERVAS REP 7% 02/01/23		B9L68W7	CORPORATE BONDS	1,100,000.0000	1,156,386.00	.14
DOMINICAN REPU 7.5% 05/06/21		P3579EAH0	GOVERNMENT BONDS	6,320,000.0100	6,564,963.21	.82
BNP PARIBAS V/R /PERP/		05565AHN6	CORPORATE BONDS	1,000,000.0000	1,080,000.00	.13
CREDIT AGRICOLE SA V/R /PERP/		225313AJ4	CORPORATE BONDS	1,475,000.0000	1,788,437.50	.22
CREDIT AGRICOLE SA V/R /PERP/		225313AL9	CORPORATE BONDS	200,000.0000	220,250.00	.03
SOCIETE GENERALE V/R /PERP/		83367TBF5	CORPORATE BONDS	1,090,000.0000	1,224,887.50	.15
SOCIETE GENERALE V/R /PERP/		83368JFA3	CORPORATE BONDS	490,000.0000	575,750.00	.07
BASF SE 0.875% 11/15/27/EUR/		BZ6T254	CORPORATE BONDS	-824,000.0000	-969,770.90	-.12
LIFEFITGROUP V/R 07/26/23/EUR/		D5S7C6AA1	CORPORATE BONDS	2,765,000.0000	3,172,976.38	.39
INDIAN OIL COR 5.625% 08/02/21		B4MR909	CORPORATE BONDS	2,995,000.0000	3,132,290.80	.39
ONGC VIDESH LTD 3.75% 05/07/23		B8CH8T9	CORPORATE BONDS	900,000.0000	922,116.40	.11
INDIAN OIL CORP 5.75% 08/01/23		BCHH9P5	CORPORATE BONDS	2,000,000.0000	2,174,280.00	.27
ADANI PORTS AND 3.95% 01/19/22		Y00130HS9	CORPORATE BONDS	3,350,000.0000	3,430,045.20	.43
BHARAT PETROLE 4.625% 10/25/22		Y0882ZBH0	CORPORATE BONDS	3,600,000.0000	3,737,412.00	.46
EXPORT-IMPORT 3.125% 07/20/21		Y23874TK9	GOVERNMENT BONDS	2,000,000.0000	2,017,949.08	.25
PERUSAHAAN PENER 3.4% 03/29/22		71567RAG1	GOVERNMENT BONDS	1,000,000.0000	1,022,420.00	.13
PERUSAHAAN LISTR 5.5% 11/22/21		71568QAA5	CORPORATE BONDS	1,000,000.0000	1,057,500.00	.13
PERTAMINA PERSE 5.25% 05/23/21		B5SY4C8	CORPORATE BONDS	4,500,000.0000	4,679,370.00	.58
REPUBLIC OF INDO 3.7% 01/08/22		BYNPMT2	GOVERNMENT BONDS	2,795,000.0000	2,868,899.69	.36
REPUBLIC OF IN 4.875% 05/05/21		Y20721AU3	GOVERNMENT BONDS	3,000,000.0000	3,116,250.00	.39
PERTAMINA PERS 4.875% 05/03/22		Y7138AAC4	CORPORATE BONDS	2,500,000.0000	2,632,548.00	.33
C&W SENIOR FINAN 7.5% 10/15/26		G3165UAB7	CORPORATE BONDS	3,100,000.0000	3,356,866.00	.42
ISRAEL ELECTRI 6.875% 06/21/23		46507NAE0	CORPORATE BONDS	500,000.0000	566,825.00	.07
DELEK & AVNER 4.435% 12/30/20		BMJJM83	CORPORATE BONDS	2,479,000.0000	2,518,218.18	.31
LINKEM SPA V/R 08/09/22/EUR/		333CY4	CORPORATE BONDS	10,374,000.0000	11,641,863.43	1.45
INTESA SANPAOLO SPA V/R /PERP/		46115HAU1	CORPORATE BONDS	635,000.0000	688,181.25	.09
UNICREDIT SPA V/R /PERP/		BL25ZT3	CORPORATE BONDS	650,000.0000	708,500.00	.09
SOFTBANK GROUP 4.75% 09/19/24		BF166D6	CORPORATE BONDS	-1,604,000.0000	-1,625,863.08	-.20
SWISS RE FINANCE V/R 04/02/49		87089NAA8	CORPORATE BONDS	400,000.0000	445,500.00	.06
MILLICOM INTL CELL 6% 03/15/25		BWC4Q27	CORPORATE BONDS	2,200,000.0000	2,279,750.00	.28
MILLICOM INTL 6.625% 10/15/26		BYQM483	CORPORATE BONDS	600,000.0000	664,380.00	.08
EURONAV LUXEMBOU 7.5% 05/31/22		BZ121X9	CORPORATE BONDS	400,000.0000	411,000.00	.05
WAKALA GLOBAL 4.646% 07/06/21		B45VGR4	CORPORATE BONDS	1,000,000.0000	1,037,270.00	.13
MALAYAN BANKING B V/R 10/29/26		BD3C8K9	CORPORATE BONDS	1,715,000.0000	1,743,469.00	.22
AXIATA SPV2 BH 3.466% 11/19/20		BD5WCP0	CORPORATE BONDS	7,500,000.0000	7,559,625.00	.94
PETRONAS CAPIT 3.125% 03/18/22		Y68856AM8	CORPORATE BONDS	500,000.0000	508,269.84	.06
PETRONAS GLOBA 2.707% 03/18/20		Y68868AA9	CORPORATE BONDS	6,855,000.0000	6,859,318.65	.85
BOREALIS FINANCE 7.5% 11/16/22		09972AAA0	CORPORATE BONDS	5,067,000.0000	4,661,640.00	.58
CHEMBULK HOLDING L 8% 02/02/23		BD49177	CORPORATE BONDS	500,000.0000	442,500.00	.06
GOLAR LNG PARTNER V/R 05/22/20		BXQ9SM9	CORPORATE BONDS	1,200,000.0000	1,188,000.00	.15
UPL CORP LTD 3.25% 10/13/21		BD2N5F7	CORPORATE BONDS	3,000,000.0000	3,010,620.00	.37
BANCO SANTANDER M V/R 10/01/28		05969BAC7	CORPORATE BONDS	500,000.0000	535,630.00	.07
COCA-COLA FEMS 4.625% 02/15/20		191241AD0	CORPORATE BONDS	1,700,000.0000	1,704,184.77	.21
FOMENTO ECONOM 2.875% 05/10/23		344419AA4	CORPORATE BONDS	350,000.0000	353,001.76	.04
BBVA BANCOMER 7.25% 04/22/20		B3L6LN7	CORPORATE BONDS	2,000,000.0000	2,022,520.00	.25
UNIFIN FINANCIE 7.25% 09/27/23		BD878V0	CORPORATE BONDS	2,450,000.0000	2,551,087.00	.32
CEMEX SAB DE CV 7.75% 04/16/26		BZ3CH28	CORPORATE BONDS	1,000,000.0000	1,087,500.00	.14
BANCO MERCANTIL DE V/R /PERP/		P14008AD1	CORPORATE BONDS	5,400,000.0000	5,643,054.00	.70
BANCO NACIONAL CO V/R 08/11/26		P14517AB5	CORPORATE BONDS	5,000,000.0000	5,056,300.00	.63
BBVA BANCOMER SA 6.5% 03/10/21		P16259AB2	CORPORATE BONDS	1,500,000.0000	1,563,765.00	.19
BBVA BANCOMER S 6.75% 09/30/22		P16259AH9	CORPORATE BONDS	1,300,000.0000	1,415,388.00	.18
BBVA BANCOMER SA V/R 11/12/29		P16259AL0	CORPORATE BONDS	1,943,000.0000	1,962,449.43	.24
CEMEX SAB DE C 6.125% 05/05/25		P2253TJG5	CORPORATE BONDS	1,200,000.0000	1,245,012.00	.15
GRUPO BIMBO SA 4.875% 06/30/20		P4949BAG9	CORPORATE BONDS	610,000.0000	616,803.53	.08
GRUPO BIMBO SAB 4.5% 01/25/22		P4949BAH7	CORPORATE BONDS	1,400,000.0000	1,454,844.08	.18
GRUPO BIMBO SAB DE V/R /PERP/		P4949BAN4	CORPORATE BONDS	3,400,000.0000	3,604,000.00	.45
NACIONAL FINAN 3.375% 11/05/20		P7071QAA2	GOVERNMENT BONDS	1,500,000.0000	1,506,690.00	.19
AERCAP HOLDINGS N V/R 10/10/79		00774YAA7	CORPORATE BONDS	1,290,000.0000	1,381,035.30	.17
ALCOA NEDERLAND 6.75% 09/30/24		013822AA9	CORPORATE BONDS	3,903,000.0000	4,106,307.27	.51
PETROBRAS GLOB 5.375% 01/27/21	PBR/41	71645WAR2	CORPORATE BONDS	1,644,000.0000	1,695,950.40	.21
MPC CONTAINER SHI V/R 09/22/22		BF59L14	CORPORATE BONDS	3,000,000.0000	2,934,521.76	.37
SYNGENTA FINAN 3.698% 04/24/20		BFM6WF9	CORPORATE BONDS	200,000.0000	200,629.28	.02
ING GROEP NV V/R /PERP/		BJ1FGT7	CORPORATE BONDS	600,000.0000	650,970.00	.08
AES ANDRS/DMCN 7.95% 05/11/26		BZ04KR3	CORPORATE BONDS	400,000.0000	424,504.00	.05
VTR FINANCE BV 6.875% 01/15/24		N9417JAB7	CORPORATE BONDS	4,400,000.0000	4,499,000.00	.56
JACKTEL 10% 12/04/23		BH0M918	CORPORATE BONDS	2,200,000.0000	1,760,000.00	.22
BANISTMO SA 3.65% 09/19/22		06034LAA8	CORPORATE BONDS	300,000.0000	303,003.00	.04
MULTIBANK INC. 4.375% 11/09/22		BF8QD50	CORPORATE BONDS	1,000,000.0000	1,033,760.00	.13
T/L MCDERMOTT INTE 0% 05/12/25		LX170450	LOAN	3,080,138.3400	1,793,410.55	.22
BANCO LATINOAME 3.25% 05/07/20		P1393HAB4	CORPORATE BONDS	1,500,000.0000	1,503,765.00	.19
BANISTMO SA 3.65% 09/19/22		P15383AC9	CORPORATE BONDS	500,000.0000	505,005.00	.06
ENA NORTE TRUST 4.95% 04/25/23		P3716XAA7	CORPORATE BONDS	4,502,150.5080	4,648,515.42	.58
GLOBAL BANK CORP 4.5% 10/20/21		P47718AC8	CORPORATE BONDS	2,900,000.0000	2,985,579.00	.37
BBVA BANCO CONTINE 5% 08/26/22		B8HLLL9	CORPORATE BONDS	165,000.0000	174,901.65	.02
SCOTIABANK PERU S V/R 12/13/27		B95K160	CORPORATE BONDS	1,040,000.0000	1,073,810.40	.13
FONDO MIVIVIENDA 3.5% 01/31/23		P42009AA1	GOVERNMENT BONDS	1,500,000.0000	1,531,890.00	.19
REPUBLIC OF PHILIP 4% 01/15/21		718286BK2	GOVERNMENT BONDS	1,000,000.0000	1,021,246.44	.13
UNION BK OF PH 3.369% 11/29/22		BF2WQR7	CORPORATE BONDS	800,000.0000	818,977.46	.10
DBS GROUP HOLDING V/R 06/08/20		24023LAD8	CORPORATE BONDS	200,000.0000	200,144.23	.02
DBS GROUP HOLDI 2.85% 04/16/22		24023LAE6	CORPORATE BONDS	1,400,000.0000	1,420,765.86	.18
DBS GROUP HOLDING V/R 12/11/28		24023NAA0	CORPORATE BONDS	500,000.0000	531,744.49	.07
OVERSEA-CHINESE 4.25% 06/19/24		69033DAC1	CORPORATE BONDS	500,000.0000	531,547.63	.07
TEMASEK FINANC 2.375% 01/23/23		87973RAC4	CORPORATE BONDS	3,450,000.0000	3,493,013.57	.43
UNITED OVERSEAS B V/R 04/15/29		91127LAC4	CORPORATE BONDS	1,900,000.0000	1,971,551.32	.25
SP POWERASSETS L 2.7% 09/14/22		B6RVFW4	CORPORATE BONDS	3,000,000.0000	3,054,120.00	.38
UNITED OVERSEAS B V/R 09/16/26		BDFSK43	CORPORATE BONDS	4,500,000.0000	4,560,615.00	.57
UNITED OVERSEAS B V/R 03/08/27		BYZBLR9	CORPORATE BONDS	800,000.0000	801,312.00	.10
ONGC VIDESH VA 2.875% 01/27/22		BZ30F84	CORPORATE BONDS	4,365,000.0000	4,372,114.95	.54
DBS GROUP HOLDINGS V/R /PERP/		BZCN164	CORPORATE BONDS	5,000,000.0000	5,031,250.00	.63
CREDIT SUISSE GROUP V/R /PERP/		225401AJ7	CORPORATE BONDS	655,000.0000	716,799.25	.09
CREDIT SUISSE GROUP V/R /PERP/		225401AL2	CORPORATE BONDS	1,000,000.0000	1,078,000.00	.13
UBS GROUP AG V/R /PERP/		BVXZ4Q2	CORPORATE BONDS	1,400,000.0000	1,599,500.00	.20
BANGKOK BANK PCL 4.8% 10/18/20		Y0606WBS8	CORPORATE BONDS	1,300,000.0000	1,325,528.39	.16
BANGKOK BANK P 3.875% 09/27/22		Y0606WBU3	CORPORATE BONDS	1,800,000.0000	1,868,104.28	.23
CENTRALNIC G V/R 07/03/23/EUR/		BKFVF91	CORPORATE BONDS	1,475,000.0000	1,692,818.29	.21
SB HOLDCO PL V/R 07/13/22/EUR/		G7837UAA8	CORPORATE BONDS	2,400,000.0000	2,658,547.45	.33
BARCLAYS PLC V/R /PERP/		06738EBA2	CORPORATE BONDS	1,700,000.0000	1,857,250.00	.23
FERROGLOBE / G 9.375% 03/01/22		315419AA9	CORPORATE BONDS	862,000.0000	534,440.00	.07
LLOYDS BANKING GROU V/R /PERP/		539439AG4	CORPORATE BONDS	1,700,000.0000	1,878,500.00	.23
ROYAL BK SCOTLND GR V/R /PERP/		780097BB6	CORPORATE BONDS	1,645,000.0000	1,778,738.50	.22
STANDARD CHARTERED V/R /PERP/		853254BH2	CORPORATE BONDS	600,000.0000	663,750.00	.08
VODAFONE GROUP PL V/R 04/04/79		92857WBQ2	CORPORATE BONDS	370,000.0000	434,138.29	.05
VEDANTA RESOUR 6.125% 08/09/24		BF2WGB1	CORPORATE BONDS	200,000.0000	182,094.22	.02
MARB BONDCO PLC 7% 03/15/24		G5825AAA0	CORPORATE BONDS	4,600,000.0000	4,795,500.00	.60
VEDANTA RESOUR 7.125% 05/31/23		G9328DAJ9	CORPORATE BONDS	800,000.0000	786,400.00	.10
AMERICA WEST A 8.057% 07/02/20		023650AG9	CORPORATE BONDS	167,010.0930	171,822.91	.02
AMERICAN AIRLI 4.625% 03/01/20		02376RAB8	CORPORATE BONDS	7,647,000.0000	7,659,005.79	.95
AMERICAN EXPRESS CO V/R /PERP/		025816BJ7	CORPORATE BONDS	706,000.0000	708,647.50	.09
AMERICAN INTL GRO V/R 04/01/48		026874DM6	CORPORATE BONDS	1,350,000.0000	1,484,271.00	.18
ARROW BIDCO LLC 9.5% 03/15/24		042728AA3	CORPORATE BONDS	150,000.0000	143,250.00	.02
ASSURANT INC V/R 03/27/48		04621XAK4	CORPORATE BONDS	1,230,000.0000	1,377,600.00	.17
BANK OF AMERICA COR V/R /PERP/		060505EH3	CORPORATE BONDS	450,000.0000	500,062.50	.06
BANK OF AMERICA COR V/R /PERP/		060505EN0	CORPORATE BONDS	885,000.0000	985,713.00	.12
BANK OF AMERICA COR V/R /PERP/		060505EU4	CORPORATE BONDS	1,340,000.0000	1,547,700.00	.19
BAYER US FINANCE V/R 06/25/21		07274NAC7	CORPORATE BONDS	245,000.0000	245,773.07	.03
CIT GROUP INC V/R /PERP/		125581GU6	CORPORATE BONDS	290,000.0000	297,975.00	.04
CSC HOLDINGS L 5.375% 07/15/23		126307AT4	CORPORATE BONDS	7,367,000.0000	7,551,175.00	.94
CAPITAL ONE FINANCI V/R /PERP/		14040HBH7	CORPORATE BONDS	1,600,000.0000	1,623,792.00	.20
CENTERPOINT ENERGY V/R /PERP/		15189TAS6	CORPORATE BONDS	1,005,000.0000	1,062,787.50	.13
CITIGROUP INC V/R /PERP/		172967HQ7	CORPORATE BONDS	500,000.0000	541,785.00	.07
CITIGROUP INC V/R /PERP/		172967JM4	CORPORATE BONDS	2,389,000.0000	2,606,996.25	.32
CITGO PETROLEUM 6.25% 08/15/22		17302XAJ5	CORPORATE BONDS	4,359,000.0000	4,418,936.25	.55
CITIZENS FINANCIAL V/R /PERP/		174610AQ8	CORPORATE BONDS	835,000.0000	891,362.50	.11
TAPESTRY INC 4.25% 04/01/25		189754AA2	CORPORATE BONDS	4,020,000.0000	4,251,954.64	.53
COBANK ACB V/R /PERP/		19075QAC6	CORPORATE BONDS	1,175,000.0000	1,292,500.00	.16
COMCAST CORP V/R 10/01/20		20030NCV1	CORPORATE BONDS	520,000.0000	520,895.42	.06
COMCAST CORP V/R 10/01/21		20030NCW9	CORPORATE BONDS	260,000.0000	261,277.52	.03
CONTINENTAL AI 5.983% 04/19/22		21079NAA9	CORPORATE BONDS	469,226.7490	493,510.27	.06
CONTINENTAL AIR 7.707% 4/2/21		210805DD6	ASSET BACKED	268,365.2770	274,598.81	.03
CONTL AIRLINES 6.236% 03/15/20		210805DS3	CORPORATE BONDS	20,577.1720	20,703.33	.00
COTT HOLDINGS IN 5.5% 04/01/25		221644AA5	CORPORATE BONDS	5,436,000.0000	5,680,620.00	.71
DAIRY FARMERS OF 7.125% /PERP/		23385HAA7	CORPORATE BONDS	535,000.0000	529,650.00	.07
DAVITA INC 5.125% 07/15/24		23918KAQ1	CORPORATE BONDS	-1,418,000.0000	-1,453,450.00	-.18
DIAMOND SPORTS 5.375% 08/15/26		25277LAA4	CORPORATE BONDS	1,615,000.0000	1,633,656.48	.20
DISCOVER FINANCIAL V/R /PERP/		254709AN8	CORPORATE BONDS	1,060,000.0000	1,116,180.00	.14
DOLLAR TREE INC V/R 04/17/20		256746AE8	CORPORATE BONDS	7,688,000.0000	7,689,427.43	.96
EP ENER/EVEREST 7.75% 05/15/26		268787AJ7	CORPORATE BONDS	3,944,000.0000	2,819,960.00	.35
FARM CREDIT BK OF T V/R /PERP/		30767EAC3	GOVERNMENT BONDS	135,000.0000	142,474.72	.02
ASSURED GUARANTY V/R 12/15/66		31769PAB6	CORPORATE BONDS	2,369,000.0000	2,463,760.00	.31
INVEPAR A-1 0% 12/30/2028		3323Z7	CORPORATE BONDS	70,068.0000	2,996.25	.00
FIVE POINT OP 7.875% 11/15/25		33834YAA6	CORPORATE BONDS	1,944,000.0000	1,958,210.64	.24
FORD MOTOR CREDIT V/R 06/12/20		345397YN7	CORPORATE BONDS	5,222,000.0000	5,225,039.10	.65
FOXTROT ESCROW 12.25% 11/15/26		35166FAA0	CORPORATE BONDS	3,452,000.0000	3,594,395.00	.45
FREEPORT-MCMORA 3.55% 03/01/22	FCX22	35671DAU9	CORPORATE BONDS	1,500,000.0000	1,518,750.00	.19
FREEPORT-MCMORA 4.55% 11/14/24		35671DBL8	CORPORATE BONDS	2,900,000.0000	3,065,532.00	.38
FRESH MARKET IN 9.75% 05/01/23		35804HAA4	CORPORATE BONDS	2,126,000.0000	1,063,000.00	.13
GENERAL ELECTRIC CO V/R /PERP/		369604BQ5	CORPORATE BONDS	2,095,000.0000	2,051,968.70	.26
GENERAL MOTORS FINL V/R /PERP/		37045XCA2	CORPORATE BONDS	1,935,000.0000	1,968,862.50	.24
GOLDMAN SACHS GROUP V/R /PERP/		38148BAE8	CORPORATE BONDS	2,524,000.0000	2,711,308.66	.34
HC2 HOLDINGS IN 11.5% 12/01/21		404139AD9	CORPORATE BONDS	2,791,000.0000	2,595,630.00	.32
HC2 HOLDINGS INC 7.5% 06/01/22		404139AF4	CORPORATE BONDS	1,668,000.0000	1,137,796.36	.14
ICAHN ENTERPRIS 6.25% 05/15/26		451102BT3	CORPORATE BONDS	3,207,000.0000	3,415,455.00	.42
ICAHN ENTERPRIS 5.25% 05/15/27		451102BX4	CORPORATE BONDS	3,573,000.0000	3,653,856.99	.45
JPMORGAN CHASE & CO V/R /PERP/		46625HJQ4	CORPORATE BONDS	2,650,000.0000	2,992,512.50	.37
JPMORGAN CHASE & CO V/R /PERP/		48128BAF8	CORPORATE BONDS	1,745,000.0000	1,814,800.00	.23
KEYCORP V/R /PERP/		493267AK4	CORPORATE BONDS	475,000.0000	504,754.00	.06
LSC COMMUNICATI 8.75% 10/15/23		50218PAA5	CORPORATE BONDS	3,256,000.0000	1,758,240.00	.22
LAND O'LAKES INC 7.25% /PERP/		514666AM8	CORPORATE BONDS	2,050,000.0000	1,957,750.00	.24
LAND O'LAKES INC 7% /PERP/		514666AN6	CORPORATE BONDS	415,000.0000	385,950.00	.05
LEE ENTERPRISES 9.5% 03/15/22		523768AF6	CORPORATE BONDS	6,856,000.0000	6,376,080.00	.79
LEVEL 3 FINANCIN 3.4% 03/01/27		527298BP7	CORPORATE BONDS	575,000.0000	579,042.25	.07
LIBERTY MEDIA C 2.75% 12/01/49		531229AJ1	CORPORATE BONDS	593,000.0000	621,167.50	.08
M&T BANK CORPORATIO V/R /PERP/		55261FAH7	CORPORATE BONDS	1,125,000.0000	1,219,218.75	.15
MACQUARIE INFRASTR 2% 10/01/23		55608BAB1	CORPORATE BONDS	575,000.0000	549,874.81	.07
WELBILT INC 9.5% 02/15/24		563568AB0	CORPORATE BONDS	5,628,000.0000	5,965,680.00	.74
MCKESSON CORP 3.95% 02/16/28		581557BJ3	CORPORATE BONDS	-840,000.0000	-895,121.44	-.11
METLIFE INC V/R /PERP/		59156RBT4	CORPORATE BONDS	985,000.0000	1,096,492.15	.14
MUELLER INDUSTRIES 6% 03/01/27		624756AE2	CORPORATE BONDS	11,968,000.0000	12,252,240.00	1.52
NISOURCE INC V/R /PERP/		65473PAG0	CORPORATE BONDS	510,000.0000	522,750.00	.07
PNC FINANCIAL SERVI V/R /PERP/		693475AQ8	CORPORATE BONDS	902,000.0000	964,571.74	.12
PACIFIC GAS & EL 3.5% 10/01/20		694308GT8	CORPORATE BONDS	8,320,000.0000	8,340,800.00	1.04
PACIFIC GAS & E 2.95% 03/01/26		694308HP5	CORPORATE BONDS	2,625,000.0000	2,631,562.50	.33
PROVIDENT FINA 7.405% 03/15/38		743863AA0	CORPORATE BONDS	905,000.0000	1,090,525.00	.14
REYNOLDS GRP IS 5.75% 10/15/20		761735AP4	CORPORATE BONDS	11,118,572.7900	11,132,471.01	1.38
SESI LLC 7.125% 12/15/21		78412FAP9	CORPORATE BONDS	3,127,000.0000	2,667,018.30	.33
SESI LLC 7.75% 09/15/24		78412FAU8	CORPORATE BONDS	3,475,000.0000	2,310,875.00	.29
SIRIUS XM RADIO IN 5% 08/01/27		82967NBA5	CORPORATE BONDS	2,273,000.0000	2,398,015.00	.30
SOUTHERN COPPE 5.375% 04/16/20		84265VAD7	CORPORATE BONDS	4,400,000.0000	4,435,182.09	.55
SOUTHERN COPPER 3.5% 11/08/22		84265VAF2	CORPORATE BONDS	425,000.0000	438,360.47	.05
TOLL ROAD INV PAR ZCP 02/15/45		88948ABL0	CORPORATE BONDS	632,298.6070	163,890.77	.02
TRIMBLE INC 4.75% 12/01/24		896239AA8	CORPORATE BONDS	3,901,000.0000	4,210,684.83	.52
TRIMBLE INC 4.15% 06/15/23		896239AB6	CORPORATE BONDS	2,930,000.0000	3,086,208.23	.38
TRIUMPH GROUP I 7.75% 08/15/25		896818AP6	CORPORATE BONDS	945,000.0000	985,351.50	.12
TRIUMPH GROUP I 6.25% 09/15/24		896818AQ4	CORPORATE BONDS	1,178,000.0000	1,238,372.50	.15
TRUIST FIN CORP V/R /PERP/		89832QAB5	CORPORATE BONDS	1,360,000.0000	1,387,200.00	.17
TRUIST FIN CORP V/R /PERP/		89832QAD1	CORPORATE BONDS	1,645,000.0000	1,698,462.50	.21
W & T OFFSHORE 9.75% 11/01/23		92922PAL0	CORPORATE BONDS	1,787,000.0000	1,704,351.25	.21
WELLS FARGO & COMPA V/R /PERP/		949746RN3	CORPORATE BONDS	3,810,000.0000	4,238,625.00	.53
T/L TOWN SPORTS INT 0% 11/15/20		LX133451	LOAN	1,403,486.1600	1,033,906.15	.13
T/L LEE ENTERPRISE 0% 12/15/22		LX136195	LOAN	2,751,902.9000	2,724,383.87	.34
T/L WINDSTREAM SERVICES LLC 0% 03/29/21		LX155086	LOAN	7,653,000.0000	7,310,375.19	.91
T/L INTERNAP NETW 0% 4/6/22		LX161977	LOAN	5,356,899.8700	3,285,547.40	.41
T/L YOUNG INNOVATI 0% 11/7/24		LX169121	LOAN	2,721,905.3800	2,531,372.00	.31
T/L LSC COMMUNICAT 0% 09/30/22		LX169586	LOAN	2,415,267.2600	1,543,355.78	.19
T/L CRESTWOOD HOLD 0% 03/06/23		LX171649	LOAN	6,551,368.2700	6,078,752.56	.76
T/L GENERAL NUTRIT 0% 12/31/22		LX171697	LOAN	2,168,000.0000	2,160,173.52	.27
T/L FIELDWOOD 0% 4/11/22		LX173060	LOAN	8,261,000.0000	6,874,969.42	.86
T/L BI LO LLC 0% 05/31/24		LX173260	LOAN	2,345,407.4100	2,157,774.82	.27
T/L RA ACQUISITI 0% 05/31/23		LX174026	LOAN	1,069,837.2700	1,069,837.27	.13
T/L APPVION OPER 0% 06/12/26		LX174398	LOAN	1,511,201.8700	1,511,201.87	.19
T/L PRODUCTION RES 0% 08/21/24		LX175621	LOAN	2,450,000.0000	2,303,000.00	.29
T/L TRICO GROUP LL 0% 2/02/24		LX178622	LOAN	5,077,302.1300	5,023,381.18	.62
T/L WINDSTREAM REG 0% 02/26/21		LX179044	LOAN	9,515,903.2000	9,501,058.39	1.18
T/L IEA ENERGY SER 0% 09/25/24		LX180731	LOAN	3,982,523.4000	3,992,479.71	.50
T/L MONITRONICS 0% 04/29/24		LX182627	LOAN	1,151,006.5200	970,678.33	.12
T/L DELL 0% 9/11/25		LX182708	LOAN	6,177,472.3600	6,215,340.27	.77
RELIANCE HOLDING 4.5% 10/19/20		U75888AA2	CORPORATE BONDS	3,700,000.0000	3,756,378.01	.47
RELIANCE HOLDING 5.4% 02/14/22		U75888AC8	CORPORATE BONDS	3,400,000.0000	3,593,441.27	.45
SINOPEC GRP OVERSE 3% 04/12/22		82938NAA2	CORPORATE BONDS	200,000.0000	202,749.83	.03
SINOPEC GRP OVERSE 2% 09/29/21		82939CAG2	CORPORATE BONDS	800,000.0000	795,232.00	.10
SINOPEC GRP OVERSE 3% 04/12/22		BYP3573	CORPORATE BONDS	1,000,000.0000	1,013,749.13	.13
CNPC HK OVERSEAS 4.5% 04/28/21		G21895AB6	CORPORATE BONDS	1,200,000.0000	1,233,264.00	.15
CNPC GENERAL CA 3.95% 04/19/22		G22004AB4	CORPORATE BONDS	4,965,000.0000	5,138,749.23	.64
CNOOC FINANCE 3.875% 05/02/22		G23530AA9	CORPORATE BONDS	3,200,000.0000	3,305,211.49	.41
SINOCHEM CORP 4.5% 11/12/20		G8185TAA7	CORPORATE BONDS	4,800,000.0000	4,884,335.38	.61
SINOPEC GRP OVERSE 2% 09/29/21		G8200TAG5	CORPORATE BONDS	1,500,000.0000	1,491,060.00	.19
SINOPEC GRP OVER 2.5% 04/28/20		G8201JAB7	CORPORATE BONDS	3,900,000.0000	3,902,751.68	.49
C/O CRESTWOOD EQUITY P APR 35.000	CEQP200417C00035000	6XV998C67	OPTIONS	-86.0000	-4,300.00	-.00
P/O CRESTWOOD EQUITY P APR 25.000	CEQP200417P00025000	8X7998C47	OPTIONS	172.0000	6,020.00	.00
CAMPBELL SOUP DISC 01/09/20		13443CA92	SHORT TERMS	9,849,000.0000	9,844,449.76	1.22
CONSTELLATION 0% 1/13/20		21037CAD8	SHORT TERMS	10,000,000.0000	9,990,784.00	1.24
FORD MOTOR CRE DISC 01/13/20		3454G0AD0	SHORT TERMS	6,056,000.0000	6,050,309.78	.75
GNRL MTRS FINC DISC 01/09/20		37046TA95	SHORT TERMS	7,315,000.0000	7,310,251.10	.91
SMUCKER J M 0% 1/6/20		46642QA66	SHORT TERMS	9,990,000.0000	9,986,993.01	1.24
JABIL INC DISC 02/14/20		46652LBE6	SHORT TERMS	10,137,000.0000	10,104,181.46	1.26
MARRIOTT INTER DISC 01/03/20		57163TA33	SHORT TERMS	6,837,000.0000	6,835,994.28	.85
NETAPP INC DISC 01/27/20		64112PAT2	SHORT TERMS	5,937,000.0000	5,928,014.35	.74
NUTRIEN LTD DISC 02/10/2020		67077UBA7	SHORT TERMS	7,898,000.0000	7,879,254.89	.98
ROYAL CARIBBEA DISC 01/06/20		78015FA62	SHORT TERMS	10,407,000.0000	10,403,506.37	1.29
SHERWIN WILLIA DISC 01/22/20		82434TAN0	SHORT TERMS	6,562,000.0000	6,555,355.32	.82
VIACOMCBS INC DISC 01/31/20		92557KAX7	SHORT TERMS	3,965,000.0000	3,958,021.20	.49
WALGREENS BOOT DISC 02/05/20		93142WB51	SHORT TERMS	9,552,000.0000	9,532,284.67	1.19
CAD/USD FWD 20200115 000000010 USD	CAD	1295445657	FORWARD	-960,000.0000	-739,409.12	-.09
EUR/USD FWD 20200115 000000010 USD	EUR	1295447639	FORWARD	-18,000,000.0000	-20,206,805.43	-2.51
SEK/USD FWD 20200115 000000010 USD	SEK	1295446282	FORWARD	-9,580,000.0000	-1,023,356.24	-.13
SEK/USD FWD 20200115 000000010 USD	SEK	1295446282	FORWARD	9,580,000.0000	1,023,356.24	.13
USD/CAD FWD 20200115 000000010 USD	USD	1295445657	FORWARD	725,437.1500	725,437.15	.09
USD/SEK FWD 20200115 000000010 USD	USD	1295446282	FORWARD	1,008,278.8300	1,008,278.83	.13
USD/SEK FWD 20200115 000000010 USD	USD	1295446282	FORWARD	-1,022,622.5900	-1,022,622.59	-.13
USD/EUR FWD 20200115 000000010 USD	USD	1295447639	FORWARD	19,992,330.0000	19,992,330.00	2.49

As of 12/31/2019.

Distributions

Fund Name	Fund Cusip	Distribution Type	Amount per Share	Ex Date	Reinvest Date	Reinvest Price
Destinations Global Fixed Income Opportunities Fund	10964R798	Dividend	0.054524	12/27/2019	12/27/2019	$10.04
Destinations Global Fixed Income Opportunities Fund	10964R798	Dividend	0.032757	11/26/2019	11/26/2019	$10.02
Destinations Global Fixed Income Opportunities Fund	10964R798	Dividend	0.033378	10/30/2019	10/30/2019	$10.05
Destinations Global Fixed Income Opportunities Fund	10964R798	Dividend	0.032828	9/26/2019	9/26/2019	$10.05
Destinations Global Fixed Income Opportunities Fund	10964R798	Dividend	0.034882	8/29/2019	8/29/2019	$10.07
Destinations Global Fixed Income Opportunities Fund	10964R798	Dividend	0.035266	7/30/2019	7/30/2019	$10.10
Destinations Global Fixed Income Opportunities Fund	10964R798	Dividend	0.034075	6/27/2019	6/27/2019	$10.10
Destinations Global Fixed Income Opportunities Fund	10964R798	Dividend	0.036087	5/30/2019	5/30/2019	$10.04
Destinations Global Fixed Income Opportunities Fund	10964R798	Dividend	0.035175	4/29/2019	4/29/2019	$10.06
Destinations Global Fixed Income Opportunities Fund	10964R798	Dividend	0.032949	3/28/2019	3/28/2019	$10.01
Destinations Global Fixed Income Opportunities Fund	10964R798	Dividend	0.033447	2/27/2019	2/27/2019	$9.96
Destinations Global Fixed Income Opportunities Fund	10964R798	Dividend	0.033512	1/30/2019	1/30/2019	$9.93
Destinations Global Fixed Income Opportunities Fund	10964R798	Dividend	0.036110	12/27/2018	12/27/2018	$9.80
Destinations Global Fixed Income Opportunities Fund	10964R798	Dividend	0.032806	11/29/2018	11/29/2018	$9.88
Destinations Global Fixed Income Opportunities Fund	10964R798	Dividend	0.033505	10/30/2018	10/30/2018	$9.96
Destinations Global Fixed Income Opportunities Fund	10964R798	Dividend	0.029826	9/27/2018	9/27/2018	$10.04

Fees and expenses

Type	Amount
Management Fees	0.85%
Distribution and Service (12b-1) Fees	None
Other Expenses	0.09%
AFFE	None
Total Annual Fund Operating Expenses	0.94%
Fee waivers and expense reimbursements	(0.11%)
Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements	0.83%*

Contact

Individual Investor Contact Information
1-877-771-7979
Monday – Friday 8:30 am – 5:00 pm EST

Or write to the Funds at:
Brinker Capital Destinations Funds
P.O. Box 2175
Milwaukee, WI 53201

Overnight/Certified Mail:
Brinker Capital Destinations Funds
235 W. Galena Street
Milwaukee, WI 53212

Investment Adviser
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
www.brinkercapital.com

Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
www.foreside.com

Media Relations
marketingmembers@brinkercapital.com

Mutual fund investing involves risk. The value of your investment in a Fund could go down. Multi-investment management styles may lead to overlapping securities transactions and higher transaction expenses compared to single investment management styles. Outcomes depend on the skill of the sub-advisers and adviser and the allocation of assets amongst them, as well as market fluctuations and industry/economic trends etc.

Before investing you should consider the Destinations Funds’ investment objectives, risks, charges and expenses carefully. The prospectus contains this and other information about the Funds. You may obtain a copy of the prospectus by calling 1-877-771-7979. The prospectus should be read carefully before investing.

Any tax or legal information provided is not an exhaustive interpretation of some of the current income tax regulations. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Funds nor any of their representatives may give legal or tax advice.

The Destinations Funds are distributed by Foreside Fund Services, LLC.