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 6/30/2019

Annualized

MTD

QTD

YTD

1 Year

3 Years

5 Years

Since
Inception

Destinations Global Fixed Income Opportunities Fund

1.04%

1.95%

5.09%

4.81%

N/A

3.62%

Bloomberg Barclays U.S. Universal Bond Index

1.41%

3.11%

6.54%

8.07%

N/A

4.31%

*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:

07/19/2019

NAV:

$9.98
NAV change:

$0.00
Total assets ($m):

$765.4

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 6/30/2019

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

1.04%

1.95%

5.09%

4.81%

N/A

3.62%

3/20/2017

1.09%

0.98%

Bloomberg Barclays U.S. Universal Bond Index

1.41%

3.11%

6.54%

8.07%

N/A

4.31%

Holdings

Security Description	Ticker Symbol	Security ID	Security Type Description	Quantity	Base Market Value	Percent TNA
EURO		CASHEUR	CURRENCY	815,071.6400	926,817.93	.11
US DOLLARS		CASHUSD	CURRENCY	72,983,465.7500	72,983,465.75	9.02
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	211,820.00	.03
CAPITOL INVESTMENT CORP IV-A	CIC	BFCMG44	COMMON STOCK	59,956.0000	613,349.88	.08
AIR LEASE CORP /PFD/	AL PRA	00912X500	PREFERRED STOCK	10,100.0000	267,650.00	.03
AXIS CAPITAL HLDGS LTD /PFD/	AXS PRE	05461T305	PREFERRED STOCK	31,722.0000	785,753.94	.10
COBANK ACB /PFD/	CBKAZ	19075Q805	PREFERRED STOCK	3,000.0000	312,750.00	.04
CONS TOMOKA LAND CO-FLORIDA	CTO	210226106	COMMON STOCK	7,742.0000	462,197.40	.06
DAIRY FARMERS OF AMERICA /PFD/	DFRMP	23385H406	PREFERRED STOCK	1,000.0000	100,000.00	.01
DELPHI FINANCIAL GROUP PFD		247131303	PREFERRED STOCK	50,000.0000	1,137,500.00	.14
ENSTAR GROUP LTD /PFD/	ESGRP	29359U109	PREFERRED STOCK	42,868.0000	1,102,564.96	.14
FARM CREDIT BK OF TEXAS /PFD/	FCTXZ	30767E406	PREFERRED STOCK	21,970.0000	2,328,820.00	.29
RA PARENT INC /RESTRICTED/		33TG3R	COMMON STOCK	52.0400	1,737,095.20	.21
FORUM MERGER II CORP-CL A	FMCI	34986F103	COMMON STOCK	219,500.0000	2,203,780.00	.27
GMAC CAP 8.125% 2/15/40 /PFD/	ALLY PRA	361860208	PREFERRED STOCK	25,550.0000	667,621.50	.08
HUNTINGTON BANCSHARES IN /PFD/	HBANO	446150708	PREFERRED STOCK	54,847.0000	1,419,988.83	.18
LANDCADIA HOLDINGS II INC-A	LCA	51476X105	COMMON STOCK	61,500.0000	597,165.00	.07
MORGAN STANLEY /PFD/	MS PRI	61761J406	PREFERRED STOCK	49,200.0000	1,319,544.00	.16
MORGAN STANLEY /PFD/	MS PRK	61762V606	PREFERRED STOCK	75,960.0000	1,999,267.20	.25
NY COMMUNITY BANCORP INC PREF	NYCB PRA	649445202	PREFERRED STOCK	20,000.0000	511,600.00	.06
NUSTAR ENERGY LP SER B /PFD/	NS PRB	67058H300	PREFERRED STOCK	45,000.0000	926,550.00	.11
REGIONS FINANCIAL CORP	RF PRC	7591EP704	PREFERRED STOCK	43,830.0000	1,133,005.50	.14
SYNOVUS FINANCIAL CORP /PFD/		87161C709	PREFERRED STOCK	13,000.0000	329,810.00	.04
TUSCAN HOLDINGS CORP	THCB	90069K104	COMMON STOCK	136,369.0000	1,350,053.10	.17
VOYA FINANCIAL INC /PFD/	VOYXL	929089209	PREFERRED STOCK	72,000.0000	1,820,160.00	.23
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	791,087.08	.10
ATHENE HOLDING LTD /PFD/	ATH PRA	G0684D305	PREFERRED STOCK	17,350.0000	458,040.00	.06
REPUBLIC OF AR 5.625% 01/26/22		040114HK9	GOVERNMENT BONDS	3,500,000.0000	2,950,535.00	.36
YPF SOCIEDAD ANO 8.5% 03/23/21		BD3J1L2	CORPORATE BONDS	2,400,000.0000	2,441,400.00	.30
PAMPA ENERGIA 7.375% 07/21/23		P7873PAE6	CORPORATE BONDS	1,600,000.0000	1,544,016.00	.19
BHP BILLITON FIN V/R 10/19/75		055451AX6	CORPORATE BONDS	550,000.0000	627,550.00	.08
CNOOC FINANCE 2.625% 05/05/20		12634GAA1	CORPORATE BONDS	1,000,000.0000	1,001,489.89	.12
QBE INSURANCE GRO V/R 12/02/44		BSSWBW2	CORPORATE BONDS	2,000,000.0000	2,175,000.00	.27
JBS INVESTMENTS II 7% 01/15/26		46650CAA7	CORPORATE BONDS	600,000.0000	649,800.00	.08
JBS INVESTMENTS 7.25% 04/03/24		A29866AB5	CORPORATE BONDS	700,000.0000	726,542.50	.09
JBS INVESTMENTS 6.25% 02/05/23		A9617TAA9	CORPORATE BONDS	2,900,000.0000	2,958,000.00	.37
SILVERSEA CRUIS 7.25% 02/01/25		82845LAA8	CORPORATE BONDS	5,819,000.0000	6,253,679.30	.77
CATLIN INSURANCE V/R PERPETUAL 144A PP		149206AA2	CORPORATE BONDS	1,000,000.0000	970,000.00	.12
DIGICEL GROUP T 8.25% 09/30/22		25382FAB7	CORPORATE BONDS	1,100,000.0000	236,500.00	.03
STOLT-NIELSEN 6.375% 09/21/22		BF2P5M4	CORPORATE BONDS	5,100,000.0000	5,049,000.00	.62
SHIP FINANCE IN 5.75% 10/15/21		G81075AF3	CORPORATE BONDS	3,233,000.0000	3,262,358.06	.40
BANCO BTG PACTUAL V/R 02/15/29		05890BAE7	CORPORATE BONDS	700,000.0000	731,325.00	.09
FED REPUBLIC O 4.875% 01/22/21		105756BS8	GOVERNMENT BONDS	600,000.0000	622,500.00	.08
ITAU UNIBANCO HL 6.2% 12/21/21		46556MAE2	CORPORATE BONDS	400,000.0000	424,604.00	.05
ITAU UNIBANCO HLDG V/R /PERP/		46556UAB0	CORPORATE BONDS	600,000.0000	610,950.00	.08
BANCO BRADESCO ( 5.9% 01/16/21		B57H150	CORPORATE BONDS	300,000.0000	312,600.00	.04
BANCO BTG PACTU 5.75% 09/28/22		P07790AD3	CORPORATE BONDS	2,300,000.0000	2,389,700.00	.30
GLOBO COMMUNIC 4.875% 04/11/22		P47773AL3	CORPORATE BONDS	3,230,000.0000	3,326,900.00	.41
ITAU UNIBANCO HLDG V/R /PERP/		P5R6DPAA8	CORPORATE BONDS	2,100,000.0000	2,138,325.00	.26
POSTMEDIA 8.25% 07/15/21/CAD/		73753MAA5	CORPORATE BONDS	673,000.0000	506,856.98	.06
EMERA INC V/R 06/15/76		290876AD3	CORPORATE BONDS	950,000.0000	1,018,362.00	.13
NOVA CHEMICALS 5.25% 06/01/27		66977WAR0	CORPORATE BONDS	1,872,000.0000	1,991,340.00	.25
CK HUTCHISON I 2.875% 04/05/22		12563UAA5	CORPORATE BONDS	2,000,000.0000	2,019,004.74	.25
NEXTEER AUTO G 5.875% 11/15/21		65341EAA8	CORPORATE BONDS	2,495,000.0000	2,538,048.41	.31
SPARC EM SPC PANA ZCP 12/05/22		846502AC6	CORPORATE BONDS	2,618,009.6500	2,477,317.81	.31
PERU ENHANCED PAS ZCP 06/02/25		B1VYKW9	CORPORATE BONDS	230,920.2600	208,405.53	.03
GRUPO AVAL LTD 4.75% 09/26/22		B8FB0M5	CORPORATE BONDS	3,000,000.0000	3,102,000.00	.38
TECNOGLASS INC 8.2% 01/31/22		BDGJ595	CORPORATE BONDS	1,900,000.0000	2,004,500.00	.25
SPARC EM SPC PANA ZCP 12/05/22		BF7TXZ0	CORPORATE BONDS	3,045,091.1400	2,881,447.94	.36
CK HUTCHISON I 2.875% 04/05/22		BYQCLD7	CORPORATE BONDS	2,500,000.0000	2,524,570.00	.31
BRASKEM FINANCE 5.75% 04/15/21		G1315RAD3	CORPORATE BONDS	200,000.0000	208,375.00	.03
CK HUTCHISON CAPITA V/R /PERP/		G2176GAA9	CORPORATE BONDS	200,000.0000	198,754.83	.02
COM CELULARES( 6.875% 02/06/24		G2300TAA0	CORPORATE BONDS	200,000.0000	206,750.00	.03
GUANAY FINANCE LTD 6% 12/15/20		G4182JAA1	CORPORATE BONDS	771,923.7270	781,572.77	.10
LATAM FINANCE 6.875% 04/11/24		G53770AB2	CORPORATE BONDS	2,800,000.0000	2,907,128.00	.36
AES GENER SA V/R 03/26/79		00105DAF2	CORPORATE BONDS	1,000,000.0000	1,067,010.00	.13
BANCO SANTANDE 3.875% 09/20/22		05967FAB2	CORPORATE BONDS	1,850,000.0000	1,912,036.94	.24
BANCO DEL ESTA 3.875% 02/08/22		05968AAA4	CORPORATE BONDS	500,000.0000	518,685.27	.06
CELULOSA ARAUC 4.75% 01/11/22		151191AW3	CORPORATE BONDS	500,000.0000	518,750.00	.06
CELULOSA ARAUCO 4.5% 08/01/24		151191AZ6	CORPORATE BONDS	500,000.0000	525,625.00	.06
REPUBLIC OF CHI 2.25% 10/30/22		168863BN7	GOVERNMENT BONDS	2,000,000.0000	2,006,000.00	.25
ENEL GENERACION 4.25% 04/15/24		29246RAA1	CORPORATE BONDS	700,000.0000	734,949.86	.09
AES GENER SA V/R 03/26/79		P0607LAC7	CORPORATE BONDS	2,200,000.0000	2,347,422.00	.29
COLBUN SA 4.5% 07/10/24		P2867KAE6	CORPORATE BONDS	1,500,000.0000	1,576,664.13	.19
E.CL SA 5.625% 01/15/21		P36020AA6	CORPORATE BONDS	1,000,000.0000	1,041,404.51	.13
EMPRESA NACION 4.875% 10/30/24		P37115AE5	CORPORATE BONDS	4,000,000.0000	4,216,531.08	.52
EMPRESA ELECTR 4.875% 05/25/29		P3713QAA5	CORPORATE BONDS	173,900.0000	181,454.25	.02
INVERSIONES CMPC 4.5% 04/25/22		P58073AA8	CORPORATE BONDS	5,135,000.0000	5,307,660.52	.66
SACI FALABELLA 3.75% 04/30/23		P82290AA8	CORPORATE BONDS	1,440,000.0000	1,475,754.11	.18
TELEFONICA CHI 3.875% 10/12/22		P9047EAA6	CORPORATE BONDS	4,350,000.0000	4,489,875.29	.56
BANCOLOMBIA SA 5.95% 06/03/21		05968LAG7	CORPORATE BONDS	1,500,000.0000	1,584,450.00	.20
BANCOLOMBIA SA V/R 10/18/27		05968LAK8	CORPORATE BONDS	1,479,000.0000	1,515,058.02	.19
REPUBLIC OF CO 4.375% 07/12/21		195325BN4	GOVERNMENT BONDS	2,000,000.0000	2,067,520.00	.26
ECOPETROL SA 5.875% 09/18/23	EC23	BDV82X0	CORPORATE BONDS	5,500,000.0000	6,081,900.00	.75
GRUPO INVERSIONE 5.7% 05/18/21		G42036AA4	CORPORATE BONDS	545,000.0000	570,887.50	.07
SURA ASSET MAN 4.875% 04/17/24		N8370TAA4	CORPORATE BONDS	500,000.0000	532,500.00	.07
OLEODUCTO CENTRAL 4% 05/07/21		P7358RAC0	CORPORATE BONDS	3,900,000.0000	3,962,439.00	.49
COSTA RICA GOV 9.995% 08/01/20		P3699PAA5	GOVERNMENT BONDS	1,150,000.0000	1,217,574.00	.15
GEORG JENSEN V/R 05/15/23/EUR/		K40294AA6	CORPORATE BONDS	600,000.0000	696,482.37	.09
BANCO RESERVAS REP 7% 02/01/23		B9L68W7	CORPORATE BONDS	1,100,000.0000	1,134,386.00	.14
DOMINICAN REPU 7.5% 05/06/21		P3579EAH0	GOVERNMENT BONDS	3,753,333.3400	3,950,383.34	.49
BNP PARIBAS V/R /PERP/		05565AHN6	CORPORATE BONDS	1,000,000.0000	1,041,250.00	.13
CREDIT AGRICOLE SA V/R /PERP/		225313AD7	CORPORATE BONDS	625,000.0000	688,075.00	.09
CREDIT AGRICOLE SA V/R /PERP/		225313AJ4	CORPORATE BONDS	1,675,000.0000	1,937,110.70	.24
SOCIETE GENERALE V/R /PERP/		83367TBF5	CORPORATE BONDS	1,090,000.0000	1,170,387.50	.14
SOCIETE GENERALE V/R /PERP/		83368JFA3	CORPORATE BONDS	490,000.0000	540,225.00	.07
BASF SE 0.875% 11/15/27/EUR/		BZ6T254	CORPORATE BONDS	-824,000.0000	-985,065.06	-.12
INDIAN OIL COR 5.625% 08/02/21		B4MR909	CORPORATE BONDS	2,995,000.0000	3,159,335.65	.39
ONGC VIDESH LTD 3.75% 05/07/23		B8CH8T9	CORPORATE BONDS	300,000.0000	306,576.90	.04
INDIAN OIL CORP 5.75% 08/01/23		BCHH9P5	CORPORATE BONDS	2,700,000.0000	2,955,231.00	.37
ADANI PORTS AND 3.5% 07/29/20		Y00130CZ8	CORPORATE BONDS	2,000,000.0000	2,012,272.36	.25
ADANI PORTS AND 3.95% 01/19/22		Y00130HS9	CORPORATE BONDS	1,000,000.0000	1,019,442.22	.13
BHARAT PETROLE 4.625% 10/25/22		Y0882ZBH0	CORPORATE BONDS	4,220,000.0000	4,440,748.20	.55
EXPORT-IMPORT 3.125% 07/20/21		Y23874TK9	GOVERNMENT BONDS	2,000,000.0000	2,014,244.88	.25
RELIANCE INDUS 4.125% 01/28/25		Y72596BU5	CORPORATE BONDS	250,000.0000	260,913.76	.03
PERUSAHAAN PENER 3.4% 03/29/22		71567RAG1	GOVERNMENT BONDS	1,000,000.0000	1,015,090.00	.13
PERUSAHAAN LISTR 5.5% 11/22/21		71568QAA5	CORPORATE BONDS	700,000.0000	740,950.00	.09
REPUBLIC OF INDO 3.7% 01/08/22		BYNPMT2	GOVERNMENT BONDS	2,795,000.0000	2,859,283.91	.35
REPUBLIC OF IN 4.875% 05/05/21		Y20721AU3	GOVERNMENT BONDS	3,000,000.0000	3,110,906.49	.38
PERTAMINA PERS 4.875% 05/03/22		Y7138AAC4	CORPORATE BONDS	2,500,000.0000	2,632,504.23	.33
C&W SENIOR FINAN 7.5% 10/15/26		G3165UAB7	CORPORATE BONDS	4,200,000.0000	4,378,500.00	.54
ISRAEL ELECTRI 6.875% 06/21/23		46507NAE0	CORPORATE BONDS	500,000.0000	566,495.00	.07
DELEK & AVNER 4.435% 12/30/20		BMJJM83	CORPORATE BONDS	2,479,000.0000	2,515,200.84	.31
INTESA SANPAOLO SPA V/R /PERP/		46115HAU1	CORPORATE BONDS	635,000.0000	623,887.50	.08
UNICREDIT SPA V/R /PERP/		BL25ZT3	CORPORATE BONDS	650,000.0000	627,698.50	.08
SOFTBANK GROUP 4.75% 09/19/24		BF166D6	CORPORATE BONDS	-1,604,000.0000	-1,635,517.01	-.20
SWISS RE FINANCE V/R 04/02/49		87089NAA8	CORPORATE BONDS	400,000.0000	428,300.00	.05
MILLICOM INTL CELL 6% 03/15/25		BWC4Q27	CORPORATE BONDS	2,400,000.0000	2,491,200.00	.31
MILLICOM INTL 6.625% 10/15/26		BYQM483	CORPORATE BONDS	1,250,000.0000	1,362,375.00	.17
EURONAV LUXEMBOU 7.5% 05/31/22		BZ121X9	CORPORATE BONDS	1,400,000.0000	1,414,000.00	.17
MALAYAN BANKING B V/R 10/29/26		BD3C8K9	CORPORATE BONDS	1,715,000.0000	1,740,090.45	.22
AXIATA SPV2 BH 3.466% 11/19/20		BD5WCP0	CORPORATE BONDS	5,000,000.0000	5,054,870.00	.63
PETRONAS CAPIT 3.125% 03/18/22		Y68856AM8	CORPORATE BONDS	500,000.0000	507,326.67	.06
PETRONAS GLOBA 2.707% 03/18/20		Y68868AA9	CORPORATE BONDS	3,000,000.0000	3,004,440.00	.37
BOREALIS FINANCE 7.5% 11/16/22		09972AAA0	CORPORATE BONDS	5,067,000.0000	4,870,907.10	.60
CHEMBULK HOLDING L 8% 02/02/23		BD49177	CORPORATE BONDS	2,000,000.0000	1,935,000.00	.24
GOLAR LNG PARTNER V/R 05/22/20		BXQ9SM9	CORPORATE BONDS	1,200,000.0000	1,200,000.00	.15
UPL CORP LTD 3.25% 10/13/21		BD2N5F7	CORPORATE BONDS	3,000,000.0000	3,000,510.00	.37
BANCO SANTANDER M V/R 10/01/28		05969BAC7	CORPORATE BONDS	2,000,000.0000	2,112,520.00	.26
CREDITO REAL SA 7.25% 07/20/23		BD0PB02	CORPORATE BONDS	2,700,000.0000	2,832,300.00	.35
UNIFIN FINANCIE 7.25% 09/27/23		BD878V0	CORPORATE BONDS	3,250,000.0000	3,355,625.00	.41
CEMEX SAB DE CV 7.75% 04/16/26		BZ3CH28	CORPORATE BONDS	2,400,000.0000	2,640,024.00	.33
BANCO MERCANTIL DE V/R /PERP/		P14008AD1	CORPORATE BONDS	5,600,000.0000	5,676,720.00	.70
BANCO NACIONAL CO V/R 08/11/26		P14517AB5	CORPORATE BONDS	3,700,000.0000	3,728,712.00	.46
BBVA BANCOMER SA 6.5% 03/10/21		P16259AB2	CORPORATE BONDS	200,000.0000	210,200.00	.03
BBVA BANCOMER S 6.75% 09/30/22		P16259AH9	CORPORATE BONDS	3,000,000.0000	3,264,900.00	.40
BBVA BANCOMER SA V/R 11/12/29		P16259AL0	CORPORATE BONDS	1,943,000.0000	1,910,959.93	.24
CEMEX SAB DE C 6.125% 05/05/25		P2253TJG5	CORPORATE BONDS	2,500,000.0000	2,615,625.00	.32
EL PUERTO DE LI 3.95% 10/02/24		P3691NBE9	CORPORATE BONDS	2,100,000.0000	2,110,521.00	.26
GRUPO BIMBO SAB DE V/R /PERP/		P4949BAN4	CORPORATE BONDS	3,900,000.0000	4,094,610.00	.51
NACIONAL FINAN 3.375% 11/05/20		P7071QAA2	GOVERNMENT BONDS	200,000.0000	200,452.00	.02
PETROBRAS GLOB 5.299% 01/27/25		71647NAV1	CORPORATE BONDS	2,000,000.0000	2,122,000.00	.26
COOPERATIEVE RABOBA V/R /PERP/		749770AQ6	CORPORATE BONDS	440,000.0000	440,000.00	.05
MPC CONTAINER SHI V/R 09/22/22		BF59L14	CORPORATE BONDS	3,000,000.0000	3,007,291.50	.37
ING GROEP NV V/R /PERP/		BJ1FGT7	CORPORATE BONDS	200,000.0000	207,868.00	.03
AES ANDRS/DMCN 7.95% 05/11/26		BZ04KR3	CORPORATE BONDS	400,000.0000	432,504.00	.05
BHARTI AIRTEL 5.125% 03/11/23		N1384FAA3	CORPORATE BONDS	4,200,000.0000	4,412,123.39	.55
BRASKEM NETHERLA 3.5% 01/10/23		N15516AA0	CORPORATE BONDS	5,800,000.0000	5,817,400.00	.72
VTR FINANCE BV 6.875% 01/15/24		N9417JAB7	CORPORATE BONDS	4,400,000.0000	4,554,000.00	.56
JACKTEL 10% 12/04/23		BH0M918	CORPORATE BONDS	2,200,000.0000	1,958,000.00	.24
BANISTMO SA 3.65% 09/19/22		06034LAA8	CORPORATE BONDS	300,000.0000	300,750.00	.04
MULTIBANK INC. 4.375% 11/09/22		BF8QD50	CORPORATE BONDS	3,600,000.0000	3,681,036.00	.46
T/L MCDERMOTT INTE 0% 05/12/25		LX170450	LOAN	3,679,187.4000	3,615,390.29	.45
BANCO LATINOAME 3.25% 05/07/20		P1393HAB4	CORPORATE BONDS	1,500,000.0000	1,505,250.00	.19
BANISTMO SA 3.65% 09/19/22		P15383AC9	CORPORATE BONDS	3,400,000.0000	3,408,500.00	.42
ENA NORTE TRUST 4.95% 04/25/23		P3716XAA7	CORPORATE BONDS	4,796,480.2280	4,940,374.63	.61
GLOBAL BANK CORP 4.5% 10/20/21		P47718AC8	CORPORATE BONDS	3,100,000.0000	3,185,281.00	.39
BBVA BANCO CONTINE 5% 08/26/22		B8HLLL9	CORPORATE BONDS	165,000.0000	174,695.40	.02
BANCO INTL DEL 5.75% 10/07/20		P1342SAC0	CORPORATE BONDS	1,500,000.0000	1,556,265.00	.19
BANCO INTERNAC 3.375% 01/18/23		P13435AB1	CORPORATE BONDS	1,500,000.0000	1,506,000.00	.19
FONDO MIVIVIENDA 3.5% 01/31/23		P42009AA1	GOVERNMENT BONDS	2,500,000.0000	2,540,625.00	.31
NEXA RESOURCES 4.625% 03/28/23		P67848AA2	CORPORATE BONDS	782,000.0000	809,377.82	.10
REPUBLIC OF PHILIP 4% 01/15/21		718286BK2	GOVERNMENT BONDS	1,000,000.0000	1,022,632.62	.13
BDO UNIBANK INC 2.95% 03/06/23		BF0DWX0	CORPORATE BONDS	3,500,000.0000	3,493,000.00	.43
UNION BK OF PH 3.369% 11/29/22		BF2WQR7	CORPORATE BONDS	2,700,000.0000	2,729,656.80	.34
DBS GROUP HOLDING V/R 12/11/28		24023NAA0	CORPORATE BONDS	2,200,000.0000	2,331,351.81	.29
OVERSEA-CHINESE 4.25% 06/19/24		69033DAC1	CORPORATE BONDS	500,000.0000	524,848.23	.06
TEMASEK FINANC 2.375% 01/23/23		87973RAC4	CORPORATE BONDS	3,450,000.0000	3,470,536.88	.43
UNITED OVERSEAS B V/R 04/15/29		91127LAC4	CORPORATE BONDS	600,000.0000	618,614.33	.08
SP POWERASSETS L 2.7% 09/14/22		B6RVFW4	CORPORATE BONDS	3,000,000.0000	3,035,544.00	.38
UNITED OVERSEAS B V/R 09/16/26		BDFSK43	CORPORATE BONDS	3,500,000.0000	3,537,555.00	.44
UNITED OVERSEAS BAN V/R /PERP/		BYWHFW3	CORPORATE BONDS	2,000,000.0000	1,970,659.60	.24
UNITED OVERSEAS B V/R 03/08/27		BYZBLR9	CORPORATE BONDS	400,000.0000	398,804.00	.05
ONGC VIDESH VA 2.875% 01/27/22		BZ30F84	CORPORATE BONDS	4,015,000.0000	3,998,486.31	.49
DBS GROUP HOLDINGS V/R /PERP/		BZCN164	CORPORATE BONDS	5,000,000.0000	4,980,000.00	.62
CREDIT SUISSE GROUP V/R /PERP/		225401AJ7	CORPORATE BONDS	655,000.0000	703,188.35	.09
CREDIT SUISSE GROUP V/R /PERP/		22546DAB2	CORPORATE BONDS	1,000,000.0000	1,100,000.00	.14
UBS GROUP FUNDING S V/R /PERP/		BVXZ4Q2	CORPORATE BONDS	1,400,000.0000	1,533,000.00	.19
PTTEP TREASURY CENT V/R /PERP/		Y7150MAA5	CORPORATE BONDS	3,900,000.0000	3,939,600.72	.49
CENTRALNIC G V/R 07/03/23/EUR/		BKFVF91	CORPORATE BONDS	1,713,000.0000	1,947,852.24	.24
SB HOLDCO PL V/R 07/13/22/EUR/		G7837UAA8	CORPORATE BONDS	2,300,000.0000	2,543,408.35	.31
BARCLAYS PLC V/R /PERP/		06738EBA2	CORPORATE BONDS	1,900,000.0000	1,947,500.00	.24
INMARSAT FINANCE 6.5% 10/01/24		45763PAF3	CORPORATE BONDS	3,251,000.0000	3,401,358.75	.42
LLOYDS BANKING GROU V/R /PERP/		539439AG4	CORPORATE BONDS	1,700,000.0000	1,787,125.00	.22
LLOYDS BANKING GROU V/R /PERP/		539439AU3	CORPORATE BONDS	200,000.0000	210,250.00	.03
ROYAL BK SCOTLND GR V/R /PERP/		780097BB6	CORPORATE BONDS	1,645,000.0000	1,772,898.75	.22
STANDARD CHARTERED V/R /PERP/		853254BH2	CORPORATE BONDS	800,000.0000	850,000.00	.11
VODAFONE GROUP PL V/R 04/04/79		92857WBQ2	CORPORATE BONDS	460,000.0000	496,498.44	.06
VEDANTA RESOUR 6.125% 08/09/24		BF2WGB1	CORPORATE BONDS	600,000.0000	552,039.00	.07
FRESNILLO PLC 5.5% 11/13/23		G371E2AA6	CORPORATE BONDS	3,500,000.0000	3,813,250.00	.47
MARB BONDCO PLC 7% 03/15/24		G5825AAA0	CORPORATE BONDS	5,400,000.0000	5,633,334.00	.70
VEDANTA RESOUR 7.125% 05/31/23		G9328DAJ9	CORPORATE BONDS	1,300,000.0000	1,279,200.00	.16
AERCAP GLOBAL AVI V/R 06/15/45		00773HAA5	CORPORATE BONDS	1,585,000.0000	1,656,325.00	.20
AMERICA WEST A 8.057% 07/02/20		023650AG9	CORPORATE BONDS	194,846.9130	204,772.41	.03
AMERICAN EXPRESS CO V/R /PERP/		025816BJ7	CORPORATE BONDS	706,000.0000	706,000.00	.09
AMERICAN INTL GRO V/R 04/01/48		026874DM6	CORPORATE BONDS	1,350,000.0000	1,388,097.00	.17
ASSURANT INC V/R 03/27/48		04621XAK4	CORPORATE BONDS	1,230,000.0000	1,311,487.50	.16
BANK OF AMERICA COR V/R /PERP/		060505EN0	CORPORATE BONDS	1,335,000.0000	1,441,800.00	.18
BANK OF AMERICA COR V/R /PERP/		060505EU4	CORPORATE BONDS	1,340,000.0000	1,495,842.00	.18
BANK OF NY MELLON C V/R /PERP/		064058AD2	CORPORATE BONDS	515,000.0000	521,200.60	.06
BAYER US FINANCE V/R 06/25/21		07274NAC7	CORPORATE BONDS	245,000.0000	243,354.91	.03
BRUNSWICK CORP 4.625% 05/15/21		117043AP4	CORPORATE BONDS	10,022,000.0000	10,040,244.75	1.24
CIT GROUP INC V/R /PERP/		125581GU6	CORPORATE BONDS	290,000.0000	291,812.50	.04
CSC HOLDINGS L 5.375% 07/15/23		126307AT4	CORPORATE BONDS	3,301,000.0000	3,391,777.50	.42
CAPITAL ONE FINANCI V/R /PERP/		14040HBH7	CORPORATE BONDS	1,600,000.0000	1,623,312.00	.20
CENTERPOINT ENERGY V/R /PERP/		15189TAS6	CORPORATE BONDS	995,000.0000	1,030,889.65	.13
CITIGROUP INC V/R /PERP/		172967JM4	CORPORATE BONDS	3,839,000.0000	4,011,755.00	.50
CITGO PETROLEUM 6.25% 08/15/22		17302XAJ5	CORPORATE BONDS	6,248,000.0000	6,248,000.00	.77
CITIZENS FINANCIAL V/R /PERP/		174610AH8	CORPORATE BONDS	1,000,000.0000	1,000,000.00	.12
TAPESTRY INC 4.25% 04/01/25		189754AA2	CORPORATE BONDS	4,224,000.0000	4,379,017.25	.54
COBANK ACB V/R /PERP/		19075QAC6	CORPORATE BONDS	1,175,000.0000	1,236,687.50	.15
COMCAST CORP 3.3% 10/01/20		20030NCP4	CORPORATE BONDS	520,000.0000	526,871.52	.07
COMCAST CORP V/R 10/01/20		20030NCV1	CORPORATE BONDS	520,000.0000	520,950.56	.06
COMCAST CORP V/R 10/01/21		20030NCW9	CORPORATE BONDS	260,000.0000	261,016.60	.03
CONTINENTAL AI 5.983% 04/19/22		21079NAA9	CORPORATE BONDS	483,209.5290	512,540.35	.06
CONTINENTAL AIR 7.707% 4/2/21		210805DD6	ASSET BACKED	303,019.0070	313,564.07	.04
CONTL AIRLINES 6.236% 03/15/20		210805DS3	CORPORATE BONDS	20,787.4020	21,251.00	.00
COTT HOLDINGS IN 5.5% 04/01/25		221644AA5	CORPORATE BONDS	3,675,000.0000	3,743,906.25	.46
DXC TECHNOLOGY CO V/R 03/01/21		23355LAE6	CORPORATE BONDS	2,922,000.0000	2,922,031.12	.36
DAIRY FARMERS OF 7.125% /PERP/		23385HAA7	CORPORATE BONDS	535,000.0000	497,550.00	.06
DAVITA INC 5.125% 07/15/24		23918KAQ1	CORPORATE BONDS	-1,418,000.0000	-1,418,425.40	-.18
DISCOVER FINANCIAL V/R /PERP/		254709AN8	CORPORATE BONDS	1,060,000.0000	1,028,200.00	.13
DOLLAR TREE INC V/R 04/17/20		256746AE8	CORPORATE BONDS	7,688,000.0000	7,688,886.58	.95
FARM CREDIT BK OF T V/R /PERP/		30767EAC3	GOVERNMENT BONDS	135,000.0000	141,089.49	.02
ASSURED GUARANTY V/R 12/15/66		31769PAB6	CORPORATE BONDS	2,369,000.0000	2,345,310.00	.29
FIVE POINT OP 7.875% 11/15/25		33834YAA6	CORPORATE BONDS	1,944,000.0000	1,953,758.88	.24
FORD MOTOR CREDIT V/R 06/12/20		345397YN7	CORPORATE BONDS	5,222,000.0000	5,207,797.26	.64
FREEPORT-MCMORA 4.55% 11/14/24		35671DBL8	CORPORATE BONDS	6,100,000.0000	6,235,725.00	.77
FRESH MARKET IN 9.75% 05/01/23		35804HAA4	CORPORATE BONDS	2,126,000.0000	1,445,680.00	.18
FXI HOLDINGS I 7.875% 11/01/24		36120RAA7	CORPORATE BONDS	6,487,000.0000	6,049,127.50	.75
TEGNA INC 5.125% 10/15/19		364725BD2	CORPORATE BONDS	3,132,000.0000	3,135,915.00	.39
GENERAL ELECTRIC CO V/R /PERP/		369604BQ5	CORPORATE BONDS	2,120,000.0000	2,033,631.20	.25
GENERAL MOTORS FINL V/R /PERP/		37045XCA2	CORPORATE BONDS	1,935,000.0000	1,803,342.60	.22
GOLDMAN SACHS GROUP V/R /PERP/		38148BAC2	CORPORATE BONDS	3,211,000.0000	3,357,742.70	.42
GOLDMAN SACHS GROUP V/R /PERP/		38148BAE8	CORPORATE BONDS	679,000.0000	697,029.49	.09
HC2 HOLDINGS IN 11.5% 12/01/21		404139AD9	CORPORATE BONDS	5,133,000.0000	4,517,040.00	.56
HADRIAN MERGER S 8.5% 05/01/26		42239PAA7	CORPORATE BONDS	1,410,000.0000	1,332,450.00	.16
ICAHN ENTERPRIS 6.25% 05/15/26		451102BR7	CORPORATE BONDS	3,207,000.0000	3,243,078.75	.40
INVISTA FINANCE 4.25% 10/15/19		46186RAA7	CORPORATE BONDS	8,129,000.0000	8,175,381.15	1.01
JPMORGAN CHASE & CO V/R /PERP/		46625HJQ4	CORPORATE BONDS	2,650,000.0000	2,928,859.50	.36
JPMORGAN CHASE & CO V/R /PERP/		46625HKK5	CORPORATE BONDS	755,000.0000	763,735.35	.09
JPMORGAN CHASE & CO V/R /PERP/		48126HAC4	CORPORATE BONDS	165,000.0000	177,757.80	.02
KEYCORP V/R /PERP/		493267AK4	CORPORATE BONDS	475,000.0000	479,531.50	.06
LSC COMMUNICATI 8.75% 10/15/23		50218PAA5	CORPORATE BONDS	3,418,000.0000	3,247,100.00	.40
LAND O'LAKES INC 7.25% /PERP/		514666AM8	CORPORATE BONDS	2,050,000.0000	1,998,750.00	.25
LAND O'LAKES INC 7% /PERP/		514666AN6	CORPORATE BONDS	415,000.0000	393,471.88	.05
LEE ENTERPRISES 9.5% 03/15/22		523768AF6	CORPORATE BONDS	8,502,000.0000	8,650,785.00	1.07
M&T BANK CORPORATIO V/R /PERP/		55261FAH7	CORPORATE BONDS	1,125,000.0000	1,164,375.00	.14
WELBILT INC 9.5% 02/15/24		563568AB0	CORPORATE BONDS	5,628,000.0000	6,092,310.00	.75
MCKESSON CORP 3.95% 02/16/28		581557BJ3	CORPORATE BONDS	-840,000.0000	-870,512.13	-.11
METLIFE INC V/R /PERP/		59156RBP2	CORPORATE BONDS	870,000.0000	875,437.50	.11
METLIFE INC V/R /PERP/		59156RBT4	CORPORATE BONDS	985,000.0000	1,039,785.70	.13
MICHAELS STORE 5.875% 12/15/20		594087AT5	CORPORATE BONDS	9,814,000.0000	9,827,739.60	1.22
MUELLER INDUSTRIES 6% 03/01/27		624756AE2	CORPORATE BONDS	13,692,000.0000	13,726,230.00	1.70
NISOURCE INC V/R /PERP/		65473PAG0	CORPORATE BONDS	510,000.0000	497,250.00	.06
PNC FINANCIAL SERVI V/R /PERP/		693475AQ8	CORPORATE BONDS	902,000.0000	917,785.00	.11
PACIFIC GAS & E 2.95% 03/01/26		694308HP5	CORPORATE BONDS	2,625,000.0000	2,460,937.50	.30
PAN AMERICAN E 7.875% 05/07/21		69783UAA9	CORPORATE BONDS	133,333.3400	138,166.67	.02
PROVIDENT FINA 7.405% 03/15/38		743863AA0	CORPORATE BONDS	955,000.0000	1,074,375.00	.13
QUEST DIAGNOSTI 3.45% 06/01/26		74834LAZ3	CORPORATE BONDS	-840,000.0000	-860,292.14	-.11
RIVERS PITTSBU 6.125% 08/15/21		76882AAB6	CORPORATE BONDS	3,384,000.0000	3,434,760.00	.42
SALEM MEDIA GRO 6.75% 06/01/24		794093AG9	CORPORATE BONDS	710,000.0000	621,250.00	.08
SIRIUS XM RADIO IN 5% 08/01/27		82967NBA5	CORPORATE BONDS	2,273,000.0000	2,312,550.20	.29
STATE STREET CORP V/R /PERP/		857477AQ6	CORPORATE BONDS	250,000.0000	256,447.50	.03
SUNTRUST BANKS INC V/R /PERP/		867914BN2	CORPORATE BONDS	1,360,000.0000	1,346,481.60	.17
TOLL ROAD INV PAR ZCP 02/15/45		88948ABL0	CORPORATE BONDS	632,298.6070	159,988.79	.02
TRIMBLE INC 4.75% 12/01/24		896239AA8	CORPORATE BONDS	3,901,000.0000	4,099,492.01	.51
TRIMBLE INC 4.15% 06/15/23		896239AB6	CORPORATE BONDS	2,930,000.0000	3,031,285.88	.37
TRIUMPH GROUP I 7.75% 08/15/25		896818AP6	CORPORATE BONDS	945,000.0000	914,287.50	.11
W & T OFFSHORE 9.75% 11/01/23		92922PAL0	CORPORATE BONDS	2,083,000.0000	1,994,472.50	.25
WACHOVIA CAP TRUST V/R /PERP/	WFC/TP	92978AAA0	CORPORATE BONDS	635,000.0000	635,292.10	.08
WEIGHT WATCHER 8.625% 12/01/25		948626AA4	CORPORATE BONDS	-545,000.0000	-498,675.00	-.06
WELLS FARGO & COMPA V/R /PERP/		949746RN3	CORPORATE BONDS	3,810,000.0000	4,141,622.40	.51
T/L TOWN SPORTS INT 0% 11/15/20		LX133451	LOAN	1,414,684.2000	1,381,679.62	.17
T/L LEE ENTERPRISE 0% 12/15/22		LX136195	LOAN	2,997,159.3800	2,982,173.58	.37
T/L WEATHERFORD 0% 07/13/20		LX153133	LOAN	2,387,294.1200	2,381,325.88	.29
T/L MONITRONICS IN 0% 9/30/22		LX154976	LOAN	1,364,327.3400	1,294,651.14	.16
T/L WINDSTREAM SERVICES LLC 0% 03/29/21		LX155086	LOAN	7,653,000.0000	7,860,702.42	.97
T/L INTERNAP NETW 0% 4/6/22		LX161977	LOAN	5,375,330.7800	4,689,976.11	.58
T/L FIRST DATA COR 0% 07/08/22		LX165177	LOAN	6,198,070.8800	6,190,385.27	.77
T/L DELL INTER 0% 9/7/2021		LX168772	LOAN	3,629,169.7300	3,621,004.10	.45
T/L DELL INTL LLC 0% 9/7/23		LX169099	LOAN	4,765,816.0800	4,739,222.83	.59
T/L YOUNG INNOVATI 0% 11/7/24		LX169121	LOAN	5,301,346.4700	5,274,839.74	.65
T/L LSC COMMUNICAT 0% 09/30/22		LX169586	LOAN	1,885,416.4200	1,842,994.55	.23
T/L CRESTWOOD HOLD 0% 03/06/23		LX171649	LOAN	6,849,903.7300	6,695,780.90	.83
T/L GENERAL NUTRIT 0% 12/31/22		LX171697	LOAN	2,168,000.0000	2,186,970.00	.27
T/L PMHC II 0% 3/31/26		LX171969	LOAN	1,079,000.0000	933,335.00	.12
T/L BI LO LLC 0% 05/31/24		LX173260	LOAN	3,435,648.0700	3,282,486.88	.41
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	1,544,337.6900	1,536,616.00	.19
T/L PRODUCTION RES 0% 08/21/24		LX175621	LOAN	2,448,951.8200	2,399,972.78	.30
T/L TRICO GROUP LL 0% 2/02/24		LX178622	LOAN	5,293,180.1100	5,081,452.91	.63
T/L WINDSTREAM REG 0% 03/08/21		LX179044	LOAN	9,515,903.2000	9,515,903.20	1.18
T/L IEA ENERGY SER 0% 09/25/24		LX180731	LOAN	7,275,450.0000	6,711,602.63	.83
RELIANCE HOLDING 4.5% 10/19/20		U75888AA2	CORPORATE BONDS	3,000,000.0000	3,066,712.35	.38
RELIANCE HOLDING 5.4% 02/14/22		U75888AC8	CORPORATE BONDS	2,400,000.0000	2,549,449.56	.32
CNOOC FINANCE 2013 3% 05/09/23		12625GAC8	CORPORATE BONDS	1,127,000.0000	1,137,051.72	.14
OAS RESTRUCTURING 5% 03/31/35		67097YAB4	CORPORATE BONDS	158,178.0000	6,764.01	.00
SINOPEC GRP OVERSE 3% 04/12/22		82938NAA2	CORPORATE BONDS	200,000.0000	201,734.05	.02
SINOPEC GRP OVERSE 2% 09/29/21		82939CAG2	CORPORATE BONDS	800,000.0000	789,358.65	.10
SINOPEC GRP DEV 3.75% 09/12/23		82939GAA6	CORPORATE BONDS	1,000,000.0000	1,039,968.46	.13
CNPC GENERAL CAP 3.4% 04/16/23		B96K9N2	CORPORATE BONDS	1,100,000.0000	1,124,409.00	.14
SINOPEC GRP OVERSE 3% 04/12/22		BYP3573	CORPORATE BONDS	1,000,000.0000	1,008,670.26	.12
CNPC HK OVERSEAS 4.5% 04/28/21		G21895AB6	CORPORATE BONDS	1,000,000.0000	1,032,905.99	.13
CNPC GENERAL CA 3.95% 04/19/22		G22004AB4	CORPORATE BONDS	2,365,000.0000	2,445,306.20	.30
CNOOC FINANCE 3.875% 05/02/22		G23530AA9	CORPORATE BONDS	2,120,000.0000	2,185,230.41	.27
SINOPEC GRP OVERSE 2% 09/29/21		G8200TAG5	CORPORATE BONDS	1,500,000.0000	1,480,047.47	.18
SINOPEC GRP OVER 2.5% 04/28/20		G8201JAB7	CORPORATE BONDS	2,000,000.0000	1,999,861.16	.25
C/O ISHARES IBOXX SEP 87.000	HYG190920C00087000	70W99BYR0	OPTIONS	-889.0000	-54,229.00	-.01
ROYAL CARIBBE DISC 7/08/19		78015GU84	SHORT TERMS	6,890,000.0000	6,885,190.09	.85
ANHEUSER-BUSCH INBE DISC 7/10/19		03523LUA1	SHORT TERMS	9,310,000.0000	9,302,160.98	1.15
BOSTON SCIENTI DISC 08/19/19		10114BVK0	SHORT TERMS	7,531,000.0000	7,502,967.36	.93
CONSTELLATION DISC 07/03/19		21037DU36	SHORT TERMS	9,571,000.0000	9,567,481.70	1.18
EI DUPONT DISC 08/14/19		2635J5VE6	SHORT TERMS	9,620,000.0000	9,588,211.67	1.19
KEURIG DR PEPP DISC 07/15/19		49271KUF9	SHORT TERMS	8,193,000.0000	8,183,238.86	1.01
LEGGETT & PLAT DISC 07/22/19		52466KUN1	SHORT TERMS	10,750,000.0000	10,731,854.00	1.33
MARRIOTT INTER DISC 07/23/19		57163UUP9	SHORT TERMS	10,750,000.0000	10,731,090.75	1.33
MONDELEZ INTL 0% 7/26/19		60920WUS7	SHORT TERMS	5,346,000.0000	5,335,451.27	.66
SHERWIN WILLIAMS DISC 07/01/19		82434UU13	SHORT TERMS	8,018,000.0000	8,016,415.64	.99
SHERWIN WILLIA DISC 07/29/19		82434UUV7	SHORT TERMS	9,680,000.0000	9,660,161.81	1.19
EUR/USD FWD 20190715 000000010 USD	EUR	1295407488	FORWARD	-2,875,000.0000	-3,272,787.71	-.40
USD/EUR FWD 20190715 000000010 USD	USD	1295407488	FORWARD	3,260,048.7500	3,260,048.75	.40

As of 06/28/2019.

Distributions

Fund Name	Fund Cusip	Distribution Type	Amount per Share	Ex Date	Reinvest Date	Reinvest Price
Destinations Global Fixed Income Opportunities Fund	10964R806	Dividend	0.032935	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 6/30/2019

Annualized

MTD

QTD

YTD

1 Year

3 Years

5 Years

Since
Inception

Destinations Global Fixed Income Opportunities Fund

1.04%

1.96%

5.19%

N/A

4.57%

Bloomberg Barclays U.S. Universal Bond Index

1.41%

3.11%

6.54%

N/A

7.56%

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:

07/19/2019

NAV:

$10.14
NAV change:

$0.00
Total assets ($m):

$29.6

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 6/30/2019

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

1.04%

1.96%

5.19%

N/A

4.57%

7/16/2018

0.94%

0.83%

Bloomberg Barclays U.S. Universal Bond Index

1.41%

3.11%

6.54%

N/A

7.56%

Holdings

Security Description	Ticker Symbol	Security ID	Security Type Description	Quantity	Base Market Value	Percent TNA
EURO		CASHEUR	CURRENCY	815,071.6400	926,817.93	.11
US DOLLARS		CASHUSD	CURRENCY	72,983,465.7500	72,983,465.75	9.02
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	211,820.00	.03
CAPITOL INVESTMENT CORP IV-A	CIC	BFCMG44	COMMON STOCK	59,956.0000	613,349.88	.08
AIR LEASE CORP /PFD/	AL PRA	00912X500	PREFERRED STOCK	10,100.0000	267,650.00	.03
AXIS CAPITAL HLDGS LTD /PFD/	AXS PRE	05461T305	PREFERRED STOCK	31,722.0000	785,753.94	.10
COBANK ACB /PFD/	CBKAZ	19075Q805	PREFERRED STOCK	3,000.0000	312,750.00	.04
CONS TOMOKA LAND CO-FLORIDA	CTO	210226106	COMMON STOCK	7,742.0000	462,197.40	.06
DAIRY FARMERS OF AMERICA /PFD/	DFRMP	23385H406	PREFERRED STOCK	1,000.0000	100,000.00	.01
DELPHI FINANCIAL GROUP PFD		247131303	PREFERRED STOCK	50,000.0000	1,137,500.00	.14
ENSTAR GROUP LTD /PFD/	ESGRP	29359U109	PREFERRED STOCK	42,868.0000	1,102,564.96	.14
FARM CREDIT BK OF TEXAS /PFD/	FCTXZ	30767E406	PREFERRED STOCK	21,970.0000	2,328,820.00	.29
RA PARENT INC /RESTRICTED/		33TG3R	COMMON STOCK	52.0400	1,737,095.20	.21
FORUM MERGER II CORP-CL A	FMCI	34986F103	COMMON STOCK	219,500.0000	2,203,780.00	.27
GMAC CAP 8.125% 2/15/40 /PFD/	ALLY PRA	361860208	PREFERRED STOCK	25,550.0000	667,621.50	.08
HUNTINGTON BANCSHARES IN /PFD/	HBANO	446150708	PREFERRED STOCK	54,847.0000	1,419,988.83	.18
LANDCADIA HOLDINGS II INC-A	LCA	51476X105	COMMON STOCK	61,500.0000	597,165.00	.07
MORGAN STANLEY /PFD/	MS PRI	61761J406	PREFERRED STOCK	49,200.0000	1,319,544.00	.16
MORGAN STANLEY /PFD/	MS PRK	61762V606	PREFERRED STOCK	75,960.0000	1,999,267.20	.25
NY COMMUNITY BANCORP INC PREF	NYCB PRA	649445202	PREFERRED STOCK	20,000.0000	511,600.00	.06
NUSTAR ENERGY LP SER B /PFD/	NS PRB	67058H300	PREFERRED STOCK	45,000.0000	926,550.00	.11
REGIONS FINANCIAL CORP	RF PRC	7591EP704	PREFERRED STOCK	43,830.0000	1,133,005.50	.14
SYNOVUS FINANCIAL CORP /PFD/		87161C709	PREFERRED STOCK	13,000.0000	329,810.00	.04
TUSCAN HOLDINGS CORP	THCB	90069K104	COMMON STOCK	136,369.0000	1,350,053.10	.17
VOYA FINANCIAL INC /PFD/	VOYXL	929089209	PREFERRED STOCK	72,000.0000	1,820,160.00	.23
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	791,087.08	.10
ATHENE HOLDING LTD /PFD/	ATH PRA	G0684D305	PREFERRED STOCK	17,350.0000	458,040.00	.06
REPUBLIC OF AR 5.625% 01/26/22		040114HK9	GOVERNMENT BONDS	3,500,000.0000	2,950,535.00	.36
YPF SOCIEDAD ANO 8.5% 03/23/21		BD3J1L2	CORPORATE BONDS	2,400,000.0000	2,441,400.00	.30
PAMPA ENERGIA 7.375% 07/21/23		P7873PAE6	CORPORATE BONDS	1,600,000.0000	1,544,016.00	.19
BHP BILLITON FIN V/R 10/19/75		055451AX6	CORPORATE BONDS	550,000.0000	627,550.00	.08
CNOOC FINANCE 2.625% 05/05/20		12634GAA1	CORPORATE BONDS	1,000,000.0000	1,001,489.89	.12
QBE INSURANCE GRO V/R 12/02/44		BSSWBW2	CORPORATE BONDS	2,000,000.0000	2,175,000.00	.27
JBS INVESTMENTS II 7% 01/15/26		46650CAA7	CORPORATE BONDS	600,000.0000	649,800.00	.08
JBS INVESTMENTS 7.25% 04/03/24		A29866AB5	CORPORATE BONDS	700,000.0000	726,542.50	.09
JBS INVESTMENTS 6.25% 02/05/23		A9617TAA9	CORPORATE BONDS	2,900,000.0000	2,958,000.00	.37
SILVERSEA CRUIS 7.25% 02/01/25		82845LAA8	CORPORATE BONDS	5,819,000.0000	6,253,679.30	.77
CATLIN INSURANCE V/R PERPETUAL 144A PP		149206AA2	CORPORATE BONDS	1,000,000.0000	970,000.00	.12
DIGICEL GROUP T 8.25% 09/30/22		25382FAB7	CORPORATE BONDS	1,100,000.0000	236,500.00	.03
STOLT-NIELSEN 6.375% 09/21/22		BF2P5M4	CORPORATE BONDS	5,100,000.0000	5,049,000.00	.62
SHIP FINANCE IN 5.75% 10/15/21		G81075AF3	CORPORATE BONDS	3,233,000.0000	3,262,358.06	.40
BANCO BTG PACTUAL V/R 02/15/29		05890BAE7	CORPORATE BONDS	700,000.0000	731,325.00	.09
FED REPUBLIC O 4.875% 01/22/21		105756BS8	GOVERNMENT BONDS	600,000.0000	622,500.00	.08
ITAU UNIBANCO HL 6.2% 12/21/21		46556MAE2	CORPORATE BONDS	400,000.0000	424,604.00	.05
ITAU UNIBANCO HLDG V/R /PERP/		46556UAB0	CORPORATE BONDS	600,000.0000	610,950.00	.08
BANCO BRADESCO ( 5.9% 01/16/21		B57H150	CORPORATE BONDS	300,000.0000	312,600.00	.04
BANCO BTG PACTU 5.75% 09/28/22		P07790AD3	CORPORATE BONDS	2,300,000.0000	2,389,700.00	.30
GLOBO COMMUNIC 4.875% 04/11/22		P47773AL3	CORPORATE BONDS	3,230,000.0000	3,326,900.00	.41
ITAU UNIBANCO HLDG V/R /PERP/		P5R6DPAA8	CORPORATE BONDS	2,100,000.0000	2,138,325.00	.26
POSTMEDIA 8.25% 07/15/21/CAD/		73753MAA5	CORPORATE BONDS	673,000.0000	506,856.98	.06
EMERA INC V/R 06/15/76		290876AD3	CORPORATE BONDS	950,000.0000	1,018,362.00	.13
NOVA CHEMICALS 5.25% 06/01/27		66977WAR0	CORPORATE BONDS	1,872,000.0000	1,991,340.00	.25
CK HUTCHISON I 2.875% 04/05/22		12563UAA5	CORPORATE BONDS	2,000,000.0000	2,019,004.74	.25
NEXTEER AUTO G 5.875% 11/15/21		65341EAA8	CORPORATE BONDS	2,495,000.0000	2,538,048.41	.31
SPARC EM SPC PANA ZCP 12/05/22		846502AC6	CORPORATE BONDS	2,618,009.6500	2,477,317.81	.31
PERU ENHANCED PAS ZCP 06/02/25		B1VYKW9	CORPORATE BONDS	230,920.2600	208,405.53	.03
GRUPO AVAL LTD 4.75% 09/26/22		B8FB0M5	CORPORATE BONDS	3,000,000.0000	3,102,000.00	.38
TECNOGLASS INC 8.2% 01/31/22		BDGJ595	CORPORATE BONDS	1,900,000.0000	2,004,500.00	.25
SPARC EM SPC PANA ZCP 12/05/22		BF7TXZ0	CORPORATE BONDS	3,045,091.1400	2,881,447.94	.36
CK HUTCHISON I 2.875% 04/05/22		BYQCLD7	CORPORATE BONDS	2,500,000.0000	2,524,570.00	.31
BRASKEM FINANCE 5.75% 04/15/21		G1315RAD3	CORPORATE BONDS	200,000.0000	208,375.00	.03
CK HUTCHISON CAPITA V/R /PERP/		G2176GAA9	CORPORATE BONDS	200,000.0000	198,754.83	.02
COM CELULARES( 6.875% 02/06/24		G2300TAA0	CORPORATE BONDS	200,000.0000	206,750.00	.03
GUANAY FINANCE LTD 6% 12/15/20		G4182JAA1	CORPORATE BONDS	771,923.7270	781,572.77	.10
LATAM FINANCE 6.875% 04/11/24		G53770AB2	CORPORATE BONDS	2,800,000.0000	2,907,128.00	.36
AES GENER SA V/R 03/26/79		00105DAF2	CORPORATE BONDS	1,000,000.0000	1,067,010.00	.13
BANCO SANTANDE 3.875% 09/20/22		05967FAB2	CORPORATE BONDS	1,850,000.0000	1,912,036.94	.24
BANCO DEL ESTA 3.875% 02/08/22		05968AAA4	CORPORATE BONDS	500,000.0000	518,685.27	.06
CELULOSA ARAUC 4.75% 01/11/22		151191AW3	CORPORATE BONDS	500,000.0000	518,750.00	.06
CELULOSA ARAUCO 4.5% 08/01/24		151191AZ6	CORPORATE BONDS	500,000.0000	525,625.00	.06
REPUBLIC OF CHI 2.25% 10/30/22		168863BN7	GOVERNMENT BONDS	2,000,000.0000	2,006,000.00	.25
ENEL GENERACION 4.25% 04/15/24		29246RAA1	CORPORATE BONDS	700,000.0000	734,949.86	.09
AES GENER SA V/R 03/26/79		P0607LAC7	CORPORATE BONDS	2,200,000.0000	2,347,422.00	.29
COLBUN SA 4.5% 07/10/24		P2867KAE6	CORPORATE BONDS	1,500,000.0000	1,576,664.13	.19
E.CL SA 5.625% 01/15/21		P36020AA6	CORPORATE BONDS	1,000,000.0000	1,041,404.51	.13
EMPRESA NACION 4.875% 10/30/24		P37115AE5	CORPORATE BONDS	4,000,000.0000	4,216,531.08	.52
EMPRESA ELECTR 4.875% 05/25/29		P3713QAA5	CORPORATE BONDS	173,900.0000	181,454.25	.02
INVERSIONES CMPC 4.5% 04/25/22		P58073AA8	CORPORATE BONDS	5,135,000.0000	5,307,660.52	.66
SACI FALABELLA 3.75% 04/30/23		P82290AA8	CORPORATE BONDS	1,440,000.0000	1,475,754.11	.18
TELEFONICA CHI 3.875% 10/12/22		P9047EAA6	CORPORATE BONDS	4,350,000.0000	4,489,875.29	.56
BANCOLOMBIA SA 5.95% 06/03/21		05968LAG7	CORPORATE BONDS	1,500,000.0000	1,584,450.00	.20
BANCOLOMBIA SA V/R 10/18/27		05968LAK8	CORPORATE BONDS	1,479,000.0000	1,515,058.02	.19
REPUBLIC OF CO 4.375% 07/12/21		195325BN4	GOVERNMENT BONDS	2,000,000.0000	2,067,520.00	.26
ECOPETROL SA 5.875% 09/18/23	EC23	BDV82X0	CORPORATE BONDS	5,500,000.0000	6,081,900.00	.75
GRUPO INVERSIONE 5.7% 05/18/21		G42036AA4	CORPORATE BONDS	545,000.0000	570,887.50	.07
SURA ASSET MAN 4.875% 04/17/24		N8370TAA4	CORPORATE BONDS	500,000.0000	532,500.00	.07
OLEODUCTO CENTRAL 4% 05/07/21		P7358RAC0	CORPORATE BONDS	3,900,000.0000	3,962,439.00	.49
COSTA RICA GOV 9.995% 08/01/20		P3699PAA5	GOVERNMENT BONDS	1,150,000.0000	1,217,574.00	.15
GEORG JENSEN V/R 05/15/23/EUR/		K40294AA6	CORPORATE BONDS	600,000.0000	696,482.37	.09
BANCO RESERVAS REP 7% 02/01/23		B9L68W7	CORPORATE BONDS	1,100,000.0000	1,134,386.00	.14
DOMINICAN REPU 7.5% 05/06/21		P3579EAH0	GOVERNMENT BONDS	3,753,333.3400	3,950,383.34	.49
BNP PARIBAS V/R /PERP/		05565AHN6	CORPORATE BONDS	1,000,000.0000	1,041,250.00	.13
CREDIT AGRICOLE SA V/R /PERP/		225313AD7	CORPORATE BONDS	625,000.0000	688,075.00	.09
CREDIT AGRICOLE SA V/R /PERP/		225313AJ4	CORPORATE BONDS	1,675,000.0000	1,937,110.70	.24
SOCIETE GENERALE V/R /PERP/		83367TBF5	CORPORATE BONDS	1,090,000.0000	1,170,387.50	.14
SOCIETE GENERALE V/R /PERP/		83368JFA3	CORPORATE BONDS	490,000.0000	540,225.00	.07
BASF SE 0.875% 11/15/27/EUR/		BZ6T254	CORPORATE BONDS	-824,000.0000	-985,065.06	-.12
INDIAN OIL COR 5.625% 08/02/21		B4MR909	CORPORATE BONDS	2,995,000.0000	3,159,335.65	.39
ONGC VIDESH LTD 3.75% 05/07/23		B8CH8T9	CORPORATE BONDS	300,000.0000	306,576.90	.04
INDIAN OIL CORP 5.75% 08/01/23		BCHH9P5	CORPORATE BONDS	2,700,000.0000	2,955,231.00	.37
ADANI PORTS AND 3.5% 07/29/20		Y00130CZ8	CORPORATE BONDS	2,000,000.0000	2,012,272.36	.25
ADANI PORTS AND 3.95% 01/19/22		Y00130HS9	CORPORATE BONDS	1,000,000.0000	1,019,442.22	.13
BHARAT PETROLE 4.625% 10/25/22		Y0882ZBH0	CORPORATE BONDS	4,220,000.0000	4,440,748.20	.55
EXPORT-IMPORT 3.125% 07/20/21		Y23874TK9	GOVERNMENT BONDS	2,000,000.0000	2,014,244.88	.25
RELIANCE INDUS 4.125% 01/28/25		Y72596BU5	CORPORATE BONDS	250,000.0000	260,913.76	.03
PERUSAHAAN PENER 3.4% 03/29/22		71567RAG1	GOVERNMENT BONDS	1,000,000.0000	1,015,090.00	.13
PERUSAHAAN LISTR 5.5% 11/22/21		71568QAA5	CORPORATE BONDS	700,000.0000	740,950.00	.09
REPUBLIC OF INDO 3.7% 01/08/22		BYNPMT2	GOVERNMENT BONDS	2,795,000.0000	2,859,283.91	.35
REPUBLIC OF IN 4.875% 05/05/21		Y20721AU3	GOVERNMENT BONDS	3,000,000.0000	3,110,906.49	.38
PERTAMINA PERS 4.875% 05/03/22		Y7138AAC4	CORPORATE BONDS	2,500,000.0000	2,632,504.23	.33
C&W SENIOR FINAN 7.5% 10/15/26		G3165UAB7	CORPORATE BONDS	4,200,000.0000	4,378,500.00	.54
ISRAEL ELECTRI 6.875% 06/21/23		46507NAE0	CORPORATE BONDS	500,000.0000	566,495.00	.07
DELEK & AVNER 4.435% 12/30/20		BMJJM83	CORPORATE BONDS	2,479,000.0000	2,515,200.84	.31
INTESA SANPAOLO SPA V/R /PERP/		46115HAU1	CORPORATE BONDS	635,000.0000	623,887.50	.08
UNICREDIT SPA V/R /PERP/		BL25ZT3	CORPORATE BONDS	650,000.0000	627,698.50	.08
SOFTBANK GROUP 4.75% 09/19/24		BF166D6	CORPORATE BONDS	-1,604,000.0000	-1,635,517.01	-.20
SWISS RE FINANCE V/R 04/02/49		87089NAA8	CORPORATE BONDS	400,000.0000	428,300.00	.05
MILLICOM INTL CELL 6% 03/15/25		BWC4Q27	CORPORATE BONDS	2,400,000.0000	2,491,200.00	.31
MILLICOM INTL 6.625% 10/15/26		BYQM483	CORPORATE BONDS	1,250,000.0000	1,362,375.00	.17
EURONAV LUXEMBOU 7.5% 05/31/22		BZ121X9	CORPORATE BONDS	1,400,000.0000	1,414,000.00	.17
MALAYAN BANKING B V/R 10/29/26		BD3C8K9	CORPORATE BONDS	1,715,000.0000	1,740,090.45	.22
AXIATA SPV2 BH 3.466% 11/19/20		BD5WCP0	CORPORATE BONDS	5,000,000.0000	5,054,870.00	.63
PETRONAS CAPIT 3.125% 03/18/22		Y68856AM8	CORPORATE BONDS	500,000.0000	507,326.67	.06
PETRONAS GLOBA 2.707% 03/18/20		Y68868AA9	CORPORATE BONDS	3,000,000.0000	3,004,440.00	.37
BOREALIS FINANCE 7.5% 11/16/22		09972AAA0	CORPORATE BONDS	5,067,000.0000	4,870,907.10	.60
CHEMBULK HOLDING L 8% 02/02/23		BD49177	CORPORATE BONDS	2,000,000.0000	1,935,000.00	.24
GOLAR LNG PARTNER V/R 05/22/20		BXQ9SM9	CORPORATE BONDS	1,200,000.0000	1,200,000.00	.15
UPL CORP LTD 3.25% 10/13/21		BD2N5F7	CORPORATE BONDS	3,000,000.0000	3,000,510.00	.37
BANCO SANTANDER M V/R 10/01/28		05969BAC7	CORPORATE BONDS	2,000,000.0000	2,112,520.00	.26
CREDITO REAL SA 7.25% 07/20/23		BD0PB02	CORPORATE BONDS	2,700,000.0000	2,832,300.00	.35
UNIFIN FINANCIE 7.25% 09/27/23		BD878V0	CORPORATE BONDS	3,250,000.0000	3,355,625.00	.41
CEMEX SAB DE CV 7.75% 04/16/26		BZ3CH28	CORPORATE BONDS	2,400,000.0000	2,640,024.00	.33
BANCO MERCANTIL DE V/R /PERP/		P14008AD1	CORPORATE BONDS	5,600,000.0000	5,676,720.00	.70
BANCO NACIONAL CO V/R 08/11/26		P14517AB5	CORPORATE BONDS	3,700,000.0000	3,728,712.00	.46
BBVA BANCOMER SA 6.5% 03/10/21		P16259AB2	CORPORATE BONDS	200,000.0000	210,200.00	.03
BBVA BANCOMER S 6.75% 09/30/22		P16259AH9	CORPORATE BONDS	3,000,000.0000	3,264,900.00	.40
BBVA BANCOMER SA V/R 11/12/29		P16259AL0	CORPORATE BONDS	1,943,000.0000	1,910,959.93	.24
CEMEX SAB DE C 6.125% 05/05/25		P2253TJG5	CORPORATE BONDS	2,500,000.0000	2,615,625.00	.32
EL PUERTO DE LI 3.95% 10/02/24		P3691NBE9	CORPORATE BONDS	2,100,000.0000	2,110,521.00	.26
GRUPO BIMBO SAB DE V/R /PERP/		P4949BAN4	CORPORATE BONDS	3,900,000.0000	4,094,610.00	.51
NACIONAL FINAN 3.375% 11/05/20		P7071QAA2	GOVERNMENT BONDS	200,000.0000	200,452.00	.02
PETROBRAS GLOB 5.299% 01/27/25		71647NAV1	CORPORATE BONDS	2,000,000.0000	2,122,000.00	.26
COOPERATIEVE RABOBA V/R /PERP/		749770AQ6	CORPORATE BONDS	440,000.0000	440,000.00	.05
MPC CONTAINER SHI V/R 09/22/22		BF59L14	CORPORATE BONDS	3,000,000.0000	3,007,291.50	.37
ING GROEP NV V/R /PERP/		BJ1FGT7	CORPORATE BONDS	200,000.0000	207,868.00	.03
AES ANDRS/DMCN 7.95% 05/11/26		BZ04KR3	CORPORATE BONDS	400,000.0000	432,504.00	.05
BHARTI AIRTEL 5.125% 03/11/23		N1384FAA3	CORPORATE BONDS	4,200,000.0000	4,412,123.39	.55
BRASKEM NETHERLA 3.5% 01/10/23		N15516AA0	CORPORATE BONDS	5,800,000.0000	5,817,400.00	.72
VTR FINANCE BV 6.875% 01/15/24		N9417JAB7	CORPORATE BONDS	4,400,000.0000	4,554,000.00	.56
JACKTEL 10% 12/04/23		BH0M918	CORPORATE BONDS	2,200,000.0000	1,958,000.00	.24
BANISTMO SA 3.65% 09/19/22		06034LAA8	CORPORATE BONDS	300,000.0000	300,750.00	.04
MULTIBANK INC. 4.375% 11/09/22		BF8QD50	CORPORATE BONDS	3,600,000.0000	3,681,036.00	.46
T/L MCDERMOTT INTE 0% 05/12/25		LX170450	LOAN	3,679,187.4000	3,615,390.29	.45
BANCO LATINOAME 3.25% 05/07/20		P1393HAB4	CORPORATE BONDS	1,500,000.0000	1,505,250.00	.19
BANISTMO SA 3.65% 09/19/22		P15383AC9	CORPORATE BONDS	3,400,000.0000	3,408,500.00	.42
ENA NORTE TRUST 4.95% 04/25/23		P3716XAA7	CORPORATE BONDS	4,796,480.2280	4,940,374.63	.61
GLOBAL BANK CORP 4.5% 10/20/21		P47718AC8	CORPORATE BONDS	3,100,000.0000	3,185,281.00	.39
BBVA BANCO CONTINE 5% 08/26/22		B8HLLL9	CORPORATE BONDS	165,000.0000	174,695.40	.02
BANCO INTL DEL 5.75% 10/07/20		P1342SAC0	CORPORATE BONDS	1,500,000.0000	1,556,265.00	.19
BANCO INTERNAC 3.375% 01/18/23		P13435AB1	CORPORATE BONDS	1,500,000.0000	1,506,000.00	.19
FONDO MIVIVIENDA 3.5% 01/31/23		P42009AA1	GOVERNMENT BONDS	2,500,000.0000	2,540,625.00	.31
NEXA RESOURCES 4.625% 03/28/23		P67848AA2	CORPORATE BONDS	782,000.0000	809,377.82	.10
REPUBLIC OF PHILIP 4% 01/15/21		718286BK2	GOVERNMENT BONDS	1,000,000.0000	1,022,632.62	.13
BDO UNIBANK INC 2.95% 03/06/23		BF0DWX0	CORPORATE BONDS	3,500,000.0000	3,493,000.00	.43
UNION BK OF PH 3.369% 11/29/22		BF2WQR7	CORPORATE BONDS	2,700,000.0000	2,729,656.80	.34
DBS GROUP HOLDING V/R 12/11/28		24023NAA0	CORPORATE BONDS	2,200,000.0000	2,331,351.81	.29
OVERSEA-CHINESE 4.25% 06/19/24		69033DAC1	CORPORATE BONDS	500,000.0000	524,848.23	.06
TEMASEK FINANC 2.375% 01/23/23		87973RAC4	CORPORATE BONDS	3,450,000.0000	3,470,536.88	.43
UNITED OVERSEAS B V/R 04/15/29		91127LAC4	CORPORATE BONDS	600,000.0000	618,614.33	.08
SP POWERASSETS L 2.7% 09/14/22		B6RVFW4	CORPORATE BONDS	3,000,000.0000	3,035,544.00	.38
UNITED OVERSEAS B V/R 09/16/26		BDFSK43	CORPORATE BONDS	3,500,000.0000	3,537,555.00	.44
UNITED OVERSEAS BAN V/R /PERP/		BYWHFW3	CORPORATE BONDS	2,000,000.0000	1,970,659.60	.24
UNITED OVERSEAS B V/R 03/08/27		BYZBLR9	CORPORATE BONDS	400,000.0000	398,804.00	.05
ONGC VIDESH VA 2.875% 01/27/22		BZ30F84	CORPORATE BONDS	4,015,000.0000	3,998,486.31	.49
DBS GROUP HOLDINGS V/R /PERP/		BZCN164	CORPORATE BONDS	5,000,000.0000	4,980,000.00	.62
CREDIT SUISSE GROUP V/R /PERP/		225401AJ7	CORPORATE BONDS	655,000.0000	703,188.35	.09
CREDIT SUISSE GROUP V/R /PERP/		22546DAB2	CORPORATE BONDS	1,000,000.0000	1,100,000.00	.14
UBS GROUP FUNDING S V/R /PERP/		BVXZ4Q2	CORPORATE BONDS	1,400,000.0000	1,533,000.00	.19
PTTEP TREASURY CENT V/R /PERP/		Y7150MAA5	CORPORATE BONDS	3,900,000.0000	3,939,600.72	.49
CENTRALNIC G V/R 07/03/23/EUR/		BKFVF91	CORPORATE BONDS	1,713,000.0000	1,947,852.24	.24
SB HOLDCO PL V/R 07/13/22/EUR/		G7837UAA8	CORPORATE BONDS	2,300,000.0000	2,543,408.35	.31
BARCLAYS PLC V/R /PERP/		06738EBA2	CORPORATE BONDS	1,900,000.0000	1,947,500.00	.24
INMARSAT FINANCE 6.5% 10/01/24		45763PAF3	CORPORATE BONDS	3,251,000.0000	3,401,358.75	.42
LLOYDS BANKING GROU V/R /PERP/		539439AG4	CORPORATE BONDS	1,700,000.0000	1,787,125.00	.22
LLOYDS BANKING GROU V/R /PERP/		539439AU3	CORPORATE BONDS	200,000.0000	210,250.00	.03
ROYAL BK SCOTLND GR V/R /PERP/		780097BB6	CORPORATE BONDS	1,645,000.0000	1,772,898.75	.22
STANDARD CHARTERED V/R /PERP/		853254BH2	CORPORATE BONDS	800,000.0000	850,000.00	.11
VODAFONE GROUP PL V/R 04/04/79		92857WBQ2	CORPORATE BONDS	460,000.0000	496,498.44	.06
VEDANTA RESOUR 6.125% 08/09/24		BF2WGB1	CORPORATE BONDS	600,000.0000	552,039.00	.07
FRESNILLO PLC 5.5% 11/13/23		G371E2AA6	CORPORATE BONDS	3,500,000.0000	3,813,250.00	.47
MARB BONDCO PLC 7% 03/15/24		G5825AAA0	CORPORATE BONDS	5,400,000.0000	5,633,334.00	.70
VEDANTA RESOUR 7.125% 05/31/23		G9328DAJ9	CORPORATE BONDS	1,300,000.0000	1,279,200.00	.16
AERCAP GLOBAL AVI V/R 06/15/45		00773HAA5	CORPORATE BONDS	1,585,000.0000	1,656,325.00	.20
AMERICA WEST A 8.057% 07/02/20		023650AG9	CORPORATE BONDS	194,846.9130	204,772.41	.03
AMERICAN EXPRESS CO V/R /PERP/		025816BJ7	CORPORATE BONDS	706,000.0000	706,000.00	.09
AMERICAN INTL GRO V/R 04/01/48		026874DM6	CORPORATE BONDS	1,350,000.0000	1,388,097.00	.17
ASSURANT INC V/R 03/27/48		04621XAK4	CORPORATE BONDS	1,230,000.0000	1,311,487.50	.16
BANK OF AMERICA COR V/R /PERP/		060505EN0	CORPORATE BONDS	1,335,000.0000	1,441,800.00	.18
BANK OF AMERICA COR V/R /PERP/		060505EU4	CORPORATE BONDS	1,340,000.0000	1,495,842.00	.18
BANK OF NY MELLON C V/R /PERP/		064058AD2	CORPORATE BONDS	515,000.0000	521,200.60	.06
BAYER US FINANCE V/R 06/25/21		07274NAC7	CORPORATE BONDS	245,000.0000	243,354.91	.03
BRUNSWICK CORP 4.625% 05/15/21		117043AP4	CORPORATE BONDS	10,022,000.0000	10,040,244.75	1.24
CIT GROUP INC V/R /PERP/		125581GU6	CORPORATE BONDS	290,000.0000	291,812.50	.04
CSC HOLDINGS L 5.375% 07/15/23		126307AT4	CORPORATE BONDS	3,301,000.0000	3,391,777.50	.42
CAPITAL ONE FINANCI V/R /PERP/		14040HBH7	CORPORATE BONDS	1,600,000.0000	1,623,312.00	.20
CENTERPOINT ENERGY V/R /PERP/		15189TAS6	CORPORATE BONDS	995,000.0000	1,030,889.65	.13
CITIGROUP INC V/R /PERP/		172967JM4	CORPORATE BONDS	3,839,000.0000	4,011,755.00	.50
CITGO PETROLEUM 6.25% 08/15/22		17302XAJ5	CORPORATE BONDS	6,248,000.0000	6,248,000.00	.77
CITIZENS FINANCIAL V/R /PERP/		174610AH8	CORPORATE BONDS	1,000,000.0000	1,000,000.00	.12
TAPESTRY INC 4.25% 04/01/25		189754AA2	CORPORATE BONDS	4,224,000.0000	4,379,017.25	.54
COBANK ACB V/R /PERP/		19075QAC6	CORPORATE BONDS	1,175,000.0000	1,236,687.50	.15
COMCAST CORP 3.3% 10/01/20		20030NCP4	CORPORATE BONDS	520,000.0000	526,871.52	.07
COMCAST CORP V/R 10/01/20		20030NCV1	CORPORATE BONDS	520,000.0000	520,950.56	.06
COMCAST CORP V/R 10/01/21		20030NCW9	CORPORATE BONDS	260,000.0000	261,016.60	.03
CONTINENTAL AI 5.983% 04/19/22		21079NAA9	CORPORATE BONDS	483,209.5290	512,540.35	.06
CONTINENTAL AIR 7.707% 4/2/21		210805DD6	ASSET BACKED	303,019.0070	313,564.07	.04
CONTL AIRLINES 6.236% 03/15/20		210805DS3	CORPORATE BONDS	20,787.4020	21,251.00	.00
COTT HOLDINGS IN 5.5% 04/01/25		221644AA5	CORPORATE BONDS	3,675,000.0000	3,743,906.25	.46
DXC TECHNOLOGY CO V/R 03/01/21		23355LAE6	CORPORATE BONDS	2,922,000.0000	2,922,031.12	.36
DAIRY FARMERS OF 7.125% /PERP/		23385HAA7	CORPORATE BONDS	535,000.0000	497,550.00	.06
DAVITA INC 5.125% 07/15/24		23918KAQ1	CORPORATE BONDS	-1,418,000.0000	-1,418,425.40	-.18
DISCOVER FINANCIAL V/R /PERP/		254709AN8	CORPORATE BONDS	1,060,000.0000	1,028,200.00	.13
DOLLAR TREE INC V/R 04/17/20		256746AE8	CORPORATE BONDS	7,688,000.0000	7,688,886.58	.95
FARM CREDIT BK OF T V/R /PERP/		30767EAC3	GOVERNMENT BONDS	135,000.0000	141,089.49	.02
ASSURED GUARANTY V/R 12/15/66		31769PAB6	CORPORATE BONDS	2,369,000.0000	2,345,310.00	.29
FIVE POINT OP 7.875% 11/15/25		33834YAA6	CORPORATE BONDS	1,944,000.0000	1,953,758.88	.24
FORD MOTOR CREDIT V/R 06/12/20		345397YN7	CORPORATE BONDS	5,222,000.0000	5,207,797.26	.64
FREEPORT-MCMORA 4.55% 11/14/24		35671DBL8	CORPORATE BONDS	6,100,000.0000	6,235,725.00	.77
FRESH MARKET IN 9.75% 05/01/23		35804HAA4	CORPORATE BONDS	2,126,000.0000	1,445,680.00	.18
FXI HOLDINGS I 7.875% 11/01/24		36120RAA7	CORPORATE BONDS	6,487,000.0000	6,049,127.50	.75
TEGNA INC 5.125% 10/15/19		364725BD2	CORPORATE BONDS	3,132,000.0000	3,135,915.00	.39
GENERAL ELECTRIC CO V/R /PERP/		369604BQ5	CORPORATE BONDS	2,120,000.0000	2,033,631.20	.25
GENERAL MOTORS FINL V/R /PERP/		37045XCA2	CORPORATE BONDS	1,935,000.0000	1,803,342.60	.22
GOLDMAN SACHS GROUP V/R /PERP/		38148BAC2	CORPORATE BONDS	3,211,000.0000	3,357,742.70	.42
GOLDMAN SACHS GROUP V/R /PERP/		38148BAE8	CORPORATE BONDS	679,000.0000	697,029.49	.09
HC2 HOLDINGS IN 11.5% 12/01/21		404139AD9	CORPORATE BONDS	5,133,000.0000	4,517,040.00	.56
HADRIAN MERGER S 8.5% 05/01/26		42239PAA7	CORPORATE BONDS	1,410,000.0000	1,332,450.00	.16
ICAHN ENTERPRIS 6.25% 05/15/26		451102BR7	CORPORATE BONDS	3,207,000.0000	3,243,078.75	.40
INVISTA FINANCE 4.25% 10/15/19		46186RAA7	CORPORATE BONDS	8,129,000.0000	8,175,381.15	1.01
JPMORGAN CHASE & CO V/R /PERP/		46625HJQ4	CORPORATE BONDS	2,650,000.0000	2,928,859.50	.36
JPMORGAN CHASE & CO V/R /PERP/		46625HKK5	CORPORATE BONDS	755,000.0000	763,735.35	.09
JPMORGAN CHASE & CO V/R /PERP/		48126HAC4	CORPORATE BONDS	165,000.0000	177,757.80	.02
KEYCORP V/R /PERP/		493267AK4	CORPORATE BONDS	475,000.0000	479,531.50	.06
LSC COMMUNICATI 8.75% 10/15/23		50218PAA5	CORPORATE BONDS	3,418,000.0000	3,247,100.00	.40
LAND O'LAKES INC 7.25% /PERP/		514666AM8	CORPORATE BONDS	2,050,000.0000	1,998,750.00	.25
LAND O'LAKES INC 7% /PERP/		514666AN6	CORPORATE BONDS	415,000.0000	393,471.88	.05
LEE ENTERPRISES 9.5% 03/15/22		523768AF6	CORPORATE BONDS	8,502,000.0000	8,650,785.00	1.07
M&T BANK CORPORATIO V/R /PERP/		55261FAH7	CORPORATE BONDS	1,125,000.0000	1,164,375.00	.14
WELBILT INC 9.5% 02/15/24		563568AB0	CORPORATE BONDS	5,628,000.0000	6,092,310.00	.75
MCKESSON CORP 3.95% 02/16/28		581557BJ3	CORPORATE BONDS	-840,000.0000	-870,512.13	-.11
METLIFE INC V/R /PERP/		59156RBP2	CORPORATE BONDS	870,000.0000	875,437.50	.11
METLIFE INC V/R /PERP/		59156RBT4	CORPORATE BONDS	985,000.0000	1,039,785.70	.13
MICHAELS STORE 5.875% 12/15/20		594087AT5	CORPORATE BONDS	9,814,000.0000	9,827,739.60	1.22
MUELLER INDUSTRIES 6% 03/01/27		624756AE2	CORPORATE BONDS	13,692,000.0000	13,726,230.00	1.70
NISOURCE INC V/R /PERP/		65473PAG0	CORPORATE BONDS	510,000.0000	497,250.00	.06
PNC FINANCIAL SERVI V/R /PERP/		693475AQ8	CORPORATE BONDS	902,000.0000	917,785.00	.11
PACIFIC GAS & E 2.95% 03/01/26		694308HP5	CORPORATE BONDS	2,625,000.0000	2,460,937.50	.30
PAN AMERICAN E 7.875% 05/07/21		69783UAA9	CORPORATE BONDS	133,333.3400	138,166.67	.02
PROVIDENT FINA 7.405% 03/15/38		743863AA0	CORPORATE BONDS	955,000.0000	1,074,375.00	.13
QUEST DIAGNOSTI 3.45% 06/01/26		74834LAZ3	CORPORATE BONDS	-840,000.0000	-860,292.14	-.11
RIVERS PITTSBU 6.125% 08/15/21		76882AAB6	CORPORATE BONDS	3,384,000.0000	3,434,760.00	.42
SALEM MEDIA GRO 6.75% 06/01/24		794093AG9	CORPORATE BONDS	710,000.0000	621,250.00	.08
SIRIUS XM RADIO IN 5% 08/01/27		82967NBA5	CORPORATE BONDS	2,273,000.0000	2,312,550.20	.29
STATE STREET CORP V/R /PERP/		857477AQ6	CORPORATE BONDS	250,000.0000	256,447.50	.03
SUNTRUST BANKS INC V/R /PERP/		867914BN2	CORPORATE BONDS	1,360,000.0000	1,346,481.60	.17
TOLL ROAD INV PAR ZCP 02/15/45		88948ABL0	CORPORATE BONDS	632,298.6070	159,988.79	.02
TRIMBLE INC 4.75% 12/01/24		896239AA8	CORPORATE BONDS	3,901,000.0000	4,099,492.01	.51
TRIMBLE INC 4.15% 06/15/23		896239AB6	CORPORATE BONDS	2,930,000.0000	3,031,285.88	.37
TRIUMPH GROUP I 7.75% 08/15/25		896818AP6	CORPORATE BONDS	945,000.0000	914,287.50	.11
W & T OFFSHORE 9.75% 11/01/23		92922PAL0	CORPORATE BONDS	2,083,000.0000	1,994,472.50	.25
WACHOVIA CAP TRUST V/R /PERP/	WFC/TP	92978AAA0	CORPORATE BONDS	635,000.0000	635,292.10	.08
WEIGHT WATCHER 8.625% 12/01/25		948626AA4	CORPORATE BONDS	-545,000.0000	-498,675.00	-.06
WELLS FARGO & COMPA V/R /PERP/		949746RN3	CORPORATE BONDS	3,810,000.0000	4,141,622.40	.51
T/L TOWN SPORTS INT 0% 11/15/20		LX133451	LOAN	1,414,684.2000	1,381,679.62	.17
T/L LEE ENTERPRISE 0% 12/15/22		LX136195	LOAN	2,997,159.3800	2,982,173.58	.37
T/L WEATHERFORD 0% 07/13/20		LX153133	LOAN	2,387,294.1200	2,381,325.88	.29
T/L MONITRONICS IN 0% 9/30/22		LX154976	LOAN	1,364,327.3400	1,294,651.14	.16
T/L WINDSTREAM SERVICES LLC 0% 03/29/21		LX155086	LOAN	7,653,000.0000	7,860,702.42	.97
T/L INTERNAP NETW 0% 4/6/22		LX161977	LOAN	5,375,330.7800	4,689,976.11	.58
T/L FIRST DATA COR 0% 07/08/22		LX165177	LOAN	6,198,070.8800	6,190,385.27	.77
T/L DELL INTER 0% 9/7/2021		LX168772	LOAN	3,629,169.7300	3,621,004.10	.45
T/L DELL INTL LLC 0% 9/7/23		LX169099	LOAN	4,765,816.0800	4,739,222.83	.59
T/L YOUNG INNOVATI 0% 11/7/24		LX169121	LOAN	5,301,346.4700	5,274,839.74	.65
T/L LSC COMMUNICAT 0% 09/30/22		LX169586	LOAN	1,885,416.4200	1,842,994.55	.23
T/L CRESTWOOD HOLD 0% 03/06/23		LX171649	LOAN	6,849,903.7300	6,695,780.90	.83
T/L GENERAL NUTRIT 0% 12/31/22		LX171697	LOAN	2,168,000.0000	2,186,970.00	.27
T/L PMHC II 0% 3/31/26		LX171969	LOAN	1,079,000.0000	933,335.00	.12
T/L BI LO LLC 0% 05/31/24		LX173260	LOAN	3,435,648.0700	3,282,486.88	.41
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	1,544,337.6900	1,536,616.00	.19
T/L PRODUCTION RES 0% 08/21/24		LX175621	LOAN	2,448,951.8200	2,399,972.78	.30
T/L TRICO GROUP LL 0% 2/02/24		LX178622	LOAN	5,293,180.1100	5,081,452.91	.63
T/L WINDSTREAM REG 0% 03/08/21		LX179044	LOAN	9,515,903.2000	9,515,903.20	1.18
T/L IEA ENERGY SER 0% 09/25/24		LX180731	LOAN	7,275,450.0000	6,711,602.63	.83
RELIANCE HOLDING 4.5% 10/19/20		U75888AA2	CORPORATE BONDS	3,000,000.0000	3,066,712.35	.38
RELIANCE HOLDING 5.4% 02/14/22		U75888AC8	CORPORATE BONDS	2,400,000.0000	2,549,449.56	.32
CNOOC FINANCE 2013 3% 05/09/23		12625GAC8	CORPORATE BONDS	1,127,000.0000	1,137,051.72	.14
OAS RESTRUCTURING 5% 03/31/35		67097YAB4	CORPORATE BONDS	158,178.0000	6,764.01	.00
SINOPEC GRP OVERSE 3% 04/12/22		82938NAA2	CORPORATE BONDS	200,000.0000	201,734.05	.02
SINOPEC GRP OVERSE 2% 09/29/21		82939CAG2	CORPORATE BONDS	800,000.0000	789,358.65	.10
SINOPEC GRP DEV 3.75% 09/12/23		82939GAA6	CORPORATE BONDS	1,000,000.0000	1,039,968.46	.13
CNPC GENERAL CAP 3.4% 04/16/23		B96K9N2	CORPORATE BONDS	1,100,000.0000	1,124,409.00	.14
SINOPEC GRP OVERSE 3% 04/12/22		BYP3573	CORPORATE BONDS	1,000,000.0000	1,008,670.26	.12
CNPC HK OVERSEAS 4.5% 04/28/21		G21895AB6	CORPORATE BONDS	1,000,000.0000	1,032,905.99	.13
CNPC GENERAL CA 3.95% 04/19/22		G22004AB4	CORPORATE BONDS	2,365,000.0000	2,445,306.20	.30
CNOOC FINANCE 3.875% 05/02/22		G23530AA9	CORPORATE BONDS	2,120,000.0000	2,185,230.41	.27
SINOPEC GRP OVERSE 2% 09/29/21		G8200TAG5	CORPORATE BONDS	1,500,000.0000	1,480,047.47	.18
SINOPEC GRP OVER 2.5% 04/28/20		G8201JAB7	CORPORATE BONDS	2,000,000.0000	1,999,861.16	.25
C/O ISHARES IBOXX SEP 87.000	HYG190920C00087000	70W99BYR0	OPTIONS	-889.0000	-54,229.00	-.01
ROYAL CARIBBE DISC 7/08/19		78015GU84	SHORT TERMS	6,890,000.0000	6,885,190.09	.85
ANHEUSER-BUSCH INBE DISC 7/10/19		03523LUA1	SHORT TERMS	9,310,000.0000	9,302,160.98	1.15
BOSTON SCIENTI DISC 08/19/19		10114BVK0	SHORT TERMS	7,531,000.0000	7,502,967.36	.93
CONSTELLATION DISC 07/03/19		21037DU36	SHORT TERMS	9,571,000.0000	9,567,481.70	1.18
EI DUPONT DISC 08/14/19		2635J5VE6	SHORT TERMS	9,620,000.0000	9,588,211.67	1.19
KEURIG DR PEPP DISC 07/15/19		49271KUF9	SHORT TERMS	8,193,000.0000	8,183,238.86	1.01
LEGGETT & PLAT DISC 07/22/19		52466KUN1	SHORT TERMS	10,750,000.0000	10,731,854.00	1.33
MARRIOTT INTER DISC 07/23/19		57163UUP9	SHORT TERMS	10,750,000.0000	10,731,090.75	1.33
MONDELEZ INTL 0% 7/26/19		60920WUS7	SHORT TERMS	5,346,000.0000	5,335,451.27	.66
SHERWIN WILLIAMS DISC 07/01/19		82434UU13	SHORT TERMS	8,018,000.0000	8,016,415.64	.99
SHERWIN WILLIA DISC 07/29/19		82434UUV7	SHORT TERMS	9,680,000.0000	9,660,161.81	1.19
EUR/USD FWD 20190715 000000010 USD	EUR	1295407488	FORWARD	-2,875,000.0000	-3,272,787.71	-.40
USD/EUR FWD 20190715 000000010 USD	USD	1295407488	FORWARD	3,260,048.7500	3,260,048.75	.40

As of 06/28/2019.

Distributions

Fund Name	Fund Cusip	Distribution Type	Amount per Share	Ex Date	Reinvest Date	Reinvest Price
Destinations Global Fixed Income Opportunities Fund	10964R798	Dividend	0.034075	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.