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.
| Fund performance as of 3/31/18 | ||||||||||||||
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| MTD | QTD | YTD | 1 Year | 3 Years | 5 Years | Since Inception |
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| Bloomberg Barclays U.S. Universal Bond Index |
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Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-877-771-7979.
*Effective March 20, 2017, 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, 2018. 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.
- Ticker: DGFFX
- CUSIP: 10964R806
- Benchmark: Bloomberg Barclays U.S. Universal Bond Index
- Inception date: 03/20/2017
- Gross expense ratio: 1.07%
- Net expense ratio: 0.90%*
Management team
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Jeffrey W. Raupp Director of InvestmentsJeffrey W. Raupp, CFA, MBA, is Director of Investments 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.
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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.
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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
| Fund performance as of 3/31/18 | ||||||||||||||||||||
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| Annualized | ||||||||||||||||||||
| MTD | QTD | YTD | 1 Year | 3 Years | 5 Years | Since Inception |
Inception Date |
Gross expense ratio |
Net expense ratio* |
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| Destinations Global Fixed Income Opportunities Fund |
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| Bloomberg Barclays U.S. Universal Bond Index |
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Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-877-771-7979. Year-to-date (YTD) returns are not listed for the Funds as a full year of performance does not yet exist.
*Effective March 20, 2017, 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, 2018. 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.
Holdings
| Security Description | Ticker Symbol | Security ID | Security Type Description | Quantity | Base Market Value | Percent TNA |
|---|---|---|---|---|---|---|
| US DOLLARS | CASHUSD | CURRENCY | 39,798,350.2300 | 39,798,350.23 | 6.58 | |
| FRONTERA ENERGY CORP | FECCF | 35905B107 | COMMON STOCK | 8,481.0000 | 248,476.34 | .04 |
| AXIS CAPITAL HLDGS LTD /PFD/ | AXS PRE | 05461T305 | PREFERRED STOCK | 31,722.0000 | 779,092.32 | .13 |
| DAIRY FARMERS OF AMERICA /PFD/ | DFRMP | 23385H406 | PREFERRED STOCK | 1,000.0000 | 113,500.00 | .02 |
| DELPHI FINANCIAL GROUP PFD | 247131303 | PREFERRED STOCK | 50,000.0000 | 1,118,750.00 | .18 | |
| FARM CREDIT BK OF TEXAS /PFD/ | FCTXZ | 30767E406 | PREFERRED STOCK | 19,210.0000 | 2,050,667.50 | .34 |
| GMAC CAP 8.125% 2/15/40 /PFD/ | ALLY PRA | 361860208 | PREFERRED STOCK | 25,550.0000 | 667,110.50 | .11 |
| HUNTINGTON BANCSHARES IN /PFD/ | HBANO | 446150708 | PREFERRED STOCK | 54,847.0000 | 1,448,509.27 | .24 |
| MORGAN STANLEY /PFD/ | MS PRI | 61761J406 | PREFERRED STOCK | 10,600.0000 | 286,730.00 | .05 |
| MORGAN STANLEY /PFD/ | MS PRK | 61762V606 | PREFERRED STOCK | 95,960.0000 | 2,474,808.40 | .41 |
| MORGAN STANLEY PFD | MS PRF | 61763E207 | PREFERRED STOCK | 4,400.0000 | 121,308.00 | .02 |
| NY COMMUNITY BANCORP INC PREF | NYCB PRA | 649445202 | PREFERRED STOCK | 20,000.0000 | 553,400.00 | .09 |
| NUSTAR ENERGY LP SER B /PFD/ | NS PRB | 67058H300 | PREFERRED STOCK | 45,000.0000 | 969,750.00 | .16 |
| REGIONS FINANCIAL CORP PFD | RF PRB | 7591EP506 | PREFERRED STOCK | 7,800.0000 | 208,104.00 | .03 |
| WELLS FARGO & COMPANY /PFD/ | WFC PRR | 949746465 | PREFERRED STOCK | 5,800.0000 | 159,326.00 | .03 |
| ASPEN INSURANCE HLDG LTD /PFD/ | AHL PRD | G05384162 | PREFERRED STOCK | 29,008.0000 | 708,665.44 | .12 |
| BHP BILLITON FIN V/R 10/19/75 | 055451AX6 | CORPORATE BONDS | 550,000.0000 | 598,400.00 | .10 | |
| CNOOC FINANCE 2.625% 05/05/20 | 12634GAA1 | CORPORATE BONDS | 3,335,000.0000 | 3,291,901.80 | .54 | |
| OAS INVESTMENTS 8.25% 10/19/19 | A57902AA5 | CORPORATE BONDS | 400,000.0000 | 33,000.00 | .01 | |
| JBS INVESTMENTS 7.75% 10/28/20 | BFZCH59 | CORPORATE BONDS | 1,000,000.0000 | 1,020,000.00 | .17 | |
| CATLIN INSURANCE V/R PERPETUAL 144A PP | 149206AA2 | CORPORATE BONDS | 1,000,000.0000 | 980,500.00 | .16 | |
| DIGICEL GROUP L 8.25% 09/30/20 | B8K3F98 | CORPORATE BONDS | 600,000.0000 | 454,500.00 | .08 | |
| STOLT-NIELSEN 6.375% 09/21/22 | BF2P5M4 | CORPORATE BONDS | 4,100,000.0000 | 3,946,250.00 | .65 | |
| SHIP FINANCE IN 5.75% 10/15/21 | G81075AF3 | CORPORATE BONDS | 2,711,000.0000 | 2,722,605.79 | .45 | |
| ITAU UNIBANCO HL 6.2% 12/21/21 | 46556MAE2 | CORPORATE BONDS | 400,000.0000 | 413,200.00 | .07 | |
| POSTMEDIA 8.25% 07/15/21/CAD/ | 73753MAA5 | CORPORATE BONDS | 801,000.0000 | 583,129.48 | .10 | |
| AVISON YOUNG CAN 9.5% 12/15/21 | 05381NAA5 | CORPORATE BONDS | 1,413,000.0000 | 1,455,390.00 | .24 | |
| EMERA INC V/R 06/15/76 | 290876AD3 | CORPORATE BONDS | 1,950,000.0000 | 2,064,460.89 | .34 | |
| NOVA CHEMICALS 5.25% 06/01/27 | 66977WAR0 | CORPORATE BONDS | 1,327,000.0000 | 1,257,332.50 | .21 | |
| ALIBABA GROUP HO 2.5% 11/28/19 | 01609WAC6 | CORPORATE BONDS | 1,500,000.0000 | 1,491,143.16 | .25 | |
| ALIBABA GROUP 3.125% 11/28/21 | 01609WAP7 | CORPORATE BONDS | 500,000.0000 | 496,737.27 | .08 | |
| CK HUTCHISON I 2.875% 04/05/22 | 12563UAA5 | CORPORATE BONDS | 2,200,000.0000 | 2,148,840.58 | .36 | |
| SPARC EM SPC PANA ZCP 12/05/22 | 846502AC6 | CORPORATE BONDS | 2,700,000.0000 | 2,424,600.00 | .40 | |
| TENCENT HOLDIN 3.375% 05/02/19 | 88032XAB0 | CORPORATE BONDS | 200,000.0000 | 201,187.61 | .03 | |
| TENCENT HOLDIN 2.875% 02/11/20 | 88032XAC8 | CORPORATE BONDS | 2,400,000.0000 | 2,392,405.97 | .40 | |
| PERU ENHANCED PAS ZCP 06/02/25 | B1VYKW9 | CORPORATE BONDS | 280,000.0000 | 240,800.00 | .04 | |
| SPARC EM SPC PANA ZCP 12/05/22 | BF7TXZ0 | CORPORATE BONDS | 3,300,000.0000 | 2,963,400.00 | .49 | |
| CK HUTCHISON I 2.875% 04/05/22 | BYQCLD7 | CORPORATE BONDS | 2,700,000.0000 | 2,639,360.70 | .44 | |
| AGROMERCANTIL S 6.25% 04/10/19 | G0131LAA6 | CORPORATE BONDS | 1,000,000.0000 | 1,011,260.00 | .17 | |
| GUANAY FINANCE LTD 6% 12/15/20 | G4182JAA1 | CORPORATE BONDS | 1,091,488.7170 | 1,098,037.65 | .18 | |
| INTEROCEANICA IV 0% 11/30/18 | P52715AA0 | CORPORATE BONDS | 73,642.6570 | 72,538.02 | .01 | |
| BANCO SANTANDE 3.875% 09/20/22 | 05967FAB2 | CORPORATE BONDS | 1,700,000.0000 | 1,684,217.83 | .28 | |
| BANCO DEL ESTA 3.875% 02/08/22 | 05968AAA4 | CORPORATE BONDS | 4,500,000.0000 | 4,464,724.37 | .74 | |
| BANCO SANTANDER 2.5% 12/15/20 | 05970FAA9 | CORPORATE BONDS | 800,000.0000 | 776,880.00 | .13 | |
| CELULOSA ARAUC 4.75% 01/11/22 | 151191AW3 | CORPORATE BONDS | 400,000.0000 | 406,500.00 | .07 | |
| REPUBLIC OF CHI 3.25% 09/14/21 | 168863AW8 | GOVERNMENT BONDS | 660,000.0000 | 658,680.00 | .11 | |
| REPUBLIC OF CHI 2.25% 10/30/22 | 168863BN7 | GOVERNMENT BONDS | 7,700,000.0000 | 7,375,919.01 | 1.22 | |
| ITAU CORPBANCA 3.875% 09/22/19 | P3143KEZ9 | CORPORATE BONDS | 600,000.0000 | 601,112.80 | .10 | |
| E.CL SA 5.625% 01/15/21 | P36020AA6 | CORPORATE BONDS | 1,030,000.0000 | 1,070,913.65 | .18 | |
| INVERSIONES CMPC 4.5% 04/25/22 | P58073AA8 | CORPORATE BONDS | 4,700,000.0000 | 4,741,274.18 | .78 | |
| SACI FALABELLA 3.75% 04/30/23 | P82290AA8 | CORPORATE BONDS | 740,000.0000 | 718,386.54 | .12 | |
| TELEFONICA CHI 3.875% 10/12/22 | P9047EAA6 | CORPORATE BONDS | 4,000,000.0000 | 3,897,103.72 | .64 | |
| ECOPETROL SA 7.625% 07/23/19 | EC19 | 279158AB5 | CORPORATE BONDS | 50,000.0000 | 52,245.00 | .01 |
| EMPRESAS PUBLI 7.625% 07/29/19 | B3VZTW9 | CORPORATE BONDS | 1,600,000.0000 | 1,601,440.00 | .26 | |
| OLEODUCTO CENTRAL 4% 05/07/21 | P7358RAC0 | CORPORATE BONDS | 900,000.0000 | 897,660.00 | .15 | |
| TRANSPRTDRA DE G 5.7% 03/20/22 | P93077AA6 | CORPORATE BONDS | 4,100,000.0000 | 4,165,600.00 | .69 | |
| BANCO NAL COST 5.875% 04/25/21 | 059613AC3 | CORPORATE BONDS | 400,000.0000 | 406,250.00 | .07 | |
| BANCO NAL COST 4.875% 11/01/18 | BG3DSS1 | CORPORATE BONDS | 480,000.0000 | 480,000.00 | .08 | |
| BANCO DE COSTA 5.25% 08/12/18 | P09262AA7 | CORPORATE BONDS | 800,000.0000 | 801,600.00 | .13 | |
| COSTA RICA GOV 9.995% 08/01/20 | P3699PAA5 | GOVERNMENT BONDS | 920,000.0000 | 1,006,250.00 | .17 | |
| GEORG JENSEN V/R 05/15/23/EUR/ | 33SND1 | CORPORATE BONDS | 600,000.0000 | 701,430.00 | .12 | |
| DOMINICAN REPU 7.5% 05/06/21 | P3579EAH0 | GOVERNMENT BONDS | 1,800,000.0000 | 1,884,564.00 | .31 | |
| BNP PARIBAS V/R /PERP/ | 05565AAN3 | CORPORATE BONDS | 600,000.0000 | 629,250.00 | .10 | |
| CREDIT AGRICOLE SA V/R /PERP/ | 225313AJ4 | CORPORATE BONDS | 1,300,000.0000 | 1,415,265.80 | .23 | |
| SOCIETE GENERALE V/R /PERP/ | 83367TBF5 | CORPORATE BONDS | 2,000,000.0000 | 2,080,000.00 | .34 | |
| INDIAN OIL COR 5.625% 08/02/21 | B4MR909 | CORPORATE BONDS | 2,240,000.0000 | 2,346,113.28 | .39 | |
| EXPORT-IMPORT BK V/R 08/21/22 | BF46XD2 | GOVERNMENT BONDS | 1,000,000.0000 | 1,000,240.00 | .17 | |
| OIL INDIA LTD 3.875% 04/17/19 | BLMHTW0 | CORPORATE BONDS | 1,835,000.0000 | 1,841,995.02 | .30 | |
| ONGC VIDESH LTD 3.25% 07/15/19 | BP3YP86 | CORPORATE BONDS | 2,500,000.0000 | 2,494,500.00 | .41 | |
| EXPORT-IMPORT B 2.75% 04/01/20 | BWK1PH8 | GOVERNMENT BONDS | 200,000.0000 | 196,642.60 | .03 | |
| ADANI PORTS AND 3.5% 07/29/20 | Y00130CZ8 | CORPORATE BONDS | 2,800,000.0000 | 2,768,774.40 | .46 | |
| BHARAT PETROLE 4.625% 10/25/22 | Y0882ZBH0 | CORPORATE BONDS | 3,680,000.0000 | 3,751,134.40 | .62 | |
| EXPORT-IMPORT 3.125% 07/20/21 | Y23874TK9 | GOVERNMENT BONDS | 3,200,000.0000 | 3,131,763.20 | .52 | |
| PERUSAHAAN PEN 6.125% 03/15/19 | 71567RAB2 | GOVERNMENT BONDS | 440,000.0000 | 449,350.00 | .07 | |
| REPUBLIC OF INDO 3.7% 01/08/22 | BYNPMT2 | GOVERNMENT BONDS | 2,240,000.0000 | 2,221,679.04 | .37 | |
| REPUBLIC OF IN 4.875% 05/05/21 | Y20721AU3 | GOVERNMENT BONDS | 4,000,000.0000 | 4,122,592.00 | .68 | |
| ISRAEL ELECTRI 5.625% 06/21/18 | 46507NAD2 | CORPORATE BONDS | 1,600,000.0000 | 1,600,400.00 | .26 | |
| STATE OF ISRAEL 4% 06/30/22 | 46513AGA2 | GOVERNMENT BONDS | 4,600,000.0000 | 4,710,749.60 | .78 | |
| DELEK & AVNER 4.435% 12/30/20 | BMJJM83 | CORPORATE BONDS | 1,984,000.0000 | 1,968,504.96 | .33 | |
| INTESA SANPAOLO SPA V/R /PERP/ | 46115HAU1 | CORPORATE BONDS | 2,025,000.0000 | 1,923,750.00 | .32 | |
| UNICREDIT SPA V/R /PERP/ | BL25ZT3 | CORPORATE BONDS | 1,450,000.0000 | 1,376,693.80 | .23 | |
| EURONAV LUXEMBOU 7.5% 05/31/22 | L3229QAA6 | CORPORATE BONDS | 1,200,000.0000 | 1,197,000.00 | .20 | |
| WAKALA GLOBAL 4.646% 07/06/21 | B45VGR4 | CORPORATE BONDS | 3,750,000.0000 | 3,916,125.00 | .65 | |
| IOI INVESTMENT 4.375% 06/27/22 | B8GJJP4 | CORPORATE BONDS | 600,000.0000 | 604,324.20 | .10 | |
| MALAYAN BANKING B V/R 10/29/26 | BD3C8K9 | CORPORATE BONDS | 200,000.0000 | 197,886.80 | .03 | |
| AXIATA SPV2 BH 3.466% 11/19/20 | BD5WCP0 | CORPORATE BONDS | 4,600,000.0000 | 4,588,587.40 | .76 | |
| PETRONAS CAPIT 3.125% 03/18/22 | Y68856AM8 | CORPORATE BONDS | 1,600,000.0000 | 1,580,868.80 | .26 | |
| PETRONAS GLOBA 2.707% 03/18/20 | Y68868AA9 | CORPORATE BONDS | 3,480,000.0000 | 3,446,536.32 | .57 | |
| WAKALA GLOBAL 4.646% 07/06/21 | Y9485PAB8 | CORPORATE BONDS | 1,500,000.0000 | 1,566,450.00 | .26 | |
| BOREALIS FINANCE 7.5% 11/16/22 | 09972AAA0 | CORPORATE BONDS | 3,764,000.0000 | 3,740,663.20 | .62 | |
| SCORPIO TANKER 2.375% 07/01/19 | 80918TAA7 | CORPORATE BONDS | 326,000.0000 | 314,277.04 | .05 | |
| EAGLE BULK SHIP 8.25% 11/28/22 | BD82246 | CORPORATE BONDS | 1,400,000.0000 | 1,421,000.00 | .23 | |
| GOLAR LNG PARTNER V/R 05/22/20 | BXQ9SM9 | CORPORATE BONDS | 2,800,000.0000 | 2,751,000.00 | .45 | |
| CHEMBULK HOLDING L 8% 02/02/23 | Y12677AA1 | CORPORATE BONDS | 3,200,000.0000 | 3,216,000.00 | .53 | |
| UPL CORP LTD 3.25% 10/13/21 | BD2N5F7 | CORPORATE BONDS | 2,600,000.0000 | 2,520,216.40 | .42 | |
| AMERICA MOVIL SAB 5% 03/30/20 | 02364WAV7 | CORPORATE BONDS | 800,000.0000 | 824,526.85 | .14 | |
| AMERICA MOVIL 3.125% 07/16/22 | AMX22 | 02364WBD6 | CORPORATE BONDS | 2,600,000.0000 | 2,553,470.79 | .42 |
| COCA-COLA FEMS 4.625% 02/15/20 | 191241AD0 | CORPORATE BONDS | 1,600,000.0000 | 1,641,202.83 | .27 | |
| UNITED MEXICAN 3.625% 03/15/22 | 91086QBA5 | GOVERNMENT BONDS | 2,200,000.0000 | 2,197,866.00 | .36 | |
| BANCO SANTANDER M V/R 01/30/24 | P1507SAD9 | CORPORATE BONDS | 4,400,000.0000 | 4,433,000.00 | .73 | |
| COMISION FED D 4.875% 05/26/21 | P30179AJ7 | CORPORATE BONDS | 2,800,000.0000 | 2,838,500.00 | .47 | |
| GRUPO BIMBO SA 4.875% 06/30/20 | P4949BAG9 | CORPORATE BONDS | 2,800,000.0000 | 2,881,427.98 | .48 | |
| GRUPO IDESA SA 7.875% 12/18/20 | P4954WAA8 | CORPORATE BONDS | 400,000.0000 | 356,000.00 | .06 | |
| COOPERATIEVE RABOBA V/R /PERP/ | 749770AQ6 | CORPORATE BONDS | 1,500,000.0000 | 1,606,875.00 | .27 | |
| BHARTI AIRTEL 5.125% 03/11/23 | N1384FAA3 | CORPORATE BONDS | 2,000,000.0000 | 1,989,368.00 | .33 | |
| MPC CONTAINER SHI V/R 09/22/22 | N59330AA3 | CORPORATE BONDS | 2,200,000.0000 | 2,233,000.00 | .37 | |
| T/L AUTOPARTS HOL 0% 12/23/21 | LX158275 | LOAN | 1,909,196.3500 | 1,928,288.31 | .32 | |
| BANISTMO SA 3.65% 09/19/22 | 06034LAA8 | CORPORATE BONDS | 300,000.0000 | 283,800.00 | .05 | |
| REPUBLIC OF PANA 5.2% 01/30/20 | 698299AX2 | GOVERNMENT BONDS | 3,000,000.0000 | 3,096,000.00 | .51 | |
| T/L MCDERMOTT INTE 0% 04/04/25 | LX170450 | LOAN | 3,022,000.0000 | 3,045,360.06 | .50 | |
| BANCO LATINOAME 3.25% 05/07/20 | P1393HAB4 | CORPORATE BONDS | 3,325,000.0000 | 3,287,593.75 | .54 | |
| ENA NORTE TRUST 4.95% 04/25/23 | P3716XAA7 | CORPORATE BONDS | 3,501,969.4920 | 3,545,744.11 | .59 | |
| GLOBAL BANK CO 5.125% 10/30/19 | P47718AA2 | CORPORATE BONDS | 3,000,000.0000 | 3,041,100.00 | .50 | |
| TELFON CELUAR D 6.75% 12/13/22 | P90475AA5 | CORPORATE BONDS | 200,000.0000 | 204,200.00 | .03 | |
| BANCO CREDITO 5.375% 09/16/20 | B679CQ1 | CORPORATE BONDS | 3,000,000.0000 | 3,114,000.00 | .51 | |
| BANCO DE CREDIT 2.25% 10/25/19 | P09646AH6 | CORPORATE BONDS | 400,000.0000 | 394,500.00 | .07 | |
| BANCO INTL DEL 5.75% 10/07/20 | P1342SAC0 | CORPORATE BONDS | 3,500,000.0000 | 3,653,125.00 | .60 | |
| FONDO MIVIVIENDA 3.5% 01/31/23 | P42009AA1 | GOVERNMENT BONDS | 2,150,000.0000 | 2,082,812.50 | .34 | |
| REPUBLIC OF PHILIP 4% 01/15/21 | 718286BK2 | GOVERNMENT BONDS | 6,700,000.0000 | 6,804,640.60 | 1.12 | |
| BDO UNIBANK IN 2.625% 10/24/21 | BD3V3H8 | CORPORATE BONDS | 650,000.0000 | 623,747.15 | .10 | |
| UNION BK OF PH 3.369% 11/29/22 | BF2WQR7 | CORPORATE BONDS | 2,500,000.0000 | 2,398,485.00 | .40 | |
| REPUBLIC OF PO 5.125% 04/21/21 | 857524AA0 | GOVERNMENT BONDS | 2,800,000.0000 | 2,935,996.00 | .49 | |
| DBS GROUP HOLDING V/R 06/08/20 | 24023LAD8 | CORPORATE BONDS | 300,000.0000 | 300,306.00 | .05 | |
| OVERSEA-CHINESE B V/R 10/15/24 | 69033DAB3 | CORPORATE BONDS | 4,200,000.0000 | 4,218,340.48 | .70 | |
| TEMASEK FINANC 2.375% 01/23/23 | 87973RAC4 | CORPORATE BONDS | 3,200,000.0000 | 3,082,701.57 | .51 | |
| PSA INTERNATIO 4.625% 09/11/19 | B41H8S1 | CORPORATE BONDS | 3,500,000.0000 | 3,571,697.50 | .59 | |
| SP POWERASSETS L 2.7% 09/14/22 | B6RVFW4 | CORPORATE BONDS | 4,700,000.0000 | 4,580,808.00 | .76 | |
| UNITED OVERSEAS B V/R 09/16/26 | BDFSK43 | CORPORATE BONDS | 3,100,000.0000 | 3,042,950.70 | .50 | |
| UNITED OVERSEAS B V/R 09/19/24 | BKRQS51 | CORPORATE BONDS | 1,600,000.0000 | 1,601,449.60 | .26 | |
| UNITED OVERSEAS B V/R 03/08/27 | BYZBLR9 | CORPORATE BONDS | 200,000.0000 | 192,227.00 | .03 | |
| ONGC VIDESH VA 2.875% 01/27/22 | BZ30F84 | CORPORATE BONDS | 2,580,000.0000 | 2,460,311.22 | .41 | |
| DBS GROUP HOLDINGS V/R /PERP/ | BZCN164 | CORPORATE BONDS | 3,200,000.0000 | 3,081,625.60 | .51 | |
| SAMHALLSBYGG V/R 01/29/21/SEK/ | W7T8BRAE0 | CORPORATE BONDS | 3,000,000.0000 | 342,339.53 | .06 | |
| CREDIT SUISSE GROUP V/R /PERP/ | 22546DAB2 | CORPORATE BONDS | 1,000,000.0000 | 1,047,530.00 | .17 | |
| UBS GROUP FUNDING S V/R /PERP/ | BVXZ4Q2 | CORPORATE BONDS | 1,200,000.0000 | 1,239,972.00 | .20 | |
| INMARSAT FINANCE 6.5% 10/01/24 | 45763PAF3 | CORPORATE BONDS | 1,489,000.0000 | 1,432,715.80 | .24 | |
| LLOYDS BANKING GROU V/R /PERP/ | 539439AG4 | CORPORATE BONDS | 2,150,000.0000 | 2,249,437.50 | .37 | |
| ROYAL BK SCOTLND GR V/R /PERP/ | 780097BB6 | CORPORATE BONDS | 1,445,000.0000 | 1,563,779.00 | .26 | |
| BARCLAYS PLC V/R /PERP/ | BD88738 | CORPORATE BONDS | 2,200,000.0000 | 2,299,000.00 | .38 | |
| ABBOTT LABORATO 2.35% 11/22/19 | 002824BC3 | CORPORATE BONDS | 1,784,000.0000 | 1,773,834.63 | .29 | |
| ACTIVISION BLI 6.125% 09/15/23 | 00507VAE9 | CORPORATE BONDS | 7,174,000.0000 | 7,466,566.05 | 1.23 | |
| AERCAP GLOBAL AVI V/R 06/15/45 | 00773HAA5 | CORPORATE BONDS | 1,585,000.0000 | 1,656,325.00 | .27 | |
| AMERICA WEST A 8.057% 07/02/20 | 023650AG9 | CORPORATE BONDS | 155,271.5930 | 168,336.14 | .03 | |
| AMERICAN AXLE & 6.5% 04/01/27 | 02406PAU4 | CORPORATE BONDS | 574,000.0000 | 560,740.60 | .09 | |
| AMERICAN EXPRESS CO V/R /PERP/ | 025816BJ7 | CORPORATE BONDS | 1,291,000.0000 | 1,310,365.00 | .22 | |
| AMERICAN INTL GRO V/R 05/15/58 | AIG58 | 026874BS5 | CORPORATE BONDS | 1,500,000.0000 | 1,893,750.00 | .31 |
| AMERICAN INTL GRO V/R 04/01/48 | 026874DM6 | CORPORATE BONDS | 520,000.0000 | 512,850.00 | .08 | |
| APPLE INC V/R 02/09/22 | 037833CN8 | CORPORATE BONDS | 373,000.0000 | 378,480.57 | .06 | |
| ASSURANT INC V/R 03/27/48 | 04621XAK4 | CORPORATE BONDS | 2,000,000.0000 | 2,046,537.58 | .34 | |
| BANK OF AMERICA COR V/R /PERP/ | 060505DR2 | CORPORATE BONDS | 59,000.0000 | 59,295.00 | .01 | |
| BANK OF AMERICA COR V/R /PERP/ | 060505EL4 | CORPORATE BONDS | 1,025,000.0000 | 1,087,781.25 | .18 | |
| BANK OF AMERICA COR V/R /PERP/ | 060505EU4 | CORPORATE BONDS | 2,360,000.0000 | 2,482,720.00 | .41 | |
| BANK OF AMERICA COR V/R /PERP/ | 060505FL3 | CORPORATE BONDS | 260,000.0000 | 257,075.00 | .04 | |
| BANK OF NY MELLON C V/R /PERP/ | 064058AD2 | CORPORATE BONDS | 1,315,000.0000 | 1,338,012.50 | .22 | |
| BI-LO LLC/BI-LO 9.25% 02/15/19 | 088611AA6 | CORPORATE BONDS | 4,302,000.0000 | 4,302,000.00 | .71 | |
| BRUNSWICK CORP 4.625% 05/15/21 | 117043AP4 | CORPORATE BONDS | 4,176,000.0000 | 4,181,061.23 | .69 | |
| CAPITAL ONE FINANCI V/R /PERP/ | 14040HBH7 | CORPORATE BONDS | 1,800,000.0000 | 1,840,500.00 | .30 | |
| CAROLINA BEVE 10.625% 08/01/18 | 143818AA0 | CORPORATE BONDS | 6,333,000.0000 | 6,349,465.80 | 1.05 | |
| CITIGROUP INC V/R /PERP/ | 172967JK8 | CORPORATE BONDS | 2,065,000.0000 | 2,121,787.50 | .35 | |
| CITIZENS FINANCIAL V/R /PERP/ | 174610AH8 | CORPORATE BONDS | 1,000,000.0000 | 1,016,250.00 | .17 | |
| TAPESTRY INC 4.25% 04/01/25 | 189754AA2 | CORPORATE BONDS | 3,341,000.0000 | 3,305,684.53 | .55 | |
| TAPESTRY INC 3% 07/15/22 | 189754AB0 | CORPORATE BONDS | 362,000.0000 | 350,628.56 | .06 | |
| TAPESTRY INC 4.125% 07/15/27 | 189754AC8 | CORPORATE BONDS | 362,000.0000 | 349,662.69 | .06 | |
| COMCAST CORP 3% 02/01/24 | 20030NBX8 | CORPORATE BONDS | 93,000.0000 | 89,628.63 | .01 | |
| COMCAST CORP 3.3% 02/01/27 | 20030NBY6 | CORPORATE BONDS | 186,000.0000 | 175,254.47 | .03 | |
| CONTINENTAL AI 5.983% 04/19/22 | 21079NAA9 | CORPORATE BONDS | 405,382.9590 | 432,665.23 | .07 | |
| CONTINENTAL AIR 7.707% 4/2/21 | 210805DD6 | ASSET BACKED | 380,769.6570 | 407,880.46 | .07 | |
| CONTL AIRLINES 6.236% 03/15/20 | 210805DS3 | CORPORATE BONDS | 95,148.5220 | 97,051.49 | .02 | |
| COTT HOLDINGS IN 5.5% 04/01/25 | 221644AA5 | CORPORATE BONDS | 1,048,000.0000 | 1,032,280.00 | .17 | |
| CRESCENT COMMU 8.875% 10/15/21 | 22572LAA3 | CORPORATE BONDS | 1,347,000.0000 | 1,427,820.00 | .24 | |
| DXC TECHNOLOGY CO V/R 03/01/21 | 23355LAE6 | CORPORATE BONDS | 2,073,000.0000 | 2,075,111.81 | .34 | |
| DAIRY FARMERS OF 7.125% /PERP/ | 23385HAA7 | CORPORATE BONDS | 35,000.0000 | 38,325.00 | .01 | |
| WALT DISNEY COM 2.95% 06/15/27 | 25468PDV5 | CORPORATE BONDS | 181,000.0000 | 172,226.48 | .03 | |
| DISCOVER FINANCIAL V/R /PERP/ | 254709AN8 | CORPORATE BONDS | 1,060,000.0000 | 1,030,850.00 | .17 | |
| DOLLAR TREE INC V/R 04/17/20 | 256746AE8 | CORPORATE BONDS | 576,000.0000 | 577,808.64 | .10 | |
| ASSURED GUARANTY V/R 12/15/66 | 31769PAB6 | CORPORATE BONDS | 2,369,000.0000 | 2,369,000.00 | .39 | |
| T/L PRINCE 0% 3/29/26 | 33RSRN | LOAN | 875,000.0000 | 872,812.50 | .14 | |
| T/L REAL ALLOY 0% 02/15/2021 | 33S6VV | LOAN | 714,836.0000 | 714,836.00 | .12 | |
| T/L BI LO LLC 0% 05/15/2024 | 33SWXY | LOAN | 5,238,000.0000 | 5,063,417.46 | .84 | |
| FORD MOTOR CREDIT V/R 06/12/20 | 345397YN7 | CORPORATE BONDS | 8,272,000.0000 | 8,320,531.33 | 1.38 | |
| FRESH MARKET IN 9.75% 05/01/23 | 35804HAA4 | CORPORATE BONDS | 1,678,000.0000 | 1,057,140.00 | .17 | |
| FXI HOLDINGS I 7.875% 11/01/24 | 36120RAA7 | CORPORATE BONDS | 1,911,000.0000 | 1,891,890.00 | .31 | |
| TEGNA INC 5.125% 10/15/19 | 364725BD2 | CORPORATE BONDS | 1,352,000.0000 | 1,355,380.00 | .22 | |
| GENERAL ELECTRIC CO V/R /PERP/ | 369604BQ5 | CORPORATE BONDS | 2,980,000.0000 | 2,944,240.00 | .49 | |
| GENERAL MOTORS FINL V/R /PERP/ | 37045XCA2 | CORPORATE BONDS | 2,935,000.0000 | 2,857,956.25 | .47 | |
| GOLDMAN SACHS GROUP V/R /PERP/ | 38148BAB4 | CORPORATE BONDS | 2,766,000.0000 | 2,821,928.52 | .47 | |
| GOLDMAN SACHS GROUP V/R /PERP/ | 38148BAC2 | CORPORATE BONDS | 440,000.0000 | 432,300.00 | .07 | |
| HC2 HOLDINGS INC 11% 12/01/19 | 404139AA5 | CORPORATE BONDS | 10,497,000.0000 | 10,651,305.90 | 1.76 | |
| HADRIAN MERGER S 8.5% 05/01/26 | 42239PAA7 | CORPORATE BONDS | 1,151,000.0000 | 1,140,928.75 | .19 | |
| HEXION INC 10% 04/15/20 | 42829LAC8 | CORPORATE BONDS | 1,123,000.0000 | 1,111,770.00 | .18 | |
| HEXION INC 10.375% 02/01/22 | 42829LAD6 | CORPORATE BONDS | 2,518,000.0000 | 2,470,787.50 | .41 | |
| VOYA FINANCIAL IN V/R 05/15/53 | 45685EAG1 | CORPORATE BONDS | 1,240,000.0000 | 1,252,400.00 | .21 | |
| INVISTA FINANCE 4.25% 10/15/19 | 46186RAA7 | CORPORATE BONDS | 1,089,000.0000 | 1,091,987.18 | .18 | |
| J2 CLOUD LLC/GLOBA 6% 07/15/25 | 466253AA9 | CORPORATE BONDS | 362,000.0000 | 362,905.00 | .06 | |
| JPMORGAN CHASE & CO V/R /PERP/ | 46625HHA1 | CORPORATE BONDS | 500,000.0000 | 503,125.00 | .08 | |
| JPMORGAN CHASE & CO V/R /PERP/ | 46625HJQ4 | CORPORATE BONDS | 2,870,000.0000 | 3,104,048.50 | .51 | |
| JONES ENERGY HL 9.25% 03/15/23 | 48019TAE4 | CORPORATE BONDS | 1,739,000.0000 | 1,078,180.00 | .18 | |
| JONES ENERGY HL 9.25% 03/15/23 | 48019TAF1 | CORPORATE BONDS | 1,538,000.0000 | 1,503,395.00 | .25 | |
| KEYCORP V/R /PERP/ | 493267AK4 | CORPORATE BONDS | 1,485,000.0000 | 1,448,320.50 | .24 | |
| LAND O'LAKES INC 7.25% /PERP/ | 514666AM8 | CORPORATE BONDS | 1,500,000.0000 | 1,650,000.00 | .27 | |
| LEE ENTERPRISES 9.5% 03/15/22 | 523768AF6 | CORPORATE BONDS | 2,410,000.0000 | 2,500,375.00 | .41 | |
| M&T BANK CORPORATIO V/R /PERP/ | 55261FAH7 | CORPORATE BONDS | 625,000.0000 | 617,187.50 | .10 | |
| MACQUARIE INFRASTR 2% 10/01/23 | 55608BAB1 | CORPORATE BONDS | 2,404,000.0000 | 2,139,170.55 | .35 | |
| MCDERMOTT TEC 10.625% 05/01/24 | 58003XAA0 | CORPORATE BONDS | 1,674,000.0000 | 1,749,330.00 | .29 | |
| METLIFE INC V/R /PERP/ | 59156RBP2 | CORPORATE BONDS | 905,000.0000 | 920,837.50 | .15 | |
| METLIFE INC V/R /PERP/ | 59156RBT4 | CORPORATE BONDS | 1,195,000.0000 | 1,215,924.45 | .20 | |
| MICHAELS STORE 5.875% 12/15/20 | 594087AT5 | CORPORATE BONDS | 5,893,000.0000 | 5,951,930.00 | .98 | |
| MORGAN STANLEY V/R /PERP/ | 617474AA9 | CORPORATE BONDS | 275,000.0000 | 282,218.75 | .05 | |
| MUELLER INDUSTRIES 6% 03/01/27 | 624756AE2 | CORPORATE BONDS | 10,898,000.0000 | 10,707,285.00 | 1.77 | |
| NETFLIX INC 4.875% 04/15/28 | 64110LAP1 | CORPORATE BONDS | 325,000.0000 | 308,782.50 | .05 | |
| TI GROUP AUTO S 8.75% 07/15/23 | 68216PAA9 | CORPORATE BONDS | 1,854,000.0000 | 1,932,795.00 | .32 | |
| PNC FINANCIAL SERVI V/R /PERP/ | 693475AQ8 | CORPORATE BONDS | 1,630,000.0000 | 1,601,475.00 | .26 | |
| PROVIDENT FINA 7.405% 03/15/38 | 743863AA0 | CORPORATE BONDS | 1,000,000.0000 | 1,105,000.00 | .18 | |
| REAL ALLOY HOLDIN 10% 01/15/19 | 75583RAA5 | CORPORATE BONDS | 1,136,000.0000 | 237,651.20 | .04 | |
| RIVERS PITTSBU 6.125% 08/15/21 | 76882AAB6 | CORPORATE BONDS | 1,283,000.0000 | 1,279,792.50 | .21 | |
| SITV LLC/SITV 10.375% 07/01/19 | 78428JAA6 | CORPORATE BONDS | 2,687,000.0000 | 1,719,680.00 | .28 | |
| SALEM MEDIA GRO 6.75% 06/01/24 | 794093AG9 | CORPORATE BONDS | 486,000.0000 | 459,270.00 | .08 | |
| A SCHULMAN INC 6.875% 06/01/23 | 808194AB0 | CORPORATE BONDS | 4,429,000.0000 | 4,651,557.25 | .77 | |
| SIRIUS XM RADIO IN 5% 08/01/27 | 82967NBA5 | CORPORATE BONDS | 1,488,000.0000 | 1,413,808.32 | .23 | |
| SPIRIT AEROSYST 5.25% 03/15/22 | 85205TAF7 | CORPORATE BONDS | 7,237,000.0000 | 7,433,227.85 | 1.23 | |
| SPRINT CORP 7.25% 09/15/21 | 85207UAE5 | CORPORATE BONDS | 4,386,000.0000 | 4,539,510.00 | .75 | |
| STATE STREET CORP V/R /PERP/ | 857477AQ6 | CORPORATE BONDS | 1,500,000.0000 | 1,531,875.00 | .25 | |
| SUNTRUST BANKS INC V/R /PERP/ | 867914BN2 | CORPORATE BONDS | 1,360,000.0000 | 1,337,900.00 | .22 | |
| TOLL ROAD INV PAR ZCP 02/15/45 | 88948ABL0 | CORPORATE BONDS | 1,319,343.1570 | 320,936.32 | .05 | |
| TRIUMPH GROUP I 7.75% 08/15/25 | 896818AP6 | CORPORATE BONDS | 757,000.0000 | 762,677.50 | .13 | |
| US BANCORP V/R /PERP/ | 902973AY2 | CORPORATE BONDS | 1,045,000.0000 | 1,069,818.75 | .18 | |
| VERIZON COMMUNICA V/R 05/15/25 | 92343VEP5 | CORPORATE BONDS | 201,000.0000 | 200,931.67 | .03 | |
| WACHOVIA CAP TRUST V/R /PERP/ | WFC/TP | 92978AAA0 | CORPORATE BONDS | 635,000.0000 | 628,332.50 | .10 |
| WELLS FARGO V/R /PERP/PFD/ K | 949746PM7 | CORPORATE BONDS | 1,250,000.0000 | 1,265,312.50 | .21 | |
| WELLS FARGO & COMPA V/R /PERP/ | 949746RN3 | CORPORATE BONDS | 2,060,000.0000 | 2,115,146.20 | .35 | |
| WESTMORELAND CO 8.75% 01/01/22 | 960878AB2 | CORPORATE BONDS | 835,000.0000 | 217,100.00 | .04 | |
| XERIUM TECHNOLOG 9.5% 08/15/21 | 98416JAE0 | CORPORATE BONDS | 2,764,000.0000 | 2,881,470.00 | .48 | |
| T/L REAL ALLOY 0% 05/16/2018 | 989712199 | LOAN | 1,429,000.0000 | 1,429,000.00 | .24 | |
| T/L REAL ALLOY 2 0% 05/31/23 | 989712946 | LOAN | 944,821.0000 | 944,821.00 | .16 | |
| T/L REDDY INC CORP 0% 5/1/19 | LX128969 | LOAN | 3,243,854.1600 | 3,228,316.10 | .53 | |
| T/L EASTMAN KODAK 0% 9/3/19 | LX131438 | LOAN | 3,251,907.3100 | 2,991,754.73 | .49 | |
| T/L LEE ENTERPRISES 0% 3/31/19 | LX136193 | LOAN | 115,764.3200 | 115,764.32 | .02 | |
| T/L LEE ENTERPRISE 0% 12/15/22 | LX136195 | LOAN | 1,614,459.3400 | 1,662,893.12 | .27 | |
| T/L ENVIGO HOLD 0% 11/3/21 | LX156308 | LOAN | 2,228,637.4000 | 2,228,637.40 | .37 | |
| T/L INTERNAP NETW 0% 4/6/22 | LX161977 | LOAN | 4,647,353.8200 | 4,674,447.89 | .77 | |
| T/L KINGPIN INTE0% 7/3/24 | LX166123 | LOAN | 719,562.5000 | 725,858.67 | .12 | |
| T/L TRAVEL LEADERS 0% 01/25/24 | LX167820 | LOAN | 187,582.5000 | 189,145.06 | .03 | |
| T/L DELL INTER 0% 9/7/2021 | LX168772 | LOAN | 3,790,503.8000 | 3,787,130.25 | .63 | |
| T/L DELL INTL LLC 0% 9/7/23 | LX169099 | LOAN | 2,149,200.0000 | 2,146,513.50 | .35 | |
| T/L YOUNG INNOVATI 0% 11/7/24 | LX169121 | LOAN | 4,317,180.0000 | 4,308,977.36 | .71 | |
| T/L YOUNG INNOVATI 0% 11/7/24 | LX169122 | LOAN | 1,082,000.0000 | 1,079,944.20 | .18 | |
| T/L LSC COMMUNICAT 0% 09/30/22 | LX169586 | LOAN | 4,185,600.0000 | 4,190,832.00 | .69 | |
| T/L MND HOLDINGS 0% 06/19/24 | LX169605 | LOAN | 1,439,125.0000 | 1,449,918.44 | .24 | |
| T/L TACALA LLC 0% 1/31/25 | LX170720 | LOAN | 625,000.0000 | 628,125.00 | .10 | |
| T/L CRESTWOOD HOLD 0% 02/28/23 | LX171649 | LOAN | 5,685,910.8700 | 5,600,622.21 | .93 | |
| RELIANCE HOLDING 4.5% 10/19/20 | U75888AA2 | CORPORATE BONDS | 2,900,000.0000 | 2,958,747.77 | .49 | |
| RELIANCE HOLDING 5.4% 02/14/22 | U75888AC8 | CORPORATE BONDS | 2,150,000.0000 | 2,252,061.10 | .37 | |
| SINOPEC GRP OVERSE 3% 04/12/22 | 82938NAA2 | CORPORATE BONDS | 200,000.0000 | 195,212.80 | .03 | |
| SINOPEC GRP OVERSE 2% 09/29/21 | 82939CAG2 | CORPORATE BONDS | 600,000.0000 | 573,858.60 | .09 | |
| SINOPEC GRP OVERSE 3% 04/12/22 | BYP3573 | CORPORATE BONDS | 1,000,000.0000 | 976,064.00 | .16 | |
| SINOPEC GRP OV 2.125% 05/03/19 | BYYXKP7 | CORPORATE BONDS | 680,000.0000 | 673,971.12 | .11 | |
| CNPC GENERAL CA 3.95% 04/19/22 | G22004AB4 | CORPORATE BONDS | 2,000,000.0000 | 2,028,831.58 | .34 | |
| CNPC GENERAL CA 2.75% 05/14/19 | G22004AG3 | CORPORATE BONDS | 3,000,000.0000 | 2,991,008.61 | .49 | |
| CNOOC FINANCE 3.875% 05/02/22 | G23530AA9 | CORPORATE BONDS | 1,920,000.0000 | 1,937,554.56 | .32 | |
| SINOPEC GRP OVERSE 2% 09/29/21 | G8200TAG5 | CORPORATE BONDS | 200,000.0000 | 191,286.20 | .03 | |
| SINOPEC GRP OVER 2.5% 04/28/20 | G8201JAB7 | CORPORATE BONDS | 3,000,000.0000 | 2,960,170.44 | .49 | |
| ARCONIC INC ECN DISC 6/13/18 | 03965YFD9 | SHORT TERMS | 5,196,000.0000 | 5,191,609.38 | .86 | |
| AUTONATION INC DISC 6/12/18 | 05330NFC8 | SHORT TERMS | 8,425,000.0000 | 8,418,386.38 | 1.39 | |
| BOSTON SCIENTI DISC 06/20/18 | 10114BFL6 | SHORT TERMS | 4,008,000.0000 | 4,002,952.32 | .66 | |
| DISCOVERY COMM LLC DISC | 25471KFN7 | SHORT TERMS | 8,971,000.0000 | 8,957,804.56 | 1.48 | |
| EI DUPONT DISC 06/25/18 | 2635J5FR5 | SHORT TERMS | 7,756,000.0000 | 7,743,681.92 | 1.28 | |
| JOHNSON CONTROLS DISC 6/13/18 | 47837CFD0 | SHORT TERMS | 7,530,000.0000 | 7,523,936.09 | 1.24 | |
| MARRIOTT INTER DISC 06/08/18 | 57163UF84 | SHORT TERMS | 7,834,000.0000 | 7,830,161.34 | 1.29 | |
| MOLEX ELECTRON DISC 06/15/18 | 60856TFF7 | SHORT TERMS | 6,412,000.0000 | 6,405,480.92 | 1.06 | |
| NEWELL RUBBER DISC 6/5/18 | 65119KF50 | SHORT TERMS | 8,284,000.0000 | 8,281,330.90 | 1.37 | |
| THOMSON REUTERS DISC 6/18/18 | 88513BFJ4 | SHORT TERMS | 9,690,000.0000 | 9,679,893.33 | 1.60 | |
| T/L REAL ALLOY 0% 06/19/2018 | 989712276 | LOAN | 714,836.0700 | 714,836.07 | .12 | |
| T/L APPVION INC 0% 07/02/18 | LX168947 | LOAN | 2,164,000.0000 | 1,579,720.00 | .26 | |
| T/L APPVION INC 0% 07/02/18 | LX171994 | LOAN | 931,069.2200 | 931,069.22 | .15 | |
| EUR/USD FWD 20180614 000000010 USD | EUR | 1295235989 | FORWARD | -600,000.0000 | -701,928.43 | -.12 |
| SEK/USD FWD 20180614 000000010 USD | SEK | 1295231112 | FORWARD | -2,934,850.0000 | -333,071.29 | -.06 |
| USD/SEK FWD 20180614 000000010 USD | USD | 1295231112 | FORWARD | 338,174.8000 | 338,174.80 | .06 |
| USD/EUR FWD 20180614 000000010 USD | USD | 1295235989 | FORWARD | 720,960.0000 | 720,960.00 | .12 |
As of 05/31/2018.
Distributions
| Fund Name | Fund Cusip | Distribution Type | Amount per Share | Ex Date | Reinvest Date | Reinvest Price |
|---|---|---|---|---|---|---|
| Destinations Global Fixed Income Opportunities Fund | 10964R806 | Dividend | 0.032159 | 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 | 0.22% |
| Acquired Fund Fees and Expenses (AFFE) | None |
| Total Annual Fund Operating Expenses | 1.07% |
| Fee Waivers and Expense Reimbursements | -0.17% |
| Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements | 0.90%* |
*Effective March 20, 2017, 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, 2018. The agreement may be amended or terminated only with the consent of the Board of Trustees.
1-877-771-7979
Monday – Friday 8:30 am – 5:00 pm EST
Brinker Capital Destinations Funds
P.O. Box 2175
Milwaukee, WI 53201
Brinker Capital Destinations Funds
235 W. Galena Street
Milwaukee, WI 53212
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
www.brinkercapital.com
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
www.foreside.com
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.
Copyright © 2017 Brinker Capital Destinations Trust. All rights reserved.
