Destinations Low Duration Fixed Income Fund

Overview

The Destinations Low Duration Fixed Income Fund seeks current income and invests in multi-sector fixed income, investment-grade corporate credit, high yield corporate credit and low duration 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 Low Duration High Yield which invests in a number of underlying event driven high yield credit opportunities with an estimated holding life of several months to three years.
DoubleLine Capital LP is the sub-adviser of DoubleLine Low Duration which seeks to maximize current income through investing in a variety of fixed income sectors with an average effective duration of three years of less.

I Share Fund performance as of 9/30/2019

Annualized

MTD

QTD

YTD

1 Year

3 Years

5 Years

Since
Inception

Destinations Low Duration Fixed Income Fund

0.26%

0.43%

3.33%

3.16%

N/A

2.51%

BofA Merrill Lynch 1-3 Year U.S. Treasury Index

-0.11%

0.58%

3.03%

4.34%

N/A

1.94%

*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.

BofA Merrill Lynch 1-3 U.S. Year Treasury Index Definition: An unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years. One cannot invest directly in an index.

An investment in the Destinations Low Duration Fixed Income 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: DLDFX
CUSIP: 10964R707
Benchmark: BofA Merrill Lynch 1-3 Year U.S. Treasury Index
Inception date: 03/20/2017
Gross expense ratio: 0.97%
Net expense ratio: 0.93%*

Daily NAV

Date:

12/04/2019

NAV:

$9.79
NAV change:

$0.00
Total assets ($m):

$347.5

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 9/30/2019

Annualized

MTD

QTD

YTD

1 Year

3 Years

5 Years

Since
Inception

Inception
Date

Gross
expense
ratio

Net
expense
ratio*

Destinations Low Duration Fixed Income Fund

0.26%

0.43%

3.33%

3.16%

N/A

2.51%

3/20/2017

0.97%

0.93%

BofA Merrill Lynch 1-3 Year U.S. Treasury Index

-0.11%

0.58%

3.03%

4.34%

N/A

1.94%

Holdings

Security Description	Ticker Symbol	Security ID	Security Type Description	Quantity	Base Market Value	Percent TNA
EURO		CASHEUR	CURRENCY	33,669.4400	37,091.94	.01
US DOLLARS		CASHUSD	CURRENCY	17,428,274.2100	17,428,274.21	4.81
ISHARES CORE 1-5 YEAR USD BO	ISTB	46432F859	POOLED INVESTMENTS	198,023.0000	9,980,359.20	2.75
APPVION INC		989713111	COMMON STOCK	20,309.0000	201,059.10	.06
PAMPA ENERGIA 7.375% 07/21/23		P7873PAE6	CORPORATE BONDS	50,000.0000	42,875.00	.01
CNOOC FINANCE 2.625% 05/05/20		12634GAA1	CORPORATE BONDS	200,000.0000	200,186.00	.06
MACQUARIE BANK L 2.1% 10/17/22		55608PBC7	CORPORATE BONDS	110,000.0000	109,907.02	.03
BMIR 2018-2A M1A V/R 08/25/28		07877DAA4	ASSET BACKED	86,023.3200	86,035.52	.02
STOLT-NIELSEN 6.375% 09/21/22		BF2P5M4	CORPORATE BONDS	300,000.0000	307,428.80	.08
SFL CORP LTD 5.75% 10/15/21		G81075AF3	CORPORATE BONDS	1,178,000.0000	1,232,563.10	.34
FED REPUBLIC O 4.875% 01/22/21		105756BS8	GOVERNMENT BONDS	200,000.0000	205,750.00	.06
BANCO DO BRASIL (CA V/R /PERP/		B512BN9	CORPORATE BONDS	200,000.0000	208,750.00	.06
BANCO BRADESCO ( 5.9% 01/16/21		B57H150	CORPORATE BONDS	350,000.0000	362,687.50	.10
GLOBO COMMUNIC 4.875% 04/11/22		P47773AL3	CORPORATE BONDS	200,000.0000	206,500.00	.06
AUTOMATION TOOLI 6.5% 06/15/23		001940AA3	CORPORATE BONDS	2,989,000.0000	3,086,142.50	.85
BANK OF MONTREAL 2.9% 03/26/22		06367WJM6	CORPORATE BONDS	70,000.0000	71,348.96	.02
TORONTO-DOMINIO 3.25% 06/11/21		89114QBZ0	CORPORATE BONDS	150,000.0000	153,123.22	.04
ALIBABA GROUP 3.125% 11/28/21		01609WAP7	CORPORATE BONDS	200,000.0000	203,737.28	.06
ASRNT 2019-1A A V/R 04/20/30		04622AAA5	ASSET BACKED	1,000,000.0000	996,983.50	.27
AVOLON HOLDING 3.625% 05/01/22		05401AAE1	CORPORATE BONDS	150,000.0000	153,280.21	.04
BSPRT 2019-FL5 A V/R 05/15/29		05587TAA4	ASSET BACKED	352,000.0000	352,000.46	.10
BXMT 2017-FL1 C V/R 10/15/20		05607KAG6	ASSET BACKED	117,000.0000	117,000.00	.03
CRMN 2018-1A A1 V/R 10/25/31		14900CAA3	ASSET BACKED	500,000.0000	493,409.05	.14
CATLK 2018-5A A1 V/R 10/21/30		14919BAA4	ASSET BACKED	1,000,000.0000	991,944.60	.27
GWOLF 2015-1A A1 V/R 01/27/31		39808PAL0	ASSET BACKED	1,000,000.0000	993,509.90	.27
GWOLF 2018-2A A1 V/R 10/20/31		39809AAA6	ASSET BACKED	1,000,000.0000	993,958.90	.27
KING 2018-8A A V/R 04/20/31		42086PAC7	ASSET BACKED	500,000.0000	495,386.10	.14
ITAU UNIBANCO H 5.75% 01/22/21		46556MAB8	CORPORATE BONDS	200,000.0000	205,700.00	.06
MCLO 2014-7A A1R V/R 10/28/25		56577AAJ1	ASSET BACKED	530,952.9000	531,036.42	.15
NLY 2019-FL2 AS V/R 12/15/22		629167AC1	ASSET BACKED	341,000.0000	341,647.90	.09
OCP 2014-5A A1R V/R 04/26/31		67102SAL8	ASSET BACKED	250,000.0000	247,880.03	.07
OCTR 2014-5A ARR V/R 10/13/31		67515EAR7	ASSET BACKED	1,000,000.0000	986,750.20	.27
RACEP 2015-9A A1 V/R 10/15/30		74981HCC2	ASSET BACKED	1,000,000.0000	996,413.60	.27
RGTII 2013-2A A1 V/R 01/15/29		75885WAS0	ASSET BACKED	1,000,000.0000	999,392.20	.28
ROCKT 2018-1A A V/R 05/20/31		77342JAA1	ASSET BACKED	500,000.0000	494,757.85	.14
SGCP 2019-FL2 B V/R 05/15/24		82286LAE6	ASSET BACKED	351,964.2400	352,408.70	.10
SNDPT 2017-4A A1 V/R 01/21/31		83609TAA5	ASSET BACKED	500,000.0000	492,763.15	.14
SNDPT 2014-2RA A V/R 10/20/31		83613WAA2	ASSET BACKED	1,000,000.0000	996,531.80	.27
STCR 2015-1A AR V/R 05/21/29		85816BCN8	ASSET BACKED	1,000,000.0000	997,044.80	.28
STCR 2018-2A A V/R 08/18/31		85816LAA6	ASSET BACKED	1,000,000.0000	994,689.60	.27
CAVU 2019-1A A1 V/R 07/20/32		89624CAA0	ASSET BACKED	1,000,000.0000	995,504.20	.27
VALE OVERSEAS 4.375% 01/11/22	VALE/22	91911TAM5	CORPORATE BONDS	85,000.0000	87,975.00	.02
ZAIS2 2014-2A A1 V/R 07/25/26		98886YAQ1	ASSET BACKED	351,633.9700	351,653.45	.10
PERU ENHANCED PAS ZCP 06/02/25		B1VYKW9	CORPORATE BONDS	206,178.7900	190,973.10	.05
TECNOGLASS INC 8.2% 01/31/22		BDGJ595	CORPORATE BONDS	200,000.0000	216,100.00	.06
SPARC EM SPC PANA ZCP 12/05/22		BF7TXZ0	CORPORATE BONDS	341,665.2000	327,571.51	.09
COM CELULARES( 6.875% 02/06/24		G2300TAA0	CORPORATE BONDS	200,000.0000	205,250.00	.06
HUTCH WHAMPOA 4.625% 01/13/22		G4673GAB1	CORPORATE BONDS	200,000.0000	208,729.50	.06
INDUSTRIAL SENIO 5.5% 11/01/22		G47661AA4	CORPORATE BONDS	100,000.0000	104,001.00	.03
AES GENER SA V/R 03/26/79		00105DAF2	CORPORATE BONDS	200,000.0000	206,233.58	.06
BANCO DEL ESTA 2.668% 01/08/21		05968AAD8	CORPORATE BONDS	200,000.0000	199,940.35	.06
BANCO SANTANDER 2.5% 12/15/20		05971WAA1	CORPORATE BONDS	150,000.0000	149,629.50	.04
INVERSIONES CMPC 4.5% 04/25/22		P58073AA8	CORPORATE BONDS	200,000.0000	205,994.29	.06
SOC QUIMICA Y MI 5.5% 04/21/20		P8718AAC0	CORPORATE BONDS	100,000.0000	101,174.00	.03
TELEFONICA CHI 3.875% 10/12/22		P9047EAA6	CORPORATE BONDS	200,000.0000	204,125.20	.06
BANCOLOMBIA SA 5.95% 06/03/21		05968LAG7	CORPORATE BONDS	250,000.0000	261,625.00	.07
REPUBLIC OF CO 4.375% 07/12/21		195325BN4	GOVERNMENT BONDS	200,000.0000	206,200.00	.06
GRUPO INVERSIONE 5.7% 05/18/21		G42036AA4	CORPORATE BONDS	200,000.0000	207,750.00	.06
COLOMBIA TELECOMUNI V/R /PERP/		P28768AB8	CORPORATE BONDS	250,000.0000	252,750.00	.07
OLEODUCTO CENTRAL 4% 05/07/21		P7358RAC0	CORPORATE BONDS	200,000.0000	203,130.00	.06
BANCO RESERVAS REP 7% 02/01/23		B9L68W7	CORPORATE BONDS	150,000.0000	156,750.00	.04
DOMINICAN REPU 7.5% 05/06/21		P3579EAH0	GOVERNMENT BONDS	200,000.0000	208,500.00	.06
INDIAN OIL COR 5.625% 08/02/21		B4MR909	CORPORATE BONDS	200,000.0000	209,342.94	.06
BHARAT PETROLE 4.375% 01/24/22		BJDSN60	CORPORATE BONDS	200,000.0000	205,444.54	.06
ADANI PORTS AND 3.95% 01/19/22		Y00130HS9	CORPORATE BONDS	200,000.0000	204,434.55	.06
PERUSAHAAN PENER 3.4% 03/29/22		71567RAG1	GOVERNMENT BONDS	200,000.0000	204,192.00	.06
PERUSAHAAN LISTR 5.5% 11/22/21		71568QAA5	CORPORATE BONDS	200,000.0000	211,500.00	.06
PERTAMINA PERSE 5.25% 05/23/21		B5SY4C8	CORPORATE BONDS	200,000.0000	208,110.00	.06
ISRAEL ELECTRI 6.875% 06/21/23		46507NAE0	CORPORATE BONDS	200,000.0000	227,086.00	.06
DELEK & AVNER 4.435% 12/30/20		BMJJM83	CORPORATE BONDS	160,000.0000	162,165.31	.04
LINKEM SPA V/R 08/09/22/EUR/		333CY4	CORPORATE BONDS	6,468,000.0000	7,056,928.84	1.95
MITSUBISHI UFJ 3.218% 03/07/22		606822BG8	CORPORATE BONDS	105,000.0000	107,529.58	.03
SUMITOMO MITSU 2.058% 07/14/21		86562MAE0	CORPORATE BONDS	220,000.0000	220,147.14	.06
WAKALA GLOBAL 4.646% 07/06/21		B45VGR4	CORPORATE BONDS	250,000.0000	259,594.18	.07
MALAYAN BANKING B V/R 10/29/26		BD3C8K9	CORPORATE BONDS	200,000.0000	203,740.00	.06
AXIATA SPV2 BH 3.466% 11/19/20		BD5WCP0	CORPORATE BONDS	200,000.0000	201,676.00	.06
PETRONAS GLOBA 2.707% 03/18/20		Y68868AA9	CORPORATE BONDS	200,000.0000	200,174.00	.06
GAMING INNOV V/R 06/28/22/SEK/		X3R8B8AB8	CORPORATE BONDS	7,000,000.0000	705,756.08	.19
BOREALIS FINANCE 7.5% 11/16/22		09972AAA0	CORPORATE BONDS	1,677,000.0000	1,579,526.05	.44
GOLAR LNG PARTNER V/R 05/22/20		BXQ9SM9	CORPORATE BONDS	600,000.0000	591,000.00	.16
UPL CORP LTD 3.25% 10/13/21		BD2N5F7	CORPORATE BONDS	200,000.0000	200,628.49	.06
COCA-COLA FEMS 4.625% 02/15/20		191241AD0	CORPORATE BONDS	175,000.0000	175,798.90	.05
BANCO MERCANTIL DE V/R /PERP/		P14008AD1	CORPORATE BONDS	200,000.0000	207,000.00	.06
BANCO NACIONAL CO V/R 08/11/26		P14517AB5	CORPORATE BONDS	300,000.0000	304,125.00	.08
BBVA BANCOMER SA 6.5% 03/10/21		P16259AB2	CORPORATE BONDS	350,000.0000	365,750.00	.10
GRUPO BIMBO SA 4.875% 06/30/20		P4949BAG9	CORPORATE BONDS	150,000.0000	151,726.50	.04
NACIONAL FINAN 3.375% 11/05/20		P7071QAA2	GOVERNMENT BONDS	200,000.0000	200,500.00	.06
PETROBRAS GLOB 5.375% 01/27/21	PBR/41	71645WAR2	CORPORATE BONDS	150,000.0000	154,575.00	.04
MPC CONTAINER SHI V/R 09/22/22		BF59L14	CORPORATE BONDS	1,800,000.0000	1,759,684.52	.49
SYNGENTA FINAN 3.698% 04/24/20		BFM6WF9	CORPORATE BONDS	200,000.0000	200,607.74	.06
VTR FINANCE BV 6.875% 01/15/24		N9417JAB7	CORPORATE BONDS	361,000.0000	369,573.75	.10
ENA NORTE TRUST 4.95% 04/25/23		P3716XAA7	CORPORATE BONDS	291,989.2100	301,478.86	.08
GLOBAL BANK CORP 4.5% 10/20/21		P47718AC8	CORPORATE BONDS	200,000.0000	205,120.00	.06
SCOTIABANK PERU S V/R 12/13/27		B95K160	CORPORATE BONDS	350,000.0000	359,628.50	.10
BBVA BANCO CONTINE 5% 08/26/22		P16260AA2	CORPORATE BONDS	300,000.0000	317,628.00	.09
UNITED OVERSEAS B V/R 09/16/26		BDFSK43	CORPORATE BONDS	200,000.0000	202,196.00	.06
ONGC VIDESH VA 2.875% 01/27/22		BZ30F84	CORPORATE BONDS	200,000.0000	200,092.00	.06
DBS GROUP HOLDINGS V/R /PERP/		BZCN164	CORPORATE BONDS	200,000.0000	201,250.00	.06
EUROPEAN LIN V/R 02/22/21/EUR/		W3R39XAA0	CORPORATE BONDS	1,700,000.0000	1,745,522.05	.48
EXPORT-IMPORT BK V/R 11/20/23		BGKYWZ2	GOVERNMENT BONDS	200,000.0000	200,940.00	.06
BANGKOK BANK PCL 4.8% 10/18/20		Y0606WBS8	CORPORATE BONDS	200,000.0000	204,132.91	.06
PTTEP TREASURY CENT V/R /PERP/		Y7150MAA5	CORPORATE BONDS	200,000.0000	204,403.97	.06
ASTRAZENECA PL 2.375% 11/16/20		046353AK4	CORPORATE BONDS	285,000.0000	286,108.92	.08
INMARSAT FINAN 4.875% 05/15/22		45763PAE6	CORPORATE BONDS	5,379,000.0000	5,431,583.54	1.50
AASET 2019-2 3.376% 10/16/26		00038RAA4	ASSET BACKED	496,550.0000	493,975.29	.14
AT&T INC 2.8% 02/17/21		00206RCR1	CORPORATE BONDS	150,000.0000	151,300.50	.04
ABBVIE INC 2.3% 11/21/22		00287YBL2	CORPORATE BONDS	80,000.0000	80,131.90	.02
ACCSS 2004-2 A3 V/R 10/25/24		00432CBW0	ASSET BACKED	317,600.6100	311,328.66	.09
AIR LEASE CORP 2.5% 03/01/21		00912XAZ7	CORPORATE BONDS	70,000.0000	70,266.47	.02
AJAXM 2019-C A V/R 10/25/58		00970YAA9	ASSET BACKED	1,324,083.2800	1,352,892.68	.37
AMERICAN EXPRESS 3.7% 11/05/21		025816BY4	CORPORATE BONDS	140,000.0000	144,344.48	.04
ANALOG DEVICES 2.95% 01/12/21		032654AR6	CORPORATE BONDS	150,000.0000	151,367.36	.04
ANTHEM INC 2.5% 11/21/20		036752AE3	CORPORATE BONDS	150,000.0000	150,768.38	.04
ARIVO 2019-1 A 2.99% 09/25/23		04046LAA9	ASSET BACKED	445,998.1700	445,709.56	.12
AHPT 2017-ATRM E V/R 12/15/19		04965JAJ2	ASSET BACKED	118,000.0000	117,998.03	.03
BFLD 2019-DPLO E V/R 10/15/21		054970AN8	ASSET BACKED	316,000.0000	315,430.82	.09
BAT CAPITAL CO 2.764% 08/15/22		05526DAV7	CORPORATE BONDS	215,000.0000	217,284.35	.06
BB&T CORPORATION 2.2% 03/16/23		05531FBJ1	CORPORATE BONDS	70,000.0000	70,187.82	.02
BBCMS 2018-TALL V/R 03/15/20		05548WAA5	ASSET BACKED	426,000.0000	424,136.25	.12
BHMS 2018-ATLS A V/R 07/15/20		05549GAA9	ASSET BACKED	75,000.0000	75,056.02	.02
BHMS 2018-ATLS C V/R 07/15/20		05549GAJ0	ASSET BACKED	650,000.0000	649,991.55	.18
BHPT 2019-BXHP A V/R 08/15/21		05550TAA7	ASSET BACKED	216,000.0000	214,921.38	.06
BHPT 2019-BXHP C V/R 08/15/21		05550TAE9	ASSET BACKED	216,000.0000	215,056.36	.06
BX 2018-BIOA E V/R 02/15/20		056057AN2	ASSET BACKED	118,000.0000	117,851.06	.03
BX 2019-MMP B V/R 08/15/21		05606KAG7	ASSET BACKED	323,000.0000	322,999.48	.09
BX 2018-MCSF F V/R 04/15/20		05607AAQ6	ASSET BACKED	118,000.0000	117,998.36	.03
BALL CORP 4.375% 12/15/20		058498AU0	CORPORATE BONDS	6,695,000.0000	6,828,900.00	1.88
BANK 2017-BNK6 X V/R 07/15/60		060352AG6	ASSET BACKED	1,875,083.5600	91,888.09	.03
BANK OF AMERICA C V/R 03/05/24		06051GHE2	CORPORATE BONDS	145,000.0000	145,808.35	.04
BANK 2017-BNK4 X V/R 05/15/50		06541FBB4	ASSET BACKED	1,548,664.9100	119,850.40	.03
BOMFT 2019-SBR1 V/R 06/28/34		07333YAA6	ASSET BACKED	841,463.8600	842,865.49	.23
BSCMS 2005-PW10 V/R 12/11/15		07387BEE9	ASSET BACKED	108,400.0000	110,249.88	.03
BRIGGS & STRAT 6.875% 12/15/20	BGG20	109043AG4	CORPORATE BONDS	2,006,000.0000	1,865,580.00	.51
BRISTOL-MYERS SQ 2.6% 05/16/22		110122BY3	CORPORATE BONDS	150,000.0000	152,527.55	.04
BX 2017-APPL B V/R 07/15/34		12433PAG1	ASSET BACKED	180,621.3700	180,617.60	.05
BX 2018-GW F V/R 05/15/25		12433UAQ8	ASSET BACKED	250,000.0000	250,622.83	.07
CCO HLDGS LLC/C 5.25% 09/30/22		1248EPAY9	CORPORATE BONDS	7,302,000.0000	7,402,402.50	2.04
CD 2017-CD4 XA V/R 04/10/27		12515DAS3	ASSET BACKED	1,682,010.2100	118,937.30	.03
CGDBB 2017-BIOC V/R 07/15/19		125282AA1	ASSET BACKED	296,901.6000	296,716.57	.08
CFCRE 2018-TAN 4.69% 02/15/23		12528DAE9	ASSET BACKED	405,000.0000	429,687.02	.12
CFCRE 2017-C8 XA V/R 05/15/27		12532CBE4	ASSET BACKED	1,346,231.7000	116,072.64	.03
CFCRE 2017-C8 XB V/R 05/15/27		12532CBF1	ASSET BACKED	287,000.0000	18,122.76	.00
CGGS 2018-WSS D V/R 02/15/20		12533AAL2	ASSET BACKED	118,000.0000	118,108.91	.03
CHT 2017-CSMO A V/R 11/15/19		12546DAA5	ASSET BACKED	117,000.0000	116,998.98	.03
CHT 2017-CSMO F V/R 11/15/19		12546DAQ0	ASSET BACKED	41,000.0000	41,050.97	.01
CIGNA CORP 3.4% 09/17/21		125523AE0	CORPORATE BONDS	150,000.0000	153,272.98	.04
COMM 2015-CR23 C V/R 04/10/20		12593ABQ7	ASSET BACKED	321,000.0000	321,389.50	.09
CSAIL 2017-C8 XA V/R 06/15/27		12595BAF8	ASSET BACKED	817,947.3000	48,967.31	.01
CSAIL 2017-CX10 V/R 11/15/27		12595JAN4	ASSET BACKED	4,801,467.9600	217,777.78	.06
CSAIL 2018-CX12 V/R 08/15/28		12595XAV5	ASSET BACKED	3,524,817.9100	154,041.59	.04
COMM 2013-CR9 XA V/R 07/10/23		12625UBC6	ASSET BACKED	21,092,527.2900	58,428.41	.02
CSC HOLDINGS L 5.375% 07/15/23		126307AT4	CORPORATE BONDS	2,199,000.0000	2,256,723.75	.62
COMM 2014-FL5 C V/R 09/15/16		12635HAE0	ASSET BACKED	325,000.0000	324,809.26	.09
COMM 2014-FL5 D V/R 10/15/16		12635HAF7	ASSET BACKED	344,000.0000	340,797.36	.09
CSMC 2017-LSTK X V/R 05/05/20		12651PAC5	ASSET BACKED	8,157,000.0000	20,975.73	.01
CSMC 2017-LSTK X V/R 05/05/20		12651PAE1	ASSET BACKED	2,969,000.0000	3,099.04	.00
CSMC 2017-LST 3.229% 04/05/21		12651PAL5	ASSET BACKED	107,000.0000	106,915.65	.03
CSMC 2017-LSTK D V/R 04/05/21		12651PAN1	ASSET BACKED	128,000.0000	127,816.68	.04
CSMC 2017-LSTK E V/R 04/05/21		12651PAQ4	ASSET BACKED	47,000.0000	46,768.43	.01
CSMC 2017-CHOP D V/R 06/15/19		12651QAL3	ASSET BACKED	70,000.0000	69,889.67	.02
CSMC 2017-CHOP E V/R 06/15/19		12651QAN9	ASSET BACKED	650,000.0000	649,992.14	.18
CSMC 2018-RPL8 A V/R 07/25/58		12653AAA0	ASSET BACKED	423,280.7300	426,932.46	.12
CSMC 2019-ICE4 A V/R 05/15/21		12653VAA4	ASSET BACKED	352,000.0000	352,493.86	.10
CSMC 2019-SKLZ A V/R 01/15/21		12655GAA5	ASSET BACKED	344,000.0000	344,536.98	.10
CSMC 2019-SKLZ X V/R 07/15/20		12655GAC1	ASSET BACKED	14,357,894.7400	146,696.05	.04
CVS HEALTH CORP 3.7% 03/09/23		126650CV0	CORPORATE BONDS	145,000.0000	150,876.54	.04
CAPITAL ONE FINA 2.4% 10/30/20		14040HBR5	CORPORATE BONDS	95,000.0000	95,310.94	.03
CARDINAL HEALT 2.616% 06/15/22		14149YBF4	CORPORATE BONDS	225,000.0000	227,114.24	.06
CATERPILLAR FINL 1.9% 09/06/22		14913Q3A5	CORPORATE BONDS	65,000.0000	65,019.55	.02
CENTURYLINK IN 5.625% 04/01/20		156700AW6	CORPORATE BONDS	6,222,000.0000	6,284,779.98	1.73
CINTAS CORPORATI 2.9% 04/01/22		17252MAM2	CORPORATE BONDS	145,000.0000	147,857.16	.04
CITIGROUP INC V/R 06/01/24		172967MA6	CORPORATE BONDS	225,000.0000	227,569.21	.06
CITGO PETROLEUM 6.25% 08/15/22		17302XAJ5	CORPORATE BONDS	1,551,000.0000	1,568,448.75	.43
CGCMT 2018-TBR B V/R 12/15/19		17326MAG7	ASSET BACKED	178,000.0000	177,608.90	.05
CMLTI 2018-C A1 S/UP 03/25/59		17327KAA3	ASSET BACKED	942,600.6900	947,486.10	.26
COGENT COMMUNI 5.625% 04/15/21		19240BAA3	CORPORATE BONDS	6,486,000.0000	6,543,595.68	1.80
COMCAST CORP 3.45% 10/01/21		20030NCQ2	CORPORATE BONDS	140,000.0000	143,876.53	.04
COMM 2013-LC6 XA V/R 01/10/23		20048EAZ4	ASSET BACKED	2,072,823.5100	70,576.12	.02
COMM 2018-HCLV A V/R 09/15/20		20048KAA5	ASSET BACKED	227,000.0000	226,571.24	.06
CONSOLIDATED EDISO 2% 05/15/21		209115AC8	CORPORATE BONDS	145,000.0000	145,045.62	.04
DTE ENERGY CO 2.529% 10/01/24		233331AW7	CORPORATE BONDS	70,000.0000	70,008.50	.02
DTE ENERGY CO 2.25% 11/01/22		233331BE6	CORPORATE BONDS	70,000.0000	69,848.94	.02
DRB 2016-R A1 V/R 10/25/44		23342BAA2	ASSET BACKED	311,764.0300	313,076.28	.09
DRB 2016-R A2 3.07% 10/25/44		23342BAB0	ASSET BACKED	935,292.0900	937,508.83	.26
DAIMLER FINANCE 2.3% 02/12/21		233851CZ5	CORPORATE BONDS	175,000.0000	175,202.02	.05
DRMT 2017-1A A1 V/R 10/25/25		24380TAA4	ASSET BACKED	111,988.1100	111,855.44	.03
DRMT 2017-1A A2 V/R 10/25/25		24380TAB2	ASSET BACKED	111,988.1100	111,845.74	.03
DRMT 2018-3A A2 V/R 08/25/58		24381KAB0	ASSET BACKED	209,240.8500	210,752.68	.06
DELTA AIR LINES 3.4% 04/19/21		247361ZM3	CORPORATE BONDS	145,000.0000	146,818.79	.04
DELL INT LLC / 5.875% 06/15/21		25272KAU7	CORPORATE BONDS	2,583,000.0000	2,621,745.00	.72
DUPONT DE NEMO 3.766% 11/15/20		26078JAA8	CORPORATE BONDS	65,000.0000	66,073.16	.02
VISTRA ENERGY 5.875% 06/01/23		26817RAB4	CORPORATE BONDS	4,079,000.0000	4,161,436.59	1.15
EMC CORP 2.65% 06/01/20		268648AQ5	CORPORATE BONDS	6,295,000.0000	6,287,131.25	1.73
EARN 2017-A A2 2.65% 07/25/25		27035BAB3	ASSET BACKED	186,977.0300	187,172.22	.05
EBAY INC 2.75% 01/30/23		278642AS2	CORPORATE BONDS	150,000.0000	151,954.56	.04
FREED 2019-1 A 3.42% 06/18/26		30308XAA1	ASSET BACKED	288,621.5000	289,968.55	.08
FNR 2012-110 MF V/R 10/25/42		3136A9HU5	ASSET BACKED	425,891.3200	427,130.62	.12
FNR 2013-81 EF V/R 12/25/42		3136AFG99	ASSET BACKED	73,178.1200	72,871.01	.02
FNR 2014-84 BF V/R 12/25/44		3136AL2T7	ASSET BACKED	532,950.0400	533,015.33	.15
FNR 2018-49 FB V/R 07/25/48		3136B2HM7	ASSET BACKED	388,979.0700	387,085.91	.11
FNR 2018-55 FA V/R 08/25/48		3136B2UA8	ASSET BACKED	185,251.3300	183,680.71	.05
FNR 2018-77 FA V/R 10/25/48		3136B3JJ0	ASSET BACKED	382,735.8700	379,920.69	.10
FNR 2019-57 FE V/R 10/25/49		3136B6QH9	ASSET BACKED	1,593,460.1000	1,589,990.50	.44
FHR 4703 FA V/R 07/15/47		3137F24X1	ASSET BACKED	524,363.8000	520,014.25	.14
FHR 4718 FA V/R 09/15/47		3137FAT32	ASSET BACKED	729,375.5000	723,296.30	.20
FHR 4920 FA V/R 10/25/49		3137FPAS4	ASSET BACKED	968,552.5800	966,799.50	.27
UMBS P#AM6134 2.67% 09/01/21		3138L6Y85	MBS/PASS THRU CERTS	600,000.0000	602,299.17	.17
FREEPORT-MCMORA 4.55% 11/14/24		35671DBL8	CORPORATE BONDS	100,000.0000	105,096.00	.03
FXI HOLDINGS I 7.875% 11/01/24		36120RAA7	CORPORATE BONDS	3,172,000.0000	2,862,730.00	.79
GSMS 2016-GS4 XA V/R 11/10/26		36251XAT4	ASSET BACKED	5,247,892.5200	144,922.13	.04
GSMS 2017-GS6 XA V/R 05/10/27		36253PAE2	ASSET BACKED	1,764,642.5500	118,418.81	.03
GSMS 2017-500K E V/R 07/15/19		36253XAN5	ASSET BACKED	77,000.0000	76,879.45	.02
GSMS 2017-500K F V/R 07/15/19		36253XAQ8	ASSET BACKED	53,000.0000	53,049.66	.01
GSMS 2017-GS8 XA V/R 11/10/27		36254KAP7	ASSET BACKED	3,612,151.9800	219,215.00	.06
GCAR 2018-3A A 3.35% 08/15/22		36255XAA1	ASSET BACKED	274,263.3000	275,564.62	.08
GCAR 2019-1A A 3.37% 03/15/21		36256DAA4	ASSET BACKED	283,958.5400	285,720.28	.08
GCAR 2019-2A A 3.06% 04/17/23		36257NAA1	ASSET BACKED	362,986.4600	365,008.51	.10
TEGNA INC 4.875% 09/15/21		364725BB6	CORPORATE BONDS	4,249,000.0000	4,249,000.00	1.17
GENERAL ELECTRIC 2.7% 10/09/22	GE22	369604BD4	CORPORATE BONDS	110,000.0000	110,884.81	.03
GREAT LAKES DREDGE 8% 05/15/22		390607AE9	CORPORATE BONDS	4,564,000.0000	4,843,891.86	1.34
HC2 HOLDINGS IN 11.5% 12/01/21		404139AD9	CORPORATE BONDS	1,185,000.0000	1,090,200.00	.30
NZES 2018-PLS 3.193% 01/25/21		40423XAB8	ASSET BACKED	259,661.7900	260,624.20	.07
HILT 2018-ORL B V/R 12/15/19		432885AG6	ASSET BACKED	78,000.0000	77,974.59	.02
HYUNDAI CAPITAL 2.85% 11/01/22		44891ABC0	CORPORATE BONDS	150,000.0000	151,141.46	.04
ICAHN ENTERPRI 5.875% 02/01/22		451102BF3	CORPORATE BONDS	3,811,000.0000	3,832,837.03	1.06
IHSFR 2018-SFR1 V/R 03/17/20		46185JAA6	ASSET BACKED	186,152.5400	184,471.84	.05
IHSFR 2017-SFR2 V/R 12/17/19		46187BAA1	ASSET BACKED	187,266.1200	187,003.05	.05
IRON MOUNTAIN 4.375% 06/01/21		46284VAB7	CORPORATE BONDS	3,211,000.0000	3,231,068.75	.89
JPMBB 2015-C32 X V/R 09/15/25		46590JAY3	ASSET BACKED	1,337,094.5200	49,395.48	.01
JPMCC 2014-C20 X V/R 06/15/24		46642CBL3	ASSET BACKED	2,754,245.3600	72,185.74	.02
JPMORGAN CHASE & V/R 04/01/23		46647PBB1	CORPORATE BONDS	145,000.0000	148,207.39	.04
JPMCC 2019-MFP A V/R 07/15/21		46651MAA4	ASSET BACKED	321,000.0000	320,799.70	.09
LRK 2019-A A1F 2.34% 08/25/21		51889RAA7	ASSET BACKED	397,575.3900	398,012.52	.11
LEE ENTERPRISES 9.5% 03/15/22		523768AF6	CORPORATE BONDS	3,580,000.0000	3,535,250.00	.98
LMAT 2018-SL1 A V/R 02/25/58		52473AAA4	ASSET BACKED	591,431.0800	596,223.15	.16
LMAT 2019-GS7 A1 V/R 06/25/59		52474MAA7	ASSET BACKED	1,492,986.6300	1,493,715.21	.41
LMAT 2019-GS6 A1 V/R 06/25/59		52474VAA7	ASSET BACKED	1,366,591.7500	1,367,585.54	.38
LEVEL 3 PARENT 5.75% 12/01/22	CTL22A	52729NBX7	CORPORATE BONDS	6,228,000.0000	6,228,000.00	1.72
MF1 2019-FL2 A V/R 09/25/24		55282LAA4	ASSET BACKED	244,000.0000	244,153.82	.07
MGM RESORTS INT 6.75% 10/01/20	MGM20A	552953BY6	CORPORATE BONDS	1,004,000.0000	1,041,148.00	.29
WELBILT INC 9.5% 02/15/24		563568AB0	CORPORATE BONDS	3,405,000.0000	3,609,300.00	1.00
MFT 2018-3A A 3.2% 09/15/28		57109FAA4	ASSET BACKED	129,629.1000	129,946.17	.04
MFT 2019-2A A 3.13% 07/16/29		57109HAA0	ASSET BACKED	365,757.9700	368,244.98	.10
MARSH & MCLENNAN V/R 12/29/21		571748BK7	CORPORATE BONDS	115,000.0000	115,066.78	.03
MEDIACOM BRDBND 5.5% 04/15/21		58446VAL5	CORPORATE BONDS	2,304,000.0000	2,304,000.00	.64
MICROCHIP TECH 3.922% 06/01/21		595017AN4	CORPORATE BONDS	145,000.0000	148,054.53	.04
MBR 2018-MBR A V/R 07/15/20		60902YAA6	ASSET BACKED	227,000.0000	226,641.75	.06
MONDELEZ INTERNATI 3% 05/07/20		609207AN5	CORPORATE BONDS	135,000.0000	135,606.28	.04
MONDELEZ INTER 3.625% 05/07/23		609207AQ8	CORPORATE BONDS	15,000.0000	15,712.61	.00
MSC 2016-UB12 XA V/R 11/15/26		61691EBB0	ASSET BACKED	4,153,037.0000	160,735.82	.04
MSC 2017-H1 XA V/R 05/15/27		61691JAW4	ASSET BACKED	981,523.4100	72,973.91	.02
MSC 2017-ASHF D V/R 11/15/19		61691KAL5	ASSET BACKED	76,000.0000	75,998.56	.02
MSC 2017-ASHF E V/R 11/15/19		61691KAN1	ASSET BACKED	162,000.0000	162,099.89	.04
MSC 2017-ASHF F V/R 11/15/19		61691KAQ4	ASSET BACKED	123,000.0000	123,152.26	.03
MSC 2017-CLS E V/R 11/15/19		61691LAN9	ASSET BACKED	186,000.0000	186,000.26	.05
MSC 2017-CLS F V/R 11/15/19		61691LAQ2	ASSET BACKED	206,000.0000	206,000.08	.06
MSC 2018-SUN A V/R 07/15/20		61691MAA5	ASSET BACKED	142,000.0000	141,733.86	.04
MORGAN STANLEY V/R 07/22/22		61744YAJ7	CORPORATE BONDS	220,000.0000	222,002.88	.06
MSC 2011-C1 D V/R 02/15/21		617458AS3	ASSET BACKED	164,000.0000	168,495.88	.05
MSC 2007-T27 AJ V/R 07/11/17		61754JAH1	ASSET BACKED	278,249.5200	294,594.48	.08
MSC 2014-CPT F V/R 07/13/21		61763QAU5	ASSET BACKED	300,000.0000	300,640.83	.08
MSC 2016-UB11 XA V/R 08/15/26		61767FBB6	ASSET BACKED	1,487,469.3200	112,236.11	.03
NCR CORP 5.875% 12/15/21		62886EAR9	CORPORATE BONDS	4,225,000.0000	4,227,640.63	1.17
NCMS 2018-850T C V/R 07/15/21		63874PAG0	ASSET BACKED	350,000.0000	349,354.50	.10
NCMS 2018-850T D V/R 07/15/21		63874PAJ4	ASSET BACKED	350,000.0000	349,354.57	.10
NEXTERA ENERGY C 2.9% 04/01/22		65339KBF6	CORPORATE BONDS	150,000.0000	152,711.05	.04
NIELSEN FINANCE 4.5% 10/01/20		65409QBA9	CORPORATE BONDS	9,558,000.0000	9,577,116.00	2.64
NORTHROP GRUMMA 2.08% 10/15/20		666807BL5	CORPORATE BONDS	155,000.0000	155,185.28	.04
OBP 2010-OBP 4.646% 07/15/20		67087MAA4	ASSET BACKED	344,000.0000	344,537.29	.10
OCCIDENTAL PETRO 2.7% 08/15/22		674599CP8	CORPORATE BONDS	75,000.0000	75,600.10	.02
OMNICOM GP/OMN 3.625% 05/01/22	OMC22	681919AZ9	CORPORATE BONDS	140,000.0000	144,760.07	.04
PFP 2019-6 A V/R 06/14/22		69346WAA5	ASSET BACKED	244,000.0000	244,219.60	.07
PQ CORP 6.75% 11/15/22		693522AG9	CORPORATE BONDS	2,556,000.0000	2,642,265.00	.73
PRPM 2019-1A A1 V/R 01/25/24		69359AAA7	ASSET BACKED	841,151.3200	843,104.47	.23
PSEG POWER LLC 3.85% 06/01/23		69362BBC5	CORPORATE BONDS	140,000.0000	146,891.15	.04
PACIFIC GAS & EL 3.5% 10/01/20		694308GT8	CORPORATE BONDS	5,171,000.0000	5,103,130.63	1.41
PACIFIC GAS & E 4.25% 05/15/21		694308GV3	CORPORATE BONDS	1,738,000.0000	1,711,930.00	.47
PACIFIC GAS & E 3.25% 09/15/21	PCG/21A	694308GW1	CORPORATE BONDS	655,000.0000	641,900.00	.18
PAYPAL HOLDINGS 2.2% 09/26/22		70450YAB9	CORPORATE BONDS	120,000.0000	120,464.60	.03
PENSKE TRUCK LEA 2.7% 11/01/24		709599BG8	CORPORATE BONDS	150,000.0000	150,804.81	.04
PMIT 2019-2A A 3.2% 09/15/25		74361PAA0	ASSET BACKED	299,808.9900	300,923.23	.08
PRUDENTIAL FINAN 3.5% 05/15/24		74432QBZ7	CORPORATE BONDS	100,000.0000	105,874.54	.03
RCO 2017-INV1 A V/R 11/25/52		74937VAA2	ASSET BACKED	589,321.5900	587,140.92	.16
REPUBLIC SERVICE 2.5% 08/15/24		760759AU4	CORPORATE BONDS	70,000.0000	70,636.41	.02
REYNOLDS AMERICAN 4% 06/12/22		761713BF2	CORPORATE BONDS	35,000.0000	36,407.97	.01
REYNOLDS GRP IS 5.75% 10/15/20		761735AP4	CORPORATE BONDS	7,154,922.2381	7,163,508.14	1.98
RPT 2017-ROSS A V/R 06/15/20		77846EAA3	ASSET BACKED	198,000.0000	197,937.97	.05
RPT 2017-ROSS B V/R 06/15/20		77846EAE5	ASSET BACKED	35,000.0000	34,954.13	.01
SOFI 2019-A A1 3.18% 06/15/48		78471HAA6	ASSET BACKED	323,725.0900	327,121.35	.09
SCLP 2018-2 A1 2.93% 05/25/20		78471WAA3	ASSET BACKED	15,047.8200	15,057.98	.00
SCHLUMBERGER HL 3.75% 05/01/24		806851AJ0	CORPORATE BONDS	105,000.0000	110,527.96	.03
SIMON PROPERTY GRO 2% 09/13/24		828807DG9	CORPORATE BONDS	115,000.0000	114,316.36	.03
SIRIUS XM RADI 3.875% 08/01/22		82967NAY4	CORPORATE BONDS	4,574,000.0000	4,665,480.00	1.29
SLIDE 2018-FUN A V/R 06/15/21		831350AA1	ASSET BACKED	165,644.3000	165,538.78	.05
SOFI 2015-C A2 2.51% 08/25/33		834016AB3	ASSET BACKED	411,948.5300	413,502.07	.11
SOFI 2017-C A2 1.75% 03/25/20		83405DAB4	ASSET BACKED	4,528.9700	4,527.11	.00
SCLP 2018-3 A1 3.2% 08/25/20		83405XAA2	ASSET BACKED	93,537.6900	93,771.16	.03
SOUTHERN COPPE 5.375% 04/16/20		84265VAD7	CORPORATE BONDS	300,000.0000	302,701.03	.08
SOUTHERN COPPER 3.5% 11/08/22		84265VAF2	CORPORATE BONDS	50,000.0000	51,555.85	.01
SPRINT COMMUNICATI 7% 03/01/20		852061AQ3	CORPORATE BONDS	1,718,000.0000	1,730,352.42	.48
SPRINT COMMUNICATI 7% 08/15/20	S20	852061AR1	CORPORATE BONDS	9,239,000.0000	9,460,181.66	2.61
TAL 2014-2A A2 3.33% 05/20/22		87407PAP5	ASSET BACKED	458,333.3300	458,563.78	.13
TESLA 2018-B A 3.71% 04/20/21		88161NAA7	ASSET BACKED	371,525.4500	376,819.46	.10
TCF 2017-2A A 3.62% 08/20/27		89679HAE5	ASSET BACKED	396,238.7100	396,519.21	.11
UBSCM 2012-C1 XA V/R 05/10/45		90269GAG6	ASSET BACKED	1,743,143.3400	66,004.47	.02
UBSCM 2017-C1 XA V/R 06/15/50		90276EAF4	ASSET BACKED	1,110,789.8800	98,293.57	.03
UNION PACIFIC CO 3.2% 06/08/21		907818ET1	CORPORATE BONDS	145,000.0000	147,609.41	.04
US TREAS NTS 2.25% 03/31/20		9128284C1	GOVERNMENT BONDS	900,000.0000	901,687.50	.25
US TREAS NTS 1.75% 06/30/24		9128286Z8	GOVERNMENT BONDS	140,000.0000	140,678.13	.04
US TREAS NTS 1.625% 04/30/23		912828R28	GOVERNMENT BONDS	1,170,000.0000	1,170,137.11	.32
US TREAS NTS 2.25% 12/31/23		912828V23	GOVERNMENT BONDS	1,740,000.0000	1,782,480.46	.49
UPGR 2018-1A A 3.76% 07/15/20		91532UAA7	ASSET BACKED	274,301.1300	275,069.47	.08
VOLT 2017-NP11 A V/R 10/25/47		91830UAA6	ASSET BACKED	503,052.7600	504,184.53	.14
VMC 2018-FL2 A V/R 05/15/21		91832YAA6	ASSET BACKED	510,493.3000	509,523.36	.14
VOLT 2018-NPL8 A V/R 10/26/48		91833GAD8	ASSET BACKED	1,479,287.9000	1,480,123.70	.41
VOLT 2019-NPL8 A V/R 11/25/49		91833HAA2	ASSET BACKED	398,775.8600	398,748.26	.11
VOLT 2019-NPL1 A V/R 01/25/49		91833JAA8	ASSET BACKED	1,287,075.5600	1,296,688.34	.36
VERIZON COMMUNICA V/R 05/15/25		92343VEP5	CORPORATE BONDS	150,000.0000	152,774.85	.04
VERUS 2018-1 A1 V/R 02/25/48		92536FAA4	ASSET BACKED	247,237.9300	247,409.49	.07
VERUS 2019-INV2 V/R 07/25/59		92537HAC5	ASSET BACKED	1,301,424.1500	1,308,449.24	.36
VOLT 2019-NPL9 A V/R 11/26/49		92870EAA1	ASSET BACKED	1,000,000.0000	1,000,492.40	.28
VOLT 2019-NP10 S/UP 11/25/22		92870FAA8	ASSET BACKED	300,000.0000	299,751.78	.08
WASTE MANAGEMEN 2.95% 06/15/24		94106LBF5	CORPORATE BONDS	140,000.0000	144,504.26	.04
WFCM 2015-NXS2 X V/R 07/15/58		94989MAH2	ASSET BACKED	5,251,759.9600	163,888.52	.05
WFCM 2015-LC22 X V/R 09/15/58		94989TBC7	ASSET BACKED	2,707,719.8800	98,573.73	.03
WFCM 2018-C46 XA V/R 08/15/51		95001QAV3	ASSET BACKED	3,474,677.6200	200,645.95	.06
WELLTOWER INC 3.625% 03/15/24		95040QAG9	CORPORATE BONDS	145,000.0000	152,389.80	.04
WESCO DISTRIBU 5.375% 12/15/21		95081QAK0	CORPORATE BONDS	783,000.0000	784,957.50	.22
XEROX CORPORAT 5.625% 12/15/19	XRX19	984121CA9	CORPORATE BONDS	7,560,000.0000	7,550,550.00	2.08
YUM BRANDS IN 3.875% 11/01/20	YUM20	988498AG6	CORPORATE BONDS	2,705,000.0000	2,732,050.00	.75
T/L EVEREST ACQ 0% 11/23/2021		LX123577	LOAN	4,764,000.0000	4,692,540.00	1.29
T/L TOWN SPORTS INT 0% 11/15/20		LX133451	LOAN	775,590.9400	554,547.52	.15
T/L WINDSTREAM SERVICES LLC 0% 03/29/21		LX155086	LOAN	5,552,000.0000	5,266,072.00	1.45
T/L ADVANCED 0.00% 11/10/2023		LX155961	LOAN	5,286,086.9600	5,294,491.84	1.46
T/L ZAYO GROUP LLC 0% 01/19/21		LX159050	LOAN	5,923,622.4500	5,925,458.77	1.63
T/L INFOR US INC 0% 02/01/2022		LX159959	LOAN	5,185,020.8500	5,190,050.32	1.43
T/L INTERNAP NETW 0% 4/6/22		LX161977	LOAN	1,605,827.9800	1,083,933.89	.30
T/L LSC COMMUNICAT 0% 09/30/22		LX169586	LOAN	2,142,417.8000	1,300,447.60	.36
T/L CRESTWOOD HOLD 0% 03/06/23		LX171649	LOAN	1,949,488.5300	1,841,447.88	.51
T/L FIELDWOOD 0% 4/11/22		LX173060	LOAN	3,476,000.0000	2,800,369.88	.77
T/L WINDSTREAM REG 0% 02/26/21		LX179044	LOAN	6,487,249.5900	6,483,227.50	1.79
T/L MONITRONICS 0% 04/29/24		LX182627	LOAN	700,817.3300	603,578.93	.17
RELIANCE HOLDING 5.4% 02/14/22		U75888AC8	CORPORATE BONDS	250,000.0000	264,540.00	.07
CNPC HK OVERSEAS 4.5% 04/28/21		G21895AB6	CORPORATE BONDS	200,000.0000	205,740.00	.06
CNOOC FINANCE 3.875% 05/02/22		G23530AA9	CORPORATE BONDS	200,000.0000	206,480.75	.06
SINOCHEM CORP 4.5% 11/12/20		G8185TAA7	CORPORATE BONDS	300,000.0000	305,541.00	.08
SINOPEC GRP OVER 2.5% 04/28/20		G8201JAB7	CORPORATE BONDS	200,000.0000	200,106.00	.06
BEMIS COMPANY DISC 12/13/19		08143UZD9	SHORT TERMS	4,251,000.0000	4,248,029.27	1.17
CONSTELLATION 0% 1/13/20		21037CAD8	SHORT TERMS	1,842,000.0000	1,836,036.53	.51
CONSTELLATION BR DISC 1/15/20		21037CAF3	SHORT TERMS	2,579,000.0000	2,570,255.82	.71
FORD MOTOR CRE DISC 01/13/20		3454G0AD0	SHORT TERMS	7,165,000.0000	7,141,355.50	1.97
GNRL MTRS FINC DISC 01/09/20		37046TA95	SHORT TERMS	4,703,000.0000	4,689,197.07	1.29
KEURIG DR PEPP DISC 12/19/19		49271KZK3	SHORT TERMS	5,924,000.0000	5,917,845.62	1.63
MARRIOTT INTER DISC 01/03/20		57163TA33	SHORT TERMS	4,396,000.0000	4,388,050.58	1.21
ROYAL CARIBBEA DISC 01/06/20		78015FA62	SHORT TERMS	6,697,000.0000	6,682,232.71	1.84
US T BILL ZCP 12/05/19		912796RN1	SHORT TERMS	420,000.0000	419,932.06	.12
US T BILL ZCP 01/30/20		912796RY7	SHORT TERMS	900,000.0000	897,670.49	.25
US T BILL ZCP 02/06/20		912796TE9	SHORT TERMS	690,000.0000	688,017.11	.19
US T BILL ZCP 04/30/20		912796TS8	SHORT TERMS	840,000.0000	834,553.12	.23
WALGREENS BOOT DISC 02/05/20		93142WB51	SHORT TERMS	6,142,000.0000	6,119,562.60	1.69
EUR/USD FWD 20191216 000000010 USD	EUR	1295417729	FORWARD	-8,010,000.0000	-8,832,694.87	-2.44
SEK/USD FWD 20191216 000000010 USD	SEK	1295433004	FORWARD	-6,860,000.0000	-716,947.62	-.20
USD/EUR FWD 20191216 000000010 USD	USD	1295417729	FORWARD	8,853,212.7000	8,853,212.70	2.44
USD/SEK FWD 20191216 000000010 USD	USD	1295433004	FORWARD	707,422.1600	707,422.16	.20

As of 11/29/2019.

Distributions

Fund Name	Fund Cusip	Distribution Type	Amount per Share	Ex Date	Reinvest Date	Reinvest Price
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.028224	11/26/2019	11/26/2019	$9.78
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.026504	10/30/2019	10/30/2019	$9.82
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.025330	9/26/2019	9/26/2019	$9.83
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.029094	8/29/2019	8/29/2019	$9.84
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.028281	7/30/2019	7/30/2019	$9.86
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.032629	6/27/2019	6/27/2019	$9.87
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.030354	5/30/2019	5/30/2019	$9.86
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.029771	4/29/2019	4/29/2019	$9.86
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.026273	3/28/2019	3/28/2019	$9.85
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.026270	2/27/2019	2/27/2019	$9.83
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.014762	1/30/2019	1/30/2019	$9.82
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.039992	12/27/2018	12/27/2018	$9.75
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.027698	11/29/2018	11/29/2018	$9.81
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.027159	10/30/2018	10/30/2018	$9.83
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.017652	9/27/2018	9/27/2018	$9.87
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.031590	8/30/2018	8/30/2018	$9.87
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.027097	7/30/2018	7/30/2018	$9.87
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.032537	6/28/2018	6/28/2018	$9.86
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.029990	5/30/2018	5/30/2018	$9.87
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.028139	4/27/2018	4/27/2018	$9.88
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.027834	3/28/2018	3/28/2018	$9.89
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.026794	2/27/2018	2/27/2018	$9.89
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.026765	1/30/2018	1/30/2018	$9.92
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.029381	12/28/2017	12/28/2017	$9.93
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.028311	11/29/2017	11/29/2017	$9.95
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.024746	10/30/2017	10/30/2017	$9.97
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.024770	9/28/2017	9/28/2017	$9.97
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.022880	8/30/2017	8/30/2017	$9.98
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.019404	7/27/2017	7/27/2017	$9.98
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.029469	6/29/2017	6/29/2017	$9.98
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.017697	5/30/2017	5/30/2017	$10.00

Fees and expenses

Type	Amount
Management Fees	0.70%
Distribution and Service (12b-1) Fees	None
Other Expenses	0.27%
AFFE	None
Total Annual Fund Operating Expenses	0.97%
Fee waivers and expense reimbursements	(0.04%)
Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements	0.93%*

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 Low Duration High Yield which invests in a number of underlying event driven high yield credit opportunities with an estimated holding life of several months to three years.
DoubleLine Capital LP is the sub-adviser of DoubleLine Low Duration which seeks to maximize current income through investing in a variety of fixed income sectors with an average effective duration of three years of less.

Z Share Fund performance as of 9/30/2019

Annualized

MTD

QTD

YTD

1 Year

3 Years

5 Years

Since
Inception

Destinations Low Duration Fixed Income Fund

0.26%

0.46%

3.38%

3.25%

N/A

3.34%

BofA Merrill Lynch 1-3 Year U.S. Treasury Index

-0.11%

0.58%

3.03%

4.34%

N/A

3.73%

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

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: DLDZX
CUSIP: 10964R814
Benchmark: BofA Merrill Lynch 1-3 Year U.S. Treasury Index
Inception date: 07/16/2018
Gross expense ratio: 0.82%
Net expense ratio: 0.78%*

Daily NAV

Date:

12/04/2019

NAV:

$9.98
NAV change:

$0.00
Total assets ($m):

$15.1

Quick links

Management team

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

Performance

Z Share Fund performance as of 9/30/2019

Annualized

MTD

QTD

YTD

1 Year

3 Years

5 Years

Since
Inception

Inception
Date

Gross
expense
ratio

Net
expense
ratio*

Destinations Low Duration Fixed Income Fund

0.26%

0.46%

3.38%

3.25%

N/A

3.34%

7/16/2018

0.82%

0.78%

BofA Merrill Lynch 1-3 Year U.S. Treasury Index

-0.11%

0.58%

3.03%

4.34%

N/A

3.73%

Holdings

Security Description	Ticker Symbol	Security ID	Security Type Description	Quantity	Base Market Value	Percent TNA
EURO		CASHEUR	CURRENCY	33,669.4400	37,091.94	.01
US DOLLARS		CASHUSD	CURRENCY	17,428,274.2100	17,428,274.21	4.81
ISHARES CORE 1-5 YEAR USD BO	ISTB	46432F859	POOLED INVESTMENTS	198,023.0000	9,980,359.20	2.75
APPVION INC		989713111	COMMON STOCK	20,309.0000	201,059.10	.06
PAMPA ENERGIA 7.375% 07/21/23		P7873PAE6	CORPORATE BONDS	50,000.0000	42,875.00	.01
CNOOC FINANCE 2.625% 05/05/20		12634GAA1	CORPORATE BONDS	200,000.0000	200,186.00	.06
MACQUARIE BANK L 2.1% 10/17/22		55608PBC7	CORPORATE BONDS	110,000.0000	109,907.02	.03
BMIR 2018-2A M1A V/R 08/25/28		07877DAA4	ASSET BACKED	86,023.3200	86,035.52	.02
STOLT-NIELSEN 6.375% 09/21/22		BF2P5M4	CORPORATE BONDS	300,000.0000	307,428.80	.08
SFL CORP LTD 5.75% 10/15/21		G81075AF3	CORPORATE BONDS	1,178,000.0000	1,232,563.10	.34
FED REPUBLIC O 4.875% 01/22/21		105756BS8	GOVERNMENT BONDS	200,000.0000	205,750.00	.06
BANCO DO BRASIL (CA V/R /PERP/		B512BN9	CORPORATE BONDS	200,000.0000	208,750.00	.06
BANCO BRADESCO ( 5.9% 01/16/21		B57H150	CORPORATE BONDS	350,000.0000	362,687.50	.10
GLOBO COMMUNIC 4.875% 04/11/22		P47773AL3	CORPORATE BONDS	200,000.0000	206,500.00	.06
AUTOMATION TOOLI 6.5% 06/15/23		001940AA3	CORPORATE BONDS	2,989,000.0000	3,086,142.50	.85
BANK OF MONTREAL 2.9% 03/26/22		06367WJM6	CORPORATE BONDS	70,000.0000	71,348.96	.02
TORONTO-DOMINIO 3.25% 06/11/21		89114QBZ0	CORPORATE BONDS	150,000.0000	153,123.22	.04
ALIBABA GROUP 3.125% 11/28/21		01609WAP7	CORPORATE BONDS	200,000.0000	203,737.28	.06
ASRNT 2019-1A A V/R 04/20/30		04622AAA5	ASSET BACKED	1,000,000.0000	996,983.50	.27
AVOLON HOLDING 3.625% 05/01/22		05401AAE1	CORPORATE BONDS	150,000.0000	153,280.21	.04
BSPRT 2019-FL5 A V/R 05/15/29		05587TAA4	ASSET BACKED	352,000.0000	352,000.46	.10
BXMT 2017-FL1 C V/R 10/15/20		05607KAG6	ASSET BACKED	117,000.0000	117,000.00	.03
CRMN 2018-1A A1 V/R 10/25/31		14900CAA3	ASSET BACKED	500,000.0000	493,409.05	.14
CATLK 2018-5A A1 V/R 10/21/30		14919BAA4	ASSET BACKED	1,000,000.0000	991,944.60	.27
GWOLF 2015-1A A1 V/R 01/27/31		39808PAL0	ASSET BACKED	1,000,000.0000	993,509.90	.27
GWOLF 2018-2A A1 V/R 10/20/31		39809AAA6	ASSET BACKED	1,000,000.0000	993,958.90	.27
KING 2018-8A A V/R 04/20/31		42086PAC7	ASSET BACKED	500,000.0000	495,386.10	.14
ITAU UNIBANCO H 5.75% 01/22/21		46556MAB8	CORPORATE BONDS	200,000.0000	205,700.00	.06
MCLO 2014-7A A1R V/R 10/28/25		56577AAJ1	ASSET BACKED	530,952.9000	531,036.42	.15
NLY 2019-FL2 AS V/R 12/15/22		629167AC1	ASSET BACKED	341,000.0000	341,647.90	.09
OCP 2014-5A A1R V/R 04/26/31		67102SAL8	ASSET BACKED	250,000.0000	247,880.03	.07
OCTR 2014-5A ARR V/R 10/13/31		67515EAR7	ASSET BACKED	1,000,000.0000	986,750.20	.27
RACEP 2015-9A A1 V/R 10/15/30		74981HCC2	ASSET BACKED	1,000,000.0000	996,413.60	.27
RGTII 2013-2A A1 V/R 01/15/29		75885WAS0	ASSET BACKED	1,000,000.0000	999,392.20	.28
ROCKT 2018-1A A V/R 05/20/31		77342JAA1	ASSET BACKED	500,000.0000	494,757.85	.14
SGCP 2019-FL2 B V/R 05/15/24		82286LAE6	ASSET BACKED	351,964.2400	352,408.70	.10
SNDPT 2017-4A A1 V/R 01/21/31		83609TAA5	ASSET BACKED	500,000.0000	492,763.15	.14
SNDPT 2014-2RA A V/R 10/20/31		83613WAA2	ASSET BACKED	1,000,000.0000	996,531.80	.27
STCR 2015-1A AR V/R 05/21/29		85816BCN8	ASSET BACKED	1,000,000.0000	997,044.80	.28
STCR 2018-2A A V/R 08/18/31		85816LAA6	ASSET BACKED	1,000,000.0000	994,689.60	.27
CAVU 2019-1A A1 V/R 07/20/32		89624CAA0	ASSET BACKED	1,000,000.0000	995,504.20	.27
VALE OVERSEAS 4.375% 01/11/22	VALE/22	91911TAM5	CORPORATE BONDS	85,000.0000	87,975.00	.02
ZAIS2 2014-2A A1 V/R 07/25/26		98886YAQ1	ASSET BACKED	351,633.9700	351,653.45	.10
PERU ENHANCED PAS ZCP 06/02/25		B1VYKW9	CORPORATE BONDS	206,178.7900	190,973.10	.05
TECNOGLASS INC 8.2% 01/31/22		BDGJ595	CORPORATE BONDS	200,000.0000	216,100.00	.06
SPARC EM SPC PANA ZCP 12/05/22		BF7TXZ0	CORPORATE BONDS	341,665.2000	327,571.51	.09
COM CELULARES( 6.875% 02/06/24		G2300TAA0	CORPORATE BONDS	200,000.0000	205,250.00	.06
HUTCH WHAMPOA 4.625% 01/13/22		G4673GAB1	CORPORATE BONDS	200,000.0000	208,729.50	.06
INDUSTRIAL SENIO 5.5% 11/01/22		G47661AA4	CORPORATE BONDS	100,000.0000	104,001.00	.03
AES GENER SA V/R 03/26/79		00105DAF2	CORPORATE BONDS	200,000.0000	206,233.58	.06
BANCO DEL ESTA 2.668% 01/08/21		05968AAD8	CORPORATE BONDS	200,000.0000	199,940.35	.06
BANCO SANTANDER 2.5% 12/15/20		05971WAA1	CORPORATE BONDS	150,000.0000	149,629.50	.04
INVERSIONES CMPC 4.5% 04/25/22		P58073AA8	CORPORATE BONDS	200,000.0000	205,994.29	.06
SOC QUIMICA Y MI 5.5% 04/21/20		P8718AAC0	CORPORATE BONDS	100,000.0000	101,174.00	.03
TELEFONICA CHI 3.875% 10/12/22		P9047EAA6	CORPORATE BONDS	200,000.0000	204,125.20	.06
BANCOLOMBIA SA 5.95% 06/03/21		05968LAG7	CORPORATE BONDS	250,000.0000	261,625.00	.07
REPUBLIC OF CO 4.375% 07/12/21		195325BN4	GOVERNMENT BONDS	200,000.0000	206,200.00	.06
GRUPO INVERSIONE 5.7% 05/18/21		G42036AA4	CORPORATE BONDS	200,000.0000	207,750.00	.06
COLOMBIA TELECOMUNI V/R /PERP/		P28768AB8	CORPORATE BONDS	250,000.0000	252,750.00	.07
OLEODUCTO CENTRAL 4% 05/07/21		P7358RAC0	CORPORATE BONDS	200,000.0000	203,130.00	.06
BANCO RESERVAS REP 7% 02/01/23		B9L68W7	CORPORATE BONDS	150,000.0000	156,750.00	.04
DOMINICAN REPU 7.5% 05/06/21		P3579EAH0	GOVERNMENT BONDS	200,000.0000	208,500.00	.06
INDIAN OIL COR 5.625% 08/02/21		B4MR909	CORPORATE BONDS	200,000.0000	209,342.94	.06
BHARAT PETROLE 4.375% 01/24/22		BJDSN60	CORPORATE BONDS	200,000.0000	205,444.54	.06
ADANI PORTS AND 3.95% 01/19/22		Y00130HS9	CORPORATE BONDS	200,000.0000	204,434.55	.06
PERUSAHAAN PENER 3.4% 03/29/22		71567RAG1	GOVERNMENT BONDS	200,000.0000	204,192.00	.06
PERUSAHAAN LISTR 5.5% 11/22/21		71568QAA5	CORPORATE BONDS	200,000.0000	211,500.00	.06
PERTAMINA PERSE 5.25% 05/23/21		B5SY4C8	CORPORATE BONDS	200,000.0000	208,110.00	.06
ISRAEL ELECTRI 6.875% 06/21/23		46507NAE0	CORPORATE BONDS	200,000.0000	227,086.00	.06
DELEK & AVNER 4.435% 12/30/20		BMJJM83	CORPORATE BONDS	160,000.0000	162,165.31	.04
LINKEM SPA V/R 08/09/22/EUR/		333CY4	CORPORATE BONDS	6,468,000.0000	7,056,928.84	1.95
MITSUBISHI UFJ 3.218% 03/07/22		606822BG8	CORPORATE BONDS	105,000.0000	107,529.58	.03
SUMITOMO MITSU 2.058% 07/14/21		86562MAE0	CORPORATE BONDS	220,000.0000	220,147.14	.06
WAKALA GLOBAL 4.646% 07/06/21		B45VGR4	CORPORATE BONDS	250,000.0000	259,594.18	.07
MALAYAN BANKING B V/R 10/29/26		BD3C8K9	CORPORATE BONDS	200,000.0000	203,740.00	.06
AXIATA SPV2 BH 3.466% 11/19/20		BD5WCP0	CORPORATE BONDS	200,000.0000	201,676.00	.06
PETRONAS GLOBA 2.707% 03/18/20		Y68868AA9	CORPORATE BONDS	200,000.0000	200,174.00	.06
GAMING INNOV V/R 06/28/22/SEK/		X3R8B8AB8	CORPORATE BONDS	7,000,000.0000	705,756.08	.19
BOREALIS FINANCE 7.5% 11/16/22		09972AAA0	CORPORATE BONDS	1,677,000.0000	1,579,526.05	.44
GOLAR LNG PARTNER V/R 05/22/20		BXQ9SM9	CORPORATE BONDS	600,000.0000	591,000.00	.16
UPL CORP LTD 3.25% 10/13/21		BD2N5F7	CORPORATE BONDS	200,000.0000	200,628.49	.06
COCA-COLA FEMS 4.625% 02/15/20		191241AD0	CORPORATE BONDS	175,000.0000	175,798.90	.05
BANCO MERCANTIL DE V/R /PERP/		P14008AD1	CORPORATE BONDS	200,000.0000	207,000.00	.06
BANCO NACIONAL CO V/R 08/11/26		P14517AB5	CORPORATE BONDS	300,000.0000	304,125.00	.08
BBVA BANCOMER SA 6.5% 03/10/21		P16259AB2	CORPORATE BONDS	350,000.0000	365,750.00	.10
GRUPO BIMBO SA 4.875% 06/30/20		P4949BAG9	CORPORATE BONDS	150,000.0000	151,726.50	.04
NACIONAL FINAN 3.375% 11/05/20		P7071QAA2	GOVERNMENT BONDS	200,000.0000	200,500.00	.06
PETROBRAS GLOB 5.375% 01/27/21	PBR/41	71645WAR2	CORPORATE BONDS	150,000.0000	154,575.00	.04
MPC CONTAINER SHI V/R 09/22/22		BF59L14	CORPORATE BONDS	1,800,000.0000	1,759,684.52	.49
SYNGENTA FINAN 3.698% 04/24/20		BFM6WF9	CORPORATE BONDS	200,000.0000	200,607.74	.06
VTR FINANCE BV 6.875% 01/15/24		N9417JAB7	CORPORATE BONDS	361,000.0000	369,573.75	.10
ENA NORTE TRUST 4.95% 04/25/23		P3716XAA7	CORPORATE BONDS	291,989.2100	301,478.86	.08
GLOBAL BANK CORP 4.5% 10/20/21		P47718AC8	CORPORATE BONDS	200,000.0000	205,120.00	.06
SCOTIABANK PERU S V/R 12/13/27		B95K160	CORPORATE BONDS	350,000.0000	359,628.50	.10
BBVA BANCO CONTINE 5% 08/26/22		P16260AA2	CORPORATE BONDS	300,000.0000	317,628.00	.09
UNITED OVERSEAS B V/R 09/16/26		BDFSK43	CORPORATE BONDS	200,000.0000	202,196.00	.06
ONGC VIDESH VA 2.875% 01/27/22		BZ30F84	CORPORATE BONDS	200,000.0000	200,092.00	.06
DBS GROUP HOLDINGS V/R /PERP/		BZCN164	CORPORATE BONDS	200,000.0000	201,250.00	.06
EUROPEAN LIN V/R 02/22/21/EUR/		W3R39XAA0	CORPORATE BONDS	1,700,000.0000	1,745,522.05	.48
EXPORT-IMPORT BK V/R 11/20/23		BGKYWZ2	GOVERNMENT BONDS	200,000.0000	200,940.00	.06
BANGKOK BANK PCL 4.8% 10/18/20		Y0606WBS8	CORPORATE BONDS	200,000.0000	204,132.91	.06
PTTEP TREASURY CENT V/R /PERP/		Y7150MAA5	CORPORATE BONDS	200,000.0000	204,403.97	.06
ASTRAZENECA PL 2.375% 11/16/20		046353AK4	CORPORATE BONDS	285,000.0000	286,108.92	.08
INMARSAT FINAN 4.875% 05/15/22		45763PAE6	CORPORATE BONDS	5,379,000.0000	5,431,583.54	1.50
AASET 2019-2 3.376% 10/16/26		00038RAA4	ASSET BACKED	496,550.0000	493,975.29	.14
AT&T INC 2.8% 02/17/21		00206RCR1	CORPORATE BONDS	150,000.0000	151,300.50	.04
ABBVIE INC 2.3% 11/21/22		00287YBL2	CORPORATE BONDS	80,000.0000	80,131.90	.02
ACCSS 2004-2 A3 V/R 10/25/24		00432CBW0	ASSET BACKED	317,600.6100	311,328.66	.09
AIR LEASE CORP 2.5% 03/01/21		00912XAZ7	CORPORATE BONDS	70,000.0000	70,266.47	.02
AJAXM 2019-C A V/R 10/25/58		00970YAA9	ASSET BACKED	1,324,083.2800	1,352,892.68	.37
AMERICAN EXPRESS 3.7% 11/05/21		025816BY4	CORPORATE BONDS	140,000.0000	144,344.48	.04
ANALOG DEVICES 2.95% 01/12/21		032654AR6	CORPORATE BONDS	150,000.0000	151,367.36	.04
ANTHEM INC 2.5% 11/21/20		036752AE3	CORPORATE BONDS	150,000.0000	150,768.38	.04
ARIVO 2019-1 A 2.99% 09/25/23		04046LAA9	ASSET BACKED	445,998.1700	445,709.56	.12
AHPT 2017-ATRM E V/R 12/15/19		04965JAJ2	ASSET BACKED	118,000.0000	117,998.03	.03
BFLD 2019-DPLO E V/R 10/15/21		054970AN8	ASSET BACKED	316,000.0000	315,430.82	.09
BAT CAPITAL CO 2.764% 08/15/22		05526DAV7	CORPORATE BONDS	215,000.0000	217,284.35	.06
BB&T CORPORATION 2.2% 03/16/23		05531FBJ1	CORPORATE BONDS	70,000.0000	70,187.82	.02
BBCMS 2018-TALL V/R 03/15/20		05548WAA5	ASSET BACKED	426,000.0000	424,136.25	.12
BHMS 2018-ATLS A V/R 07/15/20		05549GAA9	ASSET BACKED	75,000.0000	75,056.02	.02
BHMS 2018-ATLS C V/R 07/15/20		05549GAJ0	ASSET BACKED	650,000.0000	649,991.55	.18
BHPT 2019-BXHP A V/R 08/15/21		05550TAA7	ASSET BACKED	216,000.0000	214,921.38	.06
BHPT 2019-BXHP C V/R 08/15/21		05550TAE9	ASSET BACKED	216,000.0000	215,056.36	.06
BX 2018-BIOA E V/R 02/15/20		056057AN2	ASSET BACKED	118,000.0000	117,851.06	.03
BX 2019-MMP B V/R 08/15/21		05606KAG7	ASSET BACKED	323,000.0000	322,999.48	.09
BX 2018-MCSF F V/R 04/15/20		05607AAQ6	ASSET BACKED	118,000.0000	117,998.36	.03
BALL CORP 4.375% 12/15/20		058498AU0	CORPORATE BONDS	6,695,000.0000	6,828,900.00	1.88
BANK 2017-BNK6 X V/R 07/15/60		060352AG6	ASSET BACKED	1,875,083.5600	91,888.09	.03
BANK OF AMERICA C V/R 03/05/24		06051GHE2	CORPORATE BONDS	145,000.0000	145,808.35	.04
BANK 2017-BNK4 X V/R 05/15/50		06541FBB4	ASSET BACKED	1,548,664.9100	119,850.40	.03
BOMFT 2019-SBR1 V/R 06/28/34		07333YAA6	ASSET BACKED	841,463.8600	842,865.49	.23
BSCMS 2005-PW10 V/R 12/11/15		07387BEE9	ASSET BACKED	108,400.0000	110,249.88	.03
BRIGGS & STRAT 6.875% 12/15/20	BGG20	109043AG4	CORPORATE BONDS	2,006,000.0000	1,865,580.00	.51
BRISTOL-MYERS SQ 2.6% 05/16/22		110122BY3	CORPORATE BONDS	150,000.0000	152,527.55	.04
BX 2017-APPL B V/R 07/15/34		12433PAG1	ASSET BACKED	180,621.3700	180,617.60	.05
BX 2018-GW F V/R 05/15/25		12433UAQ8	ASSET BACKED	250,000.0000	250,622.83	.07
CCO HLDGS LLC/C 5.25% 09/30/22		1248EPAY9	CORPORATE BONDS	7,302,000.0000	7,402,402.50	2.04
CD 2017-CD4 XA V/R 04/10/27		12515DAS3	ASSET BACKED	1,682,010.2100	118,937.30	.03
CGDBB 2017-BIOC V/R 07/15/19		125282AA1	ASSET BACKED	296,901.6000	296,716.57	.08
CFCRE 2018-TAN 4.69% 02/15/23		12528DAE9	ASSET BACKED	405,000.0000	429,687.02	.12
CFCRE 2017-C8 XA V/R 05/15/27		12532CBE4	ASSET BACKED	1,346,231.7000	116,072.64	.03
CFCRE 2017-C8 XB V/R 05/15/27		12532CBF1	ASSET BACKED	287,000.0000	18,122.76	.00
CGGS 2018-WSS D V/R 02/15/20		12533AAL2	ASSET BACKED	118,000.0000	118,108.91	.03
CHT 2017-CSMO A V/R 11/15/19		12546DAA5	ASSET BACKED	117,000.0000	116,998.98	.03
CHT 2017-CSMO F V/R 11/15/19		12546DAQ0	ASSET BACKED	41,000.0000	41,050.97	.01
CIGNA CORP 3.4% 09/17/21		125523AE0	CORPORATE BONDS	150,000.0000	153,272.98	.04
COMM 2015-CR23 C V/R 04/10/20		12593ABQ7	ASSET BACKED	321,000.0000	321,389.50	.09
CSAIL 2017-C8 XA V/R 06/15/27		12595BAF8	ASSET BACKED	817,947.3000	48,967.31	.01
CSAIL 2017-CX10 V/R 11/15/27		12595JAN4	ASSET BACKED	4,801,467.9600	217,777.78	.06
CSAIL 2018-CX12 V/R 08/15/28		12595XAV5	ASSET BACKED	3,524,817.9100	154,041.59	.04
COMM 2013-CR9 XA V/R 07/10/23		12625UBC6	ASSET BACKED	21,092,527.2900	58,428.41	.02
CSC HOLDINGS L 5.375% 07/15/23		126307AT4	CORPORATE BONDS	2,199,000.0000	2,256,723.75	.62
COMM 2014-FL5 C V/R 09/15/16		12635HAE0	ASSET BACKED	325,000.0000	324,809.26	.09
COMM 2014-FL5 D V/R 10/15/16		12635HAF7	ASSET BACKED	344,000.0000	340,797.36	.09
CSMC 2017-LSTK X V/R 05/05/20		12651PAC5	ASSET BACKED	8,157,000.0000	20,975.73	.01
CSMC 2017-LSTK X V/R 05/05/20		12651PAE1	ASSET BACKED	2,969,000.0000	3,099.04	.00
CSMC 2017-LST 3.229% 04/05/21		12651PAL5	ASSET BACKED	107,000.0000	106,915.65	.03
CSMC 2017-LSTK D V/R 04/05/21		12651PAN1	ASSET BACKED	128,000.0000	127,816.68	.04
CSMC 2017-LSTK E V/R 04/05/21		12651PAQ4	ASSET BACKED	47,000.0000	46,768.43	.01
CSMC 2017-CHOP D V/R 06/15/19		12651QAL3	ASSET BACKED	70,000.0000	69,889.67	.02
CSMC 2017-CHOP E V/R 06/15/19		12651QAN9	ASSET BACKED	650,000.0000	649,992.14	.18
CSMC 2018-RPL8 A V/R 07/25/58		12653AAA0	ASSET BACKED	423,280.7300	426,932.46	.12
CSMC 2019-ICE4 A V/R 05/15/21		12653VAA4	ASSET BACKED	352,000.0000	352,493.86	.10
CSMC 2019-SKLZ A V/R 01/15/21		12655GAA5	ASSET BACKED	344,000.0000	344,536.98	.10
CSMC 2019-SKLZ X V/R 07/15/20		12655GAC1	ASSET BACKED	14,357,894.7400	146,696.05	.04
CVS HEALTH CORP 3.7% 03/09/23		126650CV0	CORPORATE BONDS	145,000.0000	150,876.54	.04
CAPITAL ONE FINA 2.4% 10/30/20		14040HBR5	CORPORATE BONDS	95,000.0000	95,310.94	.03
CARDINAL HEALT 2.616% 06/15/22		14149YBF4	CORPORATE BONDS	225,000.0000	227,114.24	.06
CATERPILLAR FINL 1.9% 09/06/22		14913Q3A5	CORPORATE BONDS	65,000.0000	65,019.55	.02
CENTURYLINK IN 5.625% 04/01/20		156700AW6	CORPORATE BONDS	6,222,000.0000	6,284,779.98	1.73
CINTAS CORPORATI 2.9% 04/01/22		17252MAM2	CORPORATE BONDS	145,000.0000	147,857.16	.04
CITIGROUP INC V/R 06/01/24		172967MA6	CORPORATE BONDS	225,000.0000	227,569.21	.06
CITGO PETROLEUM 6.25% 08/15/22		17302XAJ5	CORPORATE BONDS	1,551,000.0000	1,568,448.75	.43
CGCMT 2018-TBR B V/R 12/15/19		17326MAG7	ASSET BACKED	178,000.0000	177,608.90	.05
CMLTI 2018-C A1 S/UP 03/25/59		17327KAA3	ASSET BACKED	942,600.6900	947,486.10	.26
COGENT COMMUNI 5.625% 04/15/21		19240BAA3	CORPORATE BONDS	6,486,000.0000	6,543,595.68	1.80
COMCAST CORP 3.45% 10/01/21		20030NCQ2	CORPORATE BONDS	140,000.0000	143,876.53	.04
COMM 2013-LC6 XA V/R 01/10/23		20048EAZ4	ASSET BACKED	2,072,823.5100	70,576.12	.02
COMM 2018-HCLV A V/R 09/15/20		20048KAA5	ASSET BACKED	227,000.0000	226,571.24	.06
CONSOLIDATED EDISO 2% 05/15/21		209115AC8	CORPORATE BONDS	145,000.0000	145,045.62	.04
DTE ENERGY CO 2.529% 10/01/24		233331AW7	CORPORATE BONDS	70,000.0000	70,008.50	.02
DTE ENERGY CO 2.25% 11/01/22		233331BE6	CORPORATE BONDS	70,000.0000	69,848.94	.02
DRB 2016-R A1 V/R 10/25/44		23342BAA2	ASSET BACKED	311,764.0300	313,076.28	.09
DRB 2016-R A2 3.07% 10/25/44		23342BAB0	ASSET BACKED	935,292.0900	937,508.83	.26
DAIMLER FINANCE 2.3% 02/12/21		233851CZ5	CORPORATE BONDS	175,000.0000	175,202.02	.05
DRMT 2017-1A A1 V/R 10/25/25		24380TAA4	ASSET BACKED	111,988.1100	111,855.44	.03
DRMT 2017-1A A2 V/R 10/25/25		24380TAB2	ASSET BACKED	111,988.1100	111,845.74	.03
DRMT 2018-3A A2 V/R 08/25/58		24381KAB0	ASSET BACKED	209,240.8500	210,752.68	.06
DELTA AIR LINES 3.4% 04/19/21		247361ZM3	CORPORATE BONDS	145,000.0000	146,818.79	.04
DELL INT LLC / 5.875% 06/15/21		25272KAU7	CORPORATE BONDS	2,583,000.0000	2,621,745.00	.72
DUPONT DE NEMO 3.766% 11/15/20		26078JAA8	CORPORATE BONDS	65,000.0000	66,073.16	.02
VISTRA ENERGY 5.875% 06/01/23		26817RAB4	CORPORATE BONDS	4,079,000.0000	4,161,436.59	1.15
EMC CORP 2.65% 06/01/20		268648AQ5	CORPORATE BONDS	6,295,000.0000	6,287,131.25	1.73
EARN 2017-A A2 2.65% 07/25/25		27035BAB3	ASSET BACKED	186,977.0300	187,172.22	.05
EBAY INC 2.75% 01/30/23		278642AS2	CORPORATE BONDS	150,000.0000	151,954.56	.04
FREED 2019-1 A 3.42% 06/18/26		30308XAA1	ASSET BACKED	288,621.5000	289,968.55	.08
FNR 2012-110 MF V/R 10/25/42		3136A9HU5	ASSET BACKED	425,891.3200	427,130.62	.12
FNR 2013-81 EF V/R 12/25/42		3136AFG99	ASSET BACKED	73,178.1200	72,871.01	.02
FNR 2014-84 BF V/R 12/25/44		3136AL2T7	ASSET BACKED	532,950.0400	533,015.33	.15
FNR 2018-49 FB V/R 07/25/48		3136B2HM7	ASSET BACKED	388,979.0700	387,085.91	.11
FNR 2018-55 FA V/R 08/25/48		3136B2UA8	ASSET BACKED	185,251.3300	183,680.71	.05
FNR 2018-77 FA V/R 10/25/48		3136B3JJ0	ASSET BACKED	382,735.8700	379,920.69	.10
FNR 2019-57 FE V/R 10/25/49		3136B6QH9	ASSET BACKED	1,593,460.1000	1,589,990.50	.44
FHR 4703 FA V/R 07/15/47		3137F24X1	ASSET BACKED	524,363.8000	520,014.25	.14
FHR 4718 FA V/R 09/15/47		3137FAT32	ASSET BACKED	729,375.5000	723,296.30	.20
FHR 4920 FA V/R 10/25/49		3137FPAS4	ASSET BACKED	968,552.5800	966,799.50	.27
UMBS P#AM6134 2.67% 09/01/21		3138L6Y85	MBS/PASS THRU CERTS	600,000.0000	602,299.17	.17
FREEPORT-MCMORA 4.55% 11/14/24		35671DBL8	CORPORATE BONDS	100,000.0000	105,096.00	.03
FXI HOLDINGS I 7.875% 11/01/24		36120RAA7	CORPORATE BONDS	3,172,000.0000	2,862,730.00	.79
GSMS 2016-GS4 XA V/R 11/10/26		36251XAT4	ASSET BACKED	5,247,892.5200	144,922.13	.04
GSMS 2017-GS6 XA V/R 05/10/27		36253PAE2	ASSET BACKED	1,764,642.5500	118,418.81	.03
GSMS 2017-500K E V/R 07/15/19		36253XAN5	ASSET BACKED	77,000.0000	76,879.45	.02
GSMS 2017-500K F V/R 07/15/19		36253XAQ8	ASSET BACKED	53,000.0000	53,049.66	.01
GSMS 2017-GS8 XA V/R 11/10/27		36254KAP7	ASSET BACKED	3,612,151.9800	219,215.00	.06
GCAR 2018-3A A 3.35% 08/15/22		36255XAA1	ASSET BACKED	274,263.3000	275,564.62	.08
GCAR 2019-1A A 3.37% 03/15/21		36256DAA4	ASSET BACKED	283,958.5400	285,720.28	.08
GCAR 2019-2A A 3.06% 04/17/23		36257NAA1	ASSET BACKED	362,986.4600	365,008.51	.10
TEGNA INC 4.875% 09/15/21		364725BB6	CORPORATE BONDS	4,249,000.0000	4,249,000.00	1.17
GENERAL ELECTRIC 2.7% 10/09/22	GE22	369604BD4	CORPORATE BONDS	110,000.0000	110,884.81	.03
GREAT LAKES DREDGE 8% 05/15/22		390607AE9	CORPORATE BONDS	4,564,000.0000	4,843,891.86	1.34
HC2 HOLDINGS IN 11.5% 12/01/21		404139AD9	CORPORATE BONDS	1,185,000.0000	1,090,200.00	.30
NZES 2018-PLS 3.193% 01/25/21		40423XAB8	ASSET BACKED	259,661.7900	260,624.20	.07
HILT 2018-ORL B V/R 12/15/19		432885AG6	ASSET BACKED	78,000.0000	77,974.59	.02
HYUNDAI CAPITAL 2.85% 11/01/22		44891ABC0	CORPORATE BONDS	150,000.0000	151,141.46	.04
ICAHN ENTERPRI 5.875% 02/01/22		451102BF3	CORPORATE BONDS	3,811,000.0000	3,832,837.03	1.06
IHSFR 2018-SFR1 V/R 03/17/20		46185JAA6	ASSET BACKED	186,152.5400	184,471.84	.05
IHSFR 2017-SFR2 V/R 12/17/19		46187BAA1	ASSET BACKED	187,266.1200	187,003.05	.05
IRON MOUNTAIN 4.375% 06/01/21		46284VAB7	CORPORATE BONDS	3,211,000.0000	3,231,068.75	.89
JPMBB 2015-C32 X V/R 09/15/25		46590JAY3	ASSET BACKED	1,337,094.5200	49,395.48	.01
JPMCC 2014-C20 X V/R 06/15/24		46642CBL3	ASSET BACKED	2,754,245.3600	72,185.74	.02
JPMORGAN CHASE & V/R 04/01/23		46647PBB1	CORPORATE BONDS	145,000.0000	148,207.39	.04
JPMCC 2019-MFP A V/R 07/15/21		46651MAA4	ASSET BACKED	321,000.0000	320,799.70	.09
LRK 2019-A A1F 2.34% 08/25/21		51889RAA7	ASSET BACKED	397,575.3900	398,012.52	.11
LEE ENTERPRISES 9.5% 03/15/22		523768AF6	CORPORATE BONDS	3,580,000.0000	3,535,250.00	.98
LMAT 2018-SL1 A V/R 02/25/58		52473AAA4	ASSET BACKED	591,431.0800	596,223.15	.16
LMAT 2019-GS7 A1 V/R 06/25/59		52474MAA7	ASSET BACKED	1,492,986.6300	1,493,715.21	.41
LMAT 2019-GS6 A1 V/R 06/25/59		52474VAA7	ASSET BACKED	1,366,591.7500	1,367,585.54	.38
LEVEL 3 PARENT 5.75% 12/01/22	CTL22A	52729NBX7	CORPORATE BONDS	6,228,000.0000	6,228,000.00	1.72
MF1 2019-FL2 A V/R 09/25/24		55282LAA4	ASSET BACKED	244,000.0000	244,153.82	.07
MGM RESORTS INT 6.75% 10/01/20	MGM20A	552953BY6	CORPORATE BONDS	1,004,000.0000	1,041,148.00	.29
WELBILT INC 9.5% 02/15/24		563568AB0	CORPORATE BONDS	3,405,000.0000	3,609,300.00	1.00
MFT 2018-3A A 3.2% 09/15/28		57109FAA4	ASSET BACKED	129,629.1000	129,946.17	.04
MFT 2019-2A A 3.13% 07/16/29		57109HAA0	ASSET BACKED	365,757.9700	368,244.98	.10
MARSH & MCLENNAN V/R 12/29/21		571748BK7	CORPORATE BONDS	115,000.0000	115,066.78	.03
MEDIACOM BRDBND 5.5% 04/15/21		58446VAL5	CORPORATE BONDS	2,304,000.0000	2,304,000.00	.64
MICROCHIP TECH 3.922% 06/01/21		595017AN4	CORPORATE BONDS	145,000.0000	148,054.53	.04
MBR 2018-MBR A V/R 07/15/20		60902YAA6	ASSET BACKED	227,000.0000	226,641.75	.06
MONDELEZ INTERNATI 3% 05/07/20		609207AN5	CORPORATE BONDS	135,000.0000	135,606.28	.04
MONDELEZ INTER 3.625% 05/07/23		609207AQ8	CORPORATE BONDS	15,000.0000	15,712.61	.00
MSC 2016-UB12 XA V/R 11/15/26		61691EBB0	ASSET BACKED	4,153,037.0000	160,735.82	.04
MSC 2017-H1 XA V/R 05/15/27		61691JAW4	ASSET BACKED	981,523.4100	72,973.91	.02
MSC 2017-ASHF D V/R 11/15/19		61691KAL5	ASSET BACKED	76,000.0000	75,998.56	.02
MSC 2017-ASHF E V/R 11/15/19		61691KAN1	ASSET BACKED	162,000.0000	162,099.89	.04
MSC 2017-ASHF F V/R 11/15/19		61691KAQ4	ASSET BACKED	123,000.0000	123,152.26	.03
MSC 2017-CLS E V/R 11/15/19		61691LAN9	ASSET BACKED	186,000.0000	186,000.26	.05
MSC 2017-CLS F V/R 11/15/19		61691LAQ2	ASSET BACKED	206,000.0000	206,000.08	.06
MSC 2018-SUN A V/R 07/15/20		61691MAA5	ASSET BACKED	142,000.0000	141,733.86	.04
MORGAN STANLEY V/R 07/22/22		61744YAJ7	CORPORATE BONDS	220,000.0000	222,002.88	.06
MSC 2011-C1 D V/R 02/15/21		617458AS3	ASSET BACKED	164,000.0000	168,495.88	.05
MSC 2007-T27 AJ V/R 07/11/17		61754JAH1	ASSET BACKED	278,249.5200	294,594.48	.08
MSC 2014-CPT F V/R 07/13/21		61763QAU5	ASSET BACKED	300,000.0000	300,640.83	.08
MSC 2016-UB11 XA V/R 08/15/26		61767FBB6	ASSET BACKED	1,487,469.3200	112,236.11	.03
NCR CORP 5.875% 12/15/21		62886EAR9	CORPORATE BONDS	4,225,000.0000	4,227,640.63	1.17
NCMS 2018-850T C V/R 07/15/21		63874PAG0	ASSET BACKED	350,000.0000	349,354.50	.10
NCMS 2018-850T D V/R 07/15/21		63874PAJ4	ASSET BACKED	350,000.0000	349,354.57	.10
NEXTERA ENERGY C 2.9% 04/01/22		65339KBF6	CORPORATE BONDS	150,000.0000	152,711.05	.04
NIELSEN FINANCE 4.5% 10/01/20		65409QBA9	CORPORATE BONDS	9,558,000.0000	9,577,116.00	2.64
NORTHROP GRUMMA 2.08% 10/15/20		666807BL5	CORPORATE BONDS	155,000.0000	155,185.28	.04
OBP 2010-OBP 4.646% 07/15/20		67087MAA4	ASSET BACKED	344,000.0000	344,537.29	.10
OCCIDENTAL PETRO 2.7% 08/15/22		674599CP8	CORPORATE BONDS	75,000.0000	75,600.10	.02
OMNICOM GP/OMN 3.625% 05/01/22	OMC22	681919AZ9	CORPORATE BONDS	140,000.0000	144,760.07	.04
PFP 2019-6 A V/R 06/14/22		69346WAA5	ASSET BACKED	244,000.0000	244,219.60	.07
PQ CORP 6.75% 11/15/22		693522AG9	CORPORATE BONDS	2,556,000.0000	2,642,265.00	.73
PRPM 2019-1A A1 V/R 01/25/24		69359AAA7	ASSET BACKED	841,151.3200	843,104.47	.23
PSEG POWER LLC 3.85% 06/01/23		69362BBC5	CORPORATE BONDS	140,000.0000	146,891.15	.04
PACIFIC GAS & EL 3.5% 10/01/20		694308GT8	CORPORATE BONDS	5,171,000.0000	5,103,130.63	1.41
PACIFIC GAS & E 4.25% 05/15/21		694308GV3	CORPORATE BONDS	1,738,000.0000	1,711,930.00	.47
PACIFIC GAS & E 3.25% 09/15/21	PCG/21A	694308GW1	CORPORATE BONDS	655,000.0000	641,900.00	.18
PAYPAL HOLDINGS 2.2% 09/26/22		70450YAB9	CORPORATE BONDS	120,000.0000	120,464.60	.03
PENSKE TRUCK LEA 2.7% 11/01/24		709599BG8	CORPORATE BONDS	150,000.0000	150,804.81	.04
PMIT 2019-2A A 3.2% 09/15/25		74361PAA0	ASSET BACKED	299,808.9900	300,923.23	.08
PRUDENTIAL FINAN 3.5% 05/15/24		74432QBZ7	CORPORATE BONDS	100,000.0000	105,874.54	.03
RCO 2017-INV1 A V/R 11/25/52		74937VAA2	ASSET BACKED	589,321.5900	587,140.92	.16
REPUBLIC SERVICE 2.5% 08/15/24		760759AU4	CORPORATE BONDS	70,000.0000	70,636.41	.02
REYNOLDS AMERICAN 4% 06/12/22		761713BF2	CORPORATE BONDS	35,000.0000	36,407.97	.01
REYNOLDS GRP IS 5.75% 10/15/20		761735AP4	CORPORATE BONDS	7,154,922.2381	7,163,508.14	1.98
RPT 2017-ROSS A V/R 06/15/20		77846EAA3	ASSET BACKED	198,000.0000	197,937.97	.05
RPT 2017-ROSS B V/R 06/15/20		77846EAE5	ASSET BACKED	35,000.0000	34,954.13	.01
SOFI 2019-A A1 3.18% 06/15/48		78471HAA6	ASSET BACKED	323,725.0900	327,121.35	.09
SCLP 2018-2 A1 2.93% 05/25/20		78471WAA3	ASSET BACKED	15,047.8200	15,057.98	.00
SCHLUMBERGER HL 3.75% 05/01/24		806851AJ0	CORPORATE BONDS	105,000.0000	110,527.96	.03
SIMON PROPERTY GRO 2% 09/13/24		828807DG9	CORPORATE BONDS	115,000.0000	114,316.36	.03
SIRIUS XM RADI 3.875% 08/01/22		82967NAY4	CORPORATE BONDS	4,574,000.0000	4,665,480.00	1.29
SLIDE 2018-FUN A V/R 06/15/21		831350AA1	ASSET BACKED	165,644.3000	165,538.78	.05
SOFI 2015-C A2 2.51% 08/25/33		834016AB3	ASSET BACKED	411,948.5300	413,502.07	.11
SOFI 2017-C A2 1.75% 03/25/20		83405DAB4	ASSET BACKED	4,528.9700	4,527.11	.00
SCLP 2018-3 A1 3.2% 08/25/20		83405XAA2	ASSET BACKED	93,537.6900	93,771.16	.03
SOUTHERN COPPE 5.375% 04/16/20		84265VAD7	CORPORATE BONDS	300,000.0000	302,701.03	.08
SOUTHERN COPPER 3.5% 11/08/22		84265VAF2	CORPORATE BONDS	50,000.0000	51,555.85	.01
SPRINT COMMUNICATI 7% 03/01/20		852061AQ3	CORPORATE BONDS	1,718,000.0000	1,730,352.42	.48
SPRINT COMMUNICATI 7% 08/15/20	S20	852061AR1	CORPORATE BONDS	9,239,000.0000	9,460,181.66	2.61
TAL 2014-2A A2 3.33% 05/20/22		87407PAP5	ASSET BACKED	458,333.3300	458,563.78	.13
TESLA 2018-B A 3.71% 04/20/21		88161NAA7	ASSET BACKED	371,525.4500	376,819.46	.10
TCF 2017-2A A 3.62% 08/20/27		89679HAE5	ASSET BACKED	396,238.7100	396,519.21	.11
UBSCM 2012-C1 XA V/R 05/10/45		90269GAG6	ASSET BACKED	1,743,143.3400	66,004.47	.02
UBSCM 2017-C1 XA V/R 06/15/50		90276EAF4	ASSET BACKED	1,110,789.8800	98,293.57	.03
UNION PACIFIC CO 3.2% 06/08/21		907818ET1	CORPORATE BONDS	145,000.0000	147,609.41	.04
US TREAS NTS 2.25% 03/31/20		9128284C1	GOVERNMENT BONDS	900,000.0000	901,687.50	.25
US TREAS NTS 1.75% 06/30/24		9128286Z8	GOVERNMENT BONDS	140,000.0000	140,678.13	.04
US TREAS NTS 1.625% 04/30/23		912828R28	GOVERNMENT BONDS	1,170,000.0000	1,170,137.11	.32
US TREAS NTS 2.25% 12/31/23		912828V23	GOVERNMENT BONDS	1,740,000.0000	1,782,480.46	.49
UPGR 2018-1A A 3.76% 07/15/20		91532UAA7	ASSET BACKED	274,301.1300	275,069.47	.08
VOLT 2017-NP11 A V/R 10/25/47		91830UAA6	ASSET BACKED	503,052.7600	504,184.53	.14
VMC 2018-FL2 A V/R 05/15/21		91832YAA6	ASSET BACKED	510,493.3000	509,523.36	.14
VOLT 2018-NPL8 A V/R 10/26/48		91833GAD8	ASSET BACKED	1,479,287.9000	1,480,123.70	.41
VOLT 2019-NPL8 A V/R 11/25/49		91833HAA2	ASSET BACKED	398,775.8600	398,748.26	.11
VOLT 2019-NPL1 A V/R 01/25/49		91833JAA8	ASSET BACKED	1,287,075.5600	1,296,688.34	.36
VERIZON COMMUNICA V/R 05/15/25		92343VEP5	CORPORATE BONDS	150,000.0000	152,774.85	.04
VERUS 2018-1 A1 V/R 02/25/48		92536FAA4	ASSET BACKED	247,237.9300	247,409.49	.07
VERUS 2019-INV2 V/R 07/25/59		92537HAC5	ASSET BACKED	1,301,424.1500	1,308,449.24	.36
VOLT 2019-NPL9 A V/R 11/26/49		92870EAA1	ASSET BACKED	1,000,000.0000	1,000,492.40	.28
VOLT 2019-NP10 S/UP 11/25/22		92870FAA8	ASSET BACKED	300,000.0000	299,751.78	.08
WASTE MANAGEMEN 2.95% 06/15/24		94106LBF5	CORPORATE BONDS	140,000.0000	144,504.26	.04
WFCM 2015-NXS2 X V/R 07/15/58		94989MAH2	ASSET BACKED	5,251,759.9600	163,888.52	.05
WFCM 2015-LC22 X V/R 09/15/58		94989TBC7	ASSET BACKED	2,707,719.8800	98,573.73	.03
WFCM 2018-C46 XA V/R 08/15/51		95001QAV3	ASSET BACKED	3,474,677.6200	200,645.95	.06
WELLTOWER INC 3.625% 03/15/24		95040QAG9	CORPORATE BONDS	145,000.0000	152,389.80	.04
WESCO DISTRIBU 5.375% 12/15/21		95081QAK0	CORPORATE BONDS	783,000.0000	784,957.50	.22
XEROX CORPORAT 5.625% 12/15/19	XRX19	984121CA9	CORPORATE BONDS	7,560,000.0000	7,550,550.00	2.08
YUM BRANDS IN 3.875% 11/01/20	YUM20	988498AG6	CORPORATE BONDS	2,705,000.0000	2,732,050.00	.75
T/L EVEREST ACQ 0% 11/23/2021		LX123577	LOAN	4,764,000.0000	4,692,540.00	1.29
T/L TOWN SPORTS INT 0% 11/15/20		LX133451	LOAN	775,590.9400	554,547.52	.15
T/L WINDSTREAM SERVICES LLC 0% 03/29/21		LX155086	LOAN	5,552,000.0000	5,266,072.00	1.45
T/L ADVANCED 0.00% 11/10/2023		LX155961	LOAN	5,286,086.9600	5,294,491.84	1.46
T/L ZAYO GROUP LLC 0% 01/19/21		LX159050	LOAN	5,923,622.4500	5,925,458.77	1.63
T/L INFOR US INC 0% 02/01/2022		LX159959	LOAN	5,185,020.8500	5,190,050.32	1.43
T/L INTERNAP NETW 0% 4/6/22		LX161977	LOAN	1,605,827.9800	1,083,933.89	.30
T/L LSC COMMUNICAT 0% 09/30/22		LX169586	LOAN	2,142,417.8000	1,300,447.60	.36
T/L CRESTWOOD HOLD 0% 03/06/23		LX171649	LOAN	1,949,488.5300	1,841,447.88	.51
T/L FIELDWOOD 0% 4/11/22		LX173060	LOAN	3,476,000.0000	2,800,369.88	.77
T/L WINDSTREAM REG 0% 02/26/21		LX179044	LOAN	6,487,249.5900	6,483,227.50	1.79
T/L MONITRONICS 0% 04/29/24		LX182627	LOAN	700,817.3300	603,578.93	.17
RELIANCE HOLDING 5.4% 02/14/22		U75888AC8	CORPORATE BONDS	250,000.0000	264,540.00	.07
CNPC HK OVERSEAS 4.5% 04/28/21		G21895AB6	CORPORATE BONDS	200,000.0000	205,740.00	.06
CNOOC FINANCE 3.875% 05/02/22		G23530AA9	CORPORATE BONDS	200,000.0000	206,480.75	.06
SINOCHEM CORP 4.5% 11/12/20		G8185TAA7	CORPORATE BONDS	300,000.0000	305,541.00	.08
SINOPEC GRP OVER 2.5% 04/28/20		G8201JAB7	CORPORATE BONDS	200,000.0000	200,106.00	.06
BEMIS COMPANY DISC 12/13/19		08143UZD9	SHORT TERMS	4,251,000.0000	4,248,029.27	1.17
CONSTELLATION 0% 1/13/20		21037CAD8	SHORT TERMS	1,842,000.0000	1,836,036.53	.51
CONSTELLATION BR DISC 1/15/20		21037CAF3	SHORT TERMS	2,579,000.0000	2,570,255.82	.71
FORD MOTOR CRE DISC 01/13/20		3454G0AD0	SHORT TERMS	7,165,000.0000	7,141,355.50	1.97
GNRL MTRS FINC DISC 01/09/20		37046TA95	SHORT TERMS	4,703,000.0000	4,689,197.07	1.29
KEURIG DR PEPP DISC 12/19/19		49271KZK3	SHORT TERMS	5,924,000.0000	5,917,845.62	1.63
MARRIOTT INTER DISC 01/03/20		57163TA33	SHORT TERMS	4,396,000.0000	4,388,050.58	1.21
ROYAL CARIBBEA DISC 01/06/20		78015FA62	SHORT TERMS	6,697,000.0000	6,682,232.71	1.84
US T BILL ZCP 12/05/19		912796RN1	SHORT TERMS	420,000.0000	419,932.06	.12
US T BILL ZCP 01/30/20		912796RY7	SHORT TERMS	900,000.0000	897,670.49	.25
US T BILL ZCP 02/06/20		912796TE9	SHORT TERMS	690,000.0000	688,017.11	.19
US T BILL ZCP 04/30/20		912796TS8	SHORT TERMS	840,000.0000	834,553.12	.23
WALGREENS BOOT DISC 02/05/20		93142WB51	SHORT TERMS	6,142,000.0000	6,119,562.60	1.69
EUR/USD FWD 20191216 000000010 USD	EUR	1295417729	FORWARD	-8,010,000.0000	-8,832,694.87	-2.44
SEK/USD FWD 20191216 000000010 USD	SEK	1295433004	FORWARD	-6,860,000.0000	-716,947.62	-.20
USD/EUR FWD 20191216 000000010 USD	USD	1295417729	FORWARD	8,853,212.7000	8,853,212.70	2.44
USD/SEK FWD 20191216 000000010 USD	USD	1295433004	FORWARD	707,422.1600	707,422.16	.20

As of 11/29/2019.

Distributions

Fund Name	Fund Cusip	Distribution Type	Amount per Share	Ex Date	Reinvest Date	Reinvest Price
Destinations Low Duration Fixed Income Fund	10964R814	Dividend	0.029459	11/26/2019	11/26/2019	$9.97
Destinations Low Duration Fixed Income Fund	10964R814	Dividend	0.027669	10/30/2019	10/30/2019	$10.01
Destinations Low Duration Fixed Income Fund	10964R814	Dividend	0.026539	9/26/2019	9/26/2019	$10.03
Destinations Low Duration Fixed Income Fund	10964R814	Dividend	0.030347	8/29/2019	8/29/2019	$10.03
Destinations Low Duration Fixed Income Fund	10964R814	Dividend	0.029546	7/30/2019	7/30/2019	$10.05
Destinations Low Duration Fixed Income Fund	10964R814	Dividend	0.033763	6/27/2019	6/27/2019	$10.06
Destinations Low Duration Fixed Income Fund	10964R814	Dividend	0.031607	5/30/2019	5/30/2019	$10.05
Destinations Low Duration Fixed Income Fund	10964R814	Dividend	0.030984	4/29/2019	4/29/2019	$10.05
Destinations Low Duration Fixed Income Fund	10964R814	Dividend	0.027524	3/28/2019	3/28/2019	$10.03
Destinations Low Duration Fixed Income Fund	10964R814	Dividend	0.027379	2/27/2019	2/27/2019	$10.02
Destinations Low Duration Fixed Income Fund	10964R814	Dividend	0.015903	1/30/2019	1/30/2019	$10.01
Destinations Low Duration Fixed Income Fund	10964R814	Dividend	0.041159	12/27/2018	12/27/2018	$9.94
Destinations Low Duration Fixed Income Fund	10964R814	Dividend	0.028913	11/29/2018	11/29/2018	$10.00
Destinations Low Duration Fixed Income Fund	10964R814	Dividend	0.028417	10/30/2018	10/30/2018	$10.02
Destinations Low Duration Fixed Income Fund	10964R814	Dividend	0.018460	9/27/2018	9/27/2018	$10.05

Fees and expenses

Type	Amount
Management Fees	0.70%
Distribution and Service (12b-1) Fees	None
Other Expenses	0.12%
AFFE	None
Total Annual Fund Operating Expenses	0.82%
Fee waivers and expense reimbursements	(0.04%)
Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements	0.78%*

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.