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.
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| MTD | QTD | YTD | 1 Year | 3 Years | 5 Years | Since Inception |
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| Destinations Low Duration Fixed Income Fund |
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| BofA Merrill Lynch 1-3 Year U.S. Treasury 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.
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.
- 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: 0.87%*
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 Low Duration Fixed Income Fund |
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| BofA Merrill Lynch 1-3 Year U.S. Treasury 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.
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.
Holdings
| Security Description | Ticker Symbol | Security ID | Security Type Description | Quantity | Base Market Value | Percent TNA |
|---|---|---|---|---|---|---|
| NORWEGIAN KRONE | CASHNOK | CURRENCY | .0500 | .01 | .00 | |
| US DOLLARS | CASHUSD | CURRENCY | 12,154,378.5400 | 12,154,378.54 | 6.80 | |
| ISHARES CORE 1-5 YEAR USD BO | ISTB | 46432F859 | POOLED INVESTMENTS | 548,502.0000 | 26,969,843.34 | 15.08 |
| CNOOC FINANCE 2.625% 05/05/20 | 12634GAA1 | CORPORATE BONDS | 200,000.0000 | 197,415.40 | .11 | |
| COMMONWEALTH BA 2.25% 03/10/20 | 2027A0JH3 | CORPORATE BONDS | 90,000.0000 | 88,810.35 | .05 | |
| WESTPAC BANKING 1.6% 08/19/19 | 961214CY7 | CORPORATE BONDS | 145,000.0000 | 143,037.96 | .08 | |
| JBS INVESTMENTS 7.75% 10/28/20 | BFZCH59 | CORPORATE BONDS | 200,000.0000 | 204,000.00 | .11 | |
| SHIP FINANCE IN 5.75% 10/15/21 | G81075AF3 | CORPORATE BONDS | 946,000.0000 | 950,049.83 | .53 | |
| AVISON YOUNG CAN 9.5% 12/15/21 | 05381NAA5 | CORPORATE BONDS | 980,000.0000 | 1,009,400.00 | .56 | |
| LARGO RESOURCES 9.25% 06/01/21 | 517103AA5 | CORPORATE BONDS | 691,000.0000 | 680,635.00 | .38 | |
| LUNDIN MINING 7.875% 11/01/22 | 550372AB2 | CORPORATE BONDS | 1,366,000.0000 | 1,437,715.00 | .80 | |
| ROYAL BANK OF CA 1.5% 07/29/19 | 78012KRK5 | CORPORATE BONDS | 95,000.0000 | 93,799.67 | .05 | |
| ROYAL BANK OF CA 3.2% 04/30/21 | 78013XKG2 | CORPORATE BONDS | 95,000.0000 | 95,149.73 | .05 | |
| APID 2013-16A A1 V/R 01/19/25 | 03764UAN3 | ASSET BACKED | 744,556.2600 | 744,483.52 | .42 | |
| AVERY 2015-7A A1 V/R 01/15/28 | 05364CAA0 | ASSET BACKED | 500,000.0000 | 502,010.60 | .28 | |
| BSPRT 2017-FL1 A V/R 01/15/21 | 05583WAA1 | ASSET BACKED | 70,000.0000 | 70,112.00 | .04 | |
| BSPRT 2017-FL2 A V/R 10/15/34 | 05585BAA5 | ASSET BACKED | 231,000.0000 | 230,591.18 | .13 | |
| BSPRT 2017-FL2 A V/R 10/15/34 | 05585BAC1 | ASSET BACKED | 81,000.0000 | 80,666.42 | .05 | |
| BSPRT 2017-FL2 B V/R 10/15/34 | 05585BAE7 | ASSET BACKED | 81,000.0000 | 80,358.96 | .04 | |
| BXMT 2017-FL1 C V/R 10/15/20 | 05607KAG6 | ASSET BACKED | 117,000.0000 | 117,126.90 | .07 | |
| CK HUTCHISON I 2.875% 04/05/22 | 12563UAA5 | CORPORATE BONDS | 200,000.0000 | 195,349.14 | .11 | |
| CRNPT 2013-2A A1 V/R 12/31/23 | 22845RAL7 | ASSET BACKED | 183,860.0200 | 183,870.50 | .10 | |
| GPMT 2018-FL1 A V/R 12/19/20 | 36255CAA7 | ASSET BACKED | 118,000.0000 | 118,000.46 | .07 | |
| HLA 2015-2A A V/R 07/25/27 | 40538KAA0 | ASSET BACKED | 425,000.0000 | 425,153.81 | .24 | |
| JTWN 2016-9A A1A V/R 10/20/28 | 47048JAA1 | ASSET BACKED | 500,000.0000 | 501,229.55 | .28 | |
| JTWN 2016-9A A1B V/R 10/20/28 | 47048JAJ2 | ASSET BACKED | 500,000.0000 | 501,023.65 | .28 | |
| MCLO 2014-7A A1R V/R 10/28/25 | 56577AAJ1 | ASSET BACKED | 1,000,000.0000 | 1,000,634.50 | .56 | |
| OCP 2014-5A A1R V/R 04/26/31 | 67102SAL8 | ASSET BACKED | 250,000.0000 | 250,385.68 | .14 | |
| OCT24 2015-1A A1 V/R 05/21/27 | 67591MAA3 | ASSET BACKED | 500,000.0000 | 499,450.00 | .28 | |
| RACEP 2015-9A A1 V/R 10/15/30 | 74981HCC2 | ASSET BACKED | 1,000,000.0000 | 1,004,471.00 | .56 | |
| VENTR 2006-7A A1 V/R 01/20/22 | 92328WAA9 | ASSET BACKED | 117,219.3400 | 117,149.61 | .07 | |
| ZAIS2 2014-2A A1 V/R 07/25/26 | 98886YAQ1 | ASSET BACKED | 1,000,000.0000 | 1,000,337.40 | .56 | |
| SPARC EM SPC PANA ZCP 12/05/22 | BF7TXZ0 | CORPORATE BONDS | 200,000.0000 | 179,600.00 | .10 | |
| AGROMERCANTIL S 6.25% 04/10/19 | G0131LAA6 | CORPORATE BONDS | 200,000.0000 | 202,252.00 | .11 | |
| BANCO SANTANDE 3.875% 09/20/22 | 05967FAB2 | CORPORATE BONDS | 150,000.0000 | 148,607.46 | .08 | |
| CELULOSA ARAUC 4.75% 01/11/22 | 151191AW3 | CORPORATE BONDS | 100,000.0000 | 101,625.00 | .06 | |
| REPUBLIC OF CHI 3.25% 09/14/21 | 168863AW8 | GOVERNMENT BONDS | 200,000.0000 | 199,600.00 | .11 | |
| BANCO DEL ESTA 4.125% 10/07/20 | B4P2L27 | CORPORATE BONDS | 200,000.0000 | 201,554.00 | .11 | |
| INVERSIONES CMPC 4.5% 04/25/22 | P58073AA8 | CORPORATE BONDS | 200,000.0000 | 201,756.35 | .11 | |
| ECOPETROL SA 7.625% 07/23/19 | EC19 | 279158AB5 | CORPORATE BONDS | 50,000.0000 | 52,245.00 | .03 |
| OLEODUCTO CENTRAL 4% 05/07/21 | P7358RAC0 | CORPORATE BONDS | 200,000.0000 | 199,480.00 | .11 | |
| DOMINICAN REPU 7.5% 05/06/21 | P3579EAH0 | GOVERNMENT BONDS | 200,000.0000 | 209,396.00 | .12 | |
| BNP PARIBAS 5% 01/15/21 | 05567LT31 | CORPORATE BONDS | 65,000.0000 | 67,925.28 | .04 | |
| INDIAN OIL COR 5.625% 08/02/21 | B4MR909 | CORPORATE BONDS | 200,000.0000 | 209,474.40 | .12 | |
| ONGC VIDESH LTD 3.25% 07/15/19 | BP3YP86 | CORPORATE BONDS | 200,000.0000 | 199,560.00 | .11 | |
| ADANI PORTS AND 3.5% 07/29/20 | Y00130CZ8 | CORPORATE BONDS | 200,000.0000 | 197,769.60 | .11 | |
| BHARAT PETROLE 4.625% 10/25/22 | Y0882ZBH0 | CORPORATE BONDS | 200,000.0000 | 203,866.00 | .11 | |
| REPUBLIC OF IN 4.875% 05/05/21 | Y20721AU3 | GOVERNMENT BONDS | 200,000.0000 | 206,129.60 | .12 | |
| ARDAGH PKG FIN/HLD 6% 06/30/21 | 03969AAG5 | CORPORATE BONDS | 2,342,000.0000 | 2,371,275.00 | 1.33 | |
| STATE OF ISRAEL 4% 06/30/22 | 46513AGA2 | GOVERNMENT BONDS | 200,000.0000 | 204,815.20 | .11 | |
| DELEK & AVNER 4.435% 12/30/20 | BMJJM83 | CORPORATE BONDS | 160,000.0000 | 158,750.40 | .09 | |
| SUMITOMO MITSU 2.058% 07/14/21 | 86562MAE0 | CORPORATE BONDS | 20,000.0000 | 19,233.49 | .01 | |
| WAKALA GLOBAL 4.646% 07/06/21 | B45VGR4 | CORPORATE BONDS | 250,000.0000 | 261,075.00 | .15 | |
| IOI INVESTMENT 4.375% 06/27/22 | B8GJJP4 | CORPORATE BONDS | 200,000.0000 | 201,441.40 | .11 | |
| AXIATA SPV2 BH 3.466% 11/19/20 | BD5WCP0 | CORPORATE BONDS | 200,000.0000 | 199,503.80 | .11 | |
| PETRONAS GLOBA 2.707% 03/18/20 | Y68868AA9 | CORPORATE BONDS | 200,000.0000 | 198,076.80 | .11 | |
| DYNAGAS LNG PAR 6.25% 10/30/19 | 26780TAA5 | CORPORATE BONDS | 1,675,000.0000 | 1,687,562.50 | .94 | |
| SCORPIO TANKER 2.375% 07/01/19 | 80918TAA7 | CORPORATE BONDS | 124,000.0000 | 119,540.96 | .07 | |
| TEEKAY CORP 8.5% 01/15/20 | TK20 | 87900YAA1 | CORPORATE BONDS | 992,000.0000 | 1,024,240.00 | .57 |
| GOLAR LNG PARTNER V/R 05/22/20 | BXQ9SM9 | CORPORATE BONDS | 1,000,000.0000 | 982,500.00 | .55 | |
| BANCO SANTANDER M V/R 01/30/24 | P1507SAD9 | CORPORATE BONDS | 200,000.0000 | 201,500.00 | .11 | |
| YANDEX NV 1.125% 12/15/18 | 98474TAB3 | CORPORATE BONDS | 791,000.0000 | 772,977.86 | .43 | |
| SONGA BULK ASA V/R 06/13/22 | BDCL517 | CORPORATE BONDS | 1,400,000.0000 | 1,418,620.00 | .79 | |
| REPUBLIC OF PANA 5.2% 01/30/20 | 698299AX2 | GOVERNMENT BONDS | 100,000.0000 | 103,200.00 | .06 | |
| ENA NORTE TRUST 4.95% 04/25/23 | P3716XAA7 | CORPORATE BONDS | 140,817.1700 | 142,577.38 | .08 | |
| GLOBAL BANK CO 5.125% 10/30/19 | P47718AA2 | CORPORATE BONDS | 200,000.0000 | 202,740.00 | .11 | |
| BANCO DE CREDIT 2.25% 10/25/19 | P09646AH6 | CORPORATE BONDS | 200,000.0000 | 197,250.00 | .11 | |
| BANCO INTL DEL 5.75% 10/07/20 | P1342SAC0 | CORPORATE BONDS | 200,000.0000 | 208,750.00 | .12 | |
| CORP FINANCIERA 3.25% 07/15/19 | P3R94GAF6 | GOVERNMENT BONDS | 200,000.0000 | 200,100.00 | .11 | |
| FONDO MIVIVIEN 3.375% 04/02/19 | P42009AB9 | GOVERNMENT BONDS | 200,000.0000 | 200,000.00 | .11 | |
| REPUBLIC OF PHILIP 4% 01/15/21 | 718286BK2 | GOVERNMENT BONDS | 300,000.0000 | 304,685.40 | .17 | |
| UNION BK OF PH 3.369% 11/29/22 | BF2WQR7 | CORPORATE BONDS | 200,000.0000 | 191,878.80 | .11 | |
| OVERSEA-CHINESE B V/R 10/15/24 | 69033DAB3 | CORPORATE BONDS | 200,000.0000 | 200,873.36 | .11 | |
| SP POWERASSETS L 2.7% 09/14/22 | B6RVFW4 | CORPORATE BONDS | 200,000.0000 | 194,928.00 | .11 | |
| UNITED OVERSEAS B V/R 09/19/24 | BKRQS51 | CORPORATE BONDS | 200,000.0000 | 200,181.20 | .11 | |
| DBS GROUP HOLDINGS V/R /PERP/ | BZCN164 | CORPORATE BONDS | 200,000.0000 | 192,601.60 | .11 | |
| EUROPEAN LIN V/R 02/22/21/EUR/ | W3R39XAA0 | CORPORATE BONDS | 1,700,000.0000 | 1,997,321.92 | 1.12 | |
| MAXFASTIGHET V/R 09/15/20/SEK/ | W5S91TAA8 | CORPORATE BONDS | 12,000,000.0000 | 1,347,244.27 | .75 | |
| SAMHALLSBYGG V/R 01/29/21/SEK/ | W7T8BRAE0 | CORPORATE BONDS | 1,000,000.0000 | 114,113.18 | .06 | |
| ASTRAZENECA PL 2.375% 11/16/20 | 046353AK4 | CORPORATE BONDS | 140,000.0000 | 137,596.02 | .08 | |
| INMARSAT FINAN 4.875% 05/15/22 | 45763PAE6 | CORPORATE BONDS | 1,012,000.0000 | 963,930.00 | .54 | |
| AT&T INC 2.8% 02/17/21 | 00206RCR1 | CORPORATE BONDS | 140,000.0000 | 138,270.28 | .08 | |
| ACI WORLDWIDE 6.375% 08/15/20 | 004498AA9 | CORPORATE BONDS | 1,750,000.0000 | 1,763,125.00 | .99 | |
| AIR LEASE CORP 2.5% 03/01/21 | 00912XAZ7 | CORPORATE BONDS | 145,000.0000 | 141,841.71 | .08 | |
| AMERICAN ELECTR 2.15% 11/13/20 | 025537AH4 | CORPORATE BONDS | 25,000.0000 | 24,459.18 | .01 | |
| AMGEN INC 2.2% 05/11/20 | 031162CM0 | CORPORATE BONDS | 120,000.0000 | 118,352.17 | .07 | |
| AMKOR TECHNOLO 6.625% 06/01/21 | 031652BE9 | CORPORATE BONDS | 3,000,000.0000 | 3,006,000.00 | 1.68 | |
| ANALOG DEVICES 2.95% 01/12/21 | 032654AR6 | CORPORATE BONDS | 95,000.0000 | 94,642.16 | .05 | |
| ANTHEM INC 2.5% 11/21/20 | 036752AE3 | CORPORATE BONDS | 70,000.0000 | 68,943.57 | .04 | |
| AHPT 2017-ATRM E V/R 12/15/19 | 04965JAJ2 | ASSET BACKED | 118,000.0000 | 118,037.10 | .07 | |
| AVNT 2017-A A 2.41% 03/15/21 | 05352NAA0 | ASSET BACKED | 97,747.8900 | 97,724.83 | .05 | |
| AVNT 2017-B A 2.29% 11/15/18 | 05353WAA9 | ASSET BACKED | 214,265.2700 | 214,029.64 | .12 | |
| BAT CAPITAL CO 2.297% 08/14/20 | 05526DAQ8 | CORPORATE BONDS | 90,000.0000 | 88,184.12 | .05 | |
| BBCMS 2017-GLKS V/R 11/15/19 | 05547WAN8 | ASSET BACKED | 275,000.0000 | 275,038.50 | .15 | |
| BBCMS 2018-TALL V/R 03/15/20 | 05548WAA5 | ASSET BACKED | 118,000.0000 | 117,926.01 | .07 | |
| BX 2018-BIOA E V/R 02/15/20 | 056057AN2 | ASSET BACKED | 118,000.0000 | 117,889.50 | .07 | |
| BX 2018-MCSF F V/R 04/15/20 | 05607AAQ6 | ASSET BACKED | 118,000.0000 | 116,973.42 | .07 | |
| BX 2017-IMC D V/R 10/15/19 | 05607EAL9 | ASSET BACKED | 27,000.0000 | 27,076.28 | .02 | |
| BX 2017-IMC E V/R 10/15/19 | 05607EAN5 | ASSET BACKED | 44,000.0000 | 44,151.39 | .02 | |
| BANK 2017-BNK6 X V/R 07/15/60 | 060352AG6 | ASSET BACKED | 1,897,791.7900 | 110,329.26 | .06 | |
| BANK OF AMERICA C V/R 03/05/24 | 06051GHE2 | CORPORATE BONDS | 75,000.0000 | 74,880.75 | .04 | |
| BANK 2017-BNK9 X V/R 11/15/54 | 06540RAF1 | ASSET BACKED | 1,816,829.6100 | 109,904.38 | .06 | |
| BANK 2017-BNK4 X V/R 05/15/50 | 06541FBB4 | ASSET BACKED | 1,571,454.1400 | 143,234.12 | .08 | |
| BOMFT 2018-SBR2 V/R 04/28/33 | 07334EAA9 | ASSET BACKED | 968,201.2100 | 968,316.62 | .54 | |
| BSCMS 2005-PW10 V/R 12/11/15 | 07387BEE9 | ASSET BACKED | 120,570.1100 | 127,804.76 | .07 | |
| BI-LO LLC/BI-LO 9.25% 02/15/19 | 088611AA6 | CORPORATE BONDS | 1,479,000.0000 | 1,479,000.00 | .83 | |
| BRIGGS & STRAT 6.875% 12/15/20 | BGG20 | 109043AG4 | CORPORATE BONDS | 81,000.0000 | 86,265.00 | .05 |
| CCO HLDGS LLC/C 5.25% 03/15/21 | 1248EPBB8 | CORPORATE BONDS | 2,226,000.0000 | 2,242,695.00 | 1.25 | |
| CD 2017-CD4 XA V/R 04/10/27 | 12515DAS3 | ASSET BACKED | 1,698,362.1800 | 141,388.65 | .08 | |
| CFCRE 2017-C8 XA V/R 05/15/27 | 12532CBE4 | ASSET BACKED | 1,386,912.7800 | 144,138.93 | .08 | |
| CFCRE 2017-C8 XB V/R 05/15/27 | 12532CBF1 | ASSET BACKED | 287,000.0000 | 20,564.15 | .01 | |
| CGGS 2018-WSS D V/R 02/15/20 | 12533AAL2 | ASSET BACKED | 118,000.0000 | 118,208.81 | .07 | |
| CHT 2017-CSMO A V/R 11/15/19 | 12546DAA5 | ASSET BACKED | 117,000.0000 | 117,184.86 | .07 | |
| CHT 2017-CSMO E V/R 11/15/19 | 12546DAN7 | ASSET BACKED | 77,000.0000 | 77,502.04 | .04 | |
| CHT 2017-CSMO F V/R 11/15/19 | 12546DAQ0 | ASSET BACKED | 41,000.0000 | 41,266.50 | .02 | |
| CLNS 2017-IKPR D V/R 06/11/22 | 125639AL8 | ASSET BACKED | 47,000.0000 | 47,147.28 | .03 | |
| CLNS 2017-IKPR E V/R 06/11/22 | 125639AN4 | ASSET BACKED | 47,000.0000 | 47,294.73 | .03 | |
| CSAIL 2017-C8 XA V/R 06/15/27 | 12595BAF8 | ASSET BACKED | 823,944.0000 | 61,676.49 | .03 | |
| CSAIL 2017-CX10 V/R 11/15/27 | 12595JAN4 | ASSET BACKED | 4,826,798.3800 | 255,339.08 | .14 | |
| COMM 2013-CR9 XA V/R 07/10/23 | 12625UBC6 | ASSET BACKED | 23,301,139.9300 | 114,087.04 | .06 | |
| CSMC TRUST 2017-1 A 20210325 4.50000 | 12651LAA8 | ASSET BACKED | 392,730.7900 | 395,632.87 | .22 | |
| CSMC 2017-LSTK X V/R 05/05/20 | 12651PAC5 | ASSET BACKED | 8,157,000.0000 | 93,161.10 | .05 | |
| CSMC 2017-LSTK X V/R 05/05/20 | 12651PAE1 | ASSET BACKED | 2,969,000.0000 | 13,896.40 | .01 | |
| CSMC 2017-LST 3.229% 04/05/21 | 12651PAL5 | ASSET BACKED | 107,000.0000 | 105,815.84 | .06 | |
| CSMC 2017-LSTK D V/R 04/05/21 | 12651PAN1 | ASSET BACKED | 128,000.0000 | 125,750.89 | .07 | |
| CSMC 2017-LSTK E V/R 04/05/21 | 12651PAQ4 | ASSET BACKED | 47,000.0000 | 45,892.24 | .03 | |
| CSMC 2017-CHOP D V/R 06/15/19 | 12651QAL3 | ASSET BACKED | 70,000.0000 | 70,350.99 | .04 | |
| CVS HEALTH CORP 2.8% 07/20/20 | 126650CJ7 | CORPORATE BONDS | 140,000.0000 | 139,004.47 | .08 | |
| CAPITAL ONE FINA 2.4% 10/30/20 | 14040HBR5 | CORPORATE BONDS | 145,000.0000 | 141,984.97 | .08 | |
| CARDINAL HEALT 1.948% 06/14/19 | 14149YBL1 | CORPORATE BONDS | 140,000.0000 | 138,846.35 | .08 | |
| CAROLINA BEVE 10.625% 08/01/18 | 143818AA0 | CORPORATE BONDS | 2,317,000.0000 | 2,323,024.20 | 1.30 | |
| CELGENE CORP 2.875% 08/15/20 | 151020AQ7 | CORPORATE BONDS | 140,000.0000 | 139,105.53 | .08 | |
| CINTAS CORPORATI 2.9% 04/01/22 | 17252MAM2 | CORPORATE BONDS | 140,000.0000 | 137,474.36 | .08 | |
| CITIGROUP INC V/R 06/01/24 | 172967MA6 | CORPORATE BONDS | 140,000.0000 | 140,137.54 | .08 | |
| CLEAN HARBORS I 5.25% 08/01/20 | 184496AJ6 | CORPORATE BONDS | 2,590,000.0000 | 2,598,080.80 | 1.45 | |
| COLD 2017-ICE3 A V/R 04/15/24 | 193046AA7 | ASSET BACKED | 74,000.0000 | 74,256.69 | .04 | |
| COLD 2017-ICE3 C V/R 04/15/24 | 193046AE9 | ASSET BACKED | 90,000.0000 | 90,396.92 | .05 | |
| COLT 2017-1 A2 V/R 05/27/47 | 19687TAB2 | ASSET BACKED | 474,267.4700 | 472,063.55 | .26 | |
| COMM 2013-LC6 XA V/R 01/10/23 | 20048EAZ4 | ASSET BACKED | 2,316,954.5000 | 121,884.09 | .07 | |
| CONSOLIDATED EDISO 2% 05/15/21 | 209115AC8 | CORPORATE BONDS | 45,000.0000 | 43,501.21 | .02 | |
| CONSOLIDATED EDISO 2% 03/15/20 | 209115AD6 | CORPORATE BONDS | 95,000.0000 | 93,330.90 | .05 | |
| CLUB 2018-NP1 2.99% 03/15/19 | 21051HAA4 | ASSET BACKED | 216,712.2200 | 216,655.12 | .12 | |
| DRMT 2017-1A A1 V/R 10/25/25 | 24380TAA4 | ASSET BACKED | 367,822.7400 | 365,365.35 | .20 | |
| DRMT 2017-1A A2 V/R 10/25/25 | 24380TAB2 | ASSET BACKED | 367,822.7400 | 365,351.93 | .20 | |
| DELTA AIR LINES 3.4% 04/19/21 | 247361ZM3 | CORPORATE BONDS | 40,000.0000 | 40,050.87 | .02 | |
| EMC CORP 1.875% 06/01/18 | 268648AP7 | CORPORATE BONDS | 4,534,000.0000 | 4,534,000.00 | 2.54 | |
| EARN 2017-A A2 2.65% 07/25/25 | 27035BAB3 | ASSET BACKED | 359,075.4400 | 351,082.10 | .20 | |
| EDGEWELL PERSONA 4.7% 05/19/21 | 29266RAB4 | CORPORATE BONDS | 328,000.0000 | 328,000.00 | .18 | |
| GCAT 2017-2 A1 V/R 04/25/47 | 36155CAA8 | ASSET BACKED | 705,428.7000 | 700,105.25 | .39 | |
| GSMS 2013-GC1 2.995% 08/10/18 | 36198FAB8 | ASSET BACKED | 51,556.4900 | 51,546.54 | .03 | |
| GSMS 2016-GS4 XA V/R 11/10/26 | 36251XAT4 | ASSET BACKED | 5,312,539.0100 | 183,509.44 | .10 | |
| GSMS 2017-GS6 XA V/R 05/10/27 | 36253PAE2 | ASSET BACKED | 2,324,673.7500 | 176,373.00 | .10 | |
| GSMS 2017-500K E V/R 07/15/19 | 36253XAN5 | ASSET BACKED | 77,000.0000 | 77,096.54 | .04 | |
| GSMS 2017-500K F V/R 07/15/19 | 36253XAQ8 | ASSET BACKED | 53,000.0000 | 53,182.97 | .03 | |
| GSMS 2017-500K G V/R 07/15/19 | 36253XAS4 | ASSET BACKED | 34,000.0000 | 34,095.91 | .02 | |
| GSMS 2017-GS8 XA V/R 11/10/27 | 36254KAP7 | ASSET BACKED | 3,624,632.3500 | 257,904.55 | .14 | |
| GAMESTOP CORP 5.5% 10/01/19 | 36467WAA7 | CORPORATE BONDS | 1,448,000.0000 | 1,457,050.00 | .81 | |
| TEGNA INC 5.125% 10/15/19 | 364725BD2 | CORPORATE BONDS | 989,000.0000 | 991,472.50 | .55 | |
| GENERAL DYNAMICS C 3% 05/11/21 | 369550BE7 | CORPORATE BONDS | 95,000.0000 | 94,771.63 | .05 | |
| GENERAL MILLS IN 3.2% 04/16/21 | 370334CD4 | CORPORATE BONDS | 140,000.0000 | 139,714.11 | .08 | |
| GENERAL MOTORS F 3.2% 07/06/21 | 37045XBM7 | CORPORATE BONDS | 70,000.0000 | 69,306.99 | .04 | |
| GENERAL MOTORS 2.65% 04/13/20 | 37045XBV7 | CORPORATE BONDS | 70,000.0000 | 69,346.94 | .04 | |
| GIBRALTAR INDUS 6.25% 02/01/21 | 374689AF4 | CORPORATE BONDS | 2,932,000.0000 | 2,953,990.00 | 1.65 | |
| GOLDMAN SACHS GR 2.3% 12/13/19 | 38145GAJ9 | CORPORATE BONDS | 140,000.0000 | 138,762.87 | .08 | |
| GREIF INC 7.75% 08/01/19 | GEF19 | 397624AG2 | CORPORATE BONDS | 647,000.0000 | 672,880.00 | .38 |
| HC2 HOLDINGS INC 11% 12/01/19 | 404139AA5 | CORPORATE BONDS | 3,610,000.0000 | 3,663,067.00 | 2.05 | |
| HEXION INC 6.625% 04/15/20 | 428302AA1 | CORPORATE BONDS | 1,500,000.0000 | 1,415,625.00 | .79 | |
| HILT 2018-ORL B V/R 12/15/24 | 432885AG6 | ASSET BACKED | 78,000.0000 | 78,074.37 | .04 | |
| ICAHN ENTERPRISES/ 6% 08/01/20 | 451102AX5 | CORPORATE BONDS | 2,214,000.0000 | 2,255,512.50 | 1.26 | |
| INFOR US INC 5.75% 08/15/20 | 45672NAF8 | CORPORATE BONDS | 1,806,000.0000 | 1,835,347.50 | 1.03 | |
| IHSFR 2018-SFR1 V/R 03/17/20 | 46185JAA6 | ASSET BACKED | 199,043.0600 | 198,980.52 | .11 | |
| INVISTA FINANCE 4.25% 10/15/19 | 46186RAA7 | CORPORATE BONDS | 34,000.0000 | 34,093.26 | .02 | |
| IHSFR 2017-SFR2 V/R 12/17/19 | 46187BAA1 | ASSET BACKED | 199,086.2900 | 199,675.45 | .11 | |
| IRON MOUNTAIN 4.375% 06/01/21 | 46284VAB7 | CORPORATE BONDS | 505,000.0000 | 509,570.25 | .28 | |
| JPMBB 2015-C32 X V/R 09/15/25 | 46590JAY3 | ASSET BACKED | 1,431,937.1700 | 78,713.01 | .04 | |
| JPMORGAN CHASE 2.25% 01/23/20 | 46625HKA7 | CORPORATE BONDS | 140,000.0000 | 138,420.06 | .08 | |
| JPMCC 2007-LDPX V/R 03/15/17 | 46630JAE9 | ASSET BACKED | 20,467.3200 | 20,519.85 | .01 | |
| JPMCC 2007-LD1 V/R 06/15/49 | 46631BAJ4 | ASSET BACKED | 42,653.1900 | 43,335.64 | .02 | |
| JPMCC 2014-C20 X V/R 06/15/24 | 46642CBL3 | ASSET BACKED | 3,600,329.2900 | 124,701.37 | .07 | |
| KINDER MORGAN I 3.05% 12/01/19 | 49456BAE1 | CORPORATE BONDS | 90,000.0000 | 90,007.58 | .05 | |
| KROGER CO 6.15% 01/15/20 | KR20 | 501044CH2 | CORPORATE BONDS | 115,000.0000 | 120,659.39 | .07 |
| LEE ENTERPRISES 9.5% 03/15/22 | 523768AF6 | CORPORATE BONDS | 1,727,000.0000 | 1,791,762.50 | 1.00 | |
| LENNAR CORP 6.95% 06/01/18 | LEN18 | 526057BD5 | CORPORATE BONDS | 2,847,000.0000 | 2,847,000.00 | 1.59 |
| LEVEL 3 FINANC 6.125% 01/15/21 | 527298AY9 | CORPORATE BONDS | 2,685,000.0000 | 2,715,206.25 | 1.52 | |
| MGM RESORTS IN 8.625% 02/01/19 | 552953BW0 | CORPORATE BONDS | 1,122,000.0000 | 1,160,248.98 | .65 | |
| MACQUARIE INFR 2.875% 07/15/19 | 55608BAA3 | CORPORATE BONDS | 985,000.0000 | 972,678.64 | .54 | |
| MFT 2017-2A A 2.39% 07/15/24 | 57108PAA3 | ASSET BACKED | 212,392.2400 | 211,911.24 | .12 | |
| MCDERMOTT TEC 10.625% 05/01/24 | 58003XAA0 | CORPORATE BONDS | 584,000.0000 | 610,280.00 | .34 | |
| MEDIACOM BRDBND 5.5% 04/15/21 | 58446VAL5 | CORPORATE BONDS | 1,643,000.0000 | 1,659,183.55 | .93 | |
| MICHAELS STORE 5.875% 12/15/20 | 594087AT5 | CORPORATE BONDS | 2,900,000.0000 | 2,929,000.00 | 1.64 | |
| MICROCHIP TECH 3.922% 06/01/21 | 595017AJ3 | CORPORATE BONDS | 95,000.0000 | 95,480.81 | .05 | |
| MOLSON COORS BR 1.45% 07/15/19 | 60871RAE0 | CORPORATE BONDS | 40,000.0000 | 39,354.14 | .02 | |
| MONDELEZ INTERNATI 3% 05/07/20 | 609207AN5 | CORPORATE BONDS | 45,000.0000 | 45,019.25 | .03 | |
| MSC 2016-BNK2 XA V/R 11/15/49 | 61690YBV3 | ASSET BACKED | 2,200,636.1700 | 141,340.26 | .08 | |
| MSC 2016-UB12 XA V/R 11/15/26 | 61691EBB0 | ASSET BACKED | 4,242,553.7800 | 196,916.86 | .11 | |
| MSBAM 2016-C32 X V/R 12/15/26 | 61691GAT7 | ASSET BACKED | 2,945,344.5300 | 142,124.07 | .08 | |
| MSC 2017-H1 XA V/R 05/15/27 | 61691JAW4 | ASSET BACKED | 993,588.2500 | 88,381.66 | .05 | |
| MSC 2017-ASHF D V/R 11/15/19 | 61691KAL5 | ASSET BACKED | 76,000.0000 | 75,999.98 | .04 | |
| MSC 2017-ASHF E V/R 11/15/19 | 61691KAN1 | ASSET BACKED | 162,000.0000 | 162,450.33 | .09 | |
| MSC 2017-ASHF F V/R 11/15/19 | 61691KAQ4 | ASSET BACKED | 123,000.0000 | 123,325.70 | .07 | |
| MSC 2017-CLS E V/R 11/15/19 | 61691LAN9 | ASSET BACKED | 186,000.0000 | 186,918.67 | .10 | |
| MSC 2017-CLS F V/R 11/15/19 | 61691LAQ2 | ASSET BACKED | 206,000.0000 | 206,636.11 | .12 | |
| MORGAN STANLEY V/R 07/22/22 | 61744YAJ7 | CORPORATE BONDS | 140,000.0000 | 141,362.90 | .08 | |
| MSC 2011-C1 D V/R 02/15/21 | 617458AS3 | ASSET BACKED | 164,000.0000 | 169,859.88 | .10 | |
| MSC 2016-UB11 XA V/R 08/15/26 | 61767FBB6 | ASSET BACKED | 1,530,505.0200 | 140,419.70 | .08 | |
| NCR CORP 4.625% 02/15/21 | 62886EAH1 | CORPORATE BONDS | 1,037,000.0000 | 1,026,630.00 | .57 | |
| NRG YIELD INC 3.5% 02/01/19 | 62942XAA6 | CORPORATE BONDS | 1,614,000.0000 | 1,607,287.37 | .90 | |
| NEWELL BRANDS I 3.15% 04/01/21 | 651229AU0 | CORPORATE BONDS | 140,000.0000 | 138,707.38 | .08 | |
| NIELSEN FINANCE 4.5% 10/01/20 | 65409QBA9 | CORPORATE BONDS | 3,144,000.0000 | 3,147,930.00 | 1.76 | |
| NORTHROP GRUMMA 2.08% 10/15/20 | 666807BL5 | CORPORATE BONDS | 100,000.0000 | 97,833.00 | .05 | |
| ORBITAL ATK INC 5.25% 10/01/21 | 68557NAA1 | CORPORATE BONDS | 1,000,000.0000 | 1,017,500.00 | .57 | |
| PNC FINANCIAL 4.375% 08/11/20 | PNC/20A | 693476BL6 | CORPORATE BONDS | 135,000.0000 | 138,694.91 | .08 |
| PACKAGING CORP 2.45% 12/15/20 | 695156AS8 | CORPORATE BONDS | 145,000.0000 | 142,503.82 | .08 | |
| PMIT 2018-1A A 3.11% 06/17/24 | 74361HAA8 | ASSET BACKED | 232,254.3200 | 232,290.41 | .13 | |
| PRUDENTIAL FIN 7.375% 06/15/19 | PRU19 | 74432QBG9 | CORPORATE BONDS | 105,000.0000 | 109,809.62 | .06 |
| RAITF 2017-FL7 A V/R 06/15/25 | 74890EAA5 | ASSET BACKED | 126,911.3100 | 127,007.18 | .07 | |
| RAITF 2017-FL7 A V/R 06/15/25 | 74890EAC1 | ASSET BACKED | 36,000.0000 | 35,999.93 | .02 | |
| RCO 2017-INV1 A V/R 11/25/52 | 74937VAA2 | ASSET BACKED | 829,971.6400 | 836,121.65 | .47 | |
| REALOGY GROUP/C 5.25% 12/01/21 | 75606DAC5 | CORPORATE BONDS | 1,569,000.0000 | 1,580,767.50 | .88 | |
| REYNOLDS AMERIC 3.25% 06/12/20 | 761713BE5 | CORPORATE BONDS | 50,000.0000 | 50,027.82 | .03 | |
| REYNOLDS GRP IS 5.75% 10/15/20 | 761735AP4 | CORPORATE BONDS | 2,425,676.5981 | 2,437,804.98 | 1.36 | |
| RIVERS PITTSBU 6.125% 08/15/21 | 76882AAB6 | CORPORATE BONDS | 1,268,000.0000 | 1,264,830.00 | .71 | |
| RPT 2017-ROSS A V/R 06/15/20 | 77846EAA3 | ASSET BACKED | 35,000.0000 | 35,087.90 | .02 | |
| RPT 2017-ROSS B V/R 06/15/20 | 77846EAE5 | ASSET BACKED | 35,000.0000 | 35,087.88 | .02 | |
| SGR 2017-1 A1 V/R 04/25/47 | 784211AA2 | ASSET BACKED | 390,438.4700 | 385,594.96 | .22 | |
| SCLP 2018-2 A1 2.93% 05/25/20 | 78471WAA3 | ASSET BACKED | 234,445.4300 | 234,467.51 | .13 | |
| A SCHULMAN INC 6.875% 06/01/23 | 808194AB0 | CORPORATE BONDS | 1,550,000.0000 | 1,627,887.50 | .91 | |
| SHERWIN-WILLIAM 2.25% 05/15/20 | 824348AT3 | CORPORATE BONDS | 140,000.0000 | 137,915.15 | .08 | |
| SIMON PROPERTY G 2.2% 02/01/19 | 828807CQ8 | CORPORATE BONDS | 85,000.0000 | 84,758.01 | .05 | |
| SCLP 2017-3 A 2.77% 01/25/22 | 83404JAA4 | ASSET BACKED | 617,710.8900 | 614,333.80 | .34 | |
| SOFI 2017-C A2 1.75% 03/25/20 | 83405DAB4 | ASSET BACKED | 278,287.4900 | 275,930.98 | .15 | |
| SCLP 2017-5 A1 2.14% 11/25/19 | 83405LAA8 | ASSET BACKED | 546,210.0100 | 543,235.19 | .30 | |
| SOUTHERN CAL EDI 3.4% 06/01/23 | 842400GL1 | CORPORATE BONDS | 30,000.0000 | 29,993.49 | .02 | |
| SOUTHERN CO 1.85% 07/01/19 | SO19A | 842587CQ8 | CORPORATE BONDS | 75,000.0000 | 74,194.06 | .04 |
| SCFT 2016-AA A 3.05% 04/25/29 | 85022WAA2 | ASSET BACKED | 695,789.2000 | 693,756.38 | .39 | |
| SPIRIT AEROSYST 5.25% 03/15/22 | 85205TAF7 | CORPORATE BONDS | 2,489,000.0000 | 2,556,488.07 | 1.43 | |
| SPRINT COMMUNICATI 9% 11/15/18 | 852061AK6 | CORPORATE BONDS | 3,049,000.0000 | 3,122,785.80 | 1.75 | |
| THERMO FISHER SC 3.6% 08/15/21 | TMO21A | 883556AZ5 | CORPORATE BONDS | 20,000.0000 | 20,148.65 | .01 |
| UBSCM 2012-C1 XA V/R 05/10/45 | 90269GAG6 | ASSET BACKED | 1,894,755.4500 | 123,084.83 | .07 | |
| UBSCM 2017-C1 XA V/R 06/15/50 | 90276EAF4 | ASSET BACKED | 1,377,694.2000 | 144,241.69 | .08 | |
| USROF 2017-1III V/R 11/27/37 | 90354BAA6 | ASSET BACKED | 504,808.3000 | 502,852.67 | .28 | |
| US TIPS 0.125% 04/15/19 | 912828C99 | GOVERNMENT BONDS | 457,958.6000 | 455,937.14 | .25 | |
| US TREAS NTS 2% 08/31/21 | 912828D72 | GOVERNMENT BONDS | 640,000.0000 | 628,175.00 | .35 | |
| US TREAS NTS 2.125% 09/30/21 | 912828F21 | GOVERNMENT BONDS | 250,000.0000 | 246,181.64 | .14 | |
| QWEST CAPITAL FU 6.5% 11/15/18 | 912912AR3 | CORPORATE BONDS | 1,999,000.0000 | 2,023,987.50 | 1.13 | |
| UPST 2018-1 A 3.015% 08/20/25 | 91678TAA4 | ASSET BACKED | 250,000.0000 | 250,085.85 | .14 | |
| VOLT 2017-NPL6 A V/R 05/26/20 | 91832KAA6 | ASSET BACKED | 544,755.8400 | 541,032.38 | .30 | |
| VERIZON COMMUNICA V/R 05/15/25 | 92343VEP5 | CORPORATE BONDS | 95,000.0000 | 94,967.71 | .05 | |
| VERUS 2018-1 A1 V/R 02/25/48 | 92536FAA4 | ASSET BACKED | 595,369.5200 | 591,542.60 | .33 | |
| VOLT 2017-NPL4 A V/R 04/25/47 | 92871XAA8 | ASSET BACKED | 400,472.5400 | 399,358.15 | .22 | |
| VOLT 2017-NPL3 A V/R 03/25/47 | 92871YAA6 | ASSET BACKED | 749,046.1200 | 748,498.19 | .42 | |
| WSLT 2006-1 A5 V/R 07/26/27 | 92978JAE3 | ASSET BACKED | 645,689.0100 | 645,212.81 | .36 | |
| WEB.COM GROUP INC 1% 08/15/18 | 94733AAA2 | CORPORATE BONDS | 1,207,000.0000 | 1,201,322.27 | .67 | |
| ANTHEM INC 2.3% 07/15/18 | 94973VBE6 | CORPORATE BONDS | 70,000.0000 | 69,980.43 | .04 | |
| WFCM 2015-NXS2 X V/R 07/15/58 | 94989MAH2 | ASSET BACKED | 6,192,925.9800 | 217,764.95 | .12 | |
| WFCM 2015-LC22 X V/R 09/15/58 | 94989TBC7 | ASSET BACKED | 2,899,902.1600 | 137,035.46 | .08 | |
| WFCM 2017-SMP A V/R 12/15/19 | 95001CAA0 | ASSET BACKED | 196,000.0000 | 196,058.35 | .11 | |
| WLAKE 2018-2A B 3.2% 01/16/24 | 96042FAD6 | ASSET BACKED | 500,000.0000 | 501,210.95 | .28 | |
| WILLIAM CARTER 5.25% 08/15/21 | 96926JAA5 | CORPORATE BONDS | 2,446,000.0000 | 2,482,690.00 | 1.39 | |
| T/L REDDY INC CORP 0% 5/1/19 | LX128969 | LOAN | 989,583.3900 | 984,843.29 | .55 | |
| T/L INTERNAP NETW 0% 4/6/22 | LX161977 | LOAN | 1,623,777.0500 | 1,633,243.67 | .91 | |
| T/L LSC COMMUNICAT 0% 09/30/22 | LX169586 | LOAN | 1,463,040.0000 | 1,464,868.80 | .82 | |
| T/L CRESTWOOD HOLD 0% 02/28/23 | LX171649 | LOAN | 1,987,684.7700 | 1,957,869.50 | 1.10 | |
| RELIANCE HOLDING 5.4% 02/14/22 | U75888AC8 | CORPORATE BONDS | 250,000.0000 | 261,867.57 | .15 | |
| CNPC GENERAL CA 3.95% 04/19/22 | G22004AB4 | CORPORATE BONDS | 200,000.0000 | 202,883.16 | .11 | |
| SINOPEC GRP OVER 2.5% 04/28/20 | G8201JAB7 | CORPORATE BONDS | 200,000.0000 | 197,344.70 | .11 | |
| US T BILL ZCP 07/19/18 | 912796MK2 | SHORT TERMS | 1,050,000.0000 | 1,047,523.89 | .59 | |
| US T BILL ZCP 08/16/18 | 912796NQ8 | SHORT TERMS | 590,000.0000 | 587,692.61 | .33 | |
| US T BILL ZCP 06/07/18 | 912796PJ2 | SHORT TERMS | 550,000.0000 | 549,848.75 | .31 | |
| US T BILL ZCP 09/20/18 | 912796PZ6 | SHORT TERMS | 450,000.0000 | 447,356.81 | .25 | |
| US T BILL ZCP 10/18/18 | 912796QD4 | SHORT TERMS | 450,000.0000 | 446,594.50 | .25 | |
| T/L APPVION INC 0% 07/02/18 | LX168947 | LOAN | 542,000.0000 | 395,660.00 | .22 | |
| T/L APPVION INC 0% 07/02/18 | LX171994 | LOAN | 233,119.6500 | 233,119.65 | .13 | |
| EUR/USD FWD 20180614 000000010 USD | EUR | 1295235989 | FORWARD | -1,715,000.0000 | -2,006,345.43 | -1.12 |
| SEK/USD FWD 20180614 000000010 USD | SEK | 1295231112 | FORWARD | -12,976,550.0000 | -1,472,687.27 | -.82 |
| USD/SEK FWD 20180614 000000010 USD | USD | 1295231112 | FORWARD | 1,495,252.6400 | 1,495,252.64 | .84 |
| USD/EUR FWD 20180614 000000010 USD | USD | 1295235989 | FORWARD | 2,038,877.7500 | 2,038,877.75 | 1.14 |
As of 05/31/2018.
Distributions
| Fund Name | Fund Cusip | Distribution Type | Amount per Share | Ex Date | Reinvest Date | Reinvest Price |
|---|---|---|---|---|---|---|
| Destinations Low Duration Fixed Income Fund | 10964R707 | Dividend | 0.029990 | 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 | 0.25% |
| Acquired Fund Fees and Expenses (AFFE) | 0.02% |
| Total Annual Fund Operating Expenses | 0.97% |
| Fee Waivers and Expense Reimbursements | -0.10% |
| Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements | 0.87%* |
*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.
