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 9/30/18

Annualized

MTD

QTD

YTD

1 Year

3 Years

5 Years

Since
Inception

Destinations Low Duration Fixed Income Fund

0.18%

0.88%

1.92%

2.36%

N/A

2.08%

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

-0.13%

0.18%

0.28%

0.02%

N/A

0.40%

*Effective June 30, 2018, 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, 2019. 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: 0.98%
Net expense ratio: 0.94%*

Daily NAV

Date:

11/16/2018

NAV:

$9.85
NAV change:

$0.01
Total assets ($m):

$358.8

Quick links

Management team

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

Performance

I Share Fund performance as of 9/30/18

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

0.18%

0.88%

1.92%

2.36%

N/A

2.08%

3/20/2017

0.98%

0.94%

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

-0.13%

0.18%

0.28%

0.02%

N/A

0.40%

Holdings

Security Description	Ticker Symbol	Security ID	Security Type Description	Quantity	Base Market Value	Percent TNA
US DOLLARS		CASHUSD	CURRENCY	29,917,596.6600	29,917,596.66	8.19
ISHARES CORE 1-5 YEAR USD BO	ISTB	46432F859	POOLED INVESTMENTS	517,952.0000	25,291,596.16	6.92
APPVION INC		989713111	COMMON STOCK	20,309.0000	264,017.00	.07
REPUBLIC OF AR 5.625% 01/26/22		040114HK9	GOVERNMENT BONDS	150,000.0000	135,000.00	.04
YPF SOCIEDAD ANO 8.5% 03/23/21		BD3J1L2	CORPORATE BONDS	200,000.0000	201,900.00	.06
PAMPA ENERGIA 7.375% 07/21/23		P7873PAE6	CORPORATE BONDS	100,000.0000	92,370.00	.03
WESTPAC BANKING 1.6% 08/19/19		961214CY7	CORPORATE BONDS	115,000.0000	113,735.28	.03
WESTPAC BANKING 2.65% 01/25/21		961214DU4	CORPORATE BONDS	150,000.0000	147,435.30	.04
BMIR 2018-2A M1A V/R 08/25/28		07877DAA4	ASSET BACKED	490,000.0000	490,601.18	.13
GOLDEN OCEAN GR 3.07% 01/30/19		BJ4XCR8	CORPORATE BONDS	400,000.0000	395,600.00	.11
SHIP FINANCE IN 5.75% 10/15/21		G81075AF3	CORPORATE BONDS	1,178,000.0000	1,133,107.60	.31
GLOBO COMMUNIC 4.875% 04/11/22		P47773AL3	CORPORATE BONDS	200,000.0000	198,250.00	.05
AVISON YOUNG CAN 9.5% 12/15/21		05381NAA5	CORPORATE BONDS	980,000.0000	1,026,550.00	.28
LARGO RESOURCES 9.25% 06/01/21		517103AA5	CORPORATE BONDS	621,000.0000	648,945.00	.18
LUNDIN MINING 7.875% 11/01/22		550372AB2	CORPORATE BONDS	2,995,000.0000	3,119,592.00	.85
ROYAL BANK OF CA 3.2% 04/30/21		78013XKG2	CORPORATE BONDS	180,000.0000	179,260.94	.05
TORONTO-DOMINIO 3.25% 06/11/21		89114QBZ0	CORPORATE BONDS	265,000.0000	264,115.22	.07
AIMCO 2015-AA AR V/R 01/15/28		00900LAG9	ASSET BACKED	500,000.0000	497,881.45	.14
APID 2013-16A A1 V/R 01/19/25		03764UAN3	ASSET BACKED	411,159.0000	410,840.56	.11
AVERY 2015-7A A1 V/R 01/15/28		05364CAA0	ASSET BACKED	500,000.0000	500,300.75	.14
BSPRT 2017-FL2 A V/R 10/15/34		05585BAC1	ASSET BACKED	81,000.0000	80,976.17	.02
BSPRT 2017-FL2 B V/R 10/15/34		05585BAE7	ASSET BACKED	81,000.0000	80,922.16	.02
BXMT 2017-FL1 C V/R 10/15/20		05607KAG6	ASSET BACKED	117,000.0000	117,758.57	.03
CK HUTCHISON I 2.875% 04/05/22		12563UAA5	CORPORATE BONDS	200,000.0000	193,900.69	.05
CATLK 2018-5A A1 V/R 10/21/30		14919BAA4	ASSET BACKED	1,000,000.0000	998,710.00	.27
GPMT 2018-FL1 A V/R 12/19/20		36255CAA7	ASSET BACKED	118,000.0000	118,000.00	.03
GWOLF 2018-2A A1 V/R 10/20/31		39809AAA6	ASSET BACKED	1,000,000.0000	999,147.40	.27
KING 2018-8A A V/R 04/20/31		42086PAC7	ASSET BACKED	500,000.0000	496,996.30	.14
HUNTC 2018-FL2 A V/R 06/15/23		445579AA3	ASSET BACKED	228,000.0000	228,596.77	.06
JTWN 2016-9A A1A V/R 10/20/28		47048JAA1	ASSET BACKED	500,000.0000	500,365.70	.14
JTWN 2016-9A A1B V/R 10/20/28		47048JAJ2	ASSET BACKED	500,000.0000	500,287.70	.14
MCLO 2014-7A A1R V/R 10/28/25		56577AAJ1	ASSET BACKED	1,000,000.0000	1,000,721.60	.27
OCP 2014-5A A1R V/R 04/26/31		67102SAL8	ASSET BACKED	250,000.0000	248,544.78	.07
OCTR 2014-5A ARR V/R 10/13/31		67515EAR7	ASSET BACKED	1,000,000.0000	1,000,172.33	.27
OCT24 2015-1A A1 V/R 05/21/27		67591MAA3	ASSET BACKED	760,000.0000	758,604.03	.21
PAIA 2018-1A A1A V/R 10/20/31		70016RAA3	ASSET BACKED	3,000,000.0000	3,000,000.00	.82
RACEP 2015-9A A1 V/R 10/15/30		74981HCC2	ASSET BACKED	1,000,000.0000	1,001,309.90	.27
SEAGATE HDD CAY 3.75% 11/15/18		81180WAP6	CORPORATE BONDS	2,550,000.0000	2,549,061.57	.70
SNDPT 2016-1A A V/R 07/20/28		83609JAA7	ASSET BACKED	500,000.0000	500,559.95	.14
SNDPT 2014-2RA A V/R 10/20/31		83613WAA2	ASSET BACKED	1,000,000.0000	998,832.50	.27
STCR 2015-1A AR V/R 05/21/29		85816BCN8	ASSET BACKED	1,000,000.0000	1,001,007.70	.27
STCR 2018-2A A V/R 08/18/31		85816LAA6	ASSET BACKED	1,000,000.0000	998,093.30	.27
VENTR 2006-7A A1 V/R 01/20/22		92328WAA9	ASSET BACKED	3,451,758.1600	3,444,954.40	.94
ZAIS2 2014-2A A1 V/R 07/25/26		98886YAQ1	ASSET BACKED	1,000,000.0000	1,000,371.10	.27
GRUPO AVAL LTD 4.75% 09/26/22		B8FB0M5	CORPORATE BONDS	300,000.0000	294,228.00	.08
SPARC EM SPC PANA ZCP 12/05/22		BF7TXZ0	CORPORATE BONDS	400,000.0000	361,504.00	.10
AGROMERCANTIL S 6.25% 04/10/19		G0131LAA6	CORPORATE BONDS	200,000.0000	200,482.00	.05
BANCO SANTANDE 3.875% 09/20/22		05967FAB2	CORPORATE BONDS	150,000.0000	148,685.93	.04
CELULOSA ARAUC 4.75% 01/11/22		151191AW3	CORPORATE BONDS	100,000.0000	101,000.00	.03
BANCO DEL ESTA 4.125% 10/07/20		B4P2L27	CORPORATE BONDS	200,000.0000	201,748.60	.06
INVERSIONES CMPC 4.5% 04/25/22		P58073AA8	CORPORATE BONDS	200,000.0000	200,744.92	.05
ECOPETROL SA 7.625% 07/23/19	EC19	279158AB5	CORPORATE BONDS	50,000.0000	51,450.00	.01
ECOPETROL SA 5.875% 09/18/23	EC23	BDV82X0	CORPORATE BONDS	300,000.0000	313,650.00	.09
OLEODUCTO CENTRAL 4% 05/07/21		P7358RAC0	CORPORATE BONDS	200,000.0000	197,752.00	.05
DOMINICAN REPU 7.5% 05/06/21		P3579EAH0	GOVERNMENT BONDS	200,000.0000	207,000.00	.06
CONTAINERSHI V/R 11/22/21/EUR/		X1R42DAB0	CORPORATE BONDS	1,095,040.0000	1,262,011.02	.35
INDIAN OIL COR 5.625% 08/02/21		B4MR909	CORPORATE BONDS	200,000.0000	207,124.80	.06
INDIAN OIL CORP 5.75% 08/01/23		BCHH9P5	CORPORATE BONDS	200,000.0000	208,063.40	.06
ADANI PORTS AND 3.5% 07/29/20		Y00130CZ8	CORPORATE BONDS	200,000.0000	197,241.60	.05
ADANI PORTS AND 3.95% 01/19/22		Y00130HS9	CORPORATE BONDS	200,000.0000	195,567.80	.05
BHARAT PETROLE 4.625% 10/25/22		Y0882ZBH0	CORPORATE BONDS	200,000.0000	199,220.00	.05
REPUBLIC OF IN 4.875% 05/05/21		Y20721AU3	GOVERNMENT BONDS	200,000.0000	204,214.40	.06
ISRAEL ELECTRI 6.875% 06/21/23		46507NAE0	CORPORATE BONDS	200,000.0000	218,488.40	.06
STATE OF ISRAEL 4% 06/30/22		46513AGA2	GOVERNMENT BONDS	200,000.0000	203,090.40	.06
DELEK & AVNER 4.435% 12/30/20		BMJJM83	CORPORATE BONDS	160,000.0000	159,808.80	.04
SUMITOMO MITSU 2.058% 07/14/21		86562MAE0	CORPORATE BONDS	275,000.0000	264,078.67	.07
IOI INVESTMENT 4.375% 06/27/22		B8GJJP4	CORPORATE BONDS	200,000.0000	198,583.60	.05
MALAYAN BANKING B V/R 10/29/26		BD3C8K9	CORPORATE BONDS	200,000.0000	197,094.00	.05
AXIATA SPV2 BH 3.466% 11/19/20		BD5WCP0	CORPORATE BONDS	200,000.0000	198,722.20	.05
PETRONAS GLOBA 2.707% 03/18/20		Y68868AA9	CORPORATE BONDS	200,000.0000	198,170.60	.05
BOREALIS FINANCE 7.5% 11/16/22		09972AAA0	CORPORATE BONDS	450,000.0000	441,000.00	.12
DYNAGAS LNG PAR 6.25% 10/30/19		26780TAA5	CORPORATE BONDS	1,675,000.0000	1,670,812.50	.46
TEEKAY CORP 8.5% 01/15/20	TK20	87900YAA1	CORPORATE BONDS	992,000.0000	1,006,880.00	.28
GOLAR LNG PARTNER V/R 05/22/20		BXQ9SM9	CORPORATE BONDS	1,000,000.0000	987,500.00	.27
UPL CORP LTD 3.25% 10/13/21		BD2N5F7	CORPORATE BONDS	200,000.0000	192,960.00	.05
BANCO SANTANDER M V/R 10/01/28		05969BAC7	CORPORATE BONDS	200,000.0000	200,146.00	.05
BBVA BANCOMER 7.25% 04/22/20		B3L6LN7	CORPORATE BONDS	100,000.0000	103,026.00	.03
CREDITO REAL SA 7.25% 07/20/23		BD0PB02	CORPORATE BONDS	200,000.0000	199,500.00	.05
UNIFIN FINANCIE 7.25% 09/27/23		BD878V0	CORPORATE BONDS	200,000.0000	193,300.00	.05
BANCO MERCANTIL DE V/R /PERP/		P14008AD1	CORPORATE BONDS	400,000.0000	395,080.00	.11
BBVA BANCOMER S 6.75% 09/30/22		P16259AH9	CORPORATE BONDS	200,000.0000	210,300.00	.06
PETROBRAS GLOB 4.375% 05/20/23		71647NAF6	CORPORATE BONDS	400,000.0000	385,000.00	.11
TEVA PHARMACEUTI 1.7% 07/19/19	TEVA/19	88167AAB7	CORPORATE BONDS	3,510,000.0000	3,444,083.46	.94
YANDEX NV 1.125% 12/15/18		98474TAB3	CORPORATE BONDS	4,162,000.0000	4,124,450.44	1.13
BHARTI AIRTEL 5.125% 03/11/23		N1384FAA3	CORPORATE BONDS	200,000.0000	193,996.80	.05
BRASKEM NETHERLA 3.5% 01/10/23		N15516AA0	CORPORATE BONDS	400,000.0000	376,880.00	.10
MARFRIG HOLDING EU 8% 06/08/23		N54468AF5	CORPORATE BONDS	200,000.0000	202,250.00	.06
VTR FINANCE BV 6.875% 01/15/24		N9417JAB7	CORPORATE BONDS	399,000.0000	403,987.50	.11
BULK INDUSTR V/R 05/26/21/NOK/		BFZNFV4	CORPORATE BONDS	3,000,000.0000	357,389.31	.10
MULTIBANK INC. 4.375% 11/09/22		BF8QD50	CORPORATE BONDS	400,000.0000	386,004.00	.11
BANISTMO SA 3.65% 09/19/22		P15383AC9	CORPORATE BONDS	400,000.0000	379,000.00	.10
ENA NORTE TRUST 4.95% 04/25/23		P3716XAA7	CORPORATE BONDS	332,873.0200	330,376.47	.09
GLOBAL BANK CO 5.125% 10/30/19		P47718AA2	CORPORATE BONDS	200,000.0000	201,740.00	.06
BANCO INTERNAC 3.375% 01/18/23		P13435AB1	CORPORATE BONDS	400,000.0000	380,000.00	.10
FONDO MIVIVIENDA 3.5% 01/31/23		P42009AA1	GOVERNMENT BONDS	300,000.0000	288,000.00	.08
BDO UNIBANK INC 2.95% 03/06/23		BF0DWX0	CORPORATE BONDS	400,000.0000	376,174.40	.10
UNION BK OF PH 3.369% 11/29/22		BF2WQR7	CORPORATE BONDS	200,000.0000	190,087.80	.05
SP POWERASSETS L 2.7% 09/14/22		B6RVFW4	CORPORATE BONDS	200,000.0000	193,697.60	.05
UNITED OVERSEAS B V/R 09/19/24		BKRQS51	CORPORATE BONDS	200,000.0000	200,030.00	.05
UNITED OVERSEAS BAN V/R /PERP/		BYWHFW3	CORPORATE BONDS	200,000.0000	185,612.40	.05
ONGC VIDESH VA 2.875% 01/27/22		BZ30F84	CORPORATE BONDS	400,000.0000	380,284.40	.10
DBS GROUP HOLDINGS V/R /PERP/		BZCN164	CORPORATE BONDS	200,000.0000	191,800.00	.05
EUROPEAN LIN V/R 02/22/21/EUR/		W3R39XAA0	CORPORATE BONDS	1,700,000.0000	1,969,735.45	.54
MAXFASTIGHET V/R 09/15/20/SEK/		W5S91TAA8	CORPORATE BONDS	12,000,000.0000	1,330,911.12	.36
ASTRAZENECA PL 2.375% 11/16/20		046353AK4	CORPORATE BONDS	265,000.0000	260,159.57	.07
INMARSAT FINAN 4.875% 05/15/22		45763PAE6	CORPORATE BONDS	2,084,000.0000	2,041,319.68	.56
FRESNILLO PLC 5.5% 11/13/23		G371E2AA6	CORPORATE BONDS	400,000.0000	414,100.00	.11
AT&T INC 2.8% 02/17/21		00206RCR1	CORPORATE BONDS	265,000.0000	260,412.82	.07
ADVANCED MICRO 6.75% 03/01/19		007903AZ0	CORPORATE BONDS	1,093,000.0000	1,101,197.50	.30
AIR LEASE CORP 2.5% 03/01/21		00912XAZ7	CORPORATE BONDS	270,000.0000	263,224.10	.07
AKAMAI TECHNOLOGI ZCP 02/15/19		00971TAG6	CORPORATE BONDS	1,547,000.0000	1,531,557.85	.42
ALLY FINANCIAL 3.25% 11/05/18		02005NBE9	CORPORATE BONDS	3,258,000.0000	3,257,576.46	.89
ANALOG DEVICES 2.95% 01/12/21		032654AR6	CORPORATE BONDS	175,000.0000	172,876.88	.05
ANIXTER INC 5.625% 05/01/19	AXE/19	035287AD3	CORPORATE BONDS	4,154,000.0000	4,187,855.10	1.15
ANTHEM INC 2.5% 11/21/20		036752AE3	CORPORATE BONDS	270,000.0000	264,530.18	.07
AHPT 2017-ATRM E V/R 12/15/19		04965JAJ2	ASSET BACKED	118,000.0000	118,149.21	.03
AHPT 2018-ATRM D V/R 06/15/21		04965KAN0	ASSET BACKED	321,000.0000	321,497.10	.09
AVNT 2017-B A 2.29% 11/15/18		05353WAA9	ASSET BACKED	18,900.7100	18,893.82	.01
AVIS BUDGET CA 5.125% 06/01/22		053773AY3	CORPORATE BONDS	2,684,000.0000	2,752,790.92	.75
BBCMS 2018-BXH A V/R 10/15/20		05491RAA3	ASSET BACKED	535,000.0000	535,000.00	.15
BAT CAPITAL CO 2.297% 08/14/20		05526DAQ8	CORPORATE BONDS	215,000.0000	210,385.23	.06
BBCMS 2017-GLKS V/R 11/15/19		05547WAN8	ASSET BACKED	275,000.0000	275,588.50	.08
BBCMS 2018-TALL V/R 03/15/20		05548WAA5	ASSET BACKED	79,000.0000	78,851.07	.02
BHMS 2018-ATLS A V/R 07/15/20		05549GAA9	ASSET BACKED	75,000.0000	74,975.67	.02
BX 2018-BIOA E V/R 02/15/20		056057AN2	ASSET BACKED	118,000.0000	118,145.95	.03
BX 2018-IND A V/R 10/15/20		056059AA6	ASSET BACKED	322,000.0000	321,793.53	.09
BX 2018-MCSF F V/R 04/15/20		05607AAQ6	ASSET BACKED	118,000.0000	116,617.98	.03
BX 2017-IMC D V/R 10/15/19		05607EAL9	ASSET BACKED	27,000.0000	26,999.47	.01
BX 2017-IMC E V/R 10/15/19		05607EAN5	ASSET BACKED	44,000.0000	44,026.75	.01
BANC 2018-CRE4 A V/R 08/15/21		05972LAA4	ASSET BACKED	167,179.8500	167,099.19	.05
BANK 2017-BNK6 X V/R 07/15/60		060352AG6	ASSET BACKED	1,892,170.0600	102,952.41	.03
BANK OF AMERICA C V/R 03/05/24		06051GHE2	CORPORATE BONDS	180,000.0000	178,715.62	.05
BANK 2017-BNK4 X V/R 05/15/50		06541FBB4	ASSET BACKED	1,566,130.5700	134,036.81	.04
BOMFT 2018-RN6 A V/R 07/25/23		07333UAA4	ASSET BACKED	899,549.8800	896,519.84	.25
BOMFT 2018-SBR2 V/R 04/28/33		07334EAA9	ASSET BACKED	715,783.6900	716,153.68	.20
BSCMS 2005-PW10 V/R 12/11/15		07387BEE9	ASSET BACKED	117,309.1600	123,558.14	.03
BLUELINE RENTAL 9.25% 03/15/24		09628UAA4	CORPORATE BONDS	3,393,000.0000	3,541,443.75	.97
BRIGGS & STRAT 6.875% 12/15/20	BGG20	109043AG4	CORPORATE BONDS	2,006,000.0000	2,111,315.00	.58
BX 2018-EXCL A V/R 09/15/20		12433WAA9	ASSET BACKED	535,000.0000	533,662.93	.15
CCO HLDGS LLC/C 5.25% 03/15/21		1248EPBB8	CORPORATE BONDS	3,978,000.0000	3,997,890.00	1.09
CDK GLOBAL INC 3.8% 10/15/19		12508EAB7	CORPORATE BONDS	479,000.0000	478,133.01	.13
CD 2017-CD4 XA V/R 04/10/27		12515DAS3	ASSET BACKED	1,694,707.2800	134,656.70	.04
CFCRE 2018-TAN 4.69% 02/15/23		12528DAE9	ASSET BACKED	405,000.0000	408,254.22	.11
CFCRE 2017-C8 XA V/R 05/15/27		12532CBE4	ASSET BACKED	1,381,832.6300	135,597.85	.04
CFCRE 2017-C8 XB V/R 05/15/27		12532CBF1	ASSET BACKED	287,000.0000	19,958.15	.01
CGGS 2018-WSS D V/R 02/15/20		12533AAL2	ASSET BACKED	118,000.0000	118,256.15	.03
CHT 2017-CSMO A V/R 11/15/19		12546DAA5	ASSET BACKED	117,000.0000	117,132.21	.03
CHT 2017-CSMO E V/R 11/15/19		12546DAN7	ASSET BACKED	77,000.0000	77,432.74	.02
CHT 2017-CSMO F V/R 11/15/19		12546DAQ0	ASSET BACKED	41,000.0000	41,242.31	.01
CLNS 2017-IKPR D V/R 06/11/22		125639AL8	ASSET BACKED	47,000.0000	46,999.39	.01
CLNS 2017-IKPR E V/R 06/11/22		125639AN4	ASSET BACKED	47,000.0000	47,058.43	.01
CSAIL 2017-C8 XA V/R 06/15/27		12595BAF8	ASSET BACKED	822,744.1800	57,386.08	.02
CSAIL 2017-CX10 V/R 11/15/27		12595JAN4	ASSET BACKED	4,820,080.5700	240,274.27	.07
CSAIL 2018-CX12 V/R 08/15/51		12595XAV5	ASSET BACKED	3,545,220.7100	164,272.76	.04
COMM 2013-CR9 XA V/R 07/10/23		12625UBC6	ASSET BACKED	22,352,630.0200	97,998.40	.03
COMM 2014-FL5 C V/R 09/15/16		12635HAE0	ASSET BACKED	325,000.0000	324,045.09	.09
CSMC TRUST 2017-1 A 20210325 4.50000		12651LAA8	ASSET BACKED	320,613.0400	324,037.12	.09
CSMC 2017-LSTK X V/R 05/05/20		12651PAC5	ASSET BACKED	8,157,000.0000	72,620.96	.02
CSMC 2017-LSTK X V/R 05/05/20		12651PAE1	ASSET BACKED	2,969,000.0000	10,700.87	.00
CSMC 2017-LST 3.229% 04/05/21		12651PAL5	ASSET BACKED	107,000.0000	104,916.99	.03
CSMC 2017-LSTK D V/R 04/05/21		12651PAN1	ASSET BACKED	128,000.0000	124,935.56	.03
CSMC 2017-LSTK E V/R 04/05/21		12651PAQ4	ASSET BACKED	47,000.0000	45,613.53	.01
CSMC 2017-CHOP D V/R 06/15/19		12651QAL3	ASSET BACKED	70,000.0000	69,955.25	.02
CSMC 2018-RPL 4.125% 07/25/58		12653AAA0	ASSET BACKED	500,000.0000	496,564.45	.14
CSWF 2018-TOP A V/R 08/15/20		12653BAA8	ASSET BACKED	230,000.0000	230,073.37	.06
CVS HEALTH CORP 2.8% 07/20/20		126650CJ7	CORPORATE BONDS	180,000.0000	178,096.21	.05
CAPITAL ONE FINA 2.4% 10/30/20		14040HBR5	CORPORATE BONDS	265,000.0000	258,897.05	.07
CARDINAL HEALT 2.616% 06/15/22		14149YBF4	CORPORATE BONDS	125,000.0000	119,498.80	.03
CARDINAL HEALT 1.948% 06/14/19		14149YBL1	CORPORATE BONDS	140,000.0000	139,102.69	.04
CELGENE CORP 2.875% 08/15/20		151020AQ7	CORPORATE BONDS	265,000.0000	262,214.63	.07
CINTAS CORPORATI 2.9% 04/01/22		17252MAM2	CORPORATE BONDS	140,000.0000	136,362.48	.04
CITIGROUP INC V/R 06/01/24		172967MA6	CORPORATE BONDS	265,000.0000	265,771.83	.07
CGCMT 2018-TBR B V/R 12/15/19		17326MAG7	ASSET BACKED	178,000.0000	177,831.36	.05
CMLTI 2018-C A1 S/UP 03/25/59		17327KAA3	ASSET BACKED	1,000,000.0000	1,002,600.00	.27
CIVIC 2018-1 A1 V/R 05/25/19		178837AA8	ASSET BACKED	1,069,626.0100	1,069,046.59	.29
CLEAN HARBORS 5.125% 06/01/21		184496AL1	CORPORATE BONDS	4,905,000.0000	4,905,000.00	1.34
COLD 2017-ICE3 A V/R 04/15/24		193046AA7	ASSET BACKED	395,000.0000	395,111.90	.11
COLD 2017-ICE3 C V/R 04/15/24		193046AE9	ASSET BACKED	90,000.0000	90,138.08	.02
COLT 2017-1 A2 V/R 05/27/47		19687TAB2	ASSET BACKED	354,157.3000	349,307.75	.10
COMCAST CORP 3.45% 10/01/21		20030NCQ2	CORPORATE BONDS	175,000.0000	174,930.00	.05
COMM 2013-LC6 XA V/R 01/10/23		20048EAZ4	ASSET BACKED	2,211,000.2900	101,868.08	.03
COMM 2018-HCLV A V/R 09/15/20		20048KAA5	ASSET BACKED	227,000.0000	225,890.74	.06
CONSOLIDATED EDISO 2% 05/15/21		209115AC8	CORPORATE BONDS	180,000.0000	173,636.50	.05
CONSOLIDATED EDISO 2% 03/15/20		209115AD6	CORPORATE BONDS	95,000.0000	93,452.77	.03
CLUB 2018-NP1 2.99% 03/15/19		21051HAA4	ASSET BACKED	82,401.9400	82,382.38	.02
DAIMLER FINANCE 2.3% 02/12/21		233851CZ5	CORPORATE BONDS	175,000.0000	170,027.21	.05
DRMT 2017-1A A1 V/R 10/25/25		24380TAA4	ASSET BACKED	266,198.3600	264,712.76	.07
DRMT 2017-1A A2 V/R 10/25/25		24380TAB2	ASSET BACKED	266,198.3600	263,404.74	.07
DRMT 2018-3A A2 V/R 08/25/58		24381KAB0	ASSET BACKED	390,699.2400	390,693.93	.11
DELTA AIR LINES 3.4% 04/19/21		247361ZM3	CORPORATE BONDS	180,000.0000	178,222.00	.05
DELL INT LLC / 5.875% 06/15/21		25272KAU7	CORPORATE BONDS	4,663,000.0000	4,727,317.83	1.29
VISTRA ENERGY 7.375% 11/01/22		26817RAN8	CORPORATE BONDS	4,344,000.0000	4,506,900.00	1.23
EARN 2017-A A2 2.65% 07/25/25		27035BAB3	ASSET BACKED	307,569.2900	300,496.64	.08
EBAY INC 2.75% 01/30/23		278642AS2	CORPORATE BONDS	180,000.0000	172,094.12	.05
EDGEWELL PERSONA 4.7% 05/19/21		29266RAB4	CORPORATE BONDS	328,000.0000	328,000.00	.09
FNR 2012-56 FK V/R 06/25/42		3136A6VQ4	ASSET BACKED	809,711.9800	812,260.79	.22
FNR 2014-84 BF V/R 12/25/44		3136AL2T7	ASSET BACKED	734,391.4200	734,755.60	.20
FNR 2018-64 FA V/R 09/25/48		3136B22T8	ASSET BACKED	495,685.8300	496,366.16	.14
FNR 2018-49 FB V/R 07/25/48		3136B2HM7	ASSET BACKED	485,303.1400	484,662.88	.13
FNR 2018-55 FA V/R 08/25/48		3136B2UA8	ASSET BACKED	238,894.2500	238,576.81	.07
FNR 2018-77 FA V/R 10/25/48		3136B3JJ0	ASSET BACKED	500,000.0000	498,650.20	.14
FHR 4703 FA V/R 07/15/47		3137F24X1	ASSET BACKED	624,843.0500	624,117.92	.17
FINISAR CORP 0.5% 12/15/33		31787AAM3	CORPORATE BONDS	4,092,000.0000	4,072,247.92	1.11
GCAT 2017-2 A1 V/R 04/25/47		36155CAA8	ASSET BACKED	365,563.1400	362,442.18	.10
GSMS 2018-TWR A V/R 07/15/21		36251SAA6	ASSET BACKED	200,000.0000	199,843.88	.05
GSMS 2018-TWR D V/R 07/15/21		36251SAN8	ASSET BACKED	200,000.0000	199,675.62	.05
GSMS 2016-GS4 XA V/R 11/10/26		36251XAT4	ASSET BACKED	5,301,342.7600	169,921.29	.05
GSMS 2017-GS6 XA V/R 05/10/27		36253PAE2	ASSET BACKED	1,770,744.0800	128,389.57	.04
GSMS 2017-500K E V/R 07/15/19		36253XAN5	ASSET BACKED	77,000.0000	77,000.06	.02
GSMS 2017-500K F V/R 07/15/19		36253XAQ8	ASSET BACKED	53,000.0000	53,000.02	.01
GSMS 2017-GS8 XA V/R 11/10/27		36254KAP7	ASSET BACKED	3,622,604.5900	242,638.07	.07
GCAR 2018-3A A 3.35% 08/15/22		36255XAA1	ASSET BACKED	750,000.0000	748,976.10	.21
GSMS 2018-3PCK A V/R 09/15/21		36255YAA9	ASSET BACKED	171,000.0000	170,863.76	.05
GAMESTOP CORP 5.5% 10/01/19		36467WAA7	CORPORATE BONDS	4,517,000.0000	4,517,000.00	1.24
TEGNA INC 5.125% 10/15/19		364725BD2	CORPORATE BONDS	989,000.0000	986,527.50	.27
GENERAL MOTORS F 3.2% 07/06/21		37045XBM7	CORPORATE BONDS	230,000.0000	225,010.58	.06
GENERAL MOTORS 2.65% 04/13/20		37045XBV7	CORPORATE BONDS	40,000.0000	39,573.91	.01
GIBRALTAR INDUS 6.25% 02/01/21		374689AF4	CORPORATE BONDS	6,080,000.0000	6,095,200.00	1.67
GOLDMAN SACHS GR 2.3% 12/13/19		38145GAJ9	CORPORATE BONDS	140,000.0000	138,538.14	.04
GREIF INC 7.75% 08/01/19	GEF19	397624AG2	CORPORATE BONDS	5,348,000.0000	5,468,330.00	1.50
HC2 HOLDINGS INC 11% 12/01/19		404139AA5	CORPORATE BONDS	3,610,000.0000	3,582,925.00	.98
NZES 2018-PLS 3.193% 01/25/21		40423XAB8	ASSET BACKED	346,926.3300	344,588.60	.09
SPECTRUM BRANDS 7.75% 01/15/22		40434JAC4	CORPORATE BONDS	2,252,000.0000	2,305,485.00	.63
HALFMOON PARENT 3.4% 09/17/21		40573LAG1	CORPORATE BONDS	180,000.0000	178,675.20	.05
HILT 2018-ORL B V/R 12/15/24		432885AG6	ASSET BACKED	78,000.0000	77,925.21	.02
HOF 2018-1 A1 V/R 06/25/48		43789AAA2	ASSET BACKED	1,710,632.6200	1,710,448.38	.47
ICAHN ENTERPRISES/ 6% 08/01/20		451102AX5	CORPORATE BONDS	7,158,000.0000	7,220,632.50	1.98
INFOR US INC 5.75% 08/15/20		45672NAF8	CORPORATE BONDS	4,426,000.0000	4,475,792.50	1.23
INTREPID AVIATIO 8.5% 08/15/21		46122XAG8	CORPORATE BONDS	677,000.0000	680,385.00	.19
IHSFR 2018-SFR1 V/R 03/17/20		46185JAA6	ASSET BACKED	198,538.2100	198,196.35	.05
INVISTA FINANCE 4.25% 10/15/19		46186RAA7	CORPORATE BONDS	3,081,000.0000	3,087,470.10	.85
IHSFR 2017-SFR2 V/R 12/17/19		46187BAA1	ASSET BACKED	198,525.1700	198,711.15	.05
IRON MOUNTAIN 4.375% 06/01/21		46284VAB7	CORPORATE BONDS	1,298,000.0000	1,291,510.00	.35
JPMBB 2015-C32 X V/R 09/15/25		46590JAY3	ASSET BACKED	1,418,520.0800	70,206.53	.02
JPMCC 2007-LDPX V/R 03/15/17		46630JAE9	ASSET BACKED	15,337.5200	15,344.88	.00
JPMCC 2014-C20 X V/R 06/15/24		46642CBL3	ASSET BACKED	3,580,218.8700	108,395.06	.03
JPMCC 2018-LAQ A V/R 06/15/25		46649VAA9	ASSET BACKED	117,000.0000	116,998.92	.03
JPMMT 2018-7FRB V/R 04/25/46		46650AAD5	ASSET BACKED	639,353.5700	640,403.26	.18
KROGER CO 6.15% 01/15/20	KR20	501044CH2	CORPORATE BONDS	165,000.0000	170,485.78	.05
LAYNE CHRISTENS 4.25% 11/15/18		521050AB0	CORPORATE BONDS	2,718,000.0000	2,717,964.67	.74
LEE ENTERPRISES 9.5% 03/15/22		523768AF6	CORPORATE BONDS	3,580,000.0000	3,691,875.00	1.01
LMAT 2018-SL1 A V/R 02/25/58		52473AAA4	ASSET BACKED	935,592.7100	928,407.83	.25
LENNAR CORP 4.125% 12/01/18		526057BS2	CORPORATE BONDS	4,700,000.0000	4,694,125.00	1.28
LEVEL 3 FINANC 6.125% 01/15/21		527298AY9	CORPORATE BONDS	3,224,000.0000	3,232,060.00	.88
MGM RESORTS IN 8.625% 02/01/19		552953BW0	CORPORATE BONDS	6,057,000.0000	6,102,427.50	1.67
MSCCG 2018-SELF V/R 10/15/20		55358PAA4	ASSET BACKED	534,000.0000	534,000.00	.15
MACQUARIE INFR 2.875% 07/15/19		55608BAA3	CORPORATE BONDS	1,138,000.0000	1,128,729.85	.31
WELBILT INC 9.5% 02/15/24		563568AB0	CORPORATE BONDS	3,010,000.0000	3,250,800.00	.89
MFT 2017-2A A 2.39% 07/15/24		57108PAA3	ASSET BACKED	99,147.9900	99,004.21	.03
MFT 2017-3A A 2.36% 12/15/24		57109DAA9	ASSET BACKED	310,410.0400	309,305.66	.08
MFT 2018-3A A 3.2% 09/15/28		57109FAA4	ASSET BACKED	433,541.0100	432,640.63	.12
MCDERMOTT TEC 10.625% 05/01/24		58003XAA0	CORPORATE BONDS	191,000.0000	171,900.00	.05
MEDIACOM BRDBND 5.5% 04/15/21		58446VAL5	CORPORATE BONDS	4,729,000.0000	4,749,098.25	1.30
MICHAELS STORE 5.875% 12/15/20		594087AT5	CORPORATE BONDS	4,138,000.0000	4,138,000.00	1.13
MICROCHIP TECH 3.922% 06/01/21		595017AJ3	CORPORATE BONDS	175,000.0000	173,737.74	.05
MBR 2018-MBR A V/R 07/15/20		60902YAA6	ASSET BACKED	227,000.0000	226,999.95	.06
MONDELEZ INTERNATI 3% 05/07/20		609207AN5	CORPORATE BONDS	170,000.0000	169,321.64	.05
MSC 2016-UB12 XA V/R 11/15/26		61691EBB0	ASSET BACKED	4,220,744.5100	187,590.57	.05
MSC 2017-H1 XA V/R 05/15/27		61691JAW4	ASSET BACKED	990,648.0900	83,559.98	.02
MSC 2017-ASHF D V/R 11/15/19		61691KAL5	ASSET BACKED	76,000.0000	76,106.76	.02
MSC 2017-ASHF E V/R 11/15/19		61691KAN1	ASSET BACKED	162,000.0000	162,227.76	.04
MSC 2017-ASHF F V/R 11/15/19		61691KAQ4	ASSET BACKED	123,000.0000	123,173.18	.03
MSC 2017-CLS E V/R 11/15/19		61691LAN9	ASSET BACKED	186,000.0000	186,117.68	.05
MSC 2017-CLS F V/R 11/15/19		61691LAQ2	ASSET BACKED	206,000.0000	206,260.69	.06
MSC 2018-SUN A V/R 07/15/20		61691MAA5	ASSET BACKED	142,000.0000	141,922.99	.04
MSC 2017-JWDR A V/R 11/15/19		61691PAA8	ASSET BACKED	285,000.0000	284,940.78	.08
MORGAN STANLEY V/R 07/22/22		61744YAJ7	CORPORATE BONDS	260,000.0000	261,136.20	.07
MSC 2011-C1 D V/R 02/15/21		617458AS3	ASSET BACKED	164,000.0000	169,645.54	.05
MSC 2007-T27 AJ V/R 07/11/17		61754JAH1	ASSET BACKED	288,140.2500	300,795.17	.08
MSC 2016-UB11 XA V/R 08/15/26		61767FBB6	ASSET BACKED	1,519,171.9200	130,441.42	.04
MOTEL 2017-MTL6 V/R 08/15/19		61975FAA7	ASSET BACKED	310,308.7800	310,014.08	.08
NCR CORP 4.625% 02/15/21		62886EAH1	CORPORATE BONDS	1,037,000.0000	1,021,445.00	.28
CLEARWAY ENERGY 3.5% 02/01/19		62942XAA6	CORPORATE BONDS	5,457,000.0000	5,453,589.38	1.49
NCMS 2018-FL1 A V/R 01/15/22		63874MAA0	ASSET BACKED	117,000.0000	116,999.78	.03
NIELSEN FINANCE 4.5% 10/01/20		65409QBA9	CORPORATE BONDS	4,979,000.0000	4,966,552.50	1.36
NORTHROP GRUMMA 2.08% 10/15/20		666807BL5	CORPORATE BONDS	175,000.0000	170,684.88	.05
OMNICOM GP/OMN 3.625% 05/01/22	OMC22	681919AZ9	CORPORATE BONDS	170,000.0000	167,935.11	.05
PNC FINANCIAL 4.375% 08/11/20	PNC/20A	693476BL6	CORPORATE BONDS	265,000.0000	269,328.76	.07
PSEG POWER LLC 3.85% 06/01/23		69362BBC5	CORPORATE BONDS	180,000.0000	178,724.91	.05
PACKAGING CORP 2.45% 12/15/20		695156AS8	CORPORATE BONDS	265,000.0000	259,363.54	.07
PMIT 2018-1A A 3.11% 06/17/24		74361HAA8	ASSET BACKED	143,759.7100	143,586.36	.04
PRUDENTIAL FIN 7.375% 06/15/19	PRU19	74432QBG9	CORPORATE BONDS	75,000.0000	76,978.72	.02
PRUDENTIAL FINAN 4.5% 11/15/20	PRU20A	74432QBP9	CORPORATE BONDS	180,000.0000	184,292.98	.05
RAITF 2017-FL7 A V/R 06/15/25		74890EAC1	ASSET BACKED	36,000.0000	35,999.92	.01
RCO 2017-INV1 A V/R 11/25/52		74937VAA2	ASSET BACKED	773,997.5500	781,688.22	.21
REALOGY GROUP/CO 4.5% 04/15/19		75606DAA9	CORPORATE BONDS	2,518,000.0000	2,505,410.00	.69
REALOGY GROUP/C 5.25% 12/01/21		75606DAC5	CORPORATE BONDS	1,849,000.0000	1,816,642.50	.50
REYNOLDS AMERIC 3.25% 06/12/20		761713BE5	CORPORATE BONDS	45,000.0000	44,852.40	.01
REYNOLDS GRP IS 5.75% 10/15/20		761735AP4	CORPORATE BONDS	2,425,676.5981	2,425,676.60	.66
RIVERS PITTSBU 6.125% 08/15/21		76882AAB6	CORPORATE BONDS	1,841,000.0000	1,831,795.00	.50
RPT 2017-ROSS A V/R 06/15/20		77846EAA3	ASSET BACKED	198,000.0000	198,062.27	.05
RPT 2017-ROSS B V/R 06/15/20		77846EAE5	ASSET BACKED	35,000.0000	35,056.89	.01
SGR 2017-1 A1 V/R 04/25/47		784211AA2	ASSET BACKED	303,361.3600	302,273.69	.08
SCLP 2018-2 A1 2.93% 05/25/20		78471WAA3	ASSET BACKED	165,079.3200	164,564.37	.05
SHERWIN-WILLIAM 2.25% 05/15/20		824348AT3	CORPORATE BONDS	175,000.0000	172,014.59	.05
SLIDE 2018-FUN A V/R 06/15/21		831350AA1	ASSET BACKED	170,617.4500	170,614.52	.05
SCLP 2017-3 A 2.77% 01/25/22		83404JAA4	ASSET BACKED	496,368.0300	491,509.98	.13
SOFI 2017-C A2 1.75% 03/25/20		83405DAB4	ASSET BACKED	191,133.3600	189,389.12	.05
SCLP 2017-5 A1 2.14% 11/25/19		83405LAA8	ASSET BACKED	339,764.3400	338,167.55	.09
SCLP 2018-3 A1 3.2% 08/25/20		83405XAA2	ASSET BACKED	430,701.2000	429,958.24	.12
SPECTRUM BRAND 6.625% 11/15/22		84762LAQ8	CORPORATE BONDS	2,525,000.0000	2,578,656.25	.71
SCFT 2016-AA A 3.05% 04/25/29		85022WAA2	ASSET BACKED	603,660.4500	598,840.34	.16
SPRINT COMMUNICATI 9% 11/15/18		852061AK6	CORPORATE BONDS	8,420,000.0000	8,436,840.00	2.31
STWD 2018-URB A V/R 05/15/21		86421QAA0	ASSET BACKED	284,000.0000	284,208.09	.08
SUPERVALU INC 6.75% 06/01/21		868536AV5	CORPORATE BONDS	2,161,000.0000	2,200,762.40	.60
TEVA PHARMA FIN 2.25% 03/18/20		88166HAD9	CORPORATE BONDS	1,247,000.0000	1,211,083.21	.33
THERMO FISHER SC 3.6% 08/15/21	TMO21A	883556AZ5	CORPORATE BONDS	260,000.0000	259,922.00	.07
TWITTER INC 0.25% 09/15/19		90184LAB8	CORPORATE BONDS	4,368,000.0000	4,222,418.93	1.16
UBSCM 2012-C1 XA V/R 05/10/45		90269GAG6	ASSET BACKED	1,875,821.2200	106,979.40	.03
UBSCM 2017-C1 XA V/R 06/15/50		90276EAF4	ASSET BACKED	893,758.9900	88,307.77	.02
USROF 2017-1III V/R 11/27/37		90354BAA6	ASSET BACKED	305,258.0800	302,218.05	.08
UNION PACIFIC CO 3.2% 06/08/21		907818ET1	CORPORATE BONDS	165,000.0000	164,475.50	.05
US TREAS NTS 1.5% 08/15/20		9128282Q2	GOVERNMENT BONDS	710,000.0000	693,220.70	.19
US TREAS NTS 2.25% 03/31/20		9128284C1	GOVERNMENT BONDS	350,000.0000	347,251.95	.10
US TIPS 0.125% 04/15/19		912828C99	GOVERNMENT BONDS	581,083.2000	575,953.33	.16
US TREAS NTS 2% 08/31/21		912828D72	GOVERNMENT BONDS	830,000.0000	809,250.00	.22
US TREAS NTS 2.125% 09/30/21		912828F21	GOVERNMENT BONDS	820,000.0000	801,582.03	.22
US TIPS 2.125% 01/15/19		912828JX9	GOVERNMENT BONDS	575,460.9000	575,520.85	.16
US TREAS NTS 1.875% 01/31/22		912828V72	GOVERNMENT BONDS	240,000.0000	232,078.13	.06
US TREAS NTS 2.625% 07/31/20		912828Y46	GOVERNMENT BONDS	7,000,000.0000	6,972,109.34	1.91
QWEST CAPITAL FU 6.5% 11/15/18		912912AR3	CORPORATE BONDS	2,871,000.0000	2,867,411.25	.78
UPST 2018-1 A 3.015% 08/20/25		91678TAA4	ASSET BACKED	116,132.5800	116,065.07	.03
VOLT 2018-NPL6 A V/R 09/25/48		91832WAA0	ASSET BACKED	682,628.1000	681,382.71	.19
VOLT 2018-NPL7 A V/R 09/25/48		91832XAA8	ASSET BACKED	1,997,112.1800	1,994,044.82	.55
VMC 2018-FL2 A V/R 05/15/21		91832YAA6	ASSET BACKED	536,000.0000	536,670.00	.15
VOLT 2018-NPL8 A V/R 10/26/48		91833GAD8	ASSET BACKED	2,000,000.0000	2,000,609.80	.55
VERIZON COMMUNICA V/R 05/15/25		92343VEP5	CORPORATE BONDS	175,000.0000	175,901.65	.05
VERUS 2018-1 A1 V/R 02/25/48		92536FAA4	ASSET BACKED	466,528.6200	459,920.90	.13
WSLT 2006-1 A5 V/R 07/26/27		92978JAE3	ASSET BACKED	313,724.7300	313,664.53	.09
WFCM 2015-NXS2 X V/R 07/15/58		94989MAH2	ASSET BACKED	6,162,419.5100	201,708.32	.06
WFCM 2015-LC22 X V/R 09/15/58		94989TBC7	ASSET BACKED	2,881,706.8000	127,800.53	.03
WFCM 2018-C46 XA V/R 08/15/51		95001QAV3	ASSET BACKED	3,493,293.5800	220,338.79	.06
WLAKE 2018-2A B 3.2% 01/16/24		96042FAD6	ASSET BACKED	500,000.0000	498,735.85	.14
WILLIAM CARTER 5.25% 08/15/21		96926JAA5	CORPORATE BONDS	5,163,000.0000	5,182,361.25	1.42
T/L EASTMAN KODAK 0% 9/3/19		LX131438	LOAN	3,007,000.0000	2,866,061.91	.78
T/L MONITRONICS IN 0% 9/30/22		LX154976	LOAN	835,000.0000	816,738.55	.22
T/L INTERNAP NETW 0% 4/6/22		LX161977	LOAN	1,615,596.8100	1,620,976.75	.44
T/L LSC COMMUNICAT 0% 09/30/22		LX169586	LOAN	887,370.0000	889,588.43	.24
T/L NCI BUILDING 0% 02/07/25		LX171084	LOAN	822,164.4100	820,454.31	.22
T/L CRESTWOOD HOLD 0% 03/06/23		LX171649	LOAN	1,981,367.3300	1,972,292.67	.54
RELIANCE HOLDING 5.4% 02/14/22		U75888AC8	CORPORATE BONDS	250,000.0000	257,843.03	.07
CNOOC FINANCE 2013 3% 05/09/23		12625GAC8	CORPORATE BONDS	400,000.0000	381,884.80	.10
SINOPEC GRP DEV 3.75% 09/12/23		82939GAA6	CORPORATE BONDS	400,000.0000	394,777.20	.11
CNPC GENERAL CA 3.95% 04/19/22		G22004AB4	CORPORATE BONDS	200,000.0000	200,018.71	.05
HARRIS CORPORA DISC 12/10/18		41388FMA7	SHORT TERMS	6,590,000.0000	6,569,886.00	1.80
KEURIG DR PEPP DISC 11/06/18		49271KL69	SHORT TERMS	4,000,000.0000	3,998,404.00	1.09
MARRIOTT INTER DISC 11/26/18		57163ULS3	SHORT TERMS	6,434,000.0000	6,422,420.09	1.76
US T BILL ZCP 04/25/19		912796QC6	SHORT TERMS	470,000.0000	464,488.11	.13
US T BILL ZCP 07/18/19		912796QR3	SHORT TERMS	7,000,000.0000	6,873,845.44	1.88
US T BILL ZCP 08/15/19		912796QV4	SHORT TERMS	650,000.0000	636,837.86	.17
US T BILL ZCP 02/21/19		912796QY8	SHORT TERMS	580,000.0000	575,836.24	.16
EUR/USD FWD 20181115 000000010 USD	EUR	1295307624	FORWARD	-2,838,500.0000	-3,218,155.45	-.88
NOK/USD FWD 20181115 000000010 USD	NOK	1295293036	FORWARD	-3,027,500.0000	-359,281.42	-.10
SEK/USD FWD 20181115 000000010 USD	SEK	1295293035	FORWARD	-11,945,000.0000	-1,306,777.69	-.36
USD/SEK FWD 20181115 000000010 USD	USD	1295293035	FORWARD	1,331,586.8700	1,331,586.87	.36
USD/NOK FWD 20181115 000000010 USD	USD	1295293036	FORWARD	369,144.2900	369,144.29	.10
USD/EUR FWD 20181115 000000010 USD	USD	1295307624	FORWARD	3,289,821.5000	3,289,821.50	.90

As of 10/31/2018.

Distributions

Fund Name	Fund Cusip	Distribution Type	Amount per Share	Ex Date	Reinvest Date	Reinvest Price
Destinations Low Duration Fixed Income Fund	10964R707	Dividend	0.027159	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%
Acquired Fund Fees and Expenses (AFFE)	0.01%
Total Annual Fund Operating Expenses	0.98%
Fee Waivers and Expense Reimbursements	(0.04%)
Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements	0.94%*

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 9/30/18

Annualized

MTD

QTD

YTD

1 Year

3 Years

5 Years

Since
Inception

Destinations Low Duration Fixed Income Fund

0.18%

N/A

0.78%

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

-0.13%

N/A

0.17%

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: 0.83%
Net expense ratio: 0.79%*

Daily NAV

Date:

11/16/2018

NAV:

$10.03
NAV change:

$0.00
Total assets ($m):

$5.2

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 9/30/18

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

0.18%

N/A

0.78%

7/16/2018

0.83%

0.79%

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

-0.13%

N/A

0.17%

Holdings

Security Description	Ticker Symbol	Security ID	Security Type Description	Quantity	Base Market Value	Percent TNA
US DOLLARS		CASHUSD	CURRENCY	29,917,596.6600	29,917,596.66	8.19
ISHARES CORE 1-5 YEAR USD BO	ISTB	46432F859	POOLED INVESTMENTS	517,952.0000	25,291,596.16	6.92
APPVION INC		989713111	COMMON STOCK	20,309.0000	264,017.00	.07
REPUBLIC OF AR 5.625% 01/26/22		040114HK9	GOVERNMENT BONDS	150,000.0000	135,000.00	.04
YPF SOCIEDAD ANO 8.5% 03/23/21		BD3J1L2	CORPORATE BONDS	200,000.0000	201,900.00	.06
PAMPA ENERGIA 7.375% 07/21/23		P7873PAE6	CORPORATE BONDS	100,000.0000	92,370.00	.03
WESTPAC BANKING 1.6% 08/19/19		961214CY7	CORPORATE BONDS	115,000.0000	113,735.28	.03
WESTPAC BANKING 2.65% 01/25/21		961214DU4	CORPORATE BONDS	150,000.0000	147,435.30	.04
BMIR 2018-2A M1A V/R 08/25/28		07877DAA4	ASSET BACKED	490,000.0000	490,601.18	.13
GOLDEN OCEAN GR 3.07% 01/30/19		BJ4XCR8	CORPORATE BONDS	400,000.0000	395,600.00	.11
SHIP FINANCE IN 5.75% 10/15/21		G81075AF3	CORPORATE BONDS	1,178,000.0000	1,133,107.60	.31
GLOBO COMMUNIC 4.875% 04/11/22		P47773AL3	CORPORATE BONDS	200,000.0000	198,250.00	.05
AVISON YOUNG CAN 9.5% 12/15/21		05381NAA5	CORPORATE BONDS	980,000.0000	1,026,550.00	.28
LARGO RESOURCES 9.25% 06/01/21		517103AA5	CORPORATE BONDS	621,000.0000	648,945.00	.18
LUNDIN MINING 7.875% 11/01/22		550372AB2	CORPORATE BONDS	2,995,000.0000	3,119,592.00	.85
ROYAL BANK OF CA 3.2% 04/30/21		78013XKG2	CORPORATE BONDS	180,000.0000	179,260.94	.05
TORONTO-DOMINIO 3.25% 06/11/21		89114QBZ0	CORPORATE BONDS	265,000.0000	264,115.22	.07
AIMCO 2015-AA AR V/R 01/15/28		00900LAG9	ASSET BACKED	500,000.0000	497,881.45	.14
APID 2013-16A A1 V/R 01/19/25		03764UAN3	ASSET BACKED	411,159.0000	410,840.56	.11
AVERY 2015-7A A1 V/R 01/15/28		05364CAA0	ASSET BACKED	500,000.0000	500,300.75	.14
BSPRT 2017-FL2 A V/R 10/15/34		05585BAC1	ASSET BACKED	81,000.0000	80,976.17	.02
BSPRT 2017-FL2 B V/R 10/15/34		05585BAE7	ASSET BACKED	81,000.0000	80,922.16	.02
BXMT 2017-FL1 C V/R 10/15/20		05607KAG6	ASSET BACKED	117,000.0000	117,758.57	.03
CK HUTCHISON I 2.875% 04/05/22		12563UAA5	CORPORATE BONDS	200,000.0000	193,900.69	.05
CATLK 2018-5A A1 V/R 10/21/30		14919BAA4	ASSET BACKED	1,000,000.0000	998,710.00	.27
GPMT 2018-FL1 A V/R 12/19/20		36255CAA7	ASSET BACKED	118,000.0000	118,000.00	.03
GWOLF 2018-2A A1 V/R 10/20/31		39809AAA6	ASSET BACKED	1,000,000.0000	999,147.40	.27
KING 2018-8A A V/R 04/20/31		42086PAC7	ASSET BACKED	500,000.0000	496,996.30	.14
HUNTC 2018-FL2 A V/R 06/15/23		445579AA3	ASSET BACKED	228,000.0000	228,596.77	.06
JTWN 2016-9A A1A V/R 10/20/28		47048JAA1	ASSET BACKED	500,000.0000	500,365.70	.14
JTWN 2016-9A A1B V/R 10/20/28		47048JAJ2	ASSET BACKED	500,000.0000	500,287.70	.14
MCLO 2014-7A A1R V/R 10/28/25		56577AAJ1	ASSET BACKED	1,000,000.0000	1,000,721.60	.27
OCP 2014-5A A1R V/R 04/26/31		67102SAL8	ASSET BACKED	250,000.0000	248,544.78	.07
OCTR 2014-5A ARR V/R 10/13/31		67515EAR7	ASSET BACKED	1,000,000.0000	1,000,172.33	.27
OCT24 2015-1A A1 V/R 05/21/27		67591MAA3	ASSET BACKED	760,000.0000	758,604.03	.21
PAIA 2018-1A A1A V/R 10/20/31		70016RAA3	ASSET BACKED	3,000,000.0000	3,000,000.00	.82
RACEP 2015-9A A1 V/R 10/15/30		74981HCC2	ASSET BACKED	1,000,000.0000	1,001,309.90	.27
SEAGATE HDD CAY 3.75% 11/15/18		81180WAP6	CORPORATE BONDS	2,550,000.0000	2,549,061.57	.70
SNDPT 2016-1A A V/R 07/20/28		83609JAA7	ASSET BACKED	500,000.0000	500,559.95	.14
SNDPT 2014-2RA A V/R 10/20/31		83613WAA2	ASSET BACKED	1,000,000.0000	998,832.50	.27
STCR 2015-1A AR V/R 05/21/29		85816BCN8	ASSET BACKED	1,000,000.0000	1,001,007.70	.27
STCR 2018-2A A V/R 08/18/31		85816LAA6	ASSET BACKED	1,000,000.0000	998,093.30	.27
VENTR 2006-7A A1 V/R 01/20/22		92328WAA9	ASSET BACKED	3,451,758.1600	3,444,954.40	.94
ZAIS2 2014-2A A1 V/R 07/25/26		98886YAQ1	ASSET BACKED	1,000,000.0000	1,000,371.10	.27
GRUPO AVAL LTD 4.75% 09/26/22		B8FB0M5	CORPORATE BONDS	300,000.0000	294,228.00	.08
SPARC EM SPC PANA ZCP 12/05/22		BF7TXZ0	CORPORATE BONDS	400,000.0000	361,504.00	.10
AGROMERCANTIL S 6.25% 04/10/19		G0131LAA6	CORPORATE BONDS	200,000.0000	200,482.00	.05
BANCO SANTANDE 3.875% 09/20/22		05967FAB2	CORPORATE BONDS	150,000.0000	148,685.93	.04
CELULOSA ARAUC 4.75% 01/11/22		151191AW3	CORPORATE BONDS	100,000.0000	101,000.00	.03
BANCO DEL ESTA 4.125% 10/07/20		B4P2L27	CORPORATE BONDS	200,000.0000	201,748.60	.06
INVERSIONES CMPC 4.5% 04/25/22		P58073AA8	CORPORATE BONDS	200,000.0000	200,744.92	.05
ECOPETROL SA 7.625% 07/23/19	EC19	279158AB5	CORPORATE BONDS	50,000.0000	51,450.00	.01
ECOPETROL SA 5.875% 09/18/23	EC23	BDV82X0	CORPORATE BONDS	300,000.0000	313,650.00	.09
OLEODUCTO CENTRAL 4% 05/07/21		P7358RAC0	CORPORATE BONDS	200,000.0000	197,752.00	.05
DOMINICAN REPU 7.5% 05/06/21		P3579EAH0	GOVERNMENT BONDS	200,000.0000	207,000.00	.06
CONTAINERSHI V/R 11/22/21/EUR/		X1R42DAB0	CORPORATE BONDS	1,095,040.0000	1,262,011.02	.35
INDIAN OIL COR 5.625% 08/02/21		B4MR909	CORPORATE BONDS	200,000.0000	207,124.80	.06
INDIAN OIL CORP 5.75% 08/01/23		BCHH9P5	CORPORATE BONDS	200,000.0000	208,063.40	.06
ADANI PORTS AND 3.5% 07/29/20		Y00130CZ8	CORPORATE BONDS	200,000.0000	197,241.60	.05
ADANI PORTS AND 3.95% 01/19/22		Y00130HS9	CORPORATE BONDS	200,000.0000	195,567.80	.05
BHARAT PETROLE 4.625% 10/25/22		Y0882ZBH0	CORPORATE BONDS	200,000.0000	199,220.00	.05
REPUBLIC OF IN 4.875% 05/05/21		Y20721AU3	GOVERNMENT BONDS	200,000.0000	204,214.40	.06
ISRAEL ELECTRI 6.875% 06/21/23		46507NAE0	CORPORATE BONDS	200,000.0000	218,488.40	.06
STATE OF ISRAEL 4% 06/30/22		46513AGA2	GOVERNMENT BONDS	200,000.0000	203,090.40	.06
DELEK & AVNER 4.435% 12/30/20		BMJJM83	CORPORATE BONDS	160,000.0000	159,808.80	.04
SUMITOMO MITSU 2.058% 07/14/21		86562MAE0	CORPORATE BONDS	275,000.0000	264,078.67	.07
IOI INVESTMENT 4.375% 06/27/22		B8GJJP4	CORPORATE BONDS	200,000.0000	198,583.60	.05
MALAYAN BANKING B V/R 10/29/26		BD3C8K9	CORPORATE BONDS	200,000.0000	197,094.00	.05
AXIATA SPV2 BH 3.466% 11/19/20		BD5WCP0	CORPORATE BONDS	200,000.0000	198,722.20	.05
PETRONAS GLOBA 2.707% 03/18/20		Y68868AA9	CORPORATE BONDS	200,000.0000	198,170.60	.05
BOREALIS FINANCE 7.5% 11/16/22		09972AAA0	CORPORATE BONDS	450,000.0000	441,000.00	.12
DYNAGAS LNG PAR 6.25% 10/30/19		26780TAA5	CORPORATE BONDS	1,675,000.0000	1,670,812.50	.46
TEEKAY CORP 8.5% 01/15/20	TK20	87900YAA1	CORPORATE BONDS	992,000.0000	1,006,880.00	.28
GOLAR LNG PARTNER V/R 05/22/20		BXQ9SM9	CORPORATE BONDS	1,000,000.0000	987,500.00	.27
UPL CORP LTD 3.25% 10/13/21		BD2N5F7	CORPORATE BONDS	200,000.0000	192,960.00	.05
BANCO SANTANDER M V/R 10/01/28		05969BAC7	CORPORATE BONDS	200,000.0000	200,146.00	.05
BBVA BANCOMER 7.25% 04/22/20		B3L6LN7	CORPORATE BONDS	100,000.0000	103,026.00	.03
CREDITO REAL SA 7.25% 07/20/23		BD0PB02	CORPORATE BONDS	200,000.0000	199,500.00	.05
UNIFIN FINANCIE 7.25% 09/27/23		BD878V0	CORPORATE BONDS	200,000.0000	193,300.00	.05
BANCO MERCANTIL DE V/R /PERP/		P14008AD1	CORPORATE BONDS	400,000.0000	395,080.00	.11
BBVA BANCOMER S 6.75% 09/30/22		P16259AH9	CORPORATE BONDS	200,000.0000	210,300.00	.06
PETROBRAS GLOB 4.375% 05/20/23		71647NAF6	CORPORATE BONDS	400,000.0000	385,000.00	.11
TEVA PHARMACEUTI 1.7% 07/19/19	TEVA/19	88167AAB7	CORPORATE BONDS	3,510,000.0000	3,444,083.46	.94
YANDEX NV 1.125% 12/15/18		98474TAB3	CORPORATE BONDS	4,162,000.0000	4,124,450.44	1.13
BHARTI AIRTEL 5.125% 03/11/23		N1384FAA3	CORPORATE BONDS	200,000.0000	193,996.80	.05
BRASKEM NETHERLA 3.5% 01/10/23		N15516AA0	CORPORATE BONDS	400,000.0000	376,880.00	.10
MARFRIG HOLDING EU 8% 06/08/23		N54468AF5	CORPORATE BONDS	200,000.0000	202,250.00	.06
VTR FINANCE BV 6.875% 01/15/24		N9417JAB7	CORPORATE BONDS	399,000.0000	403,987.50	.11
BULK INDUSTR V/R 05/26/21/NOK/		BFZNFV4	CORPORATE BONDS	3,000,000.0000	357,389.31	.10
MULTIBANK INC. 4.375% 11/09/22		BF8QD50	CORPORATE BONDS	400,000.0000	386,004.00	.11
BANISTMO SA 3.65% 09/19/22		P15383AC9	CORPORATE BONDS	400,000.0000	379,000.00	.10
ENA NORTE TRUST 4.95% 04/25/23		P3716XAA7	CORPORATE BONDS	332,873.0200	330,376.47	.09
GLOBAL BANK CO 5.125% 10/30/19		P47718AA2	CORPORATE BONDS	200,000.0000	201,740.00	.06
BANCO INTERNAC 3.375% 01/18/23		P13435AB1	CORPORATE BONDS	400,000.0000	380,000.00	.10
FONDO MIVIVIENDA 3.5% 01/31/23		P42009AA1	GOVERNMENT BONDS	300,000.0000	288,000.00	.08
BDO UNIBANK INC 2.95% 03/06/23		BF0DWX0	CORPORATE BONDS	400,000.0000	376,174.40	.10
UNION BK OF PH 3.369% 11/29/22		BF2WQR7	CORPORATE BONDS	200,000.0000	190,087.80	.05
SP POWERASSETS L 2.7% 09/14/22		B6RVFW4	CORPORATE BONDS	200,000.0000	193,697.60	.05
UNITED OVERSEAS B V/R 09/19/24		BKRQS51	CORPORATE BONDS	200,000.0000	200,030.00	.05
UNITED OVERSEAS BAN V/R /PERP/		BYWHFW3	CORPORATE BONDS	200,000.0000	185,612.40	.05
ONGC VIDESH VA 2.875% 01/27/22		BZ30F84	CORPORATE BONDS	400,000.0000	380,284.40	.10
DBS GROUP HOLDINGS V/R /PERP/		BZCN164	CORPORATE BONDS	200,000.0000	191,800.00	.05
EUROPEAN LIN V/R 02/22/21/EUR/		W3R39XAA0	CORPORATE BONDS	1,700,000.0000	1,969,735.45	.54
MAXFASTIGHET V/R 09/15/20/SEK/		W5S91TAA8	CORPORATE BONDS	12,000,000.0000	1,330,911.12	.36
ASTRAZENECA PL 2.375% 11/16/20		046353AK4	CORPORATE BONDS	265,000.0000	260,159.57	.07
INMARSAT FINAN 4.875% 05/15/22		45763PAE6	CORPORATE BONDS	2,084,000.0000	2,041,319.68	.56
FRESNILLO PLC 5.5% 11/13/23		G371E2AA6	CORPORATE BONDS	400,000.0000	414,100.00	.11
AT&T INC 2.8% 02/17/21		00206RCR1	CORPORATE BONDS	265,000.0000	260,412.82	.07
ADVANCED MICRO 6.75% 03/01/19		007903AZ0	CORPORATE BONDS	1,093,000.0000	1,101,197.50	.30
AIR LEASE CORP 2.5% 03/01/21		00912XAZ7	CORPORATE BONDS	270,000.0000	263,224.10	.07
AKAMAI TECHNOLOGI ZCP 02/15/19		00971TAG6	CORPORATE BONDS	1,547,000.0000	1,531,557.85	.42
ALLY FINANCIAL 3.25% 11/05/18		02005NBE9	CORPORATE BONDS	3,258,000.0000	3,257,576.46	.89
ANALOG DEVICES 2.95% 01/12/21		032654AR6	CORPORATE BONDS	175,000.0000	172,876.88	.05
ANIXTER INC 5.625% 05/01/19	AXE/19	035287AD3	CORPORATE BONDS	4,154,000.0000	4,187,855.10	1.15
ANTHEM INC 2.5% 11/21/20		036752AE3	CORPORATE BONDS	270,000.0000	264,530.18	.07
AHPT 2017-ATRM E V/R 12/15/19		04965JAJ2	ASSET BACKED	118,000.0000	118,149.21	.03
AHPT 2018-ATRM D V/R 06/15/21		04965KAN0	ASSET BACKED	321,000.0000	321,497.10	.09
AVNT 2017-B A 2.29% 11/15/18		05353WAA9	ASSET BACKED	18,900.7100	18,893.82	.01
AVIS BUDGET CA 5.125% 06/01/22		053773AY3	CORPORATE BONDS	2,684,000.0000	2,752,790.92	.75
BBCMS 2018-BXH A V/R 10/15/20		05491RAA3	ASSET BACKED	535,000.0000	535,000.00	.15
BAT CAPITAL CO 2.297% 08/14/20		05526DAQ8	CORPORATE BONDS	215,000.0000	210,385.23	.06
BBCMS 2017-GLKS V/R 11/15/19		05547WAN8	ASSET BACKED	275,000.0000	275,588.50	.08
BBCMS 2018-TALL V/R 03/15/20		05548WAA5	ASSET BACKED	79,000.0000	78,851.07	.02
BHMS 2018-ATLS A V/R 07/15/20		05549GAA9	ASSET BACKED	75,000.0000	74,975.67	.02
BX 2018-BIOA E V/R 02/15/20		056057AN2	ASSET BACKED	118,000.0000	118,145.95	.03
BX 2018-IND A V/R 10/15/20		056059AA6	ASSET BACKED	322,000.0000	321,793.53	.09
BX 2018-MCSF F V/R 04/15/20		05607AAQ6	ASSET BACKED	118,000.0000	116,617.98	.03
BX 2017-IMC D V/R 10/15/19		05607EAL9	ASSET BACKED	27,000.0000	26,999.47	.01
BX 2017-IMC E V/R 10/15/19		05607EAN5	ASSET BACKED	44,000.0000	44,026.75	.01
BANC 2018-CRE4 A V/R 08/15/21		05972LAA4	ASSET BACKED	167,179.8500	167,099.19	.05
BANK 2017-BNK6 X V/R 07/15/60		060352AG6	ASSET BACKED	1,892,170.0600	102,952.41	.03
BANK OF AMERICA C V/R 03/05/24		06051GHE2	CORPORATE BONDS	180,000.0000	178,715.62	.05
BANK 2017-BNK4 X V/R 05/15/50		06541FBB4	ASSET BACKED	1,566,130.5700	134,036.81	.04
BOMFT 2018-RN6 A V/R 07/25/23		07333UAA4	ASSET BACKED	899,549.8800	896,519.84	.25
BOMFT 2018-SBR2 V/R 04/28/33		07334EAA9	ASSET BACKED	715,783.6900	716,153.68	.20
BSCMS 2005-PW10 V/R 12/11/15		07387BEE9	ASSET BACKED	117,309.1600	123,558.14	.03
BLUELINE RENTAL 9.25% 03/15/24		09628UAA4	CORPORATE BONDS	3,393,000.0000	3,541,443.75	.97
BRIGGS & STRAT 6.875% 12/15/20	BGG20	109043AG4	CORPORATE BONDS	2,006,000.0000	2,111,315.00	.58
BX 2018-EXCL A V/R 09/15/20		12433WAA9	ASSET BACKED	535,000.0000	533,662.93	.15
CCO HLDGS LLC/C 5.25% 03/15/21		1248EPBB8	CORPORATE BONDS	3,978,000.0000	3,997,890.00	1.09
CDK GLOBAL INC 3.8% 10/15/19		12508EAB7	CORPORATE BONDS	479,000.0000	478,133.01	.13
CD 2017-CD4 XA V/R 04/10/27		12515DAS3	ASSET BACKED	1,694,707.2800	134,656.70	.04
CFCRE 2018-TAN 4.69% 02/15/23		12528DAE9	ASSET BACKED	405,000.0000	408,254.22	.11
CFCRE 2017-C8 XA V/R 05/15/27		12532CBE4	ASSET BACKED	1,381,832.6300	135,597.85	.04
CFCRE 2017-C8 XB V/R 05/15/27		12532CBF1	ASSET BACKED	287,000.0000	19,958.15	.01
CGGS 2018-WSS D V/R 02/15/20		12533AAL2	ASSET BACKED	118,000.0000	118,256.15	.03
CHT 2017-CSMO A V/R 11/15/19		12546DAA5	ASSET BACKED	117,000.0000	117,132.21	.03
CHT 2017-CSMO E V/R 11/15/19		12546DAN7	ASSET BACKED	77,000.0000	77,432.74	.02
CHT 2017-CSMO F V/R 11/15/19		12546DAQ0	ASSET BACKED	41,000.0000	41,242.31	.01
CLNS 2017-IKPR D V/R 06/11/22		125639AL8	ASSET BACKED	47,000.0000	46,999.39	.01
CLNS 2017-IKPR E V/R 06/11/22		125639AN4	ASSET BACKED	47,000.0000	47,058.43	.01
CSAIL 2017-C8 XA V/R 06/15/27		12595BAF8	ASSET BACKED	822,744.1800	57,386.08	.02
CSAIL 2017-CX10 V/R 11/15/27		12595JAN4	ASSET BACKED	4,820,080.5700	240,274.27	.07
CSAIL 2018-CX12 V/R 08/15/51		12595XAV5	ASSET BACKED	3,545,220.7100	164,272.76	.04
COMM 2013-CR9 XA V/R 07/10/23		12625UBC6	ASSET BACKED	22,352,630.0200	97,998.40	.03
COMM 2014-FL5 C V/R 09/15/16		12635HAE0	ASSET BACKED	325,000.0000	324,045.09	.09
CSMC TRUST 2017-1 A 20210325 4.50000		12651LAA8	ASSET BACKED	320,613.0400	324,037.12	.09
CSMC 2017-LSTK X V/R 05/05/20		12651PAC5	ASSET BACKED	8,157,000.0000	72,620.96	.02
CSMC 2017-LSTK X V/R 05/05/20		12651PAE1	ASSET BACKED	2,969,000.0000	10,700.87	.00
CSMC 2017-LST 3.229% 04/05/21		12651PAL5	ASSET BACKED	107,000.0000	104,916.99	.03
CSMC 2017-LSTK D V/R 04/05/21		12651PAN1	ASSET BACKED	128,000.0000	124,935.56	.03
CSMC 2017-LSTK E V/R 04/05/21		12651PAQ4	ASSET BACKED	47,000.0000	45,613.53	.01
CSMC 2017-CHOP D V/R 06/15/19		12651QAL3	ASSET BACKED	70,000.0000	69,955.25	.02
CSMC 2018-RPL 4.125% 07/25/58		12653AAA0	ASSET BACKED	500,000.0000	496,564.45	.14
CSWF 2018-TOP A V/R 08/15/20		12653BAA8	ASSET BACKED	230,000.0000	230,073.37	.06
CVS HEALTH CORP 2.8% 07/20/20		126650CJ7	CORPORATE BONDS	180,000.0000	178,096.21	.05
CAPITAL ONE FINA 2.4% 10/30/20		14040HBR5	CORPORATE BONDS	265,000.0000	258,897.05	.07
CARDINAL HEALT 2.616% 06/15/22		14149YBF4	CORPORATE BONDS	125,000.0000	119,498.80	.03
CARDINAL HEALT 1.948% 06/14/19		14149YBL1	CORPORATE BONDS	140,000.0000	139,102.69	.04
CELGENE CORP 2.875% 08/15/20		151020AQ7	CORPORATE BONDS	265,000.0000	262,214.63	.07
CINTAS CORPORATI 2.9% 04/01/22		17252MAM2	CORPORATE BONDS	140,000.0000	136,362.48	.04
CITIGROUP INC V/R 06/01/24		172967MA6	CORPORATE BONDS	265,000.0000	265,771.83	.07
CGCMT 2018-TBR B V/R 12/15/19		17326MAG7	ASSET BACKED	178,000.0000	177,831.36	.05
CMLTI 2018-C A1 S/UP 03/25/59		17327KAA3	ASSET BACKED	1,000,000.0000	1,002,600.00	.27
CIVIC 2018-1 A1 V/R 05/25/19		178837AA8	ASSET BACKED	1,069,626.0100	1,069,046.59	.29
CLEAN HARBORS 5.125% 06/01/21		184496AL1	CORPORATE BONDS	4,905,000.0000	4,905,000.00	1.34
COLD 2017-ICE3 A V/R 04/15/24		193046AA7	ASSET BACKED	395,000.0000	395,111.90	.11
COLD 2017-ICE3 C V/R 04/15/24		193046AE9	ASSET BACKED	90,000.0000	90,138.08	.02
COLT 2017-1 A2 V/R 05/27/47		19687TAB2	ASSET BACKED	354,157.3000	349,307.75	.10
COMCAST CORP 3.45% 10/01/21		20030NCQ2	CORPORATE BONDS	175,000.0000	174,930.00	.05
COMM 2013-LC6 XA V/R 01/10/23		20048EAZ4	ASSET BACKED	2,211,000.2900	101,868.08	.03
COMM 2018-HCLV A V/R 09/15/20		20048KAA5	ASSET BACKED	227,000.0000	225,890.74	.06
CONSOLIDATED EDISO 2% 05/15/21		209115AC8	CORPORATE BONDS	180,000.0000	173,636.50	.05
CONSOLIDATED EDISO 2% 03/15/20		209115AD6	CORPORATE BONDS	95,000.0000	93,452.77	.03
CLUB 2018-NP1 2.99% 03/15/19		21051HAA4	ASSET BACKED	82,401.9400	82,382.38	.02
DAIMLER FINANCE 2.3% 02/12/21		233851CZ5	CORPORATE BONDS	175,000.0000	170,027.21	.05
DRMT 2017-1A A1 V/R 10/25/25		24380TAA4	ASSET BACKED	266,198.3600	264,712.76	.07
DRMT 2017-1A A2 V/R 10/25/25		24380TAB2	ASSET BACKED	266,198.3600	263,404.74	.07
DRMT 2018-3A A2 V/R 08/25/58		24381KAB0	ASSET BACKED	390,699.2400	390,693.93	.11
DELTA AIR LINES 3.4% 04/19/21		247361ZM3	CORPORATE BONDS	180,000.0000	178,222.00	.05
DELL INT LLC / 5.875% 06/15/21		25272KAU7	CORPORATE BONDS	4,663,000.0000	4,727,317.83	1.29
VISTRA ENERGY 7.375% 11/01/22		26817RAN8	CORPORATE BONDS	4,344,000.0000	4,506,900.00	1.23
EARN 2017-A A2 2.65% 07/25/25		27035BAB3	ASSET BACKED	307,569.2900	300,496.64	.08
EBAY INC 2.75% 01/30/23		278642AS2	CORPORATE BONDS	180,000.0000	172,094.12	.05
EDGEWELL PERSONA 4.7% 05/19/21		29266RAB4	CORPORATE BONDS	328,000.0000	328,000.00	.09
FNR 2012-56 FK V/R 06/25/42		3136A6VQ4	ASSET BACKED	809,711.9800	812,260.79	.22
FNR 2014-84 BF V/R 12/25/44		3136AL2T7	ASSET BACKED	734,391.4200	734,755.60	.20
FNR 2018-64 FA V/R 09/25/48		3136B22T8	ASSET BACKED	495,685.8300	496,366.16	.14
FNR 2018-49 FB V/R 07/25/48		3136B2HM7	ASSET BACKED	485,303.1400	484,662.88	.13
FNR 2018-55 FA V/R 08/25/48		3136B2UA8	ASSET BACKED	238,894.2500	238,576.81	.07
FNR 2018-77 FA V/R 10/25/48		3136B3JJ0	ASSET BACKED	500,000.0000	498,650.20	.14
FHR 4703 FA V/R 07/15/47		3137F24X1	ASSET BACKED	624,843.0500	624,117.92	.17
FINISAR CORP 0.5% 12/15/33		31787AAM3	CORPORATE BONDS	4,092,000.0000	4,072,247.92	1.11
GCAT 2017-2 A1 V/R 04/25/47		36155CAA8	ASSET BACKED	365,563.1400	362,442.18	.10
GSMS 2018-TWR A V/R 07/15/21		36251SAA6	ASSET BACKED	200,000.0000	199,843.88	.05
GSMS 2018-TWR D V/R 07/15/21		36251SAN8	ASSET BACKED	200,000.0000	199,675.62	.05
GSMS 2016-GS4 XA V/R 11/10/26		36251XAT4	ASSET BACKED	5,301,342.7600	169,921.29	.05
GSMS 2017-GS6 XA V/R 05/10/27		36253PAE2	ASSET BACKED	1,770,744.0800	128,389.57	.04
GSMS 2017-500K E V/R 07/15/19		36253XAN5	ASSET BACKED	77,000.0000	77,000.06	.02
GSMS 2017-500K F V/R 07/15/19		36253XAQ8	ASSET BACKED	53,000.0000	53,000.02	.01
GSMS 2017-GS8 XA V/R 11/10/27		36254KAP7	ASSET BACKED	3,622,604.5900	242,638.07	.07
GCAR 2018-3A A 3.35% 08/15/22		36255XAA1	ASSET BACKED	750,000.0000	748,976.10	.21
GSMS 2018-3PCK A V/R 09/15/21		36255YAA9	ASSET BACKED	171,000.0000	170,863.76	.05
GAMESTOP CORP 5.5% 10/01/19		36467WAA7	CORPORATE BONDS	4,517,000.0000	4,517,000.00	1.24
TEGNA INC 5.125% 10/15/19		364725BD2	CORPORATE BONDS	989,000.0000	986,527.50	.27
GENERAL MOTORS F 3.2% 07/06/21		37045XBM7	CORPORATE BONDS	230,000.0000	225,010.58	.06
GENERAL MOTORS 2.65% 04/13/20		37045XBV7	CORPORATE BONDS	40,000.0000	39,573.91	.01
GIBRALTAR INDUS 6.25% 02/01/21		374689AF4	CORPORATE BONDS	6,080,000.0000	6,095,200.00	1.67
GOLDMAN SACHS GR 2.3% 12/13/19		38145GAJ9	CORPORATE BONDS	140,000.0000	138,538.14	.04
GREIF INC 7.75% 08/01/19	GEF19	397624AG2	CORPORATE BONDS	5,348,000.0000	5,468,330.00	1.50
HC2 HOLDINGS INC 11% 12/01/19		404139AA5	CORPORATE BONDS	3,610,000.0000	3,582,925.00	.98
NZES 2018-PLS 3.193% 01/25/21		40423XAB8	ASSET BACKED	346,926.3300	344,588.60	.09
SPECTRUM BRANDS 7.75% 01/15/22		40434JAC4	CORPORATE BONDS	2,252,000.0000	2,305,485.00	.63
HALFMOON PARENT 3.4% 09/17/21		40573LAG1	CORPORATE BONDS	180,000.0000	178,675.20	.05
HILT 2018-ORL B V/R 12/15/24		432885AG6	ASSET BACKED	78,000.0000	77,925.21	.02
HOF 2018-1 A1 V/R 06/25/48		43789AAA2	ASSET BACKED	1,710,632.6200	1,710,448.38	.47
ICAHN ENTERPRISES/ 6% 08/01/20		451102AX5	CORPORATE BONDS	7,158,000.0000	7,220,632.50	1.98
INFOR US INC 5.75% 08/15/20		45672NAF8	CORPORATE BONDS	4,426,000.0000	4,475,792.50	1.23
INTREPID AVIATIO 8.5% 08/15/21		46122XAG8	CORPORATE BONDS	677,000.0000	680,385.00	.19
IHSFR 2018-SFR1 V/R 03/17/20		46185JAA6	ASSET BACKED	198,538.2100	198,196.35	.05
INVISTA FINANCE 4.25% 10/15/19		46186RAA7	CORPORATE BONDS	3,081,000.0000	3,087,470.10	.85
IHSFR 2017-SFR2 V/R 12/17/19		46187BAA1	ASSET BACKED	198,525.1700	198,711.15	.05
IRON MOUNTAIN 4.375% 06/01/21		46284VAB7	CORPORATE BONDS	1,298,000.0000	1,291,510.00	.35
JPMBB 2015-C32 X V/R 09/15/25		46590JAY3	ASSET BACKED	1,418,520.0800	70,206.53	.02
JPMCC 2007-LDPX V/R 03/15/17		46630JAE9	ASSET BACKED	15,337.5200	15,344.88	.00
JPMCC 2014-C20 X V/R 06/15/24		46642CBL3	ASSET BACKED	3,580,218.8700	108,395.06	.03
JPMCC 2018-LAQ A V/R 06/15/25		46649VAA9	ASSET BACKED	117,000.0000	116,998.92	.03
JPMMT 2018-7FRB V/R 04/25/46		46650AAD5	ASSET BACKED	639,353.5700	640,403.26	.18
KROGER CO 6.15% 01/15/20	KR20	501044CH2	CORPORATE BONDS	165,000.0000	170,485.78	.05
LAYNE CHRISTENS 4.25% 11/15/18		521050AB0	CORPORATE BONDS	2,718,000.0000	2,717,964.67	.74
LEE ENTERPRISES 9.5% 03/15/22		523768AF6	CORPORATE BONDS	3,580,000.0000	3,691,875.00	1.01
LMAT 2018-SL1 A V/R 02/25/58		52473AAA4	ASSET BACKED	935,592.7100	928,407.83	.25
LENNAR CORP 4.125% 12/01/18		526057BS2	CORPORATE BONDS	4,700,000.0000	4,694,125.00	1.28
LEVEL 3 FINANC 6.125% 01/15/21		527298AY9	CORPORATE BONDS	3,224,000.0000	3,232,060.00	.88
MGM RESORTS IN 8.625% 02/01/19		552953BW0	CORPORATE BONDS	6,057,000.0000	6,102,427.50	1.67
MSCCG 2018-SELF V/R 10/15/20		55358PAA4	ASSET BACKED	534,000.0000	534,000.00	.15
MACQUARIE INFR 2.875% 07/15/19		55608BAA3	CORPORATE BONDS	1,138,000.0000	1,128,729.85	.31
WELBILT INC 9.5% 02/15/24		563568AB0	CORPORATE BONDS	3,010,000.0000	3,250,800.00	.89
MFT 2017-2A A 2.39% 07/15/24		57108PAA3	ASSET BACKED	99,147.9900	99,004.21	.03
MFT 2017-3A A 2.36% 12/15/24		57109DAA9	ASSET BACKED	310,410.0400	309,305.66	.08
MFT 2018-3A A 3.2% 09/15/28		57109FAA4	ASSET BACKED	433,541.0100	432,640.63	.12
MCDERMOTT TEC 10.625% 05/01/24		58003XAA0	CORPORATE BONDS	191,000.0000	171,900.00	.05
MEDIACOM BRDBND 5.5% 04/15/21		58446VAL5	CORPORATE BONDS	4,729,000.0000	4,749,098.25	1.30
MICHAELS STORE 5.875% 12/15/20		594087AT5	CORPORATE BONDS	4,138,000.0000	4,138,000.00	1.13
MICROCHIP TECH 3.922% 06/01/21		595017AJ3	CORPORATE BONDS	175,000.0000	173,737.74	.05
MBR 2018-MBR A V/R 07/15/20		60902YAA6	ASSET BACKED	227,000.0000	226,999.95	.06
MONDELEZ INTERNATI 3% 05/07/20		609207AN5	CORPORATE BONDS	170,000.0000	169,321.64	.05
MSC 2016-UB12 XA V/R 11/15/26		61691EBB0	ASSET BACKED	4,220,744.5100	187,590.57	.05
MSC 2017-H1 XA V/R 05/15/27		61691JAW4	ASSET BACKED	990,648.0900	83,559.98	.02
MSC 2017-ASHF D V/R 11/15/19		61691KAL5	ASSET BACKED	76,000.0000	76,106.76	.02
MSC 2017-ASHF E V/R 11/15/19		61691KAN1	ASSET BACKED	162,000.0000	162,227.76	.04
MSC 2017-ASHF F V/R 11/15/19		61691KAQ4	ASSET BACKED	123,000.0000	123,173.18	.03
MSC 2017-CLS E V/R 11/15/19		61691LAN9	ASSET BACKED	186,000.0000	186,117.68	.05
MSC 2017-CLS F V/R 11/15/19		61691LAQ2	ASSET BACKED	206,000.0000	206,260.69	.06
MSC 2018-SUN A V/R 07/15/20		61691MAA5	ASSET BACKED	142,000.0000	141,922.99	.04
MSC 2017-JWDR A V/R 11/15/19		61691PAA8	ASSET BACKED	285,000.0000	284,940.78	.08
MORGAN STANLEY V/R 07/22/22		61744YAJ7	CORPORATE BONDS	260,000.0000	261,136.20	.07
MSC 2011-C1 D V/R 02/15/21		617458AS3	ASSET BACKED	164,000.0000	169,645.54	.05
MSC 2007-T27 AJ V/R 07/11/17		61754JAH1	ASSET BACKED	288,140.2500	300,795.17	.08
MSC 2016-UB11 XA V/R 08/15/26		61767FBB6	ASSET BACKED	1,519,171.9200	130,441.42	.04
MOTEL 2017-MTL6 V/R 08/15/19		61975FAA7	ASSET BACKED	310,308.7800	310,014.08	.08
NCR CORP 4.625% 02/15/21		62886EAH1	CORPORATE BONDS	1,037,000.0000	1,021,445.00	.28
CLEARWAY ENERGY 3.5% 02/01/19		62942XAA6	CORPORATE BONDS	5,457,000.0000	5,453,589.38	1.49
NCMS 2018-FL1 A V/R 01/15/22		63874MAA0	ASSET BACKED	117,000.0000	116,999.78	.03
NIELSEN FINANCE 4.5% 10/01/20		65409QBA9	CORPORATE BONDS	4,979,000.0000	4,966,552.50	1.36
NORTHROP GRUMMA 2.08% 10/15/20		666807BL5	CORPORATE BONDS	175,000.0000	170,684.88	.05
OMNICOM GP/OMN 3.625% 05/01/22	OMC22	681919AZ9	CORPORATE BONDS	170,000.0000	167,935.11	.05
PNC FINANCIAL 4.375% 08/11/20	PNC/20A	693476BL6	CORPORATE BONDS	265,000.0000	269,328.76	.07
PSEG POWER LLC 3.85% 06/01/23		69362BBC5	CORPORATE BONDS	180,000.0000	178,724.91	.05
PACKAGING CORP 2.45% 12/15/20		695156AS8	CORPORATE BONDS	265,000.0000	259,363.54	.07
PMIT 2018-1A A 3.11% 06/17/24		74361HAA8	ASSET BACKED	143,759.7100	143,586.36	.04
PRUDENTIAL FIN 7.375% 06/15/19	PRU19	74432QBG9	CORPORATE BONDS	75,000.0000	76,978.72	.02
PRUDENTIAL FINAN 4.5% 11/15/20	PRU20A	74432QBP9	CORPORATE BONDS	180,000.0000	184,292.98	.05
RAITF 2017-FL7 A V/R 06/15/25		74890EAC1	ASSET BACKED	36,000.0000	35,999.92	.01
RCO 2017-INV1 A V/R 11/25/52		74937VAA2	ASSET BACKED	773,997.5500	781,688.22	.21
REALOGY GROUP/CO 4.5% 04/15/19		75606DAA9	CORPORATE BONDS	2,518,000.0000	2,505,410.00	.69
REALOGY GROUP/C 5.25% 12/01/21		75606DAC5	CORPORATE BONDS	1,849,000.0000	1,816,642.50	.50
REYNOLDS AMERIC 3.25% 06/12/20		761713BE5	CORPORATE BONDS	45,000.0000	44,852.40	.01
REYNOLDS GRP IS 5.75% 10/15/20		761735AP4	CORPORATE BONDS	2,425,676.5981	2,425,676.60	.66
RIVERS PITTSBU 6.125% 08/15/21		76882AAB6	CORPORATE BONDS	1,841,000.0000	1,831,795.00	.50
RPT 2017-ROSS A V/R 06/15/20		77846EAA3	ASSET BACKED	198,000.0000	198,062.27	.05
RPT 2017-ROSS B V/R 06/15/20		77846EAE5	ASSET BACKED	35,000.0000	35,056.89	.01
SGR 2017-1 A1 V/R 04/25/47		784211AA2	ASSET BACKED	303,361.3600	302,273.69	.08
SCLP 2018-2 A1 2.93% 05/25/20		78471WAA3	ASSET BACKED	165,079.3200	164,564.37	.05
SHERWIN-WILLIAM 2.25% 05/15/20		824348AT3	CORPORATE BONDS	175,000.0000	172,014.59	.05
SLIDE 2018-FUN A V/R 06/15/21		831350AA1	ASSET BACKED	170,617.4500	170,614.52	.05
SCLP 2017-3 A 2.77% 01/25/22		83404JAA4	ASSET BACKED	496,368.0300	491,509.98	.13
SOFI 2017-C A2 1.75% 03/25/20		83405DAB4	ASSET BACKED	191,133.3600	189,389.12	.05
SCLP 2017-5 A1 2.14% 11/25/19		83405LAA8	ASSET BACKED	339,764.3400	338,167.55	.09
SCLP 2018-3 A1 3.2% 08/25/20		83405XAA2	ASSET BACKED	430,701.2000	429,958.24	.12
SPECTRUM BRAND 6.625% 11/15/22		84762LAQ8	CORPORATE BONDS	2,525,000.0000	2,578,656.25	.71
SCFT 2016-AA A 3.05% 04/25/29		85022WAA2	ASSET BACKED	603,660.4500	598,840.34	.16
SPRINT COMMUNICATI 9% 11/15/18		852061AK6	CORPORATE BONDS	8,420,000.0000	8,436,840.00	2.31
STWD 2018-URB A V/R 05/15/21		86421QAA0	ASSET BACKED	284,000.0000	284,208.09	.08
SUPERVALU INC 6.75% 06/01/21		868536AV5	CORPORATE BONDS	2,161,000.0000	2,200,762.40	.60
TEVA PHARMA FIN 2.25% 03/18/20		88166HAD9	CORPORATE BONDS	1,247,000.0000	1,211,083.21	.33
THERMO FISHER SC 3.6% 08/15/21	TMO21A	883556AZ5	CORPORATE BONDS	260,000.0000	259,922.00	.07
TWITTER INC 0.25% 09/15/19		90184LAB8	CORPORATE BONDS	4,368,000.0000	4,222,418.93	1.16
UBSCM 2012-C1 XA V/R 05/10/45		90269GAG6	ASSET BACKED	1,875,821.2200	106,979.40	.03
UBSCM 2017-C1 XA V/R 06/15/50		90276EAF4	ASSET BACKED	893,758.9900	88,307.77	.02
USROF 2017-1III V/R 11/27/37		90354BAA6	ASSET BACKED	305,258.0800	302,218.05	.08
UNION PACIFIC CO 3.2% 06/08/21		907818ET1	CORPORATE BONDS	165,000.0000	164,475.50	.05
US TREAS NTS 1.5% 08/15/20		9128282Q2	GOVERNMENT BONDS	710,000.0000	693,220.70	.19
US TREAS NTS 2.25% 03/31/20		9128284C1	GOVERNMENT BONDS	350,000.0000	347,251.95	.10
US TIPS 0.125% 04/15/19		912828C99	GOVERNMENT BONDS	581,083.2000	575,953.33	.16
US TREAS NTS 2% 08/31/21		912828D72	GOVERNMENT BONDS	830,000.0000	809,250.00	.22
US TREAS NTS 2.125% 09/30/21		912828F21	GOVERNMENT BONDS	820,000.0000	801,582.03	.22
US TIPS 2.125% 01/15/19		912828JX9	GOVERNMENT BONDS	575,460.9000	575,520.85	.16
US TREAS NTS 1.875% 01/31/22		912828V72	GOVERNMENT BONDS	240,000.0000	232,078.13	.06
US TREAS NTS 2.625% 07/31/20		912828Y46	GOVERNMENT BONDS	7,000,000.0000	6,972,109.34	1.91
QWEST CAPITAL FU 6.5% 11/15/18		912912AR3	CORPORATE BONDS	2,871,000.0000	2,867,411.25	.78
UPST 2018-1 A 3.015% 08/20/25		91678TAA4	ASSET BACKED	116,132.5800	116,065.07	.03
VOLT 2018-NPL6 A V/R 09/25/48		91832WAA0	ASSET BACKED	682,628.1000	681,382.71	.19
VOLT 2018-NPL7 A V/R 09/25/48		91832XAA8	ASSET BACKED	1,997,112.1800	1,994,044.82	.55
VMC 2018-FL2 A V/R 05/15/21		91832YAA6	ASSET BACKED	536,000.0000	536,670.00	.15
VOLT 2018-NPL8 A V/R 10/26/48		91833GAD8	ASSET BACKED	2,000,000.0000	2,000,609.80	.55
VERIZON COMMUNICA V/R 05/15/25		92343VEP5	CORPORATE BONDS	175,000.0000	175,901.65	.05
VERUS 2018-1 A1 V/R 02/25/48		92536FAA4	ASSET BACKED	466,528.6200	459,920.90	.13
WSLT 2006-1 A5 V/R 07/26/27		92978JAE3	ASSET BACKED	313,724.7300	313,664.53	.09
WFCM 2015-NXS2 X V/R 07/15/58		94989MAH2	ASSET BACKED	6,162,419.5100	201,708.32	.06
WFCM 2015-LC22 X V/R 09/15/58		94989TBC7	ASSET BACKED	2,881,706.8000	127,800.53	.03
WFCM 2018-C46 XA V/R 08/15/51		95001QAV3	ASSET BACKED	3,493,293.5800	220,338.79	.06
WLAKE 2018-2A B 3.2% 01/16/24		96042FAD6	ASSET BACKED	500,000.0000	498,735.85	.14
WILLIAM CARTER 5.25% 08/15/21		96926JAA5	CORPORATE BONDS	5,163,000.0000	5,182,361.25	1.42
T/L EASTMAN KODAK 0% 9/3/19		LX131438	LOAN	3,007,000.0000	2,866,061.91	.78
T/L MONITRONICS IN 0% 9/30/22		LX154976	LOAN	835,000.0000	816,738.55	.22
T/L INTERNAP NETW 0% 4/6/22		LX161977	LOAN	1,615,596.8100	1,620,976.75	.44
T/L LSC COMMUNICAT 0% 09/30/22		LX169586	LOAN	887,370.0000	889,588.43	.24
T/L NCI BUILDING 0% 02/07/25		LX171084	LOAN	822,164.4100	820,454.31	.22
T/L CRESTWOOD HOLD 0% 03/06/23		LX171649	LOAN	1,981,367.3300	1,972,292.67	.54
RELIANCE HOLDING 5.4% 02/14/22		U75888AC8	CORPORATE BONDS	250,000.0000	257,843.03	.07
CNOOC FINANCE 2013 3% 05/09/23		12625GAC8	CORPORATE BONDS	400,000.0000	381,884.80	.10
SINOPEC GRP DEV 3.75% 09/12/23		82939GAA6	CORPORATE BONDS	400,000.0000	394,777.20	.11
CNPC GENERAL CA 3.95% 04/19/22		G22004AB4	CORPORATE BONDS	200,000.0000	200,018.71	.05
HARRIS CORPORA DISC 12/10/18		41388FMA7	SHORT TERMS	6,590,000.0000	6,569,886.00	1.80
KEURIG DR PEPP DISC 11/06/18		49271KL69	SHORT TERMS	4,000,000.0000	3,998,404.00	1.09
MARRIOTT INTER DISC 11/26/18		57163ULS3	SHORT TERMS	6,434,000.0000	6,422,420.09	1.76
US T BILL ZCP 04/25/19		912796QC6	SHORT TERMS	470,000.0000	464,488.11	.13
US T BILL ZCP 07/18/19		912796QR3	SHORT TERMS	7,000,000.0000	6,873,845.44	1.88
US T BILL ZCP 08/15/19		912796QV4	SHORT TERMS	650,000.0000	636,837.86	.17
US T BILL ZCP 02/21/19		912796QY8	SHORT TERMS	580,000.0000	575,836.24	.16
EUR/USD FWD 20181115 000000010 USD	EUR	1295307624	FORWARD	-2,838,500.0000	-3,218,155.45	-.88
NOK/USD FWD 20181115 000000010 USD	NOK	1295293036	FORWARD	-3,027,500.0000	-359,281.42	-.10
SEK/USD FWD 20181115 000000010 USD	SEK	1295293035	FORWARD	-11,945,000.0000	-1,306,777.69	-.36
USD/SEK FWD 20181115 000000010 USD	USD	1295293035	FORWARD	1,331,586.8700	1,331,586.87	.36
USD/NOK FWD 20181115 000000010 USD	USD	1295293036	FORWARD	369,144.2900	369,144.29	.10
USD/EUR FWD 20181115 000000010 USD	USD	1295307624	FORWARD	3,289,821.5000	3,289,821.50	.90

As of 10/31/2018.

Distributions

Fund Name	Fund Cusip	Distribution Type	Amount per Share	Ex Date	Reinvest Date	Reinvest Price
Destinations Low Duration Fixed Income Fund	10964R814	Dividend	0.028417	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%
Acquired Fund Fees and Expenses (AFFE)	0.01%
Total Annual Fund Operating Expenses	0.83%
Fee Waivers and Expense Reimbursements	(0.04%)
Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements	0.79%*

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.