Destinations Multi Strategy Alternatives Fund
Overview
The Destinations Multi Strategy Alternatives Fund seeks long-term growth of capital with reduced correlation to equity and fixed income markets and may invest across multiple strategies including long/short credit, long/short equity, relative value, distressed credit, global macro, event driven and closed-end funds.
Employing a multi-manager approach, the Fund currently allocates assets among the following sub-advisers:
- Avenue Capital Group II, L.P. is the sub-adviser of Avenue Credit Strategies which employs a total return, event driven approach supported by in-depth bottom up credit research, resulting in a focused portfolio diversified across capital structure and geography.
- Driehaus Capital Management LLC is the sub-adviser of Driehaus Active Income which seeks opportunities in credit markets by employing relative value and directional strategies, while fully hedging interest rate risk.
- Driehaus Capital Management LLC is the sub-adviser of Driehaus Event Driven which seeks asymmetric payoff profiles in directional long, directional short and relative value arbitrage strategies, focusing on liquid credit, equity and derivative securities.
- The JPMorgan Strategic Income Opportunities Fund is an absolute return oriented strategy that invests flexibly across traditional, alternative and private fixed income, seeking to provide uncorrelated, low volatility returns across market environments.
- The BrandywineGLOBAL-Global Unconstrained Bond Fund employs a top-down, value driven process that makes long and short investments across sovereign debt and currencies.
- RiverNorth Capital Management, LLC is the sub-adviser of RiverNorth Opportunities which seeks to exploit the anomaly of closed-end fund discounts in the secondary market through investing in equity, fixed income and hybrid closed-end funds.
| Fund performance as of 3/31/18 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Annualized | ||||||||||||||
| MTD | QTD | YTD | 1 Year | 3 Years | 5 Years | Since Inception |
||||||||
| Destinations Multi Strategy Alternatives |
|
|
|
|
|
|
|
|||||||
| HFRX Global Hedge Fund Index |
|
|
|
|
|
|
|
|||||||
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.
HFRX Global Hedge Fund Index Definition: An asset weighted index comprised of all eligible hedge fund strategies, designed to be representative of the overall composition of the hedge fund universe. One cannot invest directly in an index.
An investment in the Destinations Multi Strategy Alternatives 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.
Mid-capitalization companies may be newer or less established than large-capitalization companies, and may have limited resources, products and markets, can be more volatile and may be less liquid. Stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies and typically are traded in lower volume, are less liquid. These risks may be heightened with respect to micro-cap companies.
Real estate investment trusts (REITs) are trusts that invest primarily in commercial real estate or real estate-related loans. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.
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.
Short sale risk involve positions in shorted securities are speculative and more risky than long positions (purchases) in securities. Short selling will also result in higher transaction costs (such as interest and dividends), and may result in higher taxes, which reduce the Fund’s return. Theoretically the potential loss resulting from short sales is unlimited.
The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Underlying Funds may have limited recourse in the event of a default.
- Ticker: DMSFX
- CUSIP: 10964R871
- Benchmark: HFRX Global Hedge Fund Index
- Inception date: 03/20/2017
- Gross expense ratio: 1.86%
- Net expense ratio: 1.32%*
Management team
-
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.
-
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
| Fund performance as of 3/31/18 | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Annualized | ||||||||||||||||||||
| MTD | QTD | YTD | 1 Year | 3 Years | 5 Years | Since Inception |
Inception Date |
Gross expense ratio |
Net expense ratio* |
|||||||||||
| Destinations Multi Strategy Alternatives |
|
|
|
|
|
|
|
|
|
|
||||||||||
| HFRX Global Hedge Fund Index |
|
|
|
|
|
|
|
|||||||||||||
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.
HFRX Global Hedge Fund Index Definition: An asset weighted index comprised of all eligible hedge fund strategies, designed to be representative of the overall composition of the hedge fund universe. One cannot invest directly in an index.
Holdings
| Security Description | Ticker Symbol | Security ID | Security Type Description | Quantity | Base Market Value | Percent TNA |
|---|---|---|---|---|---|---|
| CANADIAN DOLLAR | CASHCAD | CURRENCY | .0500 | .04 | .00 | |
| EURO | CASHEUR | CURRENCY | 67,067.5800 | 78,405.35 | .01 | |
| BRITISH POUNDS | CASHGBP | CURRENCY | -642.8600 | -854.49 | -.00 | |
| US DOLLARS | CASHUSD | CURRENCY | 173,758,717.2000 | 173,758,717.20 | 18.82 | |
| XL GROUP LTD | XL | BD95VZ8 | COMMON STOCK | 12,300.0000 | 683,634.00 | .07 |
| MARVELL TECHNOLOGY GROUP LTD | MRVL | G5876H105 | COMMON STOCK | 166,249.0000 | 3,581,003.46 | .39 |
| CLEMENTIA PHARMACEUTICALS IN | CMTA | 185575107 | COMMON STOCK | 239,080.0000 | 3,387,763.60 | .37 |
| FGL HOLDINGS | FG | BD063H6 | COMMON STOCK | 1,428,485.0000 | 11,842,140.65 | 1.28 |
| CM SEVEN STAR ACQUISITION CO | CMSS | BDGJMV6 | COMMON STOCK | 52,566.0000 | 516,723.78 | .06 |
| CM SEVEN STAR ACCUISITION CO WT EX 11/6/18 | G2345N110 | WARRANTS | 26,283.0000 | 9,199.05 | .00 | |
| CM SEVEN STAR ACQUISITION CO RTS 12/31/49 | G2345N136 | RIGHTS | 52,566.0000 | 15,769.80 | .00 | |
| ALTICE NV RTS 06/04/18 /EUR/ | BD85NM0 | RIGHTS | 663,371.0000 | 4,837,864.89 | .52 | |
| ALTICE NV - A /EUR/ | BYT3416 | COMMON STOCK | 663,371.0000 | 2,349,807.02 | .25 | |
| MCDERMOTT INTL INC | MDR | 580037703 | COMMON STOCK | -17.0000 | -369.41 | -.00 |
| AT&T INC | T | 00206R102 | COMMON STOCK | -10,500.0000 | -339,360.00 | -.04 |
| ABERDEEN EM MRKT EQTY INC | AEF | 00301W105 | POOLED INVESTMENTS | 44,893.0000 | 386,528.73 | .04 |
| ABERDEEN TTL DYN DIVID | AOD | 00326L100 | POOLED INVESTMENTS | 624,126.0000 | 5,542,238.88 | .60 |
| ACLARIS THERAPEUTICS INC | ACRS | 00461U105 | COMMON STOCK | 184,140.0000 | 3,327,409.80 | .36 |
| ADVENT/CLAYMORE ENH GR & INC | LCM | 00765E104 | POOLED INVESTMENTS | 154,881.0000 | 1,204,974.18 | .13 |
| ADVERUM BIOTECHNOLOGIES INC | 00773U108 | COMMON STOCK | 373,044.0000 | 2,331,525.00 | .25 | |
| ALLIANZGI NFJ DIVIDEND INTER | XNFJX | 01883A107 | POOLED INVESTMENTS | 171,245.0000 | 2,217,622.75 | .24 |
| ALLIANZGI CONVERTIBLE & INCO | CBH | 01883H102 | POOLED INVESTMENTS | 261,437.0000 | 2,428,749.73 | .26 |
| ALTICE USA INC- A | ATUS | 02156K103 | COMMON STOCK | -262,800.0000 | -5,140,368.00 | -.56 |
| AMERICAN CAPITAL SENIOR FLOA | ACSF | 02504D108 | COMMON STOCK | 167,638.0000 | 2,061,947.40 | .22 |
| ARRAY BIOPHARMA INC | ARRY | 04269X105 | COMMON STOCK | 487,216.0000 | 7,965,981.60 | .86 |
| ATARA BIOTHERAPEUTICS INC | ATRA | 046513107 | COMMON STOCK | 12,025.0000 | 598,845.00 | .06 |
| ATLANTIC ACQUISITION CORP | ATAC | 048206106 | COMMON STOCK | 26,313.0000 | 263,130.00 | .03 |
| ATLANTIC ACQUISITION COR RTS 12/31/49 | 048206304 | RIGHTS | 26,313.0000 | 14,209.02 | .00 | |
| AVAYA HOLDINGS CORP | AVYA | 05351X101 | COMMON STOCK | 137,349.0000 | 3,031,292.43 | .33 |
| BB&T CORP | BBT | 054937107 | COMMON STOCK | 11,949.0000 | 627,322.50 | .07 |
| BIG ROCK PARTNERS ACQUISITIO | BRPAU | 089482202 | OTHER EQUITY | 42,941.0000 | 457,321.65 | .05 |
| BLACK RIDGE ACQUISITION CORP | BRAC | 09216T107 | COMMON STOCK | 34,933.0000 | 340,946.08 | .04 |
| BLACK RIDGE ACQUISITION CORP WT EX 10/25/22 | 09216T115 | WARRANTS | 52,399.0000 | 14,671.72 | .00 | |
| BLACK RIDGE ACQU CORP RTS 11/16/20 | 09216T123 | RIGHTS | 17,467.0000 | 4,454.09 | .00 | |
| BLACKROCK CREDIT ALLOCATION | BTZ | 092508100 | POOLED INVESTMENTS | 176,089.0000 | 2,179,981.82 | .24 |
| BLUEPRINT MEDICINES CORP | BPMC | 09627Y109 | COMMON STOCK | 45,847.0000 | 3,854,815.76 | .42 |
| BRANDYWINEGLOBAL GLOBAL INCO | 10537L104 | POOLED INVESTMENTS | 212,642.0000 | 2,500,669.92 | .27 | |
| BUILDERS FIRSTSOURCE INC | BLDR | 12008R107 | COMMON STOCK | 186,954.0000 | 3,660,559.32 | .40 |
| CAPITAL SOUTHWEST CORP /PFD/ | CSWCL | 140501206 | PREFERRED STOCK | 36,032.0000 | 944,038.40 | .10 |
| CHINA FUND INC | CHN | 169373107 | POOLED INVESTMENTS | 7,472.0000 | 165,728.96 | .02 |
| CIENA CORP | CIEN | 171779309 | COMMON STOCK | -99,394.0000 | -2,291,031.70 | -.25 |
| CLOUGH GLOBAL EQUITY FUND | GLQ | 18914C100 | POOLED INVESTMENTS | 62,918.0000 | 877,076.92 | .09 |
| CLOUGH GLBL OPPORTUNITIES FD | GLO | 18914E106 | POOLED INVESTMENTS | 554,937.0000 | 6,098,757.63 | .66 |
| CONCERT PHARMACEUTICALS INC | CNCE | 206022105 | COMMON STOCK | 44,016.0000 | 899,246.88 | .10 |
| DELAWARE INV DIVIDEND & INC | DDF | 245915103 | POOLED INVESTMENTS | 248,550.0000 | 2,756,419.50 | .30 |
| DELAWARE ENHANCED GLOBAL DIV | DEX | 246060107 | POOLED INVESTMENTS | 366,380.0000 | 4,293,973.60 | .47 |
| DRAPER OAKWOOD TECHNOLOGY-A | DOTA | 26146L103 | COMMON STOCK | 21,044.0000 | 210,440.00 | .02 |
| DRAPER OAKWOOD TECH WT EX 09/30/24 | 26146L111 | WARRANTS | 10,522.0000 | 5,892.32 | .00 | |
| DRAPER OAKWOOD TECH RTS 09/30/22 | 26146L129 | RIGHTS | 21,044.0000 | 10,627.22 | .00 | |
| EAGLE GROWTH & INCOME OPPORT | EGIF | 26958J105 | POOLED INVESTMENTS | 187,530.0000 | 2,867,333.70 | .31 |
| FIRST TRUST SENIOR FLOATING | FIV | 33740K101 | POOLED INVESTMENTS | 173,420.0000 | 1,624,945.40 | .18 |
| GMAC CAP 8.125% 2/15/40 /PFD/ | ALLY PRA | 361860208 | PREFERRED STOCK | 130,384.0000 | 3,404,326.24 | .37 |
| GABELLI UTILITY TRUST | GUT | 36240A101 | POOLED INVESTMENTS | 102,612.0000 | 599,254.08 | .06 |
| GARRISON CAPITAL INC | GARS | 366554103 | COMMON STOCK | 131,712.0000 | 1,156,431.36 | .13 |
| GENERAL AMERICAN INVEST PREFERRED SERIES B | GAM PRB | 368802401 | POOLED INVESTMENTS | 21,578.0000 | 559,301.76 | .06 |
| GENERAL MOTORS CO | GM | 37045V100 | COMMON STOCK | 40,676.0000 | 1,736,865.20 | .19 |
| HC2 HOLDINGS INC | HCHC | 404139107 | COMMON STOCK | 149,274.0000 | 918,035.10 | .10 |
| HAYMAKER ACQUISITION CORP | HYACU | 420870206 | OTHER EQUITY | 50,123.0000 | 501,230.00 | .05 |
| HENNESSY CAPITAL ACQUISITION | HCAC | 42588L105 | COMMON STOCK | 42,864.0000 | 427,354.08 | .05 |
| HENNESSY CAPITAL ACQUISITION CORP IIIL WT EX 8/1/22 | 42588L113 | WARRANTS | 32,148.0000 | 34,076.88 | .00 | |
| HERCULES TEC 6.25% 7/30/24/PFD | HTGX | 427096862 | PREFERRED STOCK | 4,213.0000 | 106,167.60 | .01 |
| HIGHLAND FLTNG RTE OPPORT | HFRO | 43010E404 | POOLED INVESTMENTS | 311,577.0000 | 4,947,842.76 | .54 |
| HUNTINGTON BANCSHARES INC | HBAN | 446150104 | COMMON STOCK | 50,713.0000 | 754,102.31 | .08 |
| HUNTSMAN CORP | HUN | 447011107 | COMMON STOCK | 174,325.0000 | 5,573,170.25 | .60 |
| I AM CAPITAL ACQUISITION CORP WT EX 10/09/22 | 45074Q116 | WARRANTS | 26,357.0000 | 7,379.96 | .00 | |
| INDIA FUND INC | IFN | 454089103 | POOLED INVESTMENTS | 49,041.0000 | 1,209,841.47 | .13 |
| INDUSTREA ACQUISITION CORP-A | INDU | 45579J104 | COMMON STOCK | 25,795.0000 | 253,822.80 | .03 |
| INDUSTREA ACQUISITION CORP A WT EX 8/1/24 | 45579J112 | WARRANTS | 25,795.0000 | 15,990.32 | .00 | |
| INSPIRE MEDICAL SYSTEMS INC | 457730109 | COMMON STOCK | 53,197.0000 | 1,595,910.00 | .17 | |
| INVESCO HIGH INCOME TRUST II | VLT | 46131F101 | POOLED INVESTMENTS | 243,103.0000 | 3,286,752.56 | .36 |
| INVESCO SENIOR INCOME TRUST | VVR | 46131H107 | POOLED INVESTMENTS | 497,814.0000 | 2,185,403.46 | .24 |
| INVESTORS BANCORP INC | 46146L101 | COMMON STOCK | 43,385.0000 | 578,755.90 | .06 | |
| ISHARES NASDAQ BIOTECHNOLOGY | IBB | 464287556 | POOLED INVESTMENTS | -54,693.0000 | -5,931,455.85 | -.64 |
| ISHARES RUSSELL 2000 ETF | IWM | 464287655 | POOLED INVESTMENTS | -16,500.0000 | -2,685,705.00 | -.29 |
| JPMORGAN STRAT INC OPP-I | JSOSX | 4812A4351 | POOLED INVESTMENTS | 10,842,795.3126 | 125,234,285.86 | 13.56 |
| KAYNE ANDERSON MLP INVEST | KYN | 486606106 | POOLED INVESTMENTS | 170,465.0000 | 3,201,332.70 | .35 |
| KCAP FINANCIAL INC PREFERRED | KCAPL | 48668E309 | PREFERRED STOCK | 24,762.0000 | 626,478.60 | .07 |
| KEARNY FINANCIAL CORP/MD | KRNY | 48716P108 | COMMON STOCK | 47,400.0000 | 684,930.00 | .07 |
| KEYCORP | KEY | 493267108 | COMMON STOCK | 30,122.0000 | 585,571.68 | .06 |
| KNIGHT-SWIFT TRANSPORTATION | KNX | 499049104 | COMMON STOCK | 141,285.0000 | 5,747,473.80 | .62 |
| LAZARD WORLD DIVIDEND & INCO | LOR | 521076109 | POOLED INVESTMENTS | 68,222.0000 | 747,713.12 | .08 |
| LEGACY ACQUISITION CORP | LGC/U | 524643202 | OTHER EQUITY | 35,601.0000 | 355,653.99 | .04 |
| BRANDYWINEGLB-GLB UNCON B-IS | LROSX | 524686664 | POOLED INVESTMENTS | 4,929,609.4600 | 58,711,648.67 | 6.36 |
| LEISURE ACQUISITION CORP | LACQU | 52539T206 | OTHER EQUITY | 52,477.0000 | 521,096.61 | .06 |
| LIBERTY ALL STAR EQUITY FUND | USA | 530158104 | POOLED INVESTMENTS | 89,189.0000 | 564,566.37 | .06 |
| LOXO ONCOLOGY INC | LOXO | 548862101 | COMMON STOCK | 60,466.0000 | 10,722,435.78 | 1.16 |
| M & T BANK CORP | MTB | 55261F104 | COMMON STOCK | 3,264.0000 | 561,669.12 | .06 |
| MVC CAPITAL INC /PREFERRED/ | MVCD | 553829409 | PREFERRED STOCK | 12,912.0000 | 331,192.80 | .04 |
| MADISON COVERED CALL & EQUIT | XMCNX | 557437100 | POOLED INVESTMENTS | 253,821.0000 | 1,880,813.61 | .20 |
| MANAGED DURATION INVESTMENT | MZF | 56165R103 | POOLED INVESTMENTS | 203,004.0000 | 2,904,987.24 | .31 |
| MICROCHIP TECHNOLOGY INC | MCHP | 595017104 | COMMON STOCK | -32,550.0000 | -3,169,719.00 | -.34 |
| MIRATI THERAPEUTICS INC | MRTX | 60468T105 | COMMON STOCK | 30,760.0000 | 1,307,300.00 | .14 |
| MONSANTO CO | MON | 61166W101 | COMMON STOCK | 5,300.0000 | 675,538.00 | .07 |
| MORGAN STANLEY EMRG MARKETS | MSF | 61744G107 | POOLED INVESTMENTS | 188,752.0000 | 3,163,483.52 | .34 |
| MORGAN STANLEY EMRG MKT DEBT | MSD | 61744H105 | POOLED INVESTMENTS | 248,898.0000 | 2,250,037.92 | .24 |
| MORGAN STANLEY INCOME SECS | ICB | 61745P874 | POOLED INVESTMENTS | 7,662.0000 | 141,900.24 | .02 |
| NATERA INC | NTRA | 632307104 | COMMON STOCK | 263,698.0000 | 3,074,718.68 | .33 |
| NEXPOINT STRATEGIC OPPORTUNI | 65340G205 | POOLED INVESTMENTS | 59,858.0000 | 1,321,066.06 | .14 | |
| NEXPOINT CREDIT STRATEGIES | 65340G999 | COMMON STOCK | 45,278.0000 | .00 | .00 | |
| NUVEEN AMT-FREE QTY MUN INC FD | NEA | 670657105 | POOLED INVESTMENTS | 138,430.0000 | 1,805,127.20 | .20 |
| NUVEEN QUALITY MUN INC FD | NAD | 67066V101 | POOLED INVESTMENTS | 132,821.0000 | 1,762,534.67 | .19 |
| NUVEEN INT DUR QU MUN TRM FD | NIQ | 670677103 | POOLED INVESTMENTS | 114,933.0000 | 1,438,961.16 | .16 |
| NUVEEN MORT OPP TERM FD | JLS | 670735109 | POOLED INVESTMENTS | 91,524.0000 | 2,133,424.44 | .23 |
| NUVEEN CREDIT STRAT INC FD | JQC | 67073D102 | POOLED INVESTMENTS | 149,948.0000 | 1,213,079.32 | .13 |
| NUVEEN BLD AMER BOND FD | NBB | 67074C103 | POOLED INVESTMENTS | 31,555.0000 | 644,984.20 | .07 |
| NUVEEN BLD AMER BOND OPP FD | NBD | 67074Q102 | POOLED INVESTMENTS | 12,059.0000 | 263,790.63 | .03 |
| NUVEEN MORT OPP TERM FD 2 | JMT | 67074R100 | POOLED INVESTMENTS | 62,201.0000 | 1,426,890.94 | .15 |
| NUVEEN EMERGING MARKETS DEBT | JEMD | 67077P101 | POOLED INVESTMENTS | 60,966.0000 | 546,865.02 | .06 |
| OCEANFIRST FINANCIAL CORP | OCFC | 675234108 | COMMON STOCK | 217,199.0000 | 6,368,274.68 | .69 |
| ORITANI FINANCIAL CORP | ORIT | 68633D103 | COMMON STOCK | 229,484.0000 | 3,648,795.60 | .40 |
| OSPREY ENERGY ACQUISITION CO | OSPR | 688397108 | COMMON STOCK | 30,010.0000 | 289,896.60 | .03 |
| OSPREY ENERGY WT EX 08/15/22 | 688397116 | WARRANTS | 15,005.0000 | 14,704.90 | .00 | |
| PENSARE ACQUISITION CORP | WRLS | 70957E105 | COMMON STOCK | 60,188.0000 | 590,444.28 | .06 |
| PENSARE ACQUI WT EX 8/8/22 | 70957E113 | WARRANTS | 30,094.0000 | 14,746.06 | .00 | |
| PENSARE ACQUISITION CORP RTS 12/31/49 | 70957E121 | RIGHTS | 60,188.0000 | 21,065.80 | .00 | |
| PRUDENTIAL GL SH DUR HI YLD | GHY | 74433A109 | POOLED INVESTMENTS | 292,334.0000 | 4,025,439.18 | .44 |
| PRUDENTIAL SHORT DURATION HI | ISD | 74442F107 | POOLED INVESTMENTS | 34,810.0000 | 489,776.70 | .05 |
| PURE ACQUISITION CORP | PACQU | 74621Q205 | OTHER EQUITY | 23,463.0000 | 240,495.75 | .03 |
| QUANTA SERVICES INC | PWR | 74762E102 | COMMON STOCK | 93,547.0000 | 3,368,627.47 | .36 |
| REAVES UTILITY INCOME FUND | UTG | 756158101 | POOLED INVESTMENTS | 81,869.0000 | 2,320,167.46 | .25 |
| ROCKWELL COLLINS INC | COL | 774341101 | COMMON STOCK | 58,211.0000 | 8,004,594.61 | .87 |
| ROYCE MICRO-CAP TRUST INC | RMT | 780915104 | POOLED INVESTMENTS | 28,456.0000 | 288,259.28 | .03 |
| SPDR S&P REGIONAL BANKING ETF_ | KRE | 78464A698 | POOLED INVESTMENTS | -85,212.0000 | -5,383,694.16 | -.58 |
| SPDR S&P BIOTECH ETF | XBI | 78464A870 | POOLED INVESTMENTS | -134,629.0000 | -12,745,327.43 | -1.38 |
| SIENTRA INC | SIEN | 82621J105 | COMMON STOCK | 114,169.0000 | 2,061,892.14 | .22 |
| SIERRA ONCOLOGY INC | SRRA | 82640U107 | COMMON STOCK | 486,776.0000 | 1,367,840.56 | .15 |
| SPROTT FOCUS TRUST INC | 85208J109 | POOLED INVESTMENTS | 354,645.0000 | 2,826,520.65 | .31 | |
| TEMPLETON EMERG MKTS INC FD | TEI | 880192109 | POOLED INVESTMENTS | 405,153.0000 | 4,258,158.03 | .46 |
| TEMPLETON GLOBAL INCOME FUND | GIM | 880198106 | POOLED INVESTMENTS | 388,118.0000 | 2,414,093.96 | .26 |
| TIME WARNER INC | TWX | 887317303 | COMMON STOCK | 7,000.0000 | 659,120.00 | .07 |
| TRIANGLE CAPITAL CORP | TCAP | 895848109 | COMMON STOCK | 241,560.0000 | 2,736,874.80 | .30 |
| TRIPLEPOINT VENTURE GROW/PFD/ | TPVY | 89677Y308 | PREFERRED STOCK | 21,189.0000 | 536,081.70 | .06 |
| UNITED TECHNOLOGIES CORP | UTX | 913017109 | COMMON STOCK | -1,115.0000 | -139,174.30 | -.02 |
| VECTOIQ ACQUISITION CORP | VTIQU | 92243N202 | OTHER EQUITY | 13,305.0000 | 133,050.00 | .01 |
| VIRTUS TOTAL RETURN FUND INC | ZF | 92837G100 | POOLED INVESTMENTS | 250,880.0000 | 2,747,136.00 | .30 |
| VOYA PRIME RATE TRUST | 92913A100 | POOLED INVESTMENTS | 181,577.0000 | 929,674.24 | .10 | |
| WATERSTONE FINANCIAL INC | 94188P101 | COMMON STOCK | 153,754.0000 | 2,667,631.90 | .29 | |
| WESTERN ASSET EMERGING MARKE | EMD | 95766A101 | POOLED INVESTMENTS | 274,906.0000 | 3,730,474.42 | .40 |
| WESTERN ASSET HIGH INCOME OP | HIO | 95766K109 | POOLED INVESTMENTS | 572,442.0000 | 2,724,823.92 | .30 |
| WESTERN ASSET INFLATION-LINK | WIW | 95766R104 | POOLED INVESTMENTS | 75,145.0000 | 837,115.30 | .09 |
| XPO LOGISTICS INC | XPO | 983793100 | COMMON STOCK | 71,372.0000 | 7,511,903.00 | .81 |
| TRSGSCBDRC2 /LONG/ | TRSGSCBDRC2 | SWAPS | 1,092.0000 | 319,606.56 | .03 | |
| TRSGSCBDRS2 /LONG/ | TRSGSCBDRS2 | SWAPS | 4,614.0000 | 688,501.08 | .07 | |
| CONSTELLATION ALPHA CAPITAL | CNAC | BF47W05 | COMMON STOCK | 22,935.0000 | 226,597.80 | .02 |
| CONSTELLATION ALPHA CAP CORP RTS 12/31/49 | BF47W16 | RIGHTS | 22,935.0000 | 7,316.27 | .00 | |
| CONSTELLATION ALPHA CAP CORP WT EX 08/09/2022 | BF47W27 | WARRANTS | 22,935.0000 | 5,733.75 | .00 | |
| AEROPUERTOS AR 6.875% 02/01/27 | 00786PAC8 | CORPORATE BONDS | 985,000.0000 | 964,334.70 | .10 | |
| TRANSPORT DE GA 6.75% 05/02/25 | 893870AX3 | CORPORATE BONDS | 1,350,000.0000 | 1,296,000.00 | .14 | |
| CAPEX SA 6.875% 05/15/24 | BDT74X3 | CORPORATE BONDS | 2,245,000.0000 | 2,117,686.05 | .23 | |
| DIGICEL LIMITED 6.75% 03/01/23 | 25380QAH2 | CORPORATE BONDS | 4,450,000.0000 | 3,882,625.00 | .42 | |
| DIGICEL GROUP 7.125% 04/01/22 | 25380WAF3 | CORPORATE BONDS | -600,000.0000 | -417,000.00 | -.05 | |
| DIGICEL LIMITED 6.75% 03/01/23 | BW1YMC0 | CORPORATE BONDS | 3,820,000.0000 | 3,311,462.50 | .36 | |
| VALEANT PHARMACEUT 9% 12/15/25 | 91911KAP7 | CORPORATE BONDS | 5,000,000.0000 | 5,231,250.00 | .57 | |
| TRANSOCEAN INC 9% 07/15/23 | 893830BE8 | CORPORATE BONDS | 690,000.0000 | 743,475.00 | .08 | |
| TRANSOCEAN INC 7.5% 01/15/26 | 893830BF5 | CORPORATE BONDS | 150,000.0000 | 152,062.50 | .02 | |
| COM CELULARES( 6.875% 02/06/24 | G2300TAA0 | CORPORATE BONDS | 2,100,000.0000 | 2,147,250.00 | .23 | |
| TRS EGYPT TREASU ZCP 06/05/18 /EGP/ | TRS998056I1 | SWAPS | 70,500,000.0000 | 3,935,471.92 | .43 | |
| TRS EGYPT TREASURY BILL /EGP/ | TRS998078I1 | SWAPS | 51,187,500.0000 | 2,765,040.34 | .30 | |
| ALTICE FRANCE 7.375% 05/01/26 | 67054KAA7 | CORPORATE BONDS | 3,180,000.0000 | 3,100,500.00 | .34 | |
| ARDAGH PKG FIN/HLD 6% 02/15/25 | 03969AAL4 | CORPORATE BONDS | 2,355,000.0000 | 2,307,900.00 | .25 | |
| CODERE FIN 6.75% 11/01/21/EUR/ | BD5MPH3 | CORPORATE BONDS | 2,000,000.0000 | 2,262,789.79 | .25 | |
| ADECOAGRO SA 6% 09/21/27 | 00676LAA4 | CORPORATE BONDS | 1,200,000.0000 | 1,050,000.00 | .11 | |
| ALTICE LUXEMBOU 7.75% 05/15/22 | 02154VAA9 | CORPORATE BONDS | 2,795,000.0000 | 2,683,200.00 | .29 | |
| INTELSAT JACKSON H 8% 02/15/24 | 45824TAR6 | CORPORATE BONDS | 2,617,000.0000 | 2,767,477.50 | .30 | |
| INTELSAT JACKSO 9.75% 07/15/25 | 45824TAY1 | CORPORATE BONDS | 3,980,000.0000 | 4,129,250.00 | .45 | |
| MALLINCKRODT F 4.875% 04/15/20 | 561233AB3 | CORPORATE BONDS | 100,000.0000 | 96,250.00 | .01 | |
| MALLINCKRODT FIN 5.5% 04/15/25 | 561233AC1 | CORPORATE BONDS | -2,750,000.0000 | -2,193,400.00 | -.24 | |
| CODERE FINANCE 7.625% 11/01/21 | BDS6DJ0 | CORPORATE BONDS | 2,625,000.0000 | 2,526,037.50 | .27 | |
| VTR FINANCE BV 6.875% 01/15/24 | 918370AB3 | CORPORATE BONDS | 1,050,000.0000 | 1,070,895.00 | .12 | |
| VTR FINANCE BV 6.875% 01/15/24 | N9417JAB7 | CORPORATE BONDS | 1,200,000.0000 | 1,223,880.00 | .13 | |
| T/L MCDERMOTT INTE 0% 04/04/25 | LX170450 | LOAN | 2,700,000.0000 | 2,720,871.00 | .29 | |
| ENDO DAC/FIN LLC/F 6% 02/01/25 | 29273EAA6 | CORPORATE BONDS | 8,878,000.0000 | 6,303,380.00 | .68 | |
| HEXION INC/HEXION 9% 11/15/20 | 428303AM3 | CORPORATE BONDS | 1,056,000.0000 | 884,400.00 | .10 | |
| VENATOR FIN SAR 5.75% 07/15/25 | 9226APAA3 | CORPORATE BONDS | 2,775,000.0000 | 2,719,500.00 | .29 | |
| ROYAL BK SCOTL V/R /PERP/ | RLSPY | 780097AU5 | CORPORATE BONDS | 4,590,000.0000 | 4,544,100.00 | .49 |
| ACRISURE LLC / FIN 7% 11/15/25 | 00489LAA1 | CORPORATE BONDS | 960,000.0000 | 895,200.00 | .10 | |
| AMERICAN AXLE & 6.25% 04/01/25 | 02406PAR1 | CORPORATE BONDS | 1,425,000.0000 | 1,407,187.50 | .15 | |
| AMERICAN AXLE & 6.5% 04/01/27 | 02406PAU4 | CORPORATE BONDS | 1,230,000.0000 | 1,201,587.00 | .13 | |
| SABLE PERMIAN 7.125% 11/01/20 | 02563LAB4 | CORPORATE BONDS | 6,336,000.0000 | 4,308,480.00 | .47 | |
| SABLE PERMIAN 7.375% 11/01/21 | 02563LAC2 | CORPORATE BONDS | 3,242,000.0000 | 2,204,560.00 | .24 | |
| ANTERO RESOURCES C 5% 03/01/25 | 03674XAJ5 | CORPORATE BONDS | 3,920,000.0000 | 3,894,284.80 | .42 | |
| STAPLES INC 8.5% 09/15/25 | 03939PAA2 | CORPORATE BONDS | -3,000,000.0000 | -2,811,000.00 | -.30 | |
| AVAYA INC ESCROW 7% 04/01/19 | 053ESCAG4 | CORPORATE BONDS | 5,546,000.0000 | .00 | .00 | |
| BUILDERS FIRST 5.625% 09/01/24 | 12008RAJ6 | CORPORATE BONDS | 2,625,000.0000 | 2,578,380.00 | .28 | |
| CCO HLDGS LLC/ 5.125% 05/01/27 | 1248EPBT9 | CORPORATE BONDS | 1,750,000.0000 | 1,638,437.50 | .18 | |
| CHS/COMMUNITY 5.125% 08/01/21 | 12543DAU4 | CORPORATE BONDS | 2,450,000.0000 | 2,302,240.50 | .25 | |
| CHS/COMMUNITY H 6.25% 03/31/23 | 12543DAY6 | CORPORATE BONDS | 994,000.0000 | 926,905.00 | .10 | |
| XPO CNW INC 6.7% 05/01/34 | CNW/34 | 12612WAB0 | CORPORATE BONDS | 2,853,000.0000 | 2,931,457.50 | .32 |
| CALIFORNIA RESOURC 8% 12/15/22 | 13057QAG2 | CORPORATE BONDS | 4,736,000.0000 | 4,179,520.00 | .45 | |
| CHESAPEAKE ENERGY 8% 01/15/25 | 165167CT2 | CORPORATE BONDS | 750,000.0000 | 745,312.50 | .08 | |
| CHOBANI LLC/FINA 7.5% 04/15/25 | 17027NAA0 | CORPORATE BONDS | 750,000.0000 | 721,875.00 | .08 | |
| CIENA CORP 3.75% 10/15/18 | 171779AG6 | CORPORATE BONDS | 2,500,000.0000 | 2,947,452.50 | .32 | |
| CLEAR CHANNEL 7.625% 03/15/20 | 18451QAH1 | CORPORATE BONDS | 2,500,000.0000 | 2,490,625.00 | .27 | |
| UNITI GROUP/CSL 8.25% 10/15/23 | 20341WAD7 | CORPORATE BONDS | 1,207,000.0000 | 1,176,462.90 | .13 | |
| CONSOLIDATED COM 6.5% 10/01/22 | 20903XAE3 | CORPORATE BONDS | 8,659,000.0000 | 8,052,870.00 | .87 | |
| CONTINENTAL RESO 4.9% 06/01/44 | 212015AQ4 | CORPORATE BONDS | 2,996,000.0000 | 2,948,780.91 | .32 | |
| DYNCORP INTER 11.875% 11/30/20 | 26817CAC5 | CORPORATE BONDS | 7,963,516.0000 | 8,321,874.22 | .90 | |
| EIG INVESTORS 10.875% 02/01/24 | 26854XAB5 | CORPORATE BONDS | 3,440,000.0000 | 3,723,800.00 | .40 | |
| EP ENER/EVEREST 7.75% 09/01/22 | 268787AB4 | CORPORATE BONDS | 742,000.0000 | 545,370.00 | .06 | |
| EP ENER/EVERES 6.375% 06/15/23 | 268787AD0 | CORPORATE BONDS | 4,310,000.0000 | 2,736,850.00 | .30 | |
| EP ENER/EVERES 9.375% 05/01/24 | 268787AH1 | CORPORATE BONDS | 5,458,000.0000 | 4,311,820.00 | .47 | |
| ESH HOSPITALITY 5.25% 05/01/25 | 26907YAA2 | CORPORATE BONDS | 3,807,000.0000 | 3,657,004.20 | .40 | |
| ENBRIDGE ENERGY P V/R 10/01/37 | 29250RAK2 | CORPORATE BONDS | 1,800,000.0000 | 1,786,500.00 | .19 | |
| ENDO FINANCE LL 5.75% 01/15/22 | 29271LAA2 | CORPORATE BONDS | 1,500,000.0000 | 1,248,750.00 | .14 | |
| FIRSTENERGY SOL 6.05% 08/15/21 | FE21 | 33766JAD5 | CORPORATE BONDS | 393,000.0000 | 198,465.00 | .02 |
| FIRSTENERGY SOLU 6.8% 08/15/39 | FE39 | 33766JAF0 | CORPORATE BONDS | 104,000.0000 | 52,520.00 | .01 |
| FRONTIER COMMUNI 8.5% 04/01/26 | 35906ABA5 | CORPORATE BONDS | 5,000,000.0000 | 4,843,750.00 | .52 | |
| GENWORTH HOLDI 7.625% 09/24/21 | GNW21A | 37247DAP1 | CORPORATE BONDS | 3,513,000.0000 | 3,469,087.50 | .38 |
| ABE INV HLDG/GETTY 7% 10/15/20 | 398176AA5 | CORPORATE BONDS | 2,526,000.0000 | 2,248,140.00 | .24 | |
| HC2 HOLDINGS INC 11% 12/01/19 | 404139AA5 | CORPORATE BONDS | 13,298,000.0000 | 13,493,480.60 | 1.46 | |
| HRG GROUP INC 7.75% 01/15/22 | 40434JAC4 | CORPORATE BONDS | 3,871,000.0000 | 3,976,291.20 | .43 | |
| HADRIAN MERGER S 8.5% 05/01/26 | 42239PAA7 | CORPORATE BONDS | -300,000.0000 | -297,375.00 | -.03 | |
| HERTZ CORP 5.875% 10/15/20 | HTZ/20 | 428040CP2 | CORPORATE BONDS | 4,000,000.0000 | 3,850,800.00 | .42 |
| HEXION INC 10% 04/15/20 | 42829LAC8 | CORPORATE BONDS | 2,334,000.0000 | 2,310,660.00 | .25 | |
| HEXION INC 6.625% 04/15/20 | 428302AA1 | CORPORATE BONDS | 1,960,000.0000 | 1,849,750.00 | .20 | |
| ILFC E-CAPITAL TR V/R 12/21/65 | 44965TAA5 | CORPORATE BONDS | 7,287,000.0000 | 6,886,215.00 | .75 | |
| JPMORGAN CHASE & CO V/R /PERP/ | 46625HHA1 | CORPORATE BONDS | 3,250,000.0000 | 3,270,312.50 | .35 | |
| KINDRED HEALTH 6.375% 04/15/22 | 494580AD5 | CORPORATE BONDS | 3,364,000.0000 | 3,451,363.08 | .37 | |
| KINDRED HEALTHCARE 8% 01/15/20 | KND20A | 494580AE3 | CORPORATE BONDS | 3,906,000.0000 | 4,159,850.94 | .45 |
| NEIMAN MARCUS GROU 8% 10/15/21 | 570254AA0 | CORPORATE BONDS | 3,828,000.0000 | 2,737,020.00 | .30 | |
| MICROCHIP TECH 1.625% 02/15/25 | 595017AD6 | CORPORATE BONDS | 1,750,000.0000 | 3,321,228.75 | .36 | |
| OHIO ST AIR QUALI V/R 12/01/23 | 677525VK0 | MUNICIPAL BONDS | 2,539,000.0000 | 1,282,195.00 | .14 | |
| JC PENNEY CORP 5.875% 07/01/23 | 708160CB0 | CORPORATE BONDS | 7,593,000.0000 | 6,957,086.25 | .75 | |
| PINNACLE ENTER 5.625% 05/01/24 | 72348YAA3 | CORPORATE BONDS | 1,667,000.0000 | 1,746,182.50 | .19 | |
| PUERTO RICO CMWLTH 8% 07/01/35 | 74514LE86 | MUNICIPAL BONDS | 16,175,000.0000 | 6,773,281.25 | .73 | |
| PUERTO RICO CM 4.704% 05/01/16 | 745177EX9 | MUNICIPAL BONDS | 1,515,000.0000 | 613,575.00 | .07 | |
| PUERTO RICO CMWL 4.9% 08/01/21 | 745177FD2 | MUNICIPAL BONDS | 3,220,000.0000 | 1,304,100.00 | .14 | |
| PUERTO RICO CMW 4.35% 08/01/18 | 745177FK6 | MUNICIPAL BONDS | 2,615,000.0000 | 1,059,075.00 | .11 | |
| PUERTO RICO CM 3.875% 02/01/17 | 745177FM2 | MUNICIPAL BONDS | 6,380,000.0000 | 2,583,900.00 | .28 | |
| RENT-A-CENTER I 4.75% 05/01/21 | 76009NAK6 | CORPORATE BONDS | 3,927,000.0000 | 3,671,745.00 | .40 | |
| RITE AID CORP 6.125% 04/01/23 | 767754CH5 | CORPORATE BONDS | 1,231,000.0000 | 1,261,775.00 | .14 | |
| SINCLAIR TELEV 5.625% 08/01/24 | 829259AR1 | CORPORATE BONDS | 2,380,000.0000 | 2,370,361.00 | .26 | |
| STATE STREET CORP V/R 06/15/47 | 857477AY9 | CORPORATE BONDS | 4,213,000.0000 | 3,781,167.50 | .41 | |
| SOTERA HEALTH HL 6.5% 05/15/23 | 85917DAA2 | CORPORATE BONDS | 4,910,000.0000 | 4,971,375.00 | .54 | |
| TALEN ENERGY SU 10.5% 01/15/26 | 87422VAE8 | CORPORATE BONDS | 1,579,000.0000 | 1,468,470.00 | .16 | |
| USB REALTY V/R /PERP/ | 903312AA4 | CORPORATE BONDS | 7,915,000.0000 | 7,192,756.25 | .78 | |
| ULTRA RESOURCE 6.875% 04/15/22 | 90400GAA9 | CORPORATE BONDS | 1,449,000.0000 | 972,641.25 | .11 | |
| US TREAS NTS 0.75% 10/31/18 | 912828T83 | GOVERNMENT BONDS | 438,800.0000 | 436,451.74 | .05 | |
| US TREAS NTS 1.125% 01/31/19 | 912828V56 | GOVERNMENT BONDS | 6,717,600.0000 | 6,670,104.49 | .72 | |
| VECTOR GROUP L 6.125% 02/01/25 | 92240MBF4 | CORPORATE BONDS | 4,077,000.0000 | 3,995,460.00 | .43 | |
| WEWORK COS INC 7.875% 05/01/25 | 96208LAA9 | CORPORATE BONDS | 750,000.0000 | 706,042.50 | .08 | |
| T/L GETTY IMAGES ZCP 10/18/19 | LX126129 | LOAN | 13,281,534.9900 | 12,854,932.08 | 1.39 | |
| T/L LA PALOMA GENE 0% 02/20/20 | LX135585 | LOAN | 7,595,000.0000 | 189,875.00 | .02 | |
| T/L NEIMAN MARCUS ZCP 10/25/20 | LX135908 | LOAN | 873,776.7500 | 772,925.44 | .08 | |
| T/L SOUTHERN PAC 0% 03/29/2019 | LX136385 | LOAN | 3,117,343.2500 | .00 | .00 | |
| T/L EVERGREEN SKIL 0% 04/28/21 | LX136501 | LOAN | 5,157,498.6900 | 4,821,178.20 | .52 | |
| T/L PROQUEST LLC 0% 10/24/21 | LX141006 | LOAN | 3,963,474.1900 | 4,003,108.93 | .43 | |
| T/L QUORUM HEALTH 0% 04/29/22 | LX152098 | LOAN | 406,808.3600 | 412,764.03 | .04 | |
| T/L DYNCORP INTERNAT 0% 07/07/20 | LX153252 | LOAN | 1,261,495.3700 | 1,264,119.28 | .14 | |
| T/L UBER TECHN 0% 07/13/23 | LX153549 | LOAN | 5,043,793.9600 | 5,052,217.10 | .55 | |
| T/L CALIFORNIA R 0% 12/31/2021 | LX154198 | LOAN | 1,695,000.0000 | 1,899,467.85 | .21 | |
| T/L QUALITY CARE 0% 10/31/22 | LX154934 | LOAN | 2,732,525.4300 | 2,755,287.37 | .30 | |
| T/L CONSOLIDATED COMMUNICATIONS INC 0% 10/05/23 | LX154992 | LOAN | 1,196,977.6300 | 1,189,496.52 | .13 | |
| T/L CSL CAPITAL 0% 10/24/22 | LX159837 | LOAN | 4,932,041.4700 | 4,790,245.28 | .52 | |
| T/L NAVISTAR INC 0% 8/07/20 | LX160018 | LOAN | .0100 | .01 | .00 | |
| T/L EQUINOX HOLD 0% 09/06/2024 | LX160948 | LOAN | 1,000,000.0000 | 1,022,000.00 | .11 | |
| T/L UTILITY ONE 0% 04/18/2023 | LX162200 | LOAN | 3,226,246.8700 | 3,282,706.19 | .36 | |
| T/L SUPERVALU INC 0% 06/08/24 | LX164594 | LOAN | 1,448,592.2100 | 1,449,041.27 | .16 | |
| T/L SUPERVALU INC 0% 06/08/24 | LX164595 | LOAN | 869,155.3200 | 869,424.76 | .09 | |
| T/L EIG INVESTORS CO 0% 2/9/23 | LX164875 | LOAN | 2,069,969.3100 | 2,077,731.69 | .23 | |
| T/L GOLDEN ENTERT 0% 10/21/24 | LX165659 | LOAN | 1,200,000.0000 | 1,205,004.00 | .13 | |
| T/L GOLDEN ENTER 0% 10/20/25 | LX165662 | LOAN | 1,530,000.0000 | 1,558,687.50 | .17 | |
| T/L VIVID SEATS 0% 06/30/2024 | LX165896 | LOAN | 4,925,460.1500 | 4,931,616.98 | .53 | |
| T/L ASURION LLC 0% 8/4/2025 | LX167087 | LOAN | 2,800,000.0000 | 2,865,800.00 | .31 | |
| T/L DIGICERT HOLDI 0% 10/31/24 | LX168511 | LOAN | 3,150,853.7800 | 3,142,976.65 | .34 | |
| T/L MCAFEE LLC 0% 09/30/24 | LX168582 | LOAN | 1,910,400.0000 | 1,922,607.46 | .21 | |
| T/L MCAFEE LLC 0% 09/29/2025 | LX168583 | LOAN | 1,600,000.0000 | 1,622,496.00 | .18 | |
| T/L CHOBANI LLC 0.0% 10/10/23 | LX168623 | LOAN | 4,472,031.6400 | 4,477,621.68 | .48 | |
| T/L NAVISTAR INC 0% 11/6/24 | LX169275 | LOAN | 2,987,012.0500 | 2,999,467.89 | .32 | |
| T/L ACRISURE LLC 0% 11/22/23 | LX169343 | LOAN | 2,747,742.2400 | 2,763,761.58 | .30 | |
| T/L AVAYA INC 0% 12/15/2024 | LX169485 | LOAN | 4,468,800.0000 | 4,492,395.26 | .49 | |
| T/L EQUINOX HOLDING 0% 3/8/24 | LX169635 | LOAN | 3,217,581.2400 | 3,225,625.19 | .35 | |
| T/L SCIENTIFIC GAM 0% 08/14/24 | LX171269 | LOAN | 6,230,625.0000 | 6,247,198.46 | .68 | |
| T/L SYNIVERSE 0% 2/9/23 | LX171276 | LOAN | 2,250,000.0000 | 2,252,092.50 | .24 | |
| T/L SYNIVERSE HOLD 0% 02/09/24 | LX171442 | LOAN | 1,200,000.0000 | 1,191,996.00 | .13 | |
| T/L GENWORTH FINAN 0% 02/28/23 | LX171577 | LOAN | 1,050,000.0000 | 1,069,687.50 | .12 | |
| T/L HEARTLAND DENT 0% 04/18/25 | LX172789 | LOAN | 586,956.5200 | 587,508.26 | .06 | |
| T/L HEARTLAND DENT 0% 04/18/25 | LX172790 | LOAN | 88,043.4800 | 88,126.24 | .01 | |
| CDS US868536AW39 05.000 BP 06/20/2023 GS LONG | SP1A69AR | SWAPS | 700,000.0000 | 739,725.76 | .08 | |
| CDS US868536AW39 05.000 BP 06/20/2023 GS SHORT | SP1A69AR | SWAPS | -700,000.0000 | -700,000.00 | -.08 | |
| CDS US868536AW39 05.000 BP 06/20/2023 GS LONG | SP2K0JC3 | SWAPS | 2,210,000.0000 | 2,335,419.91 | .25 | |
| CDS US868536AW39 05.000 BP 06/20/2023 GS SHORT | SP2K0JC3 | SWAPS | -2,210,000.0000 | -2,210,000.00 | -.24 | |
| TRSGSCBDRC2 US0001M+40BPS /SHORT/ | TRSGSCBDRC2 | SWAPS | -320,870.0000 | -320,870.00 | -.03 | |
| TRSGSCBDRS2 US0001M+40BPS /SHORT/ | TRSGSCBDRS2 | SWAPS | -719,101.1300 | -719,101.13 | -.08 | |
| ILFC E-CAPITAL TR V/R 12/21/65 | U4504YAA3 | CORPORATE BONDS | 434,000.0000 | 410,130.00 | .04 | |
| C/O UNITED TECHNOL JAN 135.000 | UTX190118C00135000 | 58A998TB7 | OPTIONS | 331.0000 | 111,878.00 | .01 |
| C/O MONSANTO CO NE JUL 120.000 | MON180720C00120000 | 65Q999B22 | OPTIONS | 510.0000 | 402,900.00 | .04 |
| C/O MONSANTO CO NE JUL 125.000 | MON180720C00125000 | 65Q999B30 | OPTIONS | -510.0000 | -150,450.00 | -.02 |
| P/O MONSANTO CO NE JUL 105.000 | MON180720P00105000 | 75U999AZ4 | OPTIONS | -510.0000 | -3,570.00 | -.00 |
| EUR/USD FWD 20180809 000020545 USD | EUR | 1295235261 | FORWARD | -7,100,000.0000 | -8,344,106.24 | -.90 |
| EUR/USD FWD 20180809 000009969 USD | EUR | 1295241174 | FORWARD | 3,500,000.0000 | 4,113,291.81 | .45 |
| USD/EUR FWD 20180809 000020545 USD | USD | 1295235261 | FORWARD | 8,526,489.4000 | 8,526,489.40 | .92 |
| USD/EUR FWD 20180809 000009969 USD | USD | 1295241174 | FORWARD | -4,146,579.5000 | -4,146,579.50 | -.45 |
| F/C US 10YR NOTE (CBT)JUN18 | TYM8 XCBT | 33P867 | FUTURES | -150.0000 | -18,110,156.25 | -1.96 |
| F/C US 5YR NOTE (CBT) JUN18 | FVM8 XCBT | 33P87C | FUTURES | -485.0000 | -55,343,046.88 | -5.99 |
| F/C US LONG BOND(CBT) JUN18 | USM8 XCBT | 33P87F | FUTURES | -61.0000 | -8,906,000.00 | -.96 |
As of 05/31/2018.
Distributions
| Fund Name | Fund Cusip | Distribution Type | Amount per Share | Ex Date | Reinvest Date | Reinvest Price |
|---|---|---|---|---|---|---|
| Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.032931 | 3/28/2018 | 3/28/2018 | $10.13 |
| Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.089683 | 12/28/2017 | 12/28/2017 | $10.09 |
| Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.066462 | 9/28/2017 | 9/28/2017 | $10.09 |
| Destinations Multi Strategy Alternatives Fund | 10964R871 | Dividend | 0.044799 | 6/29/2017 | 6/29/2017 | $10.11 |
Fees and expenses
| Type | Amount |
|---|---|
| Management Fees | 1.35% |
| Distribution and Service (12b-1) Fees | None |
| Other Expenses | 0.23% |
| Acquired Fund Fees and Expenses (AFFE) | 0.28% |
| Total Annual Fund Operating Expenses | 1.86% |
| Fee Waivers and Expense Reimbursements | -0.54% |
| Total Annual Fund Operating Expenses Less Fee Waivers and Expense Reimbursements | 1.32%* |
*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.
