Brandes Core Plus Fixed Income Fund | ||||||||
Schedule of Investments | ||||||||
December 31, 2019 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 0.00% | ||||||||
Household Durables - 0.00% | ||||||||
Urbi Desarrollos Urbanos SA de CV (a) | 31,277 | $ | 1,505 | |||||
TOTAL COMMON STOCKS (Cost $292,050) | $ | 1,505 | ||||||
Principal | ||||||||
Amount | Value | |||||||
ASSET BACKED SECURITIES - 2.01% | ||||||||
Equipment - 0.04% | ||||||||
Continental Airlines 2007-1 Class A Pass Through Trust | ||||||||
Series 2007-1, 5.983%, 10/19/2023 | $ | 25,888 | $ | 27,234 | ||||
Student Loan - 1.97% | ||||||||
SLM Private Credit Student Loan Trust 2004-B | ||||||||
Series 2004-B, 2.324% (3M Libor + 0.043%), 9/15/2033 (d) | 300,000 | 287,465 | ||||||
SLM Private Credit Student Loan Trust 2005-A | ||||||||
Series 2005-A, 2.204% (3M Libor + 0.031%), 12/15/2038 (d) | 400,000 | 387,846 | ||||||
SLM Private Credit Student Loan Trust 2006-A | ||||||||
Series 2006-A, 2.184% (3M Libor + 0.029%), 6/15/2039 (d) | 715,957 | 697,439 | ||||||
SLM Private Credit Student Loan Trust 2007-A | ||||||||
Series 2007-A, 2.134% (3M Libor + 0.024%), 12/15/2041 (d) | 291,672 | 283,334 | ||||||
1,656,084 | ||||||||
TOTAL ASSET BACKED SECURITIES (Cost $1,589,605) | $ | 1,683,318 | ||||||
CORPORATE BONDS - 32.35% | ||||||||
Automobiles - 2.12% | ||||||||
Ford Motor Credit Co. LLC | ||||||||
8.125%, 1/15/2020 | $ | 780,000 | $ | 781,458 | ||||
General Motors Financial Co., Inc. | ||||||||
2.650%, 4/13/2020 | 1,000,000 | 1,001,242 | ||||||
1,782,700 | ||||||||
Banks - 6.62% | ||||||||
Citibank NA | ||||||||
2.100%, 6/12/2020 | 1,650,000 | 1,650,813 | ||||||
Fifth Third Bancorp | ||||||||
8.250%, 3/1/2038 | 175,000 | 267,406 | ||||||
Goldman Sachs Group, Inc. | ||||||||
3.000%, 4/26/2022 | 780,000 | 789,852 | ||||||
JPMorgan Chase & Co. | ||||||||
5.406% (3M LIBOR + 3.47%), Perpetual (d) | 1,117,000 | 1,127,053 | ||||||
USB Capital IX | ||||||||
3.500% (3M LIBOR + 1.02%, minimum of 3.500%), Perpetual (d) | 1,265,000 | 1,106,875 | ||||||
Wells Fargo & Co. | ||||||||
5.664% (3M LIBOR + 3.77%), Perpetual (d) | 618,000 | 625,725 | ||||||
5,567,724 | ||||||||
Commercial Services & Supplies - 2.72% | ||||||||
ADT Corp. | ||||||||
3.500%, 7/15/2022 | 1,830,000 | 1,863,178 | ||||||
Iron Mountain, Inc. | ||||||||
4.875%, 9/15/2027 (b) | 410,000 | 423,325 | ||||||
2,286,503 | ||||||||
Consumer Products - 1.76% | ||||||||
Avon International Operations, Inc. | ||||||||
7.875%, 8/15/2022 (b) | 925,000 | 964,312 | ||||||
Wyndham Destinations, Inc. | ||||||||
3.900%, 3/1/2023 | 510,000 | 515,100 | ||||||
1,479,412 | ||||||||
Electric Utilities - 0.28% | ||||||||
Commonwealth Edison Co. | ||||||||
5.900%, 3/15/2036 | 175,000 | 232,312 | ||||||
Food, Beverage & Tobacco - 0.89% | ||||||||
Pilgrim's Pride Corp. | ||||||||
5.750%, 3/15/2025 (b) | 725,000 | 749,382 | ||||||
Homebuilders - 2.27% | ||||||||
PulteGroup, Inc. | ||||||||
5.500%, 3/1/2026 | 980,000 | 1,095,150 | ||||||
Toll Brothers Finance Corp. | ||||||||
4.875%, 11/15/2025 | 745,000 | 812,050 | ||||||
1,907,200 | ||||||||
Insurance - 0.99% | ||||||||
American International Group, Inc. | ||||||||
6.400%, 12/15/2020 | 800,000 | 833,050 | ||||||
Media - 0.52% | ||||||||
Netflix, Inc. | ||||||||
5.375%, 2/1/2021 | 420,000 | 433,125 | ||||||
Nondepository Credit Intermediation - 0.51% | ||||||||
Ford Motor Credit Co LLC | ||||||||
5.875%, 8/2/2021 | 410,000 | 429,240 | ||||||
Oil, Gas & Consumable Fuels - 8.31% | ||||||||
BP Capital Markets Plc | ||||||||
3.506%, 3/17/2025 | 810,000 | 862,448 | ||||||
Chesapeake Energy Corp. | ||||||||
7.000%, 10/1/2024 | 1,245,000 | 750,112 | ||||||
Chevron Corp. | ||||||||
2.100%, 5/16/2021 | 1,150,000 | 1,157,262 | ||||||
Exxon Mobil Corp. | ||||||||
2.397%, 3/6/2022 | 945,000 | 955,299 | ||||||
Kinder Morgan, Inc. | ||||||||
4.300%, 6/1/2025 | 1,054,000 | 1,143,574 | ||||||
Occidental Petroleum Corp. | ||||||||
3.500%, 6/15/2025 | 555,000 | 573,161 | ||||||
Range Resources Corp. | ||||||||
5.000%, 3/15/2023 | 1,680,000 | 1,545,298 | ||||||
6,987,154 | ||||||||
Technology - 2.45% | ||||||||
Microsoft Corp. | ||||||||
2.400%, 2/6/2022 | 1,000,000 | 1,014,136 | ||||||
VMware, Inc. | ||||||||
3.900%, 8/21/2027 | 995,000 | 1,041,590 | ||||||
2,055,726 | ||||||||
Telecommunications - 2.91% | ||||||||
AT&T, Inc. | ||||||||
3.000%, 6/30/2022 | 1,630,000 | 1,665,125 | ||||||
Frontier Communications Corp. | ||||||||
6.250%, 9/15/2021 | 1,320,000 | 636,900 | ||||||
Telefonica Emisiones SA | ||||||||
5.462%, 2/16/2021 | 135,000 | 140,116 | ||||||
2,442,141 | ||||||||
TOTAL CORPORATE BONDS (Cost $26,528,079) | $ | 27,185,669 | ||||||
FEDERAL AND FEDERALLY SPONSORED CREDITS - 13.41% | ||||||||
Federal Home Loan Mortgage Corporation - 4.66% | ||||||||
Pool G1-8578, 3.000%, 12/1/2030 | $ | 1,305,826 | $ | 1,345,288 | ||||
Pool G0-6018, 6.500%, 4/1/2039 | 21,522 | 24,558 | ||||||
Pool A9-3505, 4.500%, 8/1/2040 | 101,374 | 110,149 | ||||||
Pool SD-8001, 3.500%, 7/1/2049 | 1,167,858 | 1,200,602 | ||||||
Pool SD-8003, 4.000%, 7/1/2049 | 1,192,632 | 1,239,845 | ||||||
3,920,442 | ||||||||
Federal National Mortgage Association - 8.75% | ||||||||
Pool CA1624, 3.000%, 4/1/2033 | 988,878 | 1,018,211 | ||||||
Pool 934124, 5.500%, 7/1/2038 | 40,131 | 44,921 | ||||||
Pool MA0918, 4.000%, 12/1/2041 | 240,424 | 257,599 | ||||||
Pool AS6201, 3.500%, 11/1/2045 | 867,137 | 905,463 | ||||||
Pool AL9865, 3.000%, 2/1/2047 | 1,701,223 | 1,742,316 | ||||||
Pool BJ2553, 3.500%, 12/1/2047 | 650,003 | 674,889 | ||||||
Pool BN6683, 3.500%, 6/1/2049 | 1,754,717 | 1,804,824 | ||||||
Pool MA3687, 4.000%, 6/1/2049 | 867,711 | 901,913 | ||||||
7,350,136 | ||||||||
TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS (Cost $11,021,683) | $ | 11,270,578 | ||||||
OTHER MORTGAGE RELATED SECURITIES - 0.00% | ||||||||
Collateralized Mortgage Obligations - 0.00% | ||||||||
Wells Fargo Mortgage Backed Securities 2006-AR14 Trust | ||||||||
Series 2006-AR14, 4.557%, 10/25/2036 (c) | $ | 874 | $ | 858 | ||||
TOTAL OTHER MORTGAGE RELATED SECURITIES (Cost $860) | $ | 858 | ||||||
US GOVERNMENTS - 49.48% | ||||||||
Sovereign - 49.48% | ||||||||
United States Treasury Bond | ||||||||
4.750%, 2/15/2037 | $ | 4,835,000 | $ | 6,661,535 | ||||
United States Treasury Note | ||||||||
2.000%, 11/15/2021 | 211,000 | 212,665 | ||||||
2.000%, 2/15/2023 | 1,140,000 | 1,153,359 | ||||||
2.375%, 8/15/2024 | 10,405,000 | 10,723,653 | ||||||
2.250%, 2/15/2027 | 16,850,000 | 17,323,248 | ||||||
2.375%, 5/15/2029 | 5,300,000 | 5,512,621 | ||||||
TOTAL US GOVERNMENTS (Cost $40,028,504) | $ | 41,587,081 | ||||||
Shares | Value | |||||||
SHORT-TERM INVESTMENTS - 2.19% | ||||||||
Money Market Funds - 2.19% | ||||||||
BlackRock Liquidity Funds T-Fund - Institutional Class, 1.489% (e) | 1,844,564 | $ | 1,844,564 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,844,564) | $ | 1,844,564 | ||||||
Total Investments (Cost $81,305,345) - 99.44% | $ | 83,573,573 | ||||||
Other Assets in Excess of Liabilites - 0.56% | 470,517 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 84,044,090 |
Percentages are stated as a percent of net assets. | ||||
LIBOR | London Inter-bank Offered Rate | |||
(a) | Non-income producing security. | |||
(b) | Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $2,137,019, which represented 2.54% of the net assets of the Fund. | |||
(c) | Variable rate security. The coupon is based on an underlying pool of loans. | |||
(d) | Variable rate security. The coupon is based on a reference index and spread index. | |||
(e) | The rate shown is the annualzied seven day yield as of December 31, 2019. | |||
The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited. | ||||
The accompanying notes are an integral part of these Schedules of Investments. |