Dearborn Capital Management LLC

Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.

Reported portfolio value by quarter (8 quarters reported)

$113M $41.6M

Q4 16 Q2 17 Q4 17 Q2 18 Q3 18

$110M in Q4 2016 → $41.6M now. Hover for any quarter.

Holdings

As reported for the quarter ended September 30, 2018. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
SS SPDR Ser Tr	8.5%	Trimmed 36%	128,000	$3.53M
IT Ishares Tr	7.4%	Trimmed 9.0%	41,327	$3.07M
IT Ishares Tr	7.3%	Trimmed 9.9%	18,055	$3.04M
IT Ishares Tr	7.3%	Trimmed 13%	10,391	$3.04M
IT Ishares Tr	7.3%	Trimmed 11%	13,790	$3.04M
IT Ishares Tr	7.3%	Trimmed 13%	18,802	$3.04M
IT Ishares Tr	7.2%	Trimmed 10%	37,152	$2.97M
IT Ishares Tr	7.1%	Trimmed 8.9%	43,507	$2.96M
IT Ishares Tr	7.1%	Trimmed 8.8%	61,573	$2.94M
HF Highland Fds I	7.0%	Trimmed 48%	160,000	$2.92M
IT Ishares Tr	7.0%	Trimmed 8.9%	46,409	$2.89M
IT Ishares Tr	6.7%	Trimmed 7.5%	64,488	$2.77M
IT Ishares Tr	6.6%	Trimmed 26%	74,000	$2.75M
IE Invesco Exchng Traded Fd Tr	3.3%	Trimmed 41%	95,000	$1.36M
EV Eaton Vance Ltd Dur Income F	3.0%	Trimmed 50%	98,000	$1.24M

What changed each quarter, from the filings' own share counts. Largest moves first; most recent 7 quarters.

quarter ended September 30, 2018 · filed November 01, 2018

Company	Action	Shares changed	Value of change	% of portfolio
HF Highland Fds I	Trimmed	−150,000	−$2.74M	7.0%
SS SPDR Ser Tr	Trimmed	−72,000	−$1.99M	8.5%
EV Eaton Vance Ltd Dur Income F	Trimmed	−98,000	−$1.24M	3.0%
IT Ishares Tr	Trimmed	−26,000	−$966K	6.6%
IE Invesco Exchng Traded Fd Tr	Trimmed	−65,000	−$931K	3.3%
IT Ishares Tr	Trimmed	−1,523	−$446K	7.3%
IT Ishares Tr	Trimmed	−2,699	−$436K	7.3%
IT Ishares Tr	Trimmed	−1,641	−$362K	7.3%
IT Ishares Tr	Trimmed	−1,981	−$334K	7.3%
IT Ishares Tr	Trimmed	−4,158	−$333K	7.2%

Showing the 10 largest of 15 changes.

quarter ended June 30, 2018 · filed July 26, 2018

Company	Action	Shares changed	Value of change	% of portfolio
PE Powershares ETF Tr Ii	Exited	−160,000	−$2.34M	—
IE Invesco Exchng Traded Fd Tr	New	+160,000	+$2.33M	4.5%
IT Ishares Tr	Added	+2,000	+$161K	6.4%
IT Ishares Tr	Trimmed	−978	−$160K	6.3%
IT Ishares Tr	Added	+2,903	+$126K	5.8%
IT Ishares Tr	Added	+900	+$42.5K	6.1%
IT Ishares Tr	Trimmed	−144	−$30.5K	6.3%
IT Ishares Tr	Trimmed	−318	−$22.6K	6.2%
IT Ishares Tr	Trimmed	−55	−$8.36K	6.3%
IT Ishares Tr	Added	+62	+$3.89K	6.2%

Showing the 10 largest of 12 changes.

quarter ended March 31, 2018 · filed May 08, 2018

Company	Action	Shares changed	Value of change	% of portfolio
SS SPDR Ser Tr	Trimmed	−50,000	−$1.37M	10.5%
IT Ishares Tr	Trimmed	−10,271	−$496K	6.2%
IT Ishares Tr	Trimmed	−11,000	−$413K	7.2%
IT Ishares Tr	Trimmed	−1,336	−$355K	6.1%
IT Ishares Tr	Trimmed	−2,407	−$354K	6.1%
IT Ishares Tr	Trimmed	−2,323	−$353K	6.1%
IT Ishares Tr	Trimmed	−5,000	−$326K	6.4%
IT Ishares Tr	Trimmed	−1,496	−$309K	6.2%
IT Ishares Tr	Trimmed	−4,083	−$308K	5.7%
IT Ishares Tr	Trimmed	−3,708	−$266K	6.3%

Showing the 10 largest of 15 changes.

quarter ended December 31, 2017 · filed February 12, 2018

Company	Action	Shares changed	Value of change	% of portfolio
EV Eaton Vance Ltd Dur Income F	Added	+55,850	+$762K	4.6%
SS SPDR Ser Tr	Added	+25,000	+$689K	12.0%
PE Powershares ETF Tr Ii	Added	+38,067	+$566K	4.1%
IT Ishares Tr	Trimmed	−1,915	−$515K	6.2%
IT Ishares Tr	Trimmed	−3,461	−$514K	6.2%
IT Ishares Tr	Trimmed	−2,463	−$513K	6.2%
IT Ishares Tr	Trimmed	−3,158	−$481K	6.2%
IT Ishares Tr	Trimmed	−6,236	−$450K	6.2%
IT Ishares Tr	Trimmed	−6,311	−$407K	6.3%
IT Ishares Tr	Trimmed	−5,283	−$371K	6.2%

Showing the 10 largest of 15 changes.

quarter ended September 30, 2017 · filed November 13, 2017

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Trimmed	−37,561	−$1.68M	6.5%
IT Ishares Tr	Trimmed	−25,324	−$1.57M	6.6%
IT Ishares Tr	Trimmed	−32,130	−$1.55M	6.6%
IT Ishares Tr	Trimmed	−21,712	−$1.49M	6.6%
IT Ishares Tr	Trimmed	−21,442	−$1.48M	6.6%
IT Ishares Tr	Trimmed	−9,456	−$1.4M	6.7%
IT Ishares Tr	Trimmed	−9,745	−$1.36M	6.6%
IT Ishares Tr	Trimmed	−5,385	−$1.36M	6.6%
IT Ishares Tr	Trimmed	−6,647	−$1.31M	6.6%
IT Ishares Tr	Trimmed	−14,465	−$1.16M	6.6%

Showing the 10 largest of 14 changes.

quarter ended June 30, 2017 · filed August 03, 2017

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Trimmed	−97,120	−$5.62M	7.4%
IT Ishares Tr	Trimmed	−38,667	−$5.45M	7.4%
IT Ishares Tr	Trimmed	−83,394	−$5.44M	7.4%
IT Ishares Tr	Trimmed	−118,308	−$5.39M	7.4%
IT Ishares Tr	Trimmed	−39,852	−$5.39M	7.3%
IT Ishares Tr	Trimmed	−27,983	−$5.38M	7.3%
IT Ishares Tr	Trimmed	−129,804	−$5.37M	7.4%
IT Ishares Tr	Trimmed	−22,047	−$5.37M	7.3%
IT Ishares Tr	Trimmed	−81,645	−$5.35M	7.4%
IT Ishares Tr	Trimmed	−66,393	−$5.3M	7.2%

Showing the 10 largest of 16 changes.

quarter ended March 31, 2017 · filed May 11, 2017

Company	Action	Shares changed	Value of change	% of portfolio
HF Highland Fds I	New	+148,000	+$2.75M	2.4%
VS Vanguard Scottsdale Fds	Exited	−31,000	−$2.46M	—
IT Ishares Tr	Trimmed	−34,616	−$1.36M	8.8%
IT Ishares Tr	Trimmed	−14,184	−$768K	8.9%
IT Ishares Tr	Trimmed	−15,332	−$669K	8.9%
IT Ishares Tr	Trimmed	−9,067	−$565K	8.9%
IT Ishares Tr	Trimmed	−6,440	−$407K	8.9%
IT Ishares Tr	Added	+2,461	+$338K	9.1%
IT Ishares Tr	Trimmed	−619	−$147K	9.0%
IT Ishares Tr	Trimmed	−1,048	−$138K	9.0%

Showing the 10 largest of 12 changes.

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