N-CSRS 1 tv530848-ncsrs.htm N-CSRS tv530848-ncsrs - none - 218.860943s

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

 

Investment Company Act file number: 811-23207

 

 

Brinker Capital Destinations Trust

(Exact name of registrant as specified in charter)

 

1055 Westlakes Drive, Suite 250

Berwyn, PA 19312

(Address of principal executive offices) (Zip code)

 

The Corporation Trust Company

1209 Orange Street

Wilmington, Delaware 19801

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 1 (610) 407-5500

 

Date of fiscal year end:

February 28

 

Date of reporting period:

August 31, 2019

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking rules.

 

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under clearance requirements of 44 U.S.C. § 3507.

 

 

 

 

ITEM 1. REPORTS TO STOCKHOLDERS.

 

[MISSING IMAGE: img_cov.jpg]
Semi-Annual Report
August 31, 2019
Destinations Large Cap Equity Fund   Class / Ticker : I / DLCFX, Z / DLCZX
Destinations Small-Mid Cap Equity Fund   Class / Ticker : I / DSMFX, Z / DSMZX
Destinations International Equity Fund   Class / Ticker : I / DIEFX, Z / DIEZX
Destinations Equity Income Fund   Class / Ticker : I / DGEFX, Z / DGEZX
Destinations Real Assets Fund   Class / Ticker : I / DRAFX, Z / DRAZX
Destinations Core Fixed Income Fund   Class / Ticker : I / DCFFX, Z / DCFZX
Destinations Low Duration Fixed Income Fund   Class / Ticker : I / DLDFX, Z / DLDZX
Destinations Global Fixed Income Opportunities Fund   Class / Ticker : I / DGFFX, Z / DGFZX
Destinations Municipal Fixed Income Fund   Class / Ticker : I / DMFFX, Z / DMFZX
Destinations Multi Strategy Alternatives Fund   Class / Ticker : I / DMSFX, Z / DMSZX
Beginning on or about May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial advisor. Instead, the reports will be made available on the Funds’ website (www.destinationsfunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial advisor.
You may elect to receive all future reports in paper free of charge. You can contact your financial advisor to inform them that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Destinations Funds held in your account.
www.destinationsfunds.com // 877.771.7979​
Table of Contents
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Shareholder Letter
​
Dear Shareholder,
We are pleased to provide the semi-annual report of the Destinations Funds for the six-month reporting period ended August 31, 2019. The semi-annual report will provide you with details such as the Schedule of Investments and Financial Highlights during the Funds’ reporting period.
As always, we remain committed to providing you with excellent service and a full spectrum of investment choices to help you while you pursue your objectives and goals. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through our website, www.destinationsfunds.com. On our website, you can gain immediate access to Destinations Funds information, including:
•
Fund prices and performance,
​
•
Holdings,
​
•
Distributions, and
​
•
A host of fund literature and resources
​
We want to thank you for your continued confidence in the Destinations Funds and we look forward to helping you meet your financial goals.
Sincerely,
[MISSING IMAGE: sg_jasonbmoore.jpg]
Jason B. Moore
President, Brinker Capital Destinations Trust
August 31, 2019
Important Disclosure:
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.
1
Fund Expenses (unaudited)
​
Example
All mutual funds have operating expenses. As a shareholder of a Fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services and shareholder reports. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. This example is based on an investment of  $1,000 invested on March 1, 2019 and held for the six months ended August 31, 2019.
Actual Expenses
The table below titled “Based on Actual Total Return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account during this period, divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period”.
Based on Actual Total Return(1)
Fund
​ ​
Total
Return(2)
 ​ ​
Beginning
Account
Value
​ ​
Ending
Account
Value
​ ​
Annualized
Expense
Ratios(3)
 ​ ​
Expense
Paid During
the Period(4)
 ​
Destinations Large Cap Equity Fund – Class I
​ ​ ​ ​ 3.10% ​ ​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,031.01 ​ ​ ​ ​ ​ 0.83% ​ ​ ​ ​ $ 4.25 ​ ​
Destinations Large Cap Equity Fund – Class Z
​ ​ ​ ​ 3.28% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,032.77 ​ ​ ​ ​ ​ 0.68% ​ ​ ​ ​ ​ 3.54 ​ ​
Destinations Small-Mid Cap Equity Fund – Class I
​ ​ ​ ​ 1.50% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,015.03 ​ ​ ​ ​ ​ 1.06% ​ ​ ​ ​ ​ 5.38 ​ ​
Destinations Small-Mid Cap Equity Fund – Class Z
​ ​ ​ ​ 1.63% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,016.30 ​ ​ ​ ​ ​ 0.91% ​ ​ ​ ​ ​ 4.68 ​ ​
Destinations International Equity Fund – Class I
​ ​ ​ ​ 2.85% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,028.55 ​ ​ ​ ​ ​ 1.17% ​ ​ ​ ​ ​ 5.98 ​ ​
Destinations International Equity Fund – Class Z
​ ​ ​ ​ 3.06% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,030.59 ​ ​ ​ ​ ​ 1.02% ​ ​ ​ ​ ​ 5.27 ​ ​
Destinations Equity Income Fund – Class I
​ ​ ​ ​ 1.43% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,014.31 ​ ​ ​ ​ ​ 1.39% ​ ​ ​ ​ ​ 7.06 ​ ​
Destinations Equity Income Fund – Class Z
​ ​ ​ ​ 1.63% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,016.30 ​ ​ ​ ​ ​ 1.24% ​ ​ ​ ​ ​ 6.30 ​ ​
Destinations Real Assets Fund – Class I
​ ​ ​ ​ (36.70)% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 632.97 ​ ​ ​ ​ ​ 1.22% ​ ​ ​ ​ ​ 5.02 ​ ​
Destinations Real Assets Fund – Class Z
​ ​ ​ ​ (36.62)% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 633.85 ​ ​ ​ ​ ​ 1.07% ​ ​ ​ ​ ​ 4.49 ​ ​
Destinations Core Fixed Income Fund – Class I
​ ​ ​ ​ 6.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,060.01 ​ ​ ​ ​ ​ 0.80% ​ ​ ​ ​ ​ 4.15 ​ ​
Destinations Core Fixed Income Fund – Class Z
​ ​ ​ ​ 6.13% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,061.28 ​ ​ ​ ​ ​ 0.65% ​ ​ ​ ​ ​ 3.43 ​ ​
Destinations Low Duration Fixed Income Fund – Class I
​ ​ ​ ​ 1.80% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,018.03 ​ ​ ​ ​ ​ 0.93% ​ ​ ​ ​ ​ 4.73 ​ ​
Destinations Low Duration Fixed Income Fund – Class Z
​ ​ ​ ​ 1.84% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,018.43 ​ ​ ​ ​ ​ 0.78% ​ ​ ​ ​ ​ 4.02 ​ ​
Destinations Global Fixed Income Opportunities Fund – Class I
​ ​ ​ ​ 2.98% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,029.82 ​ ​ ​ ​ ​ 1.00% ​ ​ ​ ​ ​ 5.12 ​ ​
Destinations Global Fixed Income Opportunities Fund – Class Z
​ ​ ​ ​ 3.01% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,030.10 ​ ​ ​ ​ ​ 0.85% ​ ​ ​ ​ ​ 4.35 ​ ​
Destinations Municipal Fixed Income Fund – Class I
​ ​ ​ ​ 5.05% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,050.55 ​ ​ ​ ​ ​ 0.80% ​ ​ ​ ​ ​ 4.13 ​ ​
Destinations Municipal Fixed Income Fund – Class Z
​ ​ ​ ​ 5.12% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,051.18 ​ ​ ​ ​ ​ 0.65% ​ ​ ​ ​ ​ 3.36 ​ ​
Destinations Multi Strategy Alternatives Fund – Class I
​ ​ ​ ​ (0.36)% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 996.39 ​ ​ ​ ​ ​ 1.31% ​ ​ ​ ​ ​ 6.59 ​ ​
Destinations Multi Strategy Alternatives Fund – Class Z
​ ​ ​ ​ (0.32)% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 996.83 ​ ​ ​ ​ ​ 1.16% ​ ​ ​ ​ ​ 5.89 ​ ​
​
(1)
For the six months ended August 31, 2019.
​
(2)
Assumes reinvestment of all distributions, including returns of capital, if any, at net asset value. Total return is not annualized as it may not be representative of the total return for the year. Performance figure may reflect fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower.
​
(3)
Annualized Expense Ratios are based on the most recent six month expense ratios, which may differ from expense ratios in the Financial Highlights.
​
(4)
Expenses (net of fee waivers and/or expense reimbursements) are equal to each Fund’s respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (184 days for Class I and Class Z) in the most recent period, then divided by 365 (to reflect the period).
​
​
2
Fund Expenses (unaudited) (concluded)
​
Hypothetical Example for Comparison Purposes
The table below titled “Based on Hypothetical Total Return” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5.00% per period before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period.You may use the information provided in this table to compare the ongoing costs of investing in each Fund and other funds. To do so, compare the 5.00% hypothetical example relating to a Fund with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Based on Hypothetical Total Return(1)
Fund
​ ​
Hypothethical
Annualized
Total Return
​ ​
Beginning
Account
Value
​ ​
Ending
Account
Value
​ ​
Annualized
Expense
Ratios(2)
 ​ ​
Expense
Paid During
the Period(3)
 ​
Destinations Large Cap Equity Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,021.02 ​ ​ ​ ​ ​ 0.83% ​ ​ ​ ​ $ 4.23 ​ ​
Destinations Large Cap Equity Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.73 ​ ​ ​ ​ ​ 0.68% ​ ​ ​ ​ ​ 3.52 ​ ​
Destinations Small-Mid Cap Equity Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,019.86 ​ ​ ​ ​ ​ 1.06% ​ ​ ​ ​ ​ 5.40 ​ ​
Destinations Small-Mid Cap Equity Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.57 ​ ​ ​ ​ ​ 0.91% ​ ​ ​ ​ ​ 4.69 ​ ​
Destinations International Equity Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,019.31 ​ ​ ​ ​ ​ 1.17% ​ ​ ​ ​ ​ 5.96 ​ ​
Destinations International Equity Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.01 ​ ​ ​ ​ ​ 1.02% ​ ​ ​ ​ ​ 5.24 ​ ​
Destinations Equity Income Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,018.20 ​ ​ ​ ​ ​ 1.39% ​ ​ ​ ​ ​ 7.07 ​ ​
Destinations Equity Income Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,018.95 ​ ​ ​ ​ ​ 1.24% ​ ​ ​ ​ ​ 6.31 ​ ​
Destinations Real Assets Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,019.06 ​ ​ ​ ​ ​ 1.22% ​ ​ ​ ​ ​ 6.21 ​ ​
Destinations Real Assets Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,019.71 ​ ​ ​ ​ ​ 1.07% ​ ​ ​ ​ ​ 5.55 ​ ​
Destinations Core Fixed Income Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.17 ​ ​ ​ ​ ​ 0.80% ​ ​ ​ ​ ​ 4.08 ​ ​
Destinations Core Fixed Income Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.88 ​ ​ ​ ​ ​ 0.65% ​ ​ ​ ​ ​ 3.36 ​ ​
Destinations Low Duration Fixed Income Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.52 ​ ​ ​ ​ ​ 0.93% ​ ​ ​ ​ ​ 4.74 ​ ​
Destinations Low Duration Fixed Income Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.22 ​ ​ ​ ​ ​ 0.78% ​ ​ ​ ​ ​ 4.02 ​ ​
Destinations Global Fixed Income Opportunities Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.16 ​ ​ ​ ​ ​ 1.00% ​ ​ ​ ​ ​ 5.09 ​ ​
Destinations Global Fixed Income Opportunities Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.92 ​ ​ ​ ​ ​ 0.85% ​ ​ ​ ​ ​ 4.33 ​ ​
Destinations Municipal Fixed Income Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.17 ​ ​ ​ ​ ​ 0.80% ​ ​ ​ ​ ​ 4.08 ​ ​
Destinations Municipal Fixed Income Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.93 ​ ​ ​ ​ ​ 0.65% ​ ​ ​ ​ ​ 3.31 ​ ​
Destinations Multi Strategy Alternatives Fund – Class I
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,018.60 ​ ​ ​ ​ ​ 1.31% ​ ​ ​ ​ ​ 6.67 ​ ​
Destinations Multi Strategy Alternatives Fund – Class Z
​ ​ ​ ​ 5.00% ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,019.31 ​ ​ ​ ​ ​ 1.16% ​ ​ ​ ​ ​ 5.96 ​ ​
​
(1)
For the six months ended August 31, 2019.
​
(2)
Annualized Expense Ratios are based on the most recent six month expense ratios, which may differ from net expense ratios in the Financial Highlights.
​
(3)
Expenses (net of fee waivers and/or expense reimbursements) are equal to each Fund’s respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (184 days for Class I and Class Z) in the period, then divided by 365 (to reflect the period).
​
​
3
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – 98.3% ​
​ BASIC MATERIALS – 2.2% ​
​ Chemicals – 1.7% ​
​ ​ ​ 7,603 ​ ​ ​
Air Products & Chemicals Inc.
​ ​ ​ $ 1,717,670 ​ ​
​ ​ ​ 3,526 ​ ​ ​
Albemarle Corp.(a)
 ​ ​ ​ ​ 217,660 ​ ​
​ ​ ​ 39,642 ​ ​ ​
Celanese Corp., Class A Shares
​ ​ ​ ​ 4,494,213 ​ ​
​ ​ ​ 292,158 ​ ​ ​
CF Industries Holdings Inc.
​ ​ ​ ​ 14,079,094 ​ ​
​ ​ ​ 84,910 ​ ​ ​
Dow Inc.
​ ​ ​ ​ 3,619,713 ​ ​
​ ​ ​ 315,518 ​ ​ ​
DuPont de Nemours Inc.
​ ​ ​ ​ 21,433,138 ​ ​
​ ​ ​ 63,039 ​ ​ ​
Eastman Chemical Co.
​ ​ ​ ​ 4,120,859 ​ ​
​ ​ ​ 8,761 ​ ​ ​
Ecolab Inc.
​ ​ ​ ​ 1,807,482 ​ ​
​ ​ ​ 4,543 ​ ​ ​
FMC Corp.
​ ​ ​ ​ 392,197 ​ ​
​ ​ ​ 3,470 ​ ​ ​
International Flavors & Fragrances Inc.
​ ​ ​ ​ 380,832 ​ ​
​ ​ ​ 37,002 ​ ​ ​
Linde PLC
​ ​ ​ ​ 6,990,048 ​ ​
​ ​ ​ 9,607 ​ ​ ​
LyondellBasell Industries NV, Class A Shares
​ ​ ​ ​ 743,390 ​ ​
​ ​ ​ 241,683 ​ ​ ​
Mosaic Co.
​ ​ ​ ​ 4,444,550 ​ ​
​ ​ ​ 8,083 ​ ​ ​
PPG Industries Inc.
​ ​ ​ ​ 895,516 ​ ​
​ ​ ​ 2,793 ​ ​ ​
Sherwin-Williams Co.
​ ​ ​ ​ 1,471,213 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Chemicals
​ ​ ​ ​ 66,807,575 ​ ​
​ Forest Products & Paper – 0.1% ​
​ ​ ​ 111,779 ​ ​ ​
International Paper Co.
​ ​ ​ ​ 4,370,559 ​ ​
​ Iron/Steel – 0.0% ​
​ ​ ​ 10,841 ​ ​ ​
Nucor Corp.
​ ​ ​ ​ 530,992 ​ ​
​ Mining – 0.4% ​
​ ​ ​ 338,373 ​ ​ ​
Freeport-McMoRan Inc.
​ ​ ​ ​ 3,109,648 ​ ​
​ ​ ​ 235,858 ​ ​ ​
Newmont Goldcorp Corp.
​ ​ ​ ​ 9,408,376 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Mining
​ ​ ​ ​ 12,518,024 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL BASIC MATERIALS
 ​ ​ ​ ​ 84,227,150 ​ ​
​ COMMUNICATIONS – 17.7% ​
​ Advertising – 0.2% ​
​ ​ ​ 12,790 ​ ​ ​
Interpublic Group of Cos., Inc.
​ ​ ​ ​ 254,265 ​ ​
​ ​ ​ 74,397 ​ ​ ​
Omnicom Group Inc.
​ ​ ​ ​ 5,658,636 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Advertising
​ ​ ​ ​ 5,912,901 ​ ​
​ Internet – 12.2% ​
​ ​ ​ 270,998 ​ ​ ​
Alibaba Group Holding Ltd., ADR*
​ ​ ​ ​ 47,432,780 ​ ​
​ ​ ​ 36,886 ​ ​ ​
Alphabet Inc., Class A Shares*
​ ​ ​ ​ 43,913,890 ​ ​
​ ​ ​ 36,320 ​ ​ ​
Alphabet Inc., Class C Shares*
​ ​ ​ ​ 43,151,792 ​ ​
​ ​ ​ 68,249 ​ ​ ​
Amazon.com Inc.*
​ ​ ​ ​ 121,230,016 ​ ​
​ ​ ​ 15,670 ​ ​ ​
Baidu Inc., ADR*
​ ​ ​ ​ 1,637,045 ​ ​
​ ​ ​ 19,444 ​ ​ ​
Booking Holdings Inc.*
​ ​ ​ ​ 38,234,876 ​ ​
​ ​ ​ 29,394 ​ ​ ​
eBay Inc.
​ ​ ​ ​ 1,184,284 ​ ​
​ ​ ​ 4,781 ​ ​ ​
Expedia Group Inc.
​ ​ ​ ​ 622,008 ​ ​
​ ​ ​ 2,034 ​ ​ ​
F5 Networks Inc.*
​ ​ ​ ​ 261,837 ​ ​
See Notes to Financial Statements.
4
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ COMMUNICATIONS – (continued) ​
​ Internet – (continued) ​
​ ​ ​ 507,233 ​ ​ ​
Facebook Inc., Class A Shares*
​ ​ ​ $ 94,177,951 ​ ​
​ ​ ​ 21,240 ​ ​ ​
IAC/InterActiveCorp*
​ ​ ​ ​ 5,408,554 ​ ​
​ ​ ​ 77,900 ​ ​ ​
JD.com Inc., ADR*
​ ​ ​ ​ 2,375,950 ​ ​
​ ​ ​ 3,610 ​ ​ ​
MercadoLibre Inc.*
​ ​ ​ ​ 2,146,506 ​ ​
​ ​ ​ 56,730 ​ ​ ​
Netflix Inc.*
​ ​ ​ ​ 16,664,438 ​ ​
​ ​ ​ 12,837 ​ ​ ​
Palo Alto Networks Inc.*
​ ​ ​ ​ 2,613,870 ​ ​
​ ​ ​ 232,259 ​ ​ ​
Symantec Corp.
​ ​ ​ ​ 5,400,022 ​ ​
​ ​ ​ 302,500 ​ ​ ​
Tencent Holdings Ltd.
​ ​ ​ ​ 12,530,784 ​ ​
​ ​ ​ 225,943 ​ ​ ​
Tencent Music Entertainment Group, ADR*
​ ​ ​ ​ 3,005,042 ​ ​
​ ​ ​ 102,662 ​ ​ ​
TripAdvisor Inc.*
​ ​ ​ ​ 3,900,129 ​ ​
​ ​ ​ 119,599 ​ ​ ​
Twitter Inc.*
​ ​ ​ ​ 5,100,897 ​ ​
​ ​ ​ 22,331 ​ ​ ​
VeriSign Inc.*
​ ​ ​ ​ 4,552,174 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Internet
​ ​ ​ ​ 455,544,845 ​ ​
​ Media – 2.1% ​
​ ​ ​ 99,644 ​ ​ ​
CBS Corp., Class B Shares
​ ​ ​ ​ 4,191,027 ​ ​
​ ​ ​ 17,551 ​ ​ ​
Charter Communications Inc., Class A Shares*
​ ​ ​ ​ 7,188,714 ​ ​
​ ​ ​ 472,093 ​ ​ ​
Comcast Corp., Class A Shares
​ ​ ​ ​ 20,894,836 ​ ​
​ ​ ​ 5,452 ​ ​ ​
Discovery Inc., Class A Shares*
​ ​ ​ ​ 150,475 ​ ​
​ ​ ​ 13,154 ​ ​ ​
Discovery Inc., Class C Shares*
​ ​ ​ ​ 342,399 ​ ​
​ ​ ​ 7,969 ​ ​ ​
DISH Network Corp., Class A Shares*
​ ​ ​ ​ 267,440 ​ ​
​ ​ ​ 148,131 ​ ​ ​
Fox Corp., Class A Shares
​ ​ ​ ​ 4,913,505 ​ ​
​ ​ ​ 5,424 ​ ​ ​
Fox Corp., Class B Shares
​ ​ ​ ​ 177,907 ​ ​
​ ​ ​ 14,393 ​ ​ ​
News Corp., Class A Shares
​ ​ ​ ​ 197,904 ​ ​
​ ​ ​ 3,678 ​ ​ ​
News Corp., Class B Shares
​ ​ ​ ​ 52,080 ​ ​
​ ​ ​ 11,907 ​ ​ ​
Viacom Inc., Class B Shares
​ ​ ​ ​ 297,437 ​ ​
​ ​ ​ 291,021 ​ ​ ​
Walt Disney Co.
​ ​ ​ ​ 39,945,542 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Media
​ ​ ​ ​ 78,619,266 ​ ​
​ Telecommunications – 3.2% ​
​ ​ ​ 1,768 ​ ​ ​
Arista Networks Inc.*
​ ​ ​ ​ 400,664 ​ ​
​ ​ ​ 1,429,904 ​ ​ ​
AT&T Inc.
​ ​ ​ ​ 50,418,415 ​ ​
​ ​ ​ 32,584 ​ ​ ​
CenturyLink Inc.
​ ​ ​ ​ 370,806 ​ ​
​ ​ ​ 665,214 ​ ​ ​
Cisco Systems Inc.
​ ​ ​ ​ 31,138,668 ​ ​
​ ​ ​ 281,570 ​ ​ ​
Corning Inc.
​ ​ ​ ​ 7,841,725 ​ ​
​ ​ ​ 11,556 ​ ​ ​
Juniper Networks Inc.
​ ​ ​ ​ 267,637 ​ ​
​ ​ ​ 27,847 ​ ​ ​
Motorola Solutions Inc.
​ ​ ​ ​ 5,037,801 ​ ​
​ ​ ​ 10,921 ​ ​ ​
T-Mobile US Inc.*
​ ​ ​ ​ 852,384 ​ ​
​ ​ ​ 416,639 ​ ​ ​
Verizon Communications Inc.
​ ​ ​ ​ 24,231,724 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Telecommunications
​ ​ ​ ​ 120,559,824 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMUNICATIONS
 ​ ​ ​ ​ 660,636,836 ​ ​
See Notes to Financial Statements.
5
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER CYCLICAL – 6.7% ​
​ Airlines – 0.2% ​
​ ​ ​ 4,076 ​ ​ ​
Alaska Air Group Inc.
​ ​ ​ $ 243,419 ​ ​
​ ​ ​ 14,054 ​ ​ ​
American Airlines Group Inc.
​ ​ ​ ​ 369,761 ​ ​
​ ​ ​ 110,971 ​ ​ ​
Delta Air Lines Inc.
​ ​ ​ ​ 6,420,782 ​ ​
​ ​ ​ 17,056 ​ ​ ​
Southwest Airlines Co.
​ ​ ​ ​ 892,370 ​ ​
​ ​ ​ 7,886 ​ ​ ​
United Airlines Holdings Inc.*
​ ​ ​ ​ 664,868 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Airlines
​ ​ ​ ​ 8,591,200 ​ ​
​ Apparel – 1.3% ​
​ ​ ​ 363,986 ​ ​ ​
Canada Goose Holdings Inc.*(a)
 ​ ​ ​ ​ 13,576,678 ​ ​
​ ​ ​ 4,868 ​ ​ ​
Capri Holdings Ltd.*
​ ​ ​ ​ 128,418 ​ ​
​ ​ ​ 12,898 ​ ​ ​
Hanesbrands Inc.
​ ​ ​ ​ 176,187 ​ ​
​ ​ ​ 367,143 ​ ​ ​
NIKE Inc., Class B Shares
​ ​ ​ ​ 31,023,584 ​ ​
​ ​ ​ 56,659 ​ ​ ​
PVH Corp.
​ ​ ​ ​ 4,294,752 ​ ​
​ ​ ​ 1,766 ​ ​ ​
Ralph Lauren Corp., Class A Shares
​ ​ ​ ​ 156,008 ​ ​
​ ​ ​ 9,780 ​ ​ ​
Tapestry Inc.
​ ​ ​ ​ 201,957 ​ ​
​ ​ ​ 6,741 ​ ​ ​
Under Armour Inc., Class A Shares*
​ ​ ​ ​ 125,450 ​ ​
​ ​ ​ 7,087 ​ ​ ​
Under Armour Inc., Class C Shares*
​ ​ ​ ​ 119,912 ​ ​
​ ​ ​ 11,248 ​ ​ ​
VF Corp.
​ ​ ​ ​ 921,773 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Apparel
​ ​ ​ ​ 50,724,719 ​ ​
​ Auto Manufacturers – 0.4% ​
​ ​ ​ 38,075 ​ ​ ​
Ferrari NV
​ ​ ​ ​ 6,006,331 ​ ​
​ ​ ​ 135,344 ​ ​ ​
Ford Motor Co.
​ ​ ​ ​ 1,241,105 ​ ​
​ ​ ​ 190,244 ​ ​ ​
General Motors Co.
​ ​ ​ ​ 7,056,150 ​ ​
​ ​ ​ 11,965 ​ ​ ​
PACCAR Inc.
​ ​ ​ ​ 784,425 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Auto Manufacturers
​ ​ ​ ​ 15,088,011 ​ ​
​ Auto Parts & Equipment – 0.2% ​
​ ​ ​ 100,069 ​ ​ ​
Aptiv PLC
​ ​ ​ ​ 8,322,739 ​ ​
​ ​ ​ 6,917 ​ ​ ​
BorgWarner Inc.
​ ​ ​ ​ 225,701 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Auto Parts & Equipment
​ ​ ​ ​ 8,548,440 ​ ​
​ Distribution/Wholesale – 0.1% ​
​ ​ ​ 6,927 ​ ​ ​
Copart Inc.*
​ ​ ​ ​ 522,226 ​ ​
​ ​ ​ 19,767 ​ ​ ​
Fastenal Co.
​ ​ ​ ​ 605,266 ​ ​
​ ​ ​ 10,554 ​ ​ ​
LKQ Corp.*
​ ​ ​ ​ 277,254 ​ ​
​ ​ ​ 1,560 ​ ​ ​
WW Grainger Inc.
​ ​ ​ ​ 426,894 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Distribution/Wholesale
​ ​ ​ ​ 1,831,640 ​ ​
​ Home Builders – 0.3% ​
​ ​ ​ 11,678 ​ ​ ​
DR Horton Inc.
​ ​ ​ ​ 577,711 ​ ​
​ ​ ​ 129,857 ​ ​ ​
Lennar Corp., Class A Shares
​ ​ ​ ​ 6,622,707 ​ ​
​ ​ ​ 884 ​ ​ ​
NVR Inc.*
​ ​ ​ ​ 3,181,516 ​ ​
​ ​ ​ 8,422 ​ ​ ​
PulteGroup Inc.
​ ​ ​ ​ 284,663 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Home Builders
​ ​ ​ ​ 10,666,597 ​ ​
See Notes to Financial Statements.
6
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER CYCLICAL – (continued) ​
​ Home Furnishings – 0.0% ​
​ ​ ​ 4,674 ​ ​ ​
Leggett & Platt Inc.
​ ​ ​ $ 173,826 ​ ​
​ ​ ​ 2,128 ​ ​ ​
Whirlpool Corp.
​ ​ ​ ​ 295,984 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Home Furnishings
​ ​ ​ ​ 469,810 ​ ​
​ Housewares – 0.0% ​
​ ​ ​ 14,327 ​ ​ ​
Newell Brands Inc.
​ ​ ​ ​ 237,828 ​ ​
​ Leisure Time – 0.5% ​
​ ​ ​ 146,676 ​ ​ ​
Carnival Corp.
​ ​ ​ ​ 6,465,478 ​ ​
​ ​ ​ 5,853 ​ ​ ​
Harley-Davidson Inc.
​ ​ ​ ​ 186,711 ​ ​
​ ​ ​ 7,403 ​ ​ ​
Norwegian Cruise Line Holdings Ltd.*
​ ​ ​ ​ 375,702 ​ ​
​ ​ ​ 159,315 ​ ​ ​
Planet Fitness Inc., Class A Shares*
​ ​ ​ ​ 11,249,232 ​ ​
​ ​ ​ 5,937 ​ ​ ​
Royal Caribbean Cruises Ltd.
​ ​ ​ ​ 619,111 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Leisure Time
​ ​ ​ ​ 18,896,234 ​ ​
​ Lodging – 0.5% ​
​ ​ ​ 9,965 ​ ​ ​
Hilton Worldwide Holdings Inc.
​ ​ ​ ​ 920,467 ​ ​
​ ​ ​ 80,664 ​ ​ ​
Las Vegas Sands Corp.
​ ​ ​ ​ 4,474,432 ​ ​
​ ​ ​ 9,596 ​ ​ ​
Marriott International Inc., Class A Shares
​ ​ ​ ​ 1,209,672 ​ ​
​ ​ ​ 138,460 ​ ​ ​
MGM Resorts International
​ ​ ​ ​ 3,885,188 ​ ​
​ ​ ​ 53,408 ​ ​ ​
Wynn Resorts Ltd.
​ ​ ​ ​ 5,882,891 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Lodging
​ ​ ​ ​ 16,372,650 ​ ​
​ Retail – 3.2% ​
​ ​ ​ 2,468 ​ ​ ​
Advance Auto Parts Inc.
​ ​ ​ ​ 340,461 ​ ​
​ ​ ​ 843 ​ ​ ​
AutoZone Inc.*
​ ​ ​ ​ 928,725 ​ ​
​ ​ ​ 8,020 ​ ​ ​
Best Buy Co., Inc.
​ ​ ​ ​ 510,473 ​ ​
​ ​ ​ 5,888 ​ ​ ​
CarMax Inc.*
​ ​ ​ ​ 490,353 ​ ​
​ ​ ​ 835 ​ ​ ​
Chipotle Mexican Grill Inc., Class A Shares*
​ ​ ​ ​ 700,081 ​ ​
​ ​ ​ 15,189 ​ ​ ​
Costco Wholesale Corp.
​ ​ ​ ​ 4,477,110 ​ ​
​ ​ ​ 4,241 ​ ​ ​
Darden Restaurants Inc.
​ ​ ​ ​ 513,076 ​ ​
​ ​ ​ 26,194 ​ ​ ​
Dollar General Corp.
​ ​ ​ ​ 4,088,621 ​ ​
​ ​ ​ 221,075 ​ ​ ​
Dollar Tree Inc.*
​ ​ ​ ​ 22,445,745 ​ ​
​ ​ ​ 171,226 ​ ​ ​
Dollarama Inc.
​ ​ ​ ​ 6,553,213 ​ ​
​ ​ ​ 7,663 ​ ​ ​
Gap Inc.
​ ​ ​ ​ 120,999 ​ ​
​ ​ ​ 5,036 ​ ​ ​
Genuine Parts Co.
​ ​ ​ ​ 454,700 ​ ​
​ ​ ​ 38,002 ​ ​ ​
Home Depot Inc.
​ ​ ​ ​ 8,661,036 ​ ​
​ ​ ​ 5,605 ​ ​ ​
Kohl’s Corp.
​ ​ ​ ​ 264,892 ​ ​
​ ​ ​ 7,386 ​ ​ ​
L Brands Inc.
​ ​ ​ ​ 121,943 ​ ​
​ ​ ​ 184,705 ​ ​ ​
Lowe’s Cos., Inc.
​ ​ ​ ​ 20,723,901 ​ ​
​ ​ ​ 10,161 ​ ​ ​
Macy’s Inc.
​ ​ ​ ​ 149,977 ​ ​
​ ​ ​ 43,490 ​ ​ ​
McDonald’s Corp.
​ ​ ​ ​ 9,479,515 ​ ​
​ ​ ​ 4,088 ​ ​ ​
Nordstrom Inc.(a)
 ​ ​ ​ ​ 118,429 ​ ​
​ ​ ​ 2,699 ​ ​ ​
O’Reilly Automotive Inc.*
​ ​ ​ ​ 1,035,768 ​ ​
See Notes to Financial Statements.
7
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER CYCLICAL – (continued) ​
​ Retail – (continued) ​
​ ​ ​ 22,370 ​ ​ ​
Restaurant Brands International Inc.
​ ​ ​ $ 1,754,927 ​ ​
​ ​ ​ 12,640 ​ ​ ​
Ross Stores Inc.
​ ​ ​ ​ 1,339,966 ​ ​
​ ​ ​ 67,366 ​ ​ ​
Starbucks Corp.
​ ​ ​ ​ 6,504,861 ​ ​
​ ​ ​ 68,263 ​ ​ ​
Target Corp.
​ ​ ​ ​ 7,306,871 ​ ​
​ ​ ​ 3,637 ​ ​ ​
Tiffany & Co.
​ ​ ​ ​ 308,672 ​ ​
​ ​ ​ 41,970 ​ ​ ​
TJX Cos., Inc.
​ ​ ​ ​ 2,307,091 ​ ​
​ ​ ​ 4,127 ​ ​ ​
Tractor Supply Co.
​ ​ ​ ​ 420,459 ​ ​
​ ​ ​ 1,944 ​ ​ ​
Ulta Beauty Inc.*
​ ​ ​ ​ 462,147 ​ ​
​ ​ ​ 27,242 ​ ​ ​
Walgreens Boots Alliance Inc.
​ ​ ​ ​ 1,394,518 ​ ​
​ ​ ​ 48,658 ​ ​ ​
Walmart Inc.
​ ​ ​ ​ 5,559,663 ​ ​
​ ​ ​ 125,773 ​ ​ ​
Yum China Holdings Inc.
​ ​ ​ ​ 5,713,867 ​ ​
​ ​ ​ 43,528 ​ ​ ​
Yum! Brands Inc.
​ ​ ​ ​ 5,083,200 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Retail
​ ​ ​ ​ 120,335,260 ​ ​
​ Textiles – 0.0% ​
​ ​ ​ 2,088 ​ ​ ​
Mohawk Industries Inc.*
​ ​ ​ ​ 248,242 ​ ​
​ Toys/Games/Hobbies – 0.0% ​
​ ​ ​ 3,924 ​ ​ ​
Hasbro Inc.
​ ​ ​ ​ 433,484 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER CYCLICAL
 ​ ​ ​ ​ 252,444,115 ​ ​
​ CONSUMER NON-CYCLICAL – 23.5% ​
​ Agriculture – 0.9% ​
​ ​ ​ 147,930 ​ ​ ​
Altria Group Inc.
​ ​ ​ ​ 6,470,458 ​ ​
​ ​ ​ 480,696 ​ ​ ​
Archer-Daniels-Midland Co.
​ ​ ​ ​ 18,290,483 ​ ​
​ ​ ​ 112,471 ​ ​ ​
Philip Morris International Inc.
​ ​ ​ ​ 8,108,035 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Agriculture
​ ​ ​ ​ 32,868,976 ​ ​
​ Beverages – 0.9% ​
​ ​ ​ 72,564 ​ ​ ​
Brown-Forman Corp., Class B Shares
​ ​ ​ ​ 4,280,551 ​ ​
​ ​ ​ 132,609 ​ ​ ​
Coca-Cola Co.
​ ​ ​ ​ 7,298,799 ​ ​
​ ​ ​ 5,775 ​ ​ ​
Constellation Brands Inc., Class A Shares
​ ​ ​ ​ 1,180,121 ​ ​
​ ​ ​ 6,370 ​ ​ ​
Molson Coors Brewing Co., Class B Shares
​ ​ ​ ​ 327,163 ​ ​
​ ​ ​ 91,004 ​ ​ ​
Monster Beverage Corp.*
​ ​ ​ ​ 5,339,205 ​ ​
​ ​ ​ 98,182 ​ ​ ​
PepsiCo Inc.
​ ​ ​ ​ 13,424,425 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Beverages
​ ​ ​ ​ 31,850,264 ​ ​
​ Biotechnology – 2.6% ​
​ ​ ​ 183,214 ​ ​ ​
Alexion Pharmaceuticals Inc.*
​ ​ ​ ​ 18,460,643 ​ ​
​ ​ ​ 40,398 ​ ​ ​
Amgen Inc.
​ ​ ​ ​ 8,427,831 ​ ​
​ ​ ​ 28,943 ​ ​ ​
Biogen Inc.*
​ ​ ​ ​ 6,360,224 ​ ​
​ ​ ​ 24,358 ​ ​ ​
Celgene Corp.*
​ ​ ​ ​ 2,357,854 ​ ​
​ ​ ​ 25,689 ​ ​ ​
Corteva Inc.
​ ​ ​ ​ 753,202 ​ ​
​ ​ ​ 157,049 ​ ​ ​
Exact Sciences Corp.*
​ ​ ​ ​ 18,723,382 ​ ​
​ ​ ​ 43,820 ​ ​ ​
Gilead Sciences Inc.
​ ​ ​ ​ 2,784,323 ​ ​
See Notes to Financial Statements.
8
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER NON-CYCLICAL – (continued) ​
​ Biotechnology – (continued) ​
​ ​ ​ 75,427 ​ ​ ​
Illumina Inc.*
​ ​ ​ $ 21,220,632 ​ ​
​ ​ ​ 6,052 ​ ​ ​
Incyte Corp.*
​ ​ ​ ​ 495,175 ​ ​
​ ​ ​ 209,283 ​ ​ ​
Nektar Therapeutics, Class A Shares*
​ ​ ​ ​ 3,677,102 ​ ​
​ ​ ​ 2,716 ​ ​ ​
Regeneron Pharmaceuticals Inc.*
​ ​ ​ ​ 787,776 ​ ​
​ ​ ​ 86,520 ​ ​ ​
Vertex Pharmaceuticals Inc.*
​ ​ ​ ​ 15,575,330 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Biotechnology
​ ​ ​ ​ 99,623,474 ​ ​
​ Commercial Services – 3.4% ​
​ ​ ​ 15,032 ​ ​ ​
Automatic Data Processing Inc.
​ ​ ​ ​ 2,553,035 ​ ​
​ ​ ​ 2,988 ​ ​ ​
Cintas Corp.
​ ​ ​ ​ 788,235 ​ ​
​ ​ ​ 49,240 ​ ​ ​
Equifax Inc.
​ ​ ​ ​ 7,207,751 ​ ​
​ ​ ​ 2,953 ​ ​ ​
FleetCor Technologies Inc.*
​ ​ ​ ​ 881,175 ​ ​
​ ​ ​ 3,090 ​ ​ ​
Gartner Inc.*
​ ​ ​ ​ 413,040 ​ ​
​ ​ ​ 5,412 ​ ​ ​
Global Payments Inc.
​ ​ ​ ​ 898,284 ​ ​
​ ​ ​ 147,429 ​ ​ ​
H&R Block Inc.
​ ​ ​ ​ 3,570,730 ​ ​
​ ​ ​ 12,423 ​ ​ ​
IHS Markit Ltd.*
​ ​ ​ ​ 815,073 ​ ​
​ ​ ​ 11,829 ​ ​ ​
MarketAxess Holdings Inc.
​ ​ ​ ​ 4,703,447 ​ ​
​ ​ ​ 5,617 ​ ​ ​
Moody’s Corp.
​ ​ ​ ​ 1,210,913 ​ ​
​ ​ ​ 213,822 ​ ​ ​
New Oriental Education & Technology Group Inc., ADR*
​ ​ ​ ​ 24,247,415 ​ ​
​ ​ ​ 11,841 ​ ​ ​
Nielsen Holdings PLC
​ ​ ​ ​ 245,819 ​ ​
​ ​ ​ 289,345 ​ ​ ​
PayPal Holdings Inc.*
​ ​ ​ ​ 31,553,072 ​ ​
​ ​ ​ 126,098 ​ ​ ​
Quanta Services Inc.
​ ​ ​ ​ 4,274,722 ​ ​
​ ​ ​ 3,986 ​ ​ ​
Robert Half International Inc.
​ ​ ​ ​ 213,131 ​ ​
​ ​ ​ 5,277 ​ ​ ​
Rollins Inc.
​ ​ ​ ​ 173,138 ​ ​
​ ​ ​ 29,641 ​ ​ ​
S&P Global Inc.
​ ​ ​ ​ 7,712,292 ​ ​
​ ​ ​ 279,432 ​ ​ ​
Square Inc., Class A Shares*
​ ​ ​ ​ 17,280,075 ​ ​
​ ​ ​ 66,954 ​ ​ ​
Total System Services Inc.
​ ​ ​ ​ 8,986,566 ​ ​
​ ​ ​ 83,460 ​ ​ ​
TransUnion
​ ​ ​ ​ 6,981,429 ​ ​
​ ​ ​ 2,731 ​ ​ ​
United Rentals Inc.*
​ ​ ​ ​ 307,401 ​ ​
​ ​ ​ 5,653 ​ ​ ​
Verisk Analytics Inc., Class A Shares
​ ​ ​ ​ 913,186 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Commercial Services
​ ​ ​ ​ 125,929,929 ​ ​
​ Cosmetics/Personal Care – 0.7% ​
​ ​ ​ 138,751 ​ ​ ​
Colgate-Palmolive Co.
​ ​ ​ ​ 10,288,387 ​ ​
​ ​ ​ 14,924 ​ ​ ​
Coty Inc., Class A Shares
​ ​ ​ ​ 142,524 ​ ​
​ ​ ​ 7,573 ​ ​ ​
Estee Lauder Cos., Inc., Class A Shares
​ ​ ​ ​ 1,499,378 ​ ​
​ ​ ​ 86,633 ​ ​ ​
Procter & Gamble Co.
​ ​ ​ ​ 10,415,885 ​ ​
​ ​ ​ 69,852 ​ ​ ​
Unilever NV, Class NY Registered Shares, ADR
​ ​ ​ ​ 4,337,111 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Cosmetics/Personal Care
​ ​ ​ ​ 26,683,285 ​ ​
​ Food – 1.6% ​
​ ​ ​ 6,257 ​ ​ ​
Campbell Soup Co.
​ ​ ​ ​ 281,565 ​ ​
​ ​ ​ 951,692 ​ ​ ​
Conagra Brands Inc.
​ ​ ​ ​ 26,989,985 ​ ​
See Notes to Financial Statements.
9
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER NON-CYCLICAL – (continued) ​
​ Food – (continued) ​
​ ​ ​ 20,681 ​ ​ ​
General Mills Inc.
​ ​ ​ $ 1,112,638 ​ ​
​ ​ ​ 4,820 ​ ​ ​
Hershey Co.
​ ​ ​ ​ 763,873 ​ ​
​ ​ ​ 9,228 ​ ​ ​
Hormel Foods Corp.
​ ​ ​ ​ 393,205 ​ ​
​ ​ ​ 3,860 ​ ​ ​
JM Smucker Co.
​ ​ ​ ​ 405,918 ​ ​
​ ​ ​ 8,698 ​ ​ ​
Kellogg Co.
​ ​ ​ ​ 546,234 ​ ​
​ ​ ​ 20,972 ​ ​ ​
Kraft Heinz Co.
​ ​ ​ ​ 535,206 ​ ​
​ ​ ​ 27,861 ​ ​ ​
Kroger Co.
​ ​ ​ ​ 659,749 ​ ​
​ ​ ​ 4,933 ​ ​ ​
Lamb Weston Holdings Inc
​ ​ ​ ​ 347,234 ​ ​
​ ​ ​ 4,183 ​ ​ ​
McCormick & Co., Inc.,
​ ​ ​ ​ 681,285 ​ ​
​ ​ ​ 431,854 ​ ​ ​
Mondelez International Inc., Class A Shares
​ ​ ​ ​ 23,846,978 ​ ​
​ ​ ​ 16,164 ​ ​ ​
Sysco Corp.
​ ​ ​ ​ 1,201,470 ​ ​
​ ​ ​ 10,182 ​ ​ ​
Tyson Foods Inc., Class A Shares
​ ​ ​ ​ 947,333 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Food
​ ​ ​ ​ 58,712,673 ​ ​
​ Healthcare-Products – 4.7% ​
​ ​ ​ 282,331 ​ ​ ​
Abbott Laboratories
​ ​ ​ ​ 24,088,481 ​ ​
​ ​ ​ 21,528 ​ ​ ​
ABIOMED Inc.*
​ ​ ​ ​ 4,156,411 ​ ​
​ ​ ​ 60,612 ​ ​ ​
Alcon Inc.*
​ ​ ​ ​ 3,692,568 ​ ​
​ ​ ​ 74,730 ​ ​ ​
Align Technology Inc.*
​ ​ ​ ​ 13,683,810 ​ ​
​ ​ ​ 16,292 ​ ​ ​
Baxter International Inc.
​ ​ ​ ​ 1,432,881 ​ ​
​ ​ ​ 70,028 ​ ​ ​
Becton Dickinson & Co.
​ ​ ​ ​ 17,781,510 ​ ​
​ ​ ​ 143,034 ​ ​ ​
Boston Scientific Corp.*
​ ​ ​ ​ 6,111,843 ​ ​
​ ​ ​ 1,682 ​ ​ ​
Cooper Cos., Inc.
​ ​ ​ ​ 520,999 ​ ​
​ ​ ​ 21,760 ​ ​ ​
Danaher Corp.
​ ​ ​ ​ 3,091,878 ​ ​
​ ​ ​ 8,081 ​ ​ ​
DENTSPLY SIRONA Inc.
​ ​ ​ ​ 421,424 ​ ​
​ ​ ​ 94,481 ​ ​ ​
Edwards Lifesciences Corp.*
​ ​ ​ ​ 20,959,665 ​ ​
​ ​ ​ 5,175 ​ ​ ​
Henry Schein Inc.*
​ ​ ​ ​ 318,884 ​ ​
​ ​ ​ 9,158 ​ ​ ​
Hologic Inc.*
​ ​ ​ ​ 452,130 ​ ​
​ ​ ​ 82,718 ​ ​ ​
IDEXX Laboratories Inc.*
​ ​ ​ ​ 23,966,713 ​ ​
​ ​ ​ 22,160 ​ ​ ​
Intuitive Surgical Inc.*
​ ​ ​ ​ 11,331,294 ​ ​
​ ​ ​ 199,772 ​ ​ ​
Medtronic PLC
​ ​ ​ ​ 21,553,401 ​ ​
​ ​ ​ 4,873 ​ ​ ​
ResMed Inc.
​ ​ ​ ​ 678,809 ​ ​
​ ​ ​ 64,536 ​ ​ ​
Stryker Corp.
​ ​ ​ ​ 14,240,514 ​ ​
​ ​ ​ 1,564 ​ ​ ​
Teleflex Inc.
​ ​ ​ ​ 569,171 ​ ​
​ ​ ​ 13,760 ​ ​ ​
Thermo Fisher Scientific Inc.
​ ​ ​ ​ 3,949,946 ​ ​
​ ​ ​ 38,497 ​ ​ ​
Varian Medical Systems Inc.*
​ ​ ​ ​ 4,077,987 ​ ​
​ ​ ​ 7,073 ​ ​ ​
Zimmer Biomet Holdings Inc.
​ ​ ​ ​ 984,562 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Healthcare-Products
​ ​ ​ ​ 178,064,881 ​ ​
​ Healthcare-Services – 2.4% ​
​ ​ ​ 49,524 ​ ​ ​
Anthem Inc.
​ ​ ​ ​ 12,951,517 ​ ​
​ ​ ​ 115,472 ​ ​ ​
Centene Corp.*
​ ​ ​ ​ 5,383,305 ​ ​
See Notes to Financial Statements.
10
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER NON-CYCLICAL – (continued) ​
​ Healthcare-Services – (continued) ​
​ ​ ​ 69,682 ​ ​ ​
DaVita Inc.*
​ ​ ​ $ 3,927,974 ​ ​
​ ​ ​ 48,335 ​ ​ ​
HCA Healthcare Inc.
​ ​ ​ ​ 5,809,867 ​ ​
​ ​ ​ 13,902 ​ ​ ​
Humana Inc.
​ ​ ​ ​ 3,937,185 ​ ​
​ ​ ​ 5,466 ​ ​ ​
IQVIA Holdings Inc.*
​ ​ ​ ​ 848,050 ​ ​
​ ​ ​ 26,860 ​ ​ ​
Laboratory Corp. of America Holdings*
​ ​ ​ ​ 4,500,662 ​ ​
​ ​ ​ 4,620 ​ ​ ​
Quest Diagnostics Inc.
​ ​ ​ ​ 472,949 ​ ​
​ ​ ​ 187,390 ​ ​ ​
UnitedHealth Group Inc.
​ ​ ​ ​ 43,849,260 ​ ​
​ ​ ​ 2,887 ​ ​ ​
Universal Health Services Inc., Class B Shares
​ ​ ​ ​ 417,402 ​ ​
​ ​ ​ 28,991 ​ ​ ​
WellCare Health Plans Inc.*
​ ​ ​ ​ 7,849,023 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Healthcare-Services
​ ​ ​ ​ 89,947,194 ​ ​
​ Household Products/Wares – 0.1% ​
​ ​ ​ 2,885 ​ ​ ​
Avery Dennison Corp.
​ ​ ​ ​ 333,419 ​ ​
​ ​ ​ 8,473 ​ ​ ​
Church & Dwight Co., Inc.
​ ​ ​ ​ 675,976 ​ ​
​ ​ ​ 4,399 ​ ​ ​
Clorox Co.
​ ​ ​ ​ 695,746 ​ ​
​ ​ ​ 11,874 ​ ​ ​
Kimberly-Clark Corp.
​ ​ ​ ​ 1,675,540 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Household Products/Wares
​ ​ ​ ​ 3,380,681 ​ ​
​ Pharmaceuticals – 6.2% ​
​ ​ ​ 111,225 ​ ​ ​
AbbVie Inc.
​ ​ ​ ​ 7,311,932 ​ ​
​ ​ ​ 10,733 ​ ​ ​
Allergan PLC
​ ​ ​ ​ 1,714,275 ​ ​
​ ​ ​ 67,169 ​ ​ ​
AmerisourceBergen Corp., Class A Shares
​ ​ ​ ​ 5,525,994 ​ ​
​ ​ ​ 598,246 ​ ​ ​
Bristol-Myers Squibb Co.
​ ​ ​ ​ 28,757,685 ​ ​
​ ​ ​ 357,433 ​ ​ ​
Cardinal Health Inc.
​ ​ ​ ​ 15,416,085 ​ ​
​ ​ ​ 160,003 ​ ​ ​
Cigna Corp.
​ ​ ​ ​ 24,635,662 ​ ​
​ ​ ​ 319,368 ​ ​ ​
CVS Health Corp.
​ ​ ​ ​ 19,455,899 ​ ​
​ ​ ​ 64,493 ​ ​ ​
Eli Lilly & Co.
​ ​ ​ ​ 7,285,774 ​ ​
​ ​ ​ 270,366 ​ ​ ​
Johnson & Johnson
​ ​ ​ ​ 34,704,180 ​ ​
​ ​ ​ 6,556 ​ ​ ​
McKesson Corp.
​ ​ ​ ​ 906,498 ​ ​
​ ​ ​ 400,139 ​ ​ ​
Merck & Co., Inc.
​ ​ ​ ​ 34,600,019 ​ ​
​ ​ ​ 232,451 ​ ​ ​
Mylan NV*
​ ​ ​ ​ 4,525,821 ​ ​
​ ​ ​ 100,834 ​ ​ ​
Novartis AG, ADR
​ ​ ​ ​ 9,086,152 ​ ​
​ ​ ​ 3,997 ​ ​ ​
Perrigo Co. PLC
​ ​ ​ ​ 186,980 ​ ​
​ ​ ​ 834,898 ​ ​ ​
Pfizer Inc.
​ ​ ​ ​ 29,680,624 ​ ​
​ ​ ​ 77,373 ​ ​ ​
Sarepta Therapeutics Inc.*
​ ​ ​ ​ 6,975,176 ​ ​
​ ​ ​ 16,532 ​ ​ ​
Zoetis Inc., Class A Shares
​ ​ ​ ​ 2,089,975 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Pharmaceuticals
​ ​ ​ ​ 232,858,731 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER NON-CYCLICAL
 ​ ​ ​ ​ 879,920,088 ​ ​
​ ENERGY – 4.8% ​
​ Oil & Gas – 4.0% ​
​ ​ ​ 12,902 ​ ​ ​
Apache Corp.
​ ​ ​ ​ 278,296 ​ ​
​ ​ ​ 14,576 ​ ​ ​
Cabot Oil & Gas Corp.
​ ​ ​ ​ 249,541 ​ ​
See Notes to Financial Statements.
11
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ ENERGY – (continued) ​
​ Oil & Gas – (continued) ​
​ ​ ​ 65,792 ​ ​ ​
Chevron Corp.
​ ​ ​ $ 7,745,034 ​ ​
​ ​ ​ 3,503 ​ ​ ​
Cimarex Energy Co.
​ ​ ​ ​ 149,859 ​ ​
​ ​ ​ 60,447 ​ ​ ​
Concho Resources Inc.
​ ​ ​ ​ 4,421,698 ​ ​
​ ​ ​ 314,978 ​ ​ ​
ConocoPhillips
​ ​ ​ ​ 16,435,552 ​ ​
​ ​ ​ 14,981 ​ ​ ​
Devon Energy Corp.
​ ​ ​ ​ 329,432 ​ ​
​ ​ ​ 5,313 ​ ​ ​
Diamondback Energy Inc
​ ​ ​ ​ 521,099 ​ ​
​ ​ ​ 20,043 ​ ​ ​
EOG Resources Inc.
​ ​ ​ ​ 1,486,990 ​ ​
​ ​ ​ 218,180 ​ ​ ​
Exxon Mobil Corp.
​ ​ ​ ​ 14,940,967 ​ ​
​ ​ ​ 3,500 ​ ​ ​
Helmerich & Payne Inc.
​ ​ ​ ​ 131,565 ​ ​
​ ​ ​ 205,940 ​ ​ ​
Hess Corp.
​ ​ ​ ​ 12,963,923 ​ ​
​ ​ ​ 5,306 ​ ​ ​
HollyFrontier Corp.
​ ​ ​ ​ 235,374 ​ ​
​ ​ ​ 1,248,624 ​ ​ ​
Marathon Oil Corp.
​ ​ ​ ​ 14,783,708 ​ ​
​ ​ ​ 250,775 ​ ​ ​
Marathon Petroleum Corp.
​ ​ ​ ​ 12,340,638 ​ ​
​ ​ ​ 16,137 ​ ​ ​
Noble Energy Inc.
​ ​ ​ ​ 364,374 ​ ​
​ ​ ​ 511,056 ​ ​ ​
Occidental Petroleum Corp.
​ ​ ​ ​ 22,220,715 ​ ​
​ ​ ​ 125,012 ​ ​ ​
Phillips 66
​ ​ ​ ​ 12,329,933 ​ ​
​ ​ ​ 148,327 ​ ​ ​
Pioneer Natural Resources Co.
​ ​ ​ ​ 18,306,518 ​ ​
​ ​ ​ 105,075 ​ ​ ​
Valero Energy Corp.
​ ​ ​ ​ 7,910,046 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Oil & Gas
​ ​ ​ ​ 148,145,262 ​ ​
​ Oil & Gas Services – 0.7% ​
​ ​ ​ 125,708 ​ ​ ​
Apergy Corp.*
​ ​ ​ ​ 3,265,894 ​ ​
​ ​ ​ 17,433 ​ ​ ​
Baker Hughes a GE Co., Class A Shares
​ ​ ​ ​ 378,122 ​ ​
​ ​ ​ 926,115 ​ ​ ​
Halliburton Co.
​ ​ ​ ​ 17,448,006 ​ ​
​ ​ ​ 12,999 ​ ​ ​
National Oilwell Varco Inc.
​ ​ ​ ​ 265,570 ​ ​
​ ​ ​ 147,770 ​ ​ ​
Schlumberger Ltd.
​ ​ ​ ​ 4,792,181 ​ ​
​ ​ ​ 14,257 ​ ​ ​
TechnipFMC PLC
​ ​ ​ ​ 354,144 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Oil & Gas Services
​ ​ ​ ​ 26,503,917 ​ ​
​ Pipelines – 0.1% ​
​ ​ ​ 66,539 ​ ​ ​
Kinder Morgan Inc.
​ ​ ​ ​ 1,348,745 ​ ​
​ ​ ​ 14,256 ​ ​ ​
ONEOK Inc.
​ ​ ​ ​ 1,016,168 ​ ​
​ ​ ​ 41,852 ​ ​ ​
Williams Cos., Inc.
​ ​ ​ ​ 987,707 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Pipelines
​ ​ ​ ​ 3,352,620 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL ENERGY
 ​ ​ ​ ​ 178,001,799 ​ ​
​ FINANCIAL – 16.3% ​
​ Banks – 5.1% ​
​ ​ ​ 1,134,881 ​ ​ ​
Bank of America Corp.
​ ​ ​ ​ 31,220,576 ​ ​
​ ​ ​ 374,035 ​ ​ ​
Bank of New York Mellon Corp.
​ ​ ​ ​ 15,731,912 ​ ​
​ ​ ​ 362,758 ​ ​ ​
BB&T Corp.
​ ​ ​ ​ 17,285,419 ​ ​
​ ​ ​ 342,943 ​ ​ ​
Citigroup Inc.
​ ​ ​ ​ 22,068,382 ​ ​
​ ​ ​ 16,073 ​ ​ ​
Citizens Financial Group Inc.
​ ​ ​ ​ 542,303 ​ ​
See Notes to Financial Statements.
12
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ FINANCIAL – (continued) ​
​ Banks – (continued) ​
​ ​ ​ 5,552 ​ ​ ​
Comerica Inc.
​ ​ ​ $ 342,281 ​ ​
​ ​ ​ 26,788 ​ ​ ​
Fifth Third Bancorp
​ ​ ​ ​ 708,543 ​ ​
​ ​ ​ 5,656 ​ ​ ​
First Republic Bank
​ ​ ​ ​ 507,456 ​ ​
​ ​ ​ 113,300 ​ ​ ​
Goldman Sachs Group Inc.
​ ​ ​ ​ 23,103,003 ​ ​
​ ​ ​ 35,816 ​ ​ ​
Huntington Bancshares Inc.
​ ​ ​ ​ 474,562 ​ ​
​ ​ ​ 313,339 ​ ​ ​
JPMorgan Chase & Co.
​ ​ ​ ​ 34,423,423 ​ ​
​ ​ ​ 35,637 ​ ​ ​
KeyCorp
​ ​ ​ ​ 591,574 ​ ​
​ ​ ​ 4,702 ​ ​ ​
M&T Bank Corp.
​ ​ ​ ​ 687,480 ​ ​
​ ​ ​ 222,829 ​ ​ ​
Morgan Stanley
​ ​ ​ ​ 9,245,175 ​ ​
​ ​ ​ 7,401 ​ ​ ​
Northern Trust Corp.
​ ​ ​ ​ 650,770 ​ ​
​ ​ ​ 15,590 ​ ​ ​
PNC Financial Services Group Inc.
​ ​ ​ ​ 2,010,019 ​ ​
​ ​ ​ 35,494 ​ ​ ​
Regions Financial Corp.
​ ​ ​ ​ 518,922 ​ ​
​ ​ ​ 47,754 ​ ​ ​
Signature Bank
​ ​ ​ ​ 5,570,504 ​ ​
​ ​ ​ 12,778 ​ ​ ​
State Street Corp.
​ ​ ​ ​ 655,639 ​ ​
​ ​ ​ 15,120 ​ ​ ​
SunTrust Banks Inc.
​ ​ ​ ​ 930,031 ​ ​
​ ​ ​ 1,799 ​ ​ ​
SVB Financial Group*
​ ​ ​ ​ 350,121 ​ ​
​ ​ ​ 229,073 ​ ​ ​
US Bancorp
​ ​ ​ ​ 12,069,856 ​ ​
​ ​ ​ 230,908 ​ ​ ​
Wells Fargo & Co.
​ ​ ​ ​ 10,753,386 ​ ​
​ ​ ​ 6,440 ​ ​ ​
Zions Bancorp NA
​ ​ ​ ​ 264,620 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Banks
​ ​ ​ ​ 190,705,957 ​ ​
​ Diversified Financial Services – 4.2% ​
​ ​ ​ 1,896 ​ ​ ​
Affiliated Managers Group Inc.
​ ​ ​ ​ 145,290 ​ ​
​ ​ ​ 1,555 ​ ​ ​
Alliance Data Systems Corp.
​ ​ ​ ​ 191,187 ​ ​
​ ​ ​ 45,430 ​ ​ ​
American Express Co.
​ ​ ​ ​ 5,468,409 ​ ​
​ ​ ​ 26,193 ​ ​ ​
Ameriprise Financial Inc.
​ ​ ​ ​ 3,378,373 ​ ​
​ ​ ​ 282,464 ​ ​ ​
Ant International Co., Ltd., Class C Shares, Private Placement*(b)(c)@
 ​ ​ ​ ​ 1,584,623 ​ ​
​ ​ ​ 4,112 ​ ​ ​
BlackRock Inc., Class A Shares
​ ​ ​ ​ 1,737,567 ​ ​
​ ​ ​ 45,450 ​ ​ ​
Capital One Financial Corp.
​ ​ ​ ​ 3,936,879 ​ ​
​ ​ ​ 35,240 ​ ​ ​
Cboe Global Markets Inc.
​ ​ ​ ​ 4,199,198 ​ ​
​ ​ ​ 577,541 ​ ​ ​
Charles Schwab Corp.
​ ​ ​ ​ 22,102,494 ​ ​
​ ​ ​ 12,364 ​ ​ ​
CME Group Inc., Class A Shares
​ ​ ​ ​ 2,686,574 ​ ​
​ ​ ​ 11,260 ​ ​ ​
Discover Financial Services
​ ​ ​ ​ 900,462 ​ ​
​ ​ ​ 8,644 ​ ​ ​
E*TRADE Financial Corp.
​ ​ ​ ​ 360,800 ​ ​
​ ​ ​ 9,963 ​ ​ ​
Franklin Resources Inc.
​ ​ ​ ​ 261,828 ​ ​
​ ​ ​ 64,037 ​ ​ ​
Intercontinental Exchange Inc.
​ ​ ​ ​ 5,986,179 ​ ​
​ ​ ​ 13,533 ​ ​ ​
Invesco Ltd.
​ ​ ​ ​ 212,468 ​ ​
​ ​ ​ 10,051 ​ ​ ​
Jefferies Financial Group Inc.
​ ​ ​ ​ 187,351 ​ ​
​ ​ ​ 37,767 ​ ​ ​
LPL Financial Holdings Inc.
​ ​ ​ ​ 2,830,637 ​ ​
​ ​ ​ 111,673 ​ ​ ​
Mastercard Inc., Class A Shares
​ ​ ​ ​ 31,421,432 ​ ​
​ ​ ​ 3,856 ​ ​ ​
Nasdaq Inc.
​ ​ ​ ​ 384,983 ​ ​
See Notes to Financial Statements.
13
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ FINANCIAL – (continued) ​
​ Diversified Financial Services – (continued) ​
​ ​ ​ 39,512 ​ ​ ​
Raymond James Financial Inc.
​ ​ ​ $ 3,102,087 ​ ​
​ ​ ​ 22,076 ​ ​ ​
Synchrony Financial
​ ​ ​ ​ 707,536 ​ ​
​ ​ ​ 8,073 ​ ​ ​
T Rowe Price Group Inc.
​ ​ ​ ​ 893,035 ​ ​
​ ​ ​ 115,458 ​ ​ ​
TD Ameritrade Holding Corp.
​ ​ ​ ​ 5,127,490 ​ ​
​ ​ ​ 319,895 ​ ​ ​
Visa Inc., Class A Shares
​ ​ ​ ​ 57,843,414 ​ ​
​ ​ ​ 15,741 ​ ​ ​
Western Union Co.
​ ​ ​ ​ 348,191 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Diversified Financial Services
​ ​ ​ ​ 155,998,487 ​ ​
​ Equity Real Estate Investment Trusts (REITs) – 1.5% ​
​ ​ ​ 3,901 ​ ​ ​
Alexandria Real Estate Equities Inc.
​ ​ ​ ​ 584,526 ​ ​
​ ​ ​ 15,267 ​ ​ ​
American Tower Corp.
​ ​ ​ ​ 3,514,311 ​ ​
​ ​ ​ 5,128 ​ ​ ​
Apartment Investment & Management Co., Class A Shares
​ ​ ​ ​ 261,528 ​ ​
​ ​ ​ 4,815 ​ ​ ​
AvalonBay Communities Inc.
​ ​ ​ ​ 1,023,477 ​ ​
​ ​ ​ 5,337 ​ ​ ​
Boston Properties Inc.
​ ​ ​ ​ 685,377 ​ ​
​ ​ ​ 29,028 ​ ​ ​
Crown Castle International Corp.
​ ​ ​ ​ 4,213,995 ​ ​
​ ​ ​ 7,194 ​ ​ ​
Digital Realty Trust Inc.
​ ​ ​ ​ 889,394 ​ ​
​ ​ ​ 11,996 ​ ​ ​
Duke Realty Corp.
​ ​ ​ ​ 399,107 ​ ​
​ ​ ​ 2,904 ​ ​ ​
Equinix Inc.
​ ​ ​ ​ 1,615,437 ​ ​
​ ​ ​ 235,609 ​ ​ ​
Equity Residential
​ ​ ​ ​ 19,970,219 ​ ​
​ ​ ​ 2,270 ​ ​ ​
Essex Property Trust Inc.
​ ​ ​ ​ 729,260 ​ ​
​ ​ ​ 4,300 ​ ​ ​
Extra Space Storage Inc.
​ ​ ​ ​ 524,256 ​ ​
​ ​ ​ 2,477 ​ ​ ​
Federal Realty Investment Trust
​ ​ ​ ​ 320,053 ​ ​
​ ​ ​ 16,375 ​ ​ ​
HCP Inc.
​ ​ ​ ​ 568,376 ​ ​
​ ​ ​ 25,251 ​ ​ ​
Host Hotels & Resorts Inc.
​ ​ ​ ​ 405,026 ​ ​
​ ​ ​ 9,608 ​ ​ ​
Iron Mountain Inc.
​ ​ ​ ​ 306,015 ​ ​
​ ​ ​ 15,032 ​ ​ ​
Kimco Realty Corp.
​ ​ ​ ​ 276,288 ​ ​
​ ​ ​ 3,801 ​ ​ ​
Macerich Co.
​ ​ ​ ​ 108,443 ​ ​
​ ​ ​ 3,872 ​ ​ ​
Mid-America Apartment Communities Inc.
​ ​ ​ ​ 490,505 ​ ​
​ ​ ​ 21,786 ​ ​ ​
Prologis Inc.
​ ​ ​ ​ 1,821,745 ​ ​
​ ​ ​ 5,184 ​ ​ ​
Public Storage
​ ​ ​ ​ 1,372,412 ​ ​
​ ​ ​ 10,873 ​ ​ ​
Realty Income Corp.
​ ​ ​ ​ 802,536 ​ ​
​ ​ ​ 5,704 ​ ​ ​
Regency Centers Corp.
​ ​ ​ ​ 367,965 ​ ​
​ ​ ​ 3,911 ​ ​ ​
SBA Communications Corp., Class A Shares
​ ​ ​ ​ 1,026,364 ​ ​
​ ​ ​ 56,017 ​ ​ ​
Simon Property Group Inc.
​ ​ ​ ​ 8,343,172 ​ ​
​ ​ ​ 2,812 ​ ​ ​
SL Green Realty Corp.
​ ​ ​ ​ 225,579 ​ ​
​ ​ ​ 9,679 ​ ​ ​
UDR Inc.
​ ​ ​ ​ 466,334 ​ ​
​ ​ ​ 12,759 ​ ​ ​
Ventas Inc.
​ ​ ​ ​ 936,383 ​ ​
​ ​ ​ 5,877 ​ ​ ​
Vornado Realty Trust
​ ​ ​ ​ 355,382 ​ ​
​ ​ ​ 13,986 ​ ​ ​
Welltower Inc.
​ ​ ​ ​ 1,252,586 ​ ​
​ ​ ​ 180,782 ​ ​ ​
Weyerhaeuser Co.
​ ​ ​ ​ 4,756,374 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Equity Real Estate Investment Trusts (REITs)
​ ​ ​ ​ 58,612,425 ​ ​
See Notes to Financial Statements.
14
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ FINANCIAL – (continued) ​
​ Insurance – 5.1% ​
​ ​ ​ 25,796 ​ ​ ​
Aflac Inc.
​ ​ ​ $ 1,294,443 ​ ​
​ ​ ​ 191,614 ​ ​ ​
Allstate Corp.
​ ​ ​ ​ 19,619,357 ​ ​
​ ​ ​ 582,690 ​ ​ ​
American International Group Inc.
​ ​ ​ ​ 30,323,188 ​ ​
​ ​ ​ 8,307 ​ ​ ​
Aon PLC
​ ​ ​ ​ 1,618,619 ​ ​
​ ​ ​ 6,507 ​ ​ ​
Arthur J Gallagher & Co.
​ ​ ​ ​ 590,250 ​ ​
​ ​ ​ 69,420 ​ ​ ​
Assurant Inc.
​ ​ ​ ​ 8,538,660 ​ ​
​ ​ ​ 344,733 ​ ​ ​
Berkshire Hathaway Inc., Class B Shares*
​ ​ ​ ​ 70,122,140 ​ ​
​ ​ ​ 73,621 ​ ​ ​
Chubb Ltd.
​ ​ ​ ​ 11,505,490 ​ ​
​ ​ ​ 5,143 ​ ​ ​
Cincinnati Financial Corp.
​ ​ ​ ​ 578,536 ​ ​
​ ​ ​ 1,354 ​ ​ ​
Everest Re Group Ltd.
​ ​ ​ ​ 319,381 ​ ​
​ ​ ​ 3,402 ​ ​ ​
Globe Life Inc.
​ ​ ​ ​ 303,663 ​ ​
​ ​ ​ 134,269 ​ ​ ​
Hartford Financial Services Group Inc.
​ ​ ​ ​ 7,825,197 ​ ​
​ ​ ​ 7,294 ​ ​ ​
Lincoln National Corp.
​ ​ ​ ​ 385,707 ​ ​
​ ​ ​ 9,420 ​ ​ ​
Loews Corp.
​ ​ ​ ​ 452,819 ​ ​
​ ​ ​ 202,461 ​ ​ ​
Marsh & McLennan Cos., Inc.
​ ​ ​ ​ 20,223,829 ​ ​
​ ​ ​ 32,719 ​ ​ ​
MetLife Inc.
​ ​ ​ ​ 1,449,452 ​ ​
​ ​ ​ 8,986 ​ ​ ​
Principal Financial Group Inc.
​ ​ ​ ​ 478,235 ​ ​
​ ​ ​ 20,170 ​ ​ ​
Progressive Corp.
​ ​ ​ ​ 1,528,886 ​ ​
​ ​ ​ 13,904 ​ ​ ​
Prudential Financial Inc.
​ ​ ​ ​ 1,113,571 ​ ​
​ ​ ​ 8,961 ​ ​ ​
Travelers Cos., Inc.
​ ​ ​ ​ 1,316,909 ​ ​
​ ​ ​ 7,179 ​ ​ ​
Unum Group
​ ​ ​ ​ 182,418 ​ ​
​ ​ ​ 170,824 ​ ​ ​
Voya Financial Inc.
​ ​ ​ ​ 8,425,040 ​ ​
​ ​ ​ 11,311 ​ ​ ​
Willis Towers Watson PLC
​ ​ ​ ​ 2,239,239 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Insurance
​ ​ ​ ​ 190,435,029 ​ ​
​ Private Equity – 0.2% ​
​ ​ ​ 113,859 ​ ​ ​
Brookfield Asset Management Inc., Class A Shares(a)
 ​ ​ ​ ​ 5,876,263 ​ ​
​ Real Estate – 0.2% ​
​ ​ ​ 10,851 ​ ​ ​
CBRE Group Inc., Class A Shares*
​ ​ ​ ​ 567,182 ​ ​
​ ​ ​ 54,319 ​ ​ ​
Jones Lang LaSalle Inc.
​ ​ ​ ​ 7,281,462 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Real Estate
​ ​ ​ ​ 7,848,644 ​ ​
​ Savings & Loans – 0.0% ​
​ ​ ​ 13,276 ​ ​ ​
People’s United Financial Inc.
​ ​ ​ ​ 190,776 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL FINANCIAL
 ​ ​ ​ ​ 609,667,581 ​ ​
​ INDUSTRIAL – 8.7% ​
​ Aerospace/Defense – 3.7% ​
​ ​ ​ 14,200 ​ ​ ​
Arconic Inc.
​ ​ ​ ​ 366,928 ​ ​
​ ​ ​ 89,478 ​ ​ ​
Boeing Co.
​ ​ ​ ​ 32,578,045 ​ ​
​ ​ ​ 30,437 ​ ​ ​
General Dynamics Corp.
​ ​ ​ ​ 5,821,685 ​ ​
​ ​ ​ 57,526 ​ ​ ​
L3Harris Technologies Inc.
​ ​ ​ ​ 12,161,572 ​ ​
​ ​ ​ 18,844 ​ ​ ​
Lockheed Martin Corp.
​ ​ ​ ​ 7,238,169 ​ ​
See Notes to Financial Statements.
15
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ INDUSTRIAL – (continued) ​
​ Aerospace/Defense – (continued) ​
​ ​ ​ 95,408 ​ ​ ​
Northrop Grumman Corp.
​ ​ ​ $ 35,097,741 ​ ​
​ ​ ​ 128,345 ​ ​ ​
Raytheon Co.
​ ​ ​ ​ 23,784,895 ​ ​
​ ​ ​ 1,690 ​ ​ ​
TransDigm Group Inc.
​ ​ ​ ​ 909,761 ​ ​
​ ​ ​ 151,354 ​ ​ ​
United Technologies Corp.
​ ​ ​ ​ 19,712,345 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Aerospace/Defense
​ ​ ​ ​ 137,671,141 ​ ​
​ Building Materials – 0.7% ​
​ ​ ​ 5,070 ​ ​ ​
Fortune Brands Home & Security Inc.
​ ​ ​ ​ 258,874 ​ ​
​ ​ ​ 27,485 ​ ​ ​
Johnson Controls International PLC
​ ​ ​ ​ 1,173,335 ​ ​
​ ​ ​ 51,453 ​ ​ ​
Martin Marietta Materials Inc.
​ ​ ​ ​ 13,057,228 ​ ​
​ ​ ​ 10,209 ​ ​ ​
Masco Corp.
​ ​ ​ ​ 415,812 ​ ​
​ ​ ​ 89,117 ​ ​ ​
Vulcan Materials Co.
​ ​ ​ ​ 12,587,776 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Building Materials
​ ​ ​ ​ 27,493,025 ​ ​
​ Electrical Components & Equipment – 0.1% ​
​ ​ ​ 8,000 ​ ​ ​
AMETEK Inc.
​ ​ ​ ​ 687,440 ​ ​
​ ​ ​ 21,198 ​ ​ ​
Emerson Electric Co.
​ ​ ​ ​ 1,263,189 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Electrical Components & Equipment
​ ​ ​ ​ 1,950,629 ​ ​
​ Electronics – 1.0% ​
​ ​ ​ 10,914 ​ ​ ​
Agilent Technologies Inc.
​ ​ ​ ​ 776,094 ​ ​
​ ​ ​ 3,146 ​ ​ ​
Allegion PLC
​ ​ ​ ​ 302,865 ​ ​
​ ​ ​ 10,318 ​ ​ ​
Amphenol Corp., Class A Shares
​ ​ ​ ​ 903,238 ​ ​
​ ​ ​ 140,756 ​ ​ ​
Avnet Inc.
​ ​ ​ ​ 5,896,269 ​ ​
​ ​ ​ 88,234 ​ ​ ​
FLIR Systems Inc.
​ ​ ​ ​ 4,347,289 ​ ​
​ ​ ​ 87,373 ​ ​ ​
Fortive Corp.
​ ​ ​ ​ 6,194,746 ​ ​
​ ​ ​ 4,005 ​ ​ ​
Garmin Ltd.
​ ​ ​ ​ 326,688 ​ ​
​ ​ ​ 103,977 ​ ​ ​
Honeywell International Inc.
​ ​ ​ ​ 17,116,694 ​ ​
​ ​ ​ 6,403 ​ ​ ​
Keysight Technologies Inc.*
​ ​ ​ ​ 620,195 ​ ​
​ ​ ​ 862 ​ ​ ​
Mettler-Toledo International Inc.*
​ ​ ​ ​ 566,153 ​ ​
​ ​ ​ 3,732 ​ ​ ​
PerkinElmer Inc.
​ ​ ​ ​ 308,636 ​ ​
​ ​ ​ 11,511 ​ ​ ​
TE Connectivity Ltd.
​ ​ ​ ​ 1,050,033 ​ ​
​ ​ ​ 2,520 ​ ​ ​
Waters Corp.*
​ ​ ​ ​ 533,963 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Electronics
​ ​ ​ ​ 38,942,863 ​ ​
​ Engineering & Construction – 0.0% ​
​ ​ ​ 3,934 ​ ​ ​
Jacobs Engineering Group Inc.
​ ​ ​ ​ 349,575 ​ ​
​ Environmental Control – 0.6% ​
​ ​ ​ 5,724 ​ ​ ​
Pentair PLC
​ ​ ​ ​ 205,606 ​ ​
​ ​ ​ 7,523 ​ ​ ​
Republic Services Inc., Class A Shares
​ ​ ​ ​ 671,428 ​ ​
​ ​ ​ 172,402 ​ ​ ​
Waste Management Inc.
​ ​ ​ ​ 20,576,178 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Environmental Control
​ ​ ​ ​ 21,453,212 ​ ​
See Notes to Financial Statements.
16
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ INDUSTRIAL – (continued) ​
​ Hand/Machine Tools – 0.0% ​
​ ​ ​ 1,859 ​ ​ ​
Snap-on Inc.
​ ​ ​ $ 276,396 ​ ​
​ ​ ​ 5,234 ​ ​ ​
Stanley Black & Decker Inc.
​ ​ ​ ​ 695,389 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Hand/Machine Tools
​ ​ ​ ​ 971,785 ​ ​
​ Machinery-Construction & Mining – 0.1% ​
​ ​ ​ 19,672 ​ ​ ​
Caterpillar Inc.
​ ​ ​ ​ 2,340,968 ​ ​
​ Machinery-Diversified – 0.9% ​
​ ​ ​ 31,371 ​ ​ ​
Cummins Inc.
​ ​ ​ ​ 4,682,749 ​ ​
​ ​ ​ 42,599 ​ ​ ​
Deere & Co.
​ ​ ​ ​ 6,599,011 ​ ​
​ ​ ​ 4,970 ​ ​ ​
Dover Corp.
​ ​ ​ ​ 465,888 ​ ​
​ ​ ​ 4,696 ​ ​ ​
Flowserve Corp.
​ ​ ​ ​ 200,425 ​ ​
​ ​ ​ 64,106 ​ ​ ​
Hexagon AB, Class B Shares
​ ​ ​ ​ 2,847,936 ​ ​
​ ​ ​ 2,613 ​ ​ ​
IDEX Corp.
​ ​ ​ ​ 430,387 ​ ​
​ ​ ​ 4,163 ​ ​ ​
Rockwell Automation Inc.
​ ​ ​ ​ 636,065 ​ ​
​ ​ ​ 26,822 ​ ​ ​
Roper Technologies Inc.
​ ​ ​ ​ 9,837,237 ​ ​
​ ​ ​ 86,598 ​ ​ ​
Wabtec Corp.
​ ​ ​ ​ 5,993,448 ​ ​
​ ​ ​ 6,117 ​ ​ ​
Xylem Inc.
​ ​ ​ ​ 468,624 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Machinery-Diversified
​ ​ ​ ​ 32,161,770 ​ ​
​ Miscellaneous Manufacturers – 0.5% ​
​ ​ ​ 19,909 ​ ​ ​
3M Co.
​ ​ ​ ​ 3,219,684 ​ ​
​ ​ ​ 88,881 ​ ​ ​
AO Smith Corp.
​ ​ ​ ​ 4,134,744 ​ ​
​ ​ ​ 14,635 ​ ​ ​
Eaton Corp. PLC
​ ​ ​ ​ 1,181,337 ​ ​
​ ​ ​ 480,828 ​ ​ ​
General Electric Co.
​ ​ ​ ​ 3,966,831 ​ ​
​ ​ ​ 10,335 ​ ​ ​
Illinois Tool Works Inc.
​ ​ ​ ​ 1,548,803 ​ ​
​ ​ ​ 8,254 ​ ​ ​
Ingersoll-Rand PLC
​ ​ ​ ​ 999,477 ​ ​
​ ​ ​ 4,422 ​ ​ ​
Parker-Hannifin Corp.
​ ​ ​ ​ 733,035 ​ ​
​ ​ ​ 96,910 ​ ​ ​
Textron Inc.
​ ​ ​ ​ 4,360,950 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Miscellaneous Manufacturers
​ ​ ​ ​ 20,144,861 ​ ​
​ Packaging & Containers – 0.0% ​
​ ​ ​ 55,384 ​ ​ ​
Amcor PLC*
​ ​ ​ ​ 543,871 ​ ​
​ ​ ​ 11,732 ​ ​ ​
Ball Corp.
​ ​ ​ ​ 943,370 ​ ​
​ ​ ​ 3,147 ​ ​ ​
Packaging Corp. of America
​ ​ ​ ​ 316,525 ​ ​
​ ​ ​ 5,622 ​ ​ ​
Sealed Air Corp.
​ ​ ​ ​ 223,868 ​ ​
​ ​ ​ 8,561 ​ ​ ​
WestRock Co.
​ ​ ​ ​ 292,615 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Packaging & Containers
​ ​ ​ ​ 2,320,249 ​ ​
​ Shipbuilding – 0.1% ​
​ ​ ​ 20,367 ​ ​ ​
Huntington Ingalls Industries Inc.
​ ​ ​ ​ 4,256,703 ​ ​
​ Transportation – 1.0% ​
​ ​ ​ 4,674 ​ ​ ​
CH Robinson Worldwide Inc.
​ ​ ​ ​ 394,906 ​ ​
​ ​ ​ 26,484 ​ ​ ​
CSX Corp.
​ ​ ​ ​ 1,774,958 ​ ​
​ ​ ​ 5,865 ​ ​ ​
Expeditors International of Washington Inc.
​ ​ ​ ​ 417,002 ​ ​
See Notes to Financial Statements.
17
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ INDUSTRIAL – (continued) ​
​ Transportation – (continued) ​
​ ​ ​ 51,099 ​ ​ ​
FedEx Corp.
​ ​ ​ $ 8,104,812 ​ ​
​ ​ ​ 36,496 ​ ​ ​
JB Hunt Transport Services Inc.
​ ​ ​ ​ 3,943,028 ​ ​
​ ​ ​ 3,438 ​ ​ ​
Kansas City Southern
​ ​ ​ ​ 432,500 ​ ​
​ ​ ​ 9,220 ​ ​ ​
Norfolk Southern Corp.
​ ​ ​ ​ 1,604,741 ​ ​
​ ​ ​ 78,602 ​ ​ ​
Union Pacific Corp.
​ ​ ​ ​ 12,730,380 ​ ​
​ ​ ​ 57,774 ​ ​ ​
United Parcel Service Inc., Class B Shares
​ ​ ​ ​ 6,855,463 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Transportation
​ ​ ​ ​ 36,257,790 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INDUSTRIAL
 ​ ​ ​ ​ 326,314,571 ​ ​
​ TECHNOLOGY – 16.3% ​
​ Computers – 2.1% ​
​ ​ ​ 22,029 ​ ​ ​
Accenture PLC, Class A Shares
​ ​ ​ ​ 4,365,487 ​ ​
​ ​ ​ 251,165 ​ ​ ​
Apple Inc.
​ ​ ​ ​ 52,428,182 ​ ​
​ ​ ​ 19,635 ​ ​ ​
Cognizant Technology Solutions Corp., Class A Shares
​ ​ ​ ​ 1,205,393 ​ ​
​ ​ ​ 9,311 ​ ​ ​
DXC Technology Co.
​ ​ ​ ​ 309,311 ​ ​
​ ​ ​ 4,886 ​ ​ ​
Fortinet Inc.*
​ ​ ​ ​ 386,873 ​ ​
​ ​ ​ 47,725 ​ ​ ​
Hewlett Packard Enterprise Co.
​ ​ ​ ​ 659,560 ​ ​
​ ​ ​ 53,507 ​ ​ ​
HP Inc.
​ ​ ​ ​ 978,643 ​ ​
​ ​ ​ 112,661 ​ ​ ​
International Business Machines Corp.
​ ​ ​ ​ 15,268,945 ​ ​
​ ​ ​ 4,979 ​ ​ ​
Leidos Holdings Inc.
​ ​ ​ ​ 434,966 ​ ​
​ ​ ​ 8,685 ​ ​ ​
NetApp Inc.
​ ​ ​ ​ 417,401 ​ ​
​ ​ ​ 8,826 ​ ​ ​
Seagate Technology PLC
​ ​ ​ ​ 443,153 ​ ​
​ ​ ​ 58,850 ​ ​ ​
Western Digital Corp.
​ ​ ​ ​ 3,370,340 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Computers
​ ​ ​ ​ 80,268,254 ​ ​
​ Office/Business Equipment – 0.1% ​
​ ​ ​ 146,335 ​ ​ ​
Xerox Holdings Corp.
​ ​ ​ ​ 4,242,252 ​ ​
​ Semiconductors – 4.2% ​
​ ​ ​ 158,513 ​ ​ ​
Advanced Micro Devices Inc.*
​ ​ ​ ​ 4,985,234 ​ ​
​ ​ ​ 12,771 ​ ​ ​
Analog Devices Inc.
​ ​ ​ ​ 1,402,639 ​ ​
​ ​ ​ 495,255 ​ ​ ​
Applied Materials Inc.
​ ​ ​ ​ 23,782,145 ​ ​
​ ​ ​ 28,360 ​ ​ ​
ASML Holding NV, Class NY Registered Shares, ADR
​ ​ ​ ​ 6,313,220 ​ ​
​ ​ ​ 95,393 ​ ​ ​
Broadcom Inc.
​ ​ ​ ​ 26,961,878 ​ ​
​ ​ ​ 490,927 ​ ​ ​
Intel Corp.
​ ​ ​ ​ 23,274,849 ​ ​
​ ​ ​ 1,285 ​ ​ ​
IPG Photonics Corp.*
​ ​ ​ ​ 158,993 ​ ​
​ ​ ​ 5,647 ​ ​ ​
KLA Corp.
​ ​ ​ ​ 835,191 ​ ​
​ ​ ​ 5,215 ​ ​ ​
Lam Research Corp.
​ ​ ​ ​ 1,097,810 ​ ​
​ ​ ​ 226,461 ​ ​ ​
Marvell Technology Group Ltd.
​ ​ ​ ​ 5,428,270 ​ ​
​ ​ ​ 9,544 ​ ​ ​
Maxim Integrated Products Inc.
​ ​ ​ ​ 520,530 ​ ​
​ ​ ​ 54,380 ​ ​ ​
Microchip Technology Inc.
​ ​ ​ ​ 4,694,625 ​ ​
​ ​ ​ 100,036 ​ ​ ​
Micron Technology Inc.*
​ ​ ​ ​ 4,528,630 ​ ​
​ ​ ​ 162,837 ​ ​ ​
NVIDIA Corp.
​ ​ ​ ​ 27,276,826 ​ ​
See Notes to Financial Statements.
18
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ TECHNOLOGY – (continued) ​
​ Semiconductors – (continued) ​
​ ​ ​ 4,482 ​ ​ ​
Qorvo Inc.*
​ ​ ​ $ 320,149 ​ ​
​ ​ ​ 210,810 ​ ​ ​
QUALCOMM Inc.
​ ​ ​ ​ 16,394,694 ​ ​
​ ​ ​ 6,056 ​ ​ ​
Skyworks Solutions Inc.
​ ​ ​ ​ 455,835 ​ ​
​ ​ ​ 65,185 ​ ​ ​
Texas Instruments Inc.
​ ​ ​ ​ 8,066,644 ​ ​
​ ​ ​ 8,770 ​ ​ ​
Xilinx Inc.
​ ​ ​ ​ 912,606 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Semiconductors
​ ​ ​ ​ 157,410,768 ​ ​
​ Software – 9.9% ​
​ ​ ​ 469,141 ​ ​ ​
Activision Blizzard Inc.
​ ​ ​ ​ 23,738,534 ​ ​
​ ​ ​ 92,458 ​ ​ ​
Adobe Inc.*
​ ​ ​ ​ 26,305,226 ​ ​
​ ​ ​ 5,493 ​ ​ ​
Akamai Technologies Inc.*
​ ​ ​ ​ 489,591 ​ ​
​ ​ ​ 2,859 ​ ​ ​
ANSYS Inc.*
​ ​ ​ ​ 590,555 ​ ​
​ ​ ​ 5,591 ​ ​ ​
Atlassian Corp. PLC, Class A Shares*
​ ​ ​ ​ 752,045 ​ ​
​ ​ ​ 34,212 ​ ​ ​
Autodesk Inc.*
​ ​ ​ ​ 4,886,158 ​ ​
​ ​ ​ 3,966 ​ ​ ​
Broadridge Financial Solutions Inc.
​ ​ ​ ​ 513,359 ​ ​
​ ​ ​ 9,628 ​ ​ ​
Cadence Design Systems Inc.*
​ ​ ​ ​ 659,325 ​ ​
​ ​ ​ 11,239 ​ ​ ​
Cerner Corp.
​ ​ ​ ​ 774,479 ​ ​
​ ​ ​ 4,381 ​ ​ ​
Citrix Systems Inc.
​ ​ ​ ​ 407,345 ​ ​
​ ​ ​ 10,173 ​ ​ ​
Electronic Arts Inc.*
​ ​ ​ ​ 953,007 ​ ​
​ ​ ​ 131,088 ​ ​ ​
Fidelity National Information Services Inc.
​ ​ ​ ​ 17,856,807 ​ ​
​ ​ ​ 136,114 ​ ​ ​
Fiserv Inc.*
​ ​ ​ ​ 14,556,031 ​ ​
​ ​ ​ 60,827 ​ ​ ​
Intuit Inc.
​ ​ ​ ​ 17,540,074 ​ ​
​ ​ ​ 2,600 ​ ​ ​
Jack Henry & Associates Inc.
​ ​ ​ ​ 376,896 ​ ​
​ ​ ​ 666,978 ​ ​ ​
Microsoft Corp.
​ ​ ​ ​ 91,949,587 ​ ​
​ ​ ​ 72,233 ​ ​ ​
MSCI Inc., Class A Shares
​ ​ ​ ​ 16,948,029 ​ ​
​ ​ ​ 598,453 ​ ​ ​
Oracle Corp.
​ ​ ​ ​ 31,155,463 ​ ​
​ ​ ​ 11,047 ​ ​ ​
Paychex Inc.
​ ​ ​ ​ 902,540 ​ ​
​ ​ ​ 313,421 ​ ​ ​
salesforce.com Inc.*
​ ​ ​ ​ 48,915,616 ​ ​
​ ​ ​ 97,885 ​ ​ ​
ServiceNow Inc.*
​ ​ ​ ​ 25,630,208 ​ ​
​ ​ ​ 77,410 ​ ​ ​
Slack Technologies Inc., Class A Shares*
​ ​ ​ ​ 2,217,022 ​ ​
​ ​ ​ 187,567 ​ ​ ​
Splunk Inc.*
​ ​ ​ ​ 20,973,742 ​ ​
​ ​ ​ 5,116 ​ ​ ​
Synopsys Inc.*
​ ​ ​ ​ 725,500 ​ ​
​ ​ ​ 3,866 ​ ​ ​
Take-Two Interactive Software Inc.*
​ ​ ​ ​ 510,196 ​ ​
​ ​ ​ 19,530 ​ ​ ​
Temenos AG*
​ ​ ​ ​ 3,271,443 ​ ​
​ ​ ​ 90,276 ​ ​ ​
Teradata Corp.*
​ ​ ​ ​ 2,786,820 ​ ​
​ ​ ​ 41,413 ​ ​ ​
VMware Inc., Class A Shares
​ ​ ​ ​ 5,857,455 ​ ​
​ ​ ​ 30,993 ​ ​ ​
Workday Inc., Class A Shares*
​ ​ ​ ​ 5,494,439 ​ ​
​ ​ ​ 2,652 ​ ​ ​
Zoom Video Communications Inc., Class A Shares*(a)
 ​ ​ ​ ​ 243,109 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Software
​ ​ ​ ​ 367,980,601 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TECHNOLOGY
 ​ ​ ​ ​ 609,901,875 ​ ​
See Notes to Financial Statements.
19
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ UTILITIES – 2.1% ​
​ Electric – 2.1% ​
​ ​ ​ 22,269 ​ ​ ​
AES Corp.
​ ​ ​ $ 341,384 ​ ​
​ ​ ​ 7,883 ​ ​ ​
Alliant Energy Corp.
​ ​ ​ ​ 413,463 ​ ​
​ ​ ​ 8,428 ​ ​ ​
Ameren Corp.
​ ​ ​ ​ 650,220 ​ ​
​ ​ ​ 58,779 ​ ​ ​
American Electric Power Co., Inc.
​ ​ ​ ​ 5,357,706 ​ ​
​ ​ ​ 17,199 ​ ​ ​
CenterPoint Energy Inc.
​ ​ ​ ​ 476,240 ​ ​
​ ​ ​ 9,750 ​ ​ ​
CMS Energy Corp.
​ ​ ​ ​ 614,738 ​ ​
​ ​ ​ 11,297 ​ ​ ​
Consolidated Edison Inc.
​ ​ ​ ​ 1,004,303 ​ ​
​ ​ ​ 27,712 ​ ​ ​
Dominion Energy Inc.
​ ​ ​ ​ 2,151,283 ​ ​
​ ​ ​ 6,279 ​ ​ ​
DTE Energy Co.
​ ​ ​ ​ 814,135 ​ ​
​ ​ ​ 25,145 ​ ​ ​
Duke Energy Corp.
​ ​ ​ ​ 2,331,947 ​ ​
​ ​ ​ 397,617 ​ ​ ​
Edison International
​ ​ ​ ​ 28,735,781 ​ ​
​ ​ ​ 6,560 ​ ​ ​
Entergy Corp.
​ ​ ​ ​ 740,230 ​ ​
​ ​ ​ 9,049 ​ ​ ​
Evergy Inc.
​ ​ ​ ​ 588,185 ​ ​
​ ​ ​ 11,090 ​ ​ ​
Eversource Energy
​ ​ ​ ​ 888,642 ​ ​
​ ​ ​ 33,535 ​ ​ ​
Exelon Corp.
​ ​ ​ ​ 1,584,864 ​ ​
​ ​ ​ 17,214 ​ ​ ​
FirstEnergy Corp.
​ ​ ​ ​ 791,844 ​ ​
​ ​ ​ 38,531 ​ ​ ​
NextEra Energy Inc.
​ ​ ​ ​ 8,441,371 ​ ​
​ ​ ​ 9,847 ​ ​ ​
NRG Energy Inc.
​ ​ ​ ​ 358,431 ​ ​
​ ​ ​ 3,760 ​ ​ ​
Pinnacle West Capital Corp.
​ ​ ​ ​ 358,366 ​ ​
​ ​ ​ 204,849 ​ ​ ​
PPL Corp.
​ ​ ​ ​ 6,053,288 ​ ​
​ ​ ​ 17,457 ​ ​ ​
Public Service Enterprise Group Inc.
​ ​ ​ ​ 1,055,625 ​ ​
​ ​ ​ 50,322 ​ ​ ​
Sempra Energy
​ ​ ​ ​ 7,127,105 ​ ​
​ ​ ​ 35,948 ​ ​ ​
Southern Co.
​ ​ ​ ​ 2,094,330 ​ ​
​ ​ ​ 10,895 ​ ​ ​
WEC Energy Group Inc.
​ ​ ​ ​ 1,043,414 ​ ​
​ ​ ​ 17,776 ​ ​ ​
Xcel Energy Inc.
​ ​ ​ ​ 1,141,575 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Electric
​ ​ ​ ​ 75,158,470 ​ ​
​ Gas – 0.0% ​
​ ​ ​ 3,956 ​ ​ ​
Atmos Energy Corp.
​ ​ ​ ​ 436,070 ​ ​
​ ​ ​ 12,886 ​ ​ ​
NiSource Inc.
​ ​ ​ ​ 380,781 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Gas
​ ​ ​ ​ 816,851 ​ ​
​ Water – 0.0% ​
​ ​ ​ 6,235 ​ ​ ​
American Water Works Co., Inc.
​ ​ ​ ​ 793,840 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL UTILITIES
 ​ ​ ​ ​ 76,769,161 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMON STOCKS
(Cost – $3,167,332,879)
​ ​ ​
​
3,677,883,176
 ​ ​
See Notes to Financial Statements.
20
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ PREFERRED STOCKS – 0.1% ​
​ CONSUMER CYCLICAL – 0.1% ​
​ Auto Manufacturers – 0.1% ​
​ ​ ​ 48,210 ​ ​ ​
Aurora Innovation Inc., Series B, Private Placement*(b)(c)@
 ​ ​ ​ $ 445,475 ​ ​
​ ​ ​ 48,400 ​ ​ ​
GM Cruise Holdings LLC, Class F Shares, Private Placement*(b)(c)@
 ​ ​ ​ ​ 883,300 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER CYCLICAL
 ​ ​ ​ ​ 1,328,775 ​ ​
​ TECHNOLOGY – 0.0% ​
​ Software – 0.0% ​
​ ​ ​ 15,057 ​ ​ ​
Magic Leap Inc., Series D, Private Placement*(b)(c)@
 ​ ​ ​ ​ 365,885 ​ ​
​ ​ ​ 17,300 ​ ​ ​
Uipath Inc, Series D1, Private Placement*(b)(c)@
 ​ ​ ​ ​ 680,784 ​ ​
​ ​ ​ 2,905 ​ ​ ​
Uipath Inc, Series D2, Private Placement*(b)(c)@
 ​ ​ ​ ​ 114,317 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Software
​ ​ ​ ​ 1,160,986 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TECHNOLOGY
 ​ ​ ​ ​ 1,160,986 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL PREFERRED STOCKS
(Cost – $2,530,415)
​ ​ ​
​
2,489,761
 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $3,169,863,294)
​ ​ ​
​
3,680,372,937
 ​ ​
​
Face Amount†
 ​ ​ ​
​ SHORT-TERM INVESTMENTS – 1.7% ​
​ TIME DEPOSITS – 1.7% ​
​ ​ $ 14,023,459 ​ ​ ​
Banco Santander SA – Frankfurt, 1.490% due 9/3/19
​ ​ ​ ​ 14,023,459 ​ ​
​ ​ ​ 9,060,984 ​ ​ ​
Barclays Bank PLC – London, 1.490% due 9/3/19
​ ​ ​ ​ 9,060,984 ​ ​
​ ​ ​ 279,567HKD ​ ​ ​
BNP Paribas – Paris, 0.750% due 9/2/19
​ ​ ​ ​ 35,655 ​ ​
​ ​ ​ ​ ​ ​ ​ Brown Brothers Harriman – Grand Cayman: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,551CHF ​ ​ ​
(1.580)% due 9/2/19
​ ​ ​ ​ 5,608 ​ ​
​ ​ ​ 4GBP ​ ​ ​
0.370% due 9/2/19
​ ​ ​ ​ 5 ​ ​
​ ​ ​ 18,014CAD ​ ​ ​
0.870% due 9/3/19
​ ​ ​ ​ 13,532 ​ ​
​ ​ ​ 21,684,959 ​ ​ ​
Citibank – New York, 1.490% due 9/3/19
​ ​ ​ ​ 21,684,959 ​ ​
​ ​ ​ 16,113,688 ​ ​ ​
JPMorgan Chase & Co. – New York, 1.490% due 9/3/19
​ ​ ​ ​ 16,113,688 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TIME DEPOSITS
(Cost – $60,937,890)
​ ​ ​ ​ 60,937,890 ​ ​
​ INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.5% ​
​ MONEY MARKET FUND – 0.5% ​
​ ​ ​ 19,637,880 ​ ​ ​
Federated Government Obligations Fund, Premier Class, 2.012%(d)
(Cost – $19,637,880)
​ ​ ​ ​ 19,637,880 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 100.6%
(Cost – $3,250,439,064#)
​ ​ ​ ​ 3,760,948,707 ​ ​
​ ​ ​ ​ ​ ​ ​
Liabilities in Excess of Other Assets – (0.6)%
​ ​ ​ ​ (20,954,007) ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
 ​ ​ ​ $ 3,739,994,700 ​ ​
​
†
Face amount denominated in U.S. dollars, unless otherwise noted.
​
​
See Notes to Financial Statements.
21
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (continued)
​
*
Non-income producing security.
​
(a)
All or a portion of this security is on loan (See Note 5).
​
(b)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2019, amounts to approximately $4,074,384 and represents 0.11% of net assets.
​
(c)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.
​
(d)
Represents investment of collateral received from securities lending transactions.
​
#
Aggregate cost for federal income tax purposes is substantially the same.
​
@
Restricted security – Investment in security not registered under the Securities Act of 1933. The investment is deemed to not be liquid and may be sold only to qualified buyers.
​
Security
​ ​
Acquisition
Date
​ ​
Acquisition
Cost
​ ​
Market
Value
​ ​
Percent of
Net Assets
​
Ant International Co., Ltd., Class C Shares, Private Placement
​ ​ ​ ​ 6/7/18 ​ ​ ​ ​ $ 1,584,623 ​ ​ ​ ​ $ 1,584,623 ​ ​ ​ ​ ​ 0.04% ​ ​
Aurora Innovation Inc., Series B, Private Placement
​ ​ ​ ​ 3/1/19 ​ ​ ​ ​ ​ 445,475 ​ ​ ​ ​ ​ 445,475 ​ ​ ​ ​ ​ 0.01% ​ ​
GM Cruise Holdings LLC, Class F Shares, Private Placement
​ ​ ​ ​ 5/7/19 ​ ​ ​ ​ ​ 883,300 ​ ​ ​ ​ ​ 883,300 ​ ​ ​ ​ ​ 0.03% ​ ​
Magic Leap Inc., Series D, Private Placement
​ ​ ​ ​ 10/12/17 ​ ​ ​ ​ ​ 406,539 ​ ​ ​ ​ ​ 365,885 ​ ​ ​ ​ ​ 0.01% ​ ​
Uipath Inc, Series D1, Private Placement
​ ​ ​ ​ 4/26/19 ​ ​ ​ ​ ​ 680,784 ​ ​ ​ ​ ​ 680,784 ​ ​ ​ ​ ​ 0.02% ​ ​
Uipath Inc, Series D2, Private Placement
​ ​ ​ ​ 4/26/19 ​ ​ ​ ​ ​ 114,317 ​ ​ ​ ​ ​ 114,317 ​ ​ ​ ​ ​ 0.00% ​ ​
Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,074,384 ​ ​ ​ ​ ​ 0.11% ​ ​
Abbreviations used in this schedule:
ADR
 —  American Depositary Receipts
​
LLC
 — Limited Liability Company
​
PLC
 —  Public Limited Company
​
Summary of Investments by Security Sector^
​
Consumer Non-cyclical
​ ​ ​ ​ 23.5% ​ ​
​
Communications
​ ​ ​ ​ 17.7 ​ ​
​
Technology
​ ​ ​ ​ 16.2 ​ ​
​
Financial
​ ​ ​ ​ 16.2 ​ ​
​
Industrial
​ ​ ​ ​ 8.7 ​ ​
​
Consumer Cyclical
​ ​ ​ ​ 6.7 ​ ​
​
Energy
​ ​ ​ ​ 4.7 ​ ​
​
Basic Materials
​ ​ ​ ​ 2.2 ​ ​
​
Utilities
​ ​ ​ ​ 2.0 ​ ​
​
Short-Term Investments
​ ​ ​ ​ 1.6 ​ ​
​
Money Market Fund
​ ​ ​ ​ 0.5 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
At August 31, 2019, Destinations Large Cap Equity Fund had open exchange traded futures contracts as described below.
See Notes to Financial Statements.
22
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Large Cap Equity Fund (concluded)
​
The unrealized appreciation on the open contracts reflected in the accompanying financial statements was as follows:
Open Futures Contracts
​ ​
Number of
Contracts
​ ​
Expiration
Date (Month/Year)
​ ​
Notional
Amounts
​ ​
Market Value
​ ​
Unrealized
Appreciation
​
Contracts to Buy: ​ ​ ​ ​ ​ ​
S&P 500 E-mini Index September Futures
​ ​ ​ ​ 74 ​ ​ ​ ​ ​ 9/19 ​ ​ ​ ​ $ 10,757,515 ​ ​ ​ ​ $ 10,821,575 ​ ​ ​ ​ $ 64,060 ​ ​
At August 31, 2019, Destinations Large Cap Equity Fund had deposited cash of  $466,200 with a broker or brokers as margin collateral on open exchange traded futures contracts.
Currency Abbreviations used in this schedule:
CAD
 —  Canadian Dollar
​
CHF
 —  Swiss Franc
​
GBP
 —  British Pound
​
HKD
 —  Hong Kong Dollar
​
​
See Notes to Financial Statements.
23
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Small-Mid Cap Equity Fund
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – 91.0% ​
​ BASIC MATERIALS – 3.3% ​
​ Chemicals – 2.2% ​
​ ​ ​ 19,676 ​ ​ ​
Cabot Corp.
​ ​ ​ $ 787,040 ​ ​
​ ​ ​ 37,411 ​ ​ ​
HB Fuller Co.
​ ​ ​ ​ 1,594,083 ​ ​
​ ​ ​ 17,049 ​ ​ ​
Ingevity Corp.*
​ ​ ​ ​ 1,298,622 ​ ​
​ ​ ​ 93,196 ​ ​ ​
Olin Corp.
​ ​ ​ ​ 1,582,468 ​ ​
​ ​ ​ 61,500 ​ ​ ​
PPG Industries Inc.
​ ​ ​ ​ 6,813,585 ​ ​
​ ​ ​ 45,155 ​ ​ ​
Sensient Technologies Corp.
​ ​ ​ ​ 2,949,525 ​ ​
​ ​ ​ 145,592 ​ ​ ​
Valvoline Inc.
​ ​ ​ ​ 3,290,379 ​ ​
​ ​ ​ 35,693 ​ ​ ​
WR Grace & Co.
​ ​ ​ ​ 2,416,773 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Chemicals
​ ​ ​ ​ 20,732,475 ​ ​
​ Iron/Steel – 0.6% ​
​ ​ ​ 91,052 ​ ​ ​
Allegheny Technologies Inc.*
​ ​ ​ ​ 1,804,651 ​ ​
​ ​ ​ 80,400 ​ ​ ​
Nucor Corp.
​ ​ ​ ​ 3,937,992 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Iron/Steel
​ ​ ​ ​ 5,742,643 ​ ​
​ Mining – 0.5% ​
​
1 88,097
​ ​
Constellium SE, Class A Shares*
​ ​ ​ ​ 2,264,688 ​ ​
​ ​ ​ 204,540 ​ ​ ​
Livent Corp.*
​ ​ ​ ​ 1,257,921 ​ ​
​ ​ ​ 82,103 ​ ​ ​
SSR Mining Inc.*
​ ​ ​ ​ 1,348,131 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Mining
​ ​ ​ ​ 4,870,740 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL BASIC MATERIALS
 ​ ​ ​ ​ 31,345,858 ​ ​
​ COMMUNICATIONS – 5.4% ​
​ Advertising – 2.1% ​
​ ​ ​ 320,300 ​ ​ ​
Interpublic Group of Cos., Inc.
​ ​ ​ ​ 6,367,564 ​ ​
​ ​ ​ 112,000 ​ ​ ​
Omnicom Group Inc.
​ ​ ​ ​ 8,518,720 ​ ​
​ ​ ​ 521,378 ​ ​ ​
Telaria Inc.*
​ ​ ​ ​ 5,203,352 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Advertising
​ ​ ​ ​ 20,089,636 ​ ​
​ Internet – 1.6% ​
​ ​ ​ 81,875 ​ ​ ​
Cardlytics Inc.*
​ ​ ​ ​ 3,076,044 ​ ​
​ ​ ​ 29,109 ​ ​ ​
Cogent Communications Holdings Inc.
​ ​ ​ ​ 1,772,447 ​ ​
​ ​ ​ 56,228 ​ ​ ​
EverQuote Inc., Class A Shares*
​ ​ ​ ​ 1,258,945 ​ ​
​ ​ ​ 29,564 ​ ​ ​
Mimecast Ltd.*
​ ​ ​ ​ 1,210,055 ​ ​
​ ​ ​ 75,662 ​ ​ ​
Perficient Inc.*
​ ​ ​ ​ 2,787,388 ​ ​
​ ​ ​ 498,452 ​ ​ ​
Rubicon Project Inc.*
​ ​ ​ ​ 5,099,164 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Internet
​ ​ ​ ​ 15,204,043 ​ ​
​ Media – 0.6% ​
​ ​ ​ 48,950 ​ ​ ​
Meredith Corp.
​ ​ ​ ​ 2,143,031 ​ ​
​ ​ ​ 24,206 ​ ​ ​
Nexstar Media Group Inc., Class A Shares
​ ​ ​ ​ 2,393,731 ​ ​
​ ​ ​ 22,050 ​ ​ ​
Tribune Media Co., Class A Shares
​ ​ ​ ​ 1,027,089 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Media
​ ​ ​ ​ 5,563,851 ​ ​
See Notes to Financial Statements.
24
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ COMMUNICATIONS – (continued) ​
​ Telecommunications – 1.1% ​
​ ​ ​ 35,300 ​ ​ ​
Motorola Solutions Inc.
​ ​ ​ $ 6,386,123 ​ ​
​ ​ ​ 94,631 ​ ​ ​
Sonim Technologies Inc.*(a)
 ​ ​ ​ ​ 687,021 ​ ​
​ ​ ​ 236,432 ​ ​ ​
Viavi Solutions Inc.*
​ ​ ​ ​ 3,284,040 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Telecommunications
​ ​ ​ ​ 10,357,184 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMUNICATIONS
 ​ ​ ​ ​ 51,214,714 ​ ​
​ CONSUMER CYCLICAL – 7.8% ​
​ Airlines – 0.2% ​
​ ​ ​ 203,074 ​ ​ ​
Controladora Vuela Cia de Aviacion SAB de CV, ADR*
​ ​ ​ ​ 1,805,328 ​ ​
​ Apparel – 1.1% ​
​ ​ ​ 21,717 ​ ​ ​
Carter’s Inc.
​ ​ ​ ​ 1,986,671 ​ ​
​ ​ ​ 18,010 ​ ​ ​
Oxford Industries Inc.
​ ​ ​ ​ 1,256,738 ​ ​
​ ​ ​ 79,900 ​ ​ ​
PVH Corp.
​ ​ ​ ​ 6,056,420 ​ ​
​ ​ ​ 34,526 ​ ​ ​
Steven Madden Ltd.
​ ​ ​ ​ 1,146,954 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Apparel
​ ​ ​ ​ 10,446,783 ​ ​
​ Auto Manufacturers – 0.3% ​
​ ​ ​ 286,700 ​ ​ ​
Ford Motor Co.
​ ​ ​ ​ 2,629,039 ​ ​
​ Auto Parts & Equipment – 0.8% ​
​ ​ ​ 199,700 ​ ​ ​
BorgWarner Inc.
​ ​ ​ ​ 6,516,211 ​ ​
​ ​ ​ 26,786 ​ ​ ​
Douglas Dynamics Inc.
​ ​ ​ ​ 1,118,583 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Auto Parts & Equipment
​ ​ ​ ​ 7,634,794 ​ ​
​ Home Builders – 1.3% ​
​ ​ ​ 73,691 ​ ​ ​
Century Communities Inc.*
​ ​ ​ ​ 2,076,612 ​ ​
​ ​ ​ 37,637 ​ ​ ​
Installed Building Products Inc.*
​ ​ ​ ​ 2,141,922 ​ ​
​ ​ ​ 49,297 ​ ​ ​
LGI Homes Inc.*
​ ​ ​ ​ 4,018,199 ​ ​
​ ​ ​ 158,160 ​ ​ ​
Skyline Champion Corp.*
​ ​ ​ ​ 4,428,480 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Home Builders
​ ​ ​ ​ 12,665,213 ​ ​
​ Leisure Time – 1.4% ​
​ ​ ​ 74,500 ​ ​ ​
Brunswick Corp.
​ ​ ​ ​ 3,471,700 ​ ​
​ ​ ​ 76,221 ​ ​ ​
Callaway Golf Co.
​ ​ ​ ​ 1,353,685 ​ ​
​ ​ ​ 128,170 ​ ​ ​
Lindblad Expeditions Holdings Inc.*
​ ​ ​ ​ 2,391,652 ​ ​
​ ​ ​ 119,235 ​ ​ ​
OneSpaWorld Holdings Ltd.*
​ ​ ​ ​ 1,871,989 ​ ​
​ ​ ​ 31,600 ​ ​ ​
Royal Caribbean Cruises Ltd.
​ ​ ​ ​ 3,295,248 ​ ​
​ ​ ​ 93,074 ​ ​ ​
Vista Outdoor Inc.*
​ ​ ​ ​ 520,284 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Leisure Time
​ ​ ​ ​ 12,904,558 ​ ​
​ Lodging – 0.4% ​
​ ​ ​ 162,412 ​ ​ ​
Century Casinos Inc.*
​ ​ ​ ​ 1,247,324 ​ ​
​ ​ ​ 84,000 ​ ​ ​
MGM Resorts International
​ ​ ​ ​ 2,357,040 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Lodging
​ ​ ​ ​ 3,604,364 ​ ​
See Notes to Financial Statements.
25
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER CYCLICAL – (continued) ​
​ Office Furnishings – 0.3% ​
​ ​ ​ 119,246 ​ ​ ​
Knoll Inc.
​ ​ ​ $ 2,749,813 ​ ​
​ Retail – 1.7% ​
​ ​ ​ 119,614 ​ ​ ​
Boot Barn Holdings Inc.*
​ ​ ​ ​ 4,096,779 ​ ​
​ ​ ​ 34,209 ​ ​ ​
Freshpet Inc.*
​ ​ ​ ​ 1,678,978 ​ ​
​ ​ ​ 86,661 ​ ​ ​
GMS Inc.*
​ ​ ​ ​ 2,553,033 ​ ​
​ ​ ​ 81,120 ​ ​ ​
Lovesac Co.*
​ ​ ​ ​ 1,395,264 ​ ​
​ ​ ​ 82,622 ​ ​ ​
Michaels Cos., Inc.*
​ ​ ​ ​ 468,467 ​ ​
​ ​ ​ 74,061 ​ ​ ​
PetIQ Inc., Class A Shares*
​ ​ ​ ​ 2,344,771 ​ ​
​ ​ ​ 81,273 ​ ​ ​
Sonic Automotive Inc., Class A Shares
​ ​ ​ ​ 2,187,056 ​ ​
​ ​ ​ 22,787 ​ ​ ​
Wingstop Inc.
​ ​ ​ ​ 2,282,574 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Retail
​ ​ ​ ​ 17,006,922 ​ ​
​ Toys/Games/Hobbies – 0.3% ​
​ ​ ​ 117,146 ​ ​ ​
Funko Inc., Class A Shares*(a)
 ​ ​ ​ ​ 2,810,333 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER CYCLICAL
 ​ ​ ​ ​ 74,257,147 ​ ​
​ CONSUMER NON-CYCLICAL – 21.2% ​
​ Agriculture – 0.7% ​
​ ​ ​ 198,945 ​ ​ ​
Darling Ingredients Inc.*
​ ​ ​ ​ 3,700,377 ​ ​
​ ​ ​ 32,018 ​ ​ ​
Turning Point Brands Inc.(a)
 ​ ​ ​ ​ 1,147,845 ​ ​
​ ​ ​ 133,113 ​ ​ ​
Village Farms International Inc.*(a)
 ​ ​ ​ ​ 1,397,686 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Agriculture
​ ​ ​ ​ 6,245,908 ​ ​
​ Biotechnology – 2.2% ​
​ ​ ​ 22,433 ​ ​ ​
Allakos Inc.*(a)
 ​ ​ ​ ​ 1,984,423 ​ ​
​ ​ ​ 34,952 ​ ​ ​
Argenx SE, ADR*
​ ​ ​ ​ 4,594,440 ​ ​
​ ​ ​ 148,869 ​ ​ ​
NeoGenomics Inc.*
​ ​ ​ ​ 3,718,748 ​ ​
​ ​ ​ 142,488 ​ ​ ​
Orchard Therapeutics PLC, ADR*(a)
 ​ ​ ​ ​ 2,108,822 ​ ​
​ ​ ​ 85,753 ​ ​ ​
Twist Bioscience Corp.*
​ ​ ​ ​ 2,489,410 ​ ​
​ ​ ​ 68,562 ​ ​ ​
Veracyte Inc.*
​ ​ ​ ​ 1,816,893 ​ ​
​ ​ ​ 174,689 ​ ​ ​
Vericel Corp.*
​ ​ ​ ​ 2,889,356 ​ ​
​ ​ ​ 41,005 ​ ​ ​
Y-mAbs Therapeutics Inc.*
​ ​ ​ ​ 1,089,503 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Biotechnology
​ ​ ​ ​ 20,691,595 ​ ​
​ Commercial Services – 3.1% ​
​ ​ ​ 112,502 ​ ​ ​
Career Education Corp.*
​ ​ ​ ​ 2,307,416 ​ ​
​ ​ ​ 49,100 ​ ​ ​
Global Payments Inc.
​ ​ ​ ​ 8,149,618 ​ ​
​ ​ ​ 48,583 ​ ​ ​
Huron Consulting Group Inc.*
​ ​ ​ ​ 2,973,765 ​ ​
​ ​ ​ 133,432 ​ ​ ​
I3 Verticals Inc., Class A Shares*
​ ​ ​ ​ 3,018,232 ​ ​
​ ​ ​ 15,648 ​ ​ ​
ICF International Inc.
​ ​ ​ ​ 1,324,760 ​ ​
​ ​ ​ 54,786 ​ ​ ​
Kelly Services Inc., Class A Shares
​ ​ ​ ​ 1,326,369 ​ ​
​ ​ ​ 53,773 ​ ​ ​
Korn Ferry
​ ​ ​ ​ 2,101,449 ​ ​
​ ​ ​ 36,086 ​ ​ ​
Matthews International Corp., Class A Shares
​ ​ ​ ​ 1,057,681 ​ ​
See Notes to Financial Statements.
26
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER NON-CYCLICAL – (continued) ​
​ Commercial Services – (continued) ​
​ ​ ​ 167,356 ​ ​ ​
R1 RCM Inc.*
​ ​ ​ $ 1,951,371 ​ ​
​ ​ ​ 161,261 ​ ​ ​
Team Inc.*
​ ​ ​ ​ 2,657,581 ​ ​
​ ​ ​ 24,311 ​ ​ ​
Vectrus Inc.*
​ ​ ​ ​ 983,623 ​ ​
​ ​ ​ 52,963 ​ ​ ​
Willdan Group Inc.*
​ ​ ​ ​ 1,914,612 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Commercial Services
​ ​ ​ ​ 29,766,477 ​ ​
​ Cosmetics/Personal Care – 0.4% ​
​ ​ ​ 226,411 ​ ​ ​
elf Beauty Inc.*
​ ​ ​ ​ 3,695,028 ​ ​
​ Food – 2.6% ​
​ ​ ​ 35,717 ​ ​ ​
Cal-Maine Foods Inc.
​ ​ ​ ​ 1,447,967 ​ ​
​ ​ ​ 90,850 ​ ​ ​
Hain Celestial Group Inc.*
​ ​ ​ ​ 1,730,693 ​ ​
​ ​ ​ 189,335 ​ ​ ​
Hostess Brands Inc., Class A Shares*
​ ​ ​ ​ 2,654,477 ​ ​
​ ​ ​ 133,200 ​ ​ ​
Kellogg Co.
​ ​ ​ ​ 8,364,960 ​ ​
​ ​ ​ 137,900 ​ ​ ​
Kroger Co.
​ ​ ​ ​ 3,265,472 ​ ​
​ ​ ​ 46,233 ​ ​ ​
Performance Food Group Co.*
​ ​ ​ ​ 2,163,242 ​ ​
​ ​ ​ 9,983 ​ ​ ​
Sanderson Farms Inc.
​ ​ ​ ​ 1,493,656 ​ ​
​ ​ ​ 85,076 ​ ​ ​
TreeHouse Foods Inc.*
​ ​ ​ ​ 4,309,099 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Food
​ ​ ​ ​ 25,429,566 ​ ​
​ Healthcare-Products – 5.0% ​
​ ​ ​ 238,641 ​ ​ ​
Alphatec Holdings Inc.*
​ ​ ​ ​ 1,248,092 ​ ​
​ ​ ​ 101,346 ​ ​ ​
BioLife Solutions Inc.*(a)
 ​ ​ ​ ​ 2,096,849 ​ ​
​ ​ ​ 87,621 ​ ​ ​
Inspire Medical Systems Inc.*
​ ​ ​ ​ 6,090,536 ​ ​
​ ​ ​ 17,964 ​ ​ ​
Integra LifeSciences Holdings Corp.*
​ ​ ​ ​ 1,078,199 ​ ​
​ ​ ​ 12,593 ​ ​ ​
iRhythm Technologies Inc.*
​ ​ ​ ​ 958,579 ​ ​
​ ​ ​ 105,631 ​ ​ ​
OrthoPediatrics Corp.*
​ ​ ​ ​ 3,400,262 ​ ​
​ ​ ​ 63,165 ​ ​ ​
Patterson Cos., Inc.
​ ​ ​ ​ 1,056,119 ​ ​
​ ​ ​ 35,223 ​ ​ ​
Tactile Systems Technology Inc.*
​ ​ ​ ​ 1,776,648 ​ ​
​ ​ ​ 62,124 ​ ​ ​
Tandem Diabetes Care Inc.*
​ ​ ​ ​ 4,499,641 ​ ​
​ ​ ​ 176,400 ​ ​ ​
Zimmer Biomet Holdings Inc.
​ ​ ​ ​ 24,554,880 ​ ​
​ ​ ​ 86,191 ​ ​ ​
Zynex Inc.(a)
 ​ ​ ​ ​ 770,548 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Healthcare-Products
​ ​ ​ ​ 47,530,353 ​ ​
​ Healthcare-Services – 3.1% ​
​ ​ ​ 62,458 ​ ​ ​
Castle Biosciences Inc.*
​ ​ ​ ​ 1,743,828 ​ ​
​ ​ ​ 72,500 ​ ​ ​
Humana Inc.
​ ​ ​ ​ 20,532,725 ​ ​
​ ​ ​ 124,396 ​ ​ ​
Natera Inc.*
​ ​ ​ ​ 4,098,848 ​ ​
​ ​ ​ 110,861 ​ ​ ​
SI-BONE Inc.*
​ ​ ​ ​ 2,155,138 ​ ​
​ ​ ​ 56,590 ​ ​ ​
Vapotherm Inc.*
​ ​ ​ ​ 656,444 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Healthcare-Services
​ ​ ​ ​ 29,186,983 ​ ​
​ Household Products/Wares – 0.2% ​
​ ​ ​ 26,444 ​ ​ ​
Spectrum Brands Holdings Inc.
​ ​ ​ ​ 1,477,426 ​ ​
See Notes to Financial Statements.
27
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER NON-CYCLICAL – (continued) ​
​ Pharmaceuticals – 3.9% ​
​ ​ ​ 96,600 ​ ​ ​
AmerisourceBergen Corp., Class A Shares
​ ​ ​ $ 7,947,282 ​ ​
​ ​ ​ 336,583 ​ ​ ​
Cytokinetics Inc.*
​ ​ ​ ​ 4,728,991 ​ ​
​ ​ ​ 27,508 ​ ​ ​
Global Blood Therapeutics Inc.*
​ ​ ​ ​ 1,264,818 ​ ​
​ ​ ​ 98,881 ​ ​ ​
Kura Oncology Inc.*
​ ​ ​ ​ 1,501,014 ​ ​
​ ​ ​ 35,014 ​ ​ ​
Mirati Therapeutics Inc.*
​ ​ ​ ​ 2,870,098 ​ ​
​ ​ ​ 76,288 ​ ​ ​
MyoKardia Inc.*
​ ​ ​ ​ 4,102,006 ​ ​
​ ​ ​ 78,522 ​ ​ ​
Odonate Therapeutics Inc.*
​ ​ ​ ​ 2,419,263 ​ ​
​ ​ ​ 83,022 ​ ​ ​
Prestige Consumer Healthcare Inc.*
​ ​ ​ ​ 2,646,741 ​ ​
​ ​ ​ 38,807 ​ ​ ​
Principia Biopharma Inc.*
​ ​ ​ ​ 1,540,638 ​ ​
​ ​ ​ 62,126 ​ ​ ​
Ra Pharmaceuticals Inc.*
​ ​ ​ ​ 1,689,827 ​ ​
​ ​ ​ 33,545 ​ ​ ​
Reata Pharmaceuticals Inc., Class A Shares*
​ ​ ​ ​ 2,586,320 ​ ​
​ ​ ​ 38,856 ​ ​ ​
Sutro Biopharma Inc.*
​ ​ ​ ​ 313,568 ​ ​
​ ​ ​ 57,871 ​ ​ ​
Tricida Inc.*
​ ​ ​ ​ 2,019,119 ​ ​
​ ​ ​ 35,529 ​ ​ ​
Turning Point Therapeutics Inc.*(a)
 ​ ​ ​ ​ 1,937,396 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Pharmaceuticals
​ ​ ​ ​ 37,567,081 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER NON-CYCLICAL
 ​ ​ ​ ​ 201,590,417 ​ ​
​ DIVERSIFIED – 0.2% ​
​ Holding Companies-Diversified – 0.2% ​
​ ​ ​ 181,537 ​ ​ ​
Repay Holdings Corp.*
​ ​ ​ ​ 2,305,520 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL DIVERSIFIED
 ​ ​ ​ ​ 2,305,520 ​ ​
​ ENERGY – 4.9% ​
​ Energy-Alternate Sources – 0.1% ​
​ ​ ​ 74,796 ​ ​ ​
Sunrun Inc.*
​ ​ ​ ​ 1,146,623 ​ ​
​ Oil & Gas – 4.6% ​
​ ​ ​ 243,669 ​ ​ ​
Callon Petroleum Co.*
​ ​ ​ ​ 1,001,480 ​ ​
​ ​ ​ 108,148 ​ ​ ​
Carrizo Oil & Gas Inc.*
​ ​ ​ ​ 896,547 ​ ​
​ ​ ​ 116,500 ​ ​ ​
Diamondback Energy Inc.
​ ​ ​ ​ 11,426,320 ​ ​
​ ​ ​ 332,600 ​ ​ ​
Marathon Petroleum Corp.
​ ​ ​ ​ 16,367,246 ​ ​
​ ​ ​ 56,071 ​ ​ ​
Murphy USA Inc.*
​ ​ ​ ​ 5,012,747 ​ ​
​ ​ ​ 399,500 ​ ​ ​
Noble Energy Inc.
​ ​ ​ ​ 9,020,710 ​ ​
​ ​ ​ 124,819 ​ ​ ​
SRC Energy Inc.*
​ ​ ​ ​ 626,591 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Oil & Gas
​ ​ ​ ​ 44,351,641 ​ ​
​ Oil & Gas Services – 0.2% ​
​ ​ ​ 22,560 ​ ​ ​
DMC Global Inc.
​ ​ ​ ​ 979,781 ​ ​
​ ​ ​ 81,568 ​ ​ ​
Select Energy Services Inc., Class A Shares*
​ ​ ​ ​ 665,595 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Oil & Gas Services
​ ​ ​ ​ 1,645,376 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL ENERGY
 ​ ​ ​ ​ 47,143,640 ​ ​
See Notes to Financial Statements.
28
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ FINANCIAL – 19.5% ​
​ Banks – 5.2% ​
​ ​ ​ 81,355 ​ ​ ​
Bank of NT Butterfield & Son Ltd.
​ ​ ​ $ 2,242,144 ​ ​
​ ​ ​ 90,891 ​ ​ ​
BankUnited Inc.
​ ​ ​ ​ 2,886,698 ​ ​
​ ​ ​ 36,145 ​ ​ ​
Eagle Bancorp Inc.
​ ​ ​ ​ 1,472,547 ​ ​
​ ​ ​ 156,871 ​ ​ ​
First Horizon National Corp.
​ ​ ​ ​ 2,483,268 ​ ​
​ ​ ​ 358,087 ​ ​ ​
FNB Corp.
​ ​ ​ ​ 3,849,435 ​ ​
​ ​ ​ 50,775 ​ ​ ​
IBERIABANK Corp.
​ ​ ​ ​ 3,502,967 ​ ​
​ ​ ​ 93,273 ​ ​ ​
OFG Bancorp
​ ​ ​ ​ 1,913,962 ​ ​
​ ​ ​ 227,700 ​ ​ ​
PacWest Bancorp
​ ​ ​ ​ 7,760,016 ​ ​
​ ​ ​ 216,800 ​ ​ ​
Pinnacle Financial Partners Inc.
​ ​ ​ ​ 11,418,856 ​ ​
​ ​ ​ 17,192 ​ ​ ​
TCF Financial Corp.
​ ​ ​ ​ 662,923 ​ ​
​ ​ ​ 91,118 ​ ​ ​
Univest Financial Corp.
​ ​ ​ ​ 2,306,197 ​ ​
​ ​ ​ 214,200 ​ ​ ​
Zions Bancorp N.A.
​ ​ ​ ​ 8,801,478 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Banks
​ ​ ​ ​ 49,300,491 ​ ​
​ Diversified Financial Services – 1.1% ​
​ ​ ​ 93,600 ​ ​ ​
Affiliated Managers Group Inc.
​ ​ ​ ​ 7,172,568 ​ ​
​ ​ ​ 89,783 ​ ​ ​
Meta Financial Group Inc.
​ ​ ​ ​ 2,775,193 ​ ​
​ ​ ​ 67,201 ​ ​ ​
Paysign Inc.*(a)
 ​ ​ ​ ​ 893,101 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Diversified Financial Services
​ ​ ​ ​ 10,840,862 ​ ​
​ Equity Real Estate Investment Trusts (REITs) – 6.4% ​
​ ​ ​ 166,400 ​ ​ ​
American Campus Communities Inc.
​ ​ ​ ​ 7,734,272 ​ ​
​ ​ ​ 333,900 ​ ​ ​
American Homes 4 Rent, Class A Shares
​ ​ ​ ​ 8,541,162 ​ ​
​ ​ ​ 64,769 ​ ​ ​
Americold Realty Trust
​ ​ ​ ​ 2,358,887 ​ ​
​ ​ ​ 111,000 ​ ​ ​
Blackstone Mortgage Trust Inc., Class A Shares
​ ​ ​ ​ 3,862,800 ​ ​
​ ​ ​ 67,500 ​ ​ ​
Boston Properties Inc.
​ ​ ​ ​ 8,668,350 ​ ​
​ ​ ​ 110,369 ​ ​ ​
Columbia Property Trust Inc.
​ ​ ​ ​ 2,360,793 ​ ​
​ ​ ​ 82,258 ​ ​ ​
Corporate Office Properties Trust
​ ​ ​ ​ 2,376,433 ​ ​
​ ​ ​ 279,300 ​ ​ ​
Cousins Properties Inc.
​ ​ ​ ​ 9,691,710 ​ ​
​ ​ ​ 71,859 ​ ​ ​
Dynex Capital Inc.
​ ​ ​ ​ 1,014,649 ​ ​
​ ​ ​ 137,143 ​ ​ ​
Lexington Realty Trust
​ ​ ​ ​ 1,424,916 ​ ​
​ ​ ​ 418,900 ​ ​ ​
Medical Properties Trust Inc.
​ ​ ​ ​ 7,787,351 ​ ​
​ ​ ​ 180,500 ​ ​ ​
MGM Growth Properties LLC, Class A Shares
​ ​ ​ ​ 5,566,620 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Equity Real Estate Investment Trusts (REITs)
​ ​ ​ ​ 61,387,943 ​ ​
​ Insurance – 5.7% ​
​ ​ ​ 25,400 ​ ​ ​
Assurant Inc.
​ ​ ​ ​ 3,124,200 ​ ​
​ ​ ​ 50,147 ​ ​ ​
eHealth Inc.*
​ ​ ​ ​ 4,177,747 ​ ​
​ ​ ​ 62,042 ​ ​ ​
Goosehead Insurance Inc., Class A Shares
​ ​ ​ ​ 2,868,822 ​ ​
​ ​ ​ 9,124 ​ ​ ​
Hanover Insurance Group Inc.
​ ​ ​ ​ 1,214,861 ​ ​
​ ​ ​ 212,800 ​ ​ ​
Hartford Financial Services Group Inc.
​ ​ ​ ​ 12,401,984 ​ ​
​ ​ ​ 23,793 ​ ​ ​
James River Group Holdings Ltd.
​ ​ ​ ​ 1,172,519 ​ ​
See Notes to Financial Statements.
29
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ FINANCIAL – (continued) ​
​ Insurance – (continued) ​
​ ​ ​ 41,499 ​ ​ ​
Kinsale Capital Group Inc.
​ ​ ​ $ 4,076,447 ​ ​
​ ​ ​ 93,201 ​ ​ ​
MGIC Investment Corp.
​ ​ ​ ​ 1,178,993 ​ ​
​ ​ ​ 81,253 ​ ​ ​
Palomar Holdings Inc.*
​ ​ ​ ​ 2,765,039 ​ ​
​ ​ ​ 78,084 ​ ​ ​
ProAssurance Corp.
​ ​ ​ ​ 3,050,742 ​ ​
​ ​ ​ 112,600 ​ ​ ​
Progressive Corp.
​ ​ ​ ​ 8,535,080 ​ ​
​ ​ ​ 47,000 ​ ​ ​
Willis Towers Watson PLC
​ ​ ​ ​ 9,304,590 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Insurance
​ ​ ​ ​ 53,871,024 ​ ​
​ Private Equity – 0.3% ​
​ ​ ​ 238,436 ​ ​ ​
Hercules Capital Inc.(a)
 ​ ​ ​ ​ 3,130,665 ​ ​
​ Real Estate – 0.2% ​
​ ​ ​ 91,905 ​ ​ ​
Redfin Corp.*(a)
 ​ ​ ​ ​ 1,552,275 ​ ​
​ Savings & Loans – 0.6% ​
​ ​ ​ 95,386 ​ ​ ​
Banc of California Inc.
​ ​ ​ ​ 1,389,774 ​ ​
​ ​ ​ 235,583 ​ ​ ​
Sterling Bancorp
​ ​ ​ ​ 4,492,568 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Savings & Loans
​ ​ ​ ​ 5,882,342 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL FINANCIAL
 ​ ​ ​ ​ 185,965,602 ​ ​
​ INDUSTRIAL – 11.6% ​
​ Aerospace/Defense – 0.9% ​
​ ​ ​ 135,256 ​ ​ ​
Kratos Defense & Security Solutions Inc.*
​ ​ ​ ​ 2,701,062 ​ ​
​ ​ ​ 69,100 ​ ​ ​
Spirit AeroSystems Holdings Inc., Class A Shares
​ ​ ​ ​ 5,569,460 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Aerospace/Defense
​ ​ ​ ​ 8,270,522 ​ ​
​ Building Materials – 1.0% ​
​ ​ ​ 337,700 ​ ​ ​
Louisiana-Pacific Corp.
​ ​ ​ ​ 8,118,308 ​ ​
​ ​ ​ 21,211 ​ ​ ​
Masonite International Corp.*
​ ​ ​ ​ 1,132,455 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Building Materials
​ ​ ​ ​ 9,250,763 ​ ​
​ Electrical Components & Equipment – 2.2% ​
​ ​ ​ 25,259 ​ ​ ​
Belden Inc.
​ ​ ​ ​ 1,152,063 ​ ​
​ ​ ​ 380,400 ​ ​ ​
Energizer Holdings Inc.
​ ​ ​ ​ 14,645,400 ​ ​
​ ​ ​ 37,324 ​ ​ ​
Generac Holdings Inc.*
​ ​ ​ ​ 2,910,899 ​ ​
​ ​ ​ 19,800 ​ ​ ​
Hubbell Inc., Class B Shares
​ ​ ​ ​ 2,596,572 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Electrical Components & Equipment
​ ​ ​ ​ 21,304,934 ​ ​
​ Electronics – 1.5% ​
​ ​ ​ 93,000 ​ ​ ​
Agilent Technologies Inc.
​ ​ ​ ​ 6,613,230 ​ ​
​ ​ ​ 103,300 ​ ​ ​
FLIR Systems Inc.
​ ​ ​ ​ 5,089,591 ​ ​
​ ​ ​ 296,009 ​ ​ ​
Fluidigm Corp.*
​ ​ ​ ​ 1,651,730 ​ ​
​ ​ ​ 44,999 ​ ​ ​
Stoneridge Inc.*
​ ​ ​ ​ 1,381,919 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Electronics
​ ​ ​ ​ 14,736,470 ​ ​
See Notes to Financial Statements.
30
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ INDUSTRIAL – (continued) ​
​ Engineering & Construction – 0.4% ​
​ ​ ​ 47,696 ​ ​ ​
Arcosa Inc.
​ ​ ​ $ 1,549,643 ​ ​
​ ​ ​ 17,779 ​ ​ ​
EMCOR Group Inc.
​ ​ ​ ​ 1,554,596 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Engineering & Construction
​ ​ ​ ​ 3,104,239 ​ ​
​ Environmental Control – 0.4% ​
​ ​ ​ 34,883 ​ ​ ​
Casella Waste Systems Inc., Class A Shares*
​ ​ ​ ​ 1,587,177 ​ ​
​ ​ ​ 32,153 ​ ​ ​
Clean Harbors Inc.*
​ ​ ​ ​ 2,364,853 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Environmental Control
​ ​ ​ ​ 3,952,030 ​ ​
​ Hand/Machine Tools – 0.5% ​
​ ​ ​ 159,393 ​ ​ ​
Milacron Holdings Corp.*
​ ​ ​ ​ 2,526,379 ​ ​
​ ​ ​ 28,683 ​ ​ ​
Regal Beloit Corp.
​ ​ ​ ​ 2,033,625 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Hand/Machine Tools
​ ​ ​ ​ 4,560,004 ​ ​
​ Machinery-Construction & Mining – 0.3% ​
​ ​ ​ 43,016 ​ ​ ​
BWX Technologies Inc.
​ ​ ​ ​ 2,546,547 ​ ​
​ Machinery-Diversified – 1.7% ​
​ ​ ​ 54,577 ​ ​ ​
Altra Industrial Motion Corp.
​ ​ ​ ​ 1,418,456 ​ ​
​ ​ ​ 38,893 ​ ​ ​
Columbus McKinnon Corp.
​ ​ ​ ​ 1,258,967 ​ ​
​ ​ ​ 47,900 ​ ​ ​
Rockwell Automation Inc.
​ ​ ​ ​ 7,318,641 ​ ​
​ ​ ​ 22,814 ​ ​ ​
SPX FLOW Inc.*
​ ​ ​ ​ 769,060 ​ ​
​ ​ ​ 68,900 ​ ​ ​
Xylem Inc.
​ ​ ​ ​ 5,278,429 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Machinery-Diversified
​ ​ ​ ​ 16,043,553 ​ ​
​ Metal Fabricate/Hardware – 0.4% ​
​ ​ ​ 38,712 ​ ​ ​
CIRCOR International Inc.*
​ ​ ​ ​ 1,330,531 ​ ​
​ ​ ​ 70,236 ​ ​ ​
Mayville Engineering Co., Inc.*
​ ​ ​ ​ 928,520 ​ ​
​ ​ ​ 59,726 ​ ​ ​
TriMas Corp.*
​ ​ ​ ​ 1,754,750 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Metal Fabricate/Hardware
​ ​ ​ ​ 4,013,801 ​ ​
​ Miscellaneous Manufacturers – 1.9% ​
​ ​ ​ 59,249 ​ ​ ​
Actuant Corp., Class A Shares
​ ​ ​ ​ 1,315,920 ​ ​
​ ​ ​ 30,578 ​ ​ ​
EnPro Industries Inc.
​ ​ ​ ​ 1,904,398 ​ ​
​ ​ ​ 45,628 ​ ​ ​
Federal Signal Corp.
​ ​ ​ ​ 1,355,608 ​ ​
​ ​ ​ 20,897 ​ ​ ​
Hexcel Corp.
​ ​ ​ ​ 1,758,483 ​ ​
​ ​ ​ 50,066 ​ ​ ​
ITT Inc.
​ ​ ​ ​ 2,849,757 ​ ​
​ ​ ​ 43,300 ​ ​ ​
Parker-Hannifin Corp.
​ ​ ​ ​ 7,177,841 ​ ​
​ ​ ​ 29,982 ​ ​ ​
Standex International Corp.
​ ​ ​ ​ 2,061,262 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Miscellaneous Manufacturers
​ ​ ​ ​ 18,423,269 ​ ​
​ Packaging & Containers – 0.3% ​
​ ​ ​ 112,171 ​ ​ ​
Owens-Illinois Inc.
​ ​ ​ ​ 1,140,779 ​ ​
​ ​ ​ 52,903 ​ ​ ​
Silgan Holdings Inc.
​ ​ ​ ​ 1,574,393 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Packaging & Containers
​ ​ ​ ​ 2,715,172 ​ ​
See Notes to Financial Statements.
31
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ INDUSTRIAL – (continued) ​
​ Transportation – 0.1% ​
​ ​ ​ 16,246 ​ ​ ​
Saia Inc.*
​ ​ ​ $ 1,389,683 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INDUSTRIAL
 ​ ​ ​ ​ 110,310,987 ​ ​
​ TECHNOLOGY – 11.3% ​
​ Computers – 3.6% ​
​ ​ ​ 18,307 ​ ​ ​
CACI International Inc., Class A Shares*
​ ​ ​ ​ 4,069,463 ​ ​
​ ​ ​ 33,811 ​ ​ ​
Carbon Black Inc.*
​ ​ ​ ​ 882,467 ​ ​
​ ​ ​ 227,111 ​ ​ ​
Conduent Inc.*
​ ​ ​ ​ 1,478,493 ​ ​
​ ​ ​ 125,796 ​ ​ ​
Endava PLC, ADR*
​ ​ ​ ​ 4,728,672 ​ ​
​ ​ ​ 41,898 ​ ​ ​
ExlService Holdings Inc.*
​ ​ ​ ​ 2,836,494 ​ ​
​ ​ ​ 63,301 ​ ​ ​
Kornit Digital Ltd.*
​ ​ ​ ​ 1,785,721 ​ ​
​ ​ ​ 50,642 ​ ​ ​
Mercury Systems Inc.*
​ ​ ​ ​ 4,336,474 ​ ​
​ ​ ​ 71,224 ​ ​ ​
Tufin Software Technologies Ltd.*(a)
 ​ ​ ​ ​ 1,283,456 ​ ​
​ ​ ​ 32,393 ​ ​ ​
Virtusa Corp.*
​ ​ ​ ​ 1,170,683 ​ ​
​ ​ ​ 174,500 ​ ​ ​
Western Digital Corp.
​ ​ ​ ​ 9,993,615 ​ ​
​ ​ ​ 27,758 ​ ​ ​
Zscaler Inc.*
​ ​ ​ ​ 1,908,085 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Computers
​ ​ ​ ​ 34,473,623 ​ ​
​ Semiconductors – 3.3% ​
​ ​ ​ 116,079 ​ ​ ​
Adesto Technologies Corp.*
​ ​ ​ ​ 1,184,006 ​ ​
​ ​ ​ 56,000 ​ ​ ​
Cabot Microelectronics Corp.
​ ​ ​ ​ 6,980,400 ​ ​
​ ​ ​ 52,393 ​ ​ ​
Impinj Inc.*(a)
 ​ ​ ​ ​ 1,906,057 ​ ​
​ ​ ​ 81,602 ​ ​ ​
Inphi Corp.*
​ ​ ​ ​ 4,993,227 ​ ​
​ ​ ​ 277,891 ​ ​ ​
MACOM Technology Solutions Holdings Inc.*
​ ​ ​ ​ 5,457,779 ​ ​
​ ​ ​ 21,541 ​ ​ ​
Semtech Corp.*
​ ​ ​ ​ 904,076 ​ ​
​ ​ ​ 93,000 ​ ​ ​
Xilinx Inc.
​ ​ ​ ​ 9,677,580 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Semiconductors
​ ​ ​ ​ 31,103,125 ​ ​
​ Software – 4.4% ​
​ ​ ​ 28,554 ​ ​ ​
Alteryx Inc., Class A Shares*
​ ​ ​ ​ 4,067,517 ​ ​
​ ​ ​ 63,596 ​ ​ ​
Bandwidth Inc., Class A Shares*
​ ​ ​ ​ 5,544,935 ​ ​
​ ​ ​ 200,711 ​ ​ ​
Digital Turbine Inc.*
​ ​ ​ ​ 1,527,411 ​ ​
​ ​ ​ 66,749 ​ ​ ​
Everbridge Inc.*
​ ​ ​ ​ 5,753,764 ​ ​
​ ​ ​ 143,618 ​ ​ ​
Fastly Inc., Class A Shares*(a)
 ​ ​ ​ ​ 4,538,329 ​ ​
​ ​ ​ 40,333 ​ ​ ​
Five9 Inc.*
​ ​ ​ ​ 2,549,449 ​ ​
​ ​ ​ 19,148 ​ ​ ​
Health Catalyst Inc.*
​ ​ ​ ​ 763,239 ​ ​
​ ​ ​ 45,049 ​ ​ ​
ManTech International Corp., Class A Shares
​ ​ ​ ​ 3,166,044 ​ ​
​ ​ ​ 67,929 ​ ​ ​
Phreesia Inc.*
​ ​ ​ ​ 1,818,460 ​ ​
​ ​ ​ 37,901 ​ ​ ​
PROS Holdings Inc.*
​ ​ ​ ​ 2,691,729 ​ ​
​ ​ ​ 79,871 ​ ​ ​
Smartsheet Inc., Class A Shares*
​ ​ ​ ​ 3,881,731 ​ ​
​ ​ ​ 150,244 ​ ​ ​
SVMK Inc.*
​ ​ ​ ​ 2,515,084 ​ ​
​ ​ ​ 13,129 ​ ​ ​
Tabula Rasa HealthCare Inc.*
​ ​ ​ ​ 745,727 ​ ​
See Notes to Financial Statements.
32
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ TECHNOLOGY – (continued) ​
​ Software – (continued) ​
​ ​ ​ 59,752 ​ ​ ​
Upland Software Inc.*
​ ​ ​ $ 2,270,576 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Software
​ ​ ​ ​ 41,833,995 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TECHNOLOGY
 ​ ​ ​ ​ 107,410,743 ​ ​
​ UTILITIES – 5.8% ​
​ Electric – 5.8% ​
​ ​ ​ 24,499 ​ ​ ​
Black Hills Corp.
​ ​ ​ ​ 1,879,318 ​ ​
​ ​ ​ 80,200 ​ ​ ​
CMS Energy Corp.
​ ​ ​ ​ 5,056,610 ​ ​
​ ​ ​ 131,300 ​ ​ ​
Edison International
​ ​ ​ ​ 9,489,051 ​ ​
​ ​ ​ 251,300 ​ ​ ​
FirstEnergy Corp.
​ ​ ​ ​ 11,559,800 ​ ​
​ ​ ​ 41,529 ​ ​ ​
Hawaiian Electric Industries Inc.
​ ​ ​ ​ 1,843,888 ​ ​
​ ​ ​ 20,275 ​ ​ ​
IDACORP Inc.
​ ​ ​ ​ 2,226,398 ​ ​
​ ​ ​ 68,377 ​ ​ ​
Portland General Electric Co.
​ ​ ​ ​ 3,889,967 ​ ​
​ ​ ​ 225,100 ​ ​ ​
Public Service Enterprise Group Inc.
​ ​ ​ ​ 13,611,797 ​ ​
​ ​ ​ 44,500 ​ ​ ​
Sempra Energy
​ ​ ​ ​ 6,302,535 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Electric
​ ​ ​ ​ 55,859,364 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL UTILITIES
 ​ ​ ​ ​ 55,859,364 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL COMMON STOCKS ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $797,483,693)
​ ​ ​
​
867,403,992
 ​ ​
​ EXCHANGE TRADED FUNDS (ETFs) – 6.7% ​
​ ​ ​ 201,249 ​ ​ ​
iShares Core S&P Mid-Cap
​ ​ ​ ​ 37,869,024 ​ ​
​ ​ ​ 321,835 ​ ​ ​
iShares Core S&P Small-Cap
​ ​ ​ ​ 24,324,289 ​ ​
​ ​ ​ 16,508 ​ ​ ​
iShares Russell 2000 Value
​ ​ ​ ​ 1,885,214 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL EXCHANGE TRADED FUNDS (ETFs) ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $57,995,572)
​ ​ ​
​
64,078,527
 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $855,479,265)
​ ​ ​
​
931,482,519
 ​ ​
See Notes to Financial Statements.
33
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Small-Mid Cap Equity Fund (concluded)
​
​
Face Amount
 ​ ​
Security
 ​ ​
Value
 ​
​ SHORT-TERM INVESTMENTS – 2.4% ​
​ TIME DEPOSITS – 2.4% ​
​ ​ $ 7,884,367 ​ ​ ​
Citibank – New York, 1.490% due 9/3/19
​ ​ ​ $ 7,884,367 ​ ​
​ ​ ​ 14,777,625 ​ ​ ​
JPMorgan Chase & Co. – New York, 1.490% due 9/3/19
​ ​ ​ ​ 14,777,625 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL TIME DEPOSITS ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $22,661,992)
​ ​ ​
​
22,661,992
 ​ ​
​ INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 2.1% ​
​ MONEY MARKET FUND – 2.1% ​
​ ​ ​ 20,073,213 ​ ​ ​ Federated Government Obligations Fund, Premier Class, 2.012%(b) ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $20,073,213)
​ ​ ​ ​ 20,073,213 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL INVESTMENTS – 102.2% ​
​ ​ ​ ​ ​ ​ ​
(Cost – $898,214,470#)
​ ​ ​
​
974,217,724
 ​ ​
​ ​ ​ ​ ​ ​ ​
Liabilities in Excess of Other Assets – (2.2)%
​ ​ ​ ​ (20,913,951) ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
 ​ ​ ​ $ 953,303,773 ​ ​
​
*
Non-income producing security.
​
(a)
All or a portion of this security is on loan.
​
(b)
Represents investment of collateral received from securities lending transactions.
​
#
Aggregate cost for federal income tax purposes is substantially the same.
​
Abbreviations used in this schedule:
​
ADR
 —    American Depositary Receipts
​
 ​
​
LLC
 —    Limited Liability Company
​
 ​
​
PLC
 —    Public Limited Company
​
 ​
Summary of Investments by Security Sector^
​
Consumer Non-cyclical
​ ​ ​ ​ 20.7% ​ ​
​
Financial
​ ​ ​ ​ 19.2 ​ ​
​
Industrial
​ ​ ​ ​ 11.3 ​ ​
​
Technology
​ ​ ​ ​ 11.0 ​ ​
​
Consumer Cyclical
​ ​ ​ ​ 7.6 ​ ​
​
Utilities
​ ​ ​ ​ 5.7 ​ ​
​
Communications
​ ​ ​ ​ 5.3 ​ ​
​
Energy
​ ​ ​ ​ 4.8 ​ ​
​
Basic Materials
​ ​ ​ ​ 3.2 ​ ​
​
Diversified
​ ​ ​ ​ 0.2 ​ ​
​
Exchange Traded Funds (ETFs)
​ ​ ​ ​ 6.6 ​ ​
​
Short-Term Investments
​ ​ ​ ​ 2.3 ​ ​
​
Money Market Fund
​ ​ ​ ​ 2.1 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
​
See Notes to Financial Statements.
34
Schedules of Investments
August 31, 2019 (unaudited)
Destinations International Equity Fund
​
​
Face Amount/Units†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BOND & NOTE – 0.0% ​
​ India – 0.0% ​
​ ​ ​ 48,721INR ​ ​ ​
Britannia Industries Ltd., Senior Secured Notes, 8.000% due 8/28/22
​ ​ ​ $       696 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CORPORATE BOND & NOTE
(Cost – $20,156)
​ ​ ​
​
696
 ​ ​
​
Shares/Units
 ​ ​ ​ ​ ​ ​ ​
​ COMMON STOCKS – 81.3% ​
​ Argentina – 0.2% ​
​ ​ ​ 10,074 ​ ​ ​
Globant SA*
​ ​ ​ ​ 956,325 ​ ​
​ ​ ​ 4,062 ​ ​ ​
MercadoLibre Inc.*
​ ​ ​ ​ 2,415,265 ​ ​
​ ​ ​ 52,614 ​ ​ ​
YPF SA, ADR
​ ​ ​ ​ 450,376 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Argentina
​ ​ ​ ​ 3,821,966 ​ ​
​ Australia – 2.0% ​
​ ​ ​ 173,770 ​ ​ ​
Appen Ltd.
​ ​ ​ ​ 3,019,245 ​ ​
​ ​ ​ 213,462 ​ ​ ​
Brambles Ltd.
​ ​ ​ ​ 1,625,880 ​ ​
​ ​ ​ 277,836 ​ ​ ​
HUB24 Ltd.
​ ​ ​ ​ 2,309,926 ​ ​
​ ​ ​ 1,167,220 ​ ​ ​
Nanosonics Ltd.*
​ ​ ​ ​ 5,229,139 ​ ​
​ ​ ​ 338,165 ​ ​ ​
Nick Scali Ltd.(a)
 ​ ​ ​ ​ 1,558,461 ​ ​
​ ​ ​ 546,269 ​ ​ ​
Pro Medicus Ltd.(a)(b)
 ​ ​ ​ ​ 13,484,912 ​ ​
​ ​ ​ 1,243,628 ​ ​ ​
South32 Ltd.
​ ​ ​ ​ 2,208,236 ​ ​
​ ​ ​ 607,211 ​ ​ ​
Webjet Ltd.(a)
 ​ ​ ​ ​ 5,049,990 ​ ​
​ ​ ​ 38,278 ​ ​ ​
WiseTech Global Ltd.
​ ​ ​ ​ 947,971 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Australia
​ ​ ​ ​ 35,433,760 ​ ​
​ Austria – 0.3% ​
​ ​ ​ 153,594 ​ ​ ​
Erste Group Bank AG
​ ​ ​ ​ 4,944,434 ​ ​
​ Belgium – 0.1% ​
​ ​ ​ 9,002 ​ ​ ​
Galapagos NV*
​ ​ ​ ​ 1,518,144 ​ ​
​ Bermuda – 0.1% ​
​ ​ ​ 136,373 ​ ​ ​
Hiscox Ltd.
​ ​ ​ ​ 2,580,304 ​ ​
​ Brazil – 1.9% ​
​ ​ ​ 45,678 ​ ​ ​
Azul SA, ADR*
​ ​ ​ ​ 1,604,211 ​ ​
​ ​ ​ 138,172 ​ ​ ​
Azul SA, Class Preferre Shares*
​ ​ ​ ​ 1,571,293 ​ ​
​ ​ ​ 555,957 ​ ​ ​
B3 SA – Brasil Bolsa Balcao
​ ​ ​ ​ 6,013,611 ​ ​
​ ​ ​ 291,871 ​ ​ ​
Banco Bradesco SA, ADR
​ ​ ​ ​ 2,332,049 ​ ​
​ ​ ​ 66,655 ​ ​ ​
Banco do Brasil SA
​ ​ ​ ​ 744,161 ​ ​
​ ​ ​ 1,202,577 ​ ​ ​
Kroton Educacional SA
​ ​ ​ ​ 2,926,776 ​ ​
​ ​ ​ 118,282 ​ ​ ​
Notre Dame Intermedica Participacoes SA
​ ​ ​ ​ 1,601,559 ​ ​
​ ​ ​ 127,523 ​ ​ ​
Pagseguro Digital Ltd., Class A Shares*
​ ​ ​ ​ 6,371,049 ​ ​
​ ​ ​ 398,050 ​ ​ ​
Petroleo Brasileiro SA, ADR
​ ​ ​ ​ 5,393,578 ​ ​
See Notes to Financial Statements.
35
Schedules of Investments
August 31, 2019 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
 ​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ Brazil – (continued) ​
​ ​ ​ 826,945 ​ ​ ​
Rumo SA*
​ ​ ​ $ 4,412,503 ​ ​
​ ​ ​ 47,453 ​ ​ ​
StoneCo Ltd., Class A Shares*
​ ​ ​ ​ 1,427,386 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Brazil
​ ​ ​ ​ 34,398,176 ​ ​
​ Canada – 1.6% ​
​ ​ ​ 8,700 ​ ​ ​
Canadian Pacific Railway Ltd.
​ ​ ​ ​ 2,094,993 ​ ​
​ ​ ​ 433,791 ​ ​ ​
Computer Modelling Group Ltd.
​ ​ ​ ​ 2,206,021 ​ ​
​ ​ ​ 23,787 ​ ​ ​
Descartes Systems Group Inc.*
​ ​ ​ ​ 843,735 ​ ​
​ ​ ​ 60,008 ​ ​ ​
Equitable Group Inc.
​ ​ ​ ​ 4,454,453 ​ ​
​ ​ ​ 5,580 ​ ​ ​
Fairfax Financial Holdings Ltd.
​ ​ ​ ​ 2,486,636 ​ ​
​ ​ ​ 125,243 ​ ​ ​
Magna International Inc.
​ ​ ​ ​ 6,275,927 ​ ​
​ ​ ​ 53,910 ​ ​ ​
Restaurant Brands International Inc.
​ ​ ​ ​ 4,229,239 ​ ​
​ ​ ​ 526,769 ​ ​ ​
Seven Generations Energy Ltd., Class A Shares*
​ ​ ​ ​ 2,849,004 ​ ​
​ ​ ​ 42,713 ​ ​ ​
Thomson Reuters Corp.
​ ​ ​ ​ 2,935,446 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Canada
​ ​ ​ ​ 28,375,454 ​ ​
​ China – 7.7% ​
​ ​ ​ 41,703 ​ ​ ​
58.com Inc., ADR*
​ ​ ​ ​ 2,243,204 ​ ​
​ ​ ​ 7,560,000 ​ ​ ​
AK Medical Holdings Ltd.(a)(c)
​ ​ ​ ​ 6,671,818 ​ ​
​ ​ ​ 121,113 ​ ​ ​
Alibaba Group Holding Ltd., ADR*
​ ​ ​ ​ 21,198,408 ​ ​
​ ​ ​ 429,400 ​ ​ ​
BTG Hotels Group Co., Ltd., Class A Shares(b)
 ​ ​ ​ ​ 1,053,000 ​ ​
​ ​ ​ 776,452 ​ ​ ​
China Everbright Ltd.
​ ​ ​ ​ 882,973 ​ ​
​ ​ ​ 385,301 ​ ​ ​
China International Travel Service Corp., Ltd, Class A Shares(b)
 ​ ​ ​ ​ 5,131,679 ​ ​
​ ​ ​ 1,785,311 ​ ​ ​
China Mengniu Dairy Co., Ltd.*
​ ​ ​ ​ 7,058,454 ​ ​
​ ​ ​ 519,572 ​ ​ ​
China Mobile Ltd.
​ ​ ​ ​ 4,296,046 ​ ​
​ ​ ​ 68,448 ​ ​ ​
GDS Holdings Ltd., ADR*(a)
 ​ ​ ​ ​ 2,761,192 ​ ​
​ ​ ​ 385,900 ​ ​ ​
Gree Electric Appliances Inc. of Zhuhai, Class A Shares(b)
 ​ ​ ​ ​ 2,989,254 ​ ​
​ ​ ​ 3,179,815 ​ ​ ​
Guangzhou Automobile Group Co., Ltd., Class H Shares(c)
​ ​ ​ ​ 3,187,313 ​ ​
​ ​ ​ 1,542,648 ​ ​ ​
Haitong Securities Co., Ltd., Class H Shares(c)
​ ​ ​ ​ 1,461,518 ​ ​
​ ​ ​ 471,269 ​ ​ ​
Hangzhou Hikvision Digital Technology Co., Ltd., Class A Shares(b)
 ​ ​ ​ ​ 2,033,171 ​ ​
​ ​ ​ 248,000 ​ ​ ​
Hansoh Pharmaceutical Group Co., Ltd.*(d)
​ ​ ​ ​ 836,373 ​ ​
​ ​ ​ 1,087,819 ​ ​ ​
Hua Hong Semiconductor Ltd.(a)(d)
​ ​ ​ ​ 1,809,892 ​ ​
​ ​ ​ 1,767,510 ​ ​ ​
JNBY Design Ltd.(c)
​ ​ ​ ​ 2,521,859 ​ ​
​ ​ ​ 1,357,407 ​ ​ ​
Kingdee International Software Group Co., Ltd.
​ ​ ​ ​ 1,220,429 ​ ​
​ ​ ​ 22,853 ​ ​ ​
Kweichow Moutai Co., Ltd., Class A Shares(b)
 ​ ​ ​ ​ 3,643,197 ​ ​
​ ​ ​ 3,574,704 ​ ​ ​
Lenovo Group Ltd.
​ ​ ​ ​ 2,340,569 ​ ​
​ ​ ​ 109,253 ​ ​ ​
LexinFintech Holdings Ltd., ADR*
​ ​ ​ ​ 1,119,843 ​ ​
​ ​ ​ 571,402 ​ ​ ​
Midea Group Co., Ltd., Class A Shares(b)
 ​ ​ ​ ​ 4,208,890 ​ ​
​ ​ ​ 69,520 ​ ​ ​
Momo Inc., ADR
​ ​ ​ ​ 2,556,946 ​ ​
See Notes to Financial Statements.
36
Schedules of Investments
August 31, 2019 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
 ​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ China – (continued) ​
​ ​ ​ 34,212 ​ ​ ​
New Oriental Education & Technology Group Inc., ADR*
​ ​ ​ $ 3,879,641 ​ ​
​ ​ ​ 358,432 ​ ​ ​
Ping An Insurance Group Co. of China Ltd., Class H Shares(c)
​ ​ ​ ​ 4,084,875 ​ ​
​ ​ ​ 153,647 ​ ​ ​
Qudian Inc., ADR*
​ ​ ​ ​ 1,227,640 ​ ​
​ ​ ​ 270,035 ​ ​ ​
Shenzhou International Group Holdings Ltd.
​ ​ ​ ​ 3,648,984 ​ ​
​ ​ ​ 1,432,346 ​ ​ ​
Sino Biopharmaceutical Ltd.
​ ​ ​ ​ 2,117,526 ​ ​
​ ​ ​ 613,532 ​ ​ ​
Sinopharm Group Co., Ltd., Class H Shares(c)
​ ​ ​ ​ 2,210,981 ​ ​
​ ​ ​ 104,423 ​ ​ ​
Sunny Optical Technology Group Co., Ltd.
​ ​ ​ ​ 1,430,705 ​ ​
​ ​ ​ 310,989 ​ ​ ​
Tencent Holdings Ltd.
​ ​ ​ ​ 12,807,264 ​ ​
​ ​ ​ 10,129 ​ ​ ​
Tencent Holdings Ltd., ADR
​ ​ ​ ​ 418,024 ​ ​
​ ​ ​ 52,025 ​ ​ ​
Tencent Music Entertainment Group, ADR*
​ ​ ​ ​ 691,932 ​ ​
​ ​ ​ 4,582,336 ​ ​ ​
WH Group Ltd.(d)
​ ​ ​ ​ 3,651,938 ​ ​
​ ​ ​ 1,921,570 ​ ​ ​
Xiaomi Corp., Class B Shares*(a)(d)
​ ​ ​ ​ 2,082,035 ​ ​
​ ​ ​ 1,384,000 ​ ​ ​
Yihai International Holding Ltd.*(c)
​ ​ ​ ​ 8,265,336 ​ ​
​ ​ ​ 280,008 ​ ​ ​
Yunnan Baiyao Group Co., Ltd., Class A Shares(b)
 ​ ​ ​ ​ 2,998,493 ​ ​
​ ​ ​ 20,940 ​ ​ ​
YY Inc., ADR*
​ ​ ​ ​ 1,196,721 ​ ​
​ ​ ​ 107,901 ​ ​ ​
Zai Lab Ltd., ADR*
​ ​ ​ ​ 3,518,652 ​ ​
​ ​ ​ ​ ​ ​ ​
Total China
​ ​ ​ ​ 135,456,775 ​ ​
​ Denmark – 0.4% ​
​ ​ ​ 23,127 ​ ​ ​
Jyske Bank AS, Class Registered Shares*
​ ​ ​ ​ 648,628 ​ ​
​ ​ ​ 70,874 ​ ​ ​
Novozymes AS, Class B Shares
​ ​ ​ ​ 3,021,147 ​ ​
​ ​ ​ 32,987 ​ ​ ​
Royal Unibrew AS
​ ​ ​ ​ 2,852,879 ​ ​
​ ​ ​ 30,665 ​ ​ ​
Sydbank AS
​ ​ ​ ​ 428,630 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Denmark
​ ​ ​ ​ 6,951,284 ​ ​
​ Egypt – 0.2% ​
​ ​ ​ 9,142,791 ​ ​ ​
Cleopatra Hospital*
​ ​ ​ ​ 3,467,955 ​ ​
​ Finland – 0.3% ​
​ ​ ​ 268,977 ​ ​ ​
Nokia OYJ, ADR
​ ​ ​ ​ 1,334,126 ​ ​
​ ​ ​ 85,501 ​ ​ ​
Sampo OYJ, Class A Shares
​ ​ ​ ​ 3,397,834 ​ ​
​ ​ ​ 49,020 ​ ​ ​
Wartsila OYJ Abp
​ ​ ​ ​ 601,454 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Finland
​ ​ ​ ​ 5,333,414 ​ ​
​ France – 5.8% ​
​ ​ ​ 29,813 ​ ​ ​
Air Liquide SA
​ ​ ​ ​ 4,153,612 ​ ​
​ ​ ​ 25,819 ​ ​ ​
Airbus SE
​ ​ ​ ​ 3,560,023 ​ ​
​ ​ ​ 31,895 ​ ​ ​
Akka Technologies
​ ​ ​ ​ 2,065,865 ​ ​
​ ​ ​ 45,570 ​ ​ ​
Aubay
​ ​ ​ ​ 1,628,298 ​ ​
​ ​ ​ 111,913 ​ ​ ​
Danone SA
​ ​ ​ ​ 10,022,732 ​ ​
​ ​ ​ 3,196 ​ ​ ​
Dassault Aviation SA
​ ​ ​ ​ 4,549,994 ​ ​
See Notes to Financial Statements.
37
Schedules of Investments
August 31, 2019 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
 ​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ France – (continued) ​
​ ​ ​ 34,737 ​ ​ ​
Dassault Systemes SE
​ ​ ​ $ 4,900,139 ​ ​
​ ​ ​ 79,731 ​ ​ ​
Esker SA
​ ​ ​ ​ 7,097,151 ​ ​
​ ​ ​ 53,062 ​ ​ ​
EssilorLuxottica SA
​ ​ ​ ​ 7,836,883 ​ ​
​ ​ ​ 107,111 ​ ​ ​
Legrand SA
​ ​ ​ ​ 7,566,011 ​ ​
​ ​ ​ 33,573 ​ ​ ​
L’Oreal SA
​ ​ ​ ​ 9,183,098 ​ ​
​ ​ ​ 6,892 ​ ​ ​
LVMH Moet Hennessy Louis Vuitton SE
​ ​ ​ ​ 2,749,158 ​ ​
​ ​ ​ 43,882 ​ ​ ​
MGI Digital Graphic Technology*
​ ​ ​ ​ 2,238,275 ​ ​
​ ​ ​ 70,450 ​ ​ ​
Pernod Ricard SA
​ ​ ​ ​ 13,457,070 ​ ​
​ ​ ​ 109,976 ​ ​ ​
Schneider Electric SE
​ ​ ​ ​ 9,214,211 ​ ​
​ ​ ​ 79,740 ​ ​ ​
Thales SA
​ ​ ​ ​ 9,221,796 ​ ​
​ ​ ​ 34,070 ​ ​ ​
TOTAL SA
​ ​ ​ ​ 1,701,099 ​ ​
​ ​ ​ 27,174 ​ ​ ​
Ubisoft Entertainment SA*
​ ​ ​ ​ 2,201,419 ​ ​
​ ​ ​ ​ ​ ​ ​
Total France
​ ​ ​ ​ 103,346,834 ​ ​
​ Germany – 5.1% ​
​ ​ ​ 71,322 ​ ​ ​
Bayer AG, Class Registered Shares
​ ​ ​ ​ 5,277,403 ​ ​
​ ​ ​ 52,991 ​ ​ ​
Brenntag AG
​ ​ ​ ​ 2,552,710 ​ ​
​ ​ ​ 182,850 ​ ​ ​
Deutsche Wohnen SE
​ ​ ​ ​ 6,480,476 ​ ​
​ ​ ​ 144,435 ​ ​ ​
Elmos Semiconductor AG
​ ​ ​ ​ 3,920,815 ​ ​
​ ​ ​ 97,329 ​ ​ ​
GEA Group AG
​ ​ ​ ​ 2,624,191 ​ ​
​ ​ ​ 107,885 ​ ​ ​
Henkel AG & Co. KGaA
​ ​ ​ ​ 10,802,575 ​ ​
​ ​ ​ 34,511 ​ ​ ​
Hypoport AG*
​ ​ ​ ​ 9,047,453 ​ ​
​ ​ ​ 277,477 ​ ​ ​
Infineon Technologies AG
​ ​ ​ ​ 4,797,994 ​ ​
​ ​ ​ 96,052 ​ ​ ​
Isra Vision AG
​ ​ ​ ​ 3,473,220 ​ ​
​ ​ ​ 17,080 ​ ​ ​
Knorr-Bremse AG
​ ​ ​ ​ 1,595,485 ​ ​
​ ​ ​ 25,222 ​ ​ ​
LEG Immobilien AG
​ ​ ​ ​ 2,960,163 ​ ​
​ ​ ​ 12,516 ​ ​ ​
New Work SE
​ ​ ​ ​ 3,659,019 ​ ​
​ ​ ​ 77,821 ​ ​ ​
Nexus AG
​ ​ ​ ​ 2,437,581 ​ ​
​ ​ ​ 64,121 ​ ​ ​
SAP SE
​ ​ ​ ​ 7,649,077 ​ ​
​ ​ ​ 3,981 ​ ​ ​
Sartorius AG
​ ​ ​ ​ 795,638 ​ ​
​ ​ ​ 15,882 ​ ​ ​
Siemens AG, Class Registered Shares
​ ​ ​ ​ 1,587,700 ​ ​
​ ​ ​ 74,747 ​ ​ ​
Symrise AG, Class A Shares
​ ​ ​ ​ 6,976,167 ​ ​
​ ​ ​ 94,484 ​ ​ ​
TAG Immobilien AG*
​ ​ ​ ​ 2,206,387 ​ ​
​ ​ ​ 137,393 ​ ​ ​
Vonovia SE
​ ​ ​ ​ 6,838,862 ​ ​
​ ​ ​ 11,923 ​ ​ ​
Wirecard AG
​ ​ ​ ​ 1,899,723 ​ ​
​ ​ ​ 42,506 ​ ​ ​
Zalando SE*(d)
​ ​ ​ ​ 2,102,371 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Germany
​ ​ ​ ​ 89,685,010 ​ ​
See Notes to Financial Statements.
38
Schedules of Investments
August 31, 2019 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
 ​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ Greece – 0.2% ​
​ ​ ​ 414,293 ​ ​ ​
Sarantis SA
​ ​ ​ $ 3,777,584 ​ ​
​ Hong Kong – 1.5% ​
​ ​ ​ 745,400 ​ ​ ​
AIA Group Ltd.
​ ​ ​ ​ 7,216,405 ​ ​
​ ​ ​ 588,000 ​ ​ ​
China Overseas Land & Investment Ltd.
​ ​ ​ ​ 1,851,321 ​ ​
​ ​ ​ 262,000 ​ ​ ​
CK Hutchison Holdings Ltd.
​ ​ ​ ​ 2,272,578 ​ ​
​ ​ ​ 582,020 ​ ​ ​
Esprit Holdings Ltd.*
​ ​ ​ ​ 87,565 ​ ​
​ ​ ​ 75,000 ​ ​ ​
Jardine Matheson Holdings Ltd.
​ ​ ​ ​ 4,068,962 ​ ​
​ ​ ​ 1,718,267 ​ ​ ​
Kunlun Energy Co., Ltd.
​ ​ ​ ​ 1,492,054 ​ ​
​ ​ ​ 441,211 ​ ​ ​
Techtronic Industries Co., Ltd.
​ ​ ​ ​ 3,032,485 ​ ​
​ ​ ​ 4,656,984 ​ ​ ​
Tongda Group Holdings Ltd.(a)
 ​ ​ ​ ​ 318,441 ​ ​
​ ​ ​ 1,488,000 ​ ​ ​
Vitasoy International Holdings Ltd.(c)
​ ​ ​ ​ 6,909,836 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Hong Kong
​ ​ ​ ​ 27,249,647 ​ ​
​ Hungary – 0.1% ​
​ ​ ​ 35,590 ​ ​ ​
Wizz Air Holdings PLC*(d)
​ ​ ​ ​ 1,558,875 ​ ​
​ India – 5.7% ​
​ ​ ​ 228,845 ​ ​ ​
Aavas Financiers Ltd.*
​ ​ ​ ​ 4,800,978 ​ ​
​ ​ ​ 176,344 ​ ​ ​
Amara Raja Batteries Ltd.
​ ​ ​ ​ 1,523,305 ​ ​
​ ​ ​ 385,427 ​ ​ ​
Axis Bank Ltd.
​ ​ ​ ​ 3,585,621 ​ ​
​ ​ ​ 37,861 ​ ​ ​
Bajaj Finance Ltd.
​ ​ ​ ​ 1,761,368 ​ ​
​ ​ ​ 190,777 ​ ​ ​
Bandhan Bank Ltd.(d)
​ ​ ​ ​ 1,250,395 ​ ​
​ ​ ​ 692,342 ​ ​ ​
Berger Paints India Ltd.
​ ​ ​ ​ 3,581,148 ​ ​
​ ​ ​ 49,457 ​ ​ ​
Britannia Industries Ltd.
​ ​ ​ ​ 1,872,751 ​ ​
​ ​ ​ 119,275 ​ ​ ​
Divi’s Laboratories Ltd.
​ ​ ​ ​ 2,739,183 ​ ​
​ ​ ​ 204,411 ​ ​ ​
Dr Lal PathLabs Ltd.
​ ​ ​ ​ 3,549,049 ​ ​
​ ​ ​ 48,268 ​ ​ ​
Dr Reddy’s Laboratories Ltd.
​ ​ ​ ​ 1,728,158 ​ ​
​ ​ ​ 16,342 ​ ​ ​
Dr Reddy’s Laboratories Ltd., ADR
​ ​ ​ ​ 584,226 ​ ​
​ ​ ​ 673,670 ​ ​ ​
Edelweiss Financial Services Ltd.
​ ​ ​ ​ 1,037,949 ​ ​
​ ​ ​ 443,880 ​ ​ ​
Exide Industries Ltd.
​ ​ ​ ​ 1,109,744 ​ ​
​ ​ ​ 495,192 ​ ​ ​
Gulf Oil Lubricants India Ltd.(b)
 ​ ​ ​ ​ 5,992,476 ​ ​
​ ​ ​ 113,903 ​ ​ ​
HDFC Bank Ltd.
​ ​ ​ ​ 3,550,987 ​ ​
​ ​ ​ 382,308 ​ ​ ​
Housing Development Finance Corp., Ltd
​ ​ ​ ​ 11,570,855 ​ ​
​ ​ ​ 1,271,516 ​ ​ ​
JM Financial Ltd.
​ ​ ​ ​ 1,303,035 ​ ​
​ ​ ​ 396,828 ​ ​ ​
Kajaria Ceramics Ltd.
​ ​ ​ ​ 2,628,290 ​ ​
​ ​ ​ 164,306 ​ ​ ​
Kotak Mahindra Bank Ltd.
​ ​ ​ ​ 3,300,302 ​ ​
​ ​ ​ 97,450 ​ ​ ​
Manpasand Beverages Ltd.*
​ ​ ​ ​ 20,527 ​ ​
​ ​ ​ 32,580 ​ ​ ​
Maruti Suzuki India Ltd.
​ ​ ​ ​ 2,778,852 ​ ​
See Notes to Financial Statements.
39
Schedules of Investments
August 31, 2019 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
 ​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ India – (continued) ​
​ ​ ​ 485,011 ​ ​ ​
Max Financial Services Ltd.*
​ ​ ​ $ 2,867,081 ​ ​
​ ​ ​ 252,291 ​ ​ ​
Metropolis Healthcare Ltd.*
​ ​ ​ ​ 4,103,215 ​ ​
​ ​ ​ 1,881,825 ​ ​ ​
Minda Corp., Ltd.(b)
 ​ ​ ​ ​ 2,617,395 ​ ​
​ ​ ​ 2,993,654 ​ ​ ​
NTPC Ltd.
​ ​ ​ ​ 5,106,411 ​ ​
​ ​ ​ 57,497 ​ ​ ​
Piramal Enterprises Ltd.
​ ​ ​ ​ 1,645,906 ​ ​
​ ​ ​ 136,944 ​ ​ ​
RBL Bank Ltd.(d)
​ ​ ​ ​ 628,699 ​ ​
​ ​ ​ 263,750 ​ ​ ​
Reliance Industries Ltd.
​ ​ ​ ​ 4,622,984 ​ ​
​ ​ ​ 450,416 ​ ​ ​
Reliance Nippon Life Asset Management Ltd.(d)
​ ​ ​ ​ 1,730,992 ​ ​
​ ​ ​ 325,802 ​ ​ ​
SBI Life Insurance Co., Ltd.(d)
​ ​ ​ ​ 3,822,913 ​ ​
​ ​ ​ 145,639 ​ ​ ​
Spandana Sphoorty Financial Ltd.*(b)@
​ ​ ​ ​ 1,808,946 ​ ​
​ ​ ​ 203,223 ​ ​ ​
Supreme Industries Ltd.
​ ​ ​ ​ 3,128,643 ​ ​
​ ​ ​ 234,097 ​ ​ ​
Tata Communications Ltd.
​ ​ ​ ​ 1,403,519 ​ ​
​ ​ ​ 667,387 ​ ​ ​
Tata Global Beverages Ltd.
​ ​ ​ ​ 2,598,535 ​ ​
​ ​ ​ 60,156 ​ ​ ​
Titan Co., Ltd.
​ ​ ​ ​ 926,642 ​ ​
​ ​ ​ 146,094 ​ ​ ​
V-Mart Retail Ltd.
​ ​ ​ ​ 4,084,209 ​ ​
​ ​ ​ 482,821 ​ ​ ​
Yes Bank Ltd.
​ ​ ​ ​ 409,191 ​ ​
​ ​ ​ ​ ​ ​ ​
Total India
​ ​ ​ ​ 101,774,480 ​ ​
​ Indonesia – 0.9% ​
​ ​ ​ 40,971,600 ​ ​ ​
Ace Hardware Indonesia Tbk PT
​ ​ ​ ​ 4,980,504 ​ ​
​ ​ ​ 2,465,100 ​ ​ ​
Bank Central Asia Tbk PT
​ ​ ​ ​ 5,283,320 ​ ​
​ ​ ​ 44,603,400 ​ ​ ​
Sarana Menara Nusantara Tbk PT@
​ ​ ​ ​ 2,214,339 ​ ​
​ ​ ​ 7,724,230 ​ ​ ​
Telekomunikasi Indonesia Persero Tbk PT
​ ​ ​ ​ 2,426,370 ​ ​
​ ​ ​ 3,732,485 ​ ​ ​
Tower Bersama Infrastructure Tbk PT
​ ​ ​ ​ 1,567,811 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Indonesia
​ ​ ​ ​ 16,472,344 ​ ​
​ Ireland – 0.7% ​
​ ​ ​ 161,142 ​ ​ ​
Experian PLC
​ ​ ​ ​ 4,939,271 ​ ​
​ ​ ​ 49,265 ​ ​ ​
Kerry Group PLC, Class A Shares
​ ​ ​ ​ 5,890,311 ​ ​
​ ​ ​ 36,473 ​ ​ ​
Ryanair Holdings PLC, ADR*
​ ​ ​ ​ 2,089,903 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Ireland
​ ​ ​ ​ 12,919,485 ​ ​
​ Israel – 0.3% ​
​ ​ ​ 7,589 ​ ​ ​
Check Point Software Technologies Ltd.*
​ ​ ​ ​ 817,335 ​ ​
​ ​ ​ 56,512 ​ ​ ​
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.
​ ​ ​ ​ 2,955,263 ​ ​
​ ​ ​ 7,294 ​ ​ ​
Wix.com Ltd.*
​ ​ ​ ​ 1,022,984 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Israel
​ ​ ​ ​ 4,795,582 ​ ​
See Notes to Financial Statements.
40
Schedules of Investments
August 31, 2019 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
 ​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ Italy – 0.4% ​
​ ​ ​ 550,776 ​ ​ ​
Banca Mediolanum SpA
​ ​ ​ $  4,002,316 ​ ​
​ ​ ​ 153,418 ​ ​ ​
Gruppo MutuiOnline SpA
​ ​ ​ ​ 2,553,003 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Italy
​ ​ ​ ​ 6,555,319 ​ ​
​ Japan – 12.8% ​
​ ​ ​ 112,100 ​ ​ ​
Arcland Service Holdings Co., Ltd.
​ ​ ​ ​ 2,005,571 ​ ​
​ ​ ​ 59,700 ​ ​ ​
Atrae Inc.*(a)
 ​ ​ ​ ​ 1,301,597 ​ ​
​ ​ ​ 252,811 ​ ​ ​
Avant Corp.(a)
 ​ ​ ​ ​ 4,618,366 ​ ​
​ ​ ​ 185,800 ​ ​ ​
Chiba Bank Ltd.
​ ​ ​ ​ 924,909 ​ ​
​ ​ ​ 28,900 ​ ​ ​
Chugai Pharmaceutical Co., Ltd.
​ ​ ​ ​ 2,065,613 ​ ​
​ ​ ​ 24,000 ​ ​ ​
Daiichi Sankyo Co., Ltd.
​ ​ ​ ​ 1,583,410 ​ ​
​ ​ ​ 44,000 ​ ​ ​
Digital Arts Inc.
​ ​ ​ ​ 3,147,573 ​ ​
​ ​ ​ 16,700 ​ ​ ​
Disco Corp.
​ ​ ​ ​ 3,023,366 ​ ​
​ ​ ​ 303,700 ​ ​ ​
eGuarantee Inc.
​ ​ ​ ​ 3,626,943 ​ ​
​ ​ ​ 274,000 ​ ​ ​
Elan Corp.(a)
 ​ ​ ​ ​ 4,393,885 ​ ​
​ ​ ​ 85,412 ​ ​ ​
en-japan Inc.
​ ​ ​ ​ 3,175,508 ​ ​
​ ​ ​ 23,800 ​ ​ ​
Ezaki Glico Co., Ltd.
​ ​ ​ ​ 1,030,403 ​ ​
​ ​ ​ 69,600 ​ ​ ​
Fixstars Corp.
​ ​ ​ ​ 1,006,034 ​ ​
​ ​ ​ 163,500 ​ ​ ​
Fujitsu General Ltd.
​ ​ ​ ​ 2,627,586 ​ ​
​ ​ ​ 182,200 ​ ​ ​
Hachijuni Bank Ltd.
​ ​ ​ ​ 653,950 ​ ​
​ ​ ​ 40,610 ​ ​ ​
Hirose Electric Co., Ltd.
​ ​ ​ ​ 4,603,012 ​ ​
​ ​ ​ 16,600 ​ ​ ​
Hoshizaki Corp.
​ ​ ​ ​ 1,194,401 ​ ​
​ ​ ​ 317,365 ​ ​ ​
Infomart Corp.
​ ​ ​ ​ 4,657,677 ​ ​
​ ​ ​ 190,800 ​ ​ ​
IR Japan Holdings Ltd.(a)
 ​ ​ ​ ​ 7,781,608 ​ ​
​ ​ ​ 117,500 ​ ​ ​
Ito En Ltd.
​ ​ ​ ​ 5,362,267 ​ ​
​ ​ ​ 244,200 ​ ​ ​
Japan Elevator Service Holdings Co., Ltd.(a)
 ​ ​ ​ ​ 5,851,201 ​ ​
​ ​ ​ 199,068 ​ ​ ​
Japan Material Co., Ltd.
​ ​ ​ ​ 2,041,287 ​ ​
​ ​ ​ 143,400 ​ ​ ​
Kansai Paint Co., Ltd.
​ ​ ​ ​ 2,978,313 ​ ​
​ ​ ​ 131,900 ​ ​ ​
Kao Corp.
​ ​ ​ ​ 9,528,683 ​ ​
​ ​ ​ 54,100 ​ ​ ​
KDDI Corp.
​ ​ ​ ​ 1,442,561 ​ ​
​ ​ ​ 70,800 ​ ​ ​
Kobayashi Pharmaceutical Co., Ltd.
​ ​ ​ ​ 5,290,870 ​ ​
​ ​ ​ 24,300 ​ ​ ​
Koito Manufacturing Co., Ltd.
​ ​ ​ ​ 1,138,199 ​ ​
​ ​ ​ 8,200 ​ ​ ​
Kose Corp.
​ ​ ​ ​ 1,405,562 ​ ​
​ ​ ​ 50,400 ​ ​ ​
Kusuri no Aoki Holdings Co., Ltd.
​ ​ ​ ​ 3,863,710 ​ ​
​ ​ ​ 306,700 ​ ​ ​
Mebuki Financial Group Inc.
​ ​ ​ ​ 682,943 ​ ​
​ ​ ​ 175,500 ​ ​ ​
Miroku Jyoho Service Co., Ltd.
​ ​ ​ ​ 4,545,007 ​ ​
​ ​ ​ 75,000 ​ ​ ​
MISUMI Group Inc.
​ ​ ​ ​ 1,694,721 ​ ​
​ ​ ​ 281,000 ​ ​ ​
Mitsubishi Electric Corp.
​ ​ ​ ​ 3,386,509 ​ ​
See Notes to Financial Statements.
41
Schedules of Investments
August 31, 2019 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
 ​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ Japan – (continued) ​
​ ​ ​ 83,300 ​ ​ ​
Murata Manufacturing Co., Ltd.
​ ​ ​ $ 3,485,654 ​ ​
​ ​ ​ 129,200 ​ ​ ​
Nihon Kohden Corp.
​ ​ ​ ​ 3,584,145 ​ ​
​ ​ ​ 134,900 ​ ​ ​
Nippon Telegraph & Telephone Corp.
​ ​ ​ ​ 6,466,667 ​ ​
​ ​ ​ 18,300 ​ ​ ​
Nissin Foods Holdings Co., Ltd.
​ ​ ​ ​ 1,266,467 ​ ​
​ ​ ​ 246,700 ​ ​ ​
Nomura Research Institute Ltd.
​ ​ ​ ​ 4,902,547 ​ ​
​ ​ ​ 273,000 ​ ​ ​
North Pacific Bank Ltd.
​ ​ ​ ​ 546,304 ​ ​
​ ​ ​ 39,000 ​ ​ ​
Obic Co., Ltd.
​ ​ ​ ​ 4,454,855 ​ ​
​ ​ ​ 82,200 ​ ​ ​
Omron Corp.
​ ​ ​ ​ 4,057,524 ​ ​
​ ​ ​ 179,000 ​ ​ ​
Open Door Inc.*
​ ​ ​ ​ 3,749,643 ​ ​
​ ​ ​ 36,300 ​ ​ ​
Otsuka Holdings Co., Ltd.
​ ​ ​ ​ 1,490,268 ​ ​
​ ​ ​ 110,500 ​ ​ ​
Outsourcing Inc.
​ ​ ​ ​ 1,002,282 ​ ​
​ ​ ​ 93,600 ​ ​ ​
Pan Pacific International Holdings Corp.
​ ​ ​ ​ 1,464,823 ​ ​
​ ​ ​ 125,500 ​ ​ ​
Persol Holdings Co., Ltd.
​ ​ ​ ​ 2,541,649 ​ ​
​ ​ ​ 501,153 ​ ​ ​
Prestige International Inc.
​ ​ ​ ​ 8,817,435 ​ ​
​ ​ ​ 225,298 ​ ​ ​
Rakus Co., Ltd.
​ ​ ​ ​ 6,481,491 ​ ​
​ ​ ​ 100,300 ​ ​ ​
Rohto Pharmaceutical Co., Ltd.
​ ​ ​ ​ 2,483,257 ​ ​
​ ​ ​ 318,700 ​ ​ ​
Santen Pharmaceutical Co., Ltd.
​ ​ ​ ​ 5,575,537 ​ ​
​ ​ ​ 65,500 ​ ​ ​
Secom Co., Ltd.
​ ​ ​ ​ 5,582,566 ​ ​
​ ​ ​ 114,400 ​ ​ ​
Sega Sammy Holdings Inc.
​ ​ ​ ​ 1,563,498 ​ ​
​ ​ ​ 170,600 ​ ​ ​
Seven & i Holdings Co., Ltd.
​ ​ ​ ​ 6,026,517 ​ ​
​ ​ ​ 8,400 ​ ​ ​
SMC Corp.
​ ​ ​ ​ 3,165,090 ​ ​
​ ​ ​ 173,938 ​ ​ ​
SMS Co., Ltd.
​ ​ ​ ​ 3,882,495 ​ ​
​ ​ ​ 36,100 ​ ​ ​
Sohgo Security Services Co., Ltd.
​ ​ ​ ​ 1,819,037 ​ ​
​ ​ ​ 90,600 ​ ​ ​
Stanley Electric Co., Ltd.
​ ​ ​ ​ 2,246,088 ​ ​
​ ​ ​ 30,700 ​ ​ ​
Suzuki Motor Corp.
​ ​ ​ ​ 1,181,073 ​ ​
​ ​ ​ 451,200 ​ ​ ​
Systena Corp.
​ ​ ​ ​ 6,716,922 ​ ​
​ ​ ​ 238,840 ​ ​ ​
Takeda Pharmaceutical Co., Ltd.
​ ​ ​ ​ 8,071,421 ​ ​
​ ​ ​ 182,000 ​ ​ ​
Terumo Corp.
​ ​ ​ ​ 5,277,828 ​ ​
​ ​ ​ 129,800 ​ ​ ​
Toyo Suisan Kaisha Ltd.
​ ​ ​ ​ 5,277,828 ​ ​
​ ​ ​ 24,600 ​ ​ ​
Trend Micro Inc.
​ ​ ​ ​ 1,190,785 ​ ​
​ ​ ​ 48,400 ​ ​ ​
USS Co., Ltd.
​ ​ ​ ​ 913,277 ​ ​
​ ​ ​ 44,955 ​ ​ ​
Wantedly Inc.*(a)
 ​ ​ ​ ​ 1,448,809 ​ ​
​ ​ ​ 1,020,000 ​ ​ ​
Yahoo Japan Corp.
​ ​ ​ ​ 2,549,287 ​ ​
​ ​ ​ 101,290 ​ ​ ​
Yakuodo Holdings Co., Ltd.(b)(e)
 ​ ​ ​ ​ 2,312,339 ​ ​
​ ​ ​ 90,300 ​ ​ ​
Yokogawa Electric Corp.
​ ​ ​ ​ 1,636,369 ​ ​
​ ​ ​ 115,559 ​ ​ ​
Yume No Machi Souzou Iinkai Co., Ltd.(a)
 ​ ​ ​ ​ 1,607,602 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Japan
​ ​ ​ ​ 227,472,624 ​ ​
See Notes to Financial Statements.
42
Schedules of Investments
August 31, 2019 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
 ​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ Malaysia – 0.3% ​
​ ​ ​ 4,603,595 ​ ​ ​
7-Eleven Malaysia Holdings Bhd
​ ​ ​ $ 1,585,934 ​ ​
​ ​ ​ 458,200 ​ ​ ​
Carlsberg Brewery Malaysia Bhd
​ ​ ​ ​ 2,816,722 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Malaysia
​ ​ ​ ​ 4,402,656 ​ ​
​ Mexico – 1.1% ​
​ ​ ​ 32,418 ​ ​ ​
Fomento Economico Mexicano SAB de CV, ADR
​ ​ ​ ​ 2,961,709 ​ ​
​ ​ ​ 198,970 ​ ​ ​
Gruma SAB de CV, Class B Shares
​ ​ ​ ​ 1,852,899 ​ ​
​ ​ ​ 787,982 ​ ​ ​
Grupo Lala SAB de CV, Class B Shares
​ ​ ​ ​ 823,333 ​ ​
​ ​ ​ 397,071 ​ ​ ​
Infraestructura Energetica Nova SAB de CV*
​ ​ ​ ​ 1,673,805 ​ ​
​ ​ ​ 1,923,100 ​ ​ ​
Qualitas Controladora SAB de CV
​ ​ ​ ​ 6,460,904 ​ ​
​ ​ ​ 1,636,980 ​ ​ ​
Unifin Financiera SAB de CV SOFOM ENR
​ ​ ​ ​ 2,878,472 ​ ​
​ ​ ​ 1,045,997 ​ ​ ​
Wal-Mart de Mexico SAB de CV
​ ​ ​ ​ 2,967,701 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Mexico
​ ​ ​ ​ 19,618,823 ​ ​
​ Netherlands – 1.7% ​
​ ​ ​ 25,369 ​ ​ ​
ASML Holding NV
​ ​ ​ ​ 5,649,932 ​ ​
​ ​ ​ 24,671 ​ ​ ​
Core Laboratories NV
​ ​ ​ ​ 976,725 ​ ​
​ ​ ​ 16,550 ​ ​ ​
Euronext NV(d)
​ ​ ​ ​ 1,304,511 ​ ​
​ ​ ​ 69,002 ​ ​ ​
Heineken NV
​ ​ ​ ​ 7,342,063 ​ ​
​ ​ ​ 151,451 ​ ​ ​
Koninklijke Philips NV
​ ​ ​ ​ 7,144,078 ​ ​
​ ​ ​ 70,229 ​ ​ ​
NXP Semiconductors NV
​ ​ ​ ​ 7,173,190 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Netherlands
​ ​ ​ ​ 29,590,499 ​ ​
​ Nigeria – 0.0% ​
​ ​ ​ 1,912,536 ​ ​ ​
Lekoil Ltd., CDI*
​ ​ ​ ​ 151,843 ​ ​
​ Panama – 0.2% ​
​ ​ ​ 38,261 ​ ​ ​
Copa Holdings SA, Class A Shares
​ ​ ​ ​ 3,947,770 ​ ​
​ Peru – 0.2% ​
​ ​ ​ 14,765 ​ ​ ​
Credicorp Ltd.
​ ​ ​ ​ 3,058,127 ​ ​
​ Philippines – 1.0% ​
​ ​ ​ 4,164,782 ​ ​ ​
Ayala Land Inc.
​ ​ ​ ​ 3,774,845 ​ ​
​ ​ ​ 1,407,354 ​ ​ ​
BDO Unibank Inc.
​ ​ ​ ​ 4,022,945 ​ ​
​ ​ ​ 8,482,949 ​ ​ ​
Metro Pacific Investments Corp.
​ ​ ​ ​ 804,990 ​ ​
​ ​ ​ 3,006,508 ​ ​ ​
Philippine Seven Corp.(b)
 ​ ​ ​ ​ 8,309,736 ​ ​
​ ​ ​ 83,350 ​ ​ ​
SM Investments Corp.@
​ ​ ​ ​ 1,642,206 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Philippines
​ ​ ​ ​ 18,554,722 ​ ​
​ Poland – 0.1% ​
​ ​ ​ 120,655 ​ ​ ​
Powszechny Zaklad Ubezpieczen SA
​ ​ ​ ​ 1,133,272 ​ ​
See Notes to Financial Statements.
43
Schedules of Investments
August 31, 2019 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
 ​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ Portugal – 0.6% ​
​ ​ ​ 391,543 ​ ​ ​
Galp Energia SGPS SA
​ ​ ​ $  5,624,421 ​ ​
​ ​ ​ 284,208 ​ ​ ​
Jeronimo Martins SGPS SA
​ ​ ​ ​ 4,699,599 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Portugal
​ ​ ​ ​ 10,324,020 ​ ​
​ Russia – 0.5% ​
​ ​ ​ 462,930 ​ ​ ​
Sberbank of Russia PJSC, ADR
​ ​ ​ ​ 6,354,795 ​ ​
​ ​ ​ 67,951 ​ ​ ​
Yandex NV, Class A Shares*
​ ​ ​ ​ 2,520,982 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Russia
​ ​ ​ ​ 8,875,777 ​ ​
​ Saudi Arabia – 0.1% ​
​ ​ ​ 68,074 ​ ​ ​
Al Rajhi Bank
​ ​ ​ ​ 1,099,313 ​ ​
​ Singapore – 0.2% ​
​ ​ ​ 3,462,400 ​ ​ ​
Sheng Siong Group Ltd.
​ ​ ​ ​ 2,942,051 ​ ​
​ South Africa – 1.8% ​
​ ​ ​ 58,452 ​ ​ ​
AngloGold Ashanti Ltd., ADR
​ ​ ​ ​ 1,329,783 ​ ​
​ ​ ​ 195,983 ​ ​ ​
Bid Corp., Ltd
​ ​ ​ ​ 4,198,997 ​ ​
​ ​ ​ 180,449 ​ ​ ​
Bidvest Group Ltd.
​ ​ ​ ​ 2,124,533 ​ ​
​ ​ ​ 818,226 ​ ​ ​
FirstRand Ltd.
​ ​ ​ ​ 3,232,910 ​ ​
​ ​ ​ 210,717 ​ ​ ​
Gold Fields Ltd., ADR
​ ​ ​ ​ 1,251,659 ​ ​
​ ​ ​ 2,958,968 ​ ​ ​
Italtile Ltd.
​ ​ ​ ​ 2,774,158 ​ ​
​ ​ ​ 44,414 ​ ​ ​
Mr Price Group Ltd.
​ ​ ​ ​ 501,964 ​ ​
​ ​ ​ 55,174 ​ ​ ​
Naspers Ltd., Class N Shares
​ ​ ​ ​ 12,561,490 ​ ​
​ ​ ​ 1,359,932 ​ ​ ​
Pepkor Holdings Ltd.(d)
​ ​ ​ ​ 1,491,823 ​ ​
​ ​ ​ 77,482 ​ ​ ​
Sasol Ltd.
​ ​ ​ ​ 1,469,675 ​ ​
​ ​ ​ 42,559 ​ ​ ​
Sasol Ltd., ADR(a)
 ​ ​ ​ ​ 805,216 ​ ​
​ ​ ​ ​ ​ ​ ​
Total South Africa
​ ​ ​ ​ 31,742,208 ​ ​
​ South Korea – 2.4% ​
​ ​ ​ 51,148 ​ ​ ​
KB Financial Group Inc.
​ ​ ​ ​ 1,675,357 ​ ​
​ ​ ​ 109,368 ​ ​ ​
Kia Motors Corp.
​ ​ ​ ​ 3,947,831 ​ ​
​ ​ ​ 125,021 ​ ​ ​
LEENO Industrial Inc.
​ ​ ​ ​ 5,731,691 ​ ​
​ ​ ​ 2,423 ​ ​ ​
LG Household & Health Care Ltd.
​ ​ ​ ​ 2,359,966 ​ ​
​ ​ ​ 271,405 ​ ​ ​
Minwise Co., Ltd.(a)
 ​ ​ ​ ​ 3,744,091 ​ ​
​ ​ ​ 52,809 ​ ​ ​
NAVER Corp.
​ ​ ​ ​ 6,379,387 ​ ​
​ ​ ​ 315,273 ​ ​ ​
NICE Information Service Co., Ltd.
​ ​ ​ ​ 3,437,583 ​ ​
​ ​ ​ 436,582 ​ ​ ​
Samsung Electronics Co., Ltd.
​ ​ ​ ​ 15,868,099 ​ ​
​ ​ ​ ​ ​ ​ ​
Total South Korea
​ ​ ​ ​ 43,144,005 ​ ​
See Notes to Financial Statements.
44
Schedules of Investments
August 31, 2019 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
 ​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ Spain – 0.9% ​
​ ​ ​ 194,715 ​ ​ ​
Amadeus IT Group SA
​ ​ ​ $  14,515,548 ​ ​
​ ​ ​ 29,291 ​ ​ ​
Grifols SA, ADR
​ ​ ​ ​ 623,898 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Spain
​ ​ ​ ​ 15,139,446 ​ ​
​ Sweden – 2.2% ​
​ ​ ​ 224,004 ​ ​ ​
Biotage AB
​ ​ ​ ​ 2,335,787 ​ ​
​ ​ ​ 123,300 ​ ​ ​
Cellavision AB
​ ​ ​ ​ 4,572,838 ​ ​
​ ​ ​ 52,442 ​ ​ ​
Epiroc AB, Class A Shares
​ ​ ​ ​ 544,087 ​ ​
​ ​ ​ 291,949 ​ ​ ​
Essity AB, Class B Shares
​ ​ ​ ​ 9,113,101 ​ ​
​ ​ ​ 556,892 ​ ​ ​
Fortnox AB(b)
 ​ ​ ​ ​ 8,682,953 ​ ​
​ ​ ​ 48,495 ​ ​ ​
Hexagon AB, Class B Shares
​ ​ ​ ​ 2,158,776 ​ ​
​ ​ ​ 195,680 ​ ​ ​
HMS Networks AB
​ ​ ​ ​ 3,069,245 ​ ​
​ ​ ​ 202,313 ​ ​ ​
RaySearch Laboratories AB*
​ ​ ​ ​ 3,518,022 ​ ​
​ ​ ​ 233,741 ​ ​ ​
Svenska Handelsbanken AB, Class A Shares
​ ​ ​ ​ 2,058,701 ​ ​
​ ​ ​ 177,926 ​ ​ ​
Xvivo Perfusion AB*
​ ​ ​ ​ 3,060,660 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Sweden
​ ​ ​ ​ 39,114,170 ​ ​
​ Switzerland – 5.0% ​
​ ​ ​ 24,774 ​ ​ ​
Alcon Inc.*
​ ​ ​ ​ 1,510,381 ​ ​
​ ​ ​ 55 ​ ​ ​
Chocoladefabriken Lindt & Spruengli AG
​ ​ ​ ​ 407,082 ​ ​
​ ​ ​ 38,504 ​ ​ ​
Cie Financiere Richemont SA, Class Registered Shares
​ ​ ​ ​ 2,992,032 ​ ​
​ ​ ​ 2,909 ​ ​ ​
dormakaba Holding AG*
​ ​ ​ ​ 1,962,701 ​ ​
​ ​ ​ 4,254 ​ ​ ​
Geberit AG, Class Registered Shares
​ ​ ​ ​ 1,935,749 ​ ​
​ ​ ​ 5,713 ​ ​ ​
Givaudan SA, Class Registered Shares
​ ​ ​ ​ 15,456,252 ​ ​
​ ​ ​ 106,905 ​ ​ ​
Julius Baer Group Ltd.*
​ ​ ​ ​ 4,231,660 ​ ​
​ ​ ​ 16,018 ​ ​ ​
Lonza Group AG, Class Registered Shares*
​ ​ ​ ​ 5,666,668 ​ ​
​ ​ ​ 280,280 ​ ​ ​
Nestle SA, Class Registered Shares
​ ​ ​ ​ 31,452,585 ​ ​
​ ​ ​ 13,521 ​ ​ ​
Roche Holding AG
​ ​ ​ ​ 3,698,272 ​ ​
​ ​ ​ 8,311 ​ ​ ​
Schindler Holding AG
​ ​ ​ ​ 1,899,245 ​ ​
​ ​ ​ 2,663 ​ ​ ​
SGS SA, Class Registered Shares
​ ​ ​ ​ 6,543,437 ​ ​
​ ​ ​ 11,566 ​ ​ ​
Sika AG, Class Registered Shares
​ ​ ​ ​ 1,661,515 ​ ​
​ ​ ​ 833,597 ​ ​ ​
UBS Group AG, Class Registered Shares*
​ ​ ​ ​ 8,812,342 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Switzerland
​ ​ ​ ​ 88,229,921 ​ ​
​ Taiwan – 3.1% ​
​ ​ ​ 521,000 ​ ​ ​
Chief Telecom Inc.
​ ​ ​ ​ 4,154,612 ​ ​
​ ​ ​ 108,375 ​ ​ ​
Dadi Early-Childhood Education Group Ltd.
​ ​ ​ ​ 856,480 ​ ​
​ ​ ​ 808,000 ​ ​ ​
Delta Electronics Inc.
​ ​ ​ ​ 3,774,815 ​ ​
​ ​ ​ 243,251 ​ ​ ​
Eclat Textile Co., Ltd.
​ ​ ​ ​ 2,976,319 ​ ​
​ ​ ​ 1,216,915 ​ ​ ​
Far EasTone Telecommunications Co., Ltd.
​ ​ ​ ​ 2,843,180 ​ ​
See Notes to Financial Statements.
45
Schedules of Investments
August 31, 2019 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
 ​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ Taiwan – (continued) ​
​ ​ ​ 185,770 ​ ​ ​
Ginko International Co., Ltd.
​ ​ ​ $ 1,039,597 ​ ​
​ ​ ​ 345,175 ​ ​ ​
Makalot Industrial Co., Ltd.
​ ​ ​ ​ 2,034,981 ​ ​
​ ​ ​ 293,820 ​ ​ ​
Poya International Co., Ltd.
​ ​ ​ ​ 3,906,525 ​ ​
​ ​ ​ 908,867 ​ ​ ​
Taiwan Mobile Co., Ltd.
​ ​ ​ ​ 3,249,133 ​ ​
​ ​ ​ 907,000 ​ ​ ​
Taiwan Semiconductor Manufacturing Co., Ltd.
​ ​ ​ ​ 7,489,787 ​ ​
​ ​ ​ 355,843 ​ ​ ​
Taiwan Semiconductor Manufacturing Co., Ltd., ADR
​ ​ ​ ​ 15,169,587 ​ ​
​ ​ ​ 256,060 ​ ​ ​
TCI Co., Ltd.
​ ​ ​ ​ 2,514,055 ​ ​
​ ​ ​ 231,000 ​ ​ ​
Voltronic Power Technology Corp.*
​ ​ ​ ​ 5,189,802 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Taiwan
​ ​ ​ ​ 55,198,873 ​ ​
​ Thailand – 0.8% ​
​ ​ ​ 265,498 ​ ​ ​
Bangkok Bank PCL, Class F Shares
​ ​ ​ ​ 1,485,051 ​ ​
​ ​ ​ 191,536 ​ ​ ​
Bangkok Bank PCL, NVDR
​ ​ ​ ​ 1,067,595 ​ ​
​ ​ ​ 30,855 ​ ​ ​
CP ALL PCL
​ ​ ​ ​ 84,460 ​ ​
​ ​ ​ 2,650,031 ​ ​ ​
CP ALL PCL, Class F Shares(b)
 ​ ​ ​ ​ 7,271,031 ​ ​
​ ​ ​ 16,881,864 ​ ​ ​
Humanica PCL, Class F Shares(a)(b)
 ​ ​ ​ ​ 4,714,680 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Thailand
​ ​ ​ ​ 14,622,817 ​ ​
​ United Arab Emirates – 0.3% ​
​ ​ ​ 609,277 ​ ​ ​
First Abu Dhabi Bank PJSC
​ ​ ​ ​ 2,533,072 ​ ​
​ ​ ​ 389,083 ​ ​ ​
Network International Holdings PLC*(d)
​ ​ ​ ​ 2,845,462 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United Arab Emirates
​ ​ ​ ​ 5,378,534 ​ ​
​ United Kingdom – 7.2% ​
​ ​ ​ 104,253 ​ ​ ​
4imprint Group PLC
​ ​ ​ ​ 3,522,737 ​ ​
​ ​ ​ 713,569 ​ ​ ​
Advanced Medical Solutions Group PLC
​ ​ ​ ​ 2,726,835 ​ ​
​ ​ ​ 536,327 ​ ​ ​
Amcor PLC
​ ​ ​ ​ 5,214,823 ​ ​
​ ​ ​ 576,740 ​ ​ ​
ASA International Group PLC(b)
​ ​ ​ ​ 2,671,825 ​ ​
​ ​ ​ 188,617 ​ ​ ​
Avon Rubber PLC
​ ​ ​ ​ 4,083,808 ​ ​
​ ​ ​ 156,409 ​ ​ ​
British American Tobacco PLC
​ ​ ​ ​ 5,484,876 ​ ​
​ ​ ​ 67,320 ​ ​ ​
Burberry Group PLC
​ ​ ​ ​ 1,775,181 ​ ​
​ ​ ​ 916,062 ​ ​ ​
Clipper Logistics PLC(a)(b)
 ​ ​ ​ ​ 2,437,648 ​ ​
​ ​ ​ 309,955 ​ ​ ​
Compass Group PLC
​ ​ ​ ​ 7,860,892 ​ ​
​ ​ ​ 460,731 ​ ​ ​
ConvaTec Group PLC(d)
​ ​ ​ ​ 980,106 ​ ​
​ ​ ​ 184,003 ​ ​ ​
Craneware PLC(b)
 ​ ​ ​ ​ 4,053,983 ​ ​
​ ​ ​ 16,947 ​ ​ ​
Croda International PLC
​ ​ ​ ​ 970,076 ​ ​
​ ​ ​ 285,562 ​ ​ ​
Diageo PLC
​ ​ ​ ​ 12,207,562 ​ ​
​ ​ ​ 102,524 ​ ​ ​
Farfetch Ltd., Class A Shares*
​ ​ ​ ​ 1,002,685 ​ ​
​ ​ ​ 210,982 ​ ​ ​
Future PLC
​ ​ ​ ​ 3,054,085 ​ ​
​ ​ ​ 610,234 ​ ​ ​
GB Group PLC
​ ​ ​ ​ 4,286,538 ​ ​
See Notes to Financial Statements.
46
Schedules of Investments
August 31, 2019 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
 ​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ United Kingdom – (continued) ​
​ ​ ​ 150,406 ​ ​ ​
Halma PLC
​ ​ ​ $ 3,594,289 ​ ​
​ ​ ​ 123,442 ​ ​ ​
HomeServe PLC
​ ​ ​ ​ 1,725,082 ​ ​
​ ​ ​ 781,093 ​ ​ ​
Horizon Discovery Group PLC*(b)
 ​ ​ ​ ​ 1,341,295 ​ ​
​ ​ ​ 293,272 ​ ​ ​
IMI PLC
​ ​ ​ ​ 3,589,409 ​ ​
​ ​ ​ 65,787 ​ ​ ​
Intertek Group PLC
​ ​ ​ ​ 4,350,693 ​ ​
​ ​ ​ 24,339 ​ ​ ​
Linde PLC
​ ​ ​ ​ 4,564,790 ​ ​
​ ​ ​ 24,480 ​ ​ ​
LivaNova PLC*
​ ​ ​ ​ 1,900,382 ​ ​
​ ​ ​ 49,960 ​ ​ ​
London Stock Exchange Group PLC
​ ​ ​ ​ 4,230,116 ​ ​
​ ​ ​ 441,742 ​ ​ ​
On the Beach Group PLC
​ ​ ​ ​ 2,002,740 ​ ​
​ ​ ​ 309,651 ​ ​ ​
Patisserie Holdings PLC*(b)(e)
 ​ ​ ​ ​ 3,768 ​ ​
​ ​ ​ 128,263 ​ ​ ​
Prudential PLC
​ ​ ​ ​ 2,137,466 ​ ​
​ ​ ​ 154,141 ​ ​ ​
Reckitt Benckiser Group PLC
​ ​ ​ ​ 12,023,389 ​ ​
​ ​ ​ 75,034 ​ ​ ​
RELX PLC
​ ​ ​ ​ 1,795,599 ​ ​
​ ​ ​ 217,591 ​ ​ ​
Rentokil Initial PLC
​ ​ ​ ​ 1,192,485 ​ ​
​ ​ ​ 132,916 ​ ​ ​
Smith & Nephew PLC
​ ​ ​ ​ 3,180,798 ​ ​
​ ​ ​ 82,646 ​ ​ ​
Spectris PLC
​ ​ ​ ​ 2,329,363 ​ ​
​ ​ ​ 55,601 ​ ​ ​
Spirax-Sarco Engineering PLC
​ ​ ​ ​ 5,432,458 ​ ​
​ ​ ​ 54,368 ​ ​ ​
St James’s Place PLC
​ ​ ​ ​ 607,604 ​ ​
​ ​ ​ 1,422,002 ​ ​ ​
Tullow Oil PLC
​ ​ ​ ​ 3,542,708 ​ ​
​ ​ ​ 1,309,477 ​ ​ ​
Vodafone Group PLC
​ ​ ​ ​ 2,472,600 ​ ​
​ ​ ​ 395,775 ​ ​ ​
YouGov PLC
​ ​ ​ ​ 2,807,467 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United Kingdom
​ ​ ​ ​ 127,158,161 ​ ​
​ United States – 3.3% ​
​ ​ ​ 58,654 ​ ​ ​
Analog Devices Inc.
​ ​ ​ ​ 6,441,969 ​ ​
​ ​ ​ 26,879 ​ ​ ​
ANSYS Inc.*
​ ​ ​ ​ 5,552,126 ​ ​
​ ​ ​ 2,220 ​ ​ ​
Booking Holdings Inc.*
​ ​ ​ ​ 4,365,430 ​ ​
​ ​ ​ 160,064 ​ ​ ​
Cadence Design Systems Inc.*
​ ​ ​ ​ 10,961,183 ​ ​
​ ​ ​ 101,418 ​ ​ ​
Colgate-Palmolive Co.
​ ​ ​ ​ 7,520,145 ​ ​
​ ​ ​ 26,747 ​ ​ ​
DENTSPLY SIRONA Inc.
​ ​ ​ ​ 1,394,856 ​ ​
​ ​ ​ 124,234 ​ ​ ​
Liberty Latin America Ltd., Class C Shares*
​ ​ ​ ​ 2,048,619 ​ ​
​ ​ ​ 18,400 ​ ​ ​
Mastercard Inc., Class A Shares
​ ​ ​ ​ 5,177,208 ​ ​
​ ​ ​ 21,679 ​ ​ ​
Nordson Corp.
​ ​ ​ ​ 2,947,477 ​ ​
​ ​ ​ 60,724 ​ ​ ​
Philip Morris International Inc.
​ ​ ​ ​ 4,377,593 ​ ​
​ ​ ​ 25,798 ​ ​ ​
Texas Instruments Inc.
​ ​ ​ ​ 3,192,502 ​ ​
See Notes to Financial Statements.
47
Schedules of Investments
August 31, 2019 (unaudited)
Destinations International Equity Fund (continued)
​
​
Shares/Units
 ​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ United States – (continued) ​
​ ​ ​ 43,246 ​ ​ ​
Waste Connections Inc.
​ ​ ​ $ 3,974,307 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United States
​ ​ ​ ​ 57,953,415 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMON STOCKS
(Cost – $1,272,095,828)
​ ​ ​
​
1,439,269,873
 ​ ​
​ EXCHANGE TRADED FUNDS (ETFs) – 14.8% ​
​ United States – 14.8% ​
​ ​ ​ 3,114,985 ​ ​ ​
iShares Core MSCI EAFE
​ ​ ​ ​ 184,812,060 ​ ​
​ ​ ​ 1,592,904 ​ ​ ​
iShares Core MSCI Emerging Markets
​ ​ ​ ​ 76,889,476 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United States
​ ​ ​ ​ 261,701,536 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Cost – $256,053,458)
​ ​ ​
​
261,701,536
 ​ ​
​ PREFERRED STOCK – 0.0% ​
​ United Kingdom – 0.0% ​
​ ​ ​ 1,899 ​ ​ ​
Roofoods Ltd. Series G, Private Placement*(b)(e)@
(Cost – $793,594)
​ ​ ​ ​ 793,594 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $1,528,963,036)
​ ​ ​
​
1,701,765,699
 ​ ​
​
Face Amount†
 ​ ​ ​ ​ ​ ​ ​
​ SHORT-TERM INVESTMENTS – 4.1% ​
​ TIME DEPOSITS – 3.3% ​
​ ​ $ 10,905,089 ​ ​ ​
ANZ National Bank – London, 1.490% due 9/3/19
​ ​ ​ ​ 10,905,089 ​ ​
​ ​ ​ 19,175,738 ​ ​ ​
Banco Santander SA – Frankfurt, 1.490% due 9/3/19
​ ​ ​ ​ 19,175,738 ​ ​
​ ​ ​ 224,316HKD ​ ​ ​
BNP Paribas – Paris, 0.750% due 9/2/19
​ ​ ​ ​ 28,609 ​ ​
​ ​ ​ ​ ​ ​ ​ Brown Brothers Harriman – Grand Cayman: ​ ​
​ ​ ​ 175CHF ​ ​ ​
(1.580)% due 9/2/19
​ ​ ​ ​ 177 ​ ​
​ ​ ​ 1,254,098DKK ​ ​ ​
(0.800)% due 9/2/19
​ ​ ​ ​ 184,850 ​ ​
​ ​ ​ 2,466EUR ​ ​ ​
(0.580)% due 9/2/19
​ ​ ​ ​ 2,710 ​ ​
​ ​ ​ 1,791SEK ​ ​ ​
(0.320)% due 9/2/19
​ ​ ​ ​ 182 ​ ​
​ ​ ​ 1,486,350JPY ​ ​ ​
(0.250)% due 9/2/19
​ ​ ​ ​ 13,992 ​ ​
​ ​ ​ 4NZD ​ ​ ​
0.280% due 9/2/19
​ ​ ​ ​ 2 ​ ​
​ ​ ​ 63GBP ​ ​ ​
0.370% due 9/2/19
​ ​ ​ ​ 77 ​ ​
​ ​ ​ 77AUD ​ ​ ​
0.450% due 9/2/19
​ ​ ​ ​ 52 ​ ​
​ ​ ​ 109NOK ​ ​ ​
0.500% due 9/2/19
​ ​ ​ ​ 12 ​ ​
​ ​ ​ 5,604HKD ​ ​ ​
0.750% due 9/2/19
​ ​ ​ ​ 715 ​ ​
​ ​ ​ 768SGD ​ ​ ​
0.940% due 9/2/19
​ ​ ​ ​ 553 ​ ​
​ ​ ​ 8,788ZAR ​ ​ ​
5.460% due 9/2/19
​ ​ ​ ​ 579 ​ ​
​ ​ ​ 33CAD ​ ​ ​
0.870% due 9/3/19
​ ​ ​ ​ 25 ​ ​
See Notes to Financial Statements.
48
Schedules of Investments
August 31, 2019 (unaudited)
Destinations International Equity Fund (continued)
​
​
Face Amount†
 ​ ​
Security
 ​ ​
Value
 ​
​ SHORT-TERM INVESTMENTS – (continued) ​
​ TIME DEPOSITS – (continued) ​
​ ​ $ 19 ​ ​ ​
1.490% due 9/3/19
​ ​ ​ $ 19 ​ ​
​ ​ ​ 478,278GBP ​ ​ ​
Citibank – London, 0.370% due 9/2/19
​ ​ ​ ​ 581,921 ​ ​
​ ​ ​ 27,779,380 ​ ​ ​
JPMorgan Chase & Co. – New York, 1.490% due 9/3/19
​ ​ ​ ​ 27,779,380 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TIME DEPOSITS
(Cost – $58,674,682)
​ ​ ​
​
58,674,682
 ​ ​
​ U.S. GOVERNMENT AGENCY – 0.8% ​
​ ​ ​ 14,359,000 ​ ​ ​
Federal Home Loan Bank (FHLB) Discount Notes, zero coupon,
due 9/3/19(f)
(Cost – $14,357,484)
​ ​ ​ ​ 14,357,484 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SHORT-TERM INVESTMENTS
(Cost – $73,032,166)
​ ​ ​
​
73,032,166
 ​ ​
​ INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 1.7% ​
​ MONEY MARKET FUND – 1.7% ​
​ ​ ​ 30,252,118 ​ ​ ​
Federated Government Obligations Fund, Premier Class, 2.012%(g)
(Cost – $30,252,118)
​ ​ ​ ​ 30,252,118 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 101.9%
(Cost – $1,632,247,320#)
​ ​ ​
​
1,805,049,983
 ​ ​
​ ​ ​ ​ ​ ​ ​
Liabilities in Excess of Other Assets – (1.9)%
​ ​ ​ ​ (34,113,486) ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
 ​ ​ ​ $ 1,770,936,497 ​ ​
​
​
†
Face amount denominated in U.S. dollars, unless otherwise noted.
​
*
Non-income producing security.
​
(a)
All or a portion of this security is on loan (See Note 5).
​
(b)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2019, amounts to approximately $88,554,265 and represents 5.00% of net assets.
​
(c)
Security trades on the Hong Kong exchange.
​
(d)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2019, amounts to approximately $26,096,385 and represents 1.47% of net assets.
​
(e)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.
​
(f)
Rate shown represents yield-to-maturity.
​
(g)
Represents investment of collateral received from securities lending transactions.
​
#
Aggregate cost for federal income tax purposes is substantially the same.
​
@
Restricted security — Investment in security not registered under the Securities Act of 1933. The investment is deemed to not be liquid and may be sold to qualified buyers.
​
​
See Notes to Financial Statements.
49
Schedules of Investments
August 31, 2019 (unaudited)
Destinations International Equity Fund (continued)
​
Security
 ​ ​
Acquisition
Date
 ​ ​
Acquisition
Cost
 ​ ​
Market
Value
 ​ ​
Percent of
Net Assets
 ​
Roofoods Ltd. Series G, Private Placement
​ ​ ​ ​ 5/16/19 ​ ​ ​ ​ $ 793,594 ​ ​ ​ ​ $ 793,594 ​ ​ ​ ​ ​ 0.04% ​ ​
Sarana Menara Nusantara Tbk PT
​ ​ ​ ​ 4/3/17 ​ ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 2,214,339 ​ ​ ​ ​ ​ 0.13% ​ ​
SM Investments Corp.
​ ​ ​ ​ 5/23/18 ​ ​ ​ ​ ​ 348,872 ​ ​ ​ ​ ​ 1,642,206 ​ ​ ​ ​ ​ 0.09% ​ ​
Spandana Sphoorty Financial Ltd.
​ ​ ​ ​ 8/2/19 ​ ​ ​ ​ ​ 1,788,956 ​ ​ ​ ​ ​ 1,808,946 ​ ​ ​ ​ ​ 0.10% ​ ​
Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,459,085 ​ ​ ​ ​ ​ 0.36% ​ ​
Abbreviations used in this schedule:
​
ADR
 —    American Depositary Receipts
​
 ​
​
CDI
 —    Clearing House Electronics Systems (CHESS) Depositary Interest
​
 ​
​
NVDR
 —    Non Voting Depository Receipts
​
 ​
​
PCL
 —    Public Company Limited
​
 ​
​
PLC
 —    Public Limited Company
​
 ​
Summary of Investments by Security Sector^
​
Consumer Non-cyclical
​ ​ ​ ​ 26.4% ​ ​
​
Financial
​ ​ ​ ​ 12.0 ​ ​
​
Technology
​ ​ ​ ​ 11.0 ​ ​
​
Industrial
​ ​ ​ ​ 9.0 ​ ​
​
Consumer Cyclical
​ ​ ​ ​ 8.3 ​ ​
​
Communications
​ ​ ​ ​ 8.0 ​ ​
​
Basic Materials
​ ​ ​ ​ 2.8 ​ ​
​
Energy
​ ​ ​ ​ 1.5 ​ ​
​
Utilities
​ ​ ​ ​ 0.4 ​ ​
​
Diversified
​ ​ ​ ​ 0.4 ​ ​
​
Exchange Traded Funds (ETFs)
​ ​ ​ ​ 14.5 ​ ​
​
Short-Term Investments
​ ​ ​ ​ 4.0 ​ ​
​
Money Market Fund
​ ​ ​ ​ 1.7 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
At August 31, 2019, Destinations International Equity Fund had open forward foreign currency contracts as described below.
The unrealized appreciation/(depreciation) on the open contracts reflected in the accompanying financial statements were as follows:
Foreign Currency
​ ​
Local
Currency
​ ​
Counterparty
​ ​
Market
Value
​ ​
Settlement
Date
​ ​
Unrealized
Appreciation
​ ​
Unrealized
(Depreciation)
​ ​
Net
Unrealized
Appreciation/​
(Depreciation)
​
Contracts to Sell: ​ ​ ​ ​ ​ ​ ​ ​
Japanese Yen
​ ​ ​ ​ 220,042,000 ​ ​ ​ ​ ​ JPM ​ ​ ​ ​ $ 2,073,401 ​ ​ ​ ​ ​ 9/17/19 ​ ​ ​ ​ $ 17,504 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 17,504 ​ ​
Japanese Yen
​ ​ ​ ​ 1,563,100,000 ​ ​ ​ ​ ​ HSBC ​ ​ ​ ​ ​ 14,894,981 ​ ​ ​ ​ ​ 2/21/20 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (32,619) ​ ​ ​ ​ ​ (32,619) ​ ​
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts ​ ​ ​ $ 17,504 ​ ​ ​ ​ $ (32,619) ​ ​ ​ ​ $ (15,115) ​ ​
See Notes to Financial Statements.
50
Schedules of Investments
August 31, 2019 (unaudited)
Destinations International Equity Fund (concluded)
​
 
Currency Abbreviations used in this schedule:
​
AUD
 —    Australian Dollar
​
 ​
​
CAD
 —    Canadian Dollar
​
 ​
​
CHF
 —    Swiss Franc
​
 ​
​
DKK
 —    Danish Krone
​
 ​
​
EUR
 —    Euro
​
 ​
​
GBP
 —    British Pound
​
 ​
​
HKD
 —    Hong Kong Dollar
​
 ​
​
INR
 —    Indian Rupee
​
 ​
​
JPY
 —    Japanese Yen 
​
 ​
​
NOK
 —    Norwegian Krone
​
 ​
​
NZD
 —    New Zealand Dollar
​
 ​
​
SEK
 —    Swedish Krona
​
 ​
​
SGD
 —    Singapore Dollar
​
 ​
​
ZAR
 —    South African Rand
​
 ​
Counterparty Abbreviations used in this schedule:
​
HSBC
 —    HSBC Bank USA
​
 ​
​
JPM
 —    JPMorgan Chase & Co.
​
 ​
​
See Notes to Financial Statements.
51
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Equity Income Fund
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – 77.2% ​
​ BASIC MATERIALS – 0.9% ​
​ Chemicals – 0.9% ​
​ ​ ​ 37,770 ​ ​ ​
DuPont de Nemours Inc.
​ ​ ​ $ 2,565,716 ​ ​
​ ​ ​ 14,400 ​ ​ ​
LyondellBasell Industries NV, Class A Shares
​ ​ ​ ​ 1,114,272 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Chemicals
​ ​ ​ ​ 3,679,988 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL BASIC MATERIALS
 ​ ​ ​ ​ 3,679,988 ​ ​
​ COMMUNICATIONS – 8.8% ​
​ Media – 0.4% ​
​ ​ ​ 66,255 ​ ​ ​
Viacom Inc., Class B Shares
​ ​ ​ ​ 1,655,050 ​ ​
​ Telecommunications – 8.4% ​
​ ​ ​ 295,172 ​ ​ ​
AT&T Inc.
​ ​ ​ ​ 10,407,765 ​ ​
​ ​ ​ 147,243 ​ ​ ​
BCE Inc.
​ ​ ​ ​ 6,968,004 ​ ​
​ ​ ​ 41,400 ​ ​ ​
Nippon Telegraph & Telephone Corp.
​ ​ ​ ​ 1,986,109 ​ ​
​ ​ ​ 170,400 ​ ​ ​
Telefonica Brasil SA
​ ​ ​ ​ 2,208,092 ​ ​
​ ​ ​ 159,426 ​ ​ ​
Verizon Communications Inc.
​ ​ ​ ​ 9,272,216 ​ ​
​ ​ ​ 2,226,168 ​ ​ ​
Vodafone Group PLC
​ ​ ​ ​ 4,204,797 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Telecommunications
​ ​ ​ ​ 35,046,983 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMUNICATIONS
 ​ ​ ​ ​ 36,702,033 ​ ​
​ CONSUMER CYCLICAL – 3.7% ​
​ Airlines – 0.9% ​
​ ​ ​ 67,615 ​ ​ ​
Delta Air Lines Inc.
​ ​ ​ ​ 3,912,204 ​ ​
​ Distribution/Wholesale – 0.5% ​
​ ​ ​ 127,000 ​ ​ ​
Mitsui & Co., Ltd.
​ ​ ​ ​ 1,988,242 ​ ​
​ Home Builders – 0.6% ​
​ ​ ​ 149,400 ​ ​ ​
Sekisui House Ltd.
​ ​ ​ ​ 2,651,859 ​ ​
​ Retail – 0.8% ​
​ ​ ​ 12,100 ​ ​ ​
Cracker Barrel Old Country Store Inc.
​ ​ ​ ​ 2,001,340 ​ ​
​ ​ ​ 541,300 ​ ​ ​
Kingfisher PLC
​ ​ ​ ​ 1,280,647 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Retail
​ ​ ​ ​ 3,281,987 ​ ​
​ Toys/Games/Hobbies – 0.9% ​
​ ​ ​ 10,000 ​ ​ ​
Nintendo Co., Ltd.
​ ​ ​ ​ 3,792,892 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER CYCLICAL
 ​ ​ ​ ​ 15,627,184 ​ ​
​ CONSUMER NON-CYCLICAL – 18.4% ​
​ Agriculture – 3.9% ​
​ ​ ​ 114,134 ​ ​ ​
Altria Group Inc.
​ ​ ​ ​ 4,992,221 ​ ​
​ ​ ​ 73,350 ​ ​ ​
British American Tobacco PLC
​ ​ ​ ​ 2,570,254 ​ ​
​ ​ ​ 119,721 ​ ​ ​
Philip Morris International Inc.
​ ​ ​ ​ 8,630,687 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Agriculture
​ ​ ​ ​ 16,193,162 ​ ​
​ Beverages – 3.6% ​
​ ​ ​ 158,061 ​ ​ ​
Coca-Cola Co.
​ ​ ​ ​ 8,699,677 ​ ​
​ ​ ​ 47,250 ​ ​ ​
PepsiCo Inc.
​ ​ ​ ​ 6,460,493 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Beverages
​ ​ ​ ​ 15,160,170 ​ ​
See Notes to Financial Statements.
52
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Equity Income Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ CONSUMER NON-CYCLICAL – (continued) ​
​ Biotechnology – 1.1% ​
​ ​ ​ 73,073 ​ ​ ​
Gilead Sciences Inc.
​ ​ ​ $ 4,643,058 ​ ​
​ Household Products/Wares – 1.5% ​
​ ​ ​ 19,100 ​ ​ ​
Henkel AG & Co. KGaA
​ ​ ​ ​ 1,912,358 ​ ​
​ ​ ​ 31,125 ​ ​ ​
Kimberly-Clark Corp.
​ ​ ​ ​ 4,392,049 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Household Products/Wares
​ ​ ​ ​ 6,304,407 ​ ​
​ Pharmaceuticals – 8.3% ​
​ ​ ​ 133,426 ​ ​ ​
AbbVie Inc.
​ ​ ​ ​ 8,771,425 ​ ​
​ ​ ​ 20,866 ​ ​ ​
AstraZeneca PLC
​ ​ ​ ​ 1,857,869 ​ ​
​ ​ ​ 26,500 ​ ​ ​
Bayer AG, Class Registered Shares
​ ​ ​ ​ 1,961,266 ​ ​
​ ​ ​ 42,845 ​ ​ ​
Bristol-Myers Squibb Co.
​ ​ ​ ​ 2,059,559 ​ ​
​ ​ ​ 539,875 ​ ​ ​
GlaxoSmithKline PLC
​ ​ ​ ​ 11,242,917 ​ ​
​ ​ ​ 152,275 ​ ​ ​
Pfizer Inc.
​ ​ ​ ​ 5,413,376 ​ ​
​ ​ ​ 4,858 ​ ​ ​
Roche Holding AG
​ ​ ​ ​ 1,328,122 ​ ​
​ ​ ​ 23,110 ​ ​ ​
Sanofi
​ ​ ​ ​ 1,984,173 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Pharmaceuticals
​ ​ ​ ​ 34,618,707 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER NON-CYCLICAL
 ​ ​ ​ ​ 76,919,504 ​ ​
​ ENERGY – 12.2% ​
​ Oil & Gas – 9.7% ​
​ ​ ​ 1,162,925 ​ ​ ​
BP PLC
​ ​ ​ ​ 7,077,484 ​ ​
​ ​ ​ 49,439 ​ ​ ​
BP PLC, ADR
​ ​ ​ ​ 1,826,771 ​ ​
​ ​ ​ 84,372 ​ ​ ​
Chevron Corp.
​ ​ ​ ​ 9,932,272 ​ ​
​ ​ ​ 117,875 ​ ​ ​
Exxon Mobil Corp.
​ ​ ​ ​ 8,072,080 ​ ​
​ ​ ​ 74,400 ​ ​ ​
Occidental Petroleum Corp.
​ ​ ​ ​ 3,234,912 ​ ​
​ ​ ​ 78,575 ​ ​ ​
Suncor Energy Inc.
​ ​ ​ ​ 2,296,747 ​ ​
​ ​ ​ 155,782 ​ ​ ​
TOTAL SA
​ ​ ​ ​ 7,771,322 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Oil & Gas
​ ​ ​ ​ 40,211,588 ​ ​
​ Pipelines – 2.5% ​
​ ​ ​ 111,075 ​ ​ ​
Enbridge Inc.
​ ​ ​ ​ 3,715,433 ​ ​
​ ​ ​ 148,800 ​ ​ ​
Enterprise Products Partners LP
​ ​ ​ ​ 4,242,288 ​ ​
​ ​ ​ 98,036 ​ ​ ​
Equitrans Midstream Corp.
​ ​ ​ ​ 1,322,505 ​ ​
​ ​ ​ 26,375 ​ ​ ​
TC Energy Corp.
​ ​ ​ ​ 1,351,589 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Pipelines
​ ​ ​ ​ 10,631,815 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL ENERGY
 ​ ​ ​ ​ 50,843,403 ​ ​
​ FINANCIAL – 15.9% ​
​ Banks – 6.1% ​
​ ​ ​ 647,485 ​ ​ ​
AIB Group PLC
​ ​ ​ ​ 1,643,838 ​ ​
​ ​ ​ 66,880 ​ ​ ​
Bank of America Corp.
​ ​ ​ ​ 1,839,869 ​ ​
​ ​ ​ 40,450 ​ ​ ​
Bank of NT Butterfield & Son Ltd.
​ ​ ​ ​ 1,114,802 ​ ​
​ ​ ​ 47,875 ​ ​ ​
Canadian Imperial Bank of Commerce
​ ​ ​ ​ 3,708,807 ​ ​
​ ​ ​ 64,000 ​ ​ ​
Citigroup Inc.
​ ​ ​ ​ 4,118,400 ​ ​
See Notes to Financial Statements.
53
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Equity Income Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ FINANCIAL – (continued) ​
​ Banks – (continued) ​
​ ​ ​ 249,695 ​ ​ ​
ING Groep NV
​ ​ ​ $ 2,386,694 ​ ​
​ ​ ​ 17,920 ​ ​ ​
JPMorgan Chase & Co.
​ ​ ​ ​ 1,968,691 ​ ​
​ ​ ​ 137,025 ​ ​ ​
KeyCorp
​ ​ ​ ​ 2,274,615 ​ ​
​ ​ ​ 20,175 ​ ​ ​
PNC Financial Services Group Inc.
​ ​ ​ ​ 2,601,163 ​ ​
​ ​ ​ 175,600 ​ ​ ​
Regions Financial Corp.
​ ​ ​ ​ 2,567,272 ​ ​
​ ​ ​ 1,395,000 ​ ​ ​
Unicaja Banco SA(a)
 ​ ​ ​ ​ 1,027,227 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Banks
​ ​ ​ ​ 25,251,378 ​ ​
​ Diversified Financial Services – 1.3% ​
​ ​ ​ 396,515 ​ ​ ​
Daiwa Securities Group Inc.
​ ​ ​ ​ 1,708,869 ​ ​
​ ​ ​ 14,100 ​ ​ ​
Deutsche Boerse AG
​ ​ ​ ​ 2,072,671 ​ ​
​ ​ ​ 115,300 ​ ​ ​
Invesco Ltd.
​ ​ ​ ​ 1,810,210 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Diversified Financial Services
​ ​ ​ ​ 5,591,750 ​ ​
​ Equity Real Estate Investment Trusts (REITs) – 5.2% ​
​ ​ ​ 22,325 ​ ​ ​
Crown Castle International Corp.
​ ​ ​ ​ 3,240,920 ​ ​
​ ​ ​ 17,975 ​ ​ ​
Digital Realty Trust Inc.
​ ​ ​ ​ 2,222,249 ​ ​
​ ​ ​ 62,245 ​ ​ ​
MGM Growth Properties LLC, Class A Shares
​ ​ ​ ​ 1,919,636 ​ ​
​ ​ ​ 38,625 ​ ​ ​
National Retail Properties Inc.
​ ​ ​ ​ 2,168,794 ​ ​
​ ​ ​ 77,550 ​ ​ ​
Omega Healthcare Investors Inc.
​ ​ ​ ​ 3,154,734 ​ ​
​ ​ ​ 94,550 ​ ​ ​
Ventas Inc.
​ ​ ​ ​ 6,939,024 ​ ​
​ ​ ​ 23,175 ​ ​ ​
Welltower Inc.
​ ​ ​ ​ 2,075,553 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Equity Real Estate Investment Trusts (REITs)
​ ​ ​ ​ 21,720,910 ​ ​
​ Insurance – 2.6% ​
​ ​ ​ 51,350 ​ ​ ​
Ageas
​ ​ ​ ​ 2,748,444 ​ ​
​ ​ ​ 8,230 ​ ​ ​
Allianz SE, Class Registered Shares
​ ​ ​ ​ 1,813,559 ​ ​
​ ​ ​ 39,237 ​ ​ ​
CNA Financial Corp.
​ ​ ​ ​ 1,849,240 ​ ​
​ ​ ​ 80,317 ​ ​ ​
Old Republic International Corp.
​ ​ ​ ​ 1,876,205 ​ ​
​ ​ ​ 13,135 ​ ​ ​
RenaissanceRe Holdings Ltd.
​ ​ ​ ​ 2,371,524 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Insurance
​ ​ ​ ​ 10,658,972 ​ ​
​ Private Equity – 0.5% ​
​ ​ ​ 54,480 ​ ​ ​
AURELIUS Equity Opportunities SE & Co. KGaA
​ ​ ​ ​ 2,119,619 ​ ​
​ Real Estate – 0.2% ​
​ ​ ​ 297,000 ​ ​ ​
Great Eagle Holdings Ltd.
​ ​ ​ ​ 1,096,584 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL FINANCIAL
 ​ ​ ​ ​ 66,439,213 ​ ​
​ INDUSTRIAL – 4.0% ​
​ Miscellaneous Manufacturers – 1.0% ​
​ ​ ​ 23,450 ​ ​ ​
Eaton Corp. PLC
​ ​ ​ ​ 1,892,884 ​ ​
​ ​ ​ 24,300 ​ ​ ​
Siemens AG, Class Registered Shares
​ ​ ​ ​ 2,428,994 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Miscellaneous Manufacturers
​ ​ ​ ​ 4,321,878 ​ ​
​ Packaging & Containers – 0.5% ​
​ ​ ​ 193,775 ​ ​ ​
Amcor PLC*
​ ​ ​ ​ 1,902,871 ​ ​
See Notes to Financial Statements.
54
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Equity Income Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – (continued) ​
​ INDUSTRIAL – (continued) ​
​ Transportation – 2.5% ​
​ ​ ​ 123,060 ​ ​ ​
Deutsche Post AG, Class Registered Shares
​ ​ ​ $ 4,043,948 ​ ​
​ ​ ​ 52,275 ​ ​ ​
United Parcel Service Inc., Class B Shares
​ ​ ​ ​ 6,202,951 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Transportation
​ ​ ​ ​ 10,246,899 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INDUSTRIAL
 ​ ​ ​ ​ 16,471,648 ​ ​
​ TECHNOLOGY – 2.8% ​
​ Semiconductors – 1.4% ​
​ ​ ​ 6,588 ​ ​ ​
Broadcom Inc.
​ ​ ​ ​ 1,862,032 ​ ​
​ ​ ​ 56,524 ​ ​ ​
Cypress Semiconductor Corp.
​ ​ ​ ​ 1,300,617 ​ ​
​ ​ ​ 70,500 ​ ​ ​
Infineon Technologies AG
​ ​ ​ ​ 1,220,203 ​ ​
​ ​ ​ 52,100 ​ ​ ​
Samsung Electronics Co., Ltd.
​ ​ ​ ​ 1,586,210 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Semiconductors
​ ​ ​ ​ 5,969,062 ​ ​
​ Software – 1.4% ​
​ ​ ​ 22,000 ​ ​ ​
Microsoft Corp.
​ ​ ​ ​ 3,032,920 ​ ​
​ ​ ​ 51,780 ​ ​ ​
Oracle Corp.
​ ​ ​ ​ 2,695,667 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Software
​ ​ ​ ​ 5,728,587 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TECHNOLOGY
 ​ ​ ​ ​ 11,697,649 ​ ​
​ UTILITIES – 10.5% ​
​ Electric – 7.8% ​
​ ​ ​ 126,475 ​ ​ ​
Dominion Energy Inc.
​ ​ ​ ​ 9,818,254 ​ ​
​ ​ ​ 85,200 ​ ​ ​
Duke Energy Corp.
​ ​ ​ ​ 7,901,448 ​ ​
​ ​ ​ 128,240 ​ ​ ​
Engie SA
​ ​ ​ ​ 1,948,525 ​ ​
​ ​ ​ 43,490 ​ ​ ​
FirstEnergy Corp.
​ ​ ​ ​ 2,000,540 ​ ​
​ ​ ​ 191,525 ​ ​ ​
PPL Corp.
​ ​ ​ ​ 5,659,564 ​ ​
​ ​ ​ 89,190 ​ ​ ​
Southern Co.
​ ​ ​ ​ 5,196,210 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Electric
​ ​ ​ ​ 32,524,541 ​ ​
​ Gas – 2.2% ​
​ ​ ​ 882,933 ​ ​ ​
National Grid PLC
​ ​ ​ ​ 9,222,561 ​ ​
​ Water – 0.5% ​
​ ​ ​ 78,060 ​ ​ ​
Veolia Environnement SA
​ ​ ​ ​ 1,865,973 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL UTILITIES
 ​ ​ ​ ​ 43,613,075 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMON STOCKS
(Cost – $321,395,984)
​ ​ ​
​
321,993,697
 ​ ​
​ EXCHANGE TRADED FUNDS (ETFs) – 19.6% ​
​ ​ ​ 1,340,702 ​ ​ ​
iShares Core Dividend Growth(b)
 ​ ​ ​ ​ 51,228,223 ​ ​
​ ​ ​ 331,594 ​ ​ ​
iShares Core High Dividend(b)
 ​ ​ ​ ​ 30,725,500 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Cost – $72,966,312)
​ ​ ​
​
81,953,723
 ​ ​
See Notes to Financial Statements.
55
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Equity Income Fund (continued)
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ CONVERTIBLE PREFERRED STOCK – 0.4% ​
​ UTILITIES – 0.4% ​
​ Electric – 0.4% ​
​ ​ ​ 37,060 ​ ​ ​
CenterPoint Energy Inc., 7.000%
(Cost – $1,894,704)
​ ​ ​ $ 1,832,617 ​ ​
​ WARRANT – 0.3% ​
​ FINANCIAL – 0.3% ​
​ Diversified Financial Services – 0.3% ​
​ ​ ​ 3,901 ​ ​ ​
Merrill Lynch International & Co. CV*(a)(c)(d)
(Cost – $1,095,857)
​ ​ ​ ​ 1,100,233 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $397,352,857)
​ ​ ​
​
406,880,270
 ​ ​
​
Face Amount†
 ​ ​ ​ ​ ​ ​ ​
​ SHORT-TERM INVESTMENTS – 2.3% ​
​ TIME DEPOSITS – 2.3% ​
​ ​ $ 6,675,644 ​ ​ ​
Banco Santander SA – Frankfurt, 1.490% due 9/3/19
​ ​ ​ ​ 6,675,644 ​ ​
​ ​ ​ ​ ​ ​ ​ Brown Brothers Harriman – Grand Cayman: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 9HKD ​ ​ ​
0.750% due 9/2/19
​ ​ ​ ​ 1 ​ ​
​ ​ ​ 17 ​ ​ ​
1.490% due 9/3/19
​ ​ ​ ​ 17 ​ ​
​ ​ ​ 2,813,088 ​ ​ ​
JPMorgan Chase & Co. – New York, 1.490% due 9/3/19
​ ​ ​ ​ 2,813,088 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TIME DEPOSITS
(Cost – $9,488,750)
​ ​ ​
​
9,488,750
 ​ ​
​ INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.2% ​
​ MONEY MARKET FUND – 0.2% ​
​ ​ ​ 799,570 ​ ​ ​
Federated Government Obligations Fund, Premier Class, 2.012%(e)
(Cost – $799,570)
​ ​ ​ ​ 799,570 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 100.0%
(Cost – $407,641,177#)
​ ​ ​ ​ 417,168,590 ​ ​
​ ​ ​ ​ ​ ​ ​
Other Assets in Excess of Liabilities – 0.0%
​ ​ ​ ​ 118,469 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
 ​ ​ ​ $ 417,287,059 ​ ​
​
†
Face amount denominated in U.S. dollars, unless otherwise noted.
​
*
Non-income producing security.
​
(a)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2019, amounts to approximately $2,127,460 and represents 0.51% of net assets.
​
(b)
All or a portion of this security is on loan (See Note 5).
​
(c)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.
​
(d)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2019, amounts to approximately $1,100,233 and represents 0.26% of net assets.
​
​
See Notes to Financial Statements.
56
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Equity Income Fund (concluded)
​
(e)
Represents investment of collateral received from securities lending transactions.
​
#
Aggregate cost for federal income tax purposes is substantially the same.
​
Abbreviations used in this schedule:
ADR
 —  American Depositary Receipts
​
LLC
 —  Limited Liability Company
​
LP
 —  Limited Partnership
​
PLC
 —  Public Limited Company
​
Summary of Investments by Security Sector^
​
Consumer Non-cyclical
​ ​ ​ ​ 18.5% ​ ​
​
Financial
​ ​ ​ ​ 16.2 ​ ​
​
Energy
​ ​ ​ ​ 12.2 ​ ​
​
Utilities
​ ​ ​ ​ 10.9 ​ ​
​
Communications
​ ​ ​ ​ 8.8 ​ ​
​
Industrial
​ ​ ​ ​ 3.9 ​ ​
​
Consumer Cyclical
​ ​ ​ ​ 3.7 ​ ​
​
Technology
​ ​ ​ ​ 2.8 ​ ​
​
Basic Materials
​ ​ ​ ​ 0.9 ​ ​
​
Exchange Traded Funds (ETFs)
​ ​ ​ ​ 19.6 ​ ​
​
Short-Term Investments
​ ​ ​ ​ 2.3 ​ ​
​
Money Market Fund
​ ​ ​ ​ 0.2 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
Currency Abbreviations used in this schedule:
HKD
 —  Hong Kong Dollar
​
​
See Notes to Financial Statements.
57
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Real Assets Fund
​
​
Shares/Units
​ ​
Security
​ ​
Value
​
​ COMMON STOCKS – 5.6% ​
​ Canada – 5.5% ​
​ ​ ​ 17,533,079 ​ ​ ​
Turquoise Hill Resources Ltd.*
​ ​ ​ $ 7,721,568 ​ ​
​ United States – 0.1% ​
​ ​ ​ 74,934 ​ ​ ​
Covia Holdings Corp.*(a)
 ​ ​ ​ ​ 112,401 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMON STOCKS
(Cost – $26,440,488)
​ ​ ​
​
7,833,969
 ​ ​
​ EXCHANGE TRADED FUND (ETF) – 25.9% ​
​ United States – 25.9% ​
​ ​ ​ 670,691 ​ ​ ​
iShares Core US REIT(a)
(Cost – $32,181,372)
​ ​ ​ ​ 36,478,884 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $58,621,860)
​ ​ ​ ​ 44,312,853 ​ ​
​
Face Amount†
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ SHORT-TERM INVESTMENTS – 64.6% ​
​ TIME DEPOSITS – 64.6% ​
​ ​ $ 55,819,366 ​ ​ ​
Banco Bilbao Vizcaya Argentaria SA – Madrid, 1.490% due 9/3/19
​ ​ ​ ​ 55,819,366 ​ ​
​ ​ ​ 1,311,013 ​ ​ ​
Banco Santander SA – Frankfurt, 1.490% due 9/3/19
​ ​ ​ ​ 1,311,013 ​ ​
​ ​ ​ 12AUD ​ ​ ​
Brown Brothers Harriman – Grand Cayman, 0.450% due 9/2/19
​ ​ ​ ​ 8 ​ ​
​ ​ ​ 33,635,990 ​ ​ ​
Citibank – New York, 1.490% due 9/3/19
​ ​ ​ ​ 33,635,990 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TIME DEPOSITS
(Cost – $90,766,377)
​ ​ ​ ​ 90,766,377 ​ ​
​ INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.4% ​
​ MONEY MARKET FUND – 0.4% ​
​ ​ ​ 616,340 ​ ​ ​
Federated Government Obligations Fund, Premier Class, 2.012%(b)
(Cost – $616,340)
​ ​ ​ ​ 616,340 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 96.5%
(Cost – $150,004,577#)
​ ​ ​ ​ 135,695,570 ​ ​
​ ​ ​ ​ ​ ​ ​
Other Assets in Excess of Liabilities – 3.5%
​ ​ ​ ​ 4,877,840 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
​ ​ ​ $ 140,573,410 ​ ​
​
†
Face amount denominated in U.S. dollars, unless otherwise noted.
​
*
Non-income producing security.
​
(a)
All or a portion of this security is on loan (See Note 5).
​
(b)
Represents investment of collateral received from securities lending transactions.
​
#
Aggregate cost for federal income tax purposes is substantially the same.
​
​
Abbreviations used in this schedule:
​
REIT
 —    Real Estate Investment Trust
​
 ​
​ Currency Abbreviations used in this schedule: ​
​
AUD
 —    Australian Dollar
​
 ​
​
See Notes to Financial Statements.
58
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Real Assets Fund (concluded)
​
Summary of Investments by Security Sector^
​
Basic Materials
​ ​ ​ ​ 5.8% ​ ​
​
Exchange Traded Fund (ETF)
​ ​ ​ ​ 26.9 ​ ​
​
Short-Term Investments
​ ​ ​ ​ 66.9 ​ ​
​
Money Market Fund
​ ​ ​ ​ 0.4 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
​
See Notes to Financial Statements.
59
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – 22.0% ​
​ ​ ​ ​ ​ ​ ​ 20 Times Square Trust: ​
​ ​ $ 491,000 ​ ​ ​
Series 2018-20TS, Class F, 3.203% due 5/15/35(a)(b)
 ​ ​ ​ $ 485,178 ​ ​
​ ​ ​ 491,000 ​ ​ ​
Series 2018-20TS, Class G, 3.203% due 5/15/35(a)(b)
 ​ ​ ​ ​ 477,226 ​ ​
​ ​ ​ ​ ​ ​ ​ Alternative Loan Trust: ​
​ ​ ​ 8,944,916 ​ ​ ​
Series 2005-7CB, Class 2A2, 2.905% (1-Month USD-LIBOR + 5.050%)
due 4/25/35(a)(c)
 ​ ​ ​ ​ 923,590 ​ ​
​ ​ ​ 8,944,916 ​ ​ ​
Series 2005-7CB, Class 2A5, 2.595% (1-Month USD-LIBOR + 0.450%)
due 4/25/35(a)
 ​ ​ ​ ​ 7,823,267 ​ ​
​ ​ ​ 1,169,574 ​ ​ ​
Series 2005-28CB, Class 1A7, 5.500% due 8/25/35
​ ​ ​ ​ 1,170,477 ​ ​
​ ​ ​ ​ ​ ​ ​ Angel Oak Mortgage Trust I LLC: ​
​ ​ ​ 1,520,776 ​ ​ ​
Series 2018-3, Class A1, 3.649% due 9/25/48(a)(b)
 ​ ​ ​ ​ 1,537,555 ​ ​
​ ​ ​ 1,657,763 ​ ​ ​
Series 2018-3, Class A2, 3.751% due 9/25/48(a)(b)
 ​ ​ ​ ​ 1,676,280 ​ ​
​ ​ ​ 1,583,043 ​ ​ ​
Series 2018-3, Class A3, 3.853% due 9/25/48(a)(b)
 ​ ​ ​ ​ 1,600,943 ​ ​
​ ​ ​ 831,913 ​ ​ ​
Ashford Hospitality Trust, Series 2018-ASHF, Class A, 3.095% (1-Month
USD-LIBOR + 0.900%) due 4/15/35(a)(b)
 ​ ​ ​ ​ 832,030 ​ ​
​ ​ ​ ​ ​ ​ ​ Atrium Hotel Portfolio Trust: ​
​ ​ ​ 991,000 ​ ​ ​
Series 2018-ATRM, Class A, 3.145% (1-Month USD-LIBOR + 0.950%)
due 6/15/35(a)(b)
 ​ ​ ​ ​ 988,197 ​ ​
​ ​ ​ 991,000 ​ ​ ​
Series 2018-ATRM, Class D, 4.495% (1-Month USD-LIBOR + 2.300%)
due 6/15/35(a)(b)
 ​ ​ ​ ​ 992,539 ​ ​
​ ​ ​ 9,833,698 ​ ​ ​
Banc of America Funding Trust, Series 2007-1, Class TA2, 2.275% (1-Month
USD-LIBOR + 0.130%) due 1/25/37(a)
 ​ ​ ​ ​ 8,239,469 ​ ​
​ ​ ​ ​ ​ ​ ​ BANK: ​
​ ​ ​ 12,388,861 ​ ​ ​
Series 2017-BNK4, Class XA, 1.592% due 5/15/50(a)(c)
 ​ ​ ​ ​ 984,037 ​ ​
​ ​ ​ 16,289,253 ​ ​ ​
Series 2018-BN10, Class XA, 0.888% due 2/15/61(a)(c)
 ​ ​ ​ ​ 862,420 ​ ​
​ ​ ​ 16,184,945 ​ ​ ​
Series 2019-BN16, Class XA, 1.129% due 2/15/52(a)(c)
 ​ ​ ​ ​ 1,192,991 ​ ​
​ ​ ​ 1,358,000 ​ ​ ​
Series 2019-BN19, Class AS, 3.446% due 8/15/61
​ ​ ​ ​ 1,460,135 ​ ​
​ ​ ​ ​ ​ ​ ​ BBCMS Mortgage Trust: ​
​ ​ ​ 178,000 ​ ​ ​
Series 2017-DELC, Class C, 3.395% (1-Month USD-LIBOR + 1.200%)
due 8/15/36(a)(b)
 ​ ​ ​ ​ 177,108 ​ ​
​ ​ ​ 203,000 ​ ​ ​
Series 2017-DELC, Class D, 3.895% (1-Month USD-LIBOR + 1.700%)
due 8/15/36(a)(b)
 ​ ​ ​ ​ 202,745 ​ ​
​ ​ ​ 408,000 ​ ​ ​
Series 2017-DELC, Class E, 4.695% (1-Month USD-LIBOR + 2.500%)
due 8/15/36(a)(b)
 ​ ​ ​ ​ 407,997 ​ ​
​ ​ ​ 407,000 ​ ​ ​
Series 2017-DELC, Class F, 5.695% (1-Month USD-LIBOR + 3.500%)
due 8/15/36(a)(b)
 ​ ​ ​ ​ 406,997 ​ ​
​ ​ ​ ​ ​ ​ ​ BBCMS Trust: ​
​ ​ ​ 103,488 ​ ​ ​
Series 2018-BXH, Class A, 3.195% (1-Month USD-LIBOR + 1.000%)
due 10/15/37(a)(b)
 ​ ​ ​ ​ 103,228 ​ ​
​ ​ ​ 1,083,000 ​ ​ ​
Series 2018-CBM, Class A, 3.195% (1-Month USD-LIBOR + 1.000%)
due 7/15/37(a)(b)
 ​ ​ ​ ​ 1,083,012 ​ ​
See Notes to Financial Statements.
60
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 4,342,617 ​ ​ ​
Bear Stearns ALT-A Trust, Series 2006-1, Class 21A2, 4.026% due 2/25/36(a)
 ​ ​ ​ $ 3,753,763 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Benchmark, Series 2018-B4, Class A2, 3.976% due 7/15/51
​ ​ ​ ​ 213,786 ​ ​
​ ​ ​ ​ ​ ​ ​ Benchmark Mortgage Trust: ​
​ ​ ​ 600,000 ​ ​ ​
Series 2018-B5, Class A4, 4.208% due 7/15/51
​ ​ ​ ​ 692,407 ​ ​
​ ​ ​ 35,672,038 ​ ​ ​
Series 2018-B7, Class XA, 0.605% due 5/15/53(a)(c)
 ​ ​ ​ ​ 1,175,290 ​ ​
​ ​ ​ 35,710,616 ​ ​ ​
Series 2019-B9, Class XA, 1.215% due 3/15/52(a)(c)
 ​ ​ ​ ​ 2,956,557 ​ ​
​ ​ ​ 750,000 ​ ​ ​
Series 2019-B11, Class A4, 3.281% due 5/15/52
​ ​ ​ ​ 816,216 ​ ​
​ ​ ​ 997,000 ​ ​ ​
BHMS, Series 2018-ATLS, Class A, 3.445% (1-Month USD-LIBOR + 1.250%)
due 7/15/35(a)(b)
 ​ ​ ​ ​ 996,985 ​ ​
​ ​ ​ ​ ​ ​ ​ BX Commercial Mortgage Trust: ​
​ ​ ​ 984,000 ​ ​ ​
Series 2018-BIOA, Class D, 3.516% (1-Month USD-LIBOR + 1.321%)
due 3/15/37(a)(b)
 ​ ​ ​ ​ 986,463 ​ ​
​ ​ ​ 917,700 ​ ​ ​
Series 2018-IND, Class A, 2.945% (1-Month USD-LIBOR + 0.750%)
due 11/15/35(a)(b)
 ​ ​ ​ ​ 918,064 ​ ​
​ ​ ​ ​ ​ ​ ​ BX Trust: ​
​ ​ ​ 279,650 ​ ​ ​
Series 2017-SLCT, Class D, 4.245% (1-Month USD-LIBOR + 2.050%)
due 7/15/34(a)(b)
 ​ ​ ​ ​ 279,646 ​ ​
​ ​ ​ 474,300 ​ ​ ​
Series 2017-SLCT, Class E, 5.345% (1-Month USD-LIBOR + 3.150%)
due 7/15/34(a)(b)
 ​ ​ ​ ​ 475,037 ​ ​
​ ​ ​ 112,516 ​ ​ ​
Series 2018-EXCL, Class A, 3.283% (1-Month USD-LIBOR + 1.088%)
due 9/15/37(a)(b)
 ​ ​ ​ ​ 111,951 ​ ​
​ ​ ​ 903,000 ​ ​ ​
Series 2018-GW, Class A, 2.995% (1-Month USD-LIBOR + 0.800%)
due 5/15/35(a)(b)
 ​ ​ ​ ​ 901,013 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Series 2018-GW, Class D, 3.965% (1-Month USD-LIBOR + 1.770%)
due 5/15/35(a)(b)
 ​ ​ ​ ​ 100,280 ​ ​
​ ​ ​ 982,000 ​ ​ ​
Series 2018-MCSF, Class F, 4.842% (1-Month USD-LIBOR + 2.647%)
due 4/15/35(a)(b)
 ​ ​ ​ ​ 986,912 ​ ​
​ ​ ​ 1,145,000 ​ ​ ​
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class A, 3.265%
(1-Month USD-LIBOR + 1.070%) due 12/15/37(a)(b)
 ​ ​ ​ ​ 1,146,777 ​ ​
​ ​ ​ ​ ​ ​ ​ CD Mortgage Trust: ​
​ ​ ​ 400,000 ​ ​ ​
Series 2017-CD3, Class A4, 3.631% due 2/10/50
​ ​ ​ ​ 438,839 ​ ​
​ ​ ​ 20,147,942 ​ ​ ​
Series 2017-CD4, Class XA, 1.468% due 5/10/50(a)(c)
 ​ ​ ​ ​ 1,491,113 ​ ​
​ ​ ​ ​ ​ ​ ​ CFCRE Commercial Mortgage Trust: ​
​ ​ ​ 2,008,942 ​ ​ ​
Series 2016-C3, Class XA, 1.194% due 1/10/48(a)(c)
 ​ ​ ​ ​ 111,527 ​ ​
​ ​ ​ 16,492,349 ​ ​ ​
Series 2017-C8, Class XA, 1.816% due 6/15/50(a)(c)
 ​ ​ ​ ​ 1,500,745 ​ ​
​ ​ ​ ​ ​ ​ ​ Citigroup Commercial Mortgage Trust: ​
​ ​ ​ 37,541,608 ​ ​ ​
Series 2015-GC35, Class XA, 1.010% due 11/10/48(a)(c)
 ​ ​ ​ ​ 1,365,249 ​ ​
​ ​ ​ 1,250,000 ​ ​ ​
Series 2016-GC37, Class A4, 3.314% due 4/10/49
​ ​ ​ ​ 1,337,399 ​ ​
​ ​ ​ ​ ​ ​ ​ Citigroup Mortgage Loan Trust: ​
​ ​ ​ 6,714,284 ​ ​ ​
Series 2018-A, Class A1, 4.000% due 1/25/68(a)(b)
 ​ ​ ​ ​ 6,733,622 ​ ​
See Notes to Financial Statements.
61
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 2,962,397 ​ ​ ​
Series 2019-B, Class A1, 3.258% due 4/25/66(a)(b)(d)
 ​ ​ ​ $ 2,965,028 ​ ​
​ ​ ​ ​ ​ ​ ​ CLNS Trust: ​
​ ​ ​ 565,000 ​ ​ ​
Series 2017-IKPR, Class D, 4.251% (1-Month USD-LIBOR + 2.050%)
due 6/11/32(a)(b)
 ​ ​ ​ ​ 564,461 ​ ​
​ ​ ​ 565,000 ​ ​ ​
Series 2017-IKPR, Class E, 5.701% (1-Month USD-LIBOR + 3.500%)
due 6/11/32(a)(b)
 ​ ​ ​ ​ 565,876 ​ ​
​ ​ ​ 565,000 ​ ​ ​
Series 2017-IKPR, Class F, 6.701% (1-Month USD-LIBOR + 4.500%)
due 6/11/32(a)(b)
 ​ ​ ​ ​ 567,292 ​ ​
​ ​ ​ ​ ​ ​ ​ Commercial Mortgage Trust: ​
​ ​ ​ 255,036,850 ​ ​ ​
Series 2013-CR9, Class XA, 0.163% due 7/10/45(a)(c)
 ​ ​ ​ ​ 827,033 ​ ​
​ ​ ​ 1,127,000 ​ ​ ​
Series 2016-GCT, Class F, 3.577% due 8/10/29(a)(b)
 ​ ​ ​ ​ 1,115,703 ​ ​
​ ​ ​ ​ ​ ​ ​ Credit Suisse Commercial Mortgage Capital Trust: ​
​ ​ ​ 713,000 ​ ​ ​
Series 2017-LSTK, Class C, 3.229% due 4/5/33(b)
 ​ ​ ​ ​ 715,266 ​ ​
​ ​ ​ 848,000 ​ ​ ​
Series 2017-LSTK, Class D, 3.442% due 4/5/33(a)(b)
 ​ ​ ​ ​ 849,503 ​ ​
​ ​ ​ 1,246,000 ​ ​ ​
Series 2017-LSTK, Class E, 3.442% due 4/5/33(a)(b)
 ​ ​ ​ ​ 1,238,881 ​ ​
​ ​ ​ 69,653,000 ​ ​ ​
Series 2017-LSTK, Class XACP, 0.681% due 4/5/33(a)(b)(c)
 ​ ​ ​ ​ 281,865 ​ ​
​ ​ ​ 25,355,000 ​ ​ ​
Series 2017-LSTK, Class XBCP, 0.316% due 4/5/33(a)(b)(c)
 ​ ​ ​ ​ 41,448 ​ ​
​ ​ ​ 4,973,988 ​ ​ ​
Series 2019-RPL2, Class A1, 3.926% due 7/25/58(b)
 ​ ​ ​ ​ 5,061,420 ​ ​
​ ​ ​ 2,709,072 ​ ​ ​
CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-9, Class 5A6,
5.500% due 10/25/35
​ ​ ​ ​ 2,414,206 ​ ​
​ ​ ​ 1,090,000 ​ ​ ​
CSWF, Series 2018-TOP, Class A, 3.195% (1-Month USD-LIBOR + 1.000%)
due 8/15/35(a)(b)
 ​ ​ ​ ​ 1,089,305 ​ ​
​ ​ ​ 920,714 ​ ​ ​
DBGS Mortgage Trust, Series 2018-BIOD, Class A, 2.998% (1-Month
USD-LIBOR + 0.803%) due 5/15/35(a)(b)
 ​ ​ ​ ​ 920,704 ​ ​
​ ​ ​ 1,220,687 ​ ​ ​
Exantas Capital Corp. Ltd., Series 2019-RSO7, Class A, 3.197% (1-Month
USD-LIBOR + 1.000%) due 4/15/36(a)(b)
 ​ ​ ​ ​ 1,221,053 ​ ​
​ ​ ​ ​ ​ ​ ​ Federal Home Loan Mortgage Corp. (FHLMC), REMICS: ​
​ ​ ​ 10,568,966 ​ ​ ​
Series 4223, Class SB, 2.740% (1-Month USD-LIBOR + 5.431%)
due 7/15/43(a)
 ​ ​ ​ ​ 10,836,764 ​ ​
​ ​ ​ 5,926,221 ​ ​ ​
Series 4610, Class LA, 2.500% due 1/15/41
​ ​ ​ ​ 5,991,392 ​ ​
​ ​ ​ 4,074,979 ​ ​ ​
Series 4627, Class Z, 3.000% due 10/15/46
​ ​ ​ ​ 4,029,884 ​ ​
​ ​ ​ 12,263,464 ​ ​ ​
Series 4640, Class VB, 3.000% due 3/15/37
​ ​ ​ ​ 12,615,171 ​ ​
​ ​ ​ 7,838,071 ​ ​ ​
Series 4653, Class Z, 3.000% due 2/15/47
​ ​ ​ ​ 8,070,597 ​ ​
​ ​ ​ 8,312,942 ​ ​ ​
Series 4655, Class CZ, 3.000% due 2/15/47
​ ​ ​ ​ 8,655,771 ​ ​
​ ​ ​ 14,928,172 ​ ​ ​
Series 4664, Class TC, 3.000% due 6/15/41
​ ​ ​ ​ 15,082,664 ​ ​
​ ​ ​ 12,607,001 ​ ​ ​
Series 4745, Class EC, 3.000% due 12/15/44
​ ​ ​ ​ 12,934,840 ​ ​
​ ​ ​ 8,000,000 ​ ​ ​
Series 4749, Class LV, 3.500% due 4/15/38
​ ​ ​ ​ 8,515,386 ​ ​
​ ​ ​ 17,552,150 ​ ​ ​
Series 4750, Class PA, 3.000% due 7/15/46
​ ​ ​ ​ 17,884,043 ​ ​
​ ​ ​ ​ ​ ​ ​ Federal National Mortgage Association (FNMA), REMICS: ​
​ ​ ​ 5,629,489 ​ ​ ​
Series 2015-55, Class PD, 2.500% due 3/25/43
​ ​ ​ ​ 5,645,202 ​ ​
See Notes to Financial Statements.
62
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 13,761,771 ​ ​ ​
Series 2016-61, Class MZ, 3.000% due 9/25/46
​ ​ ​ $ 13,600,682 ​ ​
​ ​ ​ 16,839,356 ​ ​ ​
Series 2017-107, Class GA, 3.000% due 8/25/45
​ ​ ​ ​ 17,291,004 ​ ​
​ ​ ​ 30,013,667 ​ ​ ​
Series 2017-12, Class TA, 3.000% due 4/25/42
​ ​ ​ ​ 30,360,418 ​ ​
​ ​ ​ 7,731,019 ​ ​ ​
Series 2017-24, Class LG, 3.000% due 4/25/37
​ ​ ​ ​ 8,104,380 ​ ​
​ ​ ​ 18,972,082 ​ ​ ​
Series 2017-32, Class CA, 3.000% due 10/25/42
​ ​ ​ ​ 19,196,884 ​ ​
​ ​ ​ 19,268,845 ​ ​ ​
Series 2018-33, Class C, 3.000% due 5/25/48
​ ​ ​ ​ 19,740,119 ​ ​
​ ​ ​ 8,551,948 ​ ​ ​
Series 2018-38, Class LA, 3.000% due 6/25/48
​ ​ ​ ​ 8,700,655 ​ ​
​ ​ ​ ​ ​ ​ ​ Freddie Mac Multifamily Structured Pass-Through Certificates: ​
​ ​ ​ 1,750,000 ​ ​ ​
Series K020, Class A2, 2.373% due 5/25/22
​ ​ ​ ​ 1,772,050 ​ ​
​ ​ ​ 1,540,000 ​ ​ ​
Series K062, Class A2, 3.413% due 12/25/26
​ ​ ​ ​ 1,693,998 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Series K078, Class A2, 3.854% due 6/25/28
​ ​ ​ ​ 342,530 ​ ​
​ ​ ​ 2,904,350 ​ ​ ​
FWDSecuritization Trust, Series 2019-INV1, Class A3, 3.110%
due 6/25/49(a)(b)
 ​ ​ ​ ​ 2,928,984 ​ ​
​ ​ ​ ​ ​ ​ ​ Great Wolf Trust: ​
​ ​ ​ 272,000 ​ ​ ​
Series 2017-WOLF, Class D, 4.295% (1-Month USD-LIBOR + 2.100%)
due 9/15/34(a)(b)
 ​ ​ ​ ​ 272,081 ​ ​
​ ​ ​ 422,000 ​ ​ ​
Series 2017-WOLF, Class E, 5.295% (1-Month USD-LIBOR + 3.100%)
due 9/15/34(a)(b)
 ​ ​ ​ ​ 422,259 ​ ​
​ ​ ​ 225,000 ​ ​ ​
Series 2017-WOLF, Class F, 6.265% (1-Month USD-LIBOR + 4.070%)
due 9/15/34(a)(b)
 ​ ​ ​ ​ 225,208 ​ ​
​ ​ ​ ​ ​ ​ ​ GS Mortgage Securities Corp. Trust: ​
​ ​ ​ 990,000 ​ ​ ​
Series 2018-3PCK, Class A, 3.645% (1-Month USD-LIBOR + 1.450%)
due 9/15/31(a)(b)
 ​ ​ ​ ​ 987,604 ​ ​
​ ​ ​ 1,133,000 ​ ​ ​
Series 2018-FBLU, Class F, 5.445% (1-Month USD-LIBOR + 3.250%)
due 11/15/35(a)(b)
 ​ ​ ​ ​ 1,137,952 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Series 2018-TWR, Class A, 3.095% (1-Month USD-LIBOR + 0.900%)
due 7/15/31(a)(b)
 ​ ​ ​ ​ 399,125 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Series 2018-TWR, Class D, 3.795% (1-Month USD-LIBOR + 1.600%)
due 7/15/31(a)(b)
 ​ ​ ​ ​ 398,405 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Series 2018-TWR, Class E, 4.295% (1-Month USD-LIBOR + 2.100%)
due 7/15/31(a)(b)
 ​ ​ ​ ​ 401,186 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Series 2018-TWR, Class F, 4.995% (1-Month USD-LIBOR + 2.800%)
due 7/15/31(a)(b)
 ​ ​ ​ ​ 401,594 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Series 2018-TWR, Class G, 6.120% (1-Month USD-LIBOR + 3.925%)
due 7/15/31(a)(b)
 ​ ​ ​ ​ 402,603 ​ ​
​ ​ ​ 1,250,000 ​ ​ ​
Series 2019-SOHO, Class E, 4.070% (1-Month USD-LIBOR + 1.875%)
due 6/15/36(a)(b)
 ​ ​ ​ ​ 1,246,263 ​ ​
​ ​ ​ ​ ​ ​ ​ GS Mortgage Securities Trust: ​
​ ​ ​ 896,614 ​ ​ ​
Series 2012-GC6, Class A3, 3.482% due 1/10/45
​ ​ ​ ​ 919,396 ​ ​
​ ​ ​ 10,515,909 ​ ​ ​
Series 2017-GS7, Class XA, 1.280% due 8/10/50(a)(c)
 ​ ​ ​ ​ 746,323 ​ ​
See Notes to Financial Statements.
63
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 8,748,091 ​ ​ ​
HarborView Mortgage Loan Trust, Series 2006-14, Class 2A1A, 2.332%
(1-Month USD-LIBOR + 0.150%) due 1/25/47(a)
 ​ ​ ​ $ 8,648,366 ​ ​
​ ​ ​ 1,243,000 ​ ​ ​
HPLY Trust, Series 2019-HIT, Class F, 5.345% (1-Month USD-LIBOR +
3.150%) due 11/15/36(a)(b)
 ​ ​ ​ ​ 1,248,056 ​ ​
​ ​ ​ ​ ​ ​ ​ JP Morgan Chase Commercial Mortgage Securities Corp.: ​
​ ​ ​ 101,458 ​ ​ ​
Series 2017-FL10, Class B, 3.195% (1-Month USD-LIBOR + 1.000%)
due 6/15/32(a)(b)
 ​ ​ ​ ​ 100,934 ​ ​
​ ​ ​ 161,000 ​ ​ ​
Series 2017-FL10, Class C, 3.445% (1-Month USD-LIBOR + 1.250%)
due 6/15/32(a)(b)
 ​ ​ ​ ​ 159,904 ​ ​
​ ​ ​ 523,000 ​ ​ ​
Series 2017-FL10, Class D, 4.095% (1-Month USD-LIBOR + 1.900%)
due 6/15/32(a)(b)
 ​ ​ ​ ​ 518,240 ​ ​
​ ​ ​ ​ ​ ​ ​ JP Morgan Chase Commercial Mortgage Securities Trust: ​
​ ​ ​ 784,914 ​ ​ ​
Series 2012-C8, Class A3, 2.829% due 10/15/45
​ ​ ​ ​ 803,335 ​ ​
​ ​ ​ 976,716 ​ ​ ​
Series 2018-LAQ, Class A, 3.195% (1-Month USD-LIBOR + 1.000%)
due 6/15/32(a)(b)
 ​ ​ ​ ​ 975,485 ​ ​
​ ​ ​ ​ ​ ​ ​ JP Morgan Mortgage Trust: ​
​ ​ ​ 4,477,262 ​ ​ ​
Series 2006-S1, Class 2A9, 6.500% due 4/25/36
​ ​ ​ ​ 4,939,444 ​ ​
​ ​ ​ 9,219,352 ​ ​ ​
Series 2006-S4, Class A7, 6.000% due 1/25/37
​ ​ ​ ​ 7,002,592 ​ ​
​ ​ ​ 3,259,866 ​ ​ ​
Series 2018-7FRB, Class A2, 3.016% (1-Month USD-LIBOR + 0.750%)
due 4/25/46(a)(b)
 ​ ​ ​ ​ 3,246,501 ​ ​
​ ​ ​ ​ ​ ​ ​ JPMBB Commercial Mortgage Securities Trust: ​
​ ​ ​ 1,667,000 ​ ​ ​
Series 2015-C27, Class C, 4.483% due 2/15/48(a)
 ​ ​ ​ ​ 1,750,550 ​ ​
​ ​ ​ 1,906,000 ​ ​ ​
Series 2015-C28, Class C, 4.360% due 10/15/48(a)
 ​ ​ ​ ​ 1,992,606 ​ ​
​ ​ ​ 1,911,199 ​ ​ ​
Legacy Mortgage Asset Trust, Series 2019-SL3, Class A, step bond to yield,
3.474% due 11/25/61(b)(d)
 ​ ​ ​ ​ 1,915,295 ​ ​
​ ​ ​ 8,802,083 ​ ​ ​
Merrill Lynch Mortgage Investors Trust, Series 2006-AF1, Class AF1, 5.750%
due 8/25/36
 ​ ​ ​ ​ 5,803,098 ​ ​
​ ​ ​ 1,817,000 ​ ​ ​
Merrill Lynch Mortgage Trust, Series 2005-MKB2, Class F, 6.527%
due 9/12/42(a)(b)
 ​ ​ ​ ​ 1,829,902 ​ ​
​ ​ ​ 1,082,000 ​ ​ ​
Monarch Beach Resort Trust, Series 2018-MBR, Class A, 3.115% (1-Month
USD-LIBOR + 0.920%) due 7/15/35(a)(b)
 ​ ​ ​ ​ 1,079,281 ​ ​
​ ​ ​ ​ ​ ​ ​ Morgan Stanley Bank of America Merrill Lynch Trust: ​
​ ​ ​ 431,972 ​ ​ ​
Series 2014-C15, Class A3, 3.773% due 4/15/47
​ ​ ​ ​ 462,814 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
Series 2014-C17, Class C, 4.656% due 8/15/47(a)
 ​ ​ ​ ​ 2,130,123 ​ ​
​ ​ ​ 19,660,213 ​ ​ ​
Series 2014-C19, Class XA, 1.199% due 12/15/47(a)(c)
 ​ ​ ​ ​ 814,108 ​ ​
​ ​ ​ 852,000 ​ ​ ​
Series 2016-C31, Class C, 4.459% due 11/15/49(a)
 ​ ​ ​ ​ 892,121 ​ ​
​ ​ ​ ​ ​ ​ ​ Morgan Stanley Capital I Trust: ​ ​
​ ​ ​ 1,964,000 ​ ​ ​
Series 2011-C1, Class D, 5.554% due 9/15/47(a)(b)
 ​ ​ ​ ​ 2,039,657 ​ ​
​ ​ ​ 17,860,487 ​ ​ ​
Series 2016-UB11, Class XA, 1.767% due 8/15/49(a)(c)
 ​ ​ ​ ​ 1,414,894 ​ ​
​ ​ ​ 14,424,843 ​ ​ ​
Series 2016-UB12, Class XA, 0.924% due 12/15/49(a)(c)
 ​ ​ ​ ​ 586,035 ​ ​
See Notes to Financial Statements.
64
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 1,083,000 ​ ​ ​
Series 2018-SUN, Class A, 3.095% (1-Month USD-LIBOR + 0.900%)
due 7/15/35(a)(b)
 ​ ​ ​ $ 1,082,142 ​ ​
​ ​ ​ 1,356,000 ​ ​ ​
Series 2019-H7, Class AS, 3.524% due 7/15/52
​ ​ ​ ​ 1,459,848 ​ ​
​ ​ ​ 583,000 ​ ​ ​
Series 2019-H7, Class B, 3.725% due 7/15/52
​ ​ ​ ​ 627,342 ​ ​
​ ​ ​ 827,750 ​ ​ ​
Motel 6 Trust, Series 2017-MTL6, Class A, 3.115% (1-Month USD-LIBOR +
0.920%) due 8/15/34(a)(b)
 ​ ​ ​ ​ 827,482 ​ ​
​ ​ ​ 1,122,000 ​ ​ ​
MSCG Trust, Series 2018-SELF, Class A, 3.095% (1-Month USD-LIBOR +
0.900%) due 10/15/37(a)(b)
 ​ ​ ​ ​ 1,123,107 ​ ​
​ ​ ​ 931,788 ​ ​ ​
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class A,
3.275% (1-Month USD-LIBOR + 0.950%) due 6/15/35(a)(b)
 ​ ​ ​ ​ 929,281 ​ ​
​ ​ ​ 2,980,227 ​ ​ ​
PMT Credit Risk Transfer Trust, Series 2019-2R, Class A, 4.991% (1-Month
USD-LIBOR + 2.750%) due 5/27/23(a)(b)(d)
 ​ ​ ​ ​ 2,985,845 ​ ​
​ ​ ​ 8,881,864 ​ ​ ​
PRPM LLC, Series 2019-1A, Class A1, step bond to yield, 4.500%
due 1/25/24(b)(d)
 ​ ​ ​ ​ 8,976,654 ​ ​
​ ​ ​ ​ ​ ​ ​ Rali Series Trust: ​ ​
​ ​ ​ 2,373,818 ​ ​ ​
Series 2005-QS13, Class 1A3, 5.500% due 9/25/35
​ ​ ​ ​ 2,240,234 ​ ​
​ ​ ​ 24,067,716 ​ ​ ​
Series 2007-QH5, Class AII, 2.375% (1-Month USD-LIBOR + 0.230%)
due 6/25/37(a)
 ​ ​ ​ ​ 13,250,260 ​ ​
​ ​ ​ ​ ​ ​ ​ Rosslyn Portfolio Trust: ​ ​
​ ​ ​ 429,000 ​ ​ ​
Series 2017-ROSS, Class A, 3.145% (1-Month USD-LIBOR + 0.950%)
due 6/15/33(a)(b)
 ​ ​ ​ ​ 428,976 ​ ​
​ ​ ​ 429,000 ​ ​ ​
Series 2017-ROSS, Class B, 3.445% (1-Month USD-LIBOR + 1.250%)
due 6/15/33(a)(b)
 ​ ​ ​ ​ 428,556 ​ ​
​ ​ ​ ​ ​ ​ ​ UBS Commercial Mortgage Trust: ​ ​
​ ​ ​ 5,752,302 ​ ​ ​
Series 2017-C1, Class XA, 1.734% due 6/15/50(a)(c)
 ​ ​ ​ ​ 530,650 ​ ​
​ ​ ​ 979,000 ​ ​ ​
Series 2018-C8, Class C, 4.860% due 2/15/51(a)
 ​ ​ ​ ​ 1,075,280 ​ ​
​ ​ ​ 4,881,507 ​ ​ ​
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class XA, 1.091%
due 3/10/46(a)(b)(c)
 ​ ​ ​ ​ 132,599 ​ ​
​ ​ ​ 1,686,000 ​ ​ ​
UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class D, 6.252%
due 1/10/45(a)(b)
 ​ ​ ​ ​ 1,761,245 ​ ​
​ ​ ​ 6,400,000 ​ ​ ​
Verus Securitization Trust, Series 2019-INV2, Class M1, 3.499%
due 7/25/59(a)(b)
 ​ ​ ​ ​ 6,501,155 ​ ​
​ ​ ​ ​ ​ ​ ​ Wells Fargo Commercial Mortgage Trust: ​ ​
​ ​ ​ 295,000 ​ ​ ​
Series 2010-C1, Class C, 5.783% due 11/15/43(a)(b)
 ​ ​ ​ ​ 302,918 ​ ​
​ ​ ​ 1,356,000 ​ ​ ​
Series 2015-C27, Class C, 3.894% due 2/15/48
​ ​ ​ ​ 1,379,209 ​ ​
​ ​ ​ 275,000 ​ ​ ​
Series 2015-C31, Class A4, 3.695% due 11/15/48
​ ​ ​ ​ 299,952 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Series 2015-LC20, Class A3, 3.086% due 4/15/50
​ ​ ​ ​ 1,020,208 ​ ​
​ ​ ​ 2,581,000 ​ ​ ​
Series 2015-NXS4, Class E, 3.751% due 12/15/48(a)(b)
 ​ ​ ​ ​ 2,313,164 ​ ​
​ ​ ​ 17,339,859 ​ ​ ​
Series 2016-C33, Class XA, 1.926% due 3/15/59(a)(c)
 ​ ​ ​ ​ 1,394,161 ​ ​
​ ​ ​ 10,934,664 ​ ​ ​
Series 2016-NXS6, Class XA, 1.778% due 11/15/49(a)(c)
 ​ ​ ​ ​ 849,499 ​ ​
See Notes to Financial Statements.
65
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 10,361,303 ​ ​ ​
Series 2017-C38, Class XA, 1.212% due 7/15/50(a)(c)
 ​ ​ ​ $ 667,520 ​ ​
​ ​ ​ 1,200,000 ​ ​ ​
Series 2017-C42, Class A4, 3.589% due 12/15/50
​ ​ ​ ​ 1,316,456 ​ ​
​ ​ ​ 1,505,000 ​ ​ ​
WFRBS Commercial Mortgage Trust, Series 2012-C6, Class A4, 3.440%
due 4/15/45
​ ​ ​ ​ 1,540,966 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost – $426,440,045)
​ ​ ​
​
431,307,573
 ​ ​
​ U.S. GOVERNMENT AGENCIES & OBLIGATIONS – 22.2% ​
​ U.S. GOVERNMENT OBLIGATIONS – 21.8% ​
​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bonds: ​
​ ​ ​ 1,000,000 ​ ​ ​
5.250% due 11/15/28
​ ​ ​ ​ 1,322,578 ​ ​
​ ​ ​ 500,000 ​ ​ ​
6.250% due 5/15/30
​ ​ ​ ​ 733,379 ​ ​
​ ​ ​ 600,000 ​ ​ ​
5.375% due 2/15/31
​ ​ ​ ​ 841,711 ​ ​
​ ​ ​ 2,800,000 ​ ​ ​
4.500% due 5/15/38
​ ​ ​ ​ 4,034,844 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
4.375% due 11/15/39
​ ​ ​ ​ 2,153,555 ​ ​
​ ​ ​ 3,500,000 ​ ​ ​
3.875% due 8/15/40
​ ​ ​ ​ 4,741,680 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
4.375% due 5/15/41
​ ​ ​ ​ 4,347,891 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​
3.125% due 11/15/41
​ ​ ​ ​ 3,058,789 ​ ​
​ ​ ​ 3,500,000 ​ ​ ​
2.750% due 8/15/42
​ ​ ​ ​ 4,042,090 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
2.750% due 11/15/42
​ ​ ​ ​ 1,154,883 ​ ​
​ ​ ​ 3,500,000 ​ ​ ​
2.875% due 5/15/43
​ ​ ​ ​ 4,130,820 ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.750% due 11/15/43
​ ​ ​ ​ 406,043 ​ ​
​ ​ ​ 3,500,000 ​ ​ ​
3.125% due 8/15/44
​ ​ ​ ​ 4,317,852 ​ ​
​ ​ ​ 1,475,000 ​ ​ ​
2.500% due 2/15/45
​ ​ ​ ​ 1,636,731 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
2.875% due 8/15/45
​ ​ ​ ​ 3,562,617 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
2.500% due 2/15/46
​ ​ ​ ​ 1,110,898 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​
2.500% due 5/15/46
​ ​ ​ ​ 2,779,199 ​ ​
​ ​ ​ 1,700,000 ​ ​ ​
2.875% due 11/15/46
​ ​ ​ ​ 2,028,777 ​ ​
​ ​ ​ 3,500,000 ​ ​ ​
3.000% due 2/15/47
​ ​ ​ ​ 4,277,930 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
3.000% due 5/15/47
​ ​ ​ ​ 1,222,539 ​ ​
​ ​ ​ 1,100,000 ​ ​ ​
2.750% due 8/15/47
​ ​ ​ ​ 1,285,582 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
2.750% due 11/15/47
​ ​ ​ ​ 1,169,648 ​ ​
​ ​ ​ 1,100,000 ​ ​ ​
3.000% due 8/15/48
​ ​ ​ ​ 1,351,238 ​ ​
​ ​ ​ 23,400,000 ​ ​ ​
2.875% due 5/15/49
​ ​ ​ ​ 28,196,086 ​ ​
​ ​ ​ 6,599,744 ​ ​ ​
U.S. Treasury Inflation Indexed Notes, 0.625% due 4/15/23
​ ​ ​ ​ 6,699,280 ​ ​
​ ​ ​ ​ ​ ​ ​ U.S. Treasury Notes: ​
​ ​ ​ 6,000,000 ​ ​ ​
1.375% due 9/30/20
​ ​ ​ ​ 5,973,984 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
1.875% due 12/15/20
​ ​ ​ ​ 4,009,063 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
1.750% due 12/31/20
 ​ ​ ​ ​ 2,001,484 ​ ​
See Notes to Financial Statements.
66
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ U.S. GOVERNMENT AGENCIES & OBLIGATIONS – (continued) ​
​ U.S. GOVERNMENT OBLIGATIONS – (continued) ​
​ ​ $ 5,000,000 ​ ​ ​
2.000% due 1/15/21
 ​ ​ ​ $ 5,022,461 ​ ​
​ ​ ​ 9,000,000 ​ ​ ​
2.125% due 1/31/21
 ​ ​ ​ ​ 9,057,656 ​ ​
​ ​ ​ 10,000,000 ​ ​ ​
2.250% due 3/31/21
​ ​ ​ ​ 10,097,266 ​ ​
​ ​ ​ 3,500,000 ​ ​ ​
1.125% due 6/30/21
 ​ ​ ​ ​ 3,472,246 ​ ​
​ ​ ​ 12,000,000 ​ ​ ​
2.125% due 6/30/21
​ ​ ​ ​ 12,121,406 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
2.875% due 10/15/21
 ​ ​ ​ ​ 1,028,164 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
1.875% due 1/31/22
 ​ ​ ​ ​ 4,036,563 ​ ​
​ ​ ​ 500,000 ​ ​ ​
1.750% due 2/28/22
​ ​ ​ ​ 503,477 ​ ​
​ ​ ​ 6,000,000 ​ ​ ​
1.875% due 3/31/22
​ ​ ​ ​ 6,061,875 ​ ​
​ ​ ​ 800,000 ​ ​ ​
1.750% due 4/30/22
​ ​ ​ ​ 806,250 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
1.750% due 6/30/22
 ​ ​ ​ ​ 4,035,000 ​ ​
​ ​ ​ 5,500,000 ​ ​ ​
1.875% due 7/31/22
 ​ ​ ​ ​ 5,567,246 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
1.625% due 8/15/22
 ​ ​ ​ ​ 1,508,320 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
1.625% due 8/31/22
 ​ ​ ​ ​ 1,005,430 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
1.875% due 10/31/22
 ​ ​ ​ ​ 4,055,000 ​ ​
​ ​ ​ 1,250,000 ​ ​ ​
2.000% due 11/30/22
 ​ ​ ​ ​ 1,272,363 ​ ​
​ ​ ​ 6,000,000 ​ ​ ​
1.750% due 1/31/23
 ​ ​ ​ ​ 6,063,984 ​ ​
​ ​ ​ 7,250,000 ​ ​ ​
2.375% due 1/31/23
 ​ ​ ​ ​ 7,476,846 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​
1.500% due 3/31/23
 ​ ​ ​ ​ 5,014,648 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​
1.625% due 5/31/23
 ​ ​ ​ ​ 5,036,719 ​ ​
​ ​ ​ 6,000,000 ​ ​ ​
1.375% due 8/31/23
 ​ ​ ​ ​ 5,990,625 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​
1.625% due 10/31/23
 ​ ​ ​ ​ 2,520,801 ​ ​
​ ​ ​ 9,000,000 ​ ​ ​
2.250% due 12/31/23
 ​ ​ ​ ​ 9,313,242 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​
2.750% due 2/15/24
 ​ ​ ​ ​ 5,286,328 ​ ​
​ ​ ​ 19,700,000 ​ ​ ​
2.125% due 2/29/24
​ ​ ​ ​ 20,301,774 ​ ​
​ ​ ​ 9,500,000 ​ ​ ​
2.125% due 3/31/24
 ​ ​ ​ ​ 9,797,246 ​ ​
​ ​ ​ 2,600,000 ​ ​ ​
2.000% due 4/30/24
 ​ ​ ​ ​ 2,668,250 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
2.500% due 5/15/24
 ​ ​ ​ ​ 2,098,359 ​ ​
​ ​ ​ 900,000 ​ ​ ​
2.000% due 5/31/24
​ ​ ​ ​ 924,609 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​
1.750% due 6/30/24
​ ​ ​ ​ 2,540,234 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
2.000% due 6/30/24
 ​ ​ ​ ​ 4,109,062 ​ ​
​ ​ ​ 25,200,000 ​ ​ ​
2.125% due 7/31/24
​ ​ ​ ​ 26,049,516 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
1.875% due 8/31/24
 ​ ​ ​ ​ 1,022,148 ​ ​
​ ​ ​ 400,000 ​ ​ ​
2.125% due 9/30/24
​ ​ ​ ​ 413,781 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
2.250% due 11/15/24
 ​ ​ ​ ​ 4,165,156 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
2.125% due 11/30/24
 ​ ​ ​ ​ 4,141,563 ​ ​
​ ​ ​ 2,400,000 ​ ​ ​
2.250% due 12/31/24
 ​ ​ ​ ​ 2,501,813 ​ ​
See Notes to Financial Statements.
67
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ U.S. GOVERNMENT AGENCIES & OBLIGATIONS – (continued) ​
​ U.S. GOVERNMENT OBLIGATIONS – (continued) ​
​ ​ $ 2,500,000 ​ ​ ​
2.000% due 2/15/25
 ​ ​ ​ $ 2,575,293 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
2.875% due 7/31/25
 ​ ​ ​ ​ 2,161,719 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
2.000% due 8/15/25
 ​ ​ ​ ​ 1,031,719 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
2.750% due 8/31/25
 ​ ​ ​ ​ 2,149,688 ​ ​
​ ​ ​ 33,100,000 ​ ​ ​
2.250% due 11/15/25
​ ​ ​ ​ 34,673,543 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​
1.625% due 2/15/26
 ​ ​ ​ ​ 5,053,320 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
2.500% due 2/28/26
 ​ ​ ​ ​ 2,129,688 ​ ​
​ ​ ​ 27,650,000 ​ ​ ​
1.625% due 5/15/26
​ ​ ​ ​ 27,954,582 ​ ​
​ ​ ​ 5,600,000 ​ ​ ​
1.625% due 8/15/29
 ​ ​ ​ ​ 5,663,656 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
2.250% due 2/15/27
 ​ ​ ​ ​ 4,224,062 ​ ​
​ ​ ​ 400,000 ​ ​ ​
2.375% due 5/15/27
​ ​ ​ ​ 426,594 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
2.250% due 8/15/27
​ ​ ​ ​ 2,116,953 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​
2.250% due 11/15/27
 ​ ​ ​ ​ 5,297,852 ​ ​
​ ​ ​ 11,678,000 ​ ​ ​
2.625% due 2/15/29
​ ​ ​ ​ 12,828,009 ​ ​
​ ​ ​ 3,800,000 ​ ​ ​
2.875% due 8/15/28
 ​ ​ ​ ​ 4,237,297 ​ ​
​ ​ ​ 10,000,000 ​ ​ ​
3.125% due 11/15/28
​ ​ ​ ​ 11,389,453 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
2.375% due 5/15/29
 ​ ​ ​ ​ 2,156,250 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL U.S. GOVERNMENT OBLIGATIONS
 ​ ​ ​ ​ 425,748,276 ​ ​
​ U.S. GOVERNMENT AGENCIES – 0.4% ​
​ ​ ​ ​ ​ ​ ​ Federal Home Loan Banks (FHLB): ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
1.375% due 2/18/21
​ ​ ​ ​ 997,376 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
3.625% due 6/11/21
 ​ ​ ​ ​ 2,071,530 ​ ​
​ ​ ​ 555,000 ​ ​ ​
3.125% due 6/13/25
​ ​ ​ ​ 604,671 ​ ​
​ ​ ​ ​ ​ ​ ​ Federal Home Loan Mortgage Corp. (FHLMC): ​ ​
​ ​ ​ 1,645,000 ​ ​ ​
2.375% due 1/13/22
​ ​ ​ ​ 1,676,581 ​ ​
​ ​ ​ 1,300,000 ​ ​ ​
6.250% due 7/15/32
 ​ ​ ​ ​ 1,957,088 ​ ​
​ ​ ​ ​ ​ ​ ​ Federal National Mortgage Association (FNMA): ​ ​
​ ​ ​ 350,000 ​ ​ ​
2.625% due 1/11/22
​ ​ ​ ​ 358,621 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
1.875% due 4/5/22
 ​ ​ ​ ​ 1,010,128 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL U.S. GOVERNMENT AGENCIES
 ​ ​ ​ ​ 8,675,995 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS
(Cost – $410,797,420)
​ ​ ​
​
434,424,271
 ​ ​
​ CORPORATE BONDS & NOTES – 20.1% ​
​ Basic Materials – 0.9% ​
​ ​ ​ 350,000 ​ ​ ​
Air Products & Chemicals Inc., Senior Unsecured Notes, 3.000% due 11/3/21
​ ​ ​ ​ 358,999 ​ ​
​ ​ ​ ​ ​ ​ ​ AK Steel Corp., Company Guaranteed Notes: ​ ​
​ ​ ​ 50,000 ​ ​ ​
7.625% due 10/1/21
​ ​ ​ ​ 49,687 ​ ​
See Notes to Financial Statements.
68
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Basic Materials – (continued) ​
​ ​ $ 60,000 ​ ​ ​
6.375% due 10/15/25
​ ​ ​ $ 49,650 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Alcoa Nederland Holding BV, Company Guaranteed Notes, 6.125%
due 5/15/28(b)
 ​ ​ ​ ​ 416,000 ​ ​
​ ​ ​ 25,000 ​ ​ ​
ArcelorMittal, Senior Unsecured Notes, 7.000% due 10/15/39
​ ​ ​ ​ 29,916 ​ ​
​ ​ ​ 530,000 ​ ​ ​
Ashland LLC, Company Guaranteed Notes, 4.750% due 8/15/22
​ ​ ​ ​ 557,009 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Barrick North America Finance LLC, Company Guaranteed Notes, 5.750%
due 5/1/43
​ ​ ​ ​ 134,500 ​ ​
​ ​ ​ 200,000 ​ ​ ​
BHP Billiton Finance USA Ltd., Company Guaranteed Notes, 4.125%
due 2/24/42
​ ​ ​ ​ 237,236 ​ ​
​ ​ ​ 750,000 ​ ​ ​
Celulosa Arauco y Constitucion SA, Senior Unsecured Notes, 5.500%
due 4/30/49(b)
 ​ ​ ​ ​ 829,687 ​ ​
​ ​ ​ 800,000 ​ ​ ​
CSN Islands XII Corp., Company Guaranteed Notes, 7.000%(e)
 ​ ​ ​ ​ 679,008 ​ ​
​ ​ ​ ​ ​ ​ ​ CSN Resources SA, Company Guaranteed Notes: ​ ​
​ ​ ​ 400,000 ​ ​ ​
7.625% due 2/13/23
​ ​ ​ ​ 408,004 ​ ​
​ ​ ​ 400,000 ​ ​ ​
7.625% due 4/17/26(b)
 ​ ​ ​ ​ 403,000 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Dow Chemical Co., Senior Unsecured Notes, 4.625% due 10/1/44
​ ​ ​ ​ 274,942 ​ ​
​ ​ ​ 730,000 ​ ​ ​
DuPont de Nemours Inc., Senior Unsecured Notes, 5.419% due 11/15/48
​ ​ ​ ​ 937,706 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Eastman Chemical Co., Senior Unsecured Notes, 3.800% due 3/15/25
​ ​ ​ ​ 157,535 ​ ​
​ ​ ​ ​ ​ ​ ​ Freeport-McMoRan Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 1,300,000 ​ ​ ​
5.400% due 11/14/34
 ​ ​ ​ ​ 1,248,000 ​ ​
​ ​ ​ 850,000 ​ ​ ​
5.450% due 3/15/43
​ ​ ​ ​ 775,625 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Fresnillo PLC, Senior Unsecured Notes, 5.500% due 11/13/23
 ​ ​ ​ ​ 1,085,010 ​ ​
​ ​ ​ 560,000 ​ ​ ​
Georgia-Pacific LLC, Senior Unsecured Notes, 3.600% due 3/1/25(b)
 ​ ​ ​ ​ 596,347 ​ ​
​ ​ ​ 95,000 ​ ​ ​
Hexion Inc., Company Guaranteed Notes, 7.875% due 7/15/27(b)
 ​ ​ ​ ​ 91,913 ​ ​
​ ​ ​ ​ ​ ​ ​ International Paper Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.000% due 2/15/27
​ ​ ​ ​ 511,441 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.400% due 8/15/47
​ ​ ​ ​ 106,633 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Inversiones CMPC SA, Company Guaranteed Notes, 4.750% due 9/15/24
​ ​ ​ ​ 215,109 ​ ​
​ ​ ​ 500,000 ​ ​ ​
LYB International Finance II BV, Company Guaranteed Notes, 3.500%
due 3/2/27
​ ​ ​ ​ 516,272 ​ ​
​ ​ ​ 840,000 ​ ​ ​
Mosaic Co., Senior Unsecured Notes, 4.050% due 11/15/27
​ ​ ​ ​ 876,535 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Nexa Resources SA, Company Guaranteed Notes, 5.375% due 5/4/27
​ ​ ​ ​ 210,300 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Nutrien Ltd., Senior Unsecured Notes, 6.125% due 1/15/41
​ ​ ​ ​ 190,703 ​ ​
​ ​ ​ 100,000 ​ ​ ​
PPG Industries Inc., Senior Unsecured Notes, 2.800% due 8/15/29
​ ​ ​ ​ 101,330 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Rio Tinto Finance USA Ltd., Company Guaranteed Notes, 5.200% due 11/2/40
​ ​ ​ ​ 263,442 ​ ​
​ ​ ​ 160,000 ​ ​ ​
Schweitzer-Mauduit International Inc., Company Guaranteed Notes, 6.875%
due 10/1/26(b)
 ​ ​ ​ ​ 164,800 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Sherwin-Williams Co., Senior Unsecured Notes, 4.500% due 6/1/47
​ ​ ​ ​ 113,829 ​ ​
See Notes to Financial Statements.
69
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Basic Materials – (continued) ​
​ ​ $ 200,000 ​ ​ ​
Sociedad Quimica y Minera de Chile SA, Senior Unsecured Notes, 4.375%
due 1/28/25
​ ​ ​ $ 211,750 ​ ​
​ ​ ​ ​ ​ ​ ​ Southern Copper Corp., Senior Unsecured Notes: ​
​ ​ ​ 125,000 ​ ​ ​
3.875% due 4/23/25
​ ​ ​ ​ 130,857 ​ ​
​ ​ ​ 125,000 ​ ​ ​
6.750% due 4/16/40
​ ​ ​ ​ 163,675 ​ ​
​ ​ ​ 1,600,000 ​ ​ ​
Syngenta Finance NV, Company Guaranteed Notes, 5.676% due 4/24/48
 ​ ​ ​ ​ 1,708,504 ​ ​
​ ​ ​ 1,100,000 ​ ​ ​
UPL Corp., Ltd, Senior Unsecured Notes, 3.250% due 10/13/21
 ​ ​ ​ ​ 1,107,554 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Vale Overseas Ltd., Company Guaranteed Notes, 6.250% due 8/10/26
​ ​ ​ ​ 287,938 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Vedanta Resources Finance II PLC, Company Guaranteed Notes, 9.250%
due 4/23/26(b)
 ​ ​ ​ ​ 387,800 ​ ​
​ ​ ​ ​ ​ ​ ​ Vedanta Resources Ltd., Senior Unsecured Notes: ​
​ ​ ​ 200,000 ​ ​ ​
7.125% due 5/31/23
​ ​ ​ ​ 191,300 ​ ​
​ ​ ​ 1,600,000 ​ ​ ​
6.125% due 8/9/24
 ​ ​ ​ ​ 1,440,800 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Westlake Chemical Corp., Company Guaranteed Notes, 5.000% due 8/15/46
​ ​ ​ ​ 108,406 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Basic Materials
 ​ ​ ​ ​ 18,328,752 ​ ​
​ Communications – 2.1% ​
​ ​ ​ 200,000 ​ ​ ​
Alibaba Group Holding Ltd., Senior Unsecured Notes, 4.000% due 12/6/37
​ ​ ​ ​ 220,157 ​ ​
​ ​ ​ 255,000 ​ ​ ​
Altice France SA, Senior Secured Notes, 7.375% due 5/1/26(b)
 ​ ​ ​ ​ 272,213 ​ ​
​ ​ ​ ​ ​ ​ ​ Amazon.com Inc., Senior Unsecured Notes: ​
​ ​ ​ 845,000 ​ ​ ​
2.800% due 8/22/24
​ ​ ​ ​ 882,128 ​ ​
​ ​ ​ 635,000 ​ ​ ​
3.800% due 12/5/24
​ ​ ​ ​ 693,318 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.150% due 8/22/27
​ ​ ​ ​ 268,842 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.050% due 8/22/47
​ ​ ​ ​ 306,808 ​ ​
​ ​ ​ 250,000 ​ ​ ​
America Movil SAB de CV, Senior Unsecured Notes, 4.375% due 7/16/42
​ ​ ​ ​ 290,227 ​ ​
​ ​ ​ ​ ​ ​ ​ AT&T Inc., Senior Unsecured Notes: ​
​ ​ ​ 500,000 ​ ​ ​
3.200% due 3/1/22
​ ​ ​ ​ 512,890 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.800% due 3/1/24
​ ​ ​ ​ 265,857 ​ ​
​ ​ ​ 840,000 ​ ​ ​
3.400% due 5/15/25
​ ​ ​ ​ 882,271 ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.800% due 2/15/27
​ ​ ​ ​ 320,309 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.250% due 3/1/27
​ ​ ​ ​ 275,136 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.300% due 2/15/30
​ ​ ​ ​ 111,043 ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.250% due 3/1/37
​ ​ ​ ​ 297,181 ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.350% due 9/1/40
​ ​ ​ ​ 297,783 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.850% due 7/15/45
​ ​ ​ ​ 286,285 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.500% due 3/9/48
​ ​ ​ ​ 218,305 ​ ​
​ ​ ​ 300,000 ​ ​ ​
5.700% due 3/1/57
​ ​ ​ ​ 380,008 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20
 ​ ​ ​ ​ 1,012,179 ​ ​
See Notes to Financial Statements.
70
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Communications – (continued) ​
​ ​ $ 200,000 ​ ​ ​
Baidu Inc., Senior Unsecured Notes, 4.875% due 11/14/28
​ ​ ​ $ 226,731 ​ ​
​ ​ ​ 600,000 ​ ​ ​
Bharti Airtel International Netherlands BV, Company Guaranteed Notes, 5.125%
due 3/11/23
​ ​ ​ ​ 634,878 ​ ​
​ ​ ​ 1,200,000 ​ ​ ​
Bharti Airtel Ltd., Senior Unsecured Notes, 4.375% due 6/10/25
 ​ ​ ​ ​ 1,241,676 ​ ​
​ ​ ​ ​ ​ ​ ​ C&W Senior Financing DAC, Senior Unsecured Notes: ​
​ ​ ​ 600,000 ​ ​ ​
7.500% due 10/15/26(b)
 ​ ​ ​ ​ 650,880 ​ ​
​ ​ ​ 1,600,000 ​ ​ ​
6.875% due 9/15/27
 ​ ​ ​ ​ 1,703,824 ​ ​
​ ​ ​ ​ ​ ​ ​ CBS Corp., Company Guaranteed Notes: ​
​ ​ ​ 100,000 ​ ​ ​
3.375% due 3/1/22
​ ​ ​ ​ 102,727 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.900% due 10/15/40
​ ​ ​ ​ 126,899 ​ ​
​ ​ ​ ​ ​ ​ ​ CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes: ​
​ ​ ​ 555,000 ​ ​ ​
5.750% due 2/15/26(b)
 ​ ​ ​ ​ 587,606 ​ ​
​ ​ ​ 125,000 ​ ​ ​
5.000% due 2/1/28(b)
 ​ ​ ​ ​ 131,250 ​ ​
​ ​ ​ 165,000 ​ ​ ​
Cengage Learning Inc., Senior Unsecured Notes, 9.500% due 6/15/24(b)
 ​ ​ ​ ​ 152,625 ​ ​
​ ​ ​ 350,000 ​ ​ ​
Charter Communications Operating LLC / Charter Communications Operating
Capital, Senior Secured Notes, 5.050% due 3/30/29
​ ​ ​ ​ 395,671 ​ ​
​ ​ ​ ​ ​ ​ ​
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
 ​ ​
​ ​ ​ 490,000 ​ ​ ​
4.464% due 7/23/22
​ ​ ​ ​ 517,742 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.908% due 7/23/25
​ ​ ​ ​ 276,296 ​ ​
​ ​ ​ 250,000 ​ ​ ​
6.484% due 10/23/45
​ ​ ​ ​ 309,135 ​ ​
​ ​ ​ 195,000 ​ ​ ​
Cincinnati Bell Inc., Company Guaranteed Notes, 7.000% due 7/15/24(b)
 ​ ​ ​ ​ 177,937 ​ ​
​ ​ ​ ​ ​ ​ ​ Cisco Systems Inc., Senior Unsecured Notes: ​
​ ​ ​ 150,000 ​ ​ ​
2.200% due 9/20/23
​ ​ ​ ​ 152,274 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.625% due 3/4/24
​ ​ ​ ​ 107,986 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.500% due 1/15/40
​ ​ ​ ​ 140,289 ​ ​
​ ​ ​ ​ ​ ​ ​ Clear Channel Worldwide Holdings Inc.: ​
​ ​ ​ 126,000 ​ ​ ​
Company Guaranteed Notes, 9.250% due 2/15/24(b)
 ​ ​ ​ ​ 138,127 ​ ​
​ ​ ​ 160,000 ​ ​ ​
Senior Secured Notes, 5.125% due 8/15/27(b)
 ​ ​ ​ ​ 167,400 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Colombia Telecomunicaciones SA ESP, Junior Subordinated Notes, 8.500%
(5-Year USD Swap Rate + 6.958%)(a)(e)
 ​ ​ ​ ​ 205,502 ​ ​
​ ​ ​ ​ ​ ​ ​ Comcast Corp., Company Guaranteed Notes: ​
​ ​ ​ 250,000 ​ ​ ​
3.000% due 2/1/24
​ ​ ​ ​ 259,960 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.300% due 2/1/27
​ ​ ​ ​ 266,143 ​ ​
​ ​ ​ 500,000 ​ ​ ​
4.150% due 10/15/28
​ ​ ​ ​ 567,279 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.400% due 8/15/35
​ ​ ​ ​ 176,768 ​ ​
​ ​ ​ 400,000 ​ ​ ​
3.400% due 7/15/46
​ ​ ​ ​ 416,264 ​ ​
​ ​ ​ 870,000 ​ ​ ​
4.700% due 10/15/48
 ​ ​ ​ ​ 1,088,525 ​ ​
See Notes to Financial Statements.
71
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Communications – (continued) ​
​ ​ $ 100,000 ​ ​ ​
3.999% due 11/1/49
​ ​ ​ $ 113,131 ​ ​
​ ​ ​ ​ ​ ​ ​ CommScope Inc., Senior Secured Notes: ​
​ ​ ​ 105,000 ​ ​ ​
5.500% due 3/1/24(b)
 ​ ​ ​ ​ 106,444 ​ ​
​ ​ ​ 100,000 ​ ​ ​
6.000% due 3/1/26(b)
 ​ ​ ​ ​ 101,850 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Comunicaciones Celulares SA Via Comcel Trust, Senior Unsecured Notes,
6.875% due 2/6/24
​ ​ ​ ​ 516,875 ​ ​
​ ​ ​ ​ ​ ​ ​ CSC Holdings LLC: ​
​ ​ ​ 215,000 ​ ​ ​
Company Guaranteed Notes, 5.375% due 7/15/23(b)
 ​ ​ ​ ​ 220,968 ​ ​
​ ​ ​ 345,000 ​ ​ ​
Senior Unsecured Notes, 5.250% due 6/1/24
​ ​ ​ ​ 369,150 ​ ​
​ ​ ​ 175,000 ​ ​ ​
Diamond Sports Group LLC/Diamond Sports Finance Co., Senior Secured Notes,
5.375% due 8/15/26(b)
 ​ ​ ​ ​ 183,750 ​ ​
​ ​ ​ 502,138 ​ ​ ​
Digicel Group Two Ltd., Senior Unsecured Notes, 9.125% due 4/1/24(b)(f)
 ​ ​ ​ ​ 37,660 ​ ​
​ ​ ​ ​ ​ ​ ​ Discovery Communications LLC, Company Guaranteed Notes: ​
​ ​ ​ 200,000 ​ ​ ​
2.950% due 3/20/23
​ ​ ​ ​ 204,155 ​ ​
​ ​ ​ 400,000 ​ ​ ​
3.800% due 3/13/24
​ ​ ​ ​ 419,743 ​ ​
​ ​ ​ 350,000 ​ ​ ​
4.125% due 5/15/29
​ ​ ​ ​ 374,478 ​ ​
​ ​ ​ 120,000 ​ ​ ​
DISH DBS Corp., Company Guaranteed Notes, 5.875% due 11/15/24
​ ​ ​ ​ 114,156 ​ ​
​ ​ ​ 100,000 ​ ​ ​
eBay Inc., Senior Unsecured Notes, 4.000% due 7/15/42
​ ​ ​ ​ 98,979 ​ ​
​ ​ ​ 195,000 ​ ​ ​
Embarq Corp., Senior Unsecured Notes, 7.995% due 6/1/36
​ ​ ​ ​ 191,170 ​ ​
​ ​ ​ 800,000 ​ ​ ​
Empresa Nacional de Telecomunicaciones SA, Senior Unsecured Notes, 4.750%
due 8/1/26
​ ​ ​ ​ 845,876 ​ ​
​ ​ ​ 900,000 ​ ​ ​
Expedia Group Inc., Company Guaranteed Notes, 3.800% due 2/15/28
​ ​ ​ ​ 953,566 ​ ​
​ ​ ​ ​ ​ ​ ​ Frontier Communications Corp.: ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​
​ ​ ​ 45,000 ​ ​ ​
8.500% due 4/15/20
​ ​ ​ ​ 27,900 ​ ​
​ ​ ​ 100,000 ​ ​ ​
7.125% due 1/15/23
​ ​ ​ ​ 51,000 ​ ​
​ ​ ​ 80,000 ​ ​ ​
Secured Notes, 8.500% due 4/1/26(b)
 ​ ​ ​ ​ 77,800 ​ ​
​ ​ ​ 125,000 ​ ​ ​
Senior Secured Notes, 8.000% due 4/1/27(b)
 ​ ​ ​ ​ 130,313 ​ ​
​ ​ ​ 190,000 ​ ​ ​
Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., Senior Secured Notes,
9.875% due 5/1/24(b)
 ​ ​ ​ ​ 198,313 ​ ​
​ ​ ​ ​ ​ ​ ​ Gray Television Inc.: ​
​ ​ ​ 65,000 ​ ​ ​
Company Guaranteed Notes, 5.125% due 10/15/24(b)
 ​ ​ ​ ​ 67,113 ​ ​
​ ​ ​ 190,000 ​ ​ ​
Senior Unsecured Notes, 7.000% due 5/15/27(b)
 ​ ​ ​ ​ 207,755 ​ ​
​ ​ ​ 135,000 ​ ​ ​
GrubHub Holdings Inc., Company Guaranteed Notes, 5.500% due 7/1/27(b)
 ​ ​ ​ ​ 141,075 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Grupo Televisa SAB, Senior Unsecured Notes, 4.625% due 1/30/26
​ ​ ​ ​ 268,807 ​ ​
​ ​ ​ 140,000 ​ ​ ​
GTT Communications Inc., Company Guaranteed Notes, 7.875%
due 12/31/24(b)
 ​ ​ ​ ​ 88,200 ​ ​
See Notes to Financial Statements.
72
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Communications – (continued) ​
​ ​ ​ ​ ​ ​ ​ iHeartCommunications Inc.: ​
​ ​ ​ ​ ​ ​ ​
Senior Secured Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ $ 45,000 ​ ​ ​
6.375% due 5/1/26
​ ​ ​ $ 48,600 ​ ​
​ ​ ​ 105,000 ​ ​ ​
5.250% due 8/15/27(b)
 ​ ​ ​ ​ 110,400 ​ ​
​ ​ ​ 25,000 ​ ​ ​
Company Guaranteed Notes, 8.375% due 5/1/27
​ ​ ​ ​ 26,969 ​ ​
​ ​ ​ ​ ​ ​ ​ Intelsat Jackson Holdings SA, Company Guaranteed Notes: ​
​ ​ ​ 65,000 ​ ​ ​
5.500% due 8/1/23
​ ​ ​ ​ 59,150 ​ ​
​ ​ ​ 210,000 ​ ​ ​
8.500% due 10/15/24(b)
 ​ ​ ​ ​ 208,425 ​ ​
​ ​ ​ 270,000 ​ ​ ​
Iridium Communications Inc., Senior Unsecured Notes, 10.250%
due 4/15/23(b)
 ​ ​ ​ ​ 292,950 ​ ​
​ ​ ​ 320,000 ​ ​ ​
Level 3 Financing Inc., Company Guaranteed Notes, 5.375% due 1/15/24
​ ​ ​ ​ 325,600 ​ ​
​ ​ ​ 255,000 ​ ​ ​
Match Group Inc., Senior Unsecured Notes, 5.000% due 12/15/27(b)
 ​ ​ ​ ​ 267,750 ​ ​
​ ​ ​ ​ ​ ​ ​ Millicom International Cellular SA, Senior Unsecured Notes: ​
​ ​ ​ 400,000 ​ ​ ​
6.000% due 3/15/25
​ ​ ​ ​ 415,500 ​ ​
​ ​ ​ 200,000 ​ ​ ​
6.625% due 10/15/26(b)
 ​ ​ ​ ​ 218,000 ​ ​
​ ​ ​ 600,000 ​ ​ ​
5.125% due 1/15/28
​ ​ ​ ​ 622,500 ​ ​
​ ​ ​ 700,000 ​ ​ ​
6.250% due 3/25/29(b)
 ​ ​ ​ ​ 761,313 ​ ​
​ ​ ​ ​ ​ ​ ​ Netflix Inc., Senior Unsecured Notes: ​
​ ​ ​ 140,000 ​ ​ ​
5.875% due 2/15/25
​ ​ ​ ​ 154,525 ​ ​
​ ​ ​ 75,000 ​ ​ ​
5.375% due 11/15/29(b)
 ​ ​ ​ ​ 81,563 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Omnicom Group Inc./Omnicom Capital Inc., Senior Unsecured Notes, 3.600%
due 4/15/26
​ ​ ​ ​ 106,196 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Orange SA, Senior Unsecured Notes, 9.000% due 3/1/31
​ ​ ​ ​ 395,667 ​ ​
​ ​ ​ 180,000 ​ ​ ​
Radiate Holdco LLC/Radiate Finance Inc., Senior Unsecured Notes, 6.875%
due 2/15/23(b)
 ​ ​ ​ ​ 183,600 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Rogers Communications Inc., Company Guaranteed Notes, 5.000%
due 3/15/44
​ ​ ​ ​ 124,738 ​ ​
​ ​ ​ 155,000 ​ ​ ​
Scripps Escrow Inc., Senior Unsecured Notes, 5.875% due 7/15/27(b)
 ​ ​ ​ ​ 156,356 ​ ​
​ ​ ​ 600,000 ​ ​ ​
SingTel Group Treasury Pte Ltd., Company Guaranteed Notes, 4.500%
due 9/8/21
​ ​ ​ ​ 626,677 ​ ​
​ ​ ​ ​ ​ ​ ​ Sirius XM Radio Inc., Company Guaranteed Notes: ​
​ ​ ​ 225,000 ​ ​ ​
5.375% due 7/15/26(b)
 ​ ​ ​ ​ 237,656 ​ ​
​ ​ ​ 110,000 ​ ​ ​
5.500% due 7/1/29(b)
 ​ ​ ​ ​ 119,868 ​ ​
​ ​ ​ 415,000 ​ ​ ​
Sprint Capital Corp., Company Guaranteed Notes, 6.875% due 11/15/28
​ ​ ​ ​ 460,131 ​ ​
​ ​ ​ 395,000 ​ ​ ​
Sprint Corp., Company Guaranteed Notes, 7.125% due 6/15/24
​ ​ ​ ​ 436,657 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Telecom Argentina SA, Senior Unsecured Notes, 8.000% due 7/18/26(b)
 ​ ​ ​ ​ 795,000 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Telefonica Celular del Paraguay SA, Senior Unsecured Notes, 5.875%
due 4/15/27(b)
 ​ ​ ​ ​ 265,313 ​ ​
See Notes to Financial Statements.
73
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Communications – (continued) ​
​ ​ $ 200,000 ​ ​ ​
Telefonica Chile SA, Senior Unsecured Notes, 3.875% due 10/12/22
​ ​ ​ $ 206,492 ​ ​
​ ​ ​ ​ ​ ​ ​ Telefonica Emisiones SA, Company Guaranteed Notes: ​
​ ​ ​ 250,000 ​ ​ ​
4.103% due 3/8/27
​ ​ ​ ​ 273,613 ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.213% due 3/8/47
​ ​ ​ ​ 232,958 ​ ​
​ ​ ​ 260,000 ​ ​ ​
Telesat Canada/Telesat LLC, Company Guaranteed Notes, 8.875%
due 11/15/24(b)
 ​ ​ ​ ​ 281,286 ​ ​
​ ​ ​ 300,000 ​ ​ ​
TELUS Corp., Senior Unsecured Notes, 3.700% due 9/15/27
​ ​ ​ ​ 323,082 ​ ​
​ ​ ​ ​ ​ ​ ​ Time Warner Cable LLC, Senior Secured Notes: ​
​ ​ ​ 150,000 ​ ​ ​
4.000% due 9/1/21
​ ​ ​ ​ 153,819 ​ ​
​ ​ ​ 150,000 ​ ​ ​
7.300% due 7/1/38
​ ​ ​ ​ 192,418 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.500% due 9/15/42
​ ​ ​ ​ 150,573 ​ ​
​ ​ ​ 500,000 ​ ​ ​
T-Mobile USA Inc., Company Guaranteed Notes, 4.500% due 2/1/26
​ ​ ​ ​ 518,750 ​ ​
​ ​ ​ ​ ​ ​ ​ TWDC Enterprises 18 Corp., Company Guaranteed Notes: ​
​ ​ ​ 500,000 ​ ​ ​
2.450% due 3/4/22
​ ​ ​ ​ 509,175 ​ ​
​ ​ ​ 125,000 ​ ​ ​
3.150% due 9/17/25
​ ​ ​ ​ 134,147 ​ ​
​ ​ ​ 155,000 ​ ​ ​
Uber Technologies Inc., Company Guaranteed Notes, 8.000% due 11/1/26(b)
 ​ ​ ​ ​ 163,041 ​ ​
​ ​ ​ 45,000 ​ ​ ​
Univision Communications Inc., Senior Secured Notes, 5.125% due 5/15/23(b)
 ​ ​ ​ ​ 44,438 ​ ​
​ ​ ​ ​ ​ ​ ​ Verizon Communications Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 493,000 ​ ​ ​
4.329% due 9/21/28
​ ​ ​ ​ 566,296 ​ ​
​ ​ ​ 530,000 ​ ​ ​
4.016% due 12/3/29(b)
 ​ ​ ​ ​ 598,633 ​ ​
​ ​ ​ 285,000 ​ ​ ​
4.272% due 1/15/36
​ ​ ​ ​ 327,220 ​ ​
​ ​ ​ 500,000 ​ ​ ​
5.250% due 3/16/37
​ ​ ​ ​ 633,508 ​ ​
​ ​ ​ 500,000 ​ ​ ​
5.012% due 4/15/49
​ ​ ​ ​ 639,169 ​ ​
​ ​ ​ 40,000 ​ ​ ​
4.672% due 3/15/55
​ ​ ​ ​ 49,267 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Viacom Inc., Senior Unsecured Notes, 5.850% due 9/1/43
​ ​ ​ ​ 250,242 ​ ​
​ ​ ​ ​ ​ ​ ​ Vodafone Group PLC, Senior Unsecured Notes: ​ ​
​ ​ ​ 350,000 ​ ​ ​
4.375% due 5/30/28
​ ​ ​ ​ 392,636 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.375% due 2/19/43
​ ​ ​ ​ 267,021 ​ ​
​ ​ ​ ​ ​ ​ ​ VTR Finance BV, Senior Secured Notes: ​
​ ​ ​ 1,263,000 ​ ​ ​
6.875% due 1/15/24
 ​ ​ ​ ​ 1,304,048 ​ ​
​ ​ ​ 270,000 ​ ​ ​
6.875% due 1/15/24(b)
 ​ ​ ​ ​ 278,775 ​ ​
​ ​ ​ ​ ​ ​ ​ Walt Disney Co., Company Guaranteed Notes: ​
​ ​ ​ 250,000 ​ ​ ​
3.375% due 11/15/26(b)
 ​ ​ ​ ​ 270,047 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.750% due 11/15/46(b)
 ​ ​ ​ ​ 328,275 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Communications
​ ​ ​ ​ 41,415,594 ​ ​
See Notes to Financial Statements.
74
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Cyclical – 1.3% ​
​ ​ $ 380,000 ​ ​ ​
1011778 BC ULC/New Red Finance Inc., Secured Notes, 5.000%
due 10/15/25(b)
 ​ ​ ​ $ 392,350 ​ ​
​ ​ ​ 330,000 ​ ​ ​
Allison Transmission Inc., Senior Unsecured Notes, 5.000% due 10/1/24(b)
 ​ ​ ​ ​ 339,520 ​ ​
​ ​ ​ 130,000 ​ ​ ​
American Axle & Manufacturing Inc., Company Guaranteed Notes, 6.250%
due 3/15/26
​ ​ ​ ​ 120,575 ​ ​
​ ​ ​ 500,000 ​ ​ ​
American Honda Finance Corp., Senior Unsecured Notes, 2.900% due 2/16/24
​ ​ ​ ​ 518,525 ​ ​
​ ​ ​ 305,000 ​ ​ ​
Aramark Services Inc., Company Guaranteed Notes, 5.000% due 4/1/25(b)
 ​ ​ ​ ​ 315,111 ​ ​
​ ​ ​ 365,000 ​ ​ ​
Beacon Roofing Supply Inc., Company Guaranteed Notes, 4.875%
due 11/1/25(b)
 ​ ​ ​ ​ 359,981 ​ ​
​ ​ ​ 370,000 ​ ​ ​
Boyne USA Inc., Secured Notes, 7.250% due 5/1/25(b)
 ​ ​ ​ ​ 403,762 ​ ​
​ ​ ​ 215,000 ​ ​ ​
Caesars Resort Collection LLC/CRC Finco Inc., Company Guaranteed Notes,
5.250% due 10/15/25(b)
 ​ ​ ​ ​ 218,762 ​ ​
​ ​ ​ 125,000 ​ ​ ​
Carvana Co., Company Guaranteed Notes, 8.875% due 10/1/23(b)
 ​ ​ ​ ​ 128,750 ​ ​
​ ​ ​ 280,000 ​ ​ ​
Cedar Fair LP, Company Guaranteed Notes, 5.250% due 7/15/29(b)
 ​ ​ ​ ​ 303,800 ​ ​
​ ​ ​ 115,000 ​ ​ ​
Century Communities Inc., Senior Unsecured Notes, 6.750% due 6/1/27(b)
 ​ ​ ​ ​ 121,900 ​ ​
​ ​ ​ 140,000 ​ ​ ​
Constellation Merger Sub Inc., Senior Unsecured Notes, 8.500% due 9/15/25(b)
 ​ ​ ​ ​ 119,000 ​ ​
​ ​ ​ 700,000 ​ ​ ​
Controladora Mabe SA de CV, Company Guaranteed Notes, 5.600% due
10/23/28
​ ​ ​ ​ 744,625 ​ ​
​ ​ ​ 235,000 ​ ​ ​
Dana Financing Luxembourg SARL, Company Guaranteed Notes, 5.750%
due 4/15/25(b)
 ​ ​ ​ ​ 239,700 ​ ​
​ ​ ​ 705,000 ​ ​ ​
Delta Air Lines Inc., Senior Unsecured Notes, 3.625% due 3/15/22
​ ​ ​ ​ 725,573 ​ ​
​ ​ ​ 575,000 ​ ​ ​
Dollar Tree Inc., Senior Unsecured Notes, 4.000% due 5/15/25
​ ​ ​ ​ 607,841 ​ ​
​ ​ ​ 200,000 ​ ​ ​
eG Global Finance PLC, Senior Secured Notes, 6.750% due 2/7/25(b)
 ​ ​ ​ ​ 193,000 ​ ​
​ ​ ​ 180,000 ​ ​ ​
Eldorado Resorts Inc., Company Guaranteed Notes, 6.000% due 4/1/25
​ ​ ​ ​ 190,800 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Ford Motor Co., Senior Unsecured Notes, 5.291% due 12/8/46
​ ​ ​ ​ 240,861 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.810% due 1/9/24
​ ​ ​ ​ 504,253 ​ ​
​ ​ ​ ​ ​ ​ ​ General Motors Co., Senior Unsecured Notes: ​
​ ​ ​ 205,000 ​ ​ ​
3.009% (3-Month USD-LIBOR + 0.800%) due 8/7/20(a)
 ​ ​ ​ ​ 205,270 ​ ​
​ ​ ​ 100,000 ​ ​ ​
6.750% due 4/1/46
​ ​ ​ ​ 119,025 ​ ​
​ ​ ​ ​ ​ ​ ​ General Motors Financial Co., Inc.: ​
​ ​ ​ ​ ​ ​ ​
Company Guaranteed Notes:
 ​
​ ​ ​ 500,000 ​ ​ ​
3.450% due 1/14/22
​ ​ ​ ​ 509,554 ​ ​
​ ​ ​ 810,000 ​ ​ ​
3.279% (3-Month USD-LIBOR + 0.990%) due 1/5/23(a)
 ​ ​ ​ ​ 800,840 ​ ​
​ ​ ​ 415,000 ​ ​ ​
3.950% due 4/13/24
​ ​ ​ ​ 429,384 ​ ​
​ ​ ​ 500,000 ​ ​ ​
4.350% due 1/17/27
​ ​ ​ ​ 518,132 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Senior Unsecured Notes, 5.650% due 1/17/29
​ ​ ​ ​ 167,827 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
Gohl Capital Ltd., Company Guaranteed Notes, 4.250% due 1/24/27
 ​ ​ ​ ​ 1,585,429 ​ ​
​ ​ ​ 105,000 ​ ​ ​
Golden Entertainment Inc., Senior Unsecured Notes, 7.625% due 4/15/26(b)
 ​ ​ ​ ​ 109,211 ​ ​
See Notes to Financial Statements.
75
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Cyclical – (continued) ​
​ ​ $ 340,000 ​ ​ ​
Golden Nugget Inc., Senior Unsecured Notes, 6.750% due 10/15/24(b)
 ​ ​ ​ $ 347,650 ​ ​
​ ​ ​ 640,000 ​ ​ ​
Hasbro Inc., Senior Unsecured Notes, 3.500% due 9/15/27
​ ​ ​ ​ 652,857 ​ ​
​ ​ ​ 510,000 ​ ​ ​
Hilton Domestic Operating Co., Inc., Company Guaranteed Notes, 4.250%
due 9/1/24
​ ​ ​ ​ 520,200 ​ ​
​ ​ ​ ​ ​ ​ ​ Home Depot Inc., Senior Unsecured Notes: ​
​ ​ ​ 250,000 ​ ​ ​
2.625% due 6/1/22
​ ​ ​ ​ 255,993 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.125% due 9/15/26
​ ​ ​ ​ 251,223 ​ ​
​ ​ ​ 565,000 ​ ​ ​
3.900% due 6/15/47
​ ​ ​ ​ 655,727 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.500% due 9/15/56
​ ​ ​ ​ 272,182 ​ ​
​ ​ ​ 210,000 ​ ​ ​
IAA Inc., Senior Unsecured Notes, 5.500% due 6/15/27(b)
 ​ ​ ​ ​ 223,650 ​ ​
​ ​ ​ 240,000 ​ ​ ​
IRB Holding Corp., Company Guaranteed Notes, 6.750% due 2/15/26(b)
 ​ ​ ​ ​ 241,200 ​ ​
​ ​ ​ 255,000 ​ ​ ​
KAR Auction Services Inc., Company Guaranteed Notes, 5.125% due 6/1/25(b)
 ​ ​ ​ ​ 262,650 ​ ​
​ ​ ​ ​ ​ ​ ​ Latam Finance Ltd., Company Guaranteed Notes: ​
​ ​ ​ 400,000 ​ ​ ​
6.875% due 4/11/24
​ ​ ​ ​ 415,004 ​ ​
​ ​ ​ 600,000 ​ ​ ​
7.000% due 3/1/26(b)
 ​ ​ ​ ​ 623,256 ​ ​
​ ​ ​ 235,000 ​ ​ ​
Lions Gate Capital Holdings LLC, Company Guaranteed Notes, 6.375%
due 2/1/24(b)
 ​ ​ ​ ​ 248,205 ​ ​
​ ​ ​ 310,000 ​ ​ ​
Live Nation Entertainment Inc., Company Guaranteed Notes, 5.625%
due 3/15/26(b)
 ​ ​ ​ ​ 330,538 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Lowe’s Cos. Inc., Senior Unsecured Notes, 3.700% due 4/15/46
​ ​ ​ ​ 255,219 ​ ​
​ ​ ​ 330,000 ​ ​ ​
LTF Merger Sub Inc., Company Guaranteed Notes, 8.500% due 6/15/23(b)
 ​ ​ ​ ​ 337,838 ​ ​
​ ​ ​ 18,000 ​ ​ ​
Macy’s Retail Holdings Inc., Company Guaranteed Notes, 4.500%
due 12/15/34
​ ​ ​ ​ 16,536 ​ ​
​ ​ ​ 210,000 ​ ​ ​
Marriott Ownership Resorts Inc./ILG LLC, Company Guaranteed Notes, 6.500%
due 9/15/26
​ ​ ​ ​ 226,632 ​ ​
​ ​ ​ ​ ​ ​ ​ McDonald’s Corp., Senior Unsecured Notes: ​
​ ​ ​ 250,000 ​ ​ ​
3.500% due 3/1/27
​ ​ ​ ​ 269,651 ​ ​
​ ​ ​ 75,000 ​ ​ ​
4.875% due 12/9/45
​ ​ ​ ​ 92,462 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.450% due 3/1/47
​ ​ ​ ​ 293,769 ​ ​
​ ​ ​ 115,000 ​ ​ ​
MGM Resorts International, Company Guaranteed Notes, 5.750% due 6/15/25
​ ​ ​ ​ 126,647 ​ ​
​ ​ ​ 97,000 ​ ​ ​
Newell Brands Inc., Senior Unsecured Notes, 5.375% due 4/1/36
​ ​ ​ ​ 103,859 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Nordstrom Inc., Senior Unsecured Notes, 4.000% due 3/15/27
​ ​ ​ ​ 306,111 ​ ​
​ ​ ​ ​ ​ ​ ​ Panther BF Aggregator 2 LP/Panther Finance Co., Inc.: ​
​ ​ ​ 80,000 ​ ​ ​
Company Guaranteed Notes, 8.500% due 5/15/27(b)
 ​ ​ ​ ​ 78,000 ​ ​
​ ​ ​ 195,000 ​ ​ ​
Senior Secured Notes, 6.250% due 5/15/26(b)
 ​ ​ ​ ​ 202,312 ​ ​
​ ​ ​ 230,000 ​ ​ ​
Penn National Gaming Inc., Senior Unsecured Notes, 5.625% due 1/15/27(b)
 ​ ​ ​ ​ 236,061 ​ ​
​ ​ ​ ​ ​ ​ ​ PetSmart Inc.: ​
​ ​ ​ 130,000 ​ ​ ​
Company Guaranteed Notes, 7.125% due 3/15/23(b)
 ​ ​ ​ ​ 120,900 ​ ​
See Notes to Financial Statements.
76
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Cyclical – (continued) ​
​ ​ $ 76,000 ​ ​ ​
Senior Secured Notes, 5.875% due 6/1/25(b)
 ​ ​ ​ $ 74,480 ​ ​
​ ​ ​ 225,000 ​ ​ ​
Resideo Funding Inc., Company Guaranteed Notes, 6.125% due 11/1/26(b)
 ​ ​ ​ ​ 239,063 ​ ​
​ ​ ​ 400,000 ​ ​ ​
SACI Falabella, Senior Unsecured Notes, 3.750% due 4/30/23
​ ​ ​ ​ 411,015 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Sands China Ltd., Senior Unsecured Notes, 5.400% due 8/8/28
​ ​ ​ ​ 230,883 ​ ​
​ ​ ​ ​ ​ ​ ​ Scientific Games International Inc.: ​
​ ​ ​ 125,000 ​ ​ ​
Company Guaranteed Notes, 8.250% due 3/15/26(b)
 ​ ​ ​ ​ 132,500 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Senior Secured Notes, 5.000% due 10/15/25(b)
 ​ ​ ​ ​ 206,648 ​ ​
​ ​ ​ 280,000 ​ ​ ​
Six Flags Entertainment Corp., Company Guaranteed Notes, 4.875%
due 7/31/24(b)
 ​ ​ ​ ​ 289,800 ​ ​
​ ​ ​ 195,000 ​ ​ ​
Staples Inc., Senior Secured Notes, 7.500% due 4/15/26(b)
 ​ ​ ​ ​ 196,950 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Starbucks Corp., Senior Unsecured Notes, 3.550% due 8/15/29
​ ​ ​ ​ 164,127 ​ ​
​ ​ ​ 235,000 ​ ​ ​
Stars Group Holdings BV/Stars Group US Co.-Borrower LLC, Company
Guaranteed Notes, 7.000% due 7/15/26(b)
 ​ ​ ​ ​ 249,394 ​ ​
​ ​ ​ 225,000 ​ ​ ​
Superior Plus LP/Superior General Partner Inc., Senior Unsecured Notes, 7.000%
due 7/15/26(b)
 ​ ​ ​ ​ 235,688 ​ ​
​ ​ ​ ​ ​ ​ ​ Target Corp., Senior Unsecured Notes: ​
​ ​ ​ 100,000 ​ ​ ​
2.900% due 1/15/22
​ ​ ​ ​ 103,053 ​ ​
​ ​ ​ 125,000 ​ ​ ​
3.500% due 7/1/24
​ ​ ​ ​ 134,576 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.900% due 11/15/47
​ ​ ​ ​ 118,119 ​ ​
​ ​ ​ 320,000 ​ ​ ​
Tempur Sealy International Inc., Company Guaranteed Notes, 5.500%
due 6/15/26
​ ​ ​ ​ 334,400 ​ ​
​ ​ ​ 750,000 ​ ​ ​
Toyota Motor Corp., Senior Unsecured Notes, 3.419% due 7/20/23
​ ​ ​ ​ 796,662 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Twin River Worldwide Holdings Inc., Senior Unsecured Notes, 6.750%
due 6/1/27(b)
 ​ ​ ​ ​ 158,063 ​ ​
​ ​ ​ 355,000 ​ ​ ​
Viking Cruises Ltd., Company Guaranteed Notes, 5.875% due 9/15/27(b)
 ​ ​ ​ ​ 368,312 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Walgreens Boots Alliance Inc., Senior Unsecured Notes, 3.450% due 6/1/26
​ ​ ​ ​ 519,202 ​ ​
​ ​ ​ ​ ​ ​ ​ Walmart Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.125% due 6/23/21
​ ​ ​ ​ 153,669 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.550% due 4/11/23
​ ​ ​ ​ 256,479 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.300% due 4/22/24
​ ​ ​ ​ 265,339 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.300% due 4/22/44
​ ​ ​ ​ 312,881 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.050% due 6/29/48
​ ​ ​ ​ 311,291 ​ ​
​ ​ ​ 245,000 ​ ​ ​
William Carter Co., Company Guaranteed Notes, 5.625% due 3/15/27(b)
 ​ ​ ​ ​ 260,920 ​ ​
​ ​ ​ 100,000 ​ ​ ​
WW Grainger Inc., Senior Unsecured Notes, 4.200% due 5/15/47
​ ​ ​ ​ 114,549 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Consumer Cyclical
 ​ ​ ​ ​ 25,837,756 ​ ​
​ Consumer Non-cyclical – 3.0% ​
​ ​ ​ ​ ​ ​ ​ Abbott Laboratories, Senior Unsecured Notes: ​
​ ​ ​ 140,000 ​ ​ ​
3.750% due 11/30/26
​ ​ ​ ​ 154,054 ​ ​
See Notes to Financial Statements.
77
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ $ 250,000 ​ ​ ​
4.900% due 11/30/46
​ ​ ​ $ 334,173 ​ ​
​ ​ ​ ​ ​ ​ ​ AbbVie Inc., Senior Unsecured Notes: ​
​ ​ ​ 520,000 ​ ​ ​
3.200% due 11/6/22
​ ​ ​ ​ 532,700 ​ ​
​ ​ ​ 350,000 ​ ​ ​
2.850% due 5/14/23
​ ​ ​ ​ 356,676 ​ ​
​ ​ ​ 475,000 ​ ​ ​
4.450% due 5/14/46
​ ​ ​ ​ 499,079 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 3.950%
due 1/19/22
​ ​ ​ ​ 411,000 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Aetna Inc., Senior Unsecured Notes, 3.875% due 8/15/47
​ ​ ​ ​ 99,764 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Air Medical Group Holdings Inc., Senior Unsecured Notes, 6.375%
due 5/15/23(b)
 ​ ​ ​ ​ 131,437 ​ ​
​ ​ ​ 280,000 ​ ​ ​
Albertsons Cos LLC/Safeway Inc./New Albertsons LP/Albertson’s LLC,
Company Guaranteed Notes, 5.875% due 2/15/28(b)
 ​ ​ ​ ​ 295,081 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Allergan Finance LLC, Company Guaranteed Notes, 3.250% due 10/1/22
​ ​ ​ ​ 102,204 ​ ​
​ ​ ​ ​ ​ ​ ​ Allergan Funding SCS, Company Guaranteed Notes: ​
​ ​ ​ 290,000 ​ ​ ​
3.850% due 6/15/24
​ ​ ​ ​ 306,249 ​ ​
​ ​ ​ 405,000 ​ ​ ​
3.800% due 3/15/25
​ ​ ​ ​ 426,089 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.550% due 3/15/35
​ ​ ​ ​ 107,574 ​ ​
​ ​ ​ 84,000 ​ ​ ​
4.750% due 3/15/45
​ ​ ​ ​ 92,133 ​ ​
​ ​ ​ ​ ​ ​ ​ Altria Group Inc., Company Guaranteed Notes: ​
​ ​ ​ 250,000 ​ ​ ​
4.800% due 2/14/29
​ ​ ​ ​ 283,089 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.875% due 9/16/46
​ ​ ​ ​ 245,559 ​ ​
​ ​ ​ 555,000 ​ ​ ​
5.950% due 2/14/49
​ ​ ​ ​ 712,555 ​ ​
​ ​ ​ ​ ​ ​ ​ Amgen Inc., Senior Unsecured Notes: ​
​ ​ ​ 500,000 ​ ​ ​
2.600% due 8/19/26
​ ​ ​ ​ 505,810 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.950% due 10/1/41
​ ​ ​ ​ 180,954 ​ ​
​ ​ ​ 50,000 ​ ​ ​
4.663% due 6/15/51
​ ​ ​ ​ 59,585 ​ ​
​ ​ ​ ​ ​ ​ ​
Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
 ​ ​
​ ​ ​ 63,000 ​ ​ ​
3.650% due 2/1/26
​ ​ ​ ​ 67,697 ​ ​
​ ​ ​ 450,000 ​ ​ ​
4.700% due 2/1/36
​ ​ ​ ​ 523,816 ​ ​
​ ​ ​ 269,000 ​ ​ ​
Anheuser-Busch InBev Finance Inc., Company Guaranteed Notes, 3.300%
due 2/1/23
​ ​ ​ ​ 280,069 ​ ​
​ ​ ​ ​ ​ ​ ​ Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.000% due 4/13/28
​ ​ ​ ​ 221,728 ​ ​
​ ​ ​ 350,000 ​ ​ ​
4.950% due 1/15/42
​ ​ ​ ​ 416,196 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.750% due 7/15/42
​ ​ ​ ​ 206,014 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.600% due 4/15/48
​ ​ ​ ​ 174,371 ​ ​
​ ​ ​ 645,000 ​ ​ ​
5.550% due 1/23/49
​ ​ ​ ​ 849,664 ​ ​
See Notes to Financial Statements.
78
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ ​ ​ ​ ​ ​ Anthem Inc., Senior Unsecured Notes: ​ ​
​ ​ $ 1,295,000 ​ ​ ​
3.300% due 1/15/23
​ ​ ​ $ 1,337,546 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.650% due 1/15/43
​ ​ ​ ​ 112,714 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.375% due 12/1/47
​ ​ ​ ​ 224,380 ​ ​
​ ​ ​ 120,000 ​ ​ ​
ASP AMC Merger Sub Inc., Senior Unsecured Notes, 8.000% due 5/15/25(b)
 ​ ​ ​ ​ 80,700 ​ ​
​ ​ ​ ​ ​ ​ ​ AstraZeneca PLC, Senior Unsecured Notes: ​ ​
​ ​ ​ 575,000 ​ ​ ​
2.375% due 6/12/22
​ ​ ​ ​ 579,598 ​ ​
​ ​ ​ 350,000 ​ ​ ​
3.375% due 11/16/25
​ ​ ​ ​ 371,162 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.375% due 11/16/45
​ ​ ​ ​ 119,558 ​ ​
​ ​ ​ 320,000 ​ ​ ​
Avantor Inc., Senior Unsecured Notes, 9.000% due 10/1/25(b)
 ​ ​ ​ ​ 360,000 ​ ​
​ ​ ​ 205,000 ​ ​ ​
B&G Foods Inc., Company Guaranteed Notes, 5.250% due 4/1/25
​ ​ ​ ​ 207,880 ​ ​
​ ​ ​ ​ ​ ​ ​ BAT Capital Corp., Company Guaranteed Notes: ​
​ ​ ​ 100,000 ​ ​ ​
3.222% due 8/15/24
​ ​ ​ ​ 102,866 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.557% due 8/15/27
​ ​ ​ ​ 204,960 ​ ​
​ ​ ​ ​ ​ ​ ​ Bausch Health Cos. Inc.: ​
​ ​ ​ ​ ​ ​ ​
Company Guaranteed Notes:
 ​
​ ​ ​ 235,000 ​ ​ ​
7.000% due 1/15/28(b)
 ​ ​ ​ ​ 246,264 ​ ​
​ ​ ​ 235,000 ​ ​ ​
7.250% due 5/30/29(b)
 ​ ​ ​ ​ 248,512 ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Secured Notes:
 ​
​ ​ ​ 65,000 ​ ​ ​
7.000% due 3/15/24(b)
 ​ ​ ​ ​ 68,650 ​ ​
​ ​ ​ 110,000 ​ ​ ​
5.750% due 8/15/27(b)
 ​ ​ ​ ​ 117,975 ​ ​
​ ​ ​ ​ ​ ​ ​ Becton Dickinson & Co., Senior Unsecured Notes: ​
​ ​ ​ 1,280,000 ​ ​ ​
2.894% due 6/6/22
 ​ ​ ​ ​ 1,301,115 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.363% due 6/6/24
​ ​ ​ ​ 208,542 ​ ​
​ ​ ​ 163,000 ​ ​ ​
3.700% due 6/6/27
​ ​ ​ ​ 174,620 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Biogen Inc., Senior Unsecured Notes, 5.200% due 9/15/45
​ ​ ​ ​ 120,506 ​ ​
​ ​ ​ 350,000 ​ ​ ​
Boston Scientific Corp., Senior Unsecured Notes, 4.000% due 3/1/28
​ ​ ​ ​ 385,259 ​ ​
​ ​ ​ ​ ​ ​ ​ Bristol-Myers Squibb Co., Senior Unsecured Notes: ​
​ ​ ​ 250,000 ​ ​ ​
3.250% due 2/27/27
​ ​ ​ ​ 268,088 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.400% due 7/26/29(b)
 ​ ​ ​ ​ 541,258 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Campbell Soup Co., Senior Unsecured Notes, 3.950% due 3/15/25
​ ​ ​ ​ 264,670 ​ ​
​ ​ ​ ​ ​ ​ ​ Cardinal Health Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 1,140,000 ​ ​ ​
3.410% due 6/15/27
​ ​ ​ ​ 1,155,695 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.368% due 6/15/47
​ ​ ​ ​ 145,039 ​ ​
​ ​ ​ 205,000 ​ ​ ​
Catalent Pharma Solutions Inc., Company Guaranteed Notes, 5.000%
due 7/15/27(b)
 ​ ​ ​ ​ 214,760 ​ ​
See Notes to Financial Statements.
79
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ ​ ​ ​ ​ ​ Celgene Corp., Senior Unsecured Notes: ​ ​
​ ​ $ 100,000 ​ ​ ​
2.750% due 2/15/23
​ ​ ​ $ 102,132 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.875% due 8/15/25
​ ​ ​ ​ 542,806 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.000% due 8/15/45
​ ​ ​ ​ 127,283 ​ ​
​ ​ ​ 1,180,000 ​ ​ ​
4.350% due 11/15/47
 ​ ​ ​ ​ 1,424,776 ​ ​
​ ​ ​ ​ ​ ​ ​ Centene Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 310,000 ​ ​ ​
4.750% due 1/15/25
​ ​ ​ ​ 321,625 ​ ​
​ ​ ​ 140,000 ​ ​ ​
5.375% due 6/1/26(b)
 ​ ​ ​ ​ 149,667 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Children’s Hospital Corp., Company Guaranteed Notes, 4.115% due 1/1/47
​ ​ ​ ​ 244,671 ​ ​
​ ​ ​ ​ ​ ​ ​ Cigna Corp., Company Guaranteed Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.400% due 9/17/21
​ ​ ​ ​ 511,896 ​ ​
​ ​ ​ 595,000 ​ ​ ​
3.193% (3-Month USD-LIBOR + 0.890%) due 7/15/23(a)
 ​ ​ ​ ​ 595,951 ​ ​
​ ​ ​ 675,000 ​ ​ ​
4.900% due 12/15/48
​ ​ ​ ​ 798,789 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Cintas Corp. No 2, Company Guaranteed Notes, 2.900% due 4/1/22
​ ​ ​ ​ 306,569 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Coca-Cola Co., Senior Unsecured Notes, 2.200% due 5/25/22
​ ​ ​ ​ 252,912 ​ ​
​ ​ ​ ​ ​ ​ ​ CommonSpirit Health, Senior Secured Notes: ​
​ ​ ​ 36,000 ​ ​ ​
3.817% due 10/1/49
​ ​ ​ ​ 37,338 ​ ​
​ ​ ​ 13,000 ​ ​ ​
4.187% due 10/1/49
​ ​ ​ ​ 13,903 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Conagra Brands Inc., Senior Unsecured Notes, 4.850% due 11/1/28
​ ​ ​ ​ 286,381 ​ ​
​ ​ ​ 350,000 ​ ​ ​
Constellation Brands Inc., Company Guaranteed Notes, 2.700% due 5/9/22
​ ​ ​ ​ 354,919 ​ ​
​ ​ ​ 230,000 ​ ​ ​
Cott Holdings Inc., Company Guaranteed Notes, 5.500% due 4/1/25(b)
 ​ ​ ​ ​ 239,782 ​ ​
​ ​ ​ ​ ​ ​ ​ CVS Health Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 125,000 ​ ​ ​
2.125% due 6/1/21
​ ​ ​ ​ 125,134 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.500% due 7/20/22
​ ​ ​ ​ 103,580 ​ ​
​ ​ ​ 1,275,000 ​ ​ ​
3.700% due 3/9/23
 ​ ​ ​ ​ 1,333,264 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.100% due 3/25/25
​ ​ ​ ​ 160,475 ​ ​
​ ​ ​ 350,000 ​ ​ ​
2.875% due 6/1/26
​ ​ ​ ​ 352,198 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.300% due 3/25/28
​ ​ ​ ​ 272,885 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.780% due 3/25/38
​ ​ ​ ​ 280,341 ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.050% due 3/25/48
​ ​ ​ ​ 291,290 ​ ​
​ ​ ​ 138,000 ​ ​ ​
Duke University Health System Inc., Senior Unsecured Notes, 3.920%
due 6/1/47
​ ​ ​ ​ 166,680 ​ ​
​ ​ ​ 180,000 ​ ​ ​
Eagle Holding Co. II LLC, Unsecured Notes, 7.750% due 5/15/22(b)(f)
 ​ ​ ​ ​ 182,025 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Eli Lilly & Co., Senior Unsecured Notes, 3.950% due 3/15/49
​ ​ ​ ​ 292,606 ​ ​
​ ​ ​ 619,000 ​ ​ ​
Embotelladora Andina SA, Senior Unsecured Notes, 5.000% due 10/1/23
​ ​ ​ ​ 663,904 ​ ​
​ ​ ​ 459,605 ​ ​ ​
ENA Norte Trust, Pass-Thru Certificates, 4.950% due 4/25/23
​ ​ ​ ​ 472,823 ​ ​
See Notes to Financial Statements.
80
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ $ 15,000 ​ ​ ​
Envision Healthcare Corp., Company Guaranteed Notes, 8.750% due 10/15/26(b)
 ​ ​ ​ $ 8,175 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Estee Lauder Cos. Inc., Senior Unsecured Notes, 4.150% due 3/15/47
​ ​ ​ ​ 121,799 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Express Scripts Holding Co., Company Guaranteed Notes, 4.800% due 7/15/46
​ ​ ​ ​ 285,937 ​ ​
​ ​ ​ 220,000 ​ ​ ​
Garda World Security Corp., Senior Unsecured Notes, 8.750% due 5/15/25(b)
 ​ ​ ​ ​ 226,939 ​ ​
​ ​ ​ 200,000 ​ ​ ​
General Mills Inc., Senior Unsecured Notes, 4.700% due 4/17/48
​ ​ ​ ​ 236,793 ​ ​
​ ​ ​ ​ ​ ​ ​ Gilead Sciences Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 350,000 ​ ​ ​
2.950% due 3/1/27
​ ​ ​ ​ 363,877 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.150% due 3/1/47
​ ​ ​ ​ 282,846 ​ ​
​ ​ ​ 500,000 ​ ​ ​
GlaxoSmithKline Capital Inc., Company Guaranteed Notes, 3.625% due 5/15/25
​ ​ ​ ​ 537,781 ​ ​
​ ​ ​ 600,000 ​ ​ ​
Grupo Bimbo SAB de CV, Subordinated Notes, 5.950% (5-Year CMT Index +
3.280%)(a)(e)
 ​ ​ ​ ​ 628,506 ​ ​
​ ​ ​ 135,000 ​ ​ ​
HCA Healthcare Inc., Senior Unsecured Notes, 6.250% due 2/15/21
​ ​ ​ ​ 141,804 ​ ​
​ ​ ​ ​ ​ ​ ​ HCA Inc.: ​
​ ​ ​ ​ ​ ​ ​
Company Guaranteed Notes:
 ​
​ ​ ​ 515,000 ​ ​ ​
5.375% due 9/1/26
​ ​ ​ ​ 574,225 ​ ​
​ ​ ​ 20,000 ​ ​ ​
5.875% due 2/1/29
​ ​ ​ ​ 23,025 ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Secured Notes:
 ​
​ ​ ​ 65,000 ​ ​ ​
5.250% due 4/15/25
​ ​ ​ ​ 72,548 ​ ​
​ ​ ​ 635,000 ​ ​ ​
4.125% due 6/15/29
​ ​ ​ ​ 676,605 ​ ​
​ ​ ​ 55,000 ​ ​ ​
H-Food Holdings LLC/Hearthside Finance Co. Inc., Senior Unsecured Notes,
8.500% due 6/1/26(b)
 ​ ​ ​ ​ 42,350 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Horizon Pharma USA Inc., Company Guaranteed Notes, 5.500% due 8/1/27(b)
 ​ ​ ​ ​ 208,500 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Huntington Bancshares Inc., Senior Unsecured Notes, 4.800% due 3/15/47
​ ​ ​ ​ 117,532 ​ ​
​ ​ ​ ​ ​ ​ ​ JBS Investments II GmbH, Company Guaranteed Notes: ​
​ ​ ​ 1,100,000 ​ ​ ​
7.000% due 1/15/26(b)
 ​ ​ ​ ​ 1,189,375 ​ ​
​ ​ ​ 400,000 ​ ​ ​
5.750% due 1/15/28(b)
 ​ ​ ​ ​ 420,000 ​ ​
​ ​ ​ ​ ​ ​ ​ JBS USA LUX SA/JBS USA Finance Inc., Company Guaranteed Notes: ​
​ ​ ​ 40,000 ​ ​ ​
5.875% due 7/15/24(b)
 ​ ​ ​ ​ 41,050 ​ ​
​ ​ ​ 30,000 ​ ​ ​
5.750% due 6/15/25(b)
 ​ ​ ​ ​ 31,200 ​ ​
​ ​ ​ 175,000 ​ ​ ​
6.750% due 2/15/28(b)
 ​ ​ ​ ​ 195,125 ​ ​
​ ​ ​ ​ ​ ​ ​ JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.: ​
​ ​ ​ 165,000 ​ ​ ​
Company Guaranteed Notes, 6.500% due 4/15/29(b)
 ​ ​ ​ ​ 182,738 ​ ​
​ ​ ​ 90,000 ​ ​ ​
Senior Unsecured Notes, 5.500% due 1/15/30(b)
 ​ ​ ​ ​ 95,400 ​ ​
​ ​ ​ ​ ​ ​ ​ Johnson & Johnson, Senior Unsecured Notes: ​
​ ​ ​ 250,000 ​ ​ ​
2.250% due 3/3/22
​ ​ ​ ​ 253,227 ​ ​
​ ​ ​ 150,000 ​ ​ ​
2.950% due 3/3/27
​ ​ ​ ​ 159,232 ​ ​
See Notes to Financial Statements.
81
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ $ 250,000 ​ ​ ​
3.625% due 3/3/37
​ ​ ​ $ 281,660 ​ ​
​ ​ ​ ​ ​ ​ ​ Keurig Dr Pepper Inc., Company Guaranteed Notes: ​
​ ​ ​ 250,000 ​ ​ ​
4.597% due 5/25/28
​ ​ ​ ​ 282,440 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.085% due 5/25/48
​ ​ ​ ​ 120,397 ​ ​
​ ​ ​ ​ ​ ​ ​ Kraft Heinz Foods Co., Company Guaranteed Notes: ​
​ ​ ​ 500,000 ​ ​ ​
3.000% due 6/1/26
​ ​ ​ ​ 491,762 ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.200% due 7/15/45
​ ​ ​ ​ 263,771 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Kroger Co., Senior Unsecured Notes, 4.450% due 2/1/47
​ ​ ​ ​ 209,279 ​ ​
​ ​ ​ 80,000 ​ ​ ​
Kronos Acquisition Holdings Inc., Company Guaranteed Notes, 9.000%
due 8/15/23(b)
 ​ ​ ​ ​ 70,600 ​ ​
​ ​ ​ 1,325,000 ​ ​ ​
Laboratory Corp. of America Holdings, Senior Unsecured Notes, 3.600%
due 2/1/25
 ​ ​ ​ ​ 1,392,918 ​ ​
​ ​ ​ ​ ​ ​ ​ MARB BondCo PLC, Company Guaranteed Notes: ​
​ ​ ​ 500,000 ​ ​ ​
7.000% due 3/15/24(b)
 ​ ​ ​ ​ 511,255 ​ ​
​ ​ ​ 200,000 ​ ​ ​
7.000% due 3/15/24
​ ​ ​ ​ 204,502 ​ ​
​ ​ ​ 900,000 ​ ​ ​
6.875% due 1/19/25
​ ​ ​ ​ 915,327 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Medtronic Global Holdings SCA, Company Guaranteed Notes, 3.350%
due 4/1/27
​ ​ ​ ​ 271,602 ​ ​
​ ​ ​ ​ ​ ​ ​ Medtronic Inc., Company Guaranteed Notes: ​
​ ​ ​ 500,000 ​ ​ ​
3.150% due 3/15/22
​ ​ ​ ​ 516,996 ​ ​
​ ​ ​ 125,000 ​ ​ ​
4.625% due 3/15/45
​ ​ ​ ​ 162,315 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Merck & Co., Inc., Senior Unsecured Notes, 3.700% due 2/10/45
​ ​ ​ ​ 286,230 ​ ​
​ ​ ​ ​ ​ ​ ​ Minerva Luxembourg SA, Company Guaranteed Notes: ​
​ ​ ​ 800,000 ​ ​ ​
6.500% due 9/20/26
​ ​ ​ ​ 828,000 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
5.875% due 1/19/28
​ ​ ​ ​ 993,760 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Molson Coors Brewing Co., Company Guaranteed Notes, 4.200% due 7/15/46
​ ​ ​ ​ 152,678 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Moody’s Corp., Senior Unsecured Notes, 2.750% due 12/15/21
​ ​ ​ ​ 304,060 ​ ​
​ ​ ​ 250,000 ​ ​ ​
MPH Acquisition Holdings LLC, Company Guaranteed Notes, 7.125%
due 6/1/24(b)
 ​ ​ ​ ​ 223,453 ​ ​
​ ​ ​ ​ ​ ​ ​ Mylan NV, Company Guaranteed Notes: ​
​ ​ ​ 250,000 ​ ​ ​
3.150% due 6/15/21
​ ​ ​ ​ 252,952 ​ ​
​ ​ ​ 125,000 ​ ​ ​
5.250% due 6/15/46
​ ​ ​ ​ 136,978 ​ ​
​ ​ ​ 250,000 ​ ​ ​
NBM US Holdings Inc., Company Guaranteed Notes, 7.000% due 5/14/26(b)
 ​ ​ ​ ​ 255,295 ​ ​
​ ​ ​ 10,000 ​ ​ ​
Northwell Healthcare Inc., Secured Notes, 4.260% due 11/1/47
​ ​ ​ ​ 11,680 ​ ​
​ ​ ​ ​ ​ ​ ​ Novartis Capital Corp., Company Guaranteed Notes: ​
​ ​ ​ 250,000 ​ ​ ​
2.400% due 5/17/22
​ ​ ​ ​ 254,065 ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.100% due 5/17/27
​ ​ ​ ​ 161,322 ​ ​
​ ​ ​ 95,000 ​ ​ ​
NVA Holdings Inc., Company Guaranteed Notes, 6.875% due 4/1/26(b)
 ​ ​ ​ ​ 101,441 ​ ​
See Notes to Financial Statements.
82
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ ​ ​ ​ ​ ​ PepsiCo Inc., Senior Unsecured Notes: ​
​ ​ $ 500,000 ​ ​ ​
2.750% due 3/5/22
​ ​ ​ $ 513,800 ​ ​
​ ​ ​ 150,000 ​ ​ ​
2.375% due 10/6/26
​ ​ ​ ​ 153,706 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.450% due 10/6/46
​ ​ ​ ​ 276,052 ​ ​
​ ​ ​ ​ ​ ​ ​ Pfizer Inc., Senior Unsecured Notes: ​
​ ​ ​ 500,000 ​ ​ ​
2.800% due 3/11/22
​ ​ ​ ​ 512,880 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.000% due 12/15/36
​ ​ ​ ​ 290,515 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.125% due 12/15/46
​ ​ ​ ​ 299,345 ​ ​
​ ​ ​ ​ ​ ​ ​ Philip Morris International Inc., Senior Unsecured Notes: ​
​ ​ ​ 500,000 ​ ​ ​
2.625% due 2/18/22
​ ​ ​ ​ 506,601 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.375% due 8/15/29
​ ​ ​ ​ 262,311 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.125% due 3/4/43
​ ​ ​ ​ 106,918 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Pilgrim’s Pride Corp., Company Guaranteed Notes, 5.875% due 9/30/27(b)
 ​ ​ ​ ​ 323,250 ​ ​
​ ​ ​ 120,000 ​ ​ ​
Polaris Intermediate Corp., Senior Unsecured Notes, 8.500% due 12/1/22(b)(f)
 ​ ​ ​ ​ 100,800 ​ ​
​ ​ ​ ​ ​ ​ ​ Post Holdings Inc., Company Guaranteed Notes: ​
​ ​ ​ 235,000 ​ ​ ​
5.500% due 3/1/25(b)
 ​ ​ ​ ​ 245,869 ​ ​
​ ​ ​ 45,000 ​ ​ ​
5.500% due 12/15/29(b)
 ​ ​ ​ ​ 47,574 ​ ​
​ ​ ​ 130,000 ​ ​ ​
Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes,
9.250% due 5/15/23(b)
 ​ ​ ​ ​ 136,708 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Procter & Gamble Co., Senior Unsecured Notes, 3.500% due 10/25/47
​ ​ ​ ​ 174,379 ​ ​
​ ​ ​ 8,000 ​ ​ ​
Providence St Joseph Health Obligated Group, Unsecured Notes, 3.930%
due 10/1/48
​ ​ ​ ​ 9,402 ​ ​
​ ​ ​ ​ ​ ​ ​ Refinitiv US Holdings Inc.: ​
​ ​ ​ 165,000 ​ ​ ​
Company Guaranteed Notes, 8.250% due 11/15/26(b)
 ​ ​ ​ ​ 185,625 ​ ​
​ ​ ​ 160,000 ​ ​ ​
Senior Secured Notes, 6.250% due 5/15/26(b)
 ​ ​ ​ ​ 174,200 ​ ​
​ ​ ​ ​ ​ ​ ​ Reynolds American Inc., Company Guaranteed Notes: ​
​ ​ ​ 1,250,000 ​ ​ ​
4.000% due 6/12/22
​ ​ ​ ​ 1,306,420 ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.850% due 8/15/45
​ ​ ​ ​ 282,026 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Select Medical Corp., Company Guaranteed Notes, 6.250% due 8/15/26(b)
 ​ ​ ​ ​ 208,100 ​ ​
​ ​ ​ 250,000 ​ ​ ​
ServiceMaster Co. LLC, Company Guaranteed Notes, 5.125% due 11/15/24(b)
 ​ ​ ​ ​ 262,408 ​ ​
​ ​ ​ 125,000 ​ ​ ​
Shire Acquisitions Investments Ireland DAC, Company Guaranteed Notes,
2.875% due 9/23/23
​ ​ ​ ​ 127,851 ​ ​
​ ​ ​ 650,000 ​ ​ ​
Smithfield Foods Inc., Company Guaranteed Notes, 4.250% due 2/1/27(b)
 ​ ​ ​ ​ 680,965 ​ ​
​ ​ ​ 7,000 ​ ​ ​
Stanford Health Care, Unsecured Notes, 3.795% due 11/15/48
 ​ ​ ​ ​ 8,318 ​ ​
​ ​ ​ 350,000 ​ ​ ​
Stryker Corp., Senior Unsecured Notes, 3.375% due 11/1/25
​ ​ ​ ​ 372,960 ​ ​
​ ​ ​ ​ ​ ​ ​ Sysco Corp., Company Guaranteed Notes: ​
​ ​ ​ 350,000 ​ ​ ​
3.550% due 3/15/25
​ ​ ​ ​ 373,152 ​ ​
​ ​ ​ 585,000 ​ ​ ​
3.250% due 7/15/27
​ ​ ​ ​ 617,519 ​ ​
See Notes to Financial Statements.
83
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ $ 250,000 ​ ​ ​
Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 5.000%
due 11/26/28(b)
 ​ ​ ​ $ 295,933 ​ ​
​ ​ ​ ​ ​ ​ ​ Tenet Healthcare Corp.: ​
​ ​ ​ ​ ​ ​ ​
Senior Secured Notes:
 ​
​ ​ ​ 190,000 ​ ​ ​
4.875% due 1/1/26(b)
 ​ ​ ​ ​ 195,244 ​ ​
​ ​ ​ 80,000 ​ ​ ​
5.125% due 11/1/27(b)
 ​ ​ ​ ​ 82,700 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Secured Notes, 6.250% due 2/1/27(b)
 ​ ​ ​ ​ 207,500 ​ ​
​ ​ ​ 180,000 ​ ​ ​
Senior Unsecured Notes, 7.000% due 8/1/25(g)
 ​ ​ ​ ​ 181,800 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Thermo Fisher Scientific Inc., Senior Unsecured Notes, 4.100% due 8/15/47
​ ​ ​ ​ 172,818 ​ ​
​ ​ ​ 125,000 ​ ​ ​
Total System Services Inc., Senior Unsecured Notes, 4.800% due 4/1/26
​ ​ ​ ​ 140,758 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Tyson Foods Inc., Senior Unsecured Notes, 4.550% due 6/2/47
​ ​ ​ ​ 172,740 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Unilever Capital Corp., Company Guaranteed Notes, 3.125% due 3/22/23
​ ​ ​ ​ 520,064 ​ ​
​ ​ ​ ​ ​ ​ ​ United Rentals North America Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 270,000 ​ ​ ​
6.500% due 12/15/26
​ ​ ​ ​ 293,625 ​ ​
​ ​ ​ 15,000 ​ ​ ​
5.250% due 1/15/30
​ ​ ​ ​ 16,031 ​ ​
​ ​ ​ ​ ​ ​ ​ UnitedHealth Group Inc., Senior Unsecured Notes: ​
​ ​ ​ 750,000 ​ ​ ​
2.125% due 3/15/21
​ ​ ​ ​ 751,683 ​ ​
​ ​ ​ 450,000 ​ ​ ​
3.850% due 6/15/28
​ ​ ​ ​ 500,502 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.250% due 4/15/47
​ ​ ​ ​ 293,368 ​ ​
​ ​ ​ 125,000 ​ ​ ​
Verisk Analytics Inc., Senior Unsecured Notes, 4.125% due 9/12/22
​ ​ ​ ​ 131,588 ​ ​
​ ​ ​ 253,000 ​ ​ ​
Verscend Escrow Corp., Senior Unsecured Notes, 9.750% due 8/15/26(b)
 ​ ​ ​ ​ 270,857 ​ ​
​ ​ ​ 95,000 ​ ​ ​
Vizient Inc., Senior Unsecured Notes, 6.250% due 5/15/27(b)
 ​ ​ ​ ​ 102,125 ​ ​
​ ​ ​ ​ ​ ​ ​ WellCare Health Plans Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 160,000 ​ ​ ​
5.250% due 4/1/25
​ ​ ​ ​ 167,528 ​ ​
​ ​ ​ 330,000 ​ ​ ​
5.375% due 8/15/26(b)
 ​ ​ ​ ​ 351,863 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Consumer Non-cyclical
​ ​ ​ ​ 58,927,950 ​ ​
​ Diversified – 0.0% ​
​ ​ ​ ​ ​ ​ ​ CK Hutchison International 17 Ltd., Company Guaranteed Notes: ​
​ ​ ​ 200,000 ​ ​ ​
2.875% due 4/5/22(b)
 ​ ​ ​ ​ 202,293 ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.500% due 4/5/27(b)
 ​ ​ ​ ​ 317,595 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Diversified
​ ​ ​ ​ 519,888 ​ ​
​ Energy – 2.5% ​
​ ​ ​ 750,000 ​ ​ ​
AI Candelaria Spain SLU, Senior Secured Notes, 7.500% due 12/15/28
​ ​ ​ ​ 843,750 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Aker BP ASA, Senior Unsecured Notes, 4.750% due 6/15/24(b)
 ​ ​ ​ ​ 153,375 ​ ​
​ ​ ​ ​ ​ ​ ​ Anadarko Petroleum Corp., Senior Unsecured Notes: ​
​ ​ ​ 100,000 ​ ​ ​
5.550% due 3/15/26
​ ​ ​ ​ 113,269 ​ ​
​ ​ ​ 150,000 ​ ​ ​
6.600% due 3/15/46
​ ​ ​ ​ 200,008 ​ ​
See Notes to Financial Statements.
84
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Energy – (continued) ​
​ ​ $ 275,000 ​ ​ ​
Antero Midstream Partners LP/Antero Midstream Finance Corp., Company
Guaranteed Notes, 5.750% due 3/1/27(b)
 ​ ​ ​ $ 252,312 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Apache Corp., Senior Unsecured Notes, 4.250% due 1/15/44
​ ​ ​ ​ 226,938 ​ ​
​ ​ ​ 145,000 ​ ​ ​
Baker Hughes a GE Co. LLC/Baker Hughes Co.-Obligor Inc., Senior Unsecured
Notes, 3.337% due 12/15/27
​ ​ ​ ​ 148,730 ​ ​
​ ​ ​ ​ ​ ​ ​ BP Capital Markets America Inc., Company Guaranteed Notes: ​
​ ​ ​ 100,000 ​ ​ ​
2.520% due 9/19/22
​ ​ ​ ​ 101,459 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.224% due 4/14/24
​ ​ ​ ​ 522,707 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
BPRL International Singapore Pte Ltd., Company Guaranteed Notes, 4.375%
due 1/18/27
 ​ ​ ​ ​ 1,614,607 ​ ​
​ ​ ​ 70,000 ​ ​ ​
Calfrac Holdings LP, Company Guaranteed Notes, 8.500% due 6/15/26(b)
 ​ ​ ​ ​ 44,100 ​ ​
​ ​ ​ ​ ​ ​ ​ Canacol Energy Ltd., Company Guaranteed Notes: ​
​ ​ ​ 1,200,000 ​ ​ ​
7.250% due 5/3/25
​ ​ ​ ​ 1,258,512 ​ ​
​ ​ ​ 200,000 ​ ​ ​
7.250% due 5/3/25(b)
 ​ ​ ​ ​ 209,752 ​ ​
​ ​ ​ ​ ​ ​ ​ Canadian Natural Resources Ltd., Senior Unsecured Notes: ​
​ ​ ​ 1,150,000 ​ ​ ​
2.950% due 1/15/23
​ ​ ​ ​ 1,168,303 ​ ​
​ ​ ​ 125,000 ​ ​ ​
5.850% due 2/1/35
​ ​ ​ ​ 151,062 ​ ​
​ ​ ​ ​ ​ ​ ​ Cenovus Energy Inc., Senior Unsecured Notes: ​
​ ​ ​ 500,000 ​ ​ ​
4.250% due 4/15/27
​ ​ ​ ​ 522,127 ​ ​
​ ​ ​ 550,000 ​ ​ ​
5.400% due 6/15/47
​ ​ ​ ​ 625,336 ​ ​
​ ​ ​ ​ ​ ​ ​ Cheniere Energy Partners LP: ​
​ ​ ​ 185,000 ​ ​ ​
Company Guaranteed Notes, 5.625% due 10/1/26
​ ​ ​ ​ 195,175 ​ ​
​ ​ ​ 310,000 ​ ​ ​
Senior Secured Notes, 5.250% due 10/1/25
​ ​ ​ ​ 320,462 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Chevron Corp., Senior Unsecured Notes, 2.498% due 3/3/22
​ ​ ​ ​ 254,339 ​ ​
​ ​ ​ 750,000 ​ ​ ​
CNOOC Finance 2015 USA LLC, Company Guaranteed Notes, 3.500%
due 5/5/25
​ ​ ​ ​ 787,500 ​ ​
​ ​ ​ 240,000 ​ ​ ​
CNX Midstream Partners LP/CNX Midstream Finance Corp., Senior Unsecured
Notes, 6.500% due 3/15/26(b)
 ​ ​ ​ ​ 224,520 ​ ​
​ ​ ​ ​ ​ ​ ​ ConocoPhillips Co., Company Guaranteed Notes: ​
​ ​ ​ 250,000 ​ ​ ​
4.950% due 3/15/26
​ ​ ​ ​ 290,314 ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.950% due 3/15/46
​ ​ ​ ​ 289,611 ​ ​
​ ​ ​ 280,000 ​ ​ ​
CSI Compressco LP/CSI Compressco Finance Inc., Senior Secured Notes,
7.500% due 4/1/25(b)
 ​ ​ ​ ​ 273,700 ​ ​
​ ​ ​ ​ ​ ​ ​ Delek & Avner Tamar Bond Ltd., Senior Secured Notes: ​
​ ​ ​ 200,000 ​ ​ ​
5.082% due 12/30/23(b)
 ​ ​ ​ ​ 206,931 ​ ​
​ ​ ​ 300,000 ​ ​ ​
5.412% due 12/30/25(b)
 ​ ​ ​ ​ 310,337 ​ ​
​ ​ ​ ​ ​ ​ ​ Devon Energy Corp., Senior Unsecured Notes: ​
​ ​ ​ 75,000 ​ ​ ​
5.600% due 7/15/41
​ ​ ​ ​ 92,044 ​ ​
See Notes to Financial Statements.
85
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Energy – (continued) ​
​ ​ $ 100,000 ​ ​ ​
5.000% due 6/15/45
​ ​ ​ $ 117,595 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Ecopetrol SA, Senior Unsecured Notes, 5.375% due 6/26/26
​ ​ ​ ​ 559,380 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Enbridge Energy Partners LP, Company Guaranteed Notes, 5.500%
due 9/15/40
​ ​ ​ ​ 180,731 ​ ​
​ ​ ​ ​ ​ ​ ​ Enbridge Inc., Company Guaranteed Notes: ​
​ ​ ​ 100,000 ​ ​ ​
4.000% due 10/1/23
​ ​ ​ ​ 105,857 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.700% due 7/15/27
​ ​ ​ ​ 267,946 ​ ​
​ ​ ​ ​ ​ ​ ​ Energy Transfer Operating LP, Company Guaranteed Notes: ​
​ ​ ​ 500,000 ​ ​ ​
5.875% due 1/15/24
​ ​ ​ ​ 559,450 ​ ​
​ ​ ​ 600,000 ​ ​ ​
4.750% due 1/15/26
​ ​ ​ ​ 656,165 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.200% due 4/15/27
​ ​ ​ ​ 265,607 ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.300% due 4/15/47
​ ​ ​ ​ 217,430 ​ ​
​ ​ ​ 150,000 ​ ​ ​
6.000% due 6/15/48
​ ​ ​ ​ 178,903 ​ ​
​ ​ ​ ​ ​ ​ ​ Enterprise Products Operating LLC, Company Guaranteed Notes: ​
​ ​ ​ 500,000 ​ ​ ​
2.850% due 4/15/21
​ ​ ​ ​ 505,615 ​ ​
​ ​ ​ 820,000 ​ ​ ​
3.750% due 2/15/25
​ ​ ​ ​ 879,186 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.950% due 2/15/27
​ ​ ​ ​ 273,033 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.900% due 5/15/46
​ ​ ​ ​ 295,772 ​ ​
​ ​ ​ 115,000 ​ ​ ​
EP Energy LLC/Everest Acquisition Finance Inc., Senior Secured Notes, 7.750%
due 5/15/26(b)
 ​ ​ ​ ​ 96,025 ​ ​
​ ​ ​ 635,000 ​ ​ ​
EQM Midstream Partners LP, Senior Unsecured Notes, 4.750% due 7/15/23
​ ​ ​ ​ 640,194 ​ ​
​ ​ ​ 630,000 ​ ​ ​
EQT Corp., Senior Unsecured Notes, 3.900% due 10/1/27
​ ​ ​ ​ 548,730 ​ ​
​ ​ ​ ​ ​ ​ ​ Equinor ASA, Company Guaranteed Notes: ​
​ ​ ​ 250,000 ​ ​ ​
2.450% due 1/17/23
​ ​ ​ ​ 253,959 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.700% due 3/1/24
​ ​ ​ ​ 107,422 ​ ​
​ ​ ​ 135,000 ​ ​ ​
Exterran Energy Solutions LP/EES Finance Corp., Company Guaranteed Notes,
8.125% due 5/1/25
​ ​ ​ ​ 135,590 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Extraction Oil & Gas Inc., Company Guaranteed Notes, 5.625% due 2/1/26(b)
 ​ ​ ​ ​ 33,000 ​ ​
​ ​ ​ ​ ​ ​ ​ Exxon Mobil Corp., Senior Unsecured Notes: ​
​ ​ ​ 500,000 ​ ​ ​
3.043% due 3/1/26
​ ​ ​ ​ 530,416 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.567% due 3/6/45
​ ​ ​ ​ 111,366 ​ ​
​ ​ ​ 140,000 ​ ​ ​
Foresight Energy LLC/Foresight Energy Finance Corp., Secured Notes, 11.500%
due 4/1/23(b)
 ​ ​ ​ ​ 36,400 ​ ​
​ ​ ​ 105,000 ​ ​ ​
FTS International Inc., Senior Secured Notes, 6.250% due 5/1/22
​ ​ ​ ​ 87,347 ​ ​
​ ​ ​ 1,400,000 ​ ​ ​
Geopark Ltd., Senior Secured Notes, 6.500% due 9/21/24
​ ​ ​ ​ 1,428,014 ​ ​
​ ​ ​ 200,000 ​ ​ ​
GNL Quintero SA, Senior Unsecured Notes, 4.634% due 7/31/29
​ ​ ​ ​ 214,502 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Gran Tierra Energy Inc., Company Guaranteed Notes, 7.750% due 5/23/27(b)
 ​ ​ ​ ​ 194,000 ​ ​
See Notes to Financial Statements.
86
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Energy – (continued) ​
​ ​ $ 1,100,000 ​ ​ ​
Gran Tierra Energy International Holdings Ltd., Company Guaranteed Notes,
6.250% due 2/15/25
​ ​ ​ $ 1,012,000 ​ ​
​ ​ ​ 185,000 ​ ​ ​
Gulfport Energy Corp., Company Guaranteed Notes, 6.375% due 5/15/25
​ ​ ​ ​ 133,200 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Halliburton Co., Senior Unsecured Notes, 5.000% due 11/15/45
​ ​ ​ ​ 279,992 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Hess Corp., Senior Unsecured Notes, 5.800% due 4/1/47
​ ​ ​ ​ 115,672 ​ ​
​ ​ ​ 495,000 ​ ​ ​
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp.,
Senior Unsecured Notes, 5.625% due 2/15/26(b)
 ​ ​ ​ ​ 512,325 ​ ​
​ ​ ​ 260,000 ​ ​ ​
Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes, 6.250%
due 11/1/28(b)
 ​ ​ ​ ​ 239,200 ​ ​
​ ​ ​ ​ ​ ​ ​ Indian Oil Corp., Ltd, Senior Unsecured Notes: ​
​ ​ ​ 600,000 ​ ​ ​
5.625% due 8/2/21
​ ​ ​ ​ 632,561 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
5.750% due 8/1/23
 ​ ​ ​ ​ 1,108,152 ​ ​
​ ​ ​ 125,000 ​ ​ ​
Indigo Natural Resources LLC, Senior Unsecured Notes, 6.875% due 2/15/26(b)
​ ​ ​ ​ 103,125 ​ ​
​ ​ ​ ​ ​ ​ ​ Kinder Morgan Energy Partners LP, Company Guaranteed Notes: ​
​ ​ ​ 125,000 ​ ​ ​
3.500% due 3/1/21
​ ​ ​ ​ 126,929 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.250% due 9/1/24
​ ​ ​ ​ 107,774 ​ ​
​ ​ ​ 150,000 ​ ​ ​
6.950% due 1/15/38
​ ​ ​ ​ 199,198 ​ ​
​ ​ ​ 75,000 ​ ​ ​
5.000% due 8/15/42
​ ​ ​ ​ 82,056 ​ ​
​ ​ ​ ​ ​ ​ ​ Kinder Morgan Inc., Company Guaranteed Notes: ​
​ ​ ​ 550,000 ​ ​ ​
4.300% due 3/1/28
​ ​ ​ ​ 602,594 ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.050% due 2/15/46
​ ​ ​ ​ 281,993 ​ ​
​ ​ ​ ​ ​ ​ ​ Marathon Petroleum Corp., Senior Unsecured Notes: ​
​ ​ ​ 250,000 ​ ​ ​
5.125% due 3/1/21
​ ​ ​ ​ 260,123 ​ ​
​ ​ ​ 75,000 ​ ​ ​
6.500% due 3/1/41
​ ​ ​ ​ 95,409 ​ ​
​ ​ ​ 90,000 ​ ​ ​
MEG Energy Corp., Company Guaranteed Notes, 7.000% due 3/31/24(b)
 ​ ​ ​ ​ 85,613 ​ ​
​ ​ ​ 90,000 ​ ​ ​
Moss Creek Resources Holdings Inc., Company Guaranteed Notes, 7.500%
due 1/15/26(b)
 ​ ​ ​ ​ 62,775 ​ ​
​ ​ ​ 250,000 ​ ​ ​
MPLX LP, Senior Unsecured Notes, 5.200% due 3/1/47
​ ​ ​ ​ 272,285 ​ ​
​ ​ ​ 120,000 ​ ​ ​
Nabors Industries Inc., Company Guaranteed Notes, 5.750% due 2/1/25
​ ​ ​ ​ 96,000 ​ ​
​ ​ ​ 125,000 ​ ​ ​
NGL Energy Partners LP/NGL Energy Finance Corp., Company Guaranteed
Notes, 7.500% due 4/15/26(b)
 ​ ​ ​ ​ 126,562 ​ ​
​ ​ ​ ​ ​ ​ ​ Noble Energy Inc., Senior Unsecured Notes: ​
​ ​ ​ 150,000 ​ ​ ​
3.850% due 1/15/28
​ ​ ​ ​ 156,459 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.950% due 8/15/47
​ ​ ​ ​ 166,888 ​ ​
​ ​ ​ 215,000 ​ ​ ​
NuStar Logistics LP, Company Guaranteed Notes, 6.000% due 6/1/26
​ ​ ​ ​ 230,588 ​ ​
​ ​ ​ ​ ​ ​ ​ Oasis Petroleum Inc., Company Guaranteed Notes: ​
​ ​ ​ 165,000 ​ ​ ​
6.875% due 3/15/22
​ ​ ​ ​ 153,450 ​ ​
See Notes to Financial Statements.
87
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Energy – (continued) ​
​ ​ $ 100,000 ​ ​ ​
6.250% due 5/1/26(b)
 ​ ​ ​ $ 80,625 ​ ​
​ ​ ​ ​ ​ ​ ​ Occidental Petroleum Corp., Senior Unsecured Notes: ​
​ ​ ​ 125,000 ​ ​ ​
4.100% due 2/1/21
​ ​ ​ ​ 127,591 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.400% due 4/15/46
​ ​ ​ ​ 102,953 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 5/7/21
​ ​ ​ ​ 203,752 ​ ​
​ ​ ​ 250,000 ​ ​ ​
ONEOK Inc., Company Guaranteed Notes, 4.000% due 7/13/27
​ ​ ​ ​ 262,989 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 3.750%
due 7/27/26
 ​ ​ ​ ​ 1,562,715 ​ ​
​ ​ ​ 165,000 ​ ​ ​
Par Petroleum LLC/Par Petroleum Finance Corp., Senior Secured Notes, 7.750%
due 12/15/25(b)
 ​ ​ ​ ​ 162,937 ​ ​
​ ​ ​ 115,000 ​ ​ ​
Parkland Fuel Corp., Senior Unsecured Notes, 5.875% due 7/15/27(b)
 ​ ​ ​ ​ 120,750 ​ ​
​ ​ ​ 245,000 ​ ​ ​
Parsley Energy LLC/Parsley Finance Corp., Company Guaranteed Notes, 5.625%
due 10/15/27(b)
 ​ ​ ​ ​ 252,350 ​ ​
​ ​ ​ 365,000 ​ ​ ​
Peabody Energy Corp., Senior Secured Notes, 6.000% due 3/31/22(b)
 ​ ​ ​ ​ 375,950 ​ ​
​ ​ ​ ​ ​ ​ ​ Petrobras Global Finance BV, Company Guaranteed Notes: ​
​ ​ ​ 1,100,000 ​ ​ ​
5.750% due 2/1/29
 ​ ​ ​ ​ 1,191,300 ​ ​
​ ​ ​ 200,000 ​ ​ ​
7.250% due 3/17/44
​ ​ ​ ​ 235,640 ​ ​
​ ​ ​ 750,000 ​ ​ ​
6.900% due 3/19/49
​ ​ ​ ​ 851,625 ​ ​
​ ​ ​ ​ ​ ​ ​ Petroleos Mexicanos, Company Guaranteed Notes: ​
​ ​ ​ 750,000 ​ ​ ​
4.250% due 1/15/25
​ ​ ​ ​ 717,525 ​ ​
​ ​ ​ 150,000 ​ ​ ​
6.500% due 3/13/27
​ ​ ​ ​ 153,975 ​ ​
​ ​ ​ 500,000 ​ ​ ​
5.625% due 1/23/46
​ ​ ​ ​ 426,400 ​ ​
​ ​ ​ 100,000 ​ ​ ​
6.750% due 9/21/47
​ ​ ​ ​ 95,250 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Petronas Capital Ltd., Company Guaranteed Notes, 3.500% due 3/18/25
​ ​ ​ ​ 530,862 ​ ​
​ ​ ​ ​ ​ ​ ​ Phillips 66, Company Guaranteed Notes: ​
​ ​ ​ 250,000 ​ ​ ​
4.300% due 4/1/22
​ ​ ​ ​ 264,232 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.875% due 11/15/44
​ ​ ​ ​ 179,680 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes,
4.500% due 12/15/26
​ ​ ​ ​ 107,217 ​ ​
​ ​ ​ 400,000 ​ ​ ​
PTTEP Treasury Center Co., Ltd., Company Guaranteed Notes, 4.600% (5-Year
CMT Index + 2.724%)(a)(e)
 ​ ​ ​ ​ 408,065 ​ ​
​ ​ ​ 235,000 ​ ​ ​
QEP Resources Inc., Senior Unsecured Notes, 5.250% due 5/1/23
​ ​ ​ ​ 205,625 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Raizen Fuels Finance SA, Company Guaranteed Notes, 5.300% due 1/20/27
​ ​ ​ ​ 215,000 ​ ​
​ ​ ​ 1,750,000 ​ ​ ​
Reliance Holding USA Inc., Company Guaranteed Notes, 5.400% due 2/14/22
 ​ ​ ​ ​ 1,869,454 ​ ​
​ ​ ​ ​ ​ ​ ​ Sabine Pass Liquefaction LLC, Senior Secured Notes: ​
​ ​ ​ 100,000 ​ ​ ​
5.750% due 5/15/24
​ ​ ​ ​ 111,628 ​ ​
​ ​ ​ 540,000 ​ ​ ​
5.000% due 3/15/27
​ ​ ​ ​ 596,406 ​ ​
​ ​ ​ 400,000 ​ ​ ​
4.200% due 3/15/28
​ ​ ​ ​ 424,502 ​ ​
See Notes to Financial Statements.
88
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Energy – (continued) ​
​ ​ ​ ​ ​ ​ ​ Shell International Finance BV, Company Guaranteed Notes: ​
​ ​ $ 250,000 ​ ​ ​
1.750% due 9/12/21
​ ​ ​ $ 249,607 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.500% due 9/12/26
​ ​ ​ ​ 257,243 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.000% due 5/10/46
​ ​ ​ ​ 117,514 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.750% due 9/12/46
​ ​ ​ ​ 284,929 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Sinopec Group Overseas Development 2016 Ltd., Company Guaranteed Notes,
2.750% due 9/29/26
 ​ ​ ​ ​ 1,008,251 ​ ​
​ ​ ​ 250,000 ​ ​ ​
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., Company
Guaranteed Notes, 7.500% due 6/15/25(b)
 ​ ​ ​ ​ 236,719 ​ ​
​ ​ ​ ​ ​ ​ ​ Suncor Energy Inc., Senior Unsecured Notes: ​
​ ​ ​ 250,000 ​ ​ ​
3.600% due 12/1/24
​ ​ ​ ​ 263,550 ​ ​
​ ​ ​ 100,000 ​ ​ ​
6.500% due 6/15/38
​ ​ ​ ​ 140,665 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Sunoco Logistics Partners Operations LP, Company Guaranteed Notes, 4.250%
due 4/1/24
​ ​ ​ ​ 105,621 ​ ​
​ ​ ​ ​ ​ ​ ​ Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes: ​
​ ​ ​ 195,000 ​ ​ ​
5.500% due 2/15/26
​ ​ ​ ​ 202,312 ​ ​
​ ​ ​ 105,000 ​ ​ ​
6.000% due 4/15/27
​ ​ ​ ​ 110,513 ​ ​
​ ​ ​ 70,000 ​ ​ ​
Tapstone Energy LLC/Tapstone Energy Finance Corp., Senior Unsecured Notes,
9.750% due 6/1/22(b)
 ​ ​ ​ ​ 17,500 ​ ​
​ ​ ​ ​ ​ ​ ​
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company
Guaranteed Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 160,000 ​ ​ ​
5.875% due 4/15/26
​ ​ ​ ​ 167,600 ​ ​
​ ​ ​ 125,000 ​ ​ ​
6.500% due 7/15/27(b)
 ​ ​ ​ ​ 135,625 ​ ​
​ ​ ​ 125,000 ​ ​ ​
TerraForm Power Operating LLC, Company Guaranteed Notes, 4.250%
due 1/31/23(b)
 ​ ​ ​ ​ 128,081 ​ ​
​ ​ ​ ​ ​ ​ ​ Total Capital International SA, Company Guaranteed Notes: ​
​ ​ ​ 500,000 ​ ​ ​
3.700% due 1/15/24
​ ​ ​ ​ 533,108 ​ ​
​ ​ ​ 50,000 ​ ​ ​
3.461% due 7/12/49
​ ​ ​ ​ 53,840 ​ ​
​ ​ ​ ​ ​ ​ ​ TransCanada PipeLines Ltd., Senior Unsecured Notes: ​
​ ​ ​ 250,000 ​ ​ ​
4.875% due 1/15/26
​ ​ ​ ​ 281,698 ​ ​
​ ​ ​ 75,000 ​ ​ ​
7.625% due 1/15/39
​ ​ ​ ​ 111,935 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.875% due 5/15/48
​ ​ ​ ​ 237,909 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes, 7.850%
due 2/1/26
​ ​ ​ ​ 320,090 ​ ​
​ ​ ​ 53,400 ​ ​ ​
Transocean Guardian Ltd., Senior Secured Notes, 5.875% due 1/15/24(b)
 ​ ​ ​ ​ 53,867 ​ ​
​ ​ ​ 125,000 ​ ​ ​
Transocean Inc., Company Guaranteed Notes, 7.250% due 11/1/25(b)
 ​ ​ ​ ​ 113,750 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Transocean Poseidon Ltd., Senior Secured Notes, 6.875% due 2/1/27(b)
 ​ ​ ​ ​ 313,125 ​ ​
​ ​ ​ 127,500 ​ ​ ​
Transocean Proteus Ltd., Senior Secured Notes, 6.250% due 12/1/24(b)
 ​ ​ ​ ​ 130,369 ​ ​
See Notes to Financial Statements.
89
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Energy – (continued) ​
​ ​ $ 600,000 ​ ​ ​
Transportadora de Gas del Peru SA, Senior Unsecured Notes, 4.250%
due 4/30/28
​ ​ ​ $ 639,900 ​ ​
​ ​ ​ 340,000 ​ ​ ​
USA Compression Partners LP/USA Compression Finance Corp., Company
Guaranteed Notes, 6.875% due 9/1/27(b)
 ​ ​ ​ ​ 349,717 ​ ​
​ ​ ​ 75,000 ​ ​ ​
Valero Energy Corp., Senior Unsecured Notes, 4.900% due 3/15/45
​ ​ ​ ​ 86,283 ​ ​
​ ​ ​ 65,000 ​ ​ ​
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., Company Guaranteed Notes,
8.750% due 4/15/23(b)
 ​ ​ ​ ​ 35,100 ​ ​
​ ​ ​ 70,000 ​ ​ ​
Weatherford International Ltd., Company Guaranteed Notes, 9.875%
due 2/15/24(h)
 ​ ​ ​ ​ 29,575 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Western Midstream Operating LP, Senior Unsecured Notes, 5.450% due 4/1/44
​ ​ ​ ​ 138,701 ​ ​
​ ​ ​ 240,000 ​ ​ ​
Whiting Petroleum Corp., Company Guaranteed Notes, 6.625% due 1/15/26
​ ​ ​ ​ 173,688 ​ ​
​ ​ ​ ​ ​ ​ ​ Williams Cos. Inc., Senior Unsecured Notes: ​
​ ​ ​ 525,000 ​ ​ ​
3.750% due 6/15/27
​ ​ ​ ​ 547,948 ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.100% due 9/15/45
​ ​ ​ ​ 280,357 ​ ​
​ ​ ​ ​ ​ ​ ​ YPF SA, Senior Unsecured Notes: ​
​ ​ ​ 950,000 ​ ​ ​
8.500% due 7/28/25
​ ​ ​ ​ 617,510 ​ ​
​ ​ ​ 400,000 ​ ​ ​
6.950% due 7/21/27
​ ​ ​ ​ 248,000 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Energy
 ​ ​ ​ ​ 48,683,036 ​ ​
​ Financial – 6.2% ​
​ ​ ​ 230,000 ​ ​ ​
Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes, 8.125%
due 2/15/24(b)
 ​ ​ ​ ​ 247,825 ​ ​
​ ​ ​ 350,000 ​ ​ ​
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company
Guaranteed Notes, 3.500% due 5/26/22
​ ​ ​ ​ 359,553 ​ ​
​ ​ ​ ​ ​ ​ ​ Air Lease Corp., Senior Unsecured Notes: ​
​ ​ ​ 1,340,000 ​ ​ ​
3.250% due 3/1/25
 ​ ​ ​ ​ 1,371,656 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.625% due 4/1/27
​ ​ ​ ​ 260,044 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Alexandria Real Estate Equities Inc., Company Guaranteed Notes, 3.950%
due 1/15/28
​ ​ ​ ​ 272,699 ​ ​
​ ​ ​ 355,000 ​ ​ ​
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Company
Guaranteed Notes, 8.250% due 8/1/23(b)
 ​ ​ ​ ​ 362,544 ​ ​
​ ​ ​ ​ ​ ​ ​ Allied Universal Holdco LLC/Allied Universal Finance Corp.: ​
​ ​ ​ 130,000 ​ ​ ​
Senior Secured Notes, 6.625% due 7/15/26(b)
 ​ ​ ​ ​ 138,125 ​ ​
​ ​ ​ 95,000 ​ ​ ​
Senior Unsecured Notes, 9.750% due 7/15/27(b)
 ​ ​ ​ ​ 99,513 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Allstate Corp., Senior Unsecured Notes, 4.500% due 6/15/43
​ ​ ​ ​ 311,816 ​ ​
​ ​ ​ ​ ​ ​ ​ American Express Co.: ​
​ ​ ​ 685,000 ​ ​ ​
Senior Unsecured Notes, 2.500% due 8/1/22
​ ​ ​ ​ 694,629 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Subordinated Notes, 3.625% due 12/5/24
​ ​ ​ ​ 531,958 ​ ​
​ ​ ​ 250,000 ​ ​ ​
American Express Credit Corp., Senior Unsecured Notes, 2.250% due 5/5/21
​ ​ ​ ​ 251,131 ​ ​
See Notes to Financial Statements.
90
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ ​ ​ ​ ​ ​ American International Group Inc., Senior Unsecured Notes: ​
​ ​ $ 250,000 ​ ​ ​
4.200% due 4/1/28
​ ​ ​ $ 275,657 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.500% due 7/16/44
​ ​ ​ ​ 171,478 ​ ​
​ ​ ​ ​ ​ ​ ​ American Tower Corp., Senior Unsecured Notes: ​
​ ​ ​ 100,000 ​ ​ ​
3.500% due 1/31/23
​ ​ ​ ​ 104,081 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.000% due 6/1/25
​ ​ ​ ​ 107,610 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.800% due 8/15/29
​ ​ ​ ​ 269,461 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Aon PLC, Company Guaranteed Notes, 4.750% due 5/15/45
​ ​ ​ ​ 241,957 ​ ​
​ ​ ​ 310,000 ​ ​ ​
AssuredPartners Inc., Senior Unsecured Notes, 7.000% due 8/15/25(b)
 ​ ​ ​ ​ 309,225 ​ ​
​ ​ ​ 250,000 ​ ​ ​
AvalonBay Communities Inc., Senior Unsecured Notes, 3.300% due 6/1/29
​ ​ ​ ​ 268,595 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Avation Capital SA, Company Guaranteed Notes, 6.500% due 5/15/21(b)
 ​ ​ ​ ​ 206,500 ​ ​
​ ​ ​ ​ ​ ​ ​ Avolon Holdings Funding Ltd., Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 240,000 ​ ​ ​
5.250% due 5/15/24(b)
 ​ ​ ​ ​ 257,448 ​ ​
​ ​ ​ 430,000 ​ ​ ​
3.950% due 7/1/24(b)
 ​ ​ ​ ​ 442,556 ​ ​
​ ​ ​ ​ ​ ​ ​ AXA Equitable Holdings Inc., Senior Unsecured Notes: ​
​ ​ ​ 250,000 ​ ​ ​
3.900% due 4/20/23
​ ​ ​ ​ 262,572 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.350% due 4/20/28
​ ​ ​ ​ 268,420 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Banco BBVA Peru SA, Senior Unsecured Notes, 5.000% due 8/26/22
​ ​ ​ ​ 318,378 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Banco Bilbao Vizcaya Argentaria Colombia SA, Subordinated Notes, 4.875%
due 4/21/25
​ ​ ​ ​ 319,878 ​ ​
​ ​ ​ ​ ​ ​ ​ Banco BTG Pactual SA: ​
​ ​ ​ 200,000 ​ ​ ​
Junior Subordinated Notes, 8.750% (5-Year CMT Index + 6.978%)(a)(e)
 ​ ​ ​ ​ 199,502 ​ ​
​ ​ ​ 1,650,000 ​ ​ ​
Subordinated Notes, 7.750% (5-Year CMT Index + 5.257%)
due 2/15/29(a)(b)
 ​ ​ ​ ​ 1,711,875 ​ ​
​ ​ ​ 600,000 ​ ​ ​
Banco de Credito e Inversiones SA, Senior Unsecured Notes, 4.000%
due 2/11/23
​ ​ ​ ​ 630,383 ​ ​
​ ​ ​ 800,000 ​ ​ ​
Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000%
due 2/1/23
​ ​ ​ ​ 835,200 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
Banco do Brasil SA, Junior Subordinated Notes, 6.250% (5-Year CMT Index +
4.398%)(a)(e)
 ​ ​ ​ ​ 1,940,000 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Banco General SA, Senior Unsecured Notes, 4.125% due 8/7/27
​ ​ ​ ​ 208,252 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Banco Internacional del Peru SAA, Senior Unsecured Notes, 5.750%
due 10/7/20
​ ​ ​ ​ 516,880 ​ ​
​ ​ ​ ​ ​ ​ ​ Banco Macro SA, Subordinated Notes: ​
​ ​ ​ 200,000 ​ ​ ​
6.750% (5-Year USD Swap Rate + 5.463%) due 11/4/26(a)(b)
 ​ ​ ​ ​ 114,000 ​ ​
​ ​ ​ 950,000 ​ ​ ​
6.750% (5-Year USD Swap Rate + 5.463%) due 11/4/26(a)
 ​ ​ ​ ​ 541,500 ​ ​
See Notes to Financial Statements.
91
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ ​ ​ ​ ​ ​ Banco Mercantil del Norte SA: ​
​ ​ ​ ​ ​ ​ ​
Junior Subordinated Notes:
 ​
​ ​ $ 1,000,000 ​ ​ ​
6.875% (5-Year CMT Index + 5.035%)(a)(e)
 ​ ​ ​ $ 990,010 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
7.625% (5-Year CMT Index + 5.353%)(a)(e)
 ​ ​ ​ ​ 1,000,300 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Subordinated Notes, 5.750% (5-Year CMT Index + 4.447%) due 10/4/31(a)
 ​ ​ ​ ​ 195,752 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Banco Nacional de Comercio Exterior SNC, Subordinated Notes, 3.800% (5-Year
CMT Index + 3.000%) due 8/11/26(a)
 ​ ​ ​ ​ 202,502 ​ ​
​ ​ ​ 550,000 ​ ​ ​
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero
Santand, Subordinated Notes, 5.950% (5-Year CMT Index + 2.995%)
due 10/1/28(a)(b)
 ​ ​ ​ ​ 585,068 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Banco Santander SA, Senior Unsecured Notes, 4.379% due 4/12/28
​ ​ ​ ​ 219,978 ​ ​
​ ​ ​ ​ ​ ​ ​ Bancolombia SA, Subordinated Notes: ​
​ ​ ​ 450,000 ​ ​ ​
5.125% due 9/11/22
​ ​ ​ ​ 475,425 ​ ​
​ ​ ​ 600,000 ​ ​ ​
4.875% (5-Year CMT Index + 2.929%) due 10/18/27(a)
 ​ ​ ​ ​ 615,006 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Banistmo SA, Senior Unsecured Notes, 3.650% due 9/19/22(b)
 ​ ​ ​ ​ 200,002 ​ ​
​ ​ ​ ​ ​ ​ ​ Bank of America Corp.: ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​
​ ​ ​ 500,000 ​ ​ ​
2.625% due 4/19/21
​ ​ ​ ​ 504,832 ​ ​
​ ​ ​ 1,330,000 ​ ​ ​
2.369% (3-Month USD-LIBOR + 0.660%) due 7/21/21(a)
 ​ ​ ​ ​ 1,332,191 ​ ​
​ ​ ​ 430,000 ​ ​ ​
3.004% (3-Month USD-LIBOR + 0.790%) due 12/20/23(a)
 ​ ​ ​ ​ 441,286 ​ ​
​ ​ ​ 750,000 ​ ​ ​
3.875% due 8/1/25
​ ​ ​ ​ 818,386 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.366% (3-Month USD-LIBOR + 0.810%) due 1/23/26(a)
 ​ ​ ​ ​ 524,219 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.419% (3-Month USD-LIBOR + 1.040%) due 12/20/28(a)
 ​ ​ ​ ​ 263,831 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.974% (3-Month USD-LIBOR + 1.210%) due 2/7/30(a)
 ​ ​ ​ ​ 277,119 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.443% (3-Month USD-LIBOR + 1.990%) due 1/20/48(a)
 ​ ​ ​ ​ 307,169 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Subordinated Notes, 7.750% due 5/14/38
​ ​ ​ ​ 390,346 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Bank of Montreal, Senior Unsecured Notes, 1.900% due 8/27/21
​ ​ ​ ​ 500,225 ​ ​
​ ​ ​ ​ ​ ​ ​ Bank of New York Mellon Corp., Senior Unsecured Notes: ​
​ ​ ​ 250,000 ​ ​ ​
3.450% due 8/11/23
​ ​ ​ ​ 263,309 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.400% due 1/29/28
​ ​ ​ ​ 270,894 ​ ​
​ ​ ​ ​ ​ ​ ​ Bank of Nova Scotia, Senior Unsecured Notes: ​
​ ​ ​ 500,000 ​ ​ ​
2.700% due 3/7/22
​ ​ ​ ​ 509,426 ​ ​
​ ​ ​ 650,000 ​ ​ ​
3.400% due 2/11/24
​ ​ ​ ​ 685,011 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Barclays PLC, Senior Unsecured Notes, 4.950% due 1/10/47
​ ​ ​ ​ 274,528 ​ ​
​ ​ ​ 500,000 ​ ​ ​
BB&T Corp., Senior Unsecured Notes, 2.750% due 4/1/22
​ ​ ​ ​ 508,859 ​ ​
​ ​ ​ ​ ​ ​ ​ BBVA Bancomer SA, Subordinated Notes: ​
​ ​ ​ 200,000 ​ ​ ​
5.350% (5-Year CMT Index + 3.000%) due 11/12/29(a)
 ​ ​ ​ ​ 199,002 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
5.125% (5-Year CMT Index + 2.650%) due 1/18/33(a)
 ​ ​ ​ ​ 1,915,000 ​ ​
See Notes to Financial Statements.
92
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 1,000,000 ​ ​ ​
BDO Unibank Inc., Senior Unsecured Notes, 2.950% due 3/6/23
 ​ ​ ​ $ 1,017,077 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Berkshire Hathaway Finance Corp., Company Guaranteed Notes, 4.200%
due 8/15/48
​ ​ ​ ​ 180,243 ​ ​
​ ​ ​ ​ ​ ​ ​ Berkshire Hathaway Inc., Senior Unsecured Notes: ​
​ ​ ​ 250,000 ​ ​ ​
2.750% due 3/15/23
​ ​ ​ ​ 257,995 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.125% due 3/15/26
​ ​ ​ ​ 265,027 ​ ​
​ ​ ​ ​ ​ ​ ​ Boston Properties LP, Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 350,000 ​ ​ ​
3.200% due 1/15/25
​ ​ ​ ​ 364,208 ​ ​
​ ​ ​ 1,280,000 ​ ​ ​
3.650% due 2/1/26
 ​ ​ ​ ​ 1,363,064 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.400% due 6/21/29
​ ​ ​ ​ 265,351 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Brighthouse Financial Inc., Senior Unsecured Notes, 3.700% due 6/22/27
​ ​ ​ ​ 98,721 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Brixmor Operating Partnership LP, Senior Unsecured Notes, 3.900%
due 3/15/27
​ ​ ​ ​ 263,513 ​ ​
​ ​ ​ 350,000 ​ ​ ​
Brookfield Finance Inc., Company Guaranteed Notes, 4.000% due 4/1/24
​ ​ ​ ​ 373,366 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 3.100%
due 2/4/24
​ ​ ​ ​ 259,431 ​ ​
​ ​ ​ ​ ​ ​ ​ Capital One Financial Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.050% due 3/9/22
​ ​ ​ ​ 255,754 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.750% due 3/9/27
​ ​ ​ ​ 264,839 ​ ​
​ ​ ​ 125,000 ​ ​ ​
CBRE Services Inc., Company Guaranteed Notes, 5.250% due 3/15/25
​ ​ ​ ​ 140,482 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Charles Schwab Corp., Senior Unsecured Notes, 3.200% due 3/2/27
​ ​ ​ ​ 264,981 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Chubb INA Holdings Inc., Company Guaranteed Notes, 3.350% due 5/3/26
​ ​ ​ ​ 536,501 ​ ​
​ ​ ​ ​ ​ ​ ​ Citigroup Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.700% due 3/30/21
​ ​ ​ ​ 252,524 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.350% due 8/2/21
​ ​ ​ ​ 100,644 ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.750% due 4/25/22
​ ​ ​ ​ 508,958 ​ ​
​ ​ ​ 500,000 ​ ​ ​
4.044% (3-Month USD-LIBOR + 1.023%) due 6/1/24(a)
 ​ ​ ​ ​ 532,144 ​ ​
​ ​ ​ 450,000 ​ ​ ​
3.887% (3-Month USD-LIBOR + 1.563%) due 1/10/28(a)
 ​ ​ ​ ​ 488,177 ​ ​
​ ​ ​ 1,540,000 ​ ​ ​
3.668% (3-Month USD-LIBOR + 1.390%) due 7/24/28(a)
 ​ ​ ​ ​ 1,651,043 ​ ​
​ ​ ​ ​ ​ ​ ​
Subordinated Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.450% due 9/29/27
​ ​ ​ ​ 275,124 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.300% due 5/6/44
​ ​ ​ ​ 127,686 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.750% due 5/18/46
​ ​ ​ ​ 302,887 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Citizens Financial Group Inc., Senior Unsecured Notes, 2.850% due 7/27/26
​ ​ ​ ​ 254,069 ​ ​
​ ​ ​ 115,000 ​ ​ ​
CNO Financial Group Inc., Senior Unsecured Notes, 5.250% due 5/30/29
​ ​ ​ ​ 127,075 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Comerica Inc., Senior Unsecured Notes, 4.000% due 2/1/29
​ ​ ​ ​ 55,669 ​ ​
See Notes to Financial Statements.
93
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 985,000 ​ ​ ​
Commonwealth Bank of Australia, Senior Unsecured Notes, 3.900%
due 7/12/47(b)
 ​ ​ ​ $ 1,127,040 ​ ​
​ ​ ​ ​ ​ ​ ​ Cooperatieve Rabobank UA: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
Company Guaranteed Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.875% due 2/8/22
​ ​ ​ ​ 522,194 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.750% due 7/21/26
​ ​ ​ ​ 261,745 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Senior Unsecured Notes, 2.750% due 1/10/23
​ ​ ​ ​ 256,705 ​ ​
​ ​ ​ 275,000 ​ ​ ​
Credit Acceptance Corp., Company Guaranteed Notes, 6.625% due 3/15/26(b)
 ​ ​ ​ ​ 297,517 ​ ​
​ ​ ​ ​ ​ ​ ​ Credit Suisse Group Funding Guernsey Ltd., Company Guaranteed Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.125% due 12/10/20
​ ​ ​ ​ 505,612 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.750% due 3/26/25
​ ​ ​ ​ 264,252 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.550% due 4/17/26
​ ​ ​ ​ 277,013 ​ ​
​ ​ ​ ​ ​ ​ ​ Credito Real SAB de CV SOFOM ER: ​ ​
​ ​ ​ 700,000 ​ ​ ​
Company Guaranteed Notes, 9.500% due 2/7/26(b)
 ​ ​ ​ ​ 788,200 ​ ​
​ ​ ​ 803,000 ​ ​ ​
Junior Subordinated Notes, 9.125% (5-Year CMT Index + 7.026%)(a)(e)
 ​ ​ ​ ​ 817,061 ​ ​
​ ​ ​ ​ ​ ​ ​ Crown Castle International Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 300,000 ​ ​ ​
4.000% due 3/1/27
​ ​ ​ ​ 324,668 ​ ​
​ ​ ​ 570,000 ​ ​ ​
4.300% due 2/15/29
​ ​ ​ ​ 638,657 ​ ​
​ ​ ​ 30,000 ​ ​ ​
4.000% due 11/15/49
​ ​ ​ ​ 32,234 ​ ​
​ ​ ​ ​ ​ ​ ​ DBS Group Holdings Ltd.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,350,000 ​ ​ ​
Junior Subordinated Notes, 3.600% (5-Year USD Swap Rate + 2.390%)(a)(e)
 ​ ​ ​ ​ 1,351,687 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Senior Unsecured Notes, 2.896% (3-Month USD-LIBOR + 0.620%)
due 7/25/22(a)
 ​ ​ ​ ​ 201,009 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Deutsche Bank AG, Senior Unsecured Notes, 3.950% due 2/27/23
​ ​ ​ ​ 506,902 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Digital Realty Trust LP, Company Guaranteed Notes, 3.600% due 7/1/29
​ ​ ​ ​ 263,783 ​ ​
​ ​ ​ 810,000 ​ ​ ​
Discover Financial Services, Senior Unsecured Notes, 4.100% due 2/9/27
​ ​ ​ ​ 872,111 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Docuformas SAPI de CV, Senior Unsecured Notes, 10.250% due 7/24/24(b)
 ​ ​ ​ ​ 490,005 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Enstar Group Ltd., Senior Unsecured Notes, 4.500% due 3/10/22
​ ​ ​ ​ 208,040 ​ ​
​ ​ ​ 250,000 ​ ​ ​
ERP Operating LP, Senior Unsecured Notes, 3.000% due 7/1/29
​ ​ ​ ​ 261,882 ​ ​
​ ​ ​ 415,000 ​ ​ ​
ESH Hospitality Inc., Company Guaranteed Notes, 5.250% due 5/1/25(b)
 ​ ​ ​ ​ 429,006 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Federal Realty Investment Trust, Senior Unsecured Notes, 3.200% due 6/15/29
​ ​ ​ ​ 262,758 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Fifth Third Bancorp, Senior Unsecured Notes, 3.950% due 3/14/28
​ ​ ​ ​ 277,142 ​ ​
​ ​ ​ ​ ​ ​ ​
GE Capital International Funding Co. Unlimited Co., Company Guaranteed
Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.373% due 11/15/25
​ ​ ​ ​ 253,595 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.418% due 11/15/35
​ ​ ​ ​ 254,004 ​ ​
​ ​ ​ ​ ​ ​ ​ Gilex Holding SARL, Senior Secured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 450,000 ​ ​ ​
8.500% due 5/2/23
​ ​ ​ ​ 480,375 ​ ​
See Notes to Financial Statements.
94
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 200,000 ​ ​ ​
8.500% due 5/2/23(b)
 ​ ​ ​ $ 213,500 ​ ​
​ ​ ​ 235,000 ​ ​ ​
Global Aircraft Leasing Co., Ltd., Senior Unsecured Notes, 6.500%
due 9/15/24(b)(f)
 ​ ​ ​ ​ 233,825 ​ ​
​ ​ ​ ​ ​ ​ ​ Global Bank Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,200,000 ​ ​ ​
4.500% due 10/20/21
 ​ ​ ​ ​ 1,234,800 ​ ​
​ ​ ​ 700,000 ​ ​ ​
5.250% (3-Month USD-LIBOR + 3.300%) due 4/16/29(a)(b)
 ​ ​ ​ ​ 754,425 ​ ​
​ ​ ​ 150,000 ​ ​ ​
GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes, 5.300%
due 1/15/29
​ ​ ​ ​ 166,804 ​ ​
​ ​ ​ ​ ​ ​ ​ Goldman Sachs Group Inc.: ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.350% due 11/15/21
​ ​ ​ ​ 500,938 ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.750% due 1/24/22
​ ​ ​ ​ 216,546 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.000% due 4/26/22
​ ​ ​ ​ 506,517 ​ ​
​ ​ ​ 465,000 ​ ​ ​
3.036% (3-Month USD-LIBOR + 0.780%) due 10/31/22(a)
 ​ ​ ​ ​ 466,040 ​ ​
​ ​ ​ 825,000 ​ ​ ​
3.328% (3-Month USD-LIBOR + 1.170%) due 5/15/26(a)
 ​ ​ ​ ​ 825,245 ​ ​
​ ​ ​ 500,000 ​ ​ ​
4.223% (3-Month USD-LIBOR + 1.301%) due 5/1/29(a)
 ​ ​ ​ ​ 553,053 ​ ​
​ ​ ​ ​ ​ ​ ​
Subordinated Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.250% due 10/21/25
​ ​ ​ ​ 269,664 ​ ​
​ ​ ​ 250,000 ​ ​ ​
6.750% due 10/1/37
​ ​ ​ ​ 342,523 ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.150% due 5/22/45
​ ​ ​ ​ 304,865 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Grupo Aval Ltd., Company Guaranteed Notes, 4.750% due 9/26/22
​ ​ ​ ​ 412,020 ​ ​
​ ​ ​ 350,000 ​ ​ ​
Host Hotels & Resorts LP, Senior Unsecured Notes, 3.875% due 4/1/24
​ ​ ​ ​ 367,646 ​ ​
​ ​ ​ ​ ​ ​ ​ HSBC Holdings PLC: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.262% (3-Month USD-LIBOR + 1.055%) due 3/13/23(a)
 ​ ​ ​ ​ 510,261 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.041% (3-Month USD-LIBOR + 1.546%) due 3/13/28(a)
 ​ ​ ​ ​ 266,678 ​ ​
​ ​ ​ ​ ​ ​ ​
Subordinated Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
6.500% due 5/2/36
​ ​ ​ ​ 334,664 ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.250% due 3/14/44
​ ​ ​ ​ 309,960 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Huntington Bancshares Inc., Senior Unsecured Notes, 2.625% due 6/8/24
​ ​ ​ ​ 203,898 ​ ​
​ ​ ​ ​ ​ ​ ​
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed
Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 230,000 ​ ​ ​
6.250% due 2/1/22
​ ​ ​ ​ 236,900 ​ ​
​ ​ ​ 60,000 ​ ​ ​
6.375% due 12/15/25
​ ​ ​ ​ 63,525 ​ ​
​ ​ ​ 295,000 ​ ​ ​
6.250% due 5/15/26(b)
 ​ ​ ​ ​ 307,921 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Industrial Senior Trust, Company Guaranteed Notes, 5.500% due 11/1/22
​ ​ ​ ​ 311,100 ​ ​
​ ​ ​ 500,000 ​ ​ ​
ING Groep NV, Senior Unsecured Notes, 3.150% due 3/29/22
​ ​ ​ ​ 512,568 ​ ​
See Notes to Financial Statements.
95
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 250,000 ​ ​ ​
Intercontinental Exchange Inc., Company Guaranteed Notes, 3.750%
due 12/1/25
​ ​ ​ $ 270,610 ​ ​
​ ​ ​ 1,300,000 ​ ​ ​
Itau Unibanco Holding SA, Junior Subordinated Notes, 6.500% (5-Year CMT
Index + 3.863%)(a)(e)
 ​ ​ ​ ​ 1,330,459 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Jefferies Group LLC/Jefferies Group Capital Finance Inc., Senior Unsecured
Notes, 4.850% due 1/15/27
​ ​ ​ ​ 267,463 ​ ​
​ ​ ​ ​ ​ ​ ​ JPMorgan Chase & Co.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.250% due 10/15/20
​ ​ ​ ​ 256,114 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
4.500% due 1/24/22
​ ​ ​ ​ 1,058,330 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.972% due 1/15/23
​ ​ ​ ​ 255,112 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.782% (3-Month USD-LIBOR + 1.337%) due 2/1/28(a)
 ​ ​ ​ ​ 272,063 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.509% (3-Month USD-LIBOR + 0.945%) due 1/23/29(a)
 ​ ​ ​ ​ 267,704 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.005% (3-Month USD-LIBOR + 1.120%) due 4/23/29(a)
 ​ ​ ​ ​ 277,794 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.882% (3-Month USD-LIBOR + 1.360%) due 7/24/38(a)
 ​ ​ ​ ​ 280,266 ​ ​
​ ​ ​ 150,000 ​ ​ ​
5.400% due 1/6/42
​ ​ ​ ​ 204,977 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.260% (3-Month USD-LIBOR + 1.580%) due 2/22/48(a)
 ​ ​ ​ ​ 303,854 ​ ​
​ ​ ​ ​ ​ ​ ​
Subordinated Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.875% due 9/10/24
​ ​ ​ ​ 213,822 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.625% due 12/1/27
​ ​ ​ ​ 212,627 ​ ​
​ ​ ​ 250,000 ​ ​ ​
KeyBank NA, Senior Unsecured Notes, 3.375% due 3/7/23
​ ​ ​ ​ 261,147 ​ ​
​ ​ ​ ​ ​ ​ ​ Kreditanstalt fuer Wiederaufbau, Government Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
1.625% due 3/15/21
 ​ ​ ​ ​ 1,999,763 ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.125% due 3/7/22
​ ​ ​ ​ 507,710 ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.375% due 12/29/22
​ ​ ​ ​ 514,615 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.500% due 11/20/24
​ ​ ​ ​ 105,152 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.875% due 4/3/28
​ ​ ​ ​ 276,509 ​ ​
​ ​ ​ ​ ​ ​ ​ Landwirtschaftliche Rentenbank, Government Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.375% due 6/10/25
​ ​ ​ ​ 261,827 ​ ​
​ ​ ​ 75,000 ​ ​ ​
1.750% due 7/27/26
​ ​ ​ ​ 75,938 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Lincoln National Corp., Senior Unsecured Notes, 3.800% due 3/1/28
​ ​ ​ ​ 268,704 ​ ​
​ ​ ​ ​ ​ ​ ​ Lloyds Banking Group PLC: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Senior Unsecured Notes, 3.100% due 7/6/21
 ​ ​ ​ ​ 1,014,690 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Subordinated Notes, 4.344% due 1/9/48
​ ​ ​ ​ 201,320 ​ ​
​ ​ ​ ​ ​ ​ ​ Macquarie Group Ltd., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 520,000 ​ ​ ​
3.189% (3-Month USD-LIBOR + 1.023%) due 11/28/23(a)(b)
 ​ ​ ​ ​ 531,660 ​ ​
​ ​ ​ 1,275,000 ​ ​ ​
4.150% (3-Month USD-LIBOR + 1.330%) due 3/27/24(a)(b)
 ​ ​ ​ ​ 1,350,859 ​ ​
See Notes to Financial Statements.
96
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 1,700,000 ​ ​ ​
Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate +
2.542%) due 10/29/26(a)
 ​ ​ ​ $ 1,736,941 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Manulife Financial Corp., Subordinated Notes, 4.061% (5-Year USD 1100 Run
ICE Swap Rate + 1.647%) due 2/24/32(a)
 ​ ​ ​ ​ 263,135 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Marsh & McLennan Cos. Inc., Senior Unsecured Notes, 4.900% due 3/15/49
​ ​ ​ ​ 259,658 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Mastercard Inc., Senior Unsecured Notes, 3.950% due 2/26/48
​ ​ ​ ​ 301,627 ​ ​
​ ​ ​ 150,000 ​ ​ ​
MetLife Inc., Senior Unsecured Notes, 4.600% due 5/13/46
​ ​ ​ ​ 186,685 ​ ​
​ ​ ​ 235,000 ​ ​ ​
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer Inc.,
Company Guaranteed Notes, 5.750% due 2/1/27(b)
 ​ ​ ​ ​ 259,428 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Mid-America Apartments LP, Senior Unsecured Notes, 3.750% due 6/15/24
​ ​ ​ ​ 264,347 ​ ​
​ ​ ​ ​ ​ ​ ​ Mitsubishi UFJ Financial Group Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.998% due 2/22/22
​ ​ ​ ​ 509,709 ​ ​
​ ​ ​ 630,000 ​ ​ ​
2.878% (3-Month USD-LIBOR + 0.740%) due 3/2/23(a)
 ​ ​ ​ ​ 629,178 ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.407% due 7/3/24
​ ​ ​ ​ 209,952 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.741% due 3/7/29
​ ​ ​ ​ 276,170 ​ ​
​ ​ ​ ​ ​ ​ ​ Mizuho Financial Group Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.953% due 2/28/22
​ ​ ​ ​ 254,557 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.663% due 2/28/27
​ ​ ​ ​ 271,617 ​ ​
​ ​ ​ ​ ​ ​ ​ Morgan Stanley: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.625% due 11/17/21
​ ​ ​ ​ 505,236 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.125% due 1/23/23
​ ​ ​ ​ 515,545 ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,270,000 ​ ​ ​
3.737% (3-Month USD-LIBOR + 0.847%) due 4/24/24(a)
 ​ ​ ​ ​ 1,336,142 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.591% (3-Month USD-LIBOR + 1.340%) due 7/22/28(a)
 ​ ​ ​ ​ 266,423 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.772% (3-Month USD-LIBOR + 1.140%) due 1/24/29(a)
 ​ ​ ​ ​ 270,541 ​ ​
​ ​ ​ 250,000 ​ ​ ​
6.375% due 7/24/42
​ ​ ​ ​ 370,918 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Subordinated Notes, 4.350% due 9/8/26
​ ​ ​ ​ 273,746 ​ ​
​ ​ ​ ​ ​ ​ ​
MPT Operating Partnership LP/MPT Finance Corp., Company Guaranteed Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.250% due 8/1/26
​ ​ ​ ​ 105,655 ​ ​
​ ​ ​ 260,000 ​ ​ ​
5.000% due 10/15/27
​ ​ ​ ​ 277,550 ​ ​
​ ​ ​ 140,000 ​ ​ ​
4.625% due 8/1/29
​ ​ ​ ​ 145,600 ​ ​
​ ​ ​ 250,000 ​ ​ ​
National Australia Bank Ltd., Senior Unsecured Notes, 3.375% due 1/14/26
​ ​ ​ ​ 268,354 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Nationstar Mortgage Holdings Inc., Company Guaranteed Notes, 8.125%
due 7/15/23(b)
 ​ ​ ​ ​ 207,116 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Navient Corp., Senior Unsecured Notes, 6.500% due 6/15/22
​ ​ ​ ​ 324,750 ​ ​
​ ​ ​ 680,000 ​ ​ ​
New York Life Global Funding, Secured Notes, 2.300% due 6/10/22(b)
 ​ ​ ​ ​ 686,171 ​ ​
​ ​ ​ 310,000 ​ ​ ​
NFP Corp., Senior Unsecured Notes, 6.875% due 7/15/25(b)
 ​ ​ ​ ​ 309,225 ​ ​
See Notes to Financial Statements.
97
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 1,250,000 ​ ​ ​
Nuveen Finance LLC, Senior Unsecured Notes, 4.125% due 11/1/24(b)
 ​ ​ ​ $ 1,359,670 ​ ​
​ ​ ​ 900,000 ​ ​ ​
Oesterreichische Kontrollbank AG, Government Guaranteed Notes, 1.500%
due 10/21/20
​ ​ ​ ​ 897,622 ​ ​
​ ​ ​ 500,000 ​ ​ ​
PNC Bank NA, Senior Unsecured Notes, 2.625% due 2/17/22
​ ​ ​ ​ 508,232 ​ ​
​ ​ ​ 150,000 ​ ​ ​
PNC Financial Services Group Inc., Subordinated Notes, 3.900% due 4/29/24
​ ​ ​ ​ 161,647 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Principal Financial Group Inc., Company Guaranteed Notes, 3.700%
due 5/15/29
​ ​ ​ ​ 271,731 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Progressive Corp., Senior Unsecured Notes, 4.125% due 4/15/47
​ ​ ​ ​ 180,327 ​ ​
​ ​ ​ ​ ​ ​ ​ Prudential Financial Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
Junior Subordinated Notes, 5.625% (3-Month USD-LIBOR + 3.920%)
due 6/15/43(a)
 ​ ​ ​ ​ 267,900 ​ ​
​ ​ ​ 143,000 ​ ​ ​
Senior Unsecured Notes, 3.935% due 12/7/49
​ ​ ​ ​ 159,351 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
Radiant Access Ltd., Company Guaranteed Notes, 4.600%(e)
 ​ ​ ​ ​ 1,476,000 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Regency Centers LP, Company Guaranteed Notes, 4.400% due 2/1/47
​ ​ ​ ​ 116,930 ​ ​
​ ​ ​ ​ ​ ​ ​ Royal Bank of Canada: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,635,000 ​ ​ ​
Senior Unsecured Notes, 2.550% due 7/16/24
​ ​ ​ ​ 1,666,762 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Subordinated Notes, 4.650% due 1/27/26
​ ​ ​ ​ 278,853 ​ ​
​ ​ ​ ​ ​ ​ ​ Royal Bank of Scotland Group PLC, Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.892% (3-Month USD-LIBOR + 1.754%) due 5/18/29(a)
 ​ ​ ​ ​ 274,332 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.445% (3-Month USD-LIBOR + 1.871%) due 5/8/30(a)
 ​ ​ ​ ​ 213,988 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Sabra Health Care LP, Company Guaranteed Notes, 5.125% due 8/15/26
​ ​ ​ ​ 215,946 ​ ​
​ ​ ​ ​ ​ ​ ​ Santander Holdings USA Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.700% due 3/28/22
​ ​ ​ ​ 256,531 ​ ​
​ ​ ​ 695,000 ​ ​ ​
3.400% due 1/18/23
​ ​ ​ ​ 714,976 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Santander UK Group Holdings PLC, Senior Unsecured Notes, 3.373% (3-Month
USD-LIBOR + 1.080%) due 1/5/24(a)
 ​ ​ ​ ​ 254,551 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
SBA Tower Trust, Asset Backed, 3.168% due 4/11/22(b)
 ​ ​ ​ ​ 1,520,772 ​ ​
​ ​ ​ ​ ​ ​ ​ Simon Property Group LP, Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.350% due 1/30/22
​ ​ ​ ​ 504,600 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.375% due 10/1/24
​ ​ ​ ​ 106,229 ​ ​
​ ​ ​ ​ ​ ​ ​ SPARC EM SPC Panama Metro Line 2 SP, Senior Secured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 939,579 ​ ​ ​
zero coupon, due 12/5/22(b)
 ​ ​ ​ ​ 897,580 ​ ​
​ ​ ​ 683,330 ​ ​ ​
zero coupon, due 12/5/22
​ ​ ​ ​ 652,786 ​ ​
​ ​ ​ ​ ​ ​ ​ Springleaf Finance Corp., Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 180,000 ​ ​ ​
7.125% due 3/15/26
​ ​ ​ ​ 205,290 ​ ​
​ ​ ​ 40,000 ​ ​ ​
6.625% due 1/15/28
​ ​ ​ ​ 43,900 ​ ​
​ ​ ​ ​ ​ ​ ​ Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.934% due 3/9/21
​ ​ ​ ​ 506,056 ​ ​
See Notes to Financial Statements.
98
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 250,000 ​ ​ ​
2.778% due 10/18/22
​ ​ ​ $ 254,726 ​ ​
​ ​ ​ 845,000 ​ ​ ​
3.043% (3-Month USD-LIBOR + 0.740%) due 1/17/23(a)
 ​ ​ ​ ​ 844,865 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.102% due 1/17/23
​ ​ ​ ​ 257,894 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.632% due 7/14/26
​ ​ ​ ​ 101,020 ​ ​
​ ​ ​ 250,000 ​ ​ ​
SunTrust Bank, Senior Unsecured Notes, 3.200% due 1/4/24
​ ​ ​ ​ 262,162 ​ ​
​ ​ ​ 800,000 ​ ​ ​
SURA Asset Management SA, Company Guaranteed Notes, 4.875%
due 4/17/24
​ ​ ​ ​ 857,008 ​ ​
​ ​ ​ ​ ​ ​ ​ Synchrony Bank, Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.650% due 5/24/21
​ ​ ​ ​ 255,099 ​ ​
​ ​ ​ 350,000 ​ ​ ​
3.000% due 6/15/22
​ ​ ​ ​ 356,353 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
Temasek Financial I Ltd., Company Guaranteed Notes, 2.375% due 1/23/23
 ​ ​ ​ ​ 1,525,414 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Toronto-Dominion Bank, Senior Unsecured Notes, 3.250% due 11/3/24
​ ​ ​ ​ 263,060 ​ ​
​ ​ ​ 125,000 ​ ​ ​
Travelers Cos. Inc., Senior Unsecured Notes, 5.350% due 11/1/40
​ ​ ​ ​ 170,415 ​ ​
​ ​ ​ 100,000 ​ ​ ​
UDR Inc., Company Guaranteed Notes, 3.200% due 1/15/30
​ ​ ​ ​ 104,585 ​ ​
​ ​ ​ ​ ​ ​ ​ Unifin Financiera SAB de CV SOFOM ENR: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 200,000 ​ ​ ​
Senior Unsecured Notes, 7.375% due 2/12/26
​ ​ ​ ​ 190,230 ​ ​
​ ​ ​ 1,700,000 ​ ​ ​
Subordinated Notes, 8.875% (5-Year CMT Index + 6.308%)(a)(e)
 ​ ​ ​ ​ 1,496,017 ​ ​
​ ​ ​ ​ ​ ​ ​ United Overseas Bank Ltd.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​
Junior Subordinated Notes, 3.875% (5-Year USD Swap Rate + 1.794%)(a)(e)
 ​ ​ ​ ​ 502,181 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Subordinated Notes, 3.500% (5-Year USD Swap Rate + 2.236%)
due 9/16/26(a)
 ​ ​ ​ ​ 1,013,240 ​ ​
​ ​ ​ 750,000 ​ ​ ​
US Bancorp, Senior Unsecured Notes, 2.625% due 1/24/22
​ ​ ​ ​ 762,426 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Ventas Realty LP, Company Guaranteed Notes, 4.375% due 2/1/45
​ ​ ​ ​ 112,476 ​ ​
​ ​ ​ ​ ​ ​ ​ Visa Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 750,000 ​ ​ ​
2.800% due 12/14/22
​ ​ ​ ​ 773,583 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.150% due 12/14/35
​ ​ ​ ​ 121,747 ​ ​
​ ​ ​ ​ ​ ​ ​ Wells Fargo & Co.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
Senior Unsecured Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
2.625% due 7/22/22
 ​ ​ ​ ​ 1,017,012 ​ ​
​ ​ ​ 875,000 ​ ​ ​
3.069% due 1/24/23
​ ​ ​ ​ 894,768 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.000% due 4/22/26
​ ​ ​ ​ 259,130 ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.000% due 10/23/26
​ ​ ​ ​ 311,821 ​ ​
​ ​ ​ 910,000 ​ ​ ​
3.584% (3-Month USD-LIBOR + 1.310%) due 5/22/28(a)
 ​ ​ ​ ​ 975,878 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.150% due 1/24/29
​ ​ ​ ​ 280,565 ​ ​
​ ​ ​ ​ ​ ​ ​
Subordinated Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.400% due 6/14/46
​ ​ ​ ​ 290,293 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.750% due 12/7/46
​ ​ ​ ​ 184,015 ​ ​
See Notes to Financial Statements.
99
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 1,520,000 ​ ​ ​
Welltower Inc., Senior Unsecured Notes, 4.125% due 3/15/29
​ ​ ​ $ 1,676,227 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Western Union Co., Senior Unsecured Notes, 3.600% due 3/15/22
​ ​ ​ ​ 309,437 ​ ​
​ ​ ​ ​ ​ ​ ​ Westpac Banking Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.650% due 5/15/23
​ ​ ​ ​ 529,468 ​ ​
​ ​ ​ 1,295,000 ​ ​ ​
3.300% due 2/26/24
 ​ ​ ​ ​ 1,364,426 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.350% due 3/8/27
​ ​ ​ ​ 271,050 ​ ​
​ ​ ​ 75,000 ​ ​ ​
WeWork Cos., Inc., Company Guaranteed Notes, 7.875% due 5/1/25(b)(g)
 ​ ​ ​ ​ 76,500 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Weyerhaeuser Co., Senior Unsecured Notes, 4.625% due 9/15/23
​ ​ ​ ​ 271,292 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Financial
 ​ ​ ​ ​ 120,166,223 ​ ​
​ Government – 0.3% ​
​ ​ ​ 1,500,000 ​ ​ ​
Asian Development Bank, Senior Unsecured Notes, 2.000% due 2/16/22
 ​ ​ ​ ​ 1,517,558 ​ ​
​ ​ ​ ​ ​ ​ ​ European Investment Bank, Senior Unsecured Notes: ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
2.625% due 5/20/22
​ ​ ​ ​ 1,544,780 ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.250% due 6/24/24
​ ​ ​ ​ 517,971 ​ ​
​ ​ ​ ​ ​ ​ ​ Inter-American Development Bank: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​
Senior Unsecured Notes, 2.375% due 7/7/27
​ ​ ​ ​ 529,573 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Unsecured Notes, 2.625% due 4/19/21
​ ​ ​ ​ 1,015,825 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Malaysia Sovereign Sukuk Bhd, Unsecured Notes, 3.043% due 4/22/25
​ ​ ​ ​ 313,236 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Svensk Exportkredit AB, Senior Unsecured Notes, 2.375% due 3/9/22
​ ​ ​ ​ 509,938 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Government
​ ​ ​ ​ 5,948,881 ​ ​
​ Industrial – 1.3% ​
​ ​ ​ ​ ​ ​ ​ 3M Co., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.750% due 3/1/22
​ ​ ​ ​ 511,307 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.375% due 3/1/29
​ ​ ​ ​ 271,105 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.250% due 8/26/49
​ ​ ​ ​ 101,192 ​ ​
​ ​ ​ 420,000 ​ ​ ​
AECOM, Company Guaranteed Notes, 5.125% due 3/15/27
​ ​ ​ ​ 438,698 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Aeropuerto Internacional de Tocumen SA, Senior Secured Notes, 5.625%
due 5/18/36
​ ​ ​ ​ 237,752 ​ ​
​ ​ ​ 175,000 ​ ​ ​
Amsted Industries Inc., Company Guaranteed Notes, 5.625% due 7/1/27(b)
 ​ ​ ​ ​ 186,812 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Company
Guaranteed Notes, 6.000% due 2/15/25(b)
 ​ ​ ​ ​ 208,875 ​ ​
​ ​ ​ 615,000 ​ ​ ​
Arrow Electronics Inc., Senior Unsecured Notes, 3.875% due 1/12/28
​ ​ ​ ​ 635,384 ​ ​
​ ​ ​ 220,000 ​ ​ ​
Berry Global Inc., Secured Notes, 5.625% due 7/15/27(b)
 ​ ​ ​ ​ 231,000 ​ ​
​ ​ ​ ​ ​ ​ ​ Boeing Co., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.125% due 3/1/22
​ ​ ​ ​ 502,388 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.650% due 3/1/47
​ ​ ​ ​ 271,747 ​ ​
See Notes to Financial Statements.
100
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Industrial – (continued) ​
​ ​ ​ ​ ​ ​ ​ Bombardier Inc., Senior Unsecured Notes: ​
​ ​ $ 105,000 ​ ​ ​
6.000% due 10/15/22(b)
 ​ ​ ​ $ 104,212 ​ ​
​ ​ ​ 110,000 ​ ​ ​
7.875% due 4/15/27(b)
 ​ ​ ​ ​ 106,563 ​ ​
​ ​ ​ ​ ​ ​ ​ Builders FirstSource Inc., Senior Secured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 273,000 ​ ​ ​
5.625% due 9/1/24(b)
 ​ ​ ​ ​ 284,261 ​ ​
​ ​ ​ 70,000 ​ ​ ​
6.750% due 6/1/27(b)
 ​ ​ ​ ​ 76,475 ​ ​
​ ​ ​ ​ ​ ​ ​ Burlington Northern Santa Fe LLC, Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.250% due 6/15/27
​ ​ ​ ​ 268,045 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.125% due 6/15/47
​ ​ ​ ​ 298,268 ​ ​
​ ​ ​ ​ ​ ​ ​ Canadian Pacific Railway Co.: ​ ​
​ ​ ​ 250,000 ​ ​ ​
Company Guaranteed Notes, 4.000% due 6/1/28
​ ​ ​ ​ 281,641 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Senior Unsecured Notes, 2.900% due 2/1/25
​ ​ ​ ​ 103,523 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Caterpillar Financial Services Corp., Senior Unsecured Notes, 1.700%
due 8/9/21
​ ​ ​ ​ 497,632 ​ ​
​ ​ ​ ​ ​ ​ ​ Caterpillar Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 1,045,000 ​ ​ ​
3.400% due 5/15/24
 ​ ​ ​ ​ 1,112,646 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.803% due 8/15/42
​ ​ ​ ​ 115,566 ​ ​
​ ​ ​ 479,000 ​ ​ ​
CIMPOR Financial Operations BV, Company Guaranteed Notes, 5.750%
due 7/17/24
​ ​ ​ ​ 375,958 ​ ​
​ ​ ​ ​ ​ ​ ​ Clean Harbors Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.875% due 7/15/27(b)
 ​ ​ ​ ​ 264,375 ​ ​
​ ​ ​ 45,000 ​ ​ ​
5.125% due 7/15/29(b)
 ​ ​ ​ ​ 47,925 ​ ​
​ ​ ​ ​ ​ ​ ​ Colfax Corp., Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 100,000 ​ ​ ​
6.000% due 2/15/24(b)
 ​ ​ ​ ​ 106,625 ​ ​
​ ​ ​ 270,000 ​ ​ ​
6.375% due 2/15/26(b)
 ​ ​ ​ ​ 293,625 ​ ​
​ ​ ​ 135,000 ​ ​ ​
Crown Americas LLC/Crown Americas Capital Corp. IV, Company Guaranteed
Notes, 4.500% due 1/15/23
​ ​ ​ ​ 141,750 ​ ​
​ ​ ​ 190,000 ​ ​ ​
Crown Americas LLC/Crown Americas Capital Corp. VI, Company Guaranteed
Notes, 4.750% due 2/1/26
​ ​ ​ ​ 199,500 ​ ​
​ ​ ​ ​ ​ ​ ​ CSX Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.600% due 11/1/26
​ ​ ​ ​ 255,173 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.500% due 8/1/54
​ ​ ​ ​ 297,447 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Eaton Corp., Company Guaranteed Notes, 4.150% due 2/11/42
​ ​ ​ ​ 113,358 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Embraer Netherlands Finance BV, Company Guaranteed Notes, 5.400%
due 2/1/27
​ ​ ​ ​ 225,752 ​ ​
​ ​ ​ 165,000 ​ ​ ​
Energizer Holdings Inc., Company Guaranteed Notes, 7.750% due 1/15/27(b)
 ​ ​ ​ ​ 180,469 ​ ​
​ ​ ​ ​ ​ ​ ​ FedEx Corp., Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 400,000 ​ ​ ​
3.300% due 3/15/27
​ ​ ​ ​ 417,335 ​ ​
See Notes to Financial Statements.
101
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Industrial – (continued) ​
​ ​ $ 310,000 ​ ​ ​
4.750% due 11/15/45
​ ​ ​ $ 345,608 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.400% due 1/15/47
​ ​ ​ ​ 267,733 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Fideicomiso PA Pacifico Tres, Senior Secured Notes, 8.250% due 1/15/35
​ ​ ​ ​ 225,502 ​ ​
​ ​ ​ 140,000 ​ ​ ​
Flex Acquisition Co., Inc., Senior Unsecured Notes, 6.875% due 1/15/25(b)
 ​ ​ ​ ​ 126,000 ​ ​
​ ​ ​ 225,000 ​ ​ ​
frontdoor Inc., Senior Unsecured Notes, 6.750% due 8/15/26(b)
 ​ ​ ​ ​ 244,125 ​ ​
​ ​ ​ 350,000 ​ ​ ​
GATX Corp., Senior Unsecured Notes, 3.850% due 3/30/27
​ ​ ​ ​ 372,541 ​ ​
​ ​ ​ ​ ​ ​ ​ General Electric Co., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 540,000 ​ ​ ​
5.875% due 1/14/38
​ ​ ​ ​ 623,701 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.125% due 10/9/42
​ ​ ​ ​ 143,801 ​ ​
​ ​ ​ 300,000 ​ ​ ​
4.500% due 3/11/44
​ ​ ​ ​ 303,287 ​ ​
​ ​ ​ 90,000 ​ ​ ​
GFL Environmental Inc., Senior Unsecured Notes, 8.500% due 5/1/27(b)
 ​ ​ ​ ​ 98,550 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Honeywell International Inc., Senior Unsecured Notes, 1.850% due 11/1/21
​ ​ ​ ​ 499,423 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Ingersoll-Rand Luxembourg Finance SA, Company Guaranteed Notes, 3.800%
due 3/21/29
​ ​ ​ ​ 271,155 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Jeld-Wen Inc., Company Guaranteed Notes, 4.625% due 12/15/25(b)
 ​ ​ ​ ​ 294,000 ​ ​
​ ​ ​ ​ ​ ​ ​ John Deere Capital Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.950% due 4/1/22
​ ​ ​ ​ 511,849 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.800% due 9/8/27
​ ​ ​ ​ 261,111 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Johnson Controls International PLC, Senior Unsecured Notes, 4.500%
due 2/15/47
​ ​ ​ ​ 112,557 ​ ​
​ ​ ​ 1,200,000 ​ ​ ​
JSL Europe SA, Company Guaranteed Notes, 7.750% due 7/26/24
 ​ ​ ​ ​ 1,239,300 ​ ​
​ ​ ​ 160,000 ​ ​ ​
Kratos Defense & Security Solutions Inc., Senior Secured Notes, 6.500%
due 11/30/25(b)
 ​ ​ ​ ​ 171,600 ​ ​
​ ​ ​ ​ ​ ​ ​ Lockheed Martin Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.550% due 1/15/26
​ ​ ​ ​ 271,188 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.700% due 5/15/46
​ ​ ​ ​ 325,024 ​ ​
​ ​ ​ 155,000 ​ ​ ​
Masonite International Corp., Company Guaranteed Notes, 5.750%
due 9/15/26(b)
 ​ ​ ​ ​ 164,106 ​ ​
​ ​ ​ ​ ​ ​ ​ Norfolk Southern Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.900% due 6/15/26
​ ​ ​ ​ 258,827 ​ ​
​ ​ ​ 350,000 ​ ​ ​
3.800% due 8/1/28
​ ​ ​ ​ 391,914 ​ ​
​ ​ ​ ​ ​ ​ ​ Northrop Grumman Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 200,000 ​ ​ ​
2.550% due 10/15/22
​ ​ ​ ​ 203,103 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.030% due 10/15/47
​ ​ ​ ​ 115,779 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Owens Corning, Senior Unsecured Notes, 3.400% due 8/15/26
​ ​ ​ ​ 250,576 ​ ​
​ ​ ​ ​ ​ ​ ​ Parker-Hannifin Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 300,000 ​ ​ ​
3.250% due 3/1/27
​ ​ ​ ​ 314,406 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.100% due 3/1/47
​ ​ ​ ​ 169,564 ​ ​
See Notes to Financial Statements.
102
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Industrial – (continued) ​
​ ​ ​ ​ ​ ​ ​ Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes: ​
​ ​ $ 40,000 ​ ​ ​
3.400% due 11/15/26(b)
 ​ ​ ​ $ 41,302 ​ ​
​ ​ ​ 225,000 ​ ​ ​
4.200% due 4/1/27(b)
 ​ ​ ​ ​ 242,616 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Rockwell Collins Inc., Senior Unsecured Notes, 3.200% due 3/15/24
​ ​ ​ ​ 104,234 ​ ​
​ ​ ​ ​ ​ ​ ​ Roper Technologies Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 570,000 ​ ​ ​
4.200% due 9/15/28
​ ​ ​ ​ 633,045 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.950% due 9/15/29
​ ​ ​ ​ 252,987 ​ ​
​ ​ ​ ​ ​ ​ ​ Ryder System Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 300,000 ​ ​ ​
2.800% due 3/1/22
​ ​ ​ ​ 304,333 ​ ​
​ ​ ​ 30,000 ​ ​ ​
2.500% due 9/1/24
​ ​ ​ ​ 30,245 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Stanley Black & Decker Inc., Senior Secured Notes, 3.400% due 3/1/26
​ ​ ​ ​ 268,030 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Stevens Holding Co., Inc., Company Guaranteed Notes, 6.125% due 10/1/26(b)
 ​ ​ ​ ​ 208,000 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Tech Data Corp., Senior Unsecured Notes, 3.700% due 2/15/22
​ ​ ​ ​ 307,684 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Tecnoglass Inc., Company Guaranteed Notes, 8.200% due 1/31/22
​ ​ ​ ​ 215,250 ​ ​
​ ​ ​ 325,000 ​ ​ ​
Tervita Corp., Secured Notes, 7.625% due 12/1/21(b)
 ​ ​ ​ ​ 329,875 ​ ​
​ ​ ​ ​ ​ ​ ​ TransDigm Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 140,000 ​ ​ ​
Company Guaranteed Notes, 6.375% due 6/15/26
​ ​ ​ ​ 146,928 ​ ​
​ ​ ​ 220,000 ​ ​ ​
Senior Secured Notes, 6.250% due 3/15/26(b)
 ​ ​ ​ ​ 237,321 ​ ​
​ ​ ​ 140,000 ​ ​ ​
Trident TPI Holdings Inc., Senior Unsecured Notes, 6.625% due 11/1/25(b)
 ​ ​ ​ ​ 120,750 ​ ​
​ ​ ​ 194,000 ​ ​ ​
Triumph Group Inc., Company Guaranteed Notes, 7.750% due 8/15/25
​ ​ ​ ​ 194,485 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Trivium Packaging Finance BV, Senior Secured Notes, 5.500% due 8/15/26(b)
 ​ ​ ​ ​ 211,500 ​ ​
​ ​ ​ ​ ​ ​ ​ Union Pacific Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.350% due 8/15/46
​ ​ ​ ​ 253,319 ​ ​
​ ​ ​ 590,000 ​ ​ ​
4.300% due 3/1/49
​ ​ ​ ​ 702,962 ​ ​
​ ​ ​ 125,000 ​ ​ ​
3.875% due 2/1/55
​ ​ ​ ​ 135,501 ​ ​
​ ​ ​ 250,000 ​ ​ ​
United Parcel Service Inc., Senior Unsecured Notes, 3.750% due 11/15/47
​ ​ ​ ​ 276,159 ​ ​
​ ​ ​ ​ ​ ​ ​ United Technologies Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.300% due 5/4/22
​ ​ ​ ​ 504,343 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.500% due 1/6/42
​ ​ ​ ​ 120,627 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.750% due 11/1/46
​ ​ ​ ​ 277,557 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Vulcan Materials Co., Senior Unsecured Notes, 4.500% due 6/15/47
​ ​ ​ ​ 108,354 ​ ​
​ ​ ​ 825,000 ​ ​ ​
Waste Management Inc., Company Guaranteed Notes, 3.450% due 6/15/29
​ ​ ​ ​ 903,553 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Waste Pro USA Inc., Senior Unsecured Notes, 5.500% due 2/15/26(b)
 ​ ​ ​ ​ 260,000 ​ ​
​ ​ ​ 630,000 ​ ​ ​
WRKCo Inc., Company Guaranteed Notes, 3.750% due 3/15/25
​ ​ ​ ​ 665,413 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Industrial
 ​ ​ ​ ​ 26,397,087 ​ ​
See Notes to Financial Statements.
103
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Technology – 0.8% ​
​ ​ ​ ​ ​ ​ ​ Apple Inc., Senior Unsecured Notes: ​
​ ​ $ 75,000 ​ ​ ​
2.850% due 5/6/21
​ ​ ​ $ 76,267 ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.850% due 2/23/23
​ ​ ​ ​ 517,136 ​ ​
​ ​ ​ 300,000 ​ ​ ​
2.400% due 5/3/23
​ ​ ​ ​ 306,355 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.000% due 2/9/24
​ ​ ​ ​ 261,405 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.350% due 2/9/27
​ ​ ​ ​ 270,179 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.000% due 6/20/27
​ ​ ​ ​ 265,193 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.250% due 2/9/47
​ ​ ​ ​ 303,614 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.750% due 11/13/47
​ ​ ​ ​ 284,181 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Applied Materials Inc., Senior Unsecured Notes, 4.350% due 4/1/47
​ ​ ​ ​ 122,556 ​ ​
​ ​ ​ ​ ​ ​ ​ Ascend Learning LLC, Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 205,000 ​ ​ ​
6.875% due 8/1/25(b)
 ​ ​ ​ ​ 212,431 ​ ​
​ ​ ​ 125,000 ​ ​ ​
6.875% due 8/1/25(b)
 ​ ​ ​ ​ 129,531 ​ ​
​ ​ ​ 70,000 ​ ​ ​
Banff Merger Sub Inc., Senior Unsecured Notes, 9.750% due 9/1/26(b)
 ​ ​ ​ ​ 63,700 ​ ​
​ ​ ​ ​ ​ ​ ​ Broadcom Corp./Broadcom Cayman Finance Ltd., Company Guaranteed Notes: ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.000% due 1/15/22
​ ​ ​ ​ 504,056 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.625% due 1/15/24
​ ​ ​ ​ 102,056 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Broadcom Inc., Company Guaranteed Notes, 4.750% due 4/15/29(b)
 ​ ​ ​ ​ 263,388 ​ ​
​ ​ ​ 300,000 ​ ​ ​
CA Inc., Senior Unsecured Notes, 3.600% due 8/15/22
​ ​ ​ ​ 305,843 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Camelot Finance SA, Company Guaranteed Notes, 7.875% due 10/15/24(b)
 ​ ​ ​ ​ 260,625 ​ ​
​ ​ ​ ​ ​ ​ ​ CDK Global Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 95,000 ​ ​ ​
5.875% due 6/15/26
​ ​ ​ ​ 100,899 ​ ​
​ ​ ​ 165,000 ​ ​ ​
5.250% due 5/15/29(b)
 ​ ​ ​ ​ 170,363 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Dell International LLC / EMC Corp., Senior Secured Notes, 8.100%
due 7/15/36(b)
 ​ ​ ​ ​ 126,805 ​ ​
​ ​ ​ ​ ​ ​ ​ Dell International LLC/EMC Corp., Senior Secured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.450% due 6/15/23(b)
 ​ ​ ​ ​ 108,688 ​ ​
​ ​ ​ 250,000 ​ ​ ​
6.020% due 6/15/26(b)
 ​ ​ ​ ​ 282,150 ​ ​
​ ​ ​ ​ ​ ​ ​ Dun & Bradstreet Corp.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 140,000 ​ ​ ​
Senior Secured Notes, 6.875% due 8/15/26(b)
 ​ ​ ​ ​ 151,725 ​ ​
​ ​ ​ 45,000 ​ ​ ​
Senior Unsecured Notes, 10.250% due 2/15/27(b)
 ​ ​ ​ ​ 49,163 ​ ​
​ ​ ​ 393,000 ​ ​ ​
DXC Technology Co., Senior Unsecured Notes, 4.750% due 4/15/27
​ ​ ​ ​ 418,760 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Fidelity National Information Services Inc., Senior Unsecured Notes, 4.750%
due 5/15/48
​ ​ ​ ​ 184,702 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Fiserv Inc., Senior Unsecured Notes, 3.500% due 7/1/29
​ ​ ​ ​ 265,523 ​ ​
​ ​ ​ 360,000 ​ ​ ​
Genesys Telecommunications Laboratories Inc./Greeneden Lux 3
SARL/Greeneden US Ho, Company Guaranteed Notes, 10.000%
due 11/30/24(b)
 ​ ​ ​ ​ 388,800 ​ ​
See Notes to Financial Statements.
104
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Technology – (continued) ​
​ ​ ​ ​ ​ ​ ​ Hewlett Packard Enterprise Co., Senior Unsecured Notes: ​
​ ​ $ 100,000 ​ ​ ​
3.600% due 10/15/20
​ ​ ​ $ 101,432 ​ ​
​ ​ ​ 150,000 ​ ​ ​
6.200% due 10/15/35
​ ​ ​ ​ 174,600 ​ ​
​ ​ ​ 310,000 ​ ​ ​
Informatica LLC, Senior Unsecured Notes, 7.125% due 7/15/23(b)
 ​ ​ ​ ​ 315,425 ​ ​
​ ​ ​ ​ ​ ​ ​ Intel Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.700% due 12/15/22
​ ​ ​ ​ 514,666 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.100% due 5/19/46
​ ​ ​ ​ 297,494 ​ ​
​ ​ ​ ​ ​ ​ ​ International Business Machines Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.500% due 1/27/22
​ ​ ​ ​ 253,265 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.300% due 1/27/27
​ ​ ​ ​ 264,244 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.500% due 5/15/29
​ ​ ​ ​ 542,854 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.000% due 6/20/42
​ ​ ​ ​ 112,835 ​ ​
​ ​ ​ 205,000 ​ ​ ​
IQVIA Inc., Company Guaranteed Notes, 5.000% due 5/15/27(b)
 ​ ​ ​ ​ 216,531 ​ ​
​ ​ ​ 125,000 ​ ​ ​
KLA Corp., Senior Unsecured Notes, 4.650% due 11/1/24
​ ​ ​ ​ 138,012 ​ ​
​ ​ ​ ​ ​ ​ ​ Microsoft Corp., Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.400% due 2/6/22
​ ​ ​ ​ 254,294 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.875% due 2/6/24
​ ​ ​ ​ 261,766 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.300% due 2/6/27
​ ​ ​ ​ 273,339 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.450% due 8/8/36
​ ​ ​ ​ 280,925 ​ ​
​ ​ ​ 650,000 ​ ​ ​
4.250% due 2/6/47
​ ​ ​ ​ 827,795 ​ ​
​ ​ ​ ​ ​ ​ ​ Oracle Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 500,000 ​ ​ ​
1.900% due 9/15/21
​ ​ ​ ​ 499,774 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.950% due 11/15/24
​ ​ ​ ​ 104,728 ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.650% due 7/15/26
​ ​ ​ ​ 102,448 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.850% due 7/15/36
​ ​ ​ ​ 281,929 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.000% due 7/15/46
​ ​ ​ ​ 285,245 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.000% due 11/15/47
​ ​ ​ ​ 228,963 ​ ​
​ ​ ​ ​ ​ ​ ​ QUALCOMM Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 200,000 ​ ​ ​
3.000% due 5/20/22
​ ​ ​ ​ 205,691 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.650% due 5/20/35
​ ​ ​ ​ 117,755 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.300% due 5/20/47
​ ​ ​ ​ 113,479 ​ ​
​ ​ ​ 80,000 ​ ​ ​
Riverbed Technology Inc., Company Guaranteed Notes, 8.875% due 3/1/23(b)
 ​ ​ ​ ​ 46,400 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Seagate HDD Cayman, Company Guaranteed Notes, 4.250% due 3/1/22
​ ​ ​ ​ 414,189 ​ ​
​ ​ ​ 230,000 ​ ​ ​
Sophia LP/Sophia Finance Inc., Senior Unsecured Notes, 9.000% due 9/30/23(b)
​ ​ ​ ​ 236,325 ​ ​
​ ​ ​ 230,000 ​ ​ ​
SS&C Technologies Inc., Company Guaranteed Notes, 5.500% due 9/30/27(b)
 ​ ​ ​ ​ 241,500 ​ ​
See Notes to Financial Statements.
105
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Technology – (continued) ​
​ ​ $ 350,000 ​ ​ ​
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Senior Unsecured
Notes, 6.750% due 6/1/25(b)
 ​ ​ ​ $ 359,555 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Technology
​ ​ ​ ​ 14,563,552 ​ ​
​ Utilities – 1.7% ​
​ ​ ​ 1,300,000 ​ ​ ​
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad
It, Company Guaranteed Notes, 7.950% due 5/11/26
 ​ ​ ​ ​ 1,386,138 ​ ​
​ ​ ​ ​ ​ ​ ​ AES Gener SA, Junior Subordinated Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 900,000 ​ ​ ​
7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(a)(b)
 ​ ​ ​ ​ 953,100 ​ ​
​ ​ ​ 600,000 ​ ​ ​
7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(a)
 ​ ​ ​ ​ 635,400 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Ameren Illinois Co., 1st Mortgage Notes, 3.700% due 12/1/47
​ ​ ​ ​ 111,814 ​ ​
​ ​ ​ ​ ​ ​ ​ American Water Capital Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.750% due 9/1/28
​ ​ ​ ​ 275,858 ​ ​
​ ​ ​ 350,000 ​ ​ ​
3.450% due 6/1/29
​ ​ ​ ​ 377,677 ​ ​
​ ​ ​ ​ ​ ​ ​ Berkshire Hathaway Energy Co., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 200,000 ​ ​ ​
6.125% due 4/1/36
​ ​ ​ ​ 282,859 ​ ​
​ ​ ​ 150,000 ​ ​ ​
5.150% due 11/15/43
​ ​ ​ ​ 196,273 ​ ​
​ ​ ​ ​ ​ ​ ​ Calpine Corp.: ​ ​
​ ​ ​ 120,000 ​ ​ ​
Senior Secured Notes, 5.250% due 6/1/26(b)
 ​ ​ ​ ​ 121,500 ​ ​
​ ​ ​ 120,000 ​ ​ ​
Senior Unsecured Notes, 5.750% due 1/15/25
​ ​ ​ ​ 121,800 ​ ​
​ ​ ​ 250,000 ​ ​ ​
CenterPoint Energy Inc., Senior Unsecured Notes, 3.850% due 2/1/24
​ ​ ​ ​ 265,990 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Colbun SA, Senior Unsecured Notes, 3.950% due 10/11/27
​ ​ ​ ​ 208,002 ​ ​
​ ​ ​ 2,096,250 ​ ​ ​
Cometa Energia SA de CV, Senior Secured Notes, 6.375% due 4/24/35
 ​ ​ ​ ​ 2,232,506 ​ ​
​ ​ ​ ​ ​ ​ ​ Commonwealth Edison Co., 1st Mortgage Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.750% due 8/15/47
​ ​ ​ ​ 169,771 ​ ​
​ ​ ​ 150,000 ​ ​ ​
4.000% due 3/1/48
​ ​ ​ ​ 175,415 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Consolidated Edison Co. of New York Inc., Senior Unsecured Notes, 3.950%
due 3/1/43
​ ​ ​ ​ 281,203 ​ ​
​ ​ ​ 150,000 ​ ​ ​
DTE Electric Co., General and Refunding Mortgage Bonds, 3.750% due 8/15/47
​ ​ ​ ​ 170,452 ​ ​
​ ​ ​ ​ ​ ​ ​ Duke Energy Corp., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,705,000 ​ ​ ​
2.650% due 9/1/26
​ ​ ​ ​ 1,725,478 ​ ​
​ ​ ​ 350,000 ​ ​ ​
3.750% due 9/1/46
​ ​ ​ ​ 368,531 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Duke Energy Progress LLC, 1st Mortgage Notes, 6.300% due 4/1/38
​ ​ ​ ​ 364,963 ​ ​
​ ​ ​ 700,000 ​ ​ ​
Empresa de Transmision Electrica SA, Senior Unsecured Notes, 5.125%
due 5/2/49(b)
 ​ ​ ​ ​ 812,007 ​ ​
​ ​ ​ ​ ​ ​ ​ Empresa Electrica Angamos SA: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 260,850 ​ ​ ​
Senior Secured Notes, 4.875% due 5/25/29
​ ​ ​ ​ 273,265 ​ ​
​ ​ ​ 900,000 ​ ​ ​
Senior Unsecured Notes, 4.560% due 4/30/25
​ ​ ​ ​ 823,542 ​ ​
See Notes to Financial Statements.
106
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Utilities – (continued) ​
​ ​ $ 1,000,000 ​ ​ ​
Empresas Publicas de Medellin ESP, Senior Unsecured Notes, 4.250%
due 7/18/29(b)
 ​ ​ ​ $ 1,050,700 ​ ​
​ ​ ​ ​ ​ ​ ​ Energuate Trust, Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.875% due 5/3/27(b)
 ​ ​ ​ ​ 200,250 ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.875% due 5/3/27
​ ​ ​ ​ 200,250 ​ ​
​ ​ ​ 600,000 ​ ​ ​
Engie Energia Chile SA, Senior Unsecured Notes, 5.625% due 1/15/21
​ ​ ​ ​ 624,917 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Entergy Louisiana LLC, Collateral Trust, 4.000% due 3/15/33
​ ​ ​ ​ 232,115 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Eversource Energy, Senior Unsecured Notes, 2.900% due 10/1/24
​ ​ ​ ​ 103,222 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Exelon Generation Co. LLC, Senior Unsecured Notes, 3.400% due 3/15/22
​ ​ ​ ​ 514,854 ​ ​
​ ​ ​ 500,000 ​ ​ ​
FirstEnergy Corp., Senior Unsecured Notes, 3.900% due 7/15/27
​ ​ ​ ​ 537,126 ​ ​
​ ​ ​ ​ ​ ​ ​ Florida Power & Light Co., 1st Mortgage Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.125% due 12/1/25
​ ​ ​ ​ 266,838 ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.950% due 3/1/48
​ ​ ​ ​ 176,680 ​ ​
​ ​ ​ 550,000 ​ ​ ​
Fortis Inc., Senior Unsecured Notes, 2.100% due 10/4/21
​ ​ ​ ​ 547,862 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Georgia Power Co., Senior Unsecured Notes, 3.250% due 3/30/27
​ ​ ​ ​ 260,691 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Inkia Energy Ltd., Senior Unsecured Notes, 5.875% due 11/9/27
 ​ ​ ​ ​ 1,038,760 ​ ​
​ ​ ​ 988,200 ​ ​ ​
LLPL Capital Pte Ltd., Senior Secured Notes, 6.875% due 2/4/39(b)
 ​ ​ ​ ​ 1,171,999 ​ ​
​ ​ ​ 756,456 ​ ​ ​
Mexico Generadora de Energia S de rl, Senior Secured Notes, 5.500%
due 12/6/32
​ ​ ​ ​ 822,646 ​ ​
​ ​ ​ 500,000 ​ ​ ​
MidAmerican Energy Co., 1st Mortgage Notes, 3.100% due 5/1/27
​ ​ ​ ​ 532,177 ​ ​
​ ​ ​ ​ ​ ​ ​ Minejesa Capital BV, Senior Secured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 800,000 ​ ​ ​
4.625% due 8/10/30
​ ​ ​ ​ 839,932 ​ ​
​ ​ ​ 700,000 ​ ​ ​
5.625% due 8/10/37
​ ​ ​ ​ 777,911 ​ ​
​ ​ ​ 255,000 ​ ​ ​
Monongahela Power Co., 1st Mortgage Notes, 5.400% due 12/15/43(b)
 ​ ​ ​ ​ 345,071 ​ ​
​ ​ ​ 250,000 ​ ​ ​
National Rural Utilities Cooperative Finance Corp., Collateral Trust, 3.050%
due 2/15/22
​ ​ ​ ​ 255,717 ​ ​
​ ​ ​ 250,000 ​ ​ ​
NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 3.550%
due 5/1/27
​ ​ ​ ​ 267,228 ​ ​
​ ​ ​ ​ ​ ​ ​ NiSource Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 150,000 ​ ​ ​
3.490% due 5/15/27
​ ​ ​ ​ 159,163 ​ ​
​ ​ ​ 100,000 ​ ​ ​
4.375% due 5/15/47
​ ​ ​ ​ 115,235 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Northern States Power Co., 1st Mortgage Notes, 3.600% due 5/15/46
​ ​ ​ ​ 278,949 ​ ​
​ ​ ​ 245,000 ​ ​ ​
NRG Energy Inc., Company Guaranteed Notes, 5.250% due 6/15/29(b)
 ​ ​ ​ ​ 261,432 ​ ​
​ ​ ​ 350,000 ​ ​ ​
NSTAR Electric Co., Senior Unsecured Notes, 3.250% due 5/15/29
​ ​ ​ ​ 375,885 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Oncor Electric Delivery Co. LLC, Senior Secured Notes, 5.300% due 6/1/42
​ ​ ​ ​ 135,791 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Orazul Energy Egenor S en C por A, Company Guaranteed Notes, 5.625%
due 4/28/27
​ ​ ​ ​ 412,000 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Pampa Energia SA, Senior Unsecured Notes, 7.500% due 1/24/27
​ ​ ​ ​ 630,000 ​ ​
See Notes to Financial Statements.
107
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Utilities – (continued) ​
​ ​ $ 250,000 ​ ​ ​
PECO Energy Co., 1st Mortgage Notes, 4.150% due 10/1/44
​ ​ ​ $ 297,494 ​ ​
​ ​ ​ ​ ​ ​ ​ PPL Capital Funding Inc., Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.400% due 6/1/23
​ ​ ​ ​ 103,344 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.100% due 5/15/26
​ ​ ​ ​ 256,423 ​ ​
​ ​ ​ 125,000 ​ ​ ​
PSEG Power LLC, Company Guaranteed Notes, 3.000% due 6/15/21
​ ​ ​ ​ 126,526 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Public Service Electric & Gas Co., 1st Mortgage Notes, 4.050% due 5/1/48
​ ​ ​ ​ 237,137 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Public Service Enterprise Group Inc., Senior Unsecured Notes, 2.650%
due 11/15/22
​ ​ ​ ​ 100,973 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Puget Sound Energy Inc., 1st Mortgage Notes, 4.223% due 6/15/48
​ ​ ​ ​ 180,304 ​ ​
​ ​ ​ 100,000 ​ ​ ​
San Diego Gas & Electric Co., 1st Mortgage Notes, 6.000% due 6/1/39
​ ​ ​ ​ 134,679 ​ ​
​ ​ ​ 125,000 ​ ​ ​
Sempra Energy, Senior Unsecured Notes, 4.050% due 12/1/23
​ ​ ​ ​ 132,853 ​ ​
​ ​ ​ ​ ​ ​ ​ Southern California Edison Co., 1st Mortgage Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 125,000 ​ ​ ​
4.050% due 3/15/42
​ ​ ​ ​ 135,071 ​ ​
​ ​ ​ 565,000 ​ ​ ​
4.000% due 4/1/47
​ ​ ​ ​ 616,190 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Southern California Gas Co., 1st Mortgage Notes, 3.150% due 9/15/24
​ ​ ​ ​ 157,424 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Southern Co., Senior Unsecured Notes, 4.400% due 7/1/46
​ ​ ​ ​ 282,366 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Southern Co. Gas Capital Corp, Company Guaranteed Notes, 4.400%
due 5/30/47
​ ​ ​ ​ 171,010 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Southwestern Electric Power Co., Senior Unsecured Notes, 3.900% due 4/1/45
​ ​ ​ ​ 268,021 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Southwestern Public Service Co., 1st Mortgage Notes, 4.500% due 8/15/41
​ ​ ​ ​ 121,583 ​ ​
​ ​ ​ 1,149,600 ​ ​ ​
Star Energy Geothermal Wayang Windu Ltd., Senior Secured Notes, 6.750%
due 4/24/33
 ​ ​ ​ ​ 1,179,924 ​ ​
​ ​ ​ 971,780 ​ ​ ​
Stoneway Capital Corp., Senior Secured Notes, 10.000% due 3/1/27
​ ​ ​ ​ 534,479 ​ ​
​ ​ ​ 110,000 ​ ​ ​
Talen Energy Supply LLC, Senior Secured Notes, 6.625% due 1/15/28(b)
 ​ ​ ​ ​ 106,425 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Transelec SA, Senior Unsecured Notes, 4.625% due 7/26/23
​ ​ ​ ​ 212,752 ​ ​
​ ​ ​ ​ ​ ​ ​ Virginia Electric & Power Co., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 100,000 ​ ​ ​
2.950% due 1/15/22
​ ​ ​ ​ 101,901 ​ ​
​ ​ ​ 250,000 ​ ​ ​
3.500% due 3/15/27
​ ​ ​ ​ 269,510 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.000% due 1/15/43
​ ​ ​ ​ 283,991 ​ ​
​ ​ ​ 255,000 ​ ​ ​
Vistra Operations Co. LLC, Senior Unsecured Notes, 5.625% due 2/15/27(b)
 ​ ​ ​ ​ 269,981 ​ ​
​ ​ ​ 350,000 ​ ​ ​
Wisconsin Power & Light Co., Senior Unsecured Notes, 3.000% due 7/1/29
​ ​ ​ ​ 368,584 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Utilities
​ ​ ​ ​ 32,117,890 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CORPORATE BONDS & NOTES
(Cost – $375,010,876)
 ​ ​ ​
​
392,906,609
 ​ ​
See Notes to Financial Statements.
108
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ MORTGAGE-BACKED SECURITIES – 18.7% ​
​ FHLMC – 3.7% ​
​ ​ ​ ​ ​ ​ ​ Federal Home Loan Mortgage Corp. (FHLMC), Gold: ​ ​
​ ​ $ 600,000 ​ ​ ​
0.000% due 9/1/49
​ ​ ​ $ 618,628 ​ ​
​ ​ ​ 3,239,268 ​ ​ ​
2.500% due 2/1/32
 ​ ​ ​ ​ 3,287,098 ​ ​
​ ​ ​ 18,323,221 ​ ​ ​
3.000% due 3/1/32 – 1/1/46
​ ​ ​ ​ 18,923,960 ​ ​
​ ​ ​ 35,754,867 ​ ​ ​
3.500% due 6/1/33 – 7/1/49
​ ​ ​ ​ 37,605,722 ​ ​
​ ​ ​ 6,454,155 ​ ​ ​
4.000% due 5/1/46 – 6/1/49
​ ​ ​ ​ 6,864,963 ​ ​
​ ​ ​ 4,013,330 ​ ​ ​
4.500% due 9/1/46 – 3/1/49
​ ​ ​ ​ 4,278,479 ​ ​
​ ​ ​ 201,625 ​ ​ ​
5.000% due 10/1/48
​ ​ ​ ​ 215,660 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL FHLMC
 ​ ​ ​ ​ 71,794,510 ​ ​
​ FNMA – 12.6% ​
​ ​ ​ ​ ​ ​ ​ Federal National Mortgage Association (FNMA): ​
​ ​ ​ 810,000 ​ ​ ​
0.000% due 8/1/49
​ ​ ​ ​ 837,625 ​ ​
​ ​ ​ 1,700,000 ​ ​ ​
2.490% due 9/1/28
 ​ ​ ​ ​ 1,756,907 ​ ​
​ ​ ​ 21,443,304 ​ ​ ​
2.500% due 1/1/32 – 4/1/47
​ ​ ​ ​ 21,595,652 ​ ​
​ ​ ​ 24,000 ​ ​ ​
2.500% due 9/1/48(i)
 ​ ​ ​ ​ 24,136 ​ ​
​ ​ ​ 12,395,000 ​ ​ ​
2.690% due 8/1/30
​ ​ ​ ​ 12,956,731 ​ ​
​ ​ ​ 5,147,500 ​ ​ ​
2.760% due 8/1/31
 ​ ​ ​ ​ 5,397,966 ​ ​
​ ​ ​ 5,825,000 ​ ​ ​
2.770% due 7/1/31
 ​ ​ ​ ​ 6,113,818 ​ ​
​ ​ ​ 90,587,969 ​ ​ ​
3.000% due 2/1/32 – 8/1/49
​ ​ ​ ​ 93,284,869 ​ ​
​ ​ ​ 53,931,690 ​ ​ ​
3.500% due 7/1/26 – 4/1/48
​ ​ ​ ​ 56,554,177 ​ ​
​ ​ ​ 21,000 ​ ​ ​
3.500% due 9/1/34(i)
 ​ ​ ​ ​ 21,763 ​ ​
​ ​ ​ 32,987,725 ​ ​ ​
4.000% due 7/1/26 – 6/1/49
​ ​ ​ ​ 34,576,029 ​ ​
​ ​ ​ 235,000 ​ ​ ​
4.000% due 9/1/33(i)
 ​ ​ ​ ​ 244,766 ​ ​
​ ​ ​ 5,734,285 ​ ​ ​
4.500% due 5/1/48 – 2/1/49
​ ​ ​ ​ 6,040,125 ​ ​
​ ​ ​ 240,708 ​ ​ ​
4.500% due 6/1/49
​ ​ ​ ​ 253,501 ​ ​
​ ​ ​ 6,085,220 ​ ​ ​
5.000% due 4/1/40 – 1/1/49
​ ​ ​ ​ 6,701,184 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL FNMA
 ​ ​ ​ ​ 246,359,249 ​ ​
​ GNMA – 2.4% ​
​ ​ ​ ​ ​ ​ ​ Government National Mortgage Association II (GNMA): ​ ​
​ ​ ​ 420,930 ​ ​ ​
2.500% due 1/20/47
​ ​ ​ ​ 427,362 ​ ​
​ ​ ​ 10,426,883 ​ ​ ​
3.000% due 6/20/46 – 5/20/47
​ ​ ​ ​ 10,796,480 ​ ​
​ ​ ​ 17,193,830 ​ ​ ​
3.500% due 5/20/43 – 5/20/49
​ ​ ​ ​ 18,021,771 ​ ​
​ ​ ​ 10,665,424 ​ ​ ​
4.000% due 9/20/45 – 7/20/49
​ ​ ​ ​ 11,225,003 ​ ​
​ ​ ​ 25,000 ​ ​ ​
4.000% due 9/1/49(i)
 ​ ​ ​ ​ 26,053 ​ ​
​ ​ ​ 5,663,098 ​ ​ ​
4.500% due 2/20/47 – 5/20/49
​ ​ ​ ​ 5,937,176 ​ ​
​ ​ ​ 1,337,730 ​ ​ ​
5.000% due 3/20/48 – 4/20/49
​ ​ ​ ​ 1,411,379 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL GNMA
 ​ ​ ​ ​ 47,845,224 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL MORTGAGE-BACKED SECURITIES
(Cost – $355,206,514)
​ ​ ​
​
365,998,983
 ​ ​
See Notes to Financial Statements.
109
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ ASSET-BACKED SECURITIES – 7.5% ​
​ ​ $ 2,728,281 ​ ​ ​
AASET US Ltd., Series 2018-1A, Class A, 3.844% due 1/16/38(b)
 ​ ​ ​ $ 2,758,001 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Americredit Automobile Receivables Trust, Series 2018-1, Class D, 3.820%
due 3/18/24
​ ​ ​ ​ 516,774 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Assurant CLO III Ltd., Series 2018-2A, Class A, 3.508% (3-Month
USD-LIBOR + 1.230%) due 10/20/31(a)(b)
 ​ ​ ​ ​ 498,203 ​ ​
​ ​ ​ 1,815,284 ​ ​ ​
Bayview Opportunity Master Fund IVa Trust, Series 2018-RN6, Class A1, step
bond to yield, 4.090% due 7/25/33(b)
 ​ ​ ​ ​ 1,815,012 ​ ​
​ ​ ​ ​ ​ ​ ​ BDS Ltd.: ​ ​
​ ​ ​ 1,807,000 ​ ​ ​
Series 2019-FL4, Class A, 3.295% (1-Month USD-LIBOR + 1.100%)
due 8/15/36(a)(b)
 ​ ​ ​ ​ 1,808,016 ​ ​
​ ​ ​ 1,807,000 ​ ​ ​
Series 2019-FL4, Class AS, 3.595% (1-Month USD-LIBOR + 1.400%)
due 8/15/36(a)(b)
 ​ ​ ​ ​ 1,808,086 ​ ​
​ ​ ​ 3,245,299 ​ ​ ​
Carrington Mortgage Loan Trust, Series 2006-NC4, Class A3, 2.305% (1-Month
USD-LIBOR + 0.160%) due 10/25/36(a)
 ​ ​ ​ ​ 3,006,748 ​ ​
​ ​ ​ 1,729,756 ​ ​ ​
Castlelake Aircraft Securitization Trust, Series 2018-1, Class A, 4.125%
due 6/15/43(b)
 ​ ​ ​ ​ 1,773,098 ​ ​
​ ​ ​ 500,000 ​ ​ ​
CBAM Ltd., Series 2018-6A, Class A, 3.243% (3-Month USD-LIBOR + 0.940%)
due 7/15/31(a)(b)
 ​ ​ ​ ​ 498,987 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
CFIP CLO Ltd., Series 2014-1A, Class AR, 3.623% (3-Month USD-LIBOR +
1.320%) due 7/13/29(a)(b)
 ​ ​ ​ ​ 1,000,839 ​ ​
​ ​ ​ ​ ​ ​ ​ Citibank Credit Card Issuance Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 200,000 ​ ​ ​
Series 2017-A3, Class A3, 1.920% due 4/7/22
​ ​ ​ ​ 199,909 ​ ​
​ ​ ​ 600,000 ​ ​ ​
Series 2018-A6, Class A6, 3.210% due 12/7/24
​ ​ ​ ​ 629,525 ​ ​
​ ​ ​ 6,038,465 ​ ​ ​
Credit-Based Asset Servicing & Securitization LLC, Series 2006-CB4,
Class AV4, 2.385% (1-Month USD-LIBOR + 0.240%) due 5/25/36(a)
 ​ ​ ​ ​ 5,107,567 ​ ​
​ ​ ​ 8,900,219 ​ ​ ​
CSMC Trust, Series 2018-RPL8, Class A1, 4.125% due 7/25/58(a)(b)
 ​ ​ ​ ​ 8,991,141 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
CVP CLO Ltd., Series 2017-1A, Class A, 3.618% (3-Month USD-LIBOR +
1.340%) due 7/20/30(a)(b)
 ​ ​ ​ ​ 997,689 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Elevation CLO Ltd., Series 2014-2A, Class A1R, 3.533% (3-Month
USD-LIBOR + 1.230%) due 10/15/29(a)(b)
 ​ ​ ​ ​ 999,170 ​ ​
​ ​ ​ 800,000 ​ ​ ​
Flatiron CLO 17 Ltd., Series 2017-1A, Class B, 3.758% (3-Month
USD-LIBOR + 1.600%) due 5/15/30(a)(b)
 ​ ​ ​ ​ 790,034 ​ ​
​ ​ ​ 750,000 ​ ​ ​
Ford Credit Auto Owner Trust, Series 2017-C, Class A4, 2.160% due 3/15/23
​ ​ ​ ​ 753,945 ​ ​
​ ​ ​ 386,094 ​ ​ ​
FREED ABS Trust, Series 2019-1, Class A, 3.420% due 6/18/26(b)
 ​ ​ ​ ​ 387,533 ​ ​
​ ​ ​ 1,199,000 ​ ​ ​
GPMT Ltd., Series 2019-FL2, Class A, 3.495% (1-Month USD-LIBOR +
1.300%) due 2/22/36(a)(b)
 ​ ​ ​ ​ 1,202,357 ​ ​
​ ​ ​ 4,506,302 ​ ​ ​
Helios Issuer LLC, Series 2017-1A, Class A, 4.940% due 9/20/49(b)
 ​ ​ ​ ​ 4,750,170 ​ ​
​ ​ ​ 529,000 ​ ​ ​
Hunt CRE Ltd., Series 2018-FL2, Class A, 3.275% (1-Month USD-LIBOR +
1.080%) due 8/15/28(a)(b)
 ​ ​ ​ ​ 529,000 ​ ​
See Notes to Financial Statements.
110
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ ASSET-BACKED SECURITIES – (continued) ​
​ ​ ​ ​ ​ ​ ​ Invitation Homes Trust: ​ ​
​ ​ $ 2,240,000 ​ ​ ​
Series 2018-SFR1, Class C, 3.432% (1-Month USD-LIBOR + 1.250%)
due 3/17/37(a)(b)
 ​ ​ ​ $ 2,230,688 ​ ​
​ ​ ​ 1,425,000 ​ ​ ​
Series 2018-SFR1, Class D, 3.632% (1-Month USD-LIBOR + 1.450%)
due 3/17/37(a)(b)
 ​ ​ ​ ​ 1,421,313 ​ ​
​ ​ ​ 980,000 ​ ​ ​
Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.846% due 
7/30/47(b)
 ​ ​ ​ ​ 1,057,518 ​ ​
​ ​ ​ 1,127,000 ​ ​ ​
KREF Ltd., Series 2018-FL1, Class A, 3.297% (1-Month USD-LIBOR +
1.100%) due 6/15/36(a)(b)
 ​ ​ ​ ​ 1,128,810 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
LCM XV LP, Series 15A, Class DR, 5.978% (3-Month USD-LIBOR + 3.700%)
due 7/20/30(a)(b)
 ​ ​ ​ ​ 995,344 ​ ​
​ ​ ​ 497,316 ​ ​ ​
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, step bond to yield,
3.200% due 5/25/59(b)
 ​ ​ ​ ​ 498,286 ​ ​
​ ​ ​ 1,237,000 ​ ​ ​
LoanCore Issuer Ltd., Series 2019-CRE2, Class AS, 3.695% (1-Month
USD-LIBOR + 1.500%) due 5/15/36(a)(b)
 ​ ​ ​ ​ 1,238,979 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Madison Park Funding XI Ltd., Series 2013-11A, Class AR, 3.419% (3-Month
USD-LIBOR + 1.160%) due 7/23/29(a)(b)
 ​ ​ ​ ​ 1,001,436 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Marathon CLO V Ltd., Series 2013-5A, Class A1R, 3.022% (3-Month
USD-LIBOR + 0.870%) due 11/21/27(a)(b)
 ​ ​ ​ ​ 994,788 ​ ​
​ ​ ​ 1,925,956 ​ ​ ​
Marathon CLO VII Ltd., Series 2014-7A, Class A1R, 3.576% (3-Month
USD-LIBOR + 1.320%) due 10/28/25(a)(b)
 ​ ​ ​ ​ 1,926,558 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Marble Point CLO XIV Ltd., Series 2018-2A, Class A1, 3.608% (3-Month
USD-LIBOR + 1.330%) due 1/20/32(a)(b)
 ​ ​ ​ ​ 1,001,397 ​ ​
​ ​ ​ 98,743 ​ ​ ​
Marlette Funding Trust, Series 2018-1A, Class A, 2.610% due 3/15/28(b)
 ​ ​ ​ ​ 98,761 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
Midocean Credit CLO VII, Series 2017-7A, Class A1, 3.623% (3-Month
USD-LIBOR + 1.320%) due 7/15/29(a)(b)
 ​ ​ ​ ​ 1,501,304 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
MP CLO III Ltd., Series 2013-1A, Class AR, 3.528% (3-Month USD-LIBOR +
1.250%) due 10/20/30(a)(b)
 ​ ​ ​ ​ 995,722 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
MP CLO IV Ltd., Series 2013-2A, Class ARR, 3.556% (3-Month USD-LIBOR +
1.280%) due 7/25/29(a)(b)
 ​ ​ ​ ​ 997,464 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Neuberger Berman CLO XVI-S Ltd., Series 2017-16SA, Class A, 3.153%
(3-Month USD-LIBOR + 0.850%) due 1/15/28(a)(b)
 ​ ​ ​ ​ 498,286 ​ ​
​ ​ ​ 1,145,332 ​ ​ ​
Nissan Auto Receivables Owner Trust, Series 2017-A, Class A3, 1.740%
due 8/16/21
​ ​ ​ ​ 1,143,965 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Northwoods Capital XI-B Ltd., Series 2018-11BA, Class A1, 3.403% (3-Month
USD-LIBOR + 1.100%) due 4/19/31(a)(b)
 ​ ​ ​ ​ 495,895 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Northwoods Capital XVI Ltd., Series 2017-16A, Class A, 3.428% (3-Month
USD-LIBOR + 1.270%) due 11/15/30(a)(b)
 ​ ​ ​ ​ 997,393 ​ ​
​ ​ ​ 2,058,713 ​ ​ ​
Oak Hill Advisors Residential Loan Trust, Series 2017-NPL2, Class A1, step
bond to yield, 3.000% due 7/25/57(b)
 ​ ​ ​ ​ 2,052,500 ​ ​
​ ​ ​ 14,289,607 ​ ​ ​
Option One Mortgage Loan Trust, Series 2007-6, Class 1A1, 2.335% (1-Month
USD-LIBOR + 0.190%) due 7/25/37(a)
 ​ ​ ​ ​ 12,948,501 ​ ​
See Notes to Financial Statements.
111
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ ASSET-BACKED SECURITIES – (continued) ​
​ ​ $ 469,248 ​ ​ ​
Palmer Square Loan Funding Ltd., Series 2017-1A, Class A1, 3.043% (3-Month
USD-LIBOR + 0.740%) due 10/15/25(a)(b)
 ​ ​ ​ $ 468,334 ​ ​
​ ​ ​ 1,036,000 ​ ​ ​
Pretium Mortgage Credit Partners I LLC, Series 2019-CFL1, Class A1, step bond
to yield, 3.721% due 1/25/59(b)(d)
 ​ ​ ​ ​ 1,037,168 ​ ​
​ ​ ​ ​ ​ ​ ​ PRPM LLC: ​ ​
​ ​ ​ 6,587,023 ​ ​ ​
Series 2017-2A, Class A1, step bond to yield, 3.470% due 9/25/22(b)
 ​ ​ ​ ​ 6,600,248 ​ ​
​ ​ ​ 4,861,442 ​ ​ ​
Series 2019-2A, Class A1, step bond to yield, 3.967% due 4/25/24(b)
 ​ ​ ​ ​ 4,906,294 ​ ​
​ ​ ​ 2,600,000 ​ ​ ​
Series 2019-3A, Class A1, step bond to yield, 3.351% due 7/25/24(b)
 ​ ​ ​ ​ 2,605,553 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Regatta XI Funding Ltd., Series 2018-1A, Class B, 3.953% (3-Month
USD-LIBOR + 1.650%) due 7/17/31(a)(b)
 ​ ​ ​ ​ 980,135 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Rockford Tower CLO Ltd., Series 2017-3A, Class A, 3.468% (3-Month
USD-LIBOR + 1.190%) due 10/20/30(a)(b)
 ​ ​ ​ ​ 996,658 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Sofi Professional Loan Program Trust, Series 2018-B, Class BFX, 3.830%
due 8/25/47(b)
 ​ ​ ​ ​ 1,069,308 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Sound Point CLO XXI Ltd., Series 2018-3A, Class A1A, 3.447% (3-Month
USD-LIBOR + 1.180%) due 10/26/31(a)(b)
 ​ ​ ​ ​ 493,998 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Steele Creek CLO Ltd., Series 2015-1A, Class AR, 3.412% (3-Month
USD-LIBOR + 1.260%) due 5/21/29(a)(b)
 ​ ​ ​ ​ 997,458 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Symphony CLO XV Ltd., Series 2014-15A, Class AR2, 3.563% (3-Month
USD-LIBOR + 1.260%) due 1/17/32(a)(b)
 ​ ​ ​ ​ 997,010 ​ ​
​ ​ ​ 1,985,000 ​ ​ ​
Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.318% due 11/25/48(b)
 ​ ​ ​ ​ 2,067,894 ​ ​
​ ​ ​ 1,182,868 ​ ​ ​
Textainer Marine Containers V Ltd., Series 2017-1A, Class A, 3.720%
due 5/20/42(b)
 ​ ​ ​ ​ 1,204,334 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
THL Credit Wind River CLO Ltd., Series 2014-2A, Class AR, 3.443% (3-Month
USD-LIBOR + 1.140%) due 1/15/31(a)(b)
 ​ ​ ​ ​ 993,236 ​ ​
​ ​ ​ ​ ​ ​ ​ Vericrest Opportunity Loan Trust: ​ ​
​ ​ ​ 4,867,090 ​ ​ ​
Series 2019-NPL3, Class A1, step bond to yield, 3.967% due 3/25/49(b)
 ​ ​ ​ ​ 4,905,640 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
Series 2019-NPL4, Class A1A, step bond to yield, 3.352% due 8/25/49(b)
 ​ ​ ​ ​ 2,999,997 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Vibrant CLO X Ltd., Series 2018-10A, Class A1, 3.478% (3-Month
USD-LIBOR + 1.200%) due 10/20/31(a)(b)
 ​ ​ ​ ​ 497,480 ​ ​
​ ​ ​ 8,582,267 ​ ​ ​
VOLT LXXII LLC, Series 2018-NPL8, Class A1A, step bond to yield, 4.213%
due 10/26/48(b)
 ​ ​ ​ ​ 8,631,672 ​ ​
​ ​ ​ 10,379,953 ​ ​ ​
WaMu Asset-Backed Certificates WaMu Trust, Series 2007-HE4, Class 1A,
2.315% (1-Month USD-LIBOR + 0.170%) due 7/25/47(a)
 ​ ​ ​ ​ 8,012,093 ​ ​
​ ​ ​ 14,371,641 ​ ​ ​
Washington Mutural Asset-Backed Certificates WMABS Trust, Series 2006-HE3,
Class 1A, 2.300% (1-Month USD-LIBOR + 0.155%) due 8/25/36(a)
 ​ ​ ​ ​ 13,458,789 ​ ​
​ ​ ​ ​ ​ ​ ​ Wellfleet CLO Ltd.: ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Series 2017-2A, Class A1, 3.528% (3-Month USD-LIBOR + 1.250%)
due 10/20/29(a)(b)
 ​ ​ ​ ​ 999,464 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Series 2017-3A, Class A1, 3.453% (3-Month USD-LIBOR + 1.150%)
due 1/17/31(a)(b)
 ​ ​ ​ ​ 992,548 ​ ​
See Notes to Financial Statements.
112
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ ASSET-BACKED SECURITIES – (continued) ​
​ ​ $ 500,000 ​ ​ ​
Series 2018-2A, Class A1, 3.478% (3-Month USD-LIBOR + 1.200%)
due 10/20/31(a)(b)
 ​ ​ ​ $ 497,478 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
York CLO-6 Ltd., Series 2019-1A, Class A1, 3.516% (3-Month USD-LIBOR +
1.350%) due 7/22/32(a)(b)(d)
 ​ ​ ​ ​ 3,998,756 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Zais CLO 5 Ltd., Series 2016-2A, Class A1, 3.833% (3-Month USD-LIBOR +
1.530%) due 10/15/28(a)(b)
 ​ ​ ​ ​ 998,803 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL ASSET-BACKED SECURITIES
(Cost – $144,948,994)
​ ​ ​
​
147,457,060
 ​ ​
​ SOVEREIGN BONDS – 1.0% ​
​ Argentina – 0.0% ​
​ ​ ​ 950,000 ​ ​ ​
Provincia de Buenos Aires, 7.875% due 6/15/27
​ ​ ​ ​ 304,000 ​ ​
​ Canada – 0.1% ​
​ ​ ​ 1,000,000 ​ ​ ​
Province of Ontario Canada, 2.400% due 2/8/22
 ​ ​ ​ ​ 1,017,863 ​ ​
​ ​ ​ 750,000 ​ ​ ​
Province of Quebec Canada, 2.375% due 1/31/22
​ ​ ​ ​ 763,408 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Canada
​ ​ ​ ​ 1,781,271 ​ ​
​ Chile – 0.0% ​
​ ​ ​ 200,000 ​ ​ ​
Chile Government International Bond, 3.860% due 6/21/47
​ ​ ​ ​ 242,500 ​ ​
​ Colombia – 0.1% ​
​ ​ ​ ​ ​ ​ ​ Colombia Government International Bond: ​ ​
​ ​ ​ 750,000 ​ ​ ​
3.875% due 4/25/27
​ ​ ​ ​ 810,382 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.500% due 3/15/29
​ ​ ​ ​ 227,500 ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.625% due 2/26/44
​ ​ ​ ​ 321,565 ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.200% due 5/15/49
​ ​ ​ ​ 250,800 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Colombia
​ ​ ​ ​ 1,610,247 ​ ​
​ Dominican Republic – 0.0% ​
​ ​ ​ 400,000 ​ ​ ​
Dominican Republic International Bond, 6.400% due 6/5/49(b)
 ​ ​ ​ ​ 438,500 ​ ​
​ Hungary – 0.0% ​
​ ​ ​ 500,000 ​ ​ ​
Hungary Government International Bond, 6.375% due 3/29/21
​ ​ ​ ​ 531,080 ​ ​
​ India – 0.0% ​
​ ​ ​ 200,000 ​ ​ ​
Export-Import Bank of India, 4.000% due 1/14/23
​ ​ ​ ​ 208,980 ​ ​
​ Indonesia – 0.2% ​
​ ​ ​ 200,000 ​ ​ ​
Indonesia Government International Bond, 5.350% due 2/11/49
​ ​ ​ ​ 261,613 ​ ​
​ ​ ​ ​ ​ ​ ​ Perusahaan Penerbit SBSN Indonesia III: ​ ​
​ ​ ​ 400,000 ​ ​ ​
3.400% due 3/29/22
​ ​ ​ ​ 408,584 ​ ​
​ ​ ​ 2,100,000 ​ ​ ​
3.750% due 3/1/23
 ​ ​ ​ ​ 2,177,469 ​ ​
​ ​ ​ 1,300,000 ​ ​ ​
4.150% due 3/29/27(b)
 ​ ​ ​ ​ 1,409,122 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Indonesia
​ ​ ​ ​ 4,256,788 ​ ​
See Notes to Financial Statements.
113
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ SOVEREIGN BONDS – (continued) ​
​ Japan – 0.0% ​
​ ​ ​ ​ ​ ​ ​ Japan Bank for International Cooperation: ​ ​
​ ​ $ 250,000 ​ ​ ​
2.875% due 6/1/27
​ ​ ​ $ 268,435 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.750% due 11/16/27
​ ​ ​ ​ 266,529 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Japan
 ​ ​ ​ ​ 534,964 ​ ​
​ Mexico – 0.1% ​
​ ​ ​ ​ ​ ​ ​ Mexico Government International Bond: ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.500% due 1/21/21
​ ​ ​ ​ 509,375 ​ ​
​ ​ ​ 600,000 ​ ​ ​
4.150% due 3/28/27
​ ​ ​ ​ 640,506 ​ ​
​ ​ ​ 350,000 ​ ​ ​
3.750% due 1/11/28
​ ​ ​ ​ 365,929 ​ ​
​ ​ ​ 750,000 ​ ​ ​
4.600% due 1/23/46
​ ​ ​ ​ 810,945 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Mexico
​ ​ ​ ​ 2,326,755 ​ ​
​ Panama – 0.0% ​
​ ​ ​ 250,000 ​ ​ ​
Panama Government International Bond, 4.500% due 5/15/47
​ ​ ​ ​ 310,002 ​ ​
​ Peru – 0.1% ​
​ ​ ​ ​ ​ ​ ​ Peruvian Government International Bond: ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.844% due 6/20/30
​ ​ ​ ​ 264,375 ​ ​
​ ​ ​ 100,000 ​ ​ ​
5.625% due 11/18/50
​ ​ ​ ​ 152,501 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Peru
 ​ ​ ​ ​ 416,876 ​ ​
​ Philippines – 0.1% ​
​ ​ ​ ​ ​ ​ ​ Philippine Government International Bond: ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
4.200% due 1/21/24
 ​ ​ ​ ​ 1,089,319 ​ ​
​ ​ ​ 500,000 ​ ​ ​
3.950% due 1/20/40
​ ​ ​ ​ 599,975 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Philippines
​ ​ ​ ​ 1,689,294 ​ ​
​ Poland – 0.1% ​
​ ​ ​ 500,000 ​ ​ ​
Republic of Poland Government International Bond, 4.000% due 1/22/24
​ ​ ​ ​ 543,882 ​ ​
​ South Korea – 0.0% ​
​ ​ ​ 250,000 ​ ​ ​
Export-Import Bank of Korea, 2.625% due 5/26/26
​ ​ ​ ​ 256,138 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Korea International Bond, 2.500% due 6/19/29
​ ​ ​ ​ 207,345 ​ ​
​ ​ ​ ​ ​ ​ ​
Total South Korea
 ​ ​ ​ ​ 463,483 ​ ​
​ Supranational – 0.1% ​
​ ​ ​ ​ ​ ​ ​ International Bank for Reconstruction & Development: ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
1.375% due 9/20/21
​ ​ ​ ​ 996,340 ​ ​
​ ​ ​ 500,000 ​ ​ ​
2.500% due 3/19/24
​ ​ ​ ​ 522,605 ​ ​
​ ​ ​ 250,000 ​ ​ ​
1.875% due 10/27/26
​ ​ ​ ​ 256,268 ​ ​
​ ​ ​ 250,000 ​ ​ ​
2.500% due 11/22/27
​ ​ ​ ​ 268,009 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Supranational
​ ​ ​ ​ 2,043,222 ​ ​
See Notes to Financial Statements.
114
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ SOVEREIGN BONDS – (continued) ​
​ Thailand – 0.0% ​
​ ​ $ 400,000 ​ ​ ​
Export Import Bank of Thailand, 2.998% due 5/23/24(a)
 ​ ​ ​ $ 400,360 ​ ​
​ Uruguay – 0.1% ​
​ ​ ​ ​ ​ ​ ​ Uruguay Government International Bond: ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.375% due 1/23/31
​ ​ ​ ​ 283,125 ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.125% due 11/20/45
​ ​ ​ ​ 277,128 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Uruguay
 ​ ​ ​ ​ 560,253 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SOVEREIGN BONDS
(Cost – $18,229,568)
​ ​ ​
​
18,662,457
 ​ ​
​ SENIOR LOANS(a) – 1.3% ​
​ ​ ​ 241,975 ​ ​ ​
1011778 BC Unlimited Liability Co., 4.362% (1-Month USD-LIBOR + 2.250%)
due 2/16/24
​ ​ ​ ​ 241,500 ​ ​
​ ​ ​ 24,875 ​ ​ ​
8th Avenue Food & Provisions Inc., 5.963% (1-Month USD-LIBOR + 3.750%)
due 10/1/25
​ ​ ​ ​ 24,891 ​ ​
​ ​ ​ 114,414 ​ ​ ​
Acadia Healthcare Co., Inc., 4.612% (1-Month USD-LIBOR + 2.500%)
due 2/16/23
​ ​ ​ ​ 114,414 ​ ​
​ ​ ​ 104,030 ​ ​ ​
Access CIG LLC, 6.069% (3-Month USD-LIBOR + 3.750%) due 2/27/25
​ ​ ​ ​ 102,079 ​ ​
​ ​ ​ 94,763 ​ ​ ​
Achilles Acquisition LLC, 6.125% (1-Month USD-LIBOR + 4.000%)
due 10/13/25
​ ​ ​ ​ 94,585 ​ ​
​ ​ ​ 155,304 ​ ​ ​
Acrisure LLC, 6.362% (1-Month USD-LIBOR + 4.250%) due 11/22/23
​ ​ ​ ​ 153,906 ​ ​
​ ​ ​ 99,750 ​ ​ ​
Agiliti Health Inc., 5.250% (1-Month USD-LIBOR + 3.000%) due 1/4/26
​ ​ ​ ​ 99,875 ​ ​
​ ​ ​ 107,375 ​ ​ ​
Air Medical Group Holdings Inc., 5.432% (1-Month USD-LIBOR + 3.250%)
due 4/28/22
​ ​ ​ ​ 100,765 ​ ​
​ ​ ​ 222,903 ​ ​ ​
Air Methods Corp., 5.830% (3-Month USD-LIBOR + 3.500%) due 4/22/24
​ ​ ​ ​ 183,431 ​ ​
​ ​ ​ ​ ​ ​ ​ Albertson’s LLC: ​ ​
​ ​ ​ 30,075 ​ ​ ​
4.862% (1-Month USD-LIBOR + 2.750%) due 11/17/25(j)
 ​ ​ ​ ​ 30,170 ​ ​
​ ​ ​ 88,853 ​ ​ ​
4.862% (1-Month USD-LIBOR + 2.750%) due 8/17/26
​ ​ ​ ​ 89,186 ​ ​
​ ​ ​ 78,149 ​ ​ ​
Alera Group Intermediate Holdings Inc., 0.000% (1-Month USD-LIBOR +
4.500%) due 8/1/25
​ ​ ​ ​ 78,100 ​ ​
​ ​ ​ 154,943 ​ ​ ​
Aleris International Inc., 6.862% (1-Month USD-LIBOR + 4.750%)
due 2/27/23
​ ​ ​ ​ 154,882 ​ ​
​ ​ ​ 110,000 ​ ​ ​
Alliant Holdings Intermediate LLC, 5.451% (1-Month USD-LIBOR + 3.250%)
due 5/9/25
​ ​ ​ ​ 108,419 ​ ​
​ ​ ​ 109,189 ​ ​ ​
Allied Universal Holdco LLC, 6.507% (3-Month USD-LIBOR + 4.250%)
due 7/10/26
​ ​ ​ ​ 108,944 ​ ​
​ ​ ​ 168,683 ​ ​ ​
Alterra Mountain Co., 5.112% (1-Month USD-LIBOR + 3.000%) due 7/31/24
​ ​ ​ ​ 167,839 ​ ​
​ ​ ​ 73,257 ​ ​ ​
Altice France SA, 6.197% (1-Month USD-LIBOR + 4.000%) due 8/14/26
​ ​ ​ ​ 72,555 ​ ​
​ ​ ​ 75,000 ​ ​ ​
American Airlines Inc., 4.195% (1-Month USD-LIBOR + 2.000%)
due 12/14/23
​ ​ ​ ​ 74,663 ​ ​
See Notes to Financial Statements.
115
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(a) – (continued) ​
​ ​ $ 113,259 ​ ​ ​
American Tire Distributors Inc., 9.624% (3-Month USD-LIBOR + 7.500%)
due 9/2/24(j)
 ​ ​ ​ $ 101,933 ​ ​
​ ​ ​ 155,871 ​ ​ ​
Applied Systems Inc., 5.330% (3-Month USD-LIBOR + 3.000%) due 9/19/24
​ ​ ​ ​ 155,287 ​ ​
​ ​ ​ 175,000 ​ ​ ​
Aramark Intermediate HoldCo Corp., 4.080% (3-Month USD-LIBOR + 1.750%)
due 3/11/25
​ ​ ​ ​ 174,781 ​ ​
​ ​ ​ 145,302 ​ ​ ​
AssuredPartners Inc., 5.612% (1-Month USD-LIBOR + 3.500%) due 10/22/24
​ ​ ​ ​ 144,394 ​ ​
​ ​ ​ ​ ​ ​ ​ Asurion LLC: ​ ​
​ ​ ​ 154,849 ​ ​ ​
5.112% (1-Month USD-LIBOR + 3.000%) due 11/3/23
​ ​ ​ ​ 154,877 ​ ​
​ ​ ​ 35,509 ​ ​ ​
8.612% (1-Month USD-LIBOR + 6.500%) due 8/4/25
​ ​ ​ ​ 35,999 ​ ​
​ ​ ​ 120,176 ​ ​ ​
athenahealth Inc., 6.681% (1/3-Month USD-LIBOR + 4.500%) due 2/11/26
​ ​ ​ ​ 119,501 ​ ​
​ ​ ​ 154,674 ​ ​ ​
Auris Luxembourg III Sarl, 5.874% (1-Month USD-LIBOR + 3.750%)
due 2/27/26
​ ​ ​ ​ 152,675 ​ ​
​ ​ ​ 129,249 ​ ​ ​
Avantor Inc., 5.112% (1-Month USD-LIBOR + 3.000%) due 11/21/24
​ ​ ​ ​ 130,272 ​ ​
​ ​ ​ 93,541 ​ ​ ​
Avaya Inc., 6.439% (1/2-Month USD-LIBOR + 4.250%) due 12/15/24
​ ​ ​ ​ 91,787 ​ ​
​ ​ ​ 181,649 ​ ​ ​
Axalta Coating Systems Dutch Holding B BV, 4.080% (3-Month USD-LIBOR +
1.750%) due 6/1/24
​ ​ ​ ​ 180,457 ​ ​
​ ​ ​ 60,000 ​ ​ ​
Azalea TopCo Inc., 5.612% (1-Month USD-LIBOR + 3.500%) due 7/24/26
​ ​ ​ ​ 59,650 ​ ​
​ ​ ​ 49,621 ​ ​ ​
Bass Pro Group LLC, 7.112% (1-Month USD-LIBOR + 5.000%) due 9/25/24
​ ​ ​ ​ 47,109 ​ ​
​ ​ ​ ​ ​ ​ ​ Bausch Health Cos., Inc.: ​ ​
​ ​ ​ 53,364 ​ ​ ​
5.201% (1-Month USD-LIBOR + 3.000%) due 6/2/25
​ ​ ​ ​ 53,424 ​ ​
​ ​ ​ 166,500 ​ ​ ​
4.951% (1-Month USD-LIBOR + 2.750%) due 11/27/25
​ ​ ​ ​ 166,334 ​ ​
​ ​ ​ ​ ​ ​ ​ Berry Global Inc.: ​ ​
​ ​ ​ 26,700 ​ ​ ​
4.451% (1-Month USD-LIBOR + 2.250%) due 10/1/22
​ ​ ​ ​ 26,706 ​ ​
​ ​ ​ 233,157 ​ ​ ​
4.701% (1-Month USD-LIBOR + 2.500%) due 7/1/26
​ ​ ​ ​ 233,029 ​ ​
​ ​ ​ 154,574 ​ ​ ​
BJ’s Wholesale Club Inc., 4.944% (1-Month USD-LIBOR + 2.750%) due 
2/3/24
​ ​ ​ ​ 154,606 ​ ​
​ ​ ​ 144,918 ​ ​ ​
Blackhawk Network Holdings Inc., 5.112% (1-Month USD-LIBOR + 3.000%)
due 6/15/25
​ ​ ​ ​ 143,560 ​ ​
​ ​ ​ 185,000 ​ ​ ​
Blackstone CQP Holdco LP, 5.887% (3-Month USD-LIBOR + 3.500%)
due 9/30/24
​ ​ ​ ​ 184,943 ​ ​
​ ​ ​ 62,649 ​ ​ ​
Boxer Parent Co., Inc., 6.580% (3-Month USD-LIBOR + 4.250%) due 10/2/25
​ ​ ​ ​ 59,082 ​ ​
​ ​ ​ 127,461 ​ ​ ​
Brazos Delaware II LLC, 6.169% (1-Month USD-LIBOR + 4.000%) due 
5/21/25
​ ​ ​ ​ 114,184 ​ ​
​ ​ ​ 93,751 ​ ​ ​
Bright Bidco BV, 5.759% (1/3-Month USD-LIBOR + 3.500%) due 6/30/24
​ ​ ​ ​ 55,724 ​ ​
​ ​ ​ 116,754 ​ ​ ​
Brookfield WEC Holdings Inc., 5.612% (1-Month USD-LIBOR + 3.500%)
due 8/1/25
​ ​ ​ ​ 116,796 ​ ​
​ ​ ​ ​ ​ ​ ​ Calpine Corp.: ​ ​
​ ​ ​ 181,131 ​ ​ ​
5.080% (3-Month USD-LIBOR + 2.750%) due 4/5/26
​ ​ ​ ​ 180,829 ​ ​
​ ​ ​ 15,000 ​ ​ ​
4.612% (1-Month USD-LIBOR + 2.500%) due 8/12/26
​ ​ ​ ​ 14,951 ​ ​
See Notes to Financial Statements.
116
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(a) – (continued) ​
​ ​ $ 157,523 ​ ​ ​
Canyon Valor Cos. Inc., 5.080% (3-Month USD-LIBOR + 2.750%)
due 6/16/23
​ ​ ​ $ 156,342 ​ ​
​ ​ ​ 157,873 ​ ​ ​
Capri Acquisitions BidCo Ltd., 5.506% (3-Month USD-LIBOR + 3.250%)
due 11/1/24
​ ​ ​ ​ 154,421 ​ ​
​ ​ ​ 184,538 ​ ​ ​
Catalent Pharma Solutions Inc., 4.362% (1-Month USD-LIBOR + 2.250%)
due 5/18/26
​ ​ ​ ​ 185,076 ​ ​
​ ​ ​ 221,562 ​ ​ ​
CBS Radio Inc., 4.890% (1-Month USD-LIBOR + 2.750%) due 11/18/24
​ ​ ​ ​ 221,148 ​ ​
​ ​ ​ 161,208 ​ ​ ​
Cengage Learning Inc., 6.362% (1-Month USD-LIBOR + 4.250%) due 6/7/23
​ ​ ​ ​ 154,210 ​ ​
​ ​ ​ 129,507 ​ ​ ​
CEOC LLC, 4.112% (1-Month USD-LIBOR + 2.000%) due 10/7/24
​ ​ ​ ​ 129,244 ​ ​
​ ​ ​ 143,320 ​ ​ ​
Change Healthcare Holdings Inc., 4.612% (1-Month USD-LIBOR + 2.500%)
due 3/1/24
​ ​ ​ ​ 141,647 ​ ​
​ ​ ​ 35,000 ​ ​ ​
Charter NEX US Inc., 5.612% (1-Month USD-LIBOR + 3.500%) due 5/16/24
​ ​ ​ ​ 34,935 ​ ​
​ ​ ​ 120,942 ​ ​ ​
CHG PPC Parent LLC, 4.862% (1-Month USD-LIBOR + 2.750%) due 3/31/25
​ ​ ​ ​ 119,883 ​ ​
​ ​ ​ 65,868 ​ ​ ​
Cincinnati Bell Inc., 5.362% (1-Month USD-LIBOR + 3.250%) due 10/2/24
​ ​ ​ ​ 65,503 ​ ​
​ ​ ​ 75,000 ​ ​ ​
Clear Channel Outdoor Holdings Inc., 5.667% (1-Month USD-LIBOR + 3.500%)
due 8/21/26
​ ​ ​ ​ 74,906 ​ ​
​ ​ ​ 77,565 ​ ​ ​
ClubCorp Holdings Inc., 5.080% (3-Month USD-LIBOR + 2.750%)
due 9/18/24
​ ​ ​ ​ 69,343 ​ ​
​ ​ ​ 64,758 ​ ​ ​
Commscope Inc., 5.362% (1-Month USD-LIBOR + 3.250%) due 4/6/26
​ ​ ​ ​ 64,380 ​ ​
​ ​ ​ 119,742 ​ ​ ​
Compass Power Generation LLC, 5.612% (1-Month USD-LIBOR + 3.500%)
due 12/20/24
​ ​ ​ ​ 119,862 ​ ​
​ ​ ​ 58,682 ​ ​ ​
Covia Holdings Corp., 6.313% (3-Month USD-LIBOR + 4.000%) due 6/1/25
​ ​ ​ ​ 48,233 ​ ​
​ ​ ​ 44,775 ​ ​ ​
CPM Holdings Inc., 5.862% (1-Month USD-LIBOR + 3.750%) due 11/17/25
​ ​ ​ ​ 44,159 ​ ​
​ ​ ​ ​ ​ ​ ​ CSC Holdings LLC: ​ ​
​ ​ ​ 15,705 ​ ​ ​
4.445% (1-Month USD-LIBOR + 2.250%) due 7/17/25
​ ​ ​ ​ 15,619 ​ ​
​ ​ ​ 54,725 ​ ​ ​
4.445% (1-Month USD-LIBOR + 2.250%) due 1/15/26
​ ​ ​ ​ 54,406 ​ ​
​ ​ ​ 169,575 ​ ​ ​
5.195% (1-Month USD-LIBOR + 3.000%) due 4/15/27
​ ​ ​ ​ 170,084 ​ ​
​ ​ ​ 135,446 ​ ​ ​
CSM Bakery Solutions Ltd., 6.290% (3-Month USD-LIBOR + 4.000%)
due 7/3/20
​ ​ ​ ​ 128,928 ​ ​
​ ​ ​ 133,176 ​ ​ ​
Cvent Inc., 5.862% (1-Month USD-LIBOR + 3.750%) due 11/29/24(j)
 ​ ​ ​ ​ 130,970 ​ ​
​ ​ ​ 103,290 ​ ​ ​
Cyxtera DC Holdings Inc., 5.210% (1-Month USD-LIBOR + 3.000%)
due 5/1/24(j)
 ​ ​ ​ ​ 96,628 ​ ​
​ ​ ​ 60,000 ​ ​ ​
DaVita Inc., due 8/12/26(j)
 ​ ​ ​ ​ 60,064 ​ ​
​ ​ ​ 66,560 ​ ​ ​
Deerfield Dakota Holding LLC, 5.362% (1-Month USD-LIBOR + 3.250%)
due 2/13/25
​ ​ ​ ​ 64,576 ​ ​
​ ​ ​ 240,923 ​ ​ ​
Dell International LLC, 4.120% (1-Month USD-LIBOR + 2.000%) due 9/7/23
​ ​ ​ ​ 241,398 ​ ​
​ ​ ​ 97,241 ​ ​ ​
Dentalcorp Health Services ULC, 5.862% (1-Month USD-LIBOR + 3.750%)
due 6/6/25
​ ​ ​ ​ 94,872 ​ ​
​ ​ ​ 30,000 ​ ​ ​
Diamond Sports Group LLC, due 8/24/26(j)
 ​ ​ ​ ​ 30,000 ​ ​
See Notes to Financial Statements.
117
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(a) – (continued) ​
​ ​ $ 54,149 ​ ​ ​
Digicel International Finance Ltd., 5.340% (3-Month USD-LIBOR + 3.250%)
due 5/27/24
​ ​ ​ $ 45,837 ​ ​
​ ​ ​ 100,000 ​ ​ ​
DigiCert Holdings Inc., due 8/7/26(j)
 ​ ​ ​ ​ 99,583 ​ ​
​ ​ ​ 95,931 ​ ​ ​
Dun & Bradstreet Corp., 7.145% (1-Month USD-LIBOR + 5.000%)
due 2/6/26
​ ​ ​ ​ 96,130 ​ ​
​ ​ ​ 75,000 ​ ​ ​
Dynasty Acquisition Co., Inc., 6.330% (3-Month USD-LIBOR + 4.000%)
due 4/6/26
​ ​ ​ ​ 74,933 ​ ​
​ ​ ​ 138,858 ​ ​ ​
Dynatrace LLC, 4.862% (1-Month USD-LIBOR + 2.750%) due 8/22/25
​ ​ ​ ​ 138,824 ​ ​
​ ​ ​ 139,650 ​ ​ ​
E.W. Scripps Co., 4.862% (1-Month USD-LIBOR + 2.750%) due 5/1/26
​ ​ ​ ​ 139,601 ​ ​
​ ​ ​ 156,322 ​ ​ ​
EAB Global Inc., 6.381% (2/3-Month USD-LIBOR + 3.750%) due 11/15/24
​ ​ ​ ​ 153,782 ​ ​
​ ​ ​ 139,562 ​ ​ ​
Edelman Financial Center LLC, 5.432% (1-Month USD-LIBOR + 3.250%)
due 7/21/25
​ ​ ​ ​ 139,387 ​ ​
​ ​ ​ 120,523 ​ ​ ​
Edgewater Generation LLC, 5.862% (1-Month USD-LIBOR + 3.750%)
due 12/13/25(j)
 ​ ​ ​ ​ 118,865 ​ ​
​ ​ ​ 104,386 ​ ​ ​
EG Group Ltd., 6.330% (3-Month USD-LIBOR + 4.000%) due 2/7/25
​ ​ ​ ​ 102,755 ​ ​
​ ​ ​ 72,995 ​ ​ ​
Envision Healthcare Corp., 5.862% (1-Month USD-LIBOR + 3.750%)
due 10/10/25
​ ​ ​ ​ 56,338 ​ ​
​ ​ ​ 109,562 ​ ​ ​
ESH Hospitality Inc., 4.112% (1-Month USD-LIBOR + 2.000%) due 8/30/23
​ ​ ​ ​ 109,580 ​ ​
​ ​ ​ 54,650 ​ ​ ​
Exgen Renewables IV LLC, 5.130% (3-Month USD-LIBOR + 3.000%)
due 11/28/24
​ ​ ​ ​ 52,601 ​ ​
​ ​ ​ 64,837 ​ ​ ​
Explorer Holdings Inc., 6.080% (3-Month USD-LIBOR + 3.750%) due 5/2/23
​ ​ ​ ​ 64,654 ​ ​
​ ​ ​ 228,287 ​ ​ ​
Filtration Group Corp., 5.112% (1-Month USD-LIBOR + 3.000%) due 3/29/25
​ ​ ​ ​ 228,145 ​ ​
​ ​ ​ 154,963 ​ ​ ​
Flexera Software LLC, 5.620% (1-Month USD-LIBOR + 3.500%) due 2/26/25
​ ​ ​ ​ 154,915 ​ ​
​ ​ ​ 194,425 ​ ​ ​
Foresight Energy LLC, 7.874% (3-Month USD-LIBOR + 5.750%) due 
3/28/22(j)
 ​ ​ ​ ​ 126,028 ​ ​
​ ​ ​ 174,125 ​ ​ ​
Forest City Enterprises LP, 6.112% (1-Month USD-LIBOR + 4.000%)
due 12/8/25
​ ​ ​ ​ 175,213 ​ ​
​ ​ ​ 83,748 ​ ​ ​
Forterra Finance LLC, 5.112% (1-Month USD-LIBOR + 3.000%)
due 10/25/23
​ ​ ​ ​ 78,139 ​ ​
​ ​ ​ 93,092 ​ ​ ​
Frontdoor Inc., 4.625% (1-Month USD-LIBOR + 2.500%) due 8/16/25
​ ​ ​ ​ 93,208 ​ ​
​ ​ ​ 66,018 ​ ​ ​
Frontera Generation Holdings LLC, 6.451% (1-Month USD-LIBOR + 4.250%)
due 5/2/25
​ ​ ​ ​ 62,552 ​ ​
​ ​ ​ 65,192 ​ ​ ​
Gates Global LLC, 4.862% (1-Month USD-LIBOR + 2.750%) due 4/1/24
​ ​ ​ ​ 63,504 ​ ​
​ ​ ​ 192,299 ​ ​ ​
Gentiva Health Services Inc., 5.875% (1-Month USD-LIBOR + 3.750%)
due 7/2/25
​ ​ ​ ​ 192,180 ​ ​
​ ​ ​ 94,637 ​ ​ ​
Getty Images Inc., 6.625% (1-Month USD-LIBOR + 4.500%) due 2/19/26
​ ​ ​ ​ 94,046 ​ ​
​ ​ ​ 169,350 ​ ​ ​
Go Daddy Operating Co. LLC, 4.112% (1-Month USD-LIBOR + 2.000%)
due 2/15/24
​ ​ ​ ​ 169,604 ​ ​
​ ​ ​ 116,339 ​ ​ ​
GOBP Holdings Inc., 5.759% (3-Month USD-LIBOR + 3.500%) due 10/22/25
​ ​ ​ ​ 116,594 ​ ​
​ ​ ​ 129,568 ​ ​ ​
GoodRx Inc., 4.932% (1-Month USD-LIBOR + 2.750%) due 10/10/25
​ ​ ​ ​ 128,337 ​ ​
See Notes to Financial Statements.
118
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(a) – (continued) ​
​ ​ $ 122,480 ​ ​ ​
Graftech International Ltd., 5.612% (1-Month USD-LIBOR + 3.500%)
due 2/12/25
​ ​ ​ $ 118,959 ​ ​
​ ​ ​ 258,720 ​ ​ ​
Gray Television Inc., 4.832% (3-Month USD-LIBOR + 2.500%) due 1/2/26
​ ​ ​ ​ 258,666 ​ ​
​ ​ ​ 145,615 ​ ​ ​
Greeneden US Holdings I LLC, 5.362% (1-Month USD-LIBOR + 3.250%)
due 12/1/23
​ ​ ​ ​ 143,831 ​ ​
​ ​ ​ 147,561 ​ ​ ​
GTT Communications Inc., 4.860% (1-Month USD-LIBOR + 2.750%)
due 5/31/25
​ ​ ​ ​ 118,249 ​ ​
​ ​ ​ 128,371 ​ ​ ​
Gulf Finance LLC, 7.517% (3-Month USD-LIBOR + 5.250%) due 8/25/23
​ ​ ​ ​ 100,557 ​ ​
​ ​ ​ 186,828 ​ ​ ​
GW Honos Security Corp., 6.020% (3-Month USD-LIBOR + 3.500%)
due 5/24/24
​ ​ ​ ​ 186,811 ​ ​
​ ​ ​ 61,478 ​ ​ ​
Harbor Freight Tools USA Inc., 4.612% (1-Month USD-LIBOR + 2.500%)
due 8/18/23
​ ​ ​ ​ 59,077 ​ ​
​ ​ ​ 65,708 ​ ​ ​
Hayward Industries Inc., 5.612% (1-Month USD-LIBOR + 3.500%) due 
8/5/24
​ ​ ​ ​ 62,997 ​ ​
​ ​ ​ 175,000 ​ ​ ​
HC Group Holdings II Inc., 6.612% (1-Month USD-LIBOR + 4.500%)
due 8/6/26
​ ​ ​ ​ 174,270 ​ ​
​ ​ ​ 104,736 ​ ​ ​
HD Supply Inc., 3.862% (1-Month USD-LIBOR + 1.750%) due 10/17/23
​ ​ ​ ​ 105,085 ​ ​
​ ​ ​ 60,000 ​ ​ ​
Hexion Inc., 5.820% (3-Month USD-LIBOR + 3.500%) due 7/1/26
​ ​ ​ ​ 59,850 ​ ​
​ ​ ​ ​ ​ ​ ​ Hyland Software Inc.: ​ ​
​ ​ ​ 155,299 ​ ​ ​
5.362% (1-Month USD-LIBOR + 3.250%) due 7/1/24
​ ​ ​ ​ 154,620 ​ ​
​ ​ ​ 45,596 ​ ​ ​
9.112% (1-Month USD-LIBOR + 7.000%) due 7/7/25
​ ​ ​ ​ 45,682 ​ ​
​ ​ ​ 45,000 ​ ​ ​
IAA Inc., 4.625% (3-Month USD-LIBOR + 2.250%) due 6/29/26
​ ​ ​ ​ 45,169 ​ ​
​ ​ ​ 70,960 ​ ​ ​
iHeartCommunications Inc., 6.230% (1-Month USD-LIBOR + 4.000%)
due 5/1/26
​ ​ ​ ​ 71,120 ​ ​
​ ​ ​ 119,851 ​ ​ ​
Informatica LLC, 5.362% (1-Month USD-LIBOR + 3.250%) due 8/5/22
​ ​ ​ ​ 119,877 ​ ​
​ ​ ​ 49,408 ​ ​ ​
ION Trading Technologies SARL, 6.651% (3-Month USD-LIBOR + 4.000%)
due 11/21/24
​ ​ ​ ​ 47,391 ​ ​
​ ​ ​ ​ ​ ​ ​ Iqvia Inc.: ​ ​
​ ​ ​ 174,114 ​ ​ ​
4.330% (3-Month USD-LIBOR + 2.000%) due 1/17/25
​ ​ ​ ​ 174,295 ​ ​
​ ​ ​ 85,534 ​ ​ ​
4.008% (2-Month USD-LIBOR + 1.750%) due 6/11/25
​ ​ ​ ​ 85,347 ​ ​
​ ​ ​ 156,072 ​ ​ ​
IRB Holding Corp., 5.550% (3-Month USD-LIBOR + 3.250%) due 2/5/25
​ ​ ​ ​ 154,853 ​ ​
​ ​ ​ 64,687 ​ ​ ​
IRI Holdings Inc., 6.624% (1/3-Month USD-LIBOR + 4.500%) due 12/1/25
​ ​ ​ ​ 61,587 ​ ​
​ ​ ​ 155,407 ​ ​ ​
Jaguar Holding Co. I LLC, 4.612% (1-Month USD-LIBOR + 2.500%)
due 8/18/22
​ ​ ​ ​ 154,414 ​ ​
​ ​ ​ 258,535 ​ ​ ​
JBS USA Lux SA, 4.612% (1-Month USD-LIBOR + 2.500%) due 5/1/26
​ ​ ​ ​ 258,859 ​ ​
​ ​ ​ 17,056 ​ ​ ​
KAR Auction Services Inc., 4.875% (3-Month USD-LIBOR + 2.500%)
due 3/9/23
​ ​ ​ ​ 17,034 ​ ​
​ ​ ​ 102,605 ​ ​ ​
KBR Inc., 5.862% (1-Month USD-LIBOR + 3.750%) due 4/25/25
​ ​ ​ ​ 102,990 ​ ​
​ ​ ​ 65,324 ​ ​ ​
Kindred Healthcare LLC, 7.125% (1-Month USD-LIBOR + 5.000%) due 
7/2/25
​ ​ ​ ​ 64,589 ​ ​
See Notes to Financial Statements.
119
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(a) – (continued) ​
​ ​ $ 72,402 ​ ​ ​
Klockner Pentaplast of America Inc., 6.362% (1-Month USD-LIBOR + 4.250%)
due 6/30/22
​ ​ ​ $ 64,583 ​ ​
​ ​ ​ 137,111 ​ ​ ​
Kronos Acquisition Intermediate Inc., 6.256% (3-Month USD-LIBOR + 4.000%)
due 5/15/23
​ ​ ​ ​ 129,855 ​ ​
​ ​ ​ 155,311 ​ ​ ​
Kronos Inc., 5.253% (3-Month USD-LIBOR + 3.000%) due 11/1/23
​ ​ ​ ​ 155,134 ​ ​
​ ​ ​ 259,226 ​ ​ ​
Level 3 Financing Inc., 4.362% (1-Month USD-LIBOR + 2.250%) due 2/22/24
​ ​ ​ ​ 259,335 ​ ​
​ ​ ​ 155,214 ​ ​ ​
Life Time Fitness Inc., 4.874% (1/3-Month USD-LIBOR + 2.750%)
due 6/10/22
​ ​ ​ ​ 154,373 ​ ​
​ ​ ​ 172,283 ​ ​ ​
Lions Gate Capital Holdings LLC, 4.362% (1-Month USD-LIBOR + 2.250%)
due 3/24/25
​ ​ ​ ​ 171,636 ​ ​
​ ​ ​ 129,461 ​ ​ ​
Lower Cadence Holdings LLC, 6.145% (1-Month USD-LIBOR + 4.000%)
due 5/22/26(j)
 ​ ​ ​ ​ 125,982 ​ ​
​ ​ ​ 134,426 ​ ​ ​
Lucid Energy Group II Borrower LLC, 5.112% (1-Month USD-LIBOR +
3.000%) due 2/17/25
​ ​ ​ ​ 123,840 ​ ​
​ ​ ​ 73,152 ​ ​ ​
McDermott International Inc., 7.112% (1-Month USD-LIBOR + 5.000%)
due 5/12/25
​ ​ ​ ​ 66,980 ​ ​
​ ​ ​ 65,000 ​ ​ ​
MED Parentco LP, due 7/31/26(j)
​ ​ ​ ​ 64,241 ​ ​
​ ​ ​ 156,259 ​ ​ ​
Meredith Corp., 4.862% (1-Month USD-LIBOR + 2.750%) due 1/31/25(j)
 ​ ​ ​ ​ 156,436 ​ ​
​ ​ ​ 65,295 ​ ​ ​
Messer Industries GmbH, 4.830% (3-Month USD-LIBOR + 2.500%)
due 3/1/26
​ ​ ​ ​ 64,829 ​ ​
​ ​ ​ 164,280 ​ ​ ​
MGM Growth Properties Operating Partnership LP, 4.112% (1-Month
USD-LIBOR + 2.000%) due 3/21/25
​ ​ ​ ​ 164,229 ​ ​
​ ​ ​ 115,487 ​ ​ ​
Milacron LLC, 4.612% (1-Month USD-LIBOR + 2.500%) due 9/28/23
​ ​ ​ ​ 115,343 ​ ​
​ ​ ​ 218,511 ​ ​ ​
Minotaur Acquisition Inc., 7.112% (1-Month USD-LIBOR + 5.000%)
due 3/27/26(j)
 ​ ​ ​ ​ 210,728 ​ ​
​ ​ ​ 71,429 ​ ​ ​
Mister Car Wash Holdings Inc., 5.658% (3-Month USD-LIBOR + 3.500%)
due 5/14/26
​ ​ ​ ​ 71,173 ​ ​
​ ​ ​ 53,105 ​ ​ ​
Misys Ltd., 5.696% (6-Month USD-LIBOR + 3.500%) due 6/13/24(j)
 ​ ​ ​ ​ 51,172 ​ ​
​ ​ ​ 68,265 ​ ​ ​
Mitchell International Inc., 5.362% (1-Month USD-LIBOR + 3.250%)
due 11/29/24
​ ​ ​ ​ 63,862 ​ ​
​ ​ ​ 62,621 ​ ​ ​
MLN US HoldCo LLC, 6.612% (1-Month USD-LIBOR + 4.500%)
due 11/30/25
​ ​ ​ ​ 59,725 ​ ​
​ ​ ​ 150,117 ​ ​ ​
MPH Acquisition Holdings LLC, 5.080% (3-Month USD-LIBOR + 2.750%)
due 6/7/23
​ ​ ​ ​ 139,421 ​ ​
​ ​ ​ 65,000 ​ ​ ​
Nascar Holdings Inc., due 7/27/26(j)
 ​ ​ ​ ​ 65,311 ​ ​
​ ​ ​ 45,000 ​ ​ ​
NCR Corp., due 8/28/26(j)
​ ​ ​ ​ 44,860 ​ ​
​ ​ ​ 144,275 ​ ​ ​
NEP Group Inc., 5.362% (1-Month USD-LIBOR + 3.250%) due 10/20/25
​ ​ ​ ​ 140,524 ​ ​
​ ​ ​ 185,000 ​ ​ ​
Nexstar Broadcasting Inc., due 6/19/26(j)
 ​ ​ ​ ​ 185,000 ​ ​
​ ​ ​ 65,916 ​ ​ ​
Nouryon Finance BV, 5.463% (1-Month USD-LIBOR + 3.250%) due 10/1/25
​ ​ ​ ​ 63,581 ​ ​
See Notes to Financial Statements.
120
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(a) – (continued) ​
​ ​ $ 44,775 ​ ​ ​
Outcomes Group Holdings Inc., 5.624% (1/3-Month USD-LIBOR + 3.500%)
due 10/24/25
​ ​ ​ $ 44,159 ​ ​
​ ​ ​ 32,696 ​ ​ ​
Panther BF Aggregator 2 LP, 5.612% (1-Month USD-LIBOR + 3.500%)
due 4/30/26(j)
 ​ ​ ​ ​ 32,205 ​ ​
​ ​ ​ 59,354 ​ ​ ​
Parexel International Corp., 4.862% (1-Month USD-LIBOR + 2.750%)
due 9/27/24
​ ​ ​ ​ 55,698 ​ ​
​ ​ ​ 55,000 ​ ​ ​
PCI Gaming Authority, 5.112% (1-Month USD-LIBOR + 3.000%) due 5/29/26
​ ​ ​ ​ 55,249 ​ ​
​ ​ ​ 52,218 ​ ​ ​
Peak 10 Holding Corp., 5.830% (3-Month USD-LIBOR + 3.500%) due 8/1/24
​ ​ ​ ​ 44,864 ​ ​
​ ​ ​ 44,887 ​ ​ ​
Penn National Gaming Inc., 4.362% (1-Month USD-LIBOR + 2.250%)
due 10/15/25
​ ​ ​ ​ 44,988 ​ ​
​ ​ ​ 162,596 ​ ​ ​
PetSmart Inc., 6.210% (1-Month USD-LIBOR + 4.000%) due 3/11/22(j)
 ​ ​ ​ ​ 157,718 ​ ​
​ ​ ​ 68,559 ​ ​ ​
Pike Corp., 5.400% (1-Month USD-LIBOR + 3.250%) due 7/24/26
​ ​ ​ ​ 68,530 ​ ​
​ ​ ​ 64,689 ​ ​ ​
Plantronics Inc., 4.612% (1-Month USD-LIBOR + 2.500%) due 7/2/25
​ ​ ​ ​ 64,365 ​ ​
​ ​ ​ 67,699 ​ ​ ​
Playa Resorts Holding BV, 4.860% (1-Month USD-LIBOR + 2.750%)
due 4/29/24
​ ​ ​ ​ 64,652 ​ ​
​ ​ ​ 66,422 ​ ​ ​
Ply Gem Midco Inc., 5.951% (1-Month USD-LIBOR + 3.750%) due 4/12/25
​ ​ ​ ​ 64,409 ​ ​
​ ​ ​ 146,171 ​ ​ ​
PODS LLC, 5.053% (3-Month USD-LIBOR + 2.750%) due 12/6/24
​ ​ ​ ​ 144,709 ​ ​
​ ​ ​ 230,949 ​ ​ ​
PowerTeam Services LLC, 5.580% (3-Month USD-LIBOR + 3.250%)
due 3/6/25
​ ​ ​ ​ 207,854 ​ ​
​ ​ ​ 89,775 ​ ​ ​
Prairie ECI Acquiror LP, 7.080% (3-Month USD-LIBOR + 4.750%)
due 3/11/26
​ ​ ​ ​ 87,486 ​ ​
​ ​ ​ 15,000 ​ ​ ​
Pregis TopCo LLC, 6.253% (3-Month USD-LIBOR + 4.000%) due 7/31/26
​ ​ ​ ​ 14,919 ​ ​
​ ​ ​ 181,270 ​ ​ ​
Prime Security Services Borrower LLC, 4.862% (1-Month USD-LIBOR +
2.750%) due 5/2/22
​ ​ ​ ​ 181,025 ​ ​
​ ​ ​ 123,601 ​ ​ ​
Project Alpha Intermediate Holding Inc., 5.810% (3-Month USD-LIBOR +
3.500%) due 4/26/24
​ ​ ​ ​ 121,825 ​ ​
​ ​ ​ 98,375 ​ ​ ​
Radiate Holdco LLC, 5.112% (1-Month USD-LIBOR + 3.000%) due 2/1/24
​ ​ ​ ​ 97,392 ​ ​
​ ​ ​ 87,018 ​ ​ ​
Radiology Partners Inc., 6.767% due 7/9/25(j)
 ​ ​ ​ ​ 83,407 ​ ​
​ ​ ​ 123,493 ​ ​ ​
Refinitiv US Holdings Inc., 5.862% (1-Month USD-LIBOR + 3.750%)
due 10/1/25
​ ​ ​ ​ 124,042 ​ ​
​ ​ ​ 96,352 ​ ​ ​
Regionalcare Hospital Partners Holdings Inc., 6.645% (1-Month USD-LIBOR +
4.500%) due 11/16/25
​ ​ ​ ​ 95,991 ​ ​
​ ​ ​ 123,564 ​ ​ ​
Renaissance Holding Corp., 5.362% (1-Month USD-LIBOR + 3.250%)
due 5/30/25
​ ​ ​ ​ 120,814 ​ ​
​ ​ ​ 317,314 ​ ​ ​
RentPath LLC, 6.870% (1-Month USD-LIBOR + 4.750%) due 12/17/21
​ ​ ​ ​ 166,986 ​ ​
​ ​ ​ 103,634 ​ ​ ​
Reynolds Group Holdings Inc., 4.862% (1-Month USD-LIBOR + 2.750%)
due 2/5/23(j)
 ​ ​ ​ ​ 103,523 ​ ​
​ ​ ​ 113,060 ​ ​ ​
RPI Finance Trust, 4.112% (1-Month USD-LIBOR + 2.000%) due 3/27/23
​ ​ ​ ​ 113,217 ​ ​
​ ​ ​ 155,928 ​ ​ ​
Scientific Games International Inc., 4.889% (1/2-Month USD-LIBOR + 2.750%)
due 8/14/24
​ ​ ​ ​ 153,935 ​ ​
See Notes to Financial Statements.
121
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(a) – (continued) ​
​ ​ $ 290,656 ​ ​ ​
Securus Technologies Holdings Inc., 6.830% (3-Month USD-LIBOR + 4.500%)
due 11/1/24
​ ​ ​ $ 258,684 ​ ​
​ ​ ​ 145,907 ​ ​ ​
Sedgwick Claims Management Services Inc., 5.362% (1-Month USD-LIBOR +
3.250%) due 12/31/25
​ ​ ​ ​ 141,347 ​ ​
​ ​ ​ 241,125 ​ ​ ​
Select Medical Corp., 4.850% (3-Month USD-LIBOR + 2.500%) due 3/6/25
​ ​ ​ ​ 239,719 ​ ​
​ ​ ​ 121,487 ​ ​ ​
Severin Acquisition LLC, 5.459% (3-Month USD-LIBOR + 3.250%)
due 8/1/25
​ ​ ​ ​ 119,158 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Sinclair Television Group Inc., 4.700% (3-Month USD-LIBOR + 2.500%)
due 9/30/26(j)
 ​ ​ ​ ​ 49,938 ​ ​
​ ​ ​ 145,000 ​ ​ ​
Six Flags Theme Parks Inc., 4.120% (1-Month USD-LIBOR + 2.000%)
due 4/17/26
​ ​ ​ ​ 145,091 ​ ​
​ ​ ​ 65,900 ​ ​ ​
Solenis Holdings LLC, 6.112% (1-Month USD-LIBOR + 4.000%) due 6/26/25
​ ​ ​ ​ 63,813 ​ ​
​ ​ ​ 155,797 ​ ​ ​
Solera LLC, 4.862% (1-Month USD-LIBOR + 2.750%) due 3/3/23
​ ​ ​ ​ 154,922 ​ ​
​ ​ ​ 144,356 ​ ​ ​
Sophia LP, 5.580% (3-Month USD-LIBOR + 3.250%) due 9/30/22
​ ​ ​ ​ 144,145 ​ ​
​ ​ ​ 168,446 ​ ​ ​
Sound Inpatient Physicians Inc., 4.862% (1-Month USD-LIBOR + 2.750%)
due 6/27/25
​ ​ ​ ​ 166,551 ​ ​
​ ​ ​ 61,806 ​ ​ ​
Southern Graphics Inc., 5.380% (1/2-Month USD-LIBOR + 3.250%)
due 12/31/22(j)
 ​ ​ ​ ​ 49,291 ​ ​
​ ​ ​ 138,947 ​ ​ ​
SpeedCast International Ltd., 5.080% (3-Month USD-LIBOR + 2.750%)
due 5/15/25
​ ​ ​ ​ 128,353 ​ ​
​ ​ ​ 157,370 ​ ​ ​
Sprint Communications Inc., 4.625% (1-Month USD-LIBOR + 2.500%)
due 2/2/24
​ ​ ​ ​ 156,238 ​ ​
​ ​ ​ 198,481 ​ ​ ​
SS&C Technologies Holdings Inc., 4.362% (1-Month USD-LIBOR + 2.250%)
due 4/16/25
​ ​ ​ ​ 198,453 ​ ​
​ ​ ​ 74,870 ​ ​ ​
Staples Inc., 7.197% (1-Month USD-LIBOR + 5.000%) due 4/16/26
​ ​ ​ ​ 71,875 ​ ​
​ ​ ​ 84,749 ​ ​ ​
Stars Group Holdings BV, 5.830% (3-Month USD-LIBOR + 3.500%)
due 7/10/25
​ ​ ​ ​ 84,956 ​ ​
​ ​ ​ 35,000 ​ ​ ​
Sunshine Luxembourg VII SARL, due 7/17/26(j)
 ​ ​ ​ ​ 34,974 ​ ​
​ ​ ​ 172,721 ​ ​ ​
Syncreon Global Finance (US) Inc., 6.362% (1-Month USD-LIBOR + 4.250%)
due 10/28/20
​ ​ ​ ​ 80,747 ​ ​
​ ​ ​ 138,800 ​ ​ ​
Syneos Health Inc., 4.112% (1-Month USD-LIBOR + 2.000%) due 8/1/24
​ ​ ​ ​ 138,661 ​ ​
​ ​ ​ 60,000 ​ ​ ​
TAMKO Building Products Inc., 5.546% (3-Month USD-LIBOR + 3.250%)
due 5/29/26
​ ​ ​ ​ 60,000 ​ ​
​ ​ ​ 60,776 ​ ​ ​
Telesat Canada, 4.830% (3-Month USD-LIBOR + 2.500%) due 11/17/23
​ ​ ​ ​ 60,684 ​ ​
​ ​ ​ 168,563 ​ ​ ​
Tempo Acquisition LLC, 5.112% (1-Month USD-LIBOR + 3.000%)
due 5/1/24(j)
 ​ ​ ​ ​ 168,423 ​ ​
​ ​ ​ 54,024 ​ ​ ​
Titan Acquisition Ltd., 5.112% (1-Month USD-LIBOR + 3.000%) due 3/28/25
​ ​ ​ ​ 51,743 ​ ​
​ ​ ​ 158,575 ​ ​ ​
TKC Holdings Inc., 5.870% (1-Month USD-LIBOR + 3.750%) due 2/1/23
​ ​ ​ ​ 154,470 ​ ​
​ ​ ​ 195,429 ​ ​ ​
Transdigm Inc., 4.830% (3-Month USD-LIBOR + 2.500%) due 6/9/23
​ ​ ​ ​ 193,891 ​ ​
​ ​ ​ 148,500 ​ ​ ​
Travel Leaders Group LLC, 6.170% (1-Month USD-LIBOR + 4.000%)
due 1/25/24
​ ​ ​ ​ 148,871 ​ ​
See Notes to Financial Statements.
122
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(a) – (continued) ​
​ ​ $ 54,454 ​ ​ ​
Travelport Finance (Luxembourg) SARL, 7.541% (3-Month USD-LIBOR +
5.000%) due 5/29/26
​ ​ ​ $ 50,016 ​ ​
​ ​ ​ 143,852 ​ ​ ​
Uber Technologies Inc., 6.195% (1-Month USD-LIBOR + 4.000%) due 4/4/25
​ ​ ​ ​ 143,852 ​ ​
​ ​ ​ 168,425 ​ ​ ​
UFC Holdings LLC, 5.370% (1-Month USD-LIBOR + 3.250%) due 4/29/26
​ ​ ​ ​ 168,385 ​ ​
​ ​ ​ 80,000 ​ ​ ​
UGI Energy Services LLC, 5.862% (1-Month USD-LIBOR + 3.750%)
due 8/13/26
​ ​ ​ ​ 80,000 ​ ​
​ ​ ​ 80,000 ​ ​ ​
Ultimate Software Group Inc., 6.080% (3-Month USD-LIBOR + 3.750%)
due 5/4/26
​ ​ ​ ​ 80,143 ​ ​
​ ​ ​ 59,847 ​ ​ ​
US Anesthesia Partners Inc., 5.112% (1-Month USD-LIBOR + 3.000%)
due 6/23/24
​ ​ ​ ​ 57,274 ​ ​
​ ​ ​ 95,000 ​ ​ ​
US Foods Inc., due 8/14/26(j)
 ​ ​ ​ ​ 95,159 ​ ​
​ ​ ​ 114,716 ​ ​ ​
USIC Holdings Inc., 5.112% (1-Month USD-LIBOR + 3.000%) due 12/8/23
​ ​ ​ ​ 113,090 ​ ​
​ ​ ​ 78,821 ​ ​ ​
Vantage Specialty Chemicals Inc., 5.618% (1/3-Month USD-LIBOR + 3.500%)
due 10/28/24
​ ​ ​ ​ 75,274 ​ ​
​ ​ ​ 167,643 ​ ​ ​
Verscend Holding Corp., 6.612% (1-Month USD-LIBOR + 4.500%)
due 8/27/25
​ ​ ​ ​ 167,904 ​ ​
​ ​ ​ 133,796 ​ ​ ​
Vertafore Inc., 5.362% (1-Month USD-LIBOR + 3.250%) due 7/2/25
​ ​ ​ ​ 129,072 ​ ​
​ ​ ​ 259,917 ​ ​ ​
VICI Properties 1 LLC, 4.170% (1-Month USD-LIBOR + 2.000%)
due 12/20/24
​ ​ ​ ​ 260,288 ​ ​
​ ​ ​ 63,227 ​ ​ ​
Victory Capital Holdings Inc., 5.569% (3-Month USD-LIBOR + 3.250%)
due 7/1/26
​ ​ ​ ​ 63,129 ​ ​
​ ​ ​ 258,520 ​ ​ ​
Virgin Media Bristol LLC, 4.695% (1-Month USD-LIBOR + 2.500%)
due 1/15/26(j)
 ​ ​ ​ ​ 258,321 ​ ​
​ ​ ​ 240,171 ​ ​ ​
Vistra Operations Co. LLC, 4.147% (1/3-Month USD-LIBOR + 2.000%)
due 12/31/25
​ ​ ​ ​ 240,371 ​ ​
​ ​ ​ 34,913 ​ ​ ​
Vizient Inc., 4.612% (1-Month USD-LIBOR + 2.500%) due 5/6/26
​ ​ ​ ​ 35,029 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Wand Newco 3 Inc., 5.713% (1-Month USD-LIBOR + 3.500%) due 2/5/26
​ ​ ​ ​ 150,375 ​ ​
​ ​ ​ 115,000 ​ ​ ​
WestJet Airlines Ltd., due 8/7/26(j)
 ​ ​ ​ ​ 115,252 ​ ​
​ ​ ​ 55,000 ​ ​ ​
Whatabrands LLC, 5.516% (3-Month USD-LIBOR + 3.250%) due 8/2/26
​ ​ ​ ​ 55,189 ​ ​
​ ​ ​ 146,988 ​ ​ ​
Wink Holdco Inc., 5.112% (1-Month USD-LIBOR + 3.000%) due 12/2/24
​ ​ ​ ​ 142,854 ​ ​
​ ​ ​ 144,344 ​ ​ ​
WP CPP Holdings LLC, 6.010% (1/3-Month USD-LIBOR + 3.750%)
due 4/30/25
​ ​ ​ ​ 144,074 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SENIOR LOANS
(Cost – $25,953,699)
​ ​ ​
​
25,261,609
 ​ ​
See Notes to Financial Statements.
123
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​
Face Amount
 ​ ​
Rating††
 ​ ​
Security
 ​ ​
Value
 ​
​ MUNICIPAL BONDS – 0.2%†† ​
​ California – 0.1% ​ ​
​ ​ $ 125,000 ​ ​ ​ AA ​ ​
Bay Area Toll Authority, Series F2, 6.263% due 4/1/49
​ ​ ​ $ 205,034 ​ ​
​ ​ ​ 100,000 ​ ​ ​ AA+ ​ ​
Los Angeles Community College District, GO, Series E, 6.750%
due 8/1/49
​ ​ ​ ​ 171,743 ​ ​
​ ​ ​ 150,000 ​ ​ ​ AA+ ​ ​
Los Angeles Department of Water & Power System Revenue, Series B,
6.603% due 7/1/50
​ ​ ​ ​ 255,406 ​ ​
​ ​ ​ 150,000 ​ ​ ​ A+ ​ ​
Los Angeles Unified School District, GO, Series RY, 6.758% due 7/1/34
​ ​ ​ ​ 215,904 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of California, GO: ​
​ ​ ​ 25,000 ​ ​ ​ AA- ​ ​
3.500% due 4/1/28
​ ​ ​ ​ 27,638 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA- ​ ​
4.600% due 4/1/38
​ ​ ​ ​ 45,152 ​ ​
​ ​ ​ 100,000 ​ ​ ​ AA- ​ ​
7.500% due 4/1/34
​ ​ ​ ​ 157,542 ​ ​
​ ​ ​ 200,000 ​ ​ ​ AA- ​ ​
7.550% due 4/1/39
​ ​ ​ ​ 335,346 ​ ​
​ ​ ​ 125,000 ​ ​ ​ AA- ​ ​
7.600% due 11/1/40
​ ​ ​ ​ 215,499 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ University of California: ​
​ ​ ​ 100,000 ​ ​ ​ AA ​ ​
Series AJ, 4.601% due 5/15/31
​ ​ ​ ​ 117,724 ​ ​
​ ​ ​ 25,000 ​ ​ ​ AA ​ ​
Series AX, 3.063% due 7/1/25
​ ​ ​ ​ 26,455 ​ ​
​ ​ ​ 75,000 ​ ​ ​ AA ​ ​
Series R, 5.770% due 5/15/43
​ ​ ​ ​ 106,848 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total California
​ ​ ​ ​ 1,880,291 ​ ​
​ Florida – 0.0% ​ ​
​ ​ ​ 20,000 ​ ​ ​ A ​ ​
County of Miami-Dade FL Aviation Revenue, Series C, 4.280%
due 10/1/41
​ ​ ​ ​ 22,219 ​ ​
​ Illinois – 0.0% ​ ​
​ ​ ​ 20,000 ​ ​ ​ A ​ ​
Chicago O’Hare International Airport, Series C, 4.472% due 1/1/49
​ ​ ​ ​ 25,947 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Illinois, GO: ​
​ ​ ​ 250,000 ​ ​ ​ BBB- ​ ​
5.100% due 6/1/33
​ ​ ​ ​ 272,060 ​ ​
​ ​ ​ 100,000 ​ ​ ​ BBB- ​ ​
6.725% due 4/1/35
​ ​ ​ ​ 118,718 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Illinois
 ​ ​ ​ ​ 416,725 ​ ​
​ Massachusetts – 0.0% ​ ​
​ ​ ​ 100,000 ​ ​ ​ AA ​ ​
Commonwealth of Massachusetts, GO, Series E, 5.456% due 12/1/39
​ ​ ​ ​ 135,536 ​ ​
​ Nevada – 0.0% ​ ​
​ ​ ​ 100,000 ​ ​ ​ AA- ​ ​
County of Clark Department of Aviation, Series C, 6.820% due 7/1/45
​ ​ ​ ​ 169,820 ​ ​
​ New Jersey – 0.0% ​ ​
​ ​ ​ 100,000 ​ ​ ​ A+ ​ ​
New Jersey Turnpike Authority, Series F, 7.414% due 1/1/40
​ ​ ​ ​ 165,042 ​ ​
​ New York – 0.1% ​ ​
​ ​ ​ 150,000 ​ ​ ​ AA ​ ​
Metropolitan Transportation Authority, Series C, 7.336% due 11/15/39
​ ​ ​ ​ 248,868 ​ ​
​ ​ ​ 125,000 ​ ​ ​ AA+ ​ ​
New York City Water & Sewer System, Series AA, 5.440% due 6/15/43
​ ​ ​ ​ 181,226 ​ ​
​ ​ ​ 200,000 ​ ​ ​ AA- ​ ​
Port Authority of New York & New Jersey, 4.458% due 10/1/62
​ ​ ​ ​ 261,376 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total New York
 ​ ​ ​ ​ 691,470 ​ ​
See Notes to Financial Statements.
124
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
​
​ Face
Amount/Units		 ​ ​
Rating††
 ​ ​
Security
 ​ ​
Value
 ​
​ MUNICIPAL BONDS – (continued) ​
​ Ohio – 0.0% ​ ​
​ ​ $ 100,000 ​ ​ ​ A ​ ​
American Municipal Power Inc. Series B, 8.084% due 2/15/50
​ ​ ​ $ 186,210 ​ ​
​ Texas – 0.0% ​ ​
​ ​ ​ 75,000 ​ ​ ​ AAA ​ ​
State of Texas, GO, Series A, 5.517% due 4/1/39
​ ​ ​ ​ 107,722 ​ ​
​ Wisconsin – 0.0% ​ ​
​ ​ ​ 10,000 ​ ​ ​ AA- ​ ​
State of Wisconsin, Series C, 3.154% due 5/1/27
​ ​ ​ ​ 10,719 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL MUNICIPAL BONDS
(Cost – $3,160,393)
​ ​ ​
​
3,785,754
 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $1,759,747,509)
​ ​ ​
​
1,819,804,316
 ​ ​
​ SHORT-TERM INVESTMENTS – 6.8% ​
​ TIME DEPOSITS – 3.6% ​
​ ​ ​ 24,271,749 ​ ​ ​ ​ ​ ​
Banco Santander SA – Frankfurt, 1.490% due 9/3/19
​ ​ ​ ​ 24,271,749 ​ ​
​ ​ ​ 12,529,492 ​ ​ ​ ​ ​ ​
Citibank – New York, 1.490% due 9/3/19
​ ​ ​ ​ 12,529,492 ​ ​
​ ​ ​ 33,152,578 ​ ​ ​ ​ ​ ​
JPMorgan Chase & Co. – New York, 1.490% due 9/3/19
​ ​ ​ ​ 33,152,578 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL TIME DEPOSITS
(Cost – $69,953,819)
​ ​ ​
​
69,953,819
 ​ ​
​ U.S. GOVERNMENT OBLIGATIONS – 3.2% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bills: ​ ​
​ ​ ​ 28,000,000 ​ ​ ​ ​ ​ ​
2.442% due 1/2/20(k)
 ​ ​ ​ ​ 27,823,840 ​ ​
​ ​ ​ 7,400,000 ​ ​ ​ ​ ​ ​
1.844% due 2/13/20(k)
 ​ ​ ​ ​ 7,338,294 ​ ​
​ ​ ​ 28,100,000 ​ ​ ​ ​ ​ ​
2.442% due 2/27/20(k)
 ​ ​ ​ ​ 27,846,479 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost – $62,875,851)
​ ​ ​
​
63,008,613
 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL SHORT-TERM INVESTMENTS
(Cost – $132,829,670)
​ ​ ​
​
132,962,432
 ​ ​
​ INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.0% ​
​ MONEY MARKET FUND – 0.0% ​
​ ​ ​ 237,591 ​ ​ ​ ​ ​ ​
Federated Government Obligations Fund, Premier Class, 2.012%(l)
(Cost – $237,591)
​ ​ ​ ​ 237,591 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 99.8%
(Cost – $1,892,814,770#)
​ ​ ​
​
1,953,004,339
 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Other Assets in Excess of Liabilities – 0.2%
​ ​ ​ ​ 4,350,501 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
 ​ ​ ​ $ 1,957,354,840 ​ ​
​
​
††
All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.
​
(a)
Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2019.
​
(b)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board
​
​
See Notes to Financial Statements.
125
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Core Fixed Income Fund (concluded)
​
of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2019, amounts to approximately $263,775,305 and represents 13.48% of net assets.
(c)
Interest only security.
​
(d)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2019, amounts to approximately $21,878,746 and represents 1.12% of net assets.
​
(e)
Security is perpetual in nature and has no stated maturity date.
​
(f)
Payment in-kind security for which part of the income earned may be paid as additional principal.
​
(g)
All or a portion of this security is on loan (See Note 5).
​
(h)
Security is currently in default.
​
(i)
This security is traded on a TBA basis (See Note 5).
​
(j)
This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
​
(k)
Rate shown represents yield-to-maturity.
​
(l)
Represents investment of collateral received from securities lending transactions.
​
#
Aggregate cost for federal income tax purposes is substantially the same.
​
Abbreviations used in this schedule:
CLO
 —  Collateralized Loan Obligation
​
CMT
 —  Constant Maturity Treasury Index
​
GO
 —  General Obligation
​
LIBOR
 —  London Interbank Offered Rate
​
LLC
 —  Limited Liability Company
​
LP
 —  Limited Partnership
​
PLC
 —  Public Limited Company
​
REMICS
 —  Real Estate Mortgage Investment Conduit
​
SARL
 — Société à Responsabilité Limitée
​
See pages 233 – 234 for definitions of ratings.
Summary of Investments by Security Type^
​
Collateralized Mortgage Obligations
​ ​ ​ ​ 22.1% ​ ​
​
U.S. Government Agencies & Obligations
​ ​ ​ ​ 22.2 ​ ​
​
Corporate Bonds & Notes
​ ​ ​ ​ 20.1 ​ ​
​
Mortgage-Backed Securities
​ ​ ​ ​ 18.7 ​ ​
​
Asset-Backed Securities
​ ​ ​ ​ 7.6 ​ ​
​
Sovereign Bonds
​ ​ ​ ​ 1.0 ​ ​
​
Senior Loans
​ ​ ​ ​ 1.3 ​ ​
​
Municipal Bonds
​ ​ ​ ​ 0.2 ​ ​
​
Short-Term Investments
​ ​ ​ ​ 6.8 ​ ​
​
Money Market Fund
​ ​ ​ ​ 0.0* ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
*
Position represents less than 0.05%.
​
​
See Notes to Financial Statements.
126
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund
​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – 45.9% ​
​ Basic Materials – 2.1% ​
​ ​ ​ ​ ​ ​ ​ Braskem Finance Ltd., Company Guaranteed Notes: ​ ​
​ ​ $ 150,000 ​ ​ ​
7.000% due 5/7/20
​ ​ ​ $ 153,371 ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.750% due 4/15/21
​ ​ ​ ​ 206,280 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Celulosa Arauco y Constitucion SA, Senior Unsecured Notes, 4.750% due
1/11/22
​ ​ ​ ​ 104,000 ​ ​
​ ​ ​ 65,000 ​ ​ ​
DuPont de Nemours Inc., Senior Unsecured Notes, 3.766% due 11/15/20
​ ​ ​ ​ 66,341 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Freeport-McMoRan Inc., Company Guaranteed Notes, 4.550% due 11/14/24
​ ​ ​ ​ 100,981 ​ ​
​ ​ ​ 6,947,000 ​ ​ ​
INVISTA Finance LLC, Senior Secured Notes, 4.250% due 10/15/19(a)
​ ​ ​ ​ 6,964,726 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Sociedad Quimica y Minera de Chile SA, Senior Unsecured Notes, 5.500% due
4/21/20
​ ​ ​ ​ 101,875 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Southern Copper Corp., Senior Unsecured Notes, 5.375% due 4/16/20
​ ​ ​ ​ 304,878 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Syngenta Finance NV, Company Guaranteed Notes, 3.698% due 4/24/20
​ ​ ​ ​ 200,770 ​ ​
​ ​ ​ 200,000 ​ ​ ​
UPL Corp., Ltd, Senior Unsecured Notes, 3.250% due 10/13/21
​ ​ ​ ​ 201,373 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Basic Materials
​ ​ ​ ​ 8,404,595 ​ ​
​ Communications – 19.7% ​
​ ​ ​ 190,000 ​ ​ ​
AT&T Inc., Senior Unsecured Notes, 2.800% due 2/17/21
​ ​ ​ ​ 191,881 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20
​ ​ ​ ​ 404,871 ​ ​
​ ​ ​ 4,666,000 ​ ​ ​
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes,
5.250% due 3/15/21
​ ​ ​ ​ 4,680,581 ​ ​
​ ​ ​ 7,782,000 ​ ​ ​
CenturyLink Inc., Senior Unsecured Notes, 6.150% due 9/15/19
​ ​ ​ ​ 7,788,226 ​ ​
​ ​ ​ 7,760,000 ​ ​ ​
Clear Channel Worldwide Holdings Inc., Company Guaranteed Notes, 6.500%
due 11/15/22
​ ​ ​ ​ 7,928,159 ​ ​
​ ​ ​ 6,486,000 ​ ​ ​
Cogent Communications Group Inc., Company Guaranteed Notes, 5.625% due
4/15/21(a)
​ ​ ​ ​ 6,550,860 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Colombia Telecomunicaciones SA ESP, Junior Subordinated Notes, 8.500%
(5-Year USD Swap Rate + 6.958%)(b)(c)
​ ​ ​ ​ 256,877 ​ ​
​ ​ ​ 185,000 ​ ​ ​
Comcast Corp., Company Guaranteed Notes, 3.450% due 10/1/21
​ ​ ​ ​ 190,551 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Comunicaciones Celulares SA Via Comcel Trust, Senior Unsecured Notes,
6.875% due 2/6/24
​ ​ ​ ​ 206,750 ​ ​
​ ​ ​ 428,000 ​ ​ ​
CSC Holdings LLC, Company Guaranteed Notes, 5.375% due 7/15/23(a)
​ ​ ​ ​ 439,881 ​ ​
​ ​ ​ 10,481,000 ​ ​ ​
DISH DBS Corp., Company Guaranteed Notes, 7.875% due 9/1/19
​ ​ ​ ​ 10,481,000 ​ ​
​ ​ ​ 195,000 ​ ​ ​
eBay Inc., Senior Unsecured Notes, 2.750% due 1/30/23
​ ​ ​ ​ 198,769 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Globo Comunicacao e Participacoes SA, Senior Unsecured Notes, 4.875% due
4/11/22
​ ​ ​ ​ 207,500 ​ ​
​ ​ ​ 1,027,000 ​ ​ ​
HC2 Holdings Inc., Senior Secured Notes, 11.500% due 12/1/21(a)
​ ​ ​ ​ 893,490 ​ ​
​ ​ ​ 5,379,000 ​ ​ ​
Inmarsat Finance PLC, Company Guaranteed Notes, 4.875% due 5/15/22(a)
​ ​ ​ ​ 5,432,790 ​ ​
​ ​ ​ 3,580,000 ​ ​ ​
Lee Enterprises Inc., Senior Secured Notes, 9.500% due 3/15/22(a)
​ ​ ​ ​ 3,571,050 ​ ​
​ ​ ​ 2,451,000 ​ ​ ​
Level 3 Financing Inc., Company Guaranteed Notes, 6.125% due 1/15/21
​ ​ ​ ​ 2,463,255 ​ ​
See Notes to Financial Statements.
127
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Communications – (continued) ​
​ ​ ​ 6,468,000EUR ​ ​ ​
Linkem SpA, Senior Secured Notes, 7.000% (3-Month EURIBOR + 7.000%)
due 8/9/22(a)(b)(d)(e)
​ ​ ​ $ 7,002,025 ​ ​
​ ​ $ 1,400,000 ​ ​ ​
Mediacom Broadband LLC/Mediacom Broadband Corp., Senior Unsecured
Notes, 5.500% due 4/15/21
​ ​ ​ ​ 1,400,000 ​ ​
​ ​ ​ 185,000 ​ ​ ​
Omnicom Group Inc./Omnicom Capital Inc., Senior Unsecured Notes, 3.625%
due 5/1/22
​ ​ ​ ​ 192,495 ​ ​
​ ​ ​ 4,364,000 ​ ​ ​
Sprint Communications Inc., Company Guaranteed Notes, 7.000% due
3/1/20(a)
​ ​ ​ ​ 4,451,280 ​ ​
​ ​ ​ 4,763,000 ​ ​ ​
TEGNA Inc., Company Guaranteed Notes, 5.125% due 10/15/19
​ ​ ​ ​ 4,768,239 ​ ​
​ ​ ​ 8,903,000 ​ ​ ​
Twitter Inc., Senior Unsecured Notes, 0.250% due 9/15/19
​ ​ ​ ​ 8,894,930 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Verizon Communications Inc., Senior Unsecured Notes, 3.258% (3-Month
USD-LIBOR + 1.100%) due 5/15/25(b)
​ ​ ​ ​ 203,055 ​ ​
​ ​ ​ 361,000 ​ ​ ​
VTR Finance BV, Senior Secured Notes, 6.875% due 1/15/24
​ ​ ​ ​ 372,733 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Communications
​ ​ ​ ​ 79,171,248 ​ ​
​ Consumer Cyclical – 5.8% ​
​ ​ ​ 8,166,000 ​ ​ ​
American Airlines Group Inc., Company Guaranteed Notes, 5.500% due
10/1/19(a)
​ ​ ​ ​ 8,178,249 ​ ​
​ ​ ​ 175,000 ​ ​ ​
Daimler Finance North America LLC, Company Guaranteed Notes, 2.300% due
2/12/21(a)
​ ​ ​ ​ 174,957 ​ ​
​ ​ ​ 190,000 ​ ​ ​
Delta Air Lines Inc., Senior Unsecured Notes, 3.400% due 4/19/21
​ ​ ​ ​ 192,616 ​ ​
​ ​ ​ 1,700,000EUR ​ ​ ​
European Lingerie Group AB, Senior Secured Notes, 7.750% (3-Month
EURIBOR + 7.750%) due 2/22/21(b)
​ ​ ​ ​ 1,743,110 ​ ​
​ ​ ​ 7,000,000SEK ​ ​ ​
Gaming Innovation Group PLC, Senior Unsecured Notes, 9.000% (3-Month
SEK-STIBOR + 9.000%) due 6/28/22(b)
​ ​ ​ ​ 703,513 ​ ​
​ ​ ​ 190,000 ​ ​ ​
General Motors Financial Co., Inc., Company Guaranteed Notes, 3.200% due
7/6/21
​ ​ ​ ​ 192,366 ​ ​
​ ​ ​ 4,944,000 ​ ​ ​
Lennar Corp., Company Guaranteed Notes, 4.500% due 11/15/19
​ ​ ​ ​ 4,946,966 ​ ​
​ ​ ​ 3,556,000 ​ ​ ​
Virgin Australia Holdings Ltd., Company Guaranteed Notes, 8.500% due
11/15/19(a)
​ ​ ​ ​ 3,566,668 ​ ​
​ ​ ​ 3,734,000 ​ ​ ​
Yum! Brands Inc., Senior Unsecured Notes, 5.300% due 9/15/19
​ ​ ​ ​ 3,735,867 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Consumer Cyclical
​ ​ ​ ​ 23,434,312 ​ ​
​ Consumer Non-cyclical – 4.2% ​
​ ​ ​ 200,000 ​ ​ ​
Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 3.950%
due 1/19/22
​ ​ ​ ​ 205,500 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Altria Group Inc., Company Guaranteed Notes, 3.490% due 2/14/22
​ ​ ​ ​ 103,305 ​ ​
​ ​ ​ 190,000 ​ ​ ​
Anthem Inc., Senior Unsecured Notes, 2.500% due 11/21/20
​ ​ ​ ​ 190,952 ​ ​
​ ​ ​ 285,000 ​ ​ ​
AstraZeneca PLC, Senior Unsecured Notes, 2.375% due 11/16/20
​ ​ ​ ​ 285,751 ​ ​
​ ​ ​ 240,000 ​ ​ ​
BAT Capital Corp., Company Guaranteed Notes, 2.297% due 8/14/20
​ ​ ​ ​ 240,026 ​ ​
​ ​ ​ 205,000 ​ ​ ​
Bristol-Myers Squibb Co., Senior Unsecured Notes, 2.600% due 5/16/22(a)
​ ​ ​ ​ 208,852 ​ ​
See Notes to Financial Statements.
128
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Consumer Non-cyclical – (continued) ​
​ ​ $ 285,000 ​ ​ ​
Cardinal Health Inc., Senior Unsecured Notes, 2.616% due 6/15/22
​ ​ ​ $ 286,968 ​ ​
​ ​ ​ 180,000 ​ ​ ​
Cigna Corp., Company Guaranteed Notes, 3.400% due 9/17/21
​ ​ ​ ​ 184,283 ​ ​
​ ​ ​ 190,000 ​ ​ ​
Cintas Corp. No 2, Company Guaranteed Notes, 2.900% due 4/1/22
​ ​ ​ ​ 194,161 ​ ​
​ ​ ​ 175,000 ​ ​ ​
Coca-Cola Femsa SAB de CV, Company Guaranteed Notes, 4.625% due
2/15/20
​ ​ ​ ​ 177,011 ​ ​
​ ​ ​ 185,000 ​ ​ ​
CVS Health Corp., Senior Unsecured Notes, 3.700% due 3/9/23
​ ​ ​ ​ 193,454 ​ ​
​ ​ ​ 306,403 ​ ​ ​
ENA Norte Trust, Pass-Thru Certificates, 4.950% due 4/25/23
​ ​ ​ ​ 315,215 ​ ​
​ ​ ​ 450,000 ​ ​ ​
Grupo Bimbo SAB de CV, Company Guaranteed Notes, 4.875% due 6/30/20
​ ​ ​ ​ 458,037 ​ ​
​ ​ ​ 185,000 ​ ​ ​
Mondelez International Inc., Senior Unsecured Notes, 3.000% due 5/7/20
​ ​ ​ ​ 185,891 ​ ​
​ ​ ​ 6,491,000 ​ ​ ​
Nielsen Finance LLC/Nielsen Finance Co., Company Guaranteed Notes, 4.500%
due 10/1/20
​ ​ ​ ​ 6,496,193 ​ ​
​ ​ ​ 45,000 ​ ​ ​
Reynolds American Inc., Company Guaranteed Notes, 3.250% due 6/12/20
​ ​ ​ ​ 45,341 ​ ​
​ ​ ​ 2,396,000 ​ ​ ​
Spectrum Brands Inc., Company Guaranteed Notes, 6.625% due 11/15/22
​ ​ ​ ​ 2,437,930 ​ ​
​ ​ ​ ​ ​ ​ ​ Tenet Healthcare Corp., Senior Secured Notes: ​ ​
​ ​ ​ 1,459,000 ​ ​ ​
4.750% due 6/1/20
​ ​ ​ ​ 1,483,803 ​ ​
​ ​ ​ 2,794,000 ​ ​ ​
6.000% due 10/1/20
​ ​ ​ ​ 2,902,966 ​ ​
​ ​ ​ 285,000 ​ ​ ​
Thermo Fisher Scientific Inc., Senior Unsecured Notes, 3.600% due 8/15/21
​ ​ ​ ​ 292,630 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Consumer Non-cyclical
​ ​ ​ ​ 16,888,269 ​ ​
​ Diversified – 0.1% ​
​ ​ ​ 200,000 ​ ​ ​
Hutchison Whampoa International 11 Ltd., Company Guaranteed Notes, 4.625%
due 1/13/22
​ ​ ​ ​ 209,905 ​ ​
​ Energy – 1.1% ​
​ ​ ​ 200,000 ​ ​ ​
Bharat Petroleum Corp., Ltd., Senior Unsecured Notes, 4.625% due 10/25/22
​ ​ ​ ​ 210,800 ​ ​
​ ​ ​ 200,000 ​ ​ ​
CNOOC Finance 2012 Ltd., Company Guaranteed Notes, 3.875% due 5/2/22
​ ​ ​ ​ 207,334 ​ ​
​ ​ ​ 200,000 ​ ​ ​
CNOOC Finance 2015 Australia Pty Ltd., Company Guaranteed Notes, 2.625%
due 5/5/20
​ ​ ​ ​ 200,432 ​ ​
​ ​ ​ 200,000 ​ ​ ​
CNPC General Capital Ltd., Company Guaranteed Notes, 3.950% due 4/19/22
​ ​ ​ ​ 207,647 ​ ​
​ ​ ​ 200,000 ​ ​ ​
CNPC HK Overseas Capital Ltd., Company Guaranteed Notes, 4.500% due
4/28/21
​ ​ ​ ​ 206,804 ​ ​
​ ​ ​ 160,000 ​ ​ ​
Delek & Avner Tamar Bond Ltd., Senior Secured Notes, 4.435% due
12/30/20(a)
​ ​ ​ ​ 162,299 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Indian Oil Corp., Ltd, Senior Unsecured Notes, 5.625% due 8/2/21
​ ​ ​ ​ 210,854 ​ ​
​ ​ ​ 110,000 ​ ​ ​
Occidental Petroleum Corp., Senior Unsecured Notes, 2.700% due 8/15/22
​ ​ ​ ​ 111,083 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 5/7/21
​ ​ ​ ​ 407,504 ​ ​
​ ​ ​ 400,000 ​ ​ ​
ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 2.875% due
1/27/22
​ ​ ​ ​ 400,077 ​ ​
See Notes to Financial Statements.
129
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Energy – (continued) ​
​ ​ ​ ​ ​ ​ ​ Pertamina Persero PT, Senior Unsecured Notes: ​ ​
​ ​ $ 200,000 ​ ​ ​
5.250% due 5/23/21
​ ​ ​ $ 209,096 ​ ​
​ ​ ​ 200,000 ​ ​ ​
4.875% due 5/3/22
​ ​ ​ ​ 211,333 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Petrobras Global Finance BV, Company Guaranteed Notes, 5.375% due
1/27/21
​ ​ ​ ​ 154,875 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Petronas Global Sukuk Ltd., Senior Unsecured Notes, 2.707% due 3/18/20
​ ​ ​ ​ 400,744 ​ ​
​ ​ ​ 200,000 ​ ​ ​
PTTEP Treasury Center Co., Ltd., Company Guaranteed Notes, 4.600% (5-Year
CMT Index + 2.724%)(b)(c)
​ ​ ​ ​ 204,032 ​ ​
​ ​ ​ ​ ​ ​ ​ Reliance Holding USA Inc., Company Guaranteed Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
4.500% due 10/19/20
​ ​ ​ ​ 255,264 ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.400% due 2/14/22
​ ​ ​ ​ 267,065 ​ ​
​ ​ ​ 140,000 ​ ​ ​
Schlumberger Holdings Corp., Senior Unsecured Notes, 3.750% due 5/1/24(a)
​ ​ ​ ​ 148,044 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Sinopec Group Overseas Development 2015 Ltd., Company Guaranteed Notes,
2.500% due 4/28/20
​ ​ ​ ​ 400,386 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Energy
​ ​ ​ ​ 4,575,673 ​ ​
​ Financial – 2.9% ​
​ ​ ​ 95,000 ​ ​ ​
Air Lease Corp., Senior Unsecured Notes, 2.500% due 3/1/21
​ ​ ​ ​ 95,405 ​ ​
​ ​ ​ 190,000 ​ ​ ​
American Express Co., Senior Unsecured Notes, 3.700% due 11/5/21
​ ​ ​ ​ 196,610 ​ ​
​ ​ ​ 185,000 ​ ​ ​
Avolon Holdings Funding Ltd., Company Guaranteed Notes, 3.625% due
5/1/22(a)
​ ​ ​ ​ 187,645 ​ ​
​ ​ ​ 100,000 ​ ​ ​
B3 SA – Brasil Bolsa Balcao, Senior Unsecured Notes, 5.500% due 7/16/20
​ ​ ​ ​ 102,251 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Banco BBVA Peru SA, Senior Unsecured Notes, 5.000% due 8/26/22
​ ​ ​ ​ 318,378 ​ ​
​ ​ ​ 350,000 ​ ​ ​
Banco Bradesco SA, Subordinated Notes, 5.900% due 1/16/21
​ ​ ​ ​ 361,935 ​ ​
​ ​ ​ ​ ​ ​ ​ Banco de Credito del Peru, Senior Unsecured Notes: ​ ​
​ ​ ​ 250,000 ​ ​ ​
5.375% due 9/16/20(a)
​ ​ ​ ​ 257,625 ​ ​
​ ​ ​ 200,000 ​ ​ ​
5.375% due 9/16/20
​ ​ ​ ​ 206,100 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000%
due 2/1/23
​ ​ ​ ​ 156,600 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Banco do Brasil SA, Junior Subordinated Notes, 8.500% (5-Year CMT Index +
7.782%)(b)(c)
​ ​ ​ ​ 210,752 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Banco Internacional del Peru SAA, Senior Unsecured Notes, 5.750% due
10/7/20
​ ​ ​ ​ 206,752 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Banco Mercantil del Norte SA, Junior Subordinated Notes, 6.875% (5-Year CMT
Index + 5.035%)(b)(c)
​ ​ ​ ​ 198,002 ​ ​
​ ​ ​ ​ ​ ​ ​ Bancolombia SA: ​ ​
​ ​ ​ 250,000 ​ ​ ​
Senior Unsecured Notes, 5.950% due 6/3/21
​ ​ ​ ​ 263,903 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Subordinated Notes, 6.125% due 7/26/20
​ ​ ​ ​ 102,776 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Bangkok Bank PCL, Senior Unsecured Notes, 4.800% due 10/18/20
​ ​ ​ ​ 205,604 ​ ​
See Notes to Financial Statements.
130
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 200,000 ​ ​ ​
Bank of America Corp., Senior Unsecured Notes, 3.269% (3-Month
USD-LIBOR + 0.790%) due 3/5/24(b)
​ ​ ​ $ 200,021 ​ ​
​ ​ ​ 190,000 ​ ​ ​
Bank of Montreal, Senior Unsecured Notes, 2.900% due 3/26/22
​ ​ ​ ​ 194,025 ​ ​
​ ​ ​ 350,000 ​ ​ ​
BBVA Bancomer SA, Subordinated Notes, 6.500% due 3/10/21
​ ​ ​ ​ 366,191 ​ ​
​ ​ ​ 295,000 ​ ​ ​
Capital One Financial Corp., Senior Unsecured Notes, 2.400% due 10/30/20
​ ​ ​ ​ 295,835 ​ ​
​ ​ ​ 290,000 ​ ​ ​
Citigroup Inc., Senior Unsecured Notes, 3.161% (3-Month USD-LIBOR +
1.023%) due 6/1/24(b)
​ ​ ​ ​ 291,864 ​ ​
​ ​ ​ 400,000 ​ ​ ​
DBS Group Holdings Ltd., Junior Subordinated Notes, 3.600% (5-Year USD
Swap Rate + 2.390%)(b)(c)
​ ​ ​ ​ 400,500 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Global Bank Corp., Senior Unsecured Notes, 4.500% due 10/20/21
​ ​ ​ ​ 205,800 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Grupo de Inversiones Suramericana SA, Senior Unsecured Notes, 5.700% due
5/18/21
​ ​ ​ ​ 209,252 ​ ​
​ ​ ​ 2,818,000 ​ ​ ​
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed
Notes, 5.875% due 2/1/22
​ ​ ​ ​ 2,863,792 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Industrial Senior Trust, Company Guaranteed Notes, 5.500% due 11/1/22
​ ​ ​ ​ 103,700 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Itau Unibanco Holding SA/Cayman Island, Subordinated Notes, 5.750% due
1/22/21
​ ​ ​ ​ 412,200 ​ ​
​ ​ ​ 185,000 ​ ​ ​
JPMorgan Chase & Co., Senior Unsecured Notes, 3.207% (3-Month
USD-LIBOR + 0.695%) due 4/1/23(b)
​ ​ ​ ​ 190,196 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate +
2.542%) due 10/29/26(b)
​ ​ ​ ​ 204,346 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Marsh & McLennan Cos., Inc., Senior Unsecured Notes, 3.519% (3-Month
USD-LIBOR + 1.200%) due 12/29/21(b)
​ ​ ​ ​ 150,288 ​ ​
​ ​ ​ 155,000 ​ ​ ​
Mitsubishi UFJ Financial Group Inc., Senior Unsecured Notes, 3.218% due
3/7/22
​ ​ ​ ​ 159,020 ​ ​
​ ​ ​ 290,000 ​ ​ ​
Morgan Stanley, Senior Unsecured Notes, 3.208% (3-Month USD-LIBOR +
0.930%) due 7/22/22(b)
​ ​ ​ ​ 292,006 ​ ​
​ ​ ​ 206,179 ​ ​ ​
Peru Enhanced Pass-Through Finance Ltd., Pass-Thru Certificates, zero coupon,
due 6/2/25
​ ​ ​ ​ 187,880 ​ ​
​ ​ ​ ​ ​ ​ ​ Prudential Financial Inc., Senior Unsecured Notes: ​ ​
​ ​ ​ 180,000 ​ ​ ​
4.500% due 11/15/20
​ ​ ​ ​ 185,561 ​ ​
​ ​ ​ 100,000 ​ ​ ​
3.500% due 5/15/24
​ ​ ​ ​ 106,735 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Sinochem Overseas Capital Co., Ltd., Company Guaranteed Notes, 4.500% due
11/12/20
​ ​ ​ ​ 307,172 ​ ​
​ ​ ​ 341,665 ​ ​ ​
SPARC EM SPC Panama Metro Line 2 SP, Senior Secured Notes, zero coupon,
due 12/5/22
​ ​ ​ ​ 326,393 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes, 2.058% due
7/14/21
​ ​ ​ ​ 299,647 ​ ​
​ ​ ​ 195,000 ​ ​ ​
Toronto-Dominion Bank, Senior Unsecured Notes, 3.250% due 6/11/21
​ ​ ​ ​ 199,480 ​ ​
See Notes to Financial Statements.
131
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Financial – (continued) ​
​ ​ $ 200,000 ​ ​ ​
Unifin Financiera SAB de CV SOFOM ENR, Company Guaranteed Notes,
7.250% due 9/27/23
​ ​ ​ $ 203,752 ​ ​
​ ​ ​ 200,000 ​ ​ ​
United Overseas Bank Ltd., Subordinated Notes, 3.500% (5-Year USD Swap
Rate + 2.236%) due 9/16/26(b)
​ ​ ​ ​ 202,648 ​ ​
​ ​ ​ 195,000 ​ ​ ​
Welltower Inc., Senior Unsecured Notes, 3.625% due 3/15/24
​ ​ ​ ​ 205,430 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Financial
​ ​ ​ ​ 11,834,072 ​ ​
​ Industrial – 7.4% ​
​ ​ ​ 5,951,000 ​ ​ ​
Arconic Inc., Company Guaranteed Notes, 1.625% due 10/15/19
​ ​ ​ ​ 5,936,609 ​ ​
​ ​ ​ 7,526,000 ​ ​ ​
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Secured
Notes, 4.625% due 5/15/23(a)
​ ​ ​ ​ 7,702,560 ​ ​
​ ​ ​ 1,250,000 ​ ​ ​
Borealis Finance LLC, Senior Secured Notes, 7.500% due 11/16/22(a)
​ ​ ​ ​ 1,175,000 ​ ​
​ ​ ​ 2,006,000 ​ ​ ​
Briggs & Stratton Corp., Company Guaranteed Notes, 6.875% due 12/15/20
​ ​ ​ ​ 2,011,015 ​ ​
​ ​ ​ 1,675,000 ​ ​ ​
Dynagas LNG Partners LP/Dynagas Finance Inc., Senior Unsecured Notes,
6.250% due 10/30/19
​ ​ ​ ​ 1,541,000 ​ ​
​ ​ ​ 110,000 ​ ​ ​
FedEx Corp., Company Guaranteed Notes, 3.400% due 1/14/22
​ ​ ​ ​ 113,485 ​ ​
​ ​ ​ 145,000 ​ ​ ​
General Electric Co., Senior Unsecured Notes, 2.700% due 10/9/22
​ ​ ​ ​ 144,056 ​ ​
​ ​ ​ 600,000 ​ ​ ​
Golar LNG Partners LP, Senior Unsecured Notes, 6.550% (3-Month
USD-LIBOR + 4.400%) due 5/22/20(b)
​ ​ ​ ​ 600,000 ​ ​
​ ​ ​ 1,300,000 ​ ​ ​
MPC Container Ships Invest BV, Senior Secured Notes, 7.093% (3-Month
USD-LIBOR + 4.750%) due 9/22/22(b)
​ ​ ​ ​ 1,300,021 ​ ​
​ ​ ​ 190,000 ​ ​ ​
Northrop Grumman Corp., Senior Unsecured Notes, 2.080% due 10/15/20
​ ​ ​ ​ 190,075 ​ ​
​ ​ ​ 90,000 ​ ​ ​
Republic Services Inc., Senior Unsecured Notes, 2.500% due 8/15/24
​ ​ ​ ​ 91,637 ​ ​
​ ​ ​ 2,425,677 ​ ​ ​
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer
Lu, Senior Secured Notes, 5.750% due 10/15/20
​ ​ ​ ​ 2,431,741 ​ ​
​ ​ ​ 1,178,000 ​ ​ ​
Ship Finance International Ltd., Senior Unsecured Notes, 5.750% due 10/15/21
​ ​ ​ ​ 1,223,241 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Stolt-Nielsen Ltd., Senior Unsecured Notes, 6.375% due 9/21/22
​ ​ ​ ​ 297,000 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Tecnoglass Inc., Company Guaranteed Notes, 8.200% due 1/31/22
​ ​ ​ ​ 215,250 ​ ​
​ ​ ​ 185,000 ​ ​ ​
Union Pacific Corp., Senior Unsecured Notes, 3.200% due 6/8/21
​ ​ ​ ​ 188,580 ​ ​
​ ​ ​ 190,000 ​ ​ ​
Waste Management Inc., Company Guaranteed Notes, 2.950% due 6/15/24
​ ​ ​ ​ 197,627 ​ ​
​ ​ ​ 3,405,000 ​ ​ ​
Welbilt Inc., Company Guaranteed Notes, 9.500% due 2/15/24
​ ​ ​ ​ 3,656,119 ​ ​
​ ​ ​ 634,000 ​ ​ ​
WESCO Distribution Inc., Company Guaranteed Notes, 5.375% due 12/15/21
​ ​ ​ ​ 638,755 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Industrial
​ ​ ​ ​ 29,653,771 ​ ​
​ Technology – 1.3% ​
​ ​ ​ 190,000 ​ ​ ​
Analog Devices Inc., Senior Unsecured Notes, 2.950% due 1/12/21
​ ​ ​ ​ 191,847 ​ ​
​ ​ ​ 919,000 ​ ​ ​
CDK Global Inc., Senior Unsecured Notes, 3.800% due 10/15/19
​ ​ ​ ​ 919,000 ​ ​
See Notes to Financial Statements.
132
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Technology – (continued) ​
​ ​ $ 3,803,000 ​ ​ ​
Dell International LLC/EMC Corp., Company Guaranteed Notes, 5.875% due
6/15/21(a)
​ ​ ​ $ 3,865,856 ​ ​
​ ​ ​ 190,000 ​ ​ ​
Microchip Technology Inc., Senior Secured Notes, 3.922% due 6/1/21
​ ​ ​ ​ 194,061 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Technology
​ ​ ​ ​ 5,170,764 ​ ​
​ Utilities – 1.3% ​
​ ​ ​ 200,000 ​ ​ ​
AES Gener SA, Junior Subordinated Notes, 7.125% (5-Year USD Swap Rate +
4.644%) due 3/26/79(a)(b)
​ ​ ​ ​ 211,800 ​ ​
​ ​ ​ 195,000 ​ ​ ​
Consolidated Edison Inc., Senior Unsecured Notes, 2.000% due 5/15/21
​ ​ ​ ​ 194,926 ​ ​
​ ​ ​ 95,000 ​ ​ ​
DTE Energy Co., Senior Unsecured Notes, 2.529% due 10/1/24
​ ​ ​ ​ 95,809 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Israel Electric Corp., Ltd, Senior Secured Notes, 6.875% due 6/21/23
​ ​ ​ ​ 229,482 ​ ​
​ ​ ​ 190,000 ​ ​ ​
NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 2.900% due
4/1/22
​ ​ ​ ​ 194,073 ​ ​
​ ​ ​ ​ ​ ​ ​ Pacific Gas & Electric Co., Senior Unsecured Notes: ​ ​
​ ​ ​ 1,550,000 ​ ​ ​
3.500% due 10/1/20(f)
​ ​ ​ ​ 1,503,500 ​ ​
​ ​ ​ 1,738,000 ​ ​ ​
4.250% due 5/15/21(f)
​ ​ ​ ​ 1,690,205 ​ ​
​ ​ ​ 655,000 ​ ​ ​
3.250% due 9/15/21(f)
​ ​ ​ ​ 632,075 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Pampa Energia SA, Senior Unsecured Notes, 7.375% due 7/21/23
​ ​ ​ ​ 34,001 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Perusahaan Listrik Negara PT, Senior Unsecured Notes, 5.500% due 11/22/21
​ ​ ​ ​ 212,500 ​ ​
​ ​ ​ 180,000 ​ ​ ​
PSEG Power LLC, Company Guaranteed Notes, 3.850% due 6/1/23
​ ​ ​ ​ 190,163 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Utilities
​ ​ ​ ​ 5,188,534 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CORPORATE BONDS & NOTES
(Cost – $185,028,360)
​ ​ ​
​
184,531,143
 ​ ​
​ SENIOR LOANS(b) – 11.2% ​
​ ​ ​ 3,280,000 ​ ​ ​
Advanced Disposal Services Inc., 4.385% (1-Week USD-LIBOR + 2.250%)
due 11/10/23
​ ​ ​ ​ 3,282,067 ​ ​
​ ​ ​ 1,954,880 ​ ​ ​
Crestwood Holdings LLC, 9.710% (1-Month USD-LIBOR + 7.500%) due
3/6/23
​ ​ ​ ​ 1,866,910 ​ ​
​ ​ ​ 2,829,000 ​ ​ ​
Fieldwood Energy LLC, 7.506% (3-Month USD-LIBOR + 5.250%) due
4/11/22
​ ​ ​ ​ 2,478,911 ​ ​
​ ​ ​ 3,780,690 ​ ​ ​
Infor (US) Inc., 5.080% (3-Month USD-LIBOR + 2.750%) due 2/1/22
​ ​ ​ ​ 3,776,758 ​ ​
​ ​ ​ 1,606,774 ​ ​ ​
Internap Corp., 9.190% (1-Month USD-LIBOR + 7.000%) due 4/6/22
​ ​ ​ ​ 1,132,776 ​ ​
​ ​ ​ 3,278,636 ​ ​ ​
Kinetic Concepts Inc., 5.580% (3-Month USD-LIBOR + 3.250%) due 2/2/24
​ ​ ​ ​ 3,280,276 ​ ​
​ ​ ​ 3,678,160 ​ ​ ​
LSC Communications Inc., 7.627% (1-Week USD-LIBOR + 5.500%) due
9/30/22
​ ​ ​ ​ 3,094,252 ​ ​
​ ​ ​ 700,817 ​ ​ ​
Monitronics International Inc., 8.612% (1-Month USD-LIBOR + 6.500%) due
3/29/24
​ ​ ​ ​ 657,016 ​ ​
​ ​ ​ 2,543,000 ​ ​ ​
Shutterfly Inc., due 8/17/24(g)
​ ​ ​ ​ 2,540,355 ​ ​
​ ​ ​ 777,648 ​ ​ ​
Town Sports International LLC, 5.612% (1-Month USD-LIBOR + 3.500%) due
11/15/20
​ ​ ​ ​ 707,660 ​ ​
See Notes to Financial Statements.
133
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(b) – (continued) ​
​ ​ $ 4,210,000 ​ ​ ​
Tribune Media Co., 5.112% (1-Month USD-LIBOR + 3.000%) due 1/26/24
​ ​ ​ $ 4,201,917 ​ ​
​ ​ ​ ​ ​ ​ ​ Windstream Services LLC: ​ ​
​ ​ ​ 6,487,250 ​ ​ ​
4.620% (1-Month USD-LIBOR + 2.500%) due 2/26/21
​ ​ ​ ​ 6,503,468 ​ ​
​ ​ ​ 5,552,000 ​ ​ ​
10.250% (Prime Lending Rate + 5.000%) due 3/29/21
​ ​ ​ ​ 5,630,838 ​ ​
​ ​ ​ 5,938,811 ​ ​ ​
Zayo Group LLC, 4.112% (1-Month USD-LIBOR + 2.000%) due 1/19/21
​ ​ ​ ​ 5,938,811 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SENIOR LOANS
(Cost – $46,460,641)
​ ​ ​ ​ 45,092,015 ​ ​
​ ASSET-BACKED SECURITIES – 10.7% ​
​ ​ ​ 340,283 ​ ​ ​
AccessLex Institute, Series 2004-2, Class A3, 2.466% (3-Month USD-LIBOR +
0.190%) due 10/25/24(b)
​ ​ ​ ​ 334,280 ​ ​
​ ​ ​ 500,000 ​ ​ ​
AIMCO CLO, Series 2015-AA, Class AR, 3.153% (3-Month USD-LIBOR +
0.850%) due 1/15/28(a)(b)
​ ​ ​ ​ 497,373 ​ ​
​ ​ ​ 1,368,350 ​ ​ ​
Ajax Mortgage Loan Trust, Series 2019-C, Class A, 3.950% due 10/25/58(a)(b)
​ ​ ​ ​ 1,402,196 ​ ​
​ ​ ​ 104,202 ​ ​ ​
Apidos CLO XVI, Series 2013-16A, Class A1R, 3.283% (3-Month USD-LIBOR
+ 0.980%) due 1/19/25(a)(b)
​ ​ ​ ​ 104,254 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Assurant CLO IV Ltd., Series 2019-1A, Class A, 3.628% (3-Month USD-LIBOR
+ 1.350%) due 4/20/30(a)(b)
​ ​ ​ ​ 1,000,107 ​ ​
​ ​ ​ 1,090,000 ​ ​ ​
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR, 2.954% (3-Month
USD-LIBOR + 0.830%) due 11/17/27(a)(b)
​ ​ ​ ​ 1,086,830 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Avery Point VII CLO Ltd., Series 2015-7A, Class AR, 3.443% (3-Month
USD-LIBOR + 1.140%) due 1/15/28(a)(b)
​ ​ ​ ​ 499,981 ​ ​
​ ​ ​ 201,698 ​ ​ ​
Bayview Opportunity Master Fund IVa Trust, Series 2018-RN6, Class A1, step
bond to yield, 4.090% due 7/25/33(a)
​ ​ ​ ​ 201,668 ​ ​
​ ​ ​ 918,278 ​ ​ ​
Bayview Opportunity Master Fund IVa Trust 2019-SBR1, Series 2019-SBR1,
Class A1, step bond to yield, 3.475% due 6/28/34(a)
​ ​ ​ ​ 917,941 ​ ​
​ ​ ​ 352,000 ​ ​ ​
BSPRT Issuer Ltd., Series 2019-FL5, Class A, 3.475% (1-Month USD-LIBOR +
1.150%) due 5/15/29(a)(b)
​ ​ ​ ​ 352,197 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Catamaran CLO Ltd., Series 2018-1A, Class A1, 3.526% (3-Month USD-LIBOR
+ 1.250%) due 10/25/31(a)(b)
​ ​ ​ ​ 498,664 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Cathedral Lake V Ltd., Series 2018-5A, Class A1, 3.478% (3-Month
USD-LIBOR + 1.200%) due 10/21/30(a)(b)
​ ​ ​ ​ 994,579 ​ ​
​ ​ ​ 445,011 ​ ​ ​
Credit Suisse Commercial Mortgage Capital Trust, Series 2018-RPL8, Class A1,
4.125% due 7/25/58(a)(b)
​ ​ ​ ​ 449,557 ​ ​
​ ​ ​ 378,529 ​ ​ ​
DRB Prime Student Loan Trust, Series 2016-R, Class A1, 4.166% (1-Month
USD-LIBOR + 1.900%) due 10/25/44(a)(b)
​ ​ ​ ​ 381,427 ​ ​
​ ​ ​ 217,669 ​ ​ ​
Earnest Student Loan Program LLC, Series 2017-A, Class A2, 2.650% due
1/25/41(a)
​ ​ ​ ​ 219,052 ​ ​
​ ​ ​ 386,094 ​ ​ ​
FREED ABS Trust, Series 2019-1, Class A, 3.420% due 6/18/26(a)
​ ​ ​ ​ 387,533 ​ ​
​ ​ ​ ​ ​ ​ ​ GLS Auto Receivables Issuer Trust: ​ ​
​ ​ ​ 361,751 ​ ​ ​
Series 2019-1A, Class A, 3.370% due 1/17/23(a)
​ ​ ​ ​ 364,761 ​ ​
​ ​ ​ 437,298 ​ ​ ​
Series 2019-2A, Class A, 3.060% due 4/17/23(a)
​ ​ ​ ​ 440,118 ​ ​
See Notes to Financial Statements.
134
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ ASSET-BACKED SECURITIES – (continued) ​
​ ​ $ 384,381 ​ ​ ​
GLS Auto Receivables Trust, Series 2018-3A, Class A, 3.350% due 8/15/22(a)
​ ​ ​ $ 386,274 ​ ​
​ ​ ​ 345,000 ​ ​ ​
GPMT Ltd., Series 2019-FL2, Class A, 3.495% (1-Month USD-LIBOR +
1.300%) due 2/22/36(a)(b)
​ ​ ​ ​ 345,966 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Greywolf CLO V Ltd., Series 2015-1A, Class A1R, 3.436% (3-Month
USD-LIBOR + 1.160%) due 1/27/31(a)(b)
​ ​ ​ ​ 992,851 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Greywolf CLO VII Ltd., Series 2018-2A, Class A1, 3.458% (3-Month
USD-LIBOR + 1.180%) due 10/20/31(a)(b)
​ ​ ​ ​ 993,787 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Hayfin Kingsland VIII Ltd., Series 2018-8A, Class A, 3.398% (3-Month
USD-LIBOR + 1.120%) due 4/20/31(a)(b)
​ ​ ​ ​ 495,705 ​ ​
​ ​ ​ 228,000 ​ ​ ​
Hunt CRE Ltd., Series 2018-FL2, Class A, 3.275% (1-Month USD-LIBOR +
1.080%) due 8/15/28(a)(b)
​ ​ ​ ​ 228,000 ​ ​
​ ​ ​ ​ ​ ​ ​ Invitation Homes Trust: ​ ​
​ ​ ​ 188,732 ​ ​ ​
Series 2017-SFR2, Class A, 3.032% (1-Month USD-LIBOR + 0.850%) due
12/17/36(a)(b)
​ ​ ​ ​ 188,554 ​ ​
​ ​ ​ 190,849 ​ ​ ​
Series 2018-SFR1, Class A, 2.882% (1-Month USD-LIBOR + 0.700%) due
3/17/37(a)(b)
​ ​ ​ ​ 188,444 ​ ​
​ ​ ​ 364,305 ​ ​ ​
Jamestown CLO IV Ltd., Series 2014-4A, Class A1AR, 2.993% (3-Month
USD-LIBOR + 0.690%) due 7/15/26(a)(b)
​ ​ ​ ​ 363,137 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Kabbage Funding LLC, Series 2019-1, Class A, 3.825% due 3/15/24(a)
​ ​ ​ ​ 506,528 ​ ​
​ ​ ​ 321,000 ​ ​ ​
KREF Ltd., Series 2018-FL1, Class A, 3.297% (1-Month USD-LIBOR +
1.100%) due 6/15/36(a)(b)
​ ​ ​ ​ 321,515 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Laurel Road Prime Student Loan Trust 2019-A, Series 2019-A, Class A1FX,
2.340% due 10/25/48(a)
​ ​ ​ ​ 501,255 ​ ​
​ ​ ​ 666,363 ​ ​ ​
Legacy Mortgage Asset Trust, Series 2018-SL1, Class A, 4.000% due
2/25/58(a)(b)
​ ​ ​ ​ 666,662 ​ ​
​ ​ ​ 962,978 ​ ​ ​
Marathon CLO VII Ltd., Series 2014-7A, Class A1R, 3.576% (3-Month
USD-LIBOR + 1.320%) due 10/28/25(a)(b)
​ ​ ​ ​ 963,279 ​ ​
​ ​ ​ ​ ​ ​ ​ Marlette Funding Trust: ​ ​
​ ​ ​ 191,251 ​ ​ ​
Series 2018-3A, Class A, 3.200% due 9/15/28(a)
​ ​ ​ ​ 191,666 ​ ​
​ ​ ​ 465,430 ​ ​ ​
Series 2018-4A, Class A, 3.710% due 12/15/28(a)
​ ​ ​ ​ 470,271 ​ ​
​ ​ ​ 429,709 ​ ​ ​
Series 2019-2A, Class A, 3.130% due 7/16/29(a)
​ ​ ​ ​ 432,879 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
MP CLO VII LTD, Series 2015-1A, Class ARR, 3.380% (3-Month
USD-LIBOR + 1.080%) due 10/18/28(a)(b)
​ ​ ​ ​ 995,105 ​ ​
​ ​ ​ 341,000 ​ ​ ​
NLY Commercial Mortgage Trust, Series 2019-FL2, Class AS, 3.795% (1-Month
USD-LIBOR + 1.600%) due 2/15/36(a)(b)
​ ​ ​ ​ 342,301 ​ ​
​ ​ ​ 278,436 ​ ​ ​
NRZ Excess Spread-Collateralized Notes, Series 2018-PLS1, Class A, 3.193%
due 1/25/23(a)
​ ​ ​ ​ 280,045 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Ocean Trails CLO V, Series 2014-5A, Class ARR, 3.583% (3-Month
USD-LIBOR + 1.280%) due 10/13/31(a)(b)
​ ​ ​ ​ 999,660 ​ ​
​ ​ ​ 250,000 ​ ​ ​
OCP CLO Ltd., Series 2014-5A, Class A1R, 3.347% (3-Month USD-LIBOR +
1.080%) due 4/26/31(a)(b)
​ ​ ​ ​ 247,751 ​ ​
See Notes to Financial Statements.
135
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ ASSET-BACKED SECURITIES – (continued) ​
​ ​ $ 3,000,000 ​ ​ ​
Park Avenue Institutional Advisers CLO Ltd., Series 2018-1A, Class A1A,
3.558% (3-Month USD-LIBOR + 1.280%) due 10/20/31(a)(b)
​ ​ ​ $ 2,992,588 ​ ​
​ ​ ​ ​ ​ ​ ​ Prosper Marketplace Issuance Trust: ​ ​
​ ​ ​ 4,178 ​ ​ ​
Series 2018-1A, Class A, 3.110% due 6/17/24(a)
​ ​ ​ ​ 4,178 ​ ​
​ ​ ​ 474,118 ​ ​ ​
Series 2019-1A, Class A, 3.540% due 4/15/25(a)(d)
​ ​ ​ ​ 476,165 ​ ​
​ ​ ​ 400,472 ​ ​ ​
Series 2019-2A, Class A, 3.200% due 9/15/25(a)
​ ​ ​ ​ 402,000 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Race Point IX CLO Ltd., Series 2015-9A, Class A1AR, 3.513% (3-Month
USD-LIBOR + 1.210%) due 10/15/30(a)(b)
​ ​ ​ ​ 999,368 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Regatta Funding LP, Series 2013-2A, Class A1R2, 3.553% (3-Month
USD-LIBOR + 1.250%) due 1/15/29(a)(b)
​ ​ ​ ​ 1,001,426 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Rockford Tower CLO Ltd., Series 2018-1A, Class A, 3.236% (3-Month
USD-LIBOR + 1.100%) due 5/20/31(a)(b)
​ ​ ​ ​ 496,114 ​ ​
​ ​ ​ ​ ​ ​ ​ Sofi Consumer Loan Program LLC: ​ ​
​ ​ ​ 598,817 ​ ​ ​
Series 2016-5, Class A, 3.060% due 9/25/28(a)
​ ​ ​ ​ 601,547 ​ ​
​ ​ ​ 294,887 ​ ​ ​
Series 2017-3, Class A, 2.770% due 5/25/26(a)
​ ​ ​ ​ 295,958 ​ ​
​ ​ ​ ​ ​ ​ ​ Sofi Consumer Loan Program Trust: ​ ​
​ ​ ​ 48,368 ​ ​ ​
Series 2018-2, Class A1, 2.930% due 4/26/27(a)
​ ​ ​ ​ 48,413 ​ ​
​ ​ ​ 168,629 ​ ​ ​
Series 2018-3, Class A1, 3.200% due 8/25/27(a)
​ ​ ​ ​ 169,081 ​ ​
​ ​ ​ 360,002 ​ ​ ​
Series 2019-1, Class A, 3.240% due 2/25/28(a)
​ ​ ​ ​ 364,336 ​ ​
​ ​ ​ ​ ​ ​ ​ Sofi Professional Loan Program LLC: ​ ​
​ ​ ​ 465,494 ​ ​ ​
Series 2015-C, Class A2, 2.510% due 8/25/33(a)
​ ​ ​ ​ 469,810 ​ ​
​ ​ ​ 51,256 ​ ​ ​
Series 2017-C, Class A2A, 1.750% due 7/25/40(a)
​ ​ ​ ​ 51,173 ​ ​
​ ​ ​ 399,453 ​ ​ ​
Series 2019-A, Class A1FX, 3.180% due 6/15/48(a)
​ ​ ​ ​ 404,169 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Sound Point CLO VI-R Ltd., Series 2014-2RA, Class A, 3.528% (3-Month
USD-LIBOR + 1.250%) due 10/20/31(a)(b)
​ ​ ​ ​ 997,547 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Sound Point CLO XVIII Ltd., Series 2017-4A, Class A1, 3.398% (3-Month
USD-LIBOR + 1.120%) due 1/21/31(a)(b)
​ ​ ​ ​ 495,850 ​ ​
​ ​ ​ ​ ​ ​ ​ Steele Creek CLO Ltd.: ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Series 2015-1A, Class AR, 3.412% (3-Month USD-LIBOR + 1.260%) due
5/21/29(a)(b)
​ ​ ​ ​ 997,458 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Series 2018-2A, Class A, 3.324% (3-Month USD-LIBOR + 1.200%) due
8/18/31(a)(b)
​ ​ ​ ​ 995,454 ​ ​
​ ​ ​ 504,167 ​ ​ ​
TAL Advantage V LLC, Series 2014-2A, Class A2, 3.330% due 5/20/39(a)
​ ​ ​ ​ 505,618 ​ ​
​ ​ ​ 407,242 ​ ​ ​
Tesla Auto Lease Trust, Series 2018-B, Class A, 3.710% due 8/20/21(a)
​ ​ ​ ​ 414,481 ​ ​
​ ​ ​ 250,000 ​ ​ ​
THL Credit Wind River 2012-1 CLO Ltd., Series 2012-1A, Class AR2, 3.183%
(3-Month USD-LIBOR + 0.880%) due 1/15/26(a)(b)
​ ​ ​ ​ 249,857 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Trimaran Cavu 2019-1 Ltd., Series 2019-1A, Class A1, 3.927% (3-Month
USD-LIBOR + 1.460%) due 7/20/32(a)(b)
​ ​ ​ ​ 999,339 ​ ​
​ ​ ​ 408,270 ​ ​ ​
Triton Container Finance IV LLC, Series 2017-2A, Class A, 3.620% due
8/20/42(a)
​ ​ ​ ​ 415,442 ​ ​
See Notes to Financial Statements.
136
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ ASSET-BACKED SECURITIES – (continued) ​
​ ​ $ 442,758 ​ ​ ​
Upgrade Receivables Trust, Series 2018-1A, Class A, 3.760% due 11/15/24(a)
​ ​ ​ $ 444,327 ​ ​
​ ​ ​ 568,165 ​ ​ ​
VOLT LXIV LLC, Series 2017-NP11, Class A1, step bond to yield, 3.375% due
10/25/47(a)
​ ​ ​ ​ 568,656 ​ ​
​ ​ ​ 561,036 ​ ​ ​
VOLT LXX LLC, Series 2018-NPL6, Class A1A, step bond to yield, 4.115% due
9/25/48(a)
​ ​ ​ ​ 563,185 ​ ​
​ ​ ​ 954,061 ​ ​ ​
VOLT LXXI LLC, Series 2018-NPL7, Class A1A, step bond to yield, 3.967%
due 9/25/48(a)
​ ​ ​ ​ 959,935 ​ ​
​ ​ ​ 1,604,162 ​ ​ ​
VOLT LXXII LLC, Series 2018-NPL8, Class A1A, step bond to yield, 4.213%
due 10/26/48(a)
​ ​ ​ ​ 1,613,397 ​ ​
​ ​ ​ 403,083 ​ ​ ​
VOLT LXXIII LLC, Series 2018-NPL9, Class A1A, step bond to yield, 4.458%
due 10/25/48(a)
​ ​ ​ ​ 405,216 ​ ​
​ ​ ​ 1,397,842 ​ ​ ​
VOLT LXXV LLC, Series 2019-NPL1, Class A1A, step bond to yield, 4.336%
due 1/25/49(a)(d)
​ ​ ​ ​ 1,408,362 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Westlake Automobile Receivables Trust, Series 2018-2A, Class B, 3.200% due
1/16/24(a)
​ ​ ​ ​ 502,734 ​ ​
​ ​ ​ 524,910 ​ ​ ​
Zais CLO 2 Ltd., Series 2014-2A, Class A1AR, 3.476% (3-Month USD-LIBOR +
1.200%) due 7/25/26(a)(b)
​ ​ ​ ​ 524,870 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL ASSET-BACKED SECURITIES
(Cost – $42,941,773)
​ ​ ​
​
43,072,207
 ​ ​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – 8.8% ​
​ ​ ​ 2,618,618 ​ ​ ​
Ajax Mortgage Loan Trust 2018-C, Series 2018-C, Class A, 4.360% due
9/25/65(a)(b)
​ ​ ​ ​ 2,663,745 ​ ​
​ ​ ​ ​ ​ ​ ​ Atrium Hotel Portfolio Trust: ​ ​
​ ​ ​ 118,000 ​ ​ ​
Series 2017-ATRM, Class E, 5.245% (1-Month USD-LIBOR + 3.050%) due
12/15/36(a)(b)
​ ​ ​ ​ 118,441 ​ ​
​ ​ ​ 321,000 ​ ​ ​
Series 2018-ATRM, Class D, 4.495% (1-Month USD-LIBOR + 2.300%) due
6/15/35(a)(b)
​ ​ ​ ​ 321,499 ​ ​
​ ​ ​ 158,023 ​ ​ ​
Bancorp Commercial Mortgage Trust, Series 2018-CRE4, Class A, 3.095%
(1-Month USD-LIBOR + 0.900%) due 9/15/35(a)(b)
​ ​ ​ ​ 157,974 ​ ​
​ ​ ​ ​ ​ ​ ​ BANK: ​ ​
​ ​ ​ 1,553,017 ​ ​ ​
Series 2017-BNK4, Class XA, 1.592% due 5/15/50(b)(h)
​ ​ ​ ​ 123,355 ​ ​
​ ​ ​ 1,879,453 ​ ​ ​
Series 2017-BNK6, Class XA, 1.000% due 7/15/60(b)(h)
​ ​ ​ ​ 96,222 ​ ​
​ ​ ​ 426,000 ​ ​ ​
BBCMS Mortgage Trust, Series 2018-TALL, Class A, 2.917% (1-Month
USD-LIBOR + 0.722%) due 3/15/37(a)(b)
​ ​ ​ ​ 424,664 ​ ​
​ ​ ​ 110,487 ​ ​ ​
Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PW10,
Class AJ, 5.776% due 12/11/40(b)
​ ​ ​ ​ 113,174 ​ ​
​ ​ ​ ​ ​ ​ ​ Bellemeade Re Ltd.: ​ ​
​ ​ ​ 235,807 ​ ​ ​
Series 2018-2A, Class M1A, 3.095% (1-Month USD-LIBOR + 0.950%) due
8/25/28(a)(b)
​ ​ ​ ​ 235,892 ​ ​
​ ​ ​ 1,400,000 ​ ​ ​
Series 2019-2A, Class M1A, 3.145% (1-Month USD-LIBOR + 1.000%) due
4/25/29(a)(b)(d)
​ ​ ​ ​ 1,400,281 ​ ​
See Notes to Financial Statements.
137
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ ​ ​ ​ ​ ​ BHMS: ​ ​
​ ​ $ 75,000 ​ ​ ​
Series 2018-ATLS, Class A, 3.445% (1-Month USD-LIBOR + 1.250%) due
7/15/35(a)(b)
​ ​ ​ $ 74,999 ​ ​
​ ​ ​ 650,000 ​ ​ ​
Series 2018-ATLS, Class C, 4.095% (1-Month USD-LIBOR + 1.900%) due
7/15/35(a)(b)
​ ​ ​ ​ 650,600 ​ ​
​ ​ ​ ​ ​ ​ ​ BHP Trust 2019-BXHP: ​ ​
​ ​ ​ 216,000 ​ ​ ​
Series 2019-BXHP, Class A, 3.235% (1-Month USD-LIBOR + 0.975%) due
8/15/36(a)(b)
​ ​ ​ ​ 214,983 ​ ​
​ ​ ​ 216,000 ​ ​ ​
Series 2019-BXHP, Class C, 3.782% (1-Month USD-LIBOR + 1.522%) due
8/15/36(a)(b)
​ ​ ​ ​ 215,322 ​ ​
​ ​ ​ 21,112 ​ ​ ​
BSPRT Issuer Ltd., Series 2017-FL2, Class B, 3.595% (1-Month USD-LIBOR +
1.400%) due 10/15/34(a)(b)
​ ​ ​ ​ 21,129 ​ ​
​ ​ ​ ​ ​ ​ ​ BX Commercial Mortgage Trust: ​ ​
​ ​ ​ 118,000 ​ ​ ​
Series 2018-BIOA, Class E, 4.146% (1-Month USD-LIBOR + 1.951%) due
3/15/37(a)(b)
​ ​ ​ ​ 118,073 ​ ​
​ ​ ​ 261,504 ​ ​ ​
Series 2018-IND, Class A, 2.945% (1-Month USD-LIBOR + 0.750%) due
11/15/35(a)(b)
​ ​ ​ ​ 261,607 ​ ​
​ ​ ​ ​ ​ ​ ​ BX Trust: ​ ​
​ ​ ​ 227,800 ​ ​ ​
Series 2017-APPL, Class B, 3.345% (1-Month USD-LIBOR + 1.150%) due
7/15/34(a)(b)
​ ​ ​ ​ 227,512 ​ ​
​ ​ ​ 485,452 ​ ​ ​
Series 2018-EXCL, Class A, 3.283% (1-Month USD-LIBOR + 1.088%) due
9/15/37(a)(b)
​ ​ ​ ​ 483,017 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Series 2018-GW, Class F, 4.615% (1-Month USD-LIBOR + 2.420%) due
5/15/35(a)(b)
​ ​ ​ ​ 250,937 ​ ​
​ ​ ​ 118,000 ​ ​ ​
Series 2018-MCSF, Class F, 4.842% (1-Month USD-LIBOR + 2.647%) due
4/15/35(a)(b)
​ ​ ​ ​ 118,590 ​ ​
​ ​ ​ 323,000 ​ ​ ​
Series 2019-MMP, Class B, 3.600% (1-Month USD-LIBOR + 1.300%) due
8/15/36(a)(b)
​ ​ ​ ​ 323,201 ​ ​
​ ​ ​ 117,000 ​ ​ ​
BXMT Ltd., Series 2017-FL1, Class C, 4.147% (1-Month USD-LIBOR +
1.950%) due 6/15/35(a)(b)
​ ​ ​ ​ 117,257 ​ ​
​ ​ ​ 323,000 ​ ​ ​
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class A, 3.265%
(1-Month USD-LIBOR + 1.070%) due 12/15/37(a)(b)
​ ​ ​ ​ 323,501 ​ ​
​ ​ ​ 1,685,248 ​ ​ ​
CD Mortgage Trust, Series 2017-CD4, Class XA, 1.468% due 5/10/50(b)(h)
​ ​ ​ ​ 124,722 ​ ​
​ ​ ​ ​ ​ ​ ​ CFCRE Commercial Mortgage Trust: ​ ​
​ ​ ​ 1,369,624 ​ ​ ​
Series 2017-C8, Class XA, 1.816% due 6/15/50(b)(h)
​ ​ ​ ​ 124,631 ​ ​
​ ​ ​ 287,000 ​ ​ ​
Series 2017-C8, Class XB, 1.120% due 6/15/50(b)(h)
​ ​ ​ ​ 18,956 ​ ​
​ ​ ​ 405,000 ​ ​ ​
Series 2018-TAN, Class B, 4.690% due 2/15/33(a)
​ ​ ​ ​ 433,428 ​ ​
​ ​ ​ 325,000 ​ ​ ​
CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class A, 2.985%
(1-Month USD-LIBOR + 0.790%) due 7/15/32(a)(b)
​ ​ ​ ​ 325,000 ​ ​
​ ​ ​ 118,000 ​ ​ ​
CGGS Commercial Mortgage Trust, Series 2018-WSS, Class D, 4.495%
(1-Month USD-LIBOR + 2.300%) due 2/15/37(a)(b)
​ ​ ​ ​ 117,814 ​ ​
See Notes to Financial Statements.
138
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ ​ ​ ​ ​ ​ CHT Mortgage Trust: ​ ​
​ ​ $ 117,000 ​ ​ ​
Series 2017-CSMO, Class A, 3.125% (1-Month USD-LIBOR + 0.930%) due
11/15/36(a)(b)
​ ​ ​ $ 116,962 ​ ​
​ ​ ​ 77,000 ​ ​ ​
Series 2017-CSMO, Class E, 5.195% (1-Month USD-LIBOR + 3.000%) due
11/15/36(a)(b)
​ ​ ​ ​ 77,072 ​ ​
​ ​ ​ 41,000 ​ ​ ​
Series 2017-CSMO, Class F, 5.936% (1-Month USD-LIBOR + 3.741%) due
11/15/36(a)(b)
​ ​ ​ ​ 41,051 ​ ​
​ ​ ​ 178,000 ​ ​ ​
Citigroup Commercial Mortgage Trust, Series 2018-TBR, Class B, 3.345%
(1-Month USD-LIBOR + 1.150%) due 12/15/36(a)(b)
​ ​ ​ ​ 177,665 ​ ​
​ ​ ​ 955,479 ​ ​ ​
Citigroup Mortgage Loan Trust, Series 2018-C, Class A1, step bond to yield,
4.125% due 3/25/59(a)
​ ​ ​ ​ 963,074 ​ ​
​ ​ ​ ​ ​ ​ ​ CLNS Trust: ​ ​
​ ​ ​ 47,000 ​ ​ ​
Series 2017-IKPR, Class D, 4.251% (1-Month USD-LIBOR + 2.050%) due
6/11/32(a)(b)
​ ​ ​ ​ 46,955 ​ ​
​ ​ ​ 47,000 ​ ​ ​
Series 2017-IKPR, Class E, 5.701% (1-Month USD-LIBOR + 3.500%) due
6/11/32(a)(b)
​ ​ ​ ​ 47,073 ​ ​
​ ​ ​ ​ ​ ​ ​ Commercial Mortgage Trust: ​ ​
​ ​ ​ 21,896,433 ​ ​ ​
Series 2013-CR9, Class XA, 0.163% due 7/10/45(b)(h)
​ ​ ​ ​ 71,006 ​ ​
​ ​ ​ 2,151,602 ​ ​ ​
Series 2013-LC6, Class XA, 1.491% due 1/10/46(b)(h)
​ ​ ​ ​ 80,673 ​ ​
​ ​ ​ 325,000 ​ ​ ​
Series 2014-FL5, Class C, 3.711% (1-Month USD-LIBOR + 2.150%) due
10/15/31(a)(b)
​ ​ ​ ​ 324,969 ​ ​
​ ​ ​ 344,000 ​ ​ ​
Series 2014-FL5, Class D, 3.711% (1-Month USD-LIBOR + 4.000%) due
10/15/31(a)(b)
​ ​ ​ ​ 340,201 ​ ​
​ ​ ​ 321,000 ​ ​ ​
Series 2015-CR23, Class CMD, 3.807% due 5/10/48(a)(b)
​ ​ ​ ​ 321,380 ​ ​
​ ​ ​ 227,000 ​ ​ ​
Series 2018-HCLV, Class A, 3.195% (1-Month USD-LIBOR + 1.000%) due
9/15/33(a)(b)
​ ​ ​ ​ 226,145 ​ ​
​ ​ ​ ​ ​ ​ ​ Credit Suisse Commercial Mortgage Capital Trust: ​ ​
​ ​ ​ 70,000 ​ ​ ​
Series 2017-CHOP, Class D, 4.095% (1-Month USD-LIBOR + 1.900%) due
7/15/32(a)(b)
​ ​ ​ ​ 69,933 ​ ​
​ ​ ​ 650,000 ​ ​ ​
Series 2017-CHOP, Class E, 5.495% (1-Month USD-LIBOR + 3.300%) due
7/15/32(a)(b)
​ ​ ​ ​ 650,602 ​ ​
​ ​ ​ 107,000 ​ ​ ​
Series 2017-LSTK, Class C, 3.229% due 4/5/33(a)
​ ​ ​ ​ 107,340 ​ ​
​ ​ ​ 128,000 ​ ​ ​
Series 2017-LSTK, Class D, 3.442% due 4/5/33(a)(b)
​ ​ ​ ​ 128,227 ​ ​
​ ​ ​ 47,000 ​ ​ ​
Series 2017-LSTK, Class E, 3.442% due 4/5/33(a)(b)
​ ​ ​ ​ 46,732 ​ ​
​ ​ ​ 8,157,000 ​ ​ ​
Series 2017-LSTK, Class XACP, 0.681% due 4/5/33(a)(b)(h)
​ ​ ​ ​ 33,009 ​ ​
​ ​ ​ 2,969,000 ​ ​ ​
Series 2017-LSTK, Class XBCP, 0.316% due 4/5/33(a)(b)(h)
​ ​ ​ ​ 4,853 ​ ​
​ ​ ​ ​ ​ ​ ​ Credit Suisse Commercial Mortgage Securities Corp.: ​ ​
​ ​ ​ 344,000 ​ ​ ​
Series 2019-SKLZ, Class A, 3.445% (1-Month USD-LIBOR + 1.250%) due
1/15/34(a)(b)
​ ​ ​ ​ 344,784 ​ ​
​ ​ ​ 17,050,000 ​ ​ ​
Series 2019-SKLZ, Class XCP, 1.622% due 7/15/34(a)(b)(h)
​ ​ ​ ​ 209,647 ​ ​
See Notes to Financial Statements.
139
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 352,000 ​ ​ ​
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class A, 3.175%
(1-Month USD-LIBOR + 0.980%) due 5/15/36(a)(b)
​ ​ ​ $ 352,221 ​ ​
​ ​ ​ ​ ​ ​ ​ CSAIL Commercial Mortgage Trust: ​ ​
​ ​ ​ 819,369 ​ ​ ​
Series 2017-C8, Class XA, 1.394% due 6/15/50(b)(h)
​ ​ ​ ​ 51,551 ​ ​
​ ​ ​ 4,805,884 ​ ​ ​
Series 2017-CX10, Class XA, 0.861% due 11/15/50(b)(h)
​ ​ ​ ​ 227,323 ​ ​
​ ​ ​ 3,530,510 ​ ​ ​
Series 2018-CX12, Class XA, 0.779% due 8/15/51(b)(h)
​ ​ ​ ​ 158,601 ​ ​
​ ​ ​ 230,000 ​ ​ ​
CSWF, Series 2018-TOP, Class A, 3.195% (1-Month USD-LIBOR + 1.000%)
due 8/15/35(a)(b)
​ ​ ​ ​ 229,853 ​ ​
​ ​ ​ ​ ​ ​ ​ Deephaven Residential Mortgage Trust: ​ ​
​ ​ ​ 136,261 ​ ​ ​
Series 2017-1A, Class A1, 2.725% due 12/26/46(a)(b)
​ ​ ​ ​ 135,918 ​ ​
​ ​ ​ 136,261 ​ ​ ​
Series 2017-1A, Class A2, 2.928% due 12/26/46(a)(b)
​ ​ ​ ​ 135,915 ​ ​
​ ​ ​ 251,504 ​ ​ ​
Series 2018-3A, Class A2, 3.891% due 8/25/58(a)(b)
​ ​ ​ ​ 253,239 ​ ​
​ ​ ​ ​ ​ ​ ​ Federal Home Loan Mortgage Corp. (FHLMC), REMICS: ​ ​
​ ​ ​ 549,614 ​ ​ ​
Series 4703, Class FA, 2.545% (1-Month USD-LIBOR + 0.350%) due
7/15/47(b)
​ ​ ​ ​ 548,616 ​ ​
​ ​ ​ 767,895 ​ ​ ​
Series 4718, Class FA, 2.545% (1-Month USD-LIBOR + 0.350%) due
9/15/47(b)
​ ​ ​ ​ 766,376 ​ ​
​ ​ ​ ​ ​ ​ ​ Federal National Mortgage Association (FNMA), REMICS: ​ ​
​ ​ ​ 322,100 ​ ​ ​
Series 2010-113, Class FA, 2.545% (1-Month USD-LIBOR + 0.400%) due
10/25/40(b)
​ ​ ​ ​ 322,551 ​ ​
​ ​ ​ 447,795 ​ ​ ​
Series 2012-110, Class MF, 2.605% (1-Month USD-LIBOR + 0.460%) due
10/25/42(b)
​ ​ ​ ​ 449,138 ​ ​
​ ​ ​ 714,729 ​ ​ ​
Series 2012-56, Class FK, 2.595% (1-Month USD-LIBOR + 0.450%) due
6/25/42(b)
​ ​ ​ ​ 716,583 ​ ​
​ ​ ​ 79,971 ​ ​ ​
Series 2013-81, Class EF, 2.495% (1-Month USD-LIBOR + 0.350%) due
12/25/42(b)
​ ​ ​ ​ 79,917 ​ ​
​ ​ ​ 574,560 ​ ​ ​
Series 2014-84, Class BF, 2.752% (1-Month USD-LIBOR + 0.350%) due
12/25/44(b)
​ ​ ​ ​ 574,503 ​ ​
​ ​ ​ 426,489 ​ ​ ​
Series 2018-49, Class FB, 2.445% (1-Month USD-LIBOR + 0.300%) due
7/25/48(b)
​ ​ ​ ​ 425,747 ​ ​
​ ​ ​ 202,496 ​ ​ ​
Series 2018-55, Class FA, 2.445% (1-Month USD-LIBOR + 0.300%) due
8/25/48(b)
​ ​ ​ ​ 202,273 ​ ​
​ ​ ​ 447,726 ​ ​ ​
Series 2018-64, Class FA, 2.495% (1-Month USD-LIBOR + 0.350%) due
9/25/48(b)
​ ​ ​ ​ 445,244 ​ ​
​ ​ ​ 418,364 ​ ​ ​
Series 2018-77, Class FA, 2.445% (1-Month USD-LIBOR + 0.300%) due
10/25/48(b)
​ ​ ​ ​ 416,038 ​ ​
​ ​ ​ 69,702 ​ ​ ​
GPMT Ltd., Series 2018-FL1, Class A, 3.069% (1-Month USD-LIBOR +
0.900%) due 11/21/35(a)(b)
​ ​ ​ ​ 69,702 ​ ​
​ ​ ​ ​ ​ ​ ​ GS Mortgage Securities Corp. Trust: ​ ​
​ ​ ​ 77,000 ​ ​ ​
Series 2017-500K, Class E, 3.695% (1-Month USD-LIBOR + 1.500%) due
7/15/32(a)(b)
​ ​ ​ ​ 76,976 ​ ​
See Notes to Financial Statements.
140
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 53,000 ​ ​ ​
Series 2017-500K, Class F, 3.995% (1-Month USD-LIBOR + 1.800%) due
7/15/32(a)(b)
​ ​ ​ $ 53,016 ​ ​
​ ​ ​ 551,000 ​ ​ ​
Series 2018-FBLU, Class E, 4.945% (1-Month USD-LIBOR + 2.750%) due
11/15/35(a)(b)
​ ​ ​ ​ 554,618 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Series 2018-TWR, Class A, 3.095% (1-Month USD-LIBOR + 0.900%) due
7/15/31(a)(b)
​ ​ ​ ​ 199,562 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Series 2018-TWR, Class D, 3.795% (1-Month USD-LIBOR + 1.600%) due
7/15/31(a)(b)
​ ​ ​ ​ 199,203 ​ ​
​ ​ ​ ​ ​ ​ ​ GS Mortgage Securities Trust: ​ ​
​ ​ ​ 5,261,193 ​ ​ ​
Series 2016-GS4, Class XA, 0.698% due 11/10/49(b)(h)
​ ​ ​ ​ 152,550 ​ ​
​ ​ ​ 1,766,210 ​ ​ ​
Series 2017-GS6, Class XA, 1.190% due 5/10/50(b)(h)
​ ​ ​ ​ 121,877 ​ ​
​ ​ ​ 3,614,917 ​ ​ ​
Series 2017-GS8, Class XA, 1.124% due 11/10/50(b)(h)
​ ​ ​ ​ 228,826 ​ ​
​ ​ ​ 78,000 ​ ​ ​
Hilton Orlando Trust, Series 2018-ORL, Class B, 3.245% (1-Month USD-LIBOR
+ 1.050%) due 12/15/34(a)(b)
​ ​ ​ ​ 77,925 ​ ​
​ ​ ​ 1,286,019 ​ ​ ​
Homeward Opportunities Fund I Trust, Series 2018-1, Class A1, 3.766% due
6/25/48(a)(b)
​ ​ ​ ​ 1,306,487 ​ ​
​ ​ ​ ​ ​ ​ ​ JP Morgan Chase Commercial Mortgage Securities Trust: ​ ​
​ ​ ​ 7,520 ​ ​ ​
Series 2007-LDPX, Class AM, 5.464% due 1/15/49(b)
​ ​ ​ ​ 7,494 ​ ​
​ ​ ​ 3,003,247 ​ ​ ​
Series 2014-C20, Class XA, 1.134% due 7/15/47(b)(h)
​ ​ ​ ​ 85,422 ​ ​
​ ​ ​ 114,735 ​ ​ ​
Series 2018-LAQ, Class A, 3.195% (1-Month USD-LIBOR + 1.000%) due
6/15/32(a)(b)
​ ​ ​ ​ 114,590 ​ ​
​ ​ ​ 321,000 ​ ​ ​
Series 2019-MFP, Class A, 3.155% (1-Month USD-LIBOR + 0.960%) due
7/15/36(a)(b)
​ ​ ​ ​ 320,800 ​ ​
​ ​ ​ 488,980 ​ ​ ​
JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2, 3.016% (1-Month
USD-LIBOR + 0.750%) due 4/25/46(a)(b)
​ ​ ​ ​ 486,975 ​ ​
​ ​ ​ 1,358,834 ​ ​ ​
JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class XA,
1.519% due 11/15/48(b)(h)
​ ​ ​ ​ 55,019 ​ ​
​ ​ ​ 227,000 ​ ​ ​
Monarch Beach Resort Trust, Series 2018-MBR, Class A, 3.115% (1-Month
USD-LIBOR + 0.920%) due 7/15/35(a)(b)
​ ​ ​ ​ 226,430 ​ ​
​ ​ ​ ​ ​ ​ ​ Morgan Stanley Capital I Trust: ​ ​
​ ​ ​ 280,522 ​ ​ ​
Series 2007-T27, Class AJ, 6.144% due 6/11/42(b)
​ ​ ​ ​ 299,186 ​ ​
​ ​ ​ 164,000 ​ ​ ​
Series 2011-C1, Class D, 5.554% due 9/15/47(a)(b)
​ ​ ​ ​ 170,318 ​ ​
​ ​ ​ 550,000 ​ ​ ​
Series 2013-WLSR, Class A, 2.695% due 1/11/32(a)
​ ​ ​ ​ 549,399 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Series 2014-CPT, Class F, 3.560% due 7/13/29(a)(b)
​ ​ ​ ​ 302,839 ​ ​
​ ​ ​ 1,494,860 ​ ​ ​
Series 2016-UB11, Class XA, 1.767% due 8/15/49(b)(h)
​ ​ ​ ​ 118,422 ​ ​
​ ​ ​ 4,169,002 ​ ​ ​
Series 2016-UB12, Class XA, 0.924% due 12/15/49(b)(h)
​ ​ ​ ​ 169,373 ​ ​
​ ​ ​ 76,000 ​ ​ ​
Series 2017-ASHF, Class D, 4.395% (1-Month USD-LIBOR + 2.200%) due
11/15/34(a)(b)
​ ​ ​ ​ 75,904 ​ ​
​ ​ ​ 162,000 ​ ​ ​
Series 2017-ASHF, Class E, 5.345% (1-Month USD-LIBOR + 3.150%) due
11/15/34(a)(b)
​ ​ ​ ​ 161,796 ​ ​
See Notes to Financial Statements.
141
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 123,000 ​ ​ ​
Series 2017-ASHF, Class F, 6.545% (1-Month USD-LIBOR + 4.350%) due
11/15/34(a)(b)
​ ​ ​ $ 122,922 ​ ​
​ ​ ​ 186,000 ​ ​ ​
Series 2017-CLS, Class E, 4.145% (1-Month USD-LIBOR + 1.950%) due
11/15/34(a)(b)
​ ​ ​ ​ 186,116 ​ ​
​ ​ ​ 206,000 ​ ​ ​
Series 2017-CLS, Class F, 4.795% (1-Month USD-LIBOR + 2.600%) due
11/15/34(a)(b)
​ ​ ​ ​ 206,129 ​ ​
​ ​ ​ 983,773 ​ ​ ​
Series 2017-H1, Class XA, 1.598% due 6/15/50(b)(h)
​ ​ ​ ​ 75,597 ​ ​
​ ​ ​ 142,000 ​ ​ ​
Series 2018-SUN, Class A, 3.095% (1-Month USD-LIBOR + 0.900%) due
7/15/35(a)(b)
​ ​ ​ ​ 141,887 ​ ​
​ ​ ​ 547,342 ​ ​ ​
Motel 6 Trust, Series 2017-MTL6, Class A, 3.115% (1-Month USD-LIBOR +
0.920%) due 8/15/34(a)(b)
​ ​ ​ ​ 547,165 ​ ​
​ ​ ​ 534,000 ​ ​ ​
MSCG Trust, Series 2018-SELF, Class A, 3.095% (1-Month USD-LIBOR +
0.900%) due 10/15/37(a)(b)
​ ​ ​ ​ 534,527 ​ ​
​ ​ ​ ​ ​ ​ ​ Natixis Commercial Mortgage Securities Trust: ​ ​
​ ​ ​ 350,000 ​ ​ ​
Series 2018-850T, Class C, 3.349% (1-Month USD-LIBOR + 1.154%) due
7/15/33(a)(b)
​ ​ ​ ​ 349,583 ​ ​
​ ​ ​ 350,000 ​ ​ ​
Series 2018-850T, Class D, 3.649% (1-Month USD-LIBOR + 1.454%) due
7/15/33(a)(b)
​ ​ ​ ​ 349,582 ​ ​
​ ​ ​ 109,347 ​ ​ ​
Series 2018-FL1, Class A, 3.275% (1-Month USD-LIBOR + 0.950%) due
6/15/35(a)(b)
​ ​ ​ ​ 109,053 ​ ​
​ ​ ​ 344,000 ​ ​ ​
OBP Depositor LLC Trust, Series 2010-OBP, Class A, 4.646% due 7/15/45(a)
​ ​ ​ ​ 346,506 ​ ​
​ ​ ​ 888,186 ​ ​ ​
PRPM LLC, Series 2019-1A, Class A1, step bond to yield, 4.500% due
1/25/24(a)(d)
​ ​ ​ ​ 897,665 ​ ​
​ ​ ​ 36,000 ​ ​ ​
RAIT Trust, Series 2017-FL7, Class AS, 3.495% (1-Month USD-LIBOR +
1.300%) due 6/15/37(a)(b)
​ ​ ​ ​ 35,780 ​ ​
​ ​ ​ 641,815 ​ ​ ​
RCO Trust, Series 2017-INV1, Class A, 3.197% due 11/25/52(a)(b)
​ ​ ​ ​ 639,004 ​ ​
​ ​ ​ ​ ​ ​ ​ Rosslyn Portfolio Trust: ​ ​
​ ​ ​ 198,000 ​ ​ ​
Series 2017-ROSS, Class A, 3.145% (1-Month USD-LIBOR + 0.950%) due
6/15/33(a)(b)
​ ​ ​ ​ 197,989 ​ ​
​ ​ ​ 35,000 ​ ​ ​
Series 2017-ROSS, Class B, 3.445% (1-Month USD-LIBOR + 1.250%) due
6/15/33(a)(b)
​ ​ ​ ​ 34,964 ​ ​
​ ​ ​ 352,000 ​ ​ ​
Shelter Growth CRE Issuer Ltd., Series 2019-FL2, Class B, 4.495% (1-Month
USD-LIBOR + 2.300%) due 5/15/36(a)(b)
​ ​ ​ ​ 352,458 ​ ​
​ ​ ​ 166,792 ​ ​ ​
SLIDE, Series 2018-FUN, Class A, 3.095% (1-Month USD-LIBOR + 0.900%)
due 6/15/31(a)(b)
​ ​ ​ ​ 166,685 ​ ​
​ ​ ​ ​ ​ ​ ​ UBS Commercial Mortgage Trust: ​ ​
​ ​ ​ 1,835,829 ​ ​ ​
Series 2012-C1, Class XA, 2.243% due 5/10/45(a)(b)(h)
​ ​ ​ ​ 78,020 ​ ​
​ ​ ​ 1,114,539 ​ ​ ​
Series 2017-C1, Class XA, 1.734% due 6/15/50(b)(h)
​ ​ ​ ​ 102,816 ​ ​
​ ​ ​ 296,840 ​ ​ ​
Verus Securitization Trust, Series 2018-1, Class A1, 2.929% due 2/25/48(a)(b)
​ ​ ​ ​ 297,116 ​ ​
​ ​ ​ 1,382,502 ​ ​ ​
Verus Securitization Trust 2019-INV2, Series 2019-INV2, Class A3, 3.219% due
7/25/59(a)(b)
​ ​ ​ ​ 1,384,892 ​ ​
See Notes to Financial Statements.
142
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – (continued) ​
​ ​ $ 510,811 ​ ​ ​
VMC Finance LLC, Series 2018-FL2, Class A, 3.117% (1-Month USD-LIBOR +
0.920%) due 10/15/35(a)(b)
​ ​ ​ $ 509,872 ​ ​
​ ​ ​ ​ ​ ​ ​ Wells Fargo Commercial Mortgage Trust: ​ ​
​ ​ ​ 2,840,633 ​ ​ ​
Series 2015-LC22, Class XA, 0.993% due 9/15/58(b)(h)
​ ​ ​ ​ 113,067 ​ ​
​ ​ ​ 6,093,534 ​ ​ ​
Series 2015-NXS2, Class XA, 0.870% due 7/15/58(b)(h)
​ ​ ​ ​ 175,310 ​ ​
​ ​ ​ 3,479,151 ​ ​ ​
Series 2018-C46, Class XA, 1.113% due 8/15/51(b)(h)
​ ​ ​ ​ 209,752 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost – $36,463,389)
​ ​ ​ ​ 35,470,652 ​ ​
​ U.S. GOVERNMENT OBLIGATIONS – 0.9% ​
​ ​ ​ ​ ​ ​ ​ U.S. Treasury Notes: ​ ​
​ ​ ​ 710,000 ​ ​ ​
2.250% due 3/31/20
​ ​ ​ ​ 711,387 ​ ​
​ ​ ​ 1,040,000 ​ ​ ​
1.625% due 4/30/23
​ ​ ​ ​ 1,047,394 ​ ​
​ ​ ​ 1,650,000 ​ ​ ​
2.250% due 12/31/23
​ ​ ​ ​ 1,707,428 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost – $3,379,839)
​ ​ ​ ​ 3,466,209 ​ ​
​ SOVEREIGN BONDS – 0.5% ​
​ Brazil – 0.1% ​
​ ​ ​ 200,000 ​ ​ ​
Brazilian Government International Bond, 4.875% due 1/22/21
​ ​ ​ ​ 207,602 ​ ​
​ Colombia – 0.1% ​
​ ​ ​ 450,000 ​ ​ ​
Colombia Government International Bond, 4.375% due 7/12/21
​ ​ ​ ​ 466,879 ​ ​
​ Dominican Republic – 0.1% ​
​ ​ ​ 400,000 ​ ​ ​
Dominican Republic International Bond, 7.500% due 5/6/21
​ ​ ​ ​ 420,504 ​ ​
​ Indonesia – 0.1% ​
​ ​ ​ 400,000 ​ ​ ​
Perusahaan Penerbit SBSN Indonesia III, 3.400% due 3/29/22
​ ​ ​ ​ 408,584 ​ ​
​ Mexico – 0.1% ​
​ ​ ​ 200,000 ​ ​ ​
Nacional Financiera SNC, 3.375% due 11/5/20
​ ​ ​ ​ 201,252 ​ ​
​ Thailand – 0.0% ​
​ ​ ​ 200,000 ​ ​ ​
Export Import Bank of Thailand, 3.036% (3-Month USD-LIBOR + 0.900%)
due 11/20/23(b)
​ ​ ​ ​ 200,600 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SOVEREIGN BONDS
(Cost – $1,898,771)
​ ​ ​ ​ 1,905,421 ​ ​
​ MORTGAGE-BACKED SECURITY – 0.2% ​
​ FNMA – 0.2% ​
​ ​ ​ 600,000 ​ ​ ​
Federal National Mortgage Association (FNMA), 2.670% due 9/1/21
(Cost – $606,152)
​ ​ ​ ​ 608,356 ​ ​
See Notes to Financial Statements.
143
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Shares/Units
 ​ ​
Security
 ​ ​
Value
​
​ EXCHANGE TRADED FUND (ETF) – 5.7% ​
​ ​ ​ 456,184 ​ ​ ​ iShares Core 1-5 Year USD Bond ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $22,868,636)
​ ​ ​ $ 23,105,720 ​ ​
​ COMMON STOCK – 0.0% ​
​ BASIC MATERIALS – 0.0% ​
​ Forest Products & Paper – 0.0% ​
​ ​ ​ 20,309 ​ ​ ​ Appvion Inc.*(d)(e) ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $395,660)
​ ​ ​ ​ 201,059 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $340,043,220)
​ ​ ​
​
337,452,782
 ​ ​
​
Face Amount†
 ​ ​ ​ ​ ​ ​ ​
​ SHORT-TERM INVESTMENTS – 15.4% ​
​ COMMERCIAL PAPERS – 10.8% ​
​ ​ $ 1,344,000 ​ ​ ​
Arrow Electronics Inc., 2.556% due 9/16/19(i)
​ ​ ​ ​ 1,342,393 ​ ​
​ ​ ​ ​ ​ ​ ​ Boston Scientific Corp.: ​ ​
​ ​ ​ 2,622,000 ​ ​ ​
2.404% due 9/5/19(i)
​ ​ ​ ​ 2,621,013 ​ ​
​ ​ ​ 1,344,000 ​ ​ ​
2.445% due 9/13/19(i)
​ ​ ​ ​ 1,342,810 ​ ​
​ ​ ​ 6,215,000 ​ ​ ​
Campbell Soup Co., 2.409% due 10/7/19(i)
​ ​ ​ ​ 6,199,813 ​ ​
​ ​ ​ 5,684,000 ​ ​ ​
Dow Chemical Co., 2.276% due 9/27/19(i)
​ ​ ​ ​ 5,673,805 ​ ​
​ ​ ​ 4,569,000 ​ ​ ​
EI du Pont de Nemours & Co., 2.304% due 9/10/19(i)
​ ​ ​ ​ 4,565,873 ​ ​
​ ​ ​ 5,564,000 ​ ​ ​
Keurig Dr Pepper Inc., 2.257% due 10/2/19(i)
​ ​ ​ ​ 5,552,208 ​ ​
​ ​ ​ 5,697,000 ​ ​ ​
Marriott International Inc., 2.356% due 9/16/19(i)
​ ​ ​ ​ 5,690,855 ​ ​
​ ​ ​ 4,589,000 ​ ​ ​
Mondelez International Inc., 2.326% due 9/19/19(i)
​ ​ ​ ​ 4,583,162 ​ ​
​ ​ ​ 5,698,000 ​ ​ ​
Royal Caribbean Ltd., 2.487% due 9/20/19(i)
​ ​ ​ ​ 5,690,382 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL COMMERCIAL PAPERS ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $43,266,778)
​ ​ ​
​
 43,262,314
 ​ ​
​ TIME DEPOSITS – 3.9% ​
​ ​ ​ 12,665,259 ​ ​ ​
Citibank – New York, 1.490% due 9/3/19
​ ​ ​ ​ 12,665,259 ​ ​
​ ​ ​ 2,824,574 ​ ​ ​
JPMorgan Chase & Co. – New York, 1.490% due 9/3/19
​ ​ ​ ​ 2,824,574 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL TIME DEPOSITS ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $15,489,833)
​ ​ ​
​
15,489,833
 ​ ​
​ U.S. GOVERNMENT OBLIGATIONS – 0.7% ​
​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bills: ​ ​
​ ​ ​ 590,000 ​ ​ ​
2.139% due 9/19/19(i)
​ ​ ​ ​ 589,373 ​ ​
​ ​ ​ 530,000 ​ ​ ​
2.385% due 10/10/19(i)
​ ​ ​ ​ 528,646 ​ ​
​ ​ ​ 660,000 ​ ​ ​
2.532% due 11/7/19(i)
​ ​ ​ ​ 657,678 ​ ​
​ ​ ​ 390,000 ​ ​ ​
1.968% due 12/5/19(i)
​ ​ ​ ​ 388,091 ​ ​
See Notes to Financial Statements.
144
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
​
​
Face Amount†
 ​ ​
Security
 ​ ​
Value
 ​
​ U.S. GOVERNMENT OBLIGATIONS – (continued) ​
​ ​ $ 860,000 ​ ​ ​
1.964% due 1/30/20(i)
​ ​ ​ $ 853,445 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL U.S. GOVERNMENT OBLIGATIONS ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $3,015,945)
​ ​ ​
​
3,017,233
 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL SHORT-TERM INVESTMENTS ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $61,772,556)
​ ​ ​
​
61,769,380
 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL INVESTMENTS – 99.3% ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $401,815,776#)
​ ​ ​
​
399,222,162
 ​ ​
​ ​ ​ ​ ​ ​ ​
Other Assets in Excess of Liabilities – 0.7%
​ ​ ​ ​ 2,626,213 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
​ ​ ​ $ 401,848,375 ​ ​
​
​
†
Face amount denominated in U.S. dollars, unless otherwise noted.
​
*
Non-income producing security.
​
(a)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2019, amounts to approximately $131,302,325 and represents 32.67% of net assets.
​
(b)
Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2019.
​
(c)
Security is perpetual in nature and has no stated maturity date.
​
(d)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2019, amounts to approximately $11,385,557 and represents 2.83% of net assets.
​
(e)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.
​
(f)
Security is currently in default.
​
(g)
This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlementdate, including coupon rate.
​
(h)
Interest only security.
​
(i)
Rate shown represents yield-to-maturity.
​
#
Aggregate cost for federal income tax purposes is substantially the same.
​
Abbreviations used in this schedule:
CLO
 —   Collateralized Loan Obligation
​
CMT
 —   Constant Maturity Treasury Index
​
EURIBOR
 —   Euro Interbank Offered Rate
​
LIBOR
 —   London Interbank Offered Rate
​
LLC
 —   Limited Liability Company
​
LP
 —   Limited Partnership
​
PCL
 —   Public Company Limited
​
PLC
 —   Public Limited Company
​
REMICS
 —   Real Estate Mortgage Investment Conduit
​
STIBOR
 —   Stockholm Interbank Offered Rate
​
​
See Notes to Financial Statements.
145
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Low Duration Fixed Income Fund (concluded)
​
Summary of Investments by Security Type^
​
Corporate Bonds & Notes
​ ​ ​ ​ 46.2% ​ ​
​
Senior Loans
​ ​ ​ ​ 11.3 ​ ​
​
Asset-Backed Securities
​ ​ ​ ​ 10.8 ​ ​
​
Collateralized Mortgage Obligations
​ ​ ​ ​ 8.9 ​ ​
​
Exchange Traded Fund (ETF)
​ ​ ​ ​ 5.7 ​ ​
​
U.S. Government Obligations
​ ​ ​ ​ 0.9 ​ ​
​
Sovereign Bonds
​ ​ ​ ​ 0.5 ​ ​
​
Mortgage-Backed Security
​ ​ ​ ​ 0.2 ​ ​
​
Common Stock
​ ​ ​ ​ 0.0* ​ ​
​
Short-Term Investments
​ ​ ​ ​ 15.5 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
*
Position represents less than 0.05%.
​
At August 31, 2019, Destinations Low Duration Fixed Income Fund had open forward foreign currency contracts as described below.
The unrealized appreciation on the open contracts reflected in the accompanying financial statements was as follows:
Foreign Currency
​ ​
Local
Currency
​ ​
Counterparty
​ ​
Market Value
​ ​
Settlement
Date
​ ​
Unrealized
Appreciation
​ ​
Unrealized
(Depreciation)
​ ​
Unrealized
Appreciation/​
(Depreciation)
 ​
Contracts to Sell: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Euro
​ ​ ​ ​ 8,020,000 ​ ​ ​ ​ ​ BBH ​ ​ ​ ​ $ 8,820,427 ​ ​ ​ ​ ​ 9/13/19 ​ ​ ​ ​ $ 193,010 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 193,010 ​ ​
Swedish Krona
​ ​ ​ ​ 7,050,000 ​ ​ ​ ​ ​ BBH ​ ​ ​ ​ ​ 718,780 ​ ​ ​ ​ ​ 9/13/19 ​ ​ ​ ​ ​ 19,160 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 19,160 ​ ​
Net Unrealized Appreciation on Open Forward Foreign Currency Contracts ​ ​ ​ $ 212,170 ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 212,170 ​ ​
​
​ Currency Abbreviations used in this schedule: ​ ​ Counterparty Abbreviations used in this schedule: ​
​
EUR
 —   Euro
​
 ​ ​
BBH
 —   Brown Brothers Harriman & Co.
​
 ​
​
SEK
 —   Swedish Krona
​
 ​ ​
See Notes to Financial Statements.
146
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund
​
​
Face Amount/Units†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – 63.2% ​
​ Argentina – 0.1% ​
​ ​ $ 900,000 ​ ​ ​
Pampa Energia SA, Senior Unsecured Notes, 7.375% due 7/21/23
​ ​ ​ $ 612,009 ​ ​
​ Australia – 0.9% ​
​ ​ ​ 550,000 ​ ​ ​
BHP Billiton Finance USA Ltd., Company Guaranteed Notes, 6.750% (5-Year
USD Swap Rate + 5.093%) due 10/19/75(a)(b)
​ ​ ​ ​ 644,160 ​ ​
​ ​ ​ 4,100,000 ​ ​ ​
CNOOC Finance 2015 Australia Pty Ltd., Company Guaranteed Notes, 2.625%
due 5/5/20
​ ​ ​ ​ 4,108,856 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
QBE Insurance Group Ltd., Subordinated Notes, 6.750% (USD Swap Rate +
4.300%) due 12/2/44(a)@
​ ​ ​ ​ 2,200,000 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Australia
​ ​ ​ ​ 6,953,016 ​ ​
​ Austria – 0.1% ​
​ ​ ​ 554,000 ​ ​ ​
JBS Investments GmbH, Company Guaranteed Notes, 6.250% due 2/5/23
​ ​ ​ ​ 566,465 ​ ​
​ Bahamas – 0.8% ​
​ ​ ​ 5,819,000 ​ ​ ​
Silversea Cruise Finance Ltd., Senior Secured Notes, 7.250% due 2/1/25(b)
​ ​ ​ ​ 6,233,604 ​ ​
​ Bermuda – 1.2% ​
​ ​ ​ 1,000,000 ​ ​ ​
Catlin Insurance Co., Ltd., Junior Subordinated Notes, 5.278% (3-Month
USD-LIBOR + 2.975%)(a)(b)(c)
​ ​ ​ ​ 995,000 ​ ​
​ ​ ​ 1,100,000 ​ ​ ​
Digicel Group Two Ltd., Senior Unsecured Notes, 8.250% due 9/30/22(b)
​ ​ ​ ​ 198,000 ​ ​
​ ​ ​ 3,136,000 ​ ​ ​
Ship Finance International Ltd., Senior Unsecured Notes, 5.750% due 10/15/21
​ ​ ​ ​ 3,256,439 ​ ​
​ ​ ​ 5,100,000 ​ ​ ​
Stolt-Nielsen Ltd., Senior Unsecured Notes, 6.375% due 9/21/22
​ ​ ​ ​ 5,049,000 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Bermuda
​ ​ ​ ​ 9,498,439 ​ ​
​ Brazil – 2.0% ​
​ ​ ​ 1,600,000 ​ ​ ​
B3 SA – Brasil Bolsa Balcao, Senior Unsecured Notes, 5.500% due 7/16/20
​ ​ ​ ​ 1,636,016 ​ ​
​ ​ ​ 1,800,000 ​ ​ ​
Banco Bradesco SA, Subordinated Notes, 5.900% due 1/16/21
​ ​ ​ ​ 1,861,380 ​ ​
​ ​ ​ ​ ​ ​ ​ Banco BTG Pactual SA: ​ ​
​ ​ ​ 2,300,000 ​ ​ ​
Senior Unsecured Notes, 4.000% due 1/16/20
​ ​ ​ ​ 2,300,023 ​ ​
​ ​ ​ 700,000 ​ ​ ​
Subordinated Notes, 7.750% (5-Year CMT Index + 5.257%)
due 2/15/29(a)(b)
​ ​ ​ ​ 726,250 ​ ​
​ ​ ​ 1,900,000 ​ ​ ​
Banco do Brasil SA, Junior Subordinated Notes, 8.500% (5-Year CMT Index +
7.782%)(a)(c)
​ ​ ​ ​ 2,002,144 ​ ​
​ ​ ​ 3,230,000 ​ ​ ​
Globo Comunicacao e Participacoes SA, Senior Unsecured Notes, 4.875% due
4/11/22
​ ​ ​ ​ 3,351,125 ​ ​
​ ​ ​ ​ ​ ​ ​ Itau Unibanco Holding SA: ​ ​
​ ​ ​ 400,000 ​ ​ ​
Junior Subordinated Notes, 6.125% (5-Year CMT Index + 3.981%)(a)(c)
​ ​ ​ ​ 404,200 ​ ​
​ ​ ​ ​ ​ ​ ​
Subordinated Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 800,000 ​ ​ ​
6.200% due 4/15/20
​ ​ ​ ​ 812,440 ​ ​
​ ​ ​ 2,400,000 ​ ​ ​
5.750% due 1/22/21
​ ​ ​ ​ 2,473,200 ​ ​
​ ​ ​ 400,000 ​ ​ ​
6.200% due 12/21/21
​ ​ ​ ​ 422,500 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Brazil
​ ​ ​ ​ 15,989,278 ​ ​
See Notes to Financial Statements.
147
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ British Virgin Islands – 2.8% ​
​ ​ $ 3,200,000 ​ ​ ​
CNOOC Finance 2012 Ltd., Company Guaranteed Notes, 3.875% due 5/2/22
​ ​ ​ $ 3,317,345 ​ ​
​ ​ ​ 4,965,000 ​ ​ ​
CNPC General Capital Ltd., Company Guaranteed Notes, 3.950% due 4/19/22
​ ​ ​ ​ 5,154,837 ​ ​
​ ​ ​ 1,200,000 ​ ​ ​
CNPC HK Overseas Capital Ltd., Company Guaranteed Notes, 4.500% due
4/28/21
​ ​ ​ ​ 1,240,824 ​ ​
​ ​ ​ 4,800,000 ​ ​ ​
Sinochem Overseas Capital Co., Ltd., Company Guaranteed Notes, 4.500% due
11/12/20
​ ​ ​ ​ 4,914,745 ​ ​
​ ​ ​ 3,900,000 ​ ​ ​
Sinopec Group Overseas Development 2015 Ltd., Company Guaranteed Notes,
2.500% due 4/28/20
​ ​ ​ ​ 3,903,759 ​ ​
​ ​ ​ 2,300,000 ​ ​ ​
Sinopec Group Overseas Development 2016 Ltd., Company Guaranteed Notes,
2.000% due 9/29/21(b)
​ ​ ​ ​ 2,280,330 ​ ​
​ ​ ​ 1,200,000 ​ ​ ​
Sinopec Group Overseas Development 2017 Ltd., Company Guaranteed Notes,
3.000% due 4/12/22(b)
​ ​ ​ ​ 1,218,638 ​ ​
​ ​ ​ ​ ​ ​ ​
Total British Virgin Islands
​ ​ ​ ​ 22,030,478 ​ ​
​ Canada – 0.4% ​
​ ​ ​ 950,000 ​ ​ ​
Emera Inc., Junior Subordinated Notes, 6.750% (3-Month USD-LIBOR +
5.440%) due 6/15/76(a)
​ ​ ​ ​ 1,033,125 ​ ​
​ ​ ​ 1,872,000 ​ ​ ​
NOVA Chemicals Corp., Senior Unsecured Notes, 5.250% due 6/1/27(b)
​ ​ ​ ​ 1,953,900 ​ ​
​ ​ ​ 673,000CAD ​ ​ ​
Postmedia Network Inc., Senior Secured Notes, 8.250% due 7/15/21(b)
​ ​ ​ ​ 505,798 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Canada
​ ​ ​ ​ 3,492,823 ​ ​
​ Cayman Islands – 3.9% ​
​ ​ ​ 1,500,000 ​ ​ ​
Banco Continental SA Via Continental Senior Trustees Cayman Ltd., Senior
Unsecured Notes, 5.500% due 11/18/20
​ ​ ​ ​ 1,552,500 ​ ​
​ ​ ​ ​ ​ ​ ​ Braskem Finance Ltd., Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 650,000 ​ ​ ​
7.000% due 5/7/20
​ ​ ​ ​ 664,605 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
5.750% due 4/15/21
​ ​ ​ ​ 2,062,800 ​ ​
​ ​ ​ 4,500,000 ​ ​ ​
CK Hutchison International 17 Ltd., Company Guaranteed Notes, 2.875% due
4/5/22(b)
​ ​ ​ ​ 4,552,253 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Comunicaciones Celulares SA Via Comcel Trust, Senior Unsecured Notes,
6.875% due 2/6/24
​ ​ ​ ​ 206,750 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
Grupo Aval Ltd., Company Guaranteed Notes, 4.750% due 9/26/22
​ ​ ​ ​ 2,060,100 ​ ​
​ ​ ​ 771,924 ​ ​ ​
Guanay Finance Ltd., Senior Secured Notes, 6.000% due 12/15/20
​ ​ ​ ​ 783,503 ​ ​
​ ​ ​ 1,900,000 ​ ​ ​
Hutchison Whampoa International 11 Ltd., Company Guaranteed Notes, 4.625%
due 1/13/22
​ ​ ​ ​ 1,994,093 ​ ​
​ ​ ​ 2,600,000 ​ ​ ​
Latam Finance Ltd., Company Guaranteed Notes, 6.875% due 4/11/24
​ ​ ​ ​ 2,697,526 ​ ​
​ ​ ​ 2,495,000 ​ ​ ​
Nexteer Automotive Group Ltd., Company Guaranteed Notes, 5.875% due
11/15/21(b)
​ ​ ​ ​ 2,538,365 ​ ​
​ ​ ​ 230,920 ​ ​ ​
Peru Enhanced Pass-Through Finance Ltd., Pass Thru Certificates, zero coupon,
due 6/2/25
​ ​ ​ ​ 210,426 ​ ​
See Notes to Financial Statements.
148
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Cayman Islands – (continued) ​
​ ​ $ 5,833,933 ​ ​ ​
SPARC EM SPC Panama Metro Line 2 SP, Senior Secured Notes, zero coupon,
due 12/5/22(b)(d)
​ ​ ​ $ 5,573,157 ​ ​
​ ​ ​ 1,900,000 ​ ​ ​
Tecnoglass Inc., Company Guaranteed Notes, 8.200% due 1/31/22
​ ​ ​ ​ 2,044,875 ​ ​
​ ​ ​ 4,129,000 ​ ​ ​
Vantage Drilling International, Senior Secured Notes, 9.250% due 11/15/23(b)
​ ​ ​ ​ 4,190,935 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Cayman Islands
​ ​ ​ ​ 31,131,888 ​ ​
​ Chile – 2.3% ​
​ ​ ​ 3,200,000 ​ ​ ​
AES Gener SA, Junior Subordinated Notes, 7.125% (5-Year USD Swap Rate +
4.644%) due 3/26/79(a)(b)
​ ​ ​ ​ 3,388,800 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Banco del Estado de Chile, Senior Unsecured Notes, 3.875% due 2/8/22
​ ​ ​ ​ 518,771 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Celulosa Arauco y Constitucion SA, Senior Unsecured Notes, 4.750% due
1/11/22
​ ​ ​ ​ 520,000 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Corp. Nacional del Cobre de Chile, Senior Unsecured Notes, 3.875%
due 11/3/21
​ ​ ​ ​ 308,073 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
Engie Energia Chile SA, Senior Unsecured Notes, 5.625% due 1/15/21
​ ​ ​ ​ 3,124,586 ​ ​
​ ​ ​ 5,135,000 ​ ​ ​
Inversiones CMPC SA, Company Guaranteed Notes, 4.500% due 4/25/22
​ ​ ​ ​ 5,347,034 ​ ​
​ ​ ​ 900,000 ​ ​ ​
Sociedad Quimica y Minera de Chile SA, Senior Unsecured Notes, 5.500% due
4/21/20
​ ​ ​ ​ 916,875 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
Telefonica Chile SA, Senior Unsecured Notes, 3.875% due 10/12/22
​ ​ ​ ​ 4,129,837 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Chile
​ ​ ​ ​ 18,253,976 ​ ​
​ Colombia – 1.8% ​
​ ​ ​ ​ ​ ​ ​ Bancolombia SA: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 4,071,000 ​ ​ ​
Senior Unsecured Notes, 5.950% due 6/3/21
​ ​ ​ ​ 4,297,388 ​ ​
​ ​ ​ 1,100,000 ​ ​ ​
Subordinated Notes, 6.125% due 7/26/20
​ ​ ​ ​ 1,130,536 ​ ​
​ ​ ​ ​ ​ ​ ​ Colombia Telecomunicaciones SA ESP: ​ ​
​ ​ ​ 1,222,000 ​ ​ ​
Junior Subordinated Notes, 8.500% (5-Year USD Swap Rate + 6.958%)(a)(c)
​ ​ ​ ​ 1,255,617 ​ ​
​ ​ ​ 1,443,000 ​ ​ ​
Senior Unsecured Notes, 5.375% due 9/27/22
​ ​ ​ ​ 1,455,626 ​ ​
​ ​ ​ 1,145,000 ​ ​ ​
Grupo de Inversiones Suramericana SA, Senior Unsecured Notes, 5.700% due
5/18/21
​ ​ ​ ​ 1,197,968 ​ ​
​ ​ ​ 4,500,000 ​ ​ ​
Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 5/7/21
​ ​ ​ ​ 4,584,420 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Colombia
​ ​ ​ ​ 13,921,555 ​ ​
​ Denmark – 0.1% ​
​ ​ ​ 600,000EUR ​ ​ ​
Georg Jensen AS, Senior Secured Notes, 6.000% due 5/15/23
​ ​ ​ ​ 652,836 ​ ​
​ Dominican Republic – 0.1% ​
​ ​ ​ 1,100,000 ​ ​ ​
Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due
2/1/23
​ ​ ​ ​ 1,148,400 ​ ​
See Notes to Financial Statements.
149
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ France – 0.6% ​
​ ​ $ 1,000,000 ​ ​ ​
BNP Paribas SA, Junior Subordinated Notes, 6.625% (5-Year USD Swap Rate +
4.149%)(a)(b)(c)
​ ​ ​ $ 1,047,500 ​ ​
​ ​ ​ 1,675,000 ​ ​ ​
Credit Agricole SA, Junior Subordinated Notes, 8.125% (5-Year USD Swap
Rate + 6.185%)(a)(b)(c)
​ ​ ​ ​ 1,952,919 ​ ​
​ ​ ​ ​ ​ ​ ​ Societe Generale SA, Junior Subordinated Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,090,000 ​ ​ ​
7.875% (5-Year USD Swap Rate + 4.979%)(a)(b)(c)
​ ​ ​ ​ 1,175,838 ​ ​
​ ​ ​ 490,000 ​ ​ ​
8.000% (5-Year USD 1100 Run ICE Swap Rate + 5.873%)(a)(b)(c)
​ ​ ​ ​ 547,575 ​ ​
​ ​ ​ ​ ​ ​ ​
Total France
​ ​ ​ ​ 4,723,832 ​ ​
​ Germany – 0.4% ​
​ ​ ​ 2,765,000EUR ​ ​ ​
LifeFit Group, 7.500% due 7/26/23
​ ​ ​ ​ 3,064,704 ​ ​
​ India – 1.4% ​
​ ​ ​ 1,000,000 ​ ​ ​
Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 3.950%
due 1/19/22
​ ​ ​ ​ 1,027,499 ​ ​
​ ​ ​ ​ ​ ​ ​ Bharat Petroleum Corp., Ltd, Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 300,000 ​ ​ ​
4.375% due 1/24/22
​ ​ ​ ​ 311,040 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
4.625% due 10/25/22
​ ​ ​ ​ 4,216,000 ​ ​
​ ​ ​ ​ ​ ​ ​ Indian Oil Corp., Ltd, Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,995,000 ​ ​ ​
5.625% due 8/2/21
​ ​ ​ ​ 3,157,534 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
5.750% due 8/1/23
​ ​ ​ ​ 2,216,305 ​ ​
​ ​ ​ ​ ​ ​ ​
Total India
​ ​ ​ ​ 10,928,378 ​ ​
​ Indonesia – 1.0% ​
​ ​ ​ ​ ​ ​ ​ Pertamina Persero PT, Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 4,100,000 ​ ​ ​
5.250% due 5/23/21
​ ​ ​ ​ 4,286,460 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​
4.875% due 5/3/22
​ ​ ​ ​ 2,641,665 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Perusahaan Listrik Negara PT, Senior Unsecured Notes, 5.500% due 11/22/21
​ ​ ​ ​ 1,062,500 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Indonesia
​ ​ ​ ​ 7,990,625 ​ ​
​ Ireland – 0.4% ​
​ ​ ​ 3,100,000 ​ ​ ​
C&W Senior Financing DAC, Senior Unsecured Notes, 7.500% due 10/15/26
​ ​ ​ ​ 3,362,880 ​ ​
​ Israel – 0.4% ​
​ ​ ​ 2,479,000 ​ ​ ​
Delek & Avner Tamar Bond Ltd., Senior Secured Notes, 4.435%
due 12/30/20(b)
​ ​ ​ ​ 2,514,613 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Israel Electric Corp., Ltd, Senior Secured Notes, 6.875% due 6/21/23
​ ​ ​ ​ 573,705 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Israel
​ ​ ​ ​ 3,088,318 ​ ​
​ Italy – 1.6% ​
​ ​ ​ 635,000 ​ ​ ​
Intesa Sanpaolo SpA, Company Guaranteed Notes, 7.700% (5-Year USD Swap
Rate + 5.462%)(a)(b)(c)
​ ​ ​ ​ 646,112 ​ ​
​ ​ ​ 10,374,000EUR ​ ​ ​
Linkem SpA, Senior Secured Notes, 7.000% due 8/9/22(e)(f)
​ ​ ​ ​ 11,230,521 ​ ​
See Notes to Financial Statements.
150
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Italy – (continued) ​
​ ​ $ 450,000 ​ ​ ​
UniCredit SpA, Junior Subordinated Notes, 8.000% (5-Year USD Swap Rate +
5.180%)(a)(c)@
​ ​ ​ $ 461,138 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Italy
​ ​ ​ ​ 12,337,771 ​ ​
​ Luxembourg – 0.6% ​
​ ​ ​ 1,400,000 ​ ​ ​
Euronav Luxembourg SA, Company Guaranteed Notes, 7.500% due 5/31/22(b)
​ ​ ​ ​ 1,421,000 ​ ​
​ ​ ​ ​ ​ ​ ​ Millicom International Cellular SA, Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,200,000 ​ ​ ​
6.000% due 3/15/25
​ ​ ​ ​ 2,285,250 ​ ​
​ ​ ​ 600,000 ​ ​ ​
6.625% due 10/15/26
​ ​ ​ ​ 654,000 ​ ​
​ ​ ​ 400,000 ​ ​ ​
Swiss Re Finance Luxembourg SA, Company Guaranteed Notes, 5.000% (5-Year
CMT Index + 3.582%) due 4/2/49(a)(b)
​ ​ ​ ​ 441,000 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Luxembourg
​ ​ ​ ​ 4,801,250 ​ ​
​ Malaysia – 1.7% ​
​ ​ ​ 6,200,000 ​ ​ ​
Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20
​ ​ ​ ​ 6,275,507 ​ ​
​ ​ ​ 1,715,000 ​ ​ ​
Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate +
2.542%) due 10/29/26(a)
​ ​ ​ ​ 1,752,267 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Petronas Capital Ltd., Company Guaranteed Notes, 3.125% due 3/18/22
​ ​ ​ ​ 509,603 ​ ​
​ ​ ​ 5,055,000 ​ ​ ​
Petronas Global Sukuk Ltd., Senior Unsecured Notes, 2.707% due 3/18/20
​ ​ ​ ​ 5,064,402 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Malaysia
​ ​ ​ ​ 13,601,779 ​ ​
​ Marshall Islands – 1.0% ​
​ ​ ​ 5,067,000 ​ ​ ​
Borealis Finance LLC, Senior Secured Notes, 7.500% due 11/16/22(b)
​ ​ ​ ​ 4,762,980 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
Chembulk Holding LLC, Senior Secured Notes, 8.000% due 2/2/23(b)
​ ​ ​ ​ 1,935,000 ​ ​
​ ​ ​ 1,200,000 ​ ​ ​
Golar LNG Partners LP, Senior Unsecured Notes, 6.550% (3-Month
USD-LIBOR + 4.400%) due 5/22/20(a)
​ ​ ​ ​ 1,200,000 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Marshall Islands
​ ​ ​ ​ 7,897,980 ​ ​
​ Mauritius – 0.4% ​
​ ​ ​ 3,000,000 ​ ​ ​
UPL Corp., Ltd, Senior Unsecured Notes, 3.250% due 10/13/21
​ ​ ​ ​ 3,020,601 ​ ​
​ Mexico – 3.8% ​
​ ​ ​ 5,400,000 ​ ​ ​
Banco Mercantil del Norte SA, Junior Subordinated Notes, 6.875% (5-Year CMT
Index + 5.035%)(a)(c)
​ ​ ​ ​ 5,346,054 ​ ​
​ ​ ​ 3,700,000 ​ ​ ​
Banco Nacional de Comercio Exterior SNC, Subordinated Notes, 3.800% (5-Year
CMT Index + 3.000%) due 8/11/26(a)
​ ​ ​ ​ 3,746,287 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero
Santand, Subordinated Notes, 5.950% (5-Year CMT Index + 2.995%) due
10/1/28(a)(b)
​ ​ ​ ​ 531,880 ​ ​
​ ​ ​ ​ ​ ​ ​ BBVA Bancomer SA: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
Junior Subordinated Notes, 7.250% due 4/22/20
​ ​ ​ ​ 2,050,020 ​ ​
​ ​ ​ ​ ​ ​ ​
Subordinated Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
6.500% due 3/10/21
​ ​ ​ ​ 1,569,390 ​ ​
See Notes to Financial Statements.
151
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Mexico – (continued) ​
​ ​ $ 1,300,000 ​ ​ ​
6.750% due 9/30/22
​ ​ ​ $ 1,404,000 ​ ​
​ ​ ​ 1,943,000 ​ ​ ​
5.350% (5-Year CMT Index + 3.000%) due 11/12/29(a)
​ ​ ​ ​ 1,933,304 ​ ​
​ ​ ​ ​ ​ ​ ​ Cemex SAB de CV, Senior Secured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,200,000 ​ ​ ​
6.125% due 5/5/25
​ ​ ​ ​ 1,243,812 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
7.750% due 4/16/26
​ ​ ​ ​ 1,076,260 ​ ​
​ ​ ​ 1,700,000 ​ ​ ​
Coca-Cola Femsa SAB de CV, Company Guaranteed Notes, 4.625%
due 2/15/20
​ ​ ​ ​ 1,719,536 ​ ​
​ ​ ​ 700,000 ​ ​ ​
Credito Real SAB de CV SOFOM ER, Senior Unsecured Notes, 7.250% due
7/20/23
​ ​ ​ ​ 730,632 ​ ​
​ ​ ​ ​ ​ ​ ​ Grupo Bimbo SAB de CV: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,610,000 ​ ​ ​
Company Guaranteed Notes, 4.875% due 6/30/20
​ ​ ​ ​ 2,656,615 ​ ​
​ ​ ​ 3,400,000 ​ ​ ​
Subordinated Notes, 5.950% (5-Year CMT Index + 3.280%)(a)(c)
​ ​ ​ ​ 3,561,534 ​ ​
​ ​ ​ 2,950,000 ​ ​ ​
Unifin Financiera SAB de CV SOFOM ENR, Company Guaranteed Notes,
7.250% due 9/27/23
​ ​ ​ ​ 3,005,342 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Mexico
​ ​ ​ ​ 30,574,666 ​ ​
​ Netherlands – 1.9% ​
​ ​ ​ 400,000 ​ ​ ​
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad
It, Company Guaranteed Notes, 7.950% due 5/11/26
​ ​ ​ ​ 426,504 ​ ​
​ ​ ​ 3,903,000 ​ ​ ​
Alcoa Nederland Holding BV, Company Guaranteed Notes, 6.750% due
9/30/24(b)
​ ​ ​ ​ 4,098,150 ​ ​
​ ​ ​ 1,400,000 ​ ​ ​
Bharti Airtel International Netherlands BV, Company Guaranteed Notes, 5.125%
due 3/11/23
​ ​ ​ ​ 1,481,382 ​ ​
​ ​ ​ 400,000 ​ ​ ​
ING Groep NV, Junior Subordinated Notes, 6.750% (5-Year USD Swap Rate +
4.204%)(a)(c)
​ ​ ​ ​ 419,768 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
MPC Container Ships Invest BV, Senior Secured Notes, 7.093% (3-Month
USD-LIBOR + 4.750%) due 9/22/22(a)
​ ​ ​ ​ 3,000,048 ​ ​
​ ​ ​ 1,044,000 ​ ​ ​
Petrobras Global Finance BV, Company Guaranteed Notes, 5.375%
due 1/27/21
​ ​ ​ ​ 1,077,930 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Syngenta Finance NV, Company Guaranteed Notes, 3.698% due 4/24/20
​ ​ ​ ​ 200,769 ​ ​
​ ​ ​ 4,400,000 ​ ​ ​
VTR Finance BV, Senior Secured Notes, 6.875% due 1/15/24
​ ​ ​ ​ 4,543,000 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Netherlands
​ ​ ​ ​ 15,247,551 ​ ​
​ Norway – 0.2% ​
​ ​ ​ 2,200,000 ​ ​ ​
Jacktel AS, Senior Secured Notes, 10.000% due 12/4/23(b)
​ ​ ​ ​ 1,958,000 ​ ​
​ Panama – 1.4% ​
​ ​ ​ 1,500,000 ​ ​ ​
Banco Latinoamericano de Comercio Exterior SA, Senior Unsecured Notes,
3.250% due 5/7/20
​ ​ ​ ​ 1,501,875 ​ ​
​ ​ ​ 800,000 ​ ​ ​
Banistmo SA, Senior Unsecured Notes, 3.650% due 9/19/22(b)
​ ​ ​ ​ 800,008 ​ ​
​ ​ ​ 4,667,747 ​ ​ ​
ENA Norte Trust, Pass Thru Certificates, 4.950% due 4/25/23
​ ​ ​ ​ 4,801,992 ​ ​
​ ​ ​ 2,900,000 ​ ​ ​
Global Bank Corp., Senior Unsecured Notes, 4.500% due 10/20/21
​ ​ ​ ​ 2,984,100 ​ ​
See Notes to Financial Statements.
152
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Panama – (continued) ​
​ ​ $ 1,000,000 ​ ​ ​
Multibank Inc., Senior Unsecured Notes, 4.375% due 11/9/22
​ ​ ​ $ 1,030,000 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Panama
​ ​ ​ ​ 11,117,975 ​ ​
​ Peru – 1.0% ​
​ ​ ​ 165,000 ​ ​ ​
Banco BBVA Peru SA, Senior Unsecured Notes, 5.000% due 8/26/22
​ ​ ​ ​ 175,108 ​ ​
​ ​ ​ 5,555,000 ​ ​ ​
Banco de Credito del Peru, Senior Unsecured Notes, 5.375% due 9/16/20(b)
​ ​ ​ ​ 5,724,427 ​ ​
​ ​ ​ 1,900,000 ​ ​ ​
Banco Internacional del Peru SAA, Senior Unsecured Notes, 5.750%
due 10/7/20
​ ​ ​ ​ 1,964,144 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Peru
​ ​ ​ ​ 7,863,679 ​ ​
​ Philippines – 0.1% ​
​ ​ ​ 800,000 ​ ​ ​
Union Bank of the Philippines, Senior Unsecured Notes, 3.369% due 11/29/22
​ ​ ​ ​ 820,802 ​ ​
​ Portugal – 0.0% ​
​ ​ ​ 70,068 ​ ​ ​
Invepar, zero coupon due 12/30/28(e)(f)
​ ​ ​ ​ 2,996 ​ ​
​ Singapore – 2.8% ​
​ ​ ​ ​ ​ ​ ​ DBS Group Holdings Ltd.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,000,000 ​ ​ ​
Junior Subordinated Notes, 3.600% (5-Year USD Swap Rate + 2.390%)(a)(c)
​ ​ ​ ​ 5,006,250 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Senior Unsecured Notes, 2.943% (3-Month USD-LIBOR + 0.490%) due
6/8/20(a)
​ ​ ​ ​ 200,176 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Subordinated Notes, 4.520% (5-Year USD 1100 Run ICE Swap Rate +
1.590%) due 12/11/28(a)
​ ​ ​ ​ 534,385 ​ ​
​ ​ ​ 4,015,000 ​ ​ ​
ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 2.875% due
1/27/22
​ ​ ​ ​ 4,015,777 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
SP PowerAssets Ltd., Senior Unsecured Notes, 2.700% due 9/14/22
​ ​ ​ ​ 3,053,671 ​ ​
​ ​ ​ 3,450,000 ​ ​ ​
Temasek Financial I Ltd., Company Guaranteed Notes, 2.375% due 1/23/23
​ ​ ​ ​ 3,508,452 ​ ​
​ ​ ​ ​ ​ ​ ​ United Overseas Bank Ltd., Subordinated Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 4,500,000 ​ ​ ​
3.500% (5-Year USD Swap Rate + 2.236%) due 9/16/26(a)
​ ​ ​ ​ 4,559,580 ​ ​
​ ​ ​ 400,000 ​ ​ ​
2.880% (5-Year USD Swap Rate + 1.654%) due 3/8/27(a)
​ ​ ​ ​ 400,520 ​ ​
​ ​ ​ 600,000 ​ ​ ​
3.750% (5-Year CMT Index + 1.500%) due 4/15/29(a)
​ ​ ​ ​ 625,249 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Singapore
​ ​ ​ ​ 21,904,060 ​ ​
​ Switzerland – 0.4% ​
​ ​ ​ ​ ​ ​ ​ Credit Suisse Group AG, Junior Subordinated Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
6.375% (5-Year CMT Index + 4.822%)(a)(b)(c)
​ ​ ​ ​ 1,033,000 ​ ​
​ ​ ​ 655,000 ​ ​ ​
7.500% (5-Year USD Swap Rate + 4.600%)(a)(b)(c)
​ ​ ​ ​ 697,640 ​ ​
​ ​ ​ 1,400,000 ​ ​ ​
UBS Group Funding Switzerland AG, Company Guaranteed Notes, 7.000%
(5-Year USD Swap Rate + 4.866%)(a)(c)@
​ ​ ​ ​ 1,532,404 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Switzerland
​ ​ ​ ​ 3,263,044 ​ ​
See Notes to Financial Statements.
153
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Thailand – 0.6% ​
​ ​ $ 1,300,000 ​ ​ ​
Bangkok Bank PCL, Senior Unsecured Notes, 4.800% due 10/18/20
​ ​ ​ $ 1,336,426 ​ ​
​ ​ ​ 3,200,000 ​ ​ ​
PTTEP Treasury Center Co., Ltd., Company Guaranteed Notes, 4.600% (5-Year
CMT Index + 2.724%)(a)(c)
​ ​ ​ ​ 3,264,520 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Thailand
​ ​ ​ ​ 4,600,946 ​ ​
​ United Kingdom – 2.3% ​
​ ​ ​ 1,700,000 ​ ​ ​
Barclays PLC, Junior Subordinated Notes, 7.750% (5-Year USD Swap Rate +
4.842%)(a)(c)
​ ​ ​ ​ 1,736,125 ​ ​
​ ​ ​ 1,713,000EUR ​ ​ ​
CentralNic Group PLC, Senior Secured Notes, 7.000% (3-Month EURIBOR +
7.000%) due 7/3/23(a)
​ ​ ​ ​ 1,882,672 ​ ​
​ ​ ​ 2,015,000 ​ ​ ​
Inmarsat Finance PLC, Company Guaranteed Notes, 6.500% due 10/1/24(b)
​ ​ ​ ​ 2,118,269 ​ ​
​ ​ ​ 1,900,000 ​ ​ ​
Lloyds Banking Group PLC, Junior Subordinated Notes, 7.500% (5-Year USD
Swap Rate + 4.760%)(a)(c)
​ ​ ​ ​ 1,964,375 ​ ​
​ ​ ​ 4,600,000 ​ ​ ​
MARB BondCo PLC, Company Guaranteed Notes, 7.000% due 3/15/24
​ ​ ​ ​ 4,703,546 ​ ​
​ ​ ​ 1,645,000 ​ ​ ​
Royal Bank of Scotland Group PLC, Junior Subordinated Notes, 8.625% (5-Year
USD Swap Rate + 7.598%)(a)(c)
​ ​ ​ ​ 1,741,644 ​ ​
​ ​ ​ 2,300,000EUR ​ ​ ​
SB Holdco PLC, Senior Secured Notes, 8.000% (3-Month EURIBOR + 8.000%)
due 7/13/22(a)
​ ​ ​ ​ 2,445,661 ​ ​
​ ​ ​ 600,000 ​ ​ ​
Standard Chartered PLC, Junior Subordinated Notes, 7.750% (5-Year USD Swap
Rate + 5.723%)(a)(b)(c)
​ ​ ​ ​ 642,000 ​ ​
​ ​ ​ ​ ​ ​ ​ Vedanta Resources Ltd., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 800,000 ​ ​ ​
7.125% due 5/31/23
​ ​ ​ ​ 765,200 ​ ​
​ ​ ​ 200,000 ​ ​ ​
6.125% due 8/9/24
​ ​ ​ ​ 180,100 ​ ​
​ ​ ​ 370,000 ​ ​ ​
Vodafone Group PLC, Junior Subordinated Notes, 7.000% (5-Year USD Swap
Rate + 4.873%) due 4/4/79(a)
​ ​ ​ ​ 418,433 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United Kingdom
​ ​ ​ ​ 18,598,025 ​ ​
​ United States – 22.7% ​
​ ​ ​ 1,585,000 ​ ​ ​
AerCap Global Aviation Trust, Company Guaranteed Notes, 6.500% (3-Month
USD-LIBOR + 4.300%) due 6/15/45(a)(b)
​ ​ ​ ​ 1,690,006 ​ ​
​ ​ ​ 167,010 ​ ​ ​
America West Airlines Pass-Through Trust, Pass Thru Certificates, 8.057% due
7/2/20
​ ​ ​ ​ 173,636 ​ ​
​ ​ ​ 706,000 ​ ​ ​
American Express Co., Junior Subordinated Notes, 5.200% (3-Month
USD-LIBOR + 3.428%)(a)(c)
​ ​ ​ ​ 706,353 ​ ​
​ ​ ​ 1,350,000 ​ ​ ​
American International Group Inc., Junior Subordinated Notes, 5.750% (3-Month
USD-LIBOR + 2.868%) due 4/1/48(a)
​ ​ ​ ​ 1,427,760 ​ ​
​ ​ ​ 1,230,000 ​ ​ ​
Assurant Inc., Subordinated Notes, 7.000% (3-Month USD-LIBOR + 4.135%)
due 3/27/48(a)
​ ​ ​ ​ 1,340,700 ​ ​
​ ​ ​ 2,369,000 ​ ​ ​
Assured Guaranty Municipal Holdings Inc., Company Guaranteed Notes, 6.400%
(1-Month USD-LIBOR + 2.215%) due 12/15/66(a)(b)
​ ​ ​ ​ 2,380,845 ​ ​
​ ​ ​ ​ ​ ​ ​ Bank of America Corp., Junior Subordinated Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,060,000 ​ ​ ​
6.100% (3-Month USD-LIBOR + 3.898%)(a)(c)
​ ​ ​ ​ 1,155,400 ​ ​
See Notes to Financial Statements.
154
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ United States – (continued) ​
​ ​ $ 275,000 ​ ​ ​
6.250% (3-Month USD-LIBOR + 3.705%)(a)(c)
​ ​ ​ $ 299,750 ​ ​
​ ​ ​ 1,340,000 ​ ​ ​
6.300% (3-Month USD-LIBOR + 4.553%)(a)(c)
​ ​ ​ ​ 1,512,525 ​ ​
​ ​ ​ 245,000 ​ ​ ​
Bayer US Finance II LLC, Company Guaranteed Notes, 2.979% (3-Month
USD-LIBOR + 0.630%) due 6/25/21(a)(b)
​ ​ ​ ​ 245,054 ​ ​
​ ​ ​ 1,740,000 ​ ​ ​
BB&T Corp., Junior Subordinated Notes, 4.800% (5-Year CMT Index +
3.003%)(a)(c)
​ ​ ​ ​ 1,753,050 ​ ​
​ ​ ​ 1,600,000 ​ ​ ​
Capital One Financial Corp., Junior Subordinated Notes, 5.550% (3-Month
USD-LIBOR + 3.800%)(a)(c)
​ ​ ​ ​ 1,618,000 ​ ​
​ ​ ​ 995,000 ​ ​ ​
CenterPoint Energy Inc., Junior Subordinated Notes, 6.125% (3-Month
USD-LIBOR + 3.270%)(a)(c)
​ ​ ​ ​ 1,042,262 ​ ​
​ ​ ​ 290,000 ​ ​ ​
CIT Group Inc., Junior Subordinated Notes, 5.800% (3-Month USD-LIBOR +
3.972%)(a)(c)
​ ​ ​ ​ 294,846 ​ ​
​ ​ ​ 2,105,000 ​ ​ ​
CITGO Petroleum Corp., Senior Secured Notes, 6.250% due 8/15/22(b)
​ ​ ​ ​ 2,115,525 ​ ​
​ ​ ​ ​ ​ ​ ​ Citigroup Inc., Junior Subordinated Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,389,000 ​ ​ ​
5.950% (3-Month USD-LIBOR + 3.905%)(a)(c)
​ ​ ​ ​ 2,556,230 ​ ​
​ ​ ​ 500,000 ​ ​ ​
6.300% (3-Month USD-LIBOR + 3.423%)(a)(c)
​ ​ ​ ​ 530,750 ​ ​
​ ​ ​ 675,000 ​ ​ ​
Citizens Financial Group Inc., Junior Subordinated Notes, 5.500% (3-Month
USD-LIBOR + 3.960%)(a)(c)
​ ​ ​ ​ 680,062 ​ ​
​ ​ ​ 1,175,000 ​ ​ ​
CoBank ACB, Junior Subordinated Notes, 6.250% (3-Month USD-LIBOR +
4.660%)(a)(c)
​ ​ ​ ​ 1,263,125 ​ ​
​ ​ ​ ​ ​ ​ ​ Comcast Corp., Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 520,000 ​ ​ ​
2.649% (3-Month USD-LIBOR + 0.330%) due 10/1/20(a)
​ ​ ​ ​ 520,725 ​ ​
​ ​ ​ 520,000 ​ ​ ​
3.300% due 10/1/20
​ ​ ​ ​ 527,566 ​ ​
​ ​ ​ 260,000 ​ ​ ​
2.759% (3-Month USD-LIBOR + 0.440%) due 10/1/21(a)
​ ​ ​ ​ 260,610 ​ ​
​ ​ ​ 483,210 ​ ​ ​
Continental Airlines Class A Pass-Through Trust, Pass-Thru Certificates, 5.983%
due 4/19/22
​ ​ ​ ​ 512,202 ​ ​
​ ​ ​ 303,019 ​ ​ ​
Continental Airlines Class A-1 Pass-Through Trust, Pass-Thru Certificates,
7.707% due 4/2/21
​ ​ ​ ​ 314,382 ​ ​
​ ​ ​ 20,787 ​ ​ ​
Continental Airlines Class C-2 Pass-Through Trust, Pass-Thru Certificates,
6.236% due 3/15/20
​ ​ ​ ​ 21,166 ​ ​
​ ​ ​ 3,675,000 ​ ​ ​
Cott Holdings Inc., Company Guaranteed Notes, 5.500% due 4/1/25(b)
​ ​ ​ ​ 3,831,298 ​ ​
​ ​ ​ 4,227,000 ​ ​ ​
CSC Holdings LLC, Company Guaranteed Notes, 5.375% due 7/15/23(b)
​ ​ ​ ​ 4,344,342 ​ ​
​ ​ ​ 535,000 ​ ​ ​
Dairy Farmers of America Inc., Junior Subordinated Notes, 7.125%(b)(c)
​ ​ ​ ​ 505,575 ​ ​
​ ​ ​ 1,615,000 ​ ​ ​
Diamond Sports Group LLC/Diamond Sports Finance Co., Senior Secured Notes,
5.375% due 8/15/26(b)
​ ​ ​ ​ 1,695,750 ​ ​
​ ​ ​ 1,060,000 ​ ​ ​
Discover Financial Services, Junior Subordinated Notes, 5.500% (3-Month
USD-LIBOR + 3.076%)(a)(c)
​ ​ ​ ​ 1,065,385 ​ ​
​ ​ ​ 7,688,000 ​ ​ ​
Dollar Tree Inc., Senior Unsecured Notes, 3.003% (3-Month USD-LIBOR +
0.700%) due 4/17/20(a)
​ ​ ​ ​ 7,688,471 ​ ​
See Notes to Financial Statements.
155
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ United States – (continued) ​
​ ​ $ 2,922,000 ​ ​ ​
DXC Technology Co., Senior Unsecured Notes, 3.082% (3-Month
USD-LIBOR + 0.950%) due 3/1/21(a)
​ ​ ​ $ 2,922,002 ​ ​
​ ​ ​ 135,000 ​ ​ ​
Farm Credit Bank of Texas, Junior Subordinated Notes, 6.200% (3-Month
USD-LIBOR + 3.223%)(a)(b)(c)(e)
​ ​ ​ ​ 145,393 ​ ​
​ ​ ​ 1,944,000 ​ ​ ​
Five Point Operating Co. LP/Five Point Capital Corp., Company Guaranteed
Notes, 7.875% due 11/15/25(b)
​ ​ ​ ​ 1,950,075 ​ ​
​ ​ ​ 5,222,000 ​ ​ ​
Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.226% (3-Month
USD-LIBOR + 0.790%) due 6/12/20(a)
​ ​ ​ ​ 5,222,774 ​ ​
​ ​ ​ 2,900,000 ​ ​ ​
Freeport-McMoRan Inc., Company Guaranteed Notes, 4.550% due 11/14/24
​ ​ ​ ​ 2,928,449 ​ ​
​ ​ ​ 2,126,000 ​ ​ ​
Fresh Market Inc., Senior Secured Notes, 9.750% due 5/1/23(b)
​ ​ ​ ​ 1,206,505 ​ ​
​ ​ ​ 6,487,000 ​ ​ ​
FXI Holdings Inc., Senior Secured Notes, 7.875% due 11/1/24(b)
​ ​ ​ ​ 5,757,212 ​ ​
​ ​ ​ 2,120,000 ​ ​ ​
General Electric Co., Junior Subordinated Notes, 5.000% (3-Month
USD-LIBOR + 3.330%)(a)(c)
​ ​ ​ ​ 1,923,900 ​ ​
​ ​ ​ 1,935,000 ​ ​ ​
General Motors Financial Co., Inc., Junior Subordinated Notes, 5.750% (3-Month
USD-LIBOR + 3.598%)(a)(c)
​ ​ ​ ​ 1,799,550 ​ ​
​ ​ ​ ​ ​ ​ ​ Goldman Sachs Group Inc., Junior Subordinated Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 325,000 ​ ​ ​
5.375% (3-Month USD-LIBOR + 3.922%)(a)(c)
​ ​ ​ ​ 328,250 ​ ​
​ ​ ​ 2,524,000 ​ ​ ​
5.500% (5-Year CMT Index + 3.623%)(a)(c)
​ ​ ​ ​ 2,637,310 ​ ​
​ ​ ​ 1,410,000 ​ ​ ​
Hadrian Merger Sub Inc., Senior Unsecured Notes, 8.500% due 5/1/26(b)
​ ​ ​ ​ 1,350,075 ​ ​
​ ​ ​ 5,133,000 ​ ​ ​
HC2 Holdings Inc., Senior Secured Notes, 11.500% due 12/1/21(b)
​ ​ ​ ​ 4,465,710 ​ ​
​ ​ ​ 3,207,000 ​ ​ ​
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed
Notes, 6.250% due 5/15/26(b)
​ ​ ​ ​ 3,347,467 ​ ​
​ ​ ​ 10,927,000 ​ ​ ​
INVISTA Finance LLC, Senior Secured Notes, 4.250% due 10/15/19(b)
​ ​ ​ ​ 10,954,882 ​ ​
​ ​ ​ ​ ​ ​ ​ JPMorgan Chase & Co., Junior Subordinated Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,745,000 ​ ​ ​
5.000% (SOFR rate + 3.380%)(a)(c)
​ ​ ​ ​ 1,810,438 ​ ​
​ ​ ​ 2,650,000 ​ ​ ​
6.750% (3-Month USD-LIBOR + 3.780%)(a)(c)
​ ​ ​ ​ 2,951,437 ​ ​
​ ​ ​ 475,000 ​ ​ ​
KeyCorp, Junior Subordinated Notes, 5.000% (3-Month USD-LIBOR +
3.606%)(a)(c)
​ ​ ​ ​ 485,687 ​ ​
​ ​ ​ ​ ​ ​ ​ Land O’ Lakes Inc., Junior Subordinated Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 415,000 ​ ​ ​
7.000%(b)(c)(e)
​ ​ ​ ​ 394,250 ​ ​
​ ​ ​ 2,050,000 ​ ​ ​
7.250%(b)(c)(e)
​ ​ ​ ​ 1,991,062 ​ ​
​ ​ ​ 8,428,000 ​ ​ ​
Lee Enterprises Inc., Senior Secured Notes, 9.500% due 3/15/22(b)
​ ​ ​ ​ 8,406,930 ​ ​
​ ​ ​ 3,418,000 ​ ​ ​
LSC Communications Inc., Senior Secured Notes, 8.750% due 10/15/23(b)(d)
​ ​ ​ ​ 2,580,590 ​ ​
​ ​ ​ 1,125,000 ​ ​ ​
M&T Bank Corp., Junior Subordinated Notes, 5.125% (3-Month USD-LIBOR +
3.520%)(a)(c)
​ ​ ​ ​ 1,178,437 ​ ​
​ ​ ​ 985,000 ​ ​ ​
MetLife Inc., Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR +
2.959%)(a)(c)
​ ​ ​ ​ 1,056,412 ​ ​
​ ​ ​ 13,692,000 ​ ​ ​
Mueller Industries Inc., Subordinated Notes, 6.000% due 3/1/27
​ ​ ​ ​ 13,863,150 ​ ​
See Notes to Financial Statements.
156
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
 ​ ​
Security
​ ​
Value
​
​ CORPORATE BONDS & NOTES – (continued) ​
​ United States – (continued) ​
​ ​ $ 510,000 ​ ​ ​
NiSource Inc., Junior Subordinated Notes, 5.650% (5-Year CMT Index +
2.843%)(a)(c)
​ ​ ​ $ 507,358 ​ ​
​ ​ ​ 2,625,000 ​ ​ ​
Pacific Gas & Electric Co., Senior Unsecured Notes, 2.950% due 3/1/26(g)
​ ​ ​ ​ 2,533,125 ​ ​
​ ​ ​ 902,000 ​ ​ ​
PNC Financial Services Group Inc., Junior Subordinated Notes, 5.000%
(3-Month USD-LIBOR + 3.300%)(a)(c)
​ ​ ​ ​ 926,805 ​ ​
​ ​ ​ 955,000 ​ ​ ​
Provident Financing Trust I, Limited Guaranteed Notes, 7.405% due 3/15/38
​ ​ ​ ​ 1,086,312 ​ ​
​ ​ ​ ​ ​ ​ ​ Reliance Holding USA Inc., Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,700,000 ​ ​ ​
4.500% due 10/19/20
​ ​ ​ ​ 3,777,914 ​ ​
​ ​ ​ 2,400,000 ​ ​ ​
5.400% due 2/14/22
​ ​ ​ ​ 2,563,823 ​ ​
​ ​ ​ 538,000 ​ ​ ​
Salem Media Group Inc., Senior Secured Notes, 6.750% due 6/1/24(b)
​ ​ ​ ​ 470,078 ​ ​
​ ​ ​ 3,350,000 ​ ​ ​
SESI LLC, Company Guaranteed Notes, 7.125% due 12/15/21
​ ​ ​ ​ 2,361,750 ​ ​
​ ​ ​ 2,273,000 ​ ​ ​
Sirius XM Radio Inc., Company Guaranteed Notes, 5.000% due 8/1/27(b)
​ ​ ​ ​ 2,398,015 ​ ​
​ ​ ​ 4,400,000 ​ ​ ​
Southern Copper Corp., Senior Unsecured Notes, 5.375% due 4/16/20
​ ​ ​ ​ 4,471,548 ​ ​
​ ​ ​ 1,360,000 ​ ​ ​
SunTrust Banks Inc., Junior Subordinated Notes, 5.050% (3-Month
USD-LIBOR + 3.102%)(a)(c)
​ ​ ​ ​ 1,370,200 ​ ​
​ ​ ​ 4,020,000 ​ ​ ​
Tapestry Inc., Senior Unsecured Notes, 4.250% due 4/1/25
​ ​ ​ ​ 4,162,332 ​ ​
​ ​ ​ 7,639,000 ​ ​ ​
TEGNA Inc., Company Guaranteed Notes, 5.125% due 10/15/19
​ ​ ​ ​ 7,647,403 ​ ​
​ ​ ​ 632,299 ​ ​ ​
Toll Road Investors Partnership II LP, Senior Secured Notes, zero coupon, due
2/15/45(b)
​ ​ ​ ​ 179,221 ​ ​
​ ​ ​ ​ ​ ​ ​ Trimble Inc., Senior Unsecured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,930,000 ​ ​ ​
4.150% due 6/15/23
​ ​ ​ ​ 3,073,703 ​ ​
​ ​ ​ 3,901,000 ​ ​ ​
4.750% due 12/1/24
​ ​ ​ ​ 4,216,969 ​ ​
​ ​ ​ 945,000 ​ ​ ​
Triumph Group Inc., Company Guaranteed Notes, 7.750% due 8/15/25
​ ​ ​ ​ 947,363 ​ ​
​ ​ ​ 2,083,000 ​ ​ ​
W&T Offshore Inc., Secured Notes, 9.750% due 11/1/23(b)
​ ​ ​ ​ 2,010,095 ​ ​
​ ​ ​ 5,628,000 ​ ​ ​
Welbilt Inc., Company Guaranteed Notes, 9.500% due 2/15/24
​ ​ ​ ​ 6,043,065 ​ ​
​ ​ ​ 3,810,000 ​ ​ ​
Wells Fargo & Co., Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR +
3.990%)(a)(c)
​ ​ ​ ​ 4,201,630 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United States
​ ​ ​ ​ 180,680,007 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CORPORATE BONDS & NOTES
(Cost – $499,411,914)
​ ​ ​
​
501,934,636
 ​ ​
​ SENIOR LOANS(a) – 9.0% ​
​ ​ ​ 1,539,572 ​ ​ ​
Appvion Operations Inc., 8.230% (3-Month USD-LIBOR + 6.000%)
due 6/12/26
​ ​ ​ ​ 1,508,780 ​ ​
​ ​ ​ 2,626,994 ​ ​ ​
BI-LO LLC, 10.330% (3-Month USD-LIBOR + 8.000%) due 5/31/24
​ ​ ​ ​ 2,511,406 ​ ​
​ ​ ​ 6,826,346 ​ ​ ​
Crestwood Holdings LLC, 9.710% (1-Month USD-LIBOR + 7.500%)
due 3/6/23
​ ​ ​ ​ 6,519,161 ​ ​
​ ​ ​ 4,753,720 ​ ​ ​
Dell International LLC, 4.120% (1-Month USD-LIBOR + 2.000%) due 9/7/23
​ ​ ​ ​ 4,763,085 ​ ​
​ ​ ​ 4,538,000 ​ ​ ​
Fieldwood Energy LLC, 7.506% (3-Month USD-LIBOR + 5.250%)
due 4/11/22
​ ​ ​ ​ 3,976,422 ​ ​
See Notes to Financial Statements.
157
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
 ​ ​
Security
​ ​
Value
​
​ SENIOR LOANS(a) – (continued) ​
​ ​ $ 2,168,000 ​ ​ ​
General Nutrition Centers Inc., 9.120% (1-Month USD-LIBOR + 7.000%) due
12/31/22
​ ​ ​ $ 2,187,642 ​ ​
​ ​ ​ 6,212,900 ​ ​ ​
IEA Energy Services LLC, 10.416% (1-Month USD-LIBOR + 8.250%) due
9/25/24
​ ​ ​ ​ 5,979,916 ​ ​
​ ​ ​ 5,382,391 ​ ​ ​
Internap Corp., 9.190% (1-Month USD-LIBOR + 7.000%) due 4/6/22
​ ​ ​ ​ 3,794,586 ​ ​
​ ​ ​ 2,857,130 ​ ​ ​
Lee Enterprises Inc., 12.000% (3-Month USD-LIBOR + 12.000%) due
12/15/22
​ ​ ​ ​ 2,828,559 ​ ​
​ ​ ​ 2,646,589 ​ ​ ​
LSC Communications Inc., 7.627% (1-Week USD-LIBOR + 5.500%) due
9/30/22
​ ​ ​ ​ 2,226,443 ​ ​
​ ​ ​ 3,679,187 ​ ​ ​
McDermott International Inc., 7.110% (1-Month USD-LIBOR + 5.000%) due
5/12/25
​ ​ ​ ​ 3,368,774 ​ ​
​ ​ ​ 1,153,891 ​ ​ ​
Monitronics International Inc., 8.612% (1-Month USD-LIBOR + 6.500%) due
3/29/24
​ ​ ​ ​ 1,081,773 ​ ​
​ ​ ​ 1,079,000 ​ ​ ​
PMHC II Inc., 9.933% (3-Month USD-LIBOR + 7.750%) due 3/30/26
​ ​ ​ ​ 873,990 ​ ​
​ ​ ​ 2,450,000 ​ ​ ​
Production Resource Group LLC, 9.160% (3-Month USD-LIBOR + 7.000%) due
8/21/24
​ ​ ​ ​ 2,401,000 ​ ​
​ ​ ​ 1,069,837 ​ ​ ​
RA Acquistion Purchaser LLC, 12.330% (3-Month USD-LIBOR + 10.000%) due
5/31/23(f)
​ ​ ​ ​ 1,069,837 ​ ​
​ ​ ​ 1,410,952 ​ ​ ​
Town Sports International LLC, 5.612% (1-Month USD-LIBOR + 3.500%) due
11/15/20
​ ​ ​ ​ 1,283,966 ​ ​
​ ​ ​ 5,293,180 ​ ​ ​
Trico Group LLC, 9.330% (3-Month USD-LIBOR + 7.000%) due 2/2/24
​ ​ ​ ​ 5,134,385 ​ ​
​ ​ ​ ​ ​ ​ ​ Windstream Services LLC: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 9,515,903 ​ ​ ​
4.620% (1-Month USD-LIBOR + 2.500%) due 2/26/21
​ ​ ​ ​ 9,539,693 ​ ​
​ ​ ​ 7,653,000 ​ ​ ​
10.250% (Prime Lending Rate + 5.000%) due 3/29/21
​ ​ ​ ​ 7,761,673 ​ ​
​ ​ ​ 2,735,860 ​ ​ ​
YI LLC, 6.330% (3-Month USD-LIBOR + 4.000%) due 11/7/24
​ ​ ​ ​ 2,725,601 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SENIOR LOANS
(Cost – $74,030,670)
​ ​ ​
​
71,536,692
 ​ ​
​ SOVEREIGN BONDS – 3.8% ​
​ Brazil – 0.1% ​
​ ​ ​ 900,000 ​ ​ ​
Brazilian Government International Bond, 4.875% due 1/22/21
​ ​ ​ ​ 934,209 ​ ​
​ Chile – 0.3% ​
​ ​ ​ 2,000,000 ​ ​ ​
Chile Government International Bond, 2.250% due 10/30/22
​ ​ ​ ​ 2,010,000 ​ ​
​ Colombia – 0.9% ​
​ ​ ​ 6,900,000 ​ ​ ​
Colombia Government International Bond, 4.375% due 7/12/21
​ ​ ​ ​ 7,158,819 ​ ​
​ Costa Rica – 0.1% ​
​ ​ ​ 1,150,000 ​ ​ ​
Costa Rica Government International Bond, 9.995% due 8/1/20
​ ​ ​ ​ 1,208,937 ​ ​
​ Dominican Republic – 0.8% ​
​ ​ ​ 6,320,000 ​ ​ ​
Dominican Republic International Bond, 7.500% due 5/6/21
​ ​ ​ ​ 6,643,963 ​ ​
​ India – 0.3% ​
​ ​ ​ 2,000,000 ​ ​ ​
Export-Import Bank of India, 3.125% due 7/20/21
​ ​ ​ ​ 2,023,927 ​ ​
See Notes to Financial Statements.
158
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount/Units†
 ​ ​
Security
​ ​
Value
​
​ SOVEREIGN BONDS – (continued) ​
​ Indonesia – 0.9% ​
​ ​ ​ ​ ​ ​ ​ Indonesia Government International Bond: ​ ​ ​ ​ ​ ​ ​
​ ​ $ 3,000,000 ​ ​ ​
4.875% due 5/5/21
​ ​ ​ $ 3,117,069 ​ ​
​ ​ ​ 2,795,000 ​ ​ ​
3.700% due 1/8/22
​ ​ ​ ​ 2,876,528 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Perusahaan Penerbit SBSN Indonesia III, 3.400% due 3/29/22
​ ​ ​ ​ 1,021,460 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Indonesia
​ ​ ​ ​ 7,015,057 ​ ​
​ Mexico – 0.1% ​
​ ​ ​ 800,000 ​ ​ ​
Nacional Financiera SNC, 3.375% due 11/5/20
​ ​ ​ ​ 805,008 ​ ​
​ Peru – 0.2% ​
​ ​ ​ 1,500,000 ​ ​ ​
Fondo MIVIVIENDA SA, 3.500% due 1/31/23
​ ​ ​ ​ 1,543,500 ​ ​
​ Philippines – 0.1% ​
​ ​ ​ 1,000,000 ​ ​ ​
Philippine Government International Bond, 4.000% due 1/15/21
​ ​ ​ ​ 1,024,851 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SOVEREIGN BONDS
(Cost – $30,074,462)
​ ​ ​
​
30,368,271
 ​ ​
​
Shares/Units
​ ​ ​ ​ ​ ​ ​
​ PREFERRED STOCKS – 2.3% ​
​ Bermuda – 0.4% ​
​ ​ ​ 30,926 ​ ​ ​
Aspen Insurance Holdings Ltd., 5.625%(c)
​ ​ ​ ​ 800,983 ​ ​
​ ​ ​ 17,350 ​ ​ ​
Athene Holding Ltd., 6.350% (3-Month USD-LIBOR + 4.253%)*(a)(c)
​ ​ ​ ​ 493,261 ​ ​
​ ​ ​ 19,389 ​ ​ ​
Axis Capital Holdings Ltd., 5.500%(c)
​ ​ ​ ​ 492,287 ​ ​
​ ​ ​ 42,868 ​ ​ ​
Enstar Group Ltd., 7.000% (3-Month USD-LIBOR + 4.015%)(a)(c)
​ ​ ​ ​   1,144,147 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Bermuda
​ ​ ​ ​ 2,930,678 ​ ​
​ United States – 1.9% ​
​ ​ ​ 10,100 ​ ​ ​
Air Lease Corp., 6.150% (3-Month USD-LIBOR + 3.650%)(a)(c)
​ ​ ​ ​ 276,740 ​ ​
​ ​ ​ 3,000 ​ ​ ​
CoBank ACB, 6.250% (3-Month USD-LIBOR + 4.557%)(a)(c)
​ ​ ​ ​ 317,250 ​ ​
​ ​ ​ 1,000 ​ ​ ​
Dairy Farmers of America Inc., 7.875%(b)(c)
​ ​ ​ ​ 100,000 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Delphi Financial Group Inc., 5.348% (3-Month USD-LIBOR + 3.190%)(a)
​ ​ ​ ​ 1,125,000 ​ ​
​ ​ ​ 21,970 ​ ​ ​
Farm Credit Bank of Texas, 6.750% (3-Month USD-LIBOR + 4.010%)(a)(b)(c)
​ ​ ​ ​ 2,345,297 ​ ​
​ ​ ​ 25,550 ​ ​ ​
GMAC Capital Trust I, 7.943% (3-Month USD-LIBOR + 5.785%)(a)
​ ​ ​ ​ 669,410 ​ ​
​ ​ ​ 54,847 ​ ​ ​
Huntington Bancshares Inc., 6.250%(c)
​ ​ ​ ​ 1,450,155 ​ ​
​ ​ ​ ​ ​ ​ ​ Morgan Stanley: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 75,960 ​ ​ ​
5.850%(3-Month USD-LIBOR + 3.491%(a)(c)(d)
​ ​ ​ ​ 2,050,920 ​ ​
​ ​ ​ 49,200 ​ ​ ​
6.375% (3-Month USD-LIBOR + 3.708%(a)(c)
​ ​ ​ ​ 1,365,300 ​ ​
​ ​ ​ 20,000 ​ ​ ​
New York Community Bancorp Inc., 6.375% (3-Month USD-LIBOR +
3.821%)(a)(c)
​ ​ ​ ​ 556,000 ​ ​
​ ​ ​ 45,000 ​ ​ ​
NuStar Energy LP, 7.625% (3-Month USD-LIBOR + 5.643%)(a)(c)
​ ​ ​ ​ 928,800 ​ ​
​ ​ ​ 43,830 ​ ​ ​
Regions Financial Corp., 5.700% (3-Month USD-LIBOR + 3.148%)(a)(c)
​ ​ ​ ​ 1,200,942 ​ ​
​ ​ ​ 13,000 ​ ​ ​
Synovus Financial Corp., 5.875% (5-Year CMT Index + 4.127%)*(a)(c)
​ ​ ​ ​ 342,420 ​ ​
See Notes to Financial Statements.
159
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ PREFERRED STOCKS – (continued) ​
​ United States – (continued) ​
​ ​ ​     90,000 ​ ​ ​
Voya Financial Inc., 5.350% (5-Year CMT Index + 3.210%)(a)(c)
​ ​ ​ $ 2,462,400 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United States
​ ​ ​ ​ 15,190,634 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL PREFERRED STOCKS
(Cost – $17,834,397)
​ ​ ​
​
18,121,312
 ​ ​
​ COMMON STOCKS – 1.2% ​
​ Colombia – 0.0% ​
​ ​ ​ 21,182 ​ ​ ​
Frontera Energy Corp.(f)
​ ​ ​ ​ 204,438 ​ ​
​ United States – 1.2% ​
​ ​ ​ 267,281 ​ ​ ​
Appvion Inc.*(e)(f)
​ ​ ​ ​ 2,646,082 ​ ​
​ ​ ​ 219,500 ​ ​ ​
Forum Merger II Corp., Class A Shares*(e)
​ ​ ​ ​ 2,216,950 ​ ​
​ ​ ​ 61,500 ​ ​ ​
Landcadia Holdings II Inc., Class A Shares*
​ ​ ​ ​ 602,700 ​ ​
​ ​ ​ 52 ​ ​ ​
Real Alloy Holding Inc.*(e)(f)
​ ​ ​ ​ 1,737,095 ​ ​
​ ​ ​ 136,369 ​ ​ ​
Tuscan Holdings Corp.*
​ ​ ​ ​ 1,350,053 ​ ​
​ ​ ​ 80,750 ​ ​ ​
Tuscan Holdings Corp. II*(e)
​ ​ ​ ​ 786,505 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United States
​ ​ ​ ​ 9,339,385 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMON STOCKS
(Cost – $10,993,587)
​ ​ ​
​
9,543,823
 ​ ​
​ WARRANTS – 0.0% ​
​ Brazil – 0.0% ​
​ ​ ​ 58,463 ​ ​ ​
OAS SA*(f)
​ ​ ​ ​ — ​ ​
​ United States – 0.0% ​
​ ​ ​ 40,375 ​ ​ ​
Tuscan Holdings Corp. II*(e)
​ ​ ​ ​ 23,418 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL WARRANTS
(Cost – $23,985)
​ ​ ​
​
23,418
 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $632,369,015)
​ ​ ​
​
631,528,152
 ​ ​
​
Face Amount†
 ​ ​ ​ ​ ​ ​ ​
​ SHORT-TERM INVESTMENTS – 18.7% ​
​ COMMERCIAL PAPERS – 13.1% ​
​ ​ $ 10,233,000 ​ ​ ​
Anheuser-Busch InBev SA/NV, 2.427% due 9/9/19(h)
​ ​ ​ ​ 10,226,462 ​ ​
​ ​ ​ ​ ​ ​ ​ Arrow Electronics Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,113,000 ​ ​ ​
2.556% due 9/16/19(h)
​ ​ ​ ​ 2,110,473 ​ ​
​ ​ ​ 5,631,000 ​ ​ ​
2.505% due 9/27/19(h)
​ ​ ​ ​ 5,619,875 ​ ​
​ ​ ​ 5,721,000 ​ ​ ​
AutoZone Inc., 2.222% due 9/9/19(h)
​ ​ ​ ​ 5,717,397 ​ ​
​ ​ ​ ​ ​ ​ ​ Boston Scientific Corp.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,113,000 ​ ​ ​
2.445% due 9/13/19(h)
​ ​ ​ ​ 2,111,128 ​ ​
​ ​ ​ 6,605,000 ​ ​ ​
2.369% due 10/25/19(h)
​ ​ ​ ​ 6,581,091 ​ ​
See Notes to Financial Statements.
160
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
​
Face Amount†
 ​ ​
Security
 ​ ​
Value
 ​
​ SHORT-TERM INVESTMENTS – (continued) ​
​ COMMERCIAL PAPERS – (continued) ​
​ ​ $ 8,817,000 ​ ​ ​
Campbell Soup, 2.435% due 9/11/19(h)
​ ​ ​ $ 8,810,319 ​ ​
​ ​ ​ 8,940,000 ​ ​ ​
Dow Chemical Co., 2.276% due 9/27/19(h)
​ ​ ​ ​ 8,923,965 ​ ​
​ ​ ​ 7,186,000 ​ ​ ​
EI du Pont de Nemours & Co., 2.304% due 9/10/19(h)
​ ​ ​ ​ 7,181,082 ​ ​
​ ​ ​ 11,959,000 ​ ​ ​
Keurig Dr Pepper Inc., 2.358% due 9/20/19(h)
​ ​ ​ ​ 11,943,011 ​ ​
​ ​ ​ 8,960,000 ​ ​ ​
Marriott International Inc., 2.356% due 9/16/19(h)
​ ​ ​ ​ 8,950,336 ​ ​
​ ​ ​ 10,559,000 ​ ​ ​
Mondelez International Inc., 2.490% due 9/10/19(h)
​ ​ ​ ​ 10,551,708 ​ ​
​ ​ ​ 8,962,000 ​ ​ ​
Royal Caribbean Ltd., 2.487% due 9/20/19(h)
​ ​ ​ ​ 8,950,018 ​ ​
​ ​ ​ 6,390,000 ​ ​ ​
Textron Inc., 2.226% due 10/8/19(h)
​ ​ ​ ​ 6,372,189 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMERCIAL PAPERS
(Cost – $104,061,960)
​ ​ ​
​
104,049,054
 ​ ​
​ TIME DEPOSITS – 5.6% ​
​ ​ ​ 44,060,112 ​ ​ ​
Banco Santander SA – Frankfurt, 1.490% due 9/3/19
​ ​ ​ ​ 44,060,112 ​ ​
​ ​ ​ 515,696 ​ ​ ​
JPMorgan Chase & Co. – New York, 1.490% due 9/3/19
​ ​ ​ ​ 515,696 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TIME DEPOSITS
(Cost – $44,575,808)
​ ​ ​
​
44,575,808
 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SHORT-TERM INVESTMENTS
(Cost – $148,637,768)
​ ​ ​
​
148,624,862
 ​ ​
​ INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.5% ​
​ MONEY MARKET FUND – 0.5% ​
​ ​ ​ 4,016,865 ​ ​ ​
Federated Government Obligations Fund, Premier Class, 2.012%(i)
(Cost – $4,016,865)
​ ​ ​ ​ 4,016,865 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 98.7%
(Cost – $785,023,648#)
​ ​ ​ ​ 784,169,879 ​ ​
​ ​ ​ ​ ​ ​ ​
Other Assets in Excess of Liabilities – 1.3%
​ ​ ​ ​ 9,931,760 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
​ ​ ​ $ 794,101,639 ​ ​
​
​
†
Face amount denominated in U.S. dollars, unless otherwise noted.
​
*
Non-income producing security.
​
(a)
Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2019.
​
(b)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2019, amounts to approximately $135,908,353 and represents 17.11% of net assets.
​
(c)
Security is perpetual in nature and has no stated maturity date.
​
(d)
All or a portion of this security is on loan (See Note 5).
​
(e)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2019, amounts to approximately $21,174,272 and represents 2.67% of net assets.
​
(f)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.
​
​
See Notes to Financial Statements.
161
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
​
(g)
Security is currently in default.
​
(h)
Rate shown represents yield-to-maturity.
​
(i)
Represents investment of collateral received from securities lending transactions.
​
#
Aggregate cost for federal income tax purposes is substantially the same.
​
@
Restricted security – Investment in security not registered under the Securities Act of 1933. The investment is deemed to not be liquid and may be sold only to qualified buyers.
​
Security
​ ​
Acquisition
Date
​ ​
Acquisition
Cost
​ ​
Market
Value
​ ​
Percent of
Net Assets
​
QBE Insurance Group Ltd., Subordinated Notes, 6.750% (USD Swap Rate + 4.300%) due 12/2/44
​ ​
10/2/18​
 ​ ​ ​ $ 2,109,000 ​ ​ ​ ​ $ 2,200,000 ​ ​ ​ ​ ​ 0.28% ​ ​
UniCredit SpA, Junior Subordinated Notes, 8.000% (5-Year USD Swap
Rate + 5.180%)
​ ​
5/4/17​
 ​ ​ ​ ​ 328,006 ​ ​ ​ ​ ​ 461,138 ​ ​ ​ ​ ​ 0.06% ​ ​
UBS Group Funding Switzerland AG, Company Guaranteed Notes, 7.000% (5-Year USD Swap Rate + 4.866%)
​ ​
4/18/17​
 ​ ​ ​ ​ 1,300,500 ​ ​ ​ ​ ​ 1,532,404 ​ ​ ​ ​ ​ 0.19% ​ ​
Total
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,193,542 ​ ​ ​ ​ ​ 0.53% ​ ​
Abbreviations used in this schedule:
CMT
 —   Constant Maturity Treasury Index
​
EURIBOR
 —   Euro Interbank Offered Rate
​
ICE
 —   Intercontinental Exchange
​
LIBOR
 —   London Interbank Offered Rate
​
LLC
 —   Limited Liability Company
​
LP
 —   Limited Partnership
​
PCL
 —   Public Company Limited
​
PLC
 —   Public Limited Company
​
Summary of Investments by Security Type^
​
Corporate Bonds & Notes
​ ​ ​ ​ 64.0% ​ ​
​
Senior Loans
​ ​ ​ ​ 9.1 ​ ​
​
Sovereign Bonds
​ ​ ​ ​ 3.9 ​ ​
​
Preferred Stocks
​ ​ ​ ​ 2.3 ​ ​
​
Common Stocks
​ ​ ​ ​ 1.2 ​ ​
​
Warrants
​ ​ ​ ​ 0.0* ​ ​
​
Short-Term Investments
​ ​ ​ ​ 19.0 ​ ​
​
Money Market Fund
​ ​ ​ ​ 0.5 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
*
Position represents less than 0.05%.
​
​
See Notes to Financial Statements.
162
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (concluded)
​
Schedule of Options Contracts Written
Equity Options
​
Number of
Contracts
​ ​
Notional
Amount
​ ​
Security Name
​ ​
Counterparty
​ ​
Expiration
Date
​ ​
Exercise
Rate
​ ​
Value
​
​
377
​ ​
3,285,932
​ ​
iShares iBoxx HighYield Corp.
​ ​
DB
​ ​
9/20/19
​ ​ ​ $ 82.00 ​ ​ ​ ​ $ 2,639 ​ ​
​
889
​ ​
7,748,524
​ ​
iShares iBoxx HighYield Corp.
​ ​
DB
​ ​
9/20/19
​ ​ ​ ​ 87.00 ​ ​ ​ ​ ​ 37,338 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL OPTIONS CONTRACTS WRITTEN
(Premiums received – $76,901)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 39,977 ​ ​
At August 31, 2019, Destinations Global Fixed Income Opportunities Fund had open forward foreign currency contracts as described below.
The unrealized appreciation on the open contracts reflected in the accompanying financial statements were as follows:
Foreign Currency
​ ​
Local
Currency
​ ​
Counterparty
​ ​
Market
Value
​ ​
Settlement
Date
​ ​
Unrealized
Appreciation
​ ​
Unrealized
(Depreciation)
​ ​
Net
Unrealized
Appreciation/​
(Depreciation)
​
Contracts to Sell: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Euro
​ ​ ​ ​ 17,615,000 ​ ​ ​ ​ ​ BBH ​ ​ ​ ​ $ 19,373,046 ​ ​ ​ ​ ​ 9/13/19 ​ ​ ​ ​ $ 423,924 ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 423,924 ​ ​
Net Unrealized Appreciation on Open Forward Foreign Currency Contracts ​ ​ ​ $ 423,924 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 423,924 ​ ​
​
​ Currency Abbreviations used in this schedule: ​ ​ Counterparty Abbreviations used in this schedule: ​
​
CAD
 —  Canadian Dollar
​
 ​ ​
BBH
 —  Brown Brothers Harriman & Co.
​
 ​
​
EUR
 —  Euro
​
 ​ ​
DB
 —  Deutsche Bank
​
 ​
​
Face Amount†
 ​ ​
Security
​ ​
Value
​
​ SECURITIES SOLD SHORT – 0.7% ​
​ CORPORATE BONDS & NOTES – 0.7% ​
​ Germany – 0.1% ​
​ ​ ​ 824,000EUR ​ ​ ​
BASF SE, Senior Unsecured Notes, 0.875% due 11/15/27
​ ​ ​ $ 975,051 ​ ​
​ Japan – 0.2% ​
​ ​ $ 1,604,000 ​ ​ ​
SoftBank Group Corp., Senior Unsecured Notes, 4.750% due 9/19/24
​ ​ ​ ​ 1,644,340 ​ ​
​ United States – 0.4% ​
​ ​ ​ 1,418,000 ​ ​ ​
DaVita Inc., Company Guaranteed Notes, 5.125% due 7/15/24
​ ​ ​ ​ 1,442,404 ​ ​
​ ​ ​ 840,000 ​ ​ ​
McKesson Corp., Senior Unsecured Notes, 3.950% due 2/16/28
​ ​ ​ ​ 896,264 ​ ​
​ ​ ​ 840,000 ​ ​ ​
Quest Diagnostics Inc., Senior Unsecured Notes, 3.450% due 6/1/26
​ ​ ​ ​ 891,190 ​ ​
​ ​ ​ ​ ​ ​ ​
Total United States
​ ​ ​ ​ 3,229,858 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CORPORATE BONDS & NOTES
(Proceeds – $5,533,978)
​ ​ ​
$
5,849,249
 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SECURITIES SOLD SHORT – 0.7%
(Proceeds – $5,533,978)
​ ​ ​ $ 5,849,249 ​ ​
​
†
Face amount denominated in U.S. dollars, unless otherwise noted.
​
​
See Notes to Financial Statements.
163
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – 92.6% ​
​ Alabama – 1.2% ​
​ ​ $ 2,000,000 ​ ​ ​ AA- ​ ​
Auburn University, Revenue Bonds, Series A, 5.000% due 6/1/35
​ ​ ​ $ 2,531,780 ​ ​
​ ​ ​ 1,835,000 ​ ​ ​ Aa2(a) ​ ​
Black Belt Energy Gas District, Revenue Bonds, Series A, 4.000%
due 7/1/46(b)
 ​ ​ ​ ​ 1,918,456 ​ ​
​ ​ ​ 355,000 ​ ​ ​ AA- ​ ​
County of Jefferson AL, GO, Series B, 5.000% due 4/1/21
​ ​ ​ ​ 376,037 ​ ​
​ ​ ​ 220,000 ​ ​ ​ A- ​ ​
Industrial Development Board of the City of Mobile Alabama, Revenue
Bonds, 1.850% due 6/1/34(b)
 ​ ​ ​ ​ 220,557 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mobile County Board of School Commissioners, Special Tax: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 260,000 ​ ​ ​ A- ​ ​
5.000% due 3/1/28
​ ​ ​ ​ 310,076 ​ ​
​ ​ ​ 175,000 ​ ​ ​ A- ​ ​
5.000% due 3/1/29
​ ​ ​ ​ 208,077 ​ ​
​ ​ ​ 180,000 ​ ​ ​ A- ​ ​
5.000% due 3/1/30
​ ​ ​ ​ 213,176 ​ ​
​ ​ ​ 185,000 ​ ​ ​ A- ​ ​
5.000% due 3/1/31
​ ​ ​ ​ 218,196 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A- ​ ​
5.000% due 3/1/32
​ ​ ​ ​ 170,121 ​ ​
​ ​ ​ 215,000 ​ ​ ​ A- ​ ​
5.000% due 3/1/33
​ ​ ​ ​ 251,772 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Montgomery Medical Clinic Board, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ BBB ​ ​
5.000% due 3/1/26
​ ​ ​ ​ 71,041 ​ ​
​ ​ ​ 115,000 ​ ​ ​ BBB ​ ​
5.000% due 3/1/27
​ ​ ​ ​ 135,465 ​ ​
​ ​ ​ 125,000 ​ ​ ​ BBB ​ ​
5.000% due 3/1/28
​ ​ ​ ​ 146,653 ​ ​
​ ​ ​ 105,000 ​ ​ ​ BBB ​ ​
5.000% due 3/1/29
​ ​ ​ ​ 122,748 ​ ​
​ ​ ​ 125,000 ​ ​ ​ BBB ​ ​
5.000% due 3/1/30
​ ​ ​ ​ 145,390 ​ ​
​ ​ ​ 3,500,000 ​ ​ ​ A3(a) ​ ​
Southeast Alabama Gas Supply District, Revenue Bonds, Series A, 4.000%
due 6/1/49(b)
 ​ ​ ​ ​ 3,860,290 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Alabama
​ ​ ​ ​ 10,899,835 ​ ​
​ Alaska – 0.2% ​
​ ​ ​ 1,000,000 ​ ​ ​ AA+ ​ ​
Alaska Housing Finance Corp., Revenue Bonds, Series A, 5.000%
due 6/1/30
​ ​ ​ ​ 1,243,230 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA ​ ​
Borough of North Slope AK, GO, Series A, Prerefunded 6/30/20 @ 100,
5.000% due 6/30/21(c)
 ​ ​ ​ ​ 51,625 ​ ​
​ ​ ​ 215,000 ​ ​ ​ AA ​ ​
State of Alaska, GO, Series A, 5.000% due 8/1/33
​ ​ ​ ​ 256,794 ​ ​
​ ​ ​ 225,000 ​ ​ ​ A1(a) ​ ​
State of Alaska International Airports System, Revenue Bonds, Series B,
5.000% due 10/1/33
​ ​ ​ ​ 267,239 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Alaska
​ ​ ​ ​ 1,818,888 ​ ​
​ Arizona – 3.4% ​
​ ​ ​ 5,000,000 ​ ​ ​ AA+ ​ ​
Arizona Department of Transportation State Highway Fund Revenue,
Revenue Bonds, 5.000% due 7/1/27
​ ​ ​ ​ 6,246,000 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AA ​ ​
Arizona State University, Revenue Bonds, Series A, 5.000% due 7/1/39
​ ​ ​ ​ 2,569,100 ​ ​
​ ​ ​ 1,800,000 ​ ​ ​ A+ ​ ​
Chandler Industrial Development Authority, Revenue Bonds, 5.000%
due 6/1/49(b)(d)
 ​ ​ ​ ​ 2,088,180 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Glendale AZ, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 230,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 7/1/27
​ ​ ​ ​ 277,909 ​ ​
See Notes to Financial Statements.
164
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Arizona – (continued) ​
​ ​ $ 260,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 7/1/28
​ ​ ​ $ 316,226 ​ ​
​ ​ ​ 235,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 7/1/29
​ ​ ​ ​ 282,545 ​ ​
​ ​ ​ 105,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/23
​ ​ ​ ​ 119,993 ​ ​
​ ​ ​ 95,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/25
​ ​ ​ ​ 115,275 ​ ​
​ ​ ​ 85,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/32
​ ​ ​ ​ 105,394 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA ​ ​
City of Glendale AZ, GO, AGM, 4.000% due 7/1/21
​ ​ ​ ​ 68,492 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
City of Glendale AZ Transportation Excise Tax Revenue, Revenue Bonds,
AGM:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 55,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/24
​ ​ ​ ​ 64,929 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/25
​ ​ ​ ​ 72,880 ​ ​
​ ​ ​ 105,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/26
​ ​ ​ ​ 126,767 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Phoenix Civic Improvement Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 6,365,000 ​ ​ ​ AAA ​ ​
Series B, 4.000% due 7/1/29
​ ​ ​ ​ 7,142,803 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AAA ​ ​
Series C, 5.000% due 7/1/21
​ ​ ​ ​ 32,159 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 7/1/27(d)
 ​ ​ ​ ​ 82,024 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 7/1/28(d)
 ​ ​ ​ ​ 112,924 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 7/1/20
​ ​ ​ ​ 30,983 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ AAA ​ ​
City of Scottsdale AZ, GO, 5.000% due 7/1/23
​ ​ ​ ​ 1,148,460 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Pima AZ Sewer System Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA ​ ​
Series B, 5.000% due 7/1/20
​ ​ ​ ​ 61,951 ​ ​
​ ​ ​ 15,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 7/1/22
​ ​ ​ ​ 16,633 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 7/1/23
​ ​ ​ ​ 33,248 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA ​ ​
Series B, Prerefunded 7/1/21 @ 100, 5.000% due 7/1/25(c)
 ​ ​ ​ ​ 64,193 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ BBB+ ​ ​
Industrial Development Authority of the City of Phoenix, Revenue Bonds,
1.520% due 12/1/35(b)(d)
 ​ ​ ​ ​ 2,500,300 ​ ​
​ ​ ​ 820,000 ​ ​ ​ AAA ​ ​
Maricopa County Community College District, GO, Series D, 4.250%
due 7/1/25
​ ​ ​ ​ 867,757 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maricopa County Industrial Development Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 800,000 ​ ​ ​ AA- ​ ​
Series D, 5.000% due 1/1/46(b)
 ​ ​ ​ ​ 985,160 ​ ​
​ ​ ​ 145,000 ​ ​ ​ NR ​ ​
6.000% due 1/1/48(e)
 ​ ​ ​ ​ 154,155 ​ ​
​ ​ ​ 735,000 ​ ​ ​ A2(a) ​ ​
Series B, 5.000% due 9/1/45(b)
 ​ ​ ​ ​ 862,354 ​ ​
​ ​ ​ 190,000 ​ ​ ​ AA- ​ ​
Series A, 4.000% due 1/1/24
​ ​ ​ ​ 212,758 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 1/1/22
​ ​ ​ ​ 76,226 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 1/1/23
​ ​ ​ ​ 163,213 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 1/1/24
​ ​ ​ ​ 69,711 ​ ​
​ ​ ​ 225,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 1/1/25
​ ​ ​ ​ 269,298 ​ ​
​ ​ ​ 430,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 1/1/48(b)
 ​ ​ ​ ​ 478,964 ​ ​
​ ​ ​ 290,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 1/1/48(b)
 ​ ​ ​ ​ 342,145 ​ ​
See Notes to Financial Statements.
165
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Arizona – (continued) ​
​ ​ $ 50,000 ​ ​ ​ AA- ​ ​
McAllister Academic Village LLC, Revenue Bonds, 5.000% due 7/1/21
​ ​ ​ $ 53,560 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA ​ ​
Salt River Project Agricultural Improvement & Power District, Revenue
Bonds, Series A, 5.000% due 1/1/33
​ ​ ​ ​ 185,139 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Arizona, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 195,000 ​ ​ ​ AA ​ ​
AGM, Series A, 5.250% due 10/1/20
​ ​ ​ ​ 195,606 ​ ​
​ ​ ​ 245,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/20
​ ​ ​ ​ 255,236 ​ ​
​ ​ ​ 215,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/21
​ ​ ​ ​ 232,237 ​ ​
​ ​ ​ 225,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/22
​ ​ ​ ​ 251,545 ​ ​
​ ​ ​ 300,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/23
​ ​ ​ ​ 346,470 ​ ​
​ ​ ​ 310,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/24
​ ​ ​ ​ 369,446 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tempe Industrial Development Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,000 ​ ​ ​ NR ​ ​
Series A, 6.000% due 10/1/37(e)
 ​ ​ ​ ​ 5,808 ​ ​
​ ​ ​ 15,000 ​ ​ ​ NR ​ ​
Series A, 6.125% due 10/1/47(e)
 ​ ​ ​ ​ 17,270 ​ ​
​ ​ ​ 15,000 ​ ​ ​ NR ​ ​
Series A, 6.125% due 10/1/52(e)
 ​ ​ ​ ​ 17,214 ​ ​
​ ​ ​ 225,000 ​ ​ ​ NR ​ ​
Series B, 4.000% due 10/1/23(e)
 ​ ​ ​ ​ 227,835 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Arizona
​ ​ ​ ​ 30,318,475 ​ ​
​ Arkansas – 0.0% ​
​ ​ ​ 90,000 ​ ​ ​ Aa2(a) ​ ​
Little Rock School District, GO, 3.000% due 2/1/22
​ ​ ​ ​ 93,650 ​ ​
​ California – 2.5% ​
​ ​ ​ 60,000 ​ ​ ​ A- ​ ​
Alameda Corridor Transportation Authority, Revenue Bonds, Series A,
5.000% due 10/1/23
​ ​ ​ ​ 69,632 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bay Area Toll Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AA ​ ​
Series A, 2.250% due 4/1/45(b)
 ​ ​ ​ ​ 2,049,460 ​ ​
​ ​ ​ 255,000 ​ ​ ​ AA ​ ​
Series A, 2.950% due 4/1/47(b)
 ​ ​ ​ ​ 280,628 ​ ​
​ ​ ​ 210,000 ​ ​ ​ AA ​ ​
Series B, 2.850% due 4/1/47(b)
 ​ ​ ​ ​ 227,396 ​ ​
​ ​ ​ 195,000 ​ ​ ​ AA ​ ​
Series C, 2.100% due 4/1/45(b)
 ​ ​ ​ ​ 199,265 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ California Health Facilities Financing Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 115,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 7/1/25
​ ​ ​ ​ 132,728 ​ ​
​ ​ ​ 85,000 ​ ​ ​ AA- ​ ​
Series D, 5.000% due 8/15/35
​ ​ ​ ​ 90,822 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ California Municipal Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 55,000 ​ ​ ​ BBB+(g) ​ ​
5.000% due 6/30/28(d)
 ​ ​ ​ ​ 70,156 ​ ​
​ ​ ​ 45,000 ​ ​ ​ BBB+(g) ​ ​
5.000% due 12/31/28(d)
 ​ ​ ​ ​ 57,280 ​ ​
​ ​ ​ 60,000 ​ ​ ​ BBB+(g) ​ ​
5.000% due 6/30/29(d)
 ​ ​ ​ ​ 76,136 ​ ​
​ ​ ​ 30,000 ​ ​ ​ BBB+(g) ​ ​
5.000% due 12/31/29(d)
 ​ ​ ​ ​ 37,967 ​ ​
​ ​ ​ 90,000 ​ ​ ​ BBB+(g) ​ ​
5.000% due 6/30/31(d)
 ​ ​ ​ ​ 112,906 ​ ​
​ ​ ​ 85,000 ​ ​ ​ BBB+(g) ​ ​
5.000% due 12/31/31(d)
 ​ ​ ​ ​ 106,368 ​ ​
​ ​ ​ 1,700,000 ​ ​ ​ BBB+ ​ ​
California Pollution Control Financing Authority, Revenue Bonds, Series A,
1.550% due 8/1/23(b)(d)(e)
 ​ ​ ​ ​ 1,700,289 ​ ​
See Notes to Financial Statements.
166
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ California – (continued) ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ California State Public Works Board, Revenue Bonds: ​ ​
​ ​ $ 70,000 ​ ​ ​ A+ ​ ​
Series D, 5.000% due 12/1/21
​ ​ ​ $ 76,267 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 4/1/22
​ ​ ​ ​ 66,158 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 4/1/23
​ ​ ​ ​ 159,608 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
Series A, 5.250% due 10/1/24
​ ​ ​ ​ 124,932 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
Series A, 5.250% due 10/1/25
​ ​ ​ ​ 124,907 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
Series G, 5.000% due 11/1/23
​ ​ ​ ​ 33,693 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
Series G, 5.000% due 11/1/24
​ ​ ​ ​ 33,683 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​ AA- ​ ​
City of Riverside CA Sewer Revenue, Revenue Bonds, Series A, 5.000%
due 8/1/36
​ ​ ​ ​ 3,853,590 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Golden State Tobacco Securitization Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 175,000 ​ ​ ​ A+ ​ ​
Series A, AMBAC, zero coupon, due 6/1/24
​ ​ ​ ​ 164,080 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 6/1/29
​ ​ ​ ​ 166,026 ​ ​
​ ​ ​ 115,000 ​ ​ ​ BBB+ ​ ​
Series A1, 5.000% due 6/1/25
​ ​ ​ ​ 135,324 ​ ​
​ ​ ​ 30,000 ​ ​ ​ BBB+ ​ ​
Series A1, 5.000% due 6/1/26
​ ​ ​ ​ 35,960 ​ ​
​ ​ ​ 290,000 ​ ​ ​ AA ​ ​
Los Angeles Department of Water & Power System Revenue, Revenue
Bonds, Series A, 5.000% due 7/1/29
​ ​ ​ ​ 348,423 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ Aa3(a) ​ ​
Los Angeles Unified School District, GO, Series A, 5.000% due 7/1/27
​ ​ ​ ​ 1,923,510 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Modesto Irrigation District, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/22
​ ​ ​ ​ 32,233 ​ ​
​ ​ ​ 110,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/23
​ ​ ​ ​ 117,978 ​ ​
​ ​ ​ 170,000 ​ ​ ​ Aa3(a) ​ ​
Oakland Alameda County Coliseum Authority, Revenue Bonds, Series A,
5.000% due 2/1/23
​ ​ ​ ​ 186,121 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oakland Unified School District, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 8/1/28
​ ​ ​ ​ 36,281 ​ ​
​ ​ ​ 100,000 ​ ​ ​ AA ​ ​
AGM, 5.000% due 8/1/26
​ ​ ​ ​ 121,636 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A+ ​ ​
Port of Oakland, Revenue Bonds, Series P, 5.000% due 5/1/22(d)
 ​ ​ ​ ​ 159,109 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Poway Unified School District Public Financing Authority, Special Tax: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ NR ​ ​
Series A, 5.000% due 9/1/25
​ ​ ​ ​ 41,363 ​ ​
​ ​ ​ 45,000 ​ ​ ​ NR ​ ​
Series A, 5.000% due 9/1/28
​ ​ ​ ​ 52,781 ​ ​
​ ​ ​ 50,000 ​ ​ ​ NR ​ ​
Series A, 5.000% due 9/1/32
​ ​ ​ ​ 57,849 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A ​ ​
Sacramento City Financing Authority, Tax Allocation, Series A, NPFG, zero
coupon, due 12/1/26
​ ​ ​ ​ 77,464 ​ ​
​ ​ ​ 255,000 ​ ​ ​ AA- ​ ​
San Diego Convention Center Expansion Financing Authority, Revenue
Bonds, Series A, 5.000% due 4/15/23
​ ​ ​ ​ 281,558 ​ ​
​ ​ ​ 75,000 ​ ​ ​ AA- ​ ​
San Diego Unified School District, GO, Series C, zero coupon, due 7/1/34
​ ​ ​ ​ 54,031 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ San Marcos Unified School District, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 105,000 ​ ​ ​ AA- ​ ​
Series B, zero coupon, due 8/1/35
​ ​ ​ ​ 73,110 ​ ​
See Notes to Financial Statements.
167
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ California – (continued) ​
​ ​ $ 60,000 ​ ​ ​ AA- ​ ​
Series B, zero coupon, due 8/1/37
​ ​ ​ $ 39,421 ​ ​
​ ​ ​ 55,000 ​ ​ ​ AA+ ​ ​
Santa Monica-Malibu Unified School District, GO, NPFG, zero coupon,
due 8/1/20
​ ​ ​ ​ 54,479 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of California, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,125,000 ​ ​ ​ AA- ​ ​
4.000% due 12/1/30(b)
 ​ ​ ​ ​ 3,275,938 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​ AA- ​ ​
5.000% due 4/1/36
​ ​ ​ ​ 3,894,960 ​ ​
​ ​ ​ 80,000 ​ ​ ​ AA- ​ ​
5.000% due 9/1/29
​ ​ ​ ​ 99,998 ​ ​
​ ​ ​ 435,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 8/1/26
​ ​ ​ ​ 548,705 ​ ​
​ ​ ​ 205,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 8/1/29
​ ​ ​ ​ 255,742 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of California Department of Water Resources, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ AAA ​ ​
Series AI, 5.000% due 12/1/25
​ ​ ​ ​ 70,910 ​ ​
​ ​ ​ 140,000 ​ ​ ​ AAA ​ ​
Series AI, Prerefunded 12/1/21 @ 100, 5.000% due 12/1/29(c)
 ​ ​ ​ ​ 153,035 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA+ ​ ​
Union Elementary School District, GO, Series A, NPFG, zero coupon, due
9/1/20
​ ​ ​ ​ 39,536 ​ ​
​ ​ ​ 100,000 ​ ​ ​ Aa3(a) ​ ​
Washington Township Health Care District, GO, Series A, 5.500% due
8/1/40
​ ​ ​ ​ 119,181 ​ ​
​ ​ ​ 230,000 ​ ​ ​ AA- ​ ​
West Contra Costa Unified School District, GO, 5.000% due 8/1/26
​ ​ ​ ​ 255,903 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total California
​ ​ ​ ​ 22,556,516 ​ ​
​ Colorado – 1.2% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City & County of Denver CO Airport System Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 11/15/24(d)
 ​ ​ ​ ​ 76,888 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 11/15/27(d)
 ​ ​ ​ ​ 38,053 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 11/15/28(d)
 ​ ​ ​ ​ 183,067 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 11/15/29(d)
 ​ ​ ​ ​ 181,969 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 11/15/30(d)
 ​ ​ ​ ​ 143,475 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Colorado Health Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 220,000 ​ ​ ​ A- ​ ​
2.800% due 5/15/42(b)
 ​ ​ ​ ​ 228,833 ​ ​
​ ​ ​ 500,000 ​ ​ ​ BBB+ ​ ​
5.000% due 8/1/44
​ ​ ​ ​ 609,295 ​ ​
​ ​ ​ 325,000 ​ ​ ​ BBB+ ​ ​
5.000% due 8/1/49(b)
 ​ ​ ​ ​ 391,498 ​ ​
​ ​ ​ 640,000 ​ ​ ​ AA ​ ​
5.000% due 11/15/49(b)
 ​ ​ ​ ​ 801,408 ​ ​
​ ​ ​ 220,000 ​ ​ ​ BBB+ ​ ​
Series D3, 5.000% due 10/1/38(b)
 ​ ​ ​ ​ 236,502 ​ ​
​ ​ ​ 2,115,000 ​ ​ ​ AA ​ ​
5.000% due 11/15/36(b)
 ​ ​ ​ ​ 2,438,066 ​ ​
​ ​ ​ 655,000 ​ ​ ​ Aaa(a) ​ ​
zero coupon, due 7/15/22
​ ​ ​ ​ 632,219 ​ ​
​ ​ ​ 190,000 ​ ​ ​ A3(a) ​ ​
5.000% due 9/1/46
​ ​ ​ ​ 220,478 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A+ ​ ​
Colorado Housing & Finance Authority, Revenue Bonds, Series H, 4.250%
due 11/1/49
​ ​ ​ ​ 161,906 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ E-470 Public Highway Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
zero coupon, due 9/1/35
​ ​ ​ ​ 39,621 ​ ​
See Notes to Financial Statements.
168
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Colorado – (continued) ​
​ ​ $ 85,000 ​ ​ ​ A ​ ​
zero coupon, due 9/1/37
​ ​ ​ $ 52,157 ​ ​
​ ​ ​ 110,000 ​ ​ ​ A ​ ​
zero coupon, due 9/1/38
​ ​ ​ ​ 65,039 ​ ​
​ ​ ​ 140,000 ​ ​ ​ A ​ ​
Series B, NPFG, zero coupon, due 9/1/20
​ ​ ​ ​ 138,253 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ AAA ​ ​
Metro Wastewater Reclamation District, Revenue Bonds, Series A, 4.000%
due 4/1/30
​ ​ ​ ​ 1,601,100 ​ ​
​ ​ ​ 2,250,000 ​ ​ ​ AA- ​ ​
State of Colorado, COP, Series A, 4.000% due 12/15/36
​ ​ ​ ​ 2,624,917 ​ ​
​ ​ ​ 210,000 ​ ​ ​ AA- ​ ​
University of Colorado Hospital Authority, Revenue Bonds, Series C,
5.000% due 11/15/38(b)
 ​ ​ ​ ​ 225,437 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Colorado
​ ​ ​ ​ 11,090,181 ​ ​
​ Connecticut – 1.2% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Connecticut State Health & Educational Facilities Authority, Revenue
Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 505,000 ​ ​ ​ AA- ​ ​
1.800% due 7/1/49(b)
 ​ ​ ​ ​ 515,529 ​ ​
​ ​ ​ 705,000 ​ ​ ​ NR ​ ​
5.000% due 7/1/25(e)
 ​ ​ ​ ​ 781,570 ​ ​
​ ​ ​ 385,000 ​ ​ ​ NR ​ ​
5.000% due 7/1/49(e)
 ​ ​ ​ ​ 422,095 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A- ​ ​
Series S, 5.000% due 7/1/26
​ ​ ​ ​ 79,784 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A- ​ ​
Series S, 5.000% due 7/1/29
​ ​ ​ ​ 38,155 ​ ​
​ ​ ​ 1,030,000 ​ ​ ​ AAA ​ ​
Series A, 2.050% due 7/1/35(b)
 ​ ​ ​ ​ 1,046,964 ​ ​
​ ​ ​ 4,465,000 ​ ​ ​ AAA ​ ​
Series V1, 1.250% due 7/1/36(b)
 ​ ​ ​ ​ 4,465,000 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Connecticut, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 375,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 4/15/26
​ ​ ​ ​ 460,279 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 3/15/26
​ ​ ​ ​ 110,232 ​ ​
​ ​ ​ 150,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 4/15/30
​ ​ ​ ​ 192,936 ​ ​
​ ​ ​ 170,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 4/15/34
​ ​ ​ ​ 214,654 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 4/15/35
​ ​ ​ ​ 75,510 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series E, 5.000% due 9/15/23
​ ​ ​ ​ 94,509 ​ ​
​ ​ ​ 100,000 ​ ​ ​ A ​ ​
Series E, 5.000% due 10/15/26
​ ​ ​ ​ 124,259 ​ ​
​ ​ ​ 150,000 ​ ​ ​ A ​ ​
Series E, 5.000% due 10/15/29
​ ​ ​ ​ 184,119 ​ ​
​ ​ ​ 1,600,000 ​ ​ ​ A ​ ​
Series F, 5.000% due 9/15/26
​ ​ ​ ​ 1,984,448 ​ ​
​ ​ ​ 330,000 ​ ​ ​ A+ ​ ​
University of Connecticut, Revenue Bonds, Series A, 5.000% due 11/1/27
​ ​ ​ ​ 418,816 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Connecticut
​ ​ ​ ​ 11,208,859 ​ ​
​ Delaware – 0.4% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Delaware River & Bay Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/22
​ ​ ​ ​ 92,498 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/24
​ ​ ​ ​ 40,617 ​ ​
​ ​ ​ 80,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/25
​ ​ ​ ​ 92,830 ​ ​
See Notes to Financial Statements.
169
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Delaware – (continued) ​
​ ​ $ 3,160,000 ​ ​ ​ NR ​ ​
State of Delaware, GO, Series B, Prerefunded 7/1/24 @ 100, 5.000%
due 7/1/27(c)
 ​ ​ ​ $ 3,731,012 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Delaware
​ ​ ​ ​ 3,956,957 ​ ​
​ District of Columbia – 0.7% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ District of Columbia, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 195,000 ​ ​ ​ A1(a) ​ ​
Series A, 5.000% due 6/1/40
​ ​ ​ ​ 199,791 ​ ​
​ ​ ​ 120,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 12/1/36
​ ​ ​ ​ 129,600 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metropolitan Washington Airports Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA- ​ ​
5.000% due 10/1/21(d)
 ​ ​ ​ ​ 96,810 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/22(d)
 ​ ​ ​ ​ 55,562 ​ ​
​ ​ ​ 195,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 10/1/22(d)
 ​ ​ ​ ​ 209,796 ​ ​
​ ​ ​ 75,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/23(d)
 ​ ​ ​ ​ 85,972 ​ ​
​ ​ ​ 210,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 10/1/23(d)
 ​ ​ ​ ​ 226,025 ​ ​
​ ​ ​ 190,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 10/1/24(d)
 ​ ​ ​ ​ 204,457 ​ ​
​ ​ ​ 225,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/25(d)
 ​ ​ ​ ​ 272,772 ​ ​
​ ​ ​ 255,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 10/1/25(d)
 ​ ​ ​ ​ 274,186 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/24(d)
 ​ ​ ​ ​ 2,952,300 ​ ​
​ ​ ​ 115,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/28(d)
 ​ ​ ​ ​ 148,291 ​ ​
​ ​ ​ 120,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/29(d)
 ​ ​ ​ ​ 153,977 ​ ​
​ ​ ​ 160,000 ​ ​ ​ AA- ​ ​
5.000% due 10/1/29(d)
 ​ ​ ​ ​ 200,907 ​ ​
​ ​ ​ 95,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/30(d)
 ​ ​ ​ ​ 121,206 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/31(d)
 ​ ​ ​ ​ 86,984 ​ ​
​ ​ ​ 135,000 ​ ​ ​ AA- ​ ​
5.000% due 10/1/31(d)
 ​ ​ ​ ​ 171,237 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/34(d)
 ​ ​ ​ ​ 73,887 ​ ​
​ ​ ​ 55,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/36(d)
 ​ ​ ​ ​ 67,373 ​ ​
​ ​ ​ 240,000 ​ ​ ​ AA- ​ ​
Washington Metropolitan Area Transit Authority, Revenue Bonds, Series B,
5.000% due 7/1/34
​ ​ ​ ​ 298,901 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total District of Columbia
​ ​ ​ ​ 6,030,034 ​ ​
​ Florida – 5.0% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brevard County School District, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 95,000 ​ ​ ​ Aa3(a) ​ ​
5.000% due 7/1/27
​ ​ ​ ​ 111,175 ​ ​
​ ​ ​ 215,000 ​ ​ ​ Aa3(a) ​ ​
5.000% due 7/1/30
​ ​ ​ ​ 250,359 ​ ​
​ ​ ​ 85,000 ​ ​ ​ Aa3(a) ​ ​
Series C, 5.000% due 7/1/24
​ ​ ​ ​ 99,994 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Citizens Property Insurance Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 80,000 ​ ​ ​ A+ ​ ​
Series A1, 5.000% due 6/1/21
​ ​ ​ ​ 85,323 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
Series A1, 5.000% due 6/1/22
​ ​ ​ ​ 66,240 ​ ​
See Notes to Financial Statements.
170
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Florida – (continued) ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Clearwater FL Water & Sewer Revenue, Revenue Bonds: ​
​ ​ $ 40,000 ​ ​ ​ AA ​ ​
5.000% due 12/1/21
​ ​ ​ $ 43,460 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA ​ ​
Prerefunded 12/1/21 @ 100, 5.000% due 12/1/23(c)
 ​ ​ ​ ​ 70,642 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA ​ ​
Prerefunded 12/1/21 @ 100, 5.000% due 12/1/24(c)
 ​ ​ ​ ​ 76,076 ​ ​
​ ​ ​ 685,000 ​ ​ ​ AA- ​ ​
City of Gainesville FL Utilities System Revenue, Revenue Bonds, Series A,
5.000% due 10/1/44
​ ​ ​ ​ 865,333 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Jacksonville FL, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/22
​ ​ ​ ​ 128,049 ​ ​
​ ​ ​ 155,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/23
​ ​ ​ ​ 172,489 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Tallahassee FL, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 50,000 ​ ​ ​ Baa1(a) ​ ​
5.000% due 12/1/40
​ ​ ​ ​ 56,798 ​ ​
​ ​ ​ 35,000 ​ ​ ​ Baa1(a) ​ ​
5.000% due 12/1/21
​ ​ ​ ​ 37,671 ​ ​
​ ​ ​ 15,000 ​ ​ ​ Baa1(a) ​ ​
5.000% due 12/1/19
​ ​ ​ ​ 15,128 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Tampa FL, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 45,000 ​ ​ ​ Aa2(a) ​ ​
5.000% due 11/15/19
​ ​ ​ ​ 45,352 ​ ​
​ ​ ​ 55,000 ​ ​ ​ A+ ​ ​
5.000% due 9/1/28
​ ​ ​ ​ 60,615 ​ ​
​ ​ ​ 170,000 ​ ​ ​ AA ​ ​
City of Tampa FL Solid Waste System Revenue, Revenue Bonds, AGM,
5.000% due 10/1/19(d)
 ​ ​ ​ ​ 170,479 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Broward FL Airport System Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 90,000 ​ ​ ​ A+ ​ ​
Series Q1, 5.000% due 10/1/23
​ ​ ​ ​ 100,647 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/30(d)
 ​ ​ ​ ​ 74,645 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/31(d)
 ​ ​ ​ ​ 111,453 ​ ​
​ ​ ​ 120,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/29(d)
 ​ ​ ​ ​ 143,600 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/31(d)
 ​ ​ ​ ​ 100,891 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/32(d)
 ​ ​ ​ ​ 136,237 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
County of Hillsborough FL Solid Waste & Resource Recovery Revenue,
Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/20(d)
 ​ ​ ​ ​ 41,466 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/21(d)
 ​ ​ ​ ​ 42,834 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/22(d)
 ​ ​ ​ ​ 55,274 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/23(d)
 ​ ​ ​ ​ 68,302 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/24(d)
 ​ ​ ​ ​ 75,957 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/25(d)
 ​ ​ ​ ​ 77,923 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/26(d)
 ​ ​ ​ ​ 79,916 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Indian River FL Water & Sewer Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 55,000 ​ ​ ​ AA ​ ​
5.000% due 9/1/21
​ ​ ​ ​ 55,000 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA ​ ​
5.000% due 9/1/22
​ ​ ​ ​ 65,000 ​ ​
See Notes to Financial Statements.
171
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Florida – (continued) ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Miami-Dade FL, Revenue Bonds: ​
​ ​ $ 210,000 ​ ​ ​ A+ ​ ​
Series B, NPFG, 5.000% due 6/1/20
​ ​ ​ $ 215,966 ​ ​
​ ​ ​ 160,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/28
​ ​ ​ ​ 198,480 ​ ​
​ ​ ​ 120,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/29
​ ​ ​ ​ 148,631 ​ ​
​ ​ ​ 215,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/30
​ ​ ​ ​ 265,559 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/25
​ ​ ​ ​ 72,313 ​ ​
​ ​ ​ 120,000 ​ ​ ​ AA ​ ​
County of Miami-Dade FL, GO, Series A, 5.000% due 11/1/23
​ ​ ​ ​ 138,958 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Miami-Dade FL Aviation Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 175,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/21(d)
 ​ ​ ​ ​ 187,943 ​ ​
​ ​ ​ 295,000 ​ ​ ​ AA ​ ​
Series B, AGM, 5.000% due 10/1/35
​ ​ ​ ​ 306,543 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A ​ ​
Series A1, 5.000% due 10/1/22
​ ​ ​ ​ 93,878 ​ ​
​ ​ ​ 1,800,000 ​ ​ ​ A2(a) ​ ​
Series A1, Prerefunded 10/1/20 @ 100, 5.375% due 10/1/41(c)
 ​ ​ ​ ​ 1,883,574 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/30
​ ​ ​ ​ 86,356 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/31
​ ​ ​ ​ 36,812 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 10/1/24
​ ​ ​ ​ 72,773 ​ ​
​ ​ ​ 215,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 10/1/37
​ ​ ​ ​ 248,177 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/22(d)
 ​ ​ ​ ​ 94,183 ​ ​
​ ​ ​ 290,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/24(d)
 ​ ​ ​ ​ 322,350 ​ ​
​ ​ ​ 55,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/27(d)
 ​ ​ ​ ​ 64,272 ​ ​
​ ​ ​ 80,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/29(d)
 ​ ​ ​ ​ 93,105 ​ ​
​ ​ ​ 160,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/33(d)
 ​ ​ ​ ​ 184,270 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/35(d)
 ​ ​ ​ ​ 80,289 ​ ​
​ ​ ​ 105,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 10/1/20(d)
 ​ ​ ​ ​ 109,156 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Miami-Dade FL Transit System, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/21
​ ​ ​ ​ 37,466 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/42
​ ​ ​ ​ 54,875 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Duval County Public Schools, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 125,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 7/1/27
​ ​ ​ ​ 149,422 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 7/1/28
​ ​ ​ ​ 35,769 ​ ​
​ ​ ​ 190,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 7/1/30
​ ​ ​ ​ 226,752 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Florida Municipal Power Agency, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 80,000 ​ ​ ​ A1(a) ​ ​
Series A, 5.000% due 10/1/22
​ ​ ​ ​ 89,438 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A2(a) ​ ​
5.000% due 10/1/24
​ ​ ​ ​ 35,688 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A2(a) ​ ​
5.000% due 10/1/27
​ ​ ​ ​ 54,525 ​ ​
​ ​ ​ 55,000 ​ ​ ​ A2(a) ​ ​
Series A, 5.000% due 10/1/30
​ ​ ​ ​ 68,017 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A2(a) ​ ​
Series A, 5.000% due 10/1/31
​ ​ ​ ​ 73,896 ​ ​
​ ​ ​ 355,000 ​ ​ ​ A2(a) ​ ​
Series A, 5.000% due 10/1/26
​ ​ ​ ​ 392,786 ​ ​
See Notes to Financial Statements.
172
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Florida – (continued) ​
​ ​ $ 2,500,000 ​ ​ ​ AA ​ ​
Florida’s Turnpike Enterprise, Revenue Bonds, Series C, 4.375% due
7/1/37
​ ​ ​ $ 2,721,800 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater Orlando Aviation Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 100,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/28(d)
 ​ ​ ​ ​ 126,562 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/30(d)
 ​ ​ ​ ​ 74,594 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Halifax Hospital Medical Center, Revenue Bonds: ​ ​
​ ​ ​ 35,000 ​ ​ ​ A- ​ ​
5.000% due 6/1/28
​ ​ ​ ​ 41,251 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A- ​ ​
5.000% due 6/1/35
​ ​ ​ ​ 80,999 ​ ​
​ ​ ​ 345,000 ​ ​ ​ AA ​ ​
Highlands County Health Facilities Authority, Revenue Bonds, 6.000% due
11/15/37
​ ​ ​ ​ 348,333 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indian River County School Board, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 75,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 7/1/24
​ ​ ​ ​ 88,153 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 7/1/25
​ ​ ​ ​ 72,617 ​ ​
​ ​ ​ 200,000 ​ ​ ​ A ​ ​
JEA Electric System Revenue, Revenue Bonds, Series B, 5.000% due
10/1/26
​ ​ ​ ​ 246,186 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lake County School Board, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 6/1/25
​ ​ ​ ​ 34,962 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 6/1/26
​ ​ ​ ​ 58,071 ​ ​
​ ​ ​ 15,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 6/1/28
​ ​ ​ ​ 17,439 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lee Memorial Health System, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 755,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 4/1/33(b)
 ​ ​ ​ ​ 907,661 ​ ​
​ ​ ​ 550,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 4/1/33
​ ​ ​ ​ 700,579 ​ ​
​ ​ ​ 415,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 4/1/35
​ ​ ​ ​ 522,784 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA ​ ​
Manatee County School District, Revenue Bonds, AGM, 5.000% due
10/1/25
​ ​ ​ ​ 73,288 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Miami-Dade County Expressway Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 235,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/40
​ ​ ​ ​ 242,175 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/44
​ ​ ​ ​ 96,150 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/31
​ ​ ​ ​ 54,277 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/32
​ ​ ​ ​ 137,955 ​ ​
​ ​ ​ 95,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/33
​ ​ ​ ​ 113,282 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/34
​ ​ ​ ​ 35,789 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mid-Bay Bridge Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 105,000 ​ ​ ​ BBB+ ​ ​
Series A, 5.000% due 10/1/27
​ ​ ​ ​ 124,045 ​ ​
​ ​ ​ 145,000 ​ ​ ​ BBB+ ​ ​
Series A, 5.000% due 10/1/28
​ ​ ​ ​ 170,987 ​ ​
​ ​ ​ 80,000 ​ ​ ​ BBB+ ​ ​
Series A, 5.000% due 10/1/29
​ ​ ​ ​ 93,960 ​ ​
​ ​ ​ 70,000 ​ ​ ​ BBB+ ​ ​
Series A, 5.000% due 10/1/30
​ ​ ​ ​ 81,756 ​ ​
See Notes to Financial Statements.
173
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Florida – (continued) ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Orange County Health Facilities Authority, Revenue Bonds: ​
​ ​ $ 200,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/39
​ ​ ​ $ 237,346 ​ ​
​ ​ ​ 365,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 10/1/42
​ ​ ​ ​ 392,010 ​ ​
​ ​ ​ 130,000 ​ ​ ​ A+ ​ ​
Prerefunded 10/1/19 @ 100, 5.250% due 10/1/20(c)
 ​ ​ ​ ​ 130,404 ​ ​
​ ​ ​ 150,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 10/1/42
​ ​ ​ ​ 161,100 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Orange County School Board, COP: ​ ​
​ ​ ​ 115,000 ​ ​ ​ Aa2(a) ​ ​
Series B, Prerefunded 8/1/22 @ 100, 5.000% due 8/1/26(c)
 ​ ​ ​ ​ 128,047 ​ ​
​ ​ ​ 200,000 ​ ​ ​ Aa2(a) ​ ​
Series C, 5.000% due 8/1/29
​ ​ ​ ​ 241,712 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Orlando Utilities Commission, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 10/1/23
​ ​ ​ ​ 57,766 ​ ​
​ ​ ​ 25,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 10/1/25
​ ​ ​ ​ 30,718 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
Series B, 5.000% due 10/1/19
​ ​ ​ ​ 45,134 ​ ​
​ ​ ​ 100,000 ​ ​ ​ AA ​ ​
Series B, 5.000% due 10/1/20
​ ​ ​ ​ 104,255 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
Orlando-Orange County Expressway Authority, Revenue Bonds, 5.000% due
7/1/20
​ ​ ​ ​ 61,951 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Palm Beach County Health Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 10,000 ​ ​ ​ A+ ​ ​
5.000% due 12/1/23
​ ​ ​ ​ 11,548 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A+ ​ ​
5.000% due 12/1/24
​ ​ ​ ​ 23,799 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Palm Beach County School District, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 135,000 ​ ​ ​ Aa3(a) ​ ​
Series B, 5.000% due 8/1/25
​ ​ ​ ​ 164,725 ​ ​
​ ​ ​ 705,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 8/1/26
​ ​ ​ ​ 882,885 ​ ​
​ ​ ​ 55,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 8/1/22
​ ​ ​ ​ 61,110 ​ ​
​ ​ ​ 35,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 8/1/23
​ ​ ​ ​ 40,191 ​ ​
​ ​ ​ 40,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 8/1/24
​ ​ ​ ​ 47,363 ​ ​
​ ​ ​ 135,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 8/1/25
​ ​ ​ ​ 164,726 ​ ​
​ ​ ​ 300,000 ​ ​ ​ Aa3(a) ​ ​
Series B, 5.000% due 8/1/26
​ ​ ​ ​ 363,762 ​ ​
​ ​ ​ 240,000 ​ ​ ​ Aa3(a) ​ ​
Series B, 5.000% due 8/1/27
​ ​ ​ ​ 290,249 ​ ​
​ ​ ​ 160,000 ​ ​ ​ Aa3(a) ​ ​
Series B, 5.000% due 8/1/28
​ ​ ​ ​ 192,994 ​ ​
​ ​ ​ 695,000 ​ ​ ​ Aa3(a) ​ ​
Series D, 5.000% due 8/1/26
​ ​ ​ ​ 842,715 ​ ​
​ ​ ​ 315,000 ​ ​ ​ Aa3(a) ​ ​
Series D, 5.000% due 8/1/27
​ ​ ​ ​ 380,952 ​ ​
​ ​ ​ 110,000 ​ ​ ​ Aa3(a) ​ ​
Series D, 5.000% due 8/1/28
​ ​ ​ ​ 132,683 ​ ​
​ ​ ​ 250,000 ​ ​ ​ AA+ ​ ​
Palm Beach County Solid Waste Authority, Revenue Bonds, 5.000% due
10/1/24
​ ​ ​ ​ 270,095 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ School Board of Miami-Dade County, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 570,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 5/1/31
​ ​ ​ ​ 686,069 ​ ​
​ ​ ​ 120,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 5/1/27
​ ​ ​ ​ 143,670 ​ ​
​ ​ ​ 220,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 8/1/27
​ ​ ​ ​ 271,605 ​ ​
See Notes to Financial Statements.
174
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Florida – (continued) ​
​ ​ $ 340,000 ​ ​ ​ A+ ​ ​
Series D, 5.000% due 11/1/24
​ ​ ​ $ 405,667 ​ ​
​ ​ ​ 355,000 ​ ​ ​ A+ ​ ​
Series D, 5.000% due 11/1/25
​ ​ ​ ​ 420,043 ​ ​
​ ​ ​ 230,000 ​ ​ ​ A+ ​ ​
Series D, 5.000% due 11/1/26
​ ​ ​ ​ 269,882 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
Series D, 5.000% due 2/1/29
​ ​ ​ ​ 138,826 ​ ​
​ ​ ​ 190,000 ​ ​ ​ A+ ​ ​
Series D, 5.000% due 2/1/30
​ ​ ​ ​ 228,479 ​ ​
​ ​ ​ 395,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 5/1/28
​ ​ ​ ​ 469,580 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ School District of Broward County, COP: ​ ​
​ ​ ​ 70,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/32
​ ​ ​ ​ 84,872 ​ ​
​ ​ ​ 120,000 ​ ​ ​ NR ​ ​
Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/25(c)
 ​ ​ ​ ​ 132,910 ​ ​
​ ​ ​ 580,000 ​ ​ ​ NR ​ ​
Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/26(c)
 ​ ​ ​ ​ 642,396 ​ ​
​ ​ ​ 155,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/21
​ ​ ​ ​ 165,831 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/22
​ ​ ​ ​ 160,570 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 7/1/25
​ ​ ​ ​ 72,805 ​ ​
​ ​ ​ 335,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 7/1/26
​ ​ ​ ​ 404,398 ​ ​
​ ​ ​ 230,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 7/1/27
​ ​ ​ ​ 276,787 ​ ​
​ ​ ​ 390,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 7/1/28
​ ​ ​ ​ 468,679 ​ ​
​ ​ ​ 460,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/26
​ ​ ​ ​ 542,451 ​ ​
​ ​ ​ 265,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/27
​ ​ ​ ​ 318,906 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/28
​ ​ ​ ​ 138,200 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/25
​ ​ ​ ​ 49,832 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Seminole County School Board, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ Aa3(a) ​ ​
Series C, 5.000% due 7/1/23
​ ​ ​ ​ 68,423 ​ ​
​ ​ ​ 50,000 ​ ​ ​ Aa3(a) ​ ​
Series C, 5.000% due 7/1/24
​ ​ ​ ​ 58,743 ​ ​
​ ​ ​ 115,000 ​ ​ ​ AA ​ ​
South Florida Water Management District, COP, 5.000% due 10/1/30
​ ​ ​ ​ 139,983 ​ ​
​ ​ ​ 80,000 ​ ​ ​ Baa1(a) ​ ​
South Lake County Hospital District, Revenue Bonds, Series A, 6.250% due
4/1/39
​ ​ ​ ​ 80,236 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South Miami Health Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 75,000 ​ ​ ​ AA- ​ ​
5.000% due 8/15/24
​ ​ ​ ​ 88,476 ​ ​
​ ​ ​ 120,000 ​ ​ ​ AA- ​ ​
5.000% due 8/15/25
​ ​ ​ ​ 145,590 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ St Lucie County School Board, COP: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/25
​ ​ ​ ​ 67,893 ​ ​
​ ​ ​ 125,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/27
​ ​ ​ ​ 141,114 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Florida, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 8,610,000 ​ ​ ​ AAA ​ ​
5.000% due 7/1/32
​ ​ ​ ​ 11,225,362 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AAA ​ ​
Series E, 5.000% due 6/1/24
​ ​ ​ ​ 154,886 ​ ​
​ ​ ​ 358,000 ​ ​ ​ AAA ​ ​
Series C, 5.000% due 6/1/20
​ ​ ​ ​ 368,443 ​ ​
​ ​ ​ 289,000 ​ ​ ​ AAA ​ ​
Series C, 5.000% due 6/1/22
​ ​ ​ ​ 309,016 ​ ​
See Notes to Financial Statements.
175
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Florida – (continued) ​
​ ​ $ 2,000,000 ​ ​ ​ AA+ ​ ​
State of Florida Department of Transportation, Revenue Bonds, 5.000% due
7/1/27
​ ​ ​ $ 2,575,020 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tampa Bay Water, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA+ ​ ​
Series A, NPFG, 6.000% due 10/1/29
​ ​ ​ ​ 99,842 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA+ ​ ​
NPFG, 5.500% due 10/1/22
​ ​ ​ ​ 79,313 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA ​ ​
Volusia County School Board, COP, Series A, 5.000% due 8/1/32
​ ​ ​ ​ 173,413 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Florida
​ ​ ​ ​ 44,700,656 ​ ​
​ Georgia – 2.6% ​
​ ​ ​ 830,000 ​ ​ ​ A- ​ ​
Burke County Development Authority, Revenue Bonds, 2.925% due
11/1/53(b)
 ​ ​ ​ ​ 873,226 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
5.000% due 11/1/27
​ ​ ​ ​ 36,429 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA- ​ ​
5.000% due 11/1/29
​ ​ ​ ​ 84,522 ​ ​
​ ​ ​ 205,000 ​ ​ ​ Aaa(a) ​ ​
Colquitt County Development Authority, Revenue Bonds, zero coupon, due
12/1/21
​ ​ ​ ​ 198,909 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A+ ​ ​
County of DeKalb GA Water & Sewerage Revenue, Revenue Bonds,
Series A, 5.250% due 10/1/25
​ ​ ​ ​ 48,789 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DeKalb County Hospital Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 170,000 ​ ​ ​ WD(g) ​ ​
Prerefunded 9/1/20 @ 100, 6.000% due 9/1/30(c)
 ​ ​ ​ ​ 177,847 ​ ​
​ ​ ​ 310,000 ​ ​ ​ WD(g) ​ ​
Prerefunded 9/1/20 @ 100, 6.125% due 9/1/40(c)
 ​ ​ ​ ​ 324,691 ​ ​
​ ​ ​ 155,000 ​ ​ ​ AA- ​ ​
Fulton County Development Authority, Revenue Bonds, 5.000% due
6/15/44
​ ​ ​ ​ 195,427 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Main Street Natural Gas, Inc., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,690,000 ​ ​ ​ Aa1(a) ​ ​
Series B, 4.000% due 8/1/49(b)
 ​ ​ ​ ​ 1,921,412 ​ ​
​ ​ ​ 840,000 ​ ​ ​ Aa2(a) ​ ​
Series C, 4.000% due 8/1/48(b)
 ​ ​ ​ ​ 924,084 ​ ​
​ ​ ​ 195,000 ​ ​ ​ A3(a) ​ ​
Monroe County Development Authority, Revenue Bonds, 2.350% due
10/1/48(b)
 ​ ​ ​ ​ 197,346 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Municipal Electric Authority of Georgia, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 105,000 ​ ​ ​ A ​ ​
Series GG, 5.000% due 1/1/24
​ ​ ​ ​ 117,373 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series GG, 5.000% due 1/1/25
​ ​ ​ ​ 39,121 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A ​ ​
Series GG, 5.000% due 1/1/26
​ ​ ​ ​ 161,832 ​ ​
​ ​ ​ 265,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 1/1/21
​ ​ ​ ​ 277,906 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A- ​ ​
Series A, 5.250% due 1/1/20
​ ​ ​ ​ 45,576 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Municipal Gas Authority of Georgia, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA- ​ ​
5.000% due 10/1/24
​ ​ ​ ​ 47,172 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
Series Q, 5.000% due 10/1/22
​ ​ ​ ​ 66,789 ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA- ​ ​
Series S, 5.000% due 10/1/22
​ ​ ​ ​ 38,960 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA- ​ ​
Series S, 5.000% due 10/1/24
​ ​ ​ ​ 77,809 ​ ​
See Notes to Financial Statements.
176
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Georgia – (continued) ​
​ ​ $ 3,000,000 ​ ​ ​ AA ​ ​
Private Colleges & Universities Authority, Revenue Bonds, Series B, 5.000%
due 9/1/29
​ ​ ​ $ 3,001,950 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Georgia, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 7/1/32
​ ​ ​ ​ 3,320,550 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 7/1/29
​ ​ ​ ​ 6,570,000 ​ ​
​ ​ ​ 3,835,000 ​ ​ ​ AAA ​ ​
Series C, 5.000% due 7/1/29
​ ​ ​ ​ 4,919,078 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Georgia
​ ​ ​ ​ 23,666,798 ​ ​
​ Hawaii – 0.1% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City & County of Honolulu HI, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 115,000 ​ ​ ​ Aa1(a) ​ ​
Series D, 5.000% due 9/1/22
​ ​ ​ ​ 128,316 ​ ​
​ ​ ​ 90,000 ​ ​ ​ Aa1(a) ​ ​
Series D, 5.000% due 9/1/26
​ ​ ​ ​ 113,234 ​ ​
​ ​ ​ 500,000 ​ ​ ​ AA+ ​ ​
State of Hawaii, GO, Series FH, 5.000% due 10/1/28
​ ​ ​ ​ 627,135 ​ ​
​ ​ ​ 115,000 ​ ​ ​ AA- ​ ​
State of Hawaii Airports System Revenue, Revenue Bonds, Series A, 5.000%
due 7/1/45(d)
 ​ ​ ​ ​ 133,455 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Hawaii
​ ​ ​ ​ 1,002,140 ​ ​
​ Idaho – 0.4% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Idaho Housing & Finance Association, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 75,000 ​ ​ ​ Aa1(a) ​ ​
4.000% due 1/1/50
​ ​ ​ ​ 82,778 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A2(a) ​ ​
5.000% due 7/15/20
​ ​ ​ ​ 61,984 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A2(a) ​ ​
5.000% due 7/15/21
​ ​ ​ ​ 96,370 ​ ​
​ ​ ​ 100,000 ​ ​ ​ A2(a) ​ ​
5.000% due 7/15/22
​ ​ ​ ​ 110,555 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A2(a) ​ ​
5.000% due 7/15/23
​ ​ ​ ​ 51,307 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A2(a) ​ ​
5.000% due 7/15/24
​ ​ ​ ​ 41,096 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A2(a) ​ ​
5.000% due 7/15/25
​ ​ ​ ​ 42,253 ​ ​
​ ​ ​ 95,000 ​ ​ ​ A2(a) ​ ​
5.000% due 7/15/27
​ ​ ​ ​ 120,462 ​ ​
​ ​ ​ 2,380,000 ​ ​ ​ Aa1(a) ​ ​
Kootenai County School District No 271 Coeur d’Alene, GO, 4.000% due
9/15/28
​ ​ ​ ​ 2,844,671 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Idaho
​ ​ ​ ​ 3,451,476 ​ ​
​ Illinois – 6.5% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chicago Board of Education, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ BB- ​ ​
Series A, 5.000% due 12/1/41
​ ​ ​ ​ 62,452 ​ ​
​ ​ ​ 55,000 ​ ​ ​ BB- ​ ​
Series A, 5.000% due 12/1/42
​ ​ ​ ​ 58,161 ​ ​
​ ​ ​ 100,000 ​ ​ ​ BB- ​ ​
Series C, 5.000% due 12/1/24
​ ​ ​ ​ 112,168 ​ ​
​ ​ ​ 640,000 ​ ​ ​ BB- ​ ​
Series C, 5.000% due 12/1/25
​ ​ ​ ​ 729,766 ​ ​
​ ​ ​ 1,465,000 ​ ​ ​ BB- ​ ​
Series C, 5.000% due 12/1/26
​ ​ ​ ​ 1,697,188 ​ ​
​ ​ ​ 505,000 ​ ​ ​ BB- ​ ​
Series C, 5.000% due 12/1/27
​ ​ ​ ​ 591,426 ​ ​
​ ​ ​ 170,000 ​ ​ ​ BB- ​ ​
Series C, 5.500% due 12/1/39
​ ​ ​ ​ 178,973 ​ ​
See Notes to Financial Statements.
177
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Illinois – (continued) ​
​ ​ $ 530,000 ​ ​ ​ BB- ​ ​
Series D, 5.000% due 12/1/46
​ ​ ​ $ 597,342 ​ ​
​ ​ ​ 45,000 ​ ​ ​ BB- ​ ​
Series C, 5.250% due 12/1/39
​ ​ ​ ​ 49,544 ​ ​
​ ​ ​ 45,000 ​ ​ ​ BB- ​ ​
Series A, NPFG, 5.250% due 12/1/21
​ ​ ​ ​ 48,001 ​ ​
​ ​ ​ 185,000 ​ ​ ​ BB- ​ ​
Series A, 5.000% due 12/1/27
​ ​ ​ ​ 216,661 ​ ​
​ ​ ​ 30,000 ​ ​ ​ BB- ​ ​
Series F, 5.000% due 12/1/20
​ ​ ​ ​ 31,192 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chicago Midway International Airport, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/29(d)
 ​ ​ ​ ​ 77,717 ​ ​
​ ​ ​ 100,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/30(d)
 ​ ​ ​ ​ 119,116 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/31(d)
 ​ ​ ​ ​ 83,041 ​ ​
​ ​ ​ 190,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/32(d)
 ​ ​ ​ ​ 213,982 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/22
​ ​ ​ ​ 32,596 ​ ​
​ ​ ​ 95,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/24
​ ​ ​ ​ 109,767 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chicago O’Hare International Airport, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 130,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/20
​ ​ ​ ​ 131,608 ​ ​
​ ​ ​ 420,000 ​ ​ ​ A ​ ​
Series C, Prerefunded 1/1/21 @ 100, 6.500% due 1/1/41(c)
 ​ ​ ​ ​ 450,148 ​ ​
​ ​ ​ 200,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/22(d)
 ​ ​ ​ ​ 216,680 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/22
​ ​ ​ ​ 70,640 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/23
​ ​ ​ ​ 44,871 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/24
​ ​ ​ ​ 52,036 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/25
​ ​ ​ ​ 77,316 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/26
​ ​ ​ ​ 73,261 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/33
​ ​ ​ ​ 83,717 ​ ​
​ ​ ​ 80,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 1/1/34
​ ​ ​ ​ 95,490 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
Series D, 5.000% due 1/1/27(d)
 ​ ​ ​ ​ 74,106 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A ​ ​
Series D, 5.000% due 1/1/28(d)
 ​ ​ ​ ​ 18,428 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series D, 5.000% due 1/1/31(d)
 ​ ​ ​ ​ 102,979 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
Series D, 5.000% due 1/1/33(d)
 ​ ​ ​ ​ 54,200 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/22
​ ​ ​ ​ 54,338 ​ ​
​ ​ ​ 75,000 ​ ​ ​ BBB+ ​ ​
5.000% due 7/1/38(d)
 ​ ​ ​ ​ 89,759 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chicago Transit Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 45,000 ​ ​ ​ A+ ​ ​
5.000% due 6/1/23
​ ​ ​ ​ 50,445 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A+ ​ ​
5.000% due 6/1/22
​ ​ ​ ​ 54,518 ​ ​
​ ​ ​ 500,000 ​ ​ ​ BBB+ ​ ​
City of Chicago IL, GO, zero coupon, due 1/1/20
​ ​ ​ ​ 496,850 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A ​ ​
City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds,
5.000% due 1/1/23
​ ​ ​ ​ 43,092 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
City of Chicago IL Waterworks Revenue, Revenue Bonds, AGM, 5.250%
due 11/1/33
​ ​ ​ ​ 30,081 ​ ​
See Notes to Financial Statements.
178
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Illinois – (continued) ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cook County Forest Preserve District, GO: ​
​ ​ $ 60,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 12/15/25
​ ​ ​ $ 64,839 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 12/15/24
​ ​ ​ ​ 43,303 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 12/15/23
​ ​ ​ ​ 32,479 ​ ​
​ ​ ​ 155,000 ​ ​ ​ Aaa(a) ​ ​
Cook Kane Lake & McHenry Counties Community College District No 512,
GO, Series B, 5.000% due 12/1/24
​ ​ ​ ​ 184,534 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Cook IL, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 565,000 ​ ​ ​ AA- ​ ​
Series A, 5.250% due 11/15/24
​ ​ ​ ​ 592,272 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 11/15/22
​ ​ ​ ​ 66,233 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 11/15/23
​ ​ ​ ​ 159,873 ​ ​
​ ​ ​ 540,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 11/15/24
​ ​ ​ ​ 595,037 ​ ​
​ ​ ​ 85,000 ​ ​ ​ AA- ​ ​
Series G, 5.000% due 11/15/25
​ ​ ​ ​ 88,670 ​ ​
​ ​ ​ 15,000 ​ ​ ​ AA ​ ​
Series C, AGM, 5.000% due 11/15/25
​ ​ ​ ​ 16,657 ​ ​
​ ​ ​ 35,000 ​ ​ ​ Aa3(a) ​ ​
Grundy & Will Counties Community Unit School District No 1 Coal City,
GO, 5.000% due 2/1/29
​ ​ ​ ​ 42,662 ​ ​
​ ​ ​ 835,000 ​ ​ ​ AA+ ​ ​
Illinois Development Finance Authority, Revenue Bonds, zero coupon,
due 7/15/23
​ ​ ​ ​ 792,699 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Illinois Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 485,000 ​ ​ ​ AA+ ​ ​
Series C, 4.000% due 2/15/41
​ ​ ​ ​ 540,028 ​ ​
​ ​ ​ 170,000 ​ ​ ​ A ​ ​
5.000% due 1/1/36
​ ​ ​ ​ 199,847 ​ ​
​ ​ ​ 2,230,000 ​ ​ ​ A3(a) ​ ​
5.000% due 12/1/40
​ ​ ​ ​ 2,590,836 ​ ​
​ ​ ​ 15,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/34
​ ​ ​ ​ 17,366 ​ ​
​ ​ ​ 315,000 ​ ​ ​ AA+ ​ ​
5.000% due 9/1/38
​ ​ ​ ​ 344,749 ​ ​
​ ​ ​ 235,000 ​ ​ ​ AA+ ​ ​
5.000% due 9/1/32
​ ​ ​ ​ 258,852 ​ ​
​ ​ ​ 150,000 ​ ​ ​ AAA ​ ​
5.000% due 7/1/29
​ ​ ​ ​ 187,781 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AAA ​ ​
5.000% due 1/1/30
​ ​ ​ ​ 181,109 ​ ​
​ ​ ​ 255,000 ​ ​ ​ AAA ​ ​
5.000% due 7/1/31
​ ​ ​ ​ 316,320 ​ ​
​ ​ ​ 230,000 ​ ​ ​ Baa2(a) ​ ​
5.000% due 5/15/43
​ ​ ​ ​ 245,306 ​ ​
​ ​ ​ 100,000 ​ ​ ​ A3(a) ​ ​
5.000% due 12/1/46
​ ​ ​ ​ 115,351 ​ ​
​ ​ ​ 110,000 ​ ​ ​ A3(a) ​ ​
5.000% due 12/1/29
​ ​ ​ ​ 131,454 ​ ​
​ ​ ​ 4,260,000 ​ ​ ​ AA+ ​ ​
5.000% due 7/15/57(b)
 ​ ​ ​ ​ 4,770,518 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA+ ​ ​
5.000% due 7/15/25
​ ​ ​ ​ 48,541 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA+ ​ ​
5.000% due 7/15/26
​ ​ ​ ​ 74,736 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA+ ​ ​
5.000% due 7/15/28
​ ​ ​ ​ 76,911 ​ ​
​ ​ ​ 100,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 11/15/32
​ ​ ​ ​ 117,701 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 11/15/45
​ ​ ​ ​ 79,689 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A ​ ​
5.000% due 5/15/29
​ ​ ​ ​ 48,166 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
5.000% due 5/15/28
​ ​ ​ ​ 84,574 ​ ​
See Notes to Financial Statements.
179
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Illinois – (continued) ​
​ ​ $ 55,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 11/15/29
​ ​ ​ $ 65,488 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 11/15/28
​ ​ ​ ​ 41,871 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 11/15/27
​ ​ ​ ​ 36,021 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 5/15/23
​ ​ ​ ​ 49,340 ​ ​
​ ​ ​ 45,000 ​ ​ ​ NR ​ ​
Series C, Prerefunded 8/15/20 @ 100, 5.000% due 8/15/23(c)
 ​ ​ ​ ​ 46,640 ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA+ ​ ​
Series C, 3.750% due 2/15/34
​ ​ ​ ​ 38,011 ​ ​
​ ​ ​ 160,000 ​ ​ ​ AA+ ​ ​
Series C, 4.000% due 2/15/36
​ ​ ​ ​ 180,165 ​ ​
​ ​ ​ 315,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/41
​ ​ ​ ​ 375,719 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/33
​ ​ ​ ​ 177,874 ​ ​
​ ​ ​ 15,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/24
​ ​ ​ ​ 17,530 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/36
​ ​ ​ ​ 78,436 ​ ​
​ ​ ​ 75,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/26
​ ​ ​ ​ 92,705 ​ ​
​ ​ ​ 200,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/28
​ ​ ​ ​ 251,278 ​ ​
​ ​ ​ 135,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/29
​ ​ ​ ​ 168,826 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/31
​ ​ ​ ​ 61,723 ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/22
​ ​ ​ ​ 38,292 ​ ​
​ ​ ​ 365,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/15/32
​ ​ ​ ​ 448,720 ​ ​
​ ​ ​ 185,000 ​ ​ ​ AA+ ​ ​
Series A, Prerefunded 5/1/20 @ 100, 6.250% due 5/1/21(c)
 ​ ​ ​ ​ 191,205 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA+ ​ ​
Series A, 6.000% due 5/1/20
​ ​ ​ ​ 61,914 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 5/15/29
​ ​ ​ ​ 1,269,560 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 5/15/30
​ ​ ​ ​ 1,259,680 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 5/15/31
​ ​ ​ ​ 1,246,140 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A- ​ ​
Series C, 5.000% due 8/1/24
​ ​ ​ ​ 51,887 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A- ​ ​
Series C, 5.000% due 8/1/22
​ ​ ​ ​ 43,804 ​ ​
​ ​ ​ 870,000 ​ ​ ​ A ​ ​
5.000% due 1/1/38
​ ​ ​ ​ 1,022,937 ​ ​
​ ​ ​ 1,300,000 ​ ​ ​ A ​ ​
5.000% due 1/1/44
​ ​ ​ ​ 1,511,367 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/34
​ ​ ​ ​ 58,949 ​ ​
​ ​ ​ 75,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/30
​ ​ ​ ​ 90,200 ​ ​
​ ​ ​ 255,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/36
​ ​ ​ ​ 298,735 ​ ​
​ ​ ​ 25,000 ​ ​ ​ Baa1(a) ​ ​
5.000% due 8/15/27
​ ​ ​ ​ 29,392 ​ ​
​ ​ ​ 175,000 ​ ​ ​ Baa1(a) ​ ​
5.000% due 8/15/35
​ ​ ​ ​ 201,226 ​ ​
​ ​ ​ 840,000 ​ ​ ​ Baa1(a) ​ ​
5.000% due 8/15/44
​ ​ ​ ​ 951,569 ​ ​
​ ​ ​ 60,000 ​ ​ ​ WD(g) ​ ​
Series A, Prerefunded 2/15/20 @ 100, 5.500% due 8/15/24(c)
 ​ ​ ​ ​ 61,169 ​ ​
​ ​ ​ 40,000 ​ ​ ​ WD(g) ​ ​
Series A, Prerefunded 2/15/20 @ 100, 5.750% due 8/15/29(c)
 ​ ​ ​ ​ 40,823 ​ ​
​ ​ ​ 95,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 2/15/25
​ ​ ​ ​ 112,904 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 2/15/26
​ ​ ​ ​ 54,842 ​ ​
​ ​ ​ 495,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 2/15/24
​ ​ ​ ​ 572,661 ​ ​
See Notes to Financial Statements.
180
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Illinois – (continued) ​
​ ​ $ 25,000 ​ ​ ​ A+ ​ ​
5.000% due 11/15/29
​ ​ ​ $ 27,361 ​ ​
​ ​ ​ 75,000 ​ ​ ​ A+ ​ ​
5.000% due 11/15/26
​ ​ ​ ​ 82,549 ​ ​
​ ​ ​ 20,000 ​ ​ ​ BBB+ ​ ​
Series A, 5.000% due 8/1/47
​ ​ ​ ​ 22,934 ​ ​
​ ​ ​ 25,000 ​ ​ ​ BBB+ ​ ​
5.000% due 8/1/49
​ ​ ​ ​ 28,580 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 11/15/26
​ ​ ​ ​ 101,238 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 11/15/34
​ ​ ​ ​ 69,470 ​ ​
​ ​ ​ 10,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 11/15/21
​ ​ ​ ​ 10,816 ​ ​
​ ​ ​ 95,000 ​ ​ ​ A+ ​ ​
5.000% due 11/15/43
​ ​ ​ ​ 101,440 ​ ​
​ ​ ​ 95,000 ​ ​ ​ BBB ​ ​
Series A, 5.000% due 8/15/33
​ ​ ​ ​ 110,811 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
Series L, Prerefunded 12/1/21 @ 100, 5.000% due 12/1/22(c)
 ​ ​ ​ ​ 65,069 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA- ​ ​
5.000% due 8/15/23
​ ​ ​ ​ 93,342 ​ ​
​ ​ ​ 1,055,000 ​ ​ ​ AA+ ​ ​
Series E, 1.750% due 11/15/42(b)
 ​ ​ ​ ​ 1,063,366 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Illinois Municipal Electric Agency, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 290,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 2/1/28
​ ​ ​ ​ 347,263 ​ ​
​ ​ ​ 105,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 2/1/31
​ ​ ​ ​ 124,532 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Illinois State Toll Highway Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 290,000 ​ ​ ​ AA- ​ ​
5.000% due 1/1/38
​ ​ ​ ​ 334,933 ​ ​
​ ​ ​ 365,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 1/1/40
​ ​ ​ ​ 425,145 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 12/1/31
​ ​ ​ ​ 59,790 ​ ​
​ ​ ​ 175,000 ​ ​ ​ AA- ​ ​
Series D, 5.000% due 1/1/24
​ ​ ​ ​ 202,121 ​ ​
​ ​ ​ 255,000 ​ ​ ​ Aa3(a) ​ ​
Kane Cook & DuPage Counties School District No U-46 Elgin, GO,
Series B, AMBAC, zero coupon, due 1/1/22
​ ​ ​ ​ 247,490 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Kane McHenry Cook & De Kalb Counties Unit School District No 300, GO:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 260,000 ​ ​ ​ AA ​ ​
5.000% due 1/1/26
​ ​ ​ ​ 306,210 ​ ​
​ ​ ​ 55,000 ​ ​ ​ AA ​ ​
5.000% due 1/1/29
​ ​ ​ ​ 67,784 ​ ​
​ ​ ​ 155,000 ​ ​ ​ Baa2(a) ​ ​
Lake County Community High School District No 117 Antioch, GO,
Series B, NPFG, zero coupon, due 12/1/20
​ ​ ​ ​ 151,677 ​ ​
​ ​ ​ 230,000 ​ ​ ​ AA ​ ​
McHenry & Kane Counties Community Consolidated School District No
158 Huntley, GO, AGM, zero coupon, due 1/1/24
​ ​ ​ ​ 211,191 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
McHenry County Community Unit School District No 200 Woodstock, GO:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 215,000 ​ ​ ​ Aa2(a) ​ ​
Series B, NPFG, zero coupon, due 1/15/24
​ ​ ​ ​ 198,548 ​ ​
​ ​ ​ 225,000 ​ ​ ​ Aa2(a) ​ ​
Series B, NPFG, zero coupon, due 1/15/25
​ ​ ​ ​ 203,679 ​ ​
​ ​ ​ 170,000 ​ ​ ​ Aa2(a) ​ ​
Series B, NPFG, zero coupon, due 1/15/26
​ ​ ​ ​ 150,498 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ McHenry County Conservation District, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA+ ​ ​
5.000% due 2/1/24
​ ​ ​ ​ 75,324 ​ ​
​ ​ ​ 175,000 ​ ​ ​ AA+ ​ ​
5.000% due 2/1/27
​ ​ ​ ​ 207,779 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metropolitan Pier & Exposition Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 75,000 ​ ​ ​ Baa2(a) ​ ​
Series A, NPFG, zero coupon, due 6/15/20
​ ​ ​ ​ 73,998 ​ ​
See Notes to Financial Statements.
181
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Illinois – (continued) ​
​ ​ $ 105,000 ​ ​ ​ Baa2(a) ​ ​
Series A, NPFG, zero coupon, due 6/15/23
​ ​ ​ $ 97,204 ​ ​
​ ​ ​ 115,000 ​ ​ ​ AA ​ ​
Series B, AGM, zero coupon, due 6/15/47
​ ​ ​ ​ 45,348 ​ ​
​ ​ ​ 4,680,000 ​ ​ ​ BBB ​ ​
Series A, NPFG, zero coupon, due 6/15/28
​ ​ ​ ​ 3,778,679 ​ ​
​ ​ ​ 195,000 ​ ​ ​ BBB ​ ​
Series A, NPFG, zero coupon, due 12/15/23
​ ​ ​ ​ 178,376 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Railsplitter Tobacco Settlement Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 310,000 ​ ​ ​ A ​ ​
5.000% due 6/1/23
​ ​ ​ ​ 350,285 ​ ​
​ ​ ​ 405,000 ​ ​ ​ A ​ ​
5.000% due 6/1/24
​ ​ ​ ​ 469,970 ​ ​
​ ​ ​ 405,000 ​ ​ ​ WD(g) ​ ​
Prerefunded 6/1/21 @ 100, 5.500% due 6/1/23(c)
 ​ ​ ​ ​ 435,505 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Regional Transportation Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 7/1/20
​ ​ ​ ​ 72,176 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 7/1/21
​ ​ ​ ​ 74,760 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Illinois, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 95,000 ​ ​ ​ BBB- ​ ​
5.000% due 3/1/20
​ ​ ​ ​ 96,524 ​ ​
​ ​ ​ 365,000 ​ ​ ​ BBB- ​ ​
Series B, 5.000% due 9/1/24
​ ​ ​ ​ 408,957 ​ ​
​ ​ ​ 365,000 ​ ​ ​ BBB- ​ ​
Series B, 5.000% due 9/1/23
​ ​ ​ ​ 403,529 ​ ​
​ ​ ​ 360,000 ​ ​ ​ BBB- ​ ​
Series B, 5.000% due 9/1/22
​ ​ ​ ​ 390,798 ​ ​
​ ​ ​ 365,000 ​ ​ ​ BBB- ​ ​
Series B, 5.000% due 9/1/21
​ ​ ​ ​ 387,517 ​ ​
​ ​ ​ 105,000 ​ ​ ​ BBB- ​ ​
Series A, 5.000% due 1/1/33
​ ​ ​ ​ 110,338 ​ ​
​ ​ ​ 65,000 ​ ​ ​ BBB- ​ ​
Series A, 4.000% due 1/1/23
​ ​ ​ ​ 67,577 ​ ​
​ ​ ​ 115,000 ​ ​ ​ BBB- ​ ​
5.500% due 7/1/38
​ ​ ​ ​ 126,224 ​ ​
​ ​ ​ 305,000 ​ ​ ​ BBB- ​ ​
5.250% due 2/1/31
​ ​ ​ ​ 337,925 ​ ​
​ ​ ​ 190,000 ​ ​ ​ BBB- ​ ​
5.000% due 5/1/33
​ ​ ​ ​ 208,679 ​ ​
​ ​ ​ 70,000 ​ ​ ​ BBB- ​ ​
5.000% due 5/1/32
​ ​ ​ ​ 76,986 ​ ​
​ ​ ​ 25,000 ​ ​ ​ BBB- ​ ​
5.000% due 5/1/28
​ ​ ​ ​ 27,783 ​ ​
​ ​ ​ 60,000 ​ ​ ​ BBB- ​ ​
5.000% due 4/1/28
​ ​ ​ ​ 66,576 ​ ​
​ ​ ​ 405,000 ​ ​ ​ BBB- ​ ​
Series D, 5.000% due 11/1/25
​ ​ ​ ​ 461,708 ​ ​
​ ​ ​ 425,000 ​ ​ ​ BBB- ​ ​
5.000% due 2/1/27
​ ​ ​ ​ 492,681 ​ ​
​ ​ ​ 390,000 ​ ​ ​ BBB- ​ ​
Series D, 5.000% due 11/1/26
​ ​ ​ ​ 451,948 ​ ​
​ ​ ​ 65,000 ​ ​ ​ BBB- ​ ​
5.000% due 2/1/26
​ ​ ​ ​ 71,928 ​ ​
​ ​ ​ 120,000 ​ ​ ​ BBB- ​ ​
5.000% due 11/1/20
​ ​ ​ ​ 124,422 ​ ​
​ ​ ​ 80,000 ​ ​ ​ BBB- ​ ​
5.000% due 3/1/21
​ ​ ​ ​ 83,787 ​ ​
​ ​ ​ 225,000 ​ ​ ​ BBB- ​ ​
5.000% due 1/1/22
​ ​ ​ ​ 240,075 ​ ​
​ ​ ​ 3,005,000 ​ ​ ​ BBB- ​ ​
5.000% due 6/1/26
​ ​ ​ ​ 3,480,091 ​ ​
​ ​ ​ 145,000 ​ ​ ​ BBB- ​ ​
5.000% due 3/1/22
​ ​ ​ ​ 155,395 ​ ​
​ ​ ​ 620,000 ​ ​ ​ BBB- ​ ​
Series D, 5.000% due 11/1/23
​ ​ ​ ​ 683,358 ​ ​
​ ​ ​ 225,000 ​ ​ ​ BBB- ​ ​
5.000% due 6/1/25
​ ​ ​ ​ 255,863 ​ ​
​ ​ ​ 220,000 ​ ​ ​ BBB- ​ ​
5.000% due 4/1/23
​ ​ ​ ​ 240,902 ​ ​
See Notes to Financial Statements.
182
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Illinois – (continued) ​
​ ​ $ 45,000 ​ ​ ​ BBB- ​ ​
5.000% due 2/1/23
​ ​ ​ $ 49,085 ​ ​
​ ​ ​ 190,000 ​ ​ ​ BBB- ​ ​
5.000% due 8/1/22
​ ​ ​ ​ 205,814 ​ ​
​ ​ ​ 100,000 ​ ​ ​ BBB- ​ ​
5.000% due 8/1/23
​ ​ ​ ​ 110,344 ​ ​
​ ​ ​ 165,000 ​ ​ ​ BBB- ​ ​
5.000% due 2/1/29
​ ​ ​ ​ 191,804 ​ ​
​ ​ ​ 45,000 ​ ​ ​ BBB- ​ ​
5.000% due 8/1/21
​ ​ ​ ​ 47,706 ​ ​
​ ​ ​ 345,000 ​ ​ ​ AA ​ ​
AGM, 5.000% due 1/1/21
​ ​ ​ ​ 349,040 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ BBB- ​ ​
Series B, 5.000% due 10/1/26
​ ​ ​ ​ 1,746,840 ​ ​
​ ​ ​ 180,000 ​ ​ ​ BBB- ​ ​
5.000% due 2/1/28
​ ​ ​ ​ 209,921 ​ ​
​ ​ ​ 735,000 ​ ​ ​ A2(a) ​ ​
Tender Option Bond Trust Receipts/Certificates, Special Tax,
Series 2017XG0108, 1.530% due 4/1/46(b)(e)
 ​ ​ ​ ​ 735,000 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ University of Illinois, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 115,000 ​ ​ ​ A- ​ ​
6.000% due 10/1/42
​ ​ ​ ​ 131,208 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A- ​ ​
6.250% due 10/1/38
​ ​ ​ ​ 132,658 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Will County Community Unit School District No 365 Valley View, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 165,000 ​ ​ ​ AA ​ ​
AGM, Series B, zero coupon, due 11/1/26
​ ​ ​ ​ 144,755 ​ ​
​ ​ ​ 2,420,000 ​ ​ ​ Aa2(a) ​ ​
Series A, 5.000% due 11/1/25
​ ​ ​ ​ 2,922,803 ​ ​
​ ​ ​ 200,000 ​ ​ ​ AA ​ ​
Will County School District No 86 Joliet, GO, AGM, zero coupon, due
11/1/21
​ ​ ​ ​ 192,980 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Illinois
​ ​ ​ ​ 59,071,122 ​ ​
​ Indiana – 1.3% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Indianapolis IN Thermal Energy System Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 240,000 ​ ​ ​ AA ​ ​
Series B, AGM, 5.000% due 10/1/20
​ ​ ​ ​ 249,975 ​ ​
​ ​ ​ 160,000 ​ ​ ​ AA ​ ​
Series B, AGM, 5.000% due 10/1/21
​ ​ ​ ​ 172,278 ​ ​
​ ​ ​ 315,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/24
​ ​ ​ ​ 369,958 ​ ​
​ ​ ​ 340,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 10/1/25
​ ​ ​ ​ 410,424 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Whiting IN, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,020,000 ​ ​ ​ A- ​ ​
5.000% due 11/1/45(b)(d)
 ​ ​ ​ ​ 1,133,434 ​ ​
​ ​ ​ 415,000 ​ ​ ​ A- ​ ​
5.250% due 1/1/21
​ ​ ​ ​ 435,219 ​ ​
​ ​ ​ 330,000 ​ ​ ​ AA+ ​ ​
Hobart Building Corp., Revenue Bonds, Prerefunded 1/15/20 @ 100, NPFG,
6.500% due 1/15/29(c)
 ​ ​ ​ ​ 336,472 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indiana Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,800,000 ​ ​ ​ BBB+ ​ ​
1.600% due 5/1/34(b)(d)
 ​ ​ ​ ​ 1,800,000 ​ ​
​ ​ ​ 535,000 ​ ​ ​ AA ​ ​
Series H, 1.650% due 12/1/42(b)
 ​ ​ ​ ​ 539,227 ​ ​
​ ​ ​ 320,000 ​ ​ ​ AA ​ ​
Series B, 2.250% due 12/1/58(b)
 ​ ​ ​ ​ 335,594 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA- ​ ​
5.000% due 8/15/25
​ ​ ​ ​ 102,505 ​ ​
​ ​ ​ 155,000 ​ ​ ​ AA- ​ ​
5.000% due 3/1/41
​ ​ ​ ​ 165,955 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
5.000% due 9/1/36
​ ​ ​ ​ 71,610 ​ ​
​ ​ ​ 240,000 ​ ​ ​ AA- ​ ​
5.000% due 3/1/36
​ ​ ​ ​ 277,944 ​ ​
See Notes to Financial Statements.
183
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Indiana – (continued) ​
​ ​ $ 30,000 ​ ​ ​ AA- ​ ​
5.000% due 3/1/30
​ ​ ​ $ 32,425 ​ ​
​ ​ ​ 15,000 ​ ​ ​ AA- ​ ​
5.000% due 9/1/29
​ ​ ​ ​ 18,267 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
5.000% due 9/1/26
​ ​ ​ ​ 37,063 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
5.000% due 9/1/25
​ ​ ​ ​ 36,193 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA- ​ ​
5.000% due 3/1/23
​ ​ ​ ​ 49,041 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
5.000% due 3/1/22
​ ​ ​ ​ 32,725 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 10/1/25
​ ​ ​ ​ 72,690 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 10/1/26
​ ​ ​ ​ 83,050 ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 10/1/28
​ ​ ​ ​ 41,405 ​ ​
​ ​ ​ 115,000 ​ ​ ​ AA ​ ​
Series A, 5.250% due 10/1/24
​ ​ ​ ​ 124,486 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indiana Health Facility Financing Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AA+ ​ ​
Series E, 1.320% due 11/15/39(b)
 ​ ​ ​ ​ 2,500,000 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ AA+ ​ ​
Series F, 2.000% due 11/15/36(b)
 ​ ​ ​ ​ 1,024,620 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indiana Municipal Power Agency, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 10,000 ​ ​ ​ NR ​ ​
Prerefunded 7/1/22 @ 100, 5.000% due 1/1/24(c)
 ​ ​ ​ ​ 11,105 ​ ​
​ ​ ​ 10,000 ​ ​ ​ NR ​ ​
Prerefunded 7/1/22 @ 100, 5.000% due 1/1/25(c)
 ​ ​ ​ ​ 11,105 ​ ​
​ ​ ​ 25,000 ​ ​ ​ NR ​ ​
Prerefunded 7/1/22 @ 100, 5.000% due 1/1/26(c)
 ​ ​ ​ ​ 27,764 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 1/1/24
​ ​ ​ ​ 22,024 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 1/1/25
​ ​ ​ ​ 22,012 ​ ​
​ ​ ​ 55,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 1/1/26
​ ​ ​ ​ 60,502 ​ ​
​ ​ ​ 515,000 ​ ​ ​ AAA ​ ​
Indiana University, Revenue Bonds, Series W-1, 5.000% due 8/1/26
​ ​ ​ ​ 609,255 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lake Central Multi-District School Building Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA+ ​ ​
Series B, 4.000% due 1/15/22
​ ​ ​ ​ 42,598 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA+ ​ ​
Series B, 5.000% due 7/15/22
​ ​ ​ ​ 33,175 ​ ​
​ ​ ​ 80,000 ​ ​ ​ AA+ ​ ​
Series B, 5.000% due 7/15/23
​ ​ ​ ​ 89,938 ​ ​
​ ​ ​ 120,000 ​ ​ ​ AA+ ​ ​
Series B, 5.000% due 7/15/24
​ ​ ​ ​ 134,779 ​ ​
​ ​ ​ 125,000 ​ ​ ​ AA+ ​ ​
Series B, 5.000% due 7/15/25
​ ​ ​ ​ 140,264 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Indiana
​ ​ ​ ​ 11,657,081 ​ ​
​ Iowa – 1.4% ​
​ ​ ​ 1,155,000 ​ ​ ​ Aa1(a) ​ ​
City of Cedar Rapids IA, GO, Series A, 5.000% due 6/1/25
​ ​ ​ ​ 1,358,696 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Iowa Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,840,000 ​ ​ ​ AAA ​ ​
5.000% due 8/1/31
​ ​ ​ ​ 4,860,173 ​ ​
​ ​ ​ 90,000 ​ ​ ​ BBB(g) ​ ​
Series A, 5.000% due 5/15/43
​ ​ ​ ​ 103,256 ​ ​
​ ​ ​ 215,000 ​ ​ ​ BBB(g) ​ ​
Series A, 5.000% due 5/15/48
​ ​ ​ ​ 245,874 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ A3(a) ​ ​
PEFA Inc., Revenue Bonds, 5.000% due 9/1/49(b)
 ​ ​ ​ ​ 6,018,500 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Iowa
​ ​ ​ ​ 12,586,499 ​ ​
See Notes to Financial Statements.
184
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Kansas – 0.2% ​
​ ​ $ 1,000,000 ​ ​ ​ Aa2(a) ​ ​
Geary County Unified School District No 475, GO, Series B, 5.000% due
9/1/20
​ ​ ​ $ 1,038,760 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Kansas Development Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
Series H, 5.000% due 3/1/25
​ ​ ​ ​ 30,544 ​ ​
​ ​ ​ 10,000 ​ ​ ​ AA ​ ​
5.000% due 11/15/19
​ ​ ​ ​ 10,077 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Wyandotte County-Kansas City Unified Government Utility System
Revenue, Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 9/1/30
​ ​ ​ ​ 35,768 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 9/1/32
​ ​ ​ ​ 41,429 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 9/1/23
​ ​ ​ ​ 33,276 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 9/1/24
​ ​ ​ ​ 49,901 ​ ​
​ ​ ​ 130,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 9/1/24
​ ​ ​ ​ 144,158 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Kansas
​ ​ ​ ​ 1,383,913 ​ ​
​ Kentucky – 1.7% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Pikeville KY, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 595,000 ​ ​ ​ Baa2(a) ​ ​
6.000% due 3/1/22
​ ​ ​ ​ 630,658 ​ ​
​ ​ ​ 185,000 ​ ​ ​ Baa2(a) ​ ​
Prerefunded 3/1/21 @ 100, 6.000% due 3/1/22(c)
 ​ ​ ​ ​ 198,318 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Carroll KY, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,250,000 ​ ​ ​ NR ​ ​
1.200% due 2/1/32(b)(d)
 ​ ​ ​ ​ 1,248,700 ​ ​
​ ​ ​ 280,000 ​ ​ ​ A1(a) ​ ​
1.750% due 10/1/34(b)(d)
 ​ ​ ​ ​ 281,193 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Kenton County Airport Board, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 25,000 ​ ​ ​ A1(a) ​ ​
5.000% due 1/1/25
​ ​ ​ ​ 29,965 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A1(a) ​ ​
5.000% due 1/1/26
​ ​ ​ ​ 18,489 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A1(a) ​ ​
5.000% due 1/1/29
​ ​ ​ ​ 54,798 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A1(a) ​ ​
5.000% due 1/1/30
​ ​ ​ ​ 60,557 ​ ​
​ ​ ​ 1,530,000 ​ ​ ​ A2(a) ​ ​
Kentucky Bond Development Corp., Revenue Bonds, Series A, 5.000% due
9/1/24
​ ​ ​ ​ 1,795,960 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Kentucky Economic Development Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 12/1/47
​ ​ ​ ​ 49,445 ​ ​
​ ​ ​ 50,000 ​ ​ ​ Baa3(a) ​ ​
Series B, 5.000% due 6/1/25
​ ​ ​ ​ 57,670 ​ ​
​ ​ ​ 55,000 ​ ​ ​ Baa3(a) ​ ​
Series B, 5.000% due 6/1/26
​ ​ ​ ​ 63,707 ​ ​
​ ​ ​ 55,000 ​ ​ ​ Baa3(a) ​ ​
Series B, 5.000% due 6/1/27
​ ​ ​ ​ 63,543 ​ ​
​ ​ ​ 60,000 ​ ​ ​ Baa3(a) ​ ​
Series B, 5.000% due 6/1/28
​ ​ ​ ​ 69,155 ​ ​
​ ​ ​ 65,000 ​ ​ ​ Baa3(a) ​ ​
Series B, 5.000% due 6/1/29
​ ​ ​ ​ 74,695 ​ ​
​ ​ ​ 65,000 ​ ​ ​ Baa3(a) ​ ​
Series B, 5.000% due 6/1/30
​ ​ ​ ​ 74,420 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ A1(a) ​ ​
Kentucky Public Energy Authority, Revenue Bonds, Series B, 4.000% due
1/1/49(b)
 ​ ​ ​ ​ 5,602,850 ​ ​
See Notes to Financial Statements.
185
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Kentucky – (continued) ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Kentucky State Property & Building Commission, Revenue Bonds: ​
​ ​ $ 110,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 10/1/27
​ ​ ​ $ 125,203 ​ ​
​ ​ ​ 165,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 2/1/29
​ ​ ​ ​ 196,414 ​ ​
​ ​ ​ 170,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 2/1/30
​ ​ ​ ​ 201,586 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 2/1/32
​ ​ ​ ​ 76,522 ​ ​
​ ​ ​ 80,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 2/1/33
​ ​ ​ ​ 94,002 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A- ​ ​
5.000% due 5/1/28
​ ​ ​ ​ 181,833 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A- ​ ​
5.000% due 5/1/29
​ ​ ​ ​ 18,733 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/31
​ ​ ​ ​ 50,048 ​ ​
​ ​ ​ 1,285,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 11/1/27
​ ​ ​ ​ 1,563,382 ​ ​
​ ​ ​ 55,000 ​ ​ ​ A1(a) ​ ​
Series D, 5.000% due 5/1/21
​ ​ ​ ​ 58,421 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A1(a) ​ ​
Series D, 5.000% due 5/1/26
​ ​ ​ ​ 42,536 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A1(a) ​ ​
Series D, 5.000% due 5/1/27
​ ​ ​ ​ 36,965 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A1(a) ​ ​
Series D, 5.000% due 5/1/28
​ ​ ​ ​ 36,800 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Louisville/Jefferson County Metropolitan Government, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 100,000 ​ ​ ​ BBB+ ​ ​
Prerefunded 6/1/22 @ 100, 5.000% due 12/1/28
​ ​ ​ ​ 110,017 ​ ​
​ ​ ​ 335,000 ​ ​ ​ BBB+ ​ ​
Prerefunded 6/1/22 @ 100, 5.000% due 12/1/29
​ ​ ​ ​ 368,557 ​ ​
​ ​ ​ 20,000 ​ ​ ​ BBB+ ​ ​
Prerefunded 6/1/22 @ 100, 5.000% due 12/1/30
​ ​ ​ ​ 22,003 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
Series A, 5.500% due 10/1/33
​ ​ ​ ​ 79,948 ​ ​
​ ​ ​ 185,000 ​ ​ ​ A ​ ​
Series A, 5.750% due 10/1/38
​ ​ ​ ​ 212,078 ​ ​
​ ​ ​ 525,000 ​ ​ ​ A ​ ​
5.000% due 10/1/29
​ ​ ​ ​ 642,348 ​ ​
​ ​ ​ 95,000 ​ ​ ​ A ​ ​
5.000% due 10/1/32
​ ​ ​ ​ 114,485 ​ ​
​ ​ ​ 355,000 ​ ​ ​ A+ ​ ​
University of Louisville, Revenue Bonds, Series C, 3.000% due 9/1/21
​ ​ ​ ​ 366,889 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Kentucky
​ ​ ​ ​ 14,972,893 ​ ​
​ Louisiana – 0.7% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calcasieu Parish Memorial Hospital Service District, Revenue Bonds: ​ ​
​ ​ ​ 100,000 ​ ​ ​ BB+ ​ ​
5.000% due 12/1/25
​ ​ ​ ​ 117,445 ​ ​
​ ​ ​ 100,000 ​ ​ ​ BB+ ​ ​
5.000% due 12/1/26
​ ​ ​ ​ 119,443 ​ ​
​ ​ ​ 100,000 ​ ​ ​ BB+ ​ ​
5.000% due 12/1/27
​ ​ ​ ​ 121,011 ​ ​
​ ​ ​ 100,000 ​ ​ ​ BB+ ​ ​
5.000% due 12/1/28
​ ​ ​ ​ 122,302 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA- ​ ​
City of New Orleans LA, GO, 5.000% due 12/1/20
​ ​ ​ ​ 94,201 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ AA ​ ​
Louisiana Local Government Environmental Facilities & Community
Development Authority, Revenue Bonds, 5.000% due 10/1/26
​ ​ ​ ​ 1,863,420 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Louisiana Public Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 12/15/22
​ ​ ​ ​ 44,821 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 12/15/23
​ ​ ​ ​ 98,350 ​ ​
See Notes to Financial Statements.
186
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Louisiana – (continued) ​
​ ​ $ 60,000 ​ ​ ​ A2(a) ​ ​
Louisiana Stadium & Exposition District, Revenue Bonds, Series A, 5.000%
due 7/1/24
​ ​ ​ $ 68,253 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Orleans Aviation Board, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 20,000 ​ ​ ​ A- ​ ​
Series D2, 5.000% due 1/1/26(d)
 ​ ​ ​ ​ 23,977 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A- ​ ​
Series D2, 5.000% due 1/1/29(d)
 ​ ​ ​ ​ 18,232 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A- ​ ​
Series D2, 5.000% due 1/1/30(d)
 ​ ​ ​ ​ 24,191 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A- ​ ​
Series D2, 5.000% due 1/1/32(d)
 ​ ​ ​ ​ 53,944 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A- ​ ​
Series D2, 5.000% due 1/1/35(d)
 ​ ​ ​ ​ 41,634 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A- ​ ​
Series D2, 5.000% due 1/1/38(d)
 ​ ​ ​ ​ 17,711 ​ ​
​ ​ ​ 10,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 1/1/29(d)
 ​ ​ ​ ​ 12,155 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 1/1/31(d)
 ​ ​ ​ ​ 24,079 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 1/1/36(d)
 ​ ​ ​ ​ 23,748 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 1/1/37(d)
 ​ ​ ​ ​ 17,745 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 1/1/24(d)
 ​ ​ ​ ​ 79,834 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 1/1/25(d)
 ​ ​ ​ ​ 99,388 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 1/1/27(d)
 ​ ​ ​ ​ 75,957 ​ ​
​ ​ ​ 3,500,000 ​ ​ ​ AA- ​ ​
State of Louisiana, GO, Series C, 5.000% due 7/15/20
​ ​ ​ ​ 3,618,545 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Louisiana
​ ​ ​ ​ 6,780,386 ​ ​
​ Maine – 0.3% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maine Health & Higher Educational Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ BBB ​ ​
Series A, 4.000% due 7/1/41
​ ​ ​ ​ 63,449 ​ ​
​ ​ ​ 80,000 ​ ​ ​ BBB ​ ​
Series A, 4.000% due 7/1/46
​ ​ ​ ​ 84,231 ​ ​
​ ​ ​ 25,000 ​ ​ ​ BBB ​ ​
Series A, 5.000% due 7/1/41
​ ​ ​ ​ 28,328 ​ ​
​ ​ ​ 15,000 ​ ​ ​ BBB ​ ​
Series A, 5.000% due 7/1/46
​ ​ ​ ​ 16,945 ​ ​
​ ​ ​ 155,000 ​ ​ ​ BBB ​ ​
5.000% due 7/1/43
​ ​ ​ ​ 168,059 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AA+ ​ ​
Maine State Housing Authority, Revenue Bonds, Series B, 3.150%
due 11/15/39
​ ​ ​ ​ 2,609,250 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maine Turnpike Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/25
​ ​ ​ ​ 79,364 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/27
​ ​ ​ ​ 72,317 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Maine
​ ​ ​ ​ 3,121,943 ​ ​
​ Maryland – 3.9% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Baltimore MD, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 105,000 ​ ​ ​ AA ​ ​
Series C, 5.000% due 7/1/28
​ ​ ​ ​ 132,201 ​ ​
​ ​ ​ 195,000 ​ ​ ​ AA ​ ​
Series C, 5.000% due 7/1/31
​ ​ ​ ​ 242,502 ​ ​
​ ​ ​ 200,000 ​ ​ ​ AA ​ ​
Series C, 5.000% due 7/1/33
​ ​ ​ ​ 247,568 ​ ​
​ ​ ​ 170,000 ​ ​ ​ AA- ​ ​
Series D, 5.000% due 7/1/33
​ ​ ​ ​ 210,035 ​ ​
See Notes to Financial Statements.
187
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Maryland – (continued) ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Baltimore MD, GO: ​
​ ​ $ 2,500,000 ​ ​ ​ SP-1+ ​ ​
4.000% due 3/19/20(f)
 ​ ​ ​ $ 2,539,925 ​ ​
​ ​ ​ 4,230,000 ​ ​ ​ AAA ​ ​
Series B, 4.500% due 9/1/24
​ ​ ​ ​ 4,932,519 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AAA ​ ​
County of Howard MD, GO, Series D, 5.000% due 2/15/30
​ ​ ​ ​ 3,240,200 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Prince George’s MD, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,595,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 7/15/22
​ ​ ​ ​ 3,993,793 ​ ​
​ ​ ​ 5,805,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 7/15/29
​ ​ ​ ​ 7,628,235 ​ ​
​ ​ ​ 2,065,000 ​ ​ ​ AAA ​ ​
Series C, 4.000% due 8/1/26
​ ​ ​ ​ 2,300,575 ​ ​
​ ​ ​ 405,000 ​ ​ ​ Aa2(a) ​ ​
Maryland Community Development Administration, Revenue Bonds,
Series B, 4.000% due 9/1/49
​ ​ ​ ​ 447,715 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maryland Economic Development Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ BBB ​ ​
Series D, 5.000% due 3/31/30(d)
 ​ ​ ​ ​ 41,465 ​ ​
​ ​ ​ 65,000 ​ ​ ​ BBB ​ ​
Series D, 5.000% due 3/31/51(d)
 ​ ​ ​ ​ 73,879 ​ ​
​ ​ ​ 45,000 ​ ​ ​ Baa3(a) ​ ​
Series A, 5.000% due 6/1/23
​ ​ ​ ​ 50,585 ​ ​
​ ​ ​ 45,000 ​ ​ ​ Baa3(a) ​ ​
Series A, 5.000% due 6/1/24
​ ​ ​ ​ 52,018 ​ ​
​ ​ ​ 45,000 ​ ​ ​ Baa3(a) ​ ​
Series A, 5.000% due 6/1/25
​ ​ ​ ​ 53,236 ​ ​
​ ​ ​ 60,000 ​ ​ ​ Baa3(a) ​ ​
Series A, 5.000% due 6/1/26
​ ​ ​ ​ 72,638 ​ ​
​ ​ ​ 40,000 ​ ​ ​ Baa3(a) ​ ​
Series A, 5.000% due 6/1/27
​ ​ ​ ​ 49,365 ​ ​
​ ​ ​ 30,000 ​ ​ ​ Baa3(a) ​ ​
Series A, 5.000% due 6/1/31
​ ​ ​ ​ 37,096 ​ ​
​ ​ ​ 30,000 ​ ​ ​ Baa3(a) ​ ​
Series A, 5.000% due 6/1/32
​ ​ ​ ​ 36,974 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 70,000 ​ ​ ​ WD(g) ​ ​
Prerefunded 7/1/20 @ 100, 5.625% due 7/1/30(c)
 ​ ​ ​ ​ 72,611 ​ ​
​ ​ ​ 225,000 ​ ​ ​ WD(g) ​ ​
Prerefunded 7/1/20 @ 100, 5.750% due 7/1/38(c)
 ​ ​ ​ ​ 233,622 ​ ​
​ ​ ​ 155,000 ​ ​ ​ BBB ​ ​
Series A, 4.000% due 7/1/42
​ ​ ​ ​ 166,048 ​ ​
​ ​ ​ 65,000 ​ ​ ​ BBB ​ ​
Series A, 5.000% due 7/1/33
​ ​ ​ ​ 76,599 ​ ​
​ ​ ​ 50,000 ​ ​ ​ BBB ​ ​
Series A, 5.000% due 7/1/34
​ ​ ​ ​ 58,672 ​ ​
​ ​ ​ 20,000 ​ ​ ​ BBB ​ ​
Series A, 5.000% due 7/1/35
​ ​ ​ ​ 23,413 ​ ​
​ ​ ​ 50,000 ​ ​ ​ BBB ​ ​
Series A, 5.000% due 7/1/36
​ ​ ​ ​ 58,300 ​ ​
​ ​ ​ 30,000 ​ ​ ​ BBB ​ ​
5.000% due 7/1/27
​ ​ ​ ​ 35,491 ​ ​
​ ​ ​ 40,000 ​ ​ ​ BBB ​ ​
5.000% due 7/1/28
​ ​ ​ ​ 47,210 ​ ​
​ ​ ​ 65,000 ​ ​ ​ BBB ​ ​
5.000% due 7/1/29
​ ​ ​ ​ 76,477 ​ ​
​ ​ ​ 30,000 ​ ​ ​ BBB ​ ​
5.000% due 7/1/31
​ ​ ​ ​ 34,999 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/24
​ ​ ​ ​ 38,532 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 7/1/25
​ ​ ​ ​ 32,975 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Maryland, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AAA ​ ​
Series B, 5.000% due 8/1/22
​ ​ ​ ​ 2,781,550 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ AAA ​ ​
Series C, 5.000% due 8/1/20
​ ​ ​ ​ 1,553,415 ​ ​
See Notes to Financial Statements.
188
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Maryland – (continued) ​
​ ​ $ 3,000,000 ​ ​ ​ AAA ​ ​
State of Maryland Department of Transportation, Revenue Bonds, 3.500%
due 10/1/33
​ ​ ​ $ 3,311,970 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Maryland
​ ​ ​ ​ 34,984,408 ​ ​
​ Massachusetts – 1.5% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commonwealth of Massachusetts, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/42
​ ​ ​ ​ 2,522,680 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/47
​ ​ ​ ​ 1,883,505 ​ ​
​ ​ ​ 290,000 ​ ​ ​ AA ​ ​
Series A, Prerefunded 4/1/21 @ 100, 5.000% due 4/1/23(c)
 ​ ​ ​ ​ 307,986 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA ​ ​
Series B, 5.000% due 7/1/22
​ ​ ​ ​ 99,851 ​ ​
​ ​ ​ 400,000 ​ ​ ​ AA ​ ​
Series B, 5.250% due 8/1/20
​ ​ ​ ​ 415,220 ​ ​
​ ​ ​ 520,000 ​ ​ ​ AA ​ ​
Series C, 5.000% due 4/1/23
​ ​ ​ ​ 591,484 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
Massachusetts Bay Transportation Authority, Revenue Bonds, Series A,
5.000% due 7/1/45
​ ​ ​ ​ 53,006 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Massachusetts Development Finance Agency, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 50,000 ​ ​ ​ A ​ ​
5.000% due 7/1/30
​ ​ ​ ​ 64,517 ​ ​
​ ​ ​ 235,000 ​ ​ ​ A ​ ​
5.000% due 7/1/31
​ ​ ​ ​ 301,498 ​ ​
​ ​ ​ 500,000 ​ ​ ​ Baa2(a) ​ ​
5.000% due 7/1/34
​ ​ ​ ​ 625,370 ​ ​
​ ​ ​ 585,000 ​ ​ ​ A+ ​ ​
Series S-1, 5.000% due 10/1/24
​ ​ ​ ​ 699,093 ​ ​
​ ​ ​ 55,000 ​ ​ ​ AA- ​ ​
Series Q-1, 5.000% due 7/1/21
​ ​ ​ ​ 55,160 ​ ​
​ ​ ​ 140,000 ​ ​ ​ BBB ​ ​
Series D, 5.000% due 7/1/44
​ ​ ​ ​ 158,092 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 7/15/22
​ ​ ​ ​ 72,308 ​ ​
​ ​ ​ 145,000 ​ ​ ​ NR ​ ​
Series A, Prerefunded 11/15/23 @ 100, 6.250% due 11/15/28(c)(e)
 ​ ​ ​ ​ 169,567 ​ ​
​ ​ ​ 335,000 ​ ​ ​ AA- ​ ​
Series S4, 5.000% due 7/1/38(b)
 ​ ​ ​ ​ 389,565 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/23
​ ​ ​ ​ 51,626 ​ ​
​ ​ ​ 115,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/24
​ ​ ​ ​ 136,235 ​ ​
​ ​ ​ 105,000 ​ ​ ​ AA- ​ ​
Series S, 5.000% due 7/1/30
​ ​ ​ ​ 134,723 ​ ​
​ ​ ​ 500,000 ​ ​ ​ AA+ ​ ​
Series N, 1.450% due 7/1/41(b)
 ​ ​ ​ ​ 502,240 ​ ​
​ ​ ​ 215,000 ​ ​ ​ AA- ​ ​
Massachusetts Health & Educational Facilities Authority, Revenue Bonds,
Series I4, 5.000% due 7/1/20
​ ​ ​ ​ 215,606 ​ ​
​ ​ ​ 1,170,000 ​ ​ ​ AA ​ ​
Massachusetts Transportation Trust Fund Metropolitan Highway System
Revenue, Revenue Bonds, Series A, 5.000% due 1/1/39(b)
 ​ ​ ​ ​ 1,312,471 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AA- ​ ​
University of Massachusetts Building Authority, Revenue Bonds, 4.000%
due 11/1/43
​ ​ ​ ​ 2,666,950 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Massachusetts
​ ​ ​ ​ 13,428,753 ​ ​
​ Michigan – 1.4% ​
​ ​ ​ 160,000 ​ ​ ​ AA ​ ​
City of Detroit MI Sewage Disposal System Revenue, Revenue Bonds,
Series G, AGM, 2.154% (3-Month USD-LIBOR) due 7/1/32(b)
 ​ ​ ​ ​ 157,349 ​ ​
​ ​ ​ 85,000 ​ ​ ​ Aa1(a) ​ ​
Clarkston Community Schools, GO, 5.000% due 5/1/22
​ ​ ​ ​ 93,529 ​ ​
See Notes to Financial Statements.
189
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Michigan – (continued) ​
​ ​ $ 155,000 ​ ​ ​ AA ​ ​
Detroit Downtown Development Authority, Tax Allocation, Series A, AGM,
5.000% due 7/1/37
​ ​ ​ $ 175,020 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand Rapids Public Schools, GO, AGM: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 100,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/30
​ ​ ​ ​ 121,780 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/31
​ ​ ​ ​ 175,846 ​ ​
​ ​ ​ 20,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/32
​ ​ ​ ​ 24,187 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/33
​ ​ ​ ​ 108,702 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/27
​ ​ ​ ​ 50,630 ​ ​
​ ​ ​ 55,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/29
​ ​ ​ ​ 68,864 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Kalamazoo Hospital Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 100,000 ​ ​ ​ A2(a) ​ ​
5.000% due 5/15/27
​ ​ ​ ​ 121,794 ​ ​
​ ​ ​ 75,000 ​ ​ ​ A2(a) ​ ​
5.000% due 5/15/28
​ ​ ​ ​ 91,091 ​ ​
​ ​ ​ 100,000 ​ ​ ​ AAA ​ ​
Kent County Building Authority, Revenue Bonds, 5.500% due 6/1/22
​ ​ ​ ​ 111,486 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Kent Hospital Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 11/15/20
​ ​ ​ ​ 31,358 ​ ​
​ ​ ​ 20,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 11/15/21
​ ​ ​ ​ 21,655 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Michigan Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 310,000 ​ ​ ​ AA ​ ​
Series C, AGM, 5.000% due 7/1/22
​ ​ ​ ​ 342,922 ​ ​
​ ​ ​ 190,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 11/15/48
​ ​ ​ ​ 235,017 ​ ​
​ ​ ​ 45,000 ​ ​ ​ WR(a) ​ ​
Series A, 5.000% due 6/1/21
​ ​ ​ ​ 47,922 ​ ​
​ ​ ​ 735,000 ​ ​ ​ AA- ​ ​
5.000% due 12/1/44(b)
 ​ ​ ​ ​ 872,563 ​ ​
​ ​ ​ 65,000 ​ ​ ​ WR(a) ​ ​
Series A, Prerefunded 6/1/22 @ 100, 5.000% due 6/1/27(c)
 ​ ​ ​ ​ 71,789 ​ ​
​ ​ ​ 140,000 ​ ​ ​ WR(a) ​ ​
Series A, Prerefunded 6/1/22 @ 100, 5.000% due 6/1/39(c)
 ​ ​ ​ ​ 154,623 ​ ​
​ ​ ​ 1,250,000 ​ ​ ​ Aa3(a) ​ ​
5.000% due 11/1/23
​ ​ ​ ​ 1,437,575 ​ ​
​ ​ ​ 750,000 ​ ​ ​ Aa3(a) ​ ​
5.000% due 11/1/24
​ ​ ​ ​ 889,065 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/32
​ ​ ​ ​ 35,503 ​ ​
​ ​ ​ 25,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/33
​ ​ ​ ​ 29,584 ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/31
​ ​ ​ ​ 41,446 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/29
​ ​ ​ ​ 35,791 ​ ​
​ ​ ​ 10,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/27
​ ​ ​ ​ 11,996 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
5.000% due 8/15/29
​ ​ ​ ​ 67,965 ​ ​
​ ​ ​ 160,000 ​ ​ ​ A+ ​ ​
5.000% due 8/15/28
​ ​ ​ ​ 181,768 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 12/1/28
​ ​ ​ ​ 76,885 ​ ​
​ ​ ​ 85,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 12/1/25
​ ​ ​ ​ 104,244 ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 12/1/27
​ ​ ​ ​ 44,937 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 12/1/23
​ ​ ​ ​ 52,025 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 12/1/24
​ ​ ​ ​ 59,583 ​ ​
See Notes to Financial Statements.
190
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Michigan – (continued) ​
​ ​ $ 40,000 ​ ​ ​ AA- ​ ​
5.000% due 12/1/26
​ ​ ​ $ 50,284 ​ ​
​ ​ ​ 205,000 ​ ​ ​ A+ ​ ​
5.000% due 11/15/36
​ ​ ​ ​ 224,159 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A+ ​ ​
5.000% due 11/15/42
​ ​ ​ ​ 48,783 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Michigan State Building Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 495,000 ​ ​ ​ AA- ​ ​
Series I, 5.000% due 10/15/34
​ ​ ​ ​ 604,132 ​ ​
​ ​ ​ 80,000 ​ ​ ​ AA- ​ ​
Series I, 5.000% due 4/15/35
​ ​ ​ ​ 97,517 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Michigan State Hospital Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 710,000 ​ ​ ​ AA+ ​ ​
Series F5, 4.000% due 11/15/47(b)
 ​ ​ ​ ​ 799,943 ​ ​
​ ​ ​ 180,000 ​ ​ ​ AA+ ​ ​
Series C, 2.400% due 11/15/47(b)
 ​ ​ ​ ​ 187,126 ​ ​
​ ​ ​ 750,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 12/1/19
​ ​ ​ ​ 756,967 ​ ​
​ ​ ​ 700,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 12/1/20
​ ​ ​ ​ 733,299 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 12/1/24
​ ​ ​ ​ 53,625 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 12/1/25
​ ​ ​ ​ 49,056 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 12/1/26
​ ​ ​ ​ 75,426 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 12/1/27
​ ​ ​ ​ 51,357 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 12/1/28
​ ​ ​ ​ 76,885 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Michigan Strategic Fund, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
1.450% due 9/1/30(b)
 ​ ​ ​ ​ 34,958 ​ ​
​ ​ ​ 290,000 ​ ​ ​ A ​ ​
1.450% due 8/1/29(b)
 ​ ​ ​ ​ 289,652 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Portage Public Schools, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA- ​ ​
5.000% due 11/1/27
​ ​ ​ ​ 43,197 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA- ​ ​
5.000% due 11/1/29
​ ​ ​ ​ 110,548 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Royal Oak Hospital Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
5.000% due 9/1/22
​ ​ ​ ​ 33,352 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
5.000% due 9/1/24
​ ​ ​ ​ 69,844 ​ ​
​ ​ ​ 95,000 ​ ​ ​ AA ​ ​
State of Michigan, Revenue Bonds, 5.000% due 3/15/27
​ ​ ​ ​ 120,061 ​ ​
​ ​ ​ 280,000 ​ ​ ​ AA+ ​ ​
State of Michigan Trunk Line Revenue, Revenue Bonds, AGM, 5.500% due
11/1/20
​ ​ ​ ​ 294,638 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warren Consolidated Schools, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 130,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/30
​ ​ ​ ​ 156,580 ​ ​
​ ​ ​ 140,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/31
​ ​ ​ ​ 167,923 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA ​ ​
5.000% due 5/1/32
​ ​ ​ ​ 173,442 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wayne County Airport Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 12/1/29
​ ​ ​ ​ 6,306 ​ ​
​ ​ ​ 10,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 12/1/30
​ ​ ​ ​ 12,547 ​ ​
​ ​ ​ 10,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 12/1/31
​ ​ ​ ​ 12,476 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 12/1/36
​ ​ ​ ​ 18,429 ​ ​
See Notes to Financial Statements.
191
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Michigan – (continued) ​
​ ​ $ 60,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 12/1/22
​ ​ ​ $ 67,209 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 12/1/23
​ ​ ​ ​ 75,060 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 12/1/24
​ ​ ​ ​ 83,220 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 12/1/25
​ ​ ​ ​ 73,301 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 12/1/26
​ ​ ​ ​ 56,287 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 12/1/27
​ ​ ​ ​ 57,414 ​ ​
​ ​ ​ 620,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 12/1/29(d)
 ​ ​ ​ ​ 772,216 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 12/1/30(d)
 ​ ​ ​ ​ 18,560 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 12/1/31(d)
 ​ ​ ​ ​ 18,468 ​ ​
​ ​ ​ 10,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 12/1/33(d)
 ​ ​ ​ ​ 12,245 ​ ​
​ ​ ​ 25,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 12/1/36(d)
 ​ ​ ​ ​ 30,355 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Michigan
​ ​ ​ ​ 12,763,341 ​ ​
​ Minnesota – 1.7% ​
​ ​ ​ 60,000 ​ ​ ​ Baa1(a) ​ ​
City of Maple Grove MN, Revenue Bonds, 5.000% due 9/1/26
​ ​ ​ ​ 71,964 ​ ​
​ ​ ​ 40,000 ​ ​ ​ WD(g) ​ ​
Housing & Redevelopment Authority of The City of St Paul Minnesota,
Revenue Bonds, Series Prerefunded 11/15/25 @ 100, 5.000% due
11/15/40(c)
 ​ ​ ​ ​ 48,971 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AAA ​ ​
Metropolitan Council, GO, 3.000% due 3/1/27
​ ​ ​ ​ 2,610,925 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minnesota Agricultural & Economic Development Board, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 120,000 ​ ​ ​ AA ​ ​
Series C1, AGC, 5.000% due 2/15/21
​ ​ ​ ​ 122,070 ​ ​
​ ​ ​ 165,000 ​ ​ ​ AA ​ ​
Series C1, AGC, 5.000% due 2/15/22
​ ​ ​ ​ 167,876 ​ ​
​ ​ ​ 130,000 ​ ​ ​ A- ​ ​
Northern Municipal Power Agency, Revenue Bonds, Series A1, 5.000% due
1/1/20
​ ​ ​ ​ 131,634 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Minnesota, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 8/1/37
​ ​ ​ ​ 6,406,450 ​ ​
​ ​ ​ 4,835,000 ​ ​ ​ AAA ​ ​
Series B, 5.000% due 8/1/27
​ ​ ​ ​ 6,237,150 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Minnesota
​ ​ ​ ​ 15,797,040 ​ ​
​ Mississippi – 0.7% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mississippi Hospital Equipment & Facilities Authority, Revenue Bonds: ​ ​
​ ​ ​ 435,000 ​ ​ ​ A2(a) ​ ​
Series A, 5.000% due 1/1/34
​ ​ ​ ​ 550,058 ​ ​
​ ​ ​ 225,000 ​ ​ ​ A2(a) ​ ​
Series B, 5.000% due 1/1/30
​ ​ ​ ​ 287,730 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​ A+ ​ ​
State of Mississippi, Revenue Bonds, Series A, 5.000% due 10/15/34
​ ​ ​ ​ 3,801,630 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Mississippi, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 160,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 10/1/30
​ ​ ​ ​ 204,171 ​ ​
​ ​ ​ 1,250,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 10/1/34
​ ​ ​ ​ 1,575,575 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Mississippi
​ ​ ​ ​ 6,419,164 ​ ​
See Notes to Financial Statements.
192
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Missouri – 0.5% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cape Girardeau County Industrial Development Authority, Revenue Bonds: ​
​ ​ $ 30,000 ​ ​ ​ BBB- ​ ​
Series A, 5.000% due 3/1/27
​ ​ ​ $ 36,054 ​ ​
​ ​ ​ 35,000 ​ ​ ​ BBB- ​ ​
Series A, 5.000% due 3/1/36
​ ​ ​ ​ 40,684 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Health & Educational Facilities Authority of the State of Missouri, Revenue
Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
5.000% due 5/15/29
​ ​ ​ ​ 36,505 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
5.000% due 5/15/30
​ ​ ​ ​ 36,309 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
5.000% due 5/15/31
​ ​ ​ ​ 36,115 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A+ ​ ​
5.000% due 5/15/36
​ ​ ​ ​ 100,569 ​ ​
​ ​ ​ 20,000 ​ ​ ​ AA- ​ ​
Series B, 4.000% due 2/1/40
​ ​ ​ ​ 21,624 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 2/1/30
​ ​ ​ ​ 83,514 ​ ​
​ ​ ​ 80,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 2/1/32
​ ​ ​ ​ 94,704 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 2/1/36
​ ​ ​ ​ 76,024 ​ ​
​ ​ ​ 105,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 2/1/45
​ ​ ​ ​ 120,924 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AAA ​ ​
Metropolitan St Louis Sewer District, Revenue Bonds, Series A, 5.000% due
5/1/37
​ ​ ​ ​ 3,096,425 ​ ​
​ ​ ​ 5,000 ​ ​ ​ A ​ ​
Missouri Development Finance Board, Revenue Bonds, Series A, 6.000%
due 6/1/20
​ ​ ​ ​ 5,168 ​ ​
​ ​ ​ 85,000 ​ ​ ​ AA+ ​ ​
Missouri Housing Development Commission, Revenue Bonds, Series B,
4.000% due 5/1/50
​ ​ ​ ​ 94,189 ​ ​
​ ​ ​ 10,000 ​ ​ ​ Aaa(a) ​ ​
Missouri State Environmental Improvement & Energy Resources Authority,
Revenue Bonds, 5.125% due 1/1/20
​ ​ ​ ​ 10,031 ​ ​
​ ​ ​ 220,000 ​ ​ ​ BB+(g) ​ ​
St Louis County Industrial Development Authority, Revenue Bonds,
Series A, 5.125% due 9/1/48
​ ​ ​ ​ 251,379 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Missouri
​ ​ ​ ​ 4,140,218 ​ ​
​ Montana – 0.1% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Montana Board of Housing, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 120,000 ​ ​ ​ AA+ ​ ​
Series A1, 4.000% due 12/1/47(d)
 ​ ​ ​ ​ 126,501 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA+ ​ ​
4.000% due 6/1/50
​ ​ ​ ​ 45,145 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Montana Facility Finance Authority, Revenue Bonds: ​ ​
​ ​ ​ 35,000 ​ ​ ​ A+(g) ​ ​
5.000% due 2/15/21
​ ​ ​ ​ 36,897 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A+(g) ​ ​
5.000% due 2/15/22
​ ​ ​ ​ 43,549 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+(g) ​ ​
5.000% due 2/15/23
​ ​ ​ ​ 67,309 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+(g) ​ ​
5.000% due 2/15/24
​ ​ ​ ​ 69,217 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+(g) ​ ​
5.000% due 2/15/25
​ ​ ​ ​ 71,169 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A+(g) ​ ​
5.000% due 2/15/26
​ ​ ​ ​ 109,191 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Montana
​ ​ ​ ​ 568,978 ​ ​
See Notes to Financial Statements.
193
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Nebraska – 0.1% ​
​ ​ $ 245,000 ​ ​ ​ AA+ ​ ​
Nebraska Investment Finance Authority, Revenue Bonds, Series B, 4.000%
due 9/1/49(d)
 ​ ​ ​ $ 268,020 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nebraska Public Power District, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 1/1/31
​ ​ ​ ​ 139,173 ​ ​
​ ​ ​ 125,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 1/1/34
​ ​ ​ ​ 150,116 ​ ​
​ ​ ​ 155,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 1/1/36
​ ​ ​ ​ 185,095 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Nebraska
​ ​ ​ ​ 742,404 ​ ​
​ Nevada – 1.2% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Carson City NV, Revenue Bonds: ​ ​
​ ​ ​ 20,000 ​ ​ ​ A- ​ ​
5.000% due 9/1/24
​ ​ ​ ​ 23,152 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A- ​ ​
5.000% due 9/1/28
​ ​ ​ ​ 18,457 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A- ​ ​
5.000% due 9/1/30
​ ​ ​ ​ 24,378 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A- ​ ​
5.000% due 9/1/32
​ ​ ​ ​ 24,203 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A- ​ ​
5.000% due 9/1/34
​ ​ ​ ​ 24,016 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Clark County School District, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,620,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 6/15/28
​ ​ ​ ​ 4,637,618 ​ ​
​ ​ ​ 75,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 6/15/21
​ ​ ​ ​ 80,115 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 6/15/23
​ ​ ​ ​ 73,995 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ A+ ​ ​
Series C, 5.000% due 6/15/23
​ ​ ​ ​ 1,138,390 ​ ​
​ ​ ​ 170,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 6/15/25
​ ​ ​ ​ 204,959 ​ ​
​ ​ ​ 280,000 ​ ​ ​ A+ ​ ​
County of Clark Department of Aviation, Revenue Bonds, Series C, 5.000%
due 7/1/21(d)
 ​ ​ ​ ​ 298,987 ​ ​
​ ​ ​ 345,000 ​ ​ ​ A- ​ ​
County of Clark NV, Revenue Bonds, Series A, 1.875% due 6/1/31(b)
 ​ ​ ​ ​ 345,890 ​ ​
​ ​ ​ 2,250,000 ​ ​ ​ AA+ ​ ​
County of Clark NV, GO, Series A, 5.000% due 6/1/35
​ ​ ​ ​ 2,850,345 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Las Vegas Valley Water District, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA+ ​ ​
Series B, 5.000% due 6/1/22
​ ​ ​ ​ 33,188 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA+ ​ ​
Series B, 5.000% due 6/1/23
​ ​ ​ ​ 66,343 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA+ ​ ​
Series B, 5.000% due 6/1/24
​ ​ ​ ​ 66,325 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA+ ​ ​
Series B, 5.000% due 6/1/25
​ ​ ​ ​ 33,146 ​ ​
​ ​ ​ 85,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 6/1/32
​ ​ ​ ​ 104,021 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 6/1/33
​ ​ ​ ​ 177,115 ​ ​
​ ​ ​ 155,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 6/1/34
​ ​ ​ ​ 188,874 ​ ​
​ ​ ​ 130,000 ​ ​ ​ AA+ ​ ​
Nevada Housing Division, Revenue Bonds, Series B, 4.000% due 10/1/49
​ ​ ​ ​ 144,154 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Nevada, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA ​ ​
5.000% due 8/1/21
​ ​ ​ ​ 42,977 ​ ​
​ ​ ​ 80,000 ​ ​ ​ AA ​ ​
5.000% due 3/1/25
​ ​ ​ ​ 90,630 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Nevada
​ ​ ​ ​ 10,691,278 ​ ​
See Notes to Financial Statements.
194
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ New Hampshire – 0.4% ​
​ ​ $ 1,535,000 ​ ​ ​ BBB+ ​ ​
City of Manchester NH General Airport Revenue, Revenue Bonds, Series A,
5.000% due 1/1/21
​ ​ ​ $ 1,607,467 ​ ​
​ ​ ​ 740,000 ​ ​ ​ A- ​ ​
New Hampshire Business Finance Authority, Revenue Bonds, Series A2,
2.150% due 7/1/27(b)(d)
 ​ ​ ​ ​ 758,633 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
New Hampshire Health & Education Facilities Authority Act, Revenue
Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ A- ​ ​
4.000% due 7/1/22
​ ​ ​ ​ 42,828 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A- ​ ​
5.000% due 7/1/26
​ ​ ​ ​ 38,453 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A2(a) ​ ​
Series A, 5.000% due 10/1/43
​ ​ ​ ​ 75,974 ​ ​
​ ​ ​ 25,000 ​ ​ ​ A- ​ ​
4.000% due 10/1/38
​ ​ ​ ​ 27,385 ​ ​
​ ​ ​ 135,000 ​ ​ ​ A- ​ ​
5.000% due 10/1/26
​ ​ ​ ​ 166,073 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A- ​ ​
5.000% due 10/1/27
​ ​ ​ ​ 176,971 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A- ​ ​
5.000% due 10/1/28
​ ​ ​ ​ 72,943 ​ ​
​ ​ ​ 210,000 ​ ​ ​ A- ​ ​
5.000% due 10/1/30
​ ​ ​ ​ 252,504 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/24
​ ​ ​ ​ 47,386 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/30
​ ​ ​ ​ 89,816 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Hampshire State Turnpike System, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 2/1/22
​ ​ ​ ​ 70,985 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 2/1/23
​ ​ ​ ​ 70,904 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 2/1/24
​ ​ ​ ​ 54,467 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total New Hampshire
​ ​ ​ ​ 3,552,789 ​ ​
​ New Jersey – 1.9% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Camden County Improvement Authority, Revenue Bonds: ​ ​
​ ​ ​ 60,000 ​ ​ ​ BBB+ ​ ​
5.000% due 2/15/24
​ ​ ​ ​ 68,854 ​ ​
​ ​ ​ 30,000 ​ ​ ​ BBB+ ​ ​
5.000% due 2/15/25
​ ​ ​ ​ 34,383 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Bayonne NJ, GO: ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/31
​ ​ ​ ​ 54,310 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/32
​ ​ ​ ​ 36,116 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
5.000% due 7/1/33
​ ​ ​ ​ 36,049 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Jersey Economic Development Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ BBB+ ​ ​
5.000% due 6/15/30
​ ​ ​ ​ 1,224,980 ​ ​
​ ​ ​ 580,000 ​ ​ ​ BBB+ ​ ​
Series XX, 5.000% due 6/15/26
​ ​ ​ ​ 673,745 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
AGM, 5.000% due 6/1/25
​ ​ ​ ​ 35,745 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA ​ ​
AGM, 5.000% due 6/1/27
​ ​ ​ ​ 49,758 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA ​ ​
AGM, 5.000% due 6/1/28
​ ​ ​ ​ 74,159 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
AGM, 5.000% due 6/1/29
​ ​ ​ ​ 55,295 ​ ​
​ ​ ​ 40,000 ​ ​ ​ BBB+ ​ ​
5.000% due 3/1/25
​ ​ ​ ​ 44,248 ​ ​
​ ​ ​ 220,000 ​ ​ ​ BBB+ ​ ​
Series II, 5.000% due 3/1/21
​ ​ ​ ​ 232,221 ​ ​
See Notes to Financial Statements.
195
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ New Jersey – (continued) ​
​ ​ $ 270,000 ​ ​ ​ BBB+ ​ ​
Series NN, 5.000% due 3/1/23
​ ​ ​ $ 301,152 ​ ​
​ ​ ​ 370,000 ​ ​ ​ BBB+ ​ ​
Series NN, 5.000% due 3/1/24
​ ​ ​ ​ 410,519 ​ ​
​ ​ ​ 125,000 ​ ​ ​ BBB+ ​ ​
Series I, 5.500% due 9/1/19
​ ​ ​ ​ 125,000 ​ ​
​ ​ ​ 55,000 ​ ​ ​ Baa1(a) ​ ​
New Jersey Educational Facilities Authority, Revenue Bonds, Series A,
5.000% due 7/1/29
​ ​ ​ ​ 66,084 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Jersey Health Care Facilities Financing Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 15,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 7/1/28
​ ​ ​ ​ 18,555 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 7/1/33
​ ​ ​ ​ 54,815 ​ ​
​ ​ ​ 10,000 ​ ​ ​ BBB ​ ​
5.000% due 7/1/21
​ ​ ​ ​ 10,622 ​ ​
​ ​ ​ 25,000 ​ ​ ​ BBB ​ ​
5.000% due 7/1/22
​ ​ ​ ​ 27,413 ​ ​
​ ​ ​ 90,000 ​ ​ ​ BBB ​ ​
5.000% due 7/1/23
​ ​ ​ ​ 101,410 ​ ​
​ ​ ​ 25,000 ​ ​ ​ BBB ​ ​
5.000% due 7/1/24
​ ​ ​ ​ 28,877 ​ ​
​ ​ ​ 25,000 ​ ​ ​ BBB ​ ​
5.000% due 7/1/25
​ ​ ​ ​ 29,563 ​ ​
​ ​ ​ 10,000 ​ ​ ​ BBB ​ ​
5.000% due 7/1/26
​ ​ ​ ​ 12,072 ​ ​
​ ​ ​ 15,000 ​ ​ ​ BBB ​ ​
5.000% due 7/1/27
​ ​ ​ ​ 18,072 ​ ​
​ ​ ​ 75,000 ​ ​ ​ BBB ​ ​
5.000% due 7/1/28
​ ​ ​ ​ 89,958 ​ ​
​ ​ ​ 250,000 ​ ​ ​ BBB- ​ ​
5.000% due 7/1/41
​ ​ ​ ​ 288,308 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
New Jersey Higher Education Student Assistance Authority, Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 165,000 ​ ​ ​ Aa1(a) ​ ​
Series A, 5.000% due 12/1/22
​ ​ ​ ​ 184,769 ​ ​
​ ​ ​ 115,000 ​ ​ ​ Aa1(a) ​ ​
Series A, 5.000% due 12/1/23
​ ​ ​ ​ 132,644 ​ ​
​ ​ ​ 65,000 ​ ​ ​ Aa1(a) ​ ​
Series A, 5.000% due 12/1/24
​ ​ ​ ​ 77,095 ​ ​
​ ​ ​ 125,000 ​ ​ ​ Aa1(a) ​ ​
Series A, 5.000% due 12/1/25
​ ​ ​ ​ 152,125 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA ​ ​
Series 1B, 5.000% due 12/1/21(d)
 ​ ​ ​ ​ 43,062 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA ​ ​
Series 1A, 5.000% due 12/1/22(d)
 ​ ​ ​ ​ 44,320 ​ ​
​ ​ ​ 100,000 ​ ​ ​ AA ​ ​
Series 1A, 5.000% due 12/1/24(d)
 ​ ​ ​ ​ 116,729 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Jersey Transportation Trust Fund Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 870,000 ​ ​ ​ BBB+ ​ ​
Series A, zero coupon, due 12/15/27
​ ​ ​ ​ 715,210 ​ ​
​ ​ ​ 195,000 ​ ​ ​ BBB+ ​ ​
Series A, zero coupon, due 12/15/28
​ ​ ​ ​ 155,146 ​ ​
​ ​ ​ 220,000 ​ ​ ​ BBB+ ​ ​
Series A, 5.000% due 12/15/33
​ ​ ​ ​ 265,698 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ BBB+ ​ ​
Series A, 5.000% due 12/15/34
​ ​ ​ ​ 2,407,480 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ A+ ​ ​
5.000% due 6/15/24
​ ​ ​ ​ 5,793,400 ​ ​
​ ​ ​ 435,000 ​ ​ ​ A+ ​ ​
5.000% due 6/15/27
​ ​ ​ ​ 527,642 ​ ​
​ ​ ​ 215,000 ​ ​ ​ BBB+ ​ ​
Series AA, 5.000% due 6/15/23
​ ​ ​ ​ 235,530 ​ ​
​ ​ ​ 345,000 ​ ​ ​ BBB+ ​ ​
Series AA, 5.000% due 6/15/24
​ ​ ​ ​ 377,030 ​ ​
​ ​ ​ 360,000 ​ ​ ​ BBB+ ​ ​
Series AA, 5.000% due 6/15/25
​ ​ ​ ​ 414,036 ​ ​
​ ​ ​ 215,000 ​ ​ ​ BBB+ ​ ​
Series AA, 5.000% due 6/15/26
​ ​ ​ ​ 247,091 ​ ​
​ ​ ​ 90,000 ​ ​ ​ BBB+ ​ ​
Series B4, 5.250% due 12/15/19
​ ​ ​ ​ 91,008 ​ ​
See Notes to Financial Statements.
196
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ New Jersey – (continued) ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Jersey Turnpike Authority, Revenue Bonds: ​ ​
​ ​ $ 60,000 ​ ​ ​ A+ ​ ​
Series C1, 1.901% (1-Month USD-LIBOR) due 1/1/21(b)
 ​ ​ ​ $ 60,053 ​ ​
​ ​ ​ 555,000 ​ ​ ​ A+ ​ ​
Series C5, 2.021% (1-Month USD-LIBOR) due 1/1/28(b)
 ​ ​ ​ ​ 555,644 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total New Jersey
​ ​ ​ ​ 16,797,995 ​ ​
​ New Mexico – 0.1% ​
​ ​ ​ 340,000 ​ ​ ​ A- ​ ​
City of Farmington NM, Revenue Bonds, Series A, 1.875% due 4/1/29(b)
 ​ ​ ​ ​ 340,877 ​ ​
​ ​ ​ 185,000 ​ ​ ​ Aaa(a) ​ ​
New Mexico Mortgage Finance Authority, Revenue Bonds, Series D,
3.750% due 1/1/50
​ ​ ​ ​ 203,387 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total New Mexico
​ ​ ​ ​ 544,264 ​ ​
​ New York – 13.9% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of New York NY, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AA+ ​ ​
Series J6, 1.390% due 8/1/24(b)
 ​ ​ ​ ​ 5,000,000 ​ ​
​ ​ ​ 4,500,000 ​ ​ ​ AA ​ ​
Series B5, 1.430% due 10/1/46(b)
 ​ ​ ​ ​ 4,500,000 ​ ​
​ ​ ​ 5,620,000 ​ ​ ​ AA ​ ​
Series H, 5.000% due 1/1/36
​ ​ ​ ​ 7,193,937 ​ ​
​ ​ ​ 10,000,000 ​ ​ ​ AA ​ ​
Series D3, 5.000% due 8/1/38(b)
 ​ ​ ​ ​ 11,453,400 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA ​ ​
Series J, 5.000% due 8/1/22
​ ​ ​ ​ 100,108 ​ ​
​ ​ ​ 2,825,000 ​ ​ ​ AA+ ​ ​
Series F4, 1.220% due 6/1/44(b)
 ​ ​ ​ ​ 2,825,000 ​ ​
​ ​ ​ 190,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 8/1/22
​ ​ ​ ​ 211,339 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA ​ ​
Series C, 5.000% due 8/1/27
​ ​ ​ ​ 108,103 ​ ​
​ ​ ​ 2,035,000 ​ ​ ​ AA ​ ​
Series B1, 5.000% due 12/1/38
​ ​ ​ ​ 2,476,107 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AA ​ ​
Series D1, 5.000% due 12/1/34
​ ​ ​ ​ 6,409,550 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ AA ​ ​
Series F1, 5.000% due 4/1/43
​ ​ ​ ​ 1,236,970 ​ ​
​ ​ ​ 1,925,000 ​ ​ ​ AA ​ ​
County of Nassau NY, GO, Series A. AGM, 5.000% due 4/1/32
​ ​ ​ ​ 2,440,149 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dutchess County Local Development Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ A- ​ ​
Series A, 5.750% due 7/1/40
​ ​ ​ ​ 31,132 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 7/1/20
​ ​ ​ ​ 30,948 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hudson Yards Infrastructure Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 2/15/32
​ ​ ​ ​ 144,487 ​ ​
​ ​ ​ 215,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 2/15/35
​ ​ ​ ​ 267,830 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long Island Power Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 9/1/22
​ ​ ​ ​ 66,948 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 9/1/23
​ ​ ​ ​ 51,851 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A- ​ ​
Series B, 5.000% due 9/1/24
​ ​ ​ ​ 47,548 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metropolitan Transportation Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,300,000 ​ ​ ​ AA+ ​ ​
1.380% due 11/15/50(b)
 ​ ​ ​ ​ 3,300,000 ​ ​
​ ​ ​ 230,000 ​ ​ ​ A ​ ​
Series B, NPFG, 5.250% due 11/15/19
​ ​ ​ ​ 231,861 ​ ​
​ ​ ​ 3,765,000 ​ ​ ​ SP-1 ​ ​
Series B1A, 5.000% due 5/15/20
​ ​ ​ ​ 3,862,363 ​ ​
See Notes to Financial Statements.
197
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ New York – (continued) ​
​ ​ $ 2,000,000 ​ ​ ​ SP-1 ​ ​
Series B1D, 5.000% due 5/15/20
​ ​ ​ $ 2,051,720 ​ ​
​ ​ ​ 2,735,000 ​ ​ ​ SP-1 ​ ​
Series B2D, 5.000% due 5/15/21
​ ​ ​ ​ 2,906,184 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ SP-1 ​ ​
Series C2, 5.000% due 9/1/21
​ ​ ​ ​ 1,073,130 ​ ​
​ ​ ​ 290,000 ​ ​ ​ A ​ ​
Series C2, zero coupon, due 11/15/33
​ ​ ​ ​ 207,947 ​ ​
​ ​ ​ 770,000 ​ ​ ​ A ​ ​
Series A1, 5.000% due 11/15/45(b)
 ​ ​ ​ ​ 802,971 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MTA Hudson Rail Yards Trust Obligations, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 370,000 ​ ​ ​ A2(a) ​ ​
Series A, 5.000% due 11/15/51
​ ​ ​ ​ 396,222 ​ ​
​ ​ ​ 860,000 ​ ​ ​ A2(a) ​ ​
Series A, 5.000% due 11/15/56
​ ​ ​ ​ 963,372 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​ AA ​ ​
New York City Transitional Finance Authority Building Aid Revenue,
Revenue Bonds, Series S1, 5.000% due 7/15/29
​ ​ ​ ​ 3,820,440 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
New York City Transitional Finance Authority Future Tax Secured Revenue,
Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,000,000 ​ ​ ​ AAA ​ ​
1.380% due 2/1/45(b)
 ​ ​ ​ ​ 3,000,000 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AAA ​ ​
1.390% due 8/1/45(b)
 ​ ​ ​ ​ 2,500,000 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AAA ​ ​
1.430% due 8/1/39(b)
 ​ ​ ​ ​ 5,000,000 ​ ​
​ ​ ​ 305,000 ​ ​ ​ NR ​ ​
Series Prerefunded 11/1/19 @ 100, 5.000% due 11/1/20(c)
 ​ ​ ​ ​ 306,931 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AAA ​ ​
Series A3, 4.000% due 8/1/42
​ ​ ​ ​ 2,270,060 ​ ​
​ ​ ​ 275,000 ​ ​ ​ AAA ​ ​
Series C2, 5.000% due 5/1/32
​ ​ ​ ​ 351,986 ​ ​
​ ​ ​ 160,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 11/1/21
​ ​ ​ ​ 173,549 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AAA ​ ​
Series B, 4.000% due 2/1/21
​ ​ ​ ​ 151,046 ​ ​
​ ​ ​ 100,000 ​ ​ ​ AAA ​ ​
Series B, 5.000% due 2/1/21
​ ​ ​ ​ 105,565 ​ ​
​ ​ ​ 770,000 ​ ​ ​ AAA ​ ​
5.000% due 11/1/20
​ ​ ​ ​ 774,836 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New York City Water & Sewer System, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AA+ ​ ​
Series AA, 5.000% due 6/15/32
​ ​ ​ ​ 5,352,100 ​ ​
​ ​ ​ 4,200,000 ​ ​ ​ AA+ ​ ​
Series B, 1.370% due 6/15/32(b)
 ​ ​ ​ ​ 4,200,000 ​ ​
​ ​ ​ 4,285,000 ​ ​ ​ AA+ ​ ​
1.390% due 6/15/50(b)
 ​ ​ ​ ​ 4,285,000 ​ ​
​ ​ ​ 1,725,000 ​ ​ ​ AA+ ​ ​
5.000% due 6/15/23
​ ​ ​ ​ 1,986,510 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New York State Dormitory Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 85,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 2/15/20
​ ​ ​ ​ 86,509 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​ Aa1(a) ​ ​
Series A, 5.250% due 3/15/38
​ ​ ​ ​ 5,145,040 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 7/1/23
​ ​ ​ ​ 34,259 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 7/1/25
​ ​ ​ ​ 84,764 ​ ​
​ ​ ​ 7,000,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 3/15/33
​ ​ ​ ​ 8,914,290 ​ ​
​ ​ ​ 385,000 ​ ​ ​ AA ​ ​
5.000% due 5/15/23
​ ​ ​ ​ 426,029 ​ ​
​ ​ ​ 2,150,000 ​ ​ ​ AAA ​ ​
New York State Environmental Facilities Corp., Revenue Bonds, Series A,
5.000% due 6/15/33
​ ​ ​ ​ 2,785,153 ​ ​
See Notes to Financial Statements.
198
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ New York – (continued) ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
New York State Thruway Authority Highway & Bridge Trust Fund,
Revenue Bonds:
 ​
​ ​ $ 235,000 ​ ​ ​ AA+ ​ ​
Series A, Prerefunded 4/1/20 @ 100, 5.000% due 4/1/23(c)
 ​ ​ ​ $ 240,320 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA+ ​ ​
Series A1, 5.000% due 4/1/20
​ ​ ​ ​ 66,464 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA+ ​ ​
Series A1, 5.000% due 4/1/21
​ ​ ​ ​ 63,682 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New York State Urban Development Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 3/15/20
​ ​ ​ ​ 5,105,300 ​ ​
​ ​ ​ 285,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 3/15/22
​ ​ ​ ​ 304,611 ​ ​
​ ​ ​ 80,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 3/15/32
​ ​ ​ ​ 99,997 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New York Transportation Development Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 245,000 ​ ​ ​ Baa3(a) ​ ​
5.000% due 7/1/41(d)
 ​ ​ ​ ​ 275,517 ​ ​
​ ​ ​ 395,000 ​ ​ ​ Baa3(a) ​ ​
5.250% due 1/1/50(d)
 ​ ​ ​ ​ 445,209 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AA- ​ ​
Port Authority of New York & New Jersey, Revenue Bonds, Series 207,
5.000% due 9/15/24(d)
 ​ ​ ​ ​ 5,899,650 ​ ​
​ ​ ​ 400,000 ​ ​ ​ AA+ ​ ​
Sales Tax Asset Receivable Corp., Revenue Bonds, Series A, 4.000%
due 10/15/32
​ ​ ​ ​ 456,448 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Triborough Bridge & Tunnel Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 85,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 11/15/23
​ ​ ​ ​ 99,046 ​ ​
​ ​ ​ 115,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 11/15/24
​ ​ ​ ​ 133,693 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total New York
​ ​ ​ ​ 125,335,181 ​ ​
​ North Carolina – 2.2% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of New Hanover NC, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 25,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/27
​ ​ ​ ​ 31,176 ​ ​
​ ​ ​ 205,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/47
​ ​ ​ ​ 240,420 ​ ​
​ ​ ​ 100,000 ​ ​ ​ BBB ​ ​
Nash Health Care Systems, Revenue Bonds, 5.000% due 11/1/41
​ ​ ​ ​ 106,320 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North Carolina Medical Care Commission, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 655,000 ​ ​ ​ A ​ ​
2.200% due 12/1/48(b)
 ​ ​ ​ ​ 666,089 ​ ​
​ ​ ​ 175,000 ​ ​ ​ A ​ ​
5.000% due 6/1/21
​ ​ ​ ​ 179,984 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A ​ ​
5.000% due 6/1/22
​ ​ ​ ​ 118,250 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A ​ ​
North Carolina Municipal Power Agency No 1, Revenue Bonds, Series A,
5.000% due 1/1/30
​ ​ ​ ​ 15,040 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of North Carolina, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 330,000 ​ ​ ​ AA ​ ​
5.000% due 3/1/22
​ ​ ​ ​ 361,505 ​ ​
​ ​ ​ 290,000 ​ ​ ​ AA ​ ​
5.000% due 3/1/23
​ ​ ​ ​ 328,532 ​ ​
​ ​ ​ 6,500,000 ​ ​ ​ AAA ​ ​
State of North Carolina, GO, Series A, 5.000% due 6/1/26
​ ​ ​ ​ 8,165,950 ​ ​
​ ​ ​ 10,000,000 ​ ​ ​ AAA ​ ​
University of North Carolina at Chapel Hill, Revenue Bonds, Series B,
1.844% (1-Month USD-LIBOR) due 12/1/34(b)
 ​ ​ ​ ​ 10,007,700 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total North Carolina
​ ​ ​ ​ 20,220,966 ​ ​
See Notes to Financial Statements.
199
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Ohio – 1.1% ​
​ ​ $ 1,605,000 ​ ​ ​ Baa2(a) ​ ​
Akron Bath Copley Joint Township Hospital District, Revenue Bonds,
5.250% due 11/15/46
​ ​ ​ $ 1,908,056 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ American Municipal Power, Inc., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 800,000 ​ ​ ​ A ​ ​
Series A, 2.300% due 2/15/38(b)
 ​ ​ ​ ​ 814,952 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 2/15/21
​ ​ ​ ​ 47,519 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 2/15/22
​ ​ ​ ​ 65,613 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A ​ ​
Prerefunded 2/15/22 @ 100, 5.000% due 2/15/23(c)
 ​ ​ ​ ​ 71,071 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
Prerefunded 2/15/22 @ 100, 5.000% due 2/15/24(c)
 ​ ​ ​ ​ 65,604 ​ ​
​ ​ ​ 10,000 ​ ​ ​ NR ​ ​
Prerefunded 2/15/22 @ 100, 5.000% due 2/15/42(c)
 ​ ​ ​ ​ 10,934 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A ​ ​
5.000% due 2/15/42
​ ​ ​ ​ 43,016 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Cleveland OH Airport System Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 1/1/26
​ ​ ​ ​ 35,602 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 1/1/28
​ ​ ​ ​ 53,077 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 1/1/29
​ ​ ​ ​ 76,448 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 1/1/30
​ ​ ​ ​ 70,307 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Cleveland Department of Public Utilities Division of Water, Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA ​ ​
Series A, Prerefunded 1/1/22 @ 100, 5.000% due 1/1/26(c)
 ​ ​ ​ ​ 38,192 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
Series A, Prerefunded 1/1/22 @ 100, 5.000% due 1/1/27(c)
 ​ ​ ​ ​ 49,104 ​ ​
​ ​ ​ 55,000 ​ ​ ​ AA ​ ​
Columbus City School District, GO, 5.000% due 12/1/32
​ ​ ​ ​ 67,202 ​ ​
​ ​ ​ 80,000 ​ ​ ​ A+ ​ ​
County of Allen OH Hospital Facilities Revenue, Revenue Bonds, Series B,
5.000% due 8/1/47(b)
 ​ ​ ​ ​ 87,771 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Fairfield OH, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 70,000 ​ ​ ​ Baa3(a) ​ ​
5.000% due 6/15/25
​ ​ ​ ​ 77,404 ​ ​
​ ​ ​ 75,000 ​ ​ ​ Baa3(a) ​ ​
5.000% due 6/15/26
​ ​ ​ ​ 82,712 ​ ​
​ ​ ​ 80,000 ​ ​ ​ Baa3(a) ​ ​
5.000% due 6/15/27
​ ​ ​ ​ 87,913 ​ ​
​ ​ ​ 85,000 ​ ​ ​ Baa3(a) ​ ​
5.000% due 6/15/28
​ ​ ​ ​ 93,095 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Franklin OH, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ Aa2(a) ​ ​
5.000% due 11/1/25
​ ​ ​ ​ 73,416 ​ ​
​ ​ ​ 60,000 ​ ​ ​ Aa2(a) ​ ​
5.000% due 11/1/26
​ ​ ​ ​ 75,280 ​ ​
​ ​ ​ 65,000 ​ ​ ​ Baa1(a) ​ ​
County of Lake OH, Revenue Bonds, 5.000% due 8/15/27
​ ​ ​ ​ 76,901 ​ ​
​ ​ ​ 135,000 ​ ​ ​ BBB ​ ​
County of Lucas OH, Revenue Bonds, Series A, Prerefunded 11/15/21 @
100, 6.500% due 11/15/37(c)
 ​ ​ ​ ​ 150,686 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Muskingum OH, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ BB+ ​ ​
5.000% due 2/15/20
​ ​ ​ ​ 35,463 ​ ​
​ ​ ​ 170,000 ​ ​ ​ BB+ ​ ​
5.000% due 2/15/27
​ ​ ​ ​ 186,995 ​ ​
​ ​ ​ 465,000 ​ ​ ​ A3(a) ​ ​
County of Scioto OH, Revenue Bonds, 5.000% due 2/15/29
​ ​ ​ ​ 538,892 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Wood OH, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 20,000 ​ ​ ​ Ba2(a) ​ ​
5.000% due 12/1/32
​ ​ ​ ​ 21,363 ​ ​
See Notes to Financial Statements.
200
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Ohio – (continued) ​
​ ​ $ 25,000 ​ ​ ​ Ba2(a) ​ ​
5.000% due 12/1/42
​ ​ ​ $ 26,435 ​ ​
​ ​ ​ 140,000 ​ ​ ​ A ​ ​
Ohio Higher Educational Facility Commission, Revenue Bonds, Series A,
5.250% due 1/15/21
​ ​ ​ ​ 142,071 ​ ​
​ ​ ​ 60,000 ​ ​ ​ Aaa(a) ​ ​
Ohio Housing Finance Agency, Revenue Bonds, 4.500% due 3/1/50
​ ​ ​ ​ 67,854 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ohio State Building Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 235,000 ​ ​ ​ AA ​ ​
Series B, 5.000% due 10/1/21
​ ​ ​ ​ 235,688 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA ​ ​
Series B, 5.000% due 10/1/22
​ ​ ​ ​ 60,176 ​ ​
​ ​ ​ 85,000 ​ ​ ​ AA ​ ​
Series B, 5.000% due 10/1/23
​ ​ ​ ​ 85,249 ​ ​
​ ​ ​ 335,000 ​ ​ ​ A+ ​ ​
Ohio Turnpike & Infrastructure Commission, Revenue Bonds, Series A2,
zero coupon, due 2/15/42
​ ​ ​ ​ 180,880 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AAA ​ ​
Ohio Water Development Authority Water Pollution Control Loan Fund,
Revenue Bonds, Series A, 1.320% due 12/1/36(b)
 ​ ​ ​ ​ 2,000,000 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ AAA ​ ​
State of Ohio, GO, Series U, 5.000% due 5/1/28
​ ​ ​ ​ 1,966,545 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Ohio, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 75,000 ​ ​ ​ AA ​ ​
5.000% due 1/1/27
​ ​ ​ ​ 94,764 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA ​ ​
5.000% due 1/1/29
​ ​ ​ ​ 186,651 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Ohio
​ ​ ​ ​ 10,050,901 ​ ​
​ Oklahoma – 0.3% ​
​ ​ ​ 560,000 ​ ​ ​ AA- ​ ​
Canadian County Educational Facilities Authority, Revenue Bonds, 5.000%
due 9/1/26
​ ​ ​ ​ 693,532 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand River Dam Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 6/1/27
​ ​ ​ ​ 41,143 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 6/1/28
​ ​ ​ ​ 52,814 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oklahoma City Public Property Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/25
​ ​ ​ ​ 36,448 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/26
​ ​ ​ ​ 54,397 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A+ ​ ​
5.000% due 10/1/27
​ ​ ​ ​ 42,242 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oklahoma Development Finance Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ BB+ ​ ​
Series B, 5.000% due 8/15/27
​ ​ ​ ​ 37,016 ​ ​
​ ​ ​ 30,000 ​ ​ ​ BB+ ​ ​
Series B, 5.000% due 8/15/28
​ ​ ​ ​ 37,707 ​ ​
​ ​ ​ 10,000 ​ ​ ​ BB+ ​ ​
Series B, 5.000% due 8/15/29
​ ​ ​ ​ 12,464 ​ ​
​ ​ ​ 90,000 ​ ​ ​ WR(a) ​ ​
Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/23(c)
 ​ ​ ​ ​ 98,406 ​ ​
​ ​ ​ 210,000 ​ ​ ​ WR(a) ​ ​
Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/42(c)
 ​ ​ ​ ​ 229,614 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oklahoma Municipal Power Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 50,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/26
​ ​ ​ ​ 59,252 ​ ​
​ ​ ​ 175,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/27
​ ​ ​ ​ 206,946 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/28
​ ​ ​ ​ 70,837 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 1/1/29
​ ​ ​ ​ 53,077 ​ ​
See Notes to Financial Statements.
201
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Oklahoma – (continued) ​
​ ​ $ 115,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 1/1/21
​ ​ ​ $ 116,464 ​ ​
​ ​ ​ 360,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 1/1/22
​ ​ ​ ​ 364,558 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/27
​ ​ ​ ​ 70,953 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Oklahoma
​ ​ ​ ​ 2,277,870 ​ ​
​ Oregon – 1.0% ​
​ ​ ​ 20,000 ​ ​ ​ NR ​ ​
Clackamas County Hospital Facility Authority, Revenue Bonds, 3.000%
due 11/15/22
​ ​ ​ ​ 20,041 ​ ​
​ ​ ​ 3,800,000 ​ ​ ​ A+ ​ ​
Oregon State Business Development Commission, Revenue Bonds,
Series 232, 2.400% due 12/1/40(b)
 ​ ​ ​ ​ 3,951,012 ​ ​
​ ​ ​ 2,675,000 ​ ​ ​ AA+ ​ ​
Salem-Keizer School District No 24J, GO, 5.000% due 6/15/32
​ ​ ​ ​ 3,445,266 ​ ​
​ ​ ​ 1,035,000 ​ ​ ​ AA+ ​ ​
State of Oregon, GO, Series A, 5.000% due 5/1/20
​ ​ ​ ​ 1,062,014 ​ ​
​ ​ ​ 85,000 ​ ​ ​ Aa1(a) ​ ​
Washington County School District No 1 West Union, GO, 5.000%
due 6/15/30
​ ​ ​ ​ 107,665 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Oregon
​ ​ ​ ​ 8,585,998 ​ ​
​ Pennsylvania – 2.1% ​
​ ​ ​ 600,000 ​ ​ ​ A+ ​ ​
Allegheny County Hospital Development Authority, Revenue Bonds,
5.000% due 7/15/25
​ ​ ​ ​ 727,356 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Philadelphia PA, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 195,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 8/1/20
​ ​ ​ ​ 201,852 ​ ​
​ ​ ​ 550,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 8/1/22
​ ​ ​ ​ 608,768 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 2/1/24
​ ​ ​ ​ 1,160,210 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 8/1/27
​ ​ ​ ​ 102,440 ​ ​
​ ​ ​ 300,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 8/1/29
​ ​ ​ ​ 357,675 ​ ​
​ ​ ​ 320,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 8/1/30
​ ​ ​ ​ 380,032 ​ ​
​ ​ ​ 335,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 8/1/31
​ ​ ​ ​ 396,385 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Philadelphia PA Airport Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 50,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 7/1/30(d)
 ​ ​ ​ ​ 61,721 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 7/1/31(d)
 ​ ​ ​ ​ 85,887 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commonwealth Financing Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,010,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 6/1/28
​ ​ ​ ​ 1,264,530 ​ ​
​ ​ ​ 500,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 6/1/25
​ ​ ​ ​ 593,025 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commonwealth of Pennsylvania, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
5.000% due 7/1/21
​ ​ ​ ​ 64,239 ​ ​
​ ​ ​ 110,000 ​ ​ ​ A+ ​ ​
5.000% due 3/15/31
​ ​ ​ ​ 130,502 ​ ​
​ ​ ​ 3,070,000 ​ ​ ​ A+ ​ ​
5.000% due 1/15/24
​ ​ ​ ​ 3,572,651 ​ ​
​ ​ ​ 290,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/27
​ ​ ​ ​ 333,317 ​ ​
​ ​ ​ 810,000 ​ ​ ​ A+ ​ ​
5.000% due 9/15/29
​ ​ ​ ​ 1,002,302 ​ ​
See Notes to Financial Statements.
202
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Pennsylvania – (continued) ​
​ ​ $ 220,000 ​ ​ ​ NR ​ ​
Erie County Hospital Authority, Revenue Bonds, Series A, Prerefunded
7/1/20 @ 100, 7.000% due 7/1/27(c)
 ​ ​ ​ $ 230,494 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General Authority of Southcentral Pennsylvania, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 190,000 ​ ​ ​ Aa3(a) ​ ​
5.000% due 6/1/38
​ ​ ​ ​ 239,493 ​ ​
​ ​ ​ 310,000 ​ ​ ​ Aa3(a) ​ ​
5.000% due 6/1/39
​ ​ ​ ​ 389,732 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lehigh County Industrial Development Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 165,000 ​ ​ ​ A ​ ​
1.800% due 2/15/27(b)
 ​ ​ ​ ​ 167,150 ​ ​
​ ​ ​ 1,375,000 ​ ​ ​ A ​ ​
Series A, 1.800% due 9/1/29(b)
 ​ ​ ​ ​ 1,386,302 ​ ​
​ ​ ​ 95,000 ​ ​ ​ A+ ​ ​
Monroeville Finance Authority, Revenue Bonds, 5.000% due 2/15/26
​ ​ ​ ​ 116,830 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Montgomery County Higher Education & Health Authority, Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 325,000 ​ ​ ​ A ​ ​
5.000% due 9/1/33
​ ​ ​ ​ 412,662 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A ​ ​
Series A, AMBAC, 6.000% due 6/1/22(f)
 ​ ​ ​ ​ 126,948 ​ ​
​ ​ ​ 10,000 ​ ​ ​ BBB- ​ ​
5.000% due 10/1/23
​ ​ ​ ​ 11,105 ​ ​
​ ​ ​ 40,000 ​ ​ ​ BBB- ​ ​
5.000% due 10/1/28
​ ​ ​ ​ 46,770 ​ ​
​ ​ ​ 45,000 ​ ​ ​ BBB- ​ ​
5.000% due 10/1/29
​ ​ ​ ​ 52,378 ​ ​
​ ​ ​ 140,000 ​ ​ ​ BBB- ​ ​
5.000% due 10/1/32
​ ​ ​ ​ 160,908 ​ ​
​ ​ ​ 225,000 ​ ​ ​ BBB- ​ ​
5.000% due 10/1/36
​ ​ ​ ​ 256,221 ​ ​
​ ​ ​ 500,000 ​ ​ ​ BBB- ​ ​
5.000% due 10/1/40
​ ​ ​ ​ 565,595 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Northampton County General Purpose Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ A+ ​ ​
5.000% due 11/1/27
​ ​ ​ ​ 1,286,870 ​ ​
​ ​ ​ 75,000 ​ ​ ​ A- ​ ​
4.000% due 8/15/48
​ ​ ​ ​ 81,345 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Pennsylvania Economic Development Financing Authority, Revenue Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 300,000 ​ ​ ​ BBB+ ​ ​
1.500% due 4/1/49(b)(d)(f)
 ​ ​ ​ ​ 300,018 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A ​ ​
5.000% due 3/1/21
​ ​ ​ ​ 94,739 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
5.000% due 3/1/22
​ ​ ​ ​ 65,248 ​ ​
​ ​ ​ 165,000 ​ ​ ​ A- ​ ​
Series A, 1.700% due 8/1/37(b)(d)
 ​ ​ ​ ​ 165,299 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pennsylvania Higher Educational Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 8/15/27
​ ​ ​ ​ 44,823 ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 8/15/28
​ ​ ​ ​ 44,360 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 8/15/30
​ ​ ​ ​ 75,183 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pennsylvania Turnpike Commission, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 15,000 ​ ​ ​ A1(a) ​ ​
Series A1, 5.000% due 12/1/22
​ ​ ​ ​ 16,858 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A1(a) ​ ​
Series A1, 5.000% due 12/1/23
​ ​ ​ ​ 17,396 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A1(a) ​ ​
Series A1, 5.000% due 12/1/29
​ ​ ​ ​ 56,994 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A1(a) ​ ​
Series A1, 5.000% due 12/1/34
​ ​ ​ ​ 37,187 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series A2, 5.000% due 12/1/28
​ ​ ​ ​ 44,509 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series A2, 5.000% due 12/1/33
​ ​ ​ ​ 43,457 ​ ​
See Notes to Financial Statements.
203
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Pennsylvania – (continued) ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Philadelphia Gas Works Co., Revenue Bonds: ​
​ ​ $ 30,000 ​ ​ ​ A ​ ​
5.000% due 8/1/23
​ ​ ​ $ 34,264 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A ​ ​
5.000% due 8/1/24
​ ​ ​ ​ 23,483 ​ ​
​ ​ ​ 25,000 ​ ​ ​ A ​ ​
5.000% due 8/1/25
​ ​ ​ ​ 30,045 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pittsburgh School District, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 9/1/19
​ ​ ​ ​ 45,000 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series A, AGM, 5.000% due 9/1/20
​ ​ ​ ​ 31,166 ​ ​
​ ​ ​ 250,000 ​ ​ ​ AA ​ ​
Pittsburgh Water & Sewer Authority, Revenue Bonds, Series A, AGM,
5.000% due 9/1/44
​ ​ ​ ​ 313,315 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ School District of Philadelphia, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 405,000 ​ ​ ​ A2(a) ​ ​
Series C, 5.000% due 9/1/20
​ ​ ​ ​ 419,839 ​ ​
​ ​ ​ 175,000 ​ ​ ​ A2(a) ​ ​
Series C, 5.000% due 9/1/21
​ ​ ​ ​ 181,515 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State Public School Building Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ A2(a) ​ ​
5.000% due 6/1/26
​ ​ ​ ​ 47,524 ​ ​
​ ​ ​ 180,000 ​ ​ ​ AA ​ ​
5.000% due 12/1/28
​ ​ ​ ​ 221,186 ​ ​
​ ​ ​ 130,000 ​ ​ ​ AA ​ ​
5.000% due 12/1/33
​ ​ ​ ​ 155,602 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Pennsylvania
​ ​ ​ ​ 19,082,705 ​ ​
​ Rhode Island – 0.4% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rhode Island Health & Educational Building Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/29
​ ​ ​ ​ 2,578,500 ​ ​
​ ​ ​ 240,000 ​ ​ ​ AA ​ ​
5.000% due 5/15/25
​ ​ ​ ​ 287,505 ​ ​
​ ​ ​ 195,000 ​ ​ ​ BB- ​ ​
5.000% due 9/1/31
​ ​ ​ ​ 226,093 ​ ​
​ ​ ​ 165,000 ​ ​ ​ BBB+ ​ ​
5.000% due 5/15/39
​ ​ ​ ​ 191,732 ​ ​
​ ​ ​ 155,000 ​ ​ ​ AA+ ​ ​
Rhode Island Housing & Mortgage Finance Corp./RI, Revenue Bonds,
4.000% due 10/1/49
​ ​ ​ ​ 171,449 ​ ​
​ ​ ​ 105,000 ​ ​ ​ AA ​ ​
Rhode Island Student Loan Authority, Revenue Bonds, Series A, 3.500%
due 12/1/34(d)
 ​ ​ ​ ​ 111,644 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tobacco Settlement Financing Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 55,000 ​ ​ ​ BBB+ ​ ​
Series A, 5.000% due 6/1/27
​ ​ ​ ​ 63,842 ​ ​
​ ​ ​ 70,000 ​ ​ ​ BBB ​ ​
Series A, 5.000% due 6/1/28
​ ​ ​ ​ 81,029 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Rhode Island
​ ​ ​ ​ 3,711,794 ​ ​
​ South Carolina – 3.2% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beaufort-Jasper Water & Sewer Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series B, 5.000% due 3/1/22
​ ​ ​ ​ 32,911 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series B, 5.000% due 3/1/24
​ ​ ​ ​ 35,167 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series B, 5.000% due 3/1/25
​ ​ ​ ​ 36,227 ​ ​
See Notes to Financial Statements.
204
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ South Carolina – (continued) ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Charleston SC, GO: ​
​ ​ $ 4,385,000 ​ ​ ​ AAA ​ ​
5.000% due 11/1/22
​ ​ ​ $ 4,923,303 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AAA ​ ​
Series C, 5.000% due 11/1/27
​ ​ ​ ​ 3,250,900 ​ ​
​ ​ ​ 13,000,000 ​ ​ ​ Aa2(a) ​ ​
Patriots Energy Group Financing Agency, Revenue Bonds, Series A, 4.000%
due 10/1/48(b)
 ​ ​ ​ ​ 14,346,670 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Scago Educational Facilities Corp. for Colleton School District, Revenue
Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 115,000 ​ ​ ​ A- ​ ​
5.000% due 12/1/27
​ ​ ​ ​ 136,795 ​ ​
​ ​ ​ 95,000 ​ ​ ​ A- ​ ​
5.000% due 12/1/29
​ ​ ​ ​ 112,516 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South Carolina Jobs-Economic Development Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 200,000 ​ ​ ​ A+ ​ ​
Prerefunded 11/1/22 @ 100, 5.000% due 11/1/28(c)
 ​ ​ ​ ​ 224,276 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A+ ​ ​
5.000% due 2/1/22
​ ​ ​ ​ 70,547 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
5.000% due 2/1/24
​ ​ ​ ​ 34,500 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A+ ​ ​
5.000% due 2/1/25
​ ​ ​ ​ 59,072 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A+ ​ ​
5.000% due 2/1/26
​ ​ ​ ​ 60,501 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South Carolina Ports Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ A+ ​ ​
5.000% due 7/1/28(d)
 ​ ​ ​ ​ 83,348 ​ ​
​ ​ ​ 140,000 ​ ​ ​ A+ ​ ​
5.000% due 7/1/30(d)
 ​ ​ ​ ​ 177,479 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South Carolina Public Service Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,080,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 12/1/49
​ ​ ​ ​ 2,335,840 ​ ​
​ ​ ​ 515,000 ​ ​ ​ A ​ ​
Series A, 5.500% due 12/1/54
​ ​ ​ ​ 588,619 ​ ​
​ ​ ​ 185,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 12/1/35
​ ​ ​ ​ 223,054 ​ ​
​ ​ ​ 275,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 12/1/36
​ ​ ​ ​ 330,770 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 12/1/25
​ ​ ​ ​ 135,778 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 12/1/26
​ ​ ​ ​ 135,582 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 12/1/27
​ ​ ​ ​ 105,828 ​ ​
​ ​ ​ 105,000 ​ ​ ​ A ​ ​
Series C, 5.000% due 12/1/46
​ ​ ​ ​ 119,476 ​ ​
​ ​ ​ 190,000 ​ ​ ​ A ​ ​
Series E, 5.500% due 12/1/53
​ ​ ​ ​ 214,761 ​ ​
​ ​ ​ 355,000 ​ ​ ​ A ​ ​
Series A, 5.000% due 12/1/50
​ ​ ​ ​ 406,891 ​ ​
​ ​ ​ 230,000 ​ ​ ​ Aaa(a) ​ ​
South Carolina State Housing Finance & Development Authority, Revenue
Bonds, Series A, 4.000% due 1/1/50
​ ​ ​ ​ 256,549 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A1(a) ​ ​
South Carolina Transportation Infrastructure Bank, Revenue Bonds,
Series A, 5.000% due 10/1/25
​ ​ ​ ​ 61,106 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total South Carolina
​ ​ ​ ​ 28,498,466 ​ ​
​ South Dakota – 0.0% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South Dakota Health & Educational Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/23
​ ​ ​ ​ 34,187 ​ ​
​ ​ ​ 15,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/24
​ ​ ​ ​ 17,615 ​ ​
See Notes to Financial Statements.
205
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ South Dakota – (continued) ​
​ ​ $ 10,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/27
​ ​ ​ $ 12,594 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/33
​ ​ ​ ​ 61,048 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA- ​ ​
5.000% due 7/1/35
​ ​ ​ ​ 48,570 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 11/1/24
​ ​ ​ ​ 41,413 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 11/1/25
​ ​ ​ ​ 41,441 ​ ​
​ ​ ​ 5,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 11/1/26
​ ​ ​ ​ 5,896 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total South Dakota
​ ​ ​ ​ 262,764 ​ ​
​ Tennessee – 1.0% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greeneville Health & Educational Facilities Board, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 7/1/29
​ ​ ​ ​ 37,818 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 7/1/30
​ ​ ​ ​ 43,785 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Knox County Health Educational & Housing Facility Board, Revenue
Bonds:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ BBB ​ ​
5.000% due 4/1/24
​ ​ ​ ​ 34,123 ​ ​
​ ​ ​ 40,000 ​ ​ ​ BBB ​ ​
5.000% due 4/1/25
​ ​ ​ ​ 46,586 ​ ​
​ ​ ​ 35,000 ​ ​ ​ BBB ​ ​
5.000% due 9/1/22
​ ​ ​ ​ 38,250 ​ ​
​ ​ ​ 30,000 ​ ​ ​ BBB ​ ​
5.000% due 9/1/24
​ ​ ​ ​ 34,480 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A ​ ​
Memphis-Shelby County Airport Authority, Revenue Bonds, Series B,
5.625% due 7/1/20(d)
 ​ ​ ​ ​ 150,114 ​ ​
​ ​ ​ 6,240,000 ​ ​ ​ Aa2(a) ​ ​
Tennergy Corp., Revenue Bonds, Series A, 5.000% due 2/1/50(b)
 ​ ​ ​ ​ 7,289,007 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tennessee Energy Acquisition Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 675,000 ​ ​ ​ A3(a) ​ ​
4.000% due 11/1/49(b)
 ​ ​ ​ ​ 758,464 ​ ​
​ ​ ​ 350,000 ​ ​ ​ A3(a) ​ ​
Series A, 4.000% due 5/1/48(b)
 ​ ​ ​ ​ 378,777 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Tennessee
​ ​ ​ ​ 8,811,404 ​ ​
​ Texas – 13.2% ​
​ ​ ​ 1,895,000 ​ ​ ​ AAA ​ ​
Alamo Community College District, GO, 5.000% due 8/15/34
​ ​ ​ ​ 2,380,461 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AA- ​ ​
Austin Community College District, Revenue Bonds AMBAC, zero coupon,
due 2/1/22
​ ​ ​ ​ 38,693 ​ ​
​ ​ ​ 2,525,000 ​ ​ ​ Aa3(a) ​ ​
Brownsville Independent School District, GO, 4.000% due 8/15/22
​ ​ ​ ​ 2,730,838 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Central Texas Regional Mobility Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 70,000 ​ ​ ​ A- ​ ​
5.000% due 1/1/31
​ ​ ​ ​ 83,179 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A- ​ ​
5.000% due 1/1/32
​ ​ ​ ​ 171,643 ​ ​
​ ​ ​ 95,000 ​ ​ ​ A- ​ ​
5.000% due 1/1/35
​ ​ ​ ​ 111,573 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A- ​ ​
5.000% due 1/1/36
​ ​ ​ ​ 52,766 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 1/1/31
​ ​ ​ ​ 41,138 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 1/1/32
​ ​ ​ ​ 35,137 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 1/1/34
​ ​ ​ ​ 69,914 ​ ​
See Notes to Financial Statements.
206
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Texas – (continued) ​
​ ​ $ 160,000 ​ ​ ​ A- ​ ​
Series A, 5.000% due 1/1/40
​ ​ ​ $ 184,462 ​ ​
​ ​ ​ 510,000 ​ ​ ​ A- ​ ​
Central Texas Turnpike System, Revenue Bonds, Series A, 5.000%
due 8/15/42(b)
 ​ ​ ​ ​ 520,889 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA ​ ​
City of Arlington TX, Special Tax, Series C, 5.000% due 2/15/45
​ ​ ​ ​ 93,956 ​ ​
​ ​ ​ 80,000 ​ ​ ​ A ​ ​
City of Austin TX Airport System Revenue, Revenue Bonds, 5.000%
due 11/15/29(d)
 ​ ​ ​ ​ 93,492 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
City of Austin TX Electric Utility Revenue, Revenue Bonds, Series A,
5.000% due 11/15/23
​ ​ ​ ​ 50,319 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Dallas TX, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,060,000 ​ ​ ​ AA- ​ ​
5.000% due 2/15/25
​ ​ ​ ​ 2,467,365 ​ ​
​ ​ ​ 170,000 ​ ​ ​ AA- ​ ​
5.000% due 2/15/24
​ ​ ​ ​ 197,871 ​ ​
​ ​ ​ 130,000 ​ ​ ​ AA- ​ ​
5.000% due 2/15/23
​ ​ ​ ​ 142,259 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Houston TX, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 3/1/23
​ ​ ​ ​ 67,840 ​ ​
​ ​ ​ 2,290,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 3/1/24
​ ​ ​ ​ 2,666,911 ​ ​
​ ​ ​ 120,000 ​ ​ ​ Aa3(a) ​ ​
Series A, 5.000% due 3/1/25
​ ​ ​ ​ 143,917 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Houston TX Airport System Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 50,000 ​ ​ ​ A1(a) ​ ​
Series A, 5.000% due 7/1/26(d)
 ​ ​ ​ ​ 61,226 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A1(a) ​ ​
Series A, 5.000% due 7/1/27(d)
 ​ ​ ​ ​ 74,959 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A1(a) ​ ​
Series A, 5.000% due 7/1/28(d)
 ​ ​ ​ ​ 38,213 ​ ​
​ ​ ​ 230,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/20(d)
 ​ ​ ​ ​ 237,227 ​ ​
​ ​ ​ 350,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/23(d)
 ​ ​ ​ ​ 385,934 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A1(a) ​ ​
Series B, 5.000% due 7/1/28
​ ​ ​ ​ 116,695 ​ ​
​ ​ ​ 360,000 ​ ​ ​ A1(a) ​ ​
Series B, 5.000% due 7/1/29
​ ​ ​ ​ 464,001 ​ ​
​ ​ ​ 190,000 ​ ​ ​ A1(a) ​ ​
Series B, 5.000% due 7/1/30
​ ​ ​ ​ 243,192 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ A1(a) ​ ​
Series D, 5.000% due 7/1/24
​ ​ ​ ​ 2,354,860 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ A1(a) ​ ​
Series D, 5.000% due 7/1/25
​ ​ ​ ​ 1,816,365 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ A1(a) ​ ​
Series D, 5.000% due 7/1/26
​ ​ ​ ​ 1,864,260 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Houston TX Combined Utility System Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​ Aa2(a) ​ ​
Series B, 4.000% due 11/15/21
​ ​ ​ ​ 265,845 ​ ​
​ ​ ​ 70,000 ​ ​ ​ Aa2(a) ​ ​
Series B, 5.000% due 11/15/33
​ ​ ​ ​ 86,297 ​ ​
​ ​ ​ 75,000 ​ ​ ​ AA ​ ​
Series C, 5.000% due 5/15/28
​ ​ ​ ​ 87,986 ​ ​
​ ​ ​ 1,040,000 ​ ​ ​ AAA ​ ​
City of Irving TX, GO, 5.500% due 8/15/23
​ ​ ​ ​ 1,215,760 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,500,000 ​ ​ ​ AA- ​ ​
2.750% due 2/1/48(b)
 ​ ​ ​ ​ 1,565,940 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
5.000% due 2/1/29
​ ​ ​ ​ 57,409 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
5.000% due 2/1/30
​ ​ ​ ​ 38,069 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA ​ ​
5.000% due 2/1/31
​ ​ ​ ​ 56,859 ​ ​
See Notes to Financial Statements.
207
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Texas – (continued) ​
​ ​ $ 35,000 ​ ​ ​ AA ​ ​
5.000% due 2/1/33
​ ​ ​ $ 43,838 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA ​ ​
5.250% due 2/1/25
​ ​ ​ ​ 109,532 ​ ​
​ ​ ​ 205,000 ​ ​ ​ AA- ​ ​
Series B, 2.000% due 2/1/33(b)
 ​ ​ ​ ​ 207,112 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Harris TX, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 8/15/24
​ ​ ​ ​ 33,266 ​ ​
​ ​ ​ 110,000 ​ ​ ​ AA- ​ ​
Series C, 5.000% due 8/15/25
​ ​ ​ ​ 121,907 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ County of Travis TX, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,490,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 3/1/38
​ ​ ​ ​ 1,902,864 ​ ​
​ ​ ​ 85,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 3/1/24
​ ​ ​ ​ 99,396 ​ ​
​ ​ ​ 2,215,000 ​ ​ ​ AAA ​ ​
County of Williamson TX, GO, 5.000% due 2/15/30
​ ​ ​ ​ 2,775,395 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cypress-Fairbanks Independent School District, GO, PSF-GTD: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 9,000,000 ​ ​ ​ AAA ​ ​
Series B1, 2.125% due 2/15/40(b)
 ​ ​ ​ ​ 9,147,690 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AAA ​ ​
5.000% due 2/15/22
​ ​ ​ ​ 158,859 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AAA ​ ​
5.000% due 2/15/23
​ ​ ​ ​ 164,236 ​ ​
​ ​ ​ 725,000 ​ ​ ​ AAA ​ ​
5.000% due 2/15/24
​ ​ ​ ​ 847,634 ​ ​
​ ​ ​ 620,000 ​ ​ ​ AAA ​ ​
5.000% due 2/15/25
​ ​ ​ ​ 746,591 ​ ​
​ ​ ​ 105,000 ​ ​ ​ AAA ​ ​
5.000% due 2/15/27
​ ​ ​ ​ 129,353 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AAA ​ ​
Series C, 5.000% due 2/15/44
​ ​ ​ ​ 102,757 ​ ​
​ ​ ​ 165,000 ​ ​ ​ AAA ​ ​
Series B2, 1.400% due 2/15/40(b)
 ​ ​ ​ ​ 165,203 ​ ​
​ ​ ​ 180,000 ​ ​ ​ AAA ​ ​
Series B3, 1.400% due 2/15/44(b)
 ​ ​ ​ ​ 180,221 ​ ​
​ ​ ​ 210,000 ​ ​ ​ AA+ ​ ​
Dallas Area Rapid Transit, Revenue Bonds AMBAC, 5.250% due 12/1/29
​ ​ ​ ​ 286,810 ​ ​
​ ​ ​ 185,000 ​ ​ ​ A2(a) ​ ​
Dallas County Utility & Reclamation District, GO, 5.000% due 2/15/24
​ ​ ​ ​ 214,112 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dallas Independent School District, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 85,000 ​ ​ ​ AAA ​ ​
PSF-GTD, 5.000% due 2/15/36(b)
 ​ ​ ​ ​ 92,477 ​ ​
​ ​ ​ 20,000 ​ ​ ​ Aaa(a) ​ ​
Prerefunded 2/15/22 @ 100, 5.000% due 2/15/36(c)
 ​ ​ ​ ​ 21,868 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dallas Love Field, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ A ​ ​
5.000% due 11/1/30(d)
 ​ ​ ​ ​ 47,476 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A ​ ​
5.000% due 11/1/31(d)
 ​ ​ ​ ​ 106,449 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dallas/Fort Worth International Airport, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 85,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 11/1/26(d)
 ​ ​ ​ ​ 94,648 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 11/1/27(d)
 ​ ​ ​ ​ 38,927 ​ ​
​ ​ ​ 80,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 11/1/28(d)
 ​ ​ ​ ​ 88,844 ​ ​
​ ​ ​ 155,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 11/1/30(d)
 ​ ​ ​ ​ 171,222 ​ ​
​ ​ ​ 330,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 11/1/31(d)
 ​ ​ ​ ​ 363,465 ​ ​
​ ​ ​ 420,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 11/1/32(d)
 ​ ​ ​ ​ 462,046 ​ ​
​ ​ ​ 290,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 11/1/33(d)
 ​ ​ ​ ​ 318,658 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 11/1/34(d)
 ​ ​ ​ ​ 76,804 ​ ​
See Notes to Financial Statements.
208
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Texas – (continued) ​
​ ​ $ 1,500,000 ​ ​ ​ A+ ​ ​
Series E, 5.000% due 11/1/22(d)
 ​ ​ ​ $ 1,668,285 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 11/1/19
​ ​ ​ ​ 30,187 ​ ​
​ ​ ​ 85,000 ​ ​ ​ AAA ​ ​
Denton Independent School District, GO, PSF-GTD, zero coupon,
due 8/15/25
​ ​ ​ ​ 78,157 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Bend Independent School District, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 160,000 ​ ​ ​ AAA ​ ​
Series D, PSF-GTD, 1.500% due 8/1/42(b)
 ​ ​ ​ ​ 160,475 ​ ​
​ ​ ​ 80,000 ​ ​ ​ AAA ​ ​
Series C, PSF-GTD, 1.350% due 8/1/42(b)
 ​ ​ ​ ​ 80,158 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Worth Independent School District, GO, PSF-GTD: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 105,000 ​ ​ ​ AAA ​ ​
5.000% due 2/15/26
​ ​ ​ ​ 130,155 ​ ​
​ ​ ​ 80,000 ​ ​ ​ AAA ​ ​
5.000% due 2/15/22
​ ​ ​ ​ 87,544 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand Parkway Transportation Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 70,000 ​ ​ ​ BBB ​ ​
Series A, 5.125% due 10/1/43
​ ​ ​ ​ 78,161 ​ ​
​ ​ ​ 170,000 ​ ​ ​ BBB ​ ​
Series A, 5.500% due 4/1/53
​ ​ ​ ​ 192,935 ​ ​
​ ​ ​ 150,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 10/1/31
​ ​ ​ ​ 191,220 ​ ​
​ ​ ​ 125,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 10/1/32
​ ​ ​ ​ 158,821 ​ ​
​ ​ ​ 190,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 10/1/33
​ ​ ​ ​ 240,856 ​ ​
​ ​ ​ 145,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 10/1/34
​ ​ ​ ​ 183,093 ​ ​
​ ​ ​ 1,210,000 ​ ​ ​ AA+ ​ ​
Series B, 5.000% due 10/1/52(b)
 ​ ​ ​ ​ 1,381,832 ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA+ ​ ​
Series B, 5.000% due 4/1/53
​ ​ ​ ​ 39,333 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA+ ​ ​
Series B, 5.250% due 10/1/51
​ ​ ​ ​ 80,075 ​ ​
​ ​ ​ 940,000 ​ ​ ​ WR(a) ​ ​
Gregg County Health Facilities Development Corp., Revenue Bonds,
Series C, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/42(c)
 ​ ​ ​ ​ 1,039,743 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Harris County Flood Control District, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AAA ​ ​
Series A, Prerefunded 10/1/20 @ 100, 5.000% due 10/1/39(c)
 ​ ​ ​ ​ 5,209,450 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​ AAA ​ ​
Series A, Prerefunded 10/1/20 @ 100, 5.000% due 10/1/34(c)
 ​ ​ ​ ​ 1,041,890 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AAA ​ ​
Houston Independent School District, GO, Series PSF-GTD, 5.000% due
2/15/36
​ ​ ​ ​ 2,505,000 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Irving Hospital Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 15,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/24
​ ​ ​ ​ 17,499 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/26
​ ​ ​ ​ 24,299 ​ ​
​ ​ ​ 15,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/27
​ ​ ​ ​ 18,129 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/29
​ ​ ​ ​ 23,986 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/31
​ ​ ​ ​ 35,492 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/35
​ ​ ​ ​ 46,627 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/36
​ ​ ​ ​ 34,893 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/39
​ ​ ​ ​ 40,426 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A+ ​ ​
5.000% due 10/15/44
​ ​ ​ ​ 51,561 ​ ​
See Notes to Financial Statements.
209
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Texas – (continued) ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lamar Consolidated Independent School District, GO: ​
​ ​ $ 7,280,000 ​ ​ ​ AAA ​ ​
Series PSF-GTD, 5.000% due 2/15/31
​ ​ ​ $ 9,067,604 ​ ​
​ ​ ​ 7,050,000 ​ ​ ​ AAA ​ ​
Series PSF-GTD, 5.000% due 2/15/34
​ ​ ​ ​ 8,705,410 ​ ​
​ ​ ​ 1,225,000 ​ ​ ​ AA+ ​ ​
Lewisville Independent School District, GO, Series B, 5.000% due
8/15/28
​ ​ ​ ​ 1,482,152 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lower Colorado River Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,135,000 ​ ​ ​ A ​ ​
5.000% due 5/15/22
​ ​ ​ ​ 1,208,457 ​ ​
​ ​ ​ 135,000 ​ ​ ​ A ​ ​
5.000% due 5/15/32
​ ​ ​ ​ 171,674 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
5.000% due 5/15/34
​ ​ ​ ​ 88,480 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
5.000% due 5/15/36
​ ​ ​ ​ 87,971 ​ ​
​ ​ ​ 400,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 5/15/21
​ ​ ​ ​ 411,112 ​ ​
​ ​ ​ 195,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 5/15/25
​ ​ ​ ​ 235,499 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 5/15/27
​ ​ ​ ​ 101,750 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 5/15/28
​ ​ ​ ​ 101,095 ​ ​
​ ​ ​ 245,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 5/15/29
​ ​ ​ ​ 292,606 ​ ​
​ ​ ​ 25,000 ​ ​ ​ A ​ ​
Series D, 5.000% due 5/15/22
​ ​ ​ ​ 27,545 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A ​ ​
Series D, 5.000% due 5/15/23
​ ​ ​ ​ 22,763 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A ​ ​
Series D, 5.000% due 5/15/24
​ ​ ​ ​ 41,085 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A ​ ​
Series D, 5.000% due 5/15/26
​ ​ ​ ​ 48,172 ​ ​
​ ​ ​ 2,720,000 ​ ​ ​ AAA ​ ​
Midlothian Independent School District, GO, Series B, PSF-GTD, 2.500%
due 8/1/52(b)
 ​ ​ ​ ​ 2,753,565 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Hope Cultural Education Facilities Finance Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ Aa2(a) ​ ​
Series A, 5.000% due 8/15/24
​ ​ ​ ​ 70,971 ​ ​
​ ​ ​ 70,000 ​ ​ ​ Aa2(a) ​ ​
Series A, 5.000% due 8/15/25
​ ​ ​ ​ 85,196 ​ ​
​ ​ ​ 45,000 ​ ​ ​ Aa2(a) ​ ​
Series A, 5.000% due 8/15/26
​ ​ ​ ​ 56,209 ​ ​
​ ​ ​ 45,000 ​ ​ ​ Aa2(a) ​ ​
Series A, 5.000% due 8/15/27
​ ​ ​ ​ 57,435 ​ ​
​ ​ ​ 70,000 ​ ​ ​ Aa2(a) ​ ​
Series A, 5.000% due 8/15/30
​ ​ ​ ​ 87,417 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Newark Higher Education Finance Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 65,000 ​ ​ ​ A3(a) ​ ​
5.000% due 4/1/27
​ ​ ​ ​ 77,698 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A3(a) ​ ​
5.000% due 4/1/28
​ ​ ​ ​ 47,596 ​ ​
​ ​ ​ 125,000 ​ ​ ​ AAA ​ ​
North East Independent School District, GO, Series B, PSF-GTD, 1.420%
due 8/1/40(b)
 ​ ​ ​ ​ 125,024 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North Harris County Regional Water Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
4.000% due 12/15/23
​ ​ ​ ​ 32,701 ​ ​
​ ​ ​ 55,000 ​ ​ ​ AA- ​ ​
4.000% due 12/15/24
​ ​ ​ ​ 59,856 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North Texas Tollway Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,000,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 1/1/38
​ ​ ​ ​ 3,801,750 ​ ​
​ ​ ​ 200,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 1/1/39
​ ​ ​ ​ 236,688 ​ ​
See Notes to Financial Statements.
210
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Texas – (continued) ​
​ ​ $ 290,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 1/1/29
​ ​ ​ $ 343,360 ​ ​
​ ​ ​ 160,000 ​ ​ ​ A+ ​ ​
Series B, 5.000% due 1/1/30
​ ​ ​ ​ 189,312 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 1/1/30
​ ​ ​ ​ 42,413 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 1/1/33
​ ​ ​ ​ 49,219 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/31
​ ​ ​ ​ 24,017 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Series B, 5.000% due 1/1/32
​ ​ ​ ​ 104,554 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 1/1/23
​ ​ ​ ​ 56,333 ​ ​
​ ​ ​ 145,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 1/1/24
​ ​ ​ ​ 168,668 ​ ​
​ ​ ​ 370,000 ​ ​ ​ WD(g) ​ ​
Series A, Prerefunded 9/1/21 @ 100, 5.500% due 9/1/41(c)
 ​ ​ ​ ​ 401,831 ​ ​
​ ​ ​ 30,000 ​ ​ ​ WD(g) ​ ​
Series A, Prerefunded 9/1/21 @ 100, 6.000% due 9/1/41(c)
 ​ ​ ​ ​ 32,876 ​ ​
​ ​ ​ 685,000 ​ ​ ​ Aaa(a) ​ ​
Northside Independent School District, GO, PSF-GTD, 2.750% due
8/1/48(b)
 ​ ​ ​ ​ 721,613 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Permanent University Fund – University of Texas System, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 50,000 ​ ​ ​ Aaa(a) ​ ​
Series B, 5.000% due 7/1/22
​ ​ ​ ​ 55,457 ​ ​
​ ​ ​ 50,000 ​ ​ ​ Aaa(a) ​ ​
Series B, 5.000% due 7/1/29
​ ​ ​ ​ 62,068 ​ ​
​ ​ ​ 430,000 ​ ​ ​ Aaa(a) ​ ​
Prosper Independent School District, GO, PSF-GTD, 5.000% due 2/15/44
​ ​ ​ ​ 541,017 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AAA ​ ​
Rockwall Independent School District, GO, PSF-GTD, zero coupon,
due 2/15/25
​ ​ ​ ​ 46,328 ​ ​
​ ​ ​ 1,195,000 ​ ​ ​ Aaa(a) ​ ​
San Antonio Independent School District, GO, Series A, PSF-GTD, 5.000%
due 8/1/28
​ ​ ​ ​ 1,486,520 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ San Antonio Public Facilities Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 140,000 ​ ​ ​ AA+ ​ ​
5.000% due 9/15/23
​ ​ ​ ​ 155,840 ​ ​
​ ​ ​ 215,000 ​ ​ ​ AA+ ​ ​
5.000% due 9/15/24
​ ​ ​ ​ 239,187 ​ ​
​ ​ ​ 270,000 ​ ​ ​ AA+ ​ ​
5.000% due 9/15/25
​ ​ ​ ​ 300,205 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ San Antonio Water System, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 175,000 ​ ​ ​ NR ​ ​
5.000% due 5/15/22
​ ​ ​ ​ 193,279 ​ ​
​ ​ ​ 390,000 ​ ​ ​ AA ​ ​
Series B, 2.000% due 5/1/44(b)
 ​ ​ ​ ​ 397,344 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 5/15/36
​ ​ ​ ​ 2,520,800 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sherman Independent School District, GO, PSF-GTD: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,130,000 ​ ​ ​ Aaa(a) ​ ​
Series B, 3.000% due 8/1/48(b)
 ​ ​ ​ ​ 2,165,891 ​ ​
​ ​ ​ 45,000 ​ ​ ​ Aaa(a) ​ ​
Series B, Prerefunded 8/1/20 @ 100, 3.000% due 8/1/48(b)(c)
 ​ ​ ​ ​ 45,742 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Southwest Higher Education Authority, Inc., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 90,000 ​ ​ ​ AA- ​ ​
5.000% due 10/1/19
​ ​ ​ ​ 90,262 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA- ​ ​
Prerefunded 10/1/19 @ 100, 5.000% due 10/1/20(c)
 ​ ​ ​ ​ 65,193 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Texas, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 240,000 ​ ​ ​ AAA ​ ​
1.850% due 8/1/29(b)
 ​ ​ ​ ​ 241,121 ​ ​
​ ​ ​ 1,085,000 ​ ​ ​ AAA ​ ​
2.250% due 8/1/29(b)
 ​ ​ ​ ​ 1,095,351 ​ ​
​ ​ ​ 3,500,000 ​ ​ ​ Aaa(a) ​ ​
5.000% due 8/1/21
​ ​ ​ ​ 3,761,999 ​ ​
See Notes to Financial Statements.
211
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Texas – (continued) ​
​ ​ $ 150,000 ​ ​ ​ AAA ​ ​
5.000% due 8/1/26(d)
 ​ ​ ​ $ 176,734 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 8/1/21(d)
 ​ ​ ​ ​ 48,278 ​ ​
​ ​ ​ 350,000 ​ ​ ​ AAA ​ ​
Series B, 5.000% due 8/1/25(d)
 ​ ​ ​ ​ 401,184 ​ ​
​ ​ ​ 360,000 ​ ​ ​ AAA ​ ​
4.000% due 8/1/21(d)
 ​ ​ ​ ​ 379,447 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AAA ​ ​
Series C, 5.000% due 8/1/20(d)
 ​ ​ ​ ​ 46,573 ​ ​
​ ​ ​ 40,000 ​ ​ ​ AAA ​ ​
Series C, 5.000% due 8/1/21(d)
 ​ ​ ​ ​ 42,914 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AAA ​ ​
5.000% due 10/1/24
​ ​ ​ ​ 2,934,575 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds:
​ ​ ​ ​ ​ ​ ​
​ ​ ​ 400,000 ​ ​ ​ A(g) ​ ​
Series B, 5.000% due 11/15/40
​ ​ ​ ​ 457,948 ​ ​
​ ​ ​ 155,000 ​ ​ ​ A ​ ​
5.500% due 9/1/43
​ ​ ​ ​ 174,243 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA- ​ ​
5.000% due 8/15/25
​ ​ ​ ​ 34,330 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA- ​ ​
5.000% due 8/15/26
​ ​ ​ ​ 51,364 ​ ​
​ ​ ​ 45,000 ​ ​ ​ AA- ​ ​
5.000% due 8/15/28
​ ​ ​ ​ 51,141 ​ ​
​ ​ ​ 110,000 ​ ​ ​ AA- ​ ​
5.000% due 8/15/33
​ ​ ​ ​ 123,613 ​ ​
​ ​ ​ 165,000 ​ ​ ​ AA ​ ​
5.000% due 2/15/25
​ ​ ​ ​ 197,629 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA ​ ​
5.000% due 2/15/34
​ ​ ​ ​ 72,626 ​ ​
​ ​ ​ 165,000 ​ ​ ​ AAA ​ ​
Texas A&M University, Revenue Bonds, Series C, 5.000% due 5/15/23
​ ​ ​ ​ 188,374 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Texas Department of Housing & Community Affairs, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 420,000 ​ ​ ​ Aaa(a) ​ ​
2.950% due 7/1/36
​ ​ ​ ​ 442,718 ​ ​
​ ​ ​ 440,000 ​ ​ ​ AA+ ​ ​
Series A, 4.000% due 3/1/50
​ ​ ​ ​ 496,518 ​ ​
​ ​ ​ 460,000 ​ ​ ​ Baa3(a) ​ ​
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds,
7.000% due 12/31/38(d)
 ​ ​ ​ ​ 544,709 ​ ​
​ ​ ​ 600,000 ​ ​ ​ AA+ ​ ​
Texas Public Finance Authority, Revenue Bonds, 5.000% due 2/1/28
​ ​ ​ ​ 774,876 ​ ​
​ ​ ​ 135,000 ​ ​ ​ Aa2(a) ​ ​
Texas State University System, Revenue Bonds, Series A, 5.000%
due 3/15/29
​ ​ ​ ​ 169,677 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Texas Transportation Commission, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 800,000 ​ ​ ​ Baa3(a) ​ ​
zero coupon, due 8/1/35
​ ​ ​ ​ 461,024 ​ ​
​ ​ ​ 500,000 ​ ​ ​ Baa3(a) ​ ​
zero coupon, due 8/1/36
​ ​ ​ ​ 272,985 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Texas Water Development Board, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 125,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 4/15/22
​ ​ ​ ​ 137,507 ​ ​
​ ​ ​ 180,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 4/15/25
​ ​ ​ ​ 217,838 ​ ​
​ ​ ​ 75,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 10/15/25
​ ​ ​ ​ 92,105 ​ ​
​ ​ ​ 125,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 4/15/26
​ ​ ​ ​ 155,571 ​ ​
​ ​ ​ 190,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 4/15/29
​ ​ ​ ​ 243,962 ​ ​
​ ​ ​ 505,000 ​ ​ ​ AAA ​ ​
Series A, 5.000% due 4/15/30
​ ​ ​ ​ 645,683 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Travis County Health Facilities Development Corp., Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,305,000 ​ ​ ​ NR ​ ​
Series Prerefunded 1/1/21 @ 100, 7.000% due 1/1/32(c)
 ​ ​ ​ ​ 2,479,534 ​ ​
See Notes to Financial Statements.
212
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Texas – (continued) ​
​ ​ $ 1,365,000 ​ ​ ​ NR ​ ​
Series Prerefunded 1/1/21 @ 100, 7.125% due 1/1/46(c)
 ​ ​ ​ $ 1,470,583 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ University of Houston, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 190,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 2/15/30
​ ​ ​ ​ 231,380 ​ ​
​ ​ ​ 10,000 ​ ​ ​ AA ​ ​
5.250% due 2/15/25
​ ​ ​ ​ 10,030 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ University of Texas System, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ AAA ​ ​
Series D, 5.000% due 8/15/20
​ ​ ​ ​ 62,245 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AAA ​ ​
Series D, 5.000% due 8/15/21
​ ​ ​ ​ 69,961 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AAA ​ ​
Series D, 5.000% due 8/15/22
​ ​ ​ ​ 78,009 ​ ​
​ ​ ​ 80,000 ​ ​ ​ AAA ​ ​
Series E, 5.000% due 8/15/22
​ ​ ​ ​ 89,153 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AAA ​ ​
Series J, 5.000% due 8/15/22
​ ​ ​ ​ 100,297 ​ ​
​ ​ ​ 1,785,000 ​ ​ ​ NR ​ ​
Series A, Prerefunded 2/15/22 @ 100, 5.000% due 8/15/27(c)
 ​ ​ ​ ​ 1,953,986 ​ ​
​ ​ ​ 90,000 ​ ​ ​ AAA ​ ​
Series B, 5.000% due 8/15/22
​ ​ ​ ​ 100,297 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Texas
​ ​ ​ ​ 119,430,564 ​ ​
​ Utah – 0.4% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Salt Lake City Corp. Airport Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 35,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/26(d)
 ​ ​ ​ ​ 42,909 ​ ​
​ ​ ​ 115,000 ​ ​ ​ A+ ​ ​
Series A, 5.000% due 7/1/28(d)
 ​ ​ ​ ​ 143,332 ​ ​
​ ​ ​ 85,000 ​ ​ ​ A ​ ​
Utah Associated Municipal Power Systems, Revenue Bonds, Series A,
Prerefunded 9/1/22 @ 100, 5.000% due 9/1/24(c)
 ​ ​ ​ ​ 94,650 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ A+ ​ ​
Utah Transit Authority, Revenue Bonds, Series A, 5.000% due 6/15/31
​ ​ ​ ​ 3,324,675 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Utah
​ ​ ​ ​ 3,605,566 ​ ​
​ Virginia – 2.2% ​
​ ​ ​ 30,000 ​ ​ ​ BBB ​ ​
City of Chesapeake VA Chesapeake Expressway Toll Road Revenue,
Revenue Bonds, Series A, 5.000% due 7/15/22
​ ​ ​ ​ 32,944 ​ ​
​ ​ ​ 2,635,000 ​ ​ ​ AAA ​ ​
City of Suffolk VA, GO, Series A, 5.000% due 2/1/27
​ ​ ​ ​ 3,365,844 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AAA ​ ​
Commonwealth of Virginia, GO, Series B, 4.000% due 6/1/24
​ ​ ​ ​ 5,544,900 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fredericksburg Economic Development Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,000 ​ ​ ​ A3(a) ​ ​
5.000% due 6/15/27
​ ​ ​ ​ 46,605 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A3(a) ​ ​
5.000% due 6/15/29
​ ​ ​ ​ 46,412 ​ ​
​ ​ ​ 45,000 ​ ​ ​ A3(a) ​ ​
5.000% due 6/15/33
​ ​ ​ ​ 51,810 ​ ​
​ ​ ​ 3,180,000 ​ ​ ​ AA ​ ​
Hampton Roads Transportation Accountability Commission, Revenue
Bonds, Series A, 5.000% due 7/1/35
​ ​ ​ ​ 4,023,718 ​ ​
​ ​ ​ 1,065,000 ​ ​ ​ A- ​ ​
King George County Economic Development Authority, Revenue Bonds,
2.500% due 6/1/23(b)(d)
 ​ ​ ​ ​ 1,102,382 ​ ​
​ ​ ​ 320,000 ​ ​ ​ AA ​ ​
Norfolk Economic Development Authority, Revenue Bonds, Series B,
5.000% due 11/1/48(b)
 ​ ​ ​ ​ 413,571 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stafford County Economic Development Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 20,000 ​ ​ ​ A3(a) ​ ​
4.000% due 6/15/37
​ ​ ​ ​ 21,712 ​ ​
See Notes to Financial Statements.
213
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Virginia – (continued) ​
​ ​ $ 50,000 ​ ​ ​ A3(a) ​ ​
5.000% due 6/15/32
​ ​ ​ $ 60,101 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A3(a) ​ ​
5.000% due 6/15/34
​ ​ ​ ​ 77,612 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Virginia College Building Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,805,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 9/1/32
​ ​ ​ ​ 3,634,298 ​ ​
​ ​ ​ 265,000 ​ ​ ​ AA+ ​ ​
Series E, 5.000% due 2/1/30
​ ​ ​ ​ 342,224 ​ ​
​ ​ ​ 305,000 ​ ​ ​ AA+ ​ ​
Series E, 5.000% due 2/1/31
​ ​ ​ ​ 391,827 ​ ​
​ ​ ​ 165,000 ​ ​ ​ AA+ ​ ​
Series D, 5.000% due 2/1/26
​ ​ ​ ​ 204,654 ​ ​
​ ​ ​ 360,000 ​ ​ ​ AA+ ​ ​
Virginia Commonwealth Transportation Board, Revenue Bonds, Series A,
5.000% due 5/15/30
​ ​ ​ ​ 461,704 ​ ​
​ ​ ​ 220,000 ​ ​ ​ BBB ​ ​
Virginia Small Business Financing Authority, Revenue Bonds, 5.000% due
1/1/40(d)
 ​ ​ ​ ​ 235,382 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Winchester Economic Development Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 60,000 ​ ​ ​ A+ ​ ​
5.000% due 1/1/32
​ ​ ​ ​ 71,340 ​ ​
​ ​ ​ 75,000 ​ ​ ​ A+ ​ ​
5.000% due 1/1/33
​ ​ ​ ​ 88,760 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Virginia
​ ​ ​ ​ 20,217,800 ​ ​
​ Washington – 4.0% ​
​ ​ ​ 60,000 ​ ​ ​ AA ​ ​
Chelan County Public Utility District No 1, Revenue Bonds, Series A,
NPFG, zero coupon, due 6/1/24
​ ​ ​ ​ 55,966 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City of Tacoma WA Electric System Revenue, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
5.000% due 1/1/29
​ ​ ​ ​ 37,632 ​ ​
​ ​ ​ 35,000 ​ ​ ​ AA ​ ​
5.000% due 1/1/36
​ ​ ​ ​ 42,804 ​ ​
​ ​ ​ 85,000 ​ ​ ​ Aaa(a) ​ ​
Clark County School District No 37 Vancouver, GO, Series C, NPFG, zero
coupon, due 12/1/19
​ ​ ​ ​ 84,754 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant County Public Utility District No 2, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 1/1/22
​ ​ ​ ​ 32,654 ​ ​
​ ​ ​ 30,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 1/1/23
​ ​ ​ ​ 33,212 ​ ​
​ ​ ​ 65,000 ​ ​ ​ AA ​ ​
Series A, 5.000% due 1/1/24
​ ​ ​ ​ 71,712 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Port of Seattle WA, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 135,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 10/1/29(d)
 ​ ​ ​ ​ 163,156 ​ ​
​ ​ ​ 35,000 ​ ​ ​ A+ ​ ​
5.000% due 2/1/27
​ ​ ​ ​ 42,884 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A+ ​ ​
5.000% due 2/1/29
​ ​ ​ ​ 85,169 ​ ​
​ ​ ​ 25,000 ​ ​ ​ A ​ ​
5.000% due 6/1/23(d)
 ​ ​ ​ ​ 28,327 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of Washington, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ AA+ ​ ​
Series 2010E, Prerefunded 2/1/20 @ 100, 5.000% due 2/1/34(c)
 ​ ​ ​ ​ 2,540,425 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AA+ ​ ​
Series 2010E, Prerefunded 2/1/20 @ 100, 5.000% due 2/1/35(c)
 ​ ​ ​ ​ 5,080,850 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA+ ​ ​
Series 2017A, 5.000% due 8/1/27
​ ​ ​ ​ 62,663 ​ ​
​ ​ ​ 8,430,000 ​ ​ ​ AA+ ​ ​
Series A, 5.000% due 8/1/32
​ ​ ​ ​ 10,834,376 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AA+ ​ ​
Series C, 5.000% due 2/1/33
​ ​ ​ ​ 6,499,900 ​ ​
See Notes to Financial Statements.
214
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Washington – (continued) ​
​ ​ $ 50,000 ​ ​ ​ AA+ ​ ​
Series R2017A, 5.000% due 8/1/28
​ ​ ​ $ 62,460 ​ ​
​ ​ ​ 50,000 ​ ​ ​ AA+ ​ ​
Series R2017A, 5.000% due 8/1/30
​ ​ ​ ​ 61,947 ​ ​
​ ​ ​ 725,000 ​ ​ ​ AA+ ​ ​
Series R2018D, 5.000% due 8/1/32
​ ​ ​ ​ 912,717 ​ ​
​ ​ ​ 640,000 ​ ​ ​ AA+ ​ ​
Series R2018D, 5.000% due 8/1/33
​ ​ ​ ​ 804,026 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​ AA+ ​ ​
Series R2018D, 5.000% due 8/1/35
​ ​ ​ ​ 6,246,050 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tobacco Settlement Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 70,000 ​ ​ ​ A ​ ​
5.000% due 6/1/23
​ ​ ​ ​ 78,989 ​ ​
​ ​ ​ 100,000 ​ ​ ​ A ​ ​
5.000% due 6/1/24
​ ​ ​ ​ 112,803 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Washington Health Care Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 115,000 ​ ​ ​ AA- ​ ​
Series A, 5.000% due 10/1/24
​ ​ ​ ​ 128,086 ​ ​
​ ​ ​ 95,000 ​ ​ ​ BBB ​ ​
5.000% due 8/15/32
​ ​ ​ ​ 112,886 ​ ​
​ ​ ​ 40,000 ​ ​ ​ A+ ​ ​
5.000% due 1/1/29
​ ​ ​ ​ 47,286 ​ ​
​ ​ ​ 700,000 ​ ​ ​ A ​ ​
5.000% due 7/1/42
​ ​ ​ ​ 839,314 ​ ​
​ ​ ​ 65,000 ​ ​ ​ A2(a) ​ ​
Prerefunded 7/1/20 @ 100, 5.500% due 7/1/30(c)
 ​ ​ ​ ​ 67,357 ​ ​
​ ​ ​ 5,000 ​ ​ ​ A ​ ​
5.000% due 7/1/25
​ ​ ​ ​ 6,011 ​ ​
​ ​ ​ 60,000 ​ ​ ​ A ​ ​
5.000% due 7/1/26
​ ​ ​ ​ 74,041 ​ ​
​ ​ ​ 90,000 ​ ​ ​ A ​ ​
5.000% due 7/1/29
​ ​ ​ ​ 113,731 ​ ​
​ ​ ​ 20,000 ​ ​ ​ A ​ ​
5.000% due 7/1/34
​ ​ ​ ​ 24,659 ​ ​
​ ​ ​ 70,000 ​ ​ ​ AA- ​ ​
5.000% due 10/1/27
​ ​ ​ ​ 88,986 ​ ​
​ ​ ​ 60,000 ​ ​ ​ AA- ​ ​
5.000% due 10/1/28
​ ​ ​ ​ 77,899 ​ ​
​ ​ ​ 110,000 ​ ​ ​ BBB ​ ​
5.000% due 8/15/28
​ ​ ​ ​ 133,251 ​ ​
​ ​ ​ 275,000 ​ ​ ​ BBB ​ ​
5.000% due 8/15/31
​ ​ ​ ​ 327,827 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Washington Higher Education Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 210,000 ​ ​ ​ Baa1(a) ​ ​
Series A, 5.000% due 10/1/33
​ ​ ​ ​ 245,763 ​ ​
​ ​ ​ 15,000 ​ ​ ​ Baa1(a) ​ ​
Series A, 5.000% due 10/1/29
​ ​ ​ ​ 17,802 ​ ​
​ ​ ​ 35,000 ​ ​ ​ Baa1(a) ​ ​
Series A, 5.000% due 10/1/30
​ ​ ​ ​ 41,348 ​ ​
​ ​ ​ 40,000 ​ ​ ​ Baa1(a) ​ ​
Series A, 5.000% due 10/1/31
​ ​ ​ ​ 47,033 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Washington
​ ​ ​ ​ 36,368,756 ​ ​
​ West Virginia – 1.7% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State of West Virginia, GO: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 9,860,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 12/1/34
​ ​ ​ ​ 12,545,963 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​ AA- ​ ​
Series B, 5.000% due 6/1/35
​ ​ ​ ​ 2,541,080 ​ ​
​ ​ ​ 190,000 ​ ​ ​ BBB+ ​ ​
West Virginia Hospital Finance Authority, Revenue Bonds, 5.000%
due 1/1/33
​ ​ ​ ​ 235,043 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total West Virginia
​ ​ ​ ​ 15,322,086 ​ ​
See Notes to Financial Statements.
215
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – (continued) ​
​ Wisconsin – 1.4% ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Finance Authority, Revenue Bonds: ​
​ ​ $ 600,000 ​ ​ ​ A- ​ ​
1.530% due 10/1/25(b)(d)
 ​ ​ ​ $ 600,084 ​ ​
​ ​ ​ 535,000 ​ ​ ​ A2(a) ​ ​
Series A, 5.000% due 10/1/44
​ ​ ​ ​ 653,931 ​ ​
​ ​ ​ 25,000 ​ ​ ​ BB(g) ​ ​
5.000% due 10/1/43(e)
 ​ ​ ​ ​ 27,907 ​ ​
​ ​ ​ 30,000 ​ ​ ​ BB(g) ​ ​
5.000% due 10/1/48(e)
 ​ ​ ​ ​ 33,400 ​ ​
​ ​ ​ 130,000 ​ ​ ​ BB(g) ​ ​
5.000% due 10/1/53(e)
 ​ ​ ​ ​ 144,352 ​ ​
​ ​ ​ 35,000 ​ ​ ​ BB(g) ​ ​
5.000% due 5/15/23(e)
 ​ ​ ​ ​ 38,605 ​ ​
​ ​ ​ 35,000 ​ ​ ​ BB(g) ​ ​
5.000% due 5/15/30(e)
 ​ ​ ​ ​ 40,024 ​ ​
​ ​ ​ 10,000 ​ ​ ​ BB(g) ​ ​
5.250% due 5/15/37(e)
 ​ ​ ​ ​ 11,384 ​ ​
​ ​ ​ 15,000 ​ ​ ​ BB(g) ​ ​
5.250% due 5/15/42(e)
 ​ ​ ​ ​ 16,923 ​ ​
​ ​ ​ 15,000 ​ ​ ​ BB(g) ​ ​
5.250% due 5/15/47(e)
 ​ ​ ​ ​ 16,865 ​ ​
​ ​ ​ 25,000 ​ ​ ​ BB(g) ​ ​
5.250% due 5/15/52(e)
 ​ ​ ​ ​ 28,038 ​ ​
​ ​ ​ 610,000 ​ ​ ​ BBB ​ ​
Series A, 5.250% due 10/1/43
​ ​ ​ ​ 717,640 ​ ​
​ ​ ​ 610,000 ​ ​ ​ BBB ​ ​
Series A, 5.250% due 10/1/48
​ ​ ​ ​ 714,042 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wisconsin Health & Educational Facilities Authority, Revenue Bonds: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 7,255,000 ​ ​ ​ AA ​ ​
5.000% due 8/15/54(b)
 ​ ​ ​ ​ 8,180,941 ​ ​
​ ​ ​ 50,000 ​ ​ ​ WR(a) ​ ​
Prerefunded 7/1/20 @ 100, 5.500% due 7/1/40(c)
 ​ ​ ​ ​ 51,792 ​ ​
​ ​ ​ 30,000 ​ ​ ​ WR(a) ​ ​
Series B, Prerefunded 7/1/23 @ 100, 5.000% due 7/1/25(c)
 ​ ​ ​ ​ 34,273 ​ ​
​ ​ ​ 200,000 ​ ​ ​ WR(a) ​ ​
Series B, Prerefunded 7/1/23 @ 100, 5.000% due 7/1/36(c)
 ​ ​ ​ ​ 228,488 ​ ​
​ ​ ​ 25,000 ​ ​ ​ BBB+ ​ ​
5.000% due 5/1/26
​ ​ ​ ​ 28,475 ​ ​
​ ​ ​ 50,000 ​ ​ ​ BBB+ ​ ​
5.000% due 5/1/28
​ ​ ​ ​ 56,744 ​ ​
​ ​ ​ 25,000 ​ ​ ​ BBB+ ​ ​
5.000% due 5/1/29
​ ​ ​ ​ 28,352 ​ ​
​ ​ ​ 65,000 ​ ​ ​ BBB- ​ ​
5.000% due 9/1/36
​ ​ ​ ​ 75,184 ​ ​
​ ​ ​ 50,000 ​ ​ ​ BBB- ​ ​
5.000% due 9/1/34
​ ​ ​ ​ 58,367 ​ ​
​ ​ ​ 50,000 ​ ​ ​ A3(a) ​ ​
5.000% due 6/1/27
​ ​ ​ ​ 54,111 ​ ​
​ ​ ​ 30,000 ​ ​ ​ A3(a) ​ ​
5.000% due 6/1/32
​ ​ ​ ​ 32,300 ​ ​
​ ​ ​ 70,000 ​ ​ ​ A3(a) ​ ​
5.000% due 6/1/39
​ ​ ​ ​ 74,748 ​ ​
​ ​ ​ 55,000 ​ ​ ​ NR ​ ​
Prerefunded 7/1/20 @ 100, 5.750% due 7/1/30(c)
 ​ ​ ​ ​ 57,085 ​ ​
​ ​ ​ 255,000 ​ ​ ​ AA- ​ ​
5.000% due 11/15/24
​ ​ ​ ​ 302,060 ​ ​
​ ​ ​ 195,000 ​ ​ ​ AA- ​ ​
5.000% due 11/15/27
​ ​ ​ ​ 229,355 ​ ​
​ ​ ​ 50,000 ​ ​ ​ NR ​ ​
Series C, Prerefunded 8/15/22 @ 100, 5.000% due 8/15/32(c)
 ​ ​ ​ ​ 55,593 ​ ​
​ ​ ​ 35,000 ​ ​ ​ WD(g) ​ ​
Series Prerefunded 8/15/25 @ 100, 4.000% due 2/15/38(c)
 ​ ​ ​ ​ 40,456 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Wisconsin
​ ​ ​ ​ 12,631,519 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL MUNICIPAL BONDS
(Cost – $793,504,471)
 ​ ​ ​
​
835,213,274
 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $793,504,471)
 ​ ​ ​
​
835,213,274
 ​ ​
See Notes to Financial Statements.
216
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
​
​
Face Amount
​ ​
Rating††
 ​ ​
Security
​ ​
Value
​
​ SHORT-TERM INVESTMENTS – 9.3% ​
​ MUNICIPAL BONDS – 5.3% ​
​ ​ $ 4,125,000 ​ ​ ​ SP-1+ ​ ​
City of Los Angeles CA, Revenue Notes 5.000% due 6/25/20
​ ​ ​ $ 4,257,577 ​ ​
​ ​ ​ 10,000,000 ​ ​ ​ MIG1(a) ​ ​
Cobb County School District, GO 3.000% due 12/18/19
​ ​ ​ ​ 10,053,300 ​ ​
​ ​ ​ 10,000,000 ​ ​ ​ SP-1 ​ ​
County of Fulton GA, Revenue Notes 2.500% due 12/31/19
​ ​ ​ ​ 10,044,900 ​ ​
​ ​ ​ 2,500,000 ​ ​ ​ MIG1(a) ​ ​
PMA Levy & Aid Anticipation Notes Program WI, Revenue Notes 3.000%
due 10/18/19
​ ​ ​ ​ 2,502,740 ​ ​
​ ​ ​ 20,000,000 ​ ​ ​ SP-1+ ​ ​
State of Texas, Revenue Notes 4.000% due 8/27/20
​ ​ ​ ​ 20,554,200 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL MUNICIPAL BONDS
(Cost – $47,355,640)
 ​ ​ ​
​
47,412,717
 ​ ​
​ TIME DEPOSITS – 4.0% ​
​ ​ ​ 9,930,649 ​ ​ ​ ​ ​ ​
Banco Santander SA – Frankfurt, 1.490% due 9/3/19
​ ​ ​ ​ 9,930,649 ​ ​
​ ​ ​ 7,566,920 ​ ​ ​ ​ ​ ​
Citibank – New York, 1.490% due 9/3/19
​ ​ ​ ​ 7,566,920 ​ ​
​ ​ ​ 18,915,463 ​ ​ ​ ​ ​ ​
JPMorgan Chase & Co. – New York, 1.490% due 9/3/19
​ ​ ​ ​ 18,915,463 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL TIME DEPOSITS
(Cost – $36,413,032)
 ​ ​ ​
​
36,413,032
 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL SHORT-TERM INVESTMENTS
(Cost – $83,768,672)
 ​ ​ ​
​
83,825,749
 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 101.9%
(Cost – $877,273,143#)
 ​ ​ ​ ​ 919,039,023 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Liabilities in Excess of Other Assets – (1.9)%
​ ​ ​ ​ (16,845,965) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
 ​ ​ ​ $ 902,193,058 ​ ​
​
​
††
All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.
​
(a)
Rating by Moody’s Investors Service. All ratings are unaudited.
​
(b)
Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2019.
​
(c)
Pre-refunded bonds are escrowed with government obligations and/or government agency securities and are considered by the Manager to be triple-A rated even if the issuer has not applied for new ratings.
​
(d)
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (AMT).
​
(e)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2019, amounts to approximately $4,588,301 and represents 0.51% of net assets.
​
(f)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2019, amounts to approximately $2,966,891 and represents 0.33% of net assets.
​
(g)
Rating by Fitch Ratings Service. All ratings are unaudited.
​
#
Aggregate cost for federal income tax purposes is substantially the same.
​
​
See Notes to Financial Statements.
217
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (concluded)
​
Abbreviations used in this schedule:
AGC
 —  American Guarantee Corporation
​
AGM
 —  Assured Guaranty Municipal Corporation
​
AMBAC
 —  American Bond Assurance Corporation
​
AMT
 —  Alternative Minimum Tax
​
COP
 —  Certificate of Participation
​
GO
 —  General Obligation
​
LIBOR
 —  London Interbank Offered Rate
​
LLC
 —  Limited Liability Company
​
MTA
 —  Metropolitan Transportation Authority
​
NPFG
 —  National Public Finance Guarantee Corporation
​
PSF-GTD
 —  Permanent School Fund Guaranteed
​
See pages 233 – 234 for definitions of ratings
Summary of Investments by Security Industry^
​
General Obligation
​ ​ ​ ​ 46.3% ​ ​
​
Education
​ ​ ​ ​ 14.6 ​ ​
​
Health Care Providers & Services
​ ​ ​ ​ 10.0 ​ ​
​
Transportation
​ ​ ​ ​ 6.7 ​ ​
​
Water and Sewer
​ ​ ​ ​ 4.7 ​ ​
​
Airport
​ ​ ​ ​ 3.0 ​ ​
​
Development
​ ​ ​ ​ 1.5 ​ ​
​
Power
​ ​ ​ ​ 1.3 ​ ​
​
Pollution
​ ​ ​ ​ 1.0 ​ ​
​
Housing
​ ​ ​ ​ 0.9 ​ ​
​
Utilities
​ ​ ​ ​ 0.6 ​ ​
​
Tobacco
​ ​ ​ ​ 0.2 ​ ​
​
Facilities
​ ​ ​ ​ 0.1 ​ ​
​
Community Facilities Districts
​ ​ ​ ​ 0.0* ​ ​
​
Short-Term Investments
​ ​ ​ ​ 9.1 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
^
As a percentage of total investments.
​
*
Position represents less than 0.05%.
​
​
See Notes to Financial Statements.
218
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Multi Strategy Alternatives Fund
​
​ Face
Amount/Units/Shares		 ​ ​
Security
 ​ ​
Value
 ​
​ CORPORATE BONDS & NOTES – 20.3% ​
​ Communications – 5.0% ​
​ ​ $ 14,773,000 ​ ​ ​
Consolidated Communications Inc., Company Guaranteed Notes, 6.500% due
10/1/22(a)
​ ​ ​ $ 13,812,755 ​ ​
​ ​ ​ 7,400,000 ​ ​ ​
EIG Investors Corp., Company Guaranteed Notes, 10.875% due 2/1/24
​ ​ ​ ​ 7,779,250 ​ ​
​ ​ ​ 13,500,000 ​ ​ ​
Frontier Communications Corp., Senior Unsecured Notes, 10.500% due
9/15/22
​ ​ ​ ​ 7,020,000 ​ ​
​ ​ ​ 10,277,500 ​ ​ ​
HC2 Holdings Inc., Senior Secured Notes, 11.500% due 12/1/21(a)(b)
​ ​ ​ ​ 8,941,425 ​ ​
​ ​ ​ 10,000,000 ​ ​ ​
Intelsat Connect Finance SA, Company Guaranteed Notes, 9.500% due
2/15/23(b)
​ ​ ​ ​ 8,900,000 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Communications
​ ​ ​ ​ 46,453,430 ​ ​
​ Consumer Cyclical – 2.9% ​
​ ​ ​ 6,715,000 ​ ​ ​
Arrow Bidco LLC, Senior Secured Notes, 9.500% due 3/15/24(a)(b)
​ ​ ​ ​ 6,698,213 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
CEC Entertainment Inc., Company Guaranteed Notes, 8.000% due 2/15/22
​ ​ ​ ​ 3,800,000 ​ ​
​ ​ ​ 7,593,000 ​ ​ ​
JC Penney Corp. Inc., Senior Secured Notes, 5.875% due 7/1/23(b)
​ ​ ​ ​ 6,378,120 ​ ​
​ ​ ​ 1,670,000 ​ ​ ​
PetSmart Inc., Senior Secured Notes, 5.875% due 6/1/25(b)
​ ​ ​ ​ 1,636,600 ​ ​
​ ​ ​ 10,000,000 ​ ​ ​
Tesla Inc., Company Guaranteed Notes, 5.300% due 8/15/25(b)
​ ​ ​ ​ 8,925,000 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Consumer Cyclical
​ ​ ​ ​ 27,437,933 ​ ​
​ Consumer Non-cyclical – 4.9% ​
​ ​ ​ ​ ​ ​ ​ CHS/Community Health Systems Inc., Senior Secured Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 994,000 ​ ​ ​
6.250% due 3/31/23
​ ​ ​ ​ 961,794 ​ ​
​ ​ ​ 7,000,000 ​ ​ ​
8.000% due 3/15/26(b)
​ ​ ​ ​ 6,720,000 ​ ​
​ ​ ​ 7,000,000 ​ ​ ​
Coty Inc., Company Guaranteed Notes, 6.500% due 4/15/26(b)
​ ​ ​ ​ 6,615,000 ​ ​
​ ​ ​ ​ ​ ​ ​ Endo Dac/Endo Finance LLC/Endo Finco Inc., Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,500,000 ​ ​ ​
6.000% due 7/15/23(b)
​ ​ ​ ​ 2,310,000 ​ ​
​ ​ ​ 8,878,000 ​ ​ ​
6.000% due 2/1/25(b)
​ ​ ​ ​ 5,548,750 ​ ​
​ ​ ​ 8,267,000 ​ ​ ​
HLF Financing SARL LLC/Herbalife International Inc., Company Guaranteed
Notes, 7.250% due 8/15/26(b)
​ ​ ​ ​ 8,163,662 ​ ​
​ ​ ​ 8,339,000 ​ ​ ​
Revlon Consumer Products Corp., Company Guaranteed Notes, 5.750% due
2/15/21
​ ​ ​ ​ 7,588,490 ​ ​
​ ​ ​ 8,099,000 ​ ​ ​
Vector Group Ltd., Senior Secured Notes, 6.125% due 2/1/25(a)(b)
​ ​ ​ ​ 7,937,020 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Consumer Non-cyclical
​ ​ ​ ​ 45,844,716 ​ ​
​ Energy – 1.6% ​
​ ​ ​ 13,375,000 ​ ​ ​
California Resources Corp., Secured Notes, 8.000% due 12/15/22(b)
​ ​ ​ ​ 7,690,625 ​ ​
​ ​ ​ ​ ​ ​ ​ EP Energy LLC/Everest Acquisition Finance Inc.: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
Company Guaranteed Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,340,000 ​ ​ ​
9.375% due 5/1/20
​ ​ ​ ​ 6,700 ​ ​
​ ​ ​ 1,660,000 ​ ​ ​
7.750% due 9/1/22
​ ​ ​ ​ 4,150 ​ ​
​ ​ ​ 11,951,000 ​ ​ ​
6.375% due 6/15/23
​ ​ ​ ​ 29,878 ​ ​
​ ​ ​ 11,986,000 ​ ​ ​
Secured Notes, 9.375% due 5/1/24(b)
​ ​ ​ ​ 898,950 ​ ​
See Notes to Financial Statements.
219
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​ Face
Amount/Units/Shares		 ​ ​
Security
 ​ ​
Value
 ​
​ CORPORATE BONDS & NOTES – (continued) ​
​ Energy – (continued) ​
​ ​ $ 4,000,000 ​ ​ ​
Senior Secured Notes, 8.000% due 11/29/24(b)
​ ​ ​ $ 1,720,000 ​ ​
​ ​ ​ ​ ​ ​ ​
Sable Permian Resources Land LLC/AEPB Finance Corp., Company Guaranteed
Notes:
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 6,336,000 ​ ​ ​
7.125% due 11/1/20(b)
​ ​ ​ ​ 633,600 ​ ​
​ ​ ​ 3,242,000 ​ ​ ​
7.375% due 11/1/21(b)
​ ​ ​ ​ 324,200 ​ ​
​ ​ ​ ​ ​ ​ ​ Sanchez Energy Corp., Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 40,536,000 ​ ​ ​
7.750% due 6/15/21(c)
​ ​ ​ ​ 1,824,120 ​ ​
​ ​ ​ 430,000 ​ ​ ​
6.125% due 1/15/23(c)
​ ​ ​ ​ 18,275 ​ ​
​ ​ ​ 12,129,931 ​ ​ ​
Ultra Resources Inc., Secured Notes, 11.000% due 7/12/24(d)
​ ​ ​ ​ 1,455,592 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Energy
​ ​ ​ ​ 14,606,090 ​ ​
​ Financial – 4.3% ​
​ ​ ​ 35,844 ​ ​ ​
Capital Southwest Corp., Corporate Unsecured Notes, 5.950% due 12/15/22(e)
​ ​ ​ ​ 933,736 ​ ​
​ ​ ​ ​ ​ ​ ​ Genworth Holdings Inc., Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 7,253,000 ​ ​ ​
7.700% due 6/15/20(e)
​ ​ ​ ​ 7,463,700 ​ ​
​ ​ ​ 2,999,000 ​ ​ ​
7.625% due 9/24/21
​ ​ ​ ​ 3,126,457 ​ ​
​ ​ ​ 11,600,000 ​ ​ ​
ILFC E-Capital Trust I, Limited Guaranteed Notes, 4.090% due 12/21/65(a)(b)(f)
​ ​ ​ ​ 8,120,000 ​ ​
​ ​ ​ 15,582 ​ ​ ​
Portman Ridge Finance Corp., Corporate Unsecured Notes, 6.125% due
9/30/22
​ ​ ​ ​ 394,536 ​ ​
​ ​ ​ 8,000,000 ​ ​ ​
Realogy Group LLC/Realogy Co.-Issuer Corp., Company Guaranteed Notes,
9.375% due 4/1/27(b)
​ ​ ​ ​ 6,920,000 ​ ​
​ ​ ​ 3,505,000 ​ ​ ​
State Street Corp., Junior Subordinated Notes, 3.410% (3-Month USD-LIBOR +
1.000%) due 6/15/37(f)
​ ​ ​ ​ 2,690,432 ​ ​
​ ​ ​ 29,980 ​ ​ ​
TriplePoint Venture Growth BDC Corp., Corporate Unsecured Notes, 5.750% due
7/15/22
​ ​ ​ ​ 769,398 ​ ​
​ ​ ​ 11,142,000 ​ ​ ​
USB Realty Corp., Junior Subordinated Notes, 3.450% (3-Month USD-LIBOR +
1.147%)(a)(b)(f)(g)
​ ​ ​ ​ 9,526,410 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Financial
​ ​ ​ ​ 39,944,669 ​ ​
​ Technology – 0.6% ​
​ ​ ​ 6,000,000 ​ ​ ​
Avaya Holdings Corp., Senior Unsecured Notes, 2.250% due 6/15/23
​ ​ ​ ​ 5,593,336 ​ ​
​ Utilities – 1.0% ​
​ ​ ​ 3,000,000 ​ ​ ​
Pacific Gas & Electric Co., Senior Unsecured Notes, 3.950% due 12/1/47(c)
​ ​ ​ ​ 2,902,500 ​ ​
​ ​ ​ ​ ​ ​ ​ Talen Energy Supply LLC, Company Guaranteed Notes: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,000,000 ​ ​ ​
6.500% due 6/1/25
​ ​ ​ ​ 3,800,000 ​ ​
​ ​ ​ 3,511,000 ​ ​ ​
10.500% due 1/15/26(b)
​ ​ ​ ​ 3,191,499 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Utilities
​ ​ ​ ​ 9,893,999 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CORPORATE BONDS & NOTES
(Cost – $255,807,075)
​ ​ ​
​
189,774,173
 ​ ​
See Notes to Financial Statements.
220
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​ Face
Amount/Units/Shares		 ​ ​
Security
 ​ ​
Value
 ​
​ COLLATERALIZED MORTGAGE OBLIGATIONS – 10.5% ​
​ ​ ​ ​ ​ ​ ​ Bear Stearns ALT-A Trust: ​ ​
​ ​ $ 1,390,338 ​ ​ ​
Series 2004-8, Class 1A, 2.845% (1-Month USD-LIBOR + 0.700%) due
9/25/34(f)
​ ​ ​ $ 1,389,338 ​ ​
​ ​ ​ 5,167,118 ​ ​ ​
Series 2004-8, Class 2A, 2.825% (1-Month USD-LIBOR + 0.680%) due
9/25/34(f)
​ ​ ​ ​ 5,209,252 ​ ​
​ ​ ​ 3,719,854 ​ ​ ​
Federal National Mortgage Association (FNMA), Connecticut Avenue Securities,
Series 2017-C02, Class 2M1, 3.295% (1-Month USD-LIBOR + 1.150%) due
9/25/29(f)
​ ​ ​ ​ 3,726,173 ​ ​
​ ​ ​ ​ ​ ​ ​
Federal National Mortgage Association (FNMA), Connecticut Avenue Securities
(Restricted):
 ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,291,343 ​ ​ ​
Series 2014-C04, Class 2M2, 7.145% (1-Month USD-LIBOR + 5.000%) due
11/25/24(f)
​ ​ ​ ​ 2,441,360 ​ ​
​ ​ ​ 2,859,432 ​ ​ ​
Series 2015-C01, Class 1M2, 6.445% (1-Month USD-LIBOR + 4.300%) due
2/25/25(f)
​ ​ ​ ​ 3,012,763 ​ ​
​ ​ ​ 6,137,116 ​ ​ ​
Series 2016-C01, Class 2M2, 9.095% (1-Month USD-LIBOR + 6.950%) due
8/25/28(f)
​ ​ ​ ​ 6,611,733 ​ ​
​ ​ ​ 8,940,700 ​ ​ ​
Series 2016-C02, Class 1M2, 8.145% (1-Month USD-LIBOR + 6.000%) due
9/25/28(f)
​ ​ ​ ​ 9,671,197 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​
Series 2016-C03, Class 1M2, 7.445% (1-Month USD-LIBOR + 5.300%) due
10/25/28(f)
​ ​ ​ ​ 5,406,776 ​ ​
​ ​ ​ 9,045,112 ​ ​ ​
Series 2016-C03, Class 2M2, 8.045% (1-Month USD-LIBOR + 5.900%) due
10/25/28(f)
​ ​ ​ ​ 9,742,592 ​ ​
​ ​ ​ 7,475,191 ​ ​ ​
Series 2016-C05, Class 2M2, 6.595% (1-Month USD-LIBOR + 4.450%) due
1/25/29(f)
​ ​ ​ ​ 7,839,482 ​ ​
​ ​ ​ 12,473,515 ​ ​ ​
Series 2016-C07, Class 2M2, 6.495% (1-Month USD-LIBOR + 4.350%) due
5/25/29(f)
​ ​ ​ ​ 13,069,102 ​ ​
​ ​ ​ 12,480,000 ​ ​ ​
Series 2017-C01, Class 1M2, 5.816% (1-Month USD-LIBOR + 3.550%) due
7/25/29(f)
​ ​ ​ ​ 13,042,089 ​ ​
​ ​ ​ 11,450,000 ​ ​ ​
Series 2017-C02, Class 2M2, 5.795% (1-Month USD-LIBOR + 3.650%) due
9/25/29(f)
​ ​ ​ ​ 12,005,853 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
Freddie Mac Structured Agency Credit Risk Debt Notes (Restricted),
Series 2016-DNA4, Class M3, 5.945% (1-Month USD-LIBOR + 3.800%) due
3/25/29(f)
​ ​ ​ ​ 3,175,367 ​ ​
​ ​ ​ 1,326,941 ​ ​ ​
MASTR Adjustable Rate Mortgages Trust, Series 2004-9, Class M2, 3.295%
(1-Month USD-LIBOR + 1.150%) due 11/25/34(f)
​ ​ ​ ​ 1,311,692 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost – $99,607,606)
​ ​ ​
​
97,654,769
 ​ ​
See Notes to Financial Statements.
221
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​ Face
Amount/Units/Shares		 ​ ​
Security
 ​ ​
Value
 ​
​ SENIOR LOANS(f) – 5.0% ​
​ ​ $ 9,200,000 ​ ​ ​
Asurion LLC, 8.612% (1-Month USD-LIBOR + 6.500%) due 8/4/25
​ ​ ​ $ 9,327,052 ​ ​
​ ​ ​ 4,807,585 ​ ​ ​
Bausch Health Cos. Inc., 5.201% (1-Month USD-LIBOR + 3.000%) due
6/2/25
​ ​ ​ ​ 4,813,018 ​ ​
​ ​ ​ 5,818,249 ​ ​ ​
Fossil Group Inc., 10.090% (1-Week USD-LIBOR + 8.000%) due 12/31/20
​ ​ ​ ​ 5,808,532 ​ ​
​ ​ ​ 4,495,709 ​ ​ ​
Genworth Holdings Inc., 6.670% (2-Month USD-LIBOR + 4.500%) due
3/7/23
​ ​ ​ ​ 4,523,807 ​ ​
​ ​ ​ 7,697,308 ​ ​ ​
Mallinckrodt International Finance SA, 5.080% (3-Month USD-LIBOR +
2.750%) due 9/24/24
​ ​ ​ ​ 5,959,641 ​ ​
​ ​ ​ 2,250,000 ​ ​ ​
Pacific Gas & Electric Co., 4.500% (1-Month USD-LIBOR + 2.250%) due
12/31/20
​ ​ ​ ​ 2,255,625 ​ ​
​ ​ ​ 5,009,564 ​ ​ ​
Uber Technologies Inc., 5.645% (1-Month USD-LIBOR + 3.500%) due
7/13/23
​ ​ ​ ​ 4,989,876 ​ ​
​ ​ ​ 8,931,298 ​ ​ ​
Uniti Group Inc., 7.112% (1-Month USD-LIBOR + 5.000%) due 10/24/22
​ ​ ​ ​ 8,620,935 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SENIOR LOANS
(Cost – $47,621,860)
​ ​ ​
​
46,298,486
 ​ ​
​ ASSET-BACKED SECURITIES – 1.4% ​
​ ​ ​ 989,212 ​ ​ ​
Aames Mortgage Investment Trust, Series 2006-1, Class A4, 2.705% (1-Month
USD-LIBOR + 0.560%) due 4/25/36(f)
​ ​ ​ ​ 984,267 ​ ​
​ ​ ​ ​ ​ ​ ​ Ellington Loan Acquisition Trust: ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 470,962 ​ ​ ​
Series 2007-1, Class M1, 4.245% (1-Month USD-LIBOR + 2.100%) due
5/25/37(b)(f)
​ ​ ​ ​ 403,720 ​ ​
​ ​ ​ 1,565,000 ​ ​ ​
Series 2007-2, Class M1A, 4.145% (1-Month USD-LIBOR + 2.000%) due
5/25/37(b)(f)
​ ​ ​ ​ 1,295,159 ​ ​
​ ​ ​ 602,383 ​ ​ ​
Finance America Mortgage Loan Trust, Series 2004-2, Class M7, 4.845%
(1-Month USD-LIBOR + 2.700%) due 8/25/34(f)
​ ​ ​ ​ 522,023 ​ ​
​ ​ ​ 2,624,024 ​ ​ ​
First Franklin Mortgage Loan Trust, Series 2006-FF17, Class A5, 2.295%
(1-Month USD-LIBOR + 0.150%) due 12/25/36(f)
​ ​ ​ ​ 2,294,818 ​ ​
​ ​ ​ 3,125,402 ​ ​ ​
GSAMP Trust, Series 2006-HE5, Class A2C, 2.295% (1-Month USD-LIBOR +
0.150%) due 8/25/36(f)
​ ​ ​ ​ 3,037,782 ​ ​
​ ​ ​ 2,222,010 ​ ​ ​
Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class AV1B, 2.405%
(1-Month USD-LIBOR + 0.260%) due 7/25/35(f)
​ ​ ​ ​ 2,220,052 ​ ​
​ ​ ​ 4,447,000 ​ ​ ​
Renaissance Home Equity Loan Trust, Series 2005-3, Class M1, step bond to
yield, 5.256% due 11/25/35
​ ​ ​ ​ 2,341,770 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL ASSET-BACKED SECURITIES
(Cost – $13,043,176)
​ ​ ​
​
13,099,591
 ​ ​
See Notes to Financial Statements.
222
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​ Face
Amount/Units/Shares 		​ ​ ​ ​ ​
Security
​ ​
Value
​
​ MUNICIPAL BONDS – 1.3% ​ ​
​ Ohio – 0.0% ​ ​
​ ​ $ 14,650 ​ ​ ​
NR
​ ​
Ohio Air Quality Development Authority, Revenue Bonds, 3.100% due
3/1/23(c)(f)
​ ​ ​ $ 12,801 ​ ​
​ Pennsylvania – 0.0% ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beaver County Industrial Development Authority, Revenue Bonds: ​ ​
​ ​ ​ 10,000 ​ ​ ​
NR
​ ​
Series A, 2.700% due 4/1/35(c)(f)
​ ​ ​ ​ 8,737 ​ ​
​ ​ ​ 10,000 ​ ​ ​
NR
​ ​
Series A, 3.500% due 4/1/41(c)(f)
​ ​ ​ ​ 8,738 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Pennsylvania
​ ​ ​ ​ 17,475 ​ ​
​ Puerto Rico – 1.3% ​ ​
​ ​ ​ 22,175,000 ​ ​ ​
NR
​ ​
Commonwealth of Puerto Rico, GO, Series A, 8.000% due 7/1/35(c)
​ ​ ​ ​ 12,279,406 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL MUNICIPAL BONDS
(Cost – $8,742,534)
​ ​ ​
​
 12,309,682
 ​ ​
​
Shares/Units
​ ​ ​ ​ ​ ​ ​
​ OPEN-END FUND – 18.2% ​
​ ​ ​ 14,793,800 ​ ​ ​ JPMorgan Strategic Income Opportunities Fund, Class R6 Shares
   (Cost – $171,708,427) 		​ ​ ​ ​  169,980,765 ​ ​
​ COMMON STOCKS – 16.2% ​
​ BASIC MATERIALS – 0.1% ​
​ Chemicals – 0.1% ​
​ ​ ​ 48,936 ​ ​ ​
Hexion Holdings Corp., Class B Shares*(h)
​ ​ ​ ​ 585,617 ​ ​
​ COMMUNICATIONS – 1.1% ​
​ Telecommunications – 1.1% ​
​ ​ ​ 664,737 ​ ​ ​
Consolidated Communications Holdings Inc.
​ ​ ​ ​ 2,678,890 ​ ​
​ ​ ​ 199,938 ​ ​ ​
HC2 Holdings Inc.*(e)
​ ​ ​ ​ 399,876 ​ ​
​ ​ ​ 218,500 ​ ​ ​
Zayo Group Holdings Inc.*(a)
​ ​ ​ ​ 7,354,710 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Telecommunications
​ ​ ​ ​ 10,433,476 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMUNICATIONS
​ ​ ​ ​ 10,433,476 ​ ​
​ CONSUMER CYCLICAL – 0.2% ​
​ Entertainment – 0.2% ​
​ ​ ​ 174,972 ​ ​ ​
Lions Gate Entertainment Corp., Class A Shares
​ ​ ​ ​ 1,579,997 ​ ​
​ CONSUMER NON-CYCLICAL – 8.2% ​
​ Biotechnology – 2.8% ​
​ ​ ​ 12,053 ​ ​ ​
Allakos Inc.*(e)
​ ​ ​ ​ 1,066,208 ​ ​
​ ​ ​ 75,274 ​ ​ ​
Argenx SE, ADR*(a)
​ ​ ​ ​ 9,894,767 ​ ​
​ ​ ​ 39,823 ​ ​ ​
Blueprint Medicines Corp.*
​ ​ ​ ​ 3,053,230 ​ ​
​ ​ ​ 50,386 ​ ​ ​
Celgene Corp.*(a)
​ ​ ​ ​ 4,877,365 ​ ​
​ ​ ​ 16,072 ​ ​ ​
Deciphera Pharmaceuticals Inc.*
​ ​ ​ ​ 583,092 ​ ​
See Notes to Financial Statements.
223
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ CONSUMER NON-CYCLICAL – (continued) ​
​ Biotechnology – (continued) ​
​ ​ ​ 1,146 ​ ​ ​
DermTech Inc.*(i)
​ ​ ​ $ 6,188 ​ ​
​ ​ ​ 445,158 ​ ​ ​
Orchard Therapeutics PLC, ADR*(a)
​ ​ ​ ​ 6,588,338 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Biotechnology
​ ​ ​ ​ 26,069,188 ​ ​
​ Healthcare-Products – 0.7% ​
​ ​ ​ 502,341 ​ ​ ​
Alphatec Holdings Inc.*
​ ​ ​ ​ 2,627,244 ​ ​
​ ​ ​ 50,769 ​ ​ ​
Inspire Medical Systems Inc.*
​ ​ ​ ​ 3,528,953 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Healthcare-Products
​ ​ ​ ​ 6,156,197 ​ ​
​ Healthcare-Services – 0.6% ​
​ ​ ​ 253,708 ​ ​ ​
SI-BONE Inc.*(a)
​ ​ ​ ​ 4,932,084 ​ ​
​ ​ ​ 97,259 ​ ​ ​
Vapotherm Inc.*
​ ​ ​ ​ 1,128,204 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Healthcare-Services
​ ​ ​ ​ 6,060,288 ​ ​
​ Pharmaceuticals – 4.1% ​
​ ​ ​ 51,621 ​ ​ ​
Allergan PLC
​ ​ ​ ​ 8,244,906 ​ ​
​ ​ ​ 40,341 ​ ​ ​
Ascendis Pharma AS, ADR*(a)
​ ​ ​ ​ 4,519,402 ​ ​
​ ​ ​ 624,303 ​ ​ ​
Cytokinetics Inc.*(a)
​ ​ ​ ​ 8,771,457 ​ ​
​ ​ ​ 23,446 ​ ​ ​
Ideaya Biosciences Inc.*
​ ​ ​ ​ 159,433 ​ ​
​ ​ ​ 46,209 ​ ​ ​
Mirati Therapeutics Inc.*(a)
​ ​ ​ ​ 3,787,752 ​ ​
​ ​ ​ 160,789 ​ ​ ​
MyoKardia Inc.*(a)
​ ​ ​ ​ 8,645,625 ​ ​
​ ​ ​ 93,847 ​ ​ ​
Odonate Therapeutics Inc.*(e)
​ ​ ​ ​ 2,891,426 ​ ​
​ ​ ​ 63,596 ​ ​ ​
Sutro Biopharma Inc.*
​ ​ ​ ​ 513,220 ​ ​
​ ​ ​ 101,038 ​ ​ ​
Trevi Therapeutics Inc.*(i)
​ ​ ​ ​ 501,148 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Pharmaceuticals
​ ​ ​ ​ 38,034,369 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER NON-CYCLICAL
​ ​ ​ ​ 76,320,042 ​ ​
​ DIVERSIFIED – 2.0% ​
​ SPACs – 2.0% ​
​ ​ ​ 76,557 ​ ​ ​
8i Enterprises Acquisition Corp.*(i)
​ ​ ​ ​ 762,508 ​ ​
​ ​ ​ 42,677 ​ ​ ​
Act II Global Acquisition Corp.*(i)
​ ​ ​ ​ 434,879 ​ ​
​ ​ ​ 100,702 ​ ​ ​
Agba Acquisition Ltd.*(i)
​ ​ ​ ​ 1,018,097 ​ ​
​ ​ ​ 41,641 ​ ​ ​
Alberton Acquisition Corp.*(i)
​ ​ ​ ​ 434,732 ​ ​
​ ​ ​ 42,105 ​ ​ ​
Andina Acquisition Corp. III*(e)(i)
​ ​ ​ ​ 421,471 ​ ​
​ ​ ​ 36,775 ​ ​ ​
B Riley Principal Merger Corp.*
​ ​ ​ ​ 367,750 ​ ​
​ ​ ​ 50,725 ​ ​ ​
Big Rock Partners Acquisition Corp.*(i)
​ ​ ​ ​ 529,062 ​ ​
​ ​ ​ 33,529 ​ ​ ​
Boxwood Merger Corp., Class A Shares*
​ ​ ​ ​ 336,631 ​ ​
​ ​ ​ 24,648 ​ ​ ​
CF Finance Acquisition Corp.*
​ ​ ​ ​ 259,297 ​ ​
​ ​ ​ 4,940 ​ ​ ​
Chardan Healthcare Acquisition Corp.*
​ ​ ​ ​ 50,437 ​ ​
​ ​ ​ 28,503 ​ ​ ​
ChaSerg Technology Acquisition Corp.*(i)
​ ​ ​ ​ 291,586 ​ ​
See Notes to Financial Statements.
224
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ DIVERSIFIED – (continued) ​
​ SPACs – (continued) ​
​ ​ ​ 18,907 ​ ​ ​
Churchill Capital Corp. II*
​ ​ ​ $ 196,255 ​ ​
​ ​ ​ 43,875 ​ ​ ​
DD3 Acquisition Corp.*
​ ​ ​ ​ 441,821 ​ ​
​ ​ ​ 483,000 ​ ​ ​
Diamond Eagle Acquisition Corp.*(a)
​ ​ ​ ​ 4,873,470 ​ ​
​ ​ ​ 28,503 ​ ​ ​
Edtechx Holdings Acquisition Corp.*
​ ​ ​ ​ 293,581 ​ ​
​ ​ ​ 2 ​ ​ ​
Far Point Acquisition Corp.*
​ ​ ​ ​ 21 ​ ​
​ ​ ​ 16,206 ​ ​ ​
Far Point Acquisition Corp., Class A Shares*
​ ​ ​ ​ 167,084 ​ ​
​ ​ ​ 37,048 ​ ​ ​
Fellazo Inc.*(i)
​ ​ ​ ​ 369,369 ​ ​
​ ​ ​ 25,081 ​ ​ ​
FinTech Acquisition Corp. III*
​ ​ ​ ​ 267,113 ​ ​
​ ​ ​ 38,120 ​ ​ ​
GigCapital2 Inc.*
​ ​ ​ ​ 384,208 ​ ​
​ ​ ​ 16,736 ​ ​ ​
Gordon Pointe Acquisition Corp.*
​ ​ ​ ​ 174,556 ​ ​
​ ​ ​ 43,099 ​ ​ ​
Graf Industrial Corp.*(i)
​ ​ ​ ​ 450,385 ​ ​
​ ​ ​ 35,473 ​ ​ ​
GX Acquisition Corp.*
​ ​ ​ ​ 361,115 ​ ​
​ ​ ​ 26,238 ​ ​ ​
Haymaker Acquisition Corp. II*
​ ​ ​ ​ 269,989 ​ ​
​ ​ ​ 22,488 ​ ​ ​
Health Sciences Acquisitions Corp.*(i)
​ ​ ​ ​ 238,373 ​ ​
​ ​ ​ 32,628 ​ ​ ​
Hennessy Capital Acquisition Corp. IV*
​ ​ ​ ​ 342,594 ​ ​
​ ​ ​ 40,972 ​ ​ ​
Insurance Acquisition Corp.*(i)
​ ​ ​ ​ 417,095 ​ ​
​ ​ ​ 42,092 ​ ​ ​
Legacy Acquisition Corp., Class A Shares*
​ ​ ​ ​ 428,076 ​ ​
​ ​ ​ 61,710 ​ ​ ​
Leisure Acquisition Corp.*
​ ​ ​ ​ 630,059 ​ ​
​ ​ ​ 2,813 ​ ​ ​
LF Capital Acquisition Corp., Class A Shares*
​ ​ ​ ​ 28,721 ​ ​
​ ​ ​ 10,785 ​ ​ ​
Monocle Acquisition Corp.*
​ ​ ​ ​ 112,595 ​ ​
​ ​ ​ 18,239 ​ ​ ​
Opes Acquisition Corp.*
​ ​ ​ ​ 188,409 ​ ​
​ ​ ​ 14,462 ​ ​ ​
Pivotal Acquisition Corp., Class A Shares*
​ ​ ​ ​ 147,079 ​ ​
​ ​ ​ 95,271 ​ ​ ​
Proficient Alpha Acquisition Corp.*
​ ​ ​ ​ 966,048 ​ ​
​ ​ ​ 30,657 ​ ​ ​
Pure Acquisition Corp.*
​ ​ ​ ​ 312,702 ​ ​
​ ​ ​ 43,473 ​ ​ ​
Schultze Special Purpose Acquisition Corp.*(i)
​ ​ ​ ​ 446,902 ​ ​
​ ​ ​ 51,279 ​ ​ ​
South Mountain Merger Corp.*
​ ​ ​ ​ 515,867 ​ ​
​ ​ ​ 8,304 ​ ​ ​
Tiberius Acquisition Corp.*
​ ​ ​ ​ 84,701 ​ ​
​ ​ ​ 4,232 ​ ​ ​
Trident Acquisitions Corp.*(e)
​ ​ ​ ​ 44,182 ​ ​
​ ​ ​ 3,426 ​ ​ ​
Trinity Merger Corp., Class A Shares*
​ ​ ​ ​ 35,493 ​ ​
​ ​ ​ 32,225 ​ ​ ​
Tuscan Holdings Corp.*
​ ​ ​ ​ 343,196 ​ ​
​ ​ ​ 18,561 ​ ​ ​
Twelve Seas Investment Co.*
​ ​ ​ ​ 189,693 ​ ​
​ ​ ​ 17,313 ​ ​ ​
VectoIQ Acquisition Corp.*
​ ​ ​ ​ 176,419 ​ ​
​ ​ ​ 32,363 ​ ​ ​
Wealthbridge Acquisition Ltd.*
​ ​ ​ ​ 332,368 ​ ​
​ ​ ​ ​ ​ ​ ​
Total SPACs
​ ​ ​ ​ 19,135,989 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL DIVERSIFIED
​ ​ ​ ​ 19,135,989 ​ ​
See Notes to Financial Statements.
225
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ COMMON STOCKS – (continued) ​
​ FINANCIAL – 3.9% ​
​ Banks – 0.6% ​
​ ​ ​ 410,186 ​ ​ ​
Kearny Financial Corp.(a)
​ ​ ​ $ 5,160,140 ​ ​
​ Insurance – 1.3% ​
​ ​ ​ 1,577,119 ​ ​ ​
FGL Holdings(a)
​ ​ ​ ​ 12,585,409 ​ ​
​ Investment Companies – 1.1% ​
​ ​ ​ 812,481 ​ ​ ​
Barings BDC Inc.
​ ​ ​ ​ 8,124,810 ​ ​
​ ​ ​ 52,808 ​ ​ ​
FS KKR Capital Corp.
​ ​ ​ ​ 298,365 ​ ​
​ ​ ​ 287,780 ​ ​ ​
Garrison Capital Inc.
​ ​ ​ ​ 2,002,949 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Investment Companies
​ ​ ​ ​ 10,426,124 ​ ​
​ Savings & Loans – 0.9% ​
​ ​ ​ 271,934 ​ ​ ​
OceanFirst Financial Corp.(a)
​ ​ ​ ​ 5,716,053 ​ ​
​ ​ ​ 178,297 ​ ​ ​
Waterstone Financial Inc(a)
​ ​ ​ ​ 2,957,947 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Savings & Loans
​ ​ ​ ​ 8,674,000 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL FINANCIAL
​ ​ ​ ​ 36,845,673 ​ ​
​ INDUSTRIAL – 0.3% ​
​ Electronics – 0.3% ​
​ ​ ​ 432,487 ​ ​ ​
Fluidigm Corp.*(a)
​ ​ ​ ​ 2,413,278 ​ ​
​ TECHNOLOGY – 0.4% ​
​ Computers – 0.4% ​
​ ​ ​ 153,385 ​ ​ ​
Perspecta Inc.
​ ​ ​ ​ 3,980,341 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMON STOCKS
(Cost – $147,579,519)
​ ​ ​
​
151,294,413
 ​ ​
​ CLOSED-END FUNDS – 15.0% ​
​ ​ ​ 279,048 ​ ​ ​
Aberdeen Emerging Markets Equity Income Fund Inc., Class Common Shares
​ ​ ​ ​ 1,922,641 ​ ​
​ ​ ​ 685,296 ​ ​ ​
Aberdeen Total Dynamic Dividend Fund, Class Common Shares
​ ​ ​ ​ 5,496,074 ​ ​
​ ​ ​ 21,998 ​ ​ ​
Advent Convertible & Income, Class Common Shares(e)
​ ​ ​ ​ 314,791 ​ ​
​ ​ ​ 217,211 ​ ​ ​
AllianzGI Convertible & Income 2024 Target, Class Common Shares
​ ​ ​ ​ 2,035,267 ​ ​
​ ​ ​ 390,924 ​ ​ ​
AllianzGI NFJ Dividend Interest & Premium Strategy Fund, Class Common
Shares
​ ​ ​ ​ 4,734,090 ​ ​
​ ​ ​ 28,677 ​ ​ ​
BlackRock California Municipal Income Trust, Class Common Shares
​ ​ ​ ​ 396,029 ​ ​
​ ​ ​ 53,693 ​ ​ ​
BlackRock Debt Strategies Fund Inc., Class Common Shares
​ ​ ​ ​ 574,515 ​ ​
​ ​ ​ 107,504 ​ ​ ​
BlackRock New York Municipal Income Quality Trust, Class Common Shares
​ ​ ​ ​ 1,490,435 ​ ​
​ ​ ​ 163,325 ​ ​ ​
BlackRock Resources & Commodities Strategy Trust, Class Common Shares
​ ​ ​ ​ 1,228,204 ​ ​
​ ​ ​ 541,792 ​ ​ ​
BrandywineGLOBAL Global Income Opportunities Fund Inc., Class Common
Shares
​ ​ ​ ​ 6,452,743 ​ ​
​ ​ ​ 3 ​ ​ ​
Clough Global Dividend & Income Fund, Class Common Shares
​ ​ ​ ​ 33 ​ ​
​ ​ ​ 59,807 ​ ​ ​
Clough Global Equity Fund, Class Common Shares
​ ​ ​ ​ 694,359 ​ ​
​ ​ ​ 440,324 ​ ​ ​
Clough Global Opportunities Fund, Class Common Shares
​ ​ ​ ​ 4,099,416 ​ ​
See Notes to Financial Statements.
226
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ CLOSED-END FUNDS – (continued) ​
​ ​ ​ 211,961 ​ ​ ​
Cornerstone Strategic Value Fund Inc., Class Common Shares
​ ​ ​ $ 2,431,193 ​ ​
​ ​ ​ 23,130 ​ ​ ​
Cornerstone Total Return Fund Inc., Class Common Shares
​ ​ ​ ​ 257,899 ​ ​
​ ​ ​ 15,816 ​ ​ ​
Cushing Renaissance Fund, Class Common Shares
​ ​ ​ ​ 206,873 ​ ​
​ ​ ​ 314,726 ​ ​ ​
Delaware Enhanced Global Dividend & Income Fund, Class Common Shares
​ ​ ​ ​ 3,021,370 ​ ​
​ ​ ​ 561,532 ​ ​ ​
Eaton Vance Ltd. Duration Income Fund, Class Common Shares
​ ​ ​ ​ 7,030,381 ​ ​
​ ​ ​ 102,977 ​ ​ ​
Eaton Vance Tax-Managed Buy-Wr, Class Common Shares
​ ​ ​ ​ 972,103 ​ ​
​ ​ ​ 88,110 ​ ​ ​
Franklin Ltd. Duration Income Trust, Class Common Shares(e)
​ ​ ​ ​ 827,353 ​ ​
​ ​ ​ 21,356 ​ ​ ​
GDL Fund, Class Common Shares
​ ​ ​ ​ 195,621 ​ ​
​ ​ ​ 24,494 ​ ​ ​
General American Investors Co., Inc., Class Preferred Shares(b)
​ ​ ​ ​ 660,473 ​ ​
​ ​ ​ 136,884 ​ ​ ​
Highland Global Allocation Fund, Class Common Shares
​ ​ ​ ​ 1,382,528 ​ ​
​ ​ ​ 543,445 ​ ​ ​
Highland Income Fund, Class Z Shares(a)
​ ​ ​ ​ 7,097,392 ​ ​
​ ​ ​ 42,485 ​ ​ ​
India Fund Inc., Class Common Shares
​ ​ ​ ​ 850,550 ​ ​
​ ​ ​ 723,951 ​ ​ ​
Invesco Dynamic Credit Opportunities Fund, Class Common Shares(e)
​ ​ ​ ​ 7,854,868 ​ ​
​ ​ ​ 243,414 ​ ​ ​
Invesco High Income Trust II, Class Common Shares
​ ​ ​ ​ 3,471,084 ​ ​
​ ​ ​ 42,462 ​ ​ ​
Invesco Municipal Opportunity Trust, Class Common Shares
​ ​ ​ ​ 542,240 ​ ​
​ ​ ​ 1,919,854 ​ ​ ​
Invesco Senior Income Trust, Class Common Shares(a)
​ ​ ​ ​ 7,948,196 ​ ​
​ ​ ​ 212,913 ​ ​ ​
Kayne Anderson MLP/Midstream Investment Co., Class Common Shares(e)
​ ​ ​ ​ 3,006,332 ​ ​
​ ​ ​ 82,797 ​ ​ ​
Lazard World Dividend & Income Fund Inc., Class Common Shares
​ ​ ​ ​ 754,281 ​ ​
​ ​ ​ 97,711 ​ ​ ​
Morgan Stanley Emerging Markets Debt Fund Inc., Class Common Shares
​ ​ ​ ​ 904,804 ​ ​
​ ​ ​ 29,186 ​ ​ ​
Neuberger Berman California Municipal Fund Inc., Class Common Shares(e)
​ ​ ​ ​ 414,733 ​ ​
​ ​ ​ 333,015 ​ ​ ​
Neuberger Berman High Yield Strategies Fund Inc., Class Common Shares
​ ​ ​ ​ 3,943,997 ​ ​
​ ​ ​ 28,298 ​ ​ ​
Neuberger Berman New York Municipal Fund Inc., Class Common Shares
​ ​ ​ ​ 352,310 ​ ​
​ ​ ​ 110,981 ​ ​ ​
NexPoint Strategic Opportunities Fund, Class Common Shares
​ ​ ​ ​ 1,975,462 ​ ​
​ ​ ​ 30,554 ​ ​ ​
Nuveen Connecticut Quality Municipal Income Fund, Class Common Shares
​ ​ ​ ​ 414,312 ​ ​
​ ​ ​ 531,384 ​ ​ ​
Nuveen Credit Strategies Income Fund, Class Common Shares
​ ​ ​ ​ 3,985,380 ​ ​
​ ​ ​ 97,651 ​ ​ ​
Nuveen Georgia Quality Municipal Income Fund, Class Common Shares
​ ​ ​ ​ 1,235,520 ​ ​
​ ​ ​ 79,667 ​ ​ ​
Nuveen Intermediate Duration Quality Municipal Term Fund, Class Common
Shares
​ ​ ​ ​ 1,098,767 ​ ​
​ ​ ​ 61,104 ​ ​ ​
Nuveen Mortgage Opportunity Term Fund 2, Class Common Shares
​ ​ ​ ​ 1,361,935 ​ ​
​ ​ ​ 166,424 ​ ​ ​
Nuveen Mortgage Opportunity Term Fund, Class Common Shares
​ ​ ​ ​ 3,832,745 ​ ​
​ ​ ​ 33,108 ​ ​ ​
Nuveen North Carolina Quality Municipal Income Fund, Class Common
Shares
​ ​ ​ ​ 453,580 ​ ​
​ ​ ​ 28,463 ​ ​ ​
Nuveen Ohio Quality Municipal Income Fund, Class Common Shares
​ ​ ​ ​ 452,562 ​ ​
​ ​ ​ 120,475 ​ ​ ​
Nuveen Quality Municipal Income Fund, Class Common Shares
​ ​ ​ ​ 1,752,911 ​ ​
​ ​ ​ 661,060 ​ ​ ​
PGIM Global High Yield Fund Inc., Class Common Shares(a)
​ ​ ​ ​ 9,320,946 ​ ​
​ ​ ​ 235,718 ​ ​ ​
PGIM High Yield Bond Fund Inc., Class Common Shares
​ ​ ​ ​ 3,403,768 ​ ​
​ ​ ​ 238,831 ​ ​ ​
Royce Micro-Capital Trust Inc., Class Common Shares
​ ​ ​ ​ 1,874,823 ​ ​
​ ​ ​ 19,538 ​ ​ ​
Source Capital Inc., Class Common Shares
​ ​ ​ ​ 692,427 ​ ​
​ ​ ​ 106,401 ​ ​ ​
Special Opportunities Fund Inc., Class Common Shares
​ ​ ​ ​ 1,470,462 ​ ​
See Notes to Financial Statements.
227
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ CLOSED-END FUNDS – (continued) ​
​ ​ ​ 829,493 ​ ​ ​
Templeton Global Income Fund, Class Common Shares
​ ​ ​ $ 5,051,612 ​ ​
​ ​ ​ 216,980 ​ ​ ​
Tortoise Midstream Energy Fund Inc., Class Common Shares
​ ​ ​ ​ 2,610,269 ​ ​
​ ​ ​ 8,009 ​ ​ ​
Virtus Total Return Fund Inc., Class Common Shares
​ ​ ​ ​ 86,417 ​ ​
​ ​ ​ 568 ​ ​ ​
Voya Emerging Markets High Income Dividend Equity Fund, Class Common
Shares
​ ​ ​ ​ 3,908 ​ ​
​ ​ ​ 1,739,832 ​ ​ ​
Voya Prime Rate Trust, Class Common Shares(a)
​ ​ ​ ​ 8,090,219 ​ ​
​ ​ ​ 99,238 ​ ​ ​
Western Asset Corporate Loan Fund Inc., Class Common Shares
​ ​ ​ ​ 932,837 ​ ​
​ ​ ​ 42,738 ​ ​ ​
Western Asset Emerging Markets Debt Fund Inc., Class Common Shares
​ ​ ​ ​ 580,382 ​ ​
​ ​ ​ 299,186 ​ ​ ​
Western Asset Global High Income Fund Inc., Class Common Shares
​ ​ ​ ​ 2,917,063 ​ ​
​ ​ ​ 596,406 ​ ​ ​
Western Asset High Income Opportunity Fund Inc., Class Common Shares
​ ​ ​ ​ 2,987,994 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CLOSED-END FUNDS
(Cost – $143,230,766)
​ ​ ​
​
140,151,479
 ​ ​
​ PREFERRED STOCK – 0.1% ​
​ FINANCIAL – 0.1% ​
​ Investment Companies – 0.1% ​
​ ​ ​ 34,533 ​ ​ ​ THL Credit Inc., 6.125% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
(Cost – $858,338)
​ ​ ​ ​ 915,124 ​ ​
​ WARRANTS – 0.0% ​
​ DIVERSIFIED – 0.0% ​
​ SPACs – 0.0% ​
​ ​ ​ 76,557 ​ ​ ​
8i Enterprises Acquisition Corp.*(i)
​ ​ ​ ​ 21,528 ​ ​
​ ​ ​ 1,071 ​ ​ ​
Akerna Corp.*(i)
​ ​ ​ ​ 1,189 ​ ​
​ ​ ​ 62,291 ​ ​ ​
Allied Esports Entertainment Inc.*(i)
​ ​ ​ ​ 11,835 ​ ​
​ ​ ​ 25,362 ​ ​ ​
Big Rock Partners Acquisition Corp.*(i)
​ ​ ​ ​ 5,326 ​ ​
​ ​ ​ 33,529 ​ ​ ​
Boxwood Merger Corp.*(i)
​ ​ ​ ​ 20,811 ​ ​
​ ​ ​ 32,931 ​ ​ ​
Chardan Healthcare Acquisition Corp.*(i)
​ ​ ​ ​ 25,456 ​ ​
​ ​ ​ 43,875 ​ ​ ​
DD3 Acquisition Corp.*(i)
​ ​ ​ ​ 11,732 ​ ​
​ ​ ​ 22,935 ​ ​ ​
DermTech Inc.(i)*
​ ​ ​ ​ 2,064 ​ ​
​ ​ ​ 5,402 ​ ​ ​
Far Point Acquisition Corp.*(i)
​ ​ ​ ​ 7,131 ​ ​
​ ​ ​ 16,736 ​ ​ ​
Gordon Pointe Acquisition Corp.*(i)
​ ​ ​ ​ 7,531 ​ ​
​ ​ ​ 42,092 ​ ​ ​
Legacy Acquisition Corp.*(i)
​ ​ ​ ​ 16,795 ​ ​
​ ​ ​ 30,854 ​ ​ ​
Leisure Acquisition Corp.*(i)
​ ​ ​ ​ 22,983 ​ ​
​ ​ ​ 2,813 ​ ​ ​
LF Capital Acquisition Corp.*(i)
​ ​ ​ ​ 955 ​ ​
​ ​ ​ 10,017 ​ ​ ​
NRC Group Holdings Corp.*(i)
​ ​ ​ ​ 21,036 ​ ​
​ ​ ​ 18,239 ​ ​ ​
Opes Acquisition Corp.*(i)
​ ​ ​ ​ 3,099 ​ ​
​ ​ ​ 36,319 ​ ​ ​
Pensare Acquisition Corp.*(i)
​ ​ ​ ​ 9,076 ​ ​
​ ​ ​ 14,462 ​ ​ ​
Pivotal Acquisition Corp.*(i)
​ ​ ​ ​ 18,656 ​ ​
​ ​ ​ 15,328 ​ ​ ​
Pure Acquisition Corp.*(i)
​ ​ ​ ​ 15,328 ​ ​
​ ​ ​ 4,234 ​ ​ ​
Repay Holdings Corp.*(i)
​ ​ ​ ​ 3,260 ​ ​
See Notes to Financial Statements.
228
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​
Shares/Units
​ ​
Security
 ​ ​
Value
 ​
​ WARRANTS – (continued) ​
​ DIVERSIFIED – (continued) ​
​ SPACs – (continued) ​
​ ​ ​ 8,304 ​ ​ ​
Tiberius Acquisition Corp.*(i)
​ ​ ​ $ 4,733 ​ ​
​ ​ ​ 4,232 ​ ​ ​
Trident Acquisitions Corp.*(i)
​ ​ ​ ​ 664 ​ ​
​ ​ ​ 3,426 ​ ​ ​
Trinity Merger Corp.*(i)
​ ​ ​ ​ 2,223 ​ ​
​ ​ ​ 18,561 ​ ​ ​
Twelve Seas Investment Co.*(i)
​ ​ ​ ​ 3,527 ​ ​
​ ​ ​ 190,596 ​ ​ ​
Ultra Petroleum Corp.*(i)
​ ​ ​ ​ 1,906 ​ ​
​ ​ ​ 17,313 ​ ​ ​
VectoIQ Acquisition Corp.*(i)
​ ​ ​ ​ 7,964 ​ ​
​ ​ ​ 23,299 ​ ​ ​
X4 Pharmaceuticals Inc.*(h)
​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ ​
Total SPACs
​ ​ ​ ​ 246,808 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL DIVERSIFIED
​ ​ ​ ​ 246,808 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL WARRANTS
(Cost – $434,780)
​ ​ ​
​
246,808
 ​ ​
​ RIGHTS – 0.0% ​
​ ​ ​ 76,557 ​ ​ ​
8i Enterprises Acquisition Corp.*(i)
​ ​ ​ ​ 23,733 ​ ​
​ ​ ​ 50,724 ​ ​ ​
Big Rock Partners Acquisition Corp.*(i)
​ ​ ​ ​ 7,608 ​ ​
​ ​ ​ 72,639 ​ ​ ​
Pensare Acquisition Corp.*(i)
​ ​ ​ ​ 14,528 ​ ​
​ ​ ​ 18,561 ​ ​ ​
Twelve Seas Investment Co.*(i)
​ ​ ​ ​ 4,640 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL RIGHTS
(Cost – $89,538)
​ ​ ​
​
50,509
 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $888,723,619)
​ ​ ​
​
821,775,799
 ​ ​
​
Face Amount
​ ​ ​ ​ ​ ​ ​
​ SHORT-TERM INVESTMENTS – 10.2% ​
​ TIME DEPOSITS – 10.2% ​
​ ​ ​ 49,499,428GBP ​ ​ ​
ANZ National Bank – London, 1.490% due 9/3/19
​ ​ ​ ​ 49,499,428 ​ ​
​ ​ ​ 3,478,465EUR ​ ​ ​
Banco Santander SA – Frankfurt, 1.490% due 9/3/19
​ ​ ​ ​ 3,478,465 ​ ​
​ ​ $ 35,643,404 ​ ​ ​
Citibank – New York, 1.490% due 9/3/19
​ ​ ​ ​ 35,643,404 ​ ​
​ ​ ​ 6,658,295JPY ​ ​ ​
Sumitomo Mitsui Banking Corp. – Tokyo, 1.490% due 9/3/19
​ ​ ​ ​ 6,658,295 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL TIME DEPOSITS
(Cost – $95,279,592)
​ ​ ​
​
95,279,592
 ​ ​
​ INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 1.2% ​
​ MONEY MARKET FUND – 1.2% ​
​ ​ ​ 11,094,771 ​ ​ ​
Federated Government Obligations Fund, Premier Class, 2.012%(j)
(Cost – $11,094,771)
​ ​ ​ ​ 11,094,771 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 99.4%
(Cost – $995,097,982#)
​ ​ ​ ​ 928,150,162 ​ ​
​ ​ ​ ​ ​ ​ ​
Other Assets in Excess of Liabilities – 0.6%
​ ​ ​ ​ 5,909,728 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL NET ASSETS – 100.0%
​ ​ ​ $ 934,059,890 ​ ​
​
See Notes to Financial Statements.
229
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​
*
Non-income producing security.
​
(a)
All or a portion of this security is pledged by the Fund as collateral for short sales or derivative transactions.
​
(b)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2019, amounts to approximately $119,497,953 and represents 12.79% of net assets.
​
(c)
Security is currently in default.
​
(d)
Payment in-kind security for which part of the income earned may be paid as additional principal.
​
(e)
All or a portion of this security is on loan (See Note 5).
​
(f)
Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2019.
​
(g)
Security is perpetual in nature and has no stated maturity date.
​
(h)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs.
​
(i)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2019, amounts to approximately $6,619,112 and represents 0.71% of net assets.
​
(j)
Represents investment of collateral received from securities lending transactions.
​
#
Aggregate cost for federal income tax purposes is substantially the same.
​
Abbreviations used in this schedule:
ADR
 —    American Depositary Receipts
​
GO
 —    General Obligation
​
LIBOR
 —    London Interbank Offered Rate
​
LLC
 —    Limited Liability Company
​
PLC
 —    Public Limited Company
​
SPACs
 —    Special Purpose Acquisition Companies
​
SPDR
 —    Standard & Poor’s Depository Receipts
​
Summary of Investments by Security Type^
​
Corporate Bonds & Notes
​ ​ ​ ​ 20.4% ​ ​
​
Open-End Fund
​ ​ ​ ​ 18.3 ​ ​
​
Common Stocks
​ ​ ​ ​ 16.3 ​ ​
​
Closed-End Funds
​ ​ ​ ​ 15.1 ​ ​
​
Collateralized Mortgage Obligations
​ ​ ​ ​ 10.5 ​ ​
​
Senior Loans
​ ​ ​ ​ 5.1 ​ ​
​
Asset-Backed Securities
​ ​ ​ ​ 1.4 ​ ​
​
Municipal Bonds
​ ​ ​ ​ 1.3 ​ ​
​
Preferred Stock
​ ​ ​ ​ 0.1 ​ ​
​
Warrants
​ ​ ​ ​ 0.0* ​ ​
​
Rights
​ ​ ​ ​ 0.0* ​ ​
​
Short-Term Investments
​ ​ ​ ​ 10.3 ​ ​
​
Money Market Fund
​ ​ ​ ​ 1.2 ​ ​
​ ​ ​ ​ ​ ​ 100.0% ​ ​
​
See Notes to Financial Statements.
230
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
​
​
^
As a percentage of total investments.
​
*
Position represents less than 0.05%.
​
Schedule of Options Contracts Written
Equity Options
Number of
Contracts 		​ ​
Notional
Amount
​ ​
Security Name
​ ​
Counterparty
​ ​
Expiration
Date
​ ​
Exercise
Rate
​ ​
Value
​
121
 ​ ​
1,070,366
​ ​
Allakos Inc.
​ ​
GSC
​ ​
9/20/19
​ ​
$95.00
​ ​
$37,510
​
​ ​ ​ ​ ​ ​
TOTAL OPTION CONTRACTS WRITTEN
(Premiums received – $67,926)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
$37,510
​
At August 31, 2019, Destinations Multi Strategy Alternatives Fund held the following Cleared Credit Default Swap Contracts:
OTC Credit Default Swaps on Corporate Issues — Buy Protection(1)
Reference
Obligation 		​ ​
Fixed Deal
Receive
Rate
​ ​
Maturity
Date
​ ​
Payment
Frequency
​ ​
Counterparty
​ ​
Implied
Credit
Spread at
8/31/2019(2)
 ​ ​
Notional
Amounts in
(000’s)(3)
 ​ ​
Market Value
​ ​
Upfront
Premiums
(Received)
​ ​
Unrealized
Appreciation
​
CDX IG CDSI
Series 31 5Y
​ ​ ​ ​ 1.000% ​ ​ ​ ​ ​ 12/20/23 ​ ​ ​
3-Month​
 ​ ​
GSC
​ ​ ​ ​ 2.000% ​ ​ ​ ​ $ 20,000 ​ ​ ​ ​ $ (790,562) ​ ​ ​ ​ $ (1,206,000) ​ ​ ​ ​ $ 415,438 ​ ​
CDX IG CDSI
Series 31 5Y
​ ​ ​ ​ 1.000% ​ ​ ​ ​ ​ 12/20/23 ​ ​ ​
3-Month​
 ​ ​
GSC
​ ​ ​ ​ 2.000% ​ ​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ (395,281) ​ ​ ​ ​ ​ (750,000) ​ ​ ​ ​ ​ 354,719 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,185,843) ​ ​ ​ ​ ​ (1,956,000) ​ ​ ​ ​ ​ 770,157 ​ ​
​
(1)
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either: receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
​
(2)
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of on emerging country as of period end serve as indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
​
(3)
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
​
Counterparty Abbreviations used in this schedule:
GSC    —    Goldman Sachs & Co.
See Notes to Financial Statements.
231
Schedules of Investments
August 31, 2019 (unaudited)
Destinations Multi Strategy Alternatives Fund (concluded)
​
​
Face Amount
​ ​
Security
​ ​
Value
​
​ SECURITIES SOLD SHORT – 7.8% ​
​ CORPORATE BOND & NOTE – 0.5% ​
​ Consumer Non-cyclical – 0.5% ​
​ ​ $ 4,800,000 ​ ​ ​
Hadrian Merger Sub Inc., Senior Unsecured Notes, 8.500% due 5/1/26(a)
(Proceeds – $4,572,000)
​ ​ ​ $  4,596,000 ​ ​
​
Shares/Units
 ​ ​ ​ ​ ​ ​ ​
​ EXCHANGE TRADED FUNDS (ETFs) – 6.4% ​
​ ​ ​ 202,997 ​ ​ ​
Invesco Senior Loan
​ ​ ​ ​ 4,589,762 ​ ​
​ ​ ​ 85,000 ​ ​ ​
iShares iBoxx High Yield Corporate Bond
​ ​ ​ ​ 7,408,600 ​ ​
​ ​ ​ 87,693 ​ ​ ​
iShares Nasdaq Biotechnology
​ ​ ​ ​ 9,026,241 ​ ​
​ ​ ​ 103,000 ​ ​ ​
SPDR Bloomberg Barclays Short Term High Yield Bond
​ ​ ​ ​ 2,784,090 ​ ​
​ ​ ​ 263,905 ​ ​ ​
SPDR S&P Biotech
​ ​ ​ ​ 21,210,045 ​ ​
​ ​ ​ 290,560 ​ ​ ​
SPDR S&P Regional Banking
​ ​ ​ ​ 14,562,867 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Proceeds – $61,723,528)
​ ​ ​
​
59,581,605
 ​ ​
​ COMMON STOCKS – 0.9% ​
​ COMMUNICATIONS – 0.3% ​
​ Internet – 0.3% ​
​ ​ ​ 50,000 ​ ​ ​
Chewy Inc., Class A Shares*
​ ​ ​ ​ 1,650,000 ​ ​
​ ​ ​ 20,000 ​ ​ ​
Uber Technologies Inc.*
​ ​ ​ ​ 651,400 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Internet
​ ​ ​ ​ 2,301,400 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMUNICATIONS
​ ​ ​ ​ 2,301,400 ​ ​
​ CONSUMER NON-CYCLICAL – 0.6% ​
​ Pharmaceuticals – 0.6% ​
​ ​ ​ 44,703 ​ ​ ​
AbbVie Inc.
​ ​ ​ ​ 2,938,775 ​ ​
​ ​ ​ 50,386 ​ ​ ​
Bristol-Myers Squibb Co.
​ ​ ​ ​ 2,422,055 ​ ​
​ ​ ​ 15,265 ​ ​ ​
Herbalife Nutrition Ltd.*
​ ​ ​ ​ 525,574 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Mallinckrodt PLC*
​ ​ ​ ​ 129,500 ​ ​
​ ​ ​ ​ ​ ​ ​
Total Pharmaceuticals
​ ​ ​ ​ 6,015,904 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CONSUMER NON-CYCLICAL
​ ​ ​ ​ 6,015,904 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMON STOCKS
(Proceeds – $9,135,117)
​ ​ ​
​
8,317,304
 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SECURITIES SOLD SHORT – 7.8%
(Proceeds – $75,430,645)
​ ​ ​ $ 72,494,909 ​ ​
​
*
Non-income producing security.
​
(a)
Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2019, amounts to approximately $4,596,000 and represents 0.49% of net assets.
​
​
See Notes to Financial Statements.
232
Ratings (unaudited)
​
The definitions of the applicable rating symbols are set forth below:
Standard & Poor’s Ratings Service (“Standard & Poor’s”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.
AAA — Bonds rated “AAA” have the highest rating assigned by Standard & Poor’s. Capacity to pay interest and repay principal is extremely strong.
AA — Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.
A — Bonds rated “A” have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.
BBB — Bonds rated “BBB” are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories.
BB, B, CCC, CC and C — Bonds rated “BB”, “B”, “CCC”, “CC” and “C” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents the lowest degree of speculation and “C” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.
D — Bonds rated “D” are in default and payment of interest and/or repayment of principal is in arrears.
P — Preliminary rating.
u — The upgrade state defines bonds that have recently been upgraded into higher rating categories.
Moody’s Investors Service (“Moody’s”) — Numerical modifiers 1, 2 and 3 may be applied to each generic rating from “Aa” to “Caa,” where 1 is the highest and 3 the lowest ranking within its generic category.
Aaa — Bonds rated “Aaa” are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as “gilt edge.” Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.
Aa — Bonds rated “Aa” are judged to be of high quality by all standards. Together with the “Aaa” group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in “Aaa” securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in “Aaa” securities.
A — Bonds rated “A” possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment some time in the future.
Baa — Bonds rated “Baa” are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.
Ba — Bonds rated “Ba” are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and therefore not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.
B — Bonds rated “B” generally lack characteristics of desirable investments. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.
Caa — Bonds rated “Caa” are of poor standing. These may be in default, or present elements of danger may exist with respect to principal or interest.
233
Ratings (unaudited) (concluded)
​
Ca — Bonds rated “Ca” represent obligations which are speculative in a high degree. Such issues are often in default or have other marked short-comings.
C — Bonds rated “C” are the lowest class of bonds and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.
e — Expected.
u — Upgraded.
Fitch Ratings Service (“Fitch”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.
AAA — Bonds rated “AAA” have the highest rating assigned by Fitch. Capacity to pay interest and repay principal is extremely strong.
AAApre — Stable Outlook rating is based on the pledge of securities in the escrow deposit fund securing the bonds and reflects the lien of the refunded bondholders on the escrow trust funds and that all amounts have been invested in direct non-callable obligations of the United States.
AA — Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.
A — Bonds rated “A” have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.
BBB — Bonds rated “BBB” are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories.
BB, B, CCC, CC and C — Bonds rated “BB”, “B”, “CCC”, “CC” and “C” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents a lower degree of speculation than “B”, and “CC” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.
D — Bonds rated “D” are in default and payment of interest and/or repayment of principal is in arrears.
NR — Indicates that the bond is not rated by Standard & Poor’s, Moody’s, or Fitch.
WD, WR — Indicates that the bonds rating has been withdrawn and the issuer is no longer rated by Standard & Poor’s, Moody’s or Fitch.
Short-Term Security Ratings
SP-1 — Standard & Poor’s highest rating indicating very strong or strong capacity to pay principal and interest; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.
A-1 — Standard & Poor’s highest commercial paper and variable-rate demand obligation (VRDO) rating indicating that the degree of safety regarding timely payment is either overwhelming or very strong; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.
VMIG 1 — Moody’s highest rating for issues having a demand feature — VRDO.
MIG1 — Moody’s highest rating for short-term municipal obligations.
P-1 — Moody’s highest rating for commercial paper and for VRDO prior to the advent of the VMIG 1 rating.
F-1 — Fitch’s highest rating indicating the strongest capacity for timely payment of financial commitments; those issues determined to possess overwhelming strong credit feature are denoted with a plus (+) sign.
F-2 — Fitch’s rating indicating a good capacity for timely payment of financial commitments.
234
Statements of Assets and Liabilities
August 31, 2019 (unaudited)
​
​ ​ ​
Destinations
Large Cap
Equity
Fund
​ ​
Destinations
Small-Mid
Cap Equity
Fund
​ ​
Destinations
International
Equity
Fund
​ ​
Destinations
Equity
Income
Fund
​ ​
Destinations
Real Assets
Fund
​
ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments, at value(1)(2)
​ ​ ​ $ 3,760,948,707 ​ ​ ​ ​ $ 974,217,724 ​ ​ ​ ​ $ 1,805,049,983 ​ ​ ​ ​ $ 417,168,590 ​ ​ ​ ​ $ 135,695,570 ​ ​
Foreign currency, at value(3)
​ ​ ​ ​ 17 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,099,480 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Cash
​ ​ ​ ​ 81,567 ​ ​ ​ ​ ​ 37,751 ​ ​ ​ ​ ​ 75,872 ​ ​ ​ ​ ​ 12,933 ​ ​ ​ ​ ​ 18,755 ​ ​
Unrealized appreciation on unfunded loan commitments
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Receivable for securities sold
​ ​ ​ ​ 10,400,810 ​ ​ ​ ​ ​ 9,395,548 ​ ​ ​ ​ ​ 1,421,226 ​ ​ ​ ​ ​ 2,080,482 ​ ​ ​ ​ ​ 5,516,826 ​ ​
Dividends and interest receivable
​ ​ ​ ​ 5,119,737 ​ ​ ​ ​ ​ 1,189,111 ​ ​ ​ ​ ​ 2,324,737 ​ ​ ​ ​ ​ 1,270,448 ​ ​ ​ ​ ​ 168,389 ​ ​
Receivable for Fund shares sold
​ ​ ​ ​ 1,704,289 ​ ​ ​ ​ ​ 396,828 ​ ​ ​ ​ ​ 774,194 ​ ​ ​ ​ ​ 217,577 ​ ​ ​ ​ ​ 55,242 ​ ​
Receivable for expense reimbursement
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Unrealized appreciation on open forward foreign currency contracts (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 17,504 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Variation margin on open future contracts (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Unrealized appreciation on swap contracts(4) (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Deposits with counterparty(4)
​ ​ ​ ​ 466,200 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Cash held at Broker
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Prepaid expenses
​ ​ ​ ​ 39,841 ​ ​ ​ ​ ​ 10,879 ​ ​ ​ ​ ​ 19,135 ​ ​ ​ ​ ​ 4,607 ​ ​ ​ ​ ​ 2,559 ​ ​
Prepaid Chief Compliance Officer expense
​ ​ ​ ​ 26,539 ​ ​ ​ ​ ​ 6,708 ​ ​ ​ ​ ​ 12,426 ​ ​ ​ ​ ​ 2,936 ​ ​ ​ ​ ​ 1,111 ​ ​
Total Assets
​ ​ ​ ​ 3,778,787,707 ​ ​ ​ ​ ​ 985,254,549 ​ ​ ​ ​ ​ 1,810,794,557 ​ ​ ​ ​ ​ 420,757,573 ​ ​ ​ ​ ​ 141,458,452 ​ ​
LIABILITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Payable for collateral received from securities on loan
​ ​ ​ ​ 19,637,880 ​ ​ ​ ​ ​ 20,073,213 ​ ​ ​ ​ ​ 30,252,118 ​ ​ ​ ​ ​ 799,570 ​ ​ ​ ​ ​ 616,340 ​ ​
Payable for Fund shares repurchased
​ ​ ​ ​ 2,854,931 ​ ​ ​ ​ ​ 834,048 ​ ​ ​ ​ ​ 1,360,433 ​ ​ ​ ​ ​ 187,136 ​ ​ ​ ​ ​ 93,117 ​ ​
Payable for securities purchased
​ ​ ​ ​ 13,589,942 ​ ​ ​ ​ ​ 10,162,157 ​ ​ ​ ​ ​ 6,342,745 ​ ​ ​ ​ ​ 2,161,358 ​ ​ ​ ​ ​ — ​ ​
Investment management fee payable
​ ​ ​ ​ 1,953,573 ​ ​ ​ ​ ​ 699,982 ​ ​ ​ ​ ​ 1,373,255 ​ ​ ​ ​ ​ 228,315 ​ ​ ​ ​ ​ 119,779 ​ ​
Transfer agent fees payable
​ ​ ​ ​ 427,572 ​ ​ ​ ​ ​ 108,722 ​ ​ ​ ​ ​ 206,109 ​ ​ ​ ​ ​ 41,910 ​ ​ ​ ​ ​ 16,723 ​ ​
Custody fee payable
​ ​ ​ ​ 115,030 ​ ​ ​ ​ ​ 38,903 ​ ​ ​ ​ ​ 166,479 ​ ​ ​ ​ ​ 19,870 ​ ​ ​ ​ ​ 16,861 ​ ​
Trustees’ fees payable
​ ​ ​ ​ 39,303 ​ ​ ​ ​ ​ 10,852 ​ ​ ​ ​ ​ 18,984 ​ ​ ​ ​ ​ 4,370 ​ ​ ​ ​ ​ 2,853 ​ ​
Registration fees payable
​ ​ ​ ​ 73,061 ​ ​ ​ ​ ​ 10,678 ​ ​ ​ ​ ​ 40,458 ​ ​ ​ ​ ​ 18,385 ​ ​ ​ ​ ​ 7,270 ​ ​
Shareholder services
​ ​ ​ ​ 64,894 ​ ​ ​ ​ ​ 2,333 ​ ​ ​ ​ ​ 22,088 ​ ​ ​ ​ ​ 174 ​ ​ ​ ​ ​ 110 ​ ​
Variation margin on open future contracts (Note 4)
​ ​ ​ ​ 2,415 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Upfront premiums received on swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Unrealized depreciation on unfunded loan commitments
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Securities sold short(5) (Note 5)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Due to custodian(3)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 50 ​ ​ ​ ​ ​ 2,623 ​ ​
Options contracts written, at value(6) (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Unrealized depreciation on open forward foreign currency contracts (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 32,619 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Investment interest payable on securities sold short
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Accrued expenses
​ ​ ​ ​ 34,406 ​ ​ ​ ​ ​ 9,888 ​ ​ ​ ​ ​ 42,772 ​ ​ ​ ​ ​ 9,376 ​ ​ ​ ​ ​ 9,366 ​ ​
Total Liabilities
​ ​ ​ ​ 38,793,007 ​ ​ ​ ​ ​ 31,950,776 ​ ​ ​ ​ ​ 39,858,060 ​ ​ ​ ​ ​ 3,470,514 ​ ​ ​ ​ ​ 885,042 ​ ​
Total Net Assets
​ ​ ​ $ 3,739,994,700 ​ ​ ​ ​ $ 953,303,773 ​ ​ ​ ​ $ 1,770,936,497 ​ ​ ​ ​ $ 417,287,059 ​ ​ ​ ​ $ 140,573,410 ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Par value
​ ​ ​ $ 315,753 ​ ​ ​ ​ $ 83,832 ​ ​ ​ ​ $ 159,508 ​ ​ ​ ​ $ 40,877 ​ ​ ​ ​ $ 34,534 ​ ​
Paid-in capital in excess of par value
​ ​ ​ ​ 3,189,939,732 ​ ​ ​ ​ ​ 847,543,620 ​ ​ ​ ​ ​ 1,621,305,038 ​ ​ ​ ​ ​ 402,308,985 ​ ​ ​ ​ ​ 340,585,146 ​ ​
Total distributable earnings (losses)
​ ​ ​ ​ 549,739,215 ​ ​ ​ ​ ​ 105,676,321 ​ ​ ​ ​ ​ 149,471,951 ​ ​ ​ ​ ​ 14,937,197 ​ ​ ​ ​ ​ (200,046,270) ​ ​
Total Net Assets
​ ​ ​ $ 3,739,994,700 ​ ​ ​ ​ $ 953,303,773 ​ ​ ​ ​ $ 1,770,936,497 ​ ​ ​ ​ $ 417,287,059 ​ ​ ​ ​ $ 140,573,410 ​ ​
Total Net Assets Class I
​ ​ ​ $ 3,566,867,760 ​ ​ ​ ​ $ 911,673,943 ​ ​ ​ ​ $ 1,691,326,505 ​ ​ ​ ​ $ 402,047,050 ​ ​ ​ ​ $ 134,710,539 ​ ​
Total Net Assets Class Z
​ ​ ​ $ 173,126,940 ​ ​ ​ ​ $ 41,629,830 ​ ​ ​ ​ $ 79,609,992 ​ ​ ​ ​ $ 15,240,009 ​ ​ ​ ​ $ 5,862,871 ​ ​
Shares Outstanding Class I
​ ​ ​ ​ 298,026,193 ​ ​ ​ ​ ​ 79,379,802 ​ ​ ​ ​ ​ 151,355,929 ​ ​ ​ ​ ​ 39,340,422 ​ ​ ​ ​ ​ 33,110,158 ​ ​
Shares Outstanding Class Z
​ ​ ​ ​ 17,726,992 ​ ​ ​ ​ ​ 4,452,792 ​ ​ ​ ​ ​ 8,152,436 ​ ​ ​ ​ ​ 1,537,024 ​ ​ ​ ​ ​ 1,423,968 ​ ​
Net Asset Value Class I
​ ​ ​ $ 11.97 ​ ​ ​ ​ $ 11.48 ​ ​ ​ ​ $ 11.17 ​ ​ ​ ​ $ 10.22 ​ ​ ​ ​ $ 4.07 ​ ​
Net Asset Value Class Z
​ ​ ​ $ 9.77 ​ ​ ​ ​ $ 9.35 ​ ​ ​ ​ $ 9.77 ​ ​ ​ ​ $ 9.92 ​ ​ ​ ​ $ 4.12 ​ ​
(1) Investments, at cost
​ ​ ​ $ 3,250,439,064 ​ ​ ​ ​ $ 898,214,470 ​ ​ ​ ​ $ 1,632,247,320 ​ ​ ​ ​ $ 407,641,177 ​ ​ ​ ​ $ 150,004,577 ​ ​
(2) Includes securities on loan
​ ​ ​ $ 19,219,210 ​ ​ ​ ​ $ 19,624,122 ​ ​ ​ ​ $ 28,204,097 ​ ​ ​ ​ $ 782,670 ​ ​ ​ ​ $ 597,006 ​ ​
(3) Foreign currency, at cost
​ ​ ​ $ 134 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 1,101,879 ​ ​ ​ ​ $ (50) ​ ​ ​ ​ $ (2,626) ​ ​
(4) Related to futures contracts
​ ​ ​ $ 466,200 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
(5) Proceeds received
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
(6) Premiums received
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
​
See Notes to Financial Statements.
235
Statements of Assets and Liabilities
August 31, 2019 (concluded)
​
​ ​ ​
Destinations
Core Fixed
Income
Fund
​ ​
Destinations
Low Duration
Fixed
Income
Fund
​ ​
Destinations
Global Fixed
Income
Opportunities
Fund
​ ​
Destinations
Municipal
Fixed
Income
Fund
​ ​
Destinations
Multi
Strategy
Alternatives
Fund
​
ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments, at value(1)(2)
​ ​ ​ $ 1,953,004,339 ​ ​ ​ ​ $ 399,222,162 ​ ​ ​ ​ $ 784,169,879 ​ ​ ​ ​ $ 919,039,023 ​ ​ ​ ​ $ 928,150,162 ​ ​
Foreign currency, at value(3)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Cash
​ ​ ​ ​ 107,696 ​ ​ ​ ​ ​ 38,494 ​ ​ ​ ​ ​ 73,239 ​ ​ ​ ​ ​ 35,200 ​ ​ ​ ​ ​ 127,750 ​ ​
Unrealized appreciation on unfunded loan commitments
​ ​ ​ ​ 82 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,510 ​ ​
Receivable for securities sold
​ ​ ​ ​ 7,573,839 ​ ​ ​ ​ ​ 64,426 ​ ​ ​ ​ ​ 3,010,651 ​ ​ ​ ​ ​ 143,205 ​ ​ ​ ​ ​ 30,517 ​ ​
Dividends and interest receivable
​ ​ ​ ​ 9,603,005 ​ ​ ​ ​ ​ 3,547,397 ​ ​ ​ ​ ​ 8,756,202 ​ ​ ​ ​ ​ 7,412,710 ​ ​ ​ ​ ​ 6,283,212 ​ ​
Receivable for Fund shares sold
​ ​ ​ ​ 1,606,815 ​ ​ ​ ​ ​ 304,298 ​ ​ ​ ​ ​ 408,536 ​ ​ ​ ​ ​ 508,853 ​ ​ ​ ​ ​ 512,411 ​ ​
Receivable for expense reimbursement
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,364 ​ ​ ​ ​ ​ — ​ ​
Unrealized appreciation on open forward foreign currency contracts (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ 212,170 ​ ​ ​ ​ ​ 423,924 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Variation margin on open future contracts (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Unrealized appreciation on swap contracts(4) (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 770,157 ​ ​
Deposits with counterparty(4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,800,000 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 18,304,226 ​ ​
Cash held at Broker
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,519,634 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 67,640,747 ​ ​
Prepaid expenses
​ ​ ​ ​ 19,815 ​ ​ ​ ​ ​ 4,323 ​ ​ ​ ​ ​ 8,815 ​ ​ ​ ​ ​ 9,427 ​ ​ ​ ​ ​ 10,470 ​ ​
Prepaid Chief Compliance Officer expense
​ ​ ​ ​ 13,388 ​ ​ ​ ​ ​ 2,786 ​ ​ ​ ​ ​ 5,550 ​ ​ ​ ​ ​ 4,545 ​ ​ ​ ​ ​ 6,502 ​ ​
Total Assets
​ ​ ​ ​ 1,971,928,979 ​ ​ ​ ​ ​ 403,396,056 ​ ​ ​ ​ ​ 805,176,430 ​ ​ ​ ​ ​ 927,159,327 ​ ​ ​ ​ ​ 1,021,840,664 ​ ​
LIABILITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Payable for collateral received from securities on loan
​ ​ ​ ​ 237,591 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,016,865 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 11,094,771 ​ ​
Payable for Fund shares repurchased
​ ​ ​ ​ 1,319,537 ​ ​ ​ ​ ​ 222,844 ​ ​ ​ ​ ​ 422,696 ​ ​ ​ ​ ​ 316,454 ​ ​ ​ ​ ​ 535,669 ​ ​
Payable for securities purchased
​ ​ ​ ​ 11,573,595 ​ ​ ​ ​ ​ 1,002,500 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 24,015,965 ​ ​ ​ ​ ​ 492,992 ​ ​
Investment management fee payable
​ ​ ​ ​ 943,128 ​ ​ ​ ​ ​ 230,836 ​ ​ ​ ​ ​ 497,569 ​ ​ ​ ​ ​ 417,322 ​ ​ ​ ​ ​ 772,821 ​ ​
Transfer agent fees payable
​ ​ ​ ​ 230,058 ​ ​ ​ ​ ​ 48,443 ​ ​ ​ ​ ​ 93,085 ​ ​ ​ ​ ​ 107,738 ​ ​ ​ ​ ​ 109,402 ​ ​
Custody fee payable
​ ​ ​ ​ 142,084 ​ ​ ​ ​ ​ 32,838 ​ ​ ​ ​ ​ 58,572 ​ ​ ​ ​ ​ 86,153 ​ ​ ​ ​ ​ 68,060 ​ ​
Trustees’ fees payable
​ ​ ​ ​ 18,836 ​ ​ ​ ​ ​ 4,130 ​ ​ ​ ​ ​ 7,960 ​ ​ ​ ​ ​ 8,674 ​ ​ ​ ​ ​ 10,124 ​ ​
Registration fees payable
​ ​ ​ ​ 55,717 ​ ​ ​ ​ ​ 306 ​ ​ ​ ​ ​ 14,576 ​ ​ ​ ​ ​ 1,094 ​ ​ ​ ​ ​ 51,694 ​ ​
Shareholder services
​ ​ ​ ​ 24,298 ​ ​ ​ ​ ​ 77 ​ ​ ​ ​ ​ 1,025 ​ ​ ​ ​ ​ 7,443 ​ ​ ​ ​ ​ 211 ​ ​
Variation margin on open future contracts (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Upfront premiums received on swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,956,000 ​ ​
Unrealized depreciation on unfunded loan commitments
​ ​ ​ ​ 13 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Securities sold short(5) (Note 5)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,849,249 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 72,494,909 ​ ​
Due to custodian(3)
​ ​ ​ ​ — ​ ​ ​ ​ ​ 13 ​ ​ ​ ​ ​ 1 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4 ​ ​
Options contracts written, at value(6) (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 39,977 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 37,510 ​ ​
Unrealized depreciation on open forward foreign currency contracts (Note 4)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Investment interest payable on securities sold short
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 58,666 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 136,000 ​ ​
Accrued expenses
​ ​ ​ ​ 29,282 ​ ​ ​ ​ ​ 5,694 ​ ​ ​ ​ ​ 14,550 ​ ​ ​ ​ ​ 5,426 ​ ​ ​ ​ ​ 20,607 ​ ​
Total Liabilities
​ ​ ​ ​ 14,574,139 ​ ​ ​ ​ ​ 1,547,681 ​ ​ ​ ​ ​ 11,074,791 ​ ​ ​ ​ ​ 24,966,269 ​ ​ ​ ​ ​ 87,780,774 ​ ​
Total Net Assets
​ ​ ​ $ 1,957,354,840 ​ ​ ​ ​ $ 401,848,375 ​ ​ ​ ​ $ 794,101,639 ​ ​ ​ ​ $ 902,193,058 ​ ​ ​ ​ $ 934,059,890 ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Par value
​ ​ ​ $ 190,304 ​ ​ ​ ​ $ 40,802 ​ ​ ​ ​ $ 80,073 ​ ​ ​ ​ $ 85,761 ​ ​ ​ ​ $ 97,764 ​ ​
Paid-in capital in excess of par value
​ ​ ​ ​ 1,902,803,629 ​ ​ ​ ​ ​ 405,279,441 ​ ​ ​ ​ ​ 805,899,898 ​ ​ ​ ​ ​ 859,393,151 ​ ​ ​ ​ ​ 970,765,223 ​ ​
Total distributable earnings (losses)
​ ​ ​ ​ 54,360,907 ​ ​ ​ ​ ​ (3,471,868) ​ ​ ​ ​ ​ (11,878,332) ​ ​ ​ ​ ​ 42,714,146 ​ ​ ​ ​ ​ (36,803,097) ​ ​
Total Net Assets
​ ​ ​ $ 1,957,354,840 ​ ​ ​ ​ $ 401,848,375 ​ ​ ​ ​ $ 794,101,639 ​ ​ ​ ​ $ 902,193,058 ​ ​ ​ ​ $ 934,059,890 ​ ​
Total Net Assets Class I
​ ​ ​ $ 1,871,423,321 ​ ​ ​ ​ $ 386,439,323 ​ ​ ​ ​ $ 763,456,036 ​ ​ ​ ​ $ 885,671,473 ​ ​ ​ ​ $ 897,621,774 ​ ​
Total Net Assets Class Z
​ ​ ​ $ 85,931,519 ​ ​ ​ ​ $ 15,409,052 ​ ​ ​ ​ $ 30,645,603 ​ ​ ​ ​ $ 16,521,585 ​ ​ ​ ​ $ 36,438,116 ​ ​
Shares Outstanding Class I
​ ​ ​ ​ 182,147,428 ​ ​ ​ ​ ​ 39,266,361 ​ ​ ​ ​ ​ 77,029,411 ​ ​ ​ ​ ​ 84,194,211 ​ ​ ​ ​ ​ 93,863,348 ​ ​
Shares Outstanding Class Z
​ ​ ​ ​ 8,156,554 ​ ​ ​ ​ ​ 1,535,868 ​ ​ ​ ​ ​ 3,043,129 ​ ​ ​ ​ ​ 1,566,381 ​ ​ ​ ​ ​ 3,900,752 ​ ​
Net Asset Value Class I
​ ​ ​ $ 10.27 ​ ​ ​ ​ $ 9.84 ​ ​ ​ ​ $ 9.91 ​ ​ ​ ​ $ 10.52 ​ ​ ​ ​ $ 9.56 ​ ​
Net Asset Value Class Z
​ ​ ​ $ 10.54 ​ ​ ​ ​ $ 10.03 ​ ​ ​ ​ $ 10.07 ​ ​ ​ ​ $ 10.55 ​ ​ ​ ​ $ 9.34 ​ ​
(1) Investments, at cost
​ ​ ​ $ 1,892,814,770 ​ ​ ​ ​ $ 401,815,776 ​ ​ ​ ​ $ 785,023,648 ​ ​ ​ ​ $ 877,273,143 ​ ​ ​ ​ $ 995,097,982 ​ ​
(2) Includes securities on loan
​ ​ ​ $ 232,592 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 3,937,672 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 10,861,620 ​ ​
(3) Foreign currency, at cost
​ ​ ​ $ — ​ ​ ​ ​ $ (13) ​ ​ ​ ​ $ 9,388 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (4) ​ ​
(4) Related to futures contracts
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
(5) Proceeds received
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 5,533,978 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 77,386,645 ​ ​
(6) Premiums received
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 76,901 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 67,926 ​ ​
​
See Notes to Financial Statements.
236
Statements of Operations
For the Six Months Ended August 31, 2019 (unaudited)
​
​ ​ ​
Destinations
Large Cap
Equity
Fund
​ ​
Destinations
Small-Mid
Cap Equity
Fund
​ ​
Destinations
International
Equity
Fund
​ ​
Destinations
Equity
Income
Fund
​ ​
Destinations
Real Assets
Fund
​
INVESTMENT INCOME: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Dividends
​ ​ ​ $ 30,061,076 ​ ​ ​ ​ $ 7,891,044 ​ ​ ​ ​ $ 24,061,110 ​ ​ ​ ​ $ 9,460,881 ​ ​ ​ ​ $ 1,504,680 ​ ​
Interest
​ ​ ​ ​ 1,017,027 ​ ​ ​ ​ ​ 304,508 ​ ​ ​ ​ ​ 657,987 ​ ​ ​ ​ ​ 135,280 ​ ​ ​ ​ ​ 74,093 ​ ​
Income from securities lending
​ ​ ​ ​ 61,725 ​ ​ ​ ​ ​ 124,039 ​ ​ ​ ​ ​ 397,981 ​ ​ ​ ​ ​ 25,912 ​ ​ ​ ​ ​ 24,154 ​ ​
Less: Foreign taxes withheld (Note 5)
​ ​ ​ ​ (197,044) ​ ​ ​ ​ ​ (1,006) ​ ​ ​ ​ ​ (1,835,974) ​ ​ ​ ​ ​ (376,909) ​ ​ ​ ​ ​ (71,844) ​ ​
Total Investment Income
​ ​ ​ ​ 30,942,784 ​ ​ ​ ​ ​ 8,318,585 ​ ​ ​ ​ ​ 23,281,104 ​ ​ ​ ​ ​ 9,245,164 ​ ​ ​ ​ ​ 1,531,083 ​ ​
EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment management fee (Note 7)
​ ​ ​ ​ 13,759,726 ​ ​ ​ ​ ​ 4,443,290 ​ ​ ​ ​ ​ 8,692,370 ​ ​ ​ ​ ​ 1,661,382 ​ ​ ​ ​ ​ 956,652 ​ ​
Transfer agent fees
​ ​ ​ ​ 2,737,764 ​ ​ ​ ​ ​ 738,201 ​ ​ ​ ​ ​ 1,297,800 ​ ​ ​ ​ ​ 309,320 ​ ​ ​ ​ ​ 143,169 ​ ​
Custody fees
​ ​ ​ ​ 524,927 ​ ​ ​ ​ ​ 157,144 ​ ​ ​ ​ ​ 652,276 ​ ​ ​ ​ ​ 79,551 ​ ​ ​ ​ ​ 42,210 ​ ​
Trustees’ fees
​ ​ ​ ​ 111,890 ​ ​ ​ ​ ​ 31,365 ​ ​ ​ ​ ​ 52,674 ​ ​ ​ ​ ​ 12,917 ​ ​ ​ ​ ​ 7,016 ​ ​
Insurance
​ ​ ​ ​ 36,611 ​ ​ ​ ​ ​ 9,917 ​ ​ ​ ​ ​ 17,180 ​ ​ ​ ​ ​ 4,239 ​ ​ ​ ​ ​ 2,379 ​ ​
Audit and tax
​ ​ ​ ​ 23,903 ​ ​ ​ ​ ​ 8,615 ​ ​ ​ ​ ​ 35,266 ​ ​ ​ ​ ​ 5,904 ​ ​ ​ ​ ​ 4,506 ​ ​
Legal expense
​ ​ ​ ​ 69,699 ​ ​ ​ ​ ​ 18,135 ​ ​ ​ ​ ​ 31,376 ​ ​ ​ ​ ​ 9,929 ​ ​ ​ ​ ​ 5,168 ​ ​
Chief Compliance Officer expense
​ ​ ​ ​ 60,172 ​ ​ ​ ​ ​ 16,640 ​ ​ ​ ​ ​ 28,430 ​ ​ ​ ​ ​ 6,840 ​ ​ ​ ​ ​ 3,678 ​ ​
Shareholder services
​ ​ ​ ​ 62,691 ​ ​ ​ ​ ​ 17,686 ​ ​ ​ ​ ​ 29,960 ​ ​ ​ ​ ​ 16,586 ​ ​ ​ ​ ​ 16,030 ​ ​
Registration fees
​ ​ ​ ​ 89,666 ​ ​ ​ ​ ​ 35,397 ​ ​ ​ ​ ​ 49,877 ​ ​ ​ ​ ​ 22,172 ​ ​ ​ ​ ​ 20,834 ​ ​
Miscellaneous expense
​ ​ ​ ​ 44,364 ​ ​ ​ ​ ​ 14,231 ​ ​ ​ ​ ​ 31,815 ​ ​ ​ ​ ​ 8,977 ​ ​ ​ ​ ​ 7,595 ​ ​
Interest and dividend expense
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,069,952 ​ ​ ​ ​ ​ — ​ ​
Total Expenses
​ ​ ​ ​ 17,521,413 ​ ​ ​ ​ ​ 5,490,621 ​ ​ ​ ​ ​ 10,919,024 ​ ​ ​ ​ ​ 3,207,769 ​ ​ ​ ​ ​ 1,209,237 ​ ​
Less: Fee waivers and/or expense reimbursement (Note 7)
​ ​ ​ ​ (2,307,870) ​ ​ ​ ​ ​ (246,239) ​ ​ ​ ​ ​ (753,207) ​ ​ ​ ​ ​ (318,509) ​ ​ ​ ​ ​ (40,571) ​ ​
Net Expenses
​ ​ ​ ​ 15,213,543 ​ ​ ​ ​ ​ 5,244,382 ​ ​ ​ ​ ​ 10,165,817 ​ ​ ​ ​ ​ 2,889,260 ​ ​ ​ ​ ​ 1,168,666 ​ ​
Net Investment Income (Loss)
​ ​ ​ $ 15,729,241 ​ ​ ​ ​ $ 3,074,203 ​ ​ ​ ​ $ 13,115,287 ​ ​ ​ ​ $ 6,355,904 ​ ​ ​ ​ $ 362,417 ​ ​
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS CONTRACTS WRITTEN, FORWARD SALE COMMITMENTS, SECURITIES SHORT SOLD, SWAP CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 4 AND 5):
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net Realized Gain (Loss) From:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments
​ ​ ​ $ 28,634,483 ​ ​ ​ ​ $ 39,439,979 ​ ​ ​ ​ $ (11,779,425) ​ ​ ​ ​ $ 3,123,088 ​ ​ ​ ​ $ (171,141,571) ​ ​
Futures contracts
​ ​ ​ ​ 1,490,847 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Forward sale commitments
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Option written
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Securities sold short
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Forward foreign currency contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (425,942) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Foreign currency transactions
​ ​ ​ ​ 2,205 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (251,924) ​ ​ ​ ​ ​ (42,414) ​ ​ ​ ​ ​ (16,237) ​ ​
Realized Gain (Loss)
​ ​ ​ ​ 30,127,535 ​ ​ ​ ​ ​ 39,439,979 ​ ​ ​ ​ ​ (12,457,291) ​ ​ ​ ​ ​ 3,080,674 ​ ​ ​ ​ ​ (171,157,808) ​ ​
Change in Net Unrealized Appreciation (Depreciation) From:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments
​ ​ ​ ​ 61,994,889 ​ ​ ​ ​ ​ (25,838,874) ​ ​ ​ ​ ​ 46,281,303 ​ ​ ​ ​ ​ (3,736,473) ​ ​ ​ ​ ​ 89,913,622 ​ ​
Futures contracts
​ ​ ​ ​ (744,005) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Unfunded loan commitments
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Options contracts written
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Forward sale commitments
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Securities sold short
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Forward foreign currency contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (134,811) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Foreign currency transactions
​ ​ ​ ​ 715 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,626 ​ ​ ​ ​ ​ (11,297) ​ ​ ​ ​ ​ 471 ​ ​
Change in Net Unrealized Appreciation (Depreciation):
​ ​ ​ ​ 61,251,599 ​ ​ ​ ​ ​ (25,838,874) ​ ​ ​ ​ ​ 46,154,118 ​ ​ ​ ​ ​ (3,747,770) ​ ​ ​ ​ ​ 89,914,093 ​ ​
Net Gain (Loss) on Investments, Futures Contracts, Options Contracts
Written, Forward Sale Commitments, Securities Short Sold, Swap
Contracts, Forward Foreign Currency Contracts and Foreign
Currency Transactions
​ ​ ​ ​ 91,379,134 ​ ​ ​ ​ ​ 13,601,105 ​ ​ ​ ​ ​ 33,696,827 ​ ​ ​ ​ ​ (667,096) ​ ​ ​ ​ ​ (81,243,715) ​ ​
Total Increase (Decrease) in Net Assets from Operations
​ ​ ​ $ 107,108,375 ​ ​ ​ ​ $ 16,675,308 ​ ​ ​ ​ $ 46,812,114 ​ ​ ​ ​ $ 5,688,808 ​ ​ ​ ​ $ (80,881,298) ​ ​
​
See Notes to Financial Statements.
237
Statements of Operations
For the Six Months Ended August 31, 2019 (concluded)
​
​ ​ ​
Destinations
Core Fixed
Income
Fund
​ ​
Destinations
Low Duration
Fixed Income
Fund
​ ​
Destinations
Global
Fixed Income
Opportunities
Fund
​ ​
Destinations
Municipal
Fixed
Income Fund
​ ​
Destinations
Multi Strategy
Alternatives
Fund
​
INVESTMENT INCOME: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Dividends
​ ​ ​ $ — ​ ​ ​ ​ $ 323,407 ​ ​ ​ ​ $ 486,311 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 9,998,313 ​ ​
Interest
​ ​ ​ ​ 34,288,094 ​ ​ ​ ​ ​ 8,276,516 ​ ​ ​ ​ ​ 18,229,265 ​ ​ ​ ​ ​ 9,166,914 ​ ​ ​ ​ ​ 18,129,067 ​ ​
Income from securities lending
​ ​ ​ ​ 1,314 ​ ​ ​ ​ ​ 36,841 ​ ​ ​ ​ ​ 33,755 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 501,922 ​ ​
Less: Foreign taxes withheld (Note 5)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (2,500) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investment Income
​ ​ ​ ​ 34,289,408 ​ ​ ​ ​ ​ 8,636,764 ​ ​ ​ ​ ​ 18,746,831 ​ ​ ​ ​ ​ 9,166,914 ​ ​ ​ ​ ​ 28,629,302 ​ ​
EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment management fee (Note 7)
​ ​ ​ ​ 5,975,383 ​ ​ ​ ​ ​ 1,401,912 ​ ​ ​ ​ ​ 3,398,543 ​ ​ ​ ​ ​ 3,123,095 ​ ​ ​ ​ ​ 6,279,413 ​ ​
Transfer agent fees
​ ​ ​ ​ 1,375,080 ​ ​ ​ ​ ​ 300,377 ​ ​ ​ ​ ​ 598,345 ​ ​ ​ ​ ​ 674,141 ​ ​ ​ ​ ​ 696,862 ​ ​
Custody fees
​ ​ ​ ​ 460,370 ​ ​ ​ ​ ​ 109,517 ​ ​ ​ ​ ​ 169,229 ​ ​ ​ ​ ​ 256,713 ​ ​ ​ ​ ​ 181,864 ​ ​
Trustees’ fees
​ ​ ​ ​ 56,115 ​ ​ ​ ​ ​ 12,438 ​ ​ ​ ​ ​ 25,574 ​ ​ ​ ​ ​ 27,930 ​ ​ ​ ​ ​ 29,497 ​ ​
Insurance
​ ​ ​ ​ 18,599 ​ ​ ​ ​ ​ 3,815 ​ ​ ​ ​ ​ 7,975 ​ ​ ​ ​ ​ 7,859 ​ ​ ​ ​ ​ 10,053 ​ ​
Audit and tax
​ ​ ​ ​ 16,328 ​ ​ ​ ​ ​ 7,608 ​ ​ ​ ​ ​ 9,994 ​ ​ ​ ​ ​ 12,062 ​ ​ ​ ​ ​ 11,817 ​ ​
Legal expense
​ ​ ​ ​ 36,283 ​ ​ ​ ​ ​ 7,100 ​ ​ ​ ​ ​ 20,058 ​ ​ ​ ​ ​ 20,237 ​ ​ ​ ​ ​ 53,456 ​ ​
Chief Compliance Officer expense
​ ​ ​ ​ 29,813 ​ ​ ​ ​ ​ 6,691 ​ ​ ​ ​ ​ 13,366 ​ ​ ​ ​ ​ 16,564 ​ ​ ​ ​ ​ 15,538 ​ ​
Shareholder services
​ ​ ​ ​ 31,236 ​ ​ ​ ​ ​ 17,240 ​ ​ ​ ​ ​ 16,154 ​ ​ ​ ​ ​ 15,129 ​ ​ ​ ​ ​ 35,730 ​ ​
Registration fees
​ ​ ​ ​ 50,489 ​ ​ ​ ​ ​ 26,096 ​ ​ ​ ​ ​ 31,920 ​ ​ ​ ​ ​ 83,457 ​ ​ ​ ​ ​ 32,453 ​ ​
Miscellaneous expense
​ ​ ​ ​ 23,336 ​ ​ ​ ​ ​ 8,081 ​ ​ ​ ​ ​ 13,372 ​ ​ ​ ​ ​ 9,714 ​ ​ ​ ​ ​ 16,520 ​ ​
Interest and dividend expense
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 113,583 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 598,115 ​ ​
Total Expenses
​ ​ ​ ​ 8,073,032 ​ ​ ​ ​ ​ 1,900,875 ​ ​ ​ ​ ​ 4,418,113 ​ ​ ​ ​ ​ 4,246,901 ​ ​ ​ ​ ​ 7,961,318 ​ ​
Less: Fee waivers and/or expense reimbursement (Note 7)
​ ​ ​ ​ (718,938) ​ ​ ​ ​ ​ (42,774) ​ ​ ​ ​ ​ (443,067) ​ ​ ​ ​ ​ (687,263) ​ ​ ​ ​ ​ (1,847,507) ​ ​
Net Expenses
​ ​ ​ ​ 7,354,094 ​ ​ ​ ​ ​ 1,858,101 ​ ​ ​ ​ ​ 3,975,046 ​ ​ ​ ​ ​ 3,559,638 ​ ​ ​ ​ ​ 6,113,811 ​ ​
Net Investment Income (Loss)
​ ​ ​ $ 26,935,314 ​ ​ ​ ​ $ 6,778,663 ​ ​ ​ ​ $ 14,771,785 ​ ​ ​ ​ $ 5,607,276 ​ ​ ​ ​ $ 22,515,491 ​ ​
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS CONTRACTS WRITTEN, FORWARD SALE COMMITMENTS, SECURITIES SHORT SOLD, SWAP CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 4 AND 5):
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net Realized Gain (Loss) From:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments
​ ​ ​ $ 1,184,354 ​ ​ ​ ​ $ 144,615 ​ ​ ​ ​ $ (1,422,471) ​ ​ ​ ​ $ 3,871,845 ​ ​ ​ ​ $ 12,512,326 ​ ​
Futures contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,300 ​ ​
Forward sale commitments
​ ​ ​ ​ (12,914) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Option written
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Securities sold short
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (24,798) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 98,733 ​ ​
Swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 269,945 ​ ​
Forward foreign currency contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ 53,122 ​ ​ ​ ​ ​ 132,154 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 18,374 ​ ​
Foreign currency transactions
​ ​ ​ ​ — ​ ​ ​ ​ ​ (6,899) ​ ​ ​ ​ ​ (63,864) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (1,234) ​ ​
Realized Gain (Loss)
​ ​ ​ ​ 1,171,440 ​ ​ ​ ​ ​ 190,838 ​ ​ ​ ​ ​ (1,378,979) ​ ​ ​ ​ ​ 3,871,845 ​ ​ ​ ​ ​ 12,905,444 ​ ​
Change in Net Unrealized Appreciation (Depreciation) From:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments
​ ​ ​ ​ 79,391,139 ​ ​ ​ ​ ​ 67,794 ​ ​ ​ ​ ​ 9,974,915 ​ ​ ​ ​ ​ 34,064,203 ​ ​ ​ ​ ​ (44,326,927) ​ ​
Futures contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Unfunded loan commitments
​ ​ ​ ​ 946 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,510 ​ ​
Options contracts written
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 36,924 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 30,416 ​ ​
Forward sale commitments
​ ​ ​ ​ (4,368) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Securities sold short
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (282,060) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,453,637 ​ ​
Swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 770,157 ​ ​
Forward foreign currency contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ 239,470 ​ ​ ​ ​ ​ 467,015 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 72,219 ​ ​
Foreign currency transactions
​ ​ ​ ​ — ​ ​ ​ ​ ​ (12,679) ​ ​ ​ ​ ​ (21,375) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Change in Net Unrealized Appreciation (Depreciation):
​ ​ ​ ​ 79,387,717 ​ ​ ​ ​ ​ 294,585 ​ ​ ​ ​ ​ 10,175,419 ​ ​ ​ ​ ​ 34,064,203 ​ ​ ​ ​ ​ (38,995,988) ​ ​
Net Gain (Loss) on Investments, Futures Contracts, Options Contracts Written, Forward Sale Commitments, Securities Short Sold, Swap Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions
​ ​ ​ ​ 80,559,157 ​ ​ ​ ​ ​ 485,423 ​ ​ ​ ​ ​ 8,796,440 ​ ​ ​ ​ ​ 37,936,048 ​ ​ ​ ​ ​ (26,090,544) ​ ​
Total Increase (Decrease) in Net Assets from Operations
​ ​ ​ $ 107,494,471 ​ ​ ​ ​ $ 7,264,086 ​ ​ ​ ​ $ 23,568,225 ​ ​ ​ ​ $ 43,543,324 ​ ​ ​ ​ $ (3,575,053) ​ ​
​
See Notes to Financial Statements.
238
Statements of Changes in Net Assets
For the Six Months Ended August 31, 2019 (unaudited) and Year Ended February 28, 2019
​
​ ​ ​
Destinations Large
Cap Equity Fund
​ ​
Destinations Small-Mid
Cap Equity Fund
​ ​
Destinations International
Equity Fund
​
​ ​ ​
August 31,
2019
 ​ ​
February 28,
2019
 ​ ​
August 31,
2019
 ​ ​
February 28,
2019
 ​ ​
August 31,
2019
 ​ ​
February 28,
2019
 ​
OPERATIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income (loss)
 ​ ​ ​ $ 15,729,241 ​ ​ ​ ​ $ 26,810,929 ​ ​ ​ ​ $ 3,074,203 ​ ​ ​ ​ $ 4,215,903 ​ ​ ​ ​ $ 13,115,287 ​ ​ ​ ​ $ 11,465,367 ​ ​
Net realized gain (loss)
 ​ ​ ​ ​ 30,127,535 ​ ​ ​ ​ ​ 33,192,862 ​ ​ ​ ​ ​ 39,439,979 ​ ​ ​ ​ ​ 20,208,237 ​ ​ ​ ​ ​ (12,457,291) ​ ​ ​ ​ ​ (19,339,489) ​ ​
Change in unrealized appreciation
(depreciation)
 ​ ​ ​ ​ 61,251,599 ​ ​ ​ ​ ​ 75,932,601 ​ ​ ​ ​ ​ (25,838,874) ​ ​ ​ ​ ​ 58,022,773 ​ ​ ​ ​ ​ 46,154,118 ​ ​ ​ ​ ​ (50,824,061) ​ ​
Increase (Decrease) in Net Assets From Operations
 ​ ​ ​ ​ 107,108,375 ​ ​ ​ ​ ​ 135,936,392 ​ ​ ​ ​ ​ 16,675,308 ​ ​ ​ ​ ​ 82,446,913 ​ ​ ​ ​ ​ 46,812,114 ​ ​ ​ ​ ​ (58,698,183) ​ ​
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (92,350,553) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (38,682,869) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (17,525,265) ​ ​
Class Z
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (2,777,284) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (1,128,328) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (526,786) ​ ​
Decrease in Net Assets From Distributions to Shareholders
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (95,127,837) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (39,811,197) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (18,052,051) ​ ​
FUND SHARE TRANSACTIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net proceeds from sale of shares:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
 ​ ​ ​ ​ 316,134,097 ​ ​ ​ ​ ​ 1,129,725,279 ​ ​ ​ ​ ​ 78,984,749 ​ ​ ​ ​ ​ 371,756,983 ​ ​ ​ ​ ​ 168,851,745 ​ ​ ​ ​ ​ 553,782,717 ​ ​
Class Z
 ​ ​ ​ ​ 111,563,919 ​ ​ ​ ​ ​ 82,958,463 ​ ​ ​ ​ ​ 26,660,052 ​ ​ ​ ​ ​ 22,691,457 ​ ​ ​ ​ ​ 50,736,568 ​ ​ ​ ​ ​ 37,465,208 ​ ​
Reinvestment of distributions:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ 92,147,062 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 38,556,303 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 17,486,924 ​ ​
Class Z
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,777,276 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,128,317 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 526,783 ​ ​
Cost of shares repurchased:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
 ​ ​ ​ ​ (283,017,543) ​ ​ ​ ​ ​ (643,323,422) ​ ​ ​ ​ ​ (146,169,404) ​ ​ ​ ​ ​ (193,629,966) ​ ​ ​ ​ ​ (142,411,890) ​ ​ ​ ​ ​ (289,212,441) ​ ​
Class Z
 ​ ​ ​ ​ (8,273,828) ​ ​ ​ ​ ​ (12,343,692) ​ ​ ​ ​ ​ (3,688,329) ​ ​ ​ ​ ​ (3,142,418) ​ ​ ​ ​ ​ (4,309,974) ​ ​ ​ ​ ​ (4,606,198) ​ ​
Increase (Decrease) in Net Assets From Fund Share Transactions
 ​ ​ ​ ​ 136,406,645 ​ ​ ​ ​ ​ 651,940,966 ​ ​ ​ ​ ​ (44,212,932) ​ ​ ​ ​ ​ 237,360,676 ​ ​ ​ ​ ​ 72,866,449 ​ ​ ​ ​ ​ 315,442,993 ​ ​
Increase (Decrease) in Net Assets
 ​ ​ ​ ​ 243,515,020 ​ ​ ​ ​ ​ 692,749,521 ​ ​ ​ ​ ​ (27,537,624) ​ ​ ​ ​ ​ 279,996,392 ​ ​ ​ ​ ​ 119,678,563 ​ ​ ​ ​ ​ 238,692,759 ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
 ​ ​ ​ ​ 3,496,479,680 ​ ​ ​ ​ ​ 2,803,730,159 ​ ​ ​ ​ ​ 980,841,397 ​ ​ ​ ​ ​ 700,845,005 ​ ​ ​ ​ ​ 1,651,257,934 ​ ​ ​ ​ ​ 1,412,565,175 ​ ​
End of period
​ ​ ​ $ 3,739,994,700 ​ ​ ​ ​ $ 3,496,479,680 ​ ​ ​ ​ $ 953,303,773 ​ ​ ​ ​ $ 980,841,397 ​ ​ ​ ​ ​ 1,770,936,497 ​ ​ ​ ​ $ 1,651,257,934 ​ ​
​
​ ​ ​
Destinations Equity
Income Fund
​ ​
Destinations Real
Assets Fund
​ ​ ​
​ ​ ​
August 31,
2019
 ​ ​
February 28,
2019
 ​ ​
August 31,
2019
 ​ ​
February 28,
2019
 ​ ​ ​
OPERATIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income (loss)
 ​ ​ ​ $ 6,355,904 ​ ​ ​ ​ $ 10,377,071 ​ ​ ​ ​ $ 362,417 ​ ​ ​ ​ $ 539,576 ​ ​ ​ ​
Net realized gain (loss)
 ​ ​ ​ ​ 3,080,674 ​ ​ ​ ​ ​ 7,560,091 ​ ​ ​ ​ ​ (171,157,808) ​ ​ ​ ​ ​ (12,872,446) ​ ​ ​ ​
Change in unrealized appreciation (depreciation)
 ​ ​ ​ ​ (3,747,770) ​ ​ ​ ​ ​ 9,687,449 ​ ​ ​ ​ ​ 89,914,093 ​ ​ ​ ​ ​ (80,119,505) ​ ​ ​ ​
Increase (Decrease) in Net Assets From Operations
 ​ ​ ​ ​ 5,688,808 ​ ​ ​ ​ ​ 27,624,611 ​ ​ ​ ​ ​ (80,881,298) ​ ​ ​ ​ ​ (92,452,375) ​ ​ ​ ​
DISTRIBUTIONS TO SHAREHOLDERS
(NOTE 5):
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
 ​ ​ ​ ​ (4,886,903) ​ ​ ​ ​ ​ (20,431,968) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (337,560) ​ ​ ​ ​
Class Z
 ​ ​ ​ ​ (161,146) ​ ​ ​ ​ ​ (434,597) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (11,547) ​ ​ ​ ​
Decrease in Net Assets From Distributions to Shareholders
 ​ ​ ​ ​ (5,048,049) ​ ​ ​ ​ ​ (20,866,565) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (349,107) ​ ​ ​ ​
FUND SHARE TRANSACTIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net proceeds from sale of shares:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
 ​ ​ ​ ​ 42,267,379 ​ ​ ​ ​ ​ 146,101,281 ​ ​ ​ ​ ​ 14,183,948 ​ ​ ​ ​ ​ 138,429,624 ​ ​ ​ ​
Class Z
 ​ ​ ​ ​ 6,600,565 ​ ​ ​ ​ ​ 11,442,280 ​ ​ ​ ​ ​ 4,682,435 ​ ​ ​ ​ ​ 5,826,365 ​ ​ ​ ​
Reinvestment of distributions:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
 ​ ​ ​ ​ 4,876,208 ​ ​ ​ ​ ​ 20,394,007 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 337,006 ​ ​ ​ ​
Class Z
 ​ ​ ​ ​ 158,249 ​ ​ ​ ​ ​ 434,586 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 11,547 ​ ​ ​ ​
Cost of shares repurchased:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
 ​ ​ ​ ​ (37,163,171) ​ ​ ​ ​ ​ (102,029,957) ​ ​ ​ ​ ​ (14,603,804) ​ ​ ​ ​ ​ (56,134,660) ​ ​ ​ ​
Class Z
 ​ ​ ​ ​ (1,633,964) ​ ​ ​ ​ ​ (1,541,776) ​ ​ ​ ​ ​ (392,911) ​ ​ ​ ​ ​ (634,022) ​ ​ ​ ​
Increase (Decrease) in Net Assets From Fund Share Transactions
 ​ ​ ​ ​ 15,105,266 ​ ​ ​ ​ ​ 74,800,421 ​ ​ ​ ​ ​ 3,869,668 ​ ​ ​ ​ ​ 87,835,860 ​ ​ ​ ​
Increase (Decrease) in Net Assets
 ​ ​ ​ ​ 15,746,025 ​ ​ ​ ​ ​ 81,558,467 ​ ​ ​ ​ ​ (77,011,630) ​ ​ ​ ​ ​ (4,965,622) ​ ​ ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
 ​ ​ ​ ​ 401,541,034 ​ ​ ​ ​ ​ 319,982,567 ​ ​ ​ ​ ​ 217,585,040 ​ ​ ​ ​ ​ 222,550,662 ​ ​ ​ ​
End of period
​ ​ ​ $ 417,287,059 ​ ​ ​ ​ $ 401,541,034 ​ ​ ​ ​ $ 140,573,410 ​ ​ ​ ​ $ 217,585,040 ​ ​ ​ ​
​
See Notes to Financial Statements.
239
Statements of Changes in Net Assets
For the Six Months Ended August 31, 2019 (unaudited) and Year Ended February 28, 2019 (concluded)
​
​ ​ ​
Destinations Core
Fixed Income Fund
​ ​
Destinations Low Duration
Fixed Income Fund
​ ​
Destinations Global Fixed
Income Opportunities Fund
​
​ ​ ​
August 31,
2019
 ​ ​
February 28,
2019
 ​ ​
August 31,
2019
 ​ ​
February 28,
2019
 ​ ​
August 31,
2019
 ​ ​
February 28,
2019
 ​
OPERATIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income (loss)
 ​ ​ ​ $ 26,935,314 ​ ​ ​ ​ $ 45,639,857 ​ ​ ​ ​ $ 6,778,663 ​ ​ ​ ​ $ 9,347,197 ​ ​ ​ ​ $ 14,771,785 ​ ​ ​ ​ $ 27,952,952 ​ ​
Net realized gain (loss)
 ​ ​ ​ ​ 1,171,440 ​ ​ ​ ​ ​ (7,262,537) ​ ​ ​ ​ ​ 190,838 ​ ​ ​ ​ ​ (819,390) ​ ​ ​ ​ ​ (1,378,979) ​ ​ ​ ​ ​ (7,820,934) ​ ​
Change in unrealized appreciation (depreciation)
 ​ ​ ​ ​ 79,387,717 ​ ​ ​ ​ ​ 6,551,442 ​ ​ ​ ​ ​ 294,585 ​ ​ ​ ​ ​ (1,209,607) ​ ​ ​ ​ ​ 10,175,419 ​ ​ ​ ​ ​ (4,790,612) ​ ​
Increase (Decrease) in Net Assets From
Operations
 ​ ​ ​ ​ 107,494,471 ​ ​ ​ ​ ​ 44,928,762 ​ ​ ​ ​ ​ 7,264,086 ​ ​ ​ ​ ​ 7,318,200 ​ ​ ​ ​ ​ 23,568,225 ​ ​ ​ ​ ​ 15,341,406 ​ ​
DISTRIBUTIONS TO SHAREHOLDERS
(NOTE 5):
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
 ​ ​ ​ ​ (25,915,402) ​ ​ ​ ​ ​ (43,867,648) ​ ​ ​ ​ ​ (6,949,928) ​ ​ ​ ​ ​ (9,092,756) ​ ​ ​ ​ ​ (15,691,538) ​ ​ ​ ​ ​ (27,291,806) ​ ​
Class Z
 ​ ​ ​ ​ (739,767) ​ ​ ​ ​ ​ (358,847) ​ ​ ​ ​ ​ (179,385) ​ ​ ​ ​ ​ (86,004) ​ ​ ​ ​ ​ (438,495) ​ ​ ​ ​ ​ (257,556) ​ ​
Decrease in Net Assets From Distributions to Shareholders
 ​ ​ ​ ​ (26,655,169) ​ ​ ​ ​ ​ (44,226,495) ​ ​ ​ ​ ​ (7,129,313) ​ ​ ​ ​ ​ (9,178,760) ​ ​ ​ ​ ​ (16,130,033) ​ ​ ​ ​ ​ (27,549,362) ​ ​
FUND SHARE TRANSACTIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net proceeds from sale of shares:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
 ​ ​ ​ ​ 194,830,222 ​ ​ ​ ​ ​ 504,965,401 ​ ​ ​ ​ ​ 36,718,185 ​ ​ ​ ​ ​ 257,497,046 ​ ​ ​ ​ ​ 63,722,398 ​ ​ ​ ​ ​ 326,225,606 ​ ​
Class Z
 ​ ​ ​ ​ 58,257,244 ​ ​ ​ ​ ​ 31,239,465 ​ ​ ​ ​ ​ 9,921,571 ​ ​ ​ ​ ​ 6,912,149 ​ ​ ​ ​ ​ 18,092,036 ​ ​ ​ ​ ​ 16,628,666 ​ ​
Reinvestment of distributions:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
 ​ ​ ​ ​ 25,814,809 ​ ​ ​ ​ ​ 43,781,187 ​ ​ ​ ​ ​ 6,921,376 ​ ​ ​ ​ ​ 9,068,735 ​ ​ ​ ​ ​ 15,625,768 ​ ​ ​ ​ ​ 27,223,257 ​ ​
Class Z
 ​ ​ ​ ​ 726,910 ​ ​ ​ ​ ​ 358,837 ​ ​ ​ ​ ​ 176,321 ​ ​ ​ ​ ​ 86,000 ​ ​ ​ ​ ​ 431,080 ​ ​ ​ ​ ​ 257,546 ​ ​
Cost of shares repurchased:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
 ​ ​ ​ ​ (136,353,895) ​ ​ ​ ​ ​ (340,488,950) ​ ​ ​ ​ ​ (43,134,043) ​ ​ ​ ​ ​ (57,419,750) ​ ​ ​ ​ ​ (92,242,898) ​ ​ ​ ​ ​ (173,684,915) ​ ​
Class Z
 ​ ​ ​ ​ (3,841,772) ​ ​ ​ ​ ​ (3,221,197) ​ ​ ​ ​ ​ (777,059) ​ ​ ​ ​ ​ (865,282) ​ ​ ​ ​ ​ (2,306,864) ​ ​ ​ ​ ​ (2,465,584) ​ ​
Increase (Decrease) in Net Assets From Fund
Share Transactions
 ​ ​ ​ ​ 139,433,518 ​ ​ ​ ​ ​ 236,634,743 ​ ​ ​ ​ ​ 9,826,351 ​ ​ ​ ​ ​ 215,278,898 ​ ​ ​ ​ ​ 3,321,520 ​ ​ ​ ​ ​ 194,184,576 ​ ​
Increase (Decrease) in Net Assets
 ​ ​ ​ ​ 220,272,820 ​ ​ ​ ​ ​ 237,337,010 ​ ​ ​ ​ ​ 9,961,124 ​ ​ ​ ​ ​ 213,418,338 ​ ​ ​ ​ ​ 10,759,712 ​ ​ ​ ​ ​ 181,976,620 ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
 ​ ​ ​ ​ 1,737,082,020 ​ ​ ​ ​ ​ 1,499,745,010 ​ ​ ​ ​ ​ 391,887,251 ​ ​ ​ ​ ​ 178,468,913 ​ ​ ​ ​ ​ 783,341,927 ​ ​ ​ ​ ​ 601,365,307 ​ ​
End of period
​ ​ ​ $ 1,957,354,840 ​ ​ ​ ​ $ 1,737,082,020 ​ ​ ​ ​ $ 401,848,375 ​ ​ ​ ​ $ 391,887,251 ​ ​ ​ ​ $ 794,101,639 ​ ​ ​ ​ $ 783,341,927 ​ ​
​
​ ​ ​
Destinations Municipal
Fixed Income Fund
​ ​
Destinations Multi Strategy
Alternatives Fund
​
​ ​ ​
August 31,
2019
 ​ ​
February 28,
2019
 ​ ​
August 31,
2019
 ​ ​
February 28,
2019
 ​
OPERATIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income (loss)
 ​ ​ ​ $ 5,607,276 ​ ​ ​ ​ $ 10,499,326 ​ ​ ​ ​ $ 22,515,491 ​ ​ ​ ​ $ 38,158,965 ​ ​
Net realized gain (loss)
 ​ ​ ​ ​ 3,871,845 ​ ​ ​ ​ ​ (246,781) ​ ​ ​ ​ ​ 12,905,444 ​ ​ ​ ​ ​ 9,075,599 ​ ​
Change in unrealized appreciation (depreciation)
 ​ ​ ​ ​ 34,064,203 ​ ​ ​ ​ ​ 10,877,481 ​ ​ ​ ​ ​ (38,995,988) ​ ​ ​ ​ ​ (35,965,422) ​ ​
Increase (Decrease) in Net Assets From Operations
 ​ ​ ​ ​ 43,543,324 ​ ​ ​ ​ ​ 21,130,026 ​ ​ ​ ​ ​ (3,575,053) ​ ​ ​ ​ ​ 11,269,142 ​ ​
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 5): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
 ​ ​ ​ ​ (8,361,672) ​ ​ ​ ​ ​ (10,144,192) ​ ​ ​ ​ ​ (15,385,414) ​ ​ ​ ​ ​ (47,043,549) ​ ​
Class Z
 ​ ​ ​ ​ (149,262) ​ ​ ​ ​ ​ (109,819) ​ ​ ​ ​ ​ (326,771) ​ ​ ​ ​ ​ (586,246) ​ ​
Decrease in Net Assets From Distributions to Shareholders
 ​ ​ ​ ​ (8,510,934) ​ ​ ​ ​ ​ (10,254,011) ​ ​ ​ ​ ​ (15,712,185) ​ ​ ​ ​ ​ (47,629,795) ​ ​
FUND SHARE TRANSACTIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net proceeds from sale of shares:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
 ​ ​ ​ ​ 67,487,086 ​ ​ ​ ​ ​ 756,168,946 ​ ​ ​ ​ ​ 75,431,019 ​ ​ ​ ​ ​ 364,349,389 ​ ​
Class Z
 ​ ​ ​ ​ 5,214,878 ​ ​ ​ ​ ​ 14,466,808 ​ ​ ​ ​ ​ 23,463,017 ​ ​ ​ ​ ​ 20,189,598 ​ ​
Reinvestment of distributions:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
 ​ ​ ​ ​ 8,315,116 ​ ​ ​ ​ ​ 10,104,941 ​ ​ ​ ​ ​ 15,346,065 ​ ​ ​ ​ ​ 46,982,654 ​ ​
Class Z
 ​ ​ ​ ​ 146,629 ​ ​ ​ ​ ​ 109,817 ​ ​ ​ ​ ​ 319,962 ​ ​ ​ ​ ​ 586,237 ​ ​
Cost of shares repurchased:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
 ​ ​ ​ ​ (86,606,725) ​ ​ ​ ​ ​ (144,701,847) ​ ​ ​ ​ ​ (71,537,047) ​ ​ ​ ​ ​ (387,871,442) ​ ​
Class Z
 ​ ​ ​ ​ (1,524,855) ​ ​ ​ ​ ​ (2,633,236) ​ ​ ​ ​ ​ (1,965,659) ​ ​ ​ ​ ​ (4,963,160) ​ ​
Increase (Decrease) in Net Assets From Fund Share Transactions
 ​ ​ ​ ​ (6,967,871) ​ ​ ​ ​ ​ 633,515,429 ​ ​ ​ ​ ​ 41,057,357 ​ ​ ​ ​ ​ 39,273,276 ​ ​
Increase (Decrease) in Net Assets
 ​ ​ ​ ​ 28,064,519 ​ ​ ​ ​ ​ 644,391,444 ​ ​ ​ ​ ​ 21,770,119 ​ ​ ​ ​ ​ 2,912,623 ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
 ​ ​ ​ ​ 874,128,539 ​ ​ ​ ​ ​ 229,737,095 ​ ​ ​ ​ ​ 912,289,771 ​ ​ ​ ​ ​ 909,377,148 ​ ​
End of period
​ ​ ​ $ 902,193,058 ​ ​ ​ ​ $ 874,128,539 ​ ​ ​ ​ $ 934,059,890 ​ ​ ​ ​ $ 912,289,771 ​ ​
See Notes to Financial Statements.
240
Financial Highlights
Destinations Large Cap Equity Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class I
​
​ ​ ​
2019(1)
 ​ ​
2019
​ ​
2018(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 11.61 ​ ​ ​ ​ $ 11.71 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.05 ​ ​ ​ ​ ​ 0.11 ​ ​ ​ ​ ​ 0.10 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ 0.31 ​ ​ ​ ​ ​ 0.18 ​ ​ ​ ​ ​ 1.69 ​ ​
Total Income from Operations
 ​ ​ ​ ​ 0.36 ​ ​ ​ ​ ​ 0.29 ​ ​ ​ ​ ​ 1.79 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.10) ​ ​ ​ ​ ​ (0.08) ​ ​
Net realized gain
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.29) ​ ​ ​ ​ ​ — ​ ​
Total Distributions
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.39) ​ ​ ​ ​ ​ (0.08) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 11.97 ​ ​ ​ ​ $ 11.61 ​ ​ ​ ​ $ 11.71 ​ ​
Total Return(4)(5)
​ ​ ​ ​ 3.10% ​ ​ ​ ​ ​ 2.73% ​ ​ ​ ​ ​ 17.89% ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 3,567 ​ ​ ​ ​ $ 3,427 ​ ​ ​ ​ $ 2,804 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
 ​ ​ ​ ​ 0.96% ​ ​ ​ ​ ​ 0.97% ​ ​ ​ ​ ​ 0.98% ​ ​
Net expenses(6)(7)
​ ​ ​ ​ 0.83% ​ ​ ​ ​ ​ 0.85% ​ ​ ​ ​ ​ 0.85% ​ ​
Net investment income(6)(7)
​ ​ ​ ​ 0.85% ​ ​ ​ ​ ​ 0.91% ​ ​ ​ ​ ​ 0.97% ​ ​
Portfolio Turnover Rate(5)(8)
​ ​ ​ ​ 22% ​ ​ ​ ​ ​ 28% ​ ​ ​ ​ ​ 52% ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
241
Financial Highlights (continued)
Destinations Large Cap Equity Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class Z
​
​ ​ ​
2019(1)
 ​ ​
2019(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.46 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.05 ​ ​ ​ ​ ​ 0.07 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ 0.26 ​ ​ ​ ​ ​ (0.21) ​ ​
Total Income from Operations
 ​ ​ ​ ​ 0.31 ​ ​ ​ ​ ​ (0.14) ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.11) ​ ​
Net realized gain
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.29) ​ ​
Total Distributions
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.40) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 9.77 ​ ​ ​ ​ $ 9.46 ​ ​
Total Return(4)(5)
​ ​ ​
​
3.28%
 ​ ​ ​ ​
​
(0.94)%
 ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 173 ​ ​ ​ ​ $ 70 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
 ​ ​ ​ ​ 0.81% ​ ​ ​ ​ ​ 0.82% ​ ​
Net expenses(6)(7)
​ ​ ​ ​ 0.68% ​ ​ ​ ​ ​ 0.70% ​ ​
Net investment income(6)(7)
​ ​ ​ ​ 0.96% ​ ​ ​ ​ ​ 1.06% ​ ​
Portfolio Turnover Rate(5)(8)
​ ​ ​
​
22%
 ​ ​ ​ ​
​
28%
 ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
242
Financial Highlights (continued)
Destinations Small Mid Cap Equity
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class I
​
​ ​ ​
2019(1)
 ​ ​
2019
​ ​
2018(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 11.31 ​ ​ ​ ​ $ 10.98 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.04 ​ ​ ​ ​ ​ 0.06 ​ ​ ​ ​ ​ 0.04 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ 0.13 ​ ​ ​ ​ ​ 0.84 ​ ​ ​ ​ ​ 1.04 ​ ​
Total Income from Operations
 ​ ​ ​ ​ 0.17 ​ ​ ​ ​ ​ 0.90 ​ ​ ​ ​ ​ 1.08 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.05) ​ ​ ​ ​ ​ (0.04) ​ ​
Net realized gain
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.52) ​ ​ ​ ​ ​ (0.06) ​ ​
Total Distributions
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.57) ​ ​ ​ ​ ​ (0.10) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 11.48 ​ ​ ​ ​ $ 11.31 ​ ​ ​ ​ $ 10.98 ​ ​
Total Return(4)(5)
​ ​ ​ ​ 1.50% ​ ​ ​ ​ ​ 9.02% ​ ​ ​ ​ ​ 10.83% ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 912 ​ ​ ​ ​ $ 962 ​ ​ ​ ​ $ 701 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
 ​ ​ ​ ​ 1.11% ​ ​ ​ ​ ​ 1.12% ​ ​ ​ ​ ​ 1.14% ​ ​
Net expenses(6)(7)
​ ​ ​ ​ 1.06% ​ ​ ​ ​ ​ 1.03% ​ ​ ​ ​ ​ 1.03% ​ ​
Net investment income(6)(7)
​ ​ ​ ​ 0.62% ​ ​ ​ ​ ​ 0.53% ​ ​ ​ ​ ​ 0.41% ​ ​
Portfolio Turnover Rate(5)(8)
​ ​ ​ ​ 50% ​ ​ ​ ​ ​ 85% ​ ​ ​ ​ ​ 112% ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
243
Financial Highlights (continued)
Destinations Small Mid Cap Equity
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class Z
​
​ ​ ​
2019(1)
 ​ ​
2019(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.20 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.03 ​ ​ ​ ​ ​ 0.04 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ 0.12 ​ ​ ​ ​ ​ (0.25) ​ ​
Total Income from Operations
 ​ ​ ​ ​ 0.15 ​ ​ ​ ​ ​ (0.21) ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.07) ​ ​
Net realized gain
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.52) ​ ​
Total Distributions
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.59) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 9.35 ​ ​ ​ ​ $ 9.20 ​ ​
Total Return(4)(5)
​ ​ ​
​
1.63%
 ​ ​ ​ ​
​
(1.24)%
 ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 42 ​ ​ ​ ​ $ 19 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
 ​ ​ ​ ​ 0.96% ​ ​ ​ ​ ​ 0.97% ​ ​
Net expenses(6)(7)
​ ​ ​ ​ 0.91% ​ ​ ​ ​ ​ 0.88% ​ ​
Net investment income(6)(7)
​ ​ ​ ​ 0.73% ​ ​ ​ ​ ​ 0.68% ​ ​
Portfolio Turnover Rate(5)(8)
​ ​ ​
​
50%
 ​ ​ ​ ​
​
85%
 ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
244
Financial Highlights (continued)
Destinations International Equity Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class I
​
​ ​ ​
2019(1)
 ​ ​
2019
​ ​
2018(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 10.86 ​ ​ ​ ​ $ 11.69 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.09 ​ ​ ​ ​ ​ 0.09 ​ ​ ​ ​ ​ 0.07 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ 0.22 ​ ​ ​ ​ ​ (0.77) ​ ​ ​ ​ ​ 1.70 ​ ​
Total Income from Operations
 ​ ​ ​ ​ 0.31 ​ ​ ​ ​ ​ (0.68) ​ ​ ​ ​ ​ 1.77 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.12) ​ ​ ​ ​ ​ (0.07) ​ ​
Net realized gain
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.03) ​ ​ ​ ​ ​ (0.01) ​ ​
Total Distributions
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.15) ​ ​ ​ ​ ​ (0.08) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 11.17 ​ ​ ​ ​ $ 10.86 ​ ​ ​ ​ $ 11.69 ​ ​
Total Return(4)(5)
​ ​ ​ ​ 2.85% ​ ​ ​ ​ ​ (5.71)% ​ ​ ​ ​ ​ 17.70% ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 1,691 ​ ​ ​ ​ $ 1,618 ​ ​ ​ ​ $ 1,413 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
 ​ ​ ​ ​ 1.26% ​ ​ ​ ​ ​ 1.28% ​ ​ ​ ​ ​ 1.30% ​ ​
Net expenses(6)(7)
​ ​ ​ ​ 1.17% ​ ​ ​ ​ ​ 1.18% ​ ​ ​ ​ ​ 1.15% ​ ​
Net investment income(6)(7)
​ ​ ​ ​ 1.51% ​ ​ ​ ​ ​ 0.83% ​ ​ ​ ​ ​ 0.69% ​ ​
Portfolio Turnover Rate(5)(8)
​ ​ ​ ​ 14% ​ ​ ​ ​ ​ 32% ​ ​ ​ ​ ​ 50% ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
245
Financial Highlights (continued)
Destinations International Equity Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class Z
​
​ ​ ​
2019(1)
 ​ ​
2019(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.48 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.07 ​ ​ ​ ​ ​ 0.02 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ 0.22 ​ ​ ​ ​ ​ (0.38) ​ ​
Total Income from Operations
 ​ ​ ​ ​ 0.29 ​ ​ ​ ​ ​ (0.36) ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.13) ​ ​
Net realized gain
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.03) ​ ​
Total Distributions
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.16) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 9.77 ​ ​ ​ ​ $ 9.48 ​ ​
Total Return(4)(5)
​ ​ ​
​
3.06%
 ​ ​ ​ ​
​
(3.43)%
 ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 80 ​ ​ ​ ​ $ 33 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
 ​ ​ ​ ​ 1.11% ​ ​ ​ ​ ​ 1.13% ​ ​
Net expenses(6)(7)
​ ​ ​ ​ 1.02% ​ ​ ​ ​ ​ 1.03% ​ ​
Net investment income(6)(7)
​ ​ ​ ​ 1.33% ​ ​ ​ ​ ​ 0.98% ​ ​
Portfolio Turnover Rate(5)(8)
​ ​ ​
​
14%
 ​ ​ ​ ​
​
32%
 ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
246
Financial Highlights (continued)
Destinations Equity Income Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class I
​
​ ​ ​
2019(1)
 ​ ​
2019
​ ​
2018(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 10.20 ​ ​ ​ ​ $ 10.14 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.16 ​ ​ ​ ​ ​ 0.32 ​ ​ ​ ​ ​ 0.31 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ (0.01) ​ ​ ​ ​ ​ 0.39 ​ ​ ​ ​ ​ 0.12 ​ ​
Total Income from Operations
 ​ ​ ​ ​ 0.15 ​ ​ ​ ​ ​ 0.71 ​ ​ ​ ​ ​ 0.43 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ (0.13) ​ ​ ​ ​ ​ (0.29) ​ ​ ​ ​ ​ (0.26) ​ ​
Net realized gain
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.36) ​ ​ ​ ​ ​ (0.03) ​ ​
Total Distributions
 ​ ​ ​ ​ (0.13) ​ ​ ​ ​ ​ (0.65) ​ ​ ​ ​ ​ (0.29) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 10.22 ​ ​ ​ ​ $ 10.20 ​ ​ ​ ​ $ 10.14 ​ ​
Total Return(4)(5)
​ ​ ​ ​ 1.43% ​ ​ ​ ​ ​ 7.52% ​ ​ ​ ​ ​ 4.34% ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 402 ​ ​ ​ ​ $ 391 ​ ​ ​ ​ $ 320 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
 ​ ​ ​ ​ 1.55% ​ ​ ​ ​ ​ 1.04% ​ ​ ​ ​ ​ 1.05% ​ ​
Net expenses(6)(7)
​ ​ ​ ​ 1.39% ​ ​ ​ ​ ​ 0.87% ​ ​ ​ ​ ​ 0.93% ​ ​
Net investment income(6)(7)
​ ​ ​ ​ 3.05% ​ ​ ​ ​ ​ 3.13% ​ ​ ​ ​ ​ 3.18% ​ ​
Portfolio Turnover Rate(5)(8)
​ ​ ​ ​ 16% ​ ​ ​ ​ ​ 74% ​ ​ ​ ​ ​ 57% ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
247
Financial Highlights (continued)
Destinations Equity Income Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class Z
​
​ ​ ​
2019(1)
 ​ ​
2019(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.89 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.16 ​ ​ ​ ​ ​ 0.20 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ 0.00(4) ​ ​ ​ ​ ​ 0.21 ​ ​
Total Income from Operations
 ​ ​ ​ ​ 0.16 ​ ​ ​ ​ ​ 0.41 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ (0.13) ​ ​ ​ ​ ​ (0.16) ​ ​
Net realized gain
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.36) ​ ​
Total Distributions
 ​ ​ ​ ​ (0.13) ​ ​ ​ ​ ​ (0.52) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 9.92 ​ ​ ​ ​ $ 9.89 ​ ​
Total Return(5)(6)
​ ​ ​
​
1.63%
 ​ ​ ​ ​
​
4.51%
 ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ ​ 15 ​ ​ ​ ​ $ 10 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(7)
 ​ ​ ​ ​ 1.40% ​ ​ ​ ​ ​ 0.89% ​ ​
Net expenses(7)(8)
​ ​ ​ ​ 1.24% ​ ​ ​ ​ ​ 0.72% ​ ​
Net investment income(7)(8)
​ ​ ​ ​ 3.13% ​ ​ ​ ​ ​ 3.28% ​ ​
Portfolio Turnover Rate(6)(9)
​ ​ ​
​
16%
 ​ ​ ​ ​
​
74%
 ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Amounts represent less than 0.01.
​
(5)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(6)
Not annualized.
​
(7)
Annualized.
​
(8)
Reflects fee waivers and/or expense reimbursements.
​
(9)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
248
Financial Highlights (continued)
Destinations Real Assets Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class I
​
​ ​ ​
2019(1)
 ​ ​
2019
​ ​
2018(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 6.43 ​ ​ ​ ​ $ 8.94 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.01 ​ ​ ​ ​ ​ 0.02 ​ ​ ​ ​ ​ 0.00(4) ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ (2.37) ​ ​ ​ ​ ​ (2.52) ​ ​ ​ ​ ​ (0.78) ​ ​
Total Income from Operations
 ​ ​ ​ ​ (2.36) ​ ​ ​ ​ ​ (2.50) ​ ​ ​ ​ ​ (0.78) ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.00)(5) ​ ​ ​ ​ ​ (0.04) ​ ​
Net realized gain
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.01) ​ ​ ​ ​ ​ (0.24) ​ ​
Total Distributions
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.01) ​ ​ ​ ​ ​ (0.28) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 4.07 ​ ​ ​ ​ $ 6.43 ​ ​ ​ ​ $ 8.94 ​ ​
Total Return(5)(6)
​ ​ ​ ​ (36.70)% ​ ​ ​ ​ ​ (27.95)% ​ ​ ​ ​ ​ (7.95)% ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 135 ​ ​ ​ ​ $ 214 ​ ​ ​ ​ $ 223 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(7)
 ​ ​ ​ ​ 1.26% ​ ​ ​ ​ ​ 1.24% ​ ​ ​ ​ ​ 1.29% ​ ​
Net expenses(7)(8)
​ ​ ​ ​ 1.22% ​ ​ ​ ​ ​ 1.20% ​ ​ ​ ​ ​ 1.19% ​ ​
Net investment income(7)(8)
​ ​ ​ ​ 0.38% ​ ​ ​ ​ ​ 0.21% ​ ​ ​ ​ ​ 0.02% ​ ​
Portfolio Turnover Rate(6)(9)
​ ​ ​ ​ 29% ​ ​ ​ ​ ​ 66% ​ ​ ​ ​ ​ 58% ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Amounts represent less than 0.01.
​
(5)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(6)
Not annualized.
​
(7)
Annualized.
​
(8)
Reflects fee waivers and/or expense reimbursements.
​
(9)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
249
Financial Highlights (continued)
Destinations Real Assets Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class Z
​
​ ​ ​
2019(1)
 ​ ​
2019(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 6.50 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.01 ​ ​ ​ ​ ​ 0.02 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ (2.39) ​ ​ ​ ​ ​ (3.50) ​ ​
Total Income from Operations
 ​ ​ ​ ​ (2.38) ​ ​ ​ ​ ​ (3.48) ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.01) ​ ​
Net realized gain
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.01) ​ ​
Total Distributions
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.02) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 4.12 ​ ​ ​ ​ $ 6.50 ​ ​
Total Return(4)(5)
​ ​ ​
​
(36.62)%
 ​ ​ ​ ​
​
(34.79)%
 ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 6 ​ ​ ​ ​ $ 4 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
 ​ ​ ​ ​ 1.11% ​ ​ ​ ​ ​ 1.09% ​ ​
Net expenses(6)(7)
​ ​ ​ ​ 1.07% ​ ​ ​ ​ ​ 1.05% ​ ​
Net investment income(6)(7)
​ ​ ​ ​ 0.48% ​ ​ ​ ​ ​ 0.36% ​ ​
Portfolio Turnover Rate(5)(8)
​ ​ ​
​
29%
 ​ ​ ​ ​
​
66%
 ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
250
Financial Highlights (continued)
Destinations Core Fixed Income Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class I
​
​ ​ ​
2019(1)
 ​ ​
2019
​ ​
2018(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.83 ​ ​ ​ ​ $ 9.83 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.15 ​ ​ ​ ​ ​ 0.28 ​ ​ ​ ​ ​ 0.21 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ 0.44 ​ ​ ​ ​ ​ (0.01) ​ ​ ​ ​ ​ (0.17) ​ ​
Total Income from Operations
 ​ ​ ​ ​ 0.59 ​ ​ ​ ​ ​ 0.27 ​ ​ ​ ​ ​ 0.04 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ (0.15) ​ ​ ​ ​ ​ (0.27) ​ ​ ​ ​ ​ (0.19) ​ ​
Net realized gain
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.02) ​ ​
Total Distributions
 ​ ​ ​ ​ (0.15) ​ ​ ​ ​ ​ (0.27) ​ ​ ​ ​ ​ (0.21) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 10.27 ​ ​ ​ ​ $ 9.83 ​ ​ ​ ​ $ 9.83 ​ ​
Total Return(4)(5)
​ ​ ​ ​ 6.00% ​ ​ ​ ​ ​ 2.77% ​ ​ ​ ​ ​ 0.34% ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 1,871 ​ ​ ​ ​ $ 1,708 ​ ​ ​ ​ $ 1,500 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
 ​ ​ ​ ​ 0.88% ​ ​ ​ ​ ​ 0.89% ​ ​ ​ ​ ​ 0.90% ​ ​
Net expenses(6)(7)
​ ​ ​ ​ 0.80% ​ ​ ​ ​ ​ 0.81% ​ ​ ​ ​ ​ 0.82% ​ ​
Net investment income(6)(7)
​ ​ ​ ​ 2.92% ​ ​ ​ ​ ​ 2.85% ​ ​ ​ ​ ​ 2.22% ​ ​
Portfolio Turnover Rate(5)(8)
​ ​ ​ ​ 24% ​ ​ ​ ​ ​ 64% ​ ​ ​ ​ ​ 170% ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
251
Financial Highlights (continued)
Destinations Core Fixed Income Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class Z
​
​ ​ ​
2019(1)
 ​ ​
2019(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 10.08 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.16 ​ ​ ​ ​ ​ 0.20 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ 0.45 ​ ​ ​ ​ ​ 0.03 ​ ​
Total Income from Operations
 ​ ​ ​ ​ 0.61 ​ ​ ​ ​ ​ 0.23 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ (0.15) ​ ​ ​ ​ ​ (0.15) ​ ​
Total Distributions
 ​ ​ ​ ​ (0.15) ​ ​ ​ ​ ​ (0.15) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 10.54 ​ ​ ​ ​ $ 10.08 ​ ​
Total Return(4)(5)
 ​ ​ ​ ​ 6.13% ​ ​ ​ ​ ​ 2.29% ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 86 ​ ​ ​ ​ $ 29 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
 ​ ​ ​ ​ 0.73% ​ ​ ​ ​ ​ 0.74% ​ ​
Net expenses(6)(7)
 ​ ​ ​ ​ 0.65% ​ ​ ​ ​ ​ 0.66% ​ ​
Net investment income(6)(7)
 ​ ​ ​ ​ 3.04% ​ ​ ​ ​ ​ 3.00% ​ ​
Portfolio Turnover Rate(5)(8)
 ​ ​ ​ ​ 24% ​ ​ ​ ​ ​ 64% ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
252
Financial Highlights (continued)
Destinations Low Duration Fixed Income Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class I
​
​ ​ ​
2019(1)
 ​ ​
2019
​ ​
2018(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.84 ​ ​ ​ ​ $ 9.90 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.17 ​ ​ ​ ​ ​ 0.35 ​ ​ ​ ​ ​ 0.27 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ 0.01 ​ ​ ​ ​ ​ (0.08) ​ ​ ​ ​ ​ (0.12) ​ ​
Total Income from Operations
 ​ ​ ​ ​ 0.18 ​ ​ ​ ​ ​ 0.27 ​ ​ ​ ​ ​ 0.15 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ 0.18 ​ ​ ​ ​ ​ (0.33) ​ ​ ​ ​ ​ (0.25) ​ ​
Total Distributions
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.33) ​ ​ ​ ​ ​ (0.25) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 9.84 ​ ​ ​ ​ $ 9.84 ​ ​ ​ ​ $ 9.90 ​ ​
Total Return(4)(5)
​ ​ ​ ​ 1.80% ​ ​ ​ ​ ​ 2.79% ​ ​ ​ ​ ​ 1.52% ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 386 ​ ​ ​ ​ $ 386 ​ ​ ​ ​ $ 178 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
 ​ ​ ​ ​ 0.95% ​ ​ ​ ​ ​ 0.97% ​ ​ ​ ​ ​ 1.00% ​ ​
Net expenses(6)(7)
​ ​ ​ ​ 0.93% ​ ​ ​ ​ ​ 0.93% ​ ​ ​ ​ ​ 0.94% ​ ​
Net investment income(6)(7)
​ ​ ​ ​ 3.37% ​ ​ ​ ​ ​ 3.51% ​ ​ ​ ​ ​ 2.84% ​ ​
Portfolio Turnover Rate(5)(8)
​ ​ ​ ​ 68% ​ ​ ​ ​ ​ 120% ​ ​ ​ ​ ​ 32% ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
253
Financial Highlights (continued)
Destinations Low Duration Fixed Income Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class Z
​
​ ​ ​
2019(1)
 ​ ​
2019(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 10.03 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.18 ​ ​ ​ ​ ​ 0.22 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ 0.00(4) ​ ​ ​ ​ ​ (0.03) ​ ​
Total Income from Operations
 ​ ​ ​ ​ 0.18 ​ ​ ​ ​ ​ 0.19 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ (0.18) ​ ​ ​ ​ ​ (0.16) ​ ​
Total Distributions
 ​ ​ ​ ​ (0.18) ​ ​ ​ ​ ​ (0.16) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 10.03 ​ ​ ​ ​ $ 10.03 ​ ​
Total Return(5)(6)
​ ​ ​
​
1.84%
 ​ ​ ​ ​
​
1.82%
 ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 15 ​ ​ ​ ​ $ 6 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(7)
 ​ ​ ​ ​ 0.80% ​ ​ ​ ​ ​ 0.82% ​ ​
Net expenses(7)(8)
​ ​ ​ ​ 0.78% ​ ​ ​ ​ ​ 0.78% ​ ​
Net investment income(7)(8)
​ ​ ​ ​ 3.49% ​ ​ ​ ​ ​ 3.66% ​ ​
Portfolio Turnover Rate(6)(9)
​ ​ ​
​
68%
 ​ ​ ​ ​
​
120%
 ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Amounts represent less than 0.01 per share.
​
(5)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(6)
Not annualized.
​
(7)
Annualized.
​
(8)
Reflects fee waivers and/or expense reimbursements.
​
(9)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
254
Financial Highlights (continued)
Destinations Global Fixed Income Opportunities Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class I
​
​ ​ ​
2019(1)
 ​ ​
2019
​ ​
2018(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.82 ​ ​ ​ ​ $ 9.99 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.18 ​ ​ ​ ​ ​ 0.38 ​ ​ ​ ​ ​ 0.37 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ 0.11 ​ ​ ​ ​ ​ (0.18) ​ ​ ​ ​ ​ (0.02) ​ ​
Total Income from Operations
 ​ ​ ​ ​ 0.29 ​ ​ ​ ​ ​ 0.20 ​ ​ ​ ​ ​ 0.35 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ (0.20) ​ ​ ​ ​ ​ (0.37) ​ ​ ​ ​ ​ (0.35) ​ ​
Net realized gain
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.01) ​ ​
Total Distributions
 ​ ​ ​ ​ (0.20) ​ ​ ​ ​ ​ (0.37) ​ ​ ​ ​ ​ (0.36) ​ ​
Net Asset Value, End of Perid
 ​ ​ ​ $ 9.91 ​ ​ ​ ​ $ 9.82 ​ ​ ​ ​ $ 9.99 ​ ​
Total Return(4)(5)
​ ​ ​ ​ 2.98% ​ ​ ​ ​ ​ 2.20% ​ ​ ​ ​ ​ 3.45% ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 763 ​ ​ ​ ​ $ 769 ​ ​ ​ ​ $ 601 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
 ​ ​ ​ ​ 1.11%(7) ​ ​ ​ ​ ​ 1.09%(8) ​ ​ ​ ​ ​ 1.10% ​ ​
Net expenses(6)(9)
​ ​ ​ ​ 1.00%(7) ​ ​ ​ ​ ​ 0.98%(8) ​ ​ ​ ​ ​ 0.99% ​ ​
Net investment income(6)(9)
​ ​ ​ ​ 3.68% ​ ​ ​ ​ ​ 3.90% ​ ​ ​ ​ ​ 3.88% ​ ​
Portfolio Turnover Rate(5)(10)
​ ​ ​ ​ 44% ​ ​ ​ ​ ​ 79% ​ ​ ​ ​ ​ 64% ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Ratio includes interest and dividend expense on short sales which represents less than 0.03%.
​
(8)
Ratio includes interest and dividend expense on short sales which represents less than 0.00%.
​
(9)
Reflects fee waivers and/or expense reimbursements.
​
(10)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
255
Financial Highlights (continued)
Destinations Global Fixed Income Opportunities Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class Z
​
​ ​ ​
2019(1)
 ​ ​
2019(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.98 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.19 ​ ​ ​ ​ ​ 0.26 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ 0.11 ​ ​ ​ ​ ​ (0.08) ​ ​
Total Income from Operations
 ​ ​ ​ ​ 0.30 ​ ​ ​ ​ ​ 0.18 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ (0.21) ​ ​ ​ ​ ​ (0.20) ​ ​
Total Distributions
 ​ ​ ​ ​ (0.21) ​ ​ ​ ​ ​ (0.20) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 10.07 ​ ​ ​ ​ $ 9.98 ​ ​
Total Return(4)(5)
​ ​ ​
​
3.01%
 ​ ​ ​ ​
​
1.72%
 ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 31 ​ ​ ​ ​ $ 14 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
 ​ ​ ​ ​ 0.96%(7) ​ ​ ​ ​ ​ 0.94%(8) ​ ​
Net expenses(6)(9)
​ ​ ​ ​ 0.85%(7) ​ ​ ​ ​ ​ 0.83%(8) ​ ​
Net investment income(6)(9)
​ ​ ​ ​ 3.83% ​ ​ ​ ​ ​ 4.05% ​ ​
Portfolio Turnover Rate(5)(10)
​ ​ ​
​
44%
 ​ ​ ​ ​
​
79%
 ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Ratio includes interest and dividend expense on short sales which represents less than 0.03%.
​
(8)
Ratio includes interest and dividend expense on short sales which represents less than 0.00%.
​
(9)
Reflects fee waivers and/or expense reimbursements.
​
(10)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
256
Financial Highlights (continued)
Destinations Municipal Fixed Income Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class I
​
​ ​ ​
2019(1)
 ​ ​
2019
​ ​
2018(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 10.11 ​ ​ ​ ​ $ 9.93 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.07 ​ ​ ​ ​ ​ 0.17 ​ ​ ​ ​ ​ 0.08 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ 0.44 ​ ​ ​ ​ ​ 0.15 ​ ​ ​ ​ ​ (0.09) ​ ​
Total Income from Operations
 ​ ​ ​ ​ 0.51 ​ ​ ​ ​ ​ 0.32 ​ ​ ​ ​ ​ (0.01) ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ (0.10) ​ ​ ​ ​ ​ (0.14) ​ ​ ​ ​ ​ (0.05) ​ ​
Net realized gain
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.01) ​ ​
Total Distributions
 ​ ​ ​ ​ (0.10) ​ ​ ​ ​ ​ (0.14) ​ ​ ​ ​ ​ (0.06) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 10.52 ​ ​ ​ ​ $ 10.11 ​ ​ ​ ​ $ 9.93 ​ ​
Total Return(4)(5)
​ ​ ​ ​ 5.05% ​ ​ ​ ​ ​ 3.30% ​ ​ ​ ​ ​ (0.14)% ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 886 ​ ​ ​ ​ $ 862 ​ ​ ​ ​ $ 230 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
 ​ ​ ​ ​ 0.95% ​ ​ ​ ​ ​ 0.95% ​ ​ ​ ​ ​ 0.97% ​ ​
Net expenses(6)(7)
​ ​ ​ ​ 0.80% ​ ​ ​ ​ ​ 0.80% ​ ​ ​ ​ ​ 0.80% ​ ​
Net investment income(6)(7)
​ ​ ​ ​ 1.25% ​ ​ ​ ​ ​ 1.71% ​ ​ ​ ​ ​ 0.79% ​ ​
Portfolio Turnover Rate(5)(8)
​ ​ ​ ​ 21% ​ ​ ​ ​ ​ 84% ​ ​ ​ ​ ​ 69% ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
257
Financial Highlights (continued)
Destinations Municipal Fixed Income Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class Z
​
​ ​ ​
2019(1)
 ​ ​
2019(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 10.14 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.07 ​ ​ ​ ​ ​ 0.13 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ 0.45 ​ ​ ​ ​ ​ 0.11 ​ ​
Total Income from Operations
 ​ ​ ​ ​ 0.52 ​ ​ ​ ​ ​ 0.24 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ (0.11) ​ ​ ​ ​ ​ (0.10) ​ ​
Total Distributions
 ​ ​ ​ ​ (0.11) ​ ​ ​ ​ ​ (0.10) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 10.55 ​ ​ ​ ​ $ 10.14 ​ ​
Total Return(4)(5)
​ ​ ​
​
5.12%
 ​ ​ ​ ​
​
2.42%
 ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 17 ​ ​ ​ ​ $ 12 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
 ​ ​ ​ ​ 0.80% ​ ​ ​ ​ ​ 0.80% ​ ​
Net expenses(6)(7)
​ ​ ​ ​ 0.65% ​ ​ ​ ​ ​ 0.65% ​ ​
Net investment income(6)(7)
​ ​ ​ ​ 1.40% ​ ​ ​ ​ ​ 1.86% ​ ​
Portfolio Turnover Rate(5)(8)
​ ​ ​
​
21%
 ​ ​ ​ ​
​
84%
 ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Reflects fee waivers and/or expense reimbursements.
​
(8)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
258
Financial Highlights (continued)
Destinations Multi Strategy Alternatives Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class I
​
​ ​ ​
2019(1)
 ​ ​
2019
​ ​
2018(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.76 ​ ​ ​ ​ $ 10.20 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.24 ​ ​ ​ ​ ​ 0.40 ​ ​ ​ ​ ​ 0.27 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ (0.27) ​ ​ ​ ​ ​ (0.32) ​ ​ ​ ​ ​ 0.13 ​ ​
Total Income from Operations
 ​ ​ ​ ​ (0.03) ​ ​ ​ ​ ​ 0.08 ​ ​ ​ ​ ​ 0.40 ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ (0.17) ​ ​ ​ ​ ​ (0.35) ​ ​ ​ ​ ​ (0.20) ​ ​
Net realized gain
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.17) ​ ​ ​ ​ ​ — ​ ​
Total Distributions
 ​ ​ ​ ​ (0.17) ​ ​ ​ ​ ​ (0.52) ​ ​ ​ ​ ​ (0.20) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 9.56 ​ ​ ​ ​ $ 9.76 ​ ​ ​ ​ $ 10.20 ​ ​
Total Return(4)(5)
​ ​ ​ ​ (0.36)% ​ ​ ​ ​ ​ 1.00% ​ ​ ​ ​ ​ 4.04% ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 898 ​ ​ ​ ​ $ 897 ​ ​ ​ ​ $ 909 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
 ​ ​ ​ ​ 1.71%(7) ​ ​ ​ ​ ​ 1.71%(8) ​ ​ ​ ​ ​ 1.73%(9) ​ ​
Net expenses(6)(10)
​ ​ ​ ​ 1.31%(7) ​ ​ ​ ​ ​ 1.23%(8) ​ ​ ​ ​ ​ 1.25%(9) ​ ​
Net investment income(6)(10)
​ ​ ​ ​ 4.82% ​ ​ ​ ​ ​ 4.01% ​ ​ ​ ​ ​ 2.82% ​ ​
Portfolio Turnover Rate(5)(11)
​ ​ ​ ​ 52% ​ ​ ​ ​ ​ 109% ​ ​ ​ ​ ​ 111% ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Fund inception (March 20, 2017) through the period ended February 28, 2018.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Ratio includes interest and dividend expense on short sales which represents less than 0.13%.
​
(8)
Ratio includes interest and dividend expense on short sales which represents less than 0.12% (annualized).
​
(9)
Ratio includes dividend and interest expense on short sales which represents 0.12% (annualized).
​
(10)
Reflects fee waivers and/or expense reimbursements.
​
(11)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
259
Financial Highlights (concluded)
Destinations Multi Strategy Alternatives Fund
​
For a share of beneficial interest outstanding throughout each period:
​ ​ ​
Class Z
​
​ ​ ​
2019(1)
 ​ ​
2019(2)
 ​
Net asset value, Beginning of Period
 ​ ​ ​ $ 9.54 ​ ​ ​ ​ $ 10.00 ​ ​
Income (Loss) from Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(3)
 ​ ​ ​ ​ 0.24 ​ ​ ​ ​ ​ 0.31 ​ ​
Net realized and unrealized gain
 ​ ​ ​ ​ (0.27) ​ ​ ​ ​ ​ (0.35) ​ ​
Total Income from Operations
 ​ ​ ​ ​ (0.03) ​ ​ ​ ​ ​ (0.04) ​ ​
Less Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
 ​ ​ ​ ​ (0.17) ​ ​ ​ ​ ​ (0.25) ​ ​
Net realized gain
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.17) ​ ​
Total Distributions
 ​ ​ ​ ​ (0.17) ​ ​ ​ ​ ​ (0.42) ​ ​
Net Asset Value, End of Period
 ​ ​ ​ $ 9.34 ​ ​ ​ ​ $ 9.54 ​ ​
Total Return(4)(5)
​ ​ ​
​
(0.32)%
 ​ ​ ​ ​
​
(0.21)%
 ​ ​
Net Assets, End of Period (millions)
 ​ ​ ​ $ 36 ​ ​ ​ ​ $ 15 ​ ​
Ratios to Average Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross expenses(6)
 ​ ​ ​ ​ 1.56%(7) ​ ​ ​ ​ ​ 1.56%(8) ​ ​
Net expenses(6)(9)
​ ​ ​ ​ 1.16%(7) ​ ​ ​ ​ ​ 1.08%(8) ​ ​
Net investment income(6)(9)
​ ​ ​ ​ 4.98% ​ ​ ​ ​ ​ 4.16% ​ ​
Portfolio Turnover Rate(5)(10)
​ ​ ​
​
52%
 ​ ​ ​ ​
​
109%
 ​ ​
​
(1)
For the six months ended August 31, 2019 (unaudited).
​
(2)
For the period from Class inception (July 16, 2018) through the period ended February 28, 2019.
​
(3)
Per share amounts have been calculated using the average shares method.
​
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distributions. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
​
(5)
Not annualized.
​
(6)
Annualized.
​
(7)
Ratio includes interest and dividend expense on short sales which represents less than 0.13%.
​
(8)
Ratio includes interest and dividend expense on short sales which represents less than 0.20% (annualized).
​
(9)
Reflects fee waivers and/or expense reimbursements.
​
(10)
Reflects the rate for the Fund as a whole; not on a share class basis.
​
​
See Notes to Financial Statements.
260
Notes to Financial Statements
August 31, 2019 (unaudited)
​
1. Organization
Brinker Capital Destinations Trust (“Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust currently consists of Destinations Large Cap Equity Fund, Destinations Small-Mid Cap Equity Fund, Destinations International Equity Fund, Destinations Equity Income Fund, Destinations Real Assets Fund, Destinations Core Fixed Income Fund, Destinations Low Duration Fixed Income Fund, Destinations Global Fixed Income Opportunities Fund, Destinations Municipal Fixed Income Fund and Destinations Multi Strategy Alternatives Fund (individually, a “Fund” and collectively, the “Funds”). Each Fund currently offers two classes of shares designated as Class I and Class Z shares.
Brinker Capital, Inc. (“Brinker Capital” or the “Adviser”), serves as the investment adviser for the Funds. The Funds employ a multimanager strategy. The Adviser selects and oversees professional money managers (each a “Sub-adviser”) who are responsible for investing the assets of the Funds allocated to them.
2. Accounting Policies
The Funds’ financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Estimates and assumptions are required to be made by management regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. The Funds are investment companies and follow the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies.
Each class of shares represents an interest in the same portfolio of investments of each fund and has equal rights to voting, redemption, dividends and liquidation, except that each class bears different class expenses and each has exclusive voting rights with respect to matters that relate solely to that class or for which the interests of one class differ from the interests of another class. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.
3. Investment valuation
Equity securities for each Fund for which market quotations are readily available and are traded on an exchange are valued at the closing sale price or official closing price on the exchange on which such security is principally traded. In the event there are no sales that day, such securities are valued at the bid price. For equity securities that are primarily traded on foreign exchanges, these values are converted to U.S. dollars using the current exchange rates as of the close of the NewYork Stock Exchange (“NYSE”).
Futures contracts are valued at the settlement price in the market where such contracts are principally traded. Foreign currency forward contracts are valued at the current Business Day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.
Portfolio securities traded in the over-the-counter market for which market quotations are readily available are valued at the last sales price that day. In the event there are no sales that day, such securities are valued at the bid price. Investments in registered open-end management investment companies are valued at reported net asset value per share.
Securities pledged by the Funds as collateral, if any, are identified as such in the Schedules of Investments.
Debt obligations that will mature in 60 days or less are valued at amortized cost, which approximates market value. Debt obligations that will mature in more than 60 days are valued using valuations furnished by an approved third-party pricing service; such valuations are determined by the third-party pricing service based upon its analysis of a variety of factors, including transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and its analysis of various relationships between securities, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events.
261
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
3. Investment valuation (continued)
The Board of Trustees (the “Board”) has ultimate responsibility for ensuring the Funds’ investments are valued appropriately. The Board has delegated primary responsibility for determining or causing to be determined the value of the Funds’ investments (including any fair valuation) to the Adviser pursuant to valuation policies and procedures approved by the Board. When market quotations are not readily available or are determined to be unreliable, investments are valued at fair value as determined in good faith by the valuation committee established by the Adviser in accordance with such procedures under the oversight of the Board. Circumstances that may indicate that market quotations are not readily available or are unreliable include, but are not limited to, such instances when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, and before the applicable Fund calculates its Net Asset Value (“NAV”).
Each business day, the Funds use a Board-approved third-party pricing service to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE.
The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities that segregates fair value measurements into levels (Level 1, 2, and 3). The three levels of the fair value hierarchy are as follows:
Level 1 — unadjusted quoted prices in active markets for identical securities.
Level 2 — significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 — significant unobservable inputs (including assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments.)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Funds generally use to evaluate how to classify each major category of assets and liabilities in accordance with GAAP.
Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign bonds, bank loans, convertible preferred securities and non-U.S. bonds are normally valued by third-party pricing service providers that use broker quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.
Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by third-party pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities and the related forward sales commitments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.
Common stocks, preferred stocks, rights, warrants, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts that are traded on a national securities exchange, are categorized as Level 1 of the fair value hierarchy, to the extent these securities are actively traded and valuation adjustments are not applied.
Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE close. Securities using these valuation adjustments
262
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
3. Investment valuation (continued)
are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.
Investments in registered open-end investment management companies are valued based upon the NAVs of such investments on the valuation date and are categorized as Level 1 of the fair value hierarchy.
Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy.
Over-the-counter financial derivative instruments, such as forward foreign currency contracts, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or by third-party pricing service providers. Depending on the product and the terms of the transaction, the value of financial derivatives can be estimated by a third-party pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates. Financial derivatives that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.
Centrally cleared swaps listed or traded on the multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.
The Funds’ policy is to recognize transfers between levels at the end of the reporting period. In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The following table summarizes the valuation of each Fund’s assets and liabilities using the fair value hierarchy:
​ ​ ​
Total Fair Value at
August 31, 2019
​ ​
Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1)
​ ​
Significant
Observable Inputs
(Level 2)
​ ​
Significant
Unobservable
Inputs
(Level 3)
​
Destinations Large Cap Equity Fund  ​
Investments, at value  ​
Common Stocks: 
 ​
Basic Materials
​ ​ ​ $ 84,227,150 ​ ​ ​ ​ $ 84,227,150 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Communications
​ ​ ​ ​ 660,636,836 ​ ​ ​ ​ ​ 660,636,836 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Consumer Cyclical
​ ​ ​ ​ 252,444,115 ​ ​ ​ ​ ​ 252,444,115 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Consumer Non-cyclical
​ ​ ​ ​ 879,920,088 ​ ​ ​ ​ ​ 879,920,088 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Energy
​ ​ ​ ​ 178,001,799 ​ ​ ​ ​ ​ 178,001,799 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Financial
​ ​ ​ ​ 609,667,581 ​ ​ ​ ​ ​ 608,082,958 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,584,623 ​ ​
Industrial
​ ​ ​ ​ 326,314,571 ​ ​ ​ ​ ​ 326,314,571 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Technology
​ ​ ​ ​ 609,901,875 ​ ​ ​ ​ ​ 609,901,875 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Utilities
​ ​ ​ ​ 76,769,161 ​ ​ ​ ​ ​ 76,769,161 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Preferred Stocks
​ ​ ​ ​ 2,489,761 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,489,761 ​ ​
263
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
3. Investment valuation (continued)
​ ​ ​
Total Fair Value at
August 31, 2019
​ ​
Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1)
​ ​
Significant
Observable Inputs
(Level 2)
​ ​
Significant
Unobservable
Inputs
(Level 3)
​
Destinations Large Cap Equity Fund (continued) ​
Investments, at value (continued) ​
Short-Term Investments:
 ​
Time Deposits
​ ​ ​ ​ 60,937,890 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 60,937,890 ​ ​ ​ ​ ​ — ​ ​
Money Market Fund
​ ​ ​ ​ 19,637,880 ​ ​ ​ ​ ​ 19,637,880 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 3,760,948,707 ​ ​ ​ ​ $ 3,695,936,433 ​ ​ ​ ​ $ 60,937,890 ​ ​ ​ ​ $ 4,074,384 ​ ​
Other Financial Instruments – Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Futures Contract
​ ​ ​ $ 64,060 ​ ​ ​ ​ $ 64,060 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Total Other Financial Instruments – Assets
 ​ ​ ​ $ 64,060 ​ ​ ​ ​ $ 64,060 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Destinations Small-Mid Cap Equity Fund ​
Investments, at value ​
Common Stocks
​ ​ ​ $ 867,403,992 ​ ​ ​ ​ $ 867,403,992 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Exchange Traded Funds (ETFs)
​ ​ ​ ​ 64,078,527 ​ ​ ​ ​ ​ 64,078,527 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Time Deposits
​ ​ ​ ​ 22,661,992 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 22,661,992 ​ ​ ​ ​ ​ — ​ ​
Money Market Fund
​ ​ ​ ​ 20,073,213 ​ ​ ​ ​ ​ 20,073,213 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 974,217,724 ​ ​ ​ ​ $ 951,555,732 ​ ​ ​ ​ $ 22,661,992 ​ ​ ​ ​ $ — ​ ​
Destinations International Equity Fund  ​
Investments, at value  ​
Corporate Bond & Note
​ ​ ​ $ 696 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 696 ​ ​ ​ ​ $ — ​ ​
Common Stocks: 
 ​
Argentina
​ ​ ​ ​ 3,821,966 ​ ​ ​ ​ ​ 3,821,966 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Australia
​ ​ ​ ​ 35,433,760 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 35,433,760 ​ ​ ​ ​ ​ — ​ ​
Austria
​ ​ ​ ​ 4,944,434 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,944,434 ​ ​ ​ ​ ​ — ​ ​
Belgium
​ ​ ​ ​ 1,518,144 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,518,144 ​ ​ ​ ​ ​ — ​ ​
Bermuda
​ ​ ​ ​ 2,580,304 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,580,304 ​ ​ ​ ​ ​ — ​ ​
Brazil
​ ​ ​ ​ 34,398,176 ​ ​ ​ ​ ​ 23,141,884 ​ ​ ​ ​ ​ 11,256,292 ​ ​ ​ ​ ​ — ​ ​
Canada
​ ​ ​ ​ 28,375,454 ​ ​ ​ ​ ​ 28,375,454 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
China
​ ​ ​ ​ 135,456,775 ​ ​ ​ ​ ​ 40,812,203 ​ ​ ​ ​ ​ 94,644,572 ​ ​ ​ ​ ​ — ​ ​
Denmark
​ ​ ​ ​ 6,951,284 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,951,284 ​ ​ ​ ​ ​ — ​ ​
Egypt
​ ​ ​ ​ 3,467,955 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,467,955 ​ ​ ​ ​ ​ — ​ ​
Finland
​ ​ ​ ​ 5,333,414 ​ ​ ​ ​ ​ 1,334,126 ​ ​ ​ ​ ​ 3,999,288 ​ ​ ​ ​ ​ — ​ ​
France
​ ​ ​ ​ 103,346,834 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 103,346,834 ​ ​ ​ ​ ​ — ​ ​
Germany
​ ​ ​ ​ 89,685,010 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 89,685,010 ​ ​ ​ ​ ​ — ​ ​
Greece
​ ​ ​ ​ 3,777,584 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,777,584 ​ ​ ​ ​ ​ — ​ ​
Hong Kong
​ ​ ​ ​ 27,249,647 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 27,249,647 ​ ​ ​ ​ ​ — ​ ​
Hungary
​ ​ ​ ​ 1,558,875 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,558,875 ​ ​ ​ ​ ​ — ​ ​
India
​ ​ ​ ​ 101,774,480 ​ ​ ​ ​ ​ 584,226 ​ ​ ​ ​ ​ 101,190,254 ​ ​ ​ ​ ​ — ​ ​
Indonesia
​ ​ ​ ​ 16,472,344 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 16,472,344 ​ ​ ​ ​ ​ — ​ ​
Ireland
​ ​ ​ ​ 12,919,485 ​ ​ ​ ​ ​ 2,089,903 ​ ​ ​ ​ ​ 10,829,582 ​ ​ ​ ​ ​ — ​ ​
Israel
​ ​ ​ ​ 4,795,582 ​ ​ ​ ​ ​ 1,840,319 ​ ​ ​ ​ ​ 2,955,263 ​ ​ ​ ​ ​ — ​ ​
Italy
​ ​ ​ ​ 6,555,319 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,555,319 ​ ​ ​ ​ ​ — ​ ​
Japan
​ ​ ​ ​ 227,472,624 ​ ​ ​ ​ ​ 2,312,339 ​ ​ ​ ​ ​ 225,160,285 ​ ​ ​ ​ ​ — ​ ​
Malaysia
​ ​ ​ ​ 4,402,656 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,402,656 ​ ​ ​ ​ ​ — ​ ​
Mexico
​ ​ ​ ​ 19,618,823 ​ ​ ​ ​ ​ 2,961,709 ​ ​ ​ ​ ​ 16,657,114 ​ ​ ​ ​ ​ — ​ ​
Netherlands
​ ​ ​ ​ 29,590,499 ​ ​ ​ ​ ​ 8,149,915 ​ ​ ​ ​ ​ 21,440,584 ​ ​ ​ ​ ​ — ​ ​
Nigeria
​ ​ ​ ​ 151,843 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 151,843 ​ ​ ​ ​ ​ — ​ ​
Panama
​ ​ ​ ​ 3,947,770 ​ ​ ​ ​ ​ 3,947,770 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
264
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
3. Investment valuation (continued)
​ ​ ​
Total Fair Value at
August 31, 2019
​ ​
Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1)
​ ​
Significant
Observable Inputs
(Level 2)
​ ​
Significant
Unobservable
Inputs
(Level 3)
​
Destinations International Equity Fund (continued) ​
Investments, at value (continued) ​
Common Stocks: (continued)
 ​
Peru
​ ​ ​ $ 3,058,127 ​ ​ ​ ​ $ 3,058,127 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Philippines
​ ​ ​ ​ 18,554,722 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 18,554,722 ​ ​ ​ ​ ​ — ​ ​
Poland
​ ​ ​ ​ 1,133,272 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,133,272 ​ ​ ​ ​ ​ — ​ ​
Portugal
​ ​ ​ ​ 10,324,020 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 10,324,020 ​ ​ ​ ​ ​ — ​ ​
Russia
​ ​ ​ ​ 8,875,777 ​ ​ ​ ​ ​ 7,181,232 ​ ​ ​ ​ ​ 1,694,545 ​ ​ ​ ​ ​ — ​ ​
Saudi Arabia
​ ​ ​ ​ 1,099,313 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,099,313 ​ ​ ​ ​ ​ — ​ ​
Singapore
​ ​ ​ ​ 2,942,051 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,942,051 ​ ​ ​ ​ ​ — ​ ​
South Africa
​ ​ ​ ​ 31,742,208 ​ ​ ​ ​ ​ 3,386,658 ​ ​ ​ ​ ​ 28,355,550 ​ ​ ​ ​ ​ — ​ ​
South Korea
​ ​ ​ ​ 43,144,005 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 43,144,005 ​ ​ ​ ​ ​ — ​ ​
Spain
​ ​ ​ ​ 15,139,446 ​ ​ ​ ​ ​ 623,898 ​ ​ ​ ​ ​ 14,515,548 ​ ​ ​ ​ ​ — ​ ​
Sweden
​ ​ ​ ​ 39,114,170 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 39,114,170 ​ ​ ​ ​ ​ — ​ ​
Switzerland
​ ​ ​ ​ 88,229,921 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 88,229,921 ​ ​ ​ ​ ​ — ​ ​
Taiwan
​ ​ ​ ​ 55,198,873 ​ ​ ​ ​ ​ 15,169,587 ​ ​ ​ ​ ​ 40,029,286 ​ ​ ​ ​ ​ — ​ ​
Thailand
​ ​ ​ ​ 14,622,817 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 14,622,817 ​ ​ ​ ​ ​ — ​ ​
United Arab Emirates
​ ​ ​ ​ 5,378,534 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,378,534 ​ ​ ​ ​ ​ — ​ ​
United Kingdom
​ ​ ​ ​ 127,158,161 ​ ​ ​ ​ ​ 2,903,067 ​ ​ ​ ​ ​ 124,251,326 ​ ​ ​ ​ ​ 3,768 ​ ​
United States
​ ​ ​ ​ 57,953,415 ​ ​ ​ ​ ​ 57,953,415 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Exchange Traded Funds (ETFs)
​ ​ ​ ​ 261,701,536 ​ ​ ​ ​ ​ 261,701,536 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Preferred Stock
​ ​ ​ ​ 793,594 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 793,594 ​ ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Time Deposits
​ ​ ​ ​ 58,674,682 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 58,674,682 ​ ​ ​ ​ ​ — ​ ​
U.S. Government Agency
​ ​ ​ ​ 14,357,484 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 14,357,484 ​ ​ ​ ​ ​ — ​ ​
Money Market Fund
​ ​ ​ ​ 30,252,118 ​ ​ ​ ​ ​ 30,252,118 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 1,805,049,983 ​ ​ ​ ​ $ 501,601,452 ​ ​ ​ ​ $ 1,302,651,169 ​ ​ ​ ​ $ 797,362 ​ ​
Other Financial Instruments – Asset ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward Foreign Currency Contract
​ ​ ​ $ 17,504 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 17,504 ​ ​ ​ ​ $ — ​ ​
Total Other Financial Instruments – Assets
 ​ ​ ​ $ 17,504 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 17,504 ​ ​ ​ ​ $ — ​ ​
Other Financial Instruments – Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward Foreign Currency Contract
​ ​ ​ $ (32,619) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (32,619) ​ ​ ​ ​ $ — ​ ​
Total Other Financial Instruments – Liabilities
 ​ ​ ​ $ (32,619) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (32,619) ​ ​ ​ ​ $ — ​ ​
Destinations Equity Income Fund ​
Investments, at value ​
Common Stocks
​ ​ ​ $ 321,993,697 ​ ​ ​ ​ $ 321,993,697 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Exchange Traded Funds (ETFs)
​ ​ ​ ​ 81,953,723 ​ ​ ​ ​ ​ 81,953,723 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Convertible Preferred Stock
​ ​ ​ ​ 1,832,617 ​ ​ ​ ​ ​ 1,832,617 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Warrant
​ ​ ​ ​ 1,100,233 ​ ​ ​ ​ ​ 1,100,233 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Time Deposits
​ ​ ​ ​ 9,488,750 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,488,750 ​ ​ ​ ​ ​ — ​ ​
Money Market Fund
​ ​ ​ ​ 799,570 ​ ​ ​ ​ ​ 799,570 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 417,168,590 ​ ​ ​ ​ $ 407,679,840 ​ ​ ​ ​ $ 9,488,750 ​ ​ ​ ​ $ — ​ ​
​
265
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
3. Investment valuation (continued)
​ ​ ​
Total Fair Value at
August 31, 2019
​ ​
Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1)
​ ​
Significant
Observable Inputs
(Level 2)
​ ​
Significant
Unobservable
Inputs
(Level 3)
​
Destinations Real Assets Fund ​
Investments, at value ​
Common Stocks
​ ​ ​ $ 7,833,969 ​ ​ ​ ​ $ 7,833,969 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Exchange Traded Fund (ETF)
​ ​ ​ ​ 36,478,884 ​ ​ ​ ​ ​ 36,478,884 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Time Deposits
​ ​ ​ ​ 90,766,377 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 90,766,377 ​ ​ ​ ​ ​ — ​ ​
Money Market Fund
​ ​ ​ ​ 616,340 ​ ​ ​ ​ ​ 616,340 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 135,695,570 ​ ​ ​ ​ $ 44,929,193 ​ ​ ​ ​ $ 90,766,377 ​ ​ ​ ​ $ — ​ ​
Destinations Core Fixed Income Fund ​
Investments, at value ​
Collateralized Mortgage Obligations
​ ​ ​ $ 431,307,573 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 431,307,573 ​ ​ ​ ​ $ — ​ ​
U.S. Government Agencies & Obligations
​ ​ ​ ​ 434,424,271 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 434,424,271 ​ ​ ​ ​ ​ — ​ ​
Corporate Bonds & Notes
​ ​ ​ ​ 392,906,609 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 392,906,609 ​ ​ ​ ​ ​ — ​ ​
Mortgage-Backed Securities
​ ​ ​ ​ 365,998,983 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 365,998,983 ​ ​ ​ ​ ​ — ​ ​
Asset-Backed Securities
​ ​ ​ ​ 147,457,060 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 147,457,060 ​ ​ ​ ​ ​ — ​ ​
Sovereign Bonds
​ ​ ​ ​ 18,662,457 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 18,662,457 ​ ​ ​ ​ ​ — ​ ​
Senior Loans
​ ​ ​ ​ 25,261,609 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 25,261,609 ​ ​ ​ ​ ​ — ​ ​
Municipal Bonds
​ ​ ​ ​ 3,785,754 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,785,754 ​ ​ ​ ​ ​ — ​ ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Time Deposits
​ ​ ​ ​ 69,953,819 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 69,953,819 ​ ​ ​ ​ ​ — ​ ​
U.S. Government Obligations
​ ​ ​ ​ 63,008,613 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 63,008,613 ​ ​ ​ ​ ​ — ​ ​
Money Market Fund
​ ​ ​ ​ 237,591 ​ ​ ​ ​ ​ 237,591 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 1,953,004,339 ​ ​ ​ ​ $ 237,591 ​ ​ ​ ​ $ 1,952,766,748 ​ ​ ​ ​ $ — ​ ​
Destinations Low Duration Fixed Income Fund ​
Investments, at value ​
Corporate Bonds & Notes
​ ​ ​ $ 184,531,143 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 184,531,143 ​ ​ ​ ​ $ — ​ ​
Senior Loans
​ ​ ​ ​ 45,092,015 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 45,092,015 ​ ​ ​ ​ ​ — ​ ​
Asset-Backed Securities
​ ​ ​ ​ 43,072,207 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 43,072,207 ​ ​ ​ ​ ​ — ​ ​
Collateralized Mortgage Obligations
​ ​ ​ ​ 35,470,652 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 35,470,652 ​ ​ ​ ​ ​ — ​ ​
U.S. Government Agencies & Obligations
​ ​ ​ ​ 3,466,209 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,466,209 ​ ​ ​ ​ ​ — ​ ​
Sovereign Bonds
​ ​ ​ ​ 1,905,421 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,905,421 ​ ​ ​ ​ ​ — ​ ​
Mortgage-Backed Security
​ ​ ​ ​ 608,356 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 608,356 ​ ​ ​ ​ ​ — ​ ​
Exchange Traded Fund (ETF)
​ ​ ​ ​ 23,105,720 ​ ​ ​ ​ ​ 23,105,720 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Common Stock
​ ​ ​ ​ 201,059 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 201,059 ​ ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Commercial Papers
​ ​ ​ ​ 43,262,314 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 43,262,314 ​ ​ ​ ​ ​ — ​ ​
Time Deposits
​ ​ ​ ​ 15,489,833 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 15,489,833 ​ ​ ​ ​ ​ — ​ ​
U.S. Government Obligations
​ ​ ​ ​ 3,017,233 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,017,233 ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 399,222,162 ​ ​ ​ ​ $ 23,105,720 ​ ​ ​ ​ $ 375,915,383 ​ ​ ​ ​ $ 201,059 ​ ​
Other Financial Instruments – Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward Foreign Currency Contracts
​ ​ ​ $ 212,170 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 212,170 ​ ​ ​ ​ $ — ​ ​
Total Other Financial Instruments – Assets
 ​ ​ ​ $ 212,170 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 212,170 ​ ​ ​ ​ $ — ​ ​
​
266
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
3. Investment valuation (continued)
​ ​ ​
Total Fair Value at
August 31, 2019
​ ​
Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1)
​ ​
Significant
Observable Inputs
(Level 2)
​ ​
Significant
Unobservable
Inputs
(Level 3)
​
Destinations Global Fixed Income Opportunities Fund  ​
Investments, at value  ​
Corporate Bonds & Notes
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Argentina
​ ​ ​ $ 612,009 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 612,009 ​ ​ ​ ​ $ — ​ ​
Australia
​ ​ ​ ​ 6,953,016 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,953,016 ​ ​ ​ ​ ​ — ​ ​
Austria
​ ​ ​ ​ 566,465 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 566,465 ​ ​ ​ ​ ​ — ​ ​
Bahamas
​ ​ ​ ​ 6,233,604 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,233,604 ​ ​ ​ ​ ​ — ​ ​
Bermuda
​ ​ ​ ​ 9,498,439 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,498,439 ​ ​ ​ ​ ​ — ​ ​
Brazil
​ ​ ​ ​ 15,989,278 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 15,989,278 ​ ​ ​ ​ ​ — ​ ​
British Virgin Islands
​ ​ ​ ​ 22,030,478 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 22,030,478 ​ ​ ​ ​ ​ — ​ ​
Canada
​ ​ ​ ​ 3,492,823 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,492,823 ​ ​ ​ ​ ​ — ​ ​
Cayman Islands
​ ​ ​ ​ 31,131,888 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 31,131,888 ​ ​ ​ ​ ​ — ​ ​
Chile
​ ​ ​ ​ 18,253,976 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 18,253,976 ​ ​ ​ ​ ​ — ​ ​
Colombia
​ ​ ​ ​ 13,921,555 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 13,921,555 ​ ​ ​ ​ ​ — ​ ​
Denmark
​ ​ ​ ​ 652,836 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 652,836 ​ ​ ​ ​ ​ — ​ ​
Dominican Republic
​ ​ ​ ​ 1,148,400 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,148,400 ​ ​ ​ ​ ​ — ​ ​
France
​ ​ ​ ​ 4,723,832 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,723,832 ​ ​ ​ ​ ​ — ​ ​
Germany
​ ​ ​ ​ 3,064,704 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,064,704 ​ ​ ​ ​ ​ — ​ ​
India
​ ​ ​ ​ 10,928,378 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 10,928,378 ​ ​ ​ ​ ​ — ​ ​
Indonesia
​ ​ ​ ​ 7,990,625 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,990,625 ​ ​ ​ ​ ​ — ​ ​
Ireland
​ ​ ​ ​ 3,362,880 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,362,880 ​ ​ ​ ​ ​ — ​ ​
Israel
​ ​ ​ ​ 3,088,318 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,088,318 ​ ​ ​ ​ ​ — ​ ​
Italy
​ ​ ​ ​ 12,337,771 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 12,337,771 ​ ​ ​ ​ ​ — ​ ​
Luxembourg
​ ​ ​ ​ 4,801,250 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,801,250 ​ ​ ​ ​ ​ — ​ ​
Malaysia
​ ​ ​ ​ 13,601,779 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 13,601,779 ​ ​ ​ ​ ​ — ​ ​
Marshall Island
​ ​ ​ ​ 7,897,980 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,897,980 ​ ​ ​ ​ ​ — ​ ​
Mauritius
​ ​ ​ ​ 3,020,601 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,020,601 ​ ​ ​ ​ ​ — ​ ​
Mexico
​ ​ ​ ​ 30,574,666 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 30,574,666 ​ ​ ​ ​ ​ — ​ ​
Netherlands
​ ​ ​ ​ 15,247,551 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 15,247,551 ​ ​ ​ ​ ​ — ​ ​
Norway
​ ​ ​ ​ 1,958,000 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,958,000 ​ ​ ​ ​ ​ — ​ ​
Panama
​ ​ ​ ​ 11,117,975 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 11,117,975 ​ ​ ​ ​ ​ — ​ ​
Peru
​ ​ ​ ​ 7,863,679 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,863,679 ​ ​ ​ ​ ​ — ​ ​
Philippines
​ ​ ​ ​ 820,802 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 820,802 ​ ​ ​ ​ ​ — ​ ​
Portugal
​ ​ ​ ​ 2,996 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,996 ​ ​
Singapore
​ ​ ​ ​ 21,904,060 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 21,904,060 ​ ​ ​ ​ ​ — ​ ​
Switzerland
​ ​ ​ ​ 3,263,044 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,263,044 ​ ​ ​ ​ ​ — ​ ​
Thailand
​ ​ ​ ​ 4,600,946 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,600,946 ​ ​ ​ ​ ​ — ​ ​
United Kingdom
​ ​ ​ ​ 18,598,025 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 18,598,025 ​ ​ ​ ​ ​ — ​ ​
United States
​ ​ ​ ​ 180,680,007 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 180,680,007 ​ ​ ​ ​ ​ — ​ ​
Senior Loans
​ ​ ​ ​ 71,536,692 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 70,466,855 ​ ​ ​ ​ ​ 1,069,837 ​ ​
Sovereign Bonds
​ ​ ​ ​ 30,368,271 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 30,368,271 ​ ​ ​ ​ ​ — ​ ​
Preferred Stocks:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Bermuda
​ ​ ​ ​ 2,930,678 ​ ​ ​ ​ ​ 2,930,678 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
United States
​ ​ ​ ​ 15,190,634 ​ ​ ​ ​ ​ 13,965,634 ​ ​ ​ ​ ​ 1,225,000 ​ ​ ​ ​ ​ — ​ ​
Common Stocks:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Colombia
​ ​ ​ ​ 204,438 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 204,438 ​ ​
United States
​ ​ ​ ​ 9,339,385 ​ ​ ​ ​ ​ 4,956,208 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,383,177 ​ ​
Warrants:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Brazil
​ ​ ​ ​ —* ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ —* ​ ​
United States
​ ​ ​ ​ 23,418 ​ ​ ​ ​ ​ 23,418 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
267
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
3. Investment valuation (continued)
​ ​ ​
Total Fair Value at
August 31, 2019
​ ​
Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1)
​ ​
Significant
Observable Inputs
(Level 2)
​ ​
Significant
Unobservable
Inputs
(Level 3)
​
Destinations Global Fixed Income Opportunities Fund (continued) ​
Investments, at value (continued) ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Commercial Papers
​ ​ ​ $ 104,049,054 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 104,049,054 ​ ​ ​ ​ $ — ​ ​
Time Deposits
​ ​ ​ ​ 44,575,808 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 44,575,808 ​ ​ ​ ​ ​ — ​ ​
Money Market Fund
​ ​ ​ ​ 4,016,865 ​ ​ ​ ​ ​ 4,016,865 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 784,169,879* ​ ​ ​ ​ $ 25,892,803 ​ ​ ​ ​ $ 752,616,628 ​ ​ ​ ​ $ 5,660,448* ​ ​
Other Financial Instruments – Asset ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward Foreign Currency Contract
​ ​ ​ $ 423,924 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 423,924 ​ ​ ​ ​ $ — ​ ​
Total Other Financial Instruments – Assets
 ​ ​ ​ $ 423,924 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 423,924 ​ ​ ​ ​ $ — ​ ​
Other Financial Instruments – Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Options Contracts Written
​ ​ ​ $ (39,977) ​ ​ ​ ​ $ (39,977) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Securities Sold Short:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Corporate Bonds & Notes
​ ​ ​ ​ (5,849,249) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (5,849,249) ​ ​ ​ ​ ​ — ​ ​
Total Other Financial Instruments – Liabilities
 ​ ​ ​ $ (5,889,226) ​ ​ ​ ​ $ (39,977) ​ ​ ​ ​ $ (5,849,249) ​ ​ ​ ​ $ — ​ ​
Destinations Municipal Fixed Income Fund ​
Investments, at value ​
Municipal Bonds
​ ​ ​ $ 835,213,274 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 835,213,274 ​ ​ ​ ​ $ — ​ ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Time Deposits
​ ​ ​ ​ 36,413,032 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 36,413,032 ​ ​ ​ ​ ​ — ​ ​
Municipal Bonds
​ ​ ​ ​ 47,412,717 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 47,412,717 ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 919,039,023 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 919,039,023 ​ ​ ​ ​ $ — ​ ​
Destinations Multi Strategy Alternatives Fund  ​
Investments, at value ​
Corporate Bonds & Notes:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Communications
​ ​ ​ $ 46,453,430 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 46,453,430 ​ ​ ​ ​ $ — ​ ​
Consumer Cyclical
​ ​ ​ ​ 27,437,933 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 27,437,933 ​ ​ ​ ​ ​ — ​ ​
Consumer Non-cyclical
​ ​ ​ ​ 45,844,716 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 45,844,716 ​ ​ ​ ​ ​ — ​ ​
Energy
​ ​ ​ ​ 14,606,090 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 14,606,090 ​ ​ ​ ​ ​ — ​ ​
Financial
​ ​ ​ ​ 39,944,669 ​ ​ ​ ​ ​ 2,097,670 ​ ​ ​ ​ ​ 37,846,999 ​ ​ ​ ​ ​ — ​ ​
Technology
​ ​ ​ ​ 5,593,336 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,593,336 ​ ​ ​ ​ ​ — ​ ​
Utilities
​ ​ ​ ​ 9,893,999 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,893,999 ​ ​ ​ ​ ​ — ​ ​
Collateralized Mortgage Obligations
​ ​ ​ ​ 97,654,769 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 97,654,769 ​ ​ ​ ​ ​ — ​ ​
Senior Loans
​ ​ ​ ​ 46,298,486 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 46,298,486 ​ ​ ​ ​ ​ — ​ ​
Asset-Backed Securities
​ ​ ​ ​ 13,099,591 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 13,099,591 ​ ​ ​ ​ ​ — ​ ​
Municipal Bonds
​ ​ ​ ​ 12,309,682 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 12,309,682 ​ ​ ​ ​ ​ — ​ ​
Open-End Fund
​ ​ ​ ​ 169,980,765 ​ ​ ​ ​ ​ 169,980,765 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Common Stocks
​ ​ ​ ​ 151,294,413 ​ ​ ​ ​ ​ 151,294,413 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Closed-End Funds
​ ​ ​ ​ 140,151,479 ​ ​ ​ ​ ​ 140,151,479 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Preferred Stock
​ ​ ​ ​ 915,124 ​ ​ ​ ​ ​ 915,124 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Warrants
​ ​ ​ ​ 246,808* ​ ​ ​ ​ ​ 246,808 ​ ​ ​ ​ ​ —* ​ ​ ​ ​ ​ — ​ ​
Rights
​ ​ ​ ​ 50,509 ​ ​ ​ ​ ​ 50,509 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Short-Term Investments:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Time Deposits
​ ​ ​ ​ 95,279,592 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 95,279,592 ​ ​ ​ ​ ​ — ​ ​
Money Market Fund
​ ​ ​ ​ 11,094,771 ​ ​ ​ ​ ​ 11,094,771 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Investments, at value
 ​ ​ ​ $ 928,150,162* ​ ​ ​ ​ $ 475,831,539 ​ ​ ​ ​ $ 452,318,623* ​ ​ ​ ​ $ — ​ ​
​
268
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
3. Investment valuation (continued)
​ ​ ​
Total Fair Value at
August 31, 2019
​ ​
Unadjusted Quoted
Prices in Active
Markets for
Identical
Investments
(Level 1)
​ ​
Significant
Observable Inputs
(Level 2)
​ ​
Significant
Unobservable
Inputs
(Level 3)
​
Destinations Multi Strategy Alternatives Fund (continued) ​
Other Financial Instruments – Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
OTC Credit Default Swaps
​ ​ ​ $ 770,157 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 770,157 ​ ​ ​ ​ $ — ​ ​
Total Other Financial Instruments – Assets
 ​ ​ ​ $ 770,157 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 770,157 ​ ​ ​ ​ $ — ​ ​
Other Financial Instruments – Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Option Contracts Written
​ ​ ​ $ (37,510) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (37,510) ​ ​ ​ ​ $ — ​ ​
Securities Sold Short:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Corporate Bond & Note
​ ​ ​ ​ (4,596,000) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (4,596,000) ​ ​ ​ ​ ​ — ​ ​
Exchange Traded Funds (ETFs)
​ ​ ​ ​ (59,581,605) ​ ​ ​ ​ ​ (59,581,605) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Common Stocks
​ ​ ​ ​ (8,317,304) ​ ​ ​ ​ ​ (8,317,304) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Other Financial Instruments – Liabilities
 ​ ​ ​ $ (72,532,419) ​ ​ ​ ​ $ (67,898,909) ​ ​ ​ ​ $ (4,633,510) ​ ​ ​ ​ $ — ​ ​
​
​
*
Includes securities that are fair valued by the Board at $0.
​
The level classification by major category of investments is the same as the category presentation in the Schedules of Investments.
During the period ended August 31, 2019, Destinations International Equity Fund had transfers from Level 2 to Level 1 of $8,325,950 and transfer from Level 1 to Level 2 of  $4,084,875. Destinations Global Fixed Income Opportunities Fund had di minimus transfer under 1% of net assets from Level 1 to Level 3.
The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period February 28, 2019 through August 31, 2019:
​ ​ ​
Total
​ ​
Common
Stocks
​ ​
Corporate
Bonds &
Notes
​ ​
Preferred
Stocks
​ ​
Senior
Loans
​ ​
Warrants
​
Destinations Large Cap Equity Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Balance as of February 28, 2019
​ ​ ​ $ 1,991,162 ​ ​ ​ ​ $ 1,584,623 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 406,539 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Purchases
​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
(Sales/Paydowns)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total realized gain (loss)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Change in unrealized appreciation (depreciation)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers In
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers Out
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Balance as of August 31, 2019
​ ​ ​ $ 1,991,162 ​ ​ ​ ​ $ 1,584,623 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 406,539 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Change in unrealized appreciation
(depreciation) from Investments held as
of August 31, 2019
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
269
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
3. Investment valuation (continued)
​ ​ ​
Total
​ ​
Common
Stocks
​ ​
Corporate
Bonds &
Notes
​ ​
Preferred
Stocks
​ ​
Senior
Loans
​ ​
Warrants
​
Destinations International Equity Fund ​
Balance as of February 28, 2019
​ ​ ​ $ 4,107 ​ ​ ​ ​ ​ 4,107 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Purchases
​ ​ ​ ​ 793,594 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 793,594 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
(Sales/Paydowns)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total realized gain (loss)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Change in unrealized appreciation (depreciation)
​ ​ ​ ​ (339) ​ ​ ​ ​ ​ (339) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers In
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers Out
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Balance as of August 31, 2019
​ ​ ​ $ 797,362 ​ ​ ​ ​ $ 3,768 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 793,594 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Change in unrealized appreciation
(depreciation) from Investments held as
of August 31, 2019
​ ​ ​ $ (339) ​ ​ ​ ​ $ (339) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Destinations Low Duration Fixed Income Fund ​
Balance as of February 28, 2019
​ ​ ​ $ 264,017 ​ ​ ​ ​ $ 264,017 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Purchases
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
(Sales/Paydowns)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Accrued Discounts (premiums)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total realized gain (loss)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Change in unrealized appreciation (depreciation)
​ ​ ​ ​ (62,958) ​ ​ ​ ​ ​ (62,958) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers In
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers Out
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Balance as of August 31, 2019
​ ​ ​ $ 201,059 ​ ​ ​ ​ $ 201,059 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Change in unrealized appreciation
(depreciation) from Investments held as
of August 31, 2019
​ ​ ​ $ (62,958) ​ ​ ​ ​ $ (62,958) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Destinations Global Fixed Income Opportunities Fund ​
Balance as of February 28, 2019
​ ​ ​ $ 4,869,557 ​ ​ ​ ​ $ 3,799,720 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 1,069,837 ​ ​ ​ ​ $ — ​ ​
Purchases
​ ​ ​ ​ 931,780* ​ ​ ​ ​ ​ 909,119 ​ ​ ​ ​ ​ 22,661 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ —* ​ ​
(Sales/Paydowns)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Accrued Discounts (premiums)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total realized gain (loss)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Change in unrealized appreciation (depreciation)
​ ​ ​ ​ (345,327) ​ ​ ​ ​ ​ (325,662) ​ ​ ​ ​ ​ (19,665) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers In
​ ​ ​ ​ 204,438 ​ ​ ​ ​ ​ 204,438 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers Out
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Balance as of August 31, 2019
​ ​ ​ $ 5,660,448* ​ ​ ​ ​ $ 4,587,615 ​ ​ ​ ​ $ 2,996 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 1,069,837 ​ ​ ​ ​ $ —* ​ ​
Change in unrealized appreciation
(depreciation) from Investments held as
of August 31, 2019
​ ​ ​ $ (848,517) ​ ​ ​ ​ $ (828,571) ​ ​ ​ ​ $ (19,946) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
270
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
3. Investment valuation (continued)
​ ​ ​
Total
​ ​
Common
Stocks
​ ​
Corporate
Bonds &
Notes
​ ​
Preferred
Stocks
​ ​
Senior
Loans
​ ​
Warrants
​
Destinations Multi Strategy Alternatives Fund ​
Balance as of February 28, 2019
​ ​ ​ $ —* ​ ​ ​ ​ $ — ​ ​ ​ ​ $ —* ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Purchases
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
(Sales/Paydowns)
​ ​ ​ ​ —* ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ —* ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Accrued Discounts (premiums)
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total realized gain (loss)
​ ​ ​ ​ —* ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ —* ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Change in unrealized appreciation (depreciation)
​ ​ ​ ​ —* ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ —* ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers In
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers Out
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Balance as of August 31, 2019
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Change in unrealized appreciation
(depreciation) from Investments held as
of August 31, 2019
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
​
*
Includes securities that are fair valued at $0.
​
4. Accounting for Derivative Instruments
Certain Funds may use derivative instruments including futures, options, forward foreign currency contracts, swaptions and swap contracts as part of their investment strategies. All open derivative positions at period end for each Fund are disclosed in the Fund’s Schedule of Investments. The following is a description of these derivative instruments, including the primary underlying risk exposures related to each instrument type:
(a)
Futures Contracts. Certain Funds may enter into futures contracts, to the extent permitted by their investment policies and objectives, for bonafide hedging and other permissible risk management purposes including protecting against anticipated changes in the value of securities a Fund intends to purchase. Upon entering into a futures contract, a Fund is required to deposit cash or securities as initial margin. Additional securities are also segregated as collateral up to the current market value of the futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund, depending on the fluctuation in the value of the underlying financial instruments. The Fund recognizes an unrealized gain or loss equal to the variation margin. When futures contracts are closed, a realized gain or loss is recognized which is equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contracts.
​
The risks associated with entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in futures contracts involves the risk that the Fund could lose more than the original margin deposit due to subsequent payments that may be required for a futures transaction.
(b)
Options Written. Certain Funds may write options to manage exposure to certain changes in the market. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the premium received is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. When a written put option is exercised, the amount of the premium received reduces the cost of the security purchased by the Fund.
​
When writing a covered call option, a Fund may forego the opportunity of profit if the market price of the underlying security increases more than the premium received and the option is exercised. When writing a put
271
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
4. Accounting for Derivative Instruments (continued)
option, a Fund may incur a loss if the market price of the underlying security decreases more than the premium received and the option is exercised. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.
(c)
Purchased Options. Certain Funds may purchase options to manage exposure to certain changes in the market. A Fund will normally purchase call options in anticipation of an increase in the market value of securities of the type in which they may invest, an amount equal to the value is recorded as an asset. The purchase of a call option will entitle a Fund, in return for the premium paid, to purchase specified securities at a specified price during the option period. A Fund will ordinarily realize a gain if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, the Fund will realize a loss equal to the amount of the premium paid on the purchase of the call option.
​
A Fund will normally purchase put options in anticipation of a decline in the market value of securities in its portfolio (“protective puts”) or in securities in which it may invest. The purchase of a put option will entitle the Fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase of protective puts is designed to offset or hedge against a decline in the market value of the Fund’s securities. Put options may also be purchased by a Fund for the purpose of affirmatively benefiting from a decline in the price of securities which it does not own.
The Fund will ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to more than cover the premium and transaction costs; otherwise the Fund will realize a loss equal to the amount of the premium paid on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying portfolio securities.
(d)
Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on their non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated portfolio transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.
​
Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.
(e)
Swaptions. Swaptions contracts entered into by the Funds typically represent an option that gives the purchaser the right, but not the obligation, to enter into a swap contract on a future date. Certain Funds may purchase swaptions to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Changes in the value of purchased swaptions are reported as net change in unrealized appreciation or depreciation on the Statements of Operations and Changes in Net Assets Gain or loss is recognized when the swaptions contract expires or is closed as net realized gain or loss on the Statements of Operations and changes in Net Assets. Details of purchased swaptions contracts held at period end are included on the Fund’s Schedule of Investments under the caption “Purchased Options”.
​
Certain Funds may write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by a Fund represent an option that obligates the writer upon exercise by the purchaser, to enter into a previously agreed upon swap contract on a future date. If a written call swaption is exercised, the writer will enter into a swap and is obligated to pay the fixed rate and receive a floating rate in exchange. If a written put swaption is exercised, the writer will enter a swap and is obligated to pay the floating rate and receive a fixed rate in exchange.
272
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
4. Accounting for Derivative Instruments (continued)
When a Fund writes a swaption, the premium received is recorded as a liability in the Statements of Assets and Liabilities and is subsequently adjusted to the current market value of the swaption. Changes in the value of the swaption are reported as unrealized gains or losses in the Statements of Operations. A gain or loss is recognized when the swaption contract expires or is closed. Premiums received from writing swaptions that expire or are exercised are treated by the Fund as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction is also treated as a realized gain or, if the premium received is less than the amount paid for the closing purchase, as a realized loss.
Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk, associated with both option contracts and swap contracts. To reduce credit risk from potential counterparty default, a Fund only enters into swaption contracts with counterparties that meet certain standards of creditworthiness. A Fund bears the market risk arising from any change in index values or interest rates.
(f)
Swap Contracts. Swaps involve the exchange by a Fund with another party of the respective amounts payable with respect to a notional principal amount related to one or more indices. Certain Funds may enter into these transactions to preserve a return or spread on a particular investment or portion of its assets, as a duration management technique or to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. Certain Funds may also use these transactions for speculative purposes, such as to obtain the price performance of a security without actually purchasing the security in circumstances where, for example, the subject security is illiquid, is unavailable for direct investment or available only on less attractive terms.
​
Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as change in unrealized appreciation or depreciation in the Statements of Operations. Net receipts or payments of interest are recorded as realized gains or losses, respectively. Gains and losses are realized upon termination of a swap contract. An upfront payment received by the Fund is recorded as a liability on the Fund’s books. An upfront payment made by the Fund is recorded as an asset on the Fund’s books. Any upfront payments paid or received upon entering a swap contract to compensate for differences between stated terms of the agreement and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded as a realized gain or loss at the termination of the swap. Swaps have risks associated with them, including possible default by the counterparty to the transaction, illiquidity and, where swaps are used as hedges, the risk that the use of a swap could result in losses greater than if the swap had not been employed. This risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.
i.
Credit Default Swaps. Certain Funds may enter into credit default swap contracts for investment purposes, to manage their credit risk or to add leverage. As a seller in a credit default swap contract, a Fund is required to pay the notional or other agreed-upon value to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund keeps the stream of payments and has no payment obligations. Such periodic payments are accrued daily and accounted for as realized gains.
​
Certain Funds may also purchase credit default swap contracts in order to hedge against the risk of default by debt securities held in their portfolios. In these cases a Fund functions as the counterparty referenced in the preceding paragraph. As a purchaser of a credit default swap contract, the Fund receives the notional or other agreed upon value from the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund makes periodic payments to the counterparty over the term of the contract provided no event of default has occurred. Such periodic payments are accrued daily and accounted for as realized losses.
273
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
4. Accounting for Derivative Instruments (continued)
For a credit default swap sold by a Fund, payment of the agreed upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation received. For a credit default swap purchased by a Fund, the agreed upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.
Entering into credit default swaps involves, to varying degrees, elements of credit and market risk in excess of the related amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there will be unfavorable changes in net interest rates. As privately negotiated transactions, swaps may involve risk, which is the risk that the swap contracts fail to contemplate a particular outcome or that the parties disagree about the proper interpretation of a transaction term.
ii.
Interest Rate Swaps. Certain Funds may enter into interest rate swaps for investment purposes to manage exposure to fluctuations in interest rates or to add leverage. Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in the fixed interest rate and the floating interest rate, applied to the notional principal amount for a specified period. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Once the payments are settled in cash, the net amount is recorded as realized gain or loss from swap contracts on the Statements of Operations. The Funds settle accrued net receivable or payable under the swap contracts on a periodic basis.
​
The primary risk associated with interest rate swaps is that unfavorable changes in interest rates could adversely impact a Fund.
iii.
Cross-Currency Swaps. Certain Funds may enter into cross-currency swaps to gain or mitigate exposure to currency risk. Cross-currency swaps involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specific exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.
​
iv.
Total Return Swaps. Certain Funds may enter into total return swaps to gain exposure and benefit from reference asset (single asset, or a basket of assets) without actually having to own it. Total return swaps are agreements where the total return of a reference asset is paid in exchange for periodic cash flows, either fixed or variable, and typically a floating rate such as LIBOR +/- a basis point spread. The deal is structured such that the total return (asset income plus capital appreciation/depreciation) is exchanged, in the cash flows. Periodic payments received or made by the Fund are recorded as realized gain or loss from swap contracts on the Statement of Operations.
​
v.
Variance Swaps. Certain Funds may enter into variance swaps to hedge equity market risk or adjust exposure to the equity markets. Variance swaps are contracts in which two parties agree to exchange cash payments based on the difference between the stated level of variance and the actual variance realized on underlying asset(s) or index(es). Actual “variance” as used here is defined as the sum of the square of the returns on the reference asset(s) or index(es) (which in effect is a measure of its “volatility”) over the length of the contract term. So the parties to a variance swap can be said to exchange actual volatility for a contractually stated rate of volatility.
​
​
274
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
4. Accounting for Derivative Instruments (continued)
The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure at August 31, 2019:
Destinations Large Cap Equity Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2019
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Asset derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Unrealized appreciation on open futures contracts(a)
 ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 64,060 ​ ​ ​ ​ $ 64,060 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 64,060 ​ ​ ​ ​ $ 64,060 ​ ​
Effect of Derivative Instruments on the Statements of Operations as of August 31, 2019
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Realized gain/(loss) on derivatives recognized in income(b)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) on futures contracts
​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 1,490,847 ​ ​ ​ ​ $ 1,490,847 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 1,490,847 ​ ​ ​ ​ $ 1,490,847 ​ ​
Change in unrealized appreciation (depreciation) on
derivatives recognized in income(c)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net change in unrealized appreciation (depreciation) on
futures contracts
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (744,005) ​ ​ ​ ​ $ (744,005) ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (744,005) ​ ​ ​ ​ $ (744,005) ​ ​
Destinations International Equity Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2019
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Asset derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Unrealized appreciation on forward foreign currency contracts(d)
 ​ ​ ​ $    — ​ ​ ​ ​ $ 17,504 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 17,504 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ 17,504 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 17,504 ​ ​
Liability derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Unrealized depreciation on forward foreign currency contracts(e)
 ​ ​ ​ $ — ​ ​ ​ ​ $ 32,619 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 32,619 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ 32,619 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 32,619 ​ ​
​
275
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
4. Accounting for Derivative Instruments (continued)
Effect of Derivative Instruments on the Statements of Operations as of August 31, 2019
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Realized gain/(loss) on derivatives recognized in income(b)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) on forward foreign currency contracts
​ ​ ​ $    — ​ ​ ​ ​ $ (425,942) ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ (425,942) ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ (425,942) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (425,942) ​ ​
Change in unrealized appreciation (depreciation) on
derivatives recognized in income(c)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net change in unrealized appreciation (depreciation) on
forward foreign currency contracts
​ ​ ​ $ — ​ ​ ​ ​ $ (134,811) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (134,811) ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ (134,811) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (134,811) ​ ​
Destinations Low Duration Fixed Income Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2019
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Asset derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Unrealized appreciation on forward foreign currency contracts(d)
 ​ ​ ​ $    — ​ ​ ​ ​ $ 212,170 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 212,170 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ 212,170 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 212,170 ​ ​
Effect of Derivative Instruments on the Statements of Operations as of August 31, 2019
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Realized gain/(loss) on derivatives recognized in income(b)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) on forward foreign currency contracts
​ ​ ​ $    — ​ ​ ​ ​ $ 53,122 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 53,122 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ 53,122 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 53,122 ​ ​
Change in unrealized appreciation (depreciation) on
derivatives recognized in income(c)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net change in unrealized appreciation (depreciation) on
forward foreign currency contracts
​ ​ ​ $ — ​ ​ ​ ​ $ 239,470 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 239,470 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ 239,470 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 239,470 ​ ​
​
276
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
4. Accounting for Derivative Instruments (continued)
Destinations Global Fixed Income Opportunities Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2019
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Asset derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Unrealized appreciation on forward foreign currency contracts(d)
 ​ ​ ​ $    — ​ ​ ​ ​ $ 423,924 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 423,924 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ 423,924 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 423,924 ​ ​
Liability derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Options contracts written outstanding(f)
 ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 39,977 ​ ​ ​ ​ $ 39,977 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 39,977 ​ ​ ​ ​ $ 39,977 ​ ​
Effect of Derivative Instruments on the Statements of Operations as of August 31, 2019
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Realized gain/(loss) on derivatives recognized in income(b)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) on forward foreign currency contracts
​ ​ ​ $    — ​ ​ ​ ​ $ 132,154 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 132,154 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ 132,154 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 132,154 ​ ​
Change in unrealized appreciation (depreciation) on
derivatives recognized in income(c)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net change in unrealized appreciation (depreciation) on
options contracts written
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 36,924 ​ ​ ​ ​ $ 36,924 ​ ​
Net change in unrealized appreciation (depreciation) on
forward foreign currency contracts
​ ​ ​ $ — ​ ​ ​ ​ $ 467,015 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 467,015 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ 467,015 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 36,924 ​ ​ ​ ​ $ 503,939 ​ ​
Destinations Multi Strategy Alternatives Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2019
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Assets derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Unrealized appreciation on swap contracts(g)
 ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 770,157 ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 770,157 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 770,157 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 770,157 ​ ​
Liability derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Options contracts written outstanding(f)
 ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 37,510 ​ ​ ​ ​ $ 37,510 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 37,510 ​ ​ ​ ​ $ 37,510 ​ ​
​
277
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
4. Accounting for Derivative Instruments (continued)
Effect of Derivative Instruments on the Statements of Operations as of August 31, 2019
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Realized gain/(loss) on derivatives recognized in income(b)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) on futures contracts
​ ​ ​ $ 7,300 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 7,300 ​ ​
Net realized gain (loss) on forward foreign currency contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ 18,374 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 18,374 ​ ​
Net realized gain (loss) on swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 269,945 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 269,945 ​ ​
​ ​ ​ ​ $ 7,300 ​ ​ ​ ​ $ 18,374 ​ ​ ​ ​ $ 269,945 ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 295,619 ​ ​
​
Location
​ ​
Interest
rate risk
​ ​
Foreign
exchange
risk
​ ​
Credit
risk
​ ​
Equity
risk
​ ​
Total
​
Change in unrealized appreciation (depreciation) on
derivatives recognized in income(c)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net change in unrealized appreciation (depreciation) on
options contracts written
​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 30,416 ​ ​ ​ ​ $ 30,416 ​ ​
Net change in unrealized appreciation (depreciation) on
forward foreign currency contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ 72,219 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 72,219 ​ ​
Net change in unrealized appreciation (depreciation) on
swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 770,157 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 770,157 ​ ​
​ ​ ​ ​ $ — ​ ​ ​ ​ $ 72,219 ​ ​ ​ ​ $ 770,157 ​ ​ ​ ​ $ 30,416 ​ ​ ​ ​ $ 872,792 ​ ​
​
(a)
Only variation margin, if any, is reported within the Statements of Assets and Liabilities. Cumulative appreciation (depreciation) on futures contracts is reported in the “Open Futures Contracts” table.
​
(b)
Statements of Operations location: Net realized gain (loss) from investments, foreign currency transactions, futures contracts, options contracts written or swap contracts.
​
(c)
Statements of Operations location: Change in net unrealized appreciation (depreciation) from investments, foreign currency transactions, futures contracts, options contracts written or swap contracts.
​
(d)
Statements of Assets and Liabilities location: Unrealized appreciation on open forward foreign currency contracts.
​
(e)
Statements of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts.
​
(f)
Statements of Assets and Liabilities location: Options contracts written, at value.
​
(g)
Statements of Assets and Liabilities location: Unrealized appreciation on swap contracts.
​
The average notional amounts of futures contracts, swaps contracts, forward foreign currency contracts, and the average market value of options contracts written during the period ended August 31, 2019 were as follows:
Destinations Large Cap Equity Fund
​ ​ ​
Average notional amounts
​
Futures contracts
​ ​ ​ $ 11,451,282 ​ ​
Destinations International Equity Fund
​ ​ ​
Average notional amounts
​
Forward foreign currency contracts
​ ​ ​ $ 16,488,146 ​ ​
278
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
4. Accounting for Derivative Instruments (continued)
Destinations Equity Income Fund
The Fund invested in an immaterial volume of forward foreign currency contracts during the year, and no positions were held as of August 31, 2019.
Destinations Low Duration Fixed Income Fund
​ ​ ​
Average notional amounts
​
Forward foreign currency contracts
​ ​ ​ $ 3,819,766 ​ ​
Destinations Global Fixed Income Opportunities Fund
​ ​ ​
Average notional amounts
​
Option contracts written
​ ​ ​ $ 13,179 ​ ​
Forward foreign currency contracts
​ ​ ​ ​ 6,318,312 ​ ​
Destinations Multi Strategy Alternatives Fund
​ ​ ​
Average notional amounts
​
Option contracts written
​ ​ ​ $ 37,510 ​ ​
Forward foreign currency contracts
​ ​ ​ ​ 796,803 ​ ​
5. Accounting for Other Instruments
(a)
Stripped Securities. Certain Funds may invest in “Stripped Securities”, a term used collectively for stripped fixed income securities. Stripped Securities can be principal-only securities (“PO”), which are debt obligations that have been stripped of interest coupons, or interest-only securities (“IO”), which are interest coupons that have been stripped from debt obligations. As is the case with all securities, the market value of Stripped Securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation increases with a longer period of maturity. The yield-to-maturity on an IO is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in the IO.
​
(b)
Time Deposits. Certain Funds may purchase overnight time deposits issued by offshore branches of U.S. banks that meet credit and risk standards established by the custodian and approved by the Board.
​
(c)
Lending of Portfolio Securities. The Trust has an agreement with its custodian, whereby the custodian, as agent, may lend securities owned by the Funds to brokers, dealers and other financial organizations that have been approved as borrowers by the Funds. The custodian enters into agreements with the borrowers. Loans of securities by a Fund are collateralized by cash, U.S. government securities or irrevocable performance letters of credit issued by banks approved by the Funds. Cash collateral received by the Funds as a result of securities lending activities is invested in an unaffiliated registered money market fund, and is recorded as Payable for collateral received from securities on loan within the Statements of Assets and Liabilities. Securities lending income represents the income earned on investing cash collateral plus any premium payments that may be received on the loan of certain types of securities, less fees and expenses associated with the loan. Each Fund maintains the risk of any market loss on its securities on loan as well as the potential loss on investments purchased with cash collateral received from its securities lending. The custodian has the right under its agreement with the borrowers to recover any loaned securities from the borrower on demand. Additionally, the Funds are exposed to risks that a borrower may not provide additional collateral when required or return loaned securities when due. If the borrower fails to return the
​
​
279
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
securities, the custodian will use the collateral to purchase replacement securities. The custodian is responsible for any shortfall in collateral value under certain circumstances. See Note 5(o).
The following table presents securities on loan that are subject to enforceable netting arrangements as of August 31, 2019.
Gross Amounts Not Offset in the Statements of Assets and Liabilities
​
​ ​ ​
Gross Asset
Amount
Presented in
Statements of
Assets and
Liabilities(a)
 ​ ​
Financial
Instrument
​ ​
Collateral
Received(b)(c)
 ​ ​
Net
Amount
(Not Less
than $0)
​
Destinations Large Cap Equity Fund
​ ​ ​ $ 19,219,210 ​ ​ ​ ​ $     — ​ ​ ​ ​ $ (19,219,210) ​ ​ ​ ​ $     — ​ ​
Destinations Small-Mid Cap Equity Fund
​ ​ ​ ​ 19,624,122 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (19,624,122) ​ ​ ​ ​ ​ — ​ ​
Destinations International Equity Fund
​ ​ ​ ​ 28,204,097 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (28,204,097) ​ ​ ​ ​ ​ — ​ ​
Destinations Equity Income Fund
​ ​ ​ ​ 782,670 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (782,670) ​ ​ ​ ​ ​ — ​ ​
Destinations Real Assets Fund
​ ​ ​ ​ 597,006 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (597,006) ​ ​ ​ ​ ​ — ​ ​
Destinations Core Fixed Income Fund
​ ​ ​ ​ 232,592 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (232,592) ​ ​ ​ ​ ​ — ​ ​
Destinations Global Fixed Income Opportunities Fund
​ ​ ​ ​ 3,937,672 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (3,937,672) ​ ​ ​ ​ ​ — ​ ​
Destinations Multi Strategy Alternatives Fund
​ ​ ​ ​ 10,861,620 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (10,861,620) ​ ​ ​ ​ ​ — ​ ​
​
(a)
Represents market value of securities on loan at period end.
​
(b)
The Funds received cash collateral of  $19,637,880, $20,073,213, $30,252,118, $799,570, $616,340, $237,591, $4,016,865 and $11,094,771, respectively, which was subsequently invested in Federated Government Obligations Fund as reported in the Schedules of Investments.
​
(c)
The actual collateral received could be greater than the amount shown here due to overcollateralization.
​
The Funds have adopted the disclosure provisions of FASB Accounting Standards Update No. 2014-11 (“ASU No. 2014-11”), “Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”. ASU No. 2014-11 is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowing.
280
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
The table below represents the disaggregation at August 31, 2019 of the gross amount of recognized liabilities for securities lending transactions. As the securities loaned are subject to termination by the Funds or the borrower at any time, the remaining contractual maturities of the transactions presented below are considered to be overnight and continuous.
​ ​ ​
Remaining Contractual Maturity of the Agreements
As of August 31, 2019
​
​ ​ ​
Overnight
and
Continuous
​ ​
< 30 days
​ ​
Between
30 & 90
days
​ ​
> 90 days
​ ​
Total
​
Destinations Large Cap Equity Fund ​
Securities Lending Transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Common Stocks
​ ​ ​ $ 19,637,880 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 19,637,880 ​ ​
Total Borrowings
 ​ ​ ​ $ 19,637,880 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 19,637,880 ​ ​
Gross amount of recognized liabilities
for securities lending transactions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 19,637,880 ​ ​
Destinations Small-Mid Cap Equity Fund ​
Securities Lending Transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Common Stocks
​ ​ ​ $ 20,073,213 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 20,073,213 ​ ​
Total Borrowings
 ​ ​ ​ $ 20,073,213 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 20,073,213 ​ ​
Gross amount of recognized liabilities
for securities lending transactions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 20,073,213 ​ ​
Destinations International Equity Fund ​
Securities Lending Transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Common Stocks
​ ​ ​ $ 30,252,118 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 30,252,118 ​ ​
Total Borrowings
 ​ ​ ​ $ 30,252,118 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 30,252,118 ​ ​
Gross amount of recognized liabilities
for securities lending transactions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 30,252,118 ​ ​
Destinations Equity Income Fund ​
Securities Lending Transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Common Stocks
​ ​ ​ $ 799,570 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 799,570 ​ ​
Total Borrowings
 ​ ​ ​ $ 799,570 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 799,570 ​ ​
Gross amount of recognized liabilities
for securities lending transactions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 799,570 ​ ​
Destinations Real Assets Fund ​
Securities Lending Transactions ​ ​ ​ ​ ​ ​
Common Stocks
​ ​ ​ $ 527,700 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 527,700 ​ ​
Exchange Traded Funds
(ETFs)
​ ​ ​ ​ 88,640 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 88,640 ​ ​
Total Borrowings
 ​ ​ ​ $ 616,340 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 616,340 ​ ​
Gross amount of recognized liabilities
for securities lending transactions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 616,340 ​ ​
Destinations Core Fixed Income Fund ​
Securities Lending Transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Corporate Securities
​ ​ ​ $ 237,591 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 237,591 ​ ​
Total Borrowings
 ​ ​ ​ $ 237,591 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 237,591 ​ ​
Gross amount of recognized liabilities
for securities lending transactions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 237,591 ​ ​
​
281
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
​ ​ ​
Remaining Contractual Maturity of the Agreements
As of August 31, 2019
​
​ ​ ​
Overnight
and
Continuous
​ ​
< 30 days
​ ​
Between
30 & 90
days
​ ​
> 90 days
​ ​
Total
​
Destinations Global Fixed Income Opportunities Fund ​
Securities Lending Transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Corporate Securities
​ ​ ​ $ 4,014,191 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 4,014,191 ​ ​
Preferred Stocks
​ ​ ​ ​ 2,674 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,674 ​ ​
Total Borrowings
 ​ ​ ​ $ 4,016,865 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 4,016,865 ​ ​
Gross amount of recognized liabilities
for securities lending transactions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,016,865 ​ ​
Destinations Multi Strategy Alternatives Fund ​
Securities Lending Transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Closed-End Funds
​ ​ ​ $ 280,420 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 280,420 ​ ​
Corporate Securities
​ ​ ​ ​ 7,506,857 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,506,857 ​ ​
Common Stocks
​ ​ ​ ​ 3,256,669 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,256,669 ​ ​
Preferred Stocks
​ ​ ​ ​ 50,825 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 50,825 ​ ​
Total Borrowings
 ​ ​ ​ $ 11,094,771 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 11,094,771 ​ ​
Gross amount of recognized liabilities
for securities lending transactions
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 11,094,771 ​ ​
​
(d)
To-Be-Announced Purchase and Sale Commitments. Certain Funds may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information is not known, such as the face amount and maturity date and the underlying pool of investments in U.S. government agency mortgage pass-through transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are marked-to-market on a daily basis and are subject to market fluctuations. Realized gains or losses on TBA purchase commitments are included in “Net realized gain (loss) on investments” on the Statements of Operations. Any fluctuation in the value of the purchased TBA commitments is included in “Net change in unrealized appreciation (depreciation) on investments” on the Statements of Operations.
​
Additionally, when a Fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A Fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.
TBA securities subject to a forward commitment to sell at period end are included at the end of the Fund’s Schedule of Investments under the caption “Schedule of Forward Sale Commitments”. The proceeds and value of these commitments are recorded as Forward Sale Commitments at value in the Statements of Assets and Liabilities.
(e)
Short Sales of Securities. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the securities. To complete a short sale, the Fund may arrange through a broker to borrow the securities to be delivered to the buyer. The proceeds received by the Fund for the short sale are retained by the broker until the Fund replaces the borrowed securities. In borrowing the securities to be delivered to the buyer, the Fund becomes obligated to replace the securities borrowed at their market price at the time of replacement, whatever that price may be.
​
The risk of engaging in short sale transactions is that selling short magnifies the potential for loss to a Fund. The larger the Fund’s short position, the greater the potential loss. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the
282
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
security, the Fund also may be required to pay a premium, which could decrease the proceeds of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. In addition, because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is unlimited.
(f)
Mortgage Dollar Rolls. Certain Funds may sell mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specific future date at an agreed upon price. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, a Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for a Fund. A Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income.
​
Mortgage dollar roll transactions involve the risk that the market value of the securities a Fund is obligated to repurchase under the agreement may decline below the repurchase price of those securities. If investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities sold as part of the dollar roll, the use of this technique will adversely impact the investment performance of a Fund. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of proceeds of the dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities.
(g)
Security Transactions and Investment Income. Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practical after a Fund determines the existence of a dividend declaration after exercising reasonable due diligence.Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statement of Operations.Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Fund records a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults on an expected interest payment, the Trust’s policy is to generally halt any additional “interest income accruals and accretion” and consider the Fund’s ability to realize interest accrued up to the date of default.
​
(h)
Foreign Investments. Dividends or other income (including, in some cases, capital gains) received by a Fund from investments in foreign securities may be subject to withholding and other taxes imposed by foreign countries. Foreign taxes paid by a Fund will reduce the return from the Fund’s investments. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes in some cases. If, as of the end of a Fund’s taxable year, more than 50% of the Fund’s assets consist of foreign securities, that Fund may elect to permit shareholders to claim a credit or deduction on their income tax returns for their pro rata portions of qualified taxes paid by that Fund during that taxable year to foreign countries in respect of foreign securities that the Fund has held for at least the minimum period specified in the IRC. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating any foreign tax credit they may be entitled to use against the shareholders’ federal income tax. If a Fund makes the election, such Fund (or its administrative agent) will report annually to their shareholders the respective amounts per share of the Fund’s
​
​
283
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
income from sources within, and taxes paid to, foreign countries and U.S. possessions. Shareholders of Funds that do not hold sufficient foreign securities to meet the above 50% threshold will not be entitled to claim a credit or further deduction with respect to foreign taxes paid by those Funds.
(i)
Foreign Currency Translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.
​
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments in the Statements of Operations.
Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities, at the date of valuation, resulting from changes in exchange rates.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.
(j)
Distributions to Shareholders. The Funds distribute their investment income periodically. It is the policy of the Destinations Equity Income and Destinations Multi Strategy Alternatives Funds to distribute their investment income quarterly. It is the policy of the Destinations Large Cap Equity, Destinations Small-Mid Cap Equity, Destinations International Equity and Destinations Real Assets Funds to distribute their investment income annually. It is the policy of the Destinations Core Fixed Income, Destinations Municipal Fixed Income, Destinations Global Fixed Income Opportunities and Destinations Low Duration Fixed Income Funds to distribute their investment income monthly. The Funds will make distributions of any undistributed capital gains earned annually. A Fund may make an additional payment of dividends or other distributions if it deems it to be desirable or necessary at other times during any year.
​
(k)
All distributions will be paid in cash. Generally, distributions are taxable events for shareholders whether the distributions are received in cash or reinvested.
​
(l)
Federal and Other Taxes. It is the Trust’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, each Fund intends to distribute substantially all of its income and net realized gains on investments, if any, to shareholders each year. Therefore, no federal income tax provision is required in the Funds’ financial statements. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken on the 2018 tax returns.
​
(m)
Reclassification. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share.
​
(n)
Restricted Securities. All Funds may invest in non-publicly traded securities, commonly called restricted securities. Restricted securities may be less liquid than publicly-traded securities. Although certain restricted securities may be resold in privately negotiated transactions, the values realized from these sales could be less than
​
​
284
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
originally paid by a Fund. Certain restricted securities may be deemed liquid by the Manager and/or Sub-adviser pursuant to the procedures approved by the Board.
(o)
Indemnification. In the normal course of business, the Funds may enter into contracts that provide certain indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, risk of loss from such claims is considered remote.
​
(p)
Senior Floating-Rate Loans. Certain Funds may purchase assignments of, and participations in, senior secured floating rate and fixed rate loans (“Senior Loans”) originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution (the “Agent”) for a lending syndicate of financial institutions (the “Lender”). When purchasing an assignment, a Fund typically succeeds to all the rights and obligations under the loan of the assigning Lender and becomes a lender under the credit agreement with respect to the debt obligation purchased. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more restricted than, those held by the assigning Lender. Participation typically results in a contractual relationship only with the institution participating out the interest, not with the borrower. In purchasing participations, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement or any rights of setoff against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the borrower and the institution selling the participation.
​
In connection with bank loan interests, Funds may enter into unfunded bank loan interests (“commitments”). Unfunded loan commitments may be partially or wholly unfunded. The fund is obligated to fund these commitments at borrower’s discretion. In connection with these commitments, Funds earn a commitment fee, which is included in interest income in the Statement of Operations and recognized respectively over the commitment period. Funds have sufficient cash/securities to cover commitments.
The following table summarizes the Funds’ wholly and partially unfunded loans positions as of August 31, 2019.
​ ​ ​
Principal
​ ​
Unfunded
Bank Loan
Interest
(Cost)
​ ​
Value of
Underlying
Bank Loan
Interest
(Value)
​ ​
Unrealized
Appreciation/​
(Depreciation)
​
Destinations Core Fixed Income Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Allied Universal Holdco LLC
​ ​ ​ $ 10,811 ​ ​ ​ ​ $ 10,705 ​ ​ ​ ​ $ 10,786 ​ ​ ​ ​ $ 82 ​ ​
Mister Car Wash Holdings Inc.
​ ​ ​ ​ 3,571 ​ ​ ​ ​ ​ 3,571 ​ ​ ​ ​ ​ 3,559 ​ ​ ​ ​ ​ (13) ​ ​
​ ​ ​ ​ $ 14,382 ​ ​ ​ ​ $ 14,276 ​ ​ ​ ​ $ 14,345 ​ ​ ​ ​ $ 69 ​ ​
Destinations Multi Strategy Alternatives Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Pacific Gas & Electric Co.
​ ​ ​ $ 750,000 ​ ​ ​ ​ $ 747,365 ​ ​ ​ ​ $ 751,875 ​ ​ ​ ​ $ 4,510 ​ ​
(q)
Disclosure about Offsetting Assets and Liabilities. In order to better define contractual rights under derivative contracts and to secure rights that will help the Funds mitigate their counterparty risk, a sub-adviser may, on behalf of the Funds, enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The ISDA Master Agreement gives a Fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. Absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statements of Assets and Liabilities across
​
​
285
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
the transactions between the Funds and the applicable counterparty. The right to offset and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Funds’ credit risk to such counterparty equal to any amounts payable by the Funds under the applicable transactions, if any. The enforceability of the right to offset may vary by jurisdiction.
Cash collateral that has been received or pledged to cover obligations under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Generally the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of a Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits with counterparties and, in the case of cash pledged by a counterparty for the benefit of a Fund, a corresponding liability in the Statements of Assets and Liabilities. Securities pledged by a Fund as collateral, if any, are identified as such in the Schedule of Investments. The carrying amount of such deposits due to brokers at August 31, 2019 approximated their fair value. If measured at fair value, such deposits would have been considered as Level 2 in the fair value hierarchy (see Note 3).
For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements on the Statements of Assets and Liabilities.
The following table presents the Funds’ gross and net amounts of assets and liabilities, by derivative type, available for offset under a master netting agreement, or similar agreement as of August 31, 2019.
​ ​ ​
Assets
​ ​
Liabilities
​
Derivative Instruments(a)
 ​ ​
Gross Amounts of
Recognized Assets
Presented in the
Statements of
Assets and Liabilities
​ ​
Gross Amounts of
Recognized Liabilities
Presented in the
Statements of Assets
and Liabilities
​
Destinations International Equity Fund: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward foreign currency contracts
​ ​ ​ $ 17,504 ​ ​ ​ ​ $ 32,619 ​ ​
Total Derivative Instruments, subject to master netting arrangement or similar arrangement
 ​ ​ ​ $ 17,504 ​ ​ ​ ​ $ 32,619 ​ ​
Destinations Low Duration Fixed Income Fund: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward foreign currency contracts
​ ​ ​ $ 212,170 ​ ​ ​ ​ $ — ​ ​
Total Derivative Instruments, subject to master netting arrangement or similar arrangement
 ​ ​ ​ $ 212,170 ​ ​ ​ ​ $ — ​ ​
Destinations Global Fixed Income Opportunities Fund: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward foreign currency contracts
​ ​ ​ $ 423,924 ​ ​ ​ ​ $ — ​ ​
Total Derivative Instruments, subject to master netting arrangement or similar arrangement
 ​ ​ ​ $ 423,924 ​ ​ ​ ​ $ — ​ ​
Destinations Multi Strategy Alternatives Fund: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Swap contracts(b)
 ​ ​ ​ $ 770,157 ​ ​ ​ ​ $ — ​ ​
Total Derivative Instruments, subject to master netting arrangement or similar arrangement
 ​ ​ ​ $ 770,157 ​ ​ ​ ​ $ — ​ ​
​
(a)
Excludes exchange-traded derivatives.
​
(b)
The total value of the net amounts of assets and liabilities is comprised of Swap contracts, at value on the Statements of Assets and Liabilities less the net value of the Upfront premiums paid (received) disclosed in the Fund’s Schedules of Investments.
​
​
286
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
The following table presents the Funds’ derivative assets and liabilities by counterparty net of amounts available for offset under master netting or similar agreements, and net of related collateral received or pledged as of August 31, 2019.
Counterparty
​ ​
Gross amounts of
Recognized Assets
presented in the
Statements of
Assets and
Liabilities
​ ​
Financial
Instruments
Available for
Offset(a)
 ​ ​
Other Cash
Collateral(e)
 ​ ​
Net
Amount(b)
 ​
Destinations International Equity Fund ​
Over-the-counter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
JPMorgan Chase & Co.
​ ​ ​ $ 17,504 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 17,504 ​ ​
Total Over-the-counter derivative instruments
 ​ ​ ​ $ 17,504 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 17,504 ​ ​
​
Counterparty
​ ​
Gross amounts of
Recognized Liabilities
presented in the
Statements of
Assets and Liabilities
​ ​
Financial
Instruments
Available for
Offset(c)
 ​ ​
Other Cash
Collateral(e)
 ​ ​
Net
Amount(d)
 ​
Destinations International Equity Fund ​
Over-the-counter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
HSBC Bank USA.
​ ​ ​ $ 32,619 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 32,619 ​ ​
Total Over-the-counter derivative instruments
 ​ ​ ​ $ 32,619 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 32,619 ​ ​
​
Counterparty
​ ​
Gross amounts of
Recognized Assets
presented in the
Statements of
Assets and Liabilities
​ ​
Financial
Instruments
Available for
Offset(a)
 ​ ​
Other Cash
Collateral(e)
 ​ ​
Net
Amount(b)
 ​
Destinations Low Duration Fixed Income Fund ​
Over-the-counter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Brown Brothers Harriman & Co.
​ ​ ​ $ 212,170 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 212,170 ​ ​
Total Over-the-counter derivative instruments
 ​ ​ ​ $ 212,170 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 212,170 ​ ​
​
Counterparty
​ ​
Gross amounts of
Recognized Assets
presented in the
Statements of
Assets and Liabilities
​ ​
Financial
Instruments
Available for
Offset(a)
 ​ ​
Other Cash
Collateral(e)
 ​ ​
Net
Amount(b)
 ​
Destinations Global Fixed Income Opportunities Fund ​
Over-the-counter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Brown Brothers Harriman & Co.
​ ​ ​ $ 423,924 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 423,924 ​ ​
Total Over-the-counter derivative instruments
 ​ ​ ​ $ 423,924 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 423,924 ​ ​
​
287
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
5. Accounting for Other Instruments (continued)
Counterparty
​ ​
Gross amounts of
Recognized Assets
presented in the
Statements of
Assets and Liabilities
​ ​
Financial
Instruments
Available for
Offset(a)
 ​ ​
Other Cash
Collateral(e)
 ​ ​
Net
Amount(b)
 ​
Destinations Multi Strategy Alternatives Fund ​
Over-the-counter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Goldman Sachs & Co.
​ ​ ​ $ 770,157 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 770,157 ​ ​
Total Over-the-counter derivative instruments
 ​ ​ ​ $ 770,157 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 770,157 ​ ​
​
(a)
Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar agreements that are not offset on the Statements of Assets and Liabilities.
​
(b)
Net amount represents the new amount receivable from the counterparty in the event of default.
​
(c)
Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar agreements that are not offset on the Statements of Assets and Liabilities.
​
(d)
Net amount represents the net amount payable to the counterparty in the event of default.
​
(e)
In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.
​
6. Significant Risks and Uncertainties
(a)
Credit and Market Risk. Certain Funds invest in high yield instruments that are subject to certain credit and market risks. The yields of high yield obligations reflect, among other things, perceived credit and market risks. Each Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities, including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.
​
(b)
Foreign Investment and Currency Risks. Certain Funds’ investments in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies and may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of a Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.
​
(c)
Emerging Markets Risk. In addition to foreign investment and currency risks, which tend to be amplified in emerging markets, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. The economies of emerging market countries may grow at slower rates than expected or suffer a downturn or recession. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries.
​
(d)
Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.
​
7. Investment Management Agreement
Brinker Capital, Inc., serves as investment adviser to the Trust pursuant to an investment advisory agreement (“Advisory Agreement”) between the Trust and Brinker Capital. Each Sub-adviser serves as investment adviser to a Fund pursuant to separate written agreements with the Adviser on behalf of the Funds (“Sub-advisory Agreements”). Under the Advisory Agreement, each Fund pays Brinker Capital an investment advisory fee calculated daily at an annual rate based on each
288
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
7. Investment Management Agreement (continued)
Fund’s average daily net assets and paid monthly in arrears. Brinker Capital pays each Sub-adviser a sub-advisory fee from its investment advisory fees.
The maximum allowable annual management fee represents the total amount that could be charged to each Fund. The aggregate subadvisory fee expected to be paid by Brinker Capital to the Sub-advisers and the maximum fee expected to be retained by Brinker Capital for the Trust’s current fiscal year are indicated below:
Fund
​ ​
Subadvisory
Fee
​ ​
Brinker
Capital Inc.
Fee
​ ​
Maximum
Allowable
Annual
Management
Fee
​
Destinations Large Cap Equity Fund
​ ​ ​ ​ 0.23% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 0.75% ​ ​
Destinations Small-Mid Cap Equity Fund
​ ​ ​ ​ 0.46% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 0.90% ​ ​
Destinations International Equity Fund
​ ​ ​ ​ 0.52% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 1.00% ​ ​
Destinations Equity Income Fund
​ ​ ​ ​ 0.26% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 0.80% ​ ​
Destinations Real Assets Fund
​ ​ ​ ​ 0.57% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 1.00% ​ ​
Destinations Core Fixed Income Fund
​ ​ ​ ​ 0.18% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 0.65% ​ ​
Destinations Low Duration Fixed Income Fund
​ ​ ​ ​ 0.29% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 0.70% ​ ​
Destinations Global Fixed Income Opportunities Fund
​ ​ ​ ​ 0.35% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 0.85% ​ ​
Destinations Municipal Fixed Income Fund
​ ​ ​ ​ 0.16% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 0.70% ​ ​
Destinations Multi Strategy Alternatives Fund
​ ​ ​ ​ 0.56% ​ ​ ​ ​ ​ 0.39% ​ ​ ​ ​ ​ 1.35% ​ ​
Each Fund’s actual advisory fees may be less than the amounts set forth above due to the effect of additional voluntary fee waivers. Effective March 20, 2017, Brinker Capital has contractually agreed to waive a portion of its advisory fee with respect to any Fund until the period ended June 30, 2019 in order to keep the Fund’s management fees from exceeding 0.39% more than the total amount of sub-advisory fees paid by Brinker Capital with respect to such Fund. The agreement may be amended or terminated only with the consent of the Board of Trustees.
For the period ended August 31, 2019, the amounts waived by the Adviser were as follows:
Fund
​ ​ ​ ​ ​ ​ ​
Destinations Large Cap Equity Fund
​ ​ ​ $ 2,307,870 ​ ​
Destinations Small-Mid Cap Equity Fund
​ ​ ​ ​ 246,239 ​ ​
Destinations International Equity Fund
​ ​ ​ ​ 753,207 ​ ​
Destinations Equity Income Fund
​ ​ ​ ​ 318,509 ​ ​
Destinations Real Assets Fund
​ ​ ​ ​ 40,571 ​ ​
Destinations Core Fixed Income Fund
​ ​ ​ ​ 718,938 ​ ​
Destinations Low Duration Fixed Income Fund
​ ​ ​ ​ 42,774 ​ ​
Destinations Global Fixed Income Opportunities Fund
​ ​ ​ ​ 443,067 ​ ​
Destinations Municipal Fixed Income Fund
​ ​ ​ ​ 687,263 ​ ​
Destinations Multi Strategy Alternatives Fund
​ ​ ​ ​ 1,847,507 ​ ​
289
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
8. Class Specific Expenses
The costs of managing and administering a Fund are spread among shareholders of each class of shares. These operating costs cover such things as investment management, custody, auditing, administrative and transfer agency expenses, fees and expenses of Trustees, and, to the extent applicable to a share class, shareholder servicing.
Shares of different classes are available to different eligible investors.
Class I Shares. Class I Shares are intended for investors participating in Destinations, an investment advisory program, sponsored by Brinker Capital or through certain third party advisory programs which includes a sub-transfer agent fee. The sub-transfer agent fee is calculated at a maximum annual rate of 0.15% of the average daily net assets of the I share class.
Class Z Shares. Class Z Shares are intended for investors participating in Destinations, an investment advisory program, available through certain third party advisory program that does not include a sub-transfer agent fee.
For the period ended August 31, 2019, class specific expenses (prepaids) were as follows:
​ ​ ​
Sub-Transfer
Agent Fees
​
Fund
​ ​
Class I
​
Destinations Large Cap Equity Fund
​ ​ ​ $ 2,672,054 ​ ​
Destinations Small-Mid Cap Equity Fund
​ ​ ​ ​ 720,373 ​ ​
Destinations International Equity Fund
​ ​ ​ ​ 1,266,511 ​ ​
Destinations Equity Income Fund
​ ​ ​ ​ 301,930 ​ ​
Destinations Real Assets Fund
​ ​ ​ ​ 139,883 ​ ​
Destinations Core Fixed Income Fund
​ ​ ​ ​ 1,343,066 ​ ​
Destinations Low Duration Fixed Income Fund
​ ​ ​ ​ 293,359 ​ ​
Destinations Global Fixed Income Opportunities Fund
​ ​ ​ ​ 584,464 ​ ​
Destinations Municipal Fixed Income Fund
​ ​ ​ ​ 658,581 ​ ​
Destinations Multi Strategy Alternatives Fund
​ ​ ​ ​ 680,714 ​ ​
9. Investments
During the period ended August 31, 2019, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) for each Fund were as follows:
Fund
​ ​
Investments
​ ​
U.S. Government & Agency Obligations
​
​
Purchases
​ ​
Sales
​ ​
Purchases
​ ​
Sales
​
Destinations Large Cap Equity Fund
​ ​ ​ $ 979,360,729 ​ ​ ​ ​ $ 775,780,831 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Destinations Small-Mid Cap Equity Fund
​ ​ ​ ​ 477,360,974 ​ ​ ​ ​ ​ 504,229,613 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Destinations International Equity Fund
​ ​ ​ ​ 329,415,650 ​ ​ ​ ​ ​ 239,358,379 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Destinations Equity Income Fund
​ ​ ​ ​ 78,104,957 ​ ​ ​ ​ ​ 64,333,404 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Destinations Real Assets Fund
​ ​ ​ ​ 49,019,162 ​ ​ ​ ​ ​ 137,018,552 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Destinations Core Fixed Income Fund
​ ​ ​ ​ 463,901,833 ​ ​ ​ ​ ​ 402,613,632 ​ ​ ​ ​ ​ 304,223,125 ​ ​ ​ ​ ​ 252,771,273 ​ ​
Destinations Low Duration Fixed Income Fund
​ ​ ​ ​ 187,965,428 ​ ​ ​ ​ ​ 189,710,441 ​ ​ ​ ​ ​ 2,828,184 ​ ​ ​ ​ ​ 1,017,321 ​ ​
Destinations Global Fixed Income Opportunities Fund
​ ​ ​ ​ 279,158,383 ​ ​ ​ ​ ​ 331,112,980 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Destinations Municipal Fixed Income Fund
​ ​ ​ ​ 223,602,474 ​ ​ ​ ​ ​ 171,557,083 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Destinations Multi Strategy Alternatives Fund
​ ​ ​ ​ 449,165,315 ​ ​ ​ ​ ​ 427,195,375 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
290
Notes to Financial Statements
August 31, 2019 (unaudited) (continued)
​
9. Investments (continued)
At August 31, 2019, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:
Fund
​ ​
Aggregate Cost
For Federal
Income
Tax Purposes
​ ​
Gross
Unrealized
Appreciation
​ ​
Gross
Unrealized
(Depreciation)
​ ​
Net Unrealized
Appreciation
(Depreciation)
​
Destinations Large Cap Equity Fund
​ ​ ​ $ 3,250,439,064 ​ ​ ​ ​ $ 662,762,449 ​ ​ ​ ​ $ (152,188,746) ​ ​ ​ ​ $ 510,573,703 ​ ​
Destinations Small-Mid Cap Equity Fund
​ ​ ​ ​ 898,214,470 ​ ​ ​ ​ ​ 123,792,010 ​ ​ ​ ​ ​ (47,788,756) ​ ​ ​ ​ ​ 76,003,254 ​ ​
Destinations International Equity Fund
​ ​ ​ ​ 1,632,247,320 ​ ​ ​ ​ ​ 278,024,685 ​ ​ ​ ​ ​ (105,237,137) ​ ​ ​ ​ ​ 172,787,548 ​ ​
Destinations Equity Income Fund
​ ​ ​ ​ 407,641,177 ​ ​ ​ ​ ​ 34,820,959 ​ ​ ​ ​ ​ (25,293,546) ​ ​ ​ ​ ​ 9,527,413 ​ ​
Destinations Real Assets Fund
​ ​ ​ ​ 150,004,577 ​ ​ ​ ​ ​ 4,297,512 ​ ​ ​ ​ ​ (18,606,519) ​ ​ ​ ​ ​ (14,309,007) ​ ​
Destinations Core Fixed Income Fund
​ ​ ​ ​ 1,893,008,289 ​ ​ ​ ​ ​ 74,179,171 ​ ​ ​ ​ ​ (14,183,121) ​ ​ ​ ​ ​ 59,996,050 ​ ​
Destinations Low Duration Fixed Income Fund
​ ​ ​ ​ 402,040,102 ​ ​ ​ ​ ​ 1,478,448 ​ ​ ​ ​ ​ (4,084,218) ​ ​ ​ ​ ​ (2,605,770) ​ ​
Destinations Global Fixed Income Opportunities Fund
​ ​ ​ ​ 785,921,387 ​ ​ ​ ​ ​ 9,750,668 ​ ​ ​ ​ ​ (11,041,329) ​ ​ ​ ​ ​ (1,290,661) ​ ​
Destinations Municipal Fixed Income Fund
​ ​ ​ ​ 877,273,143 ​ ​ ​ ​ ​ 41,989,961 ​ ​ ​ ​ ​ (224,081) ​ ​ ​ ​ ​ 41,765,880 ​ ​
Destinations Multi Strategy Alternatives Fund
​ ​ ​ ​ 995,097,982 ​ ​ ​ ​ ​ 22,946,205 ​ ​ ​ ​ ​ (89,088,942) ​ ​ ​ ​ ​ (66,142,737) ​ ​
10. Shares of Beneficial Interest
At February 28, 2019, the Trust had an unlimited number of units of beneficial interest (shares) authorized with a par value of  $0.001 per share. At February 28, 2019, Trustees and executive officers of the Trust as a group owned of record less than 1% of the outstanding shares of the Trust.
Transactions in shares of each Fund’s Class were as follows:
​ ​ ​
Period ended
August 31, 2019
​ ​
Period ended
August 31, 2019
​ ​
Year ended
February 28, 2019
​ ​
Period ended
February 28, 2019*
​
​ ​ ​
Shares
​ ​
Amount
​ ​
Shares
​ ​
Amount
​ ​
Shares
​ ​
Amount
​ ​
Shares
​ ​
Amount
​
​ ​ ​
Class I
​ ​
Class Z
​ ​
Class I
​ ​
Class Z
​
Destinations Large Cap Equity Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 26,482,784 ​ ​ ​ ​ ​ 316,134,097 ​ ​ ​ ​ ​ 11,218,027 ​ ​ ​ ​ ​ 111,563,919 ​ ​ ​ ​ ​ 101,792,492 ​ ​ ​ ​ ​ 1,129,725,279 ​ ​ ​ ​ ​ 8,374,344 ​ ​ ​ ​ ​ 82,958,463 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,817,901 ​ ​ ​ ​ ​ 92,147,062 ​ ​ ​ ​ ​ 325,972 ​ ​ ​ ​ ​ 2,777,276 ​ ​
Shares repurchased
​ ​ ​ ​ (23,735,302) ​ ​ ​ ​ ​ (283,017,543) ​ ​ ​ ​ ​ (848,480) ​ ​ ​ ​ ​ (8,273,828) ​ ​ ​ ​ ​ (54,731,880) ​ ​ ​ ​ ​ (643,323,422) ​ ​ ​ ​ ​ (1,342,871) ​ ​ ​ ​ ​ (12,343,692) ​ ​
Net Increase
​ ​ ​ ​ 2,747,482 ​ ​ ​ ​ ​ 33,116,554 ​ ​ ​ ​ ​ 10,369,547 ​ ​ ​ ​ ​ 103,290,091 ​ ​ ​ ​ ​ 55,878,513 ​ ​ ​ ​ ​ 578,548,919 ​ ​ ​ ​ ​ 7,357,445 ​ ​ ​ ​ ​ 73,392,047 ​ ​
Destinations Small-Mid Cap Equity Fund
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 6,911,706 ​ ​ ​ ​ ​ 78,984,749 ​ ​ ​ ​ ​ 2,811,954 ​ ​ ​ ​ ​ 26,660,052 ​ ​ ​ ​ ​ 34,664,792 ​ ​ ​ ​ ​ 371,756,983 ​ ​ ​ ​ ​ 2,255,609 ​ ​ ​ ​ ​ 22,691,457 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,886,724 ​ ​ ​ ​ ​ 38,556,303 ​ ​ ​ ​ ​ 139,990 ​ ​ ​ ​ ​ 1,128,317 ​ ​
Shares repurchased
​ ​ ​ ​ (12,622,746) ​ ​ ​ ​ ​ (146,169,404) ​ ​ ​ ​ ​ (391,594) ​ ​ ​ ​ ​ (3,688,329) ​ ​ ​ ​ ​ (17,268,373) ​ ​ ​ ​ ​ (193,629,966) ​ ​ ​ ​ ​ (363,167) ​ ​ ​ ​ ​ (3,142,418) ​ ​
Net Increase (Decrease)
​ ​ ​ ​ (5,711,040) ​ ​ ​ ​ ​ (67,184,655) ​ ​ ​ ​ ​ 2,420,360 ​ ​ ​ ​ ​ 22,971,723 ​ ​ ​ ​ ​ 21,283,143 ​ ​ ​ ​ ​ 216,683,320 ​ ​ ​ ​ ​ 2,032,432 ​ ​ ​ ​ ​ 20,677,356 ​ ​
Destinations International Equity Fund
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 15,043,253 ​ ​ ​ ​ ​ 168,851,745 ​ ​ ​ ​ ​ 5,122,243 ​ ​ ​ ​ ​ 50,736,568 ​ ​ ​ ​ ​ 52,618,227 ​ ​ ​ ​ ​ 553,782,717 ​ ​ ​ ​ ​ 3,921,131 ​ ​ ​ ​ ​ 37,465,208 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,768,142 ​ ​ ​ ​ ​ 17,486,924 ​ ​ ​ ​ ​ 61,041 ​ ​ ​ ​ ​ 526,783 ​ ​
Shares repurchased
​ ​ ​ ​ (12,722,344) ​ ​ ​ ​ ​ (142,411,890) ​ ​ ​ ​ ​ (440,678) ​ ​ ​ ​ ​ (4,309,974) ​ ​ ​ ​ ​ (26,142,011) ​ ​ ​ ​ ​ (289,212,441) ​ ​ ​ ​ ​ (511,301) ​ ​ ​ ​ ​ (4,606,198) ​ ​
Net Increase
​ ​ ​ ​ 2,320,909 ​ ​ ​ ​ ​ 26,439,855 ​ ​ ​ ​ ​ 4,681,565 ​ ​ ​ ​ ​ 46,426,594 ​ ​ ​ ​ ​ 28,244,358 ​ ​ ​ ​ ​ 282,057,200 ​ ​ ​ ​ ​ 3,470,871 ​ ​ ​ ​ ​ 33,385,793 ​ ​
Destinations Equity Income Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 4,081,172 ​ ​ ​ ​ ​ 42,267,379 ​ ​ ​ ​ ​ 656,271 ​ ​ ​ ​ ​ 6,600,565 ​ ​ ​ ​ ​ 14,820,009 ​ ​ ​ ​ ​ 146,101,281 ​ ​ ​ ​ ​ 1,144,805 ​ ​ ​ ​ ​ 11,442,280 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ 472,208 ​ ​ ​ ​ ​ 4,876,208 ​ ​ ​ ​ ​ 15,796 ​ ​ ​ ​ ​ 158,249 ​ ​ ​ ​ ​ 2,088,485 ​ ​ ​ ​ ​ 20,394,007 ​ ​ ​ ​ ​ 46,257 ​ ​ ​ ​ ​ 434,586 ​ ​
Shares repurchased
​ ​ ​ ​ (3,593,637) ​ ​ ​ ​ ​ (37,163,171) ​ ​ ​ ​ ​ (164,679) ​ ​ ​ ​ ​ (1,633,964) ​ ​ ​ ​ ​ (10,089,294) ​ ​ ​ ​ ​ (102,029,957) ​ ​ ​ ​ ​ (161,426) ​ ​ ​ ​ ​ (1,541,776) ​ ​
Net Increase
​ ​ ​ ​ 959,743 ​ ​ ​ ​ ​ 9,980,416 ​ ​ ​ ​ ​ 507,388 ​ ​ ​ ​ ​ 5,124,850 ​ ​ ​ ​ ​ 6,819,200 ​ ​ ​ ​ ​ 64,465,331 ​ ​ ​ ​ ​ 1,029,636 ​ ​ ​ ​ ​ 10,335,090 ​ ​
​
291
Notes to Financial Statements
August 31, 2019 (unaudited) (concluded)
​
10. Shares of Beneficial Interest (concluded)
​ ​ ​
Period ended
August 31, 2019
​ ​
Period ended
August 31, 2019
​ ​
Year ended
February 28, 2019
​ ​
Period ended
February 28, 2019*
​
​ ​ ​
Shares
​ ​
Amount
​ ​
Shares
​ ​
Amount
​ ​
Shares
​ ​
Amount
​ ​
Shares
​ ​
Amount
​
​ ​ ​
Class I
​ ​
Class Z
​ ​
Class I
​ ​
Class Z
​
Destinations Real Assets Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 2,517,664 ​ ​ ​ ​ ​ 14,183,948 ​ ​ ​ ​ ​ 884,321 ​ ​ ​ ​ ​ 4,682,435 ​ ​ ​ ​ ​ 15,078,673 ​ ​ ​ ​ ​ 138,429,624 ​ ​ ​ ​ ​ 703,514 ​ ​ ​ ​ ​ 5,826,365 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 55,796 ​ ​ ​ ​ ​ 337,006 ​ ​ ​ ​ ​ 1,890 ​ ​ ​ ​ ​ 11,547 ​ ​
Shares repurchased
​ ​ ​ ​ (2,613,676) ​ ​ ​ ​ ​ (14,603,804) ​ ​ ​ ​ ​ (72,751) ​ ​ ​ ​ ​ (392,911) ​ ​ ​ ​ ​ (6,821,564) ​ ​ ​ ​ ​ (56,134,660) ​ ​ ​ ​ ​ (93,006) ​ ​ ​ ​ ​ (634,022) ​ ​
Net Increase (Decrease)
​ ​ ​ ​ (96,012) ​ ​ ​ ​ ​ (419,856) ​ ​ ​ ​ ​ 811,570 ​ ​ ​ ​ ​ 4,289,524 ​ ​ ​ ​ ​ 8,312,905 ​ ​ ​ ​ ​ 82,631,970 ​ ​ ​ ​ ​ 612,398 ​ ​ ​ ​ ​ 5,203,890 ​ ​
Destinations Core Fixed Income Fund
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 19,364,332 ​ ​ ​ ​ ​ 194,830,222 ​ ​ ​ ​ ​ 5,620,918 ​ ​ ​ ​ ​ 58,257,244 ​ ​ ​ ​ ​ 51,629,353 ​ ​ ​ ​ ​ 504,965,401 ​ ​ ​ ​ ​ 3,123,658 ​ ​ ​ ​ ​ 31,239,465 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ 2,563,612 ​ ​ ​ ​ ​ 25,814,809 ​ ​ ​ ​ ​ 70,122 ​ ​ ​ ​ ​ 726,910 ​ ​ ​ ​ ​ 4,484,582 ​ ​ ​ ​ ​ 43,781,187 ​ ​ ​ ​ ​ 35,951 ​ ​ ​ ​ ​ 358,837 ​ ​
Shares repurchased
​ ​ ​ ​ (13,562,427) ​ ​ ​ ​ ​ (136,353,895) ​ ​ ​ ​ ​ (371,612) ​ ​ ​ ​ ​ (3,841,772) ​ ​ ​ ​ ​ (34,866,632) ​ ​ ​ ​ ​ (340,488,950) ​ ​ ​ ​ ​ (322,483) ​ ​ ​ ​ ​ (3,221,197) ​ ​
Net Increase
​ ​ ​ ​ 8,365,517 ​ ​ ​ ​ ​ 84,291,136 ​ ​ ​ ​ ​ 5,319,428 ​ ​ ​ ​ ​ 55,142,382 ​ ​ ​ ​ ​ 21,247,303 ​ ​ ​ ​ ​ 208,257,638 ​ ​ ​ ​ ​ 2,837,126 ​ ​ ​ ​ ​ 28,377,105 ​ ​
Destinations Low Duration Fixed Income Fund
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 3,719,846 ​ ​ ​ ​ ​ 36,718,185 ​ ​ ​ ​ ​ 985,567 ​ ​ ​ ​ ​ 9,921,571 ​ ​ ​ ​ ​ 26,087,024 ​ ​ ​ ​ ​ 257,497,046 ​ ​ ​ ​ ​ 687,831 ​ ​ ​ ​ ​ 6,912,149 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ 702,172 ​ ​ ​ ​ ​ 6,921,376 ​ ​ ​ ​ ​ 17,554 ​ ​ ​ ​ ​ 176,321 ​ ​ ​ ​ ​ 922,285 ​ ​ ​ ​ ​ 9,068,735 ​ ​ ​ ​ ​ 8,602 ​ ​ ​ ​ ​ 86,000 ​ ​
Shares repurchased
​ ​ ​ ​ (4,369,121) ​ ​ ​ ​ ​ (43,134,043) ​ ​ ​ ​ ​ (77,246) ​ ​ ​ ​ ​ (777,059) ​ ​ ​ ​ ​ (5,827,894) ​ ​ ​ ​ ​ (57,419,750) ​ ​ ​ ​ ​ (86,440) ​ ​ ​ ​ ​ (865,282) ​ ​
Net Increase
​ ​ ​ ​ 52,897 ​ ​ ​ ​ ​ 505,518 ​ ​ ​ ​ ​ 925,875 ​ ​ ​ ​ ​ 9,320,833 ​ ​ ​ ​ ​ 21,181,415 ​ ​ ​ ​ ​ 209,146,031 ​ ​ ​ ​ ​ 609,993 ​ ​ ​ ​ ​ 6,132,867 ​ ​
Destinations Global Fixed Income Opportunities Fund
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 6,430,172 ​ ​ ​ ​ ​ 63,722,398 ​ ​ ​ ​ ​ 1,791,009 ​ ​ ​ ​ ​ 18,092,036 ​ ​ ​ ​ ​ 32,997,812 ​ ​ ​ ​ ​ 326,225,606 ​ ​ ​ ​ ​ 1,660,540 ​ ​ ​ ​ ​ 16,628,666 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ 1,577,559 ​ ​ ​ ​ ​ 15,625,768 ​ ​ ​ ​ ​ 42,814 ​ ​ ​ ​ ​ 431,080 ​ ​ ​ ​ ​ 2,770,666 ​ ​ ​ ​ ​ 27,223,257 ​ ​ ​ ​ ​ 25,960 ​ ​ ​ ​ ​ 257,546 ​ ​
Shares repurchased
​ ​ ​ ​ (9,293,843) ​ ​ ​ ​ ​ (92,242,898) ​ ​ ​ ​ ​ (228,816) ​ ​ ​ ​ ​ (2,306,864) ​ ​ ​ ​ ​ (17,652,417) ​ ​ ​ ​ ​ (173,684,915) ​ ​ ​ ​ ​ (248,378) ​ ​ ​ ​ ​ (2,465,584) ​ ​
Net Increase (Decrease)
​ ​ ​ ​ (1,286,112) ​ ​ ​ ​ ​ (12,894,732) ​ ​ ​ ​ ​ 1,605,007 ​ ​ ​ ​ ​ 16,216,252 ​ ​ ​ ​ ​ 18,116,061 ​ ​ ​ ​ ​ 179,763,948 ​ ​ ​ ​ ​ 1,438,122 ​ ​ ​ ​ ​ 14,420,628 ​ ​
Destinations Municipal Fixed Income Fund
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 6,545,241 ​ ​ ​ ​ ​ 67,487,086 ​ ​ ​ ​ ​ 503,597 ​ ​ ​ ​ ​ 5,214,878 ​ ​ ​ ​ ​ 75,603,154 ​ ​ ​ ​ ​ 756,168,946 ​ ​ ​ ​ ​ 1,447,265 ​ ​ ​ ​ ​ 14,466,808 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ 804,483 ​ ​ ​ ​ ​ 8,315,116 ​ ​ ​ ​ ​ 14,141 ​ ​ ​ ​ ​ 146,629 ​ ​ ​ ​ ​ 1,013,048 ​ ​ ​ ​ ​ 10,104,941 ​ ​ ​ ​ ​ 10,976 ​ ​ ​ ​ ​ 109,817 ​ ​
Shares repurchased
​ ​ ​ ​ (8,397,339) ​ ​ ​ ​ ​ (86,606,725) ​ ​ ​ ​ ​ (147,533) ​ ​ ​ ​ ​ (1,524,855) ​ ​ ​ ​ ​ (14,507,379) ​ ​ ​ ​ ​ (144,701,847) ​ ​ ​ ​ ​ (262,065) ​ ​ ​ ​ ​ (2,633,236) ​ ​
Net Increase (Decrease)
​ ​ ​ ​ (1,047,615) ​ ​ ​ ​ ​ (10,804,523) ​ ​ ​ ​ ​ 370,205 ​ ​ ​ ​ ​ 3,836,652 ​ ​ ​ ​ ​ 62,108,823 ​ ​ ​ ​ ​ 621,572,040 ​ ​ ​ ​ ​ 1,196,176 ​ ​ ​ ​ ​ 11,943,389 ​ ​
Destinations Multi Strategy Alternatives Fund
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold
​ ​ ​ ​ 7,759,554 ​ ​ ​ ​ ​ 75,431,019 ​ ​ ​ ​ ​ 2,478,621 ​ ​ ​ ​ ​ 23,463,017 ​ ​ ​ ​ ​ 35,970,092 ​ ​ ​ ​ ​ 364,349,389 ​ ​ ​ ​ ​ 2,040,589 ​ ​ ​ ​ ​ 20,189,598 ​ ​
Shares issued on reinvestment
​ ​ ​ ​ 1,587,415 ​ ​ ​ ​ ​ 15,346,065 ​ ​ ​ ​ ​ 33,899 ​ ​ ​ ​ ​ 319,962 ​ ​ ​ ​ ​ 4,873,632 ​ ​ ​ ​ ​ 46,982,654 ​ ​ ​ ​ ​ 63,263 ​ ​ ​ ​ ​ 586,237 ​ ​
Shares repurchased
​ ​ ​ ​ (7,364,856) ​ ​ ​ ​ ​ (71,537,047) ​ ​ ​ ​ ​ (207,522) ​ ​ ​ ​ ​ (1,965,659) ​ ​ ​ ​ ​ (38,135,236) ​ ​ ​ ​ ​ (387,871,442) ​ ​ ​ ​ ​ (508,098) ​ ​ ​ ​ ​ (4,963,160) ​ ​
Net Increase
​ ​ ​ ​ 1,982,113 ​ ​ ​ ​ ​ 19,240,037 ​ ​ ​ ​ ​ 2,304,998 ​ ​ ​ ​ ​ 21,817,320 ​ ​ ​ ​ ​ 2,708,488 ​ ​ ​ ​ ​ 23,460,601 ​ ​ ​ ​ ​ 1,595,754 ​ ​ ​ ​ ​ 15,812,675 ​ ​
​
​
*
The values shown represent the period from Fund’s Class Z inception (July 16, 2018) through the period ended February 28, 2019.
​
11. Subsequent Events
Management has evaluated subsequent events after the balance sheet date through the date that the financial statements were issued and has not identified any events or transactions that would require recognition or disclosure in the financial statements.
292
Board Approval of Management Agreement and Investment Advisory Agreements (unaudited)
​
Approval of Sub-advisory Agreements
Brinker Capital Destinations Trust (“Trust” and, each series thereof a “Fund”) and Brinker Capital, Inc. (“Manager”), have entered into an investment management agreement (“Management Agreement”). Pursuant to the Management Agreement, the Manager selects investments in third-party funds, serves as “manager of managers” for the Trust, and selects and oversees professional money managers (each, a “Sub-adviser” and collectively, the “Sub-advisers”) who are responsible for investing the portion of assets of the Funds allocated to each of them pursuant to a separate investment advisory agreement (a “Sub-advisory Agreement” and collectively, the “Sub-advisory Agreements” and, together with the Management Agreement, the “Agreements”) between the Manager and each Sub-adviser.
The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the Agreements be approved initially, as well as renewed annually thereafter, by the Trust’s Board of Trustees (“Board”) and by a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Agreements (“Independent Trustees”), by vote cast in person at a meeting called for the purpose of voting on such approval. In connection with their consideration of any approvals or renewals of the Agreements, the Trustees must request and evaluate such information as may reasonably be necessary to make a reasonable business judgment with respect to the approval of the Agreements, and the Manager and Sub-advisers are required to provide such information.
At in-person meetings held on March 5-6, 2019 (“March Meeting”) and June 5-6, 2019 (“June Meeting” and, together with the March Meeting, the “Meetings”), the Board, including a majority of the Independent Trustees, approved two Sub-advisory Agreements, one between the Manager and LMCG Investments, LLC (“LMCG”) with respect to the Destinations Multi Strategy Alternatives Fund, and the other between the Manager and Mellon Investments Corporation (“Mellon”) with respect to the Destinations Large Cap Equity Fund, pursuant to which the Sub-adviser will provide day-to-day management of a percentage of the respective Fund’s portfolio allocated to it by the Manager. The Board also considered information provided by the Manager during prior meetings. In doing so, the Trustees requested and received information from the Manager and the Sub-advisers that they deemed reasonably necessary for their review of the Agreements and to evaluate the performance of the Manager and Sub-advisers. The Trustees were assisted in their review by Fund counsel and counsel to those Trustees who are Independent Trustees and non-management Trustees, and met in executive sessions separate from representatives of the Manager and Sub-advisers.
In voting to approve the Sub-advisory Agreements, the Trustees considered whether the approval of the Sub-advisory Agreements would be in the best interests of the respective Fund and its shareholders, an evaluation based on several factors including those discussed below.
Nature, Extent and Quality of the Services Provided Under the Sub-advisory Agreements
The Board received and considered information regarding the nature, extent and quality of services to be provided to each Fund by its proposed new sub-adviser under its Sub-advisory Agreement. The Trustees considered information regarding the process by which the Manager selected and recommended the proposed Sub-advisers to the Board and the supervisory activities over the Sub-advisers, to be provided by the Manager, including monitoring each Sub-adviser’s compliance with the investment objectives, policies, and restrictions of the applicable Fund. The Board considered each Sub-adviser’s proposed specific responsibilities in all aspects of the day-to-day management of the portion of the Fund assets proposed to be allocated to it, as well as the qualifications, experience and responsibilities of the persons proposed to serve as the portfolio managers for the Fund assets to be managed by each Sub-adviser and of other key personnel of the Sub-adviser. The Board specifically took into account each Sub-adviser’s investment process and capabilities, evaluating, as applicable, how the proposed Sub-advisers complemented each of the other Sub-advisers to that Fund. The Board also considered the background and experience of each Sub-adviser’s portfolio managers. The Trustees discussed the terms of the Sub-advisory Agreements and considered the Manager’s favorable assessment of the nature and quality of the Sub-advisers’ services expected to be provided to the applicable Fund. The Board also reviewed information received from the Manager and the Trust’s Chief Compliance Officer regarding the Trust’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act and those of the Manager and each of the Sub-advisers.
The Board then discussed with representatives of the Manager, the portfolio management strategy proposed to be employed by each Sub-adviser. The Board concluded that, overall, the nature, extent and quality of the investment advisory services expected to be provided by each such Sub-adviser were adequate and appropriate in light of  (i) the Sub-adviser’s experience and the qualifications of its investment personnel in providing portfolio management services to other investment portfolios,
293
Board Approval of Management Agreement and Investment Advisory Agreements (unaudited) (concluded)
​
(ii) the portfolio management and research resources expected to be applied by the Sub-adviser in managing the portion of the applicable Fund’s assets allocated to it, (iii) how the Sub-adviser was expected to complement the applicable Fund’s existing Sub-advisers, (iv) the Sub-adviser’s compliance program, and (v) the Manager’s recommendation to engage the Sub-adviser.
Fund Performance
Because the Sub-advisers were to be newly-appointed for the Funds, the Board could not consider their investment performance in managing the respective Fund’s assets as a factor in evaluating the proposed Sub-advisory Agreements during the Meetings. The Board, however, received information from management regarding LMCG’s historical performance returns managing investment mandates similar to that of the Destinations Multi Strategy Alternatives Fund, with such performance compared to a relevant index. The Board also received information from management regarding Mellon’s historical performance returns managing investment mandates similar to that of the Destinations Large Cap Equity Fund, with such performance compared to a relevant index. The Board discussed with representatives of the Manager the investment strategy to be employed by each Sub-adviser in the management of the respective Fund’s assets. The Board discussed the reputation and experience of each Sub-adviser, their respective portfolio managers’ experience, and the Manager’s experience and reputation in selecting, evaluating, and overseeing investment managers. The Board determined that these factors supported a decision to approve each Sub-advisory Agreement.
Sub-advisory Fees and Expense Ratios; Economies of Scale and Other Benefits
The Board considered the proposed fees payable under each Sub-advisory Agreement, noting that the proposed fees would be paid to the proposed Sub-advisers by the Manager and, thus, would not impact the fees paid by the Funds. The Board concluded that the proposed fees payable to each Sub-adviser by the Manager with respect to the assets to be managed by the Sub-adviser were reasonable and appropriate. The Board recognized that, because each Sub-adviser’s fee would be paid by the Manager, and not the applicable Fund, an analysis of profitability was more appropriate in the context of the Board’s consideration of the management agreement between the Trust and the Manager. The Board received and considered a profitability analysis of the Manager with respect to the addition of LMCG and Mellon as Sub-advisers to the respective Funds and determined that the Manager’s profitability was not excessive in light of the nature, extent and quality of the services to be provided to the Funds by the Manager and the respective Sub-adviser, noting in particular the existence of an ongoing contractual fee waiver that limits the total amount of advisory fees that may be retained by the Manager to 39 basis points of each Fund’s assets. Similarly, the Board recognized that, because each Sub-adviser’s fee would be paid by the Manager, and not the applicable Fund, an analysis of economies of scale with respect to each Sub-adviser was more appropriate in the context of the Board’s consideration of the management agreement between the Trust and the Manager. The Board also concluded that any benefits expected to accrue to either new Sub-adviser by virtue of its relationship with the applicable Fund were reasonable.
After full consideration of the factors discussed above, with no single factor identified as being of paramount importance, the Board, with the advice of Fund counsel and independent legal counsel, resolved to approve the proposed Sub-advisory Agreements between the Manager and LMCG and the Manager and Mellon for a one-year period and for an initial two-year period, respectively, having determined that each agreement would be in the best interests of the applicable Fund. No single factor considered by the Board was identified by the Board as the principal factor in determining whether to approve the Sub-advisory Agreements.
Following the Board’s approval, the Manager entered into a Sub-advisory Agreement with each Sub-adviser, which became effective as of March 6, 2019 for LMCG and as of June 6, 2019 for Mellon. LMCG began managing the assets of the Destinations Multi Strategy Alternatives Fund allocated to it by the Manager on March 18, 2019 and Mellon began managing the assets of the Destinations Large Cap Equity Fund allocated to it by the Manager on June 14, 2019.
294
Additional Information (unaudited)
​
Trustees and Officers of the Trust
The Trust’s Board of Trustees (“Board” or “Trustees”) is responsible for overseeing the Trust’s management and operations. The Board approves all significant agreements between the Trust and the companies that furnish services to the Funds, including agreements with the Trust’s distributor, the Manager and between the Manager and the Sub-advisers, custodian, transfer agent and administrator. The Board elects officers who are responsible for the day-to-day operations of the Trust and the Funds and who execute policies authorized by the Board.
Brinker Capital, Inc. (“Brinker” or the “Manager”) serves as the investment adviser for each Fund. The Funds employ a “multi-manager” strategy. The Manager selects and oversees professional money managers (each a “Sub-adviser”) who are responsible for investing the assets of the Funds allocated to them. In addition to investment management services, the Manager monitors and supervises the services provided to the Trust by its administrator. The Manager also is responsible for conducting all operations of the Trust, except those operations contracted to the Sub-advisers, the custodian, the transfer agent and the administrator.
The names of the Trustees and officers of the Trust, their addresses and years of birth, together with information as to their principal business occupations and, for the Trustees, other board memberships they have held during the past five years, are set forth below. The executive officers of the Trust are employees of organizations that provide services to the Funds. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and officers. The SAI may be obtained without charge by calling 1-877-771-7979.
Name, Address
and Date of Birth		 ​ ​
Position(s) Held
with Trust
 ​ ​
Term of Office
and Length of
Time Served*
 ​ ​
Principal Occupation(s) During
Past Five Years
 ​ ​
Number of
Funds in
Fund
Complex
Overseen
by Trustee
 ​ ​
Other Board
Memberships Held
During Past Five Years
by Trustee
 ​
INDEPENDENT TRUSTEES* ​
Ellyn L. Brown
Brown Associates
11055 Greenspring Ave,
Annex A
Lutherville, MD 21093
Birth Year: 1950
 ​ ​ Chair of the Board of Trustees ​ ​ Chair as of
April 1, 2018;
Trustee Since 2017		 ​ ​ Retired Attorney since 2006. Former Principal of Brown and Associates from 1996 to 2006. ​ ​
10
 ​ ​ CNO Financial, Inc. since 2012, Walter Investment Management Corp. from 2013 to 2017, NYSE Regulation, Inc. from 2010 to 2014, Financial Industry Regulatory Authority, Inc. (FINRA) from 2007 to 2012, NYSE-Euronext from 2006 to 2013. ​
J. Scott Coleman, CFA ​ ​ ​ ​ ​ ​
7 Forest Road
Wayne, PA 19087
Birth Year: 1960
 ​ ​ Trustee ​ ​ Since 2017 ​ ​ Retired since 2015. President and CEO of Optimum Fund Trust from 2011 to 2015. President of Delaware Distributors from 2008 to 2015. Executive Vice President, Head of Distribution and Marketing, Delaware Investments 2008 to 2015. In addition, Head of Macquarie Investment Management EMEA Distribution from 2012 to 2015. Managing Director at Goldman Sachs & Co. from 2001 to 2008. ​ ​
10
 ​ ​ Optimum Fund Trust from 2011 to 2015. ​
295
Additional Information (unaudited) (continued)
​
Name, Address
and Date of Birth		 ​ ​
Position(s) Held
with Trust
 ​ ​
Term of Office
and Length of
Time Served*
 ​ ​
Principal Occupation(s) During
Past Five Years
 ​ ​
Number of
Funds in
Fund
Complex
Overseen
by Trustee
 ​ ​
Other Board
Memberships Held
During Past Five Years
by Trustee
 ​
Nicholas Marsini, Jr.
120 St. Moritz Drive
Wilmington, DE 19807
Birth Year: 1955
 ​ ​ Trustee, Chair of Audit Committee ​ ​ Since 2017 ​ ​ Retired since 2016. Regional President of PNC Bank, Delaware from 2011 to 2016. Executive Vice President and Chief Financial Officer of PNC Global Investment Servicing from 1997 to 2010. ​ ​
10
 ​ ​ FundVantage Trust. ​
Gregory E. McGowan
Franklin Templeton
300 SE 2nd Street
Fort Lauderdale, FL 33301
Birth Year: 1949
 ​ ​ Trustee ​ ​ Since 2017 ​ ​ President and CEO, GEMPENN Global Consultancy, Inc. since 2016. Senior Strategic Advisor, Franklin Templeton Investments in 2016. Executive Vice President, Director and General Counsel of Templeton International, Inc. from 1992 to 2016. Executive Vice President, Secretary and General Counsel of Templeton Global Advisors Limited (a Bahamian corporation) from 1992 to 2016. ​ ​
10
 ​ ​ Global Capital PLC (Malta Public Company), Franklin Templeton Sealand Fund Management Co. Ltd., China Life Franklin Asset Management Company Limited, Templeton Investment Counsel LLC, Franklin Templeton Trustee Services Private Limited (India), Franklin Templeton International Services S.A. (Luxembourg), Franklin Templeton Investments (Asia) Limited, Franklin Templeton Investments Japan Ltd., Templeton Asset Management Ltd. (Singapore), Franklin Templeton Holding Limited (Mauritius), Franklin Templeton Investment Services Mexico, S. de R. L. ​
​
*
Each Trustee remains in office until he or she resigns, retires or is removed.
​
​
296
Additional Information (unaudited) (continued)
​
Name, Address
and Date of Birth		 ​ ​
Position(s) Held
with Trust
 ​ ​
Term of Office
and Length of
Time Served*
 ​ ​
Principal Occupation(s) During
Past Five Years
 ​ ​
Number of
Funds in
Fund
Complex
Overseen
by Trustee
 ​ ​
Other Board
Memberships Held
During Past Five Years
by Trustee
 ​
INTERESTED TRUSTEES* ​
Joseph V. Del Raso
Pepper Hamilton LLP
3000 Two Logan Square, 18th & Arch Streets
Philadelphia, PA 19103-2799
Birth Year: 1952
 ​ ​ Trustee ​ ​ Since 2017
(Chair of the Board until April 1, 2018).		 ​ ​ Partner at Pepper Hamilton LLP (law firm) since 1998. ​ ​
10
 ​ ​ Global Capital PLC (Malta Public Company). ​
Noreen D. Beaman
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1964
 ​ ​ Trustee and Chief Executive Officer ​ ​ Since 2018 ​ ​ Chief Executive Officer of Brinker Capital, Inc. since 2012. ​ ​
10
 ​ ​ PIMCO RIA Advisory Board, MMI Board of Governors, MMI Leadership Pathway, Envestnet Institute Women In Wealth; St. Peter’s University Board of Trustees (2014 to 2017). ​
​
*
Each Trustee remains in office until he or she resigns, retires or is removed.
​
Name, Address
and Date of Birth		 ​ ​
Position(s) Held
with Trust
 ​ ​
Term of
Office
and Length of
Time Served
 ​ ​
Principal Occupation(s) During
Past Five Years
 ​
OFFICERS* ​ ​ ​ ​
Philip Green, Jr.
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1970
 ​ ​ Chief Financial Officer & Treasurer ​ ​ Since January 2017 ​ ​ Chief Financial Officer, Brinker Capital Holdings Inc., Brinker Capital Inc. and Brinker Capital Securities since 2000. ​
Brian Ferko
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1971
 ​ ​ Chief Compliance Officer & Anti-Money Laundering Officer ​ ​ Since January 2017 ​ ​ Chief Compliance Officer of Brinker Capital, Inc. since 2015; Chief Compliance Officer of Brinker Capital, Inc. contracted through Cipperman Compliance Services from 2010 to 2015; Chief Operating Officer of CCS from 2012 to 2015. ​
Jason B. Moore
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1972
 ​ ​ President ​ ​ Since January 2017 ​ ​ Chief Administrative Officer, Brinker Capital, Inc. since 2016; Managing Director, Morgan Stanley from 2012 to 2016. ​
Donna Marley
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1955
 ​ ​ Chief Operating Officer ​ ​ Since April 2017 ​ ​ Senior Vice President of Funds, Brinker Capital, Inc. since 2017; Executive Director, Morgan Stanley from 2009 to 2017. ​
297
Additional Information (unaudited) (continued)
​
Name, Address
and Date of Birth		 ​ ​
Position(s) Held
with Trust
 ​ ​
Term of
Office
and Length of
Time Served
 ​ ​
Principal Occupation(s) During
Past Five Years
 ​
Peter Townsend
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1977
 ​ ​ Secretary & Deputy Chief Compliance Officer ​ ​ Since January 2017 ​ ​ Deputy Funds Chief Compliance Officer at Brinker Capital, Inc. since 2017; Director of Compliance at Penn Capital Management Company, Inc. from 2015 to 2017; Director of Compliance at Cipperman Compliance Services from 2013 to 2015; Associate at J.P. Morgan Chase & Co. from 2008 to 2013. ​
Charles Widger
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1945
 ​ ​ Investment Officer ​ ​ Since January 2017 ​ ​ Executive Chairman of Brinker Capital, Inc. since 2012. ​
Jeffrey Raupp, CFA
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1969
 ​ ​ Chief Investment Officer ​ ​ Since January 2017 ​ ​ Chief Investment Officer of Brinker Capital, Inc. since 2018; Director of Investments of Brinker Capital, Inc. since 2017; Senior Vice President of Brinker Capital, Inc. in 2016; Senior Investment Manager of Brinker Capital, Inc. from 2008 to 2016. ​
Amy Magnotta, CFA
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1978
 ​ ​ Investment Officer ​ ​ Since January 2017 ​ ​ Senior Vice President and Head of Discretionary Portfolios of Brinker Capital Inc. since 2017; Senior Investment Manager of Brinker Capital, Inc. from 2008 to 2017. ​
Leigh Lowman, CFA
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1982
 ​ ​ Investment Officer ​ ​ Since January 2017 ​ ​ Investment Manager, Brinker Capital, Inc. since 2017; Senior Investment Analyst, Brinker Capital, Inc. from 2015 to 2017; Outreach Analyst, The Investment Fund for Foundations from 2014 to 2015; Senior Associate, Mondrian Investment Partners from 2011 to 2014. ​
Christopher Hart
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1971
 ​ ​ Investment Officer ​ ​ Since January 2017 ​ ​ Senior Vice President and Head of Platform Manager Research at Brinker Capital, Inc. since 2017; Senior Vice President in 2016; Core Investment Manager at Brinker Capital, Inc. from 2014 to 2016; Investment Director at RS Investments 2013; Vice President/Investment Officer at Morgan Stanley Smith Barney from 2006 to 2013. ​
Timothy Holland, CFA
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1969
 ​ ​ Investment Officer ​ ​ Since June 2017 ​ ​ Senior Vice President and Global Investment Strategist of Brinker Capital, Inc. since 2017; Co-Head US Sub Advisory of Pictet Asset Management in 2016; Portfolio Manager and Partner of TAMRO Capital Partners from 2005 to 2016. ​
Kristin Pilipzeck
Brinker Capital, Inc.
1055 Westlakes Drive, Suite 250
Berwyn, PA 19312
Birth Year: 1987
 ​ ​ Investment Officer ​ ​ Since March 2019 ​ ​ Investment Analyst, Brinker Capital, Inc. since 2017; Operations Associate, Brinker Capital, Inc. from 2001-2017. ​
​
*
The President, Treasurer and Secretary hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.
​
​
298
Additional Information (unaudited) (continued)
​
Board Composition and Leadership Structure
Four of the six Trustees on the Board (66.67%) are not “interested persons” (as defined in the 1940 Act) of the Trust and are not affiliated with the Manager or any Sub-adviser (“Independent Trustees”). Ms. Brown, an Independent Trustee, serves as Chair of the Board. There are two primary committees of the Board: the Audit Committee and the Governance Committee. The Audit Committee is chaired by Mr. Marsini and includes all of the Independent Trustees. The Governance Committee is chaired by Mr. Del Raso and includes Ms. Beaman and Messrs. McGowan and Coleman. The Board has determined that this leadership structure is appropriate given (i) the specific characteristics and circumstances of the Trust, (ii) the services that the Manager and its affiliates and the Sub-advisers provide to the Trust, and (iii) the potential conflicts of interest that could arise from these relationships. The Board believes that the existing Board structure is appropriate because, among other things, it allows the Independent Trustees to exercise independent business judgment in evaluating the Trust’s management and service providers.
Board Oversight of Risk Management
The Board considers risk management as part of its general oversight responsibilities. As is the case with virtually all mutual funds, service providers to the Trust, primarily the Manager and the Sub-advisers, have responsibility for the day-to-day management of the Funds, including risk management, which may encompass the management of investment performance and investment risk, valuation risk, issuer and counterparty credit risk, compliance risk and operational risk. As part of its oversight, the Board, acting at its scheduled meetings, or the Chair of the Board or the appropriate Committee, acting between Board meetings, interacts with and receives reports from senior personnel of service providers, including, but not limited to, the Manager’s investment officers, the Trust’s and the Manager’s Chief Compliance Officer (“CCO”) and the Sub-advisers’ portfolio management personnel. The Board’s Audit Committee meets during its scheduled meetings, and between meetings the Audit Committee Chair corresponds with the Trust’s independent registered public accounting firm and the Trust’s Chief Financial Officer. The Board receives periodic presentations from senior personnel of the Manager or its affiliates regarding investment performance of the Funds and the applicable investment risk management process. The Board also receives periodic presentations from senior personnel of the Manager or its affiliates and the Sub-advisers regarding risk management, as well as periodic presentations regarding specific operational, compliance or investment areas, such as business continuity, anti-money laundering, cybersecurity, personal trading, valuation, credit, investment research, portfolio trading and transactions, and securities lending. The Board has adopted policies and procedures designed to address certain risks to the Funds. In addition, the Manager and other service providers to the Trust have adopted a variety of policies, procedures and controls designed to address particular risks to the Funds, many of which are reviewed by the Board. Different processes, procedures and controls are employed with respect to different types of risks. However, it is not possible to eliminate all of the risks applicable to the Funds. The Board also receives reports from counsel to the Trust, counsel to the Manager, and counsel to the Independent Trustees and non-management Trustees regarding regulatory compliance and governance matters. The Board’s oversight role does not make the Board a guarantor of the Funds’ investments or activities.
Individual Trustee Qualifications
The Board believes that each Trustee’s experience, qualifications, attributes or skills individually and in combination with those of the other Trustees support the conclusion that the Board possesses the requisite attributes and skills to effectively oversee the management of the Trust and protect the interests of Fund shareholders. The Board believes that the significance of each Trustee’s experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Trustee may not have the same value for another) and that these factors are best evaluated at the Board level, with no single Trustee, or particular factor, being indicative of Board effectiveness The Board also believes that Trustees must have the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with each other and with Trust management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties. The Board believes that the Trustees satisfy this standard. Experience relevant to this ability may be achieved through a Trustee’s educational background; business, professional training or practice (e.g., accounting or law), public service or academic positions; experience from service as a board member (including the Board of the Trust) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; or other life experiences. The Board noted that most of the Trustees had experience serving as directors on the boards of operating companies and/or other investment companies. The Board considered that the various Trustees have or had careers in the financial services or investment management industries, including holding executive positions in companies engaged in these industries, which allows these Trustees to bring valuable, relevant experience as members of the Board.
299
Additional Information (unaudited) (concluded)
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Board Committees
The Trust has an Audit Committee. The members of the Audit Committee consist of all the Independent Trustees of the Trust, namely Ms. Brown, Mr. Coleman, Mr. Marsini, Jr. and Mr. McGowan. The Trust also has a Governance Committee composed of Ms. Beaman, Mr. Coleman, Mr. Del Raso and Mr. McGowan. The Board at times may constitute other committees of the Board to assist in the evaluation of specific matters.
The Audit Committee oversees each Fund’s audit, accounting and financial reporting policies and practices and its internal controls. The Audit Committee approves, and recommends to the Board for its ratification, the selection, appointment, retention or termination of the Trust’s independent registered public accounting firm and reviews the compensation of the independent registered public accounting firm. The Audit Committee also pre-approves all audit and permissible non-audit services provided to each Fund by the independent registered public accounting firm and all permissible non-audit services provided by the Trust’s independent registered public accounting firm to the Manager and any advisory affiliates. The Audit Committee met twice during the Trust’s most recent fiscal year.
The primary responsibility of the Governance Committee is to support the Board in providing effective and efficient governance of the Trust. The Governance Committee gathers necessary information and reviews and considers, on behalf of all of the Trustees, the Trust’s Advisory Agreement (defined below), Sub-advisory Agreements (defined below), and agreements with the Trust’s distributor, and assists the Trustees in fulfilling their responsibilities relating to the Board’s evaluation and consideration of these arrangements. The Governance Committee also reviews the compensation to be paid to the Board and coordinates the Board’s annual self-assessment for the purposes of evaluating the performance and effectiveness of the Board.
300
[MISSING IMAGE: lg_brinkercapital.jpg] 
Brinker Capital Destinations Trust
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
Legal Counsel
Morgan, Lewis & Bockius LLP
1701 Market Street
Philadelphia, PA 19103
www.morganlewis.com
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, PA 19102
www.taitweller.com
This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Fund’s risk, objectives, fees and expenses, experience of its management, and other information.
Visit www.destinationsfunds.com for more information.
DSA_SAR​

 

 

 

ITEM 2. CODE OF ETHICS.

 

Not Applicable. This item is only required in an annual report on Form N-CSR.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not Applicable. This item is only required in an annual report on Form N-CSR.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not Applicable. This item is only required in an annual report on Form N-CSR.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not Applicable. This item is only required in an annual report of Form N-CSR.

 

ITEM 6. INVESTMENTS.

 

(a)A Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

 

(b)Not Applicable.

 

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not Applicable.

 

ITEM 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not Applicable.

 

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS.

 

Not Applicable.

 

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

 

 

 

 

ITEM 11. CONTROLS AND PROCEDURES.

 

(a) The Registrant’s principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c)) were effective, as of a date within 90 days of the filing date of this report, based on their evaluation of these disclosure controls and procedures as required by Rule 30a-3(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(b)), and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(d)), that occurred during the Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not Applicable.

 

ITEM 13. EXHIBITS.

 

(a)(1) Not Applicable.

 

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)) are attached hereto.

 

(a)(3) Not Applicable.

 

(a)(4) Not Applicable.

 

(b) Certifications pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

Brinker Capital Destinations Trust
By: /s/ Jason B. Moore
  Jason B. Moore
  President
   
Date: November 6, 2019

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

 

 

 

By: /s/ Jason B. Moore
  Jason B. Moore
  President
   
Date: November 6, 2019

 

 

 

 

By: /s/ Philip Green, Jr.
  Philip Green, Jr.
  Chief Financial Officer and Treasurer
   
Date: November 6, 2019