N-CSRS 1 tv503816_ncsrs.htm BRINKER CAPITAL DESTINATIONS TRUST

 

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, 2018

 

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, 2018
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
www.destinationfunds.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, 2018. 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, 2018
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, 2018 and held for the six months ended August 31, 2018.
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(3)
Beginning
Account
Value
Ending
Account
Value
Annualized
Expense
Ratios(4)
Expense
Paid During
the Period(5)
Destinations Large Cap Equity Fund – Class I
6.49% $ 1,000.00 $ 1,064.90 0.86% $ 4.48
Destinations Large Cap Equity Fund – Class Z(2)
2.70% 1,000.00 1,027.00 0.71% 0.93
Destinations Small-Mid Cap Equity Fund – Class I
16.21% 1,000.00 1,162.11 1.04% 5.67
Destinations Small-Mid Cap Equity Fund – Class Z(2)
5.20% 1,000.00 1,052.00 0.89% 1.18
Destinations International Equity Fund – Class I
(2.22)% 1,000.00 977.76 1.19% 5.93
Destinations International Equity Fund – Class Z(2)
0.00% 1,000.00 1,000.00 1.04% 1.34
Destinations Equity Income Fund – Class I
4.79% 1,000.00 1,047.89 0.90% 4.65
Destinations Equity Income Fund – Class Z(2)
1.90% 1,000.00 1,019.00 0.75% 0.97
Destinations Real Assets Fund – Class I
3.02% 1,000.00 1,030.20 1.21% 6.19
Destinations Real Assets Fund – Class Z(2)
(6.80)% 1,000.00 932.00 1.06% 1.32
Destinations Core Fixed Income Fund – Class I
0.90% 1,000.00 1,008.95 0.83% 4.20
Destinations Core Fixed Income Fund – Class Z(2)
0.30% 1,000.00 1,003.00 0.68% 0.88
Destinations Low Duration Fixed Income Fund – Class I
1.50% 1,000.00 1,015.00 0.96% 4.88
Destinations Low Duration Fixed Income Fund – Class Z(2)
0.60% 1,000.00 1,006.00 0.81% 1.05
Destinations Global Fixed Income Opportunities Fund – Class I
0.93% 1,000.00 1,009.30 1.00% 5.06
Destinations Global Fixed Income Opportunities Fund – Class Z(2)
0.50% 1,000.00 1,005.00 0.85% 1.10
Destinations Municipal Fixed Income Fund – Class I
1.03% 1,000.00 1,010.30 0.79% 4.00
Destinations Municipal Fixed Income Fund – Class Z(2)
0.10% 1,000.00 1,001.00 0.64% 0.82
Destinations Multi Strategy Alternatives Fund – Class  I
1.89% 1,000.00 1,018.88 1.33% 6.77
Destinations Multi Strategy Alternatives Fund – Class Z(2)
0.60% 1,000.00 1,006.00 1.18% 1.52
(1)
For the six months ended August 31, 2018.
(2)
For the period from Class Z inception (July 16, 2018) through the period ended August 31, 2018.
(3)
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.
(4)
Annualized Expense Ratios are based on the most recent 6 month expense ratios, which may differ from expense ratios in the Financial Highlights.
(5)
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 47 days for Class Z) in the most recent period, then divided by 365.
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(3)
Expense
Paid During
the Period(4)
Destinations Large Cap Equity Fund – Class I
5.00% $ 1,000.00 $ 1,020.87 0.86% $ 4.38
Destinations Large Cap Equity Fund – Class Z(2)
5.00% 1,000.00 1,024.05 0.71% 0.92
Destinations Small-Mid Cap Equity Fund – Class I
5.00% 1,000.00 1,019.96 1.04% 5.30
Destinations Small-Mid Cap Equity Fund – Class Z(2)
5.00% 1,000.00 1,022.89 0.89% 1.16
Destinations International Equity Fund – Class I
5.00% 1,000.00 1,019.21 1.19% 6.06
Destinations International Equity Fund – Class Z(2)
5.00% 1,000.00 1,022.63 1.04% 1.35
Destinations Equity Income Fund – Class I
5.00% 1,000.00 1,020.67 0.90% 4.58
Destinations Equity Income Fund – Class Z(2)
5.00% 1,000.00 1,024.05 0.75% 0.98
Destinations Real Assets Fund – Class I
5.00% 1,000.00 1,019.11 1.21% 6.16
Destinations Real Assets Fund – Class Z(2)
5.00% 1,000.00 1,022.74 1.06% 1.38
Destinations Core Fixed Income Fund – Class I
5.00% 1,000.00 1,021.02 0.83% 4.23
Destinations Core Fixed Income Fund – Class Z(2)
5.00% 1,000.00 1,024.05 0.68% 0.89
Destinations Low Duration Fixed Income Fund – Class I
5.00% 1,000.00 1,020.37 0.96% 4.89
Destinations Low Duration Fixed Income Fund – Class Z(2)
5.00% 1,000.00 1,024.05 0.81% 1.05
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(2)
5.00% 1,000.00 1,022.89 0.85% 1.11
Destinations Municipal Fixed Income Fund – Class I
5.00% 1,000.00 1,021.22 0.79% 4.02
Destinations Municipal Fixed Income Fund – Class Z(2)
5.00% 1,000.00 1,024.05 0.64% 0.83
Destinations Multi Strategy Alternatives Fund – Class I
5.00% 1,000.00 1,018.50 1.33% 6.77
Destinations Multi Strategy Alternatives Fund – Class Z(2)
5.00% 1,000.00 1,021.58 1.18% 1.53
(1)
For the six months ended August 31, 2018.
(2)
For the period from Class Z inception (July 16, 2018) through the period ended August 31, 2018.
(3)
Annualized Expense Ratios are based on the most recent 6 month expense ratios, which may differ from net 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 47 days for Class Z) in the period, then divided by 365 (to reflect the period).
3

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund
Face Amount
Security
Value
CORPORATE BOND & NOTE – 0.0%
Consumer Cyclical – 0.0%
$ 513,579
Caesars Entertainment Corp., Senior Unsecured Notes, 5.000% due 10/1/24
$ 837,442
TOTAL CORPORATE BOND & NOTE
(Cost – $825,628)
837,442
Shares/Units
COMMON STOCKS – 97.6%
BASIC MATERIALS – 1.7%
Chemicals – 1.4%
7,233
Air Products & Chemicals Inc.
 1,202,776
3,579
Albemarle Corp.
341,866
7,742
CF Industries Holdings Inc.
402,197
502,826
DowDuPont Inc.
35,263,187
16,966
Eastman Chemical Co.
1,646,211
4,390
FMC Corp.
375,125
2,751
International Flavors & Fragrances Inc.
358,428
21,329
LyondellBasell Industries NV, Class A Shares
2,405,485
11,342
Mosaic Co
354,664
8,207
PPG Industries Inc.
907,202
9,474
Praxair Inc.
1,498,692
2,715
Sherwin-Williams Co.
1,236,900
Total Chemicals
45,992,733
Forest Products & Paper – 0.0%
13,619
International Paper Co.
696,476
Iron/Steel – 0.1%
29,593
Nucor Corp.
1,849,562
Mining – 0.2%
311,653
Freeport-McMoRan Inc.
4,378,725
17,481
Newmont Mining Corp.
542,435
Total Mining
4,921,160
TOTAL BASIC MATERIALS
53,459,931
COMMUNICATIONS – 16.9%
Advertising – 0.0%
12,456
Interpublic Group of Cos., Inc.
290,847
7,502
Omnicom Group Inc.
520,039
Total Advertising
810,886
Internet – 12.0%
157,440
Alibaba Group Holding Ltd., ADR*
27,553,574
25,672
Alphabet Inc., Class A Shares*
31,622,770
See Notes to Financial Statements.
4

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
COMMUNICATIONS – (continued)
Internet – (continued)
30,540
Alphabet Inc., Class C Shares*
$ 37,203,522
57,703
Amazon.com Inc.*
116,139,405
12,487
Baidu Inc., ADR*
2,828,056
18,156
Booking Holdings Inc.*
35,432,342
196,498
Ctrip.com International Ltd., ADR*
7,692,896
30,468
eBay Inc.*
1,054,498
3,982
Expedia Group Inc.
519,651
2,030
F5 Networks Inc.*
383,914
348,798
Facebook Inc., Class A Shares*
61,294,273
120,730
JD.com Inc., ADR*
3,778,849
29,729
MercadoLibre Inc.
10,179,507
35,363
Netflix Inc.*
13,002,268
298,689
Symantec Corp.
6,021,570
273,000
Tencent Holdings Ltd.
11,826,012
25,771
TripAdvisor Inc.*
1,399,623
21,608
Twitter Inc.*
760,169
11,071
VeriSign Inc.*
1,755,971
Total Internet
370,448,870
Media – 1.7%
34,353
CBS Corp., Class B Shares
1,821,396
17,699
Charter Communications Inc., Class A Shares*
5,493,770
598,433
Comcast Corp., Class A Shares
22,136,037
5,611
Discovery Inc., Class A Shares*
156,154
10,858
Discovery Inc., Class C Shares*
278,399
7,933
DISH Network Corp., Class A Shares*
280,431
13,633
News Corp., Class A Shares
178,183
2,976
News Corp., Class B Shares
40,474
185,662
Twenty-First Century Fox Inc., Class A Shares, ADR
8,429,055
14,520
Twenty-First Century Fox Inc., Class B Shares
651,948
50,705
Viacom Inc., Class B Shares
1,484,642
106,426
Walt Disney Co.
11,921,841
Total Media
52,872,330
Telecommunications – 3.2%
1,569
Arista Networks Inc.*
469,100
1,016,409
AT&T Inc.
32,464,103
32,416
CenturyLink Inc.
692,406
See Notes to Financial Statements.
5

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
COMMUNICATIONS – (continued)
Telecommunications – (continued)
923,318
Cisco Systems Inc.
$ 44,106,901
11,166
Juniper Networks Inc.
317,449
15,361
Motorola Solutions Inc.
1,971,738
387,927
Verizon Communications Inc.
21,091,591
Total Telecommunications
101,113,288
TOTAL COMMUNICATIONS
525,245,374
CONSUMER CYCLICAL – 7.2%
Airlines – 0.1%
4,254
Alaska Air Group Inc.
287,103
13,672
American Airlines Group Inc.
553,443
21,178
Delta Air Lines Inc.
1,238,489
17,560
Southwest Airlines Co.
1,076,428
7,767
United Continental Holdings Inc.*
678,991
Total Airlines
3,834,454
Apparel – 0.8%
12,503
Hanesbrands Inc.
219,303
4,925
Michael Kors Holdings Ltd.*
357,653
272,780
NIKE Inc., Class B Shares
22,422,516
2,511
PVH Corp.
359,475
1,952
Ralph Lauren Corp., Class A Shares
259,245
6,619
Under Armour Inc., Class A Shares*
135,359
5,640
Under Armour Inc., Class C Shares*
106,991
10,785
VF Corp.
993,622
Total Apparel
24,854,164
Auto Manufacturers – 0.5%
19,990
Ferrari NV
2,620,489
129,049
Ford Motor Co.
1,223,385
41,836
General Motors Co
1,508,188
11,616
PACCAR Inc.
794,767
33,358
Tesla Inc.*(a)
10,062,774
Total Auto Manufacturers
16,209,603
Auto Parts & Equipment – 0.2%
59,187
Aptiv PLC
5,209,048
6,330
BorgWarner Inc.
277,064
58,998
Goodyear Tire & Rubber Co.
1,338,665
Total Auto Parts & Equipment
6,824,777
See Notes to Financial Statements.
6

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Distribution/Wholesale – 0.1%
9,496
Fastenal Co.
$ 554,186
10,013
LKQ Corp.*
345,649
1,687
WW Grainger Inc.
597,316
Total Distribution/Wholesale
1,497,151
Home Builders – 0.4%
11,457
DR Horton Inc.
509,951
187,533
Lennar Corp., Class A Shares
9,689,830
2,689
Lennar Corp., Class B Shares
113,422
745
NVR Inc.*
1,987,995
8,565
PulteGroup Inc.
239,392
Total Home Builders
12,540,590
Home Furnishings – 0.0%
4,197
Leggett & Platt Inc.
190,712
2,103
Whirlpool Corp.
262,833
Total Home Furnishings
453,545
Housewares – 0.0%
15,987
Newell Brands Inc.
347,238
Leisure Time – 0.2%
101,067
Carnival Corp.
6,214,610
5,256
Harley-Davidson Inc.
224,011
6,653
Norwegian Cruise Line Holdings Ltd.*
356,667
5,581
Royal Caribbean Cruises Ltd.
684,119
Total Leisure Time
7,479,407
Lodging – 0.5%
38,732
Caesars Entertainment Corp.*
395,066
24,877
Hilton Worldwide Holdings Inc.
1,930,953
42,321
Las Vegas Sands Corp.
2,768,640
9,811
Marriott International Inc., Class A Shares
1,240,797
95,478
MGM Resorts International
2,767,907
32,406
Wynn Resorts Ltd.
4,807,106
Total Lodging
13,910,469
Retail – 4.4%
2,449
Advance Auto Parts Inc.
401,709
882
AutoZone Inc.*
676,388
8,103
Best Buy Co., Inc.
644,675
5,884
CarMax Inc.*
459,246
See Notes to Financial Statements.
7

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Retail – (continued)
808
Chipotle Mexican Grill Inc., Class A Shares*
$ 383,945
6,661
Copart Inc.*
428,369
64,172
Costco Wholesale Corp.
14,960,418
4,070
Darden Restaurants Inc.
472,283
25,966
Dollar General Corp.
2,797,317
194,580
Dollar Tree Inc.*
15,665,636
59,739
Dollarama Inc.
2,259,269
4,027
Foot Locker Inc.
198,531
6,999
Gap Inc.
212,419
4,835
Genuine Parts Co
482,775
38,034
Home Depot Inc.
7,636,086
5,537
Kohl’s Corp.
438,032
7,915
L Brands Inc.
209,193
158,599
Lowe’s Cos., Inc.
17,247,641
9,956
Macy’s Inc.
363,892
46,159
McDonald’s Corp.
7,488,374
3,683
Nordstrom Inc.
231,476
2,705
O’Reilly Automotive Inc.*
907,311
12,560
Ross Stores Inc.
1,202,997
128,758
Starbucks Corp.
6,882,115
302,333
Tapestry Inc.
15,325,260
83,693
Target Corp.
7,323,137
3,366
Tiffany & Co.
412,840
20,709
TJX Cos., Inc.
2,277,369
4,047
Tractor Supply Co.
357,269
56,015
Ulta Beauty Inc.*
14,563,900
28,091
Walgreens Boots Alliance Inc.
1,925,919
47,667
Walmart Inc.
4,569,359
84,982
Yum China Holdings Inc.
3,287,104
25,275
Yum! Brands Inc.
2,196,145
Total Retail
134,888,399
Textiles – 0.0%
2,082
Mohawk Industries Inc.*
398,890
See Notes to Financial Statements.
8

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Toys/Games/Hobbies – 0.0%
3,725
Hasbro Inc.
$ 369,930
10,958
Mattel Inc.*
169,082
Total Toys/Games/Hobbies
539,012
TOTAL CONSUMER CYCLICAL
223,777,699
CONSUMER NON-CYCLICAL – 22.7%
Agriculture – 1.0%
82,871
Altria Group Inc.
4,849,611
304,360
Archer-Daniels-Midland Co.
15,339,744
142,777
Philip Morris International Inc.
11,120,900
Total Agriculture
31,310,255
Beverages – 1.0%
31,254
Brown-Forman Corp., Class B Shares
1,632,084
126,074
Coca-Cola Co.
5,619,118
5,570
Constellation Brands Inc., Class A Shares
1,159,674
6,056
Molson Coors Brewing Co., Class B Shares
404,177
82,041
Monster Beverage Corp.*
4,995,477
157,907
PepsiCo Inc.
17,687,163
Total Beverages
31,497,693
Biotechnology – 3.9%
151,216
Alexion Pharmaceuticals Inc.*
18,484,644
28,153
Amgen Inc.
5,625,251
29,180
Biogen Inc.*
10,314,838
188,445
Celgene Corp.*
17,798,630
67,000
Exact Sciences Corp.*
5,017,630
252,544
Gilead Sciences Inc.
19,125,157
53,686
Illumina Inc.*
19,049,403
5,712
Incyte Corp.*
422,174
2,554
Regeneron Pharmaceuticals Inc.*
1,038,840
133,220
Vertex Pharmaceuticals Inc.*
24,565,768
Total Biotechnology
121,442,335
Commercial Services – 2.3%
14,535
Automatic Data Processing Inc.
2,133,011
2,944
Cintas Corp.
628,161
8,539
Ecolab Inc.
1,284,949
50,188
Equifax Inc.
6,723,686
2,967
FleetCor Technologies Inc.*
634,167
See Notes to Financial Statements.
9

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Commercial Services – (continued)
3,011
Gartner Inc.*
$ 450,928
5,285
Global Payments Inc.
658,405
52,872
H&R Block Inc.
1,430,716
12,105
IHS Markit Ltd.*
665,775
5,535
Moody’s Corp.
985,341
117,812
New Oriental Education & Technology Group Inc., ADR
9,260,023
10,813
Nielsen Holdings PLC
281,138
288,858
PayPal Holdings Inc.*
26,670,259
5,030
Quanta Services Inc.*
173,988
4,365
Robert Half International Inc.
341,256
14,279
S&P Global Inc.
2,956,467
18,295
Total System Services Inc.
1,777,176
65,418
TransUnion
4,925,976
2,768
United Rentals Inc.*
431,448
5,315
Verisk Analytics Inc., Class A Shares*
632,963
80,510
Western Union Co.
1,523,249
76,746
Worldpay Inc., Class A Shares*
7,474,293
Total Commercial Services
72,043,375
Cosmetics/Personal Care – 0.8%
28,746
Colgate-Palmolive Co.
1,909,022
16,139
Coty Inc., Class A Shares
199,478
7,402
Estee Lauder Cos., Inc., Class A Shares
1,037,168
208,780
Procter & Gamble Co.
17,318,301
72,330
Unilever NV, Class NY Registered Shares, ADR
4,157,529
Total Cosmetics/Personal Care
24,621,498
Food – 0.8%
6,638
Campbell Soup Co
261,869
12,997
Conagra Brands Inc.
477,640
19,514
General Mills Inc.
897,839
16,885
Hershey Co.
1,697,280
8,712
Hormel Foods Corp.
341,075
23,213
JM Smucker Co.
2,399,760
8,213
Kellogg Co.
589,611
19,641
Kraft Heinz Co.
1,144,481
26,819
Kroger Co.
844,799
4,014
McCormick & Co., Inc.
501,269
See Notes to Financial Statements.
10

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Food – (continued)
395,406
Mondelez International Inc., Class A Shares
$ 16,891,744
15,825
Sysco Corp.
1,184,027
9,831
Tyson Foods Inc., Class A Shares
617,485
Total Food
27,848,879
Healthcare-Products – 3.7%
262,069
Abbott Laboratories
17,516,692
4,672
ABIOMED Inc.*
1,899,542
2,388
Align Technology Inc.*
922,938
33,402
Baxter International Inc.
2,484,107
53,648
Becton Dickinson & Co.
14,048,802
45,515
Boston Scientific Corp.*
1,618,513
1,594
Cooper Cos., Inc.
407,713
20,259
Danaher Corp.
2,097,617
7,421
DENTSPLY SIRONA Inc.
296,246
74,128
Edwards Lifesciences Corp.*
10,692,223
5,078
Henry Schein Inc.*
394,459
8,961
Hologic Inc.*
356,289
40,724
IDEXX Laboratories Inc.*
10,345,525
19,461
Intuitive Surgical Inc.*
10,898,160
288,124
Koninklijke Philips NV, Class NY Registered Shares, ADR
12,858,974
119,025
Medtronic PLC
11,475,200
4,743
ResMed Inc.
528,418
63,915
Stryker Corp.
10,829,118
13,256
Thermo Fisher Scientific Inc.
3,169,509
13,920
Varian Medical Systems Inc.*
1,559,318
6,696
Zimmer Biomet Holdings Inc.
827,827
Total Healthcare-Products
115,227,190
Healthcare-Services – 2.6%
10,777
Aetna Inc.
2,158,310
33,378
Anthem Inc.
8,836,158
39,947
Centene Corp.*
5,851,437
36,824
Cigna Corp.
6,935,432
21,353
DaVita Inc.*
1,479,549
3,732
Envision Healthcare Corp.*
169,284
11,230
HCA Healthcare Inc.
1,506,055
4,542
Humana Inc.
1,513,667
See Notes to Financial Statements.
11

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Healthcare-Services – (continued)
5,359
IQVIA Holdings Inc.*
$ 681,075
3,407
Laboratory Corp. of America Holdings*
588,968
121,410
Quest Diagnostics Inc.
13,352,672
125,451
UnitedHealth Group Inc.
33,678,575
2,829
Universal Health Services Inc., Class B Shares
368,223
4,870
WellCare Health Plans Inc.*
1,473,516
Total Healthcare-Services
78,592,921
Household Products/Wares – 0.1%
3,040
Avery Dennison Corp.
319,747
8,128
Church & Dwight Co., Inc.
459,882
4,274
Clorox Co.
619,645
11,480
Kimberly-Clark Corp.
1,326,399
Total Household Products/Wares
2,725,673
Pharmaceuticals – 6.5%
49,958
AbbVie Inc.
4,794,969
11,180
Allergan PLC
2,143,318
71,323
AmerisourceBergen Corp., Class A Shares
6,416,930
386,647
Bristol-Myers Squibb Co.
23,411,476
269,231
Cardinal Health Inc.
14,051,166
228,888
CVS Health Corp.
17,221,533
43,330
Eli Lilly & Co.
4,577,814
189,068
Express Scripts Holding Co.*
16,641,766
241,556
Johnson & Johnson
32,535,178
6,654
McKesson Corp.
856,703
531,122
Merck & Co., Inc.
36,429,658
17,033
Mylan NV*
666,501
25,151
Nektar Therapeutics, Class A Shares*
1,672,290
175,975
Novartis AG, ADR
14,607,685
4,216
Perrigo Co. PLC
322,566
533,147
Pfizer Inc.
22,136,263
16,009
Zoetis Inc., Class A Shares
1,450,415
Total Pharmaceuticals
199,936,231
TOTAL CONSUMER NON-CYCLICAL
705,246,050
See Notes to Financial Statements.
12

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
ENERGY – 5.8%
Oil & Gas – 4.0%
17,019
Anadarko Petroleum Corp.
$ 1,096,024
4,590
Andeavor
701,306
12,611
Apache Corp.
552,740
14,908
Cabot Oil & Gas Corp.
355,258
211,795
Chevron Corp.
25,089,236
3,047
Cimarex Energy Co.
257,410
6,267
Concho Resources Inc.*
859,519
226,801
ConocoPhillips
16,653,997
17,301
Devon Energy Corp.
742,732
19,110
EOG Resources Inc.
2,259,375
8,328
EQT Corp.
424,895
189,605
Exxon Mobil Corp.
15,200,633
3,488
Helmerich & Payne Inc.
228,708
8,661
Hess Corp.
583,232
5,850
HollyFrontier Corp.
435,942
689,832
Marathon Oil Corp.
14,838,286
15,250
Marathon Petroleum Corp.
1,254,923
6,420
Newfield Exploration Co.*
175,138
16,009
Noble Energy Inc.
475,787
207,553
Occidental Petroleum Corp.
16,577,258
13,847
Phillips 66
1,641,008
52,364
Pioneer Natural Resources Co.
9,147,991
172,671
Royal Dutch Shell PLC, Class A Shares, ADR
11,263,329
14,256
Valero Energy Corp.
1,680,497
Total Oil & Gas
122,495,224
Oil & Gas Services – 1.7%
379,646
Baker Hughes a GE Co.
12,516,928
432,071
Halliburton Co.
17,235,312
12,678
National Oilwell Varco Inc.
596,754
358,611
Schlumberger Ltd
22,649,871
14,406
TechnipFMC PLC
441,256
Total Oil & Gas Services
53,440,121
Pipelines – 0.1%
62,544
Kinder Morgan Inc.
1,107,029
13,589
ONEOK Inc.
895,651
See Notes to Financial Statements.
13

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
ENERGY – (continued)
Pipelines – (continued)
39,080
Williams Cos., Inc.
$ 1,156,377
Total Pipelines
3,159,057
TOTAL ENERGY
179,094,402
FINANCIAL – 16.6%
Banks – 6.1%
501,503
Bank of America Corp.
15,511,488
280,582
Bank of New York Mellon Corp.
14,632,351
270,744
BB&T Corp.
13,986,635
16,033
Capital One Financial Corp.
1,588,710
356,290
Citigroup Inc.
25,382,100
16,093
Citizens Financial Group Inc.
662,388
5,731
Comerica Inc.
558,658
22,634
Fifth Third Bancorp
666,119
118,246
First Republic Bank
12,012,611
56,428
Goldman Sachs Group Inc.
13,419,143
37,078
Huntington Bancshares Inc.
601,034
326,062
JPMorgan Chase & Co.
37,360,184
35,045
KeyCorp
738,398
4,764
M&T Bank Corp.
843,943
119,679
Morgan Stanley
5,843,925
6,978
Northern Trust Corp.
749,856
32,300
PacWest Bancorp
1,630,827
15,442
PNC Financial Services Group Inc.
2,216,545
37,545
Regions Financial Corp.
730,626
34,080
Signature Bank
3,944,419
147,222
State Street Corp.
12,795,064
15,354
SunTrust Banks Inc.
1,129,440
1,754
SVB Financial Group*
566,103
51,126
US Bancorp
2,766,428
144,421
Wells Fargo & Co.
8,445,740
202,333
Zions Bancorporation
10,782,326
Total Banks
189,565,061
Diversified Financial Services – 4.7%
1,766
Affiliated Managers Group Inc.
257,995
1,562
Alliance Data Systems Corp.
372,662
23,509
American Express Co.
2,491,484
See Notes to Financial Statements.
14

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Diversified Financial Services – (continued)
4,765
Ameriprise Financial Inc.
$ 676,439
282,464
Ant International Co., Ltd., Class C Shares, Private Placement,
(Restricted)*(b)(c)
1,584,623
4,067
BlackRock Inc., Class A Shares
1,948,337
16,671
Cboe Global Markets Inc.
1,680,437
394,591
Charles Schwab Corp.
20,041,277
11,245
CME Group Inc., Class A Shares
1,964,839
11,484
Discover Financial Services
897,130
8,844
E*TRADE Financial Corp.*
520,558
10,429
Franklin Resources Inc.
331,017
280,354
Intercontinental Exchange Inc.
21,371,385
179,024
Invesco Ltd
4,314,478
9,829
Jefferies Financial Group Inc.
228,229
103,792
Mastercard Inc., Class A Shares
22,373,403
3,885
Nasdaq Inc.
370,784
4,300
Raymond James Financial Inc.
400,072
300,093
Synchrony Financial
9,503,945
8,035
T Rowe Price Group Inc.
931,176
118,876
TD Ameritrade Holding Corp.
6,962,567
297,368
Visa Inc., Class A Shares
43,680,386
Total Diversified Financial Services
142,903,223
Equity Real Estate Investment Trusts (REITs) – 1.6%
3,414
Alexandria Real Estate Equities Inc.
438,187
14,555
American Tower Corp.
2,170,442
5,140
Apartment Investment & Management Co., Class A Shares
225,132
4,526
AvalonBay Communities Inc.
829,571
5,081
Boston Properties Inc.
662,816
226,400
Cousins Properties Inc.
2,116,840
72,372
Crown Castle International Corp.
8,252,579
6,781
Digital Realty Trust Inc.
842,743
11,988
Duke Realty Corp.
341,538
2,619
Equinix Inc.
1,142,224
211,423
Equity Residential
14,323,908
2,169
Essex Property Trust Inc.
534,182
4,126
Extra Space Storage Inc.
380,458
2,520
Federal Realty Investment Trust
329,137
See Notes to Financial Statements.
15

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
15,259
HCP Inc.
$ 412,451
24,499
Host Hotels & Resorts Inc.
527,463
9,189
Iron Mountain Inc.
331,723
14,795
Kimco Realty Corp.
253,142
3,776
Macerich Co.
221,802
3,736
Mid-America Apartment Communities Inc.
386,900
20,748
Prologis Inc.
1,393,851
4,938
Public Storage
1,049,720
9,348
Realty Income Corp.
547,512
4,724
Regency Centers Corp.
311,926
3,811
SBA Communications Corp., Class A Shares*
591,582
47,950
Simon Property Group Inc.
8,776,289
2,917
SL Green Realty Corp.
304,535
9,223
UDR Inc.
368,643
11,711
Ventas Inc.
701,138
5,648
Vornado Realty Trust
434,896
12,213
Welltower Inc.
814,729
24,955
Weyerhaeuser Co.
866,188
Total Equity Real Estate Investment Trusts (REITs)
50,884,247
Insurance – 3.7%
25,555
Aflac Inc.
1,181,663
144,647
Allstate Corp.
14,547,149
350,685
American International Group Inc.
18,645,921
8,059
Aon PLC
1,173,068
6,024
Arthur J Gallagher & Co.
434,572
1,677
Assurant Inc.
172,429
171,289
Berkshire Hathaway Inc., Class B Shares*
35,751,440
3,296
Brighthouse Financial Inc.*
136,817
55,947
Chubb Ltd.
7,566,272
5,198
Cincinnati Financial Corp.
398,531
1,320
Everest Re Group Ltd.
294,387
11,870
Hartford Financial Services Group Inc.
597,892
7,221
Lincoln National Corp.
473,553
8,667
Loews Corp.
436,037
173,108
Marsh & McLennan Cos., Inc.
14,650,130
259,930
MetLife Inc.
11,928,188
See Notes to Financial Statements.
16

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Insurance – (continued)
8,816
Principal Financial Group Inc.
$ 486,555
19,273
Progressive Corp.
1,301,506
13,826
Prudential Financial Inc.
1,358,405
3,685
Torchmark Corp.
323,985
8,882
Travelers Cos., Inc.
1,168,871
7,162
Unum Group
264,135
4,352
Willis Towers Watson PLC
640,919
8,522
XL Group Ltd.
489,077
Total Insurance
114,421,502
Private Equity – 0.2%
113,859
Brookfield Asset Management Inc., Class A Shares
4,869,750
Real Estate – 0.3%
7,833
Brookfield Property Partners LP
156,503
9,975
CBRE Group Inc., Class A Shares*
486,880
63,909
Jones Lang LaSalle Inc.
9,747,400
Total Real Estate
10,390,783
Savings & Loans – 0.0%
12,138
People’s United Financial Inc.
224,674
TOTAL FINANCIAL
513,259,240
INDUSTRIAL – 9.4%
Aerospace/Defense – 2.9%
14,734
Arconic Inc.
329,747
66,307
Boeing Co.
22,729,376
15,346
General Dynamics Corp.
2,967,916
11,268
Harris Corp.
1,831,163
8,379
L3 Technologies Inc.
1,790,760
11,978
Lockheed Martin Corp.
3,837,871
101,044
Northrop Grumman Corp.
30,160,624
75,777
Raytheon Co.
15,112,965
5,420
Rockwell Collins Inc.
736,849
1,613
TransDigm Group Inc.*
564,550
75,910
United Technologies Corp.
9,997,347
Total Aerospace/Defense
90,059,168
Building Materials – 0.5%
4,620
Fortune Brands Home & Security Inc.
244,768
406,525
Johnson Controls International PLC
15,354,449
See Notes to Financial Statements.
17

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Building Materials – (continued)
2,073
Martin Marietta Materials Inc.
$ 411,947
10,307
Masco Corp.
391,357
4,363
Vulcan Materials Co.
483,420
Total Building Materials
16,885,941
Electrical Components & Equipment – 0.1%
7,690
AMETEK Inc.
591,822
20,764
Emerson Electric Co.
1,593,222
Total Electrical Components & Equipment
2,185,044
Electronics – 1.3%
10,597
Agilent Technologies Inc.
715,721
3,045
Allegion PLC
265,585
9,963
Amphenol Corp., Class A Shares
942,301
90,804
Avnet Inc.
4,394,914
415,880
Corning Inc.
13,936,139
24,528
FLIR Systems Inc.
1,538,887
66,811
Fortive Corp.
5,610,788
3,888
Garmin Ltd.
264,928
50,773
Honeywell International Inc.
8,075,954
844
Mettler-Toledo International Inc.*
493,284
3,588
PerkinElmer Inc.
331,639
11,549
TE Connectivity Ltd.
1,058,812
2,584
Waters Corp.*
489,616
Total Electronics
38,118,568
Engineering & Construction – 0.2%
26,027
Fluor Corp.
1,494,210
3,971
Jacobs Engineering Group Inc.
288,652
155,350
nVent Electric PLC
4,363,781
Total Engineering & Construction
6,146,643
Environmental Control – 0.8%
140,817
Pentair PLC
6,122,723
7,897
Republic Services Inc., Class A Shares
579,324
62,512
Stericycle Inc.*
3,856,365
161,491
Waste Management Inc.
14,679,532
Total Environmental Control
25,237,944
See Notes to Financial Statements.
18

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Hand/Machine Tools – 0.0%
1,833
Snap-on Inc.
$ 324,038
5,093
Stanley Black & Decker Inc.
715,719
Total Hand/Machine Tools
1,039,757
Machinery-Construction & Mining – 0.1%
19,725
Caterpillar Inc.
2,738,816
Machinery-Diversified – 0.8%
208,913
Cognex Corp.
11,239,520
13,818
Cummins Inc.
1,959,392
10,693
Deere & Co.
1,537,653
4,100
Flowserve Corp.
213,692
4,144
Rockwell Automation Inc.
749,898
20,844
Roper Technologies Inc.
6,219,224
28,236
Wabtec Corp.
3,058,524
6,268
Xylem Inc.
475,804
Total Machinery-Diversified
25,453,707
Miscellaneous Manufacturers – 1.5%
19,563
3M Co.
4,126,228
26,108
AO Smith Corp.
1,516,353
5,083
Dover Corp.
436,477
14,383
Eaton Corp. PLC
1,195,802
1,278,389
General Electric Co.
16,542,354
10,052
Illinois Tool Works Inc.
1,396,022
8,179
Ingersoll-Rand PLC
828,451
4,390
Parker-Hannifin Corp.
770,884
265,830
Textron Inc.
18,350,245
Total Miscellaneous Manufacturers
45,162,816
Packaging & Containers – 0.0%
11,440
Ball Corp.
479,107
3,064
Packaging Corp. of America
336,795
5,151
Sealed Air Corp.
206,606
8,435
WestRock Co.
464,600
Total Packaging & Containers
1,487,108
Shipbuilding – 0.1%
6,443
Huntington Ingalls Industries Inc.
1,575,120
See Notes to Financial Statements.
19

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Transportation – 1.1%
4,553
CH Robinson Worldwide Inc.
$ 437,452
28,872
CSX Corp.
2,141,148
5,800
Expeditors International of Washington Inc.
425,024
42,262
FedEx Corp.
10,309,815
2,872
JB Hunt Transport Services Inc.
346,794
3,365
Kansas City Southern
390,205
9,328
Norfolk Southern Corp.
1,621,580
60,215
Union Pacific Corp.
9,069,583
81,185
United Parcel Service Inc., Class B Shares
9,976,013
Total Transportation
34,717,614
TOTAL INDUSTRIAL
290,808,246
TECHNOLOGY – 15.5%
Computers – 2.7%
28,685
Accenture PLC, Class A Shares
4,849,773
241,319
Apple Inc.
54,931,444
19,324
Cognizant Technology Solutions Corp., Class A Shares
1,515,581
9,409
DXC Technology Co.
857,066
50,380
Hewlett Packard Enterprise Co.
832,781
54,229
HP Inc.
1,336,745
63,402
International Business Machines Corp.
9,287,125
8,856
NetApp Inc.
768,789
124,809
Seagate Technology PLC
6,682,274
9,861
Western Digital Corp.
623,610
Total Computers
81,685,188
Office/Business Equipment – 0.0%
7,288
Xerox Corp.
203,044
Semiconductors – 4.1%
87,772
Advanced Micro Devices Inc.*
2,209,221
12,226
Analog Devices Inc.
1,208,540
288,638
Applied Materials Inc.
12,417,207
17,900
ASML Holding NV, Class NY Registered Shares, ADR
3,670,395
13,233
Broadcom Inc.
2,898,424
935,986
Cypress Semiconductor Corp.
16,108,319
538,941
Intel Corp.
26,100,913
8,672
IPG Photonics Corp.*
1,521,763
5,142
KLA-Tencor Corp.
597,552
See Notes to Financial Statements.
20

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Semiconductors – (continued)
5,413
Lam Research Corp.
$ 936,936
226,512
Maxim Integrated Products Inc.
13,697,181
7,753
Microchip Technology Inc.
666,991
38,256
Micron Technology Inc.*
2,009,205
110,488
NVIDIA Corp.
31,011,772
4,114
Qorvo Inc.*
329,490
48,852
QUALCOMM Inc.
3,356,621
6,008
Skyworks Solutions Inc.
548,530
57,058
Texas Instruments Inc.
6,413,319
8,353
Xilinx Inc.
650,114
Total Semiconductors
126,352,493
Software – 8.7%
256,636
Activision Blizzard Inc.
18,503,455
72,673
Adobe Systems Inc.*
19,150,062
249
Adyen NV*(d)
174,587
5,653
Akamai Technologies Inc.*
424,767
2,799
ANSYS Inc.*
520,558
16,275
Autodesk Inc.*
2,512,046
3,937
Broadridge Financial Solutions Inc.
532,046
301,198
CA Inc.
13,192,472
9,255
Cadence Design Systems Inc.*
435,355
10,407
Cerner Corp.*
677,600
4,268
Citrix Systems Inc.*
486,637
44,951
Electronic Arts Inc.*
5,097,893
47,205
Fidelity National Information Services Inc.
5,106,165
63,407
Fiserv Inc.*
5,076,998
47,894
Intuit Inc.
10,511,296
611,580
Microsoft Corp.
68,698,781
56,356
MSCI Inc., Class A Shares
10,158,733
526,995
Oracle Corp.
25,601,417
10,578
Paychex Inc.
774,839
38,553
Red Hat Inc.*
5,695,435
232,723
salesforce.com Inc.*
35,532,148
97,432
ServiceNow Inc.*
19,131,747
121,554
Splunk Inc.*
15,577,145
4,933
Synopsys Inc.*
503,857
See Notes to Financial Statements.
21

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Software – (continued)
3,791
Take-Two Interactive Software Inc.*
$ 506,326
21,746
VMware Inc., Class A Shares*
3,332,792
29,336
Workday Inc., Class A Shares*
4,533,586
Total Software
272,448,743
TOTAL TECHNOLOGY
480,689,468
UTILITIES – 1.8%
Electric – 1.7%
965,371
AES Corp.
12,993,894
7,953
Alliant Energy Corp.
340,707
8,051
Ameren Corp.
509,065
16,170
American Electric Power Co., Inc.
1,159,874
14,115
CenterPoint Energy Inc.
392,256
9,275
CMS Energy Corp.
456,701
10,050
Consolidated Edison Inc.
793,247
21,470
Dominion Energy Inc.
1,519,432
5,939
DTE Energy Co.
660,060
22,977
Duke Energy Corp.
1,866,651
202,715
Edison International
13,324,457
5,933
Entergy Corp.
495,939
8,998
Evergy Inc.
513,336
10,416
Eversource Energy
650,271
31,866
Exelon Corp.
1,392,863
14,823
FirstEnergy Corp.
554,084
26,961
NextEra Energy Inc.
4,586,066
9,657
NRG Energy Inc.
341,761
17,018
PG&E Corp.
785,891
3,879
Pinnacle West Capital Corp.
304,695
22,974
PPL Corp.
683,247
16,757
Public Service Enterprise Group Inc.
877,229
4,811
SCANA Corp.
184,454
44,316
Sempra Energy
5,144,201
33,171
Southern Co.
1,452,226
10,264
WEC Energy Group Inc.
693,641
16,639
Xcel Energy Inc.
799,504
Total Electric
53,475,752
See Notes to Financial Statements.
22

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
UTILITIES – (continued)
Gas – 0.0%
12,068
NiSource Inc.
$ 326,681
Water – 0.1%
26,269
American Water Works Co., Inc.
2,299,326
TOTAL UTILITIES
56,101,759
TOTAL COMMON STOCKS
(Cost – $2,504,114,481)
3,027,682,169
PREFERRED STOCK – 0.0%
TECHNOLOGY – 0.0%
Software – 0.0%
15,057
Magic Leap Inc., Series D, Private Placement, (Restricted)*(b)(c)
(Cost – $406,539)
406,539
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $2,505,346,648)
3,028,926,150
Face Amount
SHORT-TERM INVESTMENTS – 2.3%
TIME DEPOSITS – 2.3%
$ 22,688,435
Barclays Bank PLC – London, 1.280% due 9/4/18
22,688,435
39,046
BNP Paribas – Paris, 1.280% due 9/4/18
39,046
8,746,543
Citibank – New York, 1.280% due 9/4/18
8,746,543
22,489,709
Deutsche Bank AG – Grand Cayman, 1.280% due 9/4/18
22,489,709
10,579,401
Industrial & Commercial Bank of China – New York, 1.280% due 9/4/18
10,579,401
6,435,962
JPMorgan Chase & Co. – New York, 1.280% due 9/4/18
6,435,962
TOTAL TIME DEPOSITS
(Cost – $70,979,096)
70,979,096
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.3%
MONEY MARKET FUND – 0.3%
10,135,978
Federated Government Obligations Fund, Premier Class, 1.845%(e)
(Cost – $10,135,978)
10,135,978
TOTAL INVESTMENTS – 100.2%
(Cost – $2,586,461,722#)
3,110,041,224
Liabilities in Excess of Other Assets – (0.2)%
(7,131,072)
TOTAL NET ASSETS – 100.0%
$ 3,102,910,152
*
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, 2018, amounts to approximately $1,991,162 and represents 0.06% of net assets.
See Notes to Financial Statements.
23

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Large Cap Equity Fund (concluded)
(c)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
(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, 2018, amounts to approximately $174,587 and represents 0.01% of net assets.
(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
PLC
 —  Public Limited Company
Summary of Investments by Security Sector^
Consumer Non-cyclical
22.7%
Communications
16.9
Financial
16.5
Technology
15.5
Industrial
9.3
Consumer Cyclical
7.2
Energy
5.8
Utilities
1.8
Basic Materials
1.7
Short-Term Investments
2.3
Money Market Fund
0.3
100.0%
^
As a percentage of total investments.
At August 31, 2018, Destinations Large Cap Equity Fund had open exchange traded futures contracts as described below.
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
75 9/18 $ 10,456,969 $ 10,882,500 $ 425,531
See Notes to Financial Statements.
24

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Small-Mid Cap Equity Fund
Shares/Units
Security
Value
COMMON STOCKS – 76.8%
BASIC MATERIALS – 2.2%
Chemicals – 2.0%
38,300
Air Products & Chemicals Inc.
$ 6,368,907
107,392
Codexis Inc.*
1,847,142
23,077
HB Fuller Co.
1,315,158
13,668
Ingevity Corp.*
1,380,605
46,361
Olin Corp.
1,424,674
12,169
Sensient Technologies Corp.
864,243
93,737
Valvoline Inc.
2,017,220
24,071
WR Grace & Co.
1,700,857
Total Chemicals
16,918,806
Iron/Steel – 0.2%
61,411
Allegheny Technologies Inc.*
1,659,939
TOTAL BASIC MATERIALS
18,578,745
COMMUNICATIONS – 3.8%
Advertising – 0.3%
105,389
Interpublic Group of Cos., Inc.
2,460,833
Internet – 1.4%
56,894
Bandwidth Inc., Class A Shares*
2,592,091
32,464
Cardlytics Inc.*
661,941
19,618
Cogent Communications Holdings Inc.
1,073,105
37,874
Mimecast Ltd.*
1,575,179
15,536
Q2 Holdings Inc.*
967,893
195,386
QuinStreet Inc.*
2,964,005
45,873
Zscaler Inc.*(a)
1,962,906
Total Internet
11,797,120
Media – 0.5%
30,017
Nexstar Media Group Inc., Class A Shares
2,461,394
32,771
Tribune Media Co., Class A Shares
1,208,922
Total Media
3,670,316
Telecommunications – 1.6%
84,300
Motorola Solutions Inc.
10,820,748
7,911
RADCOM Ltd.*(a)
144,771
208,590
Viavi Solutions Inc.*
2,336,208
Total Telecommunications
13,301,727
TOTAL COMMUNICATIONS
31,229,996
See Notes to Financial Statements.
25

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – 7.7%
Airlines – 0.9%
87,700
Alaska Air Group Inc.
$ 5,918,873
109,095
Mesa Air Group Inc.*
1,504,420
Total Airlines
7,423,293
Apparel – 0.6%
126,748
Crocs Inc.*
2,618,614
8,202
Oxford Industries Inc.
763,524
21,809
Steven Madden Ltd.
1,268,193
Total Apparel
4,650,331
Auto Parts & Equipment – 0.2%
21,341
Altra Industrial Motion Corp.(a)
833,366
92,398
Horizon Global Corp.*(a)
717,008
Total Auto Parts & Equipment
1,550,374
Distribution/Wholesale – 0.3%
29,434
G-III Apparel Group Ltd.*
1,338,658
14,413
SiteOne Landscape Supply Inc.*
1,302,503
Total Distribution/Wholesale
2,641,161
Entertainment – 1.0%
157,300
Cinemark Holdings Inc.
5,870,436
23,743
Eldorado Resorts Inc.*
1,140,851
61,396
Golden Entertainment Inc.*
1,781,098
Total Entertainment
8,792,385
Home Builders – 0.3%
77,456
Skyline Champion Corp.
2,239,253
Home Furnishings – 0.3%
21,400
Whirlpool Corp.
2,674,572
Leisure Time – 1.0%
127,631
Callaway Golf Co.
2,911,263
60,956
Malibu Boats Inc., Class A Shares*
2,938,689
50,666
MCBC Holdings Inc.*
1,396,861
45,849
Vista Outdoor Inc.*
846,831
Total Leisure Time
8,093,644
Lodging – 0.6%
117,092
Century Casinos Inc.*
936,736
98,700
MGM Resorts International
2,861,313
20,042
Monarch Casino & Resort Inc.*
942,976
Total Lodging
4,741,025
See Notes to Financial Statements.
26

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
CONSUMER CYCLICAL – (continued)
Retail – 2.4%
25,135
BJ’s Restaurants Inc.
$ 1,902,720
93,993
Boot Barn Holdings Inc.*
2,813,210
75,686
Carrols Restaurant Group Inc.*
1,195,839
15,941
Conn’s Inc.*
653,581
35,055
Container Store Group Inc.*
396,122
87,089
Del Frisco’s Restaurant Group Inc.*
822,991
25,194
Express Inc.*
282,677
131,840
Francesca’s Holdings Corp.*
827,955
55,476
Freshpet Inc.*
2,060,934
37,160
Lovesac Co.*
766,982
55,715
Michaels Cos., Inc.*
946,598
53,648
Movado Group Inc.
2,285,405
121,821
Noodles & Co., Class A Shares*(a)
1,498,398
44,807
PetIQ Inc., Class A Shares*(a)
1,754,642
26,053
Tailored Brands Inc.
613,288
21,355
Wingstop Inc.
1,429,717
Total Retail
20,251,059
Toys/Games/Hobbies – 0.1%
36,156
Funko Inc., Class A Shares*(a)
919,086
TOTAL CONSUMER CYCLICAL
63,976,183
CONSUMER NON-CYCLICAL – 19.5%
Agriculture – 0.2%
60,462
Limoneira Co.
1,865,253
Beverages – 0.3%
9,515
MGP Ingredients Inc.
733,702
97,305
Primo Water Corp.*
1,946,100
Total Beverages
2,679,802
Biotechnology – 1.8%
42,305
Acer Therapeutics Inc.*
1,357,145
176,832
Adverum Biotechnologies Inc.*
1,343,923
26,632
Allakos Inc.*
1,034,387
12,175
Argenx SE, ADR*
1,142,380
23,320
Atara Biotherapeutics Inc.*
954,954
130,113
Avid Bioservices Inc.*
952,427
32,244
Avrobio Inc.*
1,107,581
26,430
Deciphera Pharmaceuticals Inc.*
977,646
See Notes to Financial Statements.
27

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Biotechnology – (continued)
20,644
Loxo Oncology Inc.*
$ 3,488,423
31,539
Ovid Therapeutics Inc.*
210,365
348,933
Sesen Bio Inc.*
781,610
90,187
Vericel Corp.*
1,100,281
Total Biotechnology
14,451,122
Commercial Services – 2.2%
66,277
Bridgepoint Education Inc., Class A Shares*
779,417
76,243
Career Education Corp.*
1,216,076
154,754
Everi Holdings Inc.*
1,341,717
25,214
Heidrick & Struggles International Inc.
1,114,459
34,190
Huron Consulting Group Inc.*
1,692,405
82,346
I3 Verticals Inc., Class A Shares*
1,533,283
37,211
Kelly Services Inc., Class A Shares
938,089
24,743
Korn/Ferry International
1,660,998
24,334
Matthews International Corp., Class A Shares
1,262,935
13,444
Medifast Inc.
3,075,315
166,399
Team Inc.*(a)
3,877,097
Total Commercial Services
18,491,791
Food – 2.0%
34,909
B&G Foods Inc.(a)
1,115,342
15,497
Calavo Growers Inc.
1,640,358
60,630
Chefs’ Warehouse Inc.*
1,782,522
117,205
Darling Ingredients Inc.*
2,318,315
45,491
Hain Celestial Group Inc.*
1,299,223
89,399
Hostess Brands Inc., Class A Shares*
1,051,332
53,700
Kellogg Co.
3,855,123
44,352
Performance Food Group Co.*
1,468,051
45,088
TreeHouse Foods Inc.*
2,349,085
Total Food
16,879,351
Healthcare-Products – 5.6%
30,658
AxoGen Inc.*
1,344,353
58,498
BioLife Solutions Inc.*
1,401,612
79,853
CareDx Inc.*
1,941,226
202,997
Cerus Corp.*
1,579,317
10,700
Cooper Cos., Inc.
2,736,846
36,464
CryoLife Inc.*
1,265,301
See Notes to Financial Statements.
28

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Healthcare-Products – (continued)
40,446
Establishment Labs Holdings Inc.*
$ 1,122,377
15,357
Inogen Inc.*
4,068,223
33,257
Inspire Medical Systems Inc.*(a)
1,828,802
33,301
iRhythm Technologies Inc.*
3,099,990
70,268
Nuvectra Corp.*
1,640,055
64,383
OrthoPediatrics Corp.*
2,241,816
42,575
Patterson Cos., Inc.
960,066
114,761
Sientra Inc.*
2,882,796
25,505
STAAR Surgical Co.*
1,216,589
66,094
Tactile Systems Technology Inc.*
4,472,581
31,257
Tandem Diabetes Care Inc.*
1,428,132
87,700
Zimmer Biomet Holdings Inc.
10,842,351
Total Healthcare-Products
46,072,433
Healthcare-Services – 2.7%
16,358
Charles River Laboratories International Inc.*
2,020,377
20,311
Encompass Health Corp.
1,657,174
31,404
Envision Healthcare Corp.*
1,424,485
35,400
Humana Inc.
11,797,404
76,608
Natera Inc.*
2,117,445
32,033
Neuronetics Inc.*
1,058,691
30,835
Teladoc Health Inc.*
2,391,254
Total Healthcare-Services
22,466,830
Pharmaceuticals – 4.7%
29,857
Aclaris Therapeutics Inc.*
475,323
126,800
AmerisourceBergen Corp., Class A Shares
11,408,196
182,567
Array BioPharma Inc.*
2,842,568
63,088
Clementia Pharmaceuticals Inc.*(a)
610,692
91,614
Foamix Pharmaceuticals Ltd.*(b)
518,535
22,853
Global Blood Therapeutics Inc.*
1,118,654
49,124
Mirati Therapeutics Inc.*
2,777,962
28,817
MyoKardia Inc.*
1,776,568
140,000
Perrigo Co. PLC
10,711,400
55,983
Prestige Consumer Healthcare Inc.*
2,155,346
22,174
Reata Pharmaceuticals Inc., Class A Shares*(a)
1,914,947
See Notes to Financial Statements.
29

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
CONSUMER NON-CYCLICAL – (continued)
Pharmaceuticals – (continued)
21,289
Tilray Inc.*(a)
$ 1,388,043
47,609
Tricida Inc.*
1,467,786
Total Pharmaceuticals
39,166,020
TOTAL CONSUMER NON-CYCLICAL
162,072,602
DIVERSIFIED – 0.1%
SPACs – 0.1%
14,300
Spectrum Brands Holdings Inc.
1,241,955
ENERGY – 4.5%
Energy-Alternate Sources – 0.1%
32,676
TPI Composites Inc.*
915,908
Oil & Gas – 3.5%
40,800
Andeavor
6,233,832
62,964
Berry Petroleum Corp.*
1,031,980
206,200
Cabot Oil & Gas Corp.
4,913,746
96,847
Callon Petroleum Co.*
1,094,371
63,818
Carrizo Oil & Gas Inc.*
1,545,672
64,300
Devon Energy Corp.
2,760,399
23,630
Murphy USA Inc.*
1,960,818
148,900
Noble Energy Inc.
4,425,308
211,300
Patterson-UTI Energy Inc.
3,619,569
7,753
Penn Virginia Corp.*
689,552
132,429
SRC Energy Inc.*
1,232,914
Total Oil & Gas
29,508,161
Oil & Gas Services – 0.1%
55,362
Select Energy Services Inc., Class A Shares*
755,691
Pipelines – 0.8%
209,000
Williams Cos., Inc.
6,184,310
TOTAL ENERGY
37,364,070
FINANCIAL – 15.7%
Banks – 5.7%
45,671
Bank of NT Butterfield & Son Ltd.
2,413,256
61,261
BankUnited Inc.
2,376,314
31,826
Chemical Financial Corp.
1,817,901
24,385
Eagle Bancorp Inc.*
1,313,132
105,733
First Horizon National Corp.
1,947,602
66,600
First Republic Bank
6,765,894
See Notes to Financial Statements.
30

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Banks – (continued)
190,670
FNB Corp.
$ 2,564,511
34,256
IBERIABANK Corp.
2,968,282
65,995
Live Oak Bancshares Inc.
1,996,349
42,481
MB Financial Inc.
2,058,629
134,900
Pinnacle Financial Partners Inc.
8,707,795
64,498
Sterling Bancorp Inc.
790,100
38,496
TCF Financial Corp.
975,874
43,847
TriState Capital Holdings Inc.*
1,304,448
43,168
Triumph Bancorp Inc.*
1,832,482
61,415
Univest Corp. of Pennsylvania
1,750,328
104,600
Zions Bancorporation
5,574,134
Total Banks
47,157,031
Diversified Financial Services – 1.0%
53,800
Affiliated Managers Group Inc.
7,859,642
17,529
Federated Investors Inc., Class B Shares
405,972
Total Diversified Financial Services
8,265,614
Equity Real Estate Investment Trusts (REITs) – 4.5%
139,900
American Campus Communities Inc.
5,866,007
304,000
American Homes 4 Rent, Class A Shares
7,052,800
74,814
Blackstone Mortgage Trust Inc., Class A Shares(a)
2,548,165
74,390
Columbia Property Trust Inc.
1,791,311
55,442
Corporate Office Properties Trust
1,706,505
49,800
Crown Castle International Corp.
5,678,694
37,688
Education Realty Trust Inc.
1,559,529
92,435
Lexington Realty Trust
863,343
371,500
Medical Properties Trust Inc.
5,591,075
235,800
Retail Opportunity Investments Corp.
4,654,692
Total Equity Real Estate Investment Trusts (REITs)
37,312,121
Insurance – 3.8%
18,500
Everest Re Group Ltd.
4,125,870
65,484
Goosehead Insurance Inc., Class A Shares*(a)
2,031,314
19,212
Hanover Insurance Group Inc.
2,353,278
142,800
Hartford Financial Services Group Inc.
7,192,836
17,946
Kinsale Capital Group Inc.
1,090,578
99,526
National General Holdings Corp.
2,718,055
54,648
NMI Holdings Inc., Class A Shares*
1,180,397
See Notes to Financial Statements.
31

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Insurance – (continued)
77,100
Progressive Corp.
$ 5,206,563
37,700
Willis Towers Watson PLC
5,552,079
Total Insurance
31,450,970
Private Equity – 0.2%
136,692
Hercules Capital Inc.
1,848,076
Savings & Loans – 0.5%
53,065
Banc of California Inc.
1,069,260
11,056
Meta Financial Group Inc.
957,449
121,716
Sterling Bancorp
2,781,211
Total Savings & Loans
4,807,920
TOTAL FINANCIAL
130,841,732
INDUSTRIAL – 11.9%
Aerospace/Defense – 0.9%
30,700
L3 Technologies Inc.
6,561,204
27,282
Triumph Group Inc.
567,466
Total Aerospace/Defense
7,128,670
Building Materials – 1.3%
14,281
Gibraltar Industries Inc.*
648,357
38,100
Martin Marietta Materials Inc.
7,571,232
14,294
Masonite International Corp.*
956,984
53,934
PGT Innovations Inc.*
1,310,596
Total Building Materials
10,487,169
Electrical Components & Equipment – 1.8%
18,620
Belden Inc.
1,354,046
103,300
Energizer Holdings Inc.
6,568,847
28,903
Generac Holdings Inc.*
1,603,827
38,200
Hubbell Inc., Class B Shares
4,826,952
Total Electrical Components & Equipment
14,353,672
Electronics – 0.5%
51,922
Control4 Corp.*
1,682,792
25,425
IntriCon Corp.*
1,878,907
18,888
ShotSpotter Inc.*(a)
1,077,372
Total Electronics
4,639,071
Engineering & Construction – 0.5%
14,851
EMCOR Group Inc.
1,189,565
24,870
NV5 Global Inc.*
2,199,752
See Notes to Financial Statements.
32

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Engineering & Construction – (continued)
57,608
Sterling Construction Co., Inc.*
$ 838,196
Total Engineering & Construction
4,227,513
Environmental Control – 0.3%
23,599
Clean Harbors Inc.*
1,618,655
14,626
Tetra Tech Inc.
1,020,895
Total Environmental Control
2,639,550
Hand/Machine Tools – 1.3%
108,200
Milacron Holdings Corp.*
2,293,840
19,481
Regal Beloit Corp.
1,630,560
50,700
Stanley Black & Decker Inc.
7,124,871
Total Hand/Machine Tools
11,049,271
Machinery-Diversified – 1.6%
43,785
Cactus Inc., Class A Shares*
1,496,571
56,048
Columbus McKinnon Corp.
2,383,721
8,660
Kadant Inc.
875,093
22,000
Rockwell Automation Inc.
3,981,120
15,384
SPX FLOW Inc.*
737,509
33,000
Wabtec Corp.
3,574,560
Total Machinery-Diversified
13,048,574
Metal Fabricate/Hardware – 0.3%
35,257
Atkore International Group Inc.*
965,337
56,108
TriMas Corp.*
1,722,516
Total Metal Fabricate/Hardware
2,687,853
Miscellaneous Manufacturers – 2.3%
39,935
Actuant Corp., Class A Shares
1,176,086
38,300
AO Smith Corp.
2,224,464
56,600
Dover Corp.
4,860,242
21,690
EnPro Industries Inc.
1,628,268
23,897
Hexcel Corp.
1,580,070
32,100
Ingersoll-Rand PLC
3,251,409
33,745
ITT Inc.
1,994,667
20,221
Standex International Corp.
2,181,846
Total Miscellaneous Manufacturers
18,897,052
Packaging & Containers – 0.3%
50,668
Owens-Illinois Inc.*
895,304
35,657
Silgan Holdings Inc.
971,653
See Notes to Financial Statements.
33

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
INDUSTRIAL – (continued)
Packaging & Containers – (continued)
18,827
Sonoco Products Co.
$ 1,055,065
Total Packaging & Containers
2,922,022
Transportation – 0.8%
36,482
Echo Global Logistics Inc.*
1,211,202
12,581
Saia Inc.*
997,044
177,400
Schneider National Inc., Class B Shares
4,798,670
Total Transportation
7,006,916
TOTAL INDUSTRIAL
99,087,333
TECHNOLOGY – 7.2%
Computers – 2.2%
8,727
CACI International Inc., Class A Shares*
1,701,765
67,304
Conduent Inc.*
1,560,107
62,383
Endava PLC, ADR*
1,635,682
297,800
Hewlett Packard Enterprise Co.
4,922,634
76,872
Kornit Digital Ltd.*(a)
1,610,468
17,391
Mercury Systems Inc.*
947,983
63,784
PlayAGS Inc.*
2,043,639
98,530
USA Technologies Inc.*
1,601,113
40,887
Virtusa Corp.*
2,382,077
Total Computers
18,405,468
Semiconductors – 2.9%
42,600
Analog Devices Inc.
4,211,010
22,200
Cabot Microelectronics Corp.
2,502,606
317,500
Cypress Semiconductor Corp.
5,464,175
37,706
Inphi Corp.*
1,397,761
151,615
MACOM Technology Solutions Holdings Inc.*(a)
3,494,726
23,338
Semtech Corp.*
1,394,446
67,100
Xilinx Inc.
5,222,393
Total Semiconductors
23,687,117
Software – 2.1%
88,856
Altair Engineering Inc., Class A Shares*
3,711,515
34,103
Alteryx Inc., Class A Shares*
1,979,679
53,617
Everbridge Inc.*
3,228,280
41,287
Five9 Inc.*
1,983,840
59,335
SendGrid Inc.*
2,152,080
40,975
Smartsheet Inc., Class A Shares*
1,218,187
See Notes to Financial Statements.
34

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Small-Mid Cap Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
TECHNOLOGY – (continued)
Software – (continued)
11,744
Tabula Rasa HealthCare Inc.*
$ 1,029,597
66,473
Upland Software Inc.*
2,474,125
Total Software
17,777,303
TOTAL TECHNOLOGY
59,869,888
UTILITIES – 4.2%
Electric – 4.2%
78,500
American Electric Power Co., Inc.
5,630,805
16,524
Black Hills Corp.
972,437
27,400
Evergy Inc.
1,563,170
139,700
FirstEnergy Corp.
5,221,986
28,007
Hawaiian Electric Industries Inc.
987,807
13,676
IDACORP Inc.
1,338,197
46,116
Portland General Electric Co.
2,139,782
216,800
PPL Corp.
6,447,632
49,700
Sempra Energy
5,769,176
95,800
Xcel Energy Inc.
4,603,190
Total Electric
34,674,182
TOTAL UTILITIES
34,674,182
TOTAL COMMON STOCKS
(Cost – $541,348,569)
638,936,686
EXCHANGE TRADED FUNDS (ETFs) – 19.9%
410,225
iShares Core S&P Mid-Cap
83,829,479
882,978
iShares Core S&P Small-Cap
79,741,743
13,011
iShares Russell 2000 Value(a)
1,780,816
TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Cost – $132,804,042)
165,352,038
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $674,152,611)
804,288,724
See Notes to Financial Statements.
35

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Small-Mid Cap Equity Fund (concluded)
Face Amount
Security
Value
SHORT-TERM INVESTMENTS – 3.2%
TIME DEPOSITS – 3.2%
$ 80
Brown Brothers Harriman – Grand Cayman, 1.280% due 9/4/18
$ 80
4,571,671
Citibank – New York, 1.280% due 9/4/18
4,571,671
7,159,127
Industrial & Commercial Bank of China – New York, 1.280% due 9/4/18
7,159,127
14,680,095
JPMorgan Chase & Co. – New York, 1.280% due 9/4/18
14,680,095
TOTAL TIME DEPOSITS
(Cost – $26,410,973)
26,410,973
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 2.9%
MONEY MARKET FUND – 2.9%
24,705,742
Federated Government Obligations Fund, Premier Class, 1.845%(c)
(Cost – $24,705,742)
24,705,742
TOTAL INVESTMENTS – 102.8%
(Cost – $725,269,326#)
855,405,439
Liabilities in Excess of Other Assets – (2.8)%
(23,005,647)
TOTAL NET ASSETS – 100.0%
$ 832,399,792
*
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, 2018, amounts to approximately $518,535 and represents 0.06% of net assets.
(c)
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
PLC
 —    Public Limited Company
Summary of Investments by Security Sector^
Consumer Non-cyclical
18.9%
Financial
15.3
Industrial
11.6
Consumer Cyclical
7.5
Technology
7.0
Energy
4.4
Utilities
4.1
Communications
3.6
Basic Materials
2.2
Diversified
0.1
Exchange Traded Funds (ETFs)
19.3
Short-Term Investments
3.1
Money Market Fund
2.9
100.0%
^
As a percentage of total investments.
See Notes to Financial Statements.
36

Schedules of Investments
August 31, 2018 (unaudited)
Destinations International Equity Fund
Shares/Units
Security
Value
COMMON STOCKS – 77.8%
Argentina – 0.4%
16,934
Banco Macro SA, ADR
$ 739,000
18,144
Globant SA*
1,177,183
111,994
Loma Negra Cia Industrial Argentina SA, ADR*
845,554
177,884
YPF SA, ADR*
2,691,385
Total Argentina
5,453,122
Australia – 1.9%
347,028
Amcor Ltd.
3,565,877
334,592
Brambles Ltd.
2,646,749
376,146
DuluxGroup Ltd.
2,125,285
741,248
Nanosonics Ltd.*
1,875,618
244,039
Nick Scali Ltd.
1,184,340
2,402
Orica Ltd.
30,442
865,917
Pro Medicus Ltd.
6,342,912
985,892
South32 Ltd.
2,480,092
541,100
Webjet Ltd.
6,615,204
Total Australia
26,866,519
Austria – 0.4%
123,493
Erste Group Bank AG*
4,919,398
Belgium – 0.2%
22,141
Anheuser-Busch InBev SA
2,064,943
Bermuda – 0.1%
88,216
Hiscox Ltd.
1,928,091
Brazil – 1.5%
404,896
B3 SA – Brasil Bolsa Balcao
2,164,166
305,100
Banco Bradesco SA, ADR
2,117,394
221,836
BB Seguridade Participacoes SA
1,333,926
179,204
Itau Unibanco Holding SA, ADR
1,867,306
452,725
Kroton Educacional SA
1,136,511
130,071
Localiza Rent a Car SA
687,880
111,503
Pagseguro Digital Ltd., Class A Shares*
3,221,322
292,067
Petroleo Brasileiro SA, ADR
3,174,768
812,865
Rumo SA*
2,841,264
145,472
Smiles Fidelidade SA
1,854,892
Total Brazil
20,399,429
Canada – 2.1%
29,641
Alimentation Couche-Tard Inc., Class B Shares
1,419,243
100,800
Canadian Natural Resources Ltd.
3,442,140
See Notes to Financial Statements.
37

Schedules of Investments
August 31, 2018 (unaudited)
Destinations International Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
Canada – (continued)
12,200
Canadian Pacific Railway Ltd.
$ 2,566,310
324,706
Computer Modelling Group Ltd.(a)
2,169,849
9,357
Descartes Systems Group Inc.*
326,695
43,111
Equitable Group Inc.(a)
2,146,465
4,874
Fairfax Financial Holdings Ltd.
2,676,087
135,708
Jamieson Wellness Inc.
2,694,608
59,531
Magna International Inc.
3,221,818
36,700
Restaurant Brands International Inc.
2,106,580
189,278
Seven Generations Energy Ltd., Class A Shares*
2,227,994
46,393
Thomson Reuters Corp.
2,063,491
40,500
TransCanada Corp.
1,725,300
Total Canada
28,786,580
China – 6.3%
83,589
Alibaba Group Holding Ltd., ADR*
14,628,911
13,144
Baidu Inc., ADR*
2,976,853
294,500
BTG Hotels Group Co., Ltd., Class A Shares
792,549
2,345,004
China Construction Bank Corp., Class H Shares(b)
2,073,689
717,705
China Everbright Ltd.
1,258,729
1,512,418
China Mengniu Dairy Co., Ltd.
4,372,859
360,747
China Mobile Ltd.
3,394,072
15,114,191
China Tower Corp., Ltd, Class H Shares*(b)(c)
2,330,059
1,004,460
CSPC Pharmaceutical Group Ltd.
2,539,786
45,828
Ctrip.com International Ltd., ADR*
1,794,166
278,200
Gree Electric Appliances Inc. of Zhuhai, Class A Shares*
1,581,435
1,013,537
Haitong Securities Co., Ltd., Class H Shares(b)
897,126
375,135
Hangzhou Hikvision Digital Technology Co., Ltd., Class A Shares
1,723,484
64,666
Han’s Laser Technology Industry Group Co., Ltd., Class A Shares
412,701
787,271
Industrial & Commercial Bank of China Ltd., Class H Shares(b)
579,017
995,751
Kangde Xin Composite Material Group Co., Ltd., Class A Shares*(d)
2,000,800
1,369,761
Kingdee International Software Group Co., Ltd.
1,564,104
16,753
Kweichow Moutai Co., Ltd., Class A Shares
1,613,385
296,867
Midea Group Co., Ltd., Class A Shares
1,802,067
68,026
Momo Inc., ADR*
3,148,924
29,940
Pinduoduo Inc., ADR*(a)
579,339
136,000
Ping An Insurance Group Co. of China Ltd., Class H Shares(b)
1,311,772
234,811
Shenzhou International Group Holdings Ltd.
3,084,583
1,933,634
Sino Biopharmaceutical Ltd.
2,451,710
See Notes to Financial Statements.
38

Schedules of Investments
August 31, 2018 (unaudited)
Destinations International Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
China – (continued)
536,732
Sinopharm Group Co., Ltd., Class H Shares(b)
$ 2,668,733
71,112
Sunny Optical Technology Group Co., Ltd.
905,114
15,273
TAL Education Group, ADR*
452,081
327,012
Tencent Holdings Ltd.
14,192,856
3,638,683
WH Group Ltd.(c)
2,742,276
2,034,000
Yihai International Holding Ltd.(a)(b)
5,214,212
160,473
Yunnan Baiyao Group Co., Ltd., Class A Shares
1,862,961
37,550
Zai Lab Ltd., ADR*(a)
853,511
Total China
87,803,864
Denmark – 0.3%
9,545
GN Store Nord AS
495,245
14,969
Jyske Bank AS, Class Registered Shares
759,621
31,974
Royal Unibrew AS
2,754,442
19,851
Sydbank AS
581,369
Total Denmark
4,590,677
Egypt – 0.1%
8,667,245
Cleopatra Hospital*
1,798,546
Finland – 0.3%
72,769
Sampo OYJ, Class A Shares
3,725,776
31,707
Wartsila OYJ Abp
670,102
Total Finland
4,395,878
France – 4.5%
24,301
Air Liquide SA
3,062,317
20,825
Airbus SE
2,570,792
21,966
Akka Technologies
1,744,542
25,786
Aubay
1,239,418
34,600
BNP Paribas SA
2,033,825
77,952
Danone SA
6,143,767
1,630
Dassault Aviation SA
3,034,138
30,995
Dassault Systemes SE
5,025,024
40,518
Esker SA
2,775,325
10,591
Infotel SA
608,061
68,148
Legrand SA
5,137,807
18,917
L’Oreal SA
4,540,665
2,449
LVMH Moet Hennessy Louis Vuitton SE
858,723
26,883
MGI Digital Graphic Technology*
1,747,592
45,605
Pernod Ricard SA
7,201,184
See Notes to Financial Statements.
39

Schedules of Investments
August 31, 2018 (unaudited)
Destinations International Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
France – (continued)
95,608
Schneider Electric SE
$ 7,807,310
43,257
Thales SA
6,095,734
20,898
TOTAL SA
1,308,383
Total France
62,934,607
Germany – 6.2%
16,563
Aumann AG
1,232,850
86,956
Bayer AG, Class Registered Shares
8,116,936
34,180
Brenntag AG
2,062,176
50,330
CANCOM SE
2,236,849
131,734
Deutsche Wohnen SE
6,657,779
47,511
Fresenius SE & Co. KGaA
3,628,279
68,837
GEA Group AG
2,616,356
67,541
Henkel AG & Co. KGaA
8,621,402
25,687
Hypoport AG*
5,617,449
206,079
Infineon Technologies AG
5,247,758
53,299
Isra Vision AG
3,706,501
17,968
LEG Immobilien AG
2,193,803
8,195
Linde AG
1,866,664
24,654
Merck KGaA
2,590,705
58,252
Nexus AG
1,784,900
14,381
SAP SE
1,729,822
58,395
Scout24 AG(c)
3,022,034
35,489
Siemens Healthineers AG*(c)
1,613,683
48,385
Symrise AG
4,521,601
68,724
TAG Immobilien AG
1,691,220
506,945
Telefonica Deutschland Holding AG
2,106,881
109,551
Vonovia SE
5,622,513
12,618
Wirecard AG
2,802,205
8,973
XING SE
3,346,042
25,859
Zalando SE*(c)
1,361,058
Total Germany
85,997,466
Greece – 0.2%
286,556
Sarantis SA
2,394,205
Hong Kong – 1.9%
775,000
AIA Group Ltd.
6,694,546
590,000
China Overseas Land & Investment Ltd.
1,870,228
498,000
CK Hutchison Holdings Ltd.
5,742,652
See Notes to Financial Statements.
40

Schedules of Investments
August 31, 2018 (unaudited)
Destinations International Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
Hong Kong – (continued)
777,600
Esprit Holdings Ltd.*
$ 184,554
72,400
Jardine Matheson Holdings Ltd.
4,570,039
344,211
Techtronic Industries Co., Ltd.
2,106,224
6,495,093
Tongda Group Holdings Ltd.
976,272
142,783
Tongda Hong Tai Holdings Ltd.*
24,908
1,124,000
Vitasoy International Holdings Ltd.
3,610,232
Total Hong Kong
25,779,655
India – 5.4%
125,471
Amara Raja Batteries Ltd.
1,496,260
369,298
Axis Bank Ltd.*
3,378,356
23,500
Bajaj Finance Ltd.
945,874
474,427
Berger Paints India Ltd.
2,239,576
36,734
Britannia Industries Ltd.
3,490,280
400,919
Byke Hospitality Ltd.
539,833
308,411
Coal India Ltd.
1,240,317
75,646
Divi’s Laboratories Ltd.
1,395,162
310,013
Edelweiss Financial Services Ltd.
1,225,346
658,914
Exide Industries Ltd.
2,651,996
338,653
Gulf Oil Lubricants India Ltd.
3,946,641
358,963
Housing Development Finance Corp., Ltd.
9,816,434
938,740
JM Financial Ltd.
1,588,382
215,178
JSW Steel Ltd.
1,205,032
194,811
Kotak Mahindra Bank Ltd.
3,532,901
179,063
Manpasand Beverages Ltd.
326,886
17,788
Maruti Suzuki India Ltd.
2,280,300
298,345
Max Financial Services Ltd.*
1,883,284
1,039,600
Minda Corp., Ltd.
2,231,698
133,882
Motherson Sumi Systems Ltd.
573,557
1,785,011
NTPC Ltd.
4,311,030
43,310
Piramal Enterprises Ltd.
1,958,343
532,186
Power Grid Corp. of India Ltd.
1,508,213
243,980
SBI Life Insurance Co., Ltd.(c)
2,321,413
200,648
Sun Pharmaceutical Industries Ltd.
1,842,759
122,124
Sun TV Network Ltd.
1,321,423
142,681
Supreme Industries Ltd.
2,413,440
221,686
Tata Chemicals Ltd.
2,372,158
135,632
Tata Communications Ltd.
1,031,802
See Notes to Financial Statements.
41

Schedules of Investments
August 31, 2018 (unaudited)
Destinations International Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
India – (continued)
494,119
Tata Global Beverages Ltd.
$ 1,633,505
133,398
Titan Co., Ltd.
1,678,464
112,116
V-Mart Retail Ltd.
4,985,883
174,386
Zee Entertainment Enterprises Ltd.
1,228,069
Total India
74,594,617
Indonesia – 0.8%
29,598,200
Ace Hardware Indonesia Tbk PT
2,732,577
2,207,200
Bank Central Asia Tbk PT
3,716,960
11,085,695
Kimia Farma Persero Tbk PT
1,776,004
34,669,200
Sarana Menara Nusantara Tbk PT, (Restricted)(e)
1,199,710
2,899,837
Tower Bersama Infrastructure Tbk PT
1,092,817
Total Indonesia
10,518,068
Ireland – 0.4%
31,869
Kerry Group PLC, Class A Shares
3,637,748
13,657
Ryanair Holdings PLC, ADR*
1,391,239
Total Ireland
5,028,987
Isle of Man – 0.0%
35,449
Playtech PLC
245,041
Israel – 0.3%
15,042
Check Point Software Technologies Ltd.*
1,747,730
39,601
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.
2,019,937
Total Israel
3,767,667
Italy – 0.4%
401,052
Banca Mediolanum SpA
2,711,734
178,481
Gruppo MutuiOnline SpA
2,960,577
Total Italy
5,672,311
Japan – 12.4%
105,700
Arcland Service Holdings Co., Ltd.
1,902,252
126,600
Astellas Pharma Inc.
2,144,855
43,700
Bridgestone Corp.
1,606,312
110,745
Carenet Inc.
844,732
119,500
Chiba Bank Ltd.
783,456
46,300
Chugai Pharmaceutical Co., Ltd.
2,681,376
110,000
Daiwa Securities Group Inc.
659,328
48,100
Digital Arts Inc.(a)
2,188,171
7,500
Disco Corp.
1,340,391
33,812
en-japan Inc.
1,588,861
See Notes to Financial Statements.
42

Schedules of Investments
August 31, 2018 (unaudited)
Destinations International Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
Japan – (continued)
64,085
Evolable Asia Corp.
$ 1,621,867
133,300
Fujitsu General Ltd.
2,196,819
118,000
Hachijuni Bank Ltd.
526,179
20,810
Hirose Electric Co., Ltd.
2,464,502
299,565
Infomart Corp.
3,529,738
166,900
Inpex Corp.
1,821,985
92,800
IR Japan Holdings Ltd.
1,417,751
75,200
Ito En Ltd.
3,296,990
36,100
Itokuro Inc.*
1,933,609
71,500
Japan Elevator Service Holdings Co., Ltd.(a)
1,885,255
186,800
Japan Material Co., Ltd.
2,712,413
126,000
Japan Tobacco Inc.
3,312,126
97,000
Kansai Paint Co., Ltd.
1,914,161
86,400
Kao Corp.
6,701,514
152,100
KDDI Corp.
4,026,881
47,700
Kobayashi Pharmaceutical Co., Ltd.
3,423,659
24,100
Koito Manufacturing Co., Ltd.
1,488,164
4,100
Kose Corp.
753,911
38,800
Kusuri no Aoki Holdings Co., Ltd.
2,829,596
56,091
M&A Capital Partners Co., Ltd.*
3,407,255
198,600
Mebuki Financial Group Inc.
702,785
12,600
Mercari Inc.*
419,679
48,300
MISUMI Group Inc.
1,243,986
303,000
Mitsubishi Electric Corp.
4,080,149
519,100
Morningstar Japan KK(a)
1,993,600
15,800
Murata Manufacturing Co., Ltd.
2,712,534
61,100
Nihon Kohden Corp.
1,786,394
99,600
Nippon Telegraph & Telephone Corp.
4,435,573
11,100
Nissin Foods Holdings Co., Ltd.
707,120
71,600
Nomura Research Institute Ltd.
3,564,370
176,900
North Pacific Bank Ltd.
597,159
34,300
Obic Co., Ltd.
3,223,586
49,300
Omron Corp.
2,205,606
212,600
Open Door Inc.*(a)
6,403,357
78,400
Persol Holdings Co., Ltd.
1,753,481
288,910
Prestige International Inc.
3,323,824
87,400
Qol Co., Ltd.
1,739,766
See Notes to Financial Statements.
43

Schedules of Investments
August 31, 2018 (unaudited)
Destinations International Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
Japan – (continued)
229,498
Rakus Co., Ltd.
$ 4,324,892
126,500
Renesas Electronics Corp.*
956,108
59,500
Rohto Pharmaceutical Co., Ltd.
1,903,139
205,800
Santen Pharmaceutical Co., Ltd.
3,168,362
42,400
Secom Co., Ltd.
3,488,091
46,600
Sega Sammy Holdings Inc.
750,880
52,800
Seria Co., Ltd.
2,162,311
121,700
Seven & i Holdings Co., Ltd.
4,953,843
5,200
SMC Corp.
1,727,796
186,738
SMS Co., Ltd.
3,543,626
21,600
Sohgo Security Services Co., Ltd.
950,124
45,300
Stanley Electric Co., Ltd.
1,565,708
74,500
Strike Co., Ltd.(a)
2,519,211
141,700
Sumitomo Corp.
2,298,361
9,700
Sumitomo Mitsui Financial Group Inc.
381,509
27,400
Suzuki Motor Corp.
1,780,357
268,000
Systena Corp.
3,469,271
38,000
Takeda Pharmaceutical Co., Ltd.
1,591,070
75,300
Terumo Corp.
4,149,689
79,100
Toyo Suisan Kaisha Ltd.
2,914,962
46,000
Trust Tech Inc.
2,017,566
32,700
USS Co., Ltd.
615,096
120,700
Vector Inc.
2,754,035
534,900
Yahoo Japan Corp.
1,837,294
54,200
Yakuodo Co., Ltd.
1,817,179
10,100
Yamato Holdings Co., Ltd.
300,062
58,400
Yokogawa Electric Corp.
1,196,342
175,259
Yume No Machi Souzou Iinkai Co., Ltd.(a)
5,277,412
Total Japan
172,311,374
Malaysia – 0.6%
11,070,531
7-Eleven Malaysia Holdings Bhd
3,823,332
343,000
Carlsberg Brewery Malaysia Bhd
1,696,232
128,000
Dutch Lady Milk Industries Bhd
2,071,090
3,079,916
My EG Services Bhd
1,116,692
Total Malaysia
8,707,346
See Notes to Financial Statements.
44

Schedules of Investments
August 31, 2018 (unaudited)
Destinations International Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
Mexico – 1.5%
219,926
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero
Santand, ADR
$ 1,726,419
34,999
Fomento Economico Mexicano SAB de CV, ADR
3,355,704
147,367
Gruma SAB de CV, Class B Shares
1,865,072
632,878
Grupo Lala SAB de CV, Class B Shares
673,687
641,183
Infraestructura Energetica Nova SAB de CV
2,992,310
1,431,500
Qualitas Controladora SAB de CV
3,570,037
1,223,180
Unifin Financiera SAB de CV SOFOM ENR
3,121,596
1,054,496
Wal-Mart de Mexico SAB de CV
2,920,797
Total Mexico
20,225,622
Netherlands – 1.1%
326
Adyen NV*(c)
228,645
15,639
ASML Holding NV
3,189,112
13,763
Core Laboratories NV
1,576,551
48,329
Heineken NV
4,780,579
10,290
ING Groep NV
139,812
50,062
Koninklijke Philips NV
2,239,441
39,307
NXP Semiconductors NV*
3,661,054
Total Netherlands
15,815,194
New Zealand – 0.3%
254,334
Freightways Ltd.
1,280,539
454,347
Restaurant Brands New Zealand Ltd.(a)
2,314,429
Total New Zealand
3,594,968
Nigeria – 0.0%
1,551,703
Lekoil Ltd., CDI*
355,584
Norway – 0.3%
62,777
DNB ASA
1,278,065
345,151
Spectrum ASA
2,502,761
Total Norway
3,780,826
Pakistan – 0.2%
1,031,430
Hascol Petroleum Ltd.
2,541,211
Panama – 0.1%
11,172
Copa Holdings SA, Class A Shares
893,090
Peru – 0.1%
8,403
Credicorp Ltd.
1,832,022
See Notes to Financial Statements.
45

Schedules of Investments
August 31, 2018 (unaudited)
Destinations International Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
Philippines – 0.8%
2,962,835
Ayala Land Inc.
$ 2,465,471
912,238
BDO Unibank Inc.
2,220,894
6,732,565
Metro Pacific Investments Corp.
686,332
2,501,145
Philippine Seven Corp.
5,122,648
54,820
SM Investments Corp., (Restricted)(e)
989,794
Total Philippines
11,485,139
Poland – 0.2%
26,734
AmRest Holdings SE*
2,928,460
Portugal – 0.1%
117,793
Jeronimo Martins SGPS SA
1,764,617
Russia – 0.5%
335,643
Sberbank of Russia PJSC, ADR
3,664,582
81,445
Yandex NV, Class A Shares*
2,616,828
Total Russia
6,281,410
Singapore – 0.3%
2,072,500
Riverstone Holdings Ltd.(a)
1,736,644
105,734
Sea Ltd., ADR*
1,506,710
1,837,100
Sheng Siong Group Ltd.
1,566,454
Total Singapore
4,809,808
South Africa – 1.3%
153,672
Bid Corp., Ltd.
3,278,088
215,834
Bidvest Group Ltd.
3,170,583
661,389
FirstRand Ltd.
3,185,813
2,233,915
Italtile Ltd.
2,098,033
9,668
Naspers Ltd., Class N Shares
2,146,027
540,192
Pepkor Holdings Ltd.*(c)
661,710
54,283
Sasol Ltd.
2,123,951
29,325
Sasol Ltd., ADR
1,151,299
Total South Africa
17,815,504
South Korea – 2.8%
10,998
Amorepacific Corp.
2,591,989
158,158
BusinessOn Communication Co., Ltd.(a)
3,458,087
66,631
DIO Corp.*
1,999,094
66,813
KB Financial Group Inc.
3,089,638
114,430
Kia Motors Corp.
3,287,747
906
LEENO Industrial Inc.
49,931
1,679
LG Household & Health Care Ltd.
1,904,021
See Notes to Financial Statements.
46

Schedules of Investments
August 31, 2018 (unaudited)
Destinations International Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
South Korea – (continued)
104,487
Minwise Co., Ltd.(a)
$ 2,022,001
6,253
NAVER Corp.
4,213,904
274,213
Samsung Electronics Co., Ltd.
11,910,013
17,875
Samsung Life Insurance Co., Ltd.
1,479,583
10,123
SK Telecom Co., Ltd.
2,377,564
10,560
Tokai Carbon Korea Co., Ltd.(a)
593,556
Total South Korea
38,977,128
Spain – 1.3%
145,778
Amadeus IT Group SA
13,523,315
494,150
CaixaBank SA
2,218,271
119,113
Grifols SA, ADR
2,590,708
Total Spain
18,332,294
Sweden – 1.3%
223,412
Essity AB, Class B Shares
5,795,565
103,597
eWork Group AB
1,143,997
376,802
Fortnox AB
3,325,201
46,287
Hexagon AB, Class B Shares
2,751,580
124,806
HMS Networks AB
2,029,122
238,998
Svenska Handelsbanken AB, Class A Shares
2,901,314
Total Sweden
17,946,779
Switzerland – 3.9%
39
Chocoladefabriken Lindt & Spruengli AG
290,252
24,905
Cie Financiere Richemont SA, Class Registered Shares
2,199,783
2,223
dormakaba Holding AG, ADR*
1,559,164
1,928
Geberit AG, Class Registered Shares
877,645
3,652
Givaudan SA, Class Registered Shares
8,878,129
73,011
Julius Baer Group Ltd.*
3,876,236
218,149
Nestle SA, Class Registered Shares
18,304,991
13,539
Roche Holding AG
3,360,631
5,378
Schindler Holding AG
1,284,531
1,592
SGS SA, Class Registered Shares
4,190,438
7,386
Sika AG, Class Registered Shares
1,097,010
553,764
UBS Group AG, Class Registered Shares*
8,635,812
Total Switzerland
54,554,622
Taiwan – 3.3%
103,000
ASPEED Technology Inc.
2,396,823
453,000
Delta Electronics Inc.
1,816,496
See Notes to Financial Statements.
47

Schedules of Investments
August 31, 2018 (unaudited)
Destinations International Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
Taiwan – (continued)
149,392
Eclat Textile Co., Ltd.
$ 1,816,691
1,109,000
Far EasTone Telecommunications Co., Ltd.
2,645,814
143,642
Ginko International Co., Ltd.
969,327
501,000
Hota Industrial Manufacturing Co., Ltd.
2,041,520
15,000
Largan Precision Co., Ltd.
2,300,169
274,285
Makalot Industrial Co., Ltd.
1,422,317
91,820
Poya International Co., Ltd.
942,961
813,000
Taiwan Mobile Co., Ltd.
2,836,632
692,000
Taiwan Semiconductor Manufacturing Co., Ltd.
5,811,414
280,072
Taiwan Semiconductor Manufacturing Co., Ltd., ADR
12,211,139
287,188
TCI Co., Ltd.
5,242,200
177,000
Voltronic Power Technology Corp.
3,052,701
Total Taiwan
45,506,204
Thailand – 0.7%
135,598
Bangkok Bank PCL, Class F Shares
862,054
155,236
Bangkok Bank PCL, NVDR
972,395
1,798,531
CP ALL PCL, Class F Shares
3,705,764
8,264,300
Humanica PCL, Class F Shares
2,699,268
7,358,600
Plan B Media PCL, Class F Shares(a)
1,527,426
Total Thailand
9,766,907
United Arab Emirates – 0.3%
54,306
DP World Ltd.
1,161,663
697,515
First Abu Dhabi Bank PJSC
2,810,342
Total United Arab Emirates
3,972,005
United Kingdom – 7.2%
57,759
accesso Technology Group PLC*
2,074,126
534,128
Advanced Medical Solutions Group PLC
2,353,916
631,246
ASA International Group PLC*(c)
4,026,113
33,100
AstraZeneca PLC, ADR
1,269,054
91,070
Avon Rubber PLC
1,629,528
154,733
British American Tobacco PLC
7,470,067
32,613
Bunzl PLC
1,014,281
69,908
Burberry Group PLC
2,026,864
655,381
Clipper Logistics PLC
2,719,532
270,091
Compass Group PLC
5,807,888
810,956
ConvaTec Group PLC(c)
2,244,989
10,686
Croda International PLC
707,368
See Notes to Financial Statements.
48

Schedules of Investments
August 31, 2018 (unaudited)
Destinations International Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
United Kingdom – (continued)
175,003
Diageo PLC
$ 6,117,246
90,652
Experian PLC
2,258,959
416,458
GB Group PLC
3,380,322
55,924
Gear4Music Holdings PLC*
451,517
153,888
Halma PLC
2,858,212
584,672
Horizon Discovery Group PLC*(a)
1,638,271
77,179
IG Group Holdings PLC
904,938
163,344
IMI PLC
2,562,285
41,914
Intertek Group PLC
2,791,291
73,339
Jardine Lloyd Thompson Group PLC
1,374,233
20,334
LivaNova PLC*
2,552,934
44,550
London Stock Exchange Group PLC
2,672,431
210,871
On the Beach Group PLC(c)
1,438,411
309,651
Patisserie Holdings PLC
1,775,551
141,569
Prudential PLC
3,188,610
102,629
Reckitt Benckiser Group PLC
8,733,985
97,971
RELX NV
2,171,057
140,744
Rentokil Initial PLC
593,817
280,413
Sanne Group PLC
2,237,546
364,047
Smart Metering Systems PLC
2,842,456
182,961
Smith & Nephew PLC
3,225,528
42,114
Spectris PLC
1,285,226
35,960
Spirax-Sarco Engineering PLC
3,325,286
921,344
Tullow Oil PLC*
2,785,042
1,291,050
Vodafone Group PLC
2,750,752
Total United Kingdom
99,259,632
United States – 3.5%
156,799
America Movil SAB de CV, Class L Shares, ADR
2,629,519
43,162
Analog Devices Inc.
4,266,564
20,340
ANSYS Inc.*
3,782,833
2,075
Booking Holdings Inc.*
4,049,466
137,481
Cadence Design Systems Inc.*
6,467,106
83,892
Colgate-Palmolive Co.
5,571,268
28,053
DENTSPLY SIRONA Inc.
1,119,876
91,934
Liberty Latin America Ltd., Class C Shares*
1,804,664
20,500
Mastercard Inc., Class A Shares
4,418,980
18,654
Nordson Corp.
2,593,279
See Notes to Financial Statements.
49

Schedules of Investments
August 31, 2018 (unaudited)
Destinations International Equity Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
United States – (continued)
1,278
NVIDIA Corp.
$ 358,709
22,526
Philip Morris International Inc.
1,754,550
70,987
Shire PLC
4,143,024
26,495
Texas Instruments Inc.
2,978,038
24,700
Waste Connections Inc.
1,960,933
Total United States
47,898,809
TOTAL COMMON STOCKS
(Cost – $963,457,804)
1,077,296,226
EXCHANGE TRADED FUNDS (ETFs) – 17.8%
United States – 17.8%
2,665,052
iShares Core MSCI EAFE
169,790,463
1,464,354
iShares Core MSCI Emerging Markets
76,600,358
Total United States
246,390,821
TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Cost – $224,485,768)
246,390,821
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $1,187,943,572)
1,323,687,047
Face Amount
SHORT-TERM INVESTMENTS – 4.3%
TIME DEPOSITS – 3.7%
$ 6,505,227
ANZ National Bank – London, 1.280% due 9/4/18
6,505,227
10,968,176
Banco Santander SA – Frankfurt, 1.280% due 9/4/18
10,968,176
215,053EUR
BNP Paribas SA – Paris, (0.570)% due 9/3/18
249,645
Brown Brothers Harriman – Grand Cayman:
31,026CHF
(1.420)% due 9/3/18
32,016
1,283,487JPY
(0.230)% due 9/3/18
11,554
7NOK
0.150% due 9/3/18
1
11,064GBP
0.370% due 9/3/18
14,342
750SGD
0.550% due 9/3/18
546
930,772HKD
0.570% due 9/3/18
118,588
63AUD
0.900% due 9/3/18
45
4,300ZAR
5.810% due 9/3/18
293
12CAD
0.590% due 9/4/18
9
593
1.280% due 9/4/18
593
22,069,655
Deutsche Bank AG – Grand Cayman, 1.280% due 9/4/18
22,069,655
See Notes to Financial Statements.
50

Schedules of Investments
August 31, 2018 (unaudited)
Destinations International Equity Fund (continued)
Face Amount
Security
Value
SHORT-TERM INVESTMENTS – (continued)
TIME DEPOSITS – (continued)
$ 11,045,606
JPMorgan Chase & Co. – New York, 1.280% due 9/4/18
$ 11,045,606
10,564,752JPY
Sumitomo Mitsui Banking Corp. – Tokyo, (0.230)% due 9/3/18
95,105
TOTAL TIME DEPOSITS
(Cost – $51,111,401)
51,111,401
U.S. GOVERNMENT AGENCY – 0.6%
8,931,000
Federal Home Loan Bank (FHLB) Discount Notes, 1.830% due 9/4/18(f)
(Cost – $8,929,638)
8,929,638
TOTAL SHORT-TERM INVESTMENTS
(Cost – $60,041,039)
60,041,039
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.9%
MONEY MARKET FUND – 0.9%
13,246,061
Federated Government Obligations Fund, Premier Class, 1.845%(g)
(Cost – $13,246,061)
13,246,061
TOTAL INVESTMENTS – 100.8%
(Cost – $1,261,230,672#)
1,396,974,147
Liabilities in Excess of Other Assets – (0.8)%
(11,160,792)
TOTAL NET ASSETS – 100.0%
$ 1,385,813,355

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)
Security trades on the Hong Kong exchange.
(c)
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, 2018, amounts to approximately $21,990,391 and represents 1.59% of net assets.
(d)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
(e)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2018, amounts to approximately $2,189,504 and represents 0.16% of net assets.
(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.
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
See Notes to Financial Statements.
51

Schedules of Investments
August 31, 2018 (unaudited)
Destinations International Equity Fund (concluded)
Summary of Investments by Security Sector^
Consumer Non-cyclical
22.0%
Financial
12.2
Communications
10.1
Technology
10.0
Industrial
8.8
Consumer Cyclical
8.2
Basic Materials
2.4
Energy
2.0
Diversified
0.7
Utilities
0.7
Exchange Traded Funds (ETFs)
17.6
Short-Term Investments
4.3
Money Market Fund
1.0
100.0%
^
As a percentage of total investments.
At August 31, 2018, 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 was as follows:
Foreign Currency
Local
Currency
Counterparty
Market
Value
Settlement
Date
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Unrealized
Appreciation/​
(Depreciation)
Contracts to Sell:
British Pound
1,291,000
UBS
$ 1,674,160
9/14/18
$ $ (24,764) $ (24,764)
Japanese Yen
276,603,000
SSB
2,491,455
9/14/18
6,732 6,732
Japanese Yen
205,000,000
CITI
1,869,976
2/22/19
10,987 10,987
Japanese Yen
955,995,000
SSB
8,720,429
2/22/19
59,228 59,228
Net Unrealized Appreciation on Open Forward Foreign Currency Contracts $ 76,947 $ (24,764) $ 52,183
Currency Abbreviations used in this schedule: Counterparty Abbreviations used in this schedule:
AUD
 —    Australian Dollar
CITI
 —    Citigroup Global Markets Inc.
CAD
 —    Canadian Dollar
SSB
 —    State Street Bank and Trust Co.
CHF
 —    Swiss Franc
UBS
 —    UBS AG
EUR
 —    Euro
GBP
 —    British Pound
HKD
 —    Hong Kong Dollar
JPY
 —    Japanese Yen
NOK
 —    Norwegian Krone
SGD
 —    Singapore Dollar
ZAR
 —    South African Rand
See Notes to Financial Statements.
52

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Equity Income Fund
Shares/Units
Security
Value
COMMON STOCKS – 63.8%
COMMUNICATIONS – 9.6%
Telecommunications – 9.6%
324,822
AT&T Inc.
$ 10,374,815
115,968
BCE Inc.
4,730,000
194,076
Verizon Communications Inc.
10,551,912
1,964,918
Vodafone Group PLC
4,190,179
46,741
Vodafone Group PLC, ADR
1,010,073
Total Telecommunications
30,856,979
TOTAL COMMUNICATIONS
30,856,979
CONSUMER NON-CYCLICAL – 21.0%
Agriculture – 7.8%
171,284
Altria Group Inc.
10,023,540
60,100
British American Tobacco PLC
2,899,444
87,829
Imperial Brands PLC
3,124,239
112,541
Philip Morris International Inc.
8,765,818
Total Agriculture
24,813,041
Beverages – 3.5%
185,761
Coca-Cola Co.
8,279,368
26,825
PepsiCo Inc.
3,004,668
Total Beverages
11,284,036
Cosmetics/Personal Care – 1.2%
47,825
Procter & Gamble Co.
3,967,084
Food – 1.6%
66,975
General Mills Inc.
3,081,520
34,400
Kraft Heinz Co.
2,004,488
Total Food
5,086,008
Household Products/Wares – 1.4%
38,650
Kimberly-Clark Corp.
4,465,621
Pharmaceuticals – 5.5%
28,026
AbbVie Inc.
2,689,936
48,325
AstraZeneca PLC
3,630,342
389,675
GlaxoSmithKline PLC
7,882,441
81,850
Pfizer Inc.
3,398,412
Total Pharmaceuticals
17,601,131
TOTAL CONSUMER NON-CYCLICAL
67,216,921
See Notes to Financial Statements.
53

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Equity Income Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
ENERGY – 11.2%
Oil & Gas – 11.2%
1,039,825
BP PLC
$ 7,377,479
49,439
BP PLC, ADR
2,119,944
65,427
Chevron Corp.
7,750,482
117,575
Exxon Mobil Corp.
9,425,988
65,825
Occidental Petroleum Corp.
5,257,443
62,729
TOTAL SA
3,922,757
Total Oil & Gas
35,854,093
TOTAL ENERGY
35,854,093
FINANCIAL – 9.0%
Banks – 1.1%
37,425
Canadian Imperial Bank of Commerce
3,507,608
Diversified Financial Services – 0.6%
83,425
Invesco Ltd.
2,010,543
Equity Real Estate Investment Trusts (REITs) – 6.9%
68,800
Crown Castle International Corp.
7,845,264
19,025
Digital Realty Trust Inc.
2,364,427
39,325
National Retail Properties Inc.
1,812,489
73,025
Omega Healthcare Investors Inc.
2,413,476
13,425
Public Storage
2,853,887
81,400
Ventas Inc.
4,873,418
Total Equity Real Estate Investment Trusts (REITs)
22,162,961
Insurance – 0.4%
6,250
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class Registered
Shares
1,348,037
TOTAL FINANCIAL
29,029,149
INDUSTRIAL – 1.2%
Transportation – 1.2%
30,950
United Parcel Service Inc., Class B Shares
3,803,136
TECHNOLOGY – 0.5%
Software – 0.5%
21,200
Paychex Inc.
1,552,900
UTILITIES – 11.3%
Electric – 9.7%
23,679
American Electric Power Co., Inc.
1,698,495
116,425
Dominion Energy Inc.
8,239,397
115,000
Duke Energy Corp.
9,342,600
See Notes to Financial Statements.
54

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Equity Income Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
UTILITIES – (continued)
Electric – (continued)
183,150
PPL Corp.
$ 5,446,881
39,975
Public Service Enterprise Group Inc.
2,092,691
101,440
Southern Co.
4,441,043
Total Electric
31,261,107
Gas – 1.6%
475,958
National Grid PLC
4,997,766
TOTAL UTILITIES
36,258,873
TOTAL COMMON STOCKS
(Cost – $206,258,696)
204,572,051
EXCHANGE TRADED FUNDS (ETFs) – 34.9%
1,871,627
iShares Core Dividend Growth(a)
69,343,780
475,349
iShares Core High Dividend
42,505,708
TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Cost – $103,234,179)
111,849,488
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $309,492,875)
316,421,539
Face Amount
SHORT-TERM INVESTMENTS – 1.1%
TIME DEPOSITS – 1.1%
$ 1,306,588
BNP Paribas – Paris, 1.280% due 9/4/18
 1,306,588
539
Brown Brothers Harriman – Grand Cayman, 1.280% due 9/4/18
539
2,312,802
Citibank – New York, 1.280% due 9/4/18
2,312,802
TOTAL TIME DEPOSITS
(Cost – $3,619,929)
3,619,929
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.2%
MONEY MARKET FUND – 0.2%
569,260
Federated Government Obligations Fund, Premier Class, 1.845%(b)
(Cost – $569,260)
569,260
TOTAL INVESTMENTS – 100.0%
(Cost – $313,682,064#)
320,610,728
Liabilities in Excess of Other Assets – 0.0%
(30,365)
TOTAL NET ASSETS – 100.0%
$ 320,580,363
(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.
See Notes to Financial Statements.
55

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Equity Income Fund (concluded)
Abbreviations used in this schedule:
ADR
 —    American Depositary Receipts
PLC
 —    Public Limited Company
Summary of Investments by Security Sector^
Consumer Non-cyclical
21.0%
Utilities
11.3
Energy
11.2
Communications
9.6
Financial
9.0
Industrial
1.2
Technology
0.5
Exchange Traded Funds (ETFs)
34.9
Short-Term Investments
1.1
Money Market Fund
0.2
100.0%
^
As a percentage of total investments.
See Notes to Financial Statements.
56

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Real Assets Fund
Shares/Units
Security
Value
COMMON STOCKS – 85.3%
Canada – 31.5%
2,043,018
First Quantum Minerals Ltd.
$ 25,629,707
549,598
Hudbay Minerals Inc.
2,569,199
1,268,320
Peyto Exploration & Development Corp.(a)
10,516,685
681,031
Tourmaline Oil Corp.
11,095,654
16,189,959
Turquoise Hill Resources Ltd.*
37,722,605
2,090,472
Whitecap Resources Inc.(a)
12,928,277
Total Canada
100,462,127
United Kingdom – 0.1%
543,207
Ophir Energy PLC*
288,716
United States – 53.7%
1,283,260
Antero Resources Corp.*
23,753,143
625,261
Centennial Resource Development Inc., Class A Shares*
12,048,779
593,800
Covia Holdings Corp.*
6,727,754
2,401,730
Denbury Resources Inc.*
13,377,636
23,000
EOG Resources Inc.
2,719,290
267,280
EQT Corp.
13,636,626
1,455,172
Kosmos Energy Ltd.*
13,154,755
2,173,876
Laredo Petroleum Inc.*
18,021,432
429,870
Noble Energy Inc.
12,775,736
170,170
Occidental Petroleum Corp.
13,591,478
1,737,860
Range Resources Corp.
28,535,661
1,347,721
SRC Energy Inc.*
12,547,283
Total United States
170,889,573
TOTAL COMMON STOCKS
(Cost – $298,427,417)
271,640,416
EXCHANGE TRADED FUND (ETF) – 12.6%
United States – 12.6%
787,207
iShares Core US REIT(a)
(Cost – $38,174,726)
40,147,557
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $336,602,143)
311,787,973
See Notes to Financial Statements.
57

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Real Assets Fund (concluded)
Face Amount
Security
Value
SHORT-TERM INVESTMENTS – 2.0%
TIME DEPOSITS – 2.0%
Brown Brothers Harriman – Grand Cayman:
12AUD
0.900% due 9/3/18
$ 9
43CAD
0.590% due 9/4/18
33
$ 348
1.280% due 9/4/18
348
2,474,909
Deutsche Bank AG – Grand Cayman, 1.280% due 9/4/18
2,474,909
3,932,274
JPMorgan Chase & Co. – New York, 1.280% due 9/4/18
3,932,274
TOTAL TIME DEPOSITS
(Cost – $6,407,573)
6,407,573
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 4.9%
MONEY MARKET FUND – 4.9%
15,622,956
Federated Government Obligations Fund, Premier Class, 1.845%(b)
(Cost – $15,622,956)
15,622,956
TOTAL INVESTMENTS – 104.8%
(Cost – $358,632,672#)
333,818,502
Liabilities in Excess of Other Assets – (4.8)%
(15,355,780)
TOTAL NET ASSETS – 100.0%
$ 318,462,722

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:
PLC
 —    Public Limited Company
REIT
 —    Real Estate Investment Trust
Currency Abbreviations used in this schedule:
AUD
 —    Australian Dollar
CAD
 —    Canadian Dollar
Summary of Investments by Security Sector^
Energy
59.6%
Basic Materials
21.8
Exchange Traded Fund (ETF)
12.0
Short-Term Investments
1.9
Money Market Fund
4.7
100.0%
^
As a percentage of total investments.
See Notes to Financial Statements.
58

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund
Face Amount/Units
Security
Value
U.S. GOVERNMENT AGENCIES & OBLIGATIONS – 24.5%
U.S. GOVERNMENT OBLIGATIONS – 24.0%
U.S. Treasury Bonds:
$ 1,000,000
6.125% due 11/15/27
$ 1,262,578
1,500,000
5.250% due 11/15/28
1,813,008
3,500,000
6.250% due 5/15/30
4,662,246
1,800,000
5.375% due 2/15/31
2,264,484
2,800,000
4.500% due 5/15/38
3,449,578
1,500,000
4.375% due 11/15/39
1,829,590
3,500,000
3.875% due 8/15/40
3,997,656
3,000,000
4.375% due 5/15/41
3,678,047
2,500,000
3.125% due 11/15/41
2,549,707
3,500,000
2.750% due 8/15/42
3,340,859
1,000,000
2.750% due 11/15/42
953,984
8,200,000
3.125% due 2/15/43
8,348,625
300,000
3.750% due 11/15/43
338,473
3,500,000
3.125% due 8/15/44
3,564,531
3,000,000
2.875% due 8/15/45
2,917,031
5,950,000
3.000% due 11/15/45
5,924,666
1,000,000
2.500% due 2/15/46
901,641
2,500,000
2.500% due 5/15/46
2,252,930
700,000
2.875% due 11/15/46
680,121
3,500,000
3.000% due 2/15/47
3,485,098
1,000,000
3.000% due 5/15/47
995,117
9,000,000
2.750% due 8/15/47
8,519,414
1,000,000
2.750% due 11/15/47
946,406
U.S. Treasury Inflation Indexed Notes:
2,175,936
0.125% due 4/15/22
2,123,181
2,163,273
0.375% due 7/15/27
2,093,615
U.S. Treasury Notes:
8,300,000
0.750% due 9/30/18
8,292,661
6,000,000
1.375% due 12/15/19
5,911,641
7,000,000
1.375% due 1/31/20
6,886,250
4,000,000
1.625% due 3/15/20
3,942,344
3,000,000
1.125% due 4/30/20
2,928,398
3,000,000
1.500% due 5/15/20
2,944,570
7,000,000
3.500% due 5/15/20
7,100,898
3,500,000
1.375% due 5/31/20
3,426,172
35,300,000
1.500% due 5/31/20
34,629,851
See Notes to Financial Statements.
59

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
U.S. GOVERNMENT AGENCIES & OBLIGATIONS – (continued)
U.S. GOVERNMENT OBLIGATIONS – (continued)
$ 2,500,000
1.500% due 6/15/20
$ 2,451,465
4,000,000
1.625% due 6/30/20
3,928,750
17,800,000
2.500% due 6/30/20
17,758,281
3,000,000
1.500% due 7/15/20
2,938,594
3,000,000
2.625% due 8/15/20
2,999,531
6,000,000
1.375% due 9/30/20
5,846,953
8,000,000
1.625% due 10/15/20
7,831,563
4,000,000
1.875% due 12/15/20
3,930,312
2,000,000
1.750% due 12/31/20
1,958,984
5,000,000
2.000% due 1/15/21
4,923,242
9,000,000
2.125% due 1/31/21
8,885,039
2,000,000
2.250% due 3/31/21
1,978,516
3,500,000
1.125% due 6/30/21
3,351,523
4,000,000
2.125% due 6/30/21
3,938,281
4,000,000
1.875% due 1/31/22
3,889,688
6,000,000
1.750% due 2/28/22
5,806,406
6,000,000
1.875% due 3/31/22
5,825,625
1,500,000
1.625% due 8/15/22
1,437,891
10,000,000
1.875% due 9/30/22
9,667,188
4,000,000
1.875% due 10/31/22
3,863,906
6,000,000
1.750% due 1/31/23
5,753,672
5,000,000
1.500% due 3/31/23
4,733,203
3,000,000
1.625% due 5/31/23
2,850,938
6,000,000
1.375% due 8/31/23
5,615,391
5,000,000
1.625% due 10/31/23
4,727,734
6,000,000
2.250% due 12/31/23
5,846,250
5,000,000
2.750% due 2/15/24
4,994,141
14,700,000
2.125% due 2/29/24
14,214,785
9,500,000
2.125% due 3/31/24
9,179,746
2,000,000
2.500% due 5/15/24
1,970,234
900,000
2.000% due 5/31/24
862,629
4,000,000
2.000% due 6/30/24
3,831,719
1,000,000
1.875% due 8/31/24
949,648
400,000
2.125% due 9/30/24
385,063
4,000,000
2.250% due 11/15/24
3,874,688
4,000,000
2.125% due 11/30/24
3,846,406
2,400,000
2.250% due 12/31/24
2,323,688
See Notes to Financial Statements.
60

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
U.S. GOVERNMENT AGENCIES & OBLIGATIONS – (continued)
U.S. GOVERNMENT OBLIGATIONS – (continued)
$ 2,000,000
2.750% due 8/31/25
$ 1,991,328
14,400,000
2.250% due 11/15/25
13,861,688
2,000,000
1.625% due 2/15/26
1,838,672
15,550,000
1.625% due 5/15/26
14,256,191
12,000,000
2.250% due 2/15/27
11,461,406
400,000
2.375% due 5/15/27
385,453
3,500,000
2.250% due 8/15/27
3,331,563
19,900,000
2.250% due 11/15/27
18,915,883
TOTAL U.S. GOVERNMENT OBLIGATIONS
394,169,228
U.S. GOVERNMENT AGENCIES – 0.5%
Federal Home Loan Banks (FHLB):
1,000,000
1.375% due 2/18/21
967,986
2,000,000
3.625% due 6/11/21
2,047,118
555,000
3.125% due 6/13/25
557,683
Federal Home Loan Mortgage Corp. (FHLMC):
2,000,000
2.375% due 1/13/22
1,974,826
1,300,000
6.250% due 7/15/32
1,732,853
1,000,000
Federal National Mortgage Association (FNMA), 1.875% due 4/5/22
968,369
TOTAL U.S. GOVERNMENT AGENCIES
8,248,835
TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS
(Cost – $407,880,162)
402,418,063
COLLATERALIZED MORTGAGE OBLIGATIONS – 21.3%
20 Times Square Trust:
491,000
Series 2018-20TS, Class F, 3.203% due 5/15/35(a)(b)
459,399
491,000
Series 2018-20TS, Class G, 3.203% due 5/15/35(a)(b)
449,700
Angel Oak Mortgage Trust I LLC:
2,076,000
Series 2018-3, Class A1, 3.649% due 9/25/48(a)(b)
2,082,641
2,263,000
Series 2018-3, Class A2, 3.751% due 9/25/48(a)(b)
2,270,229
2,161,000
Series 2018-3, Class A3, 3.853% due 9/25/48(a)(b)
2,167,894
913,619
Ashford Hospitality Trust, Series 2018-ASHF, Class A, 2.963% (1-Month
USD-LIBOR + 0.900%) due 4/15/35(a)(b)
918,462
Atrium Hotel Portfolio Trust:
991,000
Series 2018-ATRM, Class A, 3.013% (1-Month USD-LIBOR + 0.950%) due
6/15/35(a)(b)
991,925
991,000
Series 2018-ATRM, Class D, 4.363% (1-Month USD-LIBOR + 2.300%) due
6/15/35(a)(b)
993,166
11,421,872
Banc of America Funding Trust, Series 2007-1, Class TA2, 2.195% (1-Month
USD-LIBOR + 0.130%) due 1/25/37(a)
9,764,254
See Notes to Financial Statements.
61

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
BANK:
$ 12,510,734
Series 2017-BNK4, Class XA, 1.608% due 5/15/50(a)(c)
$ 1,103,563
16,388,807
Series 2018-BN10, Class XA, 0.895% due 2/15/61(a)(c)
917,873
BBCMS Mortgage Trust:
178,000
Series 2017-DELC, Class C, 3.263% (1-Month USD-LIBOR + 1.200%) due
8/15/36(a)(b)
178,111
203,000
Series 2017-DELC, Class D, 3.763% (1-Month USD-LIBOR + 1.700%) due
8/15/36(a)(b)
202,999
424,000
Series 2017-DELC, Class E, 4.563% (1-Month USD-LIBOR + 2.500%) due
8/15/36(a)(b)
425,323
407,000
Series 2017-DELC, Class F, 5.563% (1-Month USD-LIBOR + 3.500%) due
8/15/36(a)(b)
409,037
1,083,000
BBCMS Trust, Series 2018-CBM, Class A, 3.100% (1-Month USD-LIBOR +
1.000%) due 7/15/37(a)(b)
1,083,000
5,116,252
Bear Stearns ALT-A Trust, Series 2006-1, Class 21A2, 3.896% due 2/25/36(a)
4,501,700
200,000
Benchmark, Series 2018-B4, Class A2, 3.976% due 7/15/51
206,037
600,000
Benchmark Mortgage Trust, Series 2018-B5, Class A4, 4.208% due 7/15/51
625,012
997,000
BHMS, Series 2018-ATLS, Class A, 3.313% (1-Month USD-LIBOR + 1.250%)
due 7/15/35(a)(b)
997,000
984,000
BX Commercial Mortgage Trust, Series 2018-BIOA, Class D, 3.384% (1-Month
USD-LIBOR + 1.321%) due 3/15/37(a)(b)
985,845
BX Trust:
333,925
Series 2017-SLCT, Class D, 4.113% (1-Month USD-LIBOR + 2.050%) due
7/15/34(a)(b)
334,447
549,647
Series 2017-SLCT, Class E, 5.213% (1-Month USD-LIBOR + 3.150%) due
7/15/34(a)(b)
552,053
903,000
Series 2018-GW, Class A, 2.863% (1-Month USD-LIBOR + 0.800%) due
5/15/35(a)(b)
902,991
100,000
Series 2018-GW, Class D, 3.833% (1-Month USD-LIBOR + 1.770%) due
5/15/35(a)(b)
100,501
982,000
Series 2018-MCSF, Class F, 4.709% (1-Month USD-LIBOR + 2.647%) due
4/15/35(a)(b)
972,266
CD Mortgage Trust:
400,000
Series 2017-CD3, Class A4, 3.631% due 2/10/50
400,186
20,278,807
Series 2017-CD4, Class XA, 1.477% due 5/10/50(a)(c)
1,660,680
CFCRE Commercial Mortgage Trust:
2,034,120
Series 2016-C3, Class XA, 1.218% due 1/10/48(a)(c)
125,882
16,664,272
Series 2017-C8, Class XA, 1.832% due 6/15/50(a)(c)
1,685,053
Citigroup Commercial Mortgage Trust:
37,900,273
Series 2015-GC35, Class XA, 1.028% due 11/10/48(a)(c)
1,616,625
See Notes to Financial Statements.
62

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
$ 1,250,000
Series 2016-GC37, Class A4, 3.314% due 4/10/49
$ 1,226,609
CLNS Trust:
565,000
Series 2017-IKPR, Class D, 4.117% (1-Month USD-LIBOR + 2.050%) due
6/11/32(a)(b)
567,830
565,000
Series 2017-IKPR, Class E, 5.567% (1-Month USD-LIBOR + 3.500%) due
6/11/32(a)(b)
568,539
565,000
Series 2017-IKPR, Class F, 6.567% (1-Month USD-LIBOR + 4.500%) due
6/11/32(a)(b)
569,956
Cold Storage Trust:
887,000
Series 2017-ICE3, Class A, 3.063% (1-Month USD-LIBOR + 1.000%) due
4/15/36(a)(b)
889,765
1,082,000
Series 2017-ICE3, Class C, 3.413% (1-Month USD-LIBOR + 1.350%) due
4/15/36(a)(b)
1,086,727
261,371,102
Commercial Mortgage Trust, Series 2013-CR9, Class XA, 0.179% due
7/10/45(a)(c)
1,201,052
Credit Suisse Commercial Mortgage Capital Trust:
713,000
Series 2017-LSTK, Class C, 3.229% due 4/5/33(b)
704,010
848,000
Series 2017-LSTK, Class D, 3.442% due 4/5/33(a)(b)
832,214
1,246,000
Series 2017-LSTK, Class E, 3.442% due 4/5/33(a)(b)
1,216,559
69,653,000
Series 2017-LSTK, Class XACP, 0.681% due 4/5/33(a)(b)(c)
689,370
25,355,000
Series 2017-LSTK, Class XBCP, 0.316% due 4/5/33(a)(b)(c)
101,891
3,188,099
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-9, Class 5A6,
5.500% due 10/25/35
2,816,707
1,090,000
CSWF, Series 2018-TOP, Class A, 3.063% (1-Month USD-LIBOR + 1.000%)
due 8/15/35(a)(b)
1,090,400
939,077
DBGS Mortgage Trust, Series 2018-BIOD, Class A, 2.866% (1-Month
USD-LIBOR + 0.803%) due 5/15/35(a)(b)
939,074
Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
6,502,347
Series 2015-55, Class PD, 2.500% due 3/25/43
6,185,290
10,612,727
Series 4223, Class SB, 2.919% (1-Month USD-LIBOR + 5.431%) due
7/15/43(a)
8,701,861
6,881,490
Series 4610, Class LA, 2.500% due 1/15/41
6,628,979
4,430,503
Series 4627, Class Z, 3.000% due 10/15/46
3,872,927
12,263,464
Series 4640, Class VB, 3.000% due 3/15/37
11,589,610
7,606,706
Series 4653, Class Z, 3.000% due 2/15/47
6,743,301
8,067,560
Series 4655, Class CZ, 3.000% due 2/15/47
7,049,840
25,451,679
Series 4664, Class TC, 3.000% due 6/15/41
25,062,036
8,000,000
Series 4749, Class LV, 3.500% due 4/15/38
7,976,810
19,364,023
Series 4750, Class PA, 3.000% due 7/15/46
18,723,105
15,887,485
Series 4766, Class A, 4.000% due 9/15/45
16,245,686
See Notes to Financial Statements.
63

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
Federal National Mortgage Association (FNMA), REMICS:
$ 13,355,550
Series 2016-61, Class MZ, 3.000% due 9/25/46
$ 11,495,492
33,498,931
Series 2017-12, Class TA, 3.000% due 4/25/42
33,146,023
7,731,019
Series 2017-24, Class LG, 3.000% due 4/25/37
7,175,790
21,620,530
Series 2017-32, Class CA, 3.000% due 10/25/42
21,247,894
22,081,712
Series 2018-33, Class C, 3.000% due 5/25/48
21,261,712
Freddie Mac Multifamily Structured Pass-Through Certificates:
1,750,000
Series K020, Class A2, 2.373% due 5/25/22
1,713,620
1,540,000
Series K062, Class A2, 3.413% due 12/25/26
1,548,405
Great Wolf Trust:
272,000
Series 2017-WOLF, Class D, 4.313% (1-Month USD-LIBOR + 2.100%) due
9/15/34(a)(b)
272,850
422,000
Series 2017-WOLF, Class E, 5.313% (1-Month USD-LIBOR + 3.100%) due
9/15/34(a)(b)
424,113
225,000
Series 2017-WOLF, Class F, 6.283% (1-Month USD-LIBOR + 4.070%) due
9/15/34(a)(b)
226,126
GS Mortgage Securities Corp. Trust:
400,000
Series 2018-TWR, Class A, 2.963% (1-Month USD-LIBOR + 0.900%) due
7/15/31(a)(b)
400,013
400,000
Series 2018-TWR, Class D, 3.663% (1-Month USD-LIBOR + 1.600%) due
7/15/31(a)(b)
396,176
400,000
Series 2018-TWR, Class E, 4.163% (1-Month USD-LIBOR + 2.100%) due
7/15/31(a)(b)
395,556
400,000
Series 2018-TWR, Class F, 4.863% (1-Month USD-LIBOR + 2.800%) due
7/15/31(a)(b)
395,600
400,000
Series 2018-TWR, Class G, 5.987% (1-Month USD-LIBOR + 3.925%) due
7/15/31(a)(b)
395,612
GS Mortgage Securities Trust:
896,614
Series 2012-GC6, Class A3, 3.482% due 1/10/45
903,622
1,740,000
Series 2015-GC28, Class D, 4.470% due 2/10/48(a)(b)
1,405,616
10,548,098
Series 2017-GS7, Class XA, 1.285% due 8/10/50(a)(c)
809,844
9,847,853
HarborView Mortgage Loan Trust, Series 2006-14, Class 2A1A, 2.227%
(1-Month USD-LIBOR + 0.150%) due 1/25/47(a)
9,364,411
JP Morgan Chase Commercial Mortgage Securities Corp.:
214,000
Series 2017-FL10, Class B, 3.063% (1-Month USD-LIBOR + 1.000%) due
6/15/32(a)(b)
214,218
161,000
Series 2017-FL10, Class C, 3.313% (1-Month USD-LIBOR + 1.250%) due
6/15/32(a)(b)
161,849
523,000
Series 2017-FL10, Class D, 3.963% (1-Month USD-LIBOR + 1.900%) due
6/15/32(a)(b)
525,482
See Notes to Financial Statements.
64

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
JP Morgan Chase Commercial Mortgage Securities Trust:
$ 924,481
Series 2012-C8, Class A3, 2.829% due 10/15/45
$ 909,433
996,000
Series 2018-LAQ, Class A, 3.063% (1-Month USD-LIBOR + 1.000%) due
6/15/32(a)(b)
997,532
4,565,614
JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2, 2.814% (1-Month
USD-LIBOR + 0.750%) due 4/25/46(a)(b)
4,584,102
JPMBB Commercial Mortgage Securities Trust:
1,667,000
Series 2015-C27, Class C, 4.483% due 2/15/48(a)
1,643,303
1,906,000
Series 2015-C28, Class C, 4.377% due 10/15/48(a)
1,853,504
1,817,000
Merrill Lynch Mortgage Trust, Series 2005-MKB2, Class F, 6.527% due
9/12/42(a)(b)
1,874,253
1,082,000
Monarch Beach Resort Trust, Series 2018-MBR, Class A, 3.030% (1-Month
USD-LIBOR + 0.920%) due 7/15/35(a)(b)
1,083,670
Morgan Stanley Bank of America Merrill Lynch Trust:
500,000
Series 2014-C15, Class A3, 3.773% due 4/15/47
507,747
2,000,000
Series 2014-C17, Class C, 4.614% due 8/15/47(a)
1,985,460
26,550,296
Series 2014-C19, Class XA, 1.257% due 12/15/47(a)(c)
1,076,317
852,000
Series 2016-C31, Class C, 4.462% due 11/15/49(a)
847,009
35,123,034
Series 2016-C32, Class XA, 0.901% due 12/15/49(a)(c)
1,655,970
Morgan Stanley Capital I Trust:
1,964,000
Series 2011-C1, Class D, 5.599% due 9/15/47(a)(b)
2,022,499
25,422,375
Series 2016-BNK2, Class XA, 1.232% due 11/15/49(a)(c)
1,576,019
18,207,371
Series 2016-UB11, Class XA, 1.790% due 8/15/49(a)(c)
1,612,476
14,634,461
Series 2016-UB12, Class XA, 0.948% due 12/15/49(a)(c)
671,808
1,083,000
Series 2018-SUN, Class A, 2.963% (1-Month USD-LIBOR + 0.900%) due
7/15/35(a)(b)
1,083,000
954,061
Motel 6 Trust, Series 2017-MTL6, Class A, 2.983% (1-Month USD-LIBOR +
0.920%) due 8/15/34(a)(b)
954,352
997,000
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class A,
3.022% (1-Month USD-LIBOR + 0.950%) due 6/15/35(a)(b)
995,222
1,667,000
PFP Ltd., Series 2017-3, Class C, 4.563% (1-Month USD-LIBOR + 2.500%) due
1/14/35(a)(b)
1,667,854
RALI Series Trust:
2,860,965
Series 2005-QS13, Class 1A3, 5.500% due 9/25/35
2,661,811
25,738,274
Series 2007-QH5, Class AII, 2.295% (1-Month USD-LIBOR + 0.230%) due
6/25/37(a)
14,123,029
Rosslyn Portfolio Trust:
429,000
Series 2017-ROSS, Class A, 3.013% (1-Month USD-LIBOR + 0.950%) due
6/15/33(a)(b)
429,671
See Notes to Financial Statements.
65

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
$ 429,000
Series 2017-ROSS, Class B, 3.313% (1-Month USD-LIBOR + 1.250%) due
6/15/33(a)(b)
$ 430,076
500,000
Sound Point CLO Ltd., Series 2018-B5, Class A1A, zero coupon, due
10/15/31(a)(b)(d)
500,000
UBS Commercial Mortgage Trust:
7,091,742
Series 2017-C1, Class XA, 1.763% due 6/15/50(a)(c)
721,022
979,000
Series 2018-C8, Class C, 4.862% due 2/15/51(a)
986,346
5,013,585
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class XA, 1.106%
due 3/10/46(a)(b)(c)
175,704
1,686,000
UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class D, 6.252%
due 1/10/45(a)(b)
1,765,975
Wells Fargo Commercial Mortgage Trust:
295,000
Series 2010-C1, Class C, 5.783% due 11/15/43(a)(b)
303,271
1,356,000
Series 2015-C27, Class C, 3.894% due 2/15/48
1,269,094
1,000,000
Series 2015-LC20, Class A3, 3.086% due 4/15/50
991,253
2,581,000
Series 2015-NXS4, Class E, 3.753% due 12/15/48(a)(b)
1,940,579
17,571,815
Series 2016-C33, Class XA, 1.946% due 3/15/59(a)(c)
1,622,341
11,056,588
Series 2016-NXS6, Class XA, 1.790% due 11/15/49(a)(c)
976,393
10,442,406
Series 2017-C38, Class XA, 1.226% due 7/15/50(a)(c)
731,753
1,200,000
Series 2017-C42, Class A4, 3.589% due 12/15/50
1,190,353
1,505,000
WFRBS Commercial Mortgage Trust, Series 2012-C6, Class A4, 3.440% due
4/15/45
1,513,695
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost – $359,086,116)
349,177,922
CORPORATE BONDS & NOTES – 18.9%
Basic Materials – 0.5%
350,000
Air Products & Chemicals Inc., Senior Unsecured Notes, 3.000% due 11/3/21
349,261
245,000
AK Steel Corp., Company Guaranteed Notes, 6.375% due 10/15/25
227,850
25,000
ArcelorMittal, Senior Unsecured Notes, 7.000% due 10/15/39
29,152
100,000
Barrick North America Finance LLC, Company Guaranteed Notes, 5.750% due
5/1/43
109,921
400,000
BHP Billiton Finance USA Ltd., Company Guaranteed Notes, 4.125% due
2/24/42
401,364
300,000
Celulosa Arauco y Constitucion SA, Senior Unsecured Notes, 4.750% due
1/11/22
306,000
Dow Chemical Co., Senior Unsecured Notes:
100,000
4.250% due 11/15/20
102,145
250,000
4.625% due 10/1/44
248,136
150,000
Eastman Chemical Co., Senior Unsecured Notes, 3.800% due 3/15/25
149,254
400,000
Fresnillo PLC, Senior Unsecured Notes, 5.500% due 11/13/23
413,000
See Notes to Financial Statements.
66

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Basic Materials – (continued)
$ 460,000
Georgia-Pacific LLC, Senior Unsecured Notes, 3.600% due 3/1/25(b)
$ 458,710
Hexion Inc., Senior Secured Notes:
70,000
6.625% due 4/15/20
66,238
180,000
10.375% due 2/1/22(b)
177,125
30,000
Hi-Crush Partners LP, Senior Unsecured Notes, 9.500% due 8/1/26(b)
28,800
International Paper Co., Senior Unsecured Notes:
500,000
3.000% due 2/15/27
462,679
100,000
4.400% due 8/15/47
92,006
500,000
LYB International Finance II BV, Company Guaranteed Notes, 3.500% due
3/2/27
475,167
715,000
Mosaic Co., Senior Unsecured Notes, 4.050% due 11/15/27
694,445
250,000
Nutrien Ltd., Senior Unsecured Notes, 6.125% due 1/15/41
284,431
200,000
Rio Tinto Finance USA Ltd., Company Guaranteed Notes, 5.200% due 11/2/40
225,783
Sherwin-Williams Co., Senior Unsecured Notes:
250,000
2.250% due 5/15/20
246,590
100,000
4.500% due 6/1/47
96,060
Southern Copper Corp., Senior Unsecured Notes:
125,000
3.875% due 4/23/25
121,547
125,000
6.750% due 4/16/40
147,733
1,100,000
UPL Corp., Ltd., Senior Unsecured Notes, 3.250% due 10/13/21
1,067,437
500,000
Vale Overseas Ltd., Company Guaranteed Notes, 6.250% due 8/10/26
549,440
Vedanta Resources PLC, Senior Unsecured Notes:
200,000
7.125% due 5/31/23
194,600
1,000,000
6.125% due 8/9/24
904,602
250,000
Westlake Chemical Corp., Company Guaranteed Notes, 5.000% due 8/15/46
252,448
Total Basic Materials
8,881,924
Communications – 1.8%
21st Century Fox America Inc., Company Guaranteed Notes:
250,000
3.375% due 11/15/26
243,166
250,000
4.750% due 11/15/46
267,575
200,000
Alibaba Group Holding Ltd., Senior Unsecured Notes, 4.000% due 12/6/37
187,156
215,000
Altice US Finance I Corp., Senior Secured Notes, 5.375% due 7/15/23(b)
216,344
Amazon.com Inc., Senior Unsecured Notes:
770,000
2.800% due 8/22/24
746,586
635,000
3.800% due 12/5/24
651,281
250,000
3.150% due 8/22/27
241,258
250,000
4.050% due 8/22/47
246,613
See Notes to Financial Statements.
67

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
$ 250,000
America Movil SAB de CV, Senior Unsecured Notes, 4.375% due 7/16/42
$ 245,324
AT&T Inc., Senior Unsecured Notes:
500,000
2.450% due 6/30/20
493,373
500,000
3.200% due 3/1/22
494,279
250,000
3.800% due 3/1/24
248,364
715,000
3.400% due 5/15/25
679,322
250,000
4.250% due 3/1/27
246,642
100,000
4.300% due 2/15/30(b)
95,796
250,000
5.250% due 3/1/37
247,885
250,000
5.350% due 9/1/40
245,970
200,000
4.500% due 3/9/48
172,659
500,000
5.700% due 3/1/57
500,988
1,500,000
Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20
1,495,131
600,000
Bharti Airtel International Netherlands BV, Company Guaranteed Notes, 5.125%
due 3/11/23
599,039
1,000,000
Bharti Airtel Ltd., Senior Unsecured Notes, 4.375% due 6/10/25
942,589
1,300,000
C&W Senior Financing DAC, Senior Unsecured Notes, 6.875% due 9/15/27
1,290,250
CBS Corp., Company Guaranteed Notes:
100,000
3.375% due 3/1/22
98,980
100,000
5.900% due 10/15/40
110,781
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
115,000
5.750% due 2/15/26(b)
115,000
125,000
5.000% due 2/1/28(b)
117,066
170,000
Cengage Learning Inc., Senior Unsecured Notes, 9.500% due 6/15/24(b)
146,302
Charter Communications Operating LLC/Charter Communications Operating
Capital, Senior Secured Notes:
490,000
4.464% due 7/23/22
499,783
250,000
4.908% due 7/23/25
254,918
250,000
6.484% due 10/23/45
266,525
220,000
Cincinnati Bell Inc., Company Guaranteed Notes, 7.000% due 7/15/24(b)
193,600
Cisco Systems Inc., Senior Unsecured Notes:
500,000
2.200% due 9/20/23
478,212
100,000
3.625% due 3/4/24
102,148
200,000
Colombia Telecomunicaciones SA ESP, Junior Subordinated Notes, 8.500%
(5-Year USD Swap Rate + 6.958%)(a)(e)
206,060
Comcast Corp., Company Guaranteed Notes:
250,000
3.000% due 2/1/24
243,227
250,000
3.300% due 2/1/27
239,936
See Notes to Financial Statements.
68

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
$ 150,000
4.400% due 8/15/35
$ 149,278
500,000
3.400% due 7/15/46
413,893
100,000
3.999% due 11/1/49
90,055
230,000
CommScope Technologies LLC, Company Guaranteed Notes, 6.000% due
6/15/25(b)
238,050
500,000
Comunicaciones Celulares SA Via Comcel Trust, Senior Unsecured Notes,
6.875% due 2/6/24
515,200
125,000
CSC Holdings LLC, Senior Unsecured Notes, 5.250% due 6/1/24
121,250
500,000
Digicel Group Ltd., Senior Unsecured Notes, 7.125% due 4/1/22
295,000
Discovery Communications LLC, Company Guaranteed Notes:
200,000
2.950% due 3/20/23
192,273
400,000
3.800% due 3/13/24
395,098
100,000
eBay Inc., Senior Unsecured Notes, 4.000% due 7/15/42
83,690
130,000
Embarq Corp., Senior Unsecured Notes, 7.995% due 6/1/36
126,750
1,135,000
Expedia Group Inc., Company Guaranteed Notes, 3.800% due 2/15/28
1,064,233
65,000
Frontier Communications Corp., Secured Notes, 8.500% due 4/1/26(b)
61,152
250,000
Grupo Televisa SAB, Senior Unsecured Notes, 4.625% due 1/30/26
254,583
200,000
GTT Communications Inc., Company Guaranteed Notes, 7.875%
due 12/31/24(b)
189,000
130,000
Intelsat Jackson Holdings SA, Company Guaranteed Notes, 5.500% due 8/1/23
118,586
110,000
Iridium Communications Inc., Senior Unsecured Notes, 10.250% due 4/15/23(b)
118,800
465,000
Level 3 Financing Inc., Company Guaranteed Notes, 5.375% due 8/15/22
469,650
250,000
Match Group Inc., Senior Unsecured Notes, 5.000% due 12/15/27(b)
245,625
Millicom International Cellular SA, Senior Unsecured Notes:
400,000
6.000% due 3/15/25
404,500
200,000
5.125% due 1/15/28
186,600
100,000
Omnicom Group Inc./Omnicom Capital Inc., Senior Unsecured Notes, 3.600%
due 4/15/26
96,468
130,000
Radiate Holdco LLC/Radiate Finance Inc., Senior Unsecured Notes, 6.875% due
2/15/23(b)
125,450
100,000
Rogers Communications Inc., Company Guaranteed Notes, 5.000%
due 3/15/44
104,080
600,000
SingTel Group Treasury Pte Ltd., Company Guaranteed Notes, 4.500% due
9/8/21
617,353
150,000
Sirius XM Radio Inc., Company Guaranteed Notes, 5.375% due 7/15/26(b)
149,625
350,000
Sprint Corp., Company Guaranteed Notes, 7.125% due 6/15/24
363,125
600,000
Telefonica Chile SA, Senior Unsecured Notes, 3.875% due 10/12/22
593,695
See Notes to Financial Statements.
69

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
Telefonica Emisiones SAU, Company Guaranteed Notes:
$ 250,000
4.103% due 3/8/27
$ 243,095
200,000
5.213% due 3/8/47
196,774
180,000
Telesat Canada/Telesat LLC, Company Guaranteed Notes, 8.875% due
11/15/24(b)
192,825
300,000
TELUS Corp., Senior Unsecured Notes, 3.700% due 9/15/27
294,286
Time Warner Cable LLC, Senior Secured Notes:
500,000
4.000% due 9/1/21
503,880
150,000
7.300% due 7/1/38
174,282
250,000
4.500% due 9/15/42
210,652
125,000
T-Mobile USA Inc., Company Guaranteed Notes, 4.500% due 2/1/26
119,219
Verizon Communications Inc., Senior Unsecured Notes:
520,000
3.500% due 11/1/24
513,950
250,000
4.125% due 3/16/27
251,176
493,000
4.329% due 9/21/28(b)
496,675
500,000
5.250% due 3/16/37
528,530
750,000
5.012% due 4/15/49
752,262
75,000
4.672% due 3/15/55
69,256
200,000
Viacom Inc., Senior Unsecured Notes, 5.850% due 9/1/43
207,660
Vodafone Group PLC, Senior Unsecured Notes:
350,000
4.375% due 5/30/28
347,031
250,000
4.375% due 2/19/43
225,727
VTR Finance BV, Senior Secured Notes:
600,000
6.875% due 1/15/24
612,600
300,000
6.875% due 1/15/24(b)
306,300
Walt Disney Co., Senior Unsecured Notes:
500,000
1.950% due 3/4/20
493,562
500,000
2.450% due 3/4/22
487,897
125,000
3.150% due 9/17/25
122,735
Warner Media LLC, Company Guaranteed Notes:
500,000
3.800% due 2/15/27
479,571
250,000
4.850% due 7/15/45
233,530
Total Communications
29,716,665
Consumer Cyclical – 1.1%
240,000
1011778 BC ULC/New Red Finance Inc., Secured Notes, 5.000%
due 10/15/25(b)
231,600
205,000
American Axle & Manufacturing Inc., Company Guaranteed Notes, 6.250% due
3/15/26
202,181
See Notes to Financial Statements.
70

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Consumer Cyclical – (continued)
American Honda Finance Corp., Senior Unsecured Notes:
$ 500,000
2.000% due 2/14/20
$ 493,970
500,000
2.900% due 2/16/24
486,778
245,000
Beacon Roofing Supply Inc., Company Guaranteed Notes, 4.875%
due 11/1/25(b)
226,012
225,000
Boyne USA Inc., Secured Notes, 7.250% due 5/1/25(b)
238,500
265,000
Caesars Resort Collection LLC/CRC Finco Inc., Company Guaranteed Notes,
5.250% due 10/15/25(b)
253,406
300,000
Cintas Corp. No 2, Company Guaranteed Notes, 2.900% due 4/1/22
294,896
120,000
Constellation Merger Sub Inc., Senior Unsecured Notes, 8.500% due 9/15/25(b)
113,400
120,000
Dana Financing Luxembourg SARL, Company Guaranteed Notes, 5.750% due
4/15/25(b)
120,000
Delta Air Lines Inc., Senior Unsecured Notes:
300,000
2.875% due 3/13/20
297,738
630,000
3.625% due 3/15/22
624,324
505,000
Dollar Tree Inc., Senior Unsecured Notes, 4.000% due 5/15/25
498,942
255,000
Eldorado Resorts Inc., Company Guaranteed Notes, 6.000% due 4/1/25
259,144
250,000
Ford Motor Co., Senior Unsecured Notes, 5.291% due 12/8/46
221,897
Ford Motor Credit Co. LLC, Senior Unsecured Notes:
500,000
2.681% due 1/9/20
494,222
500,000
3.810% due 1/9/24
479,755
General Motors Co., Senior Unsecured Notes:
205,000
3.143% (3-Month USD-LIBOR + 0.800%) due 8/7/20(a)
205,934
100,000
6.750% due 4/1/46
109,771
General Motors Financial Co., Inc., Company Guaranteed Notes:
100,000
3.150% due 1/15/20
100,048
500,000
3.450% due 1/14/22
494,199
505,000
3.327% (3-Month USD-LIBOR + 0.990%) due 1/5/23(a)
506,101
415,000
3.950% due 4/13/24
406,007
500,000
4.350% due 1/17/27
487,575
265,000
GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes, 5.750% due
6/1/28
280,847
1,500,000
Gohl Capital Ltd., Company Guaranteed Notes, 4.250% due 1/24/27
1,439,457
175,000
Golden Nugget Inc., Senior Unsecured Notes, 6.750% due 10/15/24(b)
177,844
495,000
Hasbro Inc., Senior Unsecured Notes, 3.500% due 9/15/27
463,258
125,000
Hilton Domestic Operating Co., Inc., Company Guaranteed Notes, 4.250% due
9/1/24
121,562
See Notes to Financial Statements.
71

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Consumer Cyclical – (continued)
Home Depot Inc., Senior Unsecured Notes:
$ 250,000
2.625% due 6/1/22
$ 245,698
250,000
2.125% due 9/15/26
225,607
250,000
3.500% due 9/15/56
220,298
270,000
IRB Holding Corp., Company Guaranteed Notes, 6.750% due 2/15/26(b)
257,850
120,000
KAR Auction Services Inc., Company Guaranteed Notes, 5.125% due 6/1/25(b)
117,600
400,000
Latam Finance Ltd., Company Guaranteed Notes, 6.875% due 4/11/24
390,204
120,000
Live Nation Entertainment Inc., Company Guaranteed Notes, 5.625% due
3/15/26(b)
120,600
250,000
Lowe’s Cos., Inc., Senior Unsecured Notes, 3.700% due 4/15/46
229,125
440,000
LTF Merger Sub Inc., Company Guaranteed Notes, 8.500% due 6/15/23(b)
458,700
150,000
Macy’s Retail Holdings Inc., Company Guaranteed Notes, 4.500%
due 12/15/34
125,813
30,000
Marriott Ownership Resorts Inc., Company Guaranteed Notes, 6.500% due
9/15/26(b)
30,600
McDonald’s Corp., Senior Unsecured Notes:
250,000
3.500% due 3/1/27
244,118
75,000
4.875% due 12/9/45
78,211
250,000
4.450% due 3/1/47
249,963
351,000
NCL Corp., Ltd, Senior Unsecured Notes, 4.750% due 12/15/21(b)
353,194
Newell Brands Inc., Senior Unsecured Notes:
250,000
3.150% due 4/1/21
246,273
125,000
5.375% due 4/1/36
120,365
300,000
Nordstrom Inc., Senior Unsecured Notes, 4.000% due 3/15/27(f)
293,319
300,000
PACCAR Financial Corp., Senior Unsecured Notes, 1.950% due 2/27/20
295,577
180,000
PetSmart Inc., Company Guaranteed Notes, 7.125% due 3/15/23(b)
121,050
400,000
SACI Falabella, Senior Unsecured Notes, 3.750% due 4/30/23
394,272
115,000
Six Flags Entertainment Corp., Company Guaranteed Notes, 4.875% due
7/31/24(b)
112,988
125,000
Stars Group Holdings BV/Stars Group US Co. – Borrower LLC, Company
Guaranteed Notes, 7.000% due 7/15/26(b)
130,000
Target Corp., Senior Unsecured Notes:
100,000
2.900% due 1/15/22
99,694
125,000
3.500% due 7/1/24
126,901
100,000
3.900% due 11/15/47
94,953
245,000
Tempur Sealy International Inc., Company Guaranteed Notes, 5.500% due
6/15/26
238,875
500,000
Toyota Motor Credit Corp., Senior Unsecured Notes, 1.550% due 10/18/19
493,670
See Notes to Financial Statements.
72

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Consumer Cyclical – (continued)
$ 240,000
Viking Cruises Ltd., Company Guaranteed Notes, 5.875% due 9/15/27(b)
$ 235,800
500,000
Walgreens Boots Alliance Inc., Senior Unsecured Notes, 3.450% due 6/1/26
476,391
Walmart Inc., Senior Unsecured Notes:
150,000
3.125% due 6/23/21
150,687
250,000
2.550% due 4/11/23
243,880
250,000
3.300% due 4/22/24
250,486
250,000
4.300% due 4/22/44
263,037
250,000
4.050% due 6/29/48
251,295
100,000
WW Grainger Inc., Senior Unsecured Notes, 4.200% due 5/15/47
100,012
Total Consumer Cyclical
18,416,474
Consumer Non-cyclical – 3.1%
Abbott Laboratories, Senior Unsecured Notes:
250,000
3.750% due 11/30/26
247,865
250,000
4.900% due 11/30/46
271,651
AbbVie Inc., Senior Unsecured Notes:
520,000
3.200% due 11/6/22
513,362
500,000
2.850% due 5/14/23
483,573
475,000
4.450% due 5/14/46
448,568
Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes:
200,000
3.500% due 7/29/20
197,605
400,000
3.950% due 1/19/22
391,845
100,000
Aetna Inc., Senior Unsecured Notes, 3.875% due 8/15/47
88,900
130,000
Albertsons Cos LLC/Safeway Inc./New Albertsons LP/Albertson’s LLC,
Company Guaranteed Notes, 5.750% due 3/15/25
117,650
100,000
Allergan Finance LLC, Company Guaranteed Notes, 3.250% due 10/1/22
98,036
Allergan Funding SCS, Company Guaranteed Notes:
140,000
3.850% due 6/15/24
139,584
925,000
3.800% due 3/15/25
916,141
100,000
4.550% due 3/15/35
98,045
84,000
4.750% due 3/15/45
83,459
250,000
Altria Group Inc., Company Guaranteed Notes, 3.875% due 9/16/46
222,038
Amgen Inc., Senior Unsecured Notes:
500,000
2.600% due 8/19/26
457,081
150,000
4.950% due 10/1/41
153,526
50,000
4.663% due 6/15/51
49,855
Anheuser-Busch InBev Finance Inc., Company Guaranteed Notes:
975,000
2.650% due 2/1/21
963,661
See Notes to Financial Statements.
73

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
$ 300,000
3.300% due 2/1/23
$ 297,639
125,000
3.650% due 2/1/26
122,281
450,000
4.700% due 2/1/36
456,170
Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
200,000
4.000% due 4/13/28
199,203
350,000
4.950% due 1/15/42
363,934
200,000
3.750% due 7/15/42
177,896
150,000
4.600% due 4/15/48
147,329
Anthem Inc., Senior Unsecured Notes:
1,055,000
3.300% due 1/15/23
1,045,129
100,000
4.650% due 1/15/43
97,939
200,000
4.375% due 12/1/47
186,659
AstraZeneca PLC, Senior Unsecured Notes:
515,000
2.375% due 6/12/22
496,665
500,000
3.375% due 11/16/25
486,059
100,000
4.375% due 11/16/45
99,597
Avantor Inc.:
80,000
Senior Secured Notes, 6.000% due 10/1/24(b)
81,200
190,000
Senior Unsecured Notes, 9.000% due 10/1/25(b)
195,937
295,000
B&G Foods Inc., Company Guaranteed Notes, 5.250% due 4/1/25(f)
286,519
100,000
BAT Capital Corp., Company Guaranteed Notes, 3.222% due 8/15/24(b)
95,604
Bausch Health Cos., Inc.:
160,000
Company Guaranteed Notes, 8.500% due 1/31/27(b)
164,400
65,000
Senior Secured Notes, 7.000% due 3/15/24(b)
68,575
Becton Dickinson & Co., Senior Unsecured Notes:
1,060,000
2.894% due 6/6/22
1,031,954
200,000
3.363% due 6/6/24
193,548
250,000
3.700% due 6/6/27
239,389
100,000
Biogen Inc., Senior Unsecured Notes, 5.200% due 9/15/45
107,330
500,000
Boston Scientific Corp., Senior Unsecured Notes, 4.000% due 3/1/28
497,537
250,000
Bristol-Myers Squibb Co., Senior Unsecured Notes, 3.250% due 2/27/27
244,372
250,000
Campbell Soup Co., Senior Unsecured Notes, 3.950% due 3/15/25
243,040
Cardinal Health Inc., Senior Unsecured Notes:
1,140,000
3.410% due 6/15/27
1,049,874
250,000
4.368% due 6/15/47
218,341
Celgene Corp., Senior Unsecured Notes:
100,000
2.750% due 2/15/23
96,198
See Notes to Financial Statements.
74

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
$ 500,000
3.875% due 8/15/25
$ 492,734
100,000
5.000% due 8/15/45
99,137
1,030,000
4.350% due 11/15/47
940,545
Centene Corp., Senior Unsecured Notes:
235,000
4.750% due 1/15/25
236,175
25,000
5.375% due 6/1/26(b)
25,808
200,000
Children’s Hospital Corp., Company Guaranteed Notes, 4.115% due 1/1/47
203,084
250,000
Coca-Cola Co., Senior Unsecured Notes, 2.200% due 5/25/22
242,872
150,000
Coca-Cola Femsa SAB de CV, Company Guaranteed Notes, 3.875% due
11/26/23
151,400
350,000
Constellation Brands Inc., Company Guaranteed Notes, 2.700% due 5/9/22
339,270
500,000
Coventry Health Care Inc., Senior Unsecured Notes, 5.450% due 6/15/21
524,626
CVS Health Corp., Senior Unsecured Notes:
125,000
2.125% due 6/1/21
121,053
100,000
3.500% due 7/20/22
99,471
1,070,000
3.700% due 3/9/23
1,067,090
150,000
4.100% due 3/25/25
150,171
500,000
2.875% due 6/1/26
458,987
250,000
4.300% due 3/25/28
248,115
250,000
4.780% due 3/25/38
248,698
250,000
5.050% due 3/25/48
253,361
115,000
DJO Finance LLC/DJO Finance Corp., Secured Notes, 8.125% due 6/15/21(b)
118,772
138,000
Duke University Health System Inc., Senior Unsecured Notes, 3.920%
due 6/1/47
136,027
1,200,000
Embotelladora Andina SA, Senior Unsecured Notes, 5.000% due 10/1/23
1,251,599
513,355
ENA Norte Trust, Pass-Thru Certificates, 4.950% due 4/25/23
517,462
800,000
ESAL GmbH, Company Guaranteed Notes, 6.250% due 2/5/23
773,000
Estee Lauder Cos., Inc., Senior Unsecured Notes:
300,000
1.800% due 2/7/20
295,821
200,000
4.150% due 3/15/47
203,992
250,000
Express Scripts Holding Co., Company Guaranteed Notes, 4.800% due 7/15/46
240,581
200,000
Fomento Economico Mexicano SAB de CV, Senior Unsecured Notes, 2.875%
due 5/10/23
191,966
200,000
Garda World Security Corp., Senior Unsecured Notes, 8.750% due 5/15/25(b)
197,000
200,000
General Mills Inc., Senior Unsecured Notes, 4.700% due 4/17/48(f)
195,245
Gilead Sciences Inc., Senior Unsecured Notes:
500,000
2.950% due 3/1/27
468,806
250,000
4.150% due 3/1/47
238,154
See Notes to Financial Statements.
75

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
$ 500,000
GlaxoSmithKline Capital Inc., Company Guaranteed Notes, 3.625%
due 5/15/25
$ 502,191
190,000
HCA Inc., Company Guaranteed Notes, 5.375% due 9/1/26
190,950
250,000
Humana Inc., Senior Unsecured Notes, 4.800% due 3/15/47
257,778
400,000
JBS Investments GmbH, Company Guaranteed Notes, 7.250% due 4/3/24
396,904
205,000
JBS USA LUX SA/JBS USA Finance Inc., Company Guaranteed Notes, 6.750%
due 2/15/28(b)
196,800
Johnson & Johnson, Senior Unsecured Notes:
250,000
2.250% due 3/3/22
244,580
150,000
2.950% due 3/3/27
145,820
250,000
3.625% due 3/3/37
244,900
Keurig Dr Pepper Inc., Company Guaranteed Notes:
250,000
4.597% due 5/25/28(b)
253,515
100,000
5.085% due 5/25/48(b)
101,567
Kraft Heinz Foods Co., Company Guaranteed Notes:
930,000
2.800% due 7/2/20
922,166
500,000
3.000% due 6/1/26
455,926
250,000
5.200% due 7/15/45
243,002
200,000
Kroger Co., Senior Unsecured Notes, 4.450% due 2/1/47
186,007
110,000
Kronos Acquisition Holdings Inc., Company Guaranteed Notes, 9.000% due
8/15/23(b)
100,650
1,325,000
Laboratory Corp. of America Holdings, Senior Unsecured Notes, 3.600% due
2/1/25
1,297,966
MARB BondCo PLC, Company Guaranteed Notes:
500,000
7.000% due 3/15/24(b)
470,630
200,000
7.000% due 3/15/24
188,252
500,000
6.875% due 1/19/25
462,505
55,000
Matterhorn Merger Sub LLC/Matterhorn Finance Sub Inc., Senior Unsecured
Notes, 8.500% due 6/1/26(b)
52,937
250,000
Medtronic Global Holdings SCA, Company Guaranteed Notes, 3.350% due
4/1/27
245,692
Medtronic Inc., Company Guaranteed Notes:
500,000
3.150% due 3/15/22
498,699
250,000
4.625% due 3/15/45
267,456
250,000
Merck & Co., Inc., Senior Unsecured Notes, 3.700% due 2/10/45
241,463
Minerva Luxembourg SA, Company Guaranteed Notes:
800,000
6.500% due 9/20/26
713,008
600,000
5.875% due 1/19/28
510,756
See Notes to Financial Statements.
76

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
Molson Coors Brewing Co., Company Guaranteed Notes:
$ 500,000
2.250% due 3/15/20
$ 493,408
150,000
4.200% due 7/15/46
133,339
300,000
Moody’s Corp., Senior Unsecured Notes, 2.750% due 12/15/21
294,312
250,000
MPH Acquisition Holdings LLC, Company Guaranteed Notes, 7.125% due
6/1/24(b)
258,750
Mylan NV, Company Guaranteed Notes:
250,000
3.150% due 6/15/21
246,291
250,000
5.250% due 6/15/46
233,852
10,000
Northwell Healthcare Inc., Secured Notes, 4.260% due 11/1/47
9,617
Novartis Capital Corp., Company Guaranteed Notes:
250,000
1.800% due 2/14/20
246,382
250,000
2.400% due 5/17/22
243,429
150,000
3.100% due 5/17/27
144,717
PepsiCo Inc., Senior Unsecured Notes:
500,000
2.750% due 3/5/22
496,186
150,000
2.375% due 10/6/26
137,839
250,000
3.450% due 10/6/46
226,589
Pfizer Inc., Senior Unsecured Notes:
500,000
1.700% due 12/15/19
494,603
250,000
4.000% due 12/15/36
254,247
250,000
4.125% due 12/15/46
253,061
Philip Morris International Inc., Senior Unsecured Notes:
250,000
2.000% due 2/21/20
246,715
500,000
2.625% due 2/18/22
489,058
100,000
4.125% due 3/4/43
94,172
235,000
Pilgrim’s Pride Corp., Company Guaranteed Notes, 5.750% due 3/15/25(b)
227,362
120,000
Polaris Intermediate Corp., Senior Unsecured Notes, 8.500% due 12/1/22(b)(g)
123,900
420,000
Post Holdings Inc., Company Guaranteed Notes, 5.500% due 3/1/25(b)
418,950
247,000
Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes,
9.250% due 5/15/23(b)
264,611
Procter & Gamble Co., Senior Unsecured Notes:
250,000
1.750% due 10/25/19
247,454
250,000
1.900% due 11/1/19
247,892
250,000
3.500% due 10/25/47
233,912
8,000
Providence St Joseph Health Obligated Group, Unsecured Notes, 3.930% due
10/1/48
7,676
See Notes to Financial Statements.
77

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
Reynolds American Inc., Company Guaranteed Notes:
$ 500,000
6.875% due 5/1/20
$ 527,846
1,045,000
4.000% due 6/12/22
1,057,665
250,000
5.850% due 8/15/45
272,511
315,000
Select Medical Corp., Company Guaranteed Notes, 6.375% due 6/1/21
318,150
50,000
ServiceMaster Co. LLC, Company Guaranteed Notes, 5.125% due 11/15/24(b)
49,125
Shire Acquisitions Investments Ireland DAC, Company Guaranteed Notes:
500,000
1.900% due 9/23/19
494,178
125,000
2.875% due 9/23/23
119,301
480,000
Smithfield Foods Inc., Company Guaranteed Notes, 4.250% due 2/1/27(b)
453,453
7,000
Stanford Health Care, Unsecured Notes, 3.795% due 11/15/48
6,796
350,000
Stryker Corp., Senior Unsecured Notes, 3.375% due 11/1/25
341,758
Sysco Corp., Company Guaranteed Notes:
350,000
3.550% due 3/15/25
343,937
485,000
3.250% due 7/15/27
460,003
150,000
Team Health Holdings Inc., Company Guaranteed Notes, 6.375% due 2/1/25(b)
130,125
235,000
Tenet Healthcare Corp., Senior Unsecured Notes, 7.000% due 8/1/25(f)
234,119
Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes:
975,000
2.800% due 7/21/23
862,743
330,000
6.000% due 4/15/24
335,103
250,000
Thermo Fisher Scientific Inc., Senior Unsecured Notes, 4.100% due 8/15/47
239,705
125,000
Total System Services Inc., Senior Unsecured Notes, 4.800% due 4/1/26
129,229
150,000
Tyson Foods Inc., Senior Unsecured Notes, 4.550% due 6/2/47
140,958
UnitedHealth Group Inc., Senior Unsecured Notes:
750,000
2.125% due 3/15/21
732,711
250,000
4.250% due 4/15/47
250,257
125,000
Verisk Analytics Inc., Senior Unsecured Notes, 4.125% due 9/12/22
126,878
120,000
Verscend Escrow Corp., Senior Unsecured Notes, 9.750% due 8/15/26(b)
122,964
210,000
Vizient Inc., Senior Unsecured Notes, 10.375% due 3/1/24(b)
229,425
WellCare Health Plans Inc., Senior Unsecured Notes:
160,000
5.250% due 4/1/25
163,600
60,000
5.375% due 8/15/26(b)
61,800
300,000
Western Union Co., Senior Unsecured Notes, 3.600% due 3/15/22
297,630
Zimmer Biomet Holdings Inc., Senior Unsecured Notes:
200,000
2.700% due 4/1/20
198,352
555,000
3.700% due 3/19/23
555,842
Total Consumer Non-cyclical
51,080,393
See Notes to Financial Statements.
78

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Diversified – 0.0%
$ 200,000
CK Hutchison International 17 II Ltd., Company Guaranteed Notes, 2.250% due
9/29/20
$ 195,533
CK Hutchison International 17 Ltd., Company Guaranteed Notes:
200,000
2.875% due 4/5/22(b)
194,738
300,000
3.500% due 4/5/27(b)
288,067
Total Diversified
678,338
Energy – 2.5%
Anadarko Petroleum Corp., Senior Unsecured Notes:
250,000
5.550% due 3/15/26
268,649
225,000
6.600% due 3/15/46
270,788
Apache Corp., Senior Unsecured Notes:
505,000
4.375% due 10/15/28
498,509
250,000
4.250% due 1/15/44
223,142
145,000
Baker Hughes a GE Co. LLC/Baker Hughes Co.-Obligor Inc., Senior Unsecured
Notes, 3.337% due 12/15/27
137,137
BP Capital Markets PLC, Company Guaranteed Notes:
100,000
2.520% due 9/19/22
97,116
500,000
3.224% due 4/14/24
491,551
1,500,000
BPRL International Singapore Pte Ltd., Company Guaranteed Notes, 4.375% due
1/18/27
1,429,716
70,000
Calfrac Holdings LP, Senior Unsecured Notes, 8.500% due 6/15/26(b)
66,675
Canacol Energy Ltd., Company Guaranteed Notes:
1,200,000
7.250% due 5/3/25
1,158,000
200,000
7.250% due 5/3/25(b)
193,252
Canadian Natural Resources Ltd., Senior Unsecured Notes:
970,000
2.950% due 1/15/23
938,499
125,000
5.850% due 2/1/35
140,660
500,000
Cenovus Energy Inc., Senior Unsecured Notes, 4.250% due 4/15/27
482,957
240,000
Cheniere Energy Partners LP, Senior Secured Notes, 5.250% due 10/1/25
240,000
Chevron Corp., Senior Unsecured Notes:
250,000
1.991% due 3/3/20
247,240
250,000
2.498% due 3/3/22
245,360
750,000
CNOOC Finance 2015 USA LLC, Company Guaranteed Notes, 3.500% due
5/5/25
725,557
240,000
CNX Midstream Partners LP/CNX Midstream Finance Corp., Senior Unsecured
Notes, 6.500% due 3/15/26(b)
238,200
ConocoPhillips Co., Company Guaranteed Notes:
250,000
4.950% due 3/15/26
270,295
See Notes to Financial Statements.
79

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
$ 250,000
5.950% due 3/15/46
$ 319,228
200,000
Cosan Luxembourg SA, Company Guaranteed Notes, 7.000% due 1/20/27
196,500
115,000
CSI Compressco LP/CSI Compressco Finance Inc., Senior Secured Notes,
7.500% due 4/1/25(b)
115,862
Delek & Avner Tamar Bond Ltd., Senior Secured Notes:
200,000
5.082% due 12/30/23(b)
200,645
300,000
5.412% due 12/30/25(b)
301,067
Devon Energy Corp., Senior Unsecured Notes:
75,000
5.600% due 7/15/41
80,672
100,000
5.000% due 6/15/45
100,850
Ecopetrol SA, Senior Unsecured Notes:
500,000
7.625% due 7/23/19
519,600
200,000
5.875% due 9/18/23
212,600
500,000
5.375% due 6/26/26
516,250
150,000
Enbridge Energy Partners LP, Senior Unsecured Notes, 5.500% due 9/15/40
159,484
Enbridge Inc., Senior Unsecured Notes:
100,000
4.000% due 10/1/23
101,202
250,000
3.700% due 7/15/27
242,046
Energy Transfer Partners LP, Company Guaranteed Notes:
695,000
4.750% due 1/15/26
703,469
250,000
4.200% due 4/15/27
242,355
250,000
5.300% due 4/15/47
242,190
150,000
6.000% due 6/15/48
159,195
Enterprise Products Operating LLC, Company Guaranteed Notes:
500,000
2.850% due 4/15/21
494,745
720,000
3.750% due 2/15/25
722,356
250,000
3.950% due 2/15/27
250,094
250,000
4.900% due 5/15/46
257,920
EP Energy LLC/Everest Acquisition Finance Inc.:
80,000
Secured Notes, 9.375% due 5/1/24(b)
63,000
75,000
Senior Secured Notes, 7.750% due 5/15/26(b)
76,687
1,065,000
EQT Corp., Senior Unsecured Notes, 3.900% due 10/1/27
1,001,542
625,000
EQT Midstream Partners LP, Senior Unsecured Notes, 4.750% due 7/15/23
633,781
Equinor ASA, Company Guaranteed Notes:
250,000
2.450% due 1/17/23
243,301
100,000
3.700% due 3/1/24
101,487
See Notes to Financial Statements.
80

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
$ 105,000
Exterran Energy Solutions LP/EES Finance Corp., Company Guaranteed Notes,
8.125% due 5/1/25
$ 110,250
120,000
Extraction Oil & Gas Inc., Company Guaranteed Notes, 5.625% due 2/1/26(b)
112,350
Exxon Mobil Corp., Senior Unsecured Notes:
500,000
3.043% due 3/1/26
487,818
100,000
3.567% due 3/6/45
93,403
140,000
Foresight Energy LLC/Foresight Energy Finance Corp., Secured Notes, 11.500%
due 4/1/23(b)
124,250
195,000
FTS International Inc., Senior Secured Notes, 6.250% due 5/1/22
191,344
600,000
Geopark Ltd., Senior Secured Notes, 6.500% due 9/21/24
598,500
900,000
Gran Tierra Energy International Holdings Ltd., Company Guaranteed Notes,
6.250% due 2/15/25
866,250
290,000
Gulfport Energy Corp., Company Guaranteed Notes, 6.375% due 5/15/25
287,462
250,000
Halliburton Co., Senior Unsecured Notes, 5.000% due 11/15/45
265,735
250,000
Hess Corp., Senior Unsecured Notes, 5.800% due 4/1/47
260,624
320,000
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp.,
Senior Unsecured Notes, 5.625% due 2/15/26(b)
322,400
Indian Oil Corp., Ltd., Senior Unsecured Notes:
600,000
5.625% due 8/2/21
624,984
1,000,000
5.750% due 8/1/23
1,056,014
125,000
Indigo Natural Resources LLC, Senior Unsecured Notes, 6.875% due
2/15/26(b)
120,625
Kinder Morgan Energy Partners LP, Company Guaranteed Notes:
125,000
3.500% due 3/1/21
125,234
100,000
4.250% due 9/1/24
100,568
150,000
6.950% due 1/15/38
176,451
75,000
5.000% due 8/15/42
72,829
Kinder Morgan Inc., Company Guaranteed Notes:
550,000
4.300% due 3/1/28
545,083
250,000
5.050% due 2/15/46
245,355
250,000
Marathon Petroleum Corp., Senior Unsecured Notes, 5.125% due 3/1/21
259,890
130,000
MEG Energy Corp., Company Guaranteed Notes, 7.000% due 3/31/24(b)
118,137
160,000
Moss Creek Resources Holdings Inc., Company Guaranteed Notes, 7.500% due
1/15/26(b)
156,000
250,000
MPLX LP, Senior Unsecured Notes, 5.200% due 3/1/47
249,392
120,000
Nabors Industries Inc., Company Guaranteed Notes, 5.750% due 2/1/25(b)
115,423
Noble Energy Inc., Senior Unsecured Notes:
150,000
3.850% due 1/15/28
143,050
See Notes to Financial Statements.
81

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
$ 150,000
4.950% due 8/15/47
$ 146,281
Occidental Petroleum Corp., Senior Unsecured Notes:
125,000
4.100% due 2/1/21
127,778
100,000
4.400% due 4/15/46
102,688
250,000
ONEOK Inc., Company Guaranteed Notes, 4.000% due 7/13/27
244,074
1,500,000
ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 3.750% due
7/27/26
1,406,753
115,000
Par Petroleum LLC/Petroleum Finance Corp., Senior Secured Notes, 7.750% due
12/15/25(b)
115,811
225,000
Peabody Energy Corp., Senior Secured Notes, 6.000% due 3/31/22(b)
225,844
Petrobras Global Finance BV, Company Guaranteed Notes:
1,100,000
5.750% due 2/1/29
957,000
200,000
7.250% due 3/17/44
183,200
Petroleos Mexicanos, Company Guaranteed Notes:
750,000
4.250% due 1/15/25
702,375
150,000
6.500% due 3/13/27
151,860
500,000
5.625% due 1/23/46
411,950
100,000
6.750% due 9/21/47
92,568
1,000,000
Petronas Capital Ltd., Company Guaranteed Notes, 3.500% due 3/18/25
981,694
Phillips 66, Company Guaranteed Notes:
250,000
4.300% due 4/1/22
257,291
250,000
4.875% due 11/15/44
258,428
250,000
Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes,
4.500% due 12/15/26
249,222
355,000
QEP Resources Inc., Senior Unsecured Notes, 5.250% due 5/1/23
346,125
200,000
Raizen Fuels Finance SA, Company Guaranteed Notes, 5.300% due 1/20/27
187,900
1,000,000
Reliance Holding USA Inc., Company Guaranteed Notes, 5.400% due 2/14/22
1,040,410
Sabine Pass Liquefaction LLC, Senior Secured Notes:
100,000
5.750% due 5/15/24
107,470
645,000
5.000% due 3/15/27
663,281
400,000
4.200% due 3/15/28
388,848
Shell International Finance BV, Company Guaranteed Notes:
250,000
1.750% due 9/12/21
240,924
250,000
2.500% due 9/12/26
232,796
100,000
4.000% due 5/10/46
98,148
250,000
3.750% due 9/12/46
233,845
1,000,000
Sinopec Group Overseas Development 2016 Ltd., Company Guaranteed Notes,
2.750% due 9/29/26
908,884
See Notes to Financial Statements.
82

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
$ 230,000
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., Company
Guaranteed Notes, 7.500% due 6/15/25(b)
$ 239,775
Suncor Energy Inc., Senior Unsecured Notes:
250,000
3.600% due 12/1/24
248,468
100,000
6.500% due 6/15/38
124,162
100,000
Sunoco Logistics Partners Operations LP, Company Guaranteed Notes, 4.250%
due 4/1/24
100,200
125,000
Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes, 5.500% due
2/15/26(b)
119,688
90,000
Tapstone Energy LLC/Tapstone Energy Finance Corp., Senior Unsecured Notes,
9.750% due 6/1/22(b)
78,750
160,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company
Guaranteed Notes, 5.875% due 4/15/26(b)
164,000
125,000
TerraForm Power Operating LLC, Company Guaranteed Notes, 4.250% due
1/31/23(b)
121,875
500,000
Total Capital International SA, Company Guaranteed Notes, 3.700% due
1/15/24
507,943
TransCanada PipeLines Ltd., Senior Unsecured Notes:
250,000
4.875% due 1/15/26
262,615
75,000
7.625% due 1/15/39
100,171
200,000
4.875% due 5/15/48
205,382
250,000
Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes, 7.850% due
2/1/26
307,357
60,000
Transocean Guardian Ltd., Senior Secured Notes, 5.875% due 1/15/24(b)
60,300
55,000
Transocean Pontus Ltd., Senior Secured Notes, 6.125% due 8/1/25(b)
56,100
178,500
Transocean Proteus Ltd., Senior Secured Notes, 6.250% due 12/1/24(b)
182,868
600,000
Transportadora de Gas Internacional SA ESP, Senior Unsecured Notes, 5.700%
due 3/20/22
608,256
180,000
USA Compression Partners LP/USA Compression Finance Corp., Senior
Unsecured Notes, 6.875% due 4/1/26(b)
185,400
75,000
Valero Energy Corp., Senior Unsecured Notes, 4.900% due 3/15/45
77,358
65,000
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., Company Guaranteed Notes,
8.750% due 4/15/23(b)
62,806
70,000
Weatherford International Ltd., Company Guaranteed Notes, 9.875%
due 2/15/24
66,150
150,000
Western Gas Partners LP, Senior Unsecured Notes, 5.450% due 4/1/44
145,794
185,000
Whiting Petroleum Corp., Senior Unsecured Notes, 6.625% due 1/15/26
192,400
Williams Cos., Inc., Senior Unsecured Notes:
525,000
3.750% due 6/15/27
503,512
See Notes to Financial Statements.
83

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
$ 250,000
5.100% due 9/15/45
$ 250,358
YPF SA, Senior Unsecured Notes:
1,050,000
8.500% due 7/28/25
934,500
500,000
6.950% due 7/21/27
408,830
Total Energy
41,829,318
Financial – 5.9%
500,000
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company
Guaranteed Notes, 3.500% due 5/26/22
492,238
Air Lease Corp., Senior Unsecured Notes:
1,075,000
3.250% due 3/1/25
1,013,857
250,000
3.625% due 4/1/27
234,297
250,000
Alexandria Real Estate Equities Inc., Company Guaranteed Notes, 3.950% due
1/15/28
242,504
225,000
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior
Unsecured Notes, 8.250% due 8/1/23(b)
233,437
250,000
Allstate Corp., Senior Unsecured Notes, 4.500% due 6/15/43
259,647
American Express Co.:
465,000
Senior Unsecured Notes, 2.500% due 8/1/22
447,685
500,000
Subordinated Notes, 3.625% due 12/5/24
495,160
250,000
American Express Credit Corp., Senior Unsecured Notes, 2.250% due 5/5/21
244,048
American International Group Inc., Senior Unsecured Notes:
250,000
4.200% due 4/1/28
248,273
250,000
4.500% due 7/16/44
238,230
American Tower Corp., Senior Unsecured Notes:
250,000
2.800% due 6/1/20
247,954
100,000
3.500% due 1/31/23
98,598
100,000
4.000% due 6/1/25
99,161
200,000
Aon PLC, Company Guaranteed Notes, 4.750% due 5/15/45
202,814
195,000
ASP AMC Merger Sub Inc., Senior Unsecured Notes, 8.000% due 5/15/25(b)
149,175
260,000
AssuredPartners Inc., Senior Unsecured Notes, 7.000% due 8/15/25(b)
254,800
250,000
AXA Equitable Holdings Inc., Senior Unsecured Notes, 3.900% due 4/20/23(b)
249,187
300,000
Banco Bilbao Vizcaya Argentaria Colombia SA, Subordinated Notes, 4.875% due
4/21/25
300,378
Banco BTG Pactual SA:
200,000
Junior Subordinated Notes, 8.750% (5-Year CMT Index + 6.978%)(a)(e)
201,002
200,000
Senior Unsecured Notes, 5.500% due 1/31/23
186,000
400,000
Banco de Credito del Peru, Senior Unsecured Notes, 5.375% due 9/16/20
415,800
See Notes to Financial Statements.
84

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
$ 1,000,000
Banco de Credito e Inversiones SA, Senior Unsecured Notes, 4.000% due
2/11/23 
$ 1,001,890
800,000
Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due
2/1/23
808,000
1,400,000
Banco do Brasil SA, Junior Subordinated Notes, 6.250% (5-Year CMT Index +
4.398%)(a)(e)
1,051,680
1,350,000
Banco Internacional del Peru SAA, Senior Unsecured Notes, 5.750% due
10/7/20
1,398,951
800,000
Banco Macro SA, Subordinated Notes, 6.750% (5-Year USD Swap Rate +
5.463%) due 11/4/26(a)
640,008
Banco Mercantil del Norte SA:
Junior Subordinated Notes:
500,000
6.875% (5-Year CMT Index + 5.035%)(a)(e)
501,250
200,000
7.625% (5-Year CMT Index + 5.353%)(a)(e)
202,900
200,000
Subordinated Notes, 5.750% (5-Year CMT Index + 4.447%) due 10/4/31(a)
189,752
200,000
Banco Nacional de Costa Rica, Senior Unsecured Notes, 4.875% due 11/1/18
200,000
150,000
Banco Santander Chile, Senior Unsecured Notes, 3.875% due 9/20/22
149,939
1,000,000
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero
Santand, Subordinated Notes, 5.950% (5-Year CMT Index + 4.580%)
due 1/30/24(a)
1,007,500
200,000
Banco Santander SA, Senior Unsecured Notes, 4.379% due 4/12/28
193,358
600,000
Bancolombia SA, Subordinated Notes, 4.875% (5-Year CMT Index + 2.929%)
due 10/18/27(a)
579,150
200,000
Banistmo SA, Senior Unsecured Notes, 3.650% due 9/19/22(b)
191,750
Bank of America Corp.:
Senior Unsecured Notes:
500,000
2.625% due 4/19/21
492,082
980,000
2.369% (3-Month USD-LIBOR + 0.660%) due 7/21/21(a)
962,857
430,000
3.004% (3-Month USD-LIBOR + 0.790%) due 12/20/23(a)
418,607
750,000
3.875% due 8/1/25
749,455
500,000
3.366% (3-Month USD-LIBOR + 0.810%) due 1/23/26(a)
482,763
250,000
3.419% due 12/20/28(a)
235,360
250,000
4.443% (3-Month USD-LIBOR + 1.990%) due 1/20/48(a)
249,592
250,000
Subordinated Notes, 7.750% due 5/14/38
340,198
500,000
Bank of Montreal, Senior Unsecured Notes, 1.900% due 8/27/21
481,710
Bank of New York Mellon Corp., Senior Unsecured Notes:
750,000
2.150% due 2/24/20
742,115
250,000
3.400% due 1/29/28
246,029
See Notes to Financial Statements.
85

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
$ 500,000
Bank of Nova Scotia, Senior Unsecured Notes, 2.700% due 3/7/22
$ 489,547
Barclays PLC, Senior Unsecured Notes:
500,000
2.875% due 6/8/20
494,496
250,000
4.950% due 1/10/47
235,647
500,000
BB&T Corp., Senior Unsecured Notes, 2.750% due 4/1/22
491,090
300,000
BBVA Banco Continental SA, Senior Unsecured Notes, 5.000% due 8/26/22
309,750
BBVA Bancomer SA, Subordinated Notes:
200,000
5.350% (5-Year CMT Index + 3.000%) due 11/12/29(a)
191,000
1,300,000
5.125% (5-Year CMT Index + 2.650%) due 1/18/33(a)
1,187,888
BDO Unibank Inc., Senior Unsecured Notes:
350,000
2.625% due 10/24/21
334,485
1,400,000
2.950% due 3/6/23
1,329,773
150,000
Berkshire Hathaway Energy Co., Company Guaranteed Notes, 4.200% due
8/15/48
151,883
Berkshire Hathaway Inc., Senior Unsecured Notes:
250,000
2.750% due 3/15/23
245,736
250,000
3.125% due 3/15/26
243,087
Boston Properties LP, Senior Unsecured Notes:
500,000
3.200% due 1/15/25
481,642
960,000
3.650% due 2/1/26
938,353
100,000
Brighthouse Financial Inc., Senior Unsecured Notes, 3.700% due 6/22/27
89,274
250,000
Brixmor Operating Partnership LP, Senior Unsecured Notes, 3.900%
due 3/15/27
239,464
500,000
Brookfield Finance LLC, Company Guaranteed Notes, 4.000% due 4/1/24
498,389
Capital One Financial Corp., Senior Unsecured Notes:
250,000
3.050% due 3/9/22
245,226
250,000
3.750% due 3/9/27
238,463
125,000
CBRE Services Inc., Company Guaranteed Notes, 5.250% due 3/15/25
131,746
250,000
Charles Schwab Corp., Senior Unsecured Notes, 3.200% due 3/2/27
241,328
500,000
Chubb INA Holdings Inc., Company Guaranteed Notes, 3.350% due 5/3/26
490,943
Citigroup Inc.:
Senior Unsecured Notes:
250,000
2.700% due 3/30/21
246,312
100,000
2.350% due 8/2/21
97,286
500,000
2.750% due 4/25/22
487,265
500,000
4.044% (3-Month USD-LIBOR + 1.023%) due 6/1/24(a)
504,328
500,000
3.887% (3-Month USD-LIBOR + 1.563%) due 1/10/28(a)
486,933
See Notes to Financial Statements.
86

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
$ 1,215,000
3.668% (3-Month USD-LIBOR + 1.390%) due 7/24/28(a)
$ 1,162,407
Subordinated Notes:
250,000
4.450% due 9/29/27
247,649
100,000
5.300% due 5/6/44
106,374
250,000
4.750% due 5/18/46
246,489
500,000
Citizens Bank NA, Senior Unsecured Notes, 2.250% due 3/2/20
492,775
760,000
Commonwealth Bank of Australia, Senior Unsecured Notes, 2.750% due
3/10/22(b)
741,366
Cooperatieve Rabobank UA:
Company Guaranteed Notes:
500,000
3.875% due 2/8/22
506,842
250,000
3.750% due 7/21/26
238,423
250,000
Senior Unsecured Notes, 2.750% due 1/10/23
242,266
Credit Suisse Group Funding Guernsey Ltd., Company Guaranteed Notes:
500,000
3.125% due 12/10/20
496,420
250,000
3.750% due 3/26/25
242,718
250,000
4.550% due 4/17/26
253,049
403,000
Credito Real SAB de CV SOFOM ER, Junior Subordinated Notes, 9.125%
(5-Year CMT Index + 7.026%)(a)(e)
399,978
300,000
Crown Castle International Corp., Senior Unsecured Notes, 4.000% due 3/1/27
291,069
1,350,000
DBS Group Holdings Ltd., Junior Subordinated Notes, 3.600% (5-Year USD
Swap Rate + 2.390%)(a)(e)
1,301,063
500,000
Deutsche Bank AG, Senior Unsecured Notes, 3.950% due 2/27/23
486,398
810,000
Discover Financial Services, Senior Unsecured Notes, 4.100% due 2/9/27
784,784
200,000
Enstar Group Ltd., Senior Unsecured Notes, 4.500% due 3/10/22
201,714
245,000
ESH Hospitality Inc., Company Guaranteed Notes, 5.250% due 5/1/25(b)
237,344
250,000
Fifth Third Bancorp, Senior Unsecured Notes, 3.950% due 3/14/28
247,857
GE Capital International Funding Co. Unlimited Co., Company Guaranteed Notes:
250,000
3.373% due 11/15/25
241,885
250,000
4.418% due 11/15/35
240,532
Global Bank Corp., Senior Unsecured Notes:
500,000
5.125% due 10/30/19
503,750
1,200,000
4.500% due 10/20/21
1,188,360
Goldman Sachs Group Inc.:
Senior Unsecured Notes:
500,000
2.350% due 11/15/21
484,637
200,000
5.750% due 1/24/22
213,816
500,000
3.000% due 4/26/22
491,195
See Notes to Financial Statements.
87

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
$ 465,000
3.122% (3-Month USD-LIBOR + 0.780%) due 10/31/22(a)
$ 466,472
465,000
3.484% (3-Month USD-LIBOR + 1.170%) due 5/15/26(a)
462,679
250,000
6.125% due 2/15/33
289,353
Subordinated Notes:
500,000
4.250% due 10/21/25
497,264
250,000
6.750% due 10/1/37
301,693
250,000
5.150% due 5/22/45
255,564
500,000
Host Hotels & Resorts LP, Senior Unsecured Notes, 3.875% due 4/1/24
492,417
HSBC Holdings PLC:
Senior Unsecured Notes:
500,000
3.262% (3-Month USD-LIBOR + 1.055%) due 3/13/23(a)
492,830
250,000
4.041% (3-Month USD-LIBOR + 1.546%) due 3/13/28(a)
244,438
Subordinated Notes:
250,000
6.500% due 5/2/36
296,685
250,000
5.250% due 3/14/44
261,799
1,000,000
HSBC USA Inc., Senior Unsecured Notes, 2.375% due 11/13/19
993,666
500,000
Huntington National Bank, Senior Unsecured Notes, 2.375% due 3/10/20
494,562
230,000
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed
Notes, 6.250% due 2/1/22
236,302
300,000
Industrial Senior Trust, Company Guaranteed Notes, 5.500% due 11/1/22
294,000
500,000
ING Groep NV, Senior Unsecured Notes, 3.150% due 3/29/22
492,707
200,000
Itau CorpBanca, Senior Unsecured Notes, 3.875% due 9/22/19
200,644
800,000
Itau Unibanco Holding SA, Junior Subordinated Notes, 6.500% (5-Year CMT
Index + 3.863%)(a)(e)
729,200
250,000
Jefferies Group LLC/Jefferies Group Capital Finance Inc., Senior Unsecured
Notes, 4.850% due 1/15/27
247,878
JPMorgan Chase & Co.:
Senior Unsecured Notes:
250,000
4.250% due 10/15/20
255,505
250,000
2.972% due 1/15/23
244,789
250,000
3.782% (3-Month USD-LIBOR + 1.337%) due 2/1/28(a)
244,334
250,000
3.509% (3-Month USD-LIBOR + 0.945%) due 1/23/29(a)
238,252
250,000
4.005% (3-Month USD-LIBOR + 1.120%) due 4/23/29(a)
247,412
250,000
3.882% (3-Month USD-LIBOR + 1.360%) due 7/24/38(a)
233,068
150,000
5.400% due 1/6/42
169,702
250,000
4.260% (3-Month USD-LIBOR + 1.580%) due 2/22/48(a)
240,261
Subordinated Notes:
200,000
3.875% due 9/10/24
198,698
See Notes to Financial Statements.
88

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
$ 250,000
3.625% due 12/1/27
$ 238,134
1,000,000
JPMorgan Chase Bank NA, Senior Unsecured Notes, 1.650% due 9/23/19
988,966
250,000
KeyBank NA, Senior Unsecured Notes, 3.375% due 3/7/23
249,517
Kreditanstalt fuer Wiederaufbau, Government Guaranteed Notes:
2,000,000
1.625% due 3/15/21
1,941,848
500,000
2.125% due 3/7/22
487,253
500,000
2.375% due 12/29/22
488,810
100,000
2.500% due 11/20/24
97,400
Landwirtschaftliche Rentenbank, Government Guaranteed Notes:
250,000
2.375% due 6/10/25
240,676
75,000
1.750% due 7/27/26
68,417
250,000
Lincoln National Corp., Senior Unsecured Notes, 3.800% due 3/1/28
242,758
Lloyds Banking Group PLC:
1,000,000
Senior Unsecured Notes, 3.100% due 7/6/21
988,925
200,000
Subordinated Notes, 4.344% due 1/9/48
175,942
Macquarie Group Ltd., Senior Unsecured Notes:
520,000
3.189% (3-Month USD-LIBOR + 1.023%) due 11/28/23(a)(b)
498,093
435,000
4.150% (3-Month USD-LIBOR + 1.330%) due 3/27/24(a)(b)
434,980
1,700,000
Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate +
2.542%) due 10/29/26(a)
1,682,269
250,000
Manulife Financial Corp., Subordinated Notes, 4.061% (5-Year USD 1100 Run
ICE Swap Rate + 1.647%) due 2/24/32(a)
238,607
250,000
Mastercard Inc., Senior Unsecured Notes, 3.950% due 2/26/48
251,197
250,000
MetLife Inc., Senior Unsecured Notes, 4.600% due 5/13/46
256,387
350,000
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer Inc.,
Company Guaranteed Notes, 4.500% due 1/15/28
322,665
250,000
Mid-America Apartments LP, Senior Unsecured Notes, 3.750% due 6/15/24
247,421
Mitsubishi UFJ Financial Group Inc., Senior Unsecured Notes:
500,000
2.998% due 2/22/22
491,580
460,000
3.061% (3-Month USD-LIBOR + 0.740%) due 3/2/23(a)
461,135
Mizuho Financial Group Inc., Senior Unsecured Notes:
250,000
2.953% due 2/28/22
245,144
250,000
3.663% due 2/28/27
244,790
Morgan Stanley:
Senior Unsecured Notes:
500,000
2.625% due 11/17/21
488,267
500,000
3.125% due 1/23/23
491,371
955,000
3.737% (3-Month USD-LIBOR + 0.847%) due 4/24/24(a)
951,253
See Notes to Financial Statements.
89

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
$ 250,000
3.591% (3-Month USD-LIBOR + 1.340%) due 7/22/28(a)
$ 238,011
250,000
3.772% (3-Month USD-LIBOR + 1.140%) due 1/24/29(a)
241,053
250,000
6.375% due 7/24/42
311,284
250,000
Subordinated Notes, 4.350% due 9/8/26
248,817
MPT Operating Partnership LP/MPT Finance Corp., Company Guaranteed Notes:
250,000
5.250% due 8/1/26
250,000
260,000
5.000% due 10/15/27
254,800
250,000
National Australia Bank Ltd., Senior Unsecured Notes, 3.375% due 1/14/26
243,066
250,000
National Rural Utilities Cooperative Finance Corp., Collateral Trust, 3.050% due
2/15/22
249,190
105,000
Nationstar Mortgage Holdings Inc., Company Guaranteed Notes, 8.125% due
7/15/23(b)
108,938
275,000
Navient Corp., Senior Unsecured Notes, 6.500% due 6/15/22
284,364
405,000
New York Life Global Funding, Secured Notes, 2.300% due 6/10/22(b)
389,367
265,000
NFP Corp., Senior Unsecured Notes, 6.875% due 7/15/25(b)
259,700
1,050,000
Nuveen Finance LLC, Senior Unsecured Notes, 4.125% due 11/1/24(b)
1,045,770
1,000,000
Oesterreichische Kontrollbank AG, Government Guaranteed Notes, 1.500% due
10/21/20
972,835
500,000
PNC Bank NA, Senior Unsecured Notes, 2.625% due 2/17/22
489,223
150,000
PNC Financial Services Group Inc., Subordinated Notes, 3.900% due 4/29/24
150,377
150,000
Progressive Corp., Senior Unsecured Notes, 4.125% due 4/15/47
147,888
Prudential Financial Inc.:
Senior Unsecured Notes:
775,000
3.500% due 5/15/24
779,461
343,000
3.935% due 12/7/49
315,380
250,000
Junior Subordinated Notes, 5.625% (3-Month USD-LIBOR + 3.920%) due
6/15/43(a)
261,433
250,000
Regency Centers LP, Company Guaranteed Notes, 4.400% due 2/1/47
241,256
Royal Bank of Canada:
250,000
Senior Unsecured Notes, 2.125% due 3/2/20
247,271
250,000
Subordinated Notes, 4.650% due 1/27/26
256,991
Royal Bank of Scotland Group PLC, Senior Unsecured Notes:
1,040,000
3.498% (3-Month USD-LIBOR + 1.480%) due 5/15/23(a)
1,010,877
250,000
4.892% (3-Month USD-LIBOR + 1.754%) due 5/18/29(a)
249,977
250,000
Sabra Health Care LP, Company Guaranteed Notes, 5.125% due 8/15/26
242,411
Santander Holdings USA Inc., Senior Unsecured Notes:
250,000
3.700% due 3/28/22
248,191
480,000
3.400% due 1/18/23
466,417
See Notes to Financial Statements.
90

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
$ 250,000
Santander UK Group Holdings PLC, Senior Unsecured Notes, 3.373% (3-Month
USD-LIBOR + 1.080%) due 1/5/24(a)
$ 241,703
500,000
Santander UK PLC, Senior Unsecured Notes, 2.350% due 9/10/19
497,428
1,500,000
SBA Tower Trust, Mortgage, 3.168% due 4/11/22(b)
1,473,596
Simon Property Group LP, Senior Unsecured Notes:
500,000
2.350% due 1/30/22
485,259
100,000
3.375% due 10/1/24
98,709
SPARC EM SPC Panama Metro Line 2 SP, Senior Secured Notes:
1,100,000
zero coupon, due 12/5/22(b)
998,250
800,000
zero coupon, due 12/5/22
726,000
125,000
Springleaf Finance Corp., Company Guaranteed Notes, 7.125% due 3/15/26
124,384
Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes:
500,000
2.934% due 3/9/21
494,863
250,000
2.778% due 10/18/22
242,027
590,000
3.076% (3-Month USD-LIBOR + 0.740%) due 1/17/23(a)
591,481
250,000
3.102% due 1/17/23
245,136
100,000
2.632% due 7/14/26
91,389
500,000
SunTrust Bank, Senior Unsecured Notes, 2.250% due 1/31/20
494,878
Synchrony Bank, Senior Unsecured Notes:
250,000
3.650% due 5/24/21
248,404
350,000
3.000% due 6/15/22
336,895
1,950,000
Temasek Financial I Ltd., Company Guaranteed Notes, 2.375% due 1/23/23
1,878,645
245,000
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Senior Unsecured
Notes, 6.750% due 6/1/25(b)
238,263
125,000
Travelers Cos., Inc., Senior Unsecured Notes, 5.350% due 11/1/40
144,859
Unifin Financiera SAB de CV SOFOM ENR:
200,000
Senior Unsecured Notes, 7.375% due 2/12/26
192,502
1,300,000
Subordinated Notes, 8.875% (5-Year CMT Index + 6.308%)(a)(e)
1,222,013
400,000
Union Bank of the Philippines, Senior Unsecured Notes, 3.369% due 11/29/22
383,874
United Overseas Bank Ltd.:
300,000
Junior Subordinated Notes, 3.875% (5-Year USD Swap Rate + 1.794%)(a)(e)
281,048
1,200,000
Subordinated Notes, 3.500% (5-Year USD Swap Rate + 2.236%)
due 9/16/26(a)
1,180,980
750,000
US Bancorp, Senior Unsecured Notes, 2.625% due 1/24/22
735,524
100,000
Ventas Realty LP, Company Guaranteed Notes, 4.375% due 2/1/45
93,090
Visa Inc., Senior Unsecured Notes:
750,000
2.800% due 12/14/22
739,321
100,000
4.150% due 12/14/35
104,534
See Notes to Financial Statements.
91

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
Wells Fargo & Co.:
Senior Unsecured Notes:
$ 725,000
3.069% due 1/24/23
$ 709,256
250,000
3.000% due 4/22/26
234,439
500,000
3.000% due 10/23/26
467,070
835,000
3.584% (3-Month USD-LIBOR + 1.310%) due 5/22/28(a)
804,582
Subordinated Notes:
250,000
4.400% due 6/14/46
235,016
250,000
4.750% due 12/7/46
247,596
1,000,000
Wells Fargo Bank NA, Senior Unsecured Notes, 2.150% due 12/6/19
991,586
Westpac Banking Corp., Senior Unsecured Notes:
500,000
3.650% due 5/15/23
503,212
250,000
3.350% due 3/8/27
240,547
250,000
Weyerhaeuser Co., Senior Unsecured Notes, 4.625% due 9/15/23
258,771
Total Financial
96,301,092
Government – 0.7%
500,000
African Development Bank, Senior Unsecured Notes, 1.875% due 3/16/20
493,668
1,500,000
Asian Development Bank, Senior Unsecured Notes, 2.000% due 2/16/22
1,456,033
750,000
Council Of Europe Development Bank, Senior Unsecured Notes, 1.875% due
1/27/20
741,307
500,000
European Bank for Reconstruction & Development, Senior Unsecured Notes,
1.750% due 11/26/19
494,572
European Investment Bank, Senior Unsecured Notes:
2,000,000
1.750% due 5/15/20
1,967,444
750,000
1.375% due 6/15/20
732,168
1,000,000
FMS Wertmanagement, Government Guaranteed Notes, 1.750% due 1/24/20
987,147
Inter-American Development Bank:
500,000
Senior Unsecured Notes, 2.375% due 7/7/27
475,552
1,000,000
Unsecured Notes, 1.250% due 10/15/19
985,014
500,000
International Finance Corp., Unsecured Notes, 1.750% due 3/30/20
492,590
1,200,000
Malaysia Sovereign Sukuk Bhd, Unsecured Notes, 3.043% due 4/22/25
1,150,320
500,000
Malaysia Sukuk Global Bhd, Senior Unsecured Notes, 3.179% due 4/27/26
480,625
500,000
Svensk Exportkredit AB, Senior Unsecured Notes, 2.375% due 3/9/22
489,853
Total Government
10,946,293
Industrial – 1.1%
200,000
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Company
Guaranteed Notes, 7.250% due 5/15/24(b)
210,250
See Notes to Financial Statements.
92

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Industrial – (continued)
$ 540,000
Arrow Electronics Inc., Senior Unsecured Notes, 3.875% due 1/12/28
$ 509,921
270,000
BlueLine Rental Finance Corp./BlueLine Rental LLC, Secured Notes, 9.250%
due 3/15/24(b)
283,500
Boeing Co., Senior Unsecured Notes:
500,000
2.125% due 3/1/22
485,452
300,000
3.650% due 3/1/47
285,083
240,000
Builders FirstSource Inc., Senior Secured Notes, 5.625% due 9/1/24(b)
233,100
Burlington Northern Santa Fe LLC, Senior Unsecured Notes:
250,000
3.250% due 6/15/27
245,036
250,000
4.125% due 6/15/47
249,099
Canadian Pacific Railway Co.:
250,000
Company Guaranteed Notes, 4.000% due 6/1/28
254,007
100,000
Senior Unsecured Notes, 2.900% due 2/1/25
95,869
500,000
Caterpillar Financial Services Corp., Senior Unsecured Notes, 1.700% due
8/9/21 
482,630
Caterpillar Inc., Senior Unsecured Notes:
1,045,000
3.400% due 5/15/24
1,050,421
100,000
3.803% due 8/15/42
96,351
CSX Corp., Senior Unsecured Notes:
250,000
2.600% due 11/1/26
228,555
250,000
4.500% due 8/1/54
243,808
200,000
Embraer Netherlands Finance BV, Company Guaranteed Notes, 5.400% due
2/1/27
203,580
FedEx Corp., Company Guaranteed Notes:
500,000
3.300% due 3/15/27
479,375
990,000
4.750% due 11/15/45
986,791
250,000
4.400% due 1/15/47
236,750
Flex Acquisition Co., Inc., Senior Unsecured Notes:
125,000
6.875% due 1/15/25(b)
120,312
40,000
7.875% due 7/15/26(b)
40,050
90,000
frontdoor Inc., Senior Unsecured Notes, 6.750% due 8/15/26(b)
92,137
400,000
GATX Corp., Senior Unsecured Notes, 3.850% due 3/30/27
386,164
500,000
General Dynamics Corp., Company Guaranteed Notes, 2.875% due 5/11/20
499,680
General Electric Co., Senior Unsecured Notes:
1,000,000
2.200% due 1/9/20
990,041
500,000
4.500% due 3/11/44
483,850
500,000
Honeywell International Inc., Senior Unsecured Notes, 1.850% due 11/1/21
480,993
125,000
Jeld-Wen Inc., Company Guaranteed Notes, 4.625% due 12/15/25(b)
116,562
See Notes to Financial Statements.
93

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Industrial – (continued)
John Deere Capital Corp., Senior Unsecured Notes:
$ 750,000
2.200% due 3/13/20
$ 742,457
250,000
2.800% due 9/8/27
234,636
200,000
Johnson Controls International PLC, Senior Unsecured Notes, 4.500% due
2/15/47
195,536
Lockheed Martin Corp., Senior Unsecured Notes:
250,000
3.550% due 1/15/26
248,337
250,000
4.700% due 5/15/46
266,383
155,000
Masonite International Corp., Senior Unsecured Notes, 5.750% due 9/15/26(b)
156,550
Norfolk Southern Corp., Senior Unsecured Notes:
250,000
2.900% due 6/15/26
236,698
350,000
3.800% due 8/1/28
349,903
Northrop Grumman Corp., Senior Unsecured Notes:
200,000
2.550% due 10/15/22
193,766
100,000
4.030% due 10/15/47
93,455
250,000
Owens Corning, Senior Unsecured Notes, 3.400% due 8/15/26
231,954
Parker-Hannifin Corp., Senior Unsecured Notes:
400,000
3.250% due 3/1/27
388,562
200,000
4.100% due 3/1/47
199,310
225,000
Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes,
4.200% due 4/1/27(b)
222,515
100,000
Rockwell Collins Inc., Senior Unsecured Notes, 3.200% due 3/15/24
97,035
495,000
Roper Technologies Inc., Senior Unsecured Notes, 4.200% due 9/15/28
494,439
300,000
Ryder System Inc., Senior Unsecured Notes, 2.800% due 3/1/22
293,478
300,000
Tech Data Corp., Senior Unsecured Notes, 3.700% due 2/15/22
295,906
225,000
Tervita Escrow Corp., Secured Notes, 7.625% due 12/1/21(b)
233,156
285,000
TransDigm UK Holdings PLC, Company Guaranteed Notes, 6.875% due
5/15/26(b)
292,430
230,000
Triumph Group Inc., Company Guaranteed Notes, 7.750% due 8/15/25
223,388
Union Pacific Corp., Senior Unsecured Notes:
250,000
3.350% due 8/15/46
212,671
125,000
3.875% due 2/1/55
110,046
United Technologies Corp., Senior Unsecured Notes:
500,000
2.300% due 5/4/22
481,466
250,000
3.750% due 11/1/46
220,779
200,000
Votorantim Cimentos SA, Company Guaranteed Notes, 7.250% due 4/5/41
196,250
100,000
Vulcan Materials Co., Senior Unsecured Notes, 4.500% due 6/15/47
90,785
See Notes to Financial Statements.
94

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Industrial – (continued)
$ 120,000
Waste Pro USA Inc., Senior Unsecured Notes, 5.500% due 2/15/26(b)
$ 115,800
450,000
WestRock Co., Company Guaranteed Notes, 3.750% due 3/15/25(b)
443,185
Total Industrial
17,630,243
Technology – 0.9%
Apple Inc., Senior Unsecured Notes:
1,000,000
1.900% due 2/7/20
989,102
75,000
2.850% due 5/6/21
74,853
300,000
2.400% due 5/3/23
290,150
250,000
3.000% due 2/9/24
247,111
250,000
3.350% due 2/9/27
246,411
250,000
3.000% due 6/20/27
239,761
250,000
4.250% due 2/9/47
258,307
250,000
3.750% due 11/13/47
236,825
100,000
Applied Materials Inc., Senior Unsecured Notes, 4.350% due 4/1/47
101,599
235,000
Ascend Learning LLC, Senior Unsecured Notes, 6.875% due 8/1/25(b)
237,350
Broadcom Corp./Broadcom Cayman Finance Ltd., Company Guaranteed Notes:
500,000
3.000% due 1/15/22
487,512
100,000
3.625% due 1/15/24
96,809
300,000
CA Inc., Senior Unsecured Notes, 3.600% due 8/15/22
297,407
130,000
Camelot Finance SA, Senior Unsecured Notes, 7.875% due 10/15/24(b)
129,512
125,000
CDK Global Inc., Senior Unsecured Notes, 5.875% due 6/15/26
128,330
Dell International LLC/EMC Corp., Senior Secured Notes:
100,000
5.450% due 6/15/23(b)
104,954
750,000
6.020% due 6/15/26(b)
794,529
DXC Technology Co., Senior Unsecured Notes:
300,000
2.875% due 3/27/20
297,376
400,000
4.750% due 4/15/27
407,898
150,000
Fidelity National Information Services Inc., Senior Unsecured Notes, 4.750% due
5/15/48
150,982
235,000
First Data Corp., Secured Notes, 5.750% due 1/15/24(b)
239,700
210,000
Genesys Telecommunications Laboratories Inc./Greeneden Lux 3
SARL/Greeneden US Ho, Company Guaranteed Notes, 10.000% due
11/30/24(b)
234,150
Hewlett Packard Enterprise Co., Senior Unsecured Notes:
100,000
3.600% due 10/15/20
100,677
150,000
6.200% due 10/15/35
154,998
230,000
Informatica LLC, Senior Unsecured Notes, 7.125% due 7/15/23(b)
234,025
250,000
Intel Corp., Senior Unsecured Notes, 4.100% due 5/19/46
249,899
See Notes to Financial Statements.
95

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Technology – (continued)
International Business Machines Corp., Senior Unsecured Notes:
$ 250,000
2.500% due 1/27/22
$ 244,351
250,000
3.300% due 1/27/27
245,964
100,000
4.000% due 6/20/42
96,936
125,000
KLA-Tencor Corp., Senior Unsecured Notes, 4.650% due 11/1/24
129,374
925,000
Microchip Technology Inc., Senior Secured Notes, 4.333% due 6/1/23(b)
921,353
Microsoft Corp., Senior Unsecured Notes:
500,000
1.850% due 2/6/20
494,543
250,000
2.400% due 2/6/22
245,567
250,000
2.875% due 2/6/24
245,899
250,000
3.300% due 2/6/27
247,625
250,000
3.450% due 8/8/36
238,372
750,000
4.250% due 2/6/47
790,439
Oracle Corp., Senior Unsecured Notes:
500,000
1.900% due 9/15/21
483,876
100,000
2.950% due 11/15/24
97,230
500,000
2.650% due 7/15/26
466,592
250,000
3.850% due 7/15/36
242,705
250,000
4.000% due 7/15/46
240,317
200,000
4.000% due 11/15/47
192,238
QUALCOMM Inc., Senior Unsecured Notes:
500,000
3.000% due 5/20/22
493,799
100,000
4.650% due 5/20/35
101,225
165,000
Riverbed Technology Inc., Company Guaranteed Notes, 8.875% due 3/1/23(b)
152,625
400,000
Seagate HDD Cayman, Company Guaranteed Notes, 4.250% due 3/1/22
397,958
225,000
Sophia LP/Sophia Finance Inc., Senior Unsecured Notes, 9.000% due
9/30/23(b) 
234,562
400,000
Xerox Corp., Senior Unsecured Notes, 4.070% due 3/17/22
394,722
Total Technology
14,428,499
Utilities – 1.3%
200,000
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad
It, Company Guaranteed Notes, 7.950% due 5/11/26
206,750
100,000
Ameren Illinois Co., 1st Mortgage Notes, 3.700% due 12/1/47
94,063
Berkshire Hathaway Energy Co., Senior Unsecured Notes:
200,000
6.125% due 4/1/36
242,473
250,000
5.150% due 11/15/43
275,348
130,000
Calpine Corp., Senior Unsecured Notes, 5.750% due 1/15/25
117,975
See Notes to Financial Statements.
96

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Utilities – (continued)
$ 1,200,000
Cometa Energia SA de CV, Senior Secured Notes, 6.375% due 4/24/35
$ 1,173,000
Commonwealth Edison Co., 1st Mortgage Notes:
150,000
3.750% due 8/15/47
141,805
150,000
4.000% due 3/1/48
147,321
250,000
Consolidated Edison Co. of New York Inc., Senior Unsecured Notes, 3.950% due
3/1/43
241,389
500,000
Consolidated Edison Inc., Senior Unsecured Notes, 2.000% due 3/15/20
492,066
150,000
DTE Electric Co., GENL REF MORT, 3.750% due 8/15/47
142,227
Duke Energy Corp., Senior Unsecured Notes:
1,655,000
2.650% due 9/1/26
1,505,148
350,000
3.750% due 9/1/46
313,101
250,000
Duke Energy Progress LLC, 1st Mortgage Notes, 6.300% due 4/1/38
314,688
450,000
Edison International, Senior Unsecured Notes, 4.125% due 3/15/28
450,942
286,950
Empresa Electrica Angamos SA, Senior Secured Notes, 4.875% due 5/25/29
280,843
700,000
Empresa Electrica Guacolda SA, Senior Unsecured Notes, 4.560% due 4/30/25
650,406
Energuate Trust, Company Guaranteed Notes:
200,000
5.875% due 5/3/27(b)
191,000
200,000
5.875% due 5/3/27
191,000
600,000
Engie Energia Chile SA, Senior Unsecured Notes, 5.625% due 1/15/21
623,288
200,000
Entergy Louisiana LLC, Collateral Trust, 4.000% due 3/15/33
203,313
100,000
Eversource Energy, Senior Unsecured Notes, 2.900% due 10/1/24
95,480
500,000
Exelon Generation Co. LLC, Senior Unsecured Notes, 3.400% due 3/15/22
497,570
500,000
FirstEnergy Corp., Senior Unsecured Notes, 3.900% due 7/15/27
491,025
Florida Power & Light Co., 1st Mortgage Notes:
250,000
3.125% due 12/1/25
245,091
150,000
3.950% due 3/1/48
149,738
550,000
Fortis Inc., Senior Unsecured Notes, 2.100% due 10/4/21
526,349
Georgia Power Co., Senior Unsecured Notes:
250,000
2.000% due 3/30/20
245,493
250,000
3.250% due 3/30/27
235,838
800,000
Inkia Energy Ltd., Senior Unsecured Notes, 5.875% due 11/9/27
772,000
200,000
Israel Electric Corp., Ltd, Senior Secured Notes, 5.000% due 11/12/24(b)
204,500
791,738
Mexico Generadora de Energia S de rl, Senior Secured Notes, 5.500% due
12/6/32
781,842
500,000
MidAmerican Energy Co., 1st Mortgage Notes, 3.100% due 5/1/27
482,551
250,000
NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 3.550% due
5/1/27
243,046
See Notes to Financial Statements.
97

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Utilities – (continued)
$ 255,000
NextEra Energy Operating Partners LP, Company Guaranteed Notes, 4.250% due
9/15/24(b)
$ 248,625
55,000
NGL Energy Partners LP/NGL Energy Finance Corp., Company Guaranteed
Notes, 7.500% due 11/1/23
56,237
NiSource Inc., Senior Unsecured Notes:
150,000
3.490% due 5/15/27
144,872
100,000
4.375% due 5/15/47
98,715
250,000
Northern States Power Co., 1st Mortgage Notes, 3.600% due 5/15/46
233,117
100,000
NRG Energy Inc., Company Guaranteed Notes, 6.250% due 7/15/22
103,250
100,000
Oncor Electric Delivery Co. LLC, Senior Secured Notes, 5.300% due 6/1/42
116,973
Pacific Gas & Electric Co., Senior Unsecured Notes:
250,000
3.300% due 3/15/27
230,300
250,000
6.050% due 3/1/34
280,923
1,300,000
Pampa Energia SA, Senior Unsecured Notes, 7.500% due 1/24/27
1,033,500
250,000
PECO Energy Co., 1st Mortgage Notes, 4.150% due 10/1/44
252,670
PPL Capital Funding Inc., Company Guaranteed Notes:
100,000
3.400% due 6/1/23
98,146
250,000
3.100% due 5/15/26
234,146
125,000
PSEG Power LLC, Company Guaranteed Notes, 3.000% due 6/15/21
124,024
200,000
Public Service Electric & Gas Co., 1st Mortgage Notes, 4.050% due 5/1/48
201,630
100,000
Public Service Enterprise Group Inc., Senior Unsecured Notes, 2.650% due
11/15/22
96,437
150,000
Puget Sound Energy Inc., 1st Mortgage Notes, 4.223% due 6/15/48
153,828
100,000
San Diego Gas & Electric Co., 1st Mortgage Notes, 6.000% due 6/1/39
123,136
125,000
Sempra Energy, Senior Unsecured Notes, 4.050% due 12/1/23
126,676
75,000
South Carolina Electric & Gas Co., 1st Mortgage Notes, 4.500% due 6/1/64
69,518
Southern California Edison Co., 1st Mortgage Notes:
125,000
4.050% due 3/15/42
120,037
250,000
4.000% due 4/1/47
239,029
150,000
Southern California Gas Co., 1st Mortgage Notes, 3.150% due 9/15/24
147,805
Southern Co., Senior Unsecured Notes:
645,000
1.850% due 7/1/19
640,397
250,000
4.400% due 7/1/46
239,943
150,000
Southern Co. Gas Capital Corp, Company Guaranteed Notes, 4.400% due
5/30/47 
145,075
250,000
Southwestern Electric Power Co., Senior Unsecured Notes, 3.900% due 4/1/45
232,917
100,000
Southwestern Public Service Co., 1st Mortgage Notes, 4.500% due 8/15/41
105,164
See Notes to Financial Statements.
98

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Utilities – (continued)
$ 175,000
Superior Plus LP/Superior General Partner Inc., Senior Unsecured Notes, 7.000%
due 7/15/26(b)
$ 175,438
200,000
Transelec SA, Senior Unsecured Notes, 4.625% due 7/26/23
202,928
600,000
Transportadora de Gas del Peru SA, Senior Unsecured Notes, 4.250% due
4/30/28
591,750
Virginia Electric & Power Co., Senior Unsecured Notes:
100,000
2.950% due 1/15/22
99,224
250,000
3.500% due 3/15/27
247,464
250,000
4.000% due 1/15/43
241,470
195,000
Vistra Operations Co. LLC, Senior Unsecured Notes, 5.500% due 9/1/26(b)
198,471
Total Utilities
20,622,504
TOTAL CORPORATE BONDS & NOTES
(Cost – $318,011,722)
310,531,743
MORTGAGE-BACKED SECURITIES – 18.6%
FHLMC – 4.5%
Federal Home Loan Mortgage Corp. (FHLMC), Gold:
3,722,540
2.500% due 2/1/32
3,617,794
150,000
2.500% due 9/1/48(h)
140,268
20,502,097
3.000% due 3/1/32 – 1/1/46
20,051,620
40,120,053
3.500% due 6/1/33 – 2/1/48
40,012,276
646,000
3.500% due 9/1/33(h)
652,934
6,978,408
4.000% due 5/1/46 – 9/1/48
7,127,264
1,574,000
4.000% due 9/1/48(h)
1,602,657
2,945,066
4.500% due 9/1/46 – 8/1/48
3,065,871
TOTAL FHLMC
76,270,684
FNMA – 11.5%
Federal National Mortgage Association (FNMA):
1,700,000
2.490% due 9/1/28
1,570,352
24,177,569
2.500% due 1/1/32 – 2/1/47
22,827,935
300,000
2.500% due 9/1/48(h)
280,658
68,155,738
3.000% due 2/1/32 – 3/1/47
66,407,134
46,688,885
3.500% due 7/1/26 – 3/1/48
46,580,772
30,858,422
4.000% due 5/1/33 – 4/1/48
31,497,741
235,000
4.000% due 9/1/33(h)
240,427
8,429,648
4.500% due 5/1/48 – 6/1/48
8,753,694
7,190,640
5.000% due 4/1/40 – 3/1/47
7,694,713
TOTAL FNMA
185,853,426
See Notes to Financial Statements.
99

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
MORTGAGE-BACKED SECURITIES – (continued)
GNMA – 2.6%
Government National Mortgage Association II (GNMA):
$ 500,000
2.500% due 9/1/48(h)
$ 473,516
12,019,250
3.000% due 6/20/46 – 7/20/46
11,771,487
18,118,019
3.500% due 5/20/43 – 12/20/47
18,185,306
8,106,481
4.000% due 9/20/45 – 7/20/48
8,333,053
3,322,642
4.500% due 4/20/48 – 7/20/48
3,455,571
467,447
5.000% due 3/20/48
491,362
TOTAL GNMA
42,710,295
TOTAL MORTGAGE-BACKED SECURITIES
(Cost – $310,194,053)
304,834,405
ASSET-BACKED SECURITIES – 8.5%
3,305,626
AASET US Ltd., Series 2018-1A, Class A, 3.844% due 1/16/38(b)
3,291,115
500,000
Assurant CLO III Ltd., Series 2018-2A, Class A, 3.389% (3-Month
USD-LIBOR + 1.230%) due 10/20/31(a)(b)
499,997
8,890,178
Bayview Opportunity Master Fund IVa Trust, Series 2018-RN6, Class A1, step
bond to yield, 4.090% due 7/25/33(b)
8,888,085
1,976,200
Castlelake Aircraft Securitization Trust, Series 2018-1, Class A, 4.125% due
6/15/43(b)
1,984,731
500,000
CBAM Ltd., Series 2018-6A, Class A, 3.330% (3-Month USD-LIBOR + 0.940%)
due 7/15/31(a)(b)
499,410
1,000,000
CFIP CLO Ltd., Series 2014-1A, Class AR, 3.657% (3-Month USD-LIBOR +
1.320%) due 7/13/29(a)(b)
1,002,479
200,000
Citibank Credit Card Issuance Trust, Series 2017-A3, Class A3, 1.920% due
4/7/22
196,977
1,000,000
CVP CLO Ltd., Series 2017-1A, Class A, 3.688% (3-Month USD-LIBOR +
1.340%) due 7/20/30(a)(b)
1,006,764
1,000,000
Elevation CLO Ltd., Series 2014-2A, Class A1R, 3.569% (3-Month
USD-LIBOR + 1.230%) due 10/15/29(a)(b)
998,870
GCAT LLC:
6,106,350
Series 2017-2, Class A1, step bond to yield, 3.500% due 4/25/47(b)
6,059,068
2,629,748
Series 2017-5, Class A1, step bond to yield, 3.228% due 7/25/47(b)
2,620,519
4,753,962
Helios Issuer LLC Series, Series 2017-1A, Class A, 4.940% due 9/20/49(b)
4,824,524
529,000
Hunt CRE Ltd., Series 2018-FL2, Class A, 3.170% (1-Month USD-LIBOR +
1.080%) due 8/15/28(a)(b)
529,826
Invitation Homes Trust:
2,240,000
Series 2018-SFR1, Class C, 3.310% (1-Month USD-LIBOR + 1.250%) due
3/17/37(a)(b)
2,250,428
1,425,000
Series 2018-SFR1, Class D, 3.510% (1-Month USD-LIBOR + 1.450%) due
3/17/37(a)(b)
1,427,449
See Notes to Financial Statements.
100

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
ASSET-BACKED SECURITIES – (continued)
$ 990,000
Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.846% due 7/30/47(b)
$ 993,811
1,000,000
LCM XV LP, Series 15A, Class DR, 6.059% (3-Month USD-LIBOR + 3.700%)
due 7/20/30(a)(b)
1,009,723
1,000,000
LCM XVI LP, Series 16A, Class AR, 3.369% (3-Month USD-LIBOR + 1.030%)
due 7/15/26(a)(b)
1,000,012
1,000,000
Madison Park Funding XI Ltd., Series 2013-11A, Class AR, 3.507% (3-Month
USD-LIBOR + 1.160%) due 7/23/29(a)(b)
999,995
1,000,000
Marathon CLO V Ltd., Series 2013-5A, Class A1R, 3.182% (3-Month
USD-LIBOR + 0.870%) due 11/21/27(a)(b)
994,532
2,000,000
Marathon CLO VII Ltd., Series 2014-7A, Class A1R, 3.659% (3-Month
USD-LIBOR + 1.320%) due 10/28/25(a)(b)
2,000,996
Marlette Funding Trust:
281,710
Series 2017-2A, Class A, 2.390% due 7/15/24(b)
281,230
670,511
Series 2018-1A, Class A, 2.610% due 3/15/28(b)
668,883
1,500,000
Midocean Credit CLO VII, Series 2017-7A, Class A1, 3.659% (3-Month
USD-LIBOR + 1.320%) due 7/15/29(a)(b)
1,501,661
1,000,000
MP CLO III Ltd., Series 2013-1A, Class AR, 3.598% (3-Month USD-LIBOR +
1.250%) due 10/20/30(a)(b)
1,001,137
1,000,000
MP CLO IV Ltd., Series 2013-2A, Class ARR, 3.615% (3-Month USD-LIBOR +
1.280%) due 7/25/29(a)(b)
1,001,065
500,000
Neuberger Berman CLO XVI-S Ltd., Series 2017-16SA, Class A, 3.189%
(3-Month USD-LIBOR + 0.850%) due 1/15/28(a)(b)
498,052
2,000,000
Nissan Auto Receivables Owner Trust, Series 2017-A, Class A3, 1.740% due
8/16/21
1,979,167
500,000
Northwoods Capital XI-B, Series 2018-11BA, Class A1, 3.462% (3-Month
USD-LIBOR + 1.100%) due 4/19/31(a)(b)
498,245
1,000,000
Northwoods Capital XVI Ltd., Series 2017-16A, Class A, 3.584% (3-Month
USD-LIBOR + 1.270%) due 11/15/30(a)(b)
998,778
13,502,904
Oak Hill Advisors Residential Loan Trust, Series 2017-NPL2, Class A1, step
bond to yield, 3.000% due 7/25/57(b)
13,293,232
1,000,000
Octagon Loan Funding Ltd., Series 2014-1A, Class A1R, 3.462% (3-Month
USD-LIBOR + 1.140%) due 11/18/26(a)(b)
999,885
15,623,284
Option One Mortgage Loan Trust, Series 2007-6, Class 1A1, 2.255% (1-Month
USD-LIBOR + 0.190%) due 7/25/37(a)
13,380,944
707,740
Palmer Square Loan Funding Ltd., Series 2017-1A, Class A1, 3.079% (3-Month
USD-LIBOR + 0.740%) due 10/15/25(a)(b)
706,350
10,386,025
PRPM LLC, Series 2017-2A, Class A1, step bond to yield, 3.470%
due 9/25/22(b)
10,320,398
1,000,000
Rockford Tower CLO Ltd., Series 2017-3A, Class A, 3.538% (3-Month
USD-LIBOR + 1.190%) due 10/20/30(a)(b)
998,281
See Notes to Financial Statements.
101

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
ASSET-BACKED SECURITIES – (continued)
$ 1,000,000
Sofi Professional Loan Program Trust, Series 2018-B, Class BFX, 3.830% due
8/25/47(b)
$ 997,795
1,000,000
Steele Creek CLO Ltd., Series 2015-1A, Class AR, 3.572% (3-Month
USD-LIBOR + 1.260%) due 5/21/29(a)(b)
1,004,335
1,320,179
Textainer Marine Containers V Ltd., Series 2017-1A, Class A, 3.720% due
5/20/42(b)
1,310,465
1,000,000
THL Credit Wind River CLO Ltd., Series 2014-2A, Class AR, 3.479% (3-Month
USD-LIBOR + 1.140%) due 1/15/31(a)(b)
998,878
3,006,723
VOLT LIX LLC, Series 2017-NPL6, Class A1, step bond to yield, 3.250% due
5/25/47(b)
2,992,466
8,205,164
VOLT LVI LLC, Series 2017-NPL3, Class A1, step bond to yield, 3.500% due
3/25/47(b)
8,175,929
5,034,949
VOLT LXI LLC, Series 2017-NPL8, Class A1, step bond to yield, 3.125% due
6/25/47(b)
4,996,437
10,983,170
WaMu Asset-Backed Certificates WaMu Series Trust, Series 2007-HE4,
Class 1A, 2.235% (1-Month USD-LIBOR + 0.170%) due 7/25/47(a)
8,694,669
16,272,765
Washington Mutural Asset-Backed Certificates WMABS Trust, Series 2006-HE3,
Class 1A, 2.220% (1-Month USD-LIBOR + 0.155%) due 8/25/36(a)
15,118,559
Wellfleet CLO Ltd.:
1,000,000
Series 2017-2A, Class A1, 3.598% (3-Month USD-LIBOR + 1.250%) due
10/20/29(a)(b)
1,001,207
1,000,000
Series 2017-3A, Class A1, 3.486% (3-Month USD-LIBOR + 1.150%) due
1/17/31(a)(b)
997,708
500,000
Series 2018-2A, Class A1, zero coupon (3-Month USD-LIBOR + 1.200%) due
10/20/31(a)(b)(d)
499,350
1,000,000
Zais CLO 5 Ltd., Series 2016-2A, Class A1, 3.869% (3-Month USD-LIBOR +
1.530%) due 10/15/28(a)(b)
1,000,373
TOTAL ASSET-BACKED SECURITIES
(Cost – $137,706,036)
138,994,790
SENIOR LOANS(a) – 3.3%
Access CIG LLC:
38,863
3.750% (3-Month USD-LIBOR + 3.750%) due 2/27/25
38,985
519,578
5.826% (1-Month USD-LIBOR + 3.750%) due 2/27/25
521,204
Acrisure LLC:
80,000
6.086% (3-Month USD-LIBOR + 3.750%) due 11/22/23
79,950
380,749
6.592% (3-Month USD-LIBOR + 4.250%) due 11/22/23
381,606
254,361
Air Medical Group Holdings Inc., 5.321% (1-Month USD-LIBOR + 3.250%) due
4/28/22
249,645
255,000
Air Methods Corp., 5.834% (3-Month USD-LIBOR + 3.500%) due 4/22/24
232,899
See Notes to Financial Statements.
102

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
SENIOR LOANS(a) – (continued)
$ 55,000
Alera Group Intermediate Holdings Inc., 6.576% (1-Month USD-LIBOR +
4.500%) due 8/1/25
$ 55,344
195,000
Aleris International Inc., 6.826% (1-Month USD-LIBOR + 4.750%)
due 2/27/23
197,621
246,659
American Tire Distributors Inc., 6.326% (1-Month USD-LIBOR + 4.250%) due
9/1/21
187,846
499,884
Amneal Pharmaceuticals LLC, 5.625% (1-Month USD-LIBOR + 3.500%) due
5/4/25
503,009
119,100
Applied Systems Inc., 5.334% (3-Month USD-LIBOR + 3.000%) due 9/19/24
119,497
513,488
AssuredPartners Inc., 5.326% (1-Month USD-LIBOR + 3.250%) due 10/22/24
512,975
Asurion LLC:
448,972
5.076% (1-Month USD-LIBOR + 3.000%) due 11/3/23
450,256
115,000
8.576% (1-Month USD-LIBOR + 6.500%) due 8/4/25
118,258
195,000
Auris LuxCo, due 7/24/25(i)
196,301
337,284
Avantor Inc., 6.076% (1-Month USD-LIBOR + 4.000%) due 11/21/24
341,018
507,163
Avaya Inc., 6.313% (1-Month USD-LIBOR + 4.250%) due 12/15/24
510,272
59,250
Bausch Health Cos., Inc., 5.081% (1-Month USD-LIBOR + 3.000%)
due 6/2/25
59,437
255,000
BCP Renaissance Parent LLC, 5.842% (3-Month USD-LIBOR + 3.500%) due
10/31/24
255,745
416,869
BJ’s Wholesale Club Inc., 5.067% (1-Month USD-LIBOR + 3.000%)
due 2/3/24
417,390
190,000
Blackhawk Network Holdings Inc., 5.183% (2-Month USD-LIBOR + 3.000%)
due 6/15/25
190,555
455,000
BMC Software Finance Inc., due 9/1/25(i)
455,136
130,000
Boyd Corp., due 8/14/25(i)
130,325
145,400
Brand Energy & Infrastructure Services Inc., 6.596% (3-Month USD-LIBOR +
4.250%) due 6/21/24
146,066
395,000
Brazos Delaware II LLC, 6.077% (1-Month USD-LIBOR + 4.000%)
due 5/21/25
391,172
495,209
Bright Bidco BV, 5.751% (1-Month USD-LIBOR + 3.500%) due 6/30/24
490,361
245,000
Brookfield WEC Holdings Inc., 5.832% (1-Month USD-LIBOR + 3.750%) due
8/1/25
246,286
286,012
BWay Holding Co., 5.581% (3-Month USD-LIBOR + 3.250%) due 4/3/24
284,785
472,743
Canyon Valor Cos., Inc., 5.584% (3-Month USD-LIBOR + 3.250%)
due 6/16/23
474,043
701,475
Capri Acquisitions BidCo Ltd., 5.592% (3-Month USD-LIBOR + 3.250%) due
11/1/24
697,968
337,450
CBS Radio Inc., 4.816% (1-Month USD-LIBOR + 2.750%) due 11/18/24
334,075
525,000
Cengage Learning Inc., 6.327% (1-Month USD-LIBOR + 4.250%) due 6/7/23
485,887
298,737
CenturyLink Inc., 4.826% (1-Month USD-LIBOR + 2.750%) due 1/31/25
295,152
See Notes to Financial Statements.
103

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
SENIOR LOANS(a) – (continued)
$ 380,139
Change Healthcare Holdings Inc., 4.826% (1-Month USD-LIBOR + 2.750%) due
3/1/24
$ 380,245
450,000
Cincinnati Bell Inc., 5.326% (1-Month USD-LIBOR + 3.250%) due 10/2/24
448,632
308,677
ClubCorp Holdings Inc., 5.084% (3-Month USD-LIBOR + 2.750%)
due 9/18/24
305,050
572,850
Compass Power Generation LLC, 5.576% (1-Month USD-LIBOR + 3.500%) due
12/20/24
574,643
247,555
Constellis Holdings LLC, 7.334% (3-Month USD-LIBOR + 5.000%) due 4/21/24
249,102
385,000
Covia Holdings Corp., 6.050% (3-Month USD-LIBOR + 3.750%) due 6/1/25
380,026
294,583
CSM Bakery Solutions Ltd., 6.340% (3-Month USD-LIBOR + 4.000%) due
7/3/20
283,830
463,838
Cvent Inc., 5.826% (1-Month USD-LIBOR + 3.750%) due 11/29/24
462,678
273,315
CVS Holdings I LP, 5.080% (1-Month USD-LIBOR + 3.000%) due 2/6/25
272,462
Cyxtera DC Holdings Inc.:
1,027,406
5.090% (1-Month USD-LIBOR + 3.000%) due 5/1/24
1,032,543
50,000
9.340% (1-Month USD-LIBOR + 7.250%) due 5/1/25
49,958
573,813
Deerfield Dakota Holding LLC, 5.584% (3-Month USD-LIBOR + 3.250%) due
2/13/25
574,650
Dentalcorp of Canada ULC:
8,570
2.526% (3-Month USD-LIBOR + 1.875%) due 6/6/25
8,598
208,000
5.826% (1-Month USD-LIBOR + 3.750%) due 6/6/25
208,693
274,171
Digicel International Finance Ltd., 5.570% (3-Month USD-LIBOR + 3.250%)
due 5/27/24
255,892
40,000
Dynatrace LLC, 5.316% (1-Month USD-LIBOR + 3.250%) due 8/25/25
40,117
513,713
EAB Global Inc., 6.252% (2-Month USD-LIBOR + 3.750%) due 11/15/24
509,860
65,000
EagleView Technology Corp., 5.567% (1-Month USD-LIBOR + 3.500%) due
8/14/25
64,878
Edelman Financial Center LLC:
285,000
5.592% (3-Month USD-LIBOR + 3.250%) due 7/21/25
286,337
25,000
9.092% (3-Month USD-LIBOR + 6.750%) due 7/20/26
25,562
EG Group Ltd.:
129,675
6.267% (3-Month USD-LIBOR + 4.000%) due 2/7/25
129,621
448,875
6.334% (3-Month USD-LIBOR + 4.000%) due 2/7/25
448,686
337,183
Equian Buyer Corp., 5.316% (1-Month USD-LIBOR + 3.250%) due 5/20/24
336,974
636,962
Equinox Holdings Inc., 5.076% (1-Month USD-LIBOR + 3.000%) due 3/8/24
639,509
210,850
Exgen Renewables IV LLC, 5.320% (3-Month USD-LIBOR + 3.000%) due
11/28/24
211,377
563,944
Explorer Holdings Inc., 6.084% (3-Month USD-LIBOR + 3.750%) due 5/2/23
566,764
511,751
Federal-Mogul Corp., 5.815% (1-Month USD-LIBOR + 3.750%) due 4/15/21
512,938
209,475
Filtration Group Corp., 5.076% (1-Month USD-LIBOR + 3.000%) due 3/29/25
210,131
See Notes to Financial Statements.
104

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
SENIOR LOANS(a) – (continued)
$ 314,213
Flexera Software LLC, 5.330% (1-Month USD-LIBOR + 3.250%) due 2/26/25
$ 314,291
181,252
Foresight Energy LLC, 7.826% (1-Month USD-LIBOR + 5.750%) due 3/28/22
180,701
137,428
Forterra Finance LLC, 5.076% (1-Month USD-LIBOR + 3.000%) due 10/25/23
128,572
145,000
frontdoor Inc., 4.625% (3-Month USD-LIBOR + 2.500%) due 8/16/25
145,181
420,000
Frontera Generation Holdings LLC, 6.331% (1-Month USD-LIBOR + 4.250%)
due 5/2/25
421,050
205,466
FTS International Inc., 6.826% (1-Month USD-LIBOR + 4.750%) due 4/16/21
205,595
320,950
Gates Global LLC, 5.084% (3-Month USD-LIBOR + 2.750%) due 4/1/24
322,404
Gentiva Health Services Inc.:
425,158
6.125% (3-Month USD-LIBOR + 3.750%) due 7/2/25
427,816
105,000
9.375% (3-Month USD-LIBOR + 7.000%) due 7/2/26
106,575
299,250
Gopher Resource LLC, 5.326% (1-Month USD-LIBOR + 3.250%) due 3/6/25
300,746
455,000
Graftech International Ltd., 5.576% (1-Month USD-LIBOR + 3.500%) due
2/12/25
457,275
628,633
Greeneden US Holdings I LLC, 5.576% (1-Month USD-LIBOR + 3.500%) due
12/1/23
629,683
975,000
GTT Communications Inc., 4.830% (1-Month USD-LIBOR + 2.750%) due
5/31/25
955,276
164,715
Gulf Finance LLC, 7.590% (3-Month USD-LIBOR + 5.250%) due 8/25/23
136,611
113,229
GW Honos Security Corp., 5.800% (3-Month USD-LIBOR + 3.500%) due
5/24/24
113,654
190,865
Harbor Freight Tools USA Inc., 4.576% (1-Month USD-LIBOR + 2.500%) due
8/18/23
190,573
669,938
Hayward Industries Inc., 5.576% (1-Month USD-LIBOR + 3.500%) due 8/5/24
671,612
700,000
Intelsat Jackson Holdings SA, 5.815% (1-Month USD-LIBOR + 3.750%) due
11/27/23
703,017
506,687
Intralinks Inc., 6.080% (1-Month USD-LIBOR + 4.000%) due 11/14/24(j)
508,587
507,388
Intrawest Resorts Holdings Inc., 5.076% (1-Month USD-LIBOR + 3.000%) due
7/31/24
507,601
410,000
ION Trading Technologies SARL, due 11/21/24(i)
407,823
566,410
IRB Holding Corp., 5.321% (1-Month USD-LIBOR + 3.250%) due 2/5/25
568,840
374,036
Jaguar Holding Co. I LLC, 4.576% (1-Month USD-LIBOR + 2.500%) due
8/18/22
373,654
335,000
KBR Inc., 5.815% (1-Month USD-LIBOR + 3.750%) due 4/25/25
337,305
410,538
Kenan Advantage Group Holdings Corp., 5.076% (1-Month USD-LIBOR +
3.000%) due 7/29/22
408,231
175,000
Kindred Healthcare LLC, 7.375% (3-Month USD-LIBOR + 5.000%)
due 7/2/25
174,454
530,152
Klockner Pentaplast of America Inc., 6.326% (1-Month USD-LIBOR + 4.250%)
due 6/30/22
512,922
See Notes to Financial Statements.
105

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
SENIOR LOANS(a) – (continued)
$ 540,000
Kronos Acquisition Intermediate Inc., 6.065% (1-Month USD-LIBOR + 4.000%)
due 5/15/23
$ 534,940
428,925
Kronos Inc., 5.343% (2-Month USD-LIBOR + 3.000%) due 11/1/23
429,783
194,513
Lions Gate Capital Holdings LLC, 4.315% (1-Month USD-LIBOR + 2.250%)
due 3/24/25
194,269
259,350
Lucid Energy Group II Borrower LLC, 5.077% (1-Month USD-LIBOR +
3.000%) due 2/17/25
255,136
105,000
Marriott Ownership Resorts Inc., due 8/29/25(i)
105,131
Mavis Tire Express Services Corp.:
4,743
1.238% (3-Month USD-LIBOR + 1.000%) due 3/20/25
4,695
537,405
5.327% (1-Month USD-LIBOR + 3.250%) due 3/20/25
532,031
143,713
McDermott International Inc., 7.076% (1-Month USD-LIBOR + 5.000%) due
5/12/25
145,127
254,325
Meredith Corp., 5.076% (1-Month USD-LIBOR + 3.000%) due 1/31/25
254,890
44,271
Mission Broadcasting Inc., 4.582% (1-Month USD-LIBOR + 2.500%) due
1/17/24
44,419
Misys Ltd.:
250,630
5.576% (1-Month USD-LIBOR + 3.500%) due 6/13/24
249,310
260,000
9.326% (1-Month USD-LIBOR + 7.250%) due 6/13/25
254,800
508,725
Mitchell International Inc., 5.326% (1-Month USD-LIBOR + 3.250%) due
11/29/24
507,346
MLN US HoldCo LLC:
330,000
due 7/11/25(i)
331,237
75,000
due 7/13/26(i)
74,250
388,669
MPH Acquisition Holdings LLC, 5.084% (3-Month USD-LIBOR + 2.750%) due
6/7/23
388,292
325,327
Nexstar Broadcasting Inc., 4.582% (1-Month USD-LIBOR + 2.500%) due
1/17/24
326,410
116,406
Optiv Inc., 5.313% (1-Month USD-LIBOR + 3.250%) due 2/1/24
112,623
503,738
Oryx Southern Delaware Holdings LLC, 5.326% (1-Month USD-LIBOR +
3.250%) due 2/28/25
492,821
384,033
Parexel International Corp., 4.826% (1-Month USD-LIBOR + 2.750%) due
9/27/24
383,745
674,900
Peak 10 Holding Corp., 5.834% (3-Month USD-LIBOR + 3.500%) due 8/1/24
661,064
105,000
Penn National Gaming Inc., due 8/14/25(i)
105,131
376,674
Pike Corp., 5.580% (1-Month USD-LIBOR + 3.500%) due 3/23/25
379,122
425,000
Pisces Midco Inc., 6.087% (3-Month USD-LIBOR + 3.750%) due 4/12/25
426,241
245,000
Plantronics Inc., 4.576% (1-Month USD-LIBOR + 2.500%) due 7/2/25
244,285
625,267
Playa Resorts Holding BV, 4.830% (1-Month USD-LIBOR + 2.750%) due
4/29/24
619,796
See Notes to Financial Statements.
106

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
SENIOR LOANS(a) – (continued)
$ 733,163
PowerTeam Services LLC, 5.584% (3-Month USD-LIBOR + 3.250%)
due 3/6/25
$ 726,747
408,967
Prime Security Services Borrower LLC, 4.826% (1-Month USD-LIBOR +
2.750%) due 5/2/22
409,806
638,550
Project Alpha Intermediate Holding Inc., 5.990% (3-Month USD-LIBOR +
3.500%) due 4/26/24
638,282
408,411
Radiate Holdco LLC, 5.076% (1-Month USD-LIBOR + 3.000%) due 2/1/24
405,859
430,000
Radiology Partners Inc., 6.589% (3-Month USD-LIBOR + 4.250%) due 7/9/25
427,850
575,000
Renaissance Holding Corp., 5.584% (3-Month USD-LIBOR + 3.250%) due
5/30/25
572,844
367,088
RentPath LLC, 6.830% (1-Month USD-LIBOR + 4.750%) due 12/17/21(j)
301,012
154,608
Reynolds Group Holdings Inc., 4.826% (1-Month USD-LIBOR + 2.750%) due
2/5/23
155,050
239,400
Robertshaw US Holding Corp., 5.625% (1-Month USD-LIBOR + 3.500%) due
2/28/25
237,157
70,000
Schenectady International Group Inc., due 8/17/25(i)
68,600
413,963
Scientific Games International Inc., 4.826% (1-Month USD-LIBOR + 2.750%)
due 8/14/24
412,704
Securus Technologies Holdings Inc.:
104,000
due 11/1/24(i)
103,870
716,875
6.576% (1-Month USD-LIBOR + 4.500%) due 11/1/24
715,979
632,000
Select Medical Corp., 4.821% (1-Month USD-LIBOR + 2.750%) due 3/1/21
634,895
335,000
Severin Acquisition LLC, 5.332% (3-Month USD-LIBOR + 3.250%)
due 8/1/25
333,744
625,000
SIWF Holdings Inc., 6.314% (1-Month USD-LIBOR + 4.250%) due 6/15/25
625,781
332,700
SolarWinds Holdings Inc., 5.076% (1-Month USD-LIBOR + 3.000%)
due 2/5/24
333,688
Solenis Holdings LLC:
265,000
6.311% (3-Month USD-LIBOR + 4.000%) due 12/26/23
266,155
55,000
10.811% (3-Month USD-LIBOR + 8.500%) due 6/26/24
54,175
498,717
Sophia LP, 5.584% (3-Month USD-LIBOR + 3.250%) due 9/30/22
499,839
90,000
Sound Inpatient Physicians Inc., 5.076% (1-Month USD-LIBOR + 3.000%) due
6/27/25
90,150
507,436
Southern Graphics Inc., 5.326% (1-Month USD-LIBOR + 3.250%)
due 12/31/22
506,487
55,000
SRS Distribution Inc., 5.441% (2-Month USD-LIBOR + 3.250%) due 5/23/25
53,704
70,000
SS&C Technologies Holdings Inc., due 4/16/25(i)
70,015
233,238
Staples Inc., 6.343% (3-Month USD-LIBOR + 4.000%) due 9/12/24
232,447
95,000
Stars Group Holdings BV, 5.831% (3-Month USD-LIBOR + 3.500%) due
7/10/25
95,706
See Notes to Financial Statements.
107

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
SENIOR LOANS(a) – (continued)
$ 174,089
Syncreon Global Finance (US) Inc., 6.326% (1-Month USD-LIBOR + 4.250%)
due 10/28/20
$ 163,753
556,813
Team Health Holdings Inc., 4.826% (1-Month USD-LIBOR + 2.750%) due
2/6/24
531,294
325,000
Tenneco Inc., due 6/18/25(i)
325,000
413,850
Titan Acquisition Ltd., 5.076% (1-Month USD-LIBOR + 3.000%) due 3/28/25
391,680
636,938
TKC Holdings Inc., 5.830% (1-Month USD-LIBOR + 3.750%) due 2/1/23
636,441
Transdigm Inc.:
408,975
4.576% (1-Month USD-LIBOR + 2.500%) due 6/9/23
408,018
166,004
4.576% (1-Month USD-LIBOR + 2.500%) due 5/30/25
165,562
150,000
Travel Leaders Group LLC, 6.060% (1-Month USD-LIBOR + 4.000%) due
1/25/24
151,219
255,000
Traverse Midstream Partners LLC, 6.340% (3-Month USD-LIBOR + 4.000%)
due 9/27/24
255,956
636,897
UFC Holdings LLC, 5.330% (1-Month USD-LIBOR + 3.250%) due 8/18/23
639,171
140,000
Ultra Resources Inc., 5.077% (1-Month USD-LIBOR + 3.000%) due 4/12/24
125,271
334,143
US Renal Care Inc., 6.584% (3-Month USD-LIBOR + 4.250%) due 12/30/22
324,954
733,163
US Silica Co., 6.125% (1-Month USD-LIBOR + 4.000%) due 5/1/25
731,535
290,000
VeriFone Systems Inc., 6.322% (3-Month USD-LIBOR + 4.000%) due 8/20/25
290,362
320,000
Verscend Holding Corp., due 8/27/25(i)
321,802
315,000
Vertafore Inc., 5.326% (1-Month USD-LIBOR + 3.250%) due 7/2/25
314,187
557,200
West Corp., 6.076% (1-Month USD-LIBOR + 4.000%) due 10/10/24
554,587
290,000
WP CPP Holdings LLC, 6.214% (3-Month USD-LIBOR + 3.750%) due
4/30/25
290,908
290,000
Yak Access LLC, 7.067% (1-Month USD-LIBOR + 5.000%) due 7/11/25
279,850
TOTAL SENIOR LOANS
(Cost – $54,000,908)
53,661,864
SOVEREIGN BONDS – 1.2%
Argentina – 0.1%
Argentine Republic Government International Bond:
1,100,000
6.875% due 1/26/27
860,750
250,000
5.875% due 1/11/28
181,625
350,000
6.625% due 7/6/28
262,500
1,350,000
Provincia de Buenos Aires, 7.875% due 6/15/27
972,013
Total Argentina
2,276,888
Canada – 0.1%
1,000,000
Province of Ontario Canada, 2.400% due 2/8/22
976,506
750,000
Province of Quebec Canada, 2.375% due 1/31/22
733,726
Total Canada
1,710,232
See Notes to Financial Statements.
108

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
SOVEREIGN BONDS – (continued)
Chile – 0.1%
Chile Government International Bond:
$ 400,000
3.125% due 3/27/25
$ 388,740
1,600,000
3.125% due 1/21/26
1,544,320
Total Chile
1,933,060
Colombia – 0.1%
Colombia Government International Bond:
750,000
3.875% due 4/25/27
730,125
250,000
5.625% due 2/26/44
271,875
Total Colombia
1,002,000
Hungary – 0.0%
500,000
Hungary Government International Bond, 6.375% due 3/29/21
535,385
India – 0.0%
200,000
Export-Import Bank of India, 4.000% due 1/14/23
199,006
Indonesia – 0.1%
1,300,000
Perusahaan Penerbit SBSN Indonesia III, 4.150% due 3/29/27(b)
1,263,275
Israel – 0.0%
700,000
Israel Government International Bond, 2.875% due 3/16/26
667,271
Japan – 0.1%
Japan Bank for International Cooperation:
500,000
1.750% due 5/28/20
490,389
250,000
2.750% due 11/16/27
239,088
Total Japan
729,477
Mexico – 0.1%
Mexico Government International Bond:
500,000
3.500% due 1/21/21
500,125
600,000
4.150% due 3/28/27
591,900
350,000
3.750% due 1/11/28
332,850
750,000
4.600% due 1/23/46
697,125
Total Mexico
2,122,000
Panama – 0.0%
Panama Government International Bond:
400,000
4.000% due 9/22/24
408,000
250,000
4.500% due 5/15/47
251,875
Total Panama
659,875
See Notes to Financial Statements.
109

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount/Units
Security
Value
SOVEREIGN BONDS – (continued)
Peru – 0.1%
$ 700,000
Fondo MIVIVIENDA SA, 3.500% due 1/31/23
$ 680,400
100,000
Peruvian Government International Bond, 5.625% due 11/18/50
119,600
Total Peru
800,000
Philippines – 0.2%
Philippine Government International Bond:
2,100,000
4.200% due 1/21/24
2,161,883
750,000
3.950% due 1/20/40
736,538
Total Philippines
2,898,421
Poland – 0.0%
500,000
Republic of Poland Government International Bond, 4.000% due 1/22/24
510,300
South Korea – 0.1%
750,000
Export-Import Bank of Korea, 2.125% due 1/25/20
738,779
Supranational – 0.1%
International Bank for Reconstruction & Development:
1,000,000
1.875% due 4/21/20
986,846
1,000,000
1.375% due 9/20/21
957,912
250,000
1.875% due 10/27/26
230,382
Total Supranational
2,175,140
Uruguay – 0.0%
250,000
Uruguay Government International Bond, 4.125% due 11/20/45
232,375
TOTAL SOVEREIGN BONDS
(Cost – $21,605,888)
20,453,484
Face
Amount/Units
Rating††
MUNICIPAL BONDS – 0.2%
California – 0.1%
$ 125,000 AA
Bay Area Toll Authority, Revenue Bonds, Series F2, 6.263% due 4/1/49
173,371
100,000 AA+
Los Angeles Community College District, GO, Series E, 6.750%
due 8/1/49
146,249
150,000 AA+
Los Angeles Department of Water & Power, Power System Revenue,
Revenue Bonds, Series B, 6.603% due 7/1/50
215,786
150,000 AA-
Los Angeles Unified School District, GO, Series RY, 6.758% due 7/1/34
198,252
State of California, GO:
25,000 AA-
3.500% due 4/1/28
24,877
40,000 AA-
4.600% due 4/1/38
42,103
100,000 AA-
7.500% due 4/1/34
140,519
200,000 AA-
7.550% due 4/1/39
296,606
See Notes to Financial Statements.
110

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face
Amount/Units
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
California – (continued)
$ 125,000 AA-
7.600% due 11/1/40
$ 188,876
University of California, Revenue Bonds:
100,000 AA
Series AJ, 4.601% due 5/15/31
106,771
25,000 AA
Series AX, 3.063% due 7/1/25
24,529
75,000 AA
Series R, 5.770% due 5/15/43
92,177
Total California
1,650,116
Florida – 0.0%
20,000 A
County of Miami-Dade FL Aviation Revenue, Revenue Bonds, Series C,
4.280% due 10/1/41
20,061
Illinois – 0.0%
State of Illinois, GO:
250,000 BBB-
5.100% due 6/1/33
241,275
100,000 BBB-
6.725% due 4/1/35
107,302
Total Illinois
348,577
Massachusetts – 0.0%
100,000 AA
Commonwealth of Massachusetts, GO, Series E, 5.456% due 12/1/39
120,208
Nevada – 0.0%
100,000 AA-
County of Clark Department of Aviation, Revenue Bonds, Series C, 6.820%
due 7/1/45
144,457
New Jersey – 0.0%
100,000 A+
New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.414% due
1/1/40
144,820
New York – 0.1%
150,000 AA
Metropolitan Transportation Authority, Revenue Bonds, Series C, 7.336%
due 11/15/39
219,460
125,000 AA+
New York City Water & Sewer System, Revenue Bonds, Series AA, 5.440%
due 6/15/43
153,008
205,000 AAA
New York State Urban Development Corp., Revenue Bonds, Series B,
2.100% due 3/15/22
201,423
200,000 AA-
Port Authority of New York & New Jersey, Revenue Bonds, 4.458% due
10/1/62
212,640
Total New York
786,531
Ohio – 0.0%
100,000 A
American Municipal Power Inc., Revenue Bonds, Combined Hydroelectric
Projects B, 8.084% due 2/15/50
160,700
Texas – 0.0%
75,000 AAA
State of Texas, GO, Series A, 5.517% due 4/1/39
93,416
See Notes to Financial Statements.
111

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face
Amount/Units
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Wisconsin – 0.0%
$ 10,000 AA-
State of Wisconsin, Revenue Bonds, Series C, 3.154% due 5/1/27
$ 9,728
TOTAL MUNICIPAL BONDS
(Cost – $3,470,756)
3,478,614
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $1,611,955,641)
1,583,550,885
SHORT-TERM INVESTMENTS – 3.3%
TIME DEPOSITS – 3.3%
45,343,044
Deutsche Bank AG – Grand Cayman, 1.280% due 9/4/18
45,343,044
8,508,827
JPMorgan Chase & Co. – New York, 1.280% due 9/4/18
8,508,827
TOTAL TIME DEPOSITS
(Cost – $53,851,871)
53,851,871
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.0%
MONEY MARKET FUND – 0.0%
906,892
Federated Government Obligations Fund, Premier Class, 1.845%(k)
(Cost – $906,892)
906,892
TOTAL INVESTMENTS – 99.8%
(Cost – $1,666,714,404#)
1,638,309,648
Other Assets in Excess of Liabilities – 0.2%
2,630,777
TOTAL NET ASSETS – 100.0%
$ 1,640,940,425
††
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, 2018.
(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, 2018, amounts to approximately $183,862,245 and represents 11.20% of net assets.
(c)
Interest only security.
(d)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
(e)
Security is perpetual in nature and has no stated maturity date.
(f)
All or a portion of this security is on loan (See Note 5).
(g)
Payment in-kind security for which part of the income earned may be paid as additional principal.
(h)
This security is traded on a TBA basis (See Note 5).
(i)
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.
(j)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2018, amounts to approximately $809,599 and represents 0.05% of net assets.
(k)
Represents investment of collateral received from securities lending transactions.
#
Aggregate cost for federal income tax purposes is substantially the same.
See Notes to Financial Statements.
112

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Core Fixed Income Fund (concluded)
Abbreviations used in this schedule:
CLO
 —   Collateralized Loan Obligation
CMT
 —   Constant Maturity Treasury Index
GO
 —   General Obligation
ICE
 —   Intercontinental Exchange
LIBOR
 —   London Interbank Offered Rate
LLC
 —   Limited Liability Company
PLC
 —   Public Limited Company
REMICS
 —   Real Estate Mortgage Investment Conduit
See pages 220 – 221 for definitions of ratings.
Summary of Investments by Security Type^
U.S. Government Agencies & Obligations
24.6%
Collateralized Mortgage Obligations
21.3
Corporate Bonds & Notes
19.0
Mortgage-Backed Securities
18.6
Asset-Backed Securities
8.5
Senior Loans
3.3
Sovereign Bonds
1.1
Municipal Bonds
0.2
Short-Term Investments
3.3
Money Market Fund
0.1
100.0%
^
As a percentage of total investments.
Schedule of Forward Sale Commitment
Face Amount
Security
Value
$ 2,000,000
Federal National Mortgage Association (FNMA), 4.500% due 9/1/48(a)
(Proceeds – $2,071,875)
$ 2,076,377
(a)
This security is traded on a TBA basis (See Note 5).
See Notes to Financial Statements.
113

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Low Duration Fixed Income Fund
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – 56.9%
Basic Materials – 5.3%
$ 2,882,000
A Schulman Inc., Company Guaranteed Notes, 6.875% due 6/1/23
$ 3,034,458
735,000
B2Gold Corp., Senior Subordinated Notes, 3.250% due 10/1/18
732,244
200,000
Braskem Netherlands Finance BV, Company Guaranteed Notes, 3.500% due
1/10/23
185,752
100,000
Celulosa Arauco y Constitucion SA, Senior Unsecured Notes, 4.750% due
1/11/22
102,000
200,000
Fresnillo PLC, Senior Unsecured Notes, 5.500% due 11/13/23
206,500
1,500,000
Hexion Inc., Senior Secured Notes, 6.625% due 4/15/20
1,419,375
200,000
Inversiones CMPC SA, Company Guaranteed Notes, 4.500% due 4/25/22
202,252
1,271,000
INVISTA Finance LLC, Senior Secured Notes, 4.250% due 10/15/19(a)
1,274,177
691,000
Largo Resources Ltd., Senior Secured Notes, 9.250% due 6/1/21(a)
723,822
2,995,000
Lundin Mining Corp., Senior Secured Notes, 7.875% due 11/1/22(a)
3,129,775
95,000
Sherwin-Williams Co., Senior Unsecured Notes, 2.250% due 5/15/20
93,704
200,000
UPL Corp., Ltd., Senior Unsecured Notes, 3.250% due 10/13/21
194,079
Total Basic Materials
11,298,138
Communications – 14.4%
2,067,000
Anixter Inc., Company Guaranteed Notes, 5.625% due 5/1/19
2,098,005
140,000
AT&T Inc., Senior Unsecured Notes, 2.800% due 2/17/21
138,398
200,000
Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20
199,351
200,000
Bharti Airtel International Netherlands BV, Company Guaranteed Notes, 5.125%
due 3/11/23
199,680
2,226,000
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes,
5.250% due 3/15/21
2,242,695
50,000
eBay Inc., Senior Unsecured Notes, 2.750% due 1/30/23
48,272
200,000
Globo Comunicacao e Participacoes SA, Senior Unsecured Notes, 4.875% due
4/11/22
198,002
3,610,000
HC2 Holdings Inc., Senior Secured Notes, 11.000% due 12/1/19(a)
3,646,100
2,084,000
Inmarsat Finance PLC, Company Guaranteed Notes, 4.875% due 5/15/22(a)
2,089,210
3,580,000
Lee Enterprises Inc., Senior Secured Notes, 9.500% due 3/15/22(a)
3,720,658
2,685,000
Level 3 Financing Inc., Company Guaranteed Notes, 6.125% due 1/15/21
2,700,949
3,009,000
Mediacom Broadband LLC/Mediacom Broadband Corp., Senior Unsecured
Notes, 5.500% due 4/15/21
3,031,567
25,000
Omnicom Group Inc./Omnicom Capital Inc., Senior Unsecured Notes, 3.625%
due 5/1/22
24,890
2,871,000
Qwest Capital Funding Inc., Company Guaranteed Notes, 6.500% due 11/15/18
2,888,944
3,647,000
Sprint Communications Inc., Company Guaranteed Notes, 9.000% due
11/15/18(a)
3,688,029
989,000
TEGNA Inc., Company Guaranteed Notes, 5.125% due 10/15/19
989,000
See Notes to Financial Statements.
114

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Communications – (continued)
$ 90,000
Verizon Communications Inc., Senior Unsecured Notes, 3.414% (3-Month
USD-LIBOR + 1.100%) due 5/15/25(b)
$ 90,969
2,206,000
Yandex NV, Senior Unsecured Notes, 1.125% due 12/15/18
2,181,902
Total Communications
30,176,621
Consumer Cyclical – 7.5%
140,000
Cintas Corp. No 2, Company Guaranteed Notes, 2.900% due 4/1/22
137,618
175,000
Daimler Finance North America LLC, Company Guaranteed Notes, 2.300% due
2/12/21(a)
170,651
90,000
Delta Air Lines Inc., Senior Unsecured Notes, 3.400% due 4/19/21
89,434
1,700,000EUR
European Lingerie Group AB, Senior Secured Notes, 7.750% (3-Month
EURIBOR + 7.750%) due 2/22/21(b)
2,007,487
1,685,000
GameStop Corp., Company Guaranteed Notes, 5.500% due 10/1/19(a)
1,678,681
General Motors Financial Co., Inc., Company Guaranteed Notes: 39,617
40,000
2.650% due 4/13/20
100,000
3.200% due 7/6/21
98,660
1,520,000
Lennar Corp., Company Guaranteed Notes, 4.125% due 12/1/18
1,520,000
3,280,000
MGM Resorts International, Company Guaranteed Notes, 8.625% due 2/1/19
3,344,288
2,900,000
Michaels Stores Inc., Company Guaranteed Notes, 5.875% due 12/15/20(a)
2,910,875
1,268,000
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., Senior Secured
Notes, 6.125% due 8/15/21(a)
1,268,000
2,446,000
William Carter Co., Company Guaranteed Notes, 5.250% due 8/15/21
2,479,633
Total Consumer Cyclical
15,744,944
Consumer Non-cyclical – 6.2%
200,000
Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 3.500%
due 7/29/20
197,605
209,000
AMAG Pharmaceuticals Inc., Company Guaranteed Notes, 7.875%
due 9/1/23(a)
221,344
140,000
Anthem Inc., Senior Unsecured Notes, 2.500% due 11/21/20
137,901
1,599,000
APX Group Inc., Senior Secured Notes, 6.375% due 12/1/19
1,624,488
140,000
AstraZeneca PLC, Senior Unsecured Notes, 2.375% due 11/16/20
137,774
90,000
BAT Capital Corp., Company Guaranteed Notes, 2.297% due 8/14/20(a)
88,363
140,000
Cardinal Health Inc., Senior Unsecured Notes, 1.948% due 6/14/19
139,135
140,000
Celgene Corp., Senior Unsecured Notes, 2.875% due 8/15/20
139,311
140,000
CVS Health Corp., Senior Unsecured Notes, 2.800% due 7/20/20
139,039
328,000
Edgewell Personal Care Co., Company Guaranteed Notes, 4.700% due 5/19/21
330,460
136,895
ENA Norte Trust, Pass-Thru Certificates, 4.950% due 4/25/23
137,990
170,000
General Mills Inc., Senior Unsecured Notes, 3.200% due 4/16/21
169,668
200,000
IOI Investment L Bhd, Company Guaranteed Notes, 4.375% due 6/27/22
200,860
See Notes to Financial Statements.
115

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Consumer Non-cyclical – (continued)
$ 200,000
JBS Investments GmbH, Company Guaranteed Notes, 7.750% due 10/28/20
$ 203,202
115,000
Kroger Co., Company Guaranteed Notes, 6.150% due 1/15/20
119,838
1,138,000
Macquarie Infrastructure Corp., Senior Unsecured Notes, 2.875% due 7/15/19
1,130,704
200,000
Marfrig Holdings Europe BV, Company Guaranteed Notes, 8.000% due 6/8/23
201,500
95,000
Mondelez International Inc., Senior Unsecured Notes, 3.000% due 5/7/20
94,891
3,144,000
Nielsen Finance LLC/Nielsen Finance Co., Company Guaranteed Notes, 4.500%
due 10/1/20
3,136,140
45,000
Reynolds American Inc., Company Guaranteed Notes, 3.250% due 6/12/20
44,943
2,161,000
SUPERVALU Inc., Senior Unsecured Notes, 6.750% due 6/1/21
2,198,818
2,010,000
Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes,
1.700% due 7/19/19
1,975,963
170,000
Thermo Fisher Scientific Inc., Senior Unsecured Notes, 3.600% due 8/15/21
170,844
Total Consumer Non-cyclical
12,940,781
Diversified – 0.1%
200,000
CK Hutchison International 17 Ltd., Company Guaranteed Notes, 2.875% due
4/5/22(a)
194,738
Energy – 1.3%
200,000
Bharat Petroleum Corp., Ltd., Senior Unsecured Notes, 4.625% due 10/25/22
202,440
200,000
CNPC General Capital Ltd., Company Guaranteed Notes, 3.950% due 4/19/22
201,514
160,000
Delek & Avner Tamar Bond Ltd., Senior Secured Notes, 4.435%
due 12/30/20(a) 
160,104
Ecopetrol SA, Senior Unsecured Notes:
50,000
7.625% due 7/23/19
51,960
200,000
5.875% due 9/18/23
212,600
200,000
Indian Oil Corp., Ltd, Senior Unsecured Notes, 5.625% due 8/2/21
208,328
429,000
Matador Resources Co., Company Guaranteed Notes, 6.875% due 4/15/23
450,450
191,000
McDermott Technology Americas Inc./McDermott Technology US Inc.,
Company Guaranteed Notes, 10.625% due 5/1/24(a)
203,234
200,000
Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 5/7/21
198,752
100,000
Petrobras Global Finance BV, Company Guaranteed Notes, 4.375%
due 5/20/23
93,900
200,000
Petronas Global Sukuk Ltd., Senior Unsecured Notes, 2.707% due 3/18/20
197,817
250,000
Reliance Holding USA Inc., Company Guaranteed Notes, 5.400% due 2/14/22
260,102
200,000
YPF SA, Senior Unsecured Notes, 8.500% due 3/23/21
192,600
Total Energy
2,633,801
Financial – 7.1%
200,000
Agromercantil Senior Trust, Company Guaranteed Notes, 6.250% due 4/10/19
202,098
145,000
Air Lease Corp., Senior Unsecured Notes, 2.500% due 3/1/21
141,724
See Notes to Financial Statements.
116

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
$ 713,000
Ally Financial Inc., Senior Unsecured Notes, 3.250% due 11/5/18
$ 713,000
980,000
Avison Young Canada Inc., Senior Secured Notes, 9.500% due 12/15/21(a)
1,038,800
200,000
Banco del Estado de Chile, Senior Unsecured Notes, 4.125% due 10/7/20
202,301
200,000
Banco Mercantil del Norte SA, Junior Subordinated Notes, 6.875% (5-Year CMT
Index + 5.035%)(b)(c)
200,500
150,000
Banco Santander Chile, Senior Unsecured Notes, 3.875% due 9/20/22
149,939
200,000
Banistmo SA, Senior Unsecured Notes, 3.650% due 9/19/22
191,750
90,000
Bank of America Corp., Senior Unsecured Notes, 3.111% (3-Month
USD-LIBOR + 0.790%) due 3/5/24(b)
89,679
100,000
BBVA Bancomer SA, Junior Subordinated Notes, 7.250% due 4/22/20
104,250
3,000,000NOK
Bulk Industrier AS, Senior Secured Notes, 7.520% (3-Month NOK-NIBOR +
6.500%) due 5/26/21(b)
358,949
145,000
Capital One Financial Corp., Senior Unsecured Notes, 2.400% due 10/30/20
142,305
140,000
Citigroup Inc., Senior Unsecured Notes, 3.344% (3-Month USD-LIBOR +
1.023%) due 6/1/24(b)
140,665
200,000
Credito Real SAB de CV SOFOM ER, Senior Unsecured Notes, 7.250% due
7/20/23
203,056
200,000
DBS Group Holdings Ltd., Junior Subordinated Notes, 3.600% (5-Year USD
Swap Rate + 2.390%)(b)(c)
192,750
200,000
Global Bank Corp., Senior Unsecured Notes, 5.125% due 10/30/19
201,500
140,000
Goldman Sachs Group Inc., Senior Unsecured Notes, 2.300% due 12/13/19
138,938
4,016,000
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed
Notes, 6.000% due 8/1/20
4,085,075
677,000
Intrepid Aviation Group Holdings LLC/Intrepid Finance Co., Senior Unsecured
Notes, 8.500% due 8/15/21(a)
678,212
640,000
Iron Mountain Inc., Company Guaranteed Notes, 4.375% due 6/1/21(a)
641,600
12,000,000SEK
MaxFastigheter i Sverige AB, Senior Unsecured Notes, 6.500% (3-Month
SEK-STIBOR + 6.500%) due 9/15/20(b)
1,329,455
140,000
Morgan Stanley, Senior Unsecured Notes, 3.277% (3-Month USD-LIBOR +
0.930%) due 7/22/22(b)
141,207
200,000
Multibank Inc., Senior Unsecured Notes, 4.375% due 11/9/22
197,000
135,000
PNC Financial Services Group Inc., Senior Unsecured Notes, 4.375% due
8/11/20
138,342
Prudential Financial Inc., Senior Unsecured Notes:
75,000
7.375% due 6/15/19
77,696
60,000
4.500% due 11/15/20
61,737
Realogy Group LLC/Realogy Co.-Issuer Corp., Company Guaranteed Notes:
58,000
4.500% due 4/15/19(a)
58,290
1,849,000
5.250% due 12/1/21(a)
1,849,000
See Notes to Financial Statements.
117

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Financial – (continued)
$ 115,000
Royal Bank of Canada, Senior Unsecured Notes, 3.200% due 4/30/21
$ 115,058
85,000
Simon Property Group LP, Senior Unsecured Notes, 2.200% due 2/1/19
84,908
200,000
SPARC EM SPC Panama Metro Line 2 SP, Senior Secured Notes, zero coupon,
due 12/5/22
181,500
145,000
Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes, 2.058% due
7/14/21
139,621
140,000
Toronto-Dominion Bank, Senior Unsecured Notes, 3.250% due 6/11/21
140,276
200,000
Unifin Financiera SAB de CV SOFOM ENR, Company Guaranteed Notes,
7.250% due 9/27/23
198,250
200,000
Union Bank of the Philippines, Senior Unsecured Notes, 3.369% due 11/29/22
191,937
200,000
United Overseas Bank Ltd., Subordinated Notes, 3.750% (5-Year USD Swap
Rate + 1.995%) due 9/19/24(b)
200,078
Westpac Banking Corp., Senior Unsecured Notes:
115,000
1.600% due 8/19/19
113,803
25,000
2.650% due 1/25/21
24,634
Total Financial
15,059,883
Industrial – 9.0%
450,000
Borealis Finance LLC, Senior Secured Notes, 7.500% due 11/16/22(a)
445,781
81,000
Briggs & Stratton Corp., Company Guaranteed Notes, 6.875% due 12/15/20
86,095
866,000
Clean Harbors Inc., Company Guaranteed Notes, 5.125% due 6/1/21
868,165
1,095,040EUR
Containerships OYJ, Senior Secured Notes, 6.250% (3-Month ERIBOR +
6.250%) due 11/22/21(b)
1,296,775
1,675,000
Dynagas LNG Partners LP/Dynagas Finance Inc., Senior Unsecured Notes,
6.250% due 10/30/19
1,675,000
95,000
General Dynamics Corp., Company Guaranteed Notes, 3.000% due 5/11/21
94,806
2,932,000
Gibraltar Industries Inc., Company Guaranteed Notes, 6.250% due 2/1/21
2,946,660
1,000,000
Golar LNG Partners LP, Senior Unsecured Notes, 6.710% (3-Month
USD-LIBOR + 4.400%) due 5/22/20(b)
982,500
400,000
Golden Ocean Group Ltd., Senior Unsecured Notes, 3.070% due 1/30/19
395,000
2,281,000
Greif Inc., Senior Unsecured Notes, 7.750% due 8/1/19
2,360,835
1,162,000
Layne Christensen Co., Senior Unsecured Notes, 4.250% due 11/15/18
1,159,444
95,000
Northrop Grumman Corp., Senior Unsecured Notes, 2.080% due 10/15/20
93,046
140,000
Packaging Corp. of America, Senior Unsecured Notes, 2.450% due 12/15/20
137,605
2,425,677
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer
Lu, Senior Secured Notes, 5.750% due 10/15/20
2,428,709
124,000
Scorpio Tankers Inc., Senior Unsecured Notes, 2.375% due 7/1/19(a)
119,260
1,178,000
Ship Finance International Ltd., Senior Unsecured Notes, 5.750% due 10/15/21
1,171,774
992,000
Teekay Corp., Senior Unsecured Notes, 8.500% due 1/15/20
1,023,000
90,000
Union Pacific Corp., Senior Unsecured Notes, 3.200% due 6/8/21
90,209
See Notes to Financial Statements.
118

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Industrial – (continued)
$ 1,425,000
Xerium Technologies Inc., Senior Secured Notes, 9.500% due 8/15/21
$ 1,498,031
Total Industrial
18,872,695
Technology – 3.7%
1,750,000
ACI Worldwide Inc., Company Guaranteed Notes, 6.375% due 8/15/20(a)
1,750,000
95,000
Analog Devices Inc., Senior Unsecured Notes, 2.950% due 1/12/21
94,471
2,579,000
Dell International LLC/EMC Corp., Company Guaranteed Notes, 5.875% due
6/15/21(a)
2,653,404
2,183,000
Infor US Inc., Senior Secured Notes, 5.750% due 8/15/20(a)
2,215,745
90,000
Microchip Technology Inc., Senior Secured Notes, 3.922% due 6/1/21(a)
89,921
1,037,000
NCR Corp., Company Guaranteed Notes, 4.625% due 2/15/21
1,018,853
Total Technology
7,822,394
Utilities – 2.3%
Consolidated Edison Inc., Senior Unsecured Notes:
95,000
2.000% due 3/15/20
93,493
45,000
2.000% due 5/15/21
43,681
200,000
Israel Electric Corp., Ltd., Senior Secured Notes, 6.875% due 6/21/23
220,222
2,249,000
NRG Yield Inc., Company Guaranteed Notes, 3.500% due 2/1/19(a)
2,246,189
100,000
Pampa Energia SA, Senior Unsecured Notes, 7.375% due 7/21/23
87,050
95,000
PSEG Power LLC, Company Guaranteed Notes, 3.850% due 6/1/23
94,993
200,000
SP PowerAssets Ltd., Senior Unsecured Notes, 2.700% due 9/14/22
194,909
1,711,000
Vistra Energy Corp., Company Guaranteed Notes, 7.375% due 11/1/22
1,781,579
Total Utilities
4,762,116
TOTAL CORPORATE BONDS & NOTES
(Cost – $120,318,518)
119,506,111
ASSET-BACKED SECURITIES – 10.3%
500,000
AIMCO CLO, Series 2015-AA, Class AR, 3.189% (3-Month USD-LIBOR +
0.850%) due 1/15/28(a)(b)
497,886
540,320
Apidos CLO XVI, Series 2013-16A, Class A1R, 3.322% (3-Month
USD-LIBOR + 0.980%) due 1/19/25(a)(b)
540,155
79,064
Avant Loans Funding Trust, Series 2017-B, Class A, 2.290% due 6/15/20(a)
79,015
500,000
Avery Point VII CLO Ltd., Series 2015-7A, Class A1, 3.839% (3-Month
USD-LIBOR + 1.500%) due 1/15/28(a)(b)
500,807
987,798
Bayview Opportunity Master Fund IVa Trust, Series 2018-RN6, Class A1, step
bond to yield, 4.090% due 7/25/33(a)
987,565
779,800
Bayview Opportunity Master Fund IVb Trust, Series 2018-SBR2, Class A1, step
bond to yield, 3.844% due 4/28/33(a)
780,241
132,528
CLUB Credit Trust, Series 2018-NP1, Class A, 2.990% due 5/15/24(a)
132,593
See Notes to Financial Statements.
119

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
Face Amount/Units
Security
Value
ASSET-BACKED SECURITIES – (continued)
$ 348,932
Credit Suisse Commercial Mortgage Capital Trust, Series 2017-1, Class A,
4.500% due 3/25/21(a)
$ 350,556
29,001
Crown Point CLO II Ltd., Series 2013-2A, Class A1LR, 2.929% (3-Month
USD-LIBOR + 0.590%) due 12/31/23(a)(b)
29,000
321,812
Earnest Student Loan Program LLC, Series 2017-A, Class A2, 2.650% due
1/25/41(a)
315,811
670,648
GCAT LLC, Series 2017-2, Class A1, step bond to yield, 3.500% due 4/25/47(a)
665,455
1,000,000
GREYWOLF CLO VII Ltd., Series 2018-2A, Class A1, 0.000% (3-Month
USD-LIBOR + 1.180%) due 10/20/31(a)(b)(d)
1,000,000
425,000
Halcyon Loan Advisors Funding Ltd., Series 2015-2A, Class A, 3.725%
(3-Month USD-LIBOR + 1.390%) due 7/25/27(a)(b)
426,405
228,000
Hunt CRE Ltd., Series 2018-FL2, Class A, 3.170% (1-Month USD-LIBOR +
1.080%) due 8/15/28(a)(b)
228,356
Invitation Homes Trust:
198,992
Series 2017-SFR2, Class A, 2.910% (1-Month USD-LIBOR + 0.850%) due
12/17/36(a)(b)
199,108
198,917
Series 2018-SFR1, Class A, 2.760% (1-Month USD-LIBOR + 0.700%) due
3/17/37(a)(b)
198,326
Jamestown CLO IX Ltd.:
500,000
Series 2016-9A, Class A1A, 3.918% (3-Month USD-LIBOR + 1.570%) due
10/20/28(a)(b)
500,266
500,000
Series 2016-9A, Class A1B, 3.848% (3-Month USD-LIBOR + 1.500%) due
10/20/28(a)(b)
500,252
500,000
Kingsland VIII Ltd., Series 2018-8A, Class A, 3.468% (3-Month USD-LIBOR +
1.120%) due 4/20/31(a)(b)
497,424
1,000,000
Marathon CLO VII Ltd., Series 2014-7A, Class A1R, 3.659% (3-Month
USD-LIBOR + 1.320%) due 10/28/25(a)(b)
1,000,498
Marlette Funding Trust:
140,855
Series 2017-2A, Class A, 2.390% due 7/15/24(a)
140,615
383,694
Series 2017-3A, Class A, 2.360% due 12/15/24(a)
382,331
500,000
Series 2018-3A, Class A, 3.200% due 9/15/28(a)
499,427
250,000
OCP CLO Ltd., Series 2014-5A, Class A1R, 3.415% (3-Month USD-LIBOR +
1.080%) due 4/26/31(a)(b)
248,515
760,000
Octagon Investment Partners 24 Ltd., Series 2015-1A, Class A1R, 3.212%
(3-Month USD-LIBOR + 0.900%) due 5/21/27(a)(b)
759,294
177,886
Prosper Marketplace Issuance Trust, Series 2018-1A, Class A, 3.110% due
6/17/24(a)
177,961
1,000,000
Race Point IX CLO Ltd., Series 2015-9A, Class A1AR, 3.549% (3-Month
USD-LIBOR + 1.210%) due 10/15/30(a)(b)
1,002,207
Sofi Consumer Loan Program LLC:
543,266
Series 2017-3, Class A, 2.770% due 5/25/26(a)
539,198
See Notes to Financial Statements.
120

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
Face Amount/Units
Security
Value
ASSET-BACKED SECURITIES – (continued)
$ 423,545
Series 2017-5, Class A1, 2.140% due 9/25/26(a)
$ 421,523
Sofi Consumer Loan Program Trust:
188,066
Series 2018-2, Class A1, 2.930% due 4/26/27(a)
187,790
500,000
Series 2018-3, Class A1, 3.200% due 8/25/27(a)
499,873
224,447
Sofi Professional Loan Program LLC, Series 2017-C, Class A2A, 1.750% due
7/25/40(a)
222,629
500,000
Sound Point CLO XI Ltd., Series 2016-1A, Class A, 3.998% (3-Month
USD-LIBOR + 1.650%) due 7/20/28(a)(b)
500,538
638,076
SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.050% due
4/25/29(a)
635,478
1,000,000
Steele Creek Clo Ltd., Series 2018-2A, Class A, 3.473% (3-Month
USD-LIBOR + 1.200%) due 8/18/31(a)(b)(d)
999,750
386,417
U.S. Residential Opportunity Fund IV Trust, Series 2017-1III, Class A, step bond
to yield, 3.352% due 11/27/37(a)
383,316
161,856
Upstart Securitization Trust, Series 2018-1, Class A, 3.015% due 8/20/25(a)
161,847
80,098
Venture VII CDO Ltd., Series 2006-7A, Class A1A, 2.578% (3-Month
USD-LIBOR + 0.230%) due 1/20/22(a)(b)
80,048
1,503,362
VOLT LIX LLC, Series 2017-NPL6, Class A1, step bond to yield, 3.250% due
5/25/47(a)
1,496,233
586,083
VOLT LVI LLC, Series 2017-NPL3, Class A1, step bond to yield, 3.500% due
3/25/47(a)
583,995
335,059
VOLT LVII LLC, Series 2017-NPL4, Class A1, step bond to yield, 3.375% due
4/25/47(a)
334,023
466,235
Wachovia Student Loan Trust, Series 2006-1, Class A5, 2.455% (3-Month
USD-LIBOR + 0.120%) due 7/26/27(a)(b)
466,147
500,000
Westlake Automobile Receivables Trust, Series 2018-2A, Class B, 3.200% due
1/16/24(a)
500,143
1,000,000
Zais CLO 2 Ltd., Series 2014-2A, Class A1AR, 3.535% (3-Month USD-LIBOR +
1.200%) due 7/25/26(a)(b)
1,000,289
TOTAL ASSET-BACKED SECURITIES
(Cost – $21,702,413)
21,652,889
COLLATERALIZED MORTGAGE OBLIGATIONS – 7.1%
118,000
Atrium Hotel Portfolio Trust, Series 2017-ATRM, Class E, 5.113% (1-Month
USD-LIBOR + 3.050%) due 12/15/36(a)(b)
118,149
BANK:
1,568,294
Series 2017-BNK4, Class XA, 1.608% due 5/15/50(b)(e)
138,338
1,894,547
Series 2017-BNK6, Class XA, 1.012% due 7/15/60(b)(e)
105,857
1,814,380
Series 2017-BNK9, Class XA, 0.963% due 11/15/54(b)(e)
106,680
BBCMS Mortgage Trust:
275,000
Series 2017-GLKS, Class E, 4.913% (1-Month USD-LIBOR + 2.850%) due
11/15/34(a)(b)
275,676
See Notes to Financial Statements.
121

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
Face Amount/Units
Security
Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
$ 79,000
Series 2018-TALL, Class A, 2.785% (1-Month USD-LIBOR + 0.722%) due
3/15/37(a)(b)
$ 78,901
118,629
Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PW10,
Class AJ, 5.776% due 12/11/40(b)
125,747
75,000
BHMS, Series 2018-ATLS, Class A, 3.313% (1-Month USD-LIBOR + 1.250%)
due 7/15/35(a)(b)
75,000
BSPRT Issuer Ltd.:
150,431
Series 2017-FL2, Class A, 2.883% (1-Month USD-LIBOR + 0.820%) due
10/15/34(a)(b)
150,342
81,000
Series 2017-FL2, Class AS, 3.163% (1-Month USD-LIBOR + 1.100%) due
10/15/34(a)(b)
80,976
81,000
Series 2017-FL2, Class B, 3.463% (1-Month USD-LIBOR + 1.400%) due
10/15/34(a)(b)
81,201
118,000
BX Commercial Mortgage Trust, Series 2018-BIOA, Class E, 4.014% (1-Month
USD-LIBOR + 1.951%) due 3/15/37(a)(b)
118,295
BX Trust:
27,000
Series 2017-IMC, Class D, 4.313% (1-Month USD-LIBOR + 2.250%) due
10/15/32(a)(b)
27,101
44,000
Series 2017-IMC, Class E, 5.313% (1-Month USD-LIBOR + 3.250%) due
10/15/32(a)(b)
44,248
118,000
Series 2018-MCSF, Class F, 4.709% (1-Month USD-LIBOR + 2.647%) due
4/15/35(a)(b)
116,830
117,000
BXMT Ltd., Series 2017-FL1, Class C, 4.010% (1-Month USD-LIBOR +
1.950%) due 6/15/35(a)(b)
118,095
1,696,194
CD Mortgage Trust, Series 2017-CD4, Class XA, 1.477% due 5/10/50(b)(e)
138,905
CFCRE Commercial Mortgage Trust:
1,383,901
Series 2017-C8, Class XA, 1.832% due 6/15/50(b)(e)
139,937
287,000
Series 2017-C8, Class XB, 1.122% due 6/15/50(b)(e)
20,531
405,000
Series 2018-TAN, Class B, 4.690% due 2/15/33(a)
412,388
118,000
CGGS Commercial Mortgage Trust, Series 2018-WSS, Class D, 4.363%
(1-Month USD-LIBOR + 2.300%) due 2/15/37(a)(b)
118,923
CHT Mortgage Trust:
117,000
Series 2017-CSMO, Class A, 2.993% (1-Month USD-LIBOR + 0.930%) due
11/15/36(a)(b)
117,153
77,000
Series 2017-CSMO, Class E, 5.063% (1-Month USD-LIBOR + 3.000%) due
11/15/36(a)(b)
77,498
41,000
Series 2017-CSMO, Class F, 5.804% (1-Month USD-LIBOR + 3.741%) due
11/15/36(a)(b)
41,279
178,000
Citigroup Commercial Mortgage Trust, Series 2018-TBR, Class B, 3.213%
(1-Month USD-LIBOR + 1.150%) due 12/15/36(a)(b)
178,111
See Notes to Financial Statements.
122

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
Face Amount/Units
Security
Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
CLNS Trust:
$ 47,000
Series 2017-IKPR, Class D, 4.117% (1-Month USD-LIBOR + 2.050%) due
6/11/32(a)(b)
$ 47,236
47,000
Series 2017-IKPR, Class E, 5.567% (1-Month USD-LIBOR + 3.500%) due
6/11/32(a)(b)
47,294
Cold Storage Trust:
74,000
Series 2017-ICE3, Class A, 3.063% (1-Month USD-LIBOR + 1.000%) due
4/15/36(a)(b)
74,231
90,000
Series 2017-ICE3, Class C, 3.413% (1-Month USD-LIBOR + 1.350%) due
4/15/36(a)(b)
90,393
400,144
COLT Mortgage Loan Trust, Series 2017-1, Class A2, 2.819% due 5/27/47(a)(b)
397,342
Commercial Mortgage Trust:
22,440,266
Series 2013-CR9, Class XA, 0.179% due 7/10/45(b)(e)
103,117
2,222,505
Series 2013-LC6, Class XA, 1.507% due 1/10/46(b)(e)
106,991
Credit Suisse Commercial Mortgage Capital Trust:
70,000
Series 2017-CHOP, Class D, 3.963% (1-Month USD-LIBOR + 1.900%) due
7/15/32(a)(b)
70,223
107,000
Series 2017-LSTK, Class C, 3.229% due 4/5/33(a)
105,651
128,000
Series 2017-LSTK, Class D, 3.442% due 4/5/33(a)(b)
125,617
47,000
Series 2017-LSTK, Class E, 3.442% due 4/5/33(a)(b)
45,890
8,157,000
Series 2017-LSTK, Class XACP, 0.681% due 4/5/33(a)(b)(e)
80,731
2,969,000
Series 2017-LSTK, Class XBCP, 0.316% due 4/5/33(a)(b)(e)
11,931
CSAIL Commercial Mortgage Trust:
823,233
Series 2017-C8, Class XA, 1.402% due 6/15/50(b)(e)
59,314
4,822,816
Series 2017-CX10, Class XA, 0.866% due 11/15/50(b)(e)
247,416
3,548,000
Series 2018-CX12, Class XA, 0.785% due 8/15/51(b)(e)
171,333
230,000
CSWF, Series 2018-TOP, Class A, 3.063% (1-Month USD-LIBOR + 1.000%)
due 8/15/35(a)(b)
230,084
Deephaven Residential Mortgage Trust:
298,142
Series 2017-1A, Class A1, 2.725% due 12/26/46(a)(b)
297,528
298,142
Series 2017-1A, Class A2, 2.928% due 12/26/46(a)(b)
295,982
640,617
Federal Home Loan Mortgage Corp. (FHLMC), REMICS, Series 4703, Class FA,
2.413% (1-Month USD-LIBOR + 0.350%) due 7/15/47(b)
640,342
773,173
Federal National Mortgage Association (FNMA), REMICS, Series 2014-84,
Class BF, 2.442% (1-Month USD-LIBOR + 0.350%) due 12/25/44(b)
773,088
118,000
GPMT Ltd., Series 2018-FL1, Class A, 2.969% (1-Month USD-LIBOR +
0.900%) due 11/21/35(a)(b)
117,999
GS Mortgage Securities Corp. Trust:
77,000
Series 2017-500K, Class E, 3.563% (1-Month USD-LIBOR + 1.500%) due
7/15/32(a)(b)
77,145
See Notes to Financial Statements.
123

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
Face Amount/Units
Security
Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
$ 53,000
Series 2017-500K, Class F, 3.863% (1-Month USD-LIBOR + 1.800%) due
7/15/32(a)(b)
$ 53,150
200,000
Series 2018-TWR, Class A, 2.963% (1-Month USD-LIBOR + 0.900%) due
7/15/31(a)(b)
200,006
200,000
Series 2018-TWR, Class D, 3.663% (1-Month USD-LIBOR + 1.600%) due
7/15/31(a)(b)
198,088
GS Mortgage Securities Trust:
3,092
Series 2013-GC14, Class A2, 2.995% due 8/10/46
3,090
5,305,866
Series 2016-GS4, Class XA, 0.713% due 11/10/49(b)(e)
175,983
2,323,070
Series 2017-GS6, Class XA, 1.195% due 5/10/50(b)(e)
173,256
3,623,966
Series 2017-GS8, Class XA, 1.127% due 11/10/50(b)(e)
249,841
78,000
Hilton Orlando Trust, Series 2018-ORL, Class B, 3.113% (1-Month
USD-LIBOR + 1.050%) due 12/15/34(a)(b)
77,999
JP Morgan Chase Commercial Mortgage Securities Trust:
27,455
Series 2007-LD11, Class AM, 6.184% due 6/15/49(b)
27,898
15,515
Series 2007-LDPX, Class AM, 5.464% due 1/15/49(b)
15,545
3,588,427
Series 2014-C20, Class XA, 1.233% due 7/15/47(b)(e)
114,804
117,000
Series 2018-LAQ, Class A, 3.063% (1-Month USD-LIBOR + 1.000%) due
6/15/32(a)(b)
117,180
684,842
JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2, 2.814% (1-Month
USD-LIBOR + 0.750%) due 4/25/46(a)(b)
687,615
1,424,252
JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class XA,
1.602% due 11/15/48(b)(e)
73,754
227,000
Monarch Beach Resort Trust, Series 2018-MBR, Class A, 3.030% (1-Month
USD-LIBOR + 0.920%) due 7/15/35(a)(b)
227,350
2,938,757
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32,
Class XA, 0.901% due 12/15/49(b)(e)
138,556
Morgan Stanley Capital I Trust:
289,585
Series 2007-T27, Class AJ, 6.145% due 6/11/42(b)
305,976
164,000
Series 2011-C1, Class D, 5.599% due 9/15/47(a)(b)
168,885
2,194,018
Series 2016-BNK2, Class XA, 1.232% due 11/15/49(b)(e)
136,015
1,523,893
Series 2016-UB11, Class XA, 1.790% due 8/15/49(b)(e)
134,958
4,229,585
Series 2016-UB12, Class XA, 0.948% due 12/15/49(b)(e)
194,163
76,000
Series 2017-ASHF, Class D, 4.263% (1-Month USD-LIBOR + 2.200%) due
11/15/34(a)(b)
76,181
162,000
Series 2017-ASHF, Class E, 5.213% (1-Month USD-LIBOR + 3.150%) due
11/15/34(a)(b)
162,290
123,000
Series 2017-ASHF, Class F, 6.413% (1-Month USD-LIBOR + 4.350%) due
11/15/34(a)(b)
123,220
See Notes to Financial Statements.
124

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
Face Amount/Units
Security
Value
COLLATERALIZED MORTGAGE OBLIGATIONS – (continued)
$ 186,000
Series 2017-CLS, Class E, 4.013% (1-Month USD-LIBOR + 1.950%) due
11/15/34(a)(b)
$ 186,294
206,000
Series 2017-CLS, Class F, 4.663% (1-Month USD-LIBOR + 2.600%) due
11/15/34(a)(b)
206,586
991,844
Series 2017-H1, Class XA, 1.611% due 6/15/50(b)(e)
85,601
285,000
Series 2017-JWDR, Class A, 2.913% (1-Month USD-LIBOR + 0.850%) due
11/15/34(a)(b)
284,910
142,000
Series 2018-SUN, Class A, 2.963% (1-Month USD-LIBOR + 0.900%) due
7/15/35(a)(b)
142,000
117,000
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class A,
3.022% (1-Month USD-LIBOR + 0.950%) due 6/15/35(a)(b)
116,791
RAIT Trust:
94,060
Series 2017-FL7, Class A, 3.013% (1-Month USD-LIBOR + 0.950%) due
6/15/37(a)(b)
94,106
36,000
Series 2017-FL7, Class AS, 3.363% (1-Month USD-LIBOR + 1.300%) due
6/15/37(a)(b)
36,000
791,598
RCO Trust, Series 2017-INV1, Class A, 3.197% due 11/25/52(a)(b)
798,383
Rosslyn Portfolio Trust:
198,000
Series 2017-ROSS, Class A, 3.013% (1-Month USD-LIBOR + 0.950%) due
6/15/33(a)(b)
198,310
35,000
Series 2017-ROSS, Class B, 3.313% (1-Month USD-LIBOR + 1.250%) due
6/15/33(a)(b)
35,088
339,153
SG Residential Mortgage Trust, Series 2017-1, Class A1, 3.709% due
4/25/47(a)(b) 
339,522
UBS Commercial Mortgage Trust:
1,883,520
Series 2012-C1, Class XA, 2.256% due 5/10/45(a)(b)(e)
113,453
1,374,062
Series 2017-C1, Class XA, 1.763% due 6/15/50(b)(e)
139,702
515,974
Verus Securitization Trust, Series 2018-1, Class A1, 2.929% due 2/25/48(a)(b)
510,302
Wells Fargo Commercial Mortgage Trust:
2,889,676
Series 2015-LC22, Class XA, 1.026% due 9/15/58(b)(e)
132,341
6,175,651
Series 2015-NXS2, Class XA, 0.900% due 7/15/58(b)(e)
210,234
3,496,000
Series 2018-C46, Class XA, 1.117% due 8/15/51(b)(e)
227,355
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost – $15,565,434)
14,915,820
SENIOR LOANS(b) – 3.3%
1,981,367
Crestwood Holdings LLC, 9.570% (1-Month USD-LIBOR + 7.500%) due
3/6/23
1,978,058
1,567,000
Eastman Kodak Co., 8.592% (3-Month USD-LIBOR + 6.250%) due 9/3/19
1,528,483
1,619,687
Internap Corp., 7.820% (1-Month USD-LIBOR + 5.750%) due 4/6/22
1,625,761
927,705
LSC Communications Inc., 7.576% (1-Month USD-LIBOR + 5.500%) due
9/30/22
927,705
See Notes to Financial Statements.
125

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
Face Amount/Units
Security
Value
SENIOR LOANS(b) – (continued)
$ 824,230
NCI Building Systems Inc., 4.076% (1-Month USD-LIBOR + 2.000%) due
2/7/25
$ 823,546
TOTAL SENIOR LOANS
(Cost – $6,885,481)
6,883,553
U.S. GOVERNMENT OBLIGATIONS – 1.9%
U.S. Treasury Inflation Indexed Notes:
551,629
2.125% due 1/15/19
552,764
548,459
0.125% due 4/15/19
544,146
U.S. Treasury Notes:
330,000
2.250% due 3/31/20
328,221
670,000
1.500% due 8/15/20
655,658
780,000
2.000% due 8/31/21
764,309
780,000
2.125% due 9/30/21
766,624
220,000
1.875% due 1/31/22
213,933
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost – $3,854,882)
3,825,655
SOVEREIGN BONDS – 0.3%
Chile – 0.0%
100,000
Chile Government International Bond, 3.250% due 9/14/21
99,945
Dominican Republic – 0.1%
200,000
Dominican Republic International Bond, 7.500% due 5/6/21
210,500
Indonesia – 0.1%
200,000
Indonesia Government International Bond, 4.875% due 5/5/21
206,663
Israel – 0.1%
200,000
Israel Government International Bond, 4.000% due 6/30/22
204,630
TOTAL SOVEREIGN BONDS
(Cost – $739,307)
721,738
Shares/Units
EXCHANGE TRADED FUND (ETF) – 12.1%
517,952 iShares Core 1-5 Year USD Bond(f)
   (Cost – $25,972,868)
 25,446,982
COMMON STOCK – 0.2%
BASIC MATERIALS – 0.2%
Forest Products & Paper – 0.2%
20,309
Appvion Inc.*(d)(g)
(Cost – $395,660)
395,619
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $195,434,563)
193,348,367
See Notes to Financial Statements.
126

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
Face Amount
Security
Value
SHORT-TERM INVESTMENTS – 8.5%
COMMERCIAL PAPERS – 4.7%
$ 3,430,000
Campbell Soup Co., 2.327% due 9/6/18(h)
$ 3,428,757
2,462,000
Kraft Heinz Co., 2.471% due 10/23/18(h)
2,453,439
2,152,000
McKesson Corp., 2.244% due 9/21/18(h)
2,149,175
1,845,000
Walgreens Boots Alliance Inc., 2.410% due 10/22/18(h)
1,838,716
TOTAL COMMERCIAL PAPERS
(Cost – $9,870,196)
9,870,087
TIME DEPOSITS – 3.0%
364,922EUR
Citibank – London, (0.570)% due 9/3/18
423,620
3,179,374
Citibank – New York, 1.280% due 9/4/18
3,179,374
1,141,512
Deutsche Bank AG – Grand Cayman, 1.280% due 9/4/18
1,141,512
1,640,297
Industrial & Commercial Bank of China – New York, 1.280% due 9/4/18
1,640,297
TOTAL TIME DEPOSITS
(Cost – $6,384,803)
6,384,803
U.S. GOVERNMENT OBLIGATIONS – 0.8%
U.S. Treasury Bills:
550,000
1.910% due 9/20/18(h)
549,449
450,000
2.267% due 4/25/19(h)
443,411
620,000
2.421% due 8/15/19(h)
605,859
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost – $1,598,706)
1,598,719
TOTAL SHORT-TERM INVESTMENTS
(Cost – $17,853,705)
17,853,609
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.2%
MONEY MARKET FUND – 0.2%
370,740
Federated Government Obligations Fund, Premier Class, 1.845%(i)
(Cost – $370,740)
370,740
TOTAL INVESTMENTS – 100.8%
(Cost – $213,659,008#)
211,572,716
Liabilities in Excess of Other Assets – (0.8)%
(1,635,723)
TOTAL NET ASSETS – 100.0%
$ 209,936,993

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, 2018, amounts to approximately $70,106,004 and represents 33.39% of net assets.
(b)
Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2018.
(c)
Security is perpetual in nature and has no stated maturity date.
See Notes to Financial Statements.
127

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Low Duration Fixed Income Fund (continued)
(d)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
(e)
Interest only security.
(f)
All or a portion of this security is on loan (See Note 5).
(g)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2018, amounts to approximately $395,619 and represents 0.19% of net assets.
(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.
Abbreviations used in this schedule:
CDO
 —   Collateralized Debt Obligation
CLO
 —   Collateralized Loan Obligation
CMT
 —   Constant Maturity Treasury Index
EURIBOR
 —   Euro Interbank Offered Rate
LIBOR
 —   London Interbank Offered Rate
LLC
 —   Limited Liability Company
NIBOR
 —   Norwegian Interbank Offered Rate
PLC
 —   Public Limited Company
REMICS
 —   Real Estate Mortgage Investment Conduit
STIBOR
 —   Stockholm Interbank Offered Rate
Summary of Investments by Security Type^
Corporate Bonds & Notes
56.5%
Exchange Traded Fund (ETF)
12.0
Asset-Backed Securities
10.2
Collateralized Mortgage Obligations
7.1
Senior Loans
3.3
U.S. Government Obligations
1.8
Sovereign Bonds
0.3
Common Stock
0.2
Short-Term Investments
8.4
Money Market Fund
0.2
100.0%
^
As a percentage of total investments.
See Notes to Financial Statements.
128

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Low Duration Fixed Income Fund (concluded)
At August 31, 2018, 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)
Net
Unrealized
Appreciation/​
(Depreciation)
Contracts to Buy:
Swedish Krona
1,011,950 BBH $ 110,726 9/13/18 $ 378 $        — $ 378
Contracts to Sell:
Euro
365,000 BBH $ 423,948 9/13/18 $ 4,087 $ $ 4,087
Euro
2,500,000 BBH 2,903,756 9/13/18 5,119 5,119
Norwegian Krone
3,042,500 BBH 362,957 9/13/18 7,651 7,651
Swedish Krona
13,015,600 BBH 1,424,150 9/13/18 32,874 32,874
$ 49,731 $ $ 49,731
Net Unrealized Appreciation on Open Forward Foreign Currency Contracts $ 50,109 $ $ 50,109
Currency Abbreviations used in this schedule: Counterparty Abbreviations used in this schedule:
EUR
 —   Euro
BBH
 —   Brown Brothers Harriman & Co.
NOK
 —   Norwegian Krone
SEK
 —   Swedish Krone
See Notes to Financial Statements.
129

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Global Fixed Income Opportunities Fund
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – 66.9%
Argentina – 0.5%
$ 1,600,000
Pampa Energia SA, Senior Unsecured Notes, 7.375% due 7/21/23
$ 1,392,800
2,400,000
YPF SA, Senior Unsecured Notes, 8.500% due 3/23/21
2,311,200
Total Argentina
3,704,000
Australia – 0.6%
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)
603,625
3,915,000
CNOOC Finance 2015 Australia Pty Ltd., Company Guaranteed Notes, 2.625%
due 5/5/20
3,862,782
Total Australia
4,466,407
Austria – 0.4%
1,500,000
ESAL GmbH, Company Guaranteed Notes, 6.250% due 2/5/23
1,449,375
1,200,000
JBS Investments GmbH, Company Guaranteed Notes, 7.750% due 10/28/20
1,219,212
400,000
OAS Investments GmbH, Company Guaranteed Notes, 8.250% due 10/19/19(c)
22,000
Total Austria
2,690,587
Bermuda – 1.1%
1,000,000
Catlin Insurance Co., Ltd., Junior Subordinated Notes, 5.317% (3-Month
USD-LIBOR + 2.975%)(a)(b)(d)
987,500
800,000
Digicel Group Ltd., Senior Unsecured Notes, 8.250% due 9/30/20
601,768
1,743,000
Ship Finance International Ltd., Senior Unsecured Notes, 5.750% due 10/15/21
1,733,788
5,100,000
Stolt-Nielsen Ltd., Senior Unsecured Notes, 6.375% due 9/21/22
4,921,500
1,000,000SEK
Vostok New Ventures Ltd., Senior Unsecured Notes, 6.150% due 6/14/22
112,365
Total Bermuda
8,356,921
Brazil – 0.4%
2,730,000
Globo Comunicacao e Participacoes SA, Senior Unsecured Notes, 4.875% due
4/11/22
2,702,727
400,000
Itau Unibanco Holding SA, Subordinated Notes, 6.200% due 12/21/21
410,504
Total Brazil
3,113,231
British Virgin Islands – 1.8%
2,120,000
CNOOC Finance 2012 Ltd., Company Guaranteed Notes, 3.875% due 5/2/22
2,130,982
CNPC General Capital Ltd., Company Guaranteed Notes:
3,495,000
2.750% due 5/14/19
3,481,941
2,365,000
3.950% due 4/19/22
2,382,902
2,000,000
Sinopec Group Overseas Development 2015 Ltd., Company Guaranteed Notes,
2.500% due 4/28/20
1,972,653
Sinopec Group Overseas Development 2016 Ltd., Company Guaranteed Notes:
880,000
2.125% due 5/3/19
873,542
800,000
2.000% due 9/29/21(b)
762,908
See Notes to Financial Statements.
130

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
British Virgin Islands – (continued)
$ 200,000
2.000% due 9/29/21
$ 190,727
Sinopec Group Overseas Development 2017 Ltd., Company Guaranteed Notes:
1,000,000
3.000% due 4/12/22
975,567
200,000
3.000% due 4/12/22(b)
195,113
Total British Virgin Islands
12,966,335
Canada – 0.8%
1,708,000
Avison Young Canada Inc., Senior Secured Notes, 9.500% due 12/15/21(b)
1,810,480
1,950,000
Emera Inc., Subordinated Notes, 6.750% (3-Month USD-LIBOR + 5.440%) due
6/15/76(a)
2,067,235
1,650,000
NOVA Chemicals Corp., Senior Unsecured Notes, 5.250% due 6/1/27(b)
1,567,500
955,000CAD
Postmedia Network Inc., Senior Secured Notes, 8.250% due 7/15/21(b)
709,828
Total Canada
6,155,043
Cayman Islands – 2.3%
1,250,000
Agromercantil Senior Trust, Company Guaranteed Notes, 6.250% due 4/10/19
1,263,112
CK Hutchison International 17 Ltd., Company Guaranteed Notes:
2,630,000
2.875% due 4/5/22(b)
2,560,801
3,080,000
2.875% due 4/5/22
3,000,173
1,248,257
Guanay Finance Ltd., Senior Secured Notes, 6.000% due 12/15/20
1,251,378
92,053
Interoceanica IV Finance Ltd., Senior Secured Notes, zero coupon, due
11/30/18
90,895
2,295,000
Nexteer Automotive Group Ltd., Company Guaranteed Notes, 5.875% due
11/15/21(b)
2,352,375
280,000
Peru Enhanced Pass-Through Finance Ltd., Pass-Thru Certificates, zero coupon,
due 6/2/25
243,600
SPARC EM SPC Panama Metro Line 2 SP, Senior Secured Notes:
3,565,000
zero coupon, due 12/5/22
3,235,238
3,065,000
zero coupon, due 12/5/22(b)
2,781,488
Total Cayman Islands
16,779,059
Chile – 2.8%
5,295,000
Banco del Estado de Chile, Senior Unsecured Notes, 3.875% due 2/8/22
5,294,567
Banco Santander Chile, Senior Unsecured Notes:
300,000
2.500% due 12/15/20(b)
292,875
1,850,000
3.875% due 9/20/22
1,849,244
500,000
Celulosa Arauco y Constitucion SA, Senior Unsecured Notes, 4.750% due
1/11/22
510,000
1,400,000
Engie Energia Chile SA, Senior Unsecured Notes, 5.625% due 1/15/21
1,454,339
5,135,000
Inversiones CMPC SA, Company Guaranteed Notes, 4.500% due 4/25/22
5,192,820
See Notes to Financial Statements.
131

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Chile – (continued)
$ 500,000
Itau CorpBanca, Senior Unsecured Notes, 3.875% due 9/22/19
$ 501,611
1,440,000
SACI Falabella, Senior Unsecured Notes, 3.750% due 4/30/23
1,419,378
4,350,000
Telefonica Chile SA, Senior Unsecured Notes, 3.875% due 10/12/22
4,304,285
Total Chile
20,819,119
Colombia – 1.9%
Ecopetrol SA, Senior Unsecured Notes:
50,000
7.625% due 7/23/19
51,960
4,000,000
5.875% due 9/18/23
4,252,000
2,000,000
Empresas Publicas de Medellin ESP, Senior Unsecured Notes, 7.625% due
7/29/19
2,052,500
2,600,000
Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 5/7/21
2,583,776
5,295,000
Transportadora de Gas Internacional SA ESP, Senior Unsecured Notes, 5.700%
due 3/20/22
5,367,859
Total Colombia
14,308,095
Costa Rica – 0.1%
Banco Nacional de Costa Rica, Senior Unsecured Notes:
680,000
4.875% due 11/1/18
680,000
400,000
5.875% due 4/25/21(b)
403,000
Total Costa Rica
1,083,000
Denmark – 0.1%
800,000EUR
Georg Jensen AS, Senior Secured Notes, 6.000% (3-Month EURIBOR + 6.000%)
due 5/15/23(a)
909,521
France – 0.9%
1,600,000
BNP Paribas SA, Junior Subordinated Notes, 7.375% (5-Year USD Swap Rate +
5.150%)(a)(b)(d)
1,684,800
2,300,000
Credit Agricole SA, Junior Subordinated Notes, 8.125% (5-Year USD Swap
Rate + 6.185%)(a)(b)(d)
2,530,285
2,000,000
Societe Generale SA, Junior Subordinated Notes, 7.875% (5-Year USD Swap
Rate + 4.979%)(a)(b)(d)
2,100,000
Total France
6,315,085
India – 2.3%
3,495,000
Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 3.500%
due 7/29/20
3,453,151
4,220,000
Bharat Petroleum Corp., Ltd., Senior Unsecured Notes, 4.625% due 10/25/22
4,271,484
Indian Oil Corp., Ltd, Senior Unsecured Notes:
2,995,000
5.625% due 8/2/21
3,119,712
600,000
5.750% due 8/1/23
633,608
2,290,000
Oil India Ltd., Senior Unsecured Notes, 3.875% due 4/17/19
2,293,875
See Notes to Financial Statements.
132

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
India – (continued)
$ 2,995,000
ONGC Videsh Ltd., Company Guaranteed Notes, 3.250% due 7/15/19
$ 2,990,058
Total India
16,761,888
Israel – 0.4%
2,479,000
Delek & Avner Tamar Bond Ltd., Senior Secured Notes, 4.435% due
12/30/20(b)
2,480,609
500,000
Israel Electric Corp., Ltd., Senior Secured Notes, 6.875% due 6/21/23
550,555
Total Israel
3,031,164
Italy – 0.4%
1,625,000
Intesa Sanpaolo SpA, Company Guaranteed Notes, 7.700% (5-Year USD Swap
Rate + 5.462%)(a)(b)(d)
1,503,320
1,250,000
UniCredit SpA, Junior Subordinated Notes, 8.000% (5-Year USD Swap Rate +
5.180%), (Restricted)(a)(d)
1,145,100
Total Italy
2,648,420
Luxembourg – 0.2%
1,400,000
Euronav Luxembourg SA, Company Guaranteed Notes, 7.500% due 5/31/22(b)
1,372,000
Malaysia – 2.4%
5,315,000
Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20
5,297,747
800,000
IOI Investment L Bhd, Company Guaranteed Notes, 4.375% due 6/27/22
803,439
615,000
Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate +
2.542%) due 10/29/26(a)
608,586
1,600,000
Petronas Capital Ltd., Company Guaranteed Notes, 3.125% due 3/18/22
1,575,413
4,260,000
Petronas Global Sukuk Ltd., Senior Unsecured Notes, 2.707% due 3/18/20
4,213,502
5,185,000
Wakala Global Sukuk Bhd, Senior Unsecured Notes, 4.646% due 7/6/21
5,366,475
Total Malaysia
17,865,162
Marshall Islands – 1.7%
5,067,000
Borealis Finance LLC, Senior Secured Notes, 7.500% due 11/16/22(b)
5,019,497
3,900,000
Chembulk Holding LLC, Senior Secured Notes, 8.000% due 2/2/23(b)
3,909,750
3,400,000
Golar LNG Partners LP, Senior Unsecured Notes, 6.710% (3-Month USD-LIBOR
+ 4.400%) due 5/22/20(a)
3,340,500
403,000
Scorpio Tankers Inc., Senior Unsecured Notes, 2.375% due 7/1/19(b)
387,594
Total Marshall Islands
12,657,341
Mauritius – 0.4%
3,000,000
UPL Corp., Ltd., Senior Unsecured Notes, 3.250% due 10/13/21
2,911,191
Mexico – 2.8%
3,245,000
America Movil SAB de CV, Senior Unsecured Notes, 3.125% due 7/16/22
3,180,640
800,000
Banco Mercantil del Norte SA, Junior Subordinated Notes, 6.875% (5-Year CMT
Index + 5.035%)(a)(d)
802,000
See Notes to Financial Statements.
133

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Mexico – (continued)
$ 700,000
Banco Nacional de Comercio Exterior SNC, Subordinated Notes, 3.800% (5-Year
CMT Index + 3.000%) due 8/11/26(a)
$ 680,757
5,160,000
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero
Santand, Subordinated Notes, 5.950% (5-Year CMT Index + 4.580%) due
1/30/24(a)
5,198,700
BBVA Bancomer SA:
100,000
Junior Subordinated Notes, 7.250% due 4/22/20
104,250
700,000
Subordinated Notes, 6.750% due 9/30/22
750,400
1,700,000
Coca-Cola Femsa SAB de CV, Company Guaranteed Notes, 4.625%
due 2/15/20
1,733,167
3,450,000
Comision Federal de Electricidad, Senior Unsecured Notes, 4.875%
due 5/26/21
3,519,000
1,900,000
Credito Real SAB de CV SOFOM ER, Senior Unsecured Notes, 7.250% due
7/20/23
1,929,028
1,500,000
Grupo Bimbo SAB de CV, Company Guaranteed Notes, 4.875% due 6/30/20
1,536,229
400,000
Grupo Idesa SA de CV, Company Guaranteed Notes, 7.875% due 12/18/20
359,004
1,100,000
Unifin Financiera SAB de CV SOFOM ENR, Company Guaranteed Notes,
7.250% due 9/27/23
1,090,375
Total Mexico
20,883,550
Netherlands – 2.4%
4,185,000
Bharti Airtel International Netherlands BV, Company Guaranteed Notes, 5.125%
due 3/11/23
4,178,300
3,000,000
Braskem Netherlands Finance BV, Company Guaranteed Notes, 3.500% due
1/10/23
2,786,280
1,500,000
Cooperatieve Rabobank UA, Junior Subordinated Notes, 11.000% (3-Month
USD-LIBOR + 10.868%)(a)(b)(d)
1,588,125
4,000,000
Marfrig Holdings Europe BV, Company Guaranteed Notes, 8.000% due 6/8/23
4,030,000
3,800,000
MPC Container Ships Invest BV, Senior Secured Notes, 7.082% (3-Month
USD-LIBOR + 4.750%) due 9/22/22(a)
3,870,327
1,250,000
Petrobras Global Finance BV, Company Guaranteed Notes, 4.375% due
5/20/23
1,173,750
Total Netherlands
17,626,782
Norway – 0.2%
11,000,000NOK
Bulk Industrier AS, Senior Secured Notes, 7.520% (3-Month USD-NIBOR +
6.500%) due 5/26/21(a)
1,316,147
Panama – 1.9%
3,655,000
Banco Latinoamericano de Comercio Exterior SA, Senior Unsecured Notes,
3.250% due 5/7/20
3,609,313
Banistmo SA, Senior Unsecured Notes:
300,000
3.650% due 9/19/22(b)
287,625
See Notes to Financial Statements.
134

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Panama – (continued)
$ 950,000
3.650% due 9/19/22
$ 910,813
3,966,522
ENA Norte Trust, Pass-Thru Certificates, 4.950% due 4/25/23
3,998,254
Global Bank Corp., Senior Unsecured Notes:
3,000,000
5.125% due 10/30/19
3,022,500
1,000,000
4.500% due 10/20/21
990,300
800,000
Multibank Inc., Senior Unsecured Notes, 4.375% due 11/9/22
788,000
Total Panama
13,606,804
Paraguay – 0.0%
200,000
Telefonica Celular del Paraguay SA, Senior Unsecured Notes, 6.750% due
12/13/22
204,038
Peru – 1.0%
2,950,000
Banco de Credito del Peru, Senior Unsecured Notes, 5.375% due 9/16/20
3,066,525
4,095,000
Banco Internacional del Peru SAA, Senior Unsecured Notes, 5.750% due
10/7/20
4,243,485
165,000
BBVA Banco Continental SA, Senior Unsecured Notes, 5.000% due 8/26/22
170,362
Total Peru
7,480,372
Philippines – 0.5%
BDO Unibank Inc., Senior Unsecured Notes:
960,000
2.625% due 10/24/21
917,445
175,000
2.950% due 3/6/23
166,222
2,700,000
Union Bank of the Philippines, Senior Unsecured Notes, 3.369% due 11/29/22
2,591,147
Total Philippines
3,674,814
Singapore – 3.3%
3,865,000
DBS Group Holdings Ltd., Junior Subordinated Notes, 3.600% (5-Year USD
Swap Rate + 2.390%)(a)(d)
3,724,894
2,915,000
ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 2.875% due
1/27/22
2,785,492
4,300,000
Oversea-Chinese Banking Corp., Ltd., Subordinated Notes, 4.000% (5-Year USD
Swap Rate + 2.203%) due 10/15/24(a)
4,309,210
4,950,000
SP PowerAssets Ltd., Senior Unsecured Notes, 2.700% due 9/14/22
4,824,013
3,450,000
Temasek Financial I Ltd., Company Guaranteed Notes, 2.375% due 1/23/23
3,323,756
United Overseas Bank Ltd., Subordinated Notes:
2,000,000
3.750% (5-Year USD Swap Rate + 1.995%) due 9/19/24(a)
2,000,780
3,500,000
3.500% (5-Year USD Swap Rate + 2.236%) due 9/16/26(a)
3,444,525
200,000
2.880% (5-Year USD Swap Rate + 1.654%) due 3/8/27(a)
192,024
Total Singapore
24,604,694
See Notes to Financial Statements.
135

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
Switzerland – 0.4%
$ 1,255,000
Credit Suisse Group AG, Junior Subordinated Notes, 7.500% (5-Year USD Swap
Rate + 4.598%)(a)(b)(d)
$ 1,326,170
1,400,000
UBS Group Funding Switzerland AG, Company Guaranteed Notes, 7.000%
(5-Year USD Swap Rate + 4.866%), (Restricted)(a)(d)
1,485,733
Total Switzerland
2,811,903
United Kingdom – 2.2%
2,700,000
Barclays PLC, Junior Subordinated Notes, 7.875% (5-Year USD Swap Rate +
6.772%)(a)(d)
2,801,682
2,563,000
Ferroglobe PLC/Globe Specialty Metals Inc., Company Guaranteed Notes,
9.375% due 3/1/22(b)
2,678,335
2,200,000
Fresnillo PLC, Senior Unsecured Notes, 5.500% due 11/13/23
2,271,500
1,824,000
Inmarsat Finance PLC, Company Guaranteed Notes, 6.500% due 10/1/24(b)
1,874,160
2,150,000
Lloyds Banking Group PLC, Junior Subordinated Notes, 7.500% (5-Year USD
Swap Rate + 4.760%)(a)(d)
2,233,381
1,945,000
Royal Bank of Scotland Group PLC, Junior Subordinated Notes, 8.625% (5-Year
USD Swap Rate + 7.598%)(a)(d)
2,081,928
1,600,000EUR
SB Holdco PLC, Company Guaranteed Notes, 8.000% (3-Month EURIBOR +
8.000%) due 7/13/22(a)
1,853,250
Total United Kingdom
15,794,236
United States – 30.7%
8,904,000
A Schulman Inc., Company Guaranteed Notes, 6.875% due 6/1/23
9,375,022
593,000
Abbott Laboratories, Senior Unsecured Notes, 2.350% due 11/22/19
589,006
1,585,000
AerCap Global Aviation Trust, Company Guaranteed Notes, 6.500% (3-Month
USD-LIBOR + 4.300%) due 6/15/45(a)(b)
1,632,550
618,000
AMAG Pharmaceuticals Inc., Company Guaranteed Notes, 7.875%
due 9/1/23(b)
654,499
194,847
America West Airlines Pass-Through Trust, Series 2000-1, Pass-Thru Certificates,
8.057% due 7/2/20
209,207
714,000
American Axle & Manufacturing Inc., Company Guaranteed Notes, 6.500% due
4/1/27(b)
706,860
1,291,000
American Express Co., Junior Subordinated Notes, 5.200% (3-Month
USD-LIBOR + 3.428%)(a)(d)
1,310,365
American International Group Inc., Junior Subordinated Notes:
2,350,000
5.750% (3-Month USD-LIBOR + 2.868%) due 4/1/48(a)
2,308,875
1,500,000
8.175% (3-Month USD-LIBOR + 4.195%) due 5/15/58(a)
1,890,000
471,000
Apple Inc., Senior Unsecured Notes, 2.841% (3-Month USD-LIBOR + 0.500%)
due 2/9/22(a)
477,556
4,727,000
APX Group Inc., Senior Secured Notes, 6.375% due 12/1/19
4,802,348
2,000,000
Assurant Inc., Subordinated Notes, 7.000% (3-Month USD-LIBOR + 4.135%)
due 3/27/48(a)
2,040,000
See Notes to Financial Statements.
136

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
United States – (continued)
$ 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)
$ 2,357,155
Bank of America Corp., Junior Subordinated Notes:
260,000
5.875% (3-Month USD-LIBOR + 2.931%)(a)(d)
260,000
2,440,000
6.300% (3-Month USD-LIBOR + 4.553%)(a)(d)
2,610,800
945,000
6.500% (3-Month USD-LIBOR + 4.174%)(a)(d)
1,019,419
1,315,000
Bank of New York Mellon Corp., Junior Subordinated Notes, 4.950% (3-Month
USD-LIBOR + 3.420%)(a)(d)
1,342,878
245,000
Bayer US Finance II LLC, Company Guaranteed Notes, 2.965% (3-Month
USD-LIBOR + 0.630%) due 6/25/21(a)(b)
246,059
5,241,000
Brunswick Corp., Senior Unsecured Notes, 4.625% due 5/15/21(b)
5,223,690
1,800,000
Capital One Financial Corp., Junior Subordinated Notes, 5.550% (3-Month
USD-LIBOR + 3.800%)(a)(d)
1,849,500
4,215,000
Carrols Restaurant Group Inc., Secured Notes, 8.000% due 5/1/22
4,394,137
995,000
CenterPoint Energy Inc., Junior Subordinated Notes, 6.125% (3-Month
USD-LIBOR + 3.270%)(a)(d)
1,012,412
3,565,000
Citigroup Inc., Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR +
4.059%)(a)(d)
3,655,551
1,000,000
Citizens Financial Group Inc., Junior Subordinated Notes, 5.500% (3-Month
USD-LIBOR + 3.960%)(a)(d)
1,021,000
245,000
CNH Industrial Capital LLC, Company Guaranteed Notes, 4.200% due 1/15/24
245,633
Comcast Corp., Company Guaranteed Notes:
117,000
3.000% due 2/1/24
113,830
235,000
3.300% due 2/1/27
225,540
508,482
Continental Airlines Class A Pass-Through Trust, Series 2007-1, Pass-Thru
Certificates, 5.983% due 4/19/22
537,882
477,873
Continental Airlines Class A-1 Pass-Through Trust, Series 2000-2, Pass-Thru
Certificates, 7.707% due 4/2/21
507,453
119,336
Continental Airlines Class C-2 Pass-Through Trust, Series 1999-2, Pass-Thru
Certificates, 6.236% due 3/15/20
121,723
3,990,000
Cott Holdings Inc., Company Guaranteed Notes, 5.500% due 4/1/25(b)
3,907,606
35,000
Dairy Farmers of America Inc., Junior Subordinated Notes, 7.125%(b)(d)
38,587
1,060,000
Discover Financial Services, Junior Subordinated Notes, 5.500% (3-Month
USD-LIBOR + 3.076%)(a)(d)
1,046,750
6,678,000
Dollar Tree Inc., Senior Unsecured Notes, 3.036% (3-Month USD-LIBOR +
0.700%) due 4/17/20(a)
6,691,877
2,514,000
DXC Technology Co., Senior Unsecured Notes, 3.271% (3-Month USD-LIBOR
+ 0.950%) due 3/1/21(a)
2,514,215
135,000
Farm Credit Bank of Texas, 6.200% (3-Month USD-LIBOR + 3.223%)(a)(b)(d)
137,025
See Notes to Financial Statements.
137

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
United States – (continued)
$ 10,288,000
Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.116% (3-Month
USD-LIBOR + 0.790%) due 6/12/20(a)
$ 10,322,823
2,126,000
Fresh Market Inc., Senior Secured Notes, 9.750% due 5/1/23(b)
1,456,310
3,477,000
FXI Holdings Inc., Senior Secured Notes, 7.875% due 11/1/24(b)
3,350,959
3,480,000
General Electric Co., Junior Subordinated Notes, 5.000% (3-Month USD-LIBOR
+ 3.330%)(a)(d)
3,425,625
2,935,000
General Motors Financial Co., Inc., Junior Subordinated Notes, 5.750% (3-Month
USD-LIBOR + 3.598%)(a)(d)(e)
2,856,122
Goldman Sachs Group Inc., Junior Subordinated Notes:
655,000
5.300% (3-Month USD-LIBOR + 3.834%)(a)(d)
655,327
2,601,000
5.375% (3-Month USD-LIBOR + 3.922%)(a)(d)
2,662,774
1,410,000
Hadrian Merger Sub Inc., Senior Unsecured Notes, 8.500% due 5/1/26(b)
1,335,975
12,859,000
HC2 Holdings Inc., Senior Secured Notes, 11.000% due 12/1/19(b)
12,987,590
Hexion Inc., Senior Secured Notes:
1,409,000
10.000% due 4/15/20
1,393,149
3,160,000
10.375% due 2/1/22(b)
3,109,535
3,756,000
INVISTA Finance LLC, Senior Secured Notes, 4.250% due 10/15/19(b)
3,765,390
458,000
j2 Cloud Services LLC/j2 Global Co.-Obligor Inc., Company Guaranteed Notes,
6.000% due 7/15/25(b)
471,167
1,137,000
Jones Energy Holdings LLC/Jones Energy Finance Corp., Company Guaranteed
Notes, 9.250% due 3/15/23
710,625
JPMorgan Chase & Co., Junior Subordinated Notes:
1,000,000
5.300% (3-Month USD-LIBOR + 3.800%)(a)(d)
1,021,250
500,000
5.809% (3-Month USD-LIBOR + 3.470%)(a)(d)
503,500
2,870,000
6.750% (3-Month USD-LIBOR + 3.780%)(a)(d)
3,159,009
1,485,000
KeyCorp, Junior Subordinated Notes, 5.000% (3-Month USD-LIBOR +
3.606%)(a)(d)
1,464,581
1,950,000
Land O’ Lakes Inc., Junior Subordinated Notes, 7.250%(b)(d)
2,106,000
8,502,000
Lee Enterprises Inc., Senior Secured Notes, 9.500% due 3/15/22(b)
8,836,044
1,125,000
M&T Bank Corp., Junior Subordinated Notes, 5.125% (3-Month USD-LIBOR +
3.520%)(a)(d)
1,119,375
2,950,000
Macquarie Infrastructure Corp., Senior Unsecured Notes, 2.000% due 10/1/23
2,640,474
1,637,000
MAI Holdings Inc., Senior Secured Notes, 9.500% due 6/1/23
1,692,249
1,267,000
Matador Resources Co., Company Guaranteed Notes, 6.875% due 4/15/23
1,330,350
985,000
McClatchy Co., Senior Secured Notes, 9.000% due 7/15/26(b)
1,009,625
679,000
McDermott Technology Americas Inc./McDermott Technology US Inc.,
Company Guaranteed Notes, 10.625% due 5/1/24(b)
722,490
MetLife Inc., Junior Subordinated Notes:
300,000
5.250% (3-Month USD-LIBOR + 3.575%)(a)(d)
306,000
See Notes to Financial Statements.
138

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
United States – (continued)
$ 1,800,000
5.875% (3-Month USD-LIBOR + 2.959%)(a)(d)
$ 1,863,000
7,223,000
Michaels Stores Inc., Company Guaranteed Notes, 5.875% due 12/15/20(b)
7,250,086
245,000
Moody’s Corp., Senior Unsecured Notes, 3.250% due 6/7/21
244,373
775,000
Morgan Stanley, Junior Subordinated Notes, 5.550% (3-Month USD-LIBOR +
3.810%)(a)(d)
799,219
13,692,000
Mueller Industries Inc., Subordinated Notes, 6.000% due 3/1/27
13,418,160
404,000
Netflix Inc., Senior Unsecured Notes, 4.875% due 4/15/28(b)
382,790
1,260,000
NiSource Inc., Junior Subordinated Notes, 5.650% (5-Year CMT Index +
2.843%)(a)(b)(d)
1,275,750
1,630,000
PNC Financial Services Group Inc., Junior Subordinated Notes, 5.000%
(3-Month USD-LIBOR + 3.300%)(a)(d)
1,630,000
1,000,000
Provident Financing Trust I, Limited Guaranteed Notes, 7.405% due 3/15/38
1,095,500
Reliance Holding USA Inc., Company Guaranteed Notes:
3,495,000
4.500% due 10/19/20
3,541,801
2,400,000
5.400% due 2/14/22
2,496,983
2,369,000
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., Senior Secured
Notes, 6.125% due 8/15/21(b)
2,369,000
610,000
Salem Media Group Inc., Senior Secured Notes, 6.750% due 6/1/24(b)
542,900
1,846,000
Sirius XM Radio Inc., Company Guaranteed Notes, 5.000% due 8/1/27(b)
1,783,679
1,402,000
SiTV LLC/SiTV Finance Inc., Senior Secured Notes, 10.375% due 7/1/19(b)
813,160
5,369,000
Sprint Corp., Company Guaranteed Notes, 7.250% due 9/15/21
5,629,074
1,500,000
State Street Corp., Junior Subordinated Notes, 5.250% (3-Month USD-LIBOR +
3.597%)(a)(d)
1,546,500
1,360,000
SunTrust Banks Inc., Junior Subordinated Notes, 5.050% (3-Month
USD-LIBOR + 3.102%)(a)(d)
1,343,000
Tapestry Inc., Senior Unsecured Notes:
462,000
3.000% due 7/15/22
447,559
4,224,000
4.250% due 4/1/25
4,185,790
462,000
4.125% due 7/15/27
442,396
1,699,000
TEGNA Inc., Company Guaranteed Notes, 5.125% due 10/15/19
1,699,000
1,566,364
Toll Road Investors Partnership II LP, Senior Secured Notes, zero coupon, due
2/15/45(b)
385,338
Trimble Inc., Senior Unsecured Notes:
2,930,000
4.150% due 6/15/23
2,940,884
1,465,000
4.750% due 12/1/24
1,495,458
945,000
Triumph Group Inc., Company Guaranteed Notes, 7.750% due 8/15/25(b)
917,831
1,045,000
US Bancorp, Junior Subordinated Notes, 5.125% (3-Month USD-LIBOR +
3.486%)(a)(d)
1,075,044
See Notes to Financial Statements.
139

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units
Security
Value
CORPORATE BONDS & NOTES – (continued)
United States – (continued)
$ 977,000
Verizon Communications Inc., Senior Unsecured Notes, 3.414% (3-Month
USD-LIBOR + 1.100%) due 5/15/25(a)
$ 987,522
607,000
Viacom Inc., Senior Unsecured Notes, 4.375% due 3/15/43
522,604
6,055,000
Vistra Energy Corp., Company Guaranteed Notes, 7.375% due 11/1/22
6,304,769
1,240,000
Voya Financial Inc., Company Guaranteed Notes, 5.650% (3-Month USD-LIBOR
+ 3.580%) due 5/15/53(a)
1,240,000
635,000
Wachovia Capital Trust III, Limited Guaranteed Notes, 5.570% (3-Month
USD-LIBOR + 0.930%)(a)(d)
632,619
231,000
Walt Disney Co., Senior Unsecured Notes, 2.950% due 6/15/27(e)
220,902
3,801,000
Welbilt Inc., Company Guaranteed Notes, 9.500% due 2/15/24
4,162,095
Wells Fargo & Co., Junior Subordinated Notes:
2,560,000
5.875% (3-Month USD-LIBOR + 3.990%)(a)(d)
2,697,600
1,250,000
6.111% (3-Month USD-LIBOR + 3.770%)(a)(d)
1,266,125
4,208,000
Xerium Technologies Inc., Senior Secured Notes, 9.500% due 8/15/21(b)
4,423,660
Total United States
225,563,499
TOTAL CORPORATE BONDS & NOTES
(Cost – $500,086,539)
492,480,408
SENIOR LOANS(a) – 7.8%
1,425,000
Appvion Operations Inc., 8.070% (3-Month USD-LIBOR + 6.000%) due
6/12/26 
1,410,750
2,360,298
Autoparts Holdings (No. 1) Ltd., 8.826% (1-Month USD-LIBOR + 6.750%) due
12/23/21
2,378,000
4,662,000
BI-LO LLC, 10.326% (3-Month USD-LIBOR + 8.000%) due 5/31/24
4,551,277
6,914,863
Crestwood Holdings LLC, 9.570% (1-Month USD-LIBOR + 7.500%) due
3/6/23 
6,903,315
Dell International LLC:
4,593,843
3.830% (1-Month USD-LIBOR + 1.750%) due 9/7/21
4,590,031
4,802,104
4.080% (1-Month USD-LIBOR + 2.000%) due 9/7/23
4,800,087
4,627,907
Eastman Kodak Co., 8.592% (3-Month USD-LIBOR + 6.250%) due 9/3/19
4,514,153
2,803,047
Envigo Laboratories Inc., 10.840% (3-Month USD-LIBOR + 8.500%) due
11/3/21
2,806,551
5,425,648
Internap Corp., 7.820% (1-Month USD-LIBOR + 5.750%) due 4/6/22
5,445,994
Lee Enterprises Inc.:
39,666
8.326% (1-Month USD-LIBOR + 6.250%) due 3/31/19
39,617
1,964,192
12.000% (FIXED) due 12/15/22
2,003,476
3,058,617
LSC Communications Inc., 7.576% (1-Month USD-LIBOR + 5.500%) due
9/30/22
3,058,617
3,716,445
McDermott International Inc., 7.076% (1-Month USD-LIBOR + 5.000%) due
5/12/25
3,753,015
See Notes to Financial Statements.
140

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units
Security
Value
SENIOR LOANS(a) – (continued)
$ 1,374,822
Monitronics International Inc., due 9/30/22(f)
$ 1,308,226
1,079,000
PMHC II Inc., 10.513% (3-Month USD-LIBOR + 7.750%) due 3/30/26
1,014,260
2,450,000
Production Resource Group LLC, 9.320% (3-Month USD-LIBOR + 7.000%) due
8/21/24(g)
2,401,000
1,176,821
Real Alloy Holding Inc., 2.307% due 5/31/23(g)
1,176,821
760,438
Tacala Investment Corp., 5.326% (1-Month USD-LIBOR + 3.250%) due
1/31/25 
762,179
YI LLC:
519,278
3.566% (3-Month USD-LIBOR + 4.000%) due 11/7/24
517,980
4,300,541
6.334% (3-Month USD-LIBOR + 4.000%) due 11/7/24
4,289,790
TOTAL SENIOR LOANS
(Cost – $57,626,181)
57,725,139
SOVEREIGN BONDS – 6.2%
Chile – 1.2%
Chile Government International Bond:
500,000
3.250% due 9/14/21
499,725
8,825,000
2.250% due 10/30/22
8,433,170
Total Chile
8,932,895
Costa Rica – 0.2%
1,150,000
Costa Rica Government International Bond, 9.995% due 8/1/20
1,262,125
Dominican Republic – 0.7%
4,830,000
Dominican Republic International Bond, 7.500% due 5/6/21
5,083,575
India – 0.4%
Export-Import Bank of India:
200,000
2.750% due 4/1/20
197,065
3,200,000
3.125% due 7/20/21
3,129,306
Total India
3,326,371
Indonesia – 1.0%
Indonesia Government International Bond:
4,495,000
4.875% due 5/5/21
4,644,751
2,795,000
3.700% due 1/8/22
2,786,528
Total Indonesia
7,431,279
Israel – 0.7%
4,800,000
Israel Government International Bond, 4.000% due 6/30/22
4,911,120
Mexico – 0.3%
2,530,000
Mexico Government International Bond, 3.625% due 3/15/22
2,533,542
Peru – 0.3%
2,150,000
Fondo MIVIVIENDA SA, 3.500% due 1/31/23
2,089,800
See Notes to Financial Statements.
141

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units
Security
Value
SOVEREIGN BONDS – (continued)
Philippines – 1.1%
$ 7,860,000
Philippine Government International Bond, 4.000% due 1/15/21
$ 7,975,597
Poland – 0.3%
2,000,000
Republic of Poland Government International Bond, 5.125% due 4/21/21
2,095,800
TOTAL SOVEREIGN BONDS
(Cost – $46,736,547)
45,642,104
Shares/Units
PREFERRED STOCKS – 1.9%
Bermuda – 0.4%
    30,926
Aspen Insurance Holdings Ltd., 5.625%(d)(e)
 775,006
31,722
Axis Capital Holdings Ltd., 5.500%(d)
792,733
42,868
Enstar Group Ltd., 7.000% (3-Month USD-LIBOR + 4.015%)(a)(d)
1,119,283
Total Bermuda
2,687,022
United States – 1.5%
1,000
Dairy Farmers of America Inc., 7.875%(b)(d)
114,036
50,000
Delphi Financial Group Inc., 5.504% (3-Month USD-LIBOR + 3.190%)(a)
1,125,000
19,210
Farm Credit Bank of Texas, 6.750% (3-Month USD-LIBOR + 4.010%)(a)(b)(d)
2,055,470
25,550
GMAC Capital Trust I, 8.099% (3-Month USD-LIBOR + 5.785%)(a)
684,740
54,847
Huntington Bancshares Inc., 6.250%(d)
1,446,315
4,240
KeyCorp, 6.125% (3-Month USD-LIBOR + 3.892%)(a)(d)
117,363
Morgan Stanley:
95,960
5.850% (3-Month USD-LIBOR + 3.491%)(a)(d)
2,495,920
10,600
6.375% (3-Month USD-LIBOR + 3.708%)(a)(d)
288,320
4,400
6.875%(3-Month USD-LIBOR + 3.940%)(a)(d)
123,376
20,000
New York Community Bancorp Inc., 6.375% (3-Month USD-LIBOR +
3.821%)(a)(d)
557,800
45,000
NuStar Energy LP, 7.625% (3-Month USD-LIBOR + 5.643%)(a)(d)
1,047,600
35,972
Regions Financial Corp., 6.375% (3-Month USD-LIBOR + 3.536%)(a)(d)
977,719
Total United States
11,033,659
TOTAL PREFERRED STOCKS
(Cost – $13,859,474)
13,720,681
COMMON STOCKS – 0.9%
Colombia – 0.0%
21,182
Frontera Energy Corp.*
301,208
United States – 0.9%
101,912
Appvion Inc.*(g)(h)
1,985,246
219,500
Forum Merger II Corp.*
2,188,415
See Notes to Financial Statements.
142

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
United States – (continued)
         52
Real Alloy Holding Inc.*(g)(h)
$ 2,063,089
Total United States
6,236,750
TOTAL COMMON STOCKS
(Cost – $7,251,179)
6,537,958
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $625,559,920)
616,106,290
Face Amount
SHORT-TERM INVESTMENTS – 15.6%
COMMERCIAL PAPERS – 13.2%
$ 4,767,000
Arrow Electronics Inc., 2.605% due 9/26/18(i)
 4,758,231
5,953,000
AT&T Inc., 3.091% due 5/28/19(i)
5,827,094
10,129,000
Campbell Soup Co., 2.327% due 9/6/18(i)
10,125,328
8,631,000
Constellation Brands Inc., 2.303% due 9/13/18(i)
8,623,199
6,988,000
EI du Pont de Nemours & Co., 2.359% due 9/10/18(i)
6,983,740
7,137,000
Keurig Dr Pepper Inc., 2.388% due 9/18/18(i)
7,129,049
7,274,000
Kraft Heinz Co., 2.471% due 10/23/18(i)
7,248,706
11,407,000
Marriott International Inc., 2.337% due 9/17/18(i)
11,394,918
6,358,000
McKesson Corp., 2.244% due 9/21/18(i)
6,349,655
9,084,000
Nutrien Ltd., 2.410% due 10/24/18(i)
9,048,327
4,557,000
Telus Corp., 2.359% due 9/25/18(i)
4,549,839
9,535,000
Thomson Reuters Corp., 2.355% due 10/2/18(i)
9,515,786
5,450,000
Walgreens Boots Alliance Inc., 2.410% due 10/22/18(i)
5,431,437
TOTAL COMMERCIAL PAPERS
(Cost – $96,983,306)
96,985,309
TIME DEPOSITS – 2.4%
3,132,575
Barclays Bank PLC – London, 1.280% due 9/4/18
3,132,575
49,313CAD
Brown Brothers Harriman – Grand Cayman, 0.590% due 9/4/18
37,790
14,448,744
Deutsche Bank AG – Grand Cayman, 1.280% due 9/4/18
14,448,744
TOTAL TIME DEPOSITS
(Cost –  $17,619,109)
17,619,109
TOTAL SHORT-TERM INVESTMENTS
(Cost –  $114,602,415)
114,604,418
See Notes to Financial Statements.
143

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount
Security
Value
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 0.4%
MONEY MARKET FUND – 0.4%
$ 3,333,215
Federated Government Obligations Fund, Premier Class, 1.845%(j)
(Cost – $3,333,215)
$ 3,333,215
TOTAL INVESTMENTS – 99.7%
(Cost – $743,495,550#)
734,043,923
Other Assets in Excess of Liabilities – 0.3%
2,021,726
TOTAL NET ASSETS – 100.0%
$ 736,065,648

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, 2018.
(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, 2018, amounts to approximately $120,138,579 and represents 16.32% of net assets.
(c)
Security is currently in default.
(d)
Security is perpetual in nature and has no stated maturity date.
(e)
All or a portion of this security is on loan (See Note 5).
(f)
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.
(g)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
(h)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2018, amounts to approximately $4,048,335 and represents 0.55% of net assets.
(i)
Rate shown represents yield-to-maturity.
(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:
CMT
 —   Constant Maturity Treasury Index
EURIBOR
 —   Euro Interbank Offered Rate
LIBOR
 —   London Interbank Offered Rate
LLC
 —   Limited Liability Company
NIBOR
 —   Norwegian Interbank Offered Rate
PLC
 —   Public Limited Company
See Notes to Financial Statements.
144

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Global Fixed Income Opportunities Fund (concluded)
Summary of Investments by Security Type^
Corporate Bonds & Notes
67.1%
Senior Loans
7.9
Sovereign Bonds
6.2
Preferred Stocks
1.9
Common Stocks
0.9
Short-Term Investments
15.6
Money Market Fund
0.4
100.0%
^
As a percentage of total investments.
At August 31, 2018, Destinations Global Fixed Income Opportunities 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 Buy:
Swedish Krona
3,035,850 BBH $ 332,179 9/13/18 $ 1,134 $ $ 1,134
Swedish Krona
1,010,000 BBH 110,513 9/13/18 (678) (678)
$ 1,134 $ (678) $ 456
Contracts to Sell:
Euro
2,415,000 BBH $ 2,805,028 9/13/18 $ 4,945 $ $ 4,945
Norwegian Krone
11,160,000 BBH 1,331,338 9/13/18 28,063 28,063
Swedish Krona
5,065,000 BBH 554,206 9/13/18 12,793 12,793
$ 45,801 $ $ 45,801
Net Unrealized Appreciation on Open Forward Foreign Currency Contracts $ 46,935 $ (678) $ 46,257
Currency Abbreviations used in this schedule: Counterparty Abbreviations used in this schedule:
CAD
 —   Canadian Dollar
BBH
 —   Brown Brothers Harriman & Co.
EUR
 —   Euro
NOK
 —   Norwegian Krone
SEK
 —   Swedish Krona
See Notes to Financial Statements.
145

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – 78.0%
Alabama – 1.4%
$ 2,750,000 AA
Alabama Public School & College Authority, Revenue Bonds, Refunding
Capital Improvement, Series B, 5.000% due 1/1/25
$ 3,150,730
2,000,000 AA-
Auburn University, Revenue Bonds, General Fee Revenue, Series A, 5.000%
due 6/1/35
2,337,400
355,000 AA-
County of Jefferson AL, GO, Refunding Wts, Series B, 5.000% due 4/1/21
380,230
220,000 A-
Industrial Development Board of the City of Mobile Alabama, Revenue
Bonds, Alabama Power Company Barry Rmkt, 1.850% due 6/1/34(a)
217,503
Mobile County Board of School Commissioners, Refunding Wts 4 and 12
Mill Taxes B:
175,000 A-
5.000% due 3/1/29
195,704
180,000 A-
5.000% due 3/1/30
200,536
185,000 A-
5.000% due 3/1/31
204,682
145,000 A-
5.000% due 3/1/32
159,620
215,000 A-
5.000% due 3/1/33
235,935
Montgomery Medical Clinic Board, Revenue Bonds, Jackson Hospital and
Clinic:
60,000 BBB
5.000% due 3/1/26
66,887
115,000 BBB
5.000% due 3/1/27
126,516
125,000 BBB
5.000% due 3/1/28
136,999
105,000 BBB
5.000% due 3/1/29
114,574
125,000 BBB
5.000% due 3/1/30
135,629
3,500,000 A3(b)
Southeast Alabama Gas Supply District, Revenue Bonds, Project Number 2,
Series A, 4.000% due 6/1/49(a)
3,717,210
Total Alabama
11,380,155
Alaska – 0.2%
1,000,000 AA+
Alaska Housing Finance Corp., Revenue Bonds, Refunding, Series A,
5.000% due 6/1/30
1,154,360
Borough of North Slope AK, GO:
15,000 AA
Series A, 5.000% due 6/30/19
15,403
50,000 AA
Series A, Prerefunded 6/30/20 @ 100, 5.000% due 6/30/21(c)
52,850
215,000 AA
State of Alaska, GO, Series A, 5.000% due 8/1/33
243,928
225,000 A1(b)
State of Alaska International Airports System, Revenue Bonds, Refunding,
Series B, 5.000% due 10/1/33
254,552
Total Alaska
1,721,093
Arizona – 1.8%
5,000,000 AAA
Arizona Department of Transportation State Highway Fund Revenue,
Revenue Bonds, Refunding, 5.000% due 7/1/27
5,902,400
435,000 AA-
Arizona School Facilities Board, COP, Prerefunded 9/1/18 @ 100, 5.750%
due 9/1/22(c)
435,000
See Notes to Financial Statements.
146

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Arizona – (continued)
$ 65,000 AA
City of Glendale AZ, GO, Refunding, AGM, 4.000% due 7/1/21
$ 68,622
City of Glendale AZ, Revenue Bonds:
230,000 AA+
Refunding, Series A, 5.000% due 7/1/27
264,141
215,000 AA+
Refunding, Series A, 5.000% due 7/1/28
246,192
235,000 AA+
Refunding, Series A, 5.000% due 7/1/29
268,149
105,000 AA
Refunding Subordinated Obligs, 5.000% due 7/1/23
118,173
95,000 AA
Refunding Subordinated Obligs, 5.000% due 7/1/25
110,132
45,000 AA
Refunding Subordinated Obligs, 5.000% due 7/1/28
52,921
85,000 AA
Refunding Subordinated Obligs, 5.000% due 7/1/32
98,230
City of Glendale AZ Transportation Excise Tax Revenue, Revenue Bonds,
Refunding, AGM:
55,000 AA
5.000% due 7/1/24
63,468
60,000 AA
5.000% due 7/1/25
69,884
105,000 AA
5.000% due 7/1/26
121,012
City of Phoenix Civic Improvement Corp., Revenue Bonds:
30,000 AAA
Refunding Senior Lien, Series C, 5.000% due 7/1/21
32,595
65,000 AA-
Senior, Series A, 5.000% due 7/1/27(d)
75,446
90,000 AA-
Senior, Series A, 5.000% due 7/1/28(d)
104,463
30,000 AAA
Senior Lien, Series A, 5.000% due 7/1/20
31,763
1,000,000 AAA
City of Scottsdale AZ, GO, 2004 Preserve Acquisition, 5.000% due 7/1/23
1,139,200
County of Pima AZ Sewer System Revenue, Revenue Bonds:
15,000 AA
System, Series A, 5.000% due 7/1/22
16,636
30,000 AA
System, Series A, 5.000% due 7/1/23
33,213
60,000 AA
Series B, 5.000% due 7/1/20
63,503
60,000 AA
Series B, Prerefunded 7/1/21 @ 100, 5.000% due 7/1/25(c)
65,120
2,100,000 BBB+
Industrial Development Authority of the City of Phoenix, Revenue Bonds,
Various Refunding Republic Services Inc. Project, 1.850% due
12/1/35(a)(d)
2,099,475
820,000 AAA
Maricopa County Community College District, GO, Project 2004, Series D,
4.250% due 7/1/25(c)
873,152
Maricopa County Industrial Development Authority, Revenue Bonds:
190,000 AA-
Banner Health, Series A, 4.000% due 1/1/24
206,486
70,000 AA-
Banner Health, Series A, 5.000% due 1/1/22
76,598
145,000 AA-
Banner Health, Series A, 5.000% due 1/1/23
162,029
60,000 AA-
Banner Health, Series A, 5.000% due 1/1/24
68,198
225,000 AA-
Banner Health, Series A, 5.000% due 1/1/25
259,119
430,000 AA-
Banner Health, Series B, 5.000% due 1/1/48(a)
476,982
290,000 AA-
Banner Health, Series C, 5.000% due 1/1/48(a)
331,250
See Notes to Financial Statements.
147

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Arizona – (continued)
$ 145,000 NR
Christian Care Surprise Incorporate, 6.000% due 1/1/48(e)(f)
$ 147,838
50,000 AA-
McAllister Academic Village LLC, Revenue Bonds, Arizona Refunding
Arizota St University Hassayampa, 5.000% due 7/1/21
54,166
145,000 AA
Salt River Project Agricultural Improvement & Power District, Revenue
Bonds, Salt River Project, Series A, 5.000% due 1/1/33
171,139
State of Arizona, COP, Department Administration, AGM:
70,000 AA
Series A, 5.000% due 10/1/18
70,172
195,000 AA
Series A, 5.250% due 10/1/20
202,088
Tempe Industrial Development Authority, Revenue Bonds, Mirabella At
ASU Project:
5,000 NR
Series A, 6.000% due 10/1/37(e)(f)
5,499
15,000 NR
Series A, 6.125% due 10/1/47(e)(f)
16,575
15,000 NR
Series A, 6.125% due 10/1/52(e)(f)
16,505
225,000 NR
Series B, 4.000% due 10/1/23(e)(f)
226,375
Total Arizona
14,843,909
Arkansas – 0.0%
90,000 Aa2(b)
Little Rock School District, GO, Construction, 3.000% due 2/1/22
92,259
California – 1.8%
50,000 AA
Abag Finance Authority for Nonprofit Corps, Revenue Bonds, Sharp
Healthcare, Prerefunded 8/1/19 @ 100, 6.250% due 8/1/39(c)
52,173
60,000 A-
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding
Senior Lien, Series A, 5.000% due 10/1/23
68,859
Bay Area Toll Authority, Revenue Bonds, Sanitary Francisco Bay Area:
255,000 AA
Series A, 2.950% due 4/1/47(a)
264,407
210,000 AA
Series B, 2.850% due 4/1/47(a)
217,113
195,000 AA
Series C, 2.100% due 4/1/45(a)
195,809
California Health Facilities Financing Authority, Revenue Bonds:
3,500,000 AA-
Sutter Health, Series C, 1.000% due 8/15/53(a)
3,471,930
85,000 AA-
Sutter Health, Series D, 5.000% due 8/15/35
91,648
115,000 AA-
St Joseph Health System, Series A, 5.000% due 7/1/25
130,725
California Municipal Finance Authority, Revenue Bonds, Senior Lien Linxs
Apm Project:
55,000 BBB+(g)
5.000% due 6/30/28(d)
63,989
45,000 BBB+(g)
5.000% due 12/31/28(d)
52,230
60,000 BBB+(g)
5.000% due 6/30/29(d)
69,365
30,000 BBB+(g)
5.000% due 12/31/29(d)
34,600
90,000 BBB+(g)
5.000% due 6/30/31(d)
103,146
85,000 BBB+(g)
5.000% due 12/31/31(d)
97,262
See Notes to Financial Statements.
148

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
California – (continued)
$ 1,300,000 BBB+
California Pollution Control Financing Authority, Revenue Bonds, Various
Refunding AMT Republic Services A, 1.850% due 8/1/23(a)(d)(f)
$ 1,299,675
California State Public Works Board, Revenue Bonds:
125,000 A+
California St University Projects, Series B, Prerefunded 10/1/21 @ 100,
5.250% due 10/1/24(c)
138,544
95,000 A+
Judicial Council Pjs, Series D, 5.000% due 12/1/20
102,139
70,000 A+
Judicial Council Pjs, Series D, 5.000% due 12/1/21
77,271
200,000 A+
Various Capital Projects, Series A, 5.000% due 4/1/21
216,908
60,000 A+
Various Capital Projects, Series A, 5.000% due 4/1/22
66,745
145,000 A+
Various Capital Projects, Series A, 5.000% due 4/1/23
160,982
115,000 A+
Various Capital Projects Series A, 5.250% due 10/1/24
127,242
115,000 A+
Various Capital Projects Series A, 5.250% due 10/1/25
127,096
30,000 A+
Various Capital Projects, Series G, 5.000% due 11/1/23
33,826
30,000 A+
Various Capital Projects, Series G, 5.000% due 11/1/24
33,801
120,000 A+
Various Capital Projects Subordinated, Series A1, Prerefunded 3/1/20
@ 100, 5.750% due 3/1/30(c)
127,609
15,000 AA
Central Valley Financing Authority, Revenue Bonds, Refunding Carson Ice
General Project, 5.250% due 7/1/20
16,027
50,000 AA+
City of Los Angeles CA Wastewater System Revenue, Revenue Bonds,
Unrefunded Balance Refunding, Series A, Prerefunded 6/1/19 @ 100,
5.750% due 6/1/34(c)
51,611
45,000 Aa2(b)
City of Oakland CA, GO, Series B, Prerefunded 1/15/19 @ 100, 6.000% due
1/15/34(c)
45,752
County of San Bernardino CA, COP, Refunding Arrowhead Project:
245,000 AA-
Series A, 5.000% due 8/1/19
252,524
65,000 AA-
Series A, 5.250% due 8/1/26
67,028
60,000 AA-
Series A, 5.500% due 8/1/20
62,061
Golden State Tobacco Securitization Corp., Revenue Bonds:
175,000 A+
Capital Appreciation Asset Bkd, Series A, AMBAC, zero coupon, due
6/1/24
152,089
145,000 A+
Enhanced Asset Bkd, Series A, 5.000% due 6/1/29
161,167
115,000 BBB+
Securitization Asset Bkd, Series A1, 5.000% due 6/1/25
130,812
30,000 BBB+
Securitization Asset Bkd, Series A1, 5.000% due 6/1/26
34,383
Los Angeles Community College District, GO, 2008 Election:
115,000 AA+
Series A, Prerefunded 8/1/19 @ 100, 6.000% due 8/1/33(c)
119,741
105,000 AA+
Series C, Prerefunded 8/1/20 @ 100, 5.250% due 8/1/39(c)
112,368
290,000 AA
Los Angeles Department of Water & Power, Power System Revenue,
Revenue Bonds, Refunding, Series A, 5.000% due 7/1/29
336,745
See Notes to Financial Statements.
149

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
California – (continued)
$ 1,500,000 Aa2(b)
Los Angeles Unified School District, GO, Refunding, Series A, 5.000% due
7/1/27
$ 1,841,835
Modesto Irrigation District, Revenue Bonds, Refunding:
30,000 A+
Series A, 5.000% due 7/1/22
32,646
110,000 A+
Series A, 5.000% due 7/1/23
119,578
Northern California Power Agency, Revenue Bonds:
35,000 A+
Series A, 5.000% due 7/1/19
36,026
60,000 A+
Series A, 5.000% due 7/1/20
61,743
45,000 A+
Series A, 5.000% due 7/1/21
46,244
65,000 A+
Series A, 5.000% due 7/1/22
66,775
170,000 Aa3(b)
Oakland Alameda County Coliseum Authority, Revenue Bonds, Refunding,
Series A, 5.000% due 2/1/23
187,534
Oakland Unified School District, GO:
55,000 AA-
Election of 2012, Prerefunded 8/1/21 @ 100, 6.250% due 8/1/28(c)
62,215
100,000 AA
Refunding, AGM, 5.000% due 8/1/26
118,197
30,000 AA-
Series A, 5.000% due 8/1/28
35,165
145,000 A+
Port of Oakland, Revenue Bonds, Refunding AMT Senior Lien, Series P,
5.000% due 5/1/22(d)
159,664
Poway Unified School District Public Financing Authority, Refunding:
35,000 NR
Series A, 5.000% due 9/1/25
40,024
45,000 NR
Series A, 5.000% due 9/1/28
50,156
50,000 NR
Series A, 5.000% due 9/1/32
54,711
90,000 A-
Sacramento City Financing Authority, Capital Appreciation Tax Allocation,
Series A, NPFG, zero coupon, due 12/1/26
69,062
Sacramento Cogeneration Authority, Revenue Bonds, Refunding Procter and
Gamble Project:
20,000 AA
5.250% due 7/1/20
21,369
20,000 AA
5.250% due 7/1/21
21,896
255,000 AA-
San Diego Convention Center Expansion Financing Authority, Revenue
Bonds, Refunding, Series A, 5.000% due 4/15/23
282,928
60,000 AA+
San Diego Public Facilities Financing Authority Sewer Revenue, Revenue
Bonds, Senior, Series A, Prerefunded 5/15/19 @ 100, 5.000% due
5/15/22(c)
61,511
75,000 AA-
San Diego Unified School District, GO, Capital Appreciation Election 2008,
Series C, zero coupon, due 7/1/34
42,448
San Marcos Unified School District, GO, Capital Appreciation 2010
Election:
105,000 AA-
Series B, zero coupon, due 8/1/35
56,778
60,000 AA-
Series B, zero coupon, due 8/1/37
29,669
See Notes to Financial Statements.
150

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
California – (continued)
$ 55,000 AA+
Santa Monica-Malibu Unified School District, GO, Capital Appreciation,
NPFG, zero coupon, due 8/1/20
$ 53,304
State of California, GO:
290,000 AA-
5.500% due 8/1/30
290,847
60,000 AA+
Prerefunded Various Purpose, Prerefunded 4/1/19 @ 100, 6.000% due
4/1/38(c)
61,595
80,000 AA-
Refunding, 5.000% due 9/1/29
94,466
435,000 AA-
Refunding Various Purpose, Series B, 5.000% due 8/1/26
522,231
205,000 AA-
Refunding Various Purpose, Series C, 5.000% due 8/1/29
241,875
115,000 AA-
Unrefunded Balance Various Purpose, 6.000% due 4/1/38
117,836
State of California Department of Water Resources, Revenue Bonds, Water
Resources Water System:
65,000 AAA
Series AI, 5.000% due 12/1/25
71,774
140,000 AAA
Series AI, Prerefunded 12/1/21 @ 100, 5.000% due 12/1/29(c)
154,869
40,000 AA+
Union Elementary School District, GO, Capital Appreciation, Series A,
NPFG, zero coupon, due 9/1/20
38,592
30,000 AA
University of California, Revenue Bonds, Unrefunded Balance 2016
General, Series O, Prerefunded 5/15/19 @ 100, 5.250% due 5/15/39(c)
30,808
100,000 Aa3(b)
Washington Township Health Care District, GO, 2012 Election, Series A,
5.500% due 8/1/40
115,660
230,000 AA-
West Contra Costa Unified School District, GO, Refunding, 5.000% due
8/1/26
255,703
Total California
14,515,136
Colorado – 0.6%
City & County of Denver CO Airport System Revenue, Revenue Bonds,
Refunding AMT:
65,000 A+
Series A, 5.000% due 11/15/24(d)
74,390
30,000 A+
Series A, 5.000% due 11/15/27(d)
34,893
145,000 A+
Series A, 5.000% due 11/15/28(d)
167,893
145,000 A+
Series A, 5.000% due 11/15/29(d)
166,888
115,000 A+
Series A, 5.000% due 11/15/30(d)
132,359
2,345,000 AA
City of Colorado Springs CO Utilities System Revenue, Revenue Bonds,
Series A4, 5.000% due 11/15/48
2,705,192
Colorado Health Facilities Authority, Revenue Bonds:
220,000 BBB+
Catholic Health Initiatives, Series D3, 5.000% due 10/1/38(a)
237,156
370,000 Aaa(b)
Liberty Height Rmk 12/1/91, zero coupon, due 7/15/22
338,990
190,000 A3(b)
Parkview Medical Center Incorporate Project, 5.000% due 9/1/46
206,948
E-470 Public Highway Authority, Revenue Bonds:
60,000 A
Capital Appreciation, zero coupon, due 9/1/35
31,442
See Notes to Financial Statements.
151

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Colorado – (continued)
$ 85,000 A
Capital Appreciation, zero coupon, due 9/1/37
$ 40,974
110,000 A
Capital Appreciation, zero coupon, due 9/1/38
50,727
75,000 A
Capital Appreciation Senior, Series B, NPFG, zero coupon, due 9/1/18
75,000
140,000 A
Capital Appreciation Senior, Series B, NPFG, zero coupon, due 9/1/20
134,408
210,000 AA-
University of Colorado Hospital Authority, Revenue Bonds, Series C,
5.000% due 11/15/38(a)
226,920
Total Colorado
4,624,180
Connecticut – 1.1%
Connecticut State Health & Educational Facilities Authority, Revenue
Bonds:
65,000 A-
Fairfield University, Series S, 5.000% due 7/1/26
74,882
30,000 A-
Fairfield University, Series S, 5.000% due 7/1/29
34,959
1,030,000 AAA
Revenue Yale University Rmkt 7/11/18, Series A, 2.050% due 7/1/35(a)
1,032,266
4,465,000 AAA
Yale University, Series V1, 1.400% due 7/1/36(a)
4,465,000
State of Connecticut, GO:
90,000 A
Series A, 5.000% due 3/15/26
102,048
85,000 A
Series E, 5.000% due 9/15/23
92,549
100,000 A
Series E, 5.000% due 10/15/26
113,993
150,000 A
Series E, 5.000% due 10/15/29
168,126
1,600,000 A
Refunding, Series F, 5.000% due 9/15/26
1,815,280
1,000,000 AAA
State of Connecticut Clean Water Fund – State Revolving Fund, Revenue
Bonds, Refunding, Series B, 5.000% due 6/1/22
1,111,730
Total Connecticut
9,010,833
Delaware – 0.5%
Delaware River & Bay Authority, Revenue Bonds, Refunding:
85,000 A
Series C, 5.000% due 1/1/22
93,097
35,000 A
Series C, 5.000% due 1/1/24
39,820
80,000 A
Series C, 5.000% due 1/1/25
91,061
3,160,000 NR
State of Delaware, GO, Series B, Prerefunded 7/1/24 @ 100, 5.000% due
7/1/27(c)
3,650,306
Total Delaware
3,874,284
District of Columbia – 0.5%
District of Columbia, Revenue Bonds:
195,000 A1(b)
Deed Tax, Series A, 5.000% due 6/1/40
203,510
120,000 AAA
Income Tax Revenue, Series A, 5.000% due 12/1/36
130,052
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding
AMT:
2,500,000 AA-
Series A, 5.000% due 10/1/24(d)
2,845,500
See Notes to Financial Statements.
152

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
District of Columbia – (continued)
$ 115,000 AA-
Series A, 5.000% due 10/1/28(d)
$ 135,961
280,000 AA-
Series A, 5.000% due 10/1/29(d)
326,730
95,000 AA-
Series A, 5.000% due 10/1/30(d)
111,139
205,000 AA-
Series A, 5.000% due 10/1/31(d)
237,675
60,000 AA-
Series A, 5.000% due 10/1/34(d)
68,343
55,000 AA-
Series A, 5.000% due 10/1/36(d)
62,278
240,000 AA-
Washington Metropolitan Area Transit Authority, Revenue Bonds, Series B,
5.000% due 7/1/34
278,568
Total District of Columbia
4,399,756
Florida – 4.6%
Brevard County School District, COP:
95,000 Aa3(b)
Refunding, 5.000% due 7/1/27
108,122
215,000 Aa3(b)
Refunding, 5.000% due 7/1/30
242,705
85,000 Aa3(b)
School Board Certificates, Series C, 5.000% due 7/1/24
97,237
Citizens Property Insurance Corp., Revenue Bonds, Senior Secured:
80,000 A+
Series A1, 5.000% due 6/1/21
86,386
60,000 A+
Series A1, 5.000% due 6/1/22
66,223
City of Clearwater FL Water & Sewer Revenue, Revenue Bonds, Refunding:
40,000 AA
5.000% due 12/1/21
43,836
65,000 AA
Prerefunded 12/1/21 @ 100, 5.000% due 12/1/23(c)
71,385
70,000 AA
Prerefunded 12/1/21 @ 100, 5.000% due 12/1/24(c)
76,876
City of Jacksonville FL, Revenue Bonds, Refunding Better Jacksonville:
115,000 A+
5.000% due 10/1/22
127,759
155,000 A+
5.000% due 10/1/23
172,326
City of Tallahassee FL, Revenue Bonds:
50,000 Baa1(b)
Refunding Tallahassee Memorial Healthcare, 5.000% due 12/1/40
53,689
15,000 Baa1(b)
Tallahassee Memorial Healthcare Incorporate, 5.000% due 12/1/19
15,516
35,000 Baa1(b)
Tallahassee Memorial Healthcare Incorporate, 5.000% due 12/1/21
37,818
City of Tampa FL, Revenue Bonds:
45,000 Aa2(b)
Baycare Health System, 5.000% due 11/15/19
46,775
55,000 A+
Cigarette H Lee, 5.000% due 9/1/28
60,343
City of Tampa FL Solid Waste System Revenue, Revenue Bonds, Refunding,
AGM:
305,000 AA
5.000% due 10/1/18(d)
305,696
170,000 AA
5.000% due 10/1/19(d)
175,528
County of Broward FL Airport System Revenue, Revenue Bonds:
30,000 A+
Airport System Revenue AMT, 5.000% due 10/1/28(d)
34,863
See Notes to Financial Statements.
153

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
$ 60,000 A+
Airport System Revenue AMT, 5.000% due 10/1/30(d)
$ 69,159
90,000 A+
Airport System Revenue AMT, 5.000% due 10/1/31(d)
103,201
120,000 A+
Senior, Series A, 5.000% due 10/1/29(d)
135,270
85,000 A+
Senior, Series A, 5.000% due 10/1/31(d)
95,184
115,000 A+
Senior, Series A, 5.000% due 10/1/32(d)
128,469
90,000 A+
Series Q1, 5.000% due 10/1/23
99,652
County of Hillsborough FL Solid Waste & Resource Recovery Revenue,
Revenue Bonds, Refunding AMT:
40,000 AA+
Series A, 5.000% due 9/1/20(d)
42,312
40,000 AA+
Series A, 5.000% due 9/1/21(d)
43,210
50,000 AA+
Series A, 5.000% due 9/1/22(d)
55,077
60,000 AA+
Series A, 5.000% due 9/1/23(d)
67,204
65,000 AA+
Series A, 5.000% due 9/1/24(d)
73,523
65,000 AA+
Series A, 5.000% due 9/1/25(d)
74,241
65,000 AA+
Series A, 5.000% due 9/1/26(d)
74,922
County of Indian River FL Water & Sewer Revenue, Revenue Bonds,
Refunding:
55,000 AA
5.000% due 9/1/21
56,756
65,000 AA
5.000% due 9/1/22
67,068
120,000 AA
County of Miami-Dade FL, GO, Refunding, Series A, 5.000% due 11/1/23
136,728
County of Miami-Dade FL, Revenue Bonds:
160,000 A+
Refunding Subordinated, 5.000% due 10/1/28
184,646
120,000 A+
Refunding Subordinated, 5.000% due 10/1/29
137,460
215,000 A+
Refunding Subordinated, 5.000% due 10/1/30
244,958
65,000 A+
Refunding Subordinated, Series A, 5.000% due 10/1/25
71,864
210,000 A+
Refunding Jackson Health System, Series B, NPFG, 5.000% due 6/1/20
220,893
County of Miami-Dade FL Aviation Revenue, Revenue Bonds:
90,000 A
Miami international Airport, Series A1, 5.000% due 10/1/22
95,471
135,000 A
Miami international Airport, Series A1, Prerefunded 10/1/20 @ 100,
5.375% due 10/1/41(c)
144,801
70,000 A
Refunding, Series A, 5.000% due 10/1/30
80,783
30,000 A
Refunding, Series A, 5.000% due 10/1/31
34,481
65,000 A
Refunding, Series B, 5.000% due 10/1/24
71,971
215,000 A
Refunding, Series B, 5.000% due 10/1/37
239,587
85,000 A
Refunding AMT, Series A, 5.000% due 10/1/22(d)
94,256
290,000 A
Refunding AMT, Series A, 5.000% due 10/1/24(d)
318,725
55,000 A
Refunding AMT, Series A, 5.000% due 10/1/27(d)
62,105
80,000 A
Refunding AMT, Series A, 5.000% due 10/1/29(d)
90,002
See Notes to Financial Statements.
154

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
$ 160,000 A
Refunding AMT, Series A, 5.000% due 10/1/33(d)
$ 178,110
70,000 A
Refunding AMT, Series A, 5.000% due 10/1/35(d)
77,676
105,000 A
Refunding AMT, Series B, 5.000% due 10/1/20(d)
111,383
295,000 AA
Series B, AGM, 5.000% due 10/1/35
311,886
County of Miami-Dade FL Transit System, Revenue Bonds:
35,000 AA
5.000% due 7/1/21
37,846
50,000 AA
5.000% due 7/1/42
53,846
230,000 AA
County of Miami-Dade FL Water & Sewer System Revenue, Revenue
Bonds, Refunding System, Series B, AGM, 5.250% due 10/1/18
230,619
Duval County School Board, COP, School Board Certificates:
125,000 AA-
Series B, 5.000% due 7/1/27
142,967
30,000 AA-
Series B, 5.000% due 7/1/28
34,212
190,000 AA-
Series B, 5.000% due 7/1/30
215,536
Florida Municipal Power Agency, Revenue Bonds:
30,000 A2(b)
All Requirements Power Supply, 5.000% due 10/1/24
34,529
45,000 A2(b)
All Requirements Power Supply, 5.000% due 10/1/27
51,809
55,000 A2(b)
Refunding, Series A, 5.000% due 10/1/30
63,601
60,000 A2(b)
Refunding, Series A, 5.000% due 10/1/31
69,056
80,000 A1(b)
Series A, 5.000% due 10/1/22
88,909
355,000 A2(b)
St Lucie Project, Series A, 5.000% due 10/1/26
389,297
2,500,000 AA
Florida’s Turnpike Enterprise, Revenue Bonds, Department Transportation,
Series C, 4.375% due 7/1/37
2,621,075
Greater Orlando Aviation Authority, Revenue Bonds, AMT Priority
Subordinated:
100,000 A+
Series A, 5.000% due 10/1/28(d)
115,866
60,000 A+
Series A, 5.000% due 10/1/30(d)
68,699
Halifax Hospital Medical Center, Revenue Bonds, Refunding:
35,000 A-
5.000% due 6/1/28
39,173
70,000 A-
5.000% due 6/1/35
76,779
Highlands County Health Facilities Authority, Revenue Bonds:
345,000 AA
6.000% due 11/15/37
363,809
60,000 AA
Hospital Adventist Health, 5.000% due 11/15/18
60,385
105,000 WR(b)
Hillsborough County Industrial Development Authority, Revenue Bonds,
Various Health Facilities B Rmkt 8/6/9, Prerefunded 8/15/19 @ 101,
8.000% due 8/15/32(c)
112,203
Indian River County School Board, COP, Refunding:
75,000 AA-
Series A, 5.000% due 7/1/24
85,578
60,000 AA-
Series A, 5.000% due 7/1/25
69,394
See Notes to Financial Statements.
155

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
$ 200,000 A+
JEA Electric System Revenue, Revenue Bonds, Subordinated, Series B,
5.000% due 10/1/26
$ 235,062
JEA Water & Sewer System Revenue, Revenue Bonds:
15,000 AAA
Unrefunded Balance, Series C, 5.000% due 10/1/20(c)
15,286
35,000 NR
Prerefunded, Series C, Prerefunded 4/1/19 @ 100, 5.000% due
10/1/20(c)
35,663
Lake County School Board, COP, Master Lease Program:
30,000 AA
Series A, AGM, 5.000% due 6/1/25
33,798
50,000 AA
Series A, AGM, 5.000% due 6/1/26
56,102
15,000 AA
Series A, AGM, 5.000% due 6/1/28
16,712
60,000 AA
Manatee County School District, Revenue Bonds AGM, 5.000% due
10/1/25
69,836
Miami-Dade County Expressway Authority, Revenue Bonds:
45,000 A+
Refunding, Series A, 5.000% due 7/1/31
51,400
115,000 A+
Refunding, Series A, 5.000% due 7/1/32
131,011
95,000 A+
Refunding, Series A, 5.000% due 7/1/33
107,873
30,000 A+
Refunding, Series A, 5.000% due 7/1/34
33,976
235,000 A+
Series A, 5.000% due 7/1/40
246,381
85,000 A+
Series A, 5.000% due 7/1/44
93,396
Mid-Bay Bridge Authority, Revenue Bonds, Refunding:
105,000 BBB+
Series A, 5.000% due 10/1/27
118,647
145,000 BBB+
Series A, 5.000% due 10/1/28
162,863
80,000 BBB+
Series A, 5.000% due 10/1/29
89,423
70,000 BBB+
Series A, 5.000% due 10/1/30
77,963
North Brevard County Hospital District Physician Services Inc., Revenue
Bonds, Prerefunded Refunding Parrish Medical:
65,000 WD(g)
Florida Hospital Unrefunded, Prerefunded 10/1/18 @ 100, 5.750% due
10/1/38(c)
65,196
15,000 WD(g)
Florida Hospital Unrefunded, Prerefunded 10/1/18 @ 100, 5.750% due
10/1/43(c)
15,046
155,000 WD(g)
Prerefunded Refunding Parrish Medical, Prerefunded 10/1/18 @ 100,
5.750% due 10/1/38(c)
155,473
40,000 WD(g)
Prerefunded Refunding Parrish Medical, Prerefunded 10/1/18 @ 100,
5.750% due 10/1/43(c)
40,122
Orange County Health Facilities Authority, Revenue Bonds:
365,000 A
Health Facilities, Series A, 5.000% due 10/1/42
393,788
130,000 A
Hospital Orlando Health Incorporate, 5.250% due 10/1/20
134,853
150,000 A
Hospital Orlando Health Incorporate, Series B, 5.000% due 10/1/42
161,830
See Notes to Financial Statements.
156

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
$ 75,000 A
Hospital Orlando Regional Healthcare, Series A, NPFG, 6.250% due
10/1/18
$ 75,253
Orange County School Board, COP:
115,000 Aa2(b)
Certificates, Series B, Prerefunded 8/1/22 @ 100, 5.000% due 8/1/26(c)
128,035
200,000 Aa2(b)
Refunding, Series C, 5.000% due 8/1/29
229,612
Orlando Utilities Commission, Revenue Bonds, Refunding:
50,000 AA
Series A, 5.000% due 10/1/23
56,941
25,000 AA
Series A, 5.000% due 10/1/25
29,293
45,000 AA
Series B, 5.000% due 10/1/19
46,600
100,000 AA
Series B, 5.000% due 10/1/20
106,563
60,000 A+
Orlando-Orange County Expressway Authority, Revenue Bonds, Refunding,
5.000% due 7/1/20
63,514
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding
BRRH Corp. Obligation Group:
10,000 BBB+
5.000% due 12/1/23
11,095
20,000 BBB+
5.000% due 12/1/24
22,417
Palm Beach County School District, COP:
90,000 Aa3(b)
County Florida School Board, Series B, 5.000% due 8/1/25
104,249
650,000 Aa3(b)
Florida School Board Certificates, Series A, 5.000% due 8/1/26
760,305
55,000 Aa3(b)
Refunding, Series A, 5.000% due 8/1/22
60,906
35,000 Aa3(b)
Refunding, Series A, 5.000% due 8/1/23
39,567
40,000 Aa3(b)
Refunding, Series A, 5.000% due 8/1/24
45,788
135,000 Aa3(b)
Refunding, Series A, 5.000% due 8/1/25
156,373
55,000 Aa3(b)
Refunding, Series A, 5.000% due 8/1/26
64,334
45,000 Aa3(b)
School Board Certificates, Series B, 5.000% due 8/1/25
52,125
300,000 Aa3(b)
School Board Certificates, Series B, 5.000% due 8/1/26
346,467
240,000 Aa3(b)
School Board Certificates, Series B, 5.000% due 8/1/27
275,863
160,000 Aa3(b)
School Board Certificates, Series B, 5.000% due 8/1/28
183,256
695,000 Aa3(b)
School Board Certificates, Series D, 5.000% due 8/1/26
802,649
315,000 Aa3(b)
School Board Certificates, Series D, 5.000% due 8/1/27
362,070
110,000 Aa3(b)
School Board Certificates, Series D, 5.000% due 8/1/28
125,989
Palm Beach County Solid Waste Authority, Revenue Bonds:
85,000 AA+
Prerefunded Improvement, BHAC, 5.250% due 10/1/18
85,232
250,000 AA+
Refunding, 5.000% due 10/1/24
272,705
350,000 AA+
Unrefunded Balance Improvement, BHAC, 5.250% due 10/1/18
350,935
School Board of Miami-Dade County, COP:
120,000 AA
County Florida School Board, Series A, AGM, 5.000% due 5/1/27
136,315
570,000 A+
County Florida School Board, Series A, 5.000% due 5/1/31
643,279
See Notes to Financial Statements.
157

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
$ 220,000 A+
County Florida School Board, Series B, 5.000% due 8/1/27
$ 253,768
340,000 A+
Florida School Board, Series D, 5.000% due 11/1/24
389,460
355,000 A+
Florida School Board, Series D, 5.000% due 11/1/25
407,295
230,000 A+
Florida School Board, Series D, 5.000% due 11/1/26
262,609
115,000 A+
Florida School Board Certificates, Series D, 5.000% due 2/1/29
130,495
190,000 A+
Florida School Board Certificates, Series D, 5.000% due 2/1/30
214,791
395,000 A+
Refunding, Series B, 5.000% due 5/1/28
445,631
School District of Broward County, COP:
70,000 A+
Florida School Board Certificates, Series A, 5.000% due 7/1/32
79,746
120,000 NR
Prerefunded, Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/25(c)
132,947
580,000 NR
Prerefunded, Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/26(c)
642,576
155,000 A+
Refunding, Series A, 5.000% due 7/1/21
167,828
145,000 A+
Refunding, Series A, 5.000% due 7/1/22
160,306
60,000 A+
Refunding, Series B, 5.000% due 7/1/25
69,557
335,000 A+
Refunding, Series B, 5.000% due 7/1/26
386,084
230,000 A+
Refunding, Series B, 5.000% due 7/1/27
264,141
390,000 A+
Refunding, Series B, 5.000% due 7/1/28
446,320
330,000 A+
School Board Certificates, Series A, 5.000% due 7/1/26
380,322
265,000 A+
School Board Certificates, Series A, 5.000% due 7/1/27
304,336
115,000 A+
School Board Certificates, Series A, 5.000% due 7/1/28
131,607
45,000 A+
Unrefunded Balance, Series A, 5.000% due 7/1/25
49,282
130,000 A+
Unrefunded Balance, Series A, 5.000% due 7/1/26
141,971
Seminole County School Board, COP, County Florida School Board:
60,000 Aa3(b)
Series C, 5.000% due 7/1/23
67,324
50,000 Aa3(b)
Series C, 5.000% due 7/1/24
56,877
115,000 AA
South Florida Water Management District, COP, Refunding, 5.000% due
10/1/30
131,815
80,000 Baa1(b)
South Lake County Hospital District, Revenue Bonds, South Lake Hospital,
Series A, 6.250% due 4/1/39
81,605
South Miami Health Facilities Authority, Revenue Bonds, Baptist Health South Florida:
75,000 AA-
5.000% due 8/15/24
85,742
120,000 AA-
5.000% due 8/15/25
138,932
St Lucie County School Board, COP, Refunding Master Lease Program:
60,000 A
Series A, 5.000% due 7/1/25
66,686
125,000 A
Series A, 5.000% due 7/1/27
138,091
State of Florida, GO:
1,745,000 AAA
Department Transportation Right Of Way, 4.000% due 7/1/39
1,834,728
See Notes to Financial Statements.
158

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Florida – (continued)
$ 5,995,000 AAA
Department Transportation Right Of Way, 5.000% due 7/1/32
$ 7,148,917
80,000 AAA
Refunding Capital Outlay, Series D, 5.000% due 6/1/21
82,833
145,000 AAA
Refunding Capital Outlay, Series E, 5.000% due 6/1/24
156,816
358,000 AAA
Refunding Capital Outlay 2011, Series C, 5.000% due 6/1/20
377,644
289,000 AAA
Refunding Capital Outlay 2011, Series C, 5.000% due 6/1/22
313,033
2,000,000 NR
State of Florida Department of Transportation, Revenue Bonds, 5.000% due
7/1/27
2,397,160
Tampa Bay Water, Revenue Bonds, Refunding and Improvement:
70,000 AA+
5.500%, NPFG, due 10/1/22
79,711
70,000 AA+
Series A, NPFG, 6.000% due 10/1/29
91,217
145,000 AA
Volusia County School Board, COP, Florida School Board Certificates,
Series A, 5.000% due 8/1/32
162,999
Total Florida
37,993,937
Georgia – 2.1%
City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds,
Refunding:
30,000 AA-
5.000% due 11/1/27
34,611
70,000 AA-
5.000% due 11/1/29
80,343
205,000 Aaa(b)
Colquitt County Development Authority, Revenue Bonds, Subordinated C
Rmkt 3/23/92, zero coupon, due 12/1/21
190,914
45,000 A+
County of DeKalb GA Water & Sewerage Revenue, Revenue Bonds,
Series A, 5.250% due 10/1/25
49,407
DeKalb County Hospital Authority, Revenue Bonds, Dekalb Medical Center
Inc. Project:
170,000 BB(g)
6.000% due 9/1/30
180,792
310,000 BB(g)
6.125% due 9/1/40
328,014
840,000 Aa2(b)
Main Street Natural Gas Inc., Revenue Bonds, Subordinated, Series C,
4.000% due 8/1/48(a)
893,953
335,000 AA+
Metropolitan Atlanta Rapid Transit Authority, Revenue Bonds, Third Series,
Prerefunded 7/1/19 @ 100, 5.250% due 7/1/36(c)
344,886
195,000 A3(b)
Monroe County Development Authority, Revenue Bonds, Various Georgia
Power Co. Plant, 2.350% due 10/1/48(a)
195,468
Municipal Electric Authority of Georgia, Revenue Bonds:
145,000 A+
5.000% due 1/1/26
160,260
45,000 A
Project One Subordinated, Series A, 5.250% due 1/1/20
46,934
265,000 A
Project One Subordinated, Series A, 5.000% due 1/1/21
282,198
105,000 A+
Series Gg, 5.000% due 1/1/24
116,597
35,000 A+
Series Gg, 5.000% due 1/1/25
38,820
85,000 A
Unrefunded Balance Project, Series D, 5.750% due 1/1/19
85,196
See Notes to Financial Statements.
159

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Georgia – (continued)
Municipal Gas Authority of Georgia, Revenue Bonds:
$ 40,000 AA-
Gas Portfolio III Project, 5.000% due 10/1/24
$ 45,625
60,000 AA-
Gas Portfolio III Project, Series Q, 5.000% due 10/1/22
66,533
35,000 AA-
Refunding Gas Portfolio III, Series S, 5.000% due 10/1/22
38,811
70,000 AA-
Refunding Gas Portfolio III, Series S, 5.000% due 10/1/24
77,306
320,000 A+
Richmond County Hospital Authority, Revenue Bonds, University Health
Services Inc. Project, Prerefunded 1/1/19 @ 100, 5.500% due 1/1/36(c)
324,006
State of Georgia, GO:
3,835,000 AAA
Refunding, Series C, 5.000% due 7/1/29
4,583,017
2,500,000 AAA
Series A, 4.000% due 7/1/36
2,676,050
5,000,000 AAA
Series A, 5.000% due 7/1/29
6,067,950
Total Georgia
16,907,691
Hawaii – 0.1%
City & County of Honolulu HI, GO, Refunding Senior:
115,000 Aa1(b)
Series D, 5.000% due 9/1/22
128,164
90,000 Aa1(b)
Series D, 5.000% due 9/1/26
106,274
500,000 AA+
State of Hawaii, GO, Refunding, Series FH, 5.000% due 10/1/28
588,850
115,000 AA-
State of Hawaii Airports System Revenue, Revenue Bonds, Senior, Series A,
5.000% due 7/1/45(d)
126,555
Total Hawaii
949,843
Idaho – 0.4%
Idaho Health Facilities Authority, Revenue Bonds:
45,000 AA-
Prerefunded 12/1/18 @ 100, 6.250% due 12/1/33(c)
45,505
80,000 A-
St Lukes Health System Project, Series A, 6.500% due 11/1/28
80,613
75,000 A-
St Lukes Health System Project, Series A, 6.750% due 11/1/37
75,604
Idaho Housing & Finance Association, Revenue Bonds, Refunding Granote
and Revenue Anticipation Feducation Highway:
60,000 A2(b)
5.000% due 7/15/20
63,407
90,000 A2(b)
5.000% due 7/15/21
97,444
100,000 A2(b)
5.000% due 7/15/22
110,425
45,000 A2(b)
5.000% due 7/15/23
50,556
35,000 A2(b)
5.000% due 7/15/24
39,803
35,000 A2(b)
5.000% due 7/15/25
40,413
95,000 A2(b)
5.000% due 7/15/27
111,705
2,380,000 Aa1(b)
Kootenai County School District No 271 Coeur d’Alene, GO, 4.000% due
9/15/28
2,639,134
Total Idaho
3,354,609
See Notes to Financial Statements.
160

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Illinois – 5.4%
Chicago Board of Education, GO:
$ 45,000 B+
Acquisition Project, Series C, 5.250% due 12/1/39
$ 46,420
45,000 B+
Chicago School Reform Board, Series A, NPFG, 5.250% due 12/1/21
48,101
185,000 B+
Refunding, Series C, 5.000% due 12/1/27
195,208
30,000 B+
Refunding Dedicated, Series F, 5.000% due 12/1/20
30,913
170,000 AA
Refunding Dedicated Revenue, AGC, Series D, 5.000% due 12/1/20
171,436
150,000 AA
Refunding Dedicated Revenue, AGC, Series D, 5.000% due 12/1/21
151,262
75,000 AA
Refunding Dedicated Revenue, AGC, Series D, Prerefunded 12/​1/18
@ 100, 5.000% due 12/1/19(c)
75,610
60,000 B+
Series A, 5.000% due 12/1/41
60,675
55,000 B+
Series A, 5.000% due 12/1/42
55,392
170,000 B+
Series C, 5.500% due 12/1/39
174,542
Chicago Midway International Airport, Revenue Bonds:
65,000 A
Refunding AMT, Series A, 5.000% due 1/1/29(d)
72,446
100,000 A
Refunding AMT, Series A, 5.000% due 1/1/30(d)
111,042
70,000 A
Refunding AMT, Series A, 5.000% due 1/1/31(d)
77,489
190,000 A
Refunding Second Lien, Series A, 5.000% due 1/1/32(d)
206,315
10,000 A
Refunding Second Lien, Series B, 5.000% due 1/1/19
10,108
30,000 A
Refunding Second Lien, Series B, 5.000% due 1/1/22
32,626
95,000 A
Refunding Second Lien, Series B, 5.000% due 1/1/24
107,472
Chicago O’Hare International Airport, Revenue Bonds:
130,000 A
General Third Lien, Series B, 5.000% due 1/1/20
135,408
420,000 A
General Third Lien, Series C, Prerefunded 1/1/21 @ 100, 6.500% due
1/1/41(c)
464,079
200,000 A
Refunding AMT Passenger Facility, 5.000% due 1/1/22(d)
217,504
65,000 A
Refunding General Senior Lien, Series C, 5.000% due 1/1/22
71,257
40,000 A
Refunding General Senior Lien, Series C, 5.000% due 1/1/23
44,698
45,000 A
Refunding General Senior Lien, Series C, 5.000% due 1/1/24
51,197
65,000 A
Refunding General Senior Lien, Series C, 5.000% due 1/1/25
74,857
60,000 A
Refunding General Senior Lien, Series C, 5.000% due 1/1/26
69,673
70,000 A
Refunding General Senior Lien, Series C, 5.000% due 1/1/33
78,309
80,000 A
Refunding General Senior Lien, Series C, 5.000% due 1/1/34
89,274
50,000 A
Refunding Passenger Facility Charge, Series A, 5.000% due 1/1/22
54,813
75,000 BBB
Senior Trips Obligation Group, 5.000% due 7/1/38(d)
82,510
60,000 A
Series D, 5.000% due 1/1/27(d)
69,159
15,000 A
Series D, 5.000% due 1/1/28(d)
17,218
85,000 A
Series D, 5.000% due 1/1/31(d)
95,832
See Notes to Financial Statements.
161

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
$ 45,000 A
Series D, 5.000% due 1/1/33(d)
$ 50,283
150,000 A
Refunding AMT General 3rd Lien, Series D, 5.250% due 1/1/19(d)
151,689
Chicago Transit Authority, Revenue Bonds, Refunding Federal Transit
Administration Section 5338:
50,000 A+
5.000% due 6/1/22
54,621
45,000 A+
5.000% due 6/1/23
50,018
500,000 BBB+
City of Chicago IL, GO, Capital Appreciation City Colleges, NPFG, zero
coupon, due 1/1/20
482,960
40,000 A
City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds,
Second Lien, 5.000% due 1/1/23
43,101
City of Chicago IL Waterworks Revenue, Revenue Bonds:
30,000 AA
AGM, 5.250% due 11/1/33
30,136
100,000 AA
Prerefunded 2017 Refunding Second, Prerefunded 11/1/18 @ 100, AGM,
5.250% due 11/1/33(c)
100,573
20,000 AA
Prerefunded Education Refunding Senior Lien, Prerefunded 11/1/18
@ 100, AGM, 5.250% due 11/1/33(c)
20,115
Cook County Forest Preserve District, GO:
30,000 AA-
Limited Tax Project Series B, 5.000% due 12/15/23
32,349
40,000 AA-
Limited Tax Project Series B, 5.000% due 12/15/24
42,954
60,000 AA-
Series C, 5.000% due 12/15/25
64,142
50,000 AA
Cook County High School District No 205 Thornton Township, GO, AGC,
Prerefunded 12/1/18 @ 100, 5.500% due 12/1/19(c)
50,466
155,000 Aaa(b)
Cook Kane Lake & McHenry Counties Community College District No 512,
GO, Refunding, Series B, 5.000% due 12/1/24
178,022
County of Cook IL, GO:
15,000 AA
Refunding AGM Credit, AGM, 5.000% due 11/15/25
16,378
565,000 AA-
Refunding, Series A, 5.250% due 11/15/24
599,635
60,000 AA-
Refunding, Series C, 5.000% due 11/15/22
66,567
145,000 AA-
Refunding, Series C, 5.000% due 11/15/23
160,258
540,000 AA-
Refunding, Series C, 5.000% due 11/15/24
592,742
85,000 AA-
Refunding, Series G, 5.000% due 11/15/25
89,395
35,000 Aa3(b)
Grundy & Will Counties Community Unit School District No 1 Coal City,
GO, Refunding, 5.000% due 2/1/29
39,748
835,000 AA+
Illinois Development Finance Authority, Revenue Bonds, Zero Regency Park
A Rmk 4/15/92, zero coupon, due 7/15/23
742,849
Illinois Finance Authority, Revenue Bonds:
15,000 BB+
Centegra Health System, Series A, 5.000% due 9/1/34
16,031
235,000 BB+
Centegra Health System, 5.000% due 9/1/32
247,300
315,000 BB+
Centegra Health System, 5.000% due 9/1/38
328,866
See Notes to Financial Statements.
162

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
$ 150,000 AAA
Illinois St Clean Water Initiative, 5.000% due 7/1/29
$ 174,583
145,000 AAA
Illinois St Clean Water Initiative, 5.000% due 1/1/30
168,296
255,000 AAA
Illinois St Clean Water Initiative, 5.000% due 7/1/31
293,926
230,000 Baa2(b)
Ingalls Health System, 5.000% due 5/15/43
240,224
110,000 A3(b)
Mercy Health Corporation, 5.000% due 12/1/29
123,233
100,000 A3(b)
Mercy Health Corporation, 5.000% due 12/1/46
108,324
40,000 AA+
Northwestern Memorial Healthcare, 5.000% due 7/15/25
46,322
60,000 AA+
Northwestern Memorial Healthcare, 5.000% due 7/15/26
70,130
60,000 AA+
Northwestern Memorial Healthcare, 5.000% due 7/15/28
71,073
4,260,000 AA+
Northwestern Memorial Healthcare, 5.000% due 7/15/57(a)
4,744,320
70,000 A
OSF Healthcare System, 5.000% due 5/15/28
79,553
40,000 A
OSF Healthcare System, 5.000% due 5/15/29
45,253
45,000 A
OSF Healthcare System, Series A, 5.000% due 5/15/23
49,094
30,000 A
OSF Healthcare System, Series A, 5.000% due 11/15/27
33,670
35,000 A
OSF Healthcare System, Series A, 5.000% due 11/15/28
39,138
55,000 A
OSF Healthcare System, Series A, 5.000% due 11/15/29
61,128
100,000 A
OSF Healthcare System, Series A, 5.000% due 11/15/32
110,063
70,000 A
OSF Healthcare System, Series A, 5.000% due 11/15/45
75,606
115,000 AA-(g)
Palos Community Hospital. Series C, 5.000% due 5/15/19
117,316
35,000 AA+
Presence Health Network, 3.750% due 2/15/34
34,999
35,000 AA+
Presence Health Network, 5.000% due 2/15/22
38,404
15,000 AA+
Presence Health Network, 5.000% due 2/15/24
17,061
50,000 AA+
Presence Health Network, 5.000% due 2/15/31
57,571
65,000 AA+
Presence Health Network, 5.000% due 2/15/36
73,649
160,000 AA+
Presence Health Network, Series C, 4.000% due 2/15/36
165,211
485,000 AA+
Presence Health Network, Series C, 4.000% due 2/15/41
497,232
75,000 AA+
Presence Health Network, Series C, 5.000% due 2/15/26
87,386
200,000 AA+
Presence Health Network, Series C, 5.000% due 2/15/28
233,210
135,000 AA+
Presence Health Network, Series C, 5.000% due 2/15/29
156,755
365,000 AA+
Presence Health Network, Series C, 5.000% due 2/15/32
418,505
145,000 AA+
Presence Health Network, Series C, 5.000% due 2/15/33
165,676
315,000 AA+
Presence Health Network, Series C, 5.000% due 2/15/41
355,169
45,000 NR
Prerefunded University Chicago Medical, Series C, Prerefunded 8/15/20
@ 100, 5.000% due 8/15/23(c)
47,659
60,000 AA+
Provena Health, Series A, 6.000% due 5/1/20
64,152
185,000 AA+
Provena Health, Series A, Prerefunded 5/​1/20 @ 100, 6.250% due
5/1/21(c)
198,553
See Notes to Financial Statements.
163

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
$ 40,000 A-
Refunding Bradley University Project, Series C, 5.000% due 8/1/22
$ 43,589
45,000 A-
Refunding Bradley University Project, Series C, 5.000% due 8/1/24
50,172
50,000 A
Refunding Northwest Community Hospital, 5.000% due 7/1/34
55,127
75,000 A
Refunding Northwest Community Hospital, 5.000% due 7/1/30
83,834
255,000 A
Refunding Northwest Community Hospital, Series A, 5.000% due
7/1/36
279,684
25,000 Baa1(b)
Refunding Silver Cross Hospital and Medical, 5.000% due 8/15/27
27,765
175,000 Baa1(b)
Refunding Silver Cross Hospital and Medical, 5.000% due 8/15/35
189,709
840,000 Baa1(b)
Refunding Silver Cross Hospital and Medical, 5.000% due 8/15/44
898,884
60,000 BBB
Refunding Swedish Covenant, Series A, Prerefunded 2/15/20 @ 100,
5.500% due 8/15/24(c)
63,045
40,000 BBB
Refunding Swedish Covenant, Series A, Prerefunded 2/15/20 @ 100,
5.750% due 8/15/29(c)
42,172
90,000 AA
Revenue Advocate Health Care Network D, Prerefunded 11/​1/18 @ 100,
6.250% due 11/1/28(c)
90,647
75,000 AA
Revenue Advocate Health Care Network D, Prerefunded 11/​1/18 @ 100,
6.500% due 11/1/38(c)
75,569
45,000 AA-
Revenue Carle Foundation, Series A, 5.000% due 2/15/24
50,668
30,000 AA-
Revenue Carle Foundation, Series A, 5.000% due 2/15/25
34,113
45,000 AA-
Revenue Carle Foundation, Series A, 5.000% due 2/15/26
51,513
75,000 A+
Riverside Health System, 5.000% due 11/15/26
82,200
25,000 A+
Riverside Health System, 5.000% due 11/15/29
27,255
20,000 BBB+
Rosalind Franklin University, Series A, 5.000% due 8/1/47
21,547
25,000 BBB+
Rosalind Franklin University Research, 5.000% due 8/1/49
26,876
170,000 Aaa(b)
Rush University Medical Center, Prerefunded 11/01/18 @ 100, 7.250%
due 11/1/38(c)
171,499
10,000 A+
Rush University Medical Center, Series A, 5.000% due 11/15/21
10,888
60,000 A+
Rush University Medical Center, Series A, 5.000% due 11/15/34
66,307
85,000 A+
Rush University Medical Center, Series B, 5.000% due 11/15/26
96,729
375,000 WD(g)
Silver Cross and Medical Ctrs, Prerefunded 8/15/19 @ 100, 7.000% due
8/15/44(c)
393,394
95,000 A+
Swedish Americn hospital, 5.000% due 11/15/43
99,677
95,000 BBB
Swedish Covenant Hospital, Series A, 5.000% due 8/15/33
103,295
60,000 AA-
Trinity Health Credit, Series L, Prerefunded 12/​1/21 @ 100, 5.000% due
12/1/22(c)
65,596
90,000 AA-
Unrefunded Balance University, 5.000% due 8/15/23
95,088
1,055,000 AA+
Various Ascension Health, Series E, 1.750% due 11/15/42(a)
1,046,054
Illinois Municipal Electric Agency, Revenue Bonds, Refunding:
290,000 A
Series A, 5.000% due 2/1/28
329,217
See Notes to Financial Statements.
164

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
$ 105,000 A
Series A, 5.000% due 2/1/31
$ 117,938
Illinois State Toll Highway Authority, Revenue Bonds:
365,000 AA-
Series A, 5.000% due 1/1/40
403,080
175,000 AA-
Refunding Senior, Series D, 5.000% due 1/1/24
198,256
50,000 AA-
Refunding Senior, Series A, 5.000% due 12/1/31
56,634
580,000 AA-
Senior, Series B, 5.000% due 1/1/41
646,195
255,000 Aa3(b)
Kane Cook & DuPage Counties School District No U-46 Elgin, GO,
Prerefunded Capital Appreciation, Series B, AMBAC, zero coupon, due
1/1/22
237,278
Kane McHenry Cook & De Kalb Counties Unit School District No 300, GO:
15,000 Aa3(b)
Prerefunded Capital Appreciation, AMBAC, zero coupon, due 12/1/18
14,942
115,000 Aa3(b)
Unrefunded Balance Capital Appreciation, AMBAC, zero coupon, due
12/1/18
114,466
260,000 AA
Refunding, 5.000% due 1/1/26
295,342
55,000 AA
Refunding, 5.000% due 1/1/29
63,376
155,000 Baa2(b)
Lake County Community High School District No 117 Antioch, GO, Capital
Appreciation, Series B, NPFG, zero coupon, due 12/1/20
146,064
230,000 AA
McHenry & Kane Counties Community Consolidated School District
No 158 Huntley, GO, Capital Appre School Building FGIC FSA Credit,
AGM, zero coupon, due 1/1/24
195,571
McHenry County Community Unit School District No 200 Woodstock, GO,
Capital Appreciation School Building:
215,000 Aa2(b)
Series B, NPFG, zero coupon, due 1/15/24
184,541
225,000 Aa2(b)
Series B, NPFG, zero coupon, due 1/15/25
185,477
170,000 Aa2(b)
Series B, NPFG, zero coupon, due 1/15/26
134,281
McHenry County Conservation District, GO, Refunding:
65,000 AA+
5.000% due 2/1/24
73,978
175,000 AA+
5.000% due 2/1/27
198,417
Metropolitan Pier & Exposition Authority, Revenue Bonds:
75,000 Baa2(b)
Capital Appreciation Mccormick Place, Series A, NPFG, zero coupon, due
6/15/20
71,183
1,400,000 BB+
Capital Appreciation Refunding Mccormick Place, zero coupon, due
12/15/51
270,214
105,000 Baa2(b)
Capital Appreciation Refunding Mccormick, Series A, NPFG, zero
coupon, due 6/15/23
88,876
4,680,000 BB+
Capital Appreciation Refunding Mccormick Project, Series A, NPFG, zero
coupon, due 6/15/28
3,137,987
455,000 AA
Capital Appreciation Refunding Mccormick, AGM, Series B, zero coupon,
due 6/15/43
152,530
See Notes to Financial Statements.
165

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
$ 1,080,000 AA
Capital Appreciation Refunding Mccormick, AGM, Series B, zero coupon,
due 6/15/44
$ 345,546
115,000 AA
Capital Appreciation Refunding Mccormick, AGM, Series B, zero coupon,
due 6/15/47
31,864
195,000 BB+
Unrefunded Balance Capital, Series A, NPFG, zero coupon, due
12/15/23(c)
161,782
Railsplitter Tobacco Settlement Authority, Revenue Bonds:
310,000 A
5.000% due 6/1/23
344,419
405,000 A
5.000% due 6/1/24
455,346
405,000 WD(g)
Prerefunded 6/1/21 @ 100, 5.500% due 6/1/23(c)
444,062
Regional Transportation Authority, Revenue Bonds, Refunding:
70,000 AA
Series A, 5.000% due 7/1/20
73,815
70,000 AA
Series A, 5.000% due 7/1/21
75,613
State of Illinois, GO:
95,000 BBB-
5.000% due 3/1/20
98,238
120,000 BBB-
5.000% due 11/1/20
125,557
80,000 BBB-
5.000% due 3/1/21
83,497
225,000 BBB-
5.000% due 1/1/22
235,775
145,000 BBB-
5.000% due 3/1/22
152,182
220,000 BBB-
5.000% due 4/1/23
232,778
100,000 BBB-
5.000% due 8/1/23
106,010
65,000 BBB-
5.000% due 2/1/26
68,193
3,005,000 BBB-
5.000% due 6/1/26
3,201,076
295,000 BBB-
5.000% due 2/1/27
312,823
60,000 BBB-
5.000% due 4/1/28
62,573
25,000 BBB-
5.000% due 5/1/28
26,086
70,000 BBB-
5.000% due 5/1/32
72,575
190,000 BBB-
5.000% due 5/1/33
196,699
305,000 BBB-
5.250% due 2/1/31
323,510
115,000 BBB-
5.500% due 7/1/38
122,180
50,000 BB+
Capital Appreciation Civic Center, Series B, AMBAC, zero coupon, due
12/15/18
49,573
90,000 BBB-
Refunding, 5.000% due 1/1/19
90,766
130,000 BBB-
Refunding, 5.000% due 8/1/19
133,007
45,000 BBB-
Refunding, 5.000% due 8/1/21
47,204
190,000 BBB-
Refunding, 5.000% due 8/1/22
200,171
45,000 BBB-
Refunding, 5.000% due 2/1/23
47,544
225,000 BBB-
Refunding, 5.000% due 6/1/25
239,393
See Notes to Financial Statements.
166

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Illinois – (continued)
$ 180,000 BBB-
Refunding, 5.000% due 2/1/28
$ 191,019
165,000 BBB-
Refunding, 5.000% due 2/1/29
174,380
345,000 AA
Refunding, AGM, 5.000% due 1/1/21
356,181
1,500,000 BBB-
Refunding, Series B, 5.000% due 10/1/26
1,599,375
65,000 BBB-
Series A, 4.000% due 1/1/23
65,723
105,000 BBB-
Series A, 5.000% due 1/1/33
108,066
925,000 BBB-
Series D, 5.000% due 11/1/26
986,133
735,000 A2(b)
Tender Option Bond Trust Receipts/Certificates, Floaters,
Series 2017 XG0108, 1.740% due 4/1/46(a)(f)
735,000
University of Illinois, Revenue Bonds, Auxiliary Facilities System:
115,000 A-
6.000% due 10/1/42
129,104
115,000 A-
6.250% due 10/1/38
130,779
75,000 A-
Series A, Prerefunded 4/1/19 @ 100, 5.750% due 4/1/38(c)
76,717
Will County Community Unit School District No 365 Valley View, GO:
165,000 AA
Capital Appreciation, AGM, Series B, zero coupon, due 11/1/26
126,954
2,420,000 Aa2(b)
Series A, 5.000% due 11/1/25
2,779,878
200,000 AA
Will County School District No 86 Joliet, GO, Capital Appreciation AGM,
zero coupon, due 11/1/21
185,380
Total Illinois
44,219,772
Indiana – 0.6%
City of Indianapolis IN Thermal Energy System Revenue, Revenue Bonds:
240,000 AA
Refunding, AGM, Series B, 5.000% due 10/1/20
254,640
160,000 AA
Refunding, AGM, Series B, 5.000% due 10/1/21
173,634
315,000 A
Refunding First Lien, Series A, 5.000% due 10/1/24
357,774
340,000 A
Refunding First Lien, Series A, 5.000% due 10/1/25
389,327
City of Whiting IN, Revenue Bonds, Bp Prods North America Inc. Project:
920,000 A-
5.000% due 11/1/45(a)(d)
1,015,570
215,000 A-
5.250% due 1/1/21
230,265
330,000 AA+
Hobart Building Corp., Revenue Bonds, Prerefunded 1/15/20 @ 100, NPFG,
6.500% due 1/15/29(c)
351,123
Indiana Finance Authority, Revenue Bonds:
90,000 AA-
Beacon Health System Obligation Group, 5.000% due 8/15/25
100,447
30,000 A+
Community Foundation Northwest Industry, 5.000% due 3/1/22
32,680
45,000 A+
Community Foundation Northwest Industry, 5.000% due 3/1/23
49,051
30,000 A+
Community Foundation Northwest Industry, 5.000% due 9/1/25
34,450
30,000 A+
Community Foundation Northwest Industry, 5.000% due 9/1/26
34,742
15,000 A+
Community Foundation Northwest Industry, 5.000% due 9/1/29
17,128
30,000 A+
Community Foundation Northwest Industry, 5.000% due 3/1/30
32,408
See Notes to Financial Statements.
167

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Indiana – (continued)
$ 240,000 A+
Community Foundation Northwest Industry, 5.000% due 3/1/36
$ 264,540
60,000 A+
Community Foundation Northwest Industry, 5.000% due 9/1/36
66,800
155,000 A+
Community Foundation Northwest Industry, 5.000% due 3/1/41
165,301
65,000 AA
Cwa Authority Project, Series A, 5.000% due 10/1/25
72,615
70,000 AA
First Lien Cwa Authority, Series A, 5.000% due 10/1/26
80,183
35,000 AA
First Lien Cwa Authority, Series A, 5.000% due 10/1/28
39,922
115,000 AA
First Lien Cwa Authority, Series A, 5.250% due 10/1/24
126,370
120,000 Aa3(b)
Refunding Sisters St Francis Health, 5.375% due 11/1/32
120,701
Indiana Municipal Power Agency, Revenue Bonds:
10,000 NR
Prerefunded Refunding, Series A, Prerefunded 7/​1/22 @ 100, 5.000% due
1/1/24(c)
11,118
10,000 NR
Prerefunded Refunding, Series A, Prerefunded 7/​1/22 @ 100, 5.000% due
1/1/25(c)
11,118
25,000 NR
Prerefunded Refunding, Series A, Prerefunded 7/​1/22 @ 100, 5.000% due
1/1/26(c)
27,794
20,000 A+
Unrefunded Balance Refunding, Series A, 5.000% due 1/1/24
22,057
20,000 A+
Unrefunded Balance Refunding, Series A, 5.000% due 1/1/25
21,972
55,000 A+
Unrefunded Balance Refunding, Series A, 5.000% due 1/1/26
60,191
Lake Central Multi-District School Building Corp., Revenue Bonds, Multi
First Mortgage:
40,000 AA+
Series B, 4.000% due 1/15/22
42,359
30,000 AA+
Series B, 5.000% due 7/15/22
33,093
80,000 AA+
Series B, 5.000% due 7/15/23
88,912
120,000 AA+
Series B, 5.000% due 7/15/24
133,579
125,000 AA+
Series B, 5.000% due 7/15/25
138,925
Total Indiana
4,600,789
Iowa – 0.2%
1,155,000 Aa1(b)
City of Cedar Rapids IA, GO, Refunding, Series A, 5.000% due 6/1/25
1,328,423
Iowa Finance Authority, Revenue Bonds, Lifespace Cmntys Inc.:
90,000 BBB(g)
Series A, 5.000% due 5/15/43
96,277
155,000 BBB(g)
Series A, 5.000% due 5/15/48
165,224
Total Iowa
1,589,924
Kansas – 0.2%
1,000,000 Aa2(b)
Geary County Unified School District No 475, GO, Refunding, Series B,
5.000% due 9/1/20
1,059,420
Kansas Development Finance Authority, Revenue Bonds:
10,000 AA
Unrefunded Balance, 5.000% due 11/15/19
10,378
30,000 AA-
KU Health System, Series H, 5.000% due 3/1/25
31,345
See Notes to Financial Statements.
168

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Kansas – (continued)
$ 30,000 NR
Hays Medical Center Incorporate, Series Q, Prerefunded 5/15/19 @ 100,
5.000% due 5/15/20(c)
$ 30,684
Wyandotte County-Kansas City Unified Government Utility System
Revenue, Revenue Bonds:
30,000 A+
Improvement, Series A, 5.000% due 9/1/30
33,940
35,000 A+
Improvement, Series A, 5.000% due 9/1/32
39,360
30,000 A+
Improvement, Series B, 5.000% due 9/1/23
33,119
45,000 A+
Improvement, Series B, 5.000% due 9/1/24
49,605
130,000 A+
Refunding Board Public Utils, Series A, 5.000% due 9/1/24
143,304
Total Kansas
1,431,155
Kentucky – 0.7%
780,000 Baa2(b)
City of Pikeville KY, Revenue Bonds, Refunding and Improvement Pikeville
Medical, 6.000% due 3/1/22
842,338
Kenton County Airport Board, Revenue Bonds, Refunding:
25,000 A2(b)
5.000% due 1/1/25
28,320
15,000 A2(b)
5.000% due 1/1/26
17,149
45,000 A2(b)
5.000% due 1/1/29
50,561
50,000 A2(b)
5.000% due 1/1/30
56,039
Kentucky Economic Development Finance Authority, Revenue Bonds:
45,000 AA
Louisville Arena Authority Incorporate, AGM, 5.000% due 12/1/47
48,779
50,000 Baa3(b)
Refunding Owensboro Health, Series B, 5.000% due 6/1/25
55,001
55,000 Baa3(b)
Refunding Owensboro Health, Series B, 5.000% due 6/1/26
60,850
55,000 Baa3(b)
Refunding Owensboro Health, Series B, 5.000% due 6/1/27
60,570
60,000 Baa3(b)
Refunding Owensboro Health, Series B, 5.000% due 6/1/28
65,849
65,000 Baa3(b)
Refunding Owensboro Health, Series B, 5.000% due 6/1/29
71,050
65,000 Baa3(b)
Refunding Owensboro Health, Series B, 5.000% due 6/1/30
70,723
Kentucky State Property & Building Commission, Revenue Bonds:
145,000 A-
Project Number 119, 5.000% due 5/1/28
166,916
15,000 A-
Project Number 119, 5.000% due 5/1/29
17,120
40,000 AA
Project Number 119, 5.000% due 5/1/31
45,653
110,000 A-
Project Number 106, Series A, 5.000% due 10/1/27
122,136
165,000 A-
Project Number 112, Series A, 5.000% due 2/1/29
185,018
170,000 A-
Project Number 112, Series A, 5.000% due 2/1/30
189,791
65,000 A-
Project Number 112, Series A, 5.000% due 2/1/32
71,936
80,000 A-
Project Number 112, Series A, 5.000% due 2/1/33
88,205
345,000 NR
Prerefunded 11/1/18 @ 100, 5.750% due 11/1/23(c)
347,270
1,285,000 A-
Refunding Project Number 112, Series B, 5.000% due 11/1/27
1,466,661
55,000 A1(b)
Refunding Project Number 117, Series D, 5.000% due 5/1/21
58,979
See Notes to Financial Statements.
169

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Kentucky – (continued)
$ 35,000 A1(b)
Refunding Project Number 117, Series D, 5.000% due 5/1/26
$ 39,832
30,000 A1(b)
Refunding Project Number 117, Series D, 5.000% due 5/1/27
34,273
30,000 A1(b)
Refunding Project Number 117, Series D, 5.000% due 5/1/28
34,053
Louisville/Jefferson County Metropolitan Government, Revenue Bonds:
20,000 BBB+
Catholic Health Initiatives, 5.000% due 12/1/28
21,338
20,000 BBB+
Catholic Health Initiatives, 5.000% due 12/1/30
21,229
365,000 A
Louisville Gas and Electric Company Project, Series P, 1.500% due
10/1/33(a)
364,088
70,000 A-
Norton Healthcare, Series A, 5.500% due 10/1/33
78,210
185,000 A-
Norton Healthcare, Series A, 5.750% due 10/1/38
208,212
525,000 A-
Norton Healthcare Inc., Series A, 5.000% due 10/1/29
598,558
95,000 A-
Norton Healthcare Inc., Series A, 5.000% due 10/1/32
107,078
Total Kentucky
5,693,785
Louisiana – 0.3%
90,000 AA-
City of New Orleans LA, GO, Refunding, 5.000% due 12/1/20
95,942
1,500,000 AA
Louisiana Local Government Environmental Facilities & Community
Development Authority, Revenue Bonds, Refunding Lctcs Acourt 391
Project, 5.000% due 10/1/26
1,749,885
Louisiana Public Facilities Authority, Revenue Bonds:
50,000 A
Prerefunded 7/1/19 @ 100, 6.750% due 7/1/39(c)
52,043
40,000 A
Refunding Tulane University Project, Series A, 5.000% due 12/15/22
44,565
85,000 A
Refunding Tulane University Project, Series A, 5.000% due 12/15/23
96,341
60,000 A2(b)
Louisiana Stadium & Exposition District, Revenue Bonds, Refunding
Senior, Series A, 5.000% due 7/1/24
67,324
New Orleans Aviation Board, Revenue Bonds:
20,000 A-
AMT General Airport, Series D2, 5.000% due 1/1/26(d)
22,808
15,000 A-
AMT General Airport, Series D2, 5.000% due 1/1/29(d)
17,017
20,000 A-
AMT General Airport, Series D2, 5.000% due 1/1/30(d)
22,595
45,000 A-
AMT General Airport, Series D2, 5.000% due 1/1/32(d)
50,456
35,000 A-
AMT General Airport, Series D2, 5.000% due 1/1/35(d)
38,894
15,000 A-
AMT General Airport, Series D2, 5.000% due 1/1/38(d)
16,555
10,000 A-
AMT General Airport North Terminal, Series B, 5.000% due 1/1/29(d)
11,345
20,000 A-
AMT General Airport North Terminal, Series B, 5.000% due 1/1/31(d)
22,502
20,000 A-
AMT General Airport North Terminal, Series B, 5.000% due 1/1/36(d)
22,164
15,000 A-
AMT General Airport North Terminal, Series B, 5.000% due 1/1/37(d)
16,589
70,000 A-
Senior, Series B, 5.000% due 1/1/24(d)
78,371
85,000 A-
Senior, Series B, 5.000% due 1/1/25(d)
96,184
See Notes to Financial Statements.
170

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Louisiana – (continued)
$ 65,000 A-
Senior, Series B, 5.000% due 1/1/27(d)
$ 73,271
Total Louisiana
2,594,851
Maine – 0.1%
Maine Health & Higher Educational Facilities Authority, Revenue Bonds:
60,000 BBB
Eastern Maine Healthcare, Series A, 4.000% due 7/1/41
56,480
80,000 BBB
Eastern Maine Healthcare, Series A, 4.000% due 7/1/46
74,163
25,000 BBB
Eastern Maine Healthcare, Series A, 5.000% due 7/1/41
26,219
15,000 BBB
Eastern Maine Healthcare, Series A, 5.000% due 7/1/46
15,680
100,000 BBB
Eastern Maine Medical Center Obligation, 5.000% due 7/1/43
103,542
20,000 A1(b)
Unrefunded Balance 2017, Series D, 5.750% due 7/1/38
20,058
Maine Turnpike Authority, Revenue Bonds, Refunding:
65,000 AA-
5.000% due 7/1/25
75,931
60,000 AA-
5.000% due 7/1/27
68,906
Total Maine
440,979
Maryland – 4.0%
City of Baltimore MD, Revenue Bonds:
105,000 AA
Refunding Wastewater Projects, Series C, 5.000% due 7/1/28
123,230
195,000 AA
Refunding Wastewater Projects, Series C, 5.000% due 7/1/31
226,801
200,000 AA
Refunding Wastewater Projects, Series C, 5.000% due 7/1/33
231,170
170,000 AA
Refunding Water Projects, Series D, 5.000% due 7/1/33
195,138
4,230,000 AAA
County of Baltimore MD, GO, Refunding Consolidated Public
Improvement, Series B, 4.500% due 9/1/24
4,780,704
2,500,000 AAA
County of Howard MD, GO, Refunding Consolidated Public Improvement,
Series D, 5.000% due 2/15/30
2,999,550
County of Prince George’s MD, GO, Consolidated Public Improvement:
3,595,000 AAA
Series A, 5.000% due 7/15/22
4,002,241
5,805,000 NR
Series A, 5.000% due 7/15/29
7,015,459
2,065,000 AAA
Series C, 4.000% due 8/1/26
2,221,961
Maryland Economic Development Corp., Revenue Bonds:
35,000 BBB+
Purple Line Light Rail Project, Series D, 5.000% due 3/31/30(d)
39,079
65,000 BBB+
Purple Line Light Rail Project, Series D, 5.000% due 3/31/51(d)
70,281
115,000 A
Refunding Potomac Convertible 3/17/9, 6.200% due 9/1/22
117,446
45,000 Baa3(b)
Refunding Transportation Facilities Project, Series A, 5.000% due
6/1/23
49,657
45,000 Baa3(b)
Refunding Transportation Facilities Project, Series A, 5.000% due
6/1/24
50,289
45,000 Baa3(b)
Refunding Transportation Facilities Project, Series A, 5.000% due
6/1/25
50,627
See Notes to Financial Statements.
171

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Maryland – (continued)
$ 60,000 Baa3(b)
Refunding Transportation Facilities Project, Series A, 5.000% due
6/1/26
$ 67,920
40,000 Baa3(b)
Refunding Transportation Facilities Project, Series A, 5.000% due
6/1/27
45,613
30,000 Baa3(b)
Refunding Transportation Facilities Project, Series A, 5.000% due
6/1/31
33,950
30,000 Baa3(b)
Refunding Transportation Facilities Project, Series A, 5.000% due
6/1/32
33,738
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds:
70,000 WD(g)
Doctors Community Hospital, Prerefunded 7/​1/20 @ 100, 5.625% due
7/1/30(c)
74,751
225,000 WD(g)
Doctors Community Hospital, Prerefunded 7/​1/20 @ 100, 5.750% due
7/1/38(c)
240,772
40,000 BBB
Mercy Medical Center, Series A, 4.000% due 7/1/42
39,393
65,000 BBB
Mercy Medical Center, Series A, 5.000% due 7/1/33
71,572
50,000 BBB
Mercy Medical Center, Series A, 5.000% due 7/1/34
54,840
20,000 BBB
Mercy Medical Center, Series A, 5.000% due 7/1/35
21,850
50,000 BBB
Mercy Medical Center, Series A, 5.000% due 7/1/36
54,413
30,000 BBB
Meritus Medical Center, 5.000% due 7/1/27
33,558
40,000 BBB
Meritus Medical Center, 5.000% due 7/1/28
44,535
65,000 BBB
Meritus Medical Center, 5.000% due 7/1/29
72,033
30,000 BBB
Meritus Medical Center, 5.000% due 7/1/31
32,995
35,000 A
University Maryland Medical System, Series A, 5.000% due 7/1/24
38,492
30,000 A
University Maryland Medical System, Series A, 5.000% due 7/1/25
32,958
105,000 A
University Maryland Medical System, Prerefunded 7/​1/19 @ 100, 5.125%
due 7/1/39(c)
107,913
State of Maryland, GO:
5,000,000 AAA
Local Facilities Loan Second, Series A, 5.000% due 8/1/27
6,010,050
2,965,000 AAA
St and Local Facilities Loan Second, Series B, 5.000% due 8/1/27
3,563,960
Total Maryland
32,848,939
Massachusetts – 0.4%
Commonwealth of Massachusetts, GO:
290,000 AA
Series A, Prerefunded 4/1/21 @ 100, 5.000% due 4/1/23(c)
313,296
90,000 AA
Refunding, Series B, 5.000% due 7/1/22
100,096
400,000 AA
Refunding, Series B, 5.250% due 8/1/20
426,352
520,000 AA
Refunding, Series C, 5.000% due 4/1/23
587,101
45,000 AA
Massachusetts Bay Transportation Authority, Revenue Bonds, Senior,
Series A, 5.000% due 7/1/45
50,572
See Notes to Financial Statements.
172

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Massachusetts – (continued)
Massachusetts Development Finance Agency, Revenue Bonds:
$ 55,000 AA-
Boston Collage, Series Q-1, 5.000% due 7/1/21
$ 56,483
140,000 BBB
Boston Medical Center, Series D, 5.000% due 7/1/44
150,528
65,000 AAA
Harvard University, Series A, 5.000% due 7/15/22
72,517
145,000 NR
North hill Cmntys, Series A, Prerefunded 11/15/23 @ 100, 6.250% due
11/15/28(c)(e)(f)
167,432
45,000 AA-
Partners Healthcare System, 5.000% due 7/1/23
50,844
335,000 AA-
Partners Healthcare, Series S4, 5.000% due 7/1/38(a)
380,044
115,000 AA-
Partners Healthcare System, 5.000% due 7/1/24
131,961
105,000 AA-
Partners Healthcare System, Series S, 5.000% due 7/1/30
123,363
500,000 AA+
Williams Collage, Series N, 1.450% due 7/1/41(a)
492,350
Massachusetts Health & Educational Facilities Authority, Revenue Bonds,
Partners Healthcare:
215,000 AA-
Series I4, 5.000% due 7/1/20
220,943
135,000 AA-
Prerefunded 7/1/19 @ 100, 5.000% due 7/1/21(c)
138,708
75,000 AA+
Town of Braintree MA, GO, Municipal Purpose Loan, Prerefunded 5/15/19
@ 100, 5.000% due 5/15/20(c)
76,763
Total Massachusetts
3,539,353
Michigan – 1.2%
160,000 AA
City of Detroit MI Sewage Disposal System Revenue, Revenue Bonds, Fltg
Rate Notes Refunding System Libor, Series G, AGM, 2.166% (3-Month
USD-LIBOR) due 7/1/32(a)
153,143
85,000 Aa1(b)
Clarkston Community Schools, GO, Refunding, 5.000% due 5/1/22
93,660
Grand Rapids Public Schools, GO:
40,000 AA
Refunding, AGM, 5.000% due 5/1/27
46,788
55,000 AA
Refunding, AGM, 5.000% due 5/1/29
63,692
100,000 AA
Refunding School Building and Site, AGM, 5.000% due 5/1/30
114,542
145,000 AA
Refunding School Building and Site, AGM, 5.000% due 5/1/31
165,445
20,000 AA
Refunding School Building and Site, AGM, 5.000% due 5/1/32
22,761
90,000 AA
Refunding School Building and Site, AGM, 5.000% due 5/1/33
102,095
Kalamazoo Hospital Finance Authority, Revenue Bonds, Refunding Bronson
Healthcare Group:
100,000 A2(b)
5.000% due 5/15/27
113,868
75,000 A2(b)
5.000% due 5/15/28
85,070
100,000 AAA
Kent County Building Authority, Revenue Bonds, Refunding, 5.500% due
6/1/22
112,008
Kent Hospital Finance Authority, Revenue Bonds, Refunding Spectrum
Health:
30,000 AA
Series A, 5.000% due 11/15/20
31,969
See Notes to Financial Statements.
173

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Michigan – (continued)
$ 20,000 AA
Series A, 5.000% due 11/15/21
$ 21,737
Michigan Finance Authority, Revenue Bond:
750,000 Aa3(b)
5.000% due 11/1/24
860,483
1,250,000 Aa3(b)
5.000% due 11/1/23
1,415,762
10,000 A-
Local Government Loan Program Detroit, 5.000% due 7/1/27
11,258
30,000 A-
Local Government Loan Program Detroit, 5.000% due 7/1/29
33,519
35,000 A-
Local Government Loan Program Detroit, 5.000% due 7/1/31
38,832
30,000 A-
Local Government Loan Program Detroit, 5.000% due 7/1/32
33,207
25,000 A-
Local Government Loan Program Detroit, 5.000% due 7/1/33
27,592
160,000 A+
Refunding Hospital Oakwood Obligation Group, 5.000% due 8/15/28
177,864
60,000 A+
Refunding Hospital Oakwood Obligation Group, 5.000% due 8/15/29
66,464
45,000 AA-
Refunding Hospital Trinity Health Credit, 5.000% due 12/1/23
51,106
50,000 AA-
Refunding Hospital Trinity Health Credit, 5.000% due 12/1/24
57,395
85,000 AA-
Refunding Hospital Trinity Health Credit, 5.000% due 12/1/25
98,866
40,000 AA-
Refunding Hospital Trinity Health Credit, 5.000% due 12/1/26
47,012
35,000 AA-
Refunding Hospital Trinity Health Credit, 5.000% due 12/1/27
41,416
60,000 AA-
Refunding Hospital Trinity Health Credit, 5.000% due 12/1/28
70,731
45,000 WR(b)
Series A, 5.000% due 6/1/21
48,554
65,000 WR(b)
Series A, Prerefunded 6/1/22 @ 100, 5.000% due 6/1/27(c)
71,915
140,000 WR(b)
Series A, Prerefunded 6/1/22 @ 100, 5.000% due 6/1/39(c)
154,893
205,000 A+
Sparrow Obligation Group, 5.000% due 11/15/36
221,626
45,000 A+
Sparrow Obligation Group, 5.000% due 11/15/42
48,465
Michigan State Building Authority, Revenue Bonds, Refunding Facilities
Program:
495,000 AA-
Series I, 5.000% due 10/15/34
563,879
80,000 AA-
Series I, 5.000% due 4/15/35
90,887
Michigan State Hospital Finance Authority, Revenue Bonds:
125,000 NR
Prerefunded Refunding Trinity Health, Series C, Prerefunded 12/1/18
@ 100, 6.500% due 12/1/33(c)
126,461
180,000 AA+
Refunding Ascension Health Senior Group, Series C, 2.400% due
11/15/47(a)
180,230
750,000 AA-
Refunding Trinity Health Credit Group, Series C, 5.000% due 12/1/19
779,445
700,000 AA-
Refunding Trinity Health Credit Group, Series C, 5.000% due 12/1/20
747,964
45,000 AA-
Refunding Trinity Health Credit Group, Series C, 5.000% due 12/1/24
51,656
40,000 AA-
Refunding Trinity Health Credit Group, Series C, 5.000% due 12/1/25
46,525
60,000 AA-
Refunding Trinity Health Credit Group, Series C, 5.000% due 12/1/26
70,518
40,000 AA-
Refunding Trinity Health Credit Group, Series C, 5.000% due 12/1/27
47,333
60,000 AA-
Refunding Trinity Health Credit Group, Series C, 5.000% due 12/1/28
70,731
See Notes to Financial Statements.
174

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Michigan – (continued)
$ 710,000 AA+
Refunding and Project Ascension Health Senior, Series F5, 4.000% due
11/15/47(a)
$ 768,951
5,000 AA-
Unrefunded Balance 2016 Refunding, 6.500% due 12/1/33
5,060
Michigan Strategic Fund, Revenue Bonds:
35,000 A
Limited Adjusted Refunding Detroit Education Pollution, 1.450% due
9/1/30(a)
33,742
290,000 A
Various Refunding Detroit Edison Exempt, 1.450% due 8/1/29(a)
279,577
Portage Public Schools, GO, Refunding School Building and Site:
35,000 AA-
5.000% due 11/1/27
40,664
90,000 AA-
5.000% due 11/1/29
103,757
Royal Oak Hospital Finance Authority, Revenue Bonds, Refunding William
Beaumont Hospital Series:
30,000 A+
5.000% due 9/1/22
33,240
60,000 A+
5.000% due 9/1/24
68,242
95,000 AA
State of Michigan, Revenue Bonds, Refunding Grant Anticipation, 5.000%
due 3/15/27
112,099
280,000 AA+
State of Michigan Trunk Line Revenue, Revenue Bonds, Refunding, AGM,
5.500% due 11/1/20
302,047
Warren Consolidated Schools, GO, School Building and Site:
130,000 AA
5.000% due 5/1/30
148,521
140,000 AA
5.000% due 5/1/31
158,917
145,000 AA
5.000% due 5/1/32
163,641
Wayne County Airport Authority, Revenue Bonds:
60,000 A
Refunding, Series C, 5.000% due 12/1/22
66,479
65,000 A
Refunding, Series C, 5.000% due 12/1/23
73,544
70,000 A
Refunding, Series C, 5.000% due 12/1/24
80,529
60,000 A
Refunding, Series C, 5.000% due 12/1/25
69,831
45,000 A
Refunding, Series C, 5.000% due 12/1/26
52,889
45,000 A
Refunding, Series C, 5.000% due 12/1/27
52,968
15,000 A
Senior, Series A, 5.000% due 12/1/36
17,028
20,000 A
Senior, Series B, 5.000% due 12/1/29(d)
22,910
15,000 A
Senior, Series B, 5.000% due 12/1/31(d)
17,029
10,000 A
Senior, Series B, 5.000% due 12/1/33(d)
11,284
25,000 A
Senior, Series B, 5.000% due 12/1/36(d)
27,937
5,000 A
Series A, 5.000% due 12/1/29
5,819
10,000 A
Series A, 5.000% due 12/1/30
11,585
10,000 A
Series A, 5.000% due 12/1/31
11,525
See Notes to Financial Statements.
175

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Michigan – (continued)
$ 15,000 A
Series B, 5.000% due 12/1/30(d)
$ 17,093
Total Michigan
10,236,275
Minnesota – 1.7%
60,000 Baa1(b)
City of Maple Grove MN, Revenue Bonds, Refunding North Memorial
Health Care, 5.000% due 9/1/26
67,395
40,000 A+
Housing & Redevelopment Authority of The City of St Paul Minnesota,
Revenue Bonds, Facility Healthfirst Care System Project, Prerefunded
11/15/25 @ 100, 5.000% due 11/15/40(c)
46,862
Minnesota Agricultural & Economic Development Board, Revenue Bonds,
Health Care Essential, AGC:
120,000 AA
Series C1, 5.000% due 2/15/21
125,485
165,000 AA
Series C1, 5.000% due 2/15/22
172,372
Northern Municipal Power Agency, Revenue Bonds:
120,000 A-
Series A1, 5.000% due 1/1/19
121,252
130,000 A-
Series A1, 5.000% due 1/1/20
135,426
State of Minnesota, GO:
3,000,000 AAA
Refunding, Series D, 5.000% due 8/1/25
3,516,480
4,835,000 AAA
Series B, 5.000% due 8/1/27
5,811,718
3,685,000 AAA
Various Purpose, Series A, 5.000% due 8/1/26
4,231,412
Total Minnesota
14,228,402
Mississippi – 0.6%
State of Mississippi, GO, Refunding:
2,500,000 AA
Series A, 5.000% due 10/1/29
2,955,475
160,000 AA
Series A, 5.000% due 10/1/30
188,306
1,250,000 AA
Series A, 5.000% due 10/1/34
1,451,562
Total Mississippi
4,595,343
Missouri – 0.4%
Cape Girardeau County Industrial Development Authority, Revenue Bonds,
Southeast Health:
30,000 BBB-
Series A, 5.000% due 3/1/27
33,490
35,000 BBB-
Series A, 5.000% due 3/1/36
37,681
Health & Educational Facilities Authority of the State of Missouri, Revenue
Bonds:
30,000 A+
Children’s Mercy Hospital, 5.000% due 5/15/29
34,028
30,000 A+
Children’s Mercy Hospital, 5.000% due 5/15/30
33,874
30,000 A+
Children’s Mercy Hospital, 5.000% due 5/15/31
33,743
85,000 A+
Children’s Mercy Hospital, 5.000% due 5/15/36
94,318
20,000 AA-
St Anthony’s Medical Center, Series B, 4.000% due 2/1/40
20,301
See Notes to Financial Statements.
176

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Missouri – (continued)
$ 70,000 AA-
St Anthony’s Medical Center, Series B, 5.000% due 2/1/30
$ 78,858
80,000 AA-
St Anthony’s Medical Center, Series B, 5.000% due 2/1/32
89,487
65,000 AA-
St Anthony’s Medical Center, Series B, 5.000% due 2/1/36
72,026
105,000 AA-
St Anthony’s Medical Center, Series B, 5.000% due 2/1/45
114,652
2,500,000 AAA
Metropolitan St Louis Sewer District, Revenue Bonds, Refunding and
Improvement, Series A, 5.000% due 5/1/37
2,890,950
10,000 A
Missouri Development Finance Board, Revenue Bonds, Branson Landing
Project, Series A, 6.000% due 6/1/20
10,380
10,000 Aaa(b)
Missouri State Environmental Improvement & Energy Resources Authority,
Revenue Bonds, Unrefunded Balance St Revolving Fund, 5.125% due
1/1/20
10,026
Total Missouri
3,553,814
Montana – 0.0%
Montana Facility Finance Authority, Revenue Bonds, Refunding:
35,000 A(g)
5.000% due 2/15/21
37,518
40,000 A(g)
5.000% due 2/15/22
43,723
60,000 A(g)
5.000% due 2/15/23
66,753
60,000 A(g)
5.000% due 2/15/24
67,655
60,000 A(g)
5.000% due 2/15/25
68,416
90,000 A(g)
5.000% due 2/15/26
103,547
Total Montana
387,612
Nebraska – 0.1%
Nebraska Public Power District, Revenue Bonds, General:
115,000 A+
Series B, 5.000% due 1/1/31
131,069
125,000 A+
Series B, 5.000% due 1/1/34
141,233
155,000 A+
Series B, 5.000% due 1/1/36
174,260
Total Nebraska
446,562
Nevada – 1.8%
City of Carson City NV, Revenue Bonds, Refunding Carson Tahoe Regional
Medical Center:
20,000 BBB+
5.000% due 9/1/24
22,516
15,000 BBB+
5.000% due 9/1/28
17,019
20,000 BBB+
5.000% due 9/1/30
22,493
20,000 BBB+
5.000% due 9/1/32
22,346
20,000 BBB+
5.000% due 9/1/34
22,199
Clark Country School District, GO:
75,000 A+
Refunding, Series A, 5.000% due 6/15/21
81,048
65,000 A+
Refunding, Series A, 5.000% due 6/15/23
72,896
See Notes to Financial Statements.
177

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Nevada – (continued)
$ 1,500,000 A+
Refunding Limited Tax, Series A, 5.000% due 6/15/24
$ 1,703,985
2,670,000 A+
Refunding Building, Series A, 5.000% due 6/15/25
3,055,041
3,620,000 A+
Limited Tax Building, Series A, 5.000% due 6/15/28
4,242,857
1,000,000 NR
Series C, 5.000% due 6/15/23
1,121,470
280,000 A+
Country of Clark Department of Aviation, Revenue Bonds, Junior
Subordinated Lien Notes, Series C, 5.000% due 7/1/21(d)
301,731
345,000 A
Country of Clark NV, Revenue Bonds, Refunding Southern California
Edison Co., Series A, 1.875% due 6/1/31(a)
342,851
2,250,000 AA+
Country of Clark NV, GO, Stadium Improvements, Series A, 5.000% due
6/1/35
2,625,435
Las Vegas Valley Water District, GO:
85,000 AA+
Tax Water Improvement, Series A, 5.000% due 6/1/32
97,544
145,000 AA+
Tax Water Improvement, Series A, 5.000% due 6/1/33
165,858
155,000 AA+
Tax Water Improvement, Series A, 5.000% due 6/1/34
176,835
30,000 AA+
Series B, 5.000% due 6/1/22
33,237
60,000 AA+
Series B, 5.000% due 6/1/23
66,314
60,000 AA+
Series B, 5.000% due 6/1/24
66,269
30,000 AA+
Series B, 5.000% due 6/1/25
33,055
State of Nevada, GO, Refunding Capital Improvement and Cultural:
40,000 AA
5.000% due 8/1/21
43,501
80,000 AA
5.000% due 3/1/25
89,779
Total Nevada
14,426,279
New Hampshire – 0.3%
1,535,000 BBB+
City of Manchester NH General Airport Revenue, Revenue Bonds, General,
Series A, 5.000% due 1/1/21
1,634,975
New Hampshire Health & Education Facilities Authority Act, Revenue
Bonds:
70,000 A2(b)
Concord Hospital, Series A, 5.000% due 10/1/43
75,188
40,000 A-
Refunding Catholic Medical Center, 4.000% due 7/1/22
42,338
35,000 A-
Refunding Catholic Medical Center, 5.000% due 7/1/26
37,837
135,000 BBB
Refunding Elliot Hospital, 5.000% due 10/1/26(e)
151,959
145,000 BBB
Refunding Elliot Hospital, 5.000% due 10/1/27(e)
162,996
60,000 BBB
Refunding Elliot Hospital, 5.000% due 10/1/28(e)
67,130
210,000 BBB
Refunding Elliot Hospital, 5.000% due 10/1/30(e)
232,915
25,000 BBB
Refunding Elliot Hospital, 4.000% due 10/1/38(e)
24,693
40,000 AA-
Refunding Partners Healthcare System, 5.000% due 7/1/24
45,900
70,000 AA-
Refunding Partners Healthcare System, 5.000% due 7/1/30
82,054
See Notes to Financial Statements.
178

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
New Hampshire – (continued)
New Hampshire State Turnpike System, Revenue Bonds, Refunding:
$ 65,000 A+
Series B, 5.000% due 2/1/22
$ 71,275
65,000 A+
Series B, 5.000% due 2/1/23
71,051
50,000 A+
Series B, 5.000% due 2/1/24
54,637
Total New Hampshire
2,754,948
New Jersey – 1.4%
Camden County Improvement Authority, Revenue Bonds, Refunding Project
Cooper Health System:
60,000 BBB+
5.000% due 2/15/24
67,136
30,000 BBB+
5.000% due 2/15/25
33,199
City of Bayonne NJ, GO, Refunding Qualified General Improvement:
45,000 AA
5.000% due 7/1/31
50,333
30,000 AA
5.000% due 7/1/32
33,467
30,000 AA
5.000% due 7/1/33
33,315
New Jersey Economic Development Authority, Revenue Bonds:
185,000 Ba1(b)
Refunding Port Newark Container, 5.000% due 10/1/37(d)
199,393
30,000 AA
Refunding Provident Group Montclair, AGM, 5.000% due 6/1/25
34,027
40,000 AA
Refunding Provident Group Montclair, AGM, 5.000% due 6/1/27
46,108
60,000 AA
Refunding Provident Group Montclair, AGM, 5.000% due 6/1/28
68,814
45,000 AA
Refunding Provident Group Montclair, AGM, 5.000% due 6/1/29
51,351
40,000 BBB+
Refunding School Facilities Construction, 5.000% due 3/1/25
43,284
220,000 BBB+
Refunding School Facilities Construction, Series Li, 5.000% due 3/1/21
233,464
270,000 BBB+
Refunding School Facilities Construction, Series Nn, 5.000% due
3/1/23
294,060
370,000 BBB+
Refunding School Facilities Construction, Series Nn, 5.000% due
3/1/24
401,024
580,000 BBB+
Refunding, Series Xx, 5.000% due 6/15/26
642,014
125,000 BBB+
School Facilities Construction, Series L, 5.500% due 9/1/19
129,587
New Jersey Educational Facilities Authority, Revenue Bonds, Refunding
Stockton University:
55,000 Baa1(b)
Series A, 5.000% due 7/1/29
61,397
30,000 Baa1(b)
Series A, 5.000% due 7/1/33
32,926
New Jersey Health Care Facilities Financing Authority, Revenue Bonds:
10,000 BBB
Refunding Trinitas Regional Medical Center Series, 5.000% due 7/1/21
10,716
25,000 BBB
Refunding Trinitas Regional Medical Center Series, 5.000% due 7/1/22
27,312
90,000 BBB
Refunding Trinitas Regional Medical Center Series, 5.000% due 7/1/23
99,727
25,000 BBB
Refunding Trinitas Regional Medical Center Series, 5.000% due 7/1/24
27,964
25,000 BBB
Refunding Trinitas Regional Medical Center Series, 5.000% due 7/1/25
28,178
See Notes to Financial Statements.
179

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
New Jersey – (continued)
$ 10,000 BBB
Refunding Trinitas Regional Medical Center Series, 5.000% due 7/1/26
$ 11,318
15,000 BBB
Refunding Trinitas Regional Medical Center Series, 5.000% due 7/1/27
16,910
75,000 BBB
Refunding Trinitas Regional Medical Center Series, 5.000% due 7/1/28
84,108
15,000 AA
Refunding Princeton Health Care, Series A, 5.000% due 7/1/28
17,533
45,000 AA
Refunding Princeton Health Care, Series A, 5.000% due 7/1/33
51,671
New Jersey Higher Education Student Assistance Authority, Revenue Bonds:
40,000 AA
Refunding Senior, Series 1B, 5.000% due 12/1/21(d)
43,247
145,000 Aaa(b)
Series 1, 5.000% due 12/1/18(d)
146,089
40,000 AA
Series 1A, 5.000% due 12/1/22(d)
43,878
100,000 AA
Series 1A, 5.000% due 12/1/24(d)
111,902
New Jersey Transportation Trust Fund Authority, Revenue Bonds:
5,000,000 A+
Refunding Federal Highway Reimbursement Notes, 5.000% due
6/15/24
5,560,300
435,000 A+
Refunding Federal Highway Reimbursement Notes, 5.000% due
6/15/27
489,153
215,000 BBB+
Transportation Program, Series Aa, 5.000% due 6/15/23
231,516
345,000 BBB+
Transportation Program, Series Aa, 5.000% due 6/15/24
369,709
360,000 BBB+
Transportation Program, Series Aa, 5.000% due 6/15/25
395,313
215,000 BBB+
Transportation Program, Series Aa, 5.000% due 6/15/26
234,782
90,000 BBB+
Transportation System B 4 Rmkt 9/03/08, Series B4, 5.250% due
12/15/19
93,634
New Jersey Turnpike Authority, Revenue Bonds, SIFMA Libor Index:
60,000 A+
Series C1, 1.797% (1-Month USD-LIBOR) due 1/1/21(a)
60,055
555,000 A+
Series C5, 1.917% (1-Month USD-LIBOR) due 1/1/28(a)
557,176
State of New Jersey, COP, Equipment Lease Purchase:
110,000 BBB+
Series A, Prerefunded 6/15/19 @ 100, 5.250% due 6/15/20(c)
113,053
130,000 BBB+
Series A, Prerefunded 6/15/19 @ 100, 5.250% due 6/15/21(c)
133,609
305,000 BBB+
Series A, Prerefunded 6/15/19 @ 100, 5.250% due 6/15/22(c)
313,467
110,000 A-
State of New Jersey, GO, Refunding, Series Q, 5.000% due 8/15/19
113,259
Total New Jersey
11,840,478
New Mexico – 0.0%
340,000 A
City of Farmington NM, Revenue Bonds, Refunding Southern California
Edison Co., Series A, 1.875% due 4/1/29(a)
337,882
New York – 11.1%
City of New York NY, GO:
2,825,000 AA+
Adjusted Fiscal 2015 Subordinated, Series F4, 1.550% due 6/1/44(a)
2,825,000
60,000 AA
Refunding Fiscal 2015, Series A, 5.000% due 8/1/22
66,634
130,000 AA
Refunding, Series A, 5.000% due 8/1/22
144,373
See Notes to Financial Statements.
180

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
New York – (continued)
$ 90,000 AA
Refunding, Series C, 5.000% due 8/1/27
$ 103,527
2,035,000 AA
Subordinated, Series B1, 5.000% due 12/1/38
2,309,379
1,325,000 AA
Subordinated, Series E1, 5.250% due 3/1/34
1,575,624
1,000,000 AA
Subordinated, Series F1, 5.000% due 4/1/43
1,142,950
90,000 AA
Series J, 5.000% due 8/1/22
99,950
1,925,000 AA
County of Nassau NY, GO, Series A AGM, 5.000% due 4/1/32
2,236,273
Dutchess County Local Development Corp., Revenue Bonds, Health Quest
System Inc.:
30,000 AA
Series A, AGM, 5.000% due 7/1/20
31,668
30,000 A-
Series A, 5.750% due 7/1/40
32,254
Hudson Yards Infrastructure Corp., Revenue Bonds, Refunding:
115,000 A+
Series A, 5.000% due 2/15/32
132,599
215,000 A+
Series A, 5.000% due 2/15/35
246,001
Long Island Power Authority, Revenue Bonds:
175,000 A-
General, Series A, Prerefunded 5/1/19 @ 100, 6.000% due 5/1/33(c)
180,068
60,000 A-
Refunding, Series B, 5.000% due 9/1/22
66,697
45,000 A-
Refunding, Series B, 5.000% due 9/1/23
50,899
40,000 A-
Refunding, Series B, 5.000% due 9/1/24
45,914
Metropolitan Transportation Authority, Revenue Bonds:
3,765,000 SP-1
Bond Anticipation Notes, Series B1A, 5.000% due 5/15/20
3,963,453
2,000,000 SP-1
Bond Anticipation Notes, Series B1D, 5.000% due 5/15/20
2,105,420
2,735,000 SP-1
Bond Anticipation Notes, Series B2D, 5.000% due 5/15/21
2,956,070
2,500,000 SP-1
Bond Anticipation Notes Transportation, Series B2A, 5.000% due
5/15/21 
2,702,075
695,000 SP-1
Bond Anticipation Notes Transportation Subordinated, Series C1B,
4.000% due 2/15/19
702,867
290,000 A
Refunding Transportation Climate, Series C2, zero coupon, due
11/15/33
166,388
230,000 A
Series B, NPFG, 5.250% due 11/15/19
239,580
770,000 A
Subordinated, Series A1, 5.000% due 11/15/45(a)
818,133
245,000 NR
Transportation, Series C, Prerefunded 11/15/18 @ 100, 6.500% due
11/15/28(c)
247,411
Monroe County Industrial Development Agency, Revenue Bonds, Revenue
Rochester Schs Modernization:
7,000,000 AA
5.000% due 5/1/31
8,255,800
3,000,000 AA
5.000% due 5/1/33
3,505,110
370,000 A2(b)
MTA Hudson Rail Yards Trust Obligations, Revenue Bonds, Series A,
5.000% due 11/15/51
394,461
See Notes to Financial Statements.
181

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
New York – (continued)
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds:
$ 3,000,000 AA
Fiscal 2018, Series S1, 5.000% due 7/15/29
$ 3,545,640
380,000 AA
Transitional Series, Series S3, 5.250% due 1/15/34
384,811
New York City Transitional Finance Authority Future Tax Secured Revenue,
Revenue Bonds:
2,000,000 AAA
Future Tax Secured Fiscal, Series A3, 4.000% due 8/1/42
2,082,120
305,000 NR
Prerefunded 11/1/19 @ 100, 5.000% due 11/1/20(c)
316,749
275,000 AAA
Subordinated, Series C2, 5.000% due 5/1/32
323,067
145,000 AAA
Subordinated Future Tax Secured, Series B, 4.000% due 2/1/21
152,370
100,000 AAA
Subordinated Future Tax Secured, Series B, 5.000% due 2/1/21
107,425
4,000,000 AAA
Subordinated Future Tax Secured Fiscal, 5.000% due 8/1/33
4,696,040
430,000 AAA
Subordinated Future Tax Secured Fiscal, 5.000% due 2/1/40
487,654
160,000 AAA
Subordinated Future Tax Secured Fiscal, Series A, 5.000% due 11/1/21
175,014
240,000 AAA
Tax Secured Fiscal, Series A3, 5.000% due 8/1/40
273,838
770,000 AAA
Unrefunded Balance Future Tax, 5.000% due 11/1/20
800,022
New York City Water & Sewer System, Revenue Bonds, 2nd General
Resolution Fiscal:
4,285,000 AA+
1.470% due 6/15/50(a)
4,285,000
10,000,000 AA+
2019, 5.000% due 6/15/23
11,330,900
New York State Dormitory Authority, Revenue Bonds:
75,000 AAA
Education, Series B, Prerefunded 3/15/19 @ 100, 5.750% due 3/15/36(c)
76,665
30,000 A-
Non The New School, Series A, 5.000% due 7/1/23
33,705
70,000 A-
Non The New School, Series A, 5.000% due 7/1/25
80,722
145,000 AA
Refunding Consolidated Service Contract, Series A, 5.000% due 7/1/20
149,178
355,000 AA
Refunding Consolidated Service Contract, Series A, 5.000% due 7/1/21
364,961
10,000,000 AAA
Sales Tax Revenue St Support Debt, Series C, 5.000% due 3/15/33
11,746,300
385,000 AA
Third General Resolution St University, 5.000% due 5/15/23
426,214
30,000 AAA
Unrefunded Balance 2018, Series A, 5.000% due 2/15/19
30,460
85,000 AAA
Unrefunded Balance 2018, Series A, 5.000% due 2/15/20
89,022
2,150,000 AAA
New York State Environmental Facilities Corp., Revenue Bonds, Series A,
5.000% due 6/15/33
2,541,945
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)
247,204
60,000 AA
Series A1, 5.000% due 4/1/19
61,184
65,000 AA
Series A1, 5.000% due 4/1/20
68,355
60,000 AA
Series A1, 5.000% due 4/1/21
64,804
See Notes to Financial Statements.
182

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
New York – (continued)
New York State Urban Development Corp., Revenue Bonds, St Personal Income Tax:
$ 285,000 AAA
Series A, 5.000% due 3/15/22
$ 308,957
80,000 AAA
Series A, 5.000% due 3/15/32
92,415
New York Transportation Development Corp., Revenue Bonds, AMT
Laguardia Airport Terminal B:
245,000 Baa3(b)
5.000% due 7/1/41(d)
261,797
395,000 Baa3(b)
5.250% due 1/1/50(d)
425,711
Port Authority of New York & New Jersey, Revenue Bonds:
1,400,000 AA-
Consolidated Two Hundred Ninth, 5.000% due 7/15/36
1,636,138
5,000,000 AA-
Series 207, 5.000% due 9/15/24(d)
5,719,450
Triborough Bridge & Tunnel Authority, Revenue Bonds, General:
85,000 AA-
Series B, 5.000% due 11/15/23
97,474
115,000 AA-
Series B, 5.000% due 11/15/24
131,206
Total New York
90,961,095
North Carolina – 2.2%
2,500,000 AAA
County of Wake NC, GO, Refunding, Series A, 5.000% due 3/1/25
2,921,125
100,000 BBB+
Nash Health Care Systems, Revenue Bonds, 5.000% due 11/1/41
105,382
110,000 BBB+
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Various
Republic Services Inc. Project, 1.850% due 6/1/38(a)(d)
109,997
60,000 AAApre(g)
North Carolina Eastern Municipal Power Agency, Revenue Bonds, Series B,
Prerefunded 1/1/19 @ 100, 5.000% due 1/1/20(c)
60,669
North Carolina Medical Care Commission, Revenue Bonds, Refunding:
175,000 A
North Carolina Baptist Hospital, 5.000% due 6/1/21
184,263
115,000 A
North Carolina Baptist Hospital, 5.000% due 6/1/22
121,106
15,000 AA-
Refunding Mission Health Combined, 5.000% due 10/1/35
15,576
10,000 AA-
Refunding Mission Health Combined, 5.000% due 10/1/36
10,376
North Carolina Municipal Power Agency No 1, Revenue Bonds:
35,000 AAApre(g)
Series A, Prerefunded 1/1/19 @ 100, 5.000% due 1/1/30(c)
35,390
15,000 A
Unrefunded Balance Refunding, Series A, 5.000% due 1/1/30
15,151
11,500,000 AAA
State of North Carolina, GO, Refunding Series A, 5.000% due 6/1/26
13,680,400
State of North Carolina, Revenue Bonds, Anticipation Refunding Vehicle:
330,000 AA
5.000% due 3/1/22
363,436
290,000 AA
5.000% due 3/1/23
325,980
Total North Carolina
17,948,851
Ohio – 1.2%
American Municipal Power Inc., Revenue Bonds:
45,000 A
Amp Fremont Energy Center, 5.000% due 2/15/21
48,171
See Notes to Financial Statements.
183

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Ohio – (continued)
$ 60,000 A
Amp Fremont Energy Center, 5.000% due 2/15/22
$ 65,626
65,000 A
Amp Fremont Energy Center, Prerefunded 2/15/22 @ 100, 5.000% due
2/15/23(c)
71,436
60,000 A
Amp Fremont Energy Center, Prerefunded 2/15/22 @ 100, 5.000% due
2/15/24(c)
65,940
10,000 NR
Prerefunded Amp Fremont, Prerefunded 2/15/22 @ 100, 5.000% due
2/15/42(c)
10,990
40,000 A
Unrefunded Balance Amp, 5.000% due 2/15/42
42,883
City of Cleveland OH Airport System Revenue, Revenue Bonds, Refunding,
AGM:
30,000 AA
Series A, 5.000% due 1/1/26
33,799
45,000 AA
Series A, 5.000% due 1/1/28
50,228
65,000 AA
Series A, 5.000% due 1/1/29
72,235
60,000 AA
Series A, 5.000% due 1/1/30
66,461
4,000,000 AAA
City of Columbus OH, GO, Refunding Various Purpose, Series 2017-1,
5.000% due 4/1/24
4,602,400
Cleveland Department of Public Utilities Division of Water, Revenue Bonds,
Second Lien:
35,000 AA
Series A, Prerefunded 1/1/22 @ 100, 5.000% due 1/1/26(c)
38,476
45,000 AA
Series A, Prerefunded 1/1/22 @ 100, 5.000% due 1/1/27(c)
49,469
55,000 AA
Columbus City School District, GO, Refunding School Facilities
Construction and Improvement, 5.000% due 12/1/32
63,158
80,000 A+
County of Allen OH Hospital Facilities Revenue, Revenue Bonds, Mercy
Health, Series B, 5.000% due 8/1/47(a)
88,085
County of Fairfield OH, Revenue Bonds, Refunding and Improvement
Fairfield Medical Center:
70,000 Baa2(b)
5.000% due 6/15/25
75,474
75,000 Baa2(b)
5.000% due 6/15/26
80,486
80,000 Baa2(b)
5.000% due 6/15/27
85,560
85,000 Baa2(b)
5.000% due 6/15/28
90,676
County of Franklin OH, Revenue Bonds, Refunding Facilities Nationwide
Childrens:
60,000 Aa2(b)
5.000% due 11/1/25
69,813
60,000 Aa2(b)
5.000% due 11/1/26
70,423
65,000 Baa1(b)
County of Lake OH, Revenue Bonds, Refunding Lake Hospital System Inc.,
5.000% due 8/15/27
73,094
135,000 BBB
County of Lucas OH, Revenue Bonds, Promedica, Series A, Prerefunded
11/15/21 @ 100, 6.500% due 11/15/37(c)
153,884
See Notes to Financial Statements.
184

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Ohio – (continued)
County of Muskingum OH, Revenue Bonds, Genesis Healthcare System Project:
$ 35,000 BB+
5.000% due 2/15/20
$ 36,077
170,000 BB+
5.000% due 2/15/27
180,480
150,000 A-
County of Ross OH, Revenue Bonds, Refunding Facilities Adena Health
System, Prerefunded 12/1/18 @ 100, 5.750% due 12/1/35(c)
151,488
65,000 A2(b)
County of Scioto OH, Revenue Bonds, Refunding Southern Ohio Medical
Center, 5.000% due 2/15/29
73,245
County of Wood OH, Revenue Bonds, Refunding and Improvement Wood County Hospital Project:
20,000 Ba1(b)
5.000% due 12/1/32
20,827
25,000 Ba1(b)
5.000% due 12/1/42
25,738
140,000 A
Ohio Higher Educational Facility Commission, Revenue Bonds, University
Hosps Health System, Series A, 5.250% due 1/15/21
146,404
Ohio State Building Authority, Revenue Bonds:
90,000 AA
Facilities Administration Building Fund Project, Series B, 5.000% due
10/1/21
93,161
145,000 AA
Refunding St Facilities Adult Corrtl, Series B, 5.000% due 10/1/21
150,092
60,000 AA
Refunding St Facilities Adult Corrtl, Series B, 5.000% due 10/1/22
62,101
85,000 AA
Refunding St Facilities Adult Corrtl, Series B, 5.000% due 10/1/23
87,957
335,000 A+
Ohio Turnpike & Infrastructure Commission, Revenue Bonds, Capital
Appreciation Junior Lien, Series A2, zero coupon, due 2/15/42
131,461
2,000,000 AAA
Ohio Water Development Authority Water Pollution Control Loan Fund,
Revenue Bonds, Various Loan Fund, Series A, 1.610% due 12/1/36(a)
2,000,000
State of Ohio, Revenue Bonds, Refunding Cleveland Clinic Health:
75,000 AA
5.000% due 1/1/27
88,821
145,000 AA
5.000% due 1/1/29
171,663
Total Ohio
9,488,282
Oklahoma – 0.3%
560,000 AA-
Canadian County Educational Facilities Authority, Revenue Bonds, Mustang
Public Schs Project, 5.000% due 9/1/26
653,749
Grand River Dam Authority, Revenue Bonds:
35,000 AA-
Series A, 5.000% due 6/1/27
39,790
45,000 AA-
Series A, 5.000% due 6/1/28
51,107
Oklahoma City Public Property Authority, Revenue Bonds, Refunding and
Improvement Fairgrounds:
30,000 A+
5.000% due 10/1/25
34,749
45,000 A+
5.000% due 10/1/26
51,809
35,000 A+
5.000% due 10/1/27
40,248
See Notes to Financial Statements.
185

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Oklahoma – (continued)
Oklahoma Development Finance Authority, Revenue Bonds:
$ 90,000 WR(b)
Ou Medicine Project, Prerefunded 2/15/22 @ 100, 5.000% due
2/15/23(c)
$ 98,911
210,000 WR(b)
Ou Medicine Project, Prerefunded 2/15/22 @ 100, 5.000% due
2/15/42(c)
230,792
30,000 BB+
Refunding St John Health System, Series B, 5.000% due 8/15/27
34,221
30,000 BB+
Refunding St John Health System, Series B, 5.000% due 8/15/28
34,403
10,000 BB+
Refunding St John Health System, Series B, 5.000% due 8/15/29
11,395
30,000 BB+
Refunding St John Health System, Series B, 5.000% due 8/15/33
33,617
Oklahoma Municipal Power Authority, Revenue Bonds, Refunding:
115,000 AA
Series A, AGM, 5.000% due 1/1/21
119,877
360,000 AA
Series A, AGM, 5.000% due 1/1/22
374,638
50,000 A
Series A, 5.000% due 1/1/26
57,140
175,000 A
Series A, 5.000% due 1/1/27
199,553
60,000 A
Series A, 5.000% due 1/1/28
68,268
45,000 A
Series A, 5.000% due 1/1/29
51,089
60,000 A
Series B, 5.000% due 1/1/27
68,418
Total Oklahoma
2,253,774
Oregon – 1.0%
Clackamas County Hospital Facility Authority, Revenue Bonds, Senior
Living Willamette View Project:
20,000 NR
3.000% due 11/15/22
20,053
15,000 NR
5.000% due 11/15/47(e)(f)
16,108
3,800,000 A+
Oregon State Business Development Commission, Revenue Bonds,
Intelephone Corp., Series 232, 2.400% due 12/1/40(a)
3,819,380
3,500,000 AA+
Salem-Keizer School District No 24J, GO, 5.000% due 6/15/32
4,147,920
85,000 Aa1(b)
Washington County School District No 1 West Union, GO, Multnomah and
Yamhill, 5.000% due 6/15/30
99,967
Total Oregon
8,103,428
Pennsylvania – 2.0%
City of Philadelphia PA, GO:
85,000 A
Series B, 5.000% due 8/1/27
95,869
300,000 A
Series B, 5.000% due 8/1/29
336,966
320,000 A
Series B, 5.000% due 8/1/30
358,160
335,000 A
Series B, 5.000% due 8/1/31
373,404
City of Philadelphia PA Airport Revenue, Revenue Bonds, Refunding AMT:
50,000 A
Series B, 5.000% due 7/1/30(d)
57,074
70,000 A
Series B, 5.000% due 7/1/31(d)
79,558
See Notes to Financial Statements.
186

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Pennsylvania – (continued)
Commonwealth of Pennsylvania, GO:
$ 60,000 A+
First Series, 5.000% due 7/1/21
$ 64,863
110,000 A+
First Series, 5.000% due 3/15/31
123,092
3,070,000 A+
Refunding Second Series, 5.000% due 1/15/24
3,464,249
290,000 A+
Second Series, 5.000% due 10/15/27
321,929
810,000 A+
Second Series, 5.000% due 9/15/29
924,186
3,880,000 AA-
County of Allegheny PA, GO, Series C 77, 4.000% due 11/1/38
4,004,199
220,000 NR
Erie County Hospital Authority, Revenue Bonds, Hospital St Vincents
Health, Series A, Prerefunded 7/1/20 @ 100, 7.000% due 7/1/27(c)
240,326
Lehigh County Industrial Development Authority, Revenue Bonds,
Refunding Ppl Electric Utils Corp.:
165,000 A
1.800% due 2/15/27(a)
162,028
1,125,000 A
Series A, 1.800% due 9/1/29(a)
1,100,306
95,000 A+
Monroeville Finance Authority, Revenue Bonds, 5.000% due 2/15/26
110,270
Montgomery County Higher Education & Health Authority, Revenue Bonds:
115,000 A+
Series A, AMBAC, 6.000% due 6/1/22
127,519
10,000 BBB
Holy Redeemer Health System, Series A, 5.000% due 10/1/23(e)
11,033
40,000 BBB
Holy Redeemer Health System, Series A, 5.000% due 10/1/28(e)
44,874
45,000 BBB
Holy Redeemer Health System, Series A, 5.000% due 10/1/29(e)
50,246
140,000 BBB
Holy Redeemer Health System, Series A, 5.000% due 10/1/32(e)
154,136
225,000 BBB
Holy Redeemer Health System, Series A, 5.000% due 10/1/36(e)
244,100
105,000 BBB
Holy Redeemer Health System, Series A, 5.000% due 10/1/40(e)
112,780
Northampton County General Purpose Authority, Revenue Bonds:
1,000,000 A+
Refunding Lafayette College, 5.000% due 11/1/27
1,198,890
75,000 A-
St Luces University Health Network, 4.000% due 8/15/48
75,121
Pennsylvania Economic Development Financing Authority, Revenue Bonds:
90,000 A
Forum Place Project, 5.000% due 3/1/21
95,823
60,000 A
Forum Place Project, 5.000% due 3/1/22
65,003
40,000 AA+
Series B, 5.000% due 7/1/21
40,317
900,000 A-
Various Waste Management Inc. Project, 1.800% due 8/1/45(a)(d)
899,775
100,000 BBB+
Various Waste Management Inc. Project, Series A, 1.850% due
4/1/19(a)(d) 
99,993
165,000 A-
Waste Management Inc. Project, Series A, 1.700% due 8/1/37(a)(d)
162,792
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds,
University Pennsylvania Health System:
35,000 AA
Series A, 5.000% due 8/15/27
41,480
35,000 AA
Series A, 5.000% due 8/15/28
41,237
60,000 AA
Series A, 5.000% due 8/15/30
69,915
See Notes to Financial Statements.
187

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Pennsylvania – (continued)
$ 60,000 AA
Series A, Prerefunded 8/15/19 @ 100, 5.250% due 8/15/21(c)
$ 62,021
Pennsylvania Turnpike Commission, Revenue Bond:
35,000 A
Convertible Capital Appreciation Subordinated, Series A2, zero coupon,
due 12/1/28
38,847
35,000 A
Convertible Capital Appreciation Subordinated, Series A2, zero coupon,
due 12/1/33
38,688
15,000 A1(b)
Series A1, 5.000% due 12/1/22
16,768
15,000 A1(b)
Series A1, 5.000% due 12/1/23
17,067
45,000 A1(b)
Series A1, 5.000% due 12/1/29
51,900
30,000 A1(b)
Series A1, 5.000% due 12/1/34
33,980
Philadelphia Gas Works Co., Revenue Bonds, Revenue 1998 General
Ordinance Fifteenth:
30,000 A
5.000% due 8/1/23
33,574
20,000 A
5.000% due 8/1/24
22,658
25,000 A
5.000% due 8/1/25
28,600
Pittsburgh School District, GO, AGM:
45,000 AA
Series A, 5.000% due 9/1/19
46,401
30,000 AA
Series A, 5.000% due 9/1/20
31,849
School District of Philadelphia, GO, Refunding:
405,000 A2(b)
Series C, 5.000% due 9/1/20
428,413
175,000 A2(b)
Series C, 5.000% due 9/1/21
183,995
State Public School Building Authority, Revenue Bonds:
40,000 A2(b)
Refunding School Philadelphia School District, 5.000% due 6/1/26
44,872
180,000 AA
Sch District City Of Harrisburg, AGM, 5.000% due 12/1/28
206,381
130,000 AA
Sch District City Of Harrisburg, AGM, 5.000% due 12/1/33
146,321
Total Pennsylvania
16,783,848
Rhode Island – 0.4%
Rhode Island Health & Educational Building Corp., Revenue Bond:
2,000,000 AA+
Educational Brown University, Series A, 5.000% due 9/1/29
2,391,400
240,000 AA
Refunding Bond Financing Program Providence, AGM, 5.000% due
5/15/25
275,172
195,000 BB-
Refunding Hospital Financing Care New England, 5.000% due 9/1/31
207,946
165,000 BBB+
Refunding Hospital Financing Lifespan Obligation, 5.000% due 5/15/39
178,208
110,000 AA
Rhode Island Student Loan Authority, Revenue Bonds, AMT Senior,
Series A, 3.500% due 12/1/34(d)
109,996
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding:
55,000 BBB+
Series A, 5.000% due 6/1/27
61,521
See Notes to Financial Statements.
188

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Rhode Island – (continued)
$ 70,000 BBB
Series A, 5.000% due 6/1/28
$ 77,715
Total Rhode Island
3,301,958
South Carolina – 3.3%
Beaufort-Jasper Water & Sewer Authority, Revenue Bonds, Refunding:
30,000 AA
Series B, 5.000% due 3/1/22
33,072
30,000 AA
Series B, 5.000% due 3/1/24
34,387
30,000 AA
Series B, 5.000% due 3/1/25
34,876
County of Charleston SC, GO:
4,385,000 AAA
5.000% due 11/1/22
4,921,856
2,500,000 AAA
Refunding Transportation Sales Tax, Series C, 5.000% due 11/1/27
3,026,775
13,000,000 Aa2(b)
Patriots Energy Group Financing Agency, Revenue Bonds, Series A, 4.000%
due 10/1/48(a)
13,809,380
Scago Educational Facilities Corp. for Colleton School District, Revenue Bonds, Refunding:
115,000 A-
5.000% due 12/1/27
129,908
95,000 A-
5.000% due 12/1/29
106,510
South Carolina Jobs-Economic Development Authority, Revenue Bonds,
Refunding Anmed Health Project:
65,000 A+
5.000% due 2/1/22
71,028
30,000 A+
5.000% due 2/1/24
33,899
50,000 A+
5.000% due 2/1/25
57,165
50,000 A+
5.000% due 2/1/26
57,671
South Carolina Ports Authority, Revenue Bonds, Airport System Revenue
AMT:
65,000 A+
5.000% due 7/1/28(d)
76,531
140,000 A+
5.000% due 7/1/30(d)
162,628
South Carolina Public Service Authority, Revenue Bonds:
355,000 A+
Refunding, Series A, 5.000% due 12/1/50
377,060
2,080,000 A+
Series A, 5.000% due 12/1/49
2,193,235
515,000 A+
Series A, 5.500% due 12/1/54
560,562
185,000 A+
Series B, 5.000% due 12/1/35
202,347
275,000 A+
Series B, 5.000% due 12/1/36
300,377
115,000 A+
Series C, 5.000% due 12/1/25
128,339
115,000 A+
Series C, 5.000% due 12/1/26
127,855
90,000 A+
Series C, 5.000% due 12/1/27
99,467
105,000 A+
Series C, 5.000% due 12/1/46
111,574
190,000 A+
Series E, 5.500% due 12/1/53
205,483
See Notes to Financial Statements.
189

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
South Carolina – (continued)
$ 50,000 A1(b)
South Carolina Transportation Infrastructure Bank, Revenue Bonds,
Refunding, Series A, 5.000% due 10/1/25
$ 58,197
250,000 AA+
Town of Mount Pleasent SC Water & Sewer Revenue, Revenue Bonds,
Series A, 5.000% due 6/1/31
294,272
Total South Carolina
27,214,454
South Dakota – 0.0%
South Dakota Health & Educational Facilities Authority, Revenue Bonds, Refunding Avera Health:
30,000 AA-
Refunding Avera Health, 5.000% due 7/1/23
33,778
15,000 AA-
Refunding Avera Health, 5.000% due 7/1/24
17,142
10,000 AA-
Refunding Avera Health, 5.000% due 7/1/27
11,726
50,000 AA-
Refunding Avera Health, 5.000% due 7/1/33
56,827
40,000 AA-
Refunding Avera Health, 5.000% due 7/1/35
44,971
30,000 A+
Sanford Health, 5.250% due 11/1/18
30,165
35,000 A+
South Dakota St Health and Educational, Series B, 5.000% due 11/1/24
40,092
35,000 A+
South Dakota St Health and Educational, Series B, 5.000% due 11/1/25
39,941
5,000 A+
South Dakota St Health and Educational, Series B, 5.000% due 11/1/26
5,666
Total South Dakota
280,308
Tennessee – 1.1%
25,000 A+
City of Jackson Tennessee, Revenue Bonds, Unrefunded Balance Refunding
and, 5.750% due 4/1/41
25,075
1,000,000 AA+
County of Sumner TN, GO, Refunding, 5.000% due 6/1/22
1,082,050
Greeneville Health & Educational Facilities Board, Revenue Bonds, Ballad
Health:
30,000 A-
Series A, 5.000% due 7/1/29
34,629
35,000 A-
Series A, 5.000% due 7/1/30
40,145
240,000 A-
Johnson City Health & Educational Facilities Board, Revenue Bonds,
Refunding Mountain Sts Health, Prerefunded 7/1/20 @ 100, 6.500% due
7/1/38(c)
260,033
Knox County Health Educational & Housing Facility Board, Revenue
Bonds, University Health System Inc.:
30,000 BBB
Tennessee Health Educational and University Health System Incorporate,
5.000% due 4/1/24
33,383
40,000 BBB
Tennessee Health Educational and University Health System Incorporate,
5.000% due 4/1/25
44,967
35,000 BBB
University Health System Incorporate, 5.000% due 9/1/22
38,094
30,000 BBB
University Health System Incorporate, 5.000% due 9/1/24
33,528
145,000 A
Memphis-Shelby County Airport Authority, Revenue Bonds, Refunding
AMT, Series B, 5.625% due 7/1/20(d)
154,355
See Notes to Financial Statements.
190

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Tennessee – (continued)
$ 5,000,000 AAA
State of Tennessee, GO, Series A, 5.000% due 2/1/25
$ 5,841,850
Tennessee Energy Acquisition Corp., Revenue Bonds:
675,000 A3(b)
4.000% due 11/1/49(a)
715,034
350,000 A3(b)
Acquisition Project, Series A, 4.000% due 5/1/48(a)
370,555
Total Tennessee
8,673,698
Texas – 14.7%
1,895,000 AAA
Alamo Community College District, GO, Refunding, 5.000% due 8/15/34
2,190,355
40,000 AA-
Austin Community College District, Revenue Bonds, Capital Appreciation
Refunding Comb Fee AMBAC, zero coupon, due 2/1/22
37,090
2,525,000 Aa3(b)
Brownsville Independent School District, GO, Maintenance Tax Notes,
4.000% due 8/15/22
2,696,776
Central Texas Regional Mobility Authority, Revenue Bonds:
70,000 BBB+
Refunding, 5.000% due 1/1/31
78,358
145,000 BBB+
Refunding, 5.000% due 1/1/32
161,610
95,000 BBB+
Refunding, 5.000% due 1/1/35
105,034
45,000 BBB+
Refunding, 5.000% due 1/1/36
49,599
35,000 BBB+
Senior Lien, Series A, 5.000% due 1/1/31
38,991
30,000 BBB+
Senior Lien, Series A, 5.000% due 1/1/32
33,285
60,000 BBB+
Senior Lien, Series A, 5.000% due 1/1/34
66,222
160,000 BBB+
Senior Lien, Series A, 5.000% due 1/1/40
174,750
510,000 A-
Central Texas Turnpike System, Revenue Bonds, Refunding First Tier,
Series A, 5.000% due 8/15/42(a)
533,557
90,000 AA
City of Arlington TX, Subordinated Lien, Series C, 5.000% due 2/15/45
94,798
80,000 A
City of Austin TX Airport System Revenue, Revenue Bonds, Airport System
Revenue AMT, 5.000% due 11/15/29(d)
88,932
45,000 AA
City of Austin TX Electric Utility Revenue, Revenue Bonds, Series A,
5.000% due 11/15/23
50,155
City of Dallas TX, GO:
170,000 AA-
Refunding, 5.000% due 2/15/24
193,360
130,000 AA-
Unrefunded Balance Refunding, 5.000% due 2/15/23
142,236
2,060,000 AA-
5.000% due 2/15/25
2,372,687
City of Houston TX, GO, Refunding:
60,000 Aa3(b)
Series A, 5.000% due 3/1/23
67,253
2,290,000 Aa3(b)
Series A, 5.000% due 3/1/24
2,607,119
120,000 Aa3(b)
Series A, 5.000% due 3/1/25
138,332
City of Houston TX Airport System Revenue, Revenue Bonds:
50,000 A1(b)
AMT Subordinated, Series A, 5.000% due 7/1/26(d)
57,905
60,000 A1(b)
AMT Subordinated, Series A, 5.000% due 7/1/27(d)
70,049
See Notes to Financial Statements.
191

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
$ 30,000 A1(b)
AMT Subordinated, Series A, 5.000% due 7/1/28(d)
$ 35,294
230,000 A+
Refunding AMT Subordinated Lien, Series A, 5.000% due 7/1/20(d)
242,661
70,000 A+
Refunding AMT Subordinated, Series A, 5.000% due 7/1/23(d)
76,687
90,000 A1(b)
Refunding Subordinated, Series B, 5.000% due 7/1/28
107,923
360,000 A1(b)
Refunding Subordinated, Series B, 5.000% due 7/1/29
429,635
190,000 A1(b)
Refunding Subordinated, Series B, 5.000% due 7/1/30
223,706
2,000,000 A1(b)
Refunding Subordinated, Series D, 5.000% due 7/1/24
2,299,680
1,500,000 A1(b)
Refunding Subordinated, Series D, 5.000% due 7/1/25
1,748,130
1,500,000 A1(b)
Refunding Subordinated, Series D, 5.000% due 7/1/26
1,764,885
City of Houston TX Combined Utility System Revenue, Revenue Bonds:
250,000 Aa2(b)
Refunding Combined First Lien, Series B, 4.000% due 11/15/21
265,793
70,000 Aa2(b)
Refunding Combined First Lien, Series B, 5.000% due 11/15/33
80,760
75,000 AA
Refunding Combined First Lien, Series C, 5.000% due 5/15/28
84,976
15,000 AA
Unrefunded Balance Refunding, NPFG, 5.000% due 11/15/18
15,040
1,040,000 AAA
City of Irving TX, GO, Refunding, 5.500% due 8/15/23
1,203,114
City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds:
45,000 AA
5.000% due 2/1/29
53,143
30,000 AA
5.000% due 2/1/30
35,325
45,000 AA
5.000% due 2/1/31
52,716
35,000 AA
5.000% due 2/1/33
40,642
90,000 AA
Refunding, 5.250% due 2/1/25
105,844
205,000 AA-
Various Refunding Junior Lien, Series B, 2.000% due 2/1/33(a)
203,469
County of Harris TX, Revenue Bonds, Refunding Senior Lien Toll Road:
30,000 AA-
Series C, 5.000% due 8/15/24
33,193
110,000 AA-
Series C, 5.000% due 8/15/25
121,618
85,000 AAA
County of Travis TX, GO, Refunding, Series A, 5.000% due 3/1/24
97,053
2,215,000 AAA
County of Williamson TX, GO, Refunding Limited Tax, 5.000% due
2/15/30 
2,588,250
Cypress-Fairbanks Independent School District, GO, Refunding:
140,000 AAA
Refunding, Series C, PSF-GTD, 5.000% due 2/15/44
154,855
20,000,000 NR
Refunding School Building, 2.125% due 2/15/40
20,025,400
145,000 AAA
Refunding School Building, PSF-GTD, 5.000% due 2/15/22
159,561
145,000 AAA
Refunding School Building, PSF-GTD, 5.000% due 2/15/23
162,950
725,000 AAA
Refunding School Building, PSF-GTD, 5.000% due 2/15/24
829,414
620,000 AAA
Refunding School Building, PSF-GTD, 5.000% due 2/15/25
719,727
105,000 AAA
Refunding School Building, PSF-GTD, 5.000% due 2/15/27
122,341
165,000 AAA
School Building, Series B2, PSF-GTD, 1.400% due 2/15/40(a)
163,147
See Notes to Financial Statements.
192

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
$ 180,000 AAA
School Building, Series B3, PSF-GTD, 1.400% due 2/15/44(a)
$ 177,979
Dallas Area Rapid Transit, Revenue Bonds:
195,000 NR
Prerefunded 12/1/18 @ 100, 5.250% due 12/1/38(c)
196,725
210,000 AA+
Refunding Senior Lien, AMBAC, 5.250% due 12/1/29
259,993
185,000 A2(b)
Dallas County Utility & Reclamation District, GO, Refunding, 5.000% due
2/15/24
209,309
105,000 AAA
Dallas Independent School District, GO, Unrefunded PSF-GTD, 5.000% due
2/15/36(a)
115,030
Dallas Love Field, Revenue Bonds, Airport System Revenue AMT:
40,000 A
5.000% due 11/1/30(d)
44,788
90,000 A
5.000% due 11/1/31(d)
100,588
Dallas/Fort Worth International Airport, Revenue Bonds:
85,000 A+
AMT Joint Improvement, Series B, 5.000% due 11/1/26(d)
93,335
35,000 A+
AMT Joint Improvement, Series B, 5.000% due 11/1/27(d)
38,374
80,000 A+
AMT Joint Improvement, Series B, 5.000% due 11/1/28(d)
87,547
155,000 A+
AMT Joint Improvement, Series B, 5.000% due 11/1/30(d)
168,983
330,000 A+
AMT Joint Improvement, Series B, 5.000% due 11/1/31(d)
359,363
420,000 A+
AMT Joint Improvement, Series B, 5.000% due 11/1/32(d)
457,027
290,000 A+
AMT Joint Improvement, Series B, 5.000% due 11/1/33(d)
315,091
70,000 A+
AMT Joint Improvement, Series B, 5.000% due 11/1/34(d)
75,999
1,500,000 A+
AMT Joint Improvement, Series E, 5.000% due 11/1/22(d)
1,657,710
30,000 A+
Refunding Joint, Series A, 5.000% due 11/1/19
31,113
85,000 AAA
Denton Independent School District, GO, Capital Appreciation Refunding
PSF-GTD, zero coupon, due 8/15/25
71,973
Fort Bend Independent School District, GO:
90,000 AAA
Refunding Various Green Bonds, Series C, PSF-GTD 1.350% due
8/1/42(a)
88,928
165,000 AAA
Refunding Various, Series D, PSF-GTD, 1.500% due 8/1/42(a)
161,947
Fort Worth Independent School District, GO:
80,000 AAA
Refunding, PSF-GTD, 5.000% due 2/15/22
88,062
105,000 AAA
Refunding School Building, PSF-GTD, 5.000% due 2/15/26
123,040
75,000 Aa1(b)
Frisco Independent School District, GO, School Building AGM, 5.375% due
8/15/39
77,491
Grand Parkway Transportation Corp., Revenue Bonds:
70,000 BBB
First Tier, Series A, 5.125% due 10/1/43
76,363
170,000 BBB
First Tier, Series A, 5.500% due 4/1/53
189,263
150,000 AA+
Subordinated Tier Tela Supported, Series A, 5.000% due 10/1/31
175,888
125,000 AA+
Subordinated Tier Tela Supported, Series A, 5.000% due 10/1/32
146,119
See Notes to Financial Statements.
193

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
$ 190,000 AA+
Subordinated Tier Tela Supported, Series A, 5.000% due 10/1/33
$ 221,238
145,000 AA+
Subordinated Tier Tela Supported, Series A, 5.000% due 10/1/34
168,316
1,210,000 AA+
Subordinated Tier Tela Supported, Series B, 5.000% due 10/1/52(a)
1,361,226
35,000 AA+
Subordinated Tier Tela Supported, Series B, 5.000% due 4/1/53
38,201
70,000 AA+
Subordinated Tier Tela Supported, Series B, 5.250% due 10/1/51
78,091
1,000,000 AAA
Harris County Flood Control District, Revenue Bonds, Refunding Contract
Tax, Series A, Prerefunded 10/1/20 @ 100, 5.000% due 10/1/34(c)
1,065,000
70,000 WR(b)
Harris County Health Facilities Development Corp., Revenue Bonds,
Memorial Hermann Hlthcare System, Series B, Prerefunded 12/1/18
@ 100, 7.250% due 12/1/35(c)
70,951
Houston Independent School District, GO, Limited Tax Schoolhouse:
2,000,000 AAA
PSF-GTD, 5.000% due 2/15/36
2,316,120
1,000,000 AAA
Series A2, PSF-GTD, 3.000% due 6/1/39(a)
1,008,680
Irving Hospital Authority, Revenue Bonds, Baylor Scott White Medical
Center:
15,000 A+
5.000% due 10/15/24
16,904
20,000 A+
5.000% due 10/15/26
22,829
15,000 A+
5.000% due 10/15/27
17,021
20,000 A+
5.000% due 10/15/29
22,428
30,000 A+
5.000% due 10/15/31
33,248
40,000 A+
5.000% due 10/15/35
43,614
30,000 A+
5.000% due 10/15/36
32,626
35,000 A+
5.000% due 10/15/39
37,865
45,000 A+
5.000% due 10/15/44
48,590
Lamar Consolidated Independent School District, GO, PSF-GTD:
7,280,000 AAA
5.000% due 2/15/31
8,459,069
7,050,000 AAA
5.000% due 2/15/34
8,106,160
1,225,000 AA+
Lewisville Independent School District, GO, Refunding, Series B, 5.000%
due 8/15/28
1,418,268
Lower Colorado River Authority, Revenue Bonds, Refunding:
1,135,000 A
LCRA Transmission Services Corp., 5.000% due 5/15/22
1,223,848
135,000 A
LCRA Transmission Services Corp., 5.000% due 5/15/32
156,576
70,000 A
LCRA Transmission Services Corp., 5.000% due 5/15/34
80,806
70,000 A
LCRA Transmission Services Corp., 5.000% due 5/15/36
80,239
400,000 A
Refunding, Series B, 5.000% due 5/15/21
421,052
195,000 A
Refunding, Series B, 5.000% due 5/15/25
226,044
85,000 A
Refunding, Series B, 5.000% due 5/15/27
97,064
85,000 A
Refunding, Series B, 5.000% due 5/15/28
96,673
See Notes to Financial Statements.
194

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
$ 245,000 A
Refunding, Series B, 5.000% due 5/15/29
$ 277,526
25,000 A
Refunding, Series D, 5.000% due 5/15/22
27,629
20,000 A
Refunding Senior, Series D, 5.000% due 5/15/23
22,541
35,000 A
Refunding Senior, Series D, 5.000% due 5/15/24
40,056
40,000 A
Refunding Senior, Series D, 5.000% due 5/15/26
45,730
2,720,000 AAA
Midlothian Independent School District, GO, School Building Rmkt,
Series B PSF-GTD, 2.500% due 8/1/52(a)
2,745,786
40,000 Aaa(b)
Midway Independent School District, GO, Capital Appreciation Refunding
PSF-GTD, zero coupon, due 8/15/19
39,358
800,000 BBB+
Mission Economic Development Corp., Revenue Bonds, Various Refunding
Republic Services Inc. Project, 1.850% due 1/1/26(a)(d)
799,800
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds,
Childrens Health System Texas:
60,000 Aa2(b)
Series A, 5.000% due 8/15/24
68,880
70,000 Aa2(b)
Series A, 5.000% due 8/15/25
81,480
45,000 Aa2(b)
Series A, 5.000% due 8/15/26
52,953
45,000 Aa2(b)
Series A, 5.000% due 8/15/27
53,490
70,000 Aa2(b)
Series A, 5.000% due 8/15/30
81,388
Newark Higher Education Finance Corp., Revenue Bonds, Refunding and
Improvement Abilene Christian:
65,000 A3(b)
5.000% due 4/1/27
73,371
40,000 A3(b)
5.000% due 4/1/28
44,921
125,000 AAA
North East Independent School District, GO, School Building Rmkt,
Series B, PSF-GTD, 1.420% due 8/1/40(a)
122,407
North Harris County Regional Water Authority, Revenue Bonds, Refunding
Senior Lien:
30,000 AA-
4.000% due 12/15/23
32,053
55,000 AA-
4.000% due 12/15/24
58,441
North Texas Tollway Authority, Revenue Bonds:
200,000 A
Refunding, Series A, 5.000% due 1/1/39
222,772
290,000 A
Refunding, Series B, 5.000% due 1/1/29
329,240
145,000 A
Refunding, Series B, 5.000% due 1/1/30
164,259
35,000 A
Refunding First Tier, Series A, 5.000% due 1/1/30
40,114
40,000 A
Refunding First Tier, Series A, 5.000% due 1/1/33
45,662
15,000 A
Refunding Second Tier, Series B, 5.000% due 1/1/30
17,054
20,000 A-
Refunding Second Tier, Series B, 5.000% due 1/1/31
22,639
85,000 A-
Refunding Second Tier, Series B, 5.000% due 1/1/32
96,830
50,000 A
Refunding System First Tier, Series A, 5.000% due 1/1/23
55,894
See Notes to Financial Statements.
195

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
$ 145,000 A
Refunding System First Tie, Series A, 5.000% due 1/1/24
$ 164,891
370,000 WD(g)
Special Projects System, Series A, Prerefunded 9/1/21 @ 100, 5.500% due
9/1/41(c)
407,954
30,000 WD(g)
Special Projects System, Series A, Prerefunded 9/1/21 @ 100, 6.000% due
9/1/41(c)
33,511
685,000 Aaa(b)
Northside Independent School District, GO, Various School Building
PSF-GTD, 2.750% due 8/1/48(a)
697,933
Permanent University Fund – University of Texas System, Revenue Bonds:
50,000 Aaa(b)
Series B, 5.000% due 7/1/22
55,609
50,000 Aaa(b)
Series B, 5.000% due 7/1/29
58,327
170,000 AAA
Plano Independent School District, GO, Refunding, Series B PSF-GTD,
5.000% due 2/15/19
172,562
50,000 AAA
Rockwall Independent School District, GO, Capital Appreciation Refunding
PSF-GTD, zero coupon, due 2/15/25
42,413
35,000 BBB+
Sam Rayburn Municipal Power Agency, Revenue Bonds, Refunding, 5.000%
due 10/1/18
35,073
1,195,000 Aaa(b)
San Antonio Independent School District, GO, Refunding Convertible
08/01/17, Series A PSF-GTD, 5.000% due 8/1/28
1,398,724
San Antonio Public Facilities Corp., Revenue Bonds, Refunding and
Improvement Convention Center:
140,000 AA+
5.000% due 9/15/23
154,973
215,000 AA+
5.000% due 9/15/24
237,556
270,000 AA+
5.000% due 9/15/25
297,669
San Antonio Water System, Revenue Bonds:
390,000 AA
Junior Lien Number Reserve Fund, Series B, 2.000% due 5/1/44(a)
385,382
175,000 AA+
Refunding, 5.000% due 5/15/22
193,734
2,000,000 AA
Refunding Junior Lien, Series A, 5.000% due 5/15/36
2,319,640
Southwest Higher Education Authority Inc., Revenue Bonds, Southern
Methodist University Project:
90,000 AA-
5.000% due 10/1/19
93,171
65,000 AA-
Prerefunded 10/1/19 @ 100, 5.000% due 10/1/20(c)
67,304
State of Texas, GO, College Student Loan:
150,000 AAA
Airport System Revenue AMT, 5.000% due 8/1/26(d)
170,997
45,000 AAA
College Student Loan, Series A, 5.000% due 8/1/19(d)
46,312
45,000 AAA
College Student Loan, Series A, 5.000% due 8/1/21(d)
48,791
350,000 AAA
College Student Loan, Series B, 5.000% due 8/1/25(d)
393,593
3,500,000 AAA
Refunding Water Financial Assistance Subordinated, 5.000% due 8/1/21
3,806,285
2,500,000 AAA
Refunding Transportation Commission Mobility Fund, 5.000% due
10/1/24
2,872,250
See Notes to Financial Statements.
196

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
$ 45,000 AAA
Refunding College Student Loan, Series C, 5.000% due 8/1/20(d)
$ 47,632
40,000 AAA
Refunding College Student Loan, Series C, 5.000% due 8/1/21(d)
43,370
2,655,000 AAA
Transportation Commission Highway Improvement, 5.000% due 4/1/26
3,128,307
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds:
155,000 A
Hendrick Medical Center, 5.500% due 9/1/43
168,559
200,000 AA
Refunding Christus Health, AGC, Series A, 6.250% due 7/1/28
203,030
165,000 NR
Refunding Baylor Health, Prerefunded 11/15/18 @ 100, 5.750% due
11/15/24(c)
166,358
75,000 AA-
Refunding Baylor Health, Prerefunded 11/15/18 @ 100, 5.750% due
11/15/24(c)
75,617
30,000 AA-
Scott and White Healthcare Project, 5.000% due 8/15/25
33,675
45,000 AA-
Scott and White Healthcare Project, 5.000% due 8/15/26
50,246
45,000 AA-
Scott and White Healthcare Project, 5.000% due 8/15/28
49,980
110,000 AA-
Scott and White Healthcare Project, 5.000% due 8/15/33
120,780
165,000 AA
Texas Health Resources System, 5.000% due 2/15/25
189,727
60,000 AA
Texas Health Resources System, 5.000% due 2/15/34
68,108
Texas A&M University, Revenue Bonds:
2,500,000 AAA
Financing System, Series E, 5.000% due 5/15/26
2,956,025
165,000 AAA
Refunding, Series C, 5.000% due 5/15/23
186,516
460,000 Baa3(b)
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds,
Senior Lien Nte Mobility Partners, 7.000% due 12/31/38(d)
541,636
135,000 Aa2(b)
Texas State University System, Revenue Bonds, Refunding, Series A,
5.000% due 3/15/29
158,061
Texas Water Development Board, Revenue Bonds, St Wtrust Implementation
Fund:
125,000 AAA
Series A, 5.000% due 4/15/22
138,182
180,000 AAA
Series A, 5.000% due 4/15/25
209,405
75,000 AAA
Series A, 5.000% due 10/15/25
87,837
125,000 AAA
Series A, 5.000% due 4/15/26
147,103
5,000,000 AAA
Series A, 5.000% due 10/15/26
5,924,550
190,000 AAA
Series A, 5.000% due 4/15/29
225,927
505,000 AAA
Series A, 5.000% due 4/15/30
597,799
Travis County Health Facilities Development Corp., Revenue Bonds,
Refunding First Mortgage Longhorn Village:
2,305,000 NR
Prerefunded 1/1/21 @ 100, 7.000% due 1/1/32(c)
2,570,167
1,040,000 NR
Prerefunded 1/1/21 @ 100, 7.125% due 1/1/46(c)
1,162,585
400,000 AA+
Trinity River Authority LLC Denton Creek Wastewater Treatment System
Revenue, Revenue Bonds, Refunding Regional Treatment System, 5.000%
due 2/1/22
439,588
See Notes to Financial Statements.
197

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Texas – (continued)
University of Houston, Revenue Bonds:
$ 10,000 AA
Unrefundeducation Balance Refunding Consolidated, AGM, 5.250% due
2/15/25
$ 10,025
190,000 AA
Refunding, Series A, 5.000% due 2/15/30
218,599
University of Texas System, Revenue Bond:
1,785,000 NR
Prerefunded Refunding Financing System, Series A, Prerefunded 2/15/22
@ 100, 5.000% due 8/15/27(c)
1,961,733
90,000 AAA
Refunding Financing System, Series B, 5.000% due 8/15/22
100,264
60,000 AAA
Series D, 5.000% due 8/15/20
63,723
65,000 AAA
Series D, 5.000% due 8/15/21
70,821
70,000 AAA
Series D, 5.000% due 8/15/22
77,983
80,000 AAA
Series E, 5.000% due 8/15/22
89,123
90,000 AAA
Series J, 5.000% due 8/15/22
100,264
Total Texas
121,052,393
Utah – 0.0%
Salt Lake City Corp. Airport Revenue, Revenue Bonds, Senior:
35,000 A+
Series A, 5.000% due 7/1/26(d)
40,427
115,000 A+
Series A, 5.000% due 7/1/28(d)
133,191
85,000 A
Utah Associated Municipal Power Systems, Revenue Bonds, Horse Butte
Wind Pj, Series A, Prerefunded 9/1/22 @ 100, 5.000% due 9/1/24(c)
94,488
Total Utah
268,106
Virginia – 1.6%
30,000 BBB
City of Chesapeake VA Chesapeake Expressway Toll Road Revenue,
Revenue Bonds, Transportation System Senior, Series A, 5.000% due
7/15/22
32,789
2,635,000 AAA
City of Suffolk VA, GO, Refunding, Series A, 5.000% due 2/1/27
3,155,861
County of Fairfax VA, GO, Public Improvement:
3,000,000 AAA
Public Improvement, Series A, 5.000% due 10/1/27
3,598,470
250,000 AAA
Refunding Public Improvement, Series A, 4.000% due 10/1/27
274,995
Fredericksburg Economic Development Authority, Revenue Bonds,
Refunding Mary Washington Healthcare:
40,000 Baa1(b)
5.000% due 6/15/27
44,325
40,000 Baa1(b)
5.000% due 6/15/29
44,146
45,000 Baa1(b)
5.000% due 6/15/33
49,265
3,180,000 AA
Hampton Roads Transportation Accountability Commission, Revenue
Bonds, Transn Fund Senior Lien, Series A, 5.000% due 7/1/35
3,713,445
45,000 AA
Norfolk Economic Development Authority, Revenue Bonds, Refunding
Sentara Healthcare, Series B, 5.000% due 11/1/48(a)
53,653
See Notes to Financial Statements.
198

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Virginia – (continued)
Stafford County Economic Development Authority, Revenue Bonds, Refunding Mary Washington Healthcare:
$ 20,000 Baa1(b)
4.000% due 6/15/37
$ 19,999
50,000 Baa1(b)
5.000% due 6/15/32
55,605
65,000 Baa1(b)
5.000% due 6/15/34
71,865
Virginia College Building Authority, Revenue Bonds, Virginia Refunding:
265,000 AA+
Virginia Refunding, Series E, 5.000% due 2/1/30
315,808
305,000 AA+
Virginia Refunding, Series E, 5.000% due 2/1/31
361,526
165,000 AA+
Virginia Taxable, Series D, 5.000% due 2/1/26
194,312
Virginia Commonwealth Transportation Board, Revenue Bonds, Refunding:
185,000 AA+
Series A, 5.000% due 5/15/29
220,762
360,000 AA+
Series A, 5.000% due 5/15/30
427,648
220,000 BBB
Virginia Small Business Financing Authority, Revenue Bonds, Senior Lien
95 Express Lanes, 5.000% due 1/1/40(d)
231,880
Winchester Economic Development Authority, Revenue Bonds, Refunding
Valley Health System Obligation:
60,000 A+
5.000% due 1/1/32
67,330
75,000 A+
5.000% due 1/1/33
83,748
Total Virginia
13,017,432
Washington – 0.6%
60,000 AA
Chelan County Public Utility District No 1, Revenue Bonds, Capital
Appreciation Refunding, Series A, NPFG, zero coupon, due 6/1/24
51,470
City of Tacoma WA Electric System Revenue, Revenue Bonds:
30,000 AA
5.000% due 1/1/29
35,184
35,000 AA
5.000% due 1/1/36
39,982
85,000 Aa1(b)
Clark County School District No 37 Vancouver, GO, Series C, NPFG, zero
coupon, due 12/1/19
83,042
55,000 AA+
County of King WA Sewer Revenue, Revenue Bonds, Prerefunded 1/1/19 @
100, 5.250% due 1/1/42(c)
55,645
County of Spokane WA Wastewater System Revenue, Revenue Bonds:
35,000 AA
Series A, 5.000% due 12/1/18
35,287
40,000 AA
Series A, 5.000% due 12/1/19
40,964
Grant County Public Utility District No 2, Revenue Bonds, Public Utility
District Refunding:
30,000 AA
Series A, 5.000% due 1/1/22
32,858
30,000 AA
Series A, 5.000% due 1/1/23
33,155
65,000 AA
Series A, 5.000% due 1/1/24
71,711
250,000 AA+
King County School District No 401 Highline, GO, Refunding, 5.000% due
12/1/18
252,035
See Notes to Financial Statements.
199

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Washington – (continued)
$ 500,000 AA+
Pierce County School District No 3 Puyallup, GO, 5.000% due 12/1/34
$ 577,595
Port of Seattle WA, Revenue Bonds:
135,000 AA-
Refunding AMT First Lien, Series B, 5.000% due 10/1/29(d)
152,871
35,000 A+
Refunding Intermediate Lien, 5.000% due 2/1/27
40,573
70,000 A+
Refunding Intermediate Lien, 5.000% due 2/1/29
80,689
25,000 A
Refunding Seatac Fuel Facilities LLC, 5.000% due 6/1/23(d)
27,776
State of Washington, GO:
50,000 AA+
Refunding, Series R2017A, 5.000% due 8/1/28
58,680
50,000 AA+
Refunding, Series R2017A, 5.000% due 8/1/30
58,214
725,000 AA+
Refunding, Series R2018D, 5.000% due 8/1/32
846,198
640,000 AA+
Refunding, Series R2018D, 5.000% due 8/1/33
743,168
100,000 AA+
Refunding, Series R97, NPFG, zero coupon, due 7/1/19
98,578
50,000 AA+
Series 2017A, 5.000% due 8/1/27
58,915
430,000 AA+
Various Purpose, Series A, 5.000% due 8/1/32
501,883
Tobacco Settlement Authority, Revenue Bonds, Refunding:
70,000 A
5.000% due 6/1/23
78,337
100,000 A
5.000% due 6/1/24
111,292
Washington Health Care Facilities Authority, Revenue Bonds:
40,000 A+
Fred Hutchinson Center Research Center, 5.000% due 1/1/29
44,874
65,000 A
Overlake Hospital Medical Center, Prerefunded 7/1/20 @ 100, 5.500%
due 7/1/30(c)
69,327
5,000 A
Refunding Overlake Hospital Medical Center, 5.000% due 7/1/25
5,678
60,000 A
Refunding Overlake Hospital Medical Center, 5.000% due 7/1/26
68,624
90,000 A
Refunding Overlake Hospital Medical Center, 5.000% due 7/1/29
104,064
20,000 A
Refunding Overlake Hospital Medical Center, 5.000% due 7/1/34
22,606
70,000 AA-
Refunding Providence St Joseph, 5.000% due 10/1/27
83,000
60,000 AA-
Refunding Providence St Joseph, 5.000% due 10/1/28
71,864
110,000 BBB
Virginia Mason Medical Center, 5.000% due 8/15/28
124,744
65,000 BBB
Virginia Mason Medical Center, 5.000% due 8/15/31
72,537
Washington Higher Education Facilities Authority, Revenue Bonds,
Refunding Whitworth University Project:
15,000 Baa1(b)
Series A, 5.000% due 10/1/29
16,614
35,000 Baa1(b)
Series A, 5.000% due 10/1/30
38,612
40,000 Baa1(b)
Series A, 5.000% due 10/1/31
43,921
Total Washington
4,932,567
See Notes to Financial Statements.
200

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
West Virginia – 2.7%
State of West Virginia, GO:
$ 16,860,000 AA-
Series B, 5.000% due 12/1/34
$ 19,688,771
2,000,000 AA-
Series B, 5.000% due 6/1/35
2,328,200
West Virginia Hospital Finance Authority, Revenue Bonds:
190,000 BBB+
Refunding and Improvement Cabell Huntington, 5.000% due 1/1/33
213,415
40,000 AA
Auction Rate Certificates Improvement, Series D, Prerefunded 12/1/18
@ 100, AGM, 5.500% due 6/1/33(c)
40,373
Total West Virginia
22,270,759
Wisconsin – 1.3%
Public Finance Authority, Revenue Bonds:
25,000 BB(g)
First Mortgage Southminster, 5.000% due 10/1/43(e)(f)
26,481
30,000 BB(g)
First Mortgage Southminster, 5.000% due 10/1/48(e)(f)
31,751
55,000 BB(g)
First Mortgage Southminster, 5.000% due 10/1/53(e)(f)
57,935
20,000 BB(g)
Refunding Marys Woods Marylhurst, 3.000% due 11/15/22(e)(f)
20,022
35,000 BB(g)
Refunding Marys Woods Marylhurst, 5.000% due 5/15/23(e)(f)
38,058
35,000 BB(g)
Refunding Marys Woods Marylhurst, 5.000% due 5/15/30(e)(f)
38,113
10,000 BB(g)
Refunding Marys Woods Marylhurst, 5.250% due 5/15/37(e)(f)
10,911
15,000 BB(g)
Refunding Marys Woods Marylhurst, 5.250% due 5/15/42(e)(f)
16,312
15,000 BB(g)
Refunding Marys Woods Marylhurst, 5.250% due 5/15/47(e)(f)
16,266
25,000 BB(g)
Refunding Marys Woods Marylhurst, 5.250% due 5/15/52(e)(f)
27,032
15,000 BB(g)
Refunding Marys Woods Temps 70, Series B2, 3.500% due
11/15/23(e)(f)
15,070
10,000 BB(g)
Refunding Marys Woods Temps 85, 3.950% due 11/15/24(e)(f)
10,118
1,300,000 NR
Various Refunding AMT Waste Management Incorporate, 1.800% due
10/1/25
1,299,675
Wisconsin Health & Educational Facilities Authority, Revenue Bonds:
6,940,000 AA
Advocate Aurora Health, 5.000% due 8/15/54(a)
7,750,587
30,000 WR(b)
Agnesian Healthcare Incorporate, Series B, Prerefunded 7/1/23 @ 100,
5.000% due 7/1/25(c)
33,881
200,000 WR(b)
Agnesian Healthcare Incorporate, Series B, Prerefunded 7/1/23 @ 100,
5.000% due 7/1/36(c)
225,874
50,000 WR(b)
Agnesian Healthcare Incorporate, Prerefunded 7/1/20 @ 100, 5.500% due
7/1/40(c)
53,282
25,000 BBB+
Fort Healthcare Incorporate, 5.000% due 5/1/26
27,351
50,000 BBB+
Franciscan Sisters Christian, 5.000% due 9/1/34
54,493
65,000 BBB+
Franciscan Sisters Christian, 5.000% due 9/1/36
70,480
50,000 A3(b)
Mercy Alliance Incorporate, 5.000% due 6/1/27
53,821
30,000 A3(b)
Mercy Alliance Incorporate, 5.000% due 6/1/32
32,073
See Notes to Financial Statements.
201

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
MUNICIPAL BONDS – (continued)
Wisconsin – (continued)
$ 70,000 A3(b)
Mercy Alliance Incorporate, 5.000% due 6/1/39
$ 74,024
20,000 NR
Prerefunded Agnesian, 7/1/20 @ 100, 5.750% due 7/1/30(c)
21,402
255,000 AA-
Refunding Hospital Sisters Services Incorporate, 5.000% due 11/15/24
292,467
195,000 AA-
Refunding Hospital Sisters Services Incorporate, 5.000% due 11/15/27
218,999
50,000 BBB+
Refunding Hospital Sisters Services Incorporate, 5.000% due 5/1/28
54,323
25,000 BBB+
Refunding Hospital Sisters Services Incorporate, 5.000% due 5/1/29
27,068
50,000 NR
Refunding Ministry Health Care, Series C, Prerefunded 8/15/22 @ 100,
5.000% due 8/15/32(c)
55,321
35,000 WD(g)
Refunding Monroe Clinic Incorporate, Prerefunded 8/15/25 @ 100,
4.000% due 2/15/38(c)
38,398
35,000 NR
Unrefunded Balance Agnesian, Prerefunded 7/1/20 @ 100, 5.750% due
7/1/30(c)
37,454
Total Wisconsin
10,729,042
Wyoming – 0.0%
185,000 A
County of Campbell WY, Revenue Bonds, Basin Electric Power
Cooperative, Series A, 5.750% due 7/15/39
190,855
TOTAL MUNICIPAL BONDS
(Cost – $643,774,493)
640,905,677
SHORT-TERM INVESTMENTS – 24.9%
MUNICIPAL BONDS – 8.0%
152,000 NR
Borough of Carteret NJ, GO, 2.500% due 10/25/18
152,236
124,000 NR
Borough of Roselle NJ, GO, 2.250% due 9/14/18
124,031
5,000,000 MIG1(b)
City of Portland OR, GO, 4.000% due 6/26/19
5,087,250
Commonwealth of Massachusetts, GO, Anticipation Notes:
2,000,000 NR
Series A, 4.000% due 4/25/19
2,028,560
10,000,000 SP-1+
Series B, 4.000% due 5/23/19
10,162,100
225,000 SP-1+
County of Nassau NY, GO, Series B, 3.000% due 9/18/18
225,186
320,000 NR
County of Schoharie NY, GO, 2.500% due 11/8/18
320,435
1,615,000 SP-1
County of Suffolk NY, GO, Series I, 2.250% due 9/27/18
1,616,086
1,000,000 NR
Genesee Valley Central School District NY, GO, 4.000% due 8/28/19
1,018,980
195,000 NR
Gloversville Enlarged School District NY, GO, 2.250% due 10/19/18
195,216
5,000,000 A-1+
Michigan Finance Authority, Revenue Notes, St Aid Note, Series A1,
4.000% due 8/20/19
5,095,150
1,000,000 NR
Ravena Coeymans Selkirk Central School District NY, GO, 4.000% due
8/16/19
1,019,380
5,000,000 AAA
State of Georgia, GO, Series A, 5.000% due 7/1/19
5,137,800
5,000,000 SP-1+
State of Idaho, GO, Tax Anticipation Notes, 4.000% due 6/28/19
5,086,650
See Notes to Financial Statements.
202

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount
Rating††
Security
Value
SHORT-TERM INVESTMENTS – (continued)
MUNICIPAL BONDS – (continued)
$ 7,500,000 SP-1+
State of Oregon, GO, Tax Anticipation Notes, Series A, 5.000% due
9/28/18 
$ 7,522,140
20,000,000 SP-1+
State of Texas, Revenue Notes, 4.000% due 8/29/19
20,421,000
121,000 MIG1(b)
Town of Webster MA, GO, Series B, 2.250% due 10/12/18
121,109
110,000 NR
Township of Holmdel NJ, GO, 2.500% due 10/26/18
110,183
380,000 SP-1+
Township of Howell NJ, GO, Series A, 3.000% due 10/17/18
380,771
100,000 NR
Township of Maple Shade NJ, GO, 2.250% due 9/7/18
100,010
115,000 NR
Township of Millstone NJ, GO, 2.250% due 9/12/18
115,032
130,000 NR
Township of South Brunswick NJ, GO, 2.250% due 10/2/18
130,092
TOTAL MUNICIPAL BONDS
(Cost – $66,214,394)
66,169,397
TIME DEPOSITS – 16.9%
93,497,347
Banco Santander SA – Frankfurt, 1.280% due 9/4/18
93,497,347
1,167,455
BNP Paribas – Paris, 1.280% due 9/4/18
1,167,455
6,043,468
Deutsche Bank AG – Grand Cayman, 1.280% due 9/4/18
6,043,468
37,801,865
JPMorgan Chase & Co. – New York, 1.280% due 9/4/18
37,801,865
TOTAL TIME DEPOSITS
(Cost – $138,510,135)
138,510,135
TOTAL SHORT-TERM INVESTMENTS
(Cost – $204,724,529)
204,679,532
TOTAL INVESTMENTS – 102.9%
(Cost – $848,499,022#)
845,585,209
Liabilities in Excess of Other Assets – (2.9)%
(23,828,826)
TOTAL NET ASSETS – 100.0%
$ 821,756,383
††
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, 2018.
(b)
Rating by Moody’s Investors Service. All ratings are unaudited.
(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)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2018, amounts to approximately $2,161,263 and represents 0.26% of net assets.
(f)
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, 2018, amounts to approximately $2,939,076 and represents 0.36% 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.
203

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Municipal Fixed Income Fund (concluded)
Abbreviations used in this schedule:
AGC
 —   Assured Guaranty Corporation
AGM
 —   Assured Guaranty Municipal Corporation
AMBAC
 —   American Bond Assurance Corporation
AMT
 —   Alternative Minimum Tax
BHAC
 —   Berkshire Hathaway Assurance Corporation
COP
 —   Certificate of Participation
FGIC
 —   Financial Guarantee Insurance Company
FSA
 —   Financial Security Assurance
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
SIFMA
 —   Securities Industry and Financial Markets Association
See pages 220 – 221 for definitions of ratings
Summary of Investments by Security Industry^
General Obligation
34.3%
Education
16.0
Health Care Providers & Services
7.1
Transportation
6.1
Water and Sewer
4.6
Airport
2.9
Power
1.3
Development
1.0
Pollution
0.8
Utilities
0.7
Facilities
0.4
Housing
0.3
Tobacco
0.3
Community Facilities Districts
0.0*
Short-Term Investments
24.2
100.0%
^
As a percentage of total investments.
*
Position represents less than 0.05%.
See Notes to Financial Statements.
204

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Multi Strategy Alternatives Fund
Face
Amount/Units/Shares
Security
Value
CORPORATE BONDS & NOTES – 20.3%
Basic Materials – 0.6%
Hexion Inc., Senior Secured Notes:
$ 1,960,000
6.625% due 4/15/20
$ 1,854,650
2,334,000
10.000% due 4/15/20
2,307,742
2,775,000
Venator Finance Sarl/Venator Materials LLC, Company Guaranteed Notes,
5.750% due 7/15/25(a)(b)
2,587,688
Total Basic Materials
6,750,080
Communications – 5.5%
3,180,000
Altice France SA, Senior Secured Notes, 7.375% due 5/1/26(a)(b)
3,124,350
2,795,000
Altice Luxembourg SA, Company Guaranteed Notes, 7.750% due 5/15/22(a)(b)
2,693,681
5,546,000
Avaya Inc., Senior Secured Notes, 7.000% due 4/1/19(b)(c)(d)
1,750,000
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes,
5.125% due 5/1/27(b)
1,669,063
2,500,000
Clear Channel Worldwide Holdings Inc., Company Guaranteed Notes, 7.625%
due 3/15/20
2,509,375
10,659,000
Consolidated Communications Inc., Company Guaranteed Notes, 6.500% due
10/1/22(a)(e)
10,059,431
Digicel Ltd., Company Guaranteed Notes:
1,480,000
6.750% due 3/1/23(a)(b)
1,246,900
1,750,000
6.750% due 3/1/23
1,474,375
DISH DBS Corp., Company Guaranteed Notes:
2,000,000
5.125% due 5/1/20
2,010,000
2,000,000
6.750% due 6/1/21
2,030,000
3,440,000
EIG Investors Corp., Company Guaranteed Notes, 10.875% due 2/1/24(a)
3,741,000
7,500,000
Frontier Communications Corp., Senior Unsecured Notes, 10.500% due
9/15/22
6,600,000
13,133,000
HC2 Holdings Inc., Senior Secured Notes, 11.000% due 12/1/19(a)(b)
13,264,330
Intelsat Jackson Holdings SA:
3,980,000
Company Guaranteed Notes, 9.750% due 7/15/25(b)
4,213,825
2,617,000
Senior Secured Notes, 8.000% due 2/15/24(b)
2,754,393
1,415,000
Lee Enterprises Inc., Senior Secured Notes, 9.500% due 3/15/22(b)
1,470,595
2,880,000
Sinclair Television Group Inc., Company Guaranteed Notes, 5.625% due
8/1/24(a)(b)
2,836,800
VTR Finance BV, Senior Secured Notes:
150,000
6.875% due 1/15/24(b)
153,150
300,000
6.875% due 1/15/24
306,300
Total Communications
62,157,568
See Notes to Financial Statements.
205

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
Face
Amount/Units/Shares
Security
Value
CORPORATE BONDS & NOTES – (continued)
Consumer Cyclical – 1.4%
$ 525,000
American Axle & Manufacturing Inc., Company Guaranteed Notes, 6.250% due
4/1/25(e)
$ 522,375
Codere Finance 2 Luxembourg SA, Senior Secured Notes:
2,000,000EUR
6.750% due 11/1/21
2,182,398
3,475,000
7.625% due 11/1/21
3,188,312
7,593,000
JC Penney Corp. Inc., Senior Secured Notes, 5.875% due 7/1/23(b)
6,814,718
2,395,000
Neiman Marcus Group Ltd. LLC, Company Guaranteed Notes, 8.000% due
10/15/21(a)(b)
1,622,613
1,231,000
Rite Aid Corp., Company Guaranteed Notes, 6.125% due 4/1/23(b)
1,104,453
Total Consumer Cyclical
15,434,869
Consumer Non-cyclical – 3.5%
1,200,000
Adecoagro SA, Senior Unsecured Notes, 6.000% due 9/21/27(a)(b)
984,900
5,000,000
Bausch Health Cos., Inc., Company Guaranteed Notes, 9.000% due 12/15/25(b)
5,287,500
CHS/Community Health Systems Inc.:
Senior Secured Notes:
4,950,000
5.125% due 8/1/21(e)
4,776,750
994,000
6.250% due 3/31/23
944,300
1,500,000
Secured Notes, step bond to yield, 11.000% due 6/30/23(b)
1,346,250
8,878,000
Endo Dac/Endo Finance LLC/Endo Finco Inc., Company Guaranteed Notes,
6.000% due 2/1/25(b)
7,346,545
1,500,000
Endo Finance LLC, Company Guaranteed Notes, 5.750% due 1/15/22(b)
1,387,500
4,000,000
Hertz Corp., Company Guaranteed Notes, 5.875% due 10/15/20
3,978,760
100,000
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Company
Guaranteed Notes, 4.875% due 4/15/20(b)
99,625
5,879,000
Revlon Consumer Products Corp., Company Guaranteed Notes, 5.750% due
2/15/21(e)
4,820,780
4,435,000
Sotera Health Holdings LLC, Senior Unsecured Notes, 6.500% due 5/15/23(a)(b)
4,565,389
5,006,000
Vector Group Ltd., Senior Secured Notes, 6.125% due 2/1/25(a)(b)
4,793,245
Total Consumer Non-cyclical
40,331,544
Diversified – 0.4%
4,421,000
Spectrum Brands Holdings Inc., Senior Unsecured Notes, 7.750% due
1/15/22(a)
4,542,577
Energy – 3.2%
7,236,000
California Resources Corp., Secured Notes, 8.000% due 12/15/22(b)
6,485,265
EP Energy LLC/Everest Acquisition Finance Inc.:
Company Guaranteed Notes:
742,000
7.750% due 9/1/22
549,080
See Notes to Financial Statements.
206

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
Face
Amount/Units/Shares
Security
Value
CORPORATE BONDS & NOTES – (continued)
Energy – (continued)
$ 4,310,000
6.375% due 6/15/23
$ 2,715,300
5,458,000
Secured Notes, 9.375% due 5/1/24(b)
4,298,175
Sable Permian Resources Land LLC/AEPB Finance Corp., Company Guaranteed
Notes:
6,336,000
7.125% due 11/1/20(b)
4,055,040
3,242,000
7.375% due 11/1/21(b)
2,026,250
11,422,000
Sanchez Energy Corp., Company Guaranteed Notes, 7.750% due 6/15/21
7,938,290
2,000,000
Transocean Guardian Ltd., Senior Secured Notes, 5.875% due 1/15/24(b)
2,010,000
13,614,000
Ultra Resources Inc., Company Guaranteed Notes, 6.875% due 4/15/22(b)
6,636,825
Total Energy
36,714,225
Financial – 3.3%
3,626,000
Abe Investment Holdings Inc./Getty Images Inc., Senior Unsecured Notes,
7.000% due 10/15/20(a)(b)
3,435,635
960,000
Acrisure LLC/Acrisure Finance Inc., Senior Unsecured Notes, 7.000% due
11/15/25(a)(b)
921,600
36,032
Capital Southwest Corp., 5.950% due 12/15/22(e)
915,933
3,000,000
Curo Group Holdings Corp., Senior Secured Notes, 8.250% due 9/1/25(b)
2,970,000
3,513,000
Genworth Holdings Inc., Company Guaranteed Notes, 7.625% due 9/24/21
3,635,955
6,207,000
ILFC E-Capital Trust I, Limited Guaranteed Notes, 4.570% due 12/21/65(a)(b)(f)
5,659,232
3,650,000
JPMorgan Chase & Co., Junior Subordinated Notes, 5.809% (3-Month
USD-LIBOR + 3.470%)(a)(f)(g)
3,675,550
28,343
KCAP Financial Inc., 6.125% due 9/30/22
721,046
4,590,000
Royal Bank of Scotland Group PLC, Junior Subordinated Notes, 4.654%
(3-Month USD-LIBOR + 2.320%)(a)(f)(g)
4,300,830
4,213,000
State Street Corp., Junior Subordinated Notes, 3.341% (3-Month USD-LIBOR +
1.000%) due 6/15/47(a)(f)
3,781,168
29,980
TriplePoint Venture Growth BDC Corp., 5.750% due 7/15/22
764,790
7,590,000
USB Realty Corp., Junior Subordinated Notes, 3.486% (3-Month USD-LIBOR +
1.147%)(a)(b)(f)(g)
6,831,000
Total Financial
37,612,739
Industrial – 0.8%
985,000
Aeropuertos Argentina 2000 SA, Senior Secured Notes, 6.875% due 2/1/27(a)(b)
881,014
2,355,000
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Company
Guaranteed Notes, 6.000% due 2/15/25(a)(b)
2,302,012
3,040,000
Builders FirstSource Inc., Senior Secured Notes, 5.625% due 9/1/24(a)(b)
2,952,600
3,438,000
XPO CNW Inc., Senior Unsecured Notes, 6.700% due 5/1/34(a)
3,438,000
Total Industrial
9,573,626
See Notes to Financial Statements.
207

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
Face
Amount/Units/Shares
Security
Value
CORPORATE BONDS & NOTES – (continued)
Technology – 0.9%
$ 1,125,000
Avaya Holdings Corp., Senior Unsecured Notes, 2.250% due 1/23/18(b)
$ 1,180,054
3,000,000
BMC Software Finance Inc., Senior Unsecured Notes, 8.125% due 7/15/21(b)
3,066,630
6,023,242
DynCorp International Inc., Secured Notes, 11.875% (10.375% cash and 1.500%
PIK) due 11/30/20(a)(h)
6,271,701
Total Technology
10,518,385
Utilities – 0.7%
FirstEnergy Solutions Corp., Company Guaranteed Notes:
393,000
6.050% due 8/15/21(d)
243,660
104,000
6.800% due 8/15/39(d)
64,480
Talen Energy Supply LLC, Company Guaranteed Notes:
6,000,000
9.500% due 7/15/22(b)
5,790,000
1,579,000
10.500% due 1/15/26(b)
1,383,599
Total Utilities
7,481,739
TOTAL CORPORATE BONDS & NOTES
(Cost – $239,929,070)
231,117,352
SENIOR LOANS(f) – 5.1%
2,740,838
Acrisure LLC, 6.592% (3-Month USD-LIBOR + 4.250%) due 11/22/23
2,747,005
1,193,955
Consolidated Communications Inc., 5.080% (1-Month USD-LIBOR + 3.000%)
due 10/5/23
1,173,562
1,525,146
DynCorp International Inc., 8.077% (1-Month USD-LIBOR + 6.000%) due
7/7/20
1,525,146
1,200,000
Equinox Holdings Inc., 9.076% (1-Month USD-LIBOR + 7.000%) due 9/6/24
1,226,256
4,094,978
Evergreen Skills Lux SARL, 6.826% (1-Month USD-LIBOR + 4.750%) due
4/28/21
3,958,984
12,502,061
Fossil Group Inc., 8.960% (1-Week USD-LIBOR + 7.000%) due 12/31/20
12,486,433
5,588,610
Genworth Holdings Inc., 6.567% (1-Month USD-LIBOR + 4.500%) due 3/7/23
5,710,889
8,290,987
Getty Images Inc., 5.576% (1-Month USD-LIBOR + 3.500%) due 10/18/19
8,072,353
4,910,280
Golden Entertainment Inc., 9.070% (1-Month USD-LIBOR + 7.000%) due
10/20/25
4,965,521
2,913,053
Hoya Midco LLC, 5.576% (1-Month USD-LIBOR + 3.500%) due 6/30/24
2,888,788
7,595,000
La Paloma Generating Co. LLC, 9.250% due 2/20/20(c)(d)(j)
151,900
2,873,250
McDermott International Inc., 7.076% (1-Month USD-LIBOR + 5.000%) due
5/12/25
2,901,523
1,278,036
ProQuest LLC, 5.919% (2-Month USD-LIBOR + 3.750%) due 10/24/21
1,281,628
406,808
Quorum Health Corp., 8.826% (1-Month USD-LIBOR + 6.750%) due 4/29/22
410,624
See Notes to Financial Statements.
208

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
Face Amount/​
Units/Shares
Rating††
Security
Value
SENIOR LOANS(f) – (continued)
$ 2,992,462
Staples Inc., 6.343% (3-Month USD-LIBOR + 4.000%) due 9/12/24
$ 2,982,318
5,500,000
Vistra Operations Company LLC, due 8/4/23(i)
5,489,110
TOTAL SENIOR LOANS
(Cost – $58,619,971)
57,972,040
MUNICIPAL BONDS – 1.5%
Ohio – 0.1%
2,539,000 NR
Ohio Air Quality Development Authority, Revenue Bonds, First Energy
Generation Corp., Series A, 3.750% due 12/1/23(f)(d)
1,523,400
Puerto Rico – 1.4%
19,175,000 NR
Commonwealth of Puerto Rico, GO, Series A, 8.000% due 7/1/35(d)
10,402,437
Government Development Bank for Puerto Rico, Revenue Bonds:
6,380,000 NR
Series A, 3.875% due 2/1/17(d)
2,631,750
1,515,000 NR
Series B, 4.704% due 5/1/16(d)
640,088
3,220,000 NR
Series H, 4.900% due 8/1/21(d)
1,360,450
2,615,000 NR
Series I, 4.350% due 8/1/18(d)
1,098,300
Total Puerto Rico
16,133,025
TOTAL MUNICIPAL BONDS
(Cost – $10,579,973)
17,656,425
U.S. GOVERNMENT OBLIGATIONS – 0.8%
U.S. Treasury Notes:
438,800
0.750% due 10/31/18
437,922
8,372,600
1.125% due 1/31/19
8,334,008
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost – $8,784,326)
8,771,930
Shares/Units
OPEN-END FUNDS – 19.2%
5,841,491
BrandywineGLOBAL – Global Unconstrained Bond Fund, Class I Shares
 67,118,732
13,065,101
JPMorgan Strategic Income Opportunities Fund, Class R6 Shares
151,685,821
12,103
MSIFT – Corporate Bond Portfolio, Class I Shares
143,300
TOTAL OPEN-END FUNDS
(Cost – $222,487,492)
218,947,853
COMMON STOCKS – 13.9%
BASIC MATERIALS – 0.6%
Chemicals – 0.6%
230,009
Huntsman Corp.
7,012,974
COMMUNICATIONS – 0.6%
Media – 0.5%
276,161
Altice USA Inc., Class A Shares*
4,962,602
See Notes to Financial Statements.
209

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
COMMUNICATIONS – (continued)
Telecommunications – 0.1%
228,249
HC2 Holdings Inc.*
$ 1,431,121
TOTAL COMMUNICATIONS
6,393,723
CONSUMER NON-CYCLICAL – 5.3%
Biotechnology – 2.4%
107,154
Acer Therapeutics Inc.*
3,437,500
524,654
Adverum Biotechnologies Inc.*
3,987,370
23,802
Allakos Inc.*
924,470
14,671
Atara Biotherapeutics Inc.*
600,778
53,969
Avrobio Inc.*(e)
1,853,835
13,551
Blueprint Medicines Corp.*
1,038,955
19,640
Deciphera Pharmaceuticals Inc.*
726,484
70,581
Loxo Oncology Inc.*(a)
11,926,777
946,759
Sesen Bio Inc.*
2,120,740
414,566
Sierra Oncology Inc.*
729,636
Total Biotechnology
27,346,545
Commercial Services – 0.3%
113,547
Quanta Services Inc.*
3,927,591
Healthcare-Products – 0.6%
56,269
Inspire Medical Systems Inc.*(e)
3,094,232
139,286
Sientra Inc.*
3,498,865
Total Healthcare-Products
6,593,097
Healthcare-Services – 0.2%
75,556
Natera Inc.*(a)
2,088,368
Pharmaceuticals – 1.8%
224,651
Aclaris Therapeutics Inc.*(a)
3,576,444
589,583
Array BioPharma Inc.*(b)
9,179,807
291,678
Clementia Pharmaceuticals Inc.*(a)(e)
2,823,443
44,016
Concert Pharmaceuticals Inc.*
694,133
90,908
Histogenics Corp.*
265,451
76,115
Mirati Therapeutics Inc.*
4,304,303
Total Pharmaceuticals
20,843,581
TOTAL CONSUMER NON-CYCLICAL
60,799,182
DIVERSIFIED – 0.6%
SPACs – 0.6%
50,725
Big Rock Partners Acquisition Corp.*
502,178
41,527
Black Ridge Acquisition Corp.*
410,287
See Notes to Financial Statements.
210

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
DIVERSIFIED – (continued)
SPACs – (continued)
62,444
CM Seven Star Acquisition Corp.*
$ 615,073
22,935
Constellation Alpha Capital Corp.*(e)
230,497
25,052
Draper Oakwood Technology Acquisition Inc., Class A Shares*
249,768
2
Far Point Acquisition Corp.*
20
16,206
Far Point Acquisition Corp., Class A Shares*
157,198
16,736
Gordon Pointe Acquisition Corp.*
164,515
1
Haymaker Acquisition Corp.*
10
59,163
Haymaker Acquisition Corp., Class A Shares*(e)
576,839
42,864
Hennessy Capital Acquisition Corp. III*
439,785
31,131
Industrea Acquisition Corp., Class A Shares*
310,065
42,092
Legacy Acquisition Corp., Class A Shares*
408,292
61,710
Leisure Acquisition Corp.*
597,970
2,813
LF Capital Acquisition Corp., Class A Shares*
26,892
13,815
MTech Acquisition Corp.*
137,183
12,051
One Madison Corp., Class A Shares*
117,136
18,239
Opes Acquisition Corp.*(e)
176,918
72,639
Pensare Acquisition Corp.*
716,947
30,657
Pure Acquisition Corp.*
297,527
4,234
Thunder Bridge Acquisition Ltd., Class A Shares*
41,282
8,304
Tiberius Acquisition Corp.*
80,964
4,232
Trident Acquisitions Corp.*
41,516
3,426
Trinity Merger Corp., Class A Shares*
33,506
18,561
Twelve Seas Investment Co.*
177,629
6,522
Union Acquisition Corp.*
63,003
17,313
VectoIQ Acquisition Corp.*
165,859
Total SPACs
6,738,859
TOTAL DIVERSIFIED
6,738,859
FINANCIAL – 3.6%
Banks – 0.5%
11,949
BB&T Corp.(a)
617,285
50,713
Huntington Bancshares Inc.(a)
822,058
165,883
Kearny Financial Corp.(a)(b)
2,272,597
30,122 KeyCorp(a) 634,670
3,264
M&T Bank Corp.(a)
578,218
Total Banks
4,924,828
See Notes to Financial Statements.
211

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
Shares/Units
Security
Value
COMMON STOCKS – (continued)
FINANCIAL – (continued)
Insurance – 1.2%
1,611,806
FGL Holdings*(a)
$ 14,038,830
Investment Companies – 0.5%
221,840
American Capital Senior Floating Ltd.
776,440
292,170
Barings BDC Inc.(e)
3,102,846
245,295
Garrison Capital Inc.
2,146,331
Total Investment Companies
6,025,617
Savings & Loans – 1.4%
43,385
Investors Bancorp Inc.(a)
555,328
233,499
OceanFirst Financial Corp.(a)
6,818,170
266,684
Oritani Financial Corp.(a)
4,320,281
229,754
Waterstone Financial Inc.(a)
3,882,843
Total Savings & Loans
15,576,622
TOTAL FINANCIAL
40,565,897
INDUSTRIAL – 2.1%
Aerospace/Defense – 0.8%
67,236
Rockwell Collins Inc.(a)
9,140,734
Building Materials – 0.2%
187,809
Builders FirstSource Inc.*(a)
2,933,577
Electronics – 0.1%
13,050
IntriCon Corp.*(e)
964,395
Transportation – 1.0%
103,140
XPO Logistics Inc.*(a)
10,984,410
TOTAL INDUSTRIAL
24,023,116
TECHNOLOGY – 1.1%
Computers – 0.5%
271,511
Perspecta Inc.
6,315,346
Semiconductors – 0.4%
214,849
Marvell Technology Group Ltd.
4,443,077
Software – 0.2%
78,805
Avaya Holdings Corp.*(a)
1,840,885
TOTAL TECHNOLOGY
12,599,308
TOTAL COMMON STOCKS
(Cost – $141,204,304)
158,133,059
CLOSED-END FUNDS – 11.2%
126,070
Aberdeen Emerging Markets Equity Income Fund Inc., Class Common Shares
871,144
709,799
Aberdeen Total Dynamic Dividend Fund, Class Common Shares
6,310,113
See Notes to Financial Statements.
212

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
Shares/Units
Security
Value
CLOSED-END FUNDS – (continued)
77,402
Advent Claymore Convertible Securities and Income Fund, Class Common
Shares(e)
$ 1,224,500
281,499
AllianzGI Convertible & Income 2024 Target, Class Common Shares
2,620,756
272,998
AllianzGI NFJ Dividend Interest & Premium Strategy Fund, Class Common
Shares
3,598,114
240,448
BlackRock Credit Allocation Income Trust, Class Common Shares
2,979,151
89,674
BlackRock Resources & Commodities Strategy Trust, Class Common Shares
806,169
264,552
BrandywineGLOBAL Global Income Opportunities Fund Inc., Class Common
Shares
2,989,438
22,158
China Fund Inc., Class Common Shares
440,058
489,993
Clough Global Opportunities Fund, Class Common Shares
5,556,521
290,856
Cornerstone Strategic Value Fund Inc., Class Common Shares
4,150,515
99,792
Cornerstone Total Return Fund Inc., Class Common Shares
1,423,034
470,886
Delaware Enhanced Global Dividend & Income Fund, Class Common Shares
5,316,303
61
Delaware Investments Dividend & Income Fund Inc., Class Common Shares
792
187,530
Eagle Growth & Income Opportunities Fund, Class Common Shares(e)
2,961,099
31,376
Eaton Vance Ltd. Duration Income Fund, Class Common Shares
399,103
3
Gabelli Convertible and Income Securities Fund Inc., Class Common Shares
20
24,494
General American Investors Co., Inc., Class Preferred Shares(g)
643,457
391,352
Highland Floating Rate Opportunities Fund, Class Common Shares
6,191,189
51,599
India Fund Inc., Class Common Shares
1,314,226
243,103
Invesco High Income Trust II, Class Common Shares
3,320,787
540,802
Invesco Senior Income Trust, Class Common Shares(e)
2,341,673
201,491
Kayne Anderson MLP/Midstream Investment Co., Class Common Shares*
3,735,442
172,117
Lazard World Dividend & Income Fund Inc., Class Common Shares
1,767,641
85,633
Liberty All-Star Equity Fund, Class Common Shares
572,028
269,334
Madison Covered Call & Equity Strategy Fund, Class Common Shares
2,114,272
204,004
Managed Duration Investment Grade Municipal Fund, Class Common Shares(c)
2,947,858
289,285
Morgan Stanley Emerging Markets Debt Fund Inc., Class Common Shares
2,539,922
10,036
Morgan Stanley Emerging Markets Domestic Debt Fund Inc., Class Common
Shares
67,843
212,552
Morgan Stanley Emerging Markets Fund Inc., Class Common Shares
3,390,204
20,275
Neuberger Berman High Yield Strategies Fund Inc., Class Common Shares
222,822
190,711
NexPoint Strategic Opportunities Fund, Class Common Shares
4,361,560
174,441
Nuveen AMT-Free Quality Municipal Income Fund, Class Common Shares
2,259,011
203,381
Nuveen Credit Strategies Income Fund, Class Common Shares
1,616,879
53,840
Nuveen Emerging Markets Debt 2022 Target Term Fund, Class Common
Shares
443,641
See Notes to Financial Statements.
213

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
Shares/Units
Security
Value
CLOSED-END FUNDS – (continued)
140,821
Nuveen Intermediate Duration Quality Municipal Term Fund, Class Common
Shares
$ 1,768,712
101,799
Nuveen Mortgage Opportunity Term Fund 2, Class Common Shares
2,354,611
128,325
Nuveen Mortgage Opportunity Term Fund, Class Common Shares
3,052,852
159,149
Nuveen Quality Municipal Income Fund, Class Common Shares
2,100,767
561,512
PGIM Global Short Duration High Yield Fund Inc., Class Common Shares
7,748,865
34,810
PGIM Short Duration High Yield Fund Inc., Class Common Shares
495,346
435,118
Sprott Focus Trust Inc., Class Common Shares
3,354,760
409,861
Templeton Emerging Markets Income Fund, Class Common Shares
4,094,511
584,733
Templeton Global Income Fund, Class Common Shares
3,502,551
319,273
Tortoise MLP Fund Inc., Class Common Shares
5,194,572
181,417
Virtus Total Return Fund Inc., Class Common Shares
1,933,905
276,834
Voya Prime Rate Trust, Class Common Shares(e)
1,378,633
360,326
Western Asset Emerging Markets Debt Fund Inc., Class Common Shares
4,889,624
731,229
Western Asset High Income Opportunity Fund Inc., Class Common Shares
3,517,211
7,387
Western Asset Inflation-Linked Opportunities & Income Fund, Class Common
Shares
81,774
TOTAL CLOSED-END FUNDS
(Cost – $128,519,441)
126,965,979
PREFERRED STOCK – 0.5%
FINANCIAL – 0.5%
Banks – 0.5%
192,884
GMAC Capital Trust I, 8.099% (3-Month USD-LIBOR + 5.785%)(a)(f)
(Cost – $5,082,782)
5,169,291
EXCHANGE TRADED FUNDS (ETFs) – 0.2%
33,412
Invesco FTSE RAFI Emerging Markets(e)
705,661
13,553
Invesco FTSE RAFI US 1000
1,612,400
TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Cost – $2,265,514)
2,318,061
WARRANTS – 0.0%
DIVERSIFIED – 0.0%
SPACs – 0.0%
25,362
Big Rock Partners Acquisition Corp.*
9,163
62,291
Black Ridge Acquisition Corp.*
28,031
31,222
CM Seven Star Acquisition Corp.*
15,611
22,935
Constellation Alpha Capital Corp.*
6,880
12,526
Draper Oakwood Technology Acquisition Inc.*
9,395
18,121
Falcon Minerals Corp.*
33,524
5,402
Far Point Acquisition Corp.*
8,103
See Notes to Financial Statements.
214

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
Shares/Units
Security
Value
WARRANTS – (continued)
DIVERSIFIED – (continued)
SPACs – (continued)
16,736
Gordon Pointe Acquisition Corp.*
$ 8,535
29,581
Haymaker Acquisition Corp.*
35,497
32,148
Hennessy Capital Acquisition Corp. III*
51,437
31,439
I-AM Capital Acquisition Co.*
11,632
31,131
Industrea Acquisition Corp.*
18,679
42,092
Legacy Acquisition Corp.*
18,100
30,854
Leisure Acquisition Corp.*
30,854
2,813
LF Capital Acquisition Corp.*
1,407
13,815
MTech Acquisition Corp.*
11,881
6,025
One Madison Corp.*
6,688
18,239
Opes Acquisition Corp.*
6,748
36,319
Pensare Acquisition Corp.*
21,486
15,328
Pure Acquisition Corp.*
19,926
4,234
Thunder Bridge Acquisition Ltd.*
1,905
8,304
Tiberius Acquisition Corp.*
4,242
4,232
Trident Acquisitions Corp.*
1,312
3,426
Trinity Merger Corp.*
1,405
18,561
Twelve Seas Investment Co.*
6,032
6,522
Union Acquisition Corp.*
2,218
17,313
VectoIQ Acquisition Corp.*
8,338
Total SPACs
379,029
TOTAL DIVERSIFIED
379,029
TOTAL WARRANTS
(Cost – $291,861)
379,029
RIGHTS – 0.0%
50,724
Big Rock Partners Acquisition Corp.*
21,811
20,764
Black Ridge Acquisition Corp.*
6,779
62,444
CM Seven Star Acquisition Corp.*
36,836
22,935
Constellation Alpha Capital Corp.*
12,156
25,052
Draper Oakwood Technology Acquisition Inc.*
11,774
72,639
Pensare Acquisition Corp.*
29,782
18,561
Twelve Seas Investment Co.*
6,545
6,522
Union Acquisition Corp.*
2,283
TOTAL RIGHTS
(Cost – $98,305)
127,966
See Notes to Financial Statements.
215

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
Number of
Contracts
Notional
Amounts
Security
Value
PURCHASED OPTIONS – 0.0%
Equity Option – 0.0%
331
$4,359,270
United Technologies Corp., Call @ $135.00, expires 1/18/19, GSC
$ 163,845
Option on Indexes – 0.0%
7,382
21,419,021
S&P 500, Put @ $2,743.25, expires 9/28/18, BOA
39,854
TOTAL PURCHASED OPTIONS
(Cost – $867,466)
203,699
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost – $818,730,505)
827,762,684
Face Amount
SHORT-TERM INVESTMENTS – 20.7%
TIME DEPOSITS – 20.7%
$ 112,939,468
ANZ National Bank – London, 1.280% due 9/4/18
$ 112,939,468
BNP Paribas – Paris:
67,400EUR
(0.570)% due 9/3/18
78,241
66,762,384
1.280% due 9/4/18
66,762,384
Brown Brothers Harriman – Grand Cayman:
5EUR
(0.570)% due 9/3/18
6
1,236
1.280% due 9/4/18
1,236
32,279,891
Citibank – New York, 1.280% due 9/4/18
32,279,891
23,856,516
JPMorgan Chase & Co. – New York, 1.280% due 9/4/18
23,856,516
TOTAL TIME DEPOSITS
(Cost – $235,917,742)
235,917,742
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING – 1.6%
MONEY MARKET FUND – 1.6%
18,686,651
Federated Government Obligations Fund, Premier Class, 1.845%(k)
(Cost – $18,686,651)
18,686,651
TOTAL INVESTMENTS – 95.0%
(Cost – $1,073,334,898#)
1,082,367,077
Other Assets in Excess of Liabilities – 5.0%
57,382,828
TOTAL NET ASSETS – 100.0%
$ 1,139,749,905

Face amount denominated in U.S. dollars, unless otherwise noted.
††
All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.
*
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, 2018, amounts to approximately $145,704,848 and represents 12.78% of net assets.
See Notes to Financial Statements.
216

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
(c)
Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
(d)
Security is currently in default.
(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, 2018.
(g)
Security is perpetual in nature and has no stated maturity date.
(h)
Payment in-kind security for which part of the income earned may be paid as additional principal.
(i)
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.
(j)
Illiquid security. The aggregate value of illiquid holdings at August 31, 2018, amounts to approximately $151,900 and represents 0.01% of net assets.
(k)
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:
FTSE RAFI
 —    Financial Times Stock Exchange Research Affiliates Fundamental Index
GO
 —    General Obligation
LIBOR
 —    London Interbank Offered Rate
LLC
 —    Limited Liability Company
PLC
 —    Public Limited Company
SPACs
 —    Special Purpose Acquisition Companies
See pages 220 – 221 for definitions of ratings.
Summary of Investments by Security Type^
Corporate Bonds & Notes
21.4%
Open-End Funds
20.2
Common Stocks
14.6
Closed-End Funds
11.8
Senior Loans
5.4
Municipal Bonds
1.6
U.S. Government Obligations
0.8
Preferred Stock
0.5
Exchange Traded Funds (ETFs)
0.2
Warrants
0.0*
Purchased Options
0.0*
Rights
0.0*
Short-Term Investments
21.8
Money Market Fund
1.7
100.0%
^
As a percentage of total investments.
*
Position represents less than 0.05%.
See Notes to Financial Statements.
217

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Multi Strategy Alternatives Fund (continued)
Schedule of Options Contracts Written
Option on Indexes
Number of
Contracts
Notional
Amount
Security Name
Counterparty
Expiration
Date
Strike
Price
Value
7,382
$21,419,021
S&P 500, Put
BOA
9/28/18 $ 2,468.93 $ 8,472
TOTAL OPTION CONTRACTS WRITTEN
   (Premiums received – $149,855)
$ 8,472
At August 31, 2018, Destinations Multi Strategy Alternatives Fund had open exchange traded futures contracts as described below.
The unrealized (depreciation) 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
(Depreciation)
Contracts to Sell:
U.S. Long Bond December Futures
41 12/18 $ 5,897,273 $ 5,912,968 $ (15,695)
U.S. Treasury 5-Year Note December Futures
342 12/18 38,704,781 38,782,266 (77,485)
U.S. Treasury 10-Year Note December Futures
102 12/18 12,237,610 12,267,094 (29,484)
Net Unrealized Depreciation on Open Exchange Traded Futures Contracts $ (122,664)
At August 31, 2018, Destinations Multi Strategy Alternatives Fund had deposited cash of  $433,960 with a broker or brokers as margin collateral on open exchange traded futures contracts.
At August 31, 2018, Destinations Multi Strategy Alternatives 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)
Net Unrealized
Appreciation/​
(Depreciation)
Contracts to Sell:
Euro
2,000,000
GSC
$ 2,332,846 11/5/18 $ 21,204 $    — $ 21,204
Currency Abbreviations used in this schedule:
EUR
 —    Euro
Counterparty Abbreviations used in this schedule:
BOA
 —    Bank of America
GSC
 —    Goldman Sachs & Co.
See Notes to Financial Statements.
218

Schedules of Investments
August 31, 2018 (unaudited)
Destinations Multi Strategy Alternatives Fund (concluded)
Face Amount
Security
Value
SECURITIES SOLD SHORT – 4.5%
CORPORATE BONDS & NOTES – 0.5%
Communications – 0.1%
Digicel Group Ltd., Senior Unsecured Notes:
$ 675,000
7.125% due 4/1/22(a)
$ 398,250
450,000
7.125% due 4/1/22
265,500
Total Communications
663,750
Consumer Cyclical – 0.2%
3,000,000
Staples Inc., Company Guaranteed Notes, 8.500% due 9/15/25(a)
2,834,700
Consumer Non-cyclical – 0.2%
300,000
Hadrian Merger Sub Inc., Senior Unsecured Notes, 8.500% due 5/1/26(a)
284,250
2,750,000
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Company
Guaranteed Notes, 5.500% due 4/15/25(a)
2,347,812
Total Consumer Non-cyclical
2,632,062
TOTAL CORPORATE BONDS & NOTES
(Proceeds – $6,217,812)
6,130,512
Shares/Units
EXCHANGE TRADED FUNDS (ETFs) – 3.5%
181,030
Alerian MLP
1,964,175
87,693
iShares Nasdaq Biotechnology
10,715,208
16,500
iShares Russell 2000
2,854,830
193,629
SPDR S&P Biotech
19,390,008
85,212
SPDR S&P Regional Banking
5,381,138
TOTAL EXCHANGE TRADED FUNDS (ETFs)
(Proceeds – $34,421,310)
40,305,359
COMMON STOCKS – 0.5%
COMMUNICATIONS – 0.3%
Media – 0.3%
166,800
Altice USA Inc., Class A Shares
2,989,056
CONSUMER NON-CYCLICAL – 0.2%
Commercial Services – 0.2%
155,840
Rent-A-Center Inc.*
2,297,082
TOTAL COMMON STOCKS
(Proceeds – $5,689,200)
5,286,138
TOTAL SECURITIES SOLD SHORT – 4.5%
(Proceeds – $46,328,322)
$ 51,722,009
*
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, 2018, amounts to approximately $6,130,512 and represents 0.54% of net assets.
See Notes to Financial Statements.
219

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.
220

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.
221

Statements of Assets and Liabilities
August 31, 2018 (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)
$ 3,110,041,224 $ 855,405,439 $ 1,396,974,147 $ 320,610,728 $ 333,818,502
Foreign currency, at value(3)
11 485,611 3
Cash
77,285 31,116 59,600 4,632 10,815
Receivable for securities sold
1,614,109 3,029,645 3,908,808 888,481
Dividends and interest receivable
4,579,195 687,844 1,481,457 890,913 105,596
Receivable for Fund shares sold
2,355,004 626,350 993,518 99,858 169,695
Unrealized appreciation on open forward foreign currency contracts (Note 4)
76,947
Variation margin on open future contracts (Note 4)
440,000
Deposits with counterparty(4)
Cash held at Broker
Prepaid expenses
39,355 9,804 18,212 4,597 2,957
Prepaid offering fees
213
Total Assets
3,119,146,396 859,790,198 1,403,998,300 321,610,728 334,996,049
LIABILITIES:
Payable for collateral received from securities on loan
10,135,978 24,705,742 13,246,061 569,260 15,622,956
Payable for Fund shares repurchased
1,332,903 358,811 594,473 163,807 122,459
Payable for securities purchased
2,316,472 1,556,800 2,761,348 420,042
Investment management fee payable
1,629,152 551,166 1,049,213 168,528 259,811
Transfer agent fees payable
378,624 99,516 170,604 39,967 39,471
Custody fee payable
123,424 29,277 184,771 20,926 19,243
Trustees’ fees payable
30,332 7,527 14,687 3,567 2,392
Registration fees payable
186,016 60,099 106,009 49,909 38,970
Shareholder services
348 79 171 32 20
Unrealized depreciation on unfunded loan commitments
Forward sale commitments(5) (Note 5)
Securities sold short(5) (Note 5)
Due to custodian(3)
48
Options contracts written, at value(6) (Note 4)
Unrealized depreciation on open forward foreign currency contracts (Note 4)
24,764
Investment interest payable on securities sold short
Dividends payable for securities sold short
Accrued Chief Compliance Officer expense
10,457 2,612 6,045 1,438 359
Accrued expenses
92,538 18,777 26,799 12,883 7,604
Accrued offering fees
Total Liabilities
16,236,244 27,390,406 18,184,945 1,030,365 16,533,327
Total Net Assets
$ 3,102,910,152 $ 832,399,792 $ 1,385,813,355 $ 320,580,363 $ 318,462,722
NET ASSETS:
Par value
$ 248,856 $ 65,257 $ 121,206 $ 30,579 $ 34,595
Paid-in capital in excess of par value
2,514,274,639 671,527,744 1,237,633,400 302,414,666 344,980,694
Undistributed net investment income
16,178,575 1,843,750 10,089,349 1,847,215 (20,327)
Accumulated net realized gain (loss) on investments, futures contracts, options contracts written, forward sale commitments, securities sold short, swap contracts, forward foreign currency contracts and foreign currency transactions
48,203,049 28,826,928 2,175,728 9,356,144 (1,717,729)
Net unrealized appreciation (depreciation) on investments, futures contracts, options contracts written, forward sale commitments, securities sold short, forward foreign currency contracts and foreign currency transactions
524,005,033 130,136,113 135,793,672 6,931,759 (24,814,511)
Total Net Assets
$ 3,102,910,152 $ 832,399,792 $ 1,385,813,355 $ 320,580,363 $ 318,462,722
Total Net Assets Class I
$ 3,102,909,947 $ 832,399,582 $ 1,385,813,155 $ 320,580,159 $ 318,462,535
Total Net Assets Class Z
$ 205 $ 210 $ 200 $ 204 $ 187
Shares Outstanding Class I 
248,856,037 65,256,675 121,206,340 30,578,548 34,595,255
Shares Outstanding Class Z 
20 20 20 20 20
Net Asset Value Class I
$ 12.47 $ 12.76 $ 11.43 $ 10.48 $ 9.21
Net Asset Value Class Z
$ 10.27 $ 10.52 $ 10.00 $ 10.19 $ 9.32
(1) Investments, at cost
$ 2,586,461,722 $ 725,269,326 $ 1,261,230,672 $ 313,682,064 $ 358,632,672
(2) Includes securities on loan
$ 9,936,044 $ 24,153,258 $ 12,626,972 $ 555,150 $ 14,859,304
(3) Foreign currency, at cost
$ 11 $ $ 485,867 $ (47) $ 4
(4) Related to futures contracts
$ $ $ $ $
(5) Proceeds received
$ $ $ $ $
(6) Premiums received
$ $ $ $ $
222

Statements of Assets and Liabilities
August 31, 2018 (unaudited) (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)
$ 1,638,309,648 $ 211,572,716 $ 734,043,923 $ 845,585,209 $ 1,082,367,077
Foreign currency, at value(3)
1
Cash
66,057 14,594 37,413 222,240 230,738
Receivable for securities sold
14,288,436 3,555 7,708,505 52,352,320
Dividends and interest receivable
7,977,895 1,908,240 8,724,969 5,653,357 5,493,637
Receivable for Fund shares sold
929,196 114,131 341,748 461,103 581,313
Unrealized appreciation on open forward foreign currency contracts (Note 4)
50,109 46,935 21,204
Variation margin on open future contracts (Note 4)
904,109
Deposits with counterparty(4)
433,960
Cash held at Broker
85,195,519
Prepaid expenses
21,381 2,378 7,839 1,709 13,599
Prepaid offering fees
60 39
Total Assets
1,661,592,673 213,665,723 743,202,828 859,632,123 1,227,593,515
LIABILITIES:
Payable for collateral received from securities on loan
906,892 370,740 3,333,215 18,686,651
Payable for Fund shares repurchased
767,372 96,006 328,066 248,486 500,440
Payable for securities purchased
15,607,311 2,622,494 2,807,115 37,085,521 15,442,887
Investment management fee payable
791,086 117,820 463,033 383,109 848,760
Transfer agent fees payable
205,579 26,260 90,943 99,106 142,916
Custody fee payable
108,173 17,799 36,200 11,221 82,197
Trustees’ fees payable
15,350 1,886 5,920 2,186 10,131
Registration fees payable
118,883 39,723 60,185 40,004 90,202
Shareholder services
187 15 64 26 109
Unrealized depreciation on unfunded loan commitments
856 299
Forward sale commitments(5) (Note 5)
2,076,377
Securities sold short(5) (Note 5)
51,722,009
Due to custodian(3)
423,645 38
Options contracts written, at value(6) (Note 4)
8,472
Unrealized depreciation on open forward foreign currency contracts (Note 4)
678
Investment interest payable on securities sold short
3,000 216,098
Dividends payable for securities sold short
37,400
Accrued Chief Compliance Officer expense
7,694 730 1,898 16 3,491
Accrued expenses
43,488 11,606 9,564 6,064 51,809
Accrued offering fees
6 1
Total Liabilities
20,652,248 3,728,730 7,137,180 37,875,740 87,843,610
Total Net Assets
$ 1,640,940,425 $ 209,936,993 $ 736,065,648 $ 821,756,383 $ 1,139,749,905
NET ASSETS:
Par value
$ 167,579 $ 21,260 $ 74,384 $ 82,300 $ 110,899
Paid-in capital in excess of par value
1,674,355,927 212,110,567 748,848,645 825,009,090 1,112,379,750
Undistributed net investment income
2,108,241 45,191 196,675 285,232 7,895,173
Accumulated net realized gain (loss) on investments, futures contracts, options contracts written, forward sale commitments, securities sold short, swap contracts, forward foreign currency contracts and foreign currency transactions
(7,281,208) (203,278) (3,647,722) (706,426) 15,686,362
Net unrealized appreciation (depreciation) on investments, futures contracts, options contracts written, forward sale commitments, securities sold short, forward foreign currency contracts and foreign currency transactions
(28,410,114) (2,036,747) (9,406,334) (2,913,813) 3,677,721
Total Net Assets
$ 1,640,940,425 $ 209,936,993 $ 736,065,648 $ 821,756,383 $ 1,139,749,905
Total Net Assets Class I
$ 1,640,940,225 $ 209,936,792 $ 736,065,447 $ 821,756,183 $ 1,139,749,704
Total Net Assets Class Z
$ 200 $ 201 $ 201 $ 200 $ 201
Shares Outstanding Class I 
167,578,722 21,259,767 74,383,644 82,300,020 110,898,480
Shares Outstanding Class Z 
20 20 20 20 20
Net Asset Value Class I
$ 9.79 $ 9.87 $ 9.90 $ 9.98 $ 10.28
Net Asset Value Class Z
$ 10.03 $ 10.06 $ 10.05 $ 10.01 $ 10.06
(1) Investments, at cost
$ 1,666,714,404 $ 213,659,008 $ 743,495,550 $ 848,499,022 $ 1,073,334,898
(2) Includes securities on loan
$ 888,349 $ 363,266 $ 3,189,640 $ $ 18,273,304
(3) Foreign currency, at cost
$ $ (423,645) $ 278 $ $ 323
(4) Related to futures contracts
$ $ $ $ $ 433,960
(5) Proceeds received
$ 2,071,875 $ $ $ $ 46,328,322
(6) Premiums received
$ $ $ $ $ 149,855
223

Statements of Operations
For the Six Months Ended August 31, 2018 (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
$ 24,619,699 $ 5,523,795 $ 18,953,144 $ 6,437,762 $ 1,560,458
Interest
368,490 138,110 317,475 127,081 59,438
Income from securities lending
77,243 160,964 501,564 22,915 78,422
Less: Foreign taxes withheld (Note 5)
(178,742) (1,364,676) (122,144) (87,875)
Total Investment Income
24,886,690 5,822,869 18,407,507 6,465,614 1,610,443
EXPENSES:
Investment management fee (Note 7)
10,957,353 3,438,751 7,047,766 1,280,586 1,344,518
Transfer agent fees
2,211,051 578,620 1,066,784 241,666 204,007
Custody fees
422,788 121,286 587,681 58,358 45,547
Trustees’ fees
88,431 23,429 43,737 9,274 7,724
Insurance
34,658 8,836 17,359 3,946 2,796
Audit and tax
23,509 7,655 35,532 4,970 3,969
Legal expense
63,574 14,857 32,640 8,775 4,780
Chief Compliance Officer expense
34,038 8,617 17,011 3,919 2,730
Offering fees
26,707 6,416 11,506 3,200 1,939
Shareholder services
57,297 19,896 29,345 8,184 7,938
Registration fees
92,107 33,578 53,577 26,967 22,255
Miscellaneous expense
334,531 92,196 189,215 45,973 37,961
Interest and dividend expense
Total Expenses
14,346,044 4,354,137 9,132,153 1,695,818 1,686,164
Less: Fee waivers and/or expense reimbursement (Note 7)
(1,752,934) (375,018) (749,040) (261,756) (55,394)
Net Expenses
12,593,110 3,979,119 8,383,113 1,434,062 1,630,770
Net Investment Income (Loss)
$ 12,293,580 $ 1,843,750 $ 10,024,394 $ 5,031,552 $ (20,327)
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 3 AND 4):
Net Realized Gain (Loss) From:
Investments
$ 23,220,330 $ 26,280,986 $ (98,704) $ 6,470,175 $ 513,931
Futures contracts
437,121
Forward sale commitments
Option written
Securities sold short
Swap contracts
Forward foreign currency contracts
714,307 (27,748)
Foreign currency transactions
(1,436) (337,651) 14,100 56,157
Realized Gain (Loss)
23,656,015 26,280,986 277,952 6,484,275 542,340
Change in Net Unrealized Appreciation (Depreciation) From:
Investments
150,326,539 86,316,758 (41,742,341)* 3,352,769 (711,049)
Futures contracts
287,852
Unfunded loan commitments
Options contracts written
Forward sale commitments
Securities sold short
Swap contracts
Forward foreign currency contracts
117,138
Foreign currency transactions
386 (28,465) 1,554 (41)
Change in Net Unrealized Appreciation (Depreciation):
150,614,777 86,316,758 (41,653,668) 3,354,323 (711,090)
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
174,270,792 112,597,744 (41,375,716) 9,838,598 (168,750)
Total Increase (Decrease) in Net Assets from Operations
$ 186,564,372 $ 114,441,494 $ (31,351,322) $ 14,870,150 $ (189,077)
*
Includes accrued foreign capital gains tax of  $458,664 for Destinations International Equity Fund.
224

Statements of Operations
For the Six Months Ended August 31, 2018 (unaudited) (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
$ $ 337,987 $ 389,113 $ 13,393 $ 9,030,208
Interest
27,215,549 3,871,878 14,784,030 4,022,245 14,032,118
Income from securities lending
3,582 122,602 35,902 129,855
Less: Foreign taxes withheld (Note 5)
Total Investment Income
27,219,131 4,332,467 15,209,045 4,035,638 23,192,181
EXPENSES:
Investment management fee (Note 7)
5,032,499 657,689 2,725,611 1,341,573 6,625,502
Transfer agent fees
1,173,526 142,254 485,551 289,167 742,846
Custody fees
383,879 67,442 136,011 45,179 206,106
Trustees’ fees
46,590 5,477 18,952 7,275 27,809
Insurance
18,297 2,171 7,317 2,776 11,159
Audit and tax
17,026 6,216 8,840 4,965 12,821
Legal expense
40,537 4,221 21,908 5,532 59,758
Chief Compliance Officer expense
18,175 2,157 7,202 7,662 11,197
Offering fees
15,017 1,596 4,951 154 10,342
Shareholder services
32,511 5,545 15,998 9,893 21,891
Registration fees
59,104 21,969 32,437 22,419 45,199
Miscellaneous expense
209,890 29,058 85,028 36,025 124,755
Interest and dividend expense
918,933
Total Expenses
7,047,051 945,795 3,549,806 1,772,620 8,818,318
Less: Fee waivers and/or expense reimbursement (Note 7)
(631,868) (42,772) (355,845) (266,944) (2,315,925)
Net Expenses
6,415,183 903,023 3,193,961 1,505,676 6,502,393
Net Investment Income (Loss)
$ 20,803,948 $ 3,429,444 $ 12,015,084 $ 2,529,962 $ 16,689,788
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 3 AND 4):
Net Realized Gain (Loss) From:
Investments
$ (4,392,866) $ (298,544) $ (2,822,753) $ (637,202) $ 10,198,337
Futures contracts
148,201
Forward sale commitments
(31,776)
Option written
75,406
Securities sold short
(1,437,008)
Swap contracts
285,755
Forward foreign currency contracts
344,500 144,655 532,754
Foreign currency transactions
28,379 35,121 (17,904)
Realized Gain (Loss)
(4,424,642) 74,335 (2,642,977) (637,202) 9,785,541
Change in Net Unrealized Appreciation (Depreciation) From:
Investments
(2,654,808) (534,255) (3,289,840) 261,991 (4,391,140)
Futures contracts
(239,968)
Unfunded loan commitments
(1,283) (139) (5,880)
Options contracts written
1,687,218
Forward sale commitments
(4,502)
Securities sold short
(4,841,620)
Swap contracts
(161,279)
Forward foreign currency contracts
50,109 46,257 (127,596)
Foreign currency transactions
(85,292) (53,048) (2,303)
Change in Net Unrealized Appreciation (Depreciation):
(2,660,593) (569,577) (3,302,511) 261,991 (8,076,688)
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
(7,085,235) (495,242) (5,945,488) (375,211) 1,708,853
Total Increase (Decrease) in Net Assets from Operations
$ 13,718,713 $ 2,934,202 $ 6,069,596 $ 2,154,751 $ 18,398,641
*
Includes accrued foreign capital gains tax of  $458,664 for Destinations International Equity Fund.
225

Statements of Changes in Net Assets
For the Six Months Ended August 31, 2018 (unaudited) and Year Ended February 28, 2018
Destinations Large
Cap Equity Fund
Destinations Small-Mid
Cap Equity Fund
Destinations International
Equity Fund
August 31,
2018
February 28,
2018
August 31,
2018
February 28,
2018
August 31,
2018
February 28,
2018
OPERATIONS:
Net investment income (loss)
$ 12,293,580 $ 22,946,641 $ 1,843,750 $ 2,237,025 $ 10,024,394 $ 7,724,395
Net realized gain (loss)
23,656,015 24,206,823 26,280,986 5,990,710 277,952 3,457,601
Change in unrealized appreciation (depreciation)
150,614,777 373,390,256 86,316,758 43,819,355 (41,653,668) 177,447,340
Increase (Decrease) in Net Assets From Operations
186,564,372 420,543,720 114,441,494 52,047,090 (31,351,322) 188,629,336
DISTRIBUTIONS TO SHAREHOLDERS
FROM (NOTE 5):
Net investment income:
Class I
(18,721,435) (2,375,380) (8,662,171)
Net realized gains:
Class I
(3,306,413) (557,094)
Decrease in Net Assets From Distributions to Shareholders
(18,721,435) (5,681,793) (9,219,265)
FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares
3,270,924,725 2,934,660,735 855,174,690 780,805,732 1,540,057,964 1,376,881,445
Reinvestment of distributions
18,718,734 5,680,960 9,217,957
Cost of shares repurchased
(3,158,309,104) (551,471,595) (838,061,397) (132,006,984) (1,535,458,462) (152,944,298)
Increase (Decrease) in Net Assets From Fund Share Transactions
112,615,621 2,401,907,874 17,113,293 654,479,708 4,599,502 1,233,155,104
Increase (Decrease) in Net Assets
299,179,993 2,803,730,159 131,554,787 700,845,005 (26,751,820) 1,412,565,175
NET ASSETS:
Beginning of period
2,803,730,159 700,845,005 1,412,565,175
End of period*†
$ 3,102,910,152 $ 2,803,730,159 $ 832,399,792 $ 700,845,005 $ 1,385,813,355 $ 1,412,565,175
*
Includes undistributed net investment
income of:
$ 16,178,575 $ 3,884,995 $ 1,843,750 $ $ 10,089,349 $ 64,955

Includes accumulated net investment
loss of:
$ $ $ $ $ $
Destinations Equity
Income Fund
Destinations Real
Assets Fund
August 31,
2018
February 28,
2018
August 31,
2018
February 28,
2018
OPERATIONS:
Net investment income (loss)
$ 5,031,552 $ 9,527,803 $ (20,327) $ 46,114
Net realized gain (loss)
6,484,275 4,093,582 542,340 3,238,164
Change in unrealized appreciation (depreciation)
3,354,323 3,577,436 (711,090) (24,103,421)
Increase (Decrease) in Net Assets From Operations
14,870,150 17,198,821 (189,077) (20,819,143)
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 5):
Net investment income:
Class I
(4,273,423) (8,407,094) (744,187)
Net realized gains:
Class I
(1,253,336) (4,800,160)
Decrease in Net Assets From Distributions to Shareholders
(4,273,423) (9,660,430) (5,544,347)
FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares
344,145,733 404,877,952 377,964,978 266,757,729
Reinvestment of distributions
4,272,429 8,979,970 5,543,554
Cost of shares repurchased
(358,417,093) (101,413,746) (281,863,841) (23,387,131)
Increase (Decrease) in Net Assets From Fund Share Transactions
(9,998,931) 312,444,176 96,101,137 248,914,152
Increase (Decrease) in Net Assets
597,796 319,982,567 95,912,060 222,550,662
NET ASSETS:
Beginning of period
319,982,567 222,550,662
End of period*†
$ 320,580,363 $ 319,982,567 $    318,462,722 $   222,550,662
*
Includes undistributed net investment income of:
$ 1,847,215 $ 1,089,086 $ $

Includes accumulated net investment loss of:
$ $ $ (20,327) $
226

Statements of Changes in Net Assets
For the Six Months Ended August 31, 2018 (unaudited) and Year Ended February 28, 2018 (concluded)
Destinations Core
Fixed Income Fund
Destinations Low
Duration Fixed
Income Fund
Destinations Global
Fixed Income
Opportunities Fund
August 31,
2018
February 28,
2018
August 31,
2018
February 28,
2018
August 31,
2018
February 28,
2018
OPERATIONS:
Net investment income (loss)
$ 20,803,948 $ 28,426,085 $ 3,429,444 $ 4,247,920 $ 12,015,084 $ 17,973,190
Net realized gain (loss)
(4,424,642) (594,401) 74,335 (284,260) (2,642,977) (938,211)
Change in unrealized appreciation (depreciation)
(2,660,593) (25,749,521) (569,577) (1,467,170) (3,302,511) (6,103,823)
Increase (Decrease) in Net Assets From Operations
13,718,713 2,082,163 2,934,202 2,496,490 6,069,596 10,931,156
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 5):
Net investment income:
Class I
(20,121,132) (27,010,187) (3,382,955) (4,250,705) (11,818,409) (17,704,050)
Net realized gains:
Class I
(2,252,638) (335,674)
Decrease in Net Assets From Distributions to Shareholders
(20,121,132) (29,262,825) (3,382,955) (4,250,705) (11,818,409) (18,039,724)
FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares
1,747,487,174 1,704,394,993 225,921,603 206,141,510 785,254,080 664,465,917
Reinvestment of distributions
20,113,020 28,915,598 3,381,777 4,051,762 11,813,347 17,731,813
Cost of shares repurchased
(1,620,002,360) (206,384,919) (197,386,547) (29,970,144) (656,618,273) (73,723,855)
Increase (Decrease) in Net Assets From Fund Share Transactions
147,597,834 1,526,925,672 31,916,833 180,223,128 140,449,154 608,473,875
Increase (Decrease) in Net Assets
141,195,415 1,499,745,010 31,468,080 178,468,913 134,700,341 601,365,307
NET ASSETS:
Beginning of period.
1,499,745,010 178,468,913 601,365,307
End of period*†
$ 1,640,940,425 $ 1,499,745,010 $ 209,936,993 $ 178,468,913 $    736,065,648 $   601,365,307
*
Includes undistributed net investment
income of:
$ 2,108,241 $ 1,425,425 $ 45,191 $ $ 196,675 $

Includes accumulated net investment loss of: 
$ $ $ $ (1,298) $ $
Destinations Municipal
Fixed Income Fund
Destinations Multi Strategy
Alternatives Fund
August 31,
2018
February 28,
2018
August 31,
2018
February 28,
2018
OPERATIONS:
Net investment income (loss)
$ 2,529,962 $ 1,044,539 $ 16,689,788 $ 24,363,473
Net realized gain (loss)
(637,202) 116,426 9,785,541 2,261,898
Change in unrealized appreciation (depreciation)
261,991 (3,175,804) (8,076,688) 11,754,409
Increase (Decrease) in Net Assets From Operations
2,154,751 (2,014,839) 18,398,641 38,379,780
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 5):
Net investment income:
Class I
(2,295,499) (993,759) (9,984,179) (19,534,986)
Net realized gains:
Class I
(185,661)
Decrease in Net Assets From Distributions to Shareholders
(2,295,499) (1,179,420) (9,984,179) (19,534,986)
FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares
872,619,131 260,212,529 1,217,104,419 1,127,456,126
Reinvestment of distributions
2,294,549 1,179,382 9,980,784 19,295,487
Cost of shares repurchased
(282,753,644) (28,460,557) (1,005,126,908) (256,219,259)
Increase (Decrease) in Net Assets From Fund Share Transactions
592,160,036 232,931,354 221,958,295 890,532,354
Increase (Decrease) in Net Assets
592,019,288 229,737,095 230,372,757 909,377,148
NET ASSETS:
Beginning of period.
229,737,095 909,377,148
End of period*†
$ 821,756,383 $ 229,737,095 $ 1,139,749,905 $ 909,377,148
*
Includes undistributed net investment income of:
$ 285,232 $ 50,769 $ 7,895,173 $ 1,189,564

Includes accumulated net investment loss of:
$ $ $ $
227

Financial Highlights
Destinations Large Cap Equity Fund
For a share of beneficial interest outstanding throughout each period:
Class I
2018(1)
2018(2)
Net asset value, Beginning of Period
$ 11.71 $ 10.00
Income (Loss) from Operations:
Net investment income(3)
0.05 0.10
Net realized and unrealized gain
0.71 1.69
Total Income from Operations
0.76 1.79
Less Distributions From:
Net investment income
(0.08)
Total Distributions
(0.08)
Net Asset Value, End of Period
$ 12.47 $ 11.71
Total Return(4)(5)
6.49%
17.89%
Net Assets, End of Period (millions)
$ 3,103 $ 2,804
Ratios to Average Net Assets:
Gross expenses(6)
0.98% 0.98%
Net expenses(6)(7)
0.86
0.85
Net investment income(6)(7)
0.84
0.97
Portfolio Turnover Rate(5)
11% 52%
(1)
For the six months ended August 31, 2018 (unaudited).
(2)
For the period from 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 distribution. 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.
228

Financial Highlights (continued)
Destinations Large Cap Equity Fund
For a share of beneficial interest outstanding throughout each period:
Class Z
2018(1)
Net asset value, Beginning of Period
$ 10.00
Income (Loss) from Operations:
Net investment income(2)
0.02
Net realized and unrealized gain
0.25
Total Income from Operations
0.27
Less Distributions From:
Net investment income
Total Distributions
Net Asset Value, End of Period
$ 10.27
Total Return(3)(4)
2.70%
Net Assets, End of Period (millions)
$ 0(5)
Ratios to Average Net Assets:
Gross expenses(6)
0.83%
Net expenses(6)(7)
0.71
Net investment income(6)(7)
0.99
Portfolio Turnover Rate(4)
11%
(1)
For the period from inception (July 16, 2018) through the period ended August 31, 2018 (unaudited).
(2)
Per share amounts have been calculated using the average shares method.
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. 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.
(4)
Reflects the rate for the Fund as a whole; not on a share class basis.
(5)
Amounts represent less than $1 million.
(6)
Annualized.
(7)
Reflects fee waivers and/or expense reimbursements.
229

Financial Highlights (continued)
Destinations Small-Mid Cap Equity Fund
For a share of beneficial interest outstanding throughout each period:
Class I
2018(1)
2018(2)
Net asset value, Beginning of Period
$ 10.98 $ 10.00
Income (Loss) from Operations:
Net investment income(3)
0.03 0.04
Net realized and unrealized gain
1.75 1.04
Total Income from Operations
1.78 1.08
Less Distributions From:
Net investment income
(0.04)
Net realized gain
(0.06)
Total Distributions
(0.10)
Net Asset Value, End of Period
$ 12.76 $ 10.98
Total Return(4)(5)
16.21%
10.83%
Net Assets, End of Period (millions)
$ 832 $ 701
Ratios to Average Net Assets:
Gross expenses(6)
1.14% 1.14%
Net expenses(6)(7)
1.04
1.03
Net investment income(6)(7)
0.48
0.41
Portfolio Turnover Rate(5)
39%
112%
(1)
For the six months ended August 31, 2018 (unaudited).
(2)
For the period from 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 distribution. 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.
230

Financial Highlights (continued)
Destinations Small-Mid Cap Equity Fund
For a share of beneficial interest outstanding throughout each period:
Class Z
2018(1)
Net asset value, Beginning of Period
$ 10.00
Income (Loss) from Operations:
Net investment income(2)
0.01
Net realized and unrealized gain
0.51
Total Income from Operations
0.52
Less Distributions From:
Net investment income
Net realized gain
Total Distributions
Net Asset Value, End of Period
$ 10.52
Total Return(3)(4)
5.20%
Net Assets, End of Period (millions)
$ 0(5)
Ratios to Average Net Assets:
Gross expenses(6)
0.99%
Net expenses(6)(7)
0.89
Net investment income(6)(7)
0.63
Portfolio Turnover Rate(4)
39%
(1)
For the period from inception (July 16, 2018) through the period ended August 31, 2018 (unaudited).
(2)
Per share amounts have been calculated using the average shares method.
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. 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.
(4)
Reflects the rate for the Fund as a whole; not on a share class basis.
(5)
Amounts represent less than $1 million.
(6)
Annualized.
(7)
Reflects fee waivers and/or expense reimbursements.
231

Financial Highlights (continued)
Destinations International Equity Fund
For a share of beneficial interest outstanding throughout each period:
Class I
2018(1)
2018(2)
Net asset value, Beginning of Period
$ 11.69 $ 10.00
Income (Loss) from Operations:
Net investment income(3)
0.08 0.07
Net realized and unrealized gain (loss)
(0.34) 1.70
Total Income (Loss) from Operations
(0.26) 1.77
Less Distributions From:
Net investment income
(0.07)
Net realized gain
(0.01)
Total Distributions
(0.08)
Net Asset Value, End of Period
$ 11.43 $ 11.69
Total Return(4)(5)
(2.22)%
17.70%
Net Assets, End of Period (millions)
$ 1,386 $ 1,413
Ratios to Average Net Assets:
Gross expenses(6)
1.30% 1.30%
Net expenses(6)(7)
1.19
1.15
Net investment income(6)(7)
1.42
0.69
Portfolio Turnover Rate(5)
17%
50%
(1)
For the six months ended August 31, 2018 (unaudited).
(2)
For the period from 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 distribution. 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.
232

Financial Highlights (continued)
Destinations International Equity Fund
For a share of beneficial interest outstanding throughout each period:
Class Z
2018(1)
Net asset value, Beginning of Period
$ 10.00
Income (Loss) from Operations:
Net investment income(2)
0.00(3)
Net realized and unrealized gain
0.00(3)
Total Income from Operations
0.00(3)
Less Distributions From:
Net investment income
Net realized gain
Total Distributions
Net Asset Value, End of Period
$ 10.00
Total Return(4)(5)
0.00%(6)
Net Assets, End of Period (millions)
$ 0(7)
Ratios to Average Net Assets:
Gross expenses(8)
1.15%
Net expenses(8)(9)
1.04
Net investment income(8)(9)
1.57
Portfolio Turnover Rate(5)
17%
(1)
For the period from inception (July 16, 2018) through the period ended August 31, 2018 (unaudited).
(2)
Per share amounts have been calculated using the average shares method.
(3)
Amounts represent less than 0.01.
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. 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)
Reflects the rate for the Fund as a whole; not on a share class basis.
(6)
Amounts represent less than 0.01%.
(7)
Amounts represent less than $1 million.
(8)
Annualized.
(9)
Reflects fee waivers and/or expense reimbursements.
233

Financial Highlights (continued)
Destinations Equity Income Fund
For a share of beneficial interest outstanding throughout each period:
Class I
2018(1)
2018(2)
Net asset value, Beginning of Period
$ 10.14 $ 10.00
Income (Loss) from Operations:
Net investment income(3)
0.16 0.31
Net realized and unrealized gain
0.32 0.12
Total Income from Operations
0.48 0.43
Less Distributions From:
Net investment income
(0.14) (0.26)
Net realized gain
(0.03)
Total Distributions
(0.14) (0.29)
Net Asset Value, End of Period
$ 10.48 $ 10.14
Total Return(4)(5)
4.79%
4.34%
Net Assets, End of Period (millions)
$ 321 $ 320
Ratios to Average Net Assets:
Gross expenses(6)
1.06% 1.05%
Net expenses(6)(7)
0.90
0.93
Net investment income(6)(7)
3.14
3.18
Portfolio Turnover Rate(5)
54%
57%
(1)
For the six months ended August 31, 2018 (unaudited).
(2)
For the period from 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 distribution. 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.
234

Financial Highlights (continued)
Destinations Equity Income Fund
For a share of beneficial interest outstanding throughout each period:
Class Z
2018(1)
Net asset value, Beginning of Period
$ 10.00
Income (Loss) from Operations:
Net investment income(2)
0.03
Net realized and unrealized gain
0.16
Total Income from Operations
0.19
Less Distributions From:
Net investment income
Net realized gain
Total Distributions
Net Asset Value, End of Period
$ 10.19
Total Return(3)(4)
1.90%
Net Assets, End of Period (millions)
$ 0(5)
Ratios to Average Net Assets:
Gross expenses(6)
0.91%
Net expenses(6)(7)
0.75
Net investment income(6)(7)
3.29
Portfolio Turnover Rate(4)
54%
(1)
For the period from inception (July 16, 2018) through the period ended August 31, 2018 (unaudited).
(2)
Per share amounts have been calculated using the average shares method.
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. 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.
(4)
Reflects the rate for the Fund as a whole; not on a share class basis.
(5)
Amounts represent less than $1 million.
(6)
Annualized.
(7)
Reflects fee waivers and/or expense reimbursements.
235

Financial Highlights (continued)
Destinations Real Assets Fund
For a share of beneficial interest outstanding throughout each period:
Class I
2018(1)
2018(2)
Net asset value, Beginning of Period
$ 8.94 $ 10.00
Income (Loss) from Operations:
Net investment income (loss)(3)(4)
(0.00)
0.00
Net realized and unrealized gain (loss)
0.27 (0.78)
Total Income (Loss) from Operations
0.27 (0.78)
Less Distributions From:
Net investment income
(0.04)
Net realized gain
(0.24)
Total Distributions
(0.28)
Net Asset Value, End of Period
$ 9.21 $ 8.94
Total Return(5)(6)
3.02%
(7.95)%
Net Assets, End of Period (millions)
$ 318 $ 223
Ratios to Average Net Assets:
Gross expenses(7)
1.25% 1.29%
Net expenses(7)(8)
1.21
1.19
Net investment income (loss)(7)(8)
(0.02)
0.02
Portfolio Turnover Rate(6)
43%
58%
(1)
For the six months ended August 31, 2018 (unaudited).
(2)
For the period from 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 distribution. 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.
236

Financial Highlights (continued)
Destinations Real Assets Fund
For a share of beneficial interest outstanding throughout each period:
Class Z
2018(1)
Net asset value, Beginning of Period
$ 10.00
Income (Loss) from Operations:
Net investment income(2)
0.00(3)
Net realized and unrealized (loss)
(0.68)
Total (Loss) from Operations
(0.68)
Less Distributions From:
Net investment income
Net realized gain
Total Distributions
Net Asset Value, End of Period
$ 9.32
Total Return(4)(5)
(6.80)%
Net Assets, End of Period (millions)
$ 0(6)
Ratios to Average Net Assets:
Gross expenses(7)
1.10%
Net expenses(7)(8)
1.06
Net investment income(7)(8)
0.13
Portfolio Turnover Rate(5)
43%
(1)
For the period from inception (July 16, 2018) through the period ended August 31, 2018 (unaudited).
(2)
Per share amounts have been calculated using the average shares method.
(3)
Amounts represent less than 0.01.
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. 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)
Reflects the rate for the Fund as a whole; not on a share class basis.
(6)
Amounts represent less than $1 million.
(7)
Annualized.
(8)
Reflects fee waivers and/or expense reimbursements.
237

Financial Highlights (continued)
Destinations Core Fixed Income Fund
For a share of beneficial interest outstanding throughout each period:
Class I
2018(1)
2018(2)
Net asset value, Beginning of Period
$ 9.83 $ 10.00
Income (Loss) from Operations:
Net investment income(3)
0.13 0.21
Net realized and unrealized (loss)
(0.04) (0.17)
Total Income from Operations
0.09 0.04
Less Distributions From:
Net investment income
(0.13) (0.19)
Net realized gain
(0.02)
Total Distributions
(0.13) (0.21)
Net Asset Value, End of Period
$ 9.79 $ 9.83
Total Return(4)(5)
0.90%
0.34%
Net Assets, End of Period (millions)
$ 1,641 $ 1,500
Ratios to Average Net Assets:
Gross expenses(6)
0.91% 0.90%
Net expenses(6)(7)
0.83
0.82
Net investment income(6)(7)
2.69
2.22
Portfolio Turnover Rate(5)
46%
170%
(1)
For the six months ended August 31, 2018 (unaudited).
(2)
For the period from 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 distribution. 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)
Annualized.
(6)
Reflects fee waivers and/or expense reimbursements.
238

Financial Highlights (continued)
Destinations Core Fixed Income Fund
For a share of beneficial interest outstanding throughout each period:
Class Z
2018(1)
Net asset value, Beginning of Period
$ 10.00
Income (Loss) from Operations:
Net investment income(2)
0.04
Net realized and unrealized (loss)
(0.01)
Total Income from Operations
0.03
Less Distributions From:
Net investment income
Net realized gain
Total Distributions
Net Asset Value, End of Period
$ 10.03
Total Return(3)(4)
0.30%
Net Assets, End of Period (millions)
$ 0(5)
Ratios to Average Net Assets:
Gross expenses(6)
0.76%
Net expenses(6)(7)
0.68
Net investment income(6)(7)
2.84
Portfolio Turnover Rate(4)
46%
(1)
For the period from inception (July 16, 2018) through the period ended August 31, 2018 (unaudited).
(2)
Per share amounts have been calculated using the average shares method.
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. 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.
(4)
Reflects the rate for the Fund as a whole; not on a share class basis.
(5)
Amounts represent less than $1 million.
(6)
Annualized.
(7)
Reflects fee waivers and/or expense reimbursements.
239

Financial Highlights (continued)
Destinations Low Duration Fixed Income Fund
For a share of beneficial interest outstanding throughout each period:
Class I
2018(1)
2018(2)
Net asset value, Beginning of Period
$ 9.90 $ 10.00
Income (Loss) from Operations:
Net investment income(3)
0.18 0.27
Net realized and unrealized (loss)
(0.03) (0.12)
Total Income from Operations
0.15 0.15
Less Distributions From:
Net investment income
(0.18) (0.25)
Total Distributions
(0.18) (0.25)
Net Asset Value, End of Period
$ 9.87 $ 9.90
Total Return(4)(5)
1.50%
1.52%
Net Assets, End of Period (millions)
$ 210 $ 178
Ratios to Average Net Assets:
Gross expenses(6)
1.01% 1.00%
Net expenses(6)(7)
0.96
0.94
Net investment income(6)(7)
3.65
2.84
Portfolio Turnover Rate(5)
20%
32%
(1)
For the six months ended August 31, 2018 (unaudited).
(2)
For the period from 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 distribution. 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.
240

Financial Highlights (continued)
Destinations Low Duration Fixed Income Fund
For a share of beneficial interest outstanding throughout each period:
Class Z
2018(1)
Net asset value, Beginning of Period
$ 10.00
Income (Loss) from Operations:
Net investment income(2)
0.06
Net realized and unrealized (loss)
(0.00)(3)
Total Income from Operations
0.06
Less Distributions From:
Net investment income
Total Distributions
Net Asset Value, End of Period
$ 10.06
Total Return(4)(5)
0.60%
Net Assets, End of Period (millions)
$ 0(6)
Ratios to Average Net Assets:
Gross expenses(7)
0.86%
Net expenses(7)(8)
0.81
Net investment income(7)(8)
3.80
Portfolio Turnover Rate(5)
20%
(1)
For the period from inception (July 16, 2018) through the period ended August 31, 2018 (unaudited).
(2)
Per share amounts have been calculated using the average shares method.
(3)
Amounts represent less than 0.01.
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. 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)
Reflects the rate for the Fund as a whole; not on a share class basis.
(6)
Amounts represent less than $1 million.
(7)
Annualized.
(8)
Reflects fee waivers and/or expense reimbursements.
241

Financial Highlights (continued)
Destinations Global Fixed Income Opportunities Fund
For a share of beneficial interest outstanding throughout each period:
Class I
2018(1)
2018(2)
Net asset value, Beginning of Period
$ 9.99 $ 10.00
Income (Loss) from Operations:
Net investment income(3)
0.19 0.37
Net realized and unrealized (loss)
(0.10) (0.02)
Total Income from Operations
0.09 0.35
Less Distributions From:
Net investment income
(0.18) (0.35)
Net realized gain
(0.01)
Total Distributions
(0.18) (0.36)
Net Asset Value, End of Period
$ 9.90 $ 9.99
Total Return(4)(5)
0.93%
3.34%
Net Assets, End of Period (millions)
$ 736 $ 601
Ratios to Average Net Assets:
Gross expenses(6)
1.11% 1.10%
Net expenses(6)(7)
1.00
0.99
Net investment income(6)(7)
3.75
3.88
Portfolio Turnover Rate(5)
25%
64%
(1)
For the six months ended August 31, 2018 (unaudited).
(2)
For the period from 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 distribution. 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.
242

Financial Highlights (continued)
Destinations Global Fixed Income Opportunities Fund
For a share of beneficial interest outstanding throughout each period:
Class Z
2018(1)
Net asset value, Beginning of Period
$ 10.00
Income (Loss) from Operations:
Net investment income(2)
0.05
Net realized and unrealized gain
0.00(3)
Total Income from Operations
0.05
Less Distributions From:
Net investment income
Net realized gain
Total Distributions
Net Asset Value, End of Period
$ 10.05
Total Return(4)(5)
0.50%
Net Assets, End of Period (millions)
$ 0(6)
Ratios to Average Net Assets:
Gross expenses(7)
0.96%
Net expenses(7)(8)
0.85
Net investment income(7)(8)
3.90
Portfolio Turnover Rate(5)
25%
(1)
For the period from inception (July 16, 2018) through the period ended August 31, 2018 (unaudited).
(2)
Per share amounts have been calculated using the average shares method.
(3)
Amounts represent less than 0.01.
(4)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. 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)
Reflects the rate for the Fund as a whole; not on a share class basis.
(6)
Amounts represent less than $1 million.
(7)
Annualized.
(8)
Reflects fee waivers and/or expense reimbursements.
243

Financial Highlights (continued)
Destinations Municipal Fixed Income Fund
For a share of beneficial interest outstanding throughout each period:
Class I
2018(1)
2018(2)
Net asset value, Beginning of Period
$ 9.93 $ 10.00
Income (Loss) from Operations:
Net investment income(3)
0.07 0.08
Net realized and unrealized gain (loss)
0.03 (0.09)
Total Income (Loss) from Operations
0.10 (0.01)
Less Distributions From:
Net investment income
(0.05) (0.05)
Net realized gain
(0.01)
Total Distributions
(0.05) (0.06)
Net Asset Value, End of Period
$ 9.98 $ 9.93
Total Return(4)(5)
1.03%
(0.14)%
Net Assets, End of Period (millions)
$ 822 $ 230
Ratios to Average Net Assets:
Gross expenses(6)
0.93% 0.97%
Net expenses(6)(7)
0.79
0.80
Net investment income(6)(7)
1.33
0.79
Portfolio Turnover Rate(5)
96%
69%
(1)
For the six months ended August 31, 2018 (unaudited).
(2)
For the period from 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 distribution. 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.
244

Financial Highlights (continued)
Destinations Municipal Fixed Income Fund
For a share of beneficial interest outstanding throughout each period:
Class Z
2018(1)
Net asset value, Beginning of Period
$ 10.00
Income (Loss) from Operations:
Net investment income(2)
0.04
Net realized and unrealized (loss)
(0.03)
Total Income from Operations
0.01
Less Distributions From:
Net investment income
Net realized gain
Total Distributions
Net Asset Value, End of Period
$ 10.01
Total Return(3)(4)
0.10%
Net Assets, End of Period (millions)
$ 0(5)
Ratios to Average Net Assets:
Gross expenses(6)
0.78%
Net expenses(6)(7)
0.64
Net investment income(6)(7)
1.48
Portfolio Turnover Rate(4)
96%
(1)
For the period from inception (July 16, 2018) through the period ended August 31, 2018 (unaudited).
(2)
Per share amounts have been calculated using the average shares method.
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. 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.
(4)
Reflects the rate for the Fund as a whole; not on a share class basis.
(5)
Amounts represent less than $1 million.
(6)
Annualized.
(7)
Reflects fee waivers and/or expense reimbursements.
245

Financial Highlights (continued)
Destinations Multi Strategy Alternatives Fund
For a share of beneficial interest outstanding throughout each period:
Class I
2018(1)
2018(2)
Net asset value, Beginning of Period
$ 10.20 $ 10.00
Income (Loss) from Operations:
Net investment income(3)
0.18 0.27
Net realized and unrealized gain
0.01 0.13
Total Income from Operations
0.19 0.40
Less Distributions From:
Net investment income
(0.11) (0.20)
Total Distributions
(0.11) (0.20)
Net Asset Value, End of Period
$ 10.28 $ 10.20
Total Return(4)(5)
1.89%
3.94%
Net Assets, End of Period (millions)
$ 1,140 $ 909
Ratios to Average Net Assets:
Gross expenses(6)
1.80%(7)
1.73%(8)
Net expenses(6)(9)
1.33(7)
1.25(8)
Net investment income(6)(9)
3.41
2.82
Portfolio Turnover Rate(5)
61%
111%
(1)
For the six months ended August 31, 2018 (unaudited).
(2)
For the period from 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 distribution. 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 0.19%.
(8)
Ratio includes interest and dividend expense on short sales which represents less than 0.12%.
(9)
Reflects fee waivers and/or expense reimbursements.
246

Financial Highlights (continued)
Destinations Multi Strategy Alternatives Fund
For a share of beneficial interest outstanding throughout each period:
Class Z
2018(1)
Net asset value, Beginning of Period
$ 10.00
Income (Loss) from Operations:
Net investment income(2)
0.03
Net realized and unrealized gain
0.03
Total Income from Operations
0.06
Less Distributions From:
Net investment income
Total Distributions
Net Asset Value, End of Period
$ 10.06
Total Return(3)(4)
0.60%
Net Assets, End of Period (millions)
$ 0(5)
Ratios to Average Net Assets:
Gross expenses(6)
1.65%(7)
Net expenses(6)(8)
1.18(7)
Net investment income(6)(8)
3.56
Portfolio Turnover Rate(4)
61%
(1)
For the period from inception (July 16, 2018) through the period ended August 31, 2018 (unaudited).
(2)
Per share amounts have been calculated using the average shares method.
(3)
Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. 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.
(4)
Reflects the rate for the Fund as a whole; not on a share class basis.
(5)
Amounts represent less than $1 million.
(6)
Annualized.
(7)
Ratio includes interest and dividend expense on short sales which represents less than 0.10%.
(8)
Reflects fee waivers and/or expense reimbursements.
247

Notes to Financial Statements
August 31, 2018 (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. Class Z commenced operations on July 16, 2018.
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 New York 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.
248

Notes to Financial Statements
August 31, 2018 (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
249

Notes to Financial Statements
August 31, 2018 (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, 2018
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
Corporate Bond & Note
$ 837,442 $ $ 837,442 $
Common Stocks:
Basic Materials
53,459,931 53,459,931
Communications
525,245,374 525,245,374
Consumer Cyclical
223,777,699 223,777,699
Consumer Non-cyclical
705,246,050 705,246,050
Energy
179,094,402 179,094,402
Financial
513,259,240 511,674,617 1,584,623
Industrial
290,808,246 290,808,246
Technology
480,689,468 480,689,468
Utilities
56,101,759 56,101,759
Preferred Stock
406,539 406,539
Short-Term Investments:
Time Deposits
70,979,096 70,979,096
250

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
3. Investment valuation (continued)
Total Fair Value at
August 31, 2018
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)
Common Stocks: (continued)
Money Market Fund
10,135,978 10,135,978
Total Investments, at value
$ 3,110,041,224 $ 3,036,233,524 $   71,816,538 $  1,991,162
Other Financial Instruments – Assets
Futures Contract
$ 425,531 $ 425,531 $ $
Total Other Financial Instruments – Assets
$ 425,531 $ 425,531 $ $
Destinations Small-Mid Cap Equity Fund
Investments, at value
Common Stocks
$ 638,936,686 $ 638,936,686 $ $
Exchange Traded Funds (ETFs)
165,352,038 165,352,038
Short-Term Investments:
Time Deposits
26,410,973 26,410,973
Money Market Fund
24,705,742 24,705,742
Total Investments, at value
$   855,405,439 $   828,994,466 $  26,410,973 $
Destinations International Equity Fund
Investments, at value
Common Stocks:
Argentina
$ 5,453,122 $ 5,453,122 $ $
Australia
26,866,519 26,866,519
Austria
4,919,398 4,919,398
Belgium
2,064,943 2,064,943
Bermuda
1,928,091 1,928,091
Brazil
20,399,429 10,380,790 10,018,639
Canada
28,786,580 28,786,580
China
87,803,864 24,433,785 63,370,079
Denmark
4,590,677 4,590,677
Egypt
1,798,546 1,798,546
Finland
4,395,878 4,395,878
France
62,934,607 62,934,607
Germany
85,997,466 85,997,466
Greece
2,394,205 2,394,205
Hong Kong
25,779,655 25,779,655
India
74,594,617 74,594,617
Indonesia
10,518,068 10,518,068
Ireland
5,028,987 1,391,239 3,637,748
Isle of Man
245,041 245,041
Israel
3,767,667 1,747,730 2,019,937
Italy
5,672,311 5,672,311
Japan
172,311,374 172,311,374
Malaysia
8,707,346 8,707,346
Mexico
20,225,622 5,082,123 15,143,499
Netherlands
15,815,194 5,237,605 10,577,589
251

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
3. Investment valuation (continued)
Total Fair Value at
August 31, 2018
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)
New Zealand
$ 3,594,968 $ $ 3,594,968 $
Nigeria
355,584 355,584
Norway
3,780,826 3,780,826
Pakistan
2,541,211 2,541,211
Panama
893,090 893,090
Peru
1,832,022 1,832,022
Philippines
11,485,139 11,485,139
Poland
2,928,460 2,928,460
Portugal
1,764,617 1,764,617
Russia
6,281,410 6,149,175 132,235
Singapore
4,809,808 1,506,710 3,303,098
South Africa
17,815,504 1,151,299 16,664,205
South Korea
38,977,128 38,977,128
Spain
18,332,294 2,590,708 15,741,586
Sweden
17,946,779 17,946,779
Switzerland
54,554,622 54,554,622
Taiwan
45,506,204 12,211,139 33,295,065
Thailand
9,766,907 9,766,907
United Arab Emirates
3,972,005 3,972,005
United Kingdom
99,259,632 3,821,988 95,437,644
United States
47,898,809 43,755,785 4,143,024
Exchange Traded Funds (ETFs)
246,390,821 246,390,821
Short-Term Investments:
Time Deposits
51,111,401 51,111,401
U.S. Government Agency
8,929,638 8,929,638
Money Market Fund
13,246,061 13,246,061
Total Investments, at value
$ 1,396,974,147 $ 416,061,772 $ 980,912,375 $
Other Financial Instruments – Assets
Forward Foreign Currency Contracts
$ 76,947 $ $ 76,947 $
Total Other Financial Instruments – Assets
$ 76,947 $ $ 76,947 $
Other Financial Instruments – Liabilities
Forward Foreign Currency Contract
$ (24,764) $ $ (24,764) $
Total Other Financial Instruments – Liabilities
$ (24,764) $ $ (24,764) $
Destinations Equity Income Fund
Investments, at value
Common Stocks
$ 204,572,051 $ 204,572,051 $ $
Exchange Traded Funds (ETFs)
111,849,488 111,849,488
Short-Term Investments:
Time Deposits
3,619,929 3,619,929
Money Market Fund
569,260 569,260
Total Investments, at value
$   320,610,728 $   316,990,799 $   3,619,929 $           —
252

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
3. Investment valuation (continued)
Total Fair Value at
August 31, 2018
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
$ 271,640,416 $ 271,640,416 $ $
Exchange Traded Fund (ETF)
40,147,557 40,147,557
Short-Term Investments:
Time Deposits
6,407,573 6,407,573
Money Market Fund
15,622,956 15,622,956
Total Investments, at value
$ 333,818,502 $ 327,410,929 $ 6,407,573 $
Destinations Core Fixed Income Fund
Investments, at value
U.S. Government Agencies & Obligations
$ 402,418,063 $ $ 402,418,063 $
Collateralized Mortgage Obligations
349,177,922 349,177,922
Corporate Bonds & Notes
310,531,743 310,531,743
Mortgage-Backed Securities
304,834,405 304,834,405
Asset-Backed Securities
138,994,790 138,994,790
Senior Loans
53,661,864 53,661,864
Sovereign Bonds
20,453,484 20,453,484
Municipal Bonds
3,478,614 3,478,614
Short-Term Investments:
Time Deposits
53,851,871 53,851,871
Money Market Fund
906,892 906,892
Total Investments, at value
$ 1,638,309,648 $ 906,892 $ 1,637,402,756 $
Other Financial Instruments – Liabilities
Forward Sale Commitment
$ (2,076,377) $ $ (2,076,377) $
Total Other Financial Instruments – Liabilities
$ (2,076,377) $ $ (2,076,377) $
Destinations Low Duration Fixed Income Fund
Investments, at value
Corporate Bonds & Notes
$ 119,506,111 $ $ 119,506,111 $
Asset-Backed Securities
21,652,889 21,652,889
Collateralized Mortgage Obligations
14,915,820 14,915,820
Senior Loans
6,883,553 6,883,553
U.S. Government Obligations
3,825,655 3,825,655
Sovereign Bonds
721,738 721,738
Exchange Traded Fund (ETF)
25,446,982 25,446,982
Common Stock
395,619 395,619
Short-Term Investments:
Commercial Papers
9,870,087 9,870,087
Time Deposits
6,384,803 6,384,803
U.S. Government Obligations
1,598,719 1,598,719
Money Market Fund
370,740 370,740
Total Investments, at value
$   211,572,716 $   25,817,722 $   185,359,375 $   395,619
Other Financial Instruments – Assets
Forward Foreign Currency Contracts
$ 50,109 $ $ 50,109 $
Total Other Financial Instruments – Assets
$ 50,109 $ $ 50,109 $
253

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
3. Investment valuation (continued)
Total Fair Value at
August 31, 2018
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
$ 492,480,408 $ $ 492,480,408 $
Senior Loans
57,725,139 56,548,318 1,176,821
Sovereign Bonds
45,642,104 45,642,104
Preferred Stocks:
Bermuda
2,687,022 2,687,022
United States
11,033,659 9,794,623 1,239,036
Common Stocks:
Colombia
301,208 301,208
United States
6,236,750 2,188,415 4,048,335
Short-Term Investments:
Commercial Papers
96,985,309 96,985,309
Time Deposits
17,619,109 17,619,109
Money Market Fund
3,333,215 3,333,215
Total Investments, at value
$ 734,043,923 $    18,304,483 $   710,514,284 $  5,225,156
Other Financial Instruments – Assets
Forward Foreign Currency Contracts
$ 46,935 $ $ 46,935 $
Total Other Financial Instruments – Assets
$ 46,935 $ $ 46,935 $
Other Financial Instruments – Liabilities
Forward Foreign Currency Contract
$ (678) $ $ (678) $
Total Other Financial Instruments – Liabilities
$ (678) $ $ (678) $
Destinations Municipal Fixed Income Fund
Investments, at value
Municipal Bonds
$ 640,905,677 $ $ 640,905,677 $
Short-Term Investments:
Time Deposits
138,510,135 138,510,135
Municipal Bonds
66,169,397 66,169,397
Total Investments, at value
$   845,585,209 $ $ 845,585,209 $
Destinations Multi Strategy Alternatives Fund
Investments, at value
Corporate Bonds & Notes:
Basic Materials
$ 6,750,080 $ $ 6,750,080 $
Communications
62,157,568* 62,157,568 *
Consumer Cyclical
15,434,869 15,434,869
Consumer Non-cyclical
40,331,544 40,331,544
Diversified
4,542,577 4,542,577
Energy
36,714,225 36,714,225
Financial
37,612,739 2,401,769 35,210,970
Industrial
9,573,626 9,573,626
Technology
10,518,385 10,518,385
Utilities
7,481,739 7,481,739
Senior Loans
57,972,040 57,820,140 151,900
Municipal Bonds
17,656,425 17,656,425
254

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
3. Investment valuation (continued)
Total Fair Value at
August 31, 2018
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)
Investments, at value (continued)
U.S. Government Obligations
$ 8,771,930 $ $ 8,771,930 $
Open-End Funds
218,947,853 218,947,853
Common Stocks:
Basic Materials
7,012,974 7,012,974
Communications
6,393,723 1,431,121 4,962,602
Consumer Non-cyclical
60,799,182 60,799,182
Diversified
6,738,859 6,738,859
Financial
40,565,897 40,565,897
Industrial
24,023,116 24,023,116
Technology
12,599,308 12,599,308
Closed-End Funds
126,965,979 124,018,121 2,947,858
Preferred Stock
5,169,291 5,169,291
Exchange Traded Funds (ETFs)
2,318,061 2,318,061
Warrants
379,029 379,029
Rights
127,966 121,421 6,545
Purchased Options
203,699 163,845 39,854
Short-Term Investments:
Time Deposits
235,917,742 235,917,742
Money Market Fund
18,686,651 18,686,651
Total Investments, at value
$ 1,082,367,077* $   306,428,645 $   772,838,674 $   3,099,758*
Other Financial Instruments – Assets
Forward Foreign Currency Contract
$ 21,204 $ $ 21,204 $
Total Other Financial Instruments – Assets
$ 21,204 $ $ 21,204 $
Other Financial Instruments – Liabilities
Option Contracts Written
$ (8,472) $ $ (8,472) $
Futures Contracts
(122,664) (122,664)
Securities Sold Short:
Corporate Bonds & Notes
(6,130,512) (6,130,512)
Exchange Traded Funds (ETFs)
(40,305,359) (40,305,359)
Common Stocks
(5,286,138) (5,286,138)
Total Other Financial Instruments – Liabilities
$ (51,853,145) $ (45,714,161) $ (6,138,984) $
*
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, 2018, Destinations Low Duration Fixed Income Fund had transfers from Level 3 to Level 2 of  $2,404,891. Destinations Global Fixed Income Opportunities Fund had transfers from Level 3 to Level 2 of $2,208,250 and transfers from Level 1 to Level 2 of  $1,239,036. Destinations Multi Strategy Alternatives Fund had di minimus transfers under 1% of net assets from Level 2 to Level 3, transfers from Level 1 to Level 3 of  $727,272 and transfers from Level 1 to Level 2 of  $59,751,160.
255

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
3. Investment valuation (continued)
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, 2018 through August 31, 2018:
Total
Closed-End
Funds
Common
Stocks
Corporate
Bonds &
Notes
Preferred
Stocks
Senior
Loans
Destinations Large Cap Equity Fund
Balance as of February 28, 2018
$ 406,539 $       — $ $       — $ 406,539 $       —
Purchases
1,584,623 1,584,623
(Sales/Paydowns)
Total realized gain (loss)
Change in unrealized appreciation (depreciation) 
Transfers In
Transfers Out
Balance as of August 31, 2018
$ 1,991,162 $ $ 1,584,623 $ $ 406,539 $
Change in unrealized appreciation
(depreciation) from Investments held as
of August 31, 2018
$ $ $ $ $ $
Destinations International Equity Fund
Balance as of February 28, 2018
$ * $ $ * $ $ $
Purchases
(Sales/Paydowns)
* *
Total realized gain (loss)
Change in unrealized appreciation (depreciation) 
Transfers In
Transfers Out
Balance as of August 31, 2018
$ $ $ $ $ $
Change in unrealized appreciation
(depreciation) from Investments held as
of August 31, 2018
$ $ $ $ $ $
Destinations Real Assets Fund
Balance as of February 28, 2018
$ 168,232 $ $ 168,232 $ $ $
Purchases
(Sales/Paydowns)
(201,123) (201,123)
Total realized gain (loss)
32,891 32,891
Change in unrealized appreciation (depreciation) 
Transfers In
Transfers Out
Balance as of August 31, 2018
$ $ $ $ $ $
Change in unrealized appreciation
(depreciation) from Investments held as
of August 31, 2018
$    — $    — $    — $    — $    — $    —
256

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
3. Investment valuation (continued)
Total
Closed-End
Funds
Common
Stocks
Corporate
Bonds &
Notes
Preferred
Stocks
Senior
Loans
Destinations Low Duration Fixed Income Fund
Balance as of February 28, 2018
$ 2,766,482 $ $ $ 2,766,482 $        — $
Purchases
395,660 395,660
(Sales/Paydowns)
(347,981) (347,981)
Accrued Discounts (premiums)
Total realized gain (loss)
(25,362) (25,362)
Change in unrealized appreciation (depreciation)
11,711 (41) 11,752
Transfers In
Transfers Out
(2,404,891) (2,404,891)
Balance as of August 31, 2018
$ 395,619 $ $ 395,619 $ $ $
Change in unrealized appreciation
(depreciation) from Investments held as
of August 31, 2018
$ (41) $ $ (41) $ $ $
Destinations Global Fixed Income Opportunities Fund
Balance as of February 28, 2018
$ 5,058,416 $ $ $ 3,293,023 $ $ 1,765,393
Purchases
5,895,187 4,728,209 1,166,978
(Sales/Paydowns)
(2,691,807) (1,048,483) (1,643,324)
Accrued Discounts (premiums)
Total realized gain (loss)
(71,456) (71,547) 91
Change in unrealized appreciation (depreciation)
(756,934) (679,874) 35,257 (112,317)
Transfers In
Transfers Out
(2,208,250) (2,208,250)
Balance as of August 31, 2018
$ 5,225,156 $ $ 4,048,335 $ $ $ 1,176,821
Change in unrealized appreciation
(depreciation) from Investments held as
of August 31, 2018
$ (679,874) $ $ (679,874) $ $ $
Destinations Multi Strategy Alternatives Fund
Balance as of February 28, 2018
$ 197,907* $ $ * $ 8,032 $ $ 189,875*
Purchases
2,032,599* 2,032,203 396
(Sales/Paydowns)
(1,703)* * (80) (1,623)*
Total realized gain (loss)
(160,567) (160,567)
Change in unrealized appreciation (depreciation)
304,250 188,383 152,615 (36,748)
Transfers In
727,272* 727,272 *
Transfers Out
Balance as of August 31, 2018
$ 3,099,758* $ 2,947,858 $ $ * $ $ 151,900*
Change in unrealized appreciation
(depreciation) from Investments held as
of August 31, 2018
$ 150,408 $ 188,383 $ $ $    — $ (37,975)
*
Includes securities that are fair valued at $0.
257

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
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 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.
258

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
4. Accounting for Derivative Instruments (continued)
(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.
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
259

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
4. Accounting for Derivative Instruments (continued)
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.
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
260

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
4. Accounting for Derivative Instruments (continued)
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.
The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure at August 31, 2018:
Destinations Large Cap Equity Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2018
Location
Interest
Rate Risk
Foreign
Exchange
Risk
Credit
Risk
Equity
Risk
Total
Asset derivatives
Unrealized appreciation on open futures contracts(a)
$    — $    — $    — $ 425,531 $ 425,531
$ $ $ $ 425,531 $ 425,531
Effect of Derivative Instruments on the Statements of Operations as of August 31, 2018
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
$    — $    — $    — $ 437,121 $ 437,121
$    — $    — $    — $ 437,121 $ 437,121
Change in unrealized appreciation (depreciation) on
derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on
futures contracts
$    — $    — $    — $ 287,852 $ 287,852
$    — $    — $    — $ 287,852 $ 287,852
261

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
4. Accounting for Derivative Instruments (continued)
Destinations International Equity Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2018
Location
Interest
Rate Risk
Foreign
Exchange
Risk
Credit
Risk
Equity
Risk
Total
Asset derivatives
Unrealized appreciation on forward foreign currency contracts(d)
$    — $ 76,947 $    — $    — $ 76,947
$    — $ 76,947 $    — $    — $ 76,947
Liability derivatives
Unrealized depreciation on forward foreign currency contracts(e)
$    — $ 24,764 $    — $    — $ 24,764
$    — $ 24,764 $    — $    — $ 24,764
Effect of Derivative Instruments on the Statements of Operations as of August 31, 2018
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
$    — $ 714,307 $    — $    — $ 714,307
$    — $ 714,307 $    — $    — $ 714,307
Change in unrealized appreciation (depreciation) on
derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on
forward foreign currency contracts
$    — $ 117,138 $    — $    — $ 117,138
$    — $ 117,138 $    — $    — $ 117,138
Destinations Real Assets Fund
Effect of Derivative Instruments on the Statements of Operations as of August 31, 2018
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
$    — $ (27,748) $    — $    — $ (27,748)
$ $ (27,748) $    — $    — $ (27,748)
262

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
4. Accounting for Derivative Instruments (continued)
Destinations Low Duration Fixed Income Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2018
Location
Interest
Rate Risk
Foreign
Exchange
Risk
Credit
Risk
Equity
Risk
Total
Asset derivatives
Unrealized appreciation on forward foreign currency contracts(d)
$    — $ 50,109 $    — $    — $ 50,109
$    — $ 50,109 $    — $    — $ 50,109
Effect of Derivative Instruments on the Statements of Operations as of August 31, 2018
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
$    — $ 344,500 $    — $    — $ 344,500
$    — $ 344,500 $    — $    — $ 344,500
Change in unrealized appreciation (depreciation) on
derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on
forward foreign currency contracts
$    — $ 50,109 $    — $    — $ 50,109
$    — $ 50,109 $    — $    — $ 50,109
Destinations Global Fixed Income Opportunities Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2018
Location
Interest
Rate Risk
Foreign
Exchange
Risk
Credit
Risk
Equity
Risk
Total
Asset derivatives
Unrealized appreciation on forward foreign currency contracts(d)
$    — $ 46,935 $    — $    — $ 46,935
$    — $ 46,935 $    — $    — $ 46,935
Liability derivatives
Unrealized depreciation on forward foreign currency contracts(e)
$    — $ 678 $    — $    — $ 678
$    — $ 678 $    — $    — $ 678
263

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
4. Accounting for Derivative Instruments (continued)
Destinations Global Fixed Income Opportunities Fund (continued)
Effect of Derivative Instruments on the Statements of Operations as of August 31, 2018
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
$    — $ 144,655 $    — $    — $ 144,655
$    — $ 144,655 $    — $    — $ 144,655
Change in unrealized appreciation (depreciation) on
derivatives recognized in income(c)
Net change in unrealized appreciation (depreciation) on
forward foreign currency contracts
$    — $ 46,257 $    — $    — $ 46,257
$    — $ 46,257 $    — $    — $ 46,257
Destinations Multi Strategy Alternatives Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2018
Location
Interest
Rate Risk
Foreign
Exchange
Risk
Credit
Risk
Equity
Risk
Total
Asset derivatives
Purchased options(d)
$    — $    — $    — $ 203,699 $ 203,699
Unrealized appreciation on forward foreign currency contracts(d)
21,204 21,204
$    — $ 21,204 $    — $ 203,699 $ 224,903
Liability derivatives
Options contracts written outstanding(e)
$    — $    — $    — $ 8,472 $ 8,472
Unrealized depreciation on open futures contracts(a)
122,664 122,664
$ 122,664 $    — $    — $ 8,472 $ 131,136
Effect of Derivative Instruments on the Statements of Operations as of August 31, 2018
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 purchased options
$    — $    — $    — $ 136,654 $ 136,654
Net realized gain (loss) on options contracts written
75,406 75,406
Net realized gain (loss) on futures contracts
148,201 148,201
Net realized gain (loss) on forward foreign currency contracts
532,754 532,754
Net realized gain (loss) on swap contracts
288,581 (583,729) 580,903 285,755
$ 148,201 $ 821,335 $ (583,729) $ 792,963 $ 1,178,770
264

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
4. Accounting for Derivative Instruments (continued)
Destinations Multi Strategy Alternatives Fund (continued)
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
purchased options
$    — $    — $    — $ (807,177) $ (807,177)
Net change in unrealized appreciation (depreciation) on
options contracts written
1,687,218 1,687,218
Net change in unrealized appreciation (depreciation) on
futures contracts
(239,968) (239,968)
Net change in unrealized appreciation (depreciation) on
forward foreign currency contracts
(127,596) (127,596)
Net change in unrealized appreciation (depreciation) on
swap contracts
(124,537) 27,872 (64,614) (161,279)
$ (239,968) $ (252,133) $ 27,872 $ 815,427 $ 351,198
(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: Investments, at value or unrealized appreciation on open forward foreign currency contracts.
(e)
Statements of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts or options contracts written, at value.
The average notional amounts of futures contracts, swaps contracts, forward foreign currency contracts, and the average market value of purchased options and options contracts written during the period ended August 31, 2018 were as follows:
Destinations Large Cap Equity Fund
Interest
Rate Risk
Foreign
Exchange
Risk
Credit
Risk
Equity
Risk
Total
Futures contracts
$    — $    — $    — $ 11,317,296 $ 11,317,296
Destinations International Equity Fund
Interest
Rate Risk
Foreign
Exchange
Risk
Credit
Risk
Equity
Risk
Total
Forward foreign currency contracts
$    — $ 15,030,070 $    — $    — $ 15,030,070
Destinations Real Assets 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, 2018.
265

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
4. Accounting for Derivative Instruments (continued)
Destinations Low Duration Fixed Income Fund
Interest
Rate Risk
Foreign
Exchange
Risk
Credit
Risk
Equity
Risk
Total
Forward foreign currency contracts
$    — $ 4,205,844 $    — $    — $ 4,205,844
Destinations Global Fixed Income Opportunities Fund
Interest
Rate Risk
Foreign
Exchange
Risk
Credit
Risk
Equity
Risk
Total
Forward foreign currency contracts
$    — $ 2,543,560 $    — $    — $ 2,543,560
Destinations Multi Strategy Alternatives Fund
Interest
Rate Risk
Foreign
Exchange
Risk
Credit
Risk
Equity
Risk
Total
Purchased options
$    — $    — $    — $ 368,058 $ 368,058
Option contracts written
1,644,520 1,644,520
Futures contracts
79,841,545 79,841,545
Forward foreign currency contracts
11,323,747 11,323,747
Swap contracts
5,535,192 2,546,000 35,986,310 44,067,502
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
266

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
5. Accounting for Other Instruments (continued)
provide additional collateral when required or return loaned securities when due. If the borrower fails to return the 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, 2018.
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
$ 9,936,044 $ (9,936,044) $    —
Destinations Small-Mid Cap Equity Fund
24,153,258 (24,153,258)
Destinations International Equity Fund
12,626,972 (12,626,972)
Destinations Equity Income Fund
555,150 (555,150)
Destinations Real Assets Fund
14,859,304 (14,859,304)
Destinations Core Fixed Income Fund
888,349 (888,349)
Destinations Low Duration Fixed Income Fund
363,266 (363,266)
Destinations Global Fixed Income Opportunities Fund
3,189,640 (3,189,640)
Destinations Multi Strategy Alternatives Fund
18,273,304 (18,273,304)
(a)
Represents market value of securities on loan at period end.
(b)
The Funds received cash collateral of  $10,135,978, $24,705,742, $13,246,061, $569,260, $15,622,956, $906,892, $370,740, $3,333,215 and $18,686,651, 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.
267

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
5. Accounting for Other Instruments (continued)
The table below represents the disaggregation at August 31, 2018 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, 2018
Overnight
and
Continuous
< 30 days
Between
30 & 90 
days
> 90 days
Total
Destinations Large Cap Equity Fund
Securities Lending Transactions
Common Stocks
$ 10,135,978 $    — $    — $    — $ 10,135,978
Total Borrowings
$ 10,135,978 $    — $    — $    — $ 10,135,978
Gross amount of recognized liabilities
for securities lending transactions
$ 10,135,978
Destinations Small-Mid Cap Equity Fund
Securities Lending Transactions
Common Stocks
$ 24,666,710 $    — $    — $    — $ 24,666,710
Exchange Traded Funds (ETFs)
39,032 39,032
Total Borrowings
$ 24,705,742 $    — $    — $    — $ 24,705,742
Gross amount of recognized liabilities
for securities lending transactions
$ 24,705,742
Destinations International Equity Fund
Securities Lending Transactions
Common Stocks
$ 13,246,061 $    — $    — $    — $ 13,246,061
Total Borrowings
$ 13,246,061 $    — $    — $    — $ 13,246,061
Gross amount of recognized liabilities
for securities lending transactions
$ 13,246,061
Destinations Equity Income Fund
Securities Lending Transactions
Exchange Traded Funds (ETFs)
$ 569,260 $    — $    — $    — $ 569,260
Total Borrowings
$ 569,260 $    — $    — $    — $ 569,260
Gross amount of recognized liabilities
for securities lending transactions
$ 569,260
Destinations Real Assets Fund
Securities Lending Transactions
Common Stocks
$ 15,617,756 $    — $    — $    — $ 15,617,756
Exchange Traded Funds (ETFs)
5,200    —    —    — 5,200
Total Borrowings
$ 15,622,956 $    — $    — $    — $ 15,622,956
Gross amount of recognized liabilities
for securities lending transactions
$ 15,622,956
Destinations Core Fixed Income Fund
Securities Lending Transactions
Corporate Securities
$ 906,892 $ 906,892
Total Borrowings
$ 906,892 $    — $    — $    — $ 906,892
268

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
5. Accounting for Other Instruments (continued)
Remaining Contractual Maturity of the Agreements
As of August 31, 2018
Overnight
and
Continuous
< 30 days
Between
30 & 90 
days
> 90 days
Total
Gross amount of recognized liabilities
for securities lending transactions
$ 906,892
Destinations Low Duration Fixed Income Fund
Securities Lending Transactions
Exchange Traded Funds (ETFs)
$ 370,740 $    — $    — $    — $ 370,740
Total Borrowings
$ 370,740 $    — $    — $    — $ 370,740
Gross amount of recognized liabilities
for securities lending transactions
$ 370,740
Destinations Global Fixed Income Opportunities Fund
Securities Lending Transactions
Corporate Securities
$ 3,134,315 $    — $    — $    — $ 3,134,315
Preferred Stocks
198,900 198,900
Total Borrowings
$ 3,333,215 $    — $    — $    — $ 3,333,215
Gross amount of recognized liabilities
for securities lending transactions
$ 3,333,215
Destinations Multi Strategy Alternatives Fund
Securities Lending Transactions
Corporate Securities
$ 11,228,406 $    — $    — $    — $ 11,228,406
Common Stocks
7,800 7,800
Preferred Stocks
7,450,445 7,450,445
Total Borrowings
$ 18,686,651 $    — $    — $    — $ 18,686,651
Gross amount of recognized liabilities
for securities lending transactions
$    — $    — $ 18,686,651
(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.
269

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
5. Accounting for Other Instruments (continued)
(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 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,
270

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
5. Accounting for Other Instruments (continued)
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 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
271

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
5. Accounting for Other Instruments (continued)
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 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, 2018.
Principal
Unfunded
Bank Loan
Interest
(Cost)
Value of
Underlying
Bank Loan
Interest
(Value)
Unrealized
Appreciation/​
(Depreciation)
Destinations Core Fixed Income Fund
Access CIG LLC
$ 26,036 $ 26,153 $ 26,118 $ (35)
Dentalcorp of Canada ULC
43,430 43,581 43,575 (6)
Mavis Tire Express Services Corp.
81,494 81,494 80,679 (815)
$ 150,960 $ 151,228 $ 150,372 $ (856)
Destinations Global Fixed Income Opportunities Fund
YI LLC
$ 560,279 $ 559,177 $ 558,878 $ (299)
272

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
5. Accounting for Other Instruments (continued)
(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 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 February 28, 2018 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, 2018.
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
$ 76,947 $ 24,764
Total Derivative Instruments, subject to master netting arrangement or similar arrangement
$ 76,947 $ 24,764
Destinations Low Duration Fixed Income Fund:
Forward foreign currency contracts
$ 50,109 $
Total Derivative Instruments, subject to master netting arrangement or similar arrangement
$ 50,109 $
Destinations Global Fixed Income Opportunities Fund:
Forward foreign currency contracts
$ 46,935 $ 678
Total Derivative Instruments, subject to master netting arrangement or similar arrangement
$ 46,935 $ 678
273

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
5. Accounting for Other Instruments (continued)
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 Multi Strategy Alternatives Fund:
Forward foreign currency contracts
$ 21,204 $
Options contracts
39,854 8,472
Total Derivative Instruments, subject to master netting arrangement or similar arrangement
$ 61,058 $ 8,472
(a)
Excludes exchange-traded derivatives.
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, 2018.
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
Citigroup Global Markets Inc.
$ 10,987 $    — $    — $ 10,987
State Street Bank and Trust Co.
65,960 65,960
Total Over-the-counter derivative instruments
$ 76,947 $ $ $ 76,947
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
UBS AG.
$ 24,764 $    — $    — $ 24,764
Total Over-the-counter derivative instruments
$ 24,764 $    — $    — $ 24,764
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.
$ 50,109 $    — $    — $ 50,109
Total Over-the-counter derivative instruments
$ 50,109 $    — $    — $ 50,109
274

Notes to Financial Statements
August 31, 2018 (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 Global Fixed Income Opportunities Fund
Over-the-counter
Brown Brothers Harriman & Co.
$ 46,935 $ (678) $    — $ 46,257
Total Over-the-counter derivative instruments
$ 46,935 $ (678) $    — $ 46,257
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 Global Fixed Income Opportunities Fund
Over-the-counter
Brown Brothers Harriman & Co.
$ 678 $ (678) $    — $    —
Total Over-the-counter derivative instruments
$ 678 $ (678) $ $
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
Bank of America
$ 39,854 $ (8,472) $    — $ 31,382
Goldman Sachs & Co.
21,204 21,204
Total Over-the-counter derivative instruments
$ 61,058 $ (8,472) $ $ 52,586
Counterparty
Gross amounts of
Recognized Liabilities
presented in the
Statements of
Assets and Liabilities
Financial
Instruments
Available for
Offset(c)
Collateral
Received(e)
Net Amount(d)
Destinations Multi Strategy Alternatives Fund
Over-the-counter
Bank of America
$ 8,472 $ (8,472) $    — $    —
Total Over-the-counter derivative instruments
$ 8,472 $ (8,472) $ $
(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.
275

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
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 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
0.24% 0.39% 0.75%
Destinations Small-Mid Cap Equity Fund
0.41% 0.39% 0.90%
Destinations International Equity Fund
0.50% 0.39% 1.00%
Destinations Equity Income Fund
0.25% 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
0.26% 0.39% 0.70%
Destinations Global Fixed Income Opportunities Fund
0.35% 0.39% 0.85%
Destinations Municipal Fixed Income Fund
0.17% 0.39% 0.70%
Destinations Multi Strategy Alternatives Fund
0.49% 0.39% 1.35%
276

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
7. Investment Management Agreement (continued)
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, 2018 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.
The Adviser voluntarily waived a portion of its advisory fee for Destinations Municipal Fixed Income Fund in order to keep the Funds’ expected total annual operating expenses at or below 0.80%. This voluntary waiver applies only to the advisory fee and does not apply to any other direct or indirect expenses incurred by the Fund. The Adviser may discontinue all or part of this voluntary waiver at anytime.
For the period ended August 31, 2018, the amounts waived by the Adviser were as follows:
Fund
Destinations Large Cap Equity Fund
$ 1,752,934
Destinations Small-Mid Cap Equity Fund
375,018
Destinations International Equity Fund
749,040
Destinations Equity Income Fund
261,756
Destinations Real Assets Fund
55,394
Destinations Core Fixed Income Fund
631,868
Destinations Low Duration Fixed Income Fund
42,772
Destinations Global Fixed Income Opportunities Fund
355,845
Destinations Municipal Fixed Income Fund
266,944
Destinations Multi Strategy Alternatives Fund
2,315,925
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, 2018, class specific expenses were as follows:
Sub-Transfer Agent Fees
Class I
Class Z
Destinations Large Cap Equity Fund
$ 2,168,103 $
Destinations Small-Mid Cap Equity Fund
$ 567,366 $
Destinations International Equity Fund
$ 1,045,026 $
Destinations Equity Income Fund
$ 236,848 $
Destinations Real Assets Fund
$ 200,244 $
Destinations Core Fixed Income Fund
$ 1,150,443 $
Destinations Low Duration Fixed Income Fund
$ 139,522 $
Destinations Global Fixed Income Opportunities Fund
$ 476,218 $
Destinations Municipal Fixed Income Fund
$ 285,178 $
Destinations Multi Strategy Alternatives Fund
$ 728,906 $
277

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
9. Investments
During the period ended August 31, 2018, 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
$ 424,428,956 $ 298,793,553 $ $
Destinations Small-Mid Cap Equity Fund
294,421,876 282,098,804
Destinations International Equity Fund
223,796,789 225,397,442
Destinations Equity Income Fund
166,486,317 172,887,566
Destinations Real Assets Fund
148,302,782 107,855,283
Destinations Core Fixed Income Fund
242,373,748 158,762,186 576,310,849 519,063,005
Destinations Low Duration Fixed Income Fund
100,895,259 29,811,795 1,855,336 713,971
Destinations Global Fixed Income Opportunities Fund
243,027,598 130,880,821 135,000
Destinations Municipal Fixed Income Fund
618,409,065 266,121,864
Destinations Multi Strategy Alternatives Fund 
500,854,340 501,324,472
At August 31, 2018, 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
$ 2,586,461,722 $ 607,600,134 $ (83,595,101) $ 524,005,033
Destinations Small-Mid Cap Equity Fund
725,269,326 140,457,794 (10,321,681) 130,136,113
Destinations International Equity Fund
1,261,230,672 199,439,588 (63,643,930) 135,795,658
Destinations Equity Income Fund
313,682,064 19,263,607 (12,334,943) 6,928,664
Destinations Real Assets Fund
358,632,672 15,794,706 (40,608,876) (24,814,170)
Destinations Core Fixed Income Fund
1,666,714,404 4,718,698 (33,123,454) (28,404,756)
Destinations Low Duration Fixed Income Fund
213,659,008 369,664 (2,405,847) (2,036,183)
Destinations Global Fixed Income Opportunities Fund
743,495,550 1,584,969 (10,990,339) (9,405,370)
Destinations Municipal Fixed Income Fund
848,499,022 410,341 (3,324,154) (2,913,813)
Destinations Multi Strategy Alternatives Fund 
1,073,334,898 38,537,926 (29,465,824) 9,072,102
10. Shares of Beneficial Interest
At August 31, 2018, the Trust had an unlimited number of units of beneficial interest (shares) authorized with a par value of $0.001 per share. At August 31, 2018, Trustees and executive officers of the Trust as a group owned of record less than 1% of the outstanding shares of the Trust.
278

Notes to Financial Statements
August 31, 2018 (unaudited) (continued)
10. Shares of Beneficial Interest (continued)
Transactions in shares of each Fund’s Class were as follows:
Period ended
August 31, 2018
Period ended
August 31, 2018*
Period ended
February 28, 2018**
Class I
Class Z
Class I
Destinations Large Cap Equity Fund
Shares sold
270,845,134 20 287,473,592
Shares issued on reinvestment
1,649,228
Shares repurchased
(261,389,295) (49,722,622)
Net Increase
9,455,839 20 239,400,198
Destinations Small-Mid Cap Equity Fund
Shares sold
70,655,057 20 75,742,390
Shares issued on reinvestment
515,514
Shares repurchased
(69,206,081) (12,450,205)
Net Increase
1,448,976 20 63,807,699
Destinations International Equity Fund
Shares sold
131,408,371 20 133,664,043
Shares issued on reinvestment
808,593
Shares repurchased
(130,992,693) (13,681,974)
Net Increase
415,678 20 120,790,662
Destinations Equity Income Fund
Shares sold
33,538,725 20 40,405,705
Shares issued on reinvestment
424,054 871,531
Shares repurchased
(34,945,709) (9,715,757)
Net Increase (Decrease)
(982,930) 20 31,561,479
279

Notes to Financial Statements
August 31, 2018 (unaudited) (concluded)
10. Shares of Beneficial Interest (concluded)
Period ended
August 31, 2018
Period ended
August 31, 2018*
Period ended
February 28, 2018**
Class I
Class Z
Class I
Destinations Real Assets Fund
Shares sold
38,300,218 20 26,710,372
Shares issued on reinvestment
587,864
Shares repurchased
(28,598,228) (2,404,971)
Net Increase
9,701,990 20 24,893,265
Destinations Core Fixed Income Fund
Shares sold
178,823,172 20 170,214,773
Shares issued on reinvestment
2,053,363 2,882,755
Shares repurchased
(165,832,421) (20,562,920)
Net Increase
15,044,114 20 152,534,608
Destinations Low Duration Fixed Income Fund
Shares sold
22,847,517 20 20,631,298
Shares issued on reinvestment
342,537 407,204
Shares repurchased
(19,962,336) (3,006,453)
Net Increase
3,227,718 20 18,032,049
Destinations Global Fixed Income Opportunities Fund
Shares sold
79,322,342 20 65,732,883
Shares issued on reinvestment
1,193,204 1,756,026
Shares repurchased
(66,331,364) (7,289,447)
Net Increase
14,184,182 20 60,199,462
Destinations Municipal Fixed Income Fund
Shares sold
87,315,691 20 25,843,707
Shares issued on reinvestment
230,080 117,490
Shares repurchased
(28,378,754) (2,828,194)
Net Increase
59,167,017 20 23,133,003
Destinations Multi Strategy Alternatives Fund
Shares sold
118,075,918 20 112,492,168
Shares issued on reinvestment
983,218 1,912,479
Shares repurchased
(97,333,403) (25,231,900)
Net Increase
21,725,733 20 89,172,747
*
The values shown represent the period from Fund’s Class Z inception (July 16, 2018) through the period end August 31, 2018.
**
The values shown represent the period from Fund’s Class I inception (March 20, 2017) through the period end February 28, 2018.
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.
280

Board Approval of Investment Advisory Agreements (unaudited)
Approval of Investment Advisory Agreements
Pursuant to the investment advisory agreement (the “Management Agreement”) between Brinker Capital Destinations Trust (the “Trust,” and each series thereof, a “Fund”) and Brinker Capital, Inc. (the “Manager”), the Manager both selects investments in third-party funds and serves as “manager of managers” for the Trust in that the Manager 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 by the Manager pursuant to investment advisory agreements (the “Sub-advisory Agreements” and, together with the Management Agreement, the “Agreements”) between the Manager and each of the Sub-advisers.
The Investment Company Act of 1940 (the “1940 Act”), requires that any investment advisory agreements with mutual funds (including sub-advisory agreements) be approved initially and renewed annually (after an initial period of up to two years), by the funds’ board of trustees, including a majority of the trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the investment advisory agreements, by vote cast in person at a meeting called for the purpose of voting on such approval. In connection with their consideration of the approval of any investment advisory agreements, the board must request and evaluate such information as may reasonably be necessary to make a reasonable business judgment with respect to such approval, and the investment adviser (and any sub-advisers) are required to provide such information.
At an in-person meeting of the Board held on June 7, 2018 (“June Meeting”), the Board of Trustees of the Trust (the “Board” or “Trustees”), including a majority of the Trustees who are not “interested persons” with respect to the Trust, the Manager or any Sub-advisers, (the “Independent Trustees”), approved two new Sub-advisory Agreements, one between the Manager and Strategas Asset Management, LLC (“Strategas”) with respect to the Destinations Large Cap Equity Fund, and a second between the Manager and FIAM, LLC (“FIAM”) with respect to the Destinations Municipal Fixed Income Fund, pursuant to which each Sub-adviser will provide day-to-day management of a percentage of the respective Fund’s portfolio allocated to it by the Manager. In voting to approve the Sub-advisory Agreements, the Board decided that the approval of each Sub-advisory Agreement would be in the best interests of the applicable Fund and its shareholders, based on several factors including those discussed below.
Nature, Extent and Quality of Services Provided to the Funds 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 respective proposed new sub-adviser under the applicable Sub-advisory Agreement. The Board considered information regarding the process by which the Manager had evaluated and decided to recommend the proposed sub-advisers for Board approval 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 the day-to-day management of the portion of the respective Fund’s 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 applicable Fund’s assets to be managed by each Sub-adviser, and other key personnel at the Sub-advisers. The Board specifically took into account each Sub-adviser’s investment process and capabilities. With respect to each Sub-adviser, the Board also considered the Manager’s favorable assessment of the nature and quality of the sub-advisory services expected to be provided to the applicable Fund. The Board also reviewed information received from 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 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) each such Sub-adviser’s experience and the qualifications of its investment personnel in providing portfolio management services (and, in the case of Strategas, quantitative models) to other investment portfolios, (ii) the portfolio management and research resources expected to be applied by each such Sub-adviser in managing a portion of the applicable Fund’s assets allocated to it, (iii) how each such Sub-adviser was expected to complement the applicable Fund’s existing sub-advisers, (iv) each such Sub-adviser’s compliance program (including, in the case of Strategas, the compliance resources of its ultimate parent, Baird Financial Group, would be leveraged by Strategas), and (v) the Manager’s recommendation to engage each Sub-adviser (including, with respect to Strategas, the Manager’s objective of identifying new entrants to the marketplace to potentially engage as a sub-adviser to the Funds).
281

Board Approval of Investment Advisory Agreements (unaudited) (concluded)
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 June Meeting. The Board, however, received information from management regarding FIAM’s historical performance returns managing investment mandates similar to that of the Destinations Municipal Fixed Income Fund, with such performance compared to a relevant index. The Board also received information from management regarding Strategas’ historical performance returns managing large cap investment mandates (including on a non-discretionary basis or through the delivery of investment models), 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, the respective portfolio managers’ experience, and the Manager’s experience and reputation in selecting, evaluating, and overseeing investment managers, including new entrants to the market such as Strategas. The Board noted that Strategas was a newly registered investment adviser with a limited track record, but took into consideration the Fund’s overall investment portfolio and the Manager’s thesis for recommending the addition of Strategas, including the Manager’s own past experience with Strategas. The Board also took into account the fact that the Manager initially would allocate only 2% of the Destinations Large Cap Equity Fund’s portfolio to Strategas so that the Manager could gradually implement Strategas into the Fund’s overall portfolio. The Board determined that these factors supported a decision to approve each Sub-advisory Agreement.
Sub-advisory Fees and Expense Ratio; 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 new 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 each 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 Strategas and FIAM 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 pursuant to which the total amount of advisory fees capable of being retained by the Manager is equal 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 that were 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 each proposed sub-advisory agreement with the applicable Sub-adviser for an initial two-year period, having determined that each agreement would be in the best interests of the applicable Fund.
Following the Board’s approval, the Manager entered into a sub-advisory agreement with each Sub-adviser, each of which became effective as of June 7, 2018. Strategas began managing the assets of the Destinations Large Cap Equity Fund allocated to it by the Manager on July 5, 2018 and FIAM began managing the assets of the Destinations Municipal Fixed Income Fund allocated to it by the Manager on July 17, 2018.
282

Additional Information (unaudited)
Trustees and Officers of the Trust
The Board is responsible for overseeing the Trust’s management and operations. The Board approves all significant agreements between the Trust and the entities that furnish services to the Funds, including agreements with the Trust’s distributor, 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. (“Manager”) serves as the investment adviser for each Fund. The Funds employ a “multi-manager” strategy, meaning that, in addition to selecting investments in third-party funds, the Manager selects and oversees professional money managers (each a “Sub-adviser”) each of which is responsible for investing the assets of the Funds allocated to it. 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, 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 the Manager.
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
Chairman 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. NYSE Euronext and predecessor entities from 2006 to 2013, Financial Industry Regulatory Authority, Inc. (FINRA) from 2007 to 2012, Financial Accounting Foundation, Inc. from 2007 to 2012
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.
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 2011to 2016. Executive Vice President and Chief Financial Officer of PNC Global Investment Servicing from 1997 to 2010.
10
FundVantage Trust.
283

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
Gregory E. McGowan
Franklin Templeton
300 SE 2nd Street
Fort Lauderdale, FL 33301
Birth Year: 1949
Trustee Since 2017 Senior Strategic Advisor, Franklin Templeton Investments since 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), Palladium 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.
**
Since April 1, 2018.
284

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), Palladium 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.
**
Mr. Del Raso became an “interested” Trustee (as such term is defined under Section 2(a)(19) of the Investment Company Act) as of April 1, 2018.
***
At a meeting of the Board of Trustees held on March 8, 2018, the Board appointed Ms. Beaman to the Board, effectively replacing Mr. John E. Coyne, who left Brinker Capital at the end of 2017 and resigned from the Board effective March 8, 2018.
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.
285

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
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 (2009 – 2017)
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.
*
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.
286

Additional Information (unaudited) (continued)
Board Composition and Leadership Structure
As of April 1, 2018, four of the six Trustees on the Board (66.67%) were not “interested persons” (as defined in the 1940 Act) of the Trust and as such were not affiliated with the Manager or any Sub-adviser (“Independent Trustees”). Effective April 1, 2018, the Board appointed Ms. Brown, an Independent Trustee, to serve as Chair of the Board, replacing Mr. Del Raso, whose status changed from independent to interested. The Board determined that Ms. Brown should be elected as Chair, continuing the Board’s practice of maintaining an Independent Chair.
There is one primary committee of the Board: the Audit Committee. The Audit Committee is chaired by Mr. Marsini, an Independent Trustee and is comprised solely of Independent Trustees. Effective April 1, 2018, Mr. Del Raso stepped down from the Audit Committee, due to his change in status from Independent Trustee to Interested Trustee.
Board Oversight of Risk Management
The Board considers risk management issues as part of its general oversight responsibilities. Like most investment companies (as distinguished from operating companies), service providers to the Trust, primarily the Manager and the Sub-advisers, have responsibility for the day-to-day management of the Funds, which includes responsibility for risk management (including 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 Chairman of the Board or the Audit Committee, acting between Board meetings, regularly interacts with and receives reports from senior personnel of service providers, including 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 maintains contact, 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 generally, 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. 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 or counsel to the Manager and the Independent Trustees’ own independent legal counsel 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, on an individual basis and in combination with those of the other Trustees, demonstrates that the Board possesses the requisite attributes and skills to effectively oversee the management of the Trust and the interests of Fund shareholders. The Board believes that the significance of each Trustee’s experience, qualifications, attributes or skills is an individual matter and that these factors are best evaluated at the Board level, with no single Trustee, or particular factor, being indicative of Board effectiveness. However, the Board believes that Trustees must have the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively 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 having 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; and/or other life experiences. The Board noted that most of the Trustees had experience serving as directors on the boards of operating companies 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.
287

Additional Information (unaudited) (concluded)
Board Committees
The Trust has an Audit Committee composed of all the Independent Trustees of the Trust, namely Ms. Brown, Mr. Coleman, Mr. Marsini, Jr. and Mr. McGowan. The Board at times may form 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 the compensation of the independent registered public accounting firm. The Audit Committee also approves all audit and permissible non-audit services provided to each Fund by the independent registered public accounting firm to the Manager or to any other affiliated service providers if the engagement relates directly to Fund operations and financial reporting. The Audit Committee met once during the Trust’s most recent fiscal year.
288

[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
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 5, 2018

 

 

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 5, 2018

 

 

By: /s/ Philip Green, Jr.
  Philip Green, Jr.
  Chief Financial Officer and Treasurer
   
Date: November 5, 2018