Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Large Cap Equity Fund |
Shares/Units | Security | Value | ||||||
COMMON STOCKS - 97.6% | ||||||||
BASIC MATERIALS - 2.6% | ||||||||
Chemicals - 2.0% | ||||||||
7,457 | Air Products & Chemicals Inc. | $ | 1,762,313 | |||||
3,526 | Albemarle Corp. | 230,530 | ||||||
4,188 | Celanese Corp., Class A Shares | 525,887 | ||||||
367,952 | CF Industries Holdings Inc. | 17,003,062 | ||||||
159,644 | Dow Inc. | 8,520,200 | ||||||
389,356 | DuPont de Nemours Inc. | 25,234,162 | ||||||
96,925 | Eastman Chemical Co. | 7,596,012 | ||||||
8,472 | Ecolab Inc. | 1,581,468 | ||||||
4,414 | FMC Corp. | 432,396 | ||||||
3,613 | International Flavors & Fragrances Inc. | 510,264 | ||||||
40,336 | Linde PLC | 8,317,686 | ||||||
8,736 | LyondellBasell Industries NV, Class A Shares | 808,430 | ||||||
316,945 | Mosaic Co. | 6,037,802 | ||||||
7,997 | PPG Industries Inc. | 1,030,334 | ||||||
2,779 | Sherwin-Williams Co. | 1,620,518 | ||||||
Total Chemicals | 81,211,064 | |||||||
Forest Products & Paper - 0.2% | ||||||||
174,360 | International Paper Co. | 8,079,843 | ||||||
Iron/Steel - 0.0% | ||||||||
10,259 | Nucor Corp. | 578,197 | ||||||
Mining - 0.4% | ||||||||
685,930 | Freeport-McMoRan Inc. | 7,805,884 | ||||||
209,196 | Newmont Goldcorp Corp. | 8,033,126 | ||||||
Total Mining | 15,839,010 | |||||||
TOTAL BASIC MATERIALS | 105,708,114 | |||||||
COMMUNICATIONS - 15.8% | ||||||||
Advertising - 0.1% | ||||||||
12,790 | Interpublic Group of Cos., Inc. | 286,496 | ||||||
51,624 | Omnicom Group Inc. | 4,103,076 | ||||||
Total Advertising | 4,389,572 | |||||||
Internet - 11.1% | ||||||||
255,786 | Alibaba Group Holding Ltd., ADR* | 51,157,200 | ||||||
36,920 | Alphabet Inc., Class A Shares* | 48,147,003 | ||||||
28,268 | Alphabet Inc., Class C Shares* | 36,888,609 | ||||||
58,997 | Amazon.com Inc.* | 106,241,797 | ||||||
17,371 | Booking Holdings Inc.* | 33,074,905 | ||||||
4,897 | CDW Corp. | 661,340 | ||||||
26,682 | eBay Inc. | 947,745 | ||||||
4,781 | Expedia Group Inc. | 486,037 | ||||||
2,034 | F5 Networks Inc.* | 296,374 | ||||||
477,988 | Facebook Inc., Class A Shares* | 96,381,500 | ||||||
25,255 | IAC/InterActiveCorp* | 5,624,289 | ||||||
23,605 | Match Group Inc.(a) | 1,663,680 | ||||||
3,610 | MercadoLibre Inc.* | 2,095,894 | ||||||
67,466 | Netflix Inc.* | 21,228,852 | ||||||
19,242 | NortonLifeLock Inc. | 479,126 | ||||||
53,140 | Roku Inc., Class A Shares* | 8,522,062 | ||||||
6,315 | Spotify Technology SA* | 900,203 | ||||||
277,600 | Tencent Holdings Ltd. | 11,766,288 | ||||||
278,445 | Tencent Music Entertainment Group, ADR* | 3,461,071 | ||||||
239,393 | TripAdvisor Inc. | 6,798,761 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Large Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
COMMUNICATIONS - 15.8% - (continued) | ||||||||
Internet - 11.1% - (continued) | ||||||||
277,532 | Twitter Inc.* | $ | 8,578,514 | |||||
42,908 | VeriSign Inc.* | 8,184,272 | ||||||
Total Internet | 453,585,522 | |||||||
Media - 1.7% | ||||||||
201,979 | CBS Corp., Class B Shares | 8,155,912 | ||||||
5,472 | Charter Communications Inc., Class A Shares* | 2,571,895 | ||||||
265,644 | Comcast Corp., Class A Shares | 11,728,182 | ||||||
5,452 | Discovery Inc., Class A Shares*(a) | 179,589 | ||||||
12,032 | Discovery Inc., Class C Shares* | 367,217 | ||||||
7,969 | DISH Network Corp., Class A Shares* | 272,301 | ||||||
226,549 | Fox Corp., Class A Shares | 8,101,392 | ||||||
5,424 | Fox Corp., Class B Shares | 189,731 | ||||||
13,051 | News Corp., Class A Shares | 168,097 | ||||||
3,678 | News Corp., Class B Shares | 48,439 | ||||||
11,907 | Viacom Inc., Class B Shares | 286,601 | ||||||
249,605 | Walt Disney Co. | 37,835,126 | ||||||
Total Media | 69,904,482 | |||||||
Telecommunications - 2.9% | ||||||||
1,842 | Arista Networks Inc.* | 359,430 | ||||||
1,304,739 | AT&T Inc. | 48,771,144 | ||||||
32,584 | CenturyLink Inc. | 472,142 | ||||||
535,269 | Cisco Systems Inc. | 24,253,038 | ||||||
286,898 | Corning Inc. | 8,331,518 | ||||||
11,556 | Juniper Networks Inc. | 289,593 | ||||||
50,967 | Motorola Solutions Inc. | 8,526,779 | ||||||
10,921 | T-Mobile US Inc.* | 857,845 | ||||||
453,271 | Verizon Communications Inc. | 27,305,045 | ||||||
Total Telecommunications | 119,166,534 | |||||||
TOTAL COMMUNICATIONS | 647,046,110 | |||||||
CONSUMER CYCLICAL - 6.6% | ||||||||
Airlines - 0.3% | ||||||||
4,076 | Alaska Air Group Inc. | 281,285 | ||||||
13,411 | American Airlines Group Inc. | 385,432 | ||||||
150,056 | Delta Air Lines Inc. | 8,599,709 | ||||||
16,372 | Southwest Airlines Co. | 943,682 | ||||||
7,477 | United Airlines Holdings Inc.* | 693,866 | ||||||
Total Airlines | 10,903,974 | |||||||
Apparel - 1.4% | ||||||||
412,007 | Canada Goose Holdings Inc.*(a) | 15,718,067 | ||||||
4,868 | Capri Holdings Ltd.* | 180,798 | ||||||
12,235 | Hanesbrands Inc. | 184,381 | ||||||
355,231 | NIKE Inc., Class B Shares | 33,210,546 | ||||||
68,358 | PVH Corp. | 6,627,992 | ||||||
1,766 | Ralph Lauren Corp., Class A Shares | 189,562 | ||||||
9,780 | Tapestry Inc. | 262,984 | ||||||
6,741 | Under Armour Inc., Class A Shares* | 127,338 | ||||||
7,087 | Under Armour Inc., Class C Shares* | 122,605 | ||||||
11,050 | VF Corp. | 978,367 | ||||||
Total Apparel | 57,602,640 | |||||||
Auto Manufacturers - 0.4% | ||||||||
42,544 | Ferrari NV | 7,158,879 | ||||||
132,627 | Ford Motor Co. | 1,201,600 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Large Cap Equity Fund (continued) |
Shares/Units | Security | Value | |||||
CONSUMER CYCLICAL - 6.6% - (continued) | |||||||
Auto Manufacturers - 0.4% - (continued) | |||||||
264,990 | General Motors Co. | $ | 9,539,640 | ||||
11,722 | PACCAR Inc. | 953,819 | |||||
Total Auto Manufacturers | 18,853,938 | ||||||
Auto Parts & Equipment - 0.2% | |||||||
94,215 | Aptiv PLC | 8,844,904 | |||||
6,917 | BorgWarner Inc. | 290,860 | |||||
Total Auto Parts & Equipment | 9,135,764 | ||||||
Distribution/Wholesale - 0.1% | |||||||
6,823 | Copart Inc.* | 607,247 | |||||
19,406 | Fastenal Co. | 689,301 | |||||
10,554 | LKQ Corp.* | 372,345 | |||||
1,496 | WW Grainger Inc. | 474,157 | |||||
Total Distribution/Wholesale | 2,143,050 | ||||||
Home Builders - 0.3% | |||||||
11,389 | DR Horton Inc. | 630,381 | |||||
150,921 | Lennar Corp., Class A Shares | 9,002,438 | |||||
680 | NVR Inc.* | 2,578,485 | |||||
8,422 | PulteGroup Inc. | 333,932 | |||||
Total Home Builders | 12,545,236 | ||||||
Home Furnishings - 0.0% | |||||||
4,449 | Leggett & Platt Inc. | 232,772 | |||||
2,128 | Whirlpool Corp. | 304,517 | |||||
Total Home Furnishings | 537,289 | ||||||
Housewares - 0.0% | |||||||
12,896 | Newell Brands Inc. | 247,861 | |||||
Leisure Time - 0.4% | |||||||
13,551 | Carnival Corp. | 610,879 | |||||
5,304 | Harley-Davidson Inc. | 192,960 | |||||
7,403 | Norwegian Cruise Line Holdings Ltd.* | 397,097 | |||||
189,655 | Planet Fitness Inc., Class A Shares* | 14,019,298 | |||||
5,815 | Royal Caribbean Cruises Ltd. | 697,916 | |||||
Total Leisure Time | 15,918,150 | ||||||
Lodging - 0.5% | |||||||
9,708 | Hilton Worldwide Holdings Inc. | 1,019,340 | |||||
87,365 | Las Vegas Sands Corp. | 5,482,154 | |||||
9,251 | Marriott International Inc., Class A Shares | 1,298,470 | |||||
131,694 | MGM Resorts International | 4,207,623 | |||||
59,350 | Wynn Resorts Ltd. | 7,172,448 | |||||
Total Lodging | 19,180,035 | ||||||
Retail - 3.0% | |||||||
2,468 | Advance Auto Parts Inc. | 387,673 | |||||
830 | AutoZone Inc.* | 977,674 | |||||
7,849 | Best Buy Co., Inc. | 632,943 | |||||
5,604 | CarMax Inc.* | 545,045 | |||||
863 | Chipotle Mexican Grill Inc., Class A Shares* | 702,413 | |||||
14,883 | Costco Wholesale Corp. | 4,462,072 | |||||
4,156 | Darden Restaurants Inc. | 492,237 | |||||
26,825 | Dollar General Corp. | 4,221,182 | |||||
236,662 | Dollar Tree Inc.* | 21,645,106 | |||||
181,127 | Dollarama Inc. | 6,627,230 | |||||
7,663 | Gap Inc. | 127,283 | |||||
4,944 | Genuine Parts Co. | 516,005 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Large Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
CONSUMER CYCLICAL - 6.6% - (continued) | ||||||||
Retail - 3.0% - (continued) | ||||||||
37,062 | Home Depot Inc. | $ | 8,172,541 | |||||
5,385 | Kohl's Corp. | 253,149 | ||||||
7,386 | L Brands Inc. | 141,368 | ||||||
197,419 | Lowe's Cos., Inc. | 23,159,223 | ||||||
20,341 | Lululemon Athletica Inc.* | 4,590,760 | ||||||
10,161 | Macy's Inc.(a) | 155,666 | ||||||
25,701 | McDonald's Corp. | 4,998,330 | ||||||
3,617 | Nordstrom Inc.(a) | 138,061 | ||||||
2,589 | O'Reilly Automotive Inc.* | 1,145,063 | ||||||
32,393 | Restaurant Brands International Inc. | 2,125,953 | ||||||
12,342 | Ross Stores Inc. | 1,433,523 | ||||||
40,509 | Starbucks Corp. | 3,460,684 | ||||||
72,864 | Target Corp. | 9,108,729 | ||||||
3,637 | Tiffany & Co. | 486,631 | ||||||
40,913 | TJX Cos., Inc. | 2,501,012 | ||||||
4,127 | Tractor Supply Co. | 389,754 | ||||||
10,012 | Ulta Beauty Inc.* | 2,341,406 | ||||||
25,674 | Walgreens Boots Alliance Inc. | 1,530,170 | ||||||
48,128 | Walmart Inc. | 5,731,564 | ||||||
85,127 | Yum! Brands Inc. | 8,569,735 | ||||||
Total Retail | 121,770,185 | |||||||
Textiles - 0.0% | ||||||||
2,088 | Mohawk Industries Inc.* | 291,005 | ||||||
Toys/Games/Hobbies - 0.0% | ||||||||
3,924 | Hasbro Inc. | 399,071 | ||||||
TOTAL CONSUMER CYCLICAL | 269,528,198 | |||||||
CONSUMER NON-CYCLICAL - 24.4% | ||||||||
Agriculture - 1.4% | ||||||||
216,496 | Altria Group Inc. | 10,759,851 | ||||||
622,635 | Archer-Daniels-Midland Co. | 26,729,721 | ||||||
190,903 | Philip Morris International Inc. | 15,831,586 | ||||||
Total Agriculture | 53,321,158 | |||||||
Beverages - 0.7% | ||||||||
119,785 | Brown-Forman Corp., Class B Shares | 8,123,819 | ||||||
130,238 | Coca-Cola Co. | 6,954,709 | ||||||
5,660 | Constellation Brands Inc., Class A Shares | 1,053,099 | ||||||
6,370 | Molson Coors Brewing Co., Class B Shares | 321,558 | ||||||
13,092 | Monster Beverage Corp.* | 783,163 | ||||||
105,272 | PepsiCo Inc. | 14,299,096 | ||||||
Total Beverages | 31,535,444 | |||||||
Biotechnology - 2.5% | ||||||||
183,457 | Alexion Pharmaceuticals Inc.* | 20,903,091 | ||||||
53,586 | Amgen Inc. | 12,577,706 | ||||||
18,768 | Biogen Inc.* | 5,626,834 | ||||||
25,344 | Corteva Inc. | 659,451 | ||||||
144,955 | Exact Sciences Corp.* | 11,742,804 | ||||||
42,859 | Gilead Sciences Inc. | 2,881,839 | ||||||
75,325 | Illumina Inc.* | 24,161,247 | ||||||
6,052 | Incyte Corp.* | 569,856 | ||||||
2,704 | Regeneron Pharmaceuticals Inc.* | 997,776 | ||||||
95,357 | Vertex Pharmaceuticals Inc.* | 21,145,415 | ||||||
Total Biotechnology | 101,266,019 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Large Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
CONSUMER NON-CYCLICAL - 24.4% - (continued) | ||||||||
Commercial Services - 3.5% | ||||||||
14,686 | Automatic Data Processing Inc. | $ | 2,508,075 | |||||
2,809 | Cintas Corp. | 722,081 | ||||||
81,996 | Equifax Inc. | 11,449,921 | ||||||
2,953 | FleetCor Technologies Inc.* | 906,335 | ||||||
3,090 | Gartner Inc.* | 495,821 | ||||||
47,994 | Global Payments Inc. | 8,691,713 | ||||||
301,844 | H&R Block Inc. | 7,358,957 | ||||||
13,574 | IHS Markit Ltd.* | 986,151 | ||||||
20,597 | MarketAxess Holdings Inc. | 8,317,480 | ||||||
5,507 | Moody's Corp. | 1,248,272 | ||||||
187,243 | New Oriental Education & Technology Group Inc., ADR* | 22,671,382 | ||||||
11,841 | Nielsen Holdings PLC | 231,492 | ||||||
295,123 | PayPal Holdings Inc.* | 31,876,235 | ||||||
181,098 | Quanta Services Inc. | 7,540,921 | ||||||
3,986 | Robert Half International Inc. | 231,985 | ||||||
4,766 | Rollins Inc. | 170,861 | ||||||
36,307 | S&P Global Inc. | 9,608,648 | ||||||
279,432 | Square Inc., Class A Shares* | 19,314,340 | ||||||
91,322 | TransUnion | 7,882,002 | ||||||
2,611 | United Rentals Inc.* | 399,614 | ||||||
5,533 | Verisk Analytics Inc., Class A Shares | 816,007 | ||||||
Total Commercial Services | 143,428,293 | |||||||
Cosmetics/Personal Care - 0.5% | ||||||||
131,090 | Colgate-Palmolive Co. | 8,890,524 | ||||||
10,200 | Coty Inc., Class A Shares | 117,708 | ||||||
7,486 | Estee Lauder Cos., Inc., Class A Shares | 1,463,288 | ||||||
84,694 | Procter & Gamble Co. | 10,337,750 | ||||||
Total Cosmetics/Personal Care | 20,809,270 | |||||||
Food - 1.3% | ||||||||
5,707 | Campbell Soup Co. | 265,775 | ||||||
948,823 | Conagra Brands Inc. | 27,392,520 | ||||||
20,423 | General Mills Inc. | 1,088,954 | ||||||
5,041 | Hershey Co. | 746,875 | ||||||
9,228 | Hormel Foods Corp. | 410,923 | ||||||
3,860 | JM Smucker Co. | 405,647 | ||||||
8,415 | Kellogg Co. | 547,985 | ||||||
20,972 | Kraft Heinz Co. | 639,646 | ||||||
27,033 | Kroger Co. | 739,082 | ||||||
4,933 | Lamb Weston Holdings Inc | 414,273 | ||||||
4,183 | McCormick & Co., Inc. | 707,973 | ||||||
415,244 | Mondelez International Inc., Class A Shares | 21,816,920 | ||||||
17,367 | Sysco Corp. | 1,398,912 | ||||||
9,972 | Tyson Foods Inc., Class A Shares | 896,383 | ||||||
Total Food | 57,471,868 | |||||||
Healthcare-Products - 5.1% | ||||||||
287,212 | Abbott Laboratories | 24,542,266 | ||||||
34,490 | ABIOMED Inc.* | 6,766,248 | ||||||
66,860 | Alcon Inc.* | 3,691,341 | ||||||
80,604 | Align Technology Inc.* | 22,354,713 | ||||||
17,278 | Baxter International Inc. | 1,416,278 | ||||||
90,116 | Becton Dickinson & Co. | 23,294,986 | ||||||
47,141 | Boston Scientific Corp.* | 2,038,848 | ||||||
1,682 | Cooper Cos., Inc. | 526,617 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Large Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
CONSUMER NON-CYCLICAL - 24.4% - (continued) | ||||||||
Healthcare-Products - 5.1% - (continued) | ||||||||
21,607 | Danaher Corp. | $ | 3,154,190 | |||||
7,587 | DENTSPLY SIRONA Inc. | 428,969 | ||||||
111,927 | Edwards Lifesciences Corp.* | 27,415,399 | ||||||
5,017 | Henry Schein Inc.* | 345,671 | ||||||
9,046 | Hologic Inc.* | 464,241 | ||||||
82,661 | IDEXX Laboratories Inc.* | 20,795,854 | ||||||
24,333 | Intuitive Surgical Inc.* | 14,427,036 | ||||||
247,534 | Medtronic PLC | 27,572,812 | ||||||
4,873 | ResMed Inc. | 729,001 | ||||||
67,765 | Stryker Corp. | 13,882,338 | ||||||
1,564 | Teleflex Inc. | 552,624 | ||||||
13,553 | Thermo Fisher Scientific Inc. | 4,254,964 | ||||||
60,332 | Varian Medical Systems Inc.* | 8,068,198 | ||||||
6,948 | Zimmer Biomet Holdings Inc. | 1,009,406 | ||||||
Total Healthcare-Products | 207,732,000 | |||||||
Healthcare-Services - 2.8% | ||||||||
56,975 | Anthem Inc. | 16,446,403 | ||||||
147,511 | Centene Corp.* | 8,919,990 | ||||||
107,084 | DaVita Inc.* | 7,685,419 | ||||||
55,489 | HCA Healthcare Inc. | 7,694,105 | ||||||
42,918 | Humana Inc. | 14,644,909 | ||||||
6,165 | IQVIA Holdings Inc.* | 899,966 | ||||||
3,306 | Laboratory Corp. of America Holdings* | 569,591 | ||||||
4,558 | Quest Diagnostics Inc. | 485,655 | ||||||
170,550 | UnitedHealth Group Inc. | 47,731,829 | ||||||
2,749 | Universal Health Services Inc., Class B Shares | 383,458 | ||||||
32,693 | WellCare Health Plans Inc.* | 10,529,435 | ||||||
Total Healthcare-Services | 115,990,760 | |||||||
Household Products/Wares - 0.1% | ||||||||
2,885 | Avery Dennison Corp. | 376,117 | ||||||
8,473 | Church & Dwight Co., Inc. | 595,144 | ||||||
4,255 | Clorox Co. | 630,719 | ||||||
11,648 | Kimberly-Clark Corp. | 1,588,088 | ||||||
Total Household Products/Wares | 3,190,068 | |||||||
Pharmaceuticals - 6.5% | ||||||||
132,994 | AbbVie Inc. | 11,667,564 | ||||||
11,101 | Allergan PLC | 2,053,019 | ||||||
5,147 | AmerisourceBergen Corp., Class A Shares | 452,473 | ||||||
565,196 | Bristol-Myers Squibb Co. | 32,182,260 | ||||||
370,289 | Cardinal Health Inc. | 20,377,004 | ||||||
174,322 | Cigna Corp. | 34,850,454 | ||||||
373,185 | CVS Health Corp. | 28,089,635 | ||||||
93,711 | Eli Lilly & Co. | 10,996,986 | ||||||
236,035 | Johnson & Johnson | 32,452,452 | ||||||
6,258 | McKesson Corp. | 905,157 | ||||||
379,701 | Merck & Co., Inc. | 33,102,333 | ||||||
432,862 | Mylan NV* | 8,129,148 | ||||||
4,604 | Perrigo Co. PLC | 235,863 | ||||||
984,788 | Pfizer Inc. | 37,934,034 | ||||||
115,237 | Sarepta Therapeutics Inc.* | 12,963,010 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Large Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
CONSUMER NON-CYCLICAL - 24.4% - (continued) | ||||||||
Pharmaceuticals - 6.5% - (continued) | ||||||||
16,162 | Zoetis Inc., Class A Shares | $ | 1,947,844 | |||||
Total Pharmaceuticals | 268,339,236 | |||||||
TOTAL CONSUMER NON-CYCLICAL | 1,003,084,116 | |||||||
ENERGY - 5.1% | ||||||||
Oil & Gas - 4.3% | ||||||||
12,902 | Apache Corp. | 287,457 | ||||||
14,159 | Cabot Oil & Gas Corp. | 225,694 | ||||||
64,246 | Chevron Corp. | 7,525,134 | ||||||
3,503 | Cimarex Energy Co. | 161,033 | ||||||
76,898 | Concho Resources Inc. | 5,579,719 | ||||||
482,468 | ConocoPhillips | 28,919,132 | ||||||
13,679 | Devon Energy Corp. | 299,433 | ||||||
5,518 | Diamondback Energy Inc | 426,762 | ||||||
19,640 | EOG Resources Inc. | 1,392,476 | ||||||
143,189 | Exxon Mobil Corp. | 9,755,467 | ||||||
3,500 | Helmerich & Payne Inc. | 138,355 | ||||||
242,965 | Hess Corp. | 15,085,697 | ||||||
5,124 | HollyFrontier Corp. | 264,142 | ||||||
1,536,910 | Marathon Oil Corp. | 17,905,002 | ||||||
297,668 | Marathon Petroleum Corp. | 18,050,588 | ||||||
16,137 | Noble Energy Inc. | 335,004 | ||||||
516,071 | Occidental Petroleum Corp. | 19,904,859 | ||||||
152,664 | Phillips 66 | 17,513,614 | ||||||
158,641 | Pioneer Natural Resources Co. | 20,280,665 | ||||||
121,994 | Valero Energy Corp. | 11,649,207 | ||||||
Total Oil & Gas | 175,699,440 | |||||||
Oil & Gas Services - 0.7% | ||||||||
153,777 | Apergy Corp.* | 3,927,465 | ||||||
22,029 | Baker Hughes Co., Class A Shares | 493,890 | ||||||
934,343 | Halliburton Co. | 19,611,859 | ||||||
12,999 | National Oilwell Varco Inc. | 293,127 | ||||||
152,424 | Schlumberger Ltd. | 5,517,749 | ||||||
14,257 | TechnipFMC PLC | 268,602 | ||||||
Total Oil & Gas Services | 30,112,692 | |||||||
Pipelines - 0.1% | ||||||||
65,886 | Kinder Morgan Inc. | 1,292,024 | ||||||
13,976 | ONEOK Inc. | 992,995 | ||||||
41,017 | Williams Cos., Inc. | 931,906 | ||||||
Total Pipelines | 3,216,925 | |||||||
TOTAL ENERGY | 209,029,057 | |||||||
FINANCIAL - 15.1% | ||||||||
Banks - 5.3% | ||||||||
830,809 | Bank of America Corp. | 27,682,556 | ||||||
412,840 | Bank of New York Mellon Corp. | 20,216,775 | ||||||
378,234 | BB&T Corp. | 20,696,964 | ||||||
345,092 | Citigroup Inc. | 25,923,311 | ||||||
15,130 | Citizens Financial Group Inc. | 581,900 | ||||||
5,055 | Comerica Inc. | 355,923 | ||||||
24,721 | Fifth Third Bancorp | 746,327 | ||||||
5,656 | First Republic Bank | 621,594 | ||||||
84,776 | Goldman Sachs Group Inc. | 18,765,168 | ||||||
35,123 | Huntington Bancshares Inc. | 522,981 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Large Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
FINANCIAL - 15.1% - (continued) | ||||||||
Banks - 5.3% - (continued) | ||||||||
357,982 | JPMorgan Chase & Co. | $ | 47,167,708 | |||||
33,952 | KeyCorp | 658,329 | ||||||
4,524 | M&T Bank Corp. | 745,284 | ||||||
283,450 | Morgan Stanley | 14,025,106 | ||||||
7,272 | Northern Trust Corp. | 779,849 | ||||||
15,069 | PNC Financial Services Group Inc. | 2,308,721 | ||||||
33,767 | Regions Financial Corp. | 561,883 | ||||||
12,609 | State Street Corp. | 946,936 | ||||||
15,120 | SunTrust Banks Inc. | 1,071,101 | ||||||
1,744 | SVB Financial Group* | 404,137 | ||||||
240,945 | US Bancorp | 14,463,928 | ||||||
271,475 | Wells Fargo & Co. | 14,784,529 | ||||||
5,989 | Zions Bancorp N.A. | 298,133 | ||||||
Total Banks | 214,329,143 | |||||||
Diversified Financial Services - 4.0% | ||||||||
1,714 | Affiliated Managers Group Inc. | 146,324 | ||||||
1,386 | Alliance Data Systems Corp. | 148,177 | ||||||
23,024 | American Express Co. | 2,765,643 | ||||||
4,429 | Ameriprise Financial Inc. | 725,780 | ||||||
282,464 | Ant International Co., Ltd., Class C Shares, Private Placement*(b)(c)@ | 1,816,243 | ||||||
3,976 | BlackRock Inc., Class A Shares | 1,967,762 | ||||||
51,874 | Capital One Financial Corp. | 5,187,919 | ||||||
65,342 | Cboe Global Markets Inc. | 7,769,163 | ||||||
194,808 | Charles Schwab Corp. | 9,642,996 | ||||||
12,119 | CME Group Inc., Class A Shares | 2,456,885 | ||||||
10,770 | Discover Financial Services | 914,050 | ||||||
210,525 | E*TRADE Financial Corp. | 9,326,258 | ||||||
9,545 | Franklin Resources Inc. | 262,392 | ||||||
59,440 | Intercontinental Exchange Inc. | 5,597,465 | ||||||
13,533 | Invesco Ltd. | 237,640 | ||||||
81,602 | LPL Financial Holdings Inc. | 7,535,945 | ||||||
120,815 | Mastercard Inc., Class A Shares | 35,305,767 | ||||||
3,856 | Nasdaq Inc. | 404,109 | ||||||
44,274 | Raymond James Financial Inc. | 3,976,691 | ||||||
20,656 | Synchrony Financial | 772,741 | ||||||
7,972 | T Rowe Price Group Inc. | 985,020 | ||||||
92,941 | TD Ameritrade Holding Corp. | 4,817,132 | ||||||
335,488 | Visa Inc., Class A Shares | 61,900,891 | ||||||
14,345 | Western Union Co. | 385,594 | ||||||
Total Diversified Financial Services | 165,048,587 | |||||||
Equity Real Estate Investment Trusts (REITs) - 1.2% | ||||||||
3,838 | Alexandria Real Estate Equities Inc. | 623,752 | ||||||
14,981 | American Tower Corp. | 3,206,383 | ||||||
5,128 | Apartment Investment & Management Co., Class A Shares | 275,732 | ||||||
4,726 | AvalonBay Communities Inc. | 1,013,302 | ||||||
4,865 | Boston Properties Inc. | 673,997 | ||||||
14,070 | Crown Castle International Corp. | 1,880,596 | ||||||
7,051 | Digital Realty Trust Inc. | 852,819 | ||||||
11,996 | Duke Realty Corp. | 422,019 | ||||||
2,870 | Equinix Inc. | 1,626,860 | ||||||
237,311 | Equity Residential | 20,195,166 | ||||||
2,224 | Essex Property Trust Inc. | 694,288 | ||||||
4,300 | Extra Space Storage Inc. | 456,015 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Large Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
FINANCIAL - 15.1% - (continued) | ||||||||
Equity Real Estate Investment Trusts (REITs) - 1.2% - (continued) | ||||||||
2,359 | Federal Realty Investment Trust | $ | 311,553 | |||||
16,375 | Healthpeak Properties Inc. | 571,160 | ||||||
24,743 | Host Hotels & Resorts Inc. | 432,755 | ||||||
9,608 | Iron Mountain Inc. | 308,609 | ||||||
14,285 | Kimco Realty Corp. | 308,842 | ||||||
3,801 | Macerich Co. | 102,361 | ||||||
3,872 | Mid-America Apartment Communities Inc. | 527,018 | ||||||
21,359 | Prologis Inc. | 1,955,416 | ||||||
5,082 | Public Storage | 1,070,676 | ||||||
10,873 | Realty Income Corp. | 833,198 | ||||||
5,704 | Regency Centers Corp. | 370,988 | ||||||
3,828 | SBA Communications Corp., Class A Shares | 905,207 | ||||||
10,424 | Simon Property Group Inc. | 1,576,213 | ||||||
2,812 | SL Green Realty Corp. | 239,948 | ||||||
9,679 | UDR Inc. | 465,076 | ||||||
12,759 | Ventas Inc. | 743,977 | ||||||
5,360 | Vornado Realty Trust | 346,095 | ||||||
13,714 | Welltower Inc. | 1,159,793 | ||||||
275,726 | Weyerhaeuser Co. | 8,136,674 | ||||||
Total Equity Real Estate Investment Trusts (REITs) | 52,286,488 | |||||||
Insurance - 4.6% | ||||||||
25,056 | Aflac Inc. | 1,374,071 | ||||||
191,409 | Allstate Corp. | 21,313,392 | ||||||
553,534 | American International Group Inc. | 29,149,100 | ||||||
7,981 | Aon PLC | 1,625,011 | ||||||
6,281 | Arthur J Gallagher & Co. | 585,829 | ||||||
70,495 | Assurant Inc. | 9,366,671 | ||||||
216,215 | Berkshire Hathaway Inc., Class B Shares* | 47,632,165 | ||||||
105,174 | Chubb Ltd. | 15,931,758 | ||||||
5,143 | Cincinnati Financial Corp. | 550,558 | ||||||
1,354 | Everest Re Group Ltd. | 367,286 | ||||||
3,402 | Globe Life Inc. | 349,590 | ||||||
153,820 | Hartford Financial Services Group Inc. | 9,515,305 | ||||||
6,775 | Lincoln National Corp. | 400,064 | ||||||
8,801 | Loews Corp. | 447,971 | ||||||
204,035 | Marsh & McLennan Cos., Inc. | 22,050,063 | ||||||
26,938 | MetLife Inc. | 1,344,476 | ||||||
8,775 | Principal Financial Group Inc. | 483,503 | ||||||
19,786 | Progressive Corp. | 1,445,367 | ||||||
13,604 | Prudential Financial Inc. | 1,273,606 | ||||||
8,812 | Travelers Cos., Inc. | 1,204,777 | ||||||
7,179 | Unum Group | 220,682 | ||||||
213,916 | Voya Financial Inc. | 12,467,024 | ||||||
49,648 | Willis Towers Watson PLC | 9,752,853 | ||||||
Total Insurance | 188,851,122 | |||||||
Real Estate - 0.0% | ||||||||
11,382 | CBRE Group Inc., Class A Shares* | 649,002 | ||||||
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Large Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
FINANCIAL - 15.1% - (continued) | ||||||||
Savings & Loans - 0.0% | ||||||||
13,276 | People's United Financial Inc. | $ | 219,054 | |||||
TOTAL FINANCIAL | 621,383,396 | |||||||
INDUSTRIAL - 9.4% | ||||||||
Aerospace/Defense - 4.0% | ||||||||
13,109 | Arconic Inc. | 405,855 | ||||||
93,384 | Boeing Co. | 34,195,353 | ||||||
47,220 | General Dynamics Corp. | 8,581,763 | ||||||
82,442 | L3Harris Technologies Inc. | 16,578,262 | ||||||
27,093 | Lockheed Martin Corp. | 10,594,176 | ||||||
105,407 | Northrop Grumman Corp. | 37,079,020 | ||||||
140,820 | Raytheon Co. | 30,617,084 | ||||||
1,680 | TransDigm Group Inc. | 952,728 | ||||||
150,172 | United Technologies Corp. | 22,276,514 | ||||||
Total Aerospace/Defense | 161,280,755 | |||||||
Building Materials - 0.8% | ||||||||
4,734 | Fortune Brands Home & Security Inc. | 299,473 | ||||||
26,928 | Johnson Controls International PLC | 1,153,326 | ||||||
59,754 | Martin Marietta Materials Inc. | 16,037,974 | ||||||
9,796 | Masco Corp. | 456,004 | ||||||
107,619 | Vulcan Materials Co. | 15,267,907 | ||||||
Total Building Materials | 33,214,684 | |||||||
Electrical Components & Equipment - 0.1% | ||||||||
7,728 | AMETEK Inc. | 765,149 | ||||||
20,816 | Emerson Electric Co. | 1,537,470 | ||||||
Total Electrical Components & Equipment | 2,302,619 | |||||||
Electronics - 0.9% | ||||||||
10,473 | Agilent Technologies Inc. | 845,904 | ||||||
3,146 | Allegion PLC | 377,614 | ||||||
10,066 | Amphenol Corp., Class A Shares | 1,046,864 | ||||||
141,049 | FLIR Systems Inc. | 7,554,585 | ||||||
96,293 | Fortive Corp. | 6,949,466 | ||||||
4,889 | Garmin Ltd. | 477,606 | ||||||
78,937 | Honeywell International Inc. | 14,094,201 | ||||||
6,403 | Keysight Technologies Inc.* | 685,313 | ||||||
833 | Mettler-Toledo International Inc.* | 599,269 | ||||||
3,732 | PerkinElmer Inc. | 346,703 | ||||||
11,369 | TE Connectivity Ltd. | 1,054,020 | ||||||
2,259 | Waters Corp.* | 501,656 | ||||||
Total Electronics | 34,533,201 | |||||||
Engineering & Construction - 0.0% | ||||||||
4,586 | Jacobs Engineering Group Inc. | 422,325 | ||||||
Environmental Control - 0.5% | ||||||||
5,724 | Pentair PLC | 253,859 | ||||||
7,164 | Republic Services Inc., Class A Shares | 635,089 | ||||||
187,916 | Waste Management Inc. | 21,217,595 | ||||||
Total Environmental Control | 22,106,543 | |||||||
Hand/Machine Tools - 0.0% | ||||||||
1,859 | Snap-on Inc. | 298,295 | ||||||
5,135 | Stanley Black & Decker Inc. | 809,995 | ||||||
Total Hand/Machine Tools | 1,108,290 | |||||||
Machinery-Construction & Mining - 0.1% | ||||||||
19,039 | Caterpillar Inc. | 2,755,515 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Large Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
INDUSTRIAL - 9.4% - (continued) | ||||||||
Machinery-Diversified - 0.9% | ||||||||
45,300 | Cummins Inc. | $ | 8,283,558 | |||||
10,656 | Deere & Co. | 1,790,741 | ||||||
4,922 | Dover Corp. | 548,705 | ||||||
4,439 | Flowserve Corp. | 216,179 | ||||||
109,660 | Gardner Denver Holdings Inc.* | 3,714,184 | ||||||
79,046 | Hexagon AB, Class B Shares | 4,468,944 | ||||||
2,567 | IDEX Corp. | 417,754 | ||||||
3,960 | Rockwell Automation Inc. | 775,526 | ||||||
29,641 | Roper Technologies Inc. | 10,681,727 | ||||||
96,266 | Westinghouse Air Brake Technologies Corp. | 7,563,620 | ||||||
6,117 | Xylem Inc. | 474,129 | ||||||
Total Machinery-Diversified | 38,935,067 | |||||||
Miscellaneous Manufacturers - 0.9% | ||||||||
62,247 | 3M Co. | 10,567,673 | ||||||
149,482 | AO Smith Corp. | 7,234,929 | ||||||
14,214 | Eaton Corp. PLC | 1,314,795 | ||||||
295,342 | General Electric Co. | 3,328,504 | ||||||
9,962 | Illinois Tool Works Inc. | 1,736,676 | ||||||
36,513 | Ingersoll-Rand PLC | 4,787,219 | ||||||
4,347 | Parker-Hannifin Corp. | 864,140 | ||||||
164,028 | Textron Inc. | 7,584,655 | ||||||
Total Miscellaneous Manufacturers | 37,418,591 | |||||||
Packaging & Containers - 0.0% | ||||||||
55,384 | Amcor PLC | 568,240 | ||||||
11,236 | Ball Corp. | 742,250 | ||||||
3,147 | Packaging Corp. of America | 352,149 | ||||||
5,229 | Sealed Air Corp. | 197,290 | ||||||
8,561 | WestRock Co. | 345,265 | ||||||
Total Packaging & Containers | 2,205,194 | |||||||
Shipbuilding - 0.2% | ||||||||
30,024 | Huntington Ingalls Industries Inc. | 7,556,140 | ||||||
Transportation - 1.0% | ||||||||
4,581 | CH Robinson Worldwide Inc. | 352,050 | ||||||
27,012 | CSX Corp. | 1,932,438 | ||||||
5,778 | Expeditors International of Washington Inc. | 431,963 | ||||||
54,561 | FedEx Corp. | 8,732,488 | ||||||
41,977 | JB Hunt Transport Services Inc. | 4,853,381 | ||||||
3,438 | Kansas City Southern | 524,020 | ||||||
8,914 | Norfolk Southern Corp. | 1,724,859 | ||||||
67,637 | Union Pacific Corp. | 11,903,436 | ||||||
83,058 | United Parcel Service Inc., Class B Shares | 9,944,535 | ||||||
Total Transportation | 40,399,170 | |||||||
TOTAL INDUSTRIAL | 384,238,094 | |||||||
TECHNOLOGY - 16.5% | ||||||||
Computers - 2.5% | ||||||||
21,562 | Accenture PLC, Class A Shares | 4,337,412 | ||||||
267,794 | Apple Inc. | 71,567,946 | ||||||
18,691 | Cognizant Technology Solutions Corp., Class A Shares | 1,198,280 | ||||||
8,865 | DXC Technology Co. | 330,930 | ||||||
4,803 | Fortinet Inc.* | 504,843 | ||||||
44,184 | Hewlett Packard Enterprise Co. | 699,433 | ||||||
50,151 | HP Inc. | 1,007,032 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Large Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
TECHNOLOGY - 16.5% - (continued) | ||||||||
Computers - 2.5% - (continued) | ||||||||
56,889 | International Business Machines Corp. | $ | 7,648,726 | |||||
85,347 | Leidos Holdings Inc. | 7,752,922 | ||||||
8,051 | NetApp Inc. | 487,810 | ||||||
8,012 | Seagate Technology PLC | 478,156 | ||||||
107,636 | Western Digital Corp. | 5,417,320 | ||||||
Total Computers | 101,430,810 | |||||||
Office/Business Equipment - 0.2% | ||||||||
195,420 | Xerox Holdings Corp. | 7,607,701 | ||||||
Semiconductors - 4.6% | ||||||||
227,418 | Advanced Micro Devices Inc.* | 8,903,415 | ||||||
12,501 | Analog Devices Inc. | 1,411,988 | ||||||
556,076 | Applied Materials Inc. | 32,196,801 | ||||||
29,089 | ASML Holding NV, Class NY Registered Shares, ADR | 7,872,065 | ||||||
103,412 | Broadcom Inc. | 32,699,908 | ||||||
486,220 | Intel Corp. | 28,225,071 | ||||||
1,206 | IPG Photonics Corp.* | 171,361 | ||||||
5,390 | KLA Corp. | 883,205 | ||||||
4,891 | Lam Research Corp. | 1,305,066 | ||||||
252,289 | Marvell Technology Group Ltd. | 6,652,861 | ||||||
9,180 | Maxim Integrated Products Inc. | 520,230 | ||||||
71,278 | Microchip Technology Inc. | 6,738,622 | ||||||
112,854 | Micron Technology Inc.* | 5,361,694 | ||||||
137,373 | NVIDIA Corp. | 29,774,224 | ||||||
3,986 | Qorvo Inc.* | 415,381 | ||||||
238,240 | QUALCOMM Inc. | 19,904,952 | ||||||
5,811 | Skyworks Solutions Inc. | 571,221 | ||||||
61,599 | Texas Instruments Inc. | 7,404,816 | ||||||
8,549 | Xilinx Inc. | 793,176 | ||||||
Total Semiconductors | 191,806,057 | |||||||
Software - 9.2% | ||||||||
446,592 | Activision Blizzard Inc. | 24,486,639 | ||||||
92,033 | Adobe Inc.* | 28,486,974 | ||||||
5,493 | Akamai Technologies Inc.* | 478,550 | ||||||
2,859 | ANSYS Inc.* | 728,159 | ||||||
12,332 | Atlassian Corp. PLC, Class A Shares* | 1,567,521 | ||||||
52,888 | Autodesk Inc.* | 9,567,439 | ||||||
3,868 | Broadridge Financial Solutions Inc. | 478,510 | ||||||
9,481 | Cadence Design Systems Inc.* | 666,040 | ||||||
10,775 | Cerner Corp. | 771,382 | ||||||
4,164 | Citrix Systems Inc. | 469,741 | ||||||
9,973 | Electronic Arts Inc.* | 1,007,373 | ||||||
142,907 | Fidelity National Information Services Inc. | 19,742,602 | ||||||
107,154 | Fiserv Inc.* | 12,455,581 | ||||||
74,291 | Intuit Inc. | 19,233,197 | ||||||
2,600 | Jack Henry & Associates Inc. | 395,044 | ||||||
559,147 | Microsoft Corp. | 84,643,673 | ||||||
72,233 | MSCI Inc., Class A Shares | 18,722,071 | ||||||
419,008 | Oracle Corp. | 23,523,109 | ||||||
10,823 | Paychex Inc. | 932,077 | ||||||
11,059 | Paycom Software Inc.* | 3,061,242 | ||||||
249,878 | salesforce.com Inc.* | 40,702,628 | ||||||
118,708 | ServiceNow Inc.* | 33,599,112 | ||||||
127,510 | Slack Technologies Inc., Class A Shares*(a) | 2,909,778 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Large Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
TECHNOLOGY - 16.5% - (continued) | ||||||||
Software - 9.2% - (continued) | ||||||||
193,432 | Splunk Inc.* | $ | 28,863,923 | |||||
5,116 | Synopsys Inc.* | 721,561 | ||||||
3,866 | Take-Two Interactive Software Inc.* | 469,139 | ||||||
26,784 | Temenos AG* | 4,063,133 | ||||||
46,051 | VMware Inc., Class A Shares | 7,166,457 | ||||||
39,369 | Workday Inc., Class A Shares* | 7,051,775 | ||||||
2,652 | Zoom Video Communications Inc., Class A Shares* | 197,574 | ||||||
Total Software | 377,162,004 | |||||||
TOTAL TECHNOLOGY | 678,006,572 | |||||||
UTILITIES - 2.1% | ||||||||
Electric - 2.1% | ||||||||
22,269 | AES Corp. | 421,107 | ||||||
7,883 | Alliant Energy Corp. | 417,799 | ||||||
8,318 | Ameren Corp. | 618,277 | ||||||
16,711 | American Electric Power Co., Inc. | 1,526,550 | ||||||
17,199 | CenterPoint Energy Inc. | 422,408 | ||||||
9,604 | CMS Energy Corp. | 588,725 | ||||||
11,297 | Consolidated Edison Inc. | 981,596 | ||||||
27,815 | Dominion Energy Inc. | 2,311,705 | ||||||
6,203 | DTE Energy Co. | 775,003 | ||||||
24,657 | Duke Energy Corp. | 2,174,008 | ||||||
468,921 | Edison International | 32,402,441 | ||||||
6,729 | Entergy Corp. | 783,188 | ||||||
7,969 | Evergy Inc. | 504,199 | ||||||
10,951 | Eversource Energy | 904,991 | ||||||
32,880 | Exelon Corp. | 1,459,872 | ||||||
18,274 | FirstEnergy Corp. | 871,487 | ||||||
35,582 | NextEra Energy Inc. | 8,319,783 | ||||||
8,562 | NRG Energy Inc. | 340,168 | ||||||
3,760 | Pinnacle West Capital Corp. | 328,586 | ||||||
458,968 | PPL Corp. | 15,618,681 | ||||||
17,112 | Public Service Enterprise Group Inc. | 1,014,913 | ||||||
54,571 | Sempra Energy | 8,036,671 | ||||||
35,373 | Southern Co. | 2,192,772 | ||||||
10,675 | WEC Energy Group Inc. | 946,339 | ||||||
17,776 | Xcel Energy Inc. | 1,093,046 | ||||||
Total Electric | 85,054,315 | |||||||
Gas - 0.0% | ||||||||
3,956 | Atmos Energy Corp. | 423,134 | ||||||
12,635 | NiSource Inc. | 334,196 | ||||||
Total Gas | 757,330 | |||||||
Water - 0.0% | ||||||||
6,114 | American Water Works Co., Inc. | 739,977 | ||||||
TOTAL UTILITIES | 86,551,622 | |||||||
TOTAL COMMON STOCKS (Cost - $3,277,550,490) | 4,004,575,279 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Large Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
PREFERRED STOCKS - 0.1% | ||||||||
COMMUNICATIONS - 0.0% | ||||||||
Internet - 0.0% | ||||||||
2,858 | DoorDash Inc, Series G, Private Placement*(b)(c)@ | $ | 542,154 | |||||
CONSUMER CYCLICAL - 0.0% | ||||||||
Auto Manufacturers - 0.0% | ||||||||
48,210 | Aurora Innovation Inc., Series B, Private Placement*(b)(c)@ | 445,475 | ||||||
INDUSTRIAL - 0.0% | ||||||||
Electrical Components & Equipment - 0.0% | ||||||||
48,400 | GM Cruise Holdings LLC, Class F Shares, Private Placement*(b)(c)@ | 883,300 | ||||||
TECHNOLOGY - 0.1% | ||||||||
Software - 0.1% | ||||||||
15,057 | Magic Leap Inc., Series D, Private Placement*(b)(c)@ | 365,885 | ||||||
17,300 | Uipath Inc, Series D1, Private Placement*(b)(c)@ | 680,784 | ||||||
2,905 | Uipath Inc, Series D2, Private Placement*(b)(c)@ | 114,317 | ||||||
Total Software | 1,160,986 | |||||||
TOTAL TECHNOLOGY | 1,160,986 | |||||||
TOTAL PREFERRED STOCKS (Cost - $3,072,569) | 3,031,915 | |||||||
EXCHANGE TRADED FUND (ETF) - 0.1% | ||||||||
| 13,583 | | | iShares Russell 1000 Value ETF (Cost - $1,748,583) | | | 1,821,209 | |
RIGHT - 0.0% | ||||||||
| 431 | | | DISH Network Corp.*(b) (Cost - $0) | | | 293 | |
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $3,282,371,642) | 4,009,428,696 |
Face Amount† | ||||||||
SHORT-TERM INVESTMENTS - 2.1% | ||||||||
TIME DEPOSITS - 2.1% | ||||||||
$ | 59,789,644 | Banco Bilbao Vizcaya Argentaria SA - Madrid, 0.920% due 12/2/19 | 59,789,644 | |||||
21,357,619 | Banco Santander SA - Frankfurt, 0.920% due 12/2/19 | 21,357,619 | ||||||
Brown Brothers Harriman - Grand Cayman: | ||||||||
5,526 | CHF | (1.530)% due 12/2/19 | 5,527 | |||||
4 | GBP | 0.370% due 12/2/19 | 6 | |||||
24,736 | CAD | 0.830% due 12/2/19 | 18,624 | |||||
6,680,135 | Citibank - New York, 0.920% due 12/2/19 | 6,680,135 | ||||||
279,952 | HKD | Hong Kong & Shanghai Bank - Hong Kong, 0.970% due 12/2/19 | 35,762 | |||||
TOTAL TIME DEPOSITS (Cost - $87,887,317) | 87,887,317 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Large Cap Equity Fund (continued) |
Face Amount† | Security | Value | ||||||
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 0.5% | ||||||||
MONEY MARKET FUND - 0.5% | ||||||||
$ | 18,763,870 | | | Federated Government Obligations Fund, Premier Class, 1.573%(d) (Cost - $18,763,870) | | $ | 18,763,870 | |
| | | | TOTAL INVESTMENTS - 100.4% (Cost - $3,389,022,829#) | | | 4,116,079,883 | |
Liabilities in Excess of Other Assets - (0.4)% | (14,738,675 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 4,101,341,208 | ||||||
† | 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. |
(b) | Illiquid security. The aggregate value of illiquid holdings at November 30, 2019, amounts to approximately $4,848,452 and represents 0.12% of net assets. |
(c) | Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs. |
(d) | Represents investment of collateral received from securities lending transactions. |
# | Aggregate cost for federal income tax purposes is substantially the same. |
@ | Restricted security – Investment in security not registered under the Securities Act of 1933. The investment is deemed to not be liquid and may be sold only to qualified buyers. |
Security | Acquisition Date | Acquisition Cost | Market Value | Percent of Net Assets | ||||||||||
Ant International Co., Ltd., Class C Shares, Private Placement | 6/7/18 | $ | 1,584,623 | $ | 1,816,243 | 0.04 | % | |||||||
Aurora Innovation Inc., Series B, Private Placement | 3/1/19 | 445,475 | 445,475 | 0.01 | % | |||||||||
DoorDash Inc, Series G, Private Placement | 11/12/19 | 542,154 | 542,154 | 0.01 | % | |||||||||
GM Cruise Holdings LLC, Class F Shares, Private Placement | 5/7/19 | 883,300 | 883,300 | 0.02 | % | |||||||||
Magic Leap Inc., Series D, Private Placement | 10/12/17 | 406,539 | 365,885 | 0.01 | % | |||||||||
Uipath Inc, Series D1, Private Placement | 4/26/19 | 680,784 | 680,784 | 0.02 | % | |||||||||
Uipath Inc, Series D2, Private Placement | 4/26/19 | 114,317 | 114,317 | 0.00 | % | |||||||||
Total | $ | 4,848,158 | 0.11 | % |
Abbreviations used in this schedule: | ||
ADR | — | American Depositary Receipts |
ETF | — | Exchange Traded Fund |
LLC | — | Limited Liability Company |
PLC | — | Public Limited Company |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Large Cap Equity Fund (continued) |
Summary of Investments by Security Sector^ | ||||
Consumer Non-cyclical | 24.4 | % | ||
Technology | 16.5 | |||
Communications | 15.7 | |||
Financial | 15.1 | |||
Industrial | 9.4 | |||
Consumer Cyclical | 6.6 | |||
Energy | 5.1 | |||
Basic Materials | 2.6 | |||
Utilities | 2.0 | |||
Exchange Traded Funds (ETFs) | 0.0 | * | ||
Right | 0.0 | * | ||
Short-Term Investments | 2.1 | |||
Money Market Fund | 0.5 | |||
100.0 | % |
^ As a percentage of total investments. |
* Position represents less than 0.05%. |
At November 30, 2019, 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 December Futures | 64 | 12/19 | $ | 9,671,367 | $ | 10,060,000 | $ | 388,633 |
At November 30, 2019, Destinations Large Cap Equity Fund had deposited cash of $411,000 with a broker or brokers as margin collateral on open exchange traded futures contracts.
Currency Abbreviations used in this schedule: | ||
CAD | — | Canadian Dollar |
CHF | — | Swiss Franc |
GBP | — | British Pound |
HKD | — | Hong Kong Dollar |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Small-Mid Cap Equity Fund |
Shares/Units | Security | Value | ||||||
COMMON STOCKS - 91.9% | ||||||||
BASIC MATERIALS - 4.0% | ||||||||
Chemicals - 2.7% | ||||||||
20,856 | Cabot Corp. | $ | 980,023 | |||||
39,520 | HB Fuller Co. | 1,971,258 | ||||||
18,037 | Ingevity Corp.* | 1,628,921 | ||||||
63,700 | LyondellBasell Industries NV, Class A Shares | 5,894,798 | ||||||
98,458 | Olin Corp. | 1,724,984 | ||||||
48,700 | PPG Industries Inc. | 6,274,508 | ||||||
47,697 | Sensient Technologies Corp. | 3,018,743 | ||||||
96,689 | Valvoline Inc. | 2,190,006 | ||||||
47,318 | WR Grace & Co. | 3,162,262 | ||||||
Total Chemicals | 26,845,503 | |||||||
Iron/Steel - 0.9% | ||||||||
96,192 | Allegheny Technologies Inc.* | 2,218,187 | ||||||
128,500 | Nucor Corp. | 7,242,260 | ||||||
Total Iron/Steel | 9,460,447 | |||||||
Mining - 0.4% | ||||||||
188,097 | Constellium SE, Class A Shares* | 2,659,692 | ||||||
281,052 | Livent Corp.* | 2,192,206 | ||||||
Total Mining | 4,851,898 | |||||||
TOTAL BASIC MATERIALS | 41,157,848 | |||||||
COMMUNICATIONS - 6.0% | ||||||||
Advertising - 1.9% | ||||||||
370,800 | Interpublic Group of Cos., Inc. | 8,305,920 | ||||||
87,100 | Omnicom Group Inc. | 6,922,708 | ||||||
437,631 | Telaria Inc.* | 3,649,843 | ||||||
Total Advertising | 18,878,471 | |||||||
Internet - 1.9% | ||||||||
81,875 | Cardlytics Inc.* | 4,589,094 | ||||||
30,754 | Cogent Communications Holdings Inc. | 1,927,661 | ||||||
78,752 | EverQuote Inc., Class A Shares*(a) | 2,772,858 | ||||||
496,913 | Limelight Networks Inc.* | 2,121,819 | ||||||
29,644 | Mimecast Ltd.* | 1,314,711 | ||||||
106,191 | Perficient Inc.* | 4,489,755 | ||||||
373,844 | Rubicon Project Inc.* | 3,020,659 | ||||||
Total Internet | 20,236,557 | |||||||
Media - 0.3% | ||||||||
29,295 | Nexstar Media Group Inc., Class A Shares | 3,155,364 | ||||||
Telecommunications - 1.9% | ||||||||
88,700 | Motorola Solutions Inc. | 14,839,510 | ||||||
249,793 | Viavi Solutions Inc.* | 3,751,891 | ||||||
Total Telecommunications | 18,591,401 | |||||||
TOTAL COMMUNICATIONS | 60,861,793 | |||||||
CONSUMER CYCLICAL - 8.9% | ||||||||
Airlines - 0.1% | ||||||||
77,770 | Controladora Vuela Cia de Aviacion SAB de CV, ADR* | 812,696 | ||||||
Apparel - 1.0% | ||||||||
22,942 | Carter's Inc. | 2,370,138 | ||||||
77,625 | Crocs Inc.* | 2,709,113 | ||||||
21,936 | Oxford Industries Inc. | 1,632,477 | ||||||
26,100 | PVH Corp. | 2,530,656 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Small-Mid Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
CONSUMER CYCLICAL - 8.9% - (continued) | ||||||||
Apparel - 1.0% - (continued) | ||||||||
36,479 | Steven Madden Ltd. | $ | 1,549,263 | |||||
Total Apparel | 10,791,647 | |||||||
Auto Manufacturers - 0.5% | ||||||||
575,000 | Ford Motor Co. | 5,209,500 | ||||||
Auto Parts & Equipment - 1.0% | ||||||||
155,800 | BorgWarner Inc. | 6,551,390 | ||||||
27,222 | Douglas Dynamics Inc. | 1,472,982 | ||||||
99,665 | Meritor Inc.* | 2,516,541 | ||||||
Total Auto Parts & Equipment | 10,540,913 | |||||||
Distribution/Wholesale - 0.2% | ||||||||
59,523 | H&E Equipment Services Inc. | 1,964,259 | ||||||
Home Builders - 1.2% | ||||||||
45,276 | Century Communities Inc.* | 1,290,366 | ||||||
31,994 | Installed Building Products Inc.* | 2,293,970 | ||||||
18,068 | LGI Homes Inc.* | 1,305,774 | ||||||
158,160 | Skyline Champion Corp.* | 5,247,749 | ||||||
54,014 | Winnebago Industries Inc. | 2,567,285 | ||||||
Total Home Builders | 12,705,144 | |||||||
Leisure Time - 1.3% | ||||||||
220,637 | Callaway Golf Co. | 4,584,837 | ||||||
80,641 | OneSpaWorld Holdings Ltd.* | 1,316,868 | ||||||
53,300 | Royal Caribbean Cruises Ltd. | 6,397,066 | ||||||
98,336 | Vista Outdoor Inc.* | 814,222 | ||||||
Total Leisure Time | 13,112,993 | |||||||
Lodging - 0.2% | ||||||||
74,700 | MGM Resorts International | 2,386,665 | ||||||
Office Furnishings - 0.3% | ||||||||
113,121 | Knoll Inc. | 3,117,615 | ||||||
Retail - 3.1% | ||||||||
86,700 | Best Buy Co., Inc. | 6,991,488 | ||||||
66,832 | BJ's Wholesale Club Holdings Inc.* | 1,583,918 | ||||||
119,614 | Boot Barn Holdings Inc.* | 4,763,029 | ||||||
34,782 | Conn's Inc.*(a) | 762,769 | ||||||
34,209 | Freshpet Inc.* | 1,838,392 | ||||||
63,461 | GMS Inc.* | 1,964,753 | ||||||
63,581 | Hibbett Sports Inc.* | 1,803,793 | ||||||
55,899 | Lovesac Co.*(a) | 853,019 | ||||||
87,287 | Michaels Cos., Inc.* | 714,008 | ||||||
44,887 | Papa John's International Inc. | 2,840,449 | ||||||
36,213 | Rush Enterprises Inc., Class A Shares | 1,659,280 | ||||||
93,056 | Sonic Automotive Inc., Class A Shares | 3,047,584 | ||||||
204,812 | Sportsman's Warehouse Holdings Inc.* | 1,497,176 | ||||||
Total Retail | 30,319,658 | |||||||
TOTAL CONSUMER CYCLICAL | 90,961,090 | |||||||
CONSUMER NON-CYCLICAL - 19.2% | ||||||||
Agriculture - 1.0% | ||||||||
111,100 | Archer-Daniels-Midland Co. | 4,769,523 | ||||||
210,530 | Darling Ingredients Inc.* | 5,010,614 | ||||||
Total Agriculture | 9,780,137 | |||||||
Biotechnology - 2.9% | ||||||||
16,800 | Allakos Inc.*(a) | 1,596,000 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Small-Mid Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
CONSUMER NON-CYCLICAL - 19.2% - (continued) | ||||||||
Biotechnology - 2.9% - (continued) | ||||||||
63,340 | Apellis Pharmaceuticals Inc.* | $ | 1,702,579 | |||||
31,902 | Argenx SE, ADR* | 4,723,091 | ||||||
169,999 | Dicerna Pharmaceuticals Inc.* | 4,090,176 | ||||||
30,621 | Eidos Therapeutics Inc.*(a) | 1,724,881 | ||||||
16,668 | Mirati Therapeutics Inc.* | 1,679,634 | ||||||
94,444 | NeoGenomics Inc.* | 2,437,600 | ||||||
142,488 | Orchard Therapeutics PLC, ADR* | 1,622,938 | ||||||
54,811 | SpringWorks Therapeutics Inc.* | 1,250,239 | ||||||
79,533 | Twist Bioscience Corp.* | 1,895,272 | ||||||
51,422 | Veracyte Inc.* | 1,476,840 | ||||||
97,479 | Vericel Corp.* | 1,818,958 | ||||||
85,643 | Y-mAbs Therapeutics Inc.* | 2,890,451 | ||||||
Total Biotechnology | 28,908,659 | |||||||
Commercial Services - 2.1% | ||||||||
51,331 | Huron Consulting Group Inc.* | 3,441,744 | ||||||
21,911 | ICF International Inc. | 1,966,074 | ||||||
57,875 | Kelly Services Inc., Class A Shares | 1,268,041 | ||||||
56,812 | Korn Ferry | 2,231,576 | ||||||
181,537 | Repay Holdings Corp.* | 2,510,657 | ||||||
274,500 | Sabre Corp. | 6,157,035 | ||||||
170,365 | Team Inc.* | 2,754,802 | ||||||
27,063 | Vectrus Inc.* | 1,378,589 | ||||||
Total Commercial Services | 21,708,518 | |||||||
Cosmetics/Personal Care - 0.3% | ||||||||
173,719 | elf Beauty Inc.* | 2,878,524 | ||||||
Food - 1.8% | ||||||||
127,586 | BellRing Brands Inc., Class A Shares* | 2,555,548 | ||||||
52,072 | Cal-Maine Foods Inc. | 2,266,694 | ||||||
122,202 | Hain Celestial Group Inc.* | 3,020,833 | ||||||
200,026 | Hostess Brands Inc., Class A Shares* | 2,690,350 | ||||||
39,276 | Performance Food Group Co.* | 1,848,329 | ||||||
12,900 | Sanderson Farms Inc. | 2,135,982 | ||||||
90,158 | TreeHouse Foods Inc.* | 4,407,825 | ||||||
Total Food | 18,925,561 | |||||||
Healthcare-Products - 5.3% | ||||||||
238,641 | Alphatec Holdings Inc.* | 1,682,419 | ||||||
101,346 | BioLife Solutions Inc.* | 1,697,545 | ||||||
69,348 | Castle Biosciences Inc.*(a) | 1,867,542 | ||||||
26,200 | Cooper Cos., Inc. | 8,202,958 | ||||||
81,663 | Inspire Medical Systems Inc.* | 5,794,806 | ||||||
19,013 | Integra LifeSciences Holdings Corp.* | 1,159,603 | ||||||
105,631 | OrthoPediatrics Corp.* | 4,155,524 | ||||||
66,728 | Patterson Cos., Inc. | 1,298,527 | ||||||
30,265 | Tactile Systems Technology Inc.* | 1,943,316 | ||||||
31,133 | Tandem Diabetes Care Inc.* | 2,149,111 | ||||||
162,700 | Zimmer Biomet Holdings Inc. | 23,637,056 | ||||||
86,191 | Zynex Inc.(a) | 905,005 | ||||||
Total Healthcare-Products | 54,493,412 | |||||||
Healthcare-Services - 2.4% | ||||||||
117,421 | Fulgent Genetics Inc.* | 1,338,599 | ||||||
50,700 | Humana Inc. | 17,300,361 | ||||||
87,804 | Natera Inc.* | 3,203,968 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Small-Mid Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
CONSUMER NON-CYCLICAL - 19.2% - (continued) | ||||||||
Healthcare-Services - 2.4% - (continued) | ||||||||
110,861 | SI-BONE Inc.* | $ | 1,972,217 | |||||
56,590 | Vapotherm Inc.* | 625,885 | ||||||
Total Healthcare-Services | 24,441,030 | |||||||
Household Products/Wares - 0.2% | ||||||||
27,935 | Spectrum Brands Holdings Inc. | 1,746,496 | ||||||
Pharmaceuticals - 3.2% | ||||||||
53,300 | AmerisourceBergen Corp., Class A Shares | 4,685,603 | ||||||
48,887 | Collegium Pharmaceutical Inc.* | 1,062,315 | ||||||
336,583 | Cytokinetics Inc.* | 3,254,758 | ||||||
54,037 | Global Blood Therapeutics Inc.* | 3,593,460 | ||||||
124,500 | Merus NV* | 2,051,760 | ||||||
79,343 | MyoKardia Inc.* | 5,169,196 | ||||||
83,104 | Odonate Therapeutics Inc.* | 2,857,116 | ||||||
76,400 | Prestige Consumer Healthcare Inc.* | 2,885,628 | ||||||
43,358 | Principia Biopharma Inc.* | 1,553,517 | ||||||
97,918 | Revance Therapeutics Inc.* | 1,752,732 | ||||||
38,856 | Sutro Biopharma Inc.* | 430,524 | ||||||
57,871 | Tricida Inc.*(a) | 2,312,525 | ||||||
32,200 | Turning Point Therapeutics Inc.* | 1,810,284 | ||||||
Total Pharmaceuticals | 33,419,418 | |||||||
TOTAL CONSUMER NON-CYCLICAL | 196,301,755 | |||||||
DIVERSIFIED - 0.3% | ||||||||
Holding Companies-Diversified - 0.3% | ||||||||
150,719 | ChaSerg Technology Acquisition Corp., Class A Shares* | 1,650,373 | ||||||
103,210 | Health Sciences Acquisitions Corp.* | 1,081,641 | ||||||
Total Holding Companies-Diversified | 2,732,014 | |||||||
TOTAL DIVERSIFIED | 2,732,014 | |||||||
ENERGY - 4.2% | ||||||||
Oil & Gas - 4.0% | ||||||||
257,430 | Callon Petroleum Co.*(a) | 939,620 | ||||||
114,251 | Carrizo Oil & Gas Inc.*(a) | 732,349 | ||||||
173,500 | Diamondback Energy Inc. | 13,418,490 | ||||||
126,500 | Marathon Petroleum Corp. | 7,670,960 | ||||||
59,421 | Murphy USA Inc.* | 6,983,750 | ||||||
519,200 | Noble Energy Inc. | 10,778,592 | ||||||
131,869 | SRC Energy Inc.* | 470,772 | ||||||
Total Oil & Gas | 40,994,533 | |||||||
Oil & Gas Services - 0.2% | ||||||||
23,866 | DMC Global Inc. | 1,099,984 | ||||||
86,176 | Select Energy Services Inc., Class A Shares* | 661,831 | ||||||
Total Oil & Gas Services | 1,761,815 | |||||||
TOTAL ENERGY | 42,756,348 | |||||||
FINANCIAL - 20.8% | ||||||||
Banks - 5.9% | ||||||||
85,949 | Bank of NT Butterfield & Son Ltd. | 2,969,538 | ||||||
96,022 | BankUnited Inc. | 3,366,531 | ||||||
165,721 | First Horizon National Corp. | 2,664,794 | ||||||
378,704 | FNB Corp. | 4,703,504 | ||||||
53,644 | IBERIABANK Corp. | 3,915,476 | ||||||
89,783 | Meta Financial Group Inc. | 3,193,581 | ||||||
227,700 | PacWest Bancorp | 8,479,548 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Small-Mid Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
FINANCIAL - 20.8% - (continued) | ||||||||
Banks - 5.9% - (continued) | ||||||||
220,500 | Pinnacle Financial Partners Inc. | $ | 13,543,110 | |||||
10,761 | TCF Financial Corp. | 457,235 | ||||||
48,536 | TriState Capital Holdings Inc.* | 1,176,027 | ||||||
44,282 | Triumph Bancorp Inc.* | 1,587,952 | ||||||
96,262 | Univest Financial Corp. | 2,513,401 | ||||||
232,400 | Zions Bancorp N.A. | 11,568,872 | ||||||
Total Banks | 60,139,569 | |||||||
Diversified Financial Services - 1.0% | ||||||||
76,300 | Affiliated Managers Group Inc. | 6,513,731 | ||||||
132,224 | I3 Verticals Inc., Class A Shares* | 3,612,360 | ||||||
Total Diversified Financial Services | 10,126,091 | |||||||
Equity Real Estate Investment Trusts (REITs) - 5.6% | ||||||||
170,300 | American Campus Communities Inc. | 8,181,212 | ||||||
301,200 | American Homes 4 Rent, Class A Shares | 8,045,052 | ||||||
40,657 | Americold Realty Trust | 1,529,516 | ||||||
117,279 | Blackstone Mortgage Trust Inc., Class A Shares | 4,295,930 | ||||||
116,599 | Columbia Property Trust Inc. | 2,420,595 | ||||||
86,904 | Corporate Office Properties Trust | 2,535,859 | ||||||
293,700 | Cousins Properties Inc. | 11,891,913 | ||||||
75,999 | Dynex Capital Inc. | 1,283,623 | ||||||
144,883 | Lexington Realty Trust, Class B Shares | 1,605,304 | ||||||
486,300 | Medical Properties Trust Inc. | 10,095,588 | ||||||
26,000 | SBA Communications Corp., Class A Shares | 6,148,220 | ||||||
Total Equity Real Estate Investment Trusts (REITs) | 58,032,812 | |||||||
Insurance - 7.2% | ||||||||
25,400 | Assurant Inc. | 3,374,898 | ||||||
82,900 | Axis Capital Holdings Ltd. | 4,906,022 | ||||||
144,027 | BRP Group Inc., Class A Shares* | 2,480,145 | ||||||
34,072 | eHealth Inc.* | 3,143,483 | ||||||
62,042 | Goosehead Insurance Inc., Class A Shares(a) | 2,513,942 | ||||||
9,637 | Hanover Insurance Group Inc. | 1,309,958 | ||||||
171,900 | Hartford Financial Services Group Inc. | 10,633,734 | ||||||
33,201 | Kinsale Capital Group Inc. | 3,361,933 | ||||||
160,362 | MGIC Investment Corp. | 2,310,816 | ||||||
86,764 | NMI Holdings Inc., Class A Shares* | 2,912,668 | ||||||
63,248 | Palomar Holdings Inc., Class A Shares* | 3,451,443 | ||||||
82,747 | ProAssurance Corp. | 3,111,287 | ||||||
212,900 | Progressive Corp. | 15,552,345 | ||||||
74,700 | Willis Towers Watson PLC | 14,674,068 | ||||||
Total Insurance | 73,736,742 | |||||||
Private Equity - 0.4% | ||||||||
251,897 | Hercules Capital Inc.(a) | 3,609,684 | ||||||
Savings & Loans - 0.7% | ||||||||
101,098 | Banc of California Inc. | 1,552,865 | ||||||
249,148 | Sterling Bancorp | 5,087,602 | ||||||
Total Savings & Loans | 6,640,467 | |||||||
TOTAL FINANCIAL | 212,285,365 | |||||||
INDUSTRIAL - 13.6% | ||||||||
Aerospace/Defense - 0.8% | ||||||||
47,698 | Kratos Defense & Security Solutions Inc.* | 861,426 | ||||||
18,205 | Mercury Systems Inc.* | 1,333,516 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Small-Mid Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
INDUSTRIAL - 13.6% - (continued) | ||||||||
Aerospace/Defense - 0.8% - (continued) | ||||||||
75,700 | Spirit AeroSystems Holdings Inc., Class A Shares | $ | 6,585,143 | |||||
Total Aerospace/Defense | 8,780,085 | |||||||
Building Materials - 1.2% | ||||||||
13,228 | American Woodmark Corp.* | 1,361,161 | ||||||
33,844 | Boise Cascade Co. | 1,283,364 | ||||||
41,111 | Gibraltar Industries Inc.* | 2,146,816 | ||||||
153,700 | Louisiana-Pacific Corp. | 4,558,742 | ||||||
22,407 | Masonite International Corp.* | 1,608,823 | ||||||
20,209 | Patrick Industries Inc.* | 1,000,750 | ||||||
Total Building Materials | 11,959,656 | |||||||
Electrical Components & Equipment - 1.9% | ||||||||
26,685 | Belden Inc. | 1,434,052 | ||||||
266,300 | Energizer Holdings Inc. | 13,285,707 | ||||||
31,277 | Generac Holdings Inc.* | 3,080,784 | ||||||
116,033 | nLight Inc.* | 2,312,538 | ||||||
Total Electrical Components & Equipment | 20,113,081 | |||||||
Electronics - 1.9% | ||||||||
103,200 | Agilent Technologies Inc. | 8,335,464 | ||||||
17,449 | FARO Technologies Inc.* | 850,115 | ||||||
113,500 | FLIR Systems Inc. | 6,079,060 | ||||||
111,137 | Knowles Corp.* | 2,433,900 | ||||||
65,994 | SMART Global Holdings Inc.* | 2,032,615 | ||||||
Total Electronics | 19,731,154 | |||||||
Engineering & Construction - 0.4% | ||||||||
59,928 | Arcosa Inc. | 2,349,777 | ||||||
17,431 | EMCOR Group Inc. | 1,550,139 | ||||||
Total Engineering & Construction | 3,899,916 | |||||||
Environmental Control - 0.5% | ||||||||
34,883 | Casella Waste Systems Inc., Class A Shares* | 1,629,385 | ||||||
34,078 | Clean Harbors Inc.* | 2,816,547 | ||||||
Total Environmental Control | 4,445,932 | |||||||
Hand/Machine Tools - 0.9% | ||||||||
194,100 | Kennametal Inc. | 6,760,503 | ||||||
30,301 | Regal Beloit Corp. | 2,476,501 | ||||||
Total Hand/Machine Tools | 9,237,004 | |||||||
Machinery-Construction & Mining - 0.3% | ||||||||
54,690 | BWX Technologies Inc. | 3,288,510 | ||||||
Machinery-Diversified - 2.2% | ||||||||
57,666 | Altra Industrial Motion Corp. | 1,895,481 | ||||||
67,034 | Columbus McKinnon Corp. | 2,753,757 | ||||||
156,724 | Ichor Holdings Ltd.* | 4,944,642 | ||||||
15,042 | Kadant Inc. | 1,465,091 | ||||||
13,200 | Rockwell Automation Inc. | 2,585,088 | ||||||
67,799 | SPX FLOW Inc.* | 3,213,673 | ||||||
77,400 | Xylem Inc. | 5,999,274 | ||||||
Total Machinery-Diversified | 22,857,006 | |||||||
Metal Fabricate/Hardware - 0.4% | ||||||||
41,019 | CIRCOR International Inc.* | 1,819,603 | ||||||
63,090 | TriMas Corp.* | 1,954,528 | ||||||
Total Metal Fabricate/Hardware | 3,774,131 | |||||||
Miscellaneous Manufacturers - 2.1% | ||||||||
62,589 | Actuant Corp., Class A Shares | 1,537,186 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Small-Mid Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
INDUSTRIAL - 13.6% - (continued) | ||||||||
Miscellaneous Manufacturers - 2.1% - (continued) | ||||||||
32,301 | EnPro Industries Inc. | $ | 2,144,463 | |||||
58,210 | Federal Signal Corp. | 1,917,438 | ||||||
22,145 | Hexcel Corp. | 1,763,406 | ||||||
31,593 | Hillenbrand Inc. | 998,971 | ||||||
52,899 | ITT Inc. | 3,691,292 | ||||||
35,000 | Parker-Hannifin Corp. | 6,957,650 | ||||||
31,678 | Standex International Corp. | 2,444,908 | ||||||
Total Miscellaneous Manufacturers | 21,455,314 | |||||||
Packaging & Containers - 0.5% | ||||||||
38,130 | Matthews International Corp., Class A Shares | 1,462,285 | ||||||
118,512 | Owens-Illinois Inc. | 1,170,899 | ||||||
55,888 | Silgan Holdings Inc. | 1,721,909 | ||||||
Total Packaging & Containers | 4,355,093 | |||||||
Transportation - 0.5% | ||||||||
64,344 | Heartland Express Inc. | 1,377,605 | ||||||
27,655 | Saia Inc.* | 2,624,460 | ||||||
26,391 | Scorpio Tankers Inc. | 907,586 | ||||||
Total Transportation | 4,909,651 | |||||||
TOTAL INDUSTRIAL | 138,806,533 | |||||||
TECHNOLOGY - 9.8% | ||||||||
Computers - 3.5% | ||||||||
19,344 | CACI International Inc., Class A Shares* | 4,629,406 | ||||||
239,912 | Conduent Inc.* | 1,624,204 | ||||||
120,552 | Endava PLC, ADR* | 5,740,686 | ||||||
44,269 | ExlService Holdings Inc.* | 3,090,419 | ||||||
37,396 | Kornit Digital Ltd.* | 1,275,204 | ||||||
58,546 | Virtusa Corp.* | 2,616,421 | ||||||
346,400 | Western Digital Corp. | 17,434,312 | ||||||
Total Computers | 36,410,652 | |||||||
Semiconductors - 4.9% | ||||||||
145,368 | Adesto Technologies Corp.*(a) | 1,046,649 | ||||||
86,848 | FormFactor Inc.* | 2,009,663 | ||||||
96,630 | Impinj Inc.*(a) | 3,049,643 | ||||||
53,068 | Inphi Corp.* | 3,695,125 | ||||||
75,900 | KLA Corp. | 12,436,974 | ||||||
197,907 | MACOM Technology Solutions Holdings Inc.* | 4,882,366 | ||||||
22,751 | Semtech Corp.* | 1,102,513 | ||||||
69,287 | Silicon Motion Technology Corp., ADR | 3,069,414 | ||||||
94,957 | SiTime Corp.* | 1,652,252 | ||||||
104,345 | Ultra Clean Holdings Inc.* | 2,320,633 | ||||||
154,100 | Xilinx Inc. | 14,297,398 | ||||||
Total Semiconductors | 49,562,630 | |||||||
Software - 1.4% | ||||||||
11,675 | Alteryx Inc., Class A Shares* | 1,325,463 | ||||||
250,954 | Digital Turbine Inc.* | 2,228,471 | ||||||
25,527 | Everbridge Inc.* | 2,244,844 | ||||||
16,962 | Five9 Inc.* | 1,156,300 | ||||||
47,593 | ManTech International Corp., Class A Shares | 3,692,265 | ||||||
67,929 | Phreesia Inc.* | 1,910,163 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Small-Mid Cap Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
TECHNOLOGY - 9.8% - (continued) | ||||||||
Software - 1.4% - (continued) | ||||||||
75,124 | SVMK Inc.* | $ | 1,282,367 | |||||
Total Software | 13,839,873 | |||||||
TOTAL TECHNOLOGY | 99,813,155 | |||||||
UTILITIES - 5.1% | ||||||||
Electric - 5.1% | ||||||||
25,883 | Black Hills Corp. | 1,981,861 | ||||||
117,800 | CMS Energy Corp. | 7,221,140 | ||||||
254,900 | FirstEnergy Corp. | 12,156,181 | ||||||
43,872 | Hawaiian Electric Industries Inc. | 1,915,890 | ||||||
21,413 | IDACORP Inc. | 2,249,436 | ||||||
72,243 | Portland General Electric Co. | 4,010,209 | ||||||
145,900 | Public Service Enterprise Group Inc. | 8,653,329 | ||||||
45,400 | Sempra Energy | 6,686,058 | ||||||
113,900 | Xcel Energy Inc. | 7,003,711 | ||||||
Total Electric | 51,877,815 | |||||||
TOTAL UTILITIES | 51,877,815 | |||||||
TOTAL COMMON STOCKS (Cost - $820,228,298) | 937,553,716 | |||||||
EXCHANGE TRADED FUNDS (ETFs) - 4.8% | ||||||||
149,959 | iShares Core S&P Mid-Cap | 30,156,755 | ||||||
222,860 | iShares Core S&P Small-Cap | 18,232,176 | ||||||
12,181 | iShares Russell 2000 Value | 1,524,087 | ||||||
TOTAL EXCHANGE TRADED FUNDS (ETFs) (Cost - $42,042,603) | 49,913,018 | |||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $862,270,901) | 987,466,734 |
Face Amount | ||||||||
SHORT-TERM INVESTMENTS - 3.2% | ||||||||
TIME DEPOSITS - 3.2% | ||||||||
$ | 2,349,911 | Banco Bilbao Vizcaya Argentaria SA - Madrid, 0.920% due 12/2/19 | 2,349,911 | |||||
5,463,391 | Banco Santander SA - Frankfurt, 0.920% due 12/2/19 | 5,463,391 | ||||||
24,594,540 | Citibank - New York, 0.920% due 12/2/19 | 24,594,540 | ||||||
TOTAL TIME DEPOSITS (Cost - $32,407,842) | 32,407,842 | |||||||
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 2.2% | ||||||||
MONEY MARKET FUND - 2.2% | ||||||||
22,378,821 | Federated Government Obligations Fund, Premier Class, 1.573%(b) (Cost - $22,378,821) | 22,378,821 | ||||||
TOTAL INVESTMENTS - 102.1% (Cost - $917,057,564#) | 1,042,253,397 | |||||||
Liabilities in Excess of Other Assets - (2.1)% | (21,871,387 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 1,020,382,010 | ||||||
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Small-Mid Cap Equity Fund (continued) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. |
(b) | Represents investment of collateral received from securities lending transactions. |
# | Aggregate cost for federal income tax purposes is substantially the same. |
Abbreviations used in this schedule: | ||
ADR | — | American Depositary Receipts |
PLC | — | Public Limited Company |
Summary of Investments by Security Sector^ | ||||
Financial | 20.5 | % | ||
Consumer Non-cyclical | 18.8 | |||
Industrial | 13.3 | |||
Technology | 9.6 | |||
Consumer Cyclical | 8.7 | |||
Communications | 5.8 | |||
Utilities | 5.0 | |||
Energy | 4.1 | |||
Basic Materials | 3.9 | |||
Diversified | 0.3 | |||
Exchange Traded Funds (ETFs) | 4.8 | |||
Short-Term Investments | 3.1 | |||
Money Market Fund | 2.1 | |||
100.0 | % | |||
^ As a percentage of total investments. |
Schedules of Investments |
November 30, 2019 (Unaudited) |
Destinations Equity Income Fund |
Shares/Units | Security | Value | ||||||
COMMON STOCKS - 80.9% | ||||||||
BASIC MATERIALS - 1.7% | ||||||||
Chemicals - 1.7% | ||||||||
44,750 | DuPont de Nemours Inc. | $ | 2,900,248 | |||||
62,400 | LyondellBasell Industries NV, Class A Shares | 5,774,496 | ||||||
Total Chemicals | 8,674,744 | |||||||
TOTAL BASIC MATERIALS | 8,674,744 | |||||||
COMMUNICATIONS - 9.9% | ||||||||
Media - 0.4% | ||||||||
57,085 | CBS Corp., Class B Shares | 2,305,092 | ||||||
Telecommunications - 9.5% | ||||||||
295,172 | AT&T Inc. | 11,033,530 | ||||||
212,318 | BCE Inc. | 10,220,326 | ||||||
30,675 | Cisco Systems Inc. | 1,389,884 | ||||||
48,900 | Nippon Telegraph & Telephone Corp. | 2,469,237 | ||||||
158,910 | SK Telecom Co., Ltd., ADR | 3,642,217 | ||||||
214,290 | Telefonica Brasil SA | 2,844,121 | ||||||
203,926 | Verizon Communications Inc. | 12,284,502 | ||||||
3,163,768 | Vodafone Group PLC | 6,275,518 | ||||||
Total Telecommunications | 50,159,335 | |||||||
TOTAL COMMUNICATIONS | 52,464,427 | |||||||
CONSUMER CYCLICAL - 4.1% | ||||||||
Airlines - 0.9% | ||||||||
84,560 | Delta Air Lines Inc. | 4,846,134 | ||||||
Distribution/Wholesale - 0.6% | ||||||||
193,200 | Mitsui & Co., Ltd. | 3,423,429 | ||||||
Home Builders - 0.5% | ||||||||
116,100 | Sekisui House Ltd. | 2,508,579 | ||||||
Retail - 1.2% | ||||||||
22,350 | Cracker Barrel Old Country Store Inc. | 3,436,089 | ||||||
955,110 | Kingfisher PLC | 2,592,977 | ||||||
Total Retail | 6,029,066 | |||||||
Toys/Games/Hobbies - 0.9% | ||||||||
12,945 | Nintendo Co., Ltd. | 5,008,640 | ||||||
TOTAL CONSUMER CYCLICAL | 21,815,848 | |||||||
CONSUMER NON-CYCLICAL - 20.3% | ||||||||
Agriculture - 4.1% | ||||||||
73,909 | Altria Group Inc. | 3,673,277 | ||||||
93,200 | British American Tobacco PLC | 3,688,673 | ||||||
170,921 | Philip Morris International Inc. | 14,174,479 | ||||||
Total Agriculture | 21,536,429 | |||||||
Beverages - 2.5% | ||||||||
144,161 | Coca-Cola Co. | 7,698,197 | ||||||
42,225 | PepsiCo Inc. | 5,735,422 | ||||||
Total Beverages | 13,433,619 | |||||||
Biotechnology - 2.8% | ||||||||
16,975 | Amgen Inc. | 3,984,372 | ||||||
165,703 | Gilead Sciences Inc. | 11,141,870 | ||||||
Total Biotechnology | 15,126,242 | |||||||
Household Products/Wares - 0.8% | ||||||||
19,100 | Henkel AG & Co. KGaA | 2,017,552 |
Schedules of Investments |
November 30, 2019 (Unaudited) |
Destinations Equity Income Fund (continued) |
Shares/Units | Security | Value | ||||||
CONSUMER NON-CYCLICAL - 20.3% - (continued) | ||||||||
Household Products/Wares - 0.8% - (continued) | ||||||||
15,125 | Kimberly-Clark Corp. | $ | 2,062,142 | |||||
Total Household Products/Wares | 4,079,694 | |||||||
Pharmaceuticals - 10.1% | ||||||||
157,451 | AbbVie Inc. | 13,813,176 | ||||||
25,751 | AstraZeneca PLC | 2,483,987 | ||||||
33,035 | Bayer AG, Class Registered Shares | 2,500,313 | ||||||
55,620 | Bristol-Myers Squibb Co. | 3,167,003 | ||||||
679,100 | GlaxoSmithKline PLC | 15,406,222 | ||||||
290,475 | Pfizer Inc. | 11,189,097 | ||||||
5,993 | Roche Holding AG | 1,847,043 | ||||||
30,620 | Sanofi | 2,850,865 | ||||||
Total Pharmaceuticals | 53,257,706 | |||||||
TOTAL CONSUMER NON-CYCLICAL | 107,433,690 | |||||||
ENERGY - 11.5% | ||||||||
Oil & Gas - 8.6% | ||||||||
1,483,950 | BP PLC | 9,216,675 | ||||||
49,439 | BP PLC, ADR | 1,850,007 | ||||||
110,662 | Chevron Corp. | 12,961,840 | ||||||
159,125 | Exxon Mobil Corp. | 10,841,186 | ||||||
94,525 | Occidental Petroleum Corp. | 3,645,829 | ||||||
134,100 | Royal Dutch Shell PLC, Class B Shares | 3,797,577 | ||||||
66,993 | TOTAL SA | 3,516,127 | ||||||
Total Oil & Gas | 45,829,241 | |||||||
Pipelines - 2.9% | ||||||||
141,150 | Enbridge Inc. | 5,346,269 | ||||||
225,170 | Enterprise Products Partners LP | 5,926,475 | ||||||
127,421 | Equitrans Midstream Corp. | 1,270,387 | ||||||
53,025 | TC Energy Corp. | 2,683,193 | ||||||
Total Pipelines | 15,226,324 | |||||||
TOTAL ENERGY | 61,055,565 | |||||||
FINANCIAL - 16.2% | ||||||||
Banks - 7.7% | ||||||||
799,030 | AIB Group PLC | 2,593,338 | ||||||
82,510 | Bank of America Corp. | 2,749,233 | ||||||
55,960 | Bank of NT Butterfield & Son Ltd. | 1,933,418 | ||||||
83,900 | Canadian Imperial Bank of Commerce | 7,294,499 | ||||||
75,400 | Citigroup Inc. | 5,664,048 | ||||||
308,150 | ING Groep NV | 3,545,621 | ||||||
21,605 | JPMorgan Chase & Co. | 2,846,675 | ||||||
187,425 | KeyCorp | 3,634,170 | ||||||
38,575 | PNC Financial Services Group Inc. | 5,910,076 | ||||||
197,375 | Regions Financial Corp. | 3,284,320 | ||||||
1,721,600 | Unicaja Banco SA(a) | 1,734,520 | ||||||
Total Banks | 41,189,918 | |||||||
Diversified Financial Services - 1.6% | ||||||||
521,715 | Daiwa Securities Group Inc. | 2,645,396 | ||||||
17,400 | Deutsche Boerse AG | 2,669,364 | ||||||
180,600 | Invesco Ltd. | 3,171,336 | ||||||
Total Diversified Financial Services | 8,486,096 | |||||||
Equity Real Estate Investment Trusts (REITs) - 3.6% | ||||||||
104,270 | MGM Growth Properties LLC, Class A Shares | 3,231,327 | ||||||
59,575 | National Retail Properties Inc. | 3,320,710 |
Schedules of Investments |
November 30, 2019 (Unaudited) |
Destinations Equity Income Fund (continued) |
Shares/Units | Security | Value | ||||||
FINANCIAL - 16.2% - (continued) | ||||||||
Equity Real Estate Investment Trusts (REITs) - 3.6% - (continued) | ||||||||
98,525 | Omega Healthcare Investors Inc. | $ | 4,141,006 | |||||
104,350 | Ventas Inc. | 6,084,648 | ||||||
29,450 | Welltower Inc. | 2,490,587 | ||||||
Total Equity Real Estate Investment Trusts (REITs) | 19,268,278 | |||||||
Insurance - 2.5% | ||||||||
63,370 | Ageas | 3,803,506 | ||||||
10,155 | Allianz SE, Class Registered Shares | 2,431,660 | ||||||
48,372 | CNA Financial Corp. | 2,163,196 | ||||||
100,717 | Old Republic International Corp. | 2,272,176 | ||||||
13,330 | RenaissanceRe Holdings Ltd. | 2,510,439 | ||||||
Total Insurance | 13,180,977 | |||||||
Private Equity - 0.5% | ||||||||
61,080 | AURELIUS Equity Opportunities SE & Co. KGaA | 2,508,640 | ||||||
Real Estate - 0.3% | ||||||||
384,000 | Great Eagle Holdings Ltd. | 1,287,669 | ||||||
TOTAL FINANCIAL | 85,921,578 | |||||||
INDUSTRIAL - 3.7% | ||||||||
Miscellaneous Manufacturers - 1.2% | ||||||||
28,920 | Eaton Corp. PLC | 2,675,100 | ||||||
29,170 | Siemens AG, Class Registered Shares | 3,763,837 | ||||||
Total Miscellaneous Manufacturers | 6,438,937 | |||||||
Packaging & Containers - 0.8% | ||||||||
427,025 | Amcor PLC | 4,381,276 | ||||||
Transportation - 1.7% | ||||||||
136,085 | Deutsche Post AG, Class Registered Shares | 5,073,457 | ||||||
31,600 | United Parcel Service Inc., Class B Shares | 3,783,468 | ||||||
Total Transportation | 8,856,925 | |||||||
TOTAL INDUSTRIAL | 19,677,138 | |||||||
TECHNOLOGY - 3.0% | ||||||||
Semiconductors - 1.5% | ||||||||
8,388 | Broadcom Inc. | 2,652,369 | ||||||
69,739 | Cypress Semiconductor Corp. | 1,635,380 | ||||||
70,500 | Infineon Technologies AG | 1,505,863 | ||||||
69,630 | Samsung Electronics Co., Ltd. | 2,407,314 | ||||||
Total Semiconductors | 8,200,926 | |||||||
Software - 1.5% | ||||||||
27,165 | Microsoft Corp. | 4,112,238 | ||||||
63,910 | Oracle Corp. | 3,587,907 | ||||||
Total Software | 7,700,145 | |||||||
TOTAL TECHNOLOGY | 15,901,071 | |||||||
UTILITIES - 10.5% | ||||||||
Electric - 7.2% | ||||||||
138,325 | Dominion Energy Inc. | 11,496,191 | ||||||
113,600 | Duke Energy Corp. | 10,016,112 | ||||||
53,615 | FirstEnergy Corp. | 2,556,899 | ||||||
243,350 | PPL Corp. | 8,281,201 | ||||||
89,190 | Southern Co. | 5,528,888 | ||||||
Total Electric | 37,879,291 |
Schedules of Investments |
November 30, 2019 (Unaudited) |
Destinations Equity Income Fund (continued) |
Shares/Units | Security | Value | ||||||
UTILITIES - 10.5% - (continued) | ||||||||
Gas - 2.8% | ||||||||
1,290,733 | National Grid PLC(b) | $ | 14,852,954 | |||||
Water - 0.5% | ||||||||
97,775 | Veolia Environnement SA | 2,503,383 | ||||||
TOTAL UTILITIES | 55,235,628 | |||||||
TOTAL COMMON STOCKS (Cost - $405,048,092) | 428,179,689 | |||||||
EXCHANGE TRADED FUNDS (ETFs) - 15.6% | ||||||||
1,809,102 | iShares Core Dividend Growth(b) | 74,643,548 | ||||||
81,299 | iShares Core High Dividend | 7,812,021 | ||||||
TOTAL EXCHANGE TRADED FUNDS (ETFs) (Cost - $71,182,382) | 82,455,569 | |||||||
CONVERTIBLE PREFERRED STOCK - 0.4% | ||||||||
UTILITIES - 0.4% | ||||||||
Electric - 0.4% | ||||||||
54,030 | CenterPoint Energy Inc., 7.000% (Cost - $2,769,971) | 2,437,834 | ||||||
WARRANTS - 0.4% | ||||||||
FINANCIAL - 0.4% | ||||||||
Diversified Financial Services - 0.4% | ||||||||
14,200 | Merrill Lynch International & Co. CV*(a)(c)(d) | 792,309 | ||||||
4,931 | Merrill Lynch International & Co. CV*(a)(c)(d) | 1,516,483 | ||||||
Total Diversified Financial Services | 2,308,792 | |||||||
TOTAL FINANCIAL | 2,308,792 | |||||||
TOTAL WARRANTS (Cost - $2,181,908) | 2,308,792 | |||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $481,182,353) | 515,381,884 |
Face Amount† | ||||||||
SHORT-TERM INVESTMENTS - 2.3% | ||||||||
TIME DEPOSITS - 2.3% | ||||||||
$ | 6,218,517 | ANZ National Bank - London, 0.920% due 12/2/19 | 6,218,517 | |||||
4,354,892 | Banco Bilbao Vizcaya Argentaria SA - Madrid, 0.920% due 12/2/19 | 4,354,892 | ||||||
1,519,207 | Citibank - New York, 0.920% due 12/2/19 | 1,519,207 | ||||||
TOTAL TIME DEPOSITS (Cost - $12,092,616) | 12,092,616 | |||||||
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 2.9% | ||||||||
MONEY MARKET FUND - 2.9% | ||||||||
15,190,350 | Federated Government Obligations Fund, Premier Class, 1.573%(e) (Cost - $15,190,350) | 15,190,350 | ||||||
TOTAL INVESTMENTS - 102.5% (Cost - $508,465,319#) | 542,664,850 | |||||||
Liabilities in Excess of Other Assets - (2.5)% | (13,220,915 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 529,443,935 |
Schedules of Investments |
November 30, 2019 (Unaudited) |
Destinations Equity Income Fund (continued) |
† | 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 November 30, 2019, amounts to approximately $4,043,312 and represents 0.76% of net assets. |
(b) | All or a portion of this security is on loan . |
(c) | Illiquid security. The aggregate value of illiquid holdings at November 30, 2019, amounts to approximately $2,308,792 and represents 0.44% of net assets. |
(d) | Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs. |
(e) | Represents investment of collateral received from securities lending transactions. |
# | Aggregate cost for federal income tax purposes is substantially the same. |
Abbreviations used in this schedule: | ||
ADR | — | American Depositary Receipts |
LLC | — | Limited Liability Company |
LP | — | Limited Partnership |
PLC | — | Public Limited Company |
Summary of Investments by Security Sector^ | ||||
Consumer Non-cyclical | 19.8 | % | ||
Financial | 16.3 | |||
Energy | 11.3 | |||
Utilities | 10.6 | |||
Communications | 9.7 | |||
Consumer Cyclical | 4.0 | |||
Industrial | 3.6 | |||
Technology | 2.9 | |||
Basic Materials | 1.6 | |||
Exchange Traded Funds (ETFs) | 15.2 | |||
Short-Term Investments | 2.2 | |||
Money Market Fund | 2.8 | |||
100.0 | % | |||
^ As a percentage of total investments.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations International Equity Fund |
Shares/Units | Security | Value | ||||||
COMMON STOCKS - 83.5% | ||||||||
Argentina - 0.3% | ||||||||
16,205 | Globant SA* | $ | 1,733,935 | |||||
7,294 | MercadoLibre Inc.* | 4,234,751 | ||||||
Total Argentina | 5,968,686 | |||||||
Australia - 1.4% | ||||||||
184,904 | Appen Ltd. | 3,060,277 | ||||||
136,794 | Brambles Ltd. | 1,163,552 | ||||||
295,638 | HUB24 Ltd.(a) | 2,172,310 | ||||||
1,242,008 | Nanosonics Ltd.* | 5,621,497 | ||||||
359,832 | Nick Scali Ltd. | 1,542,625 | ||||||
376,552 | Pro Medicus Ltd.(a) | 6,313,146 | ||||||
1,394,343 | South32 Ltd. | 2,546,967 | ||||||
646,117 | Webjet Ltd.(a) | 5,478,833 | ||||||
41,016 | WiseTech Global Ltd. | 756,268 | ||||||
Total Australia | 28,655,475 | |||||||
Austria - 0.3% | ||||||||
175,822 | Erste Group Bank AG | 6,289,697 | ||||||
Belgium - 0.1% | ||||||||
10,461 | Galapagos NV*(a) | 2,060,253 | ||||||
Bermuda - 0.2% | ||||||||
274,280 | Hiscox Ltd. | 4,832,900 | ||||||
Brazil - 1.8% | ||||||||
64,973 | Azul SA, ADR* | 2,419,595 | ||||||
194,427 | Azul SA, Class Preferred Shares* | 2,435,986 | ||||||
509,823 | B3 SA - Brasil Bolsa Balcao | 5,740,418 | ||||||
336,671 | Banco Bradesco SA, ADR | 2,642,867 | ||||||
1,345,139 | Cogna Educacao | 3,253,230 | ||||||
141,538 | Notre Dame Intermedica Participacoes SA | 1,893,229 | ||||||
121,134 | Pagseguro Digital Ltd., Class A Shares* | 4,111,288 | ||||||
418,794 | Petroleo Brasileiro SA, ADR | 6,168,836 | ||||||
886,841 | Rumo SA* | 5,112,024 | ||||||
52,253 | StoneCo Ltd., Class A Shares* | 2,141,328 | ||||||
Total Brazil | 35,918,801 | |||||||
Canada - 1.8% | ||||||||
33,476 | Agnico Eagle Mines Ltd. | 1,989,402 | ||||||
8,000 | Canadian Pacific Railway Ltd. | 1,895,000 | ||||||
461,586 | Computer Modelling Group Ltd. | 2,937,049 | ||||||
25,489 | Descartes Systems Group Inc.* | 1,094,607 | ||||||
63,853 | Equitable Group Inc. | 5,331,341 | ||||||
4,933 | Fairfax Financial Holdings Ltd. | 2,228,802 | ||||||
31,395 | Franco-Nevada Corp. | 3,089,145 | ||||||
121,243 | Magna International Inc. | 6,670,790 | ||||||
69,610 | Restaurant Brands International Inc. | 4,568,504 | ||||||
583,469 | Seven Generations Energy Ltd., Class A Shares* | 3,158,993 | ||||||
39,514 | Thomson Reuters Corp. | 2,763,600 | ||||||
Total Canada | 35,727,233 | |||||||
China - 8.2% | ||||||||
46,903 | 58.com Inc., ADR* | 2,885,473 | ||||||
8,044,000 | AK Medical Holdings Ltd.(a) | 9,072,426 | ||||||
145,218 | Alibaba Group Holding Ltd., ADR* | 29,043,600 | ||||||
497,400 | BTG Hotels Group Co., Ltd., Class A Shares(b) | 1,257,513 | ||||||
1,094,333 | China Conch Venture Holdings Ltd. | 4,256,938 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations International Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
COMMON STOCKS - 83.5% - (continued) | ||||||||
China - 8.2% - (continued) | ||||||||
410,452 | China Everbright Ltd. | $ | 660,764 | |||||
343,854 | China International Travel Service Corp., Ltd, Class A Shares(b) | 4,097,264 | ||||||
1,852,311 | China Mengniu Dairy Co., Ltd.* | 7,089,972 | ||||||
102,841 | GDS Holdings Ltd., ADR* | 4,815,016 | ||||||
503,844 | Glodon Co., Ltd., Class A Shares(b) | 2,365,855 | ||||||
447,700 | Gree Electric Appliances Inc. of Zhuhai, Class A Shares(b) | 3,665,032 | ||||||
3,410,131 | Guangzhou Automobile Group Co., Ltd., Class H Shares(c) | 3,642,449 | ||||||
1,654,248 | Haitong Securities Co., Ltd., Class H Shares(c) | 1,652,315 | ||||||
526,905 | Hangzhou Hikvision Digital Technology Co., Ltd., Class A Shares(b) | 2,353,506 | ||||||
1,166,610 | Hua Hong Semiconductor Ltd.(d) | 2,068,998 | ||||||
1,793,407 | Kingdee International Software Group Co., Ltd. | 1,778,177 | ||||||
26,153 | Kweichow Moutai Co., Ltd., Class A Shares(b) | 4,198,594 | ||||||
4,414,751 | Lenovo Group Ltd. | 2,916,293 | ||||||
123,809 | LexinFintech Holdings Ltd., ADR* | 1,474,565 | ||||||
270,870 | Meituan Dianping, Class B Shares* | 3,571,939 | ||||||
674,289 | Midea Group Co., Ltd., Class A Shares(b) | 5,206,680 | ||||||
92,462 | Momo Inc., ADR | 3,460,853 | ||||||
38,474 | New Oriental Education & Technology Group Inc., ADR* | 4,658,432 | ||||||
384,394 | Ping An Insurance Group Co. of China Ltd., Class H Shares(c) | 4,356,425 | ||||||
231,268 | Shanghai Henlius Biotech Inc., Class H Shares*(c)(d) | 1,187,603 | ||||||
65,128 | Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A Shares(b) | 1,664,179 | ||||||
286,035 | Shenzhou International Group Holdings Ltd. | 3,770,275 | ||||||
1,655,346 | Sino Biopharmaceutical Ltd. | 2,136,237 | ||||||
665,132 | Sinopharm Group Co., Ltd., Class H Shares(c) | 2,196,656 | ||||||
111,423 | Sunny Optical Technology Group Co., Ltd. | 1,826,893 | ||||||
353,689 | Tencent Holdings Ltd. | 14,994,677 | ||||||
11,029 | Tencent Holdings Ltd., ADR | 464,872 | ||||||
115,926 | Tencent Music Entertainment Group, ADR* | 1,440,960 | ||||||
5,071,836 | WH Group Ltd.(d) | 5,210,605 | ||||||
2,542,575 | Xiaomi Corp., Class B Shares*(d) | 2,907,792 | ||||||
917,000 | Yihai International Holding Ltd.* | 5,834,703 | ||||||
300,257 | Yunnan Baiyao Group Co., Ltd., Class A Shares(b) | 3,753,159 | ||||||
14,206 | YY Inc., ADR* | 906,201 | ||||||
115,716 | Zai Lab Ltd., ADR* | 4,605,497 | ||||||
Total China | 163,449,388 | |||||||
Denmark - 0.5% | ||||||||
24,782 | Jyske Bank AS, Class Registered Shares* | 821,677 | ||||||
92,509 | Novozymes AS, Class B Shares | 4,418,038 | ||||||
35,101 | Royal Unibrew AS | 3,157,897 | ||||||
32,860 | Sydbank AS | 618,214 | ||||||
Total Denmark | 9,015,826 | |||||||
Egypt - 0.2% | ||||||||
13,333,822 | Cleopatra Hospital* | 4,855,430 | ||||||
Finland - 0.0% | ||||||||
75,457 | Wartsila OYJ Abp | 759,050 | ||||||
France - 6.0% | ||||||||
32,976 | Air Liquide SA | 4,467,146 | ||||||
29,302 | Airbus SE | 4,302,562 | ||||||
33,939 | Akka Technologies | 2,086,364 | ||||||
48,490 | Aubay | 1,776,188 | ||||||
12,195 | Cie Generale des Etablissements Michelin SCA | 1,461,707 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations International Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
COMMON STOCKS - 83.5% - (continued) | ||||||||
France - 6.0% - (continued) | ||||||||
122,249 | Danone SA | $ | 10,060,741 | |||||
3,925 | Dassault Aviation SA | 5,334,473 | ||||||
37,562 | Dassault Systemes SE | 5,912,746 | ||||||
84,840 | Esker SA | 7,850,946 | ||||||
56,451 | EssilorLuxottica SA | 8,765,249 | ||||||
114,777 | Legrand SA | 9,058,612 | ||||||
35,976 | L'Oreal SA | 10,250,815 | ||||||
7,468 | LVMH Moet Hennessy Louis Vuitton SE | 3,347,641 | ||||||
46,694 | MGI Digital Graphic Technology* | 2,829,044 | ||||||
75,491 | Pernod Ricard SA | 13,858,563 | ||||||
117,846 | Schneider Electric SE | 11,363,443 | ||||||
123,921 | Thales SA | 12,130,005 | ||||||
37,497 | TOTAL SA | 1,968,482 | ||||||
38,668 | Ubisoft Entertainment SA* | 2,346,442 | ||||||
Total France | 119,171,169 | |||||||
Germany - 5.4% | ||||||||
78,495 | Bayer AG, Class Registered Shares | 5,941,023 | ||||||
46,926 | Brenntag AG | 2,502,588 | ||||||
194,388 | Deutsche Wohnen SE | 7,592,178 | ||||||
215,190 | Elmos Semiconductor AG | 6,799,706 | ||||||
61,392 | Evotec SE*(a) | 1,360,344 | ||||||
113,948 | GEA Group AG | 3,663,833 | ||||||
117,990 | Henkel AG & Co. KGaA | 12,461,955 | ||||||
36,722 | Hypoport AG* | 11,812,425 | ||||||
196,843 | Infineon Technologies AG | 4,204,351 | ||||||
102,206 | Isra Vision AG | 4,365,005 | ||||||
21,758 | Knorr-Bremse AG | 2,116,054 | ||||||
25,314 | LEG Immobilien AG | 2,857,204 | ||||||
46,683 | Mensch und Maschine Software SE | 2,160,278 | ||||||
12,735 | New Work SE | 4,313,546 | ||||||
82,807 | Nexus AG | 3,074,409 | ||||||
69,975 | SAP SE | 9,524,231 | ||||||
4,382 | Sartorius AG | 923,525 | ||||||
19,007 | Siemens AG, Class Registered Shares | 2,451,913 | ||||||
71,533 | Symrise AG, Class A Shares | 6,938,276 | ||||||
92,616 | TAG Immobilien AG* | 2,228,153 | ||||||
81,360 | TeamViewer AG* | 2,323,804 | ||||||
112,832 | Vonovia SE | 5,877,814 | ||||||
28,095 | Zalando SE*(d) | 1,209,880 | ||||||
Total Germany | 106,702,495 | |||||||
Greece - 0.2% | ||||||||
440,838 | Sarantis SA | 4,074,121 | ||||||
Hong Kong - 1.1% | ||||||||
820,400 | AIA Group Ltd. | 8,218,172 | ||||||
288,500 | CK Hutchison Holdings Ltd. | 2,622,065 | ||||||
395,930 | Esprit Holdings Ltd.* | 78,437 | ||||||
35,300 | Jardine Matheson Holdings Ltd. | 1,983,937 | ||||||
487,711 | Techtronic Industries Co., Ltd. | 3,667,568 | ||||||
1,584,000 | Vitasoy International Holdings Ltd. | 6,090,180 | ||||||
Total Hong Kong | 22,660,359 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations International Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
COMMON STOCKS - 83.5% - (continued) | ||||||||
Hungary - 0.1% | ||||||||
35,590 | Wizz Air Holdings PLC*(d) | $ | 1,816,337 | |||||
India - 6.4% | ||||||||
243,508 | Aavas Financiers Ltd.* | 5,969,681 | ||||||
187,643 | Amara Raja Batteries Ltd. | 1,965,389 | ||||||
557,330 | Axis Bank Ltd. | 5,736,216 | ||||||
88,730 | Bajaj Finance Ltd. | 5,029,525 | ||||||
322,534 | Bandhan Bank Ltd.(d) | 2,598,440 | ||||||
736,703 | Berger Paints India Ltd. | 5,078,745 | ||||||
53,039 | Britannia Industries Ltd. | 2,258,978 | ||||||
127,915 | Divi's Laboratories Ltd. | 3,181,502 | ||||||
217,508 | Dr Lal PathLabs Ltd. | 4,755,316 | ||||||
62,952 | Dr Reddy's Laboratories Ltd. | 2,549,542 | ||||||
20,715 | Dr Reddy's Laboratories Ltd., ADR | 843,515 | ||||||
973,111 | Edelweiss Financial Services Ltd. | 1,662,208 | ||||||
403,227 | Exide Industries Ltd. | 1,097,579 | ||||||
495,192 | Gulf Oil Lubricants India Ltd. | 5,539,706 | ||||||
244,308 | HDFC Bank Ltd. | 4,340,780 | ||||||
239,544 | Hemisphere Properties India Ltd.*(b)(e) | 538,663 | ||||||
421,013 | Housing Development Finance Corp., Ltd | 13,463,294 | ||||||
62,256 | ICICI Lombard General Insurance Co., Ltd.(d) | 1,188,712 | ||||||
1,456,525 | JM Financial Ltd. | 1,821,157 | ||||||
396,828 | Kajaria Ceramics Ltd. | 2,931,249 | ||||||
181,924 | Kotak Mahindra Bank Ltd. | 4,077,309 | ||||||
33,360 | Maruti Suzuki India Ltd. | 3,370,597 | ||||||
520,141 | Max Financial Services Ltd.* | 3,654,809 | ||||||
340,792 | Metropolis Healthcare Ltd.* | 6,615,847 | ||||||
2,002,400 | Minda Corp., Ltd | 2,546,741 | ||||||
3,476,657 | NTPC Ltd. | 5,625,328 | ||||||
297,149 | Reliance Industries Ltd. | 6,431,433 | ||||||
559,396 | Reliance Nippon Life Asset Management Ltd.(d) | 2,809,892 | ||||||
345,155 | SBI Life Insurance Co., Ltd.(d) | 4,613,095 | ||||||
154,971 | Spandana Sphoorty Financial Ltd.* | 2,656,919 | ||||||
216,244 | Supreme Industries Ltd. | 3,419,037 | ||||||
251,053 | Tata Communications Ltd. | 1,549,297 | ||||||
768,806 | Tata Global Beverages Ltd. | 3,457,040 | ||||||
128,620 | Titan Co., Ltd. | 2,073,477 | ||||||
91,209 | V-Mart Retail Ltd. | 2,215,882 | ||||||
482,821 | Yes Bank Ltd. | 460,864 | ||||||
Total India | 128,127,764 | |||||||
Indonesia - 0.8% | ||||||||
38,157,761 | Ace Hardware Indonesia Tbk PT | 4,273,938 | ||||||
2,713,100 | Bank Central Asia Tbk PT | 6,036,512 | ||||||
49,737,000 | Sarana Menara Nusantara Tbk PT@ | 2,573,675 | ||||||
8,283,702 | Telekomunikasi Indonesia Persero Tbk PT | 2,301,634 | ||||||
20,013,925 | Tower Bersama Infrastructure Tbk PT | 1,553,487 | ||||||
Total Indonesia | 16,739,246 | |||||||
Ireland - 0.8% | ||||||||
172,671 | Experian PLC | 5,717,691 | ||||||
52,790 | Kerry Group PLC, Class A Shares | 6,779,196 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations International Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
COMMON STOCKS - 83.5% - (continued) |
Ireland - 0.8% - (continued) | ||||||||
39,083 | Ryanair Holdings PLC, ADR* | $ | 3,256,395 | |||||
Total Ireland | 15,753,282 | |||||||
Israel - 0.5% | ||||||||
80,922 | Inmode Ltd.*(a) | 4,099,509 | ||||||
60,133 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 3,439,461 | ||||||
15,706 | Wix.com Ltd.* | 1,898,698 | ||||||
Total Israel | 9,437,668 | |||||||
Italy - 0.4% | ||||||||
357,839 | Banca Mediolanum SpA | 3,633,738 | ||||||
163,248 | Gruppo MutuiOnline SpA | 3,467,889 | ||||||
Total Italy | 7,101,627 | |||||||
Japan - 13.7% | ||||||||
119,300 | Arcland Service Holdings Co., Ltd. | 2,032,051 | ||||||
63,500 | Atrae Inc.*(a) | 2,170,015 | ||||||
538,022 | Avant Corp.(a) | 5,112,347 | ||||||
199,000 | Chiba Bank Ltd. | 1,136,275 | ||||||
32,600 | Chugai Pharmaceutical Co., Ltd. | 2,849,028 | ||||||
27,300 | Daiichi Sankyo Co., Ltd. | 1,716,496 | ||||||
41,600 | Digital Arts Inc. | 2,388,636 | ||||||
17,500 | Disco Corp. | 3,793,028 | ||||||
323,200 | eGuarantee Inc. | 4,295,056 | ||||||
353,400 | Elan Corp. | 5,475,327 | ||||||
88,212 | en-japan Inc. | 4,124,743 | ||||||
46,300 | Ezaki Glico Co., Ltd. | 2,125,345 | ||||||
136,600 | Fixstars Corp.(a) | 2,016,601 | ||||||
179,900 | Fujitsu General Ltd. | 3,420,529 | ||||||
195,200 | Hachijuni Bank Ltd. | 839,296 | ||||||
45,610 | Hirose Electric Co., Ltd. | 5,617,376 | ||||||
18,600 | Hoshizaki Corp. | 1,627,724 | ||||||
337,665 | Infomart Corp. | 5,969,720 | ||||||
159,100 | IR Japan Holdings Ltd.(a) | 6,228,694 | ||||||
125,900 | Ito En Ltd. | 6,293,316 | ||||||
259,800 | Japan Elevator Service Holdings Co., Ltd.(a) | 6,921,044 | ||||||
211,868 | Japan Material Co., Ltd. | 2,984,279 | ||||||
155,300 | Kansai Paint Co., Ltd. | 3,918,090 | ||||||
141,400 | Kao Corp. | 11,129,695 | ||||||
4,844 | Keyence Corp. | 1,659,211 | ||||||
75,800 | Kobayashi Pharmaceutical Co., Ltd. | 6,225,794 | ||||||
8,700 | Kose Corp. | 1,385,513 | ||||||
54,400 | Kusuri no Aoki Holdings Co., Ltd.(a) | 4,140,262 | ||||||
328,700 | Mebuki Financial Group Inc. | 851,030 | ||||||
243,306 | Miroku Jyoho Service Co., Ltd. | 7,335,994 | ||||||
59,600 | MISUMI Group Inc. | 1,478,457 | ||||||
216,400 | Mitsubishi Electric Corp. | 2,993,795 | ||||||
91,700 | Murata Manufacturing Co., Ltd. | 5,322,278 | ||||||
138,400 | Nihon Kohden Corp. | 3,751,793 | ||||||
148,500 | Nippon Telegraph & Telephone Corp. | 7,498,850 | ||||||
19,600 | Nissin Foods Holdings Co., Ltd. | 1,469,717 | ||||||
279,200 | Nomura Research Institute Ltd. | 5,895,621 | ||||||
292,600 | North Pacific Bank Ltd. | 639,865 | ||||||
43,700 | Obic Co., Ltd. | 5,806,718 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations International Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
COMMON STOCKS - 83.5% - (continued) |
Japan - 13.7% - (continued) | ||||||||
85,300 | Omron Corp. | $ | 5,020,360 | |||||
190,500 | Open Door Inc.* | 3,180,770 | ||||||
40,100 | Otsuka Holdings Co., Ltd. | 1,751,610 | ||||||
141,600 | Outsourcing Inc. | 1,553,756 | ||||||
109,700 | Pan Pacific International Holdings Corp. | 1,778,684 | ||||||
141,500 | Persol Holdings Co., Ltd. | 2,606,801 | ||||||
1,066,506 | Prestige International Inc. | 8,897,715 | ||||||
59,600 | Raksul Inc.*(a) | 2,044,799 | ||||||
479,496 | Rakus Co., Ltd.(a) | 8,935,273 | ||||||
125,600 | Rohto Pharmaceutical Co., Ltd. | 3,953,306 | ||||||
341,600 | Santen Pharmaceutical Co., Ltd. | 6,404,285 | ||||||
70,100 | Secom Co., Ltd. | 5,966,298 | ||||||
109,500 | Sega Sammy Holdings Inc. | 1,579,720 | ||||||
188,700 | Seven & i Holdings Co., Ltd. | 7,037,149 | ||||||
47,800 | Shimadzu Corp. | 1,445,173 | ||||||
9,000 | SMC Corp. | 4,086,394 | ||||||
185,038 | SMS Co., Ltd. | 5,016,722 | ||||||
42,500 | Sohgo Security Services Co., Ltd. | 2,211,503 | ||||||
101,500 | Stanley Electric Co., Ltd. | 2,814,997 | ||||||
39,200 | Suzuki Motor Corp. | 1,739,266 | ||||||
480,100 | Systena Corp. | 7,699,551 | ||||||
265,440 | Takeda Pharmaceutical Co., Ltd. | 10,805,739 | ||||||
207,200 | Terumo Corp. | 7,281,528 | ||||||
139,200 | Toyo Suisan Kaisha Ltd. | 6,002,920 | ||||||
27,100 | Trend Micro Inc. | 1,464,921 | ||||||
38,500 | USS Co., Ltd. | 747,250 | ||||||
47,855 | Wantedly Inc.*(a) | 928,241 | ||||||
171,390 | Yakuodo Holdings Co., Ltd. | 3,900,655 | ||||||
96,900 | Yokogawa Electric Corp. | 1,773,392 | ||||||
1,132,600 | Z Holdings Corp. | 3,907,533 | ||||||
Total Japan | 273,175,920 | |||||||
Malaysia - 0.2% | ||||||||
487,600 | Carlsberg Brewery Malaysia Bhd | 3,191,555 | ||||||
Mexico - 1.2% | ||||||||
34,766 | Fomento Economico Mexicano SAB de CV, ADR | 3,161,272 | ||||||
213,381 | Gruma SAB de CV, Class B Shares | 2,142,101 | ||||||
845,057 | Grupo Lala SAB de CV, Class B Shares | 831,232 | ||||||
911,352 | Grupo Mexico SAB de CV | 2,379,952 | ||||||
425,831 | Infraestructura Energetica Nova SAB de CV | 1,750,348 | ||||||
2,040,979 | Qualitas Controladora SAB de CV | 8,662,683 | ||||||
1,636,980 | Unifin Financiera SAB de CV SOFOM ENR | 2,490,620 | ||||||
1,121,759 | Wal-Mart de Mexico SAB de CV | 3,124,409 | ||||||
Total Mexico | 24,542,617 | |||||||
Netherlands - 2.0% | ||||||||
1,015 | Adyen NV*(d) | 778,014 | ||||||
26,854 | ASML Holding NV | 7,297,789 | ||||||
28,534 | Core Laboratories NV | 1,249,789 | ||||||
20,780 | Euronext NV(d) | 1,568,818 | ||||||
67,060 | Heineken NV | 6,944,326 | ||||||
172,688 | Koninklijke Philips NV | 8,013,275 | ||||||
78,629 | NXP Semiconductors NV | 9,087,940 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations International Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
COMMON STOCKS - 83.5% - (continued) |
Netherlands - 2.0% - (continued) | ||||||||
82,004 | Prosus NV* | $ | 5,587,419 | |||||
Total Netherlands | 40,527,370 | |||||||
Nigeria - 0.0% | ||||||||
1,912,536 | Lekoil Ltd., CDI* | 135,990 | ||||||
Panama - 0.2% | ||||||||
43,140 | Copa Holdings SA, Class A Shares | 4,497,776 | ||||||
Peru - 0.2% | ||||||||
13,965 | Credicorp Ltd. | 2,949,268 | ||||||
Philippines - 1.0% | ||||||||
4,466,382 | Ayala Land Inc. | 3,996,232 | ||||||
1,509,284 | BDO Unibank Inc. | 4,505,447 | ||||||
9,097,649 | Metro Pacific Investments Corp. | 769,395 | ||||||
3,006,508 | Philippine Seven Corp.(b) | 8,871,838 | ||||||
91,735 | SM Investments Corp@. | 1,912,994 | ||||||
Total Philippines | 20,055,906 | |||||||
Poland - 0.1% | ||||||||
236,095 | Powszechny Zaklad Ubezpieczen SA | 2,330,988 | ||||||
Portugal - 0.6% | ||||||||
447,445 | Galp Energia SGPS SA | 7,280,126 | ||||||
336,288 | Jeronimo Martins SGPS SA | 5,368,394 | ||||||
Total Portugal | 12,648,520 | |||||||
Russia - 0.5% | ||||||||
496,461 | Sberbank of Russia PJSC, ADR | 7,250,487 | ||||||
43,887 | Yandex NV, Class A Shares* | 1,841,938 | ||||||
Total Russia | 9,092,425 | |||||||
Saudi Arabia - 0.1% | ||||||||
114,084 | Al Rajhi Bank | 1,891,768 | ||||||
Singapore - 0.2% | ||||||||
3,684,200 | Sheng Siong Group Ltd. | 3,366,515 | ||||||
South Africa - 1.3% | ||||||||
210,178 | Bid Corp., Ltd | 4,624,762 | ||||||
204,994 | Bidvest Group Ltd. | 2,836,823 | ||||||
759,682 | FirstRand Ltd. | 3,241,346 | ||||||
3,148,559 | Italtile Ltd. | 3,015,115 | ||||||
60,012 | Naspers Ltd., Class N Shares | 8,580,318 | ||||||
1,458,433 | Pepkor Holdings Ltd.(a)(d) | 1,759,699 | ||||||
83,095 | Sasol Ltd. | 1,494,820 | ||||||
45,642 | Sasol Ltd., ADR(a) | 822,925 | ||||||
Total South Africa | 26,375,808 | |||||||
South Korea - 2.7% | ||||||||
54,852 | KB Financial Group Inc. | 2,139,678 | ||||||
83,918 | Kia Motors Corp. | 3,073,406 | ||||||
133,032 | LEENO Industrial Inc. | 6,642,818 | ||||||
2,688 | LG Household & Health Care Ltd. | 2,878,858 | ||||||
250,933 | Minwise Co., Ltd.(a) | 3,410,977 | ||||||
58,506 | NAVER Corp. | 8,516,734 | ||||||
335,474 | NICE Information Service Co., Ltd. | 3,946,552 | ||||||
545,584 | Samsung Electronics Co., Ltd. | 23,291,489 | ||||||
Total South Korea | 53,900,512 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations International Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
COMMON STOCKS - 83.5% - (continued) |
Spain - 0.9% | ||||||||
218,626 | Amadeus IT Group SA | $ | 17,388,772 | |||||
Sweden - 2.1% | ||||||||
325,656 | Biotage AB | 4,207,163 | ||||||
131,200 | Cellavision AB | 4,244,125 | ||||||
77,203 | Epiroc AB, Class A Shares | 900,909 | ||||||
306,899 | Essity AB, Class B Shares | 9,642,330 | ||||||
592,574 | Fortnox AB | 10,460,075 | ||||||
54,989 | Hexagon AB, Class B Shares | 3,106,859 | ||||||
215,276 | RaySearch Laboratories AB* | 2,495,088 | ||||||
253,929 | Svenska Handelsbanken AB, Class A Shares | 2,491,374 | ||||||
189,326 | Xvivo Perfusion AB* | 3,360,664 | ||||||
Total Sweden | 40,908,587 | |||||||
Switzerland - 5.0% | ||||||||
30,430 | Alcon Inc.* | 1,679,086 | ||||||
59 | Chocoladefabriken Lindt & Spruengli AG | 449,840 | ||||||
41,259 | Cie Financiere Richemont SA, Class Registered Shares | 3,137,902 | ||||||
3,383 | dormakaba Holding AG* | 2,290,348 | ||||||
5,089 | Geberit AG, Class Registered Shares | 2,729,751 | ||||||
6,122 | Givaudan SA, Class Registered Shares | 17,983,958 | ||||||
122,110 | Julius Baer Group Ltd.* | 5,744,650 | ||||||
19,338 | Lonza Group AG, Class Registered Shares* | 6,564,072 | ||||||
309,140 | Nestle SA, Class Registered Shares | 32,119,854 | ||||||
14,959 | Roche Holding AG | 4,607,718 | ||||||
8,905 | Schindler Holding AG | 2,217,872 | ||||||
2,853 | SGS SA, Class Registered Shares | 7,419,861 | ||||||
15,172 | Sika AG, Class Registered Shares | 2,638,851 | ||||||
826,119 | UBS Group AG, Class Registered Shares* | 10,003,150 | ||||||
Total Switzerland | 99,586,913 | |||||||
Taiwan - 3.2% | ||||||||
554,000 | Chief Telecom Inc. | 3,930,298 | ||||||
373,000 | Dadi Early-Childhood Education Group Ltd. | 2,925,771 | ||||||
868,000 | Delta Electronics Inc. | 3,984,914 | ||||||
258,251 | Eclat Textile Co., Ltd. | 3,352,167 | ||||||
556,951 | Far EasTone Telecommunications Co., Ltd. | 1,333,798 | ||||||
198,770 | Ginko International Co., Ltd. | 1,371,475 | ||||||
152,175 | Makalot Industrial Co., Ltd. | 757,685 | ||||||
312,820 | Poya International Co., Ltd. | 4,425,214 | ||||||
840,867 | Taiwan Mobile Co., Ltd. | 3,154,079 | ||||||
1,002,000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 10,052,878 | ||||||
442,615 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 23,498,431 | ||||||
258,550 | Voltronic Power Technology Corp. | 5,945,233 | ||||||
Total Taiwan | 64,731,943 | |||||||
Thailand - 0.7% | ||||||||
265,498 | Bangkok Bank PCL, Class F Shares | 1,559,960 | ||||||
250,336 | Bangkok Bank PCL, NVDR(a) | 1,462,482 | ||||||
2,719,186 | CP ALL PCL, Class F Shares(b) | 6,776,577 | ||||||
16,881,864 | Humanica PCL, Class F Shares(b) | 4,109,346 | ||||||
68,204 | TQM Corp. PCL | 122,539 | ||||||
Total Thailand | 14,030,904 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations International Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
COMMON STOCKS - 83.5% - (continued) | ||||||||
United Arab Emirates - 0.5% | ||||||||
698,732 | First Abu Dhabi Bank PJSC | $ | 2,893,745 |
829,738 | Network International Holdings PLC*(d) | 6,213,189 | ||||||
Total United Arab Emirates | 9,106,934 | |||||||
United Kingdom - 7.2% | ||||||||
110,933 | 4imprint Group PLC | 4,447,712 | ||||||
650,864 | Amcor PLC | 6,713,263 | ||||||
200,702 | Avon Rubber PLC | 5,217,661 | ||||||
122,426 | British American Tobacco PLC | 4,853,662 | ||||||
67,320 | Burberry Group PLC | 1,827,031 | ||||||
1,455,361 | Clipper Logistics PLC(a)(b) | 5,592,091 | ||||||
305,890 | Compass Group PLC | 7,488,199 | ||||||
215,148 | Craneware PLC(a)(b) | 7,011,364 | ||||||
22,407 | Croda International PLC | 1,442,654 | ||||||
305,996 | Diageo PLC | 12,510,440 | ||||||
106,824 | Farfetch Ltd., Class A Shares* | 1,063,967 | ||||||
252,982 | Future PLC | 4,315,847 | ||||||
649,334 | GB Group PLC | 5,675,230 | ||||||
166,634 | Halma PLC | 4,534,106 | ||||||
176,490 | HomeServe PLC | 2,749,835 | ||||||
320,223 | IMI PLC | 4,639,050 | ||||||
70,494 | Intertek Group PLC | 5,026,755 | ||||||
939,147 | Johnson Service Group PLC | 2,183,891 | ||||||
26,787 | Linde PLC | 5,515,314 | ||||||
33,262 | LivaNova PLC* | 2,786,025 | ||||||
60,582 | London Stock Exchange Group PLC | 5,382,732 | ||||||
470,046 | On the Beach Group PLC | 2,723,388 | ||||||
309,651 | Patisserie Holdings PLC*(b)(e) | 4,005 | ||||||
139,070 | Reckitt Benckiser Group PLC | 10,909,708 | ||||||
45,019 | RELX PLC | 1,089,585 | ||||||
233,161 | Rentokil Initial PLC | 1,341,233 | ||||||
137,425 | Smith & Nephew PLC | 3,068,812 | ||||||
88,560 | Spectris PLC | 3,208,940 | ||||||
59,580 | Spirax-Sarco Engineering PLC | 6,873,286 | ||||||
1,470,888 | Tullow Oil PLC | 2,495,180 | ||||||
62,637 | Unilever NV | 3,710,730 | ||||||
1,078,356 | Vodafone Group PLC | 2,143,230 | ||||||
613,686 | YouGov PLC | 4,618,050 | ||||||
Total United Kingdom | 143,162,976 | |||||||
United States - 3.4% | ||||||||
67,837 | Analog Devices Inc. | 7,662,189 | ||||||
31,088 | ANSYS Inc.* | 7,917,803 | ||||||
2,502 | Booking Holdings Inc.* | 4,763,883 | ||||||
185,125 | Cadence Design Systems Inc.* | 13,005,031 | ||||||
117,297 | Colgate-Palmolive Co. | 7,955,083 | ||||||
30,935 | DENTSPLY SIRONA Inc. | 1,749,065 | ||||||
241,133 | Frontage Holdings Corp.*(a) | 127,631 | ||||||
139,934 | Liberty Latin America Ltd., Class C Shares* | 2,510,416 | ||||||
11,800 | Mastercard Inc., Class A Shares | 3,448,314 | ||||||
21,904 | Nordson Corp. | 3,632,340 | ||||||
80,291 | Philip Morris International Inc. | 6,658,533 | ||||||
29,837 | Texas Instruments Inc. | 3,586,706 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations International Equity Fund (continued) |
Shares/Units | Security | Value | ||||||
COMMON STOCKS - 83.5% - (continued) |
United States - 3.4% - (continued) | ||||||||
54,146 | Waste Connections Inc. | $ | 4,902,920 | |||||
Total United States | 67,919,914 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost - $1,403,008,869) | 1,664,636,688 | |||||||
EXCHANGE TRADED FUNDS (ETFs) - 13.5% | ||||||||
United States - 13.5% | ||||||||
3,083,310 | iShares Core MSCI EAFE | 196,776,844 | ||||||
1,411,649 | iShares Core MSCI Emerging Markets | 72,234,080 | ||||||
Total United States | 269,010,924 | |||||||
TOTAL EXCHANGE TRADED FUNDS (ETFs) | ||||||||
(Cost - $245,480,722) | 269,010,924 | |||||||
PREFERRED STOCK - 0.0% | ||||||||
United Kingdom - 0.0% | ||||||||
1,899 | Roofoods Ltd. Series G, *(b)(e)@ | 793,594 | ||||||
(Cost - $793,594) | ||||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS | ||||||||
(Cost - $1,649,283,185) | 1,934,441,206 |
Face Amount† | ||||||||
SHORT-TERM INVESTMENTS - 3.0% | ||||||||
TIME DEPOSITS - 2.2% | ||||||||
$ | 12,542,753 | ANZ National Bank - London, 0.920% due 12/2/19 | 12,542,753 | |||||
30,372,301 | Banco Santander SA - Frankfurt, 0.920% due 12/2/19 | 30,372,301 | ||||||
457,556 | EUR | BNP Paribas SA - Paris, (0.670)% due 12/2/19 | 504,067 | |||||
Brown Brothers Harriman - Grand Cayman: | ||||||||
50,101 | CHF | (1.530)% due 12/2/19 | 50,111 | |||||
462 | DKK | (1.000)% due 12/2/19 | 68 | |||||
1,788 | SEK | (0.550)% due 12/2/19 | 187 | |||||
210,276 | JPY | (0.250)% due 12/2/19 | 1,922 | |||||
95,180 | AUD | 0.320% due 12/2/19 | 64,384 | |||||
4 | NZD | 0.350% due 12/2/19 | 2 | |||||
185 | GBP | 0.370% due 12/2/19 | 239 | |||||
771 | SGD | 0.650% due 12/2/19 | 564 | |||||
121 | NOK | 0.670% due 12/2/19 | 13 | |||||
45 | CAD | 0.830% due 12/2/19 | 34 | |||||
405 | 0.920% due 12/2/19 | 405 | ||||||
5,449 | HKD | 0.970% due 12/2/19 | 696 | |||||
1,394,020 | ZAR | 5.600% due 12/2/19 | 95,169 | |||||
290,621 | GBP | Citibank - London, 0.370% due 12/2/19 | 375,846 | |||||
962,618 | HKD | Hong Kong & Shanghai Bank - Hong Kong, 0.970% due 12/2/19 | 122,969 | |||||
23,830,158 | JPY | Sumitomo Mitsui Banking Corp. - Tokyo, (0.250)% due 12/2/19 | 217,806 | |||||
TOTAL TIME DEPOSITS | ||||||||
(Cost - $44,349,536) | 44,349,536 |
U.S. GOVERNMENT AGENCY - 0.8% | ||||||||
16,612,000 | Federal Home Loan Bank (FHLB) Discount Notes, 1.530% due 12/2/19(f) | |||||||
(Cost - $16,612,000) | 16,612,000 | |||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost - $60,961,536) | 60,961,536 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations International Equity Fund (continued) |
Face Amount† | Security | Value | ||||||
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 1.8% | ||||||||
MONEY MARKET FUND - 1.8% | ||||||||
$ | 35,456,829 | Federated Government Obligations Fund, Premier Class, 1.573%(g) | ||||||
(Cost - $35,456,829) | $ | 35,456,829 | ||||||
TOTAL INVESTMENTS - 101.8% | ||||||||
(Cost - $1,745,701,550#) | 2,030,859,571 | |||||||
Liabilities in Excess of Other Assets - (1.8)% | (36,689,038 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 1,994,170,533 |
† | 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. |
(b) | Illiquid security. The aggregate value of illiquid holdings at November 30, 2019, amounts to approximately $62,259,260 and represents 3.12% of net assets. |
(c) | Security trades on the Hong Kong exchange. |
(d) | Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at November 30, 2019, amounts to approximately $35,931,074 and represents 1.80% of net assets. |
(e) | Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs. |
(f) | Rate shown represents yield-to-maturity. |
(g) | Represents investment of collateral received from securities lending transactions. |
# | Aggregate cost for federal income tax purposes is substantially the same. |
@ | Restricted security - Investment in security not registered under the Securities Act of 1933. The investment is deemed to not be liquid and may be sold to qualified buyers. |
Security | Acquisition | Acquisition | Market | Percent of | ||||||||||
Roofoods Ltd. Series G, Private Placement | 5/16/19 | $ | 793,594 | $ | 793,594 | 0.04 | % | |||||||
Sarana Menara Nusantara Tbk PT | 4/3/17 | 1,400 | 2,573,675 | 0.13 | % | |||||||||
SM Investments Corp. | 5/23/18 | 348,872 | 1,912,994 | 0.10 | % | |||||||||
Total | $ | 5,280,263 | 0.27 | % |
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 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations International Equity Fund (continued) |
Summary of Investments by Security Sector^ | ||||
Consumer Non-cyclical | 26.9 | % | ||
Technology | 12.6 | |||
Financial | 11.8 | |||
Industrial | 9.9 | |||
Communications | 8.0 | |||
Consumer Cyclical | 7.6 | |||
Basic Materials | 3.2 | |||
Energy | 1.4 | |||
Utilities | 0.4 | |||
Diversified | 0.2 | |||
Exchange Traded Funds (ETFs) | 13.2 | |||
Short-Term Investments | 3.0 | |||
Money Market Fund | 1.8 | |||
100.0 | % |
^ As a percentage of total investments.
At November 30, 2019, Destinations International Equity Fund had open forward foreign currency contracts as described below.
The unrealized appreciation/(depreciation) on the open contracts reflected in the accompanying financial statements were as follows:
Foreign Currency | Local Currency | Counterparty | Market Value | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | Net | |||||||||||||||||
Contracts to Sell: | ||||||||||||||||||||||||
Japanese Yen | 261,005,000 | CITI | $2,387,167 | 12/13/19 | $ | 4,818 | $ | – | $ | 4,818 | ||||||||||||||
Japanese Yen | 1,563,100,000 | HSBC | 14,365,397 | 2/21/20 | 496,965 | – | 496,965 | |||||||||||||||||
Net Unrealized Appreciation on Open Forward Foreign Currency Contracts | $ | 501,783 | $ | – | $ | 501,783 |
Currency Abbreviations used in this schedule: | ||
AUD | — | Australian Dollar |
CAD | — | Canadian Dollar |
CHF | — | Swiss Franc |
DKK | — | Danish Krone |
EUR | — | Euro |
GBP | — | British Pound |
HKD | — | Hong Kong Dollar |
JPY | — | Japanese Yen |
NOK | — | Norwegian Krone |
NZD | — | New Zealand Dollar |
SEK | — | Swedish Krona |
SGD | — | Singapore Dollar |
ZAR | — | South African Rand |
Counterparty Abbreviations used in this schedule: | ||
CITI | — | Citigroup Global Markets Inc. |
HSBC | — | HSBC Bank USA |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Real Assets Fund |
Shares/Units | Security | Value | ||||||
EXCHANGE TRADED FUNDS (ETFs) - 85.2% | ||||||||
United States - 85.2% | ||||||||
10,985 | iShares Core US REIT | $ | 609,448 | |||||
12,735 | iShares Global Infrastructure(a) | 596,125 | ||||||
23,370 | iShares North American Natural Resources | 681,469 | ||||||
Total United States | 1,887,042 | |||||||
TOTAL EXCHANGE TRADED FUNDS (ETFs) | ||||||||
(Cost - $1,880,952) | 1,887,042 | |||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS | ||||||||
(Cost - $1,880,952) | 1,887,042 |
Face Amount† | ||||||||
SHORT-TERM INVESTMENTS - 14.4% | ||||||||
TIME DEPOSITS - 14.4% | ||||||||
Brown Brothers Harriman - Grand Cayman: | ||||||||
12 | AUD | 0.320% due 12/2/19 | 8 | |||||
$ | 12 | 0.920% due 12/2/19 | 12 | |||||
318,549 | Citibank - New York, 0.920% due 12/2/19 | 318,549 | ||||||
TOTAL TIME DEPOSITS | ||||||||
(Cost - $318,569) | 318,569 | |||||||
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 8.7% | ||||||||
MONEY MARKET FUND - 8.7% | ||||||||
193,000 | Federated Government Obligations Fund, Premier Class, 1.573%(b) | |||||||
(Cost - $193,000) | 193,000 | |||||||
TOTAL INVESTMENTS - 108.3% | ||||||||
(Cost - $2,392,521#) | 2,398,611 | |||||||
Liabilities in Excess of Other Assets - (8.3)% | (183,204 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 2,215,407 |
† | Face amount denominated in U.S. dollars, unless otherwise noted. |
(a) | All or a portion of this security is on loan. |
(b) | Represents investment of collateral received from securities lending transactions. |
# | Aggregate cost for federal income tax purposes is substantially the same. |
Abbreviations used in this schedule: | ||
REIT | — | Real Estate Investment Trust |
Currency Abbreviations used in this schedule: | ||
AUD | — | Australian Dollar |
Summary of Investments by Security Sector^ | ||||
Exchange Traded Funds (ETFs) | 78.7 | % | ||
Short-Term Investments | 13.3 | |||
Money Market Fund | 8.0 | |||
100.0 | % |
^ As a percentage of total investments.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund |
Face Amount | Security | Value | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 22.4% | ||||||||
20 Times Square Trust: | ||||||||
$ | 491,000 | Series 2018-20TS, Class F, 3.203% due 5/15/35(a)(b) | $ | 483,046 | ||||
491,000 | Series 2018-20TS, Class G, 3.203% due 5/15/35(a)(b) | 475,630 | ||||||
Alternative Loan Trust: | ||||||||
1,103,306 | Series 2005-28CB, Class 1A7, 5.500% due 8/25/35 | 1,101,100 | ||||||
8,591,356 | Series 2005-7CB, Class 2A2, 3.342% (1-Month USD-LIBOR + 5.050%) due 4/25/35(a)(c) | 849,766 | ||||||
8,591,356 | Series 2005-7CB, Class 2A5, 2.158% (1-Month USD-LIBOR + 0.450%) due 4/25/35(a) | 7,501,955 | ||||||
Angel Oak Mortgage Trust I LLC: | ||||||||
1,322,066 | Series 2018-3, Class A1, 3.649% due 9/25/48(a)(b) | 1,338,751 | ||||||
1,441,153 | Series 2018-3, Class A2, 3.751% due 9/25/48(a)(b) | 1,459,751 | ||||||
1,376,196 | Series 2018-3, Class A3, 3.853% due 9/25/48(a)(b) | 1,394,346 | ||||||
744,246 | Ashford Hospitality Trust, Series 2018-ASHF, Class A, 2.665% (1-Month USD-LIBOR + 0.900%) due 4/15/35(a)(b) | 742,146 | ||||||
9,505,265 | Banc of America Funding Trust, Series 2007-1, Class TA2, 1.838% (1-Month USD-LIBOR + 0.130%) due 1/25/37(a) | 7,965,619 | ||||||
BANK: | ||||||||
12,354,145 | Series 2017-BNK4, Class XA, 1.587% due 5/15/50(a)(c) | 956,081 | ||||||
16,264,179 | Series 2018-BN10, Class XA, 0.886% due 2/15/61(a)(c) | 827,767 | ||||||
16,164,229 | Series 2019-BN16, Class XA, 1.128% due 2/15/52(a)(c) | 1,147,736 | ||||||
1,358,000 | Series 2019-BN19, Class AS, 3.446% due 8/15/61 | 1,420,204 | ||||||
1,236,000 | BBCMS 2018-TALL Mortgage Trust, Series 2018-TALL, Class F, 5.000% (1-Month USD-LIBOR + 3.235%) due 3/15/37(a)(b) | 1,236,379 | ||||||
BBCMS Mortgage Trust: | ||||||||
178,000 | Series 2017-DELC, Class C, 2.965% (1-Month USD-LIBOR + 1.200%) due 8/15/36(a)(b) | 177,221 | ||||||
203,000 | Series 2017-DELC, Class D, 3.465% (1-Month USD-LIBOR + 1.700%) due 8/15/36(a)(b) | 203,063 | ||||||
408,000 | Series 2017-DELC, Class E, 4.265% (1-Month USD-LIBOR + 2.500%) due 8/15/36(a)(b) | 408,253 | ||||||
407,000 | Series 2017-DELC, Class F, 5.265% (1-Month USD-LIBOR + 3.500%) due 8/15/36(a)(b) | 408,030 | ||||||
BBCMS Trust: | ||||||||
103,488 | Series 2018-BXH, Class A, 2.765% (1-Month USD-LIBOR + 1.000%) due 10/15/37(a)(b) | 103,233 | ||||||
1,083,000 | Series 2018-CBM, Class A, 2.765% (1-Month USD-LIBOR + 1.000%) due 7/15/37(a)(b) | 1,082,983 | ||||||
4,191,361 | Bear Stearns ALT-A Trust, Series 2006-1, Class 21A2, 3.961% due 2/25/36(a) | 3,621,845 | ||||||
200,000 | Benchmark, Series 2018-B4, Class A2, 3.976% due 7/15/51 | 211,346 | ||||||
Benchmark Mortgage Trust: | ||||||||
600,000 | Series 2018-B5, Class A4, 4.208% due 7/15/51 | 674,994 | ||||||
35,643,021 | Series 2018-B7, Class XA, 0.604% due 5/15/53(a)(c) | 1,136,838 | ||||||
750,000 | Series 2019-B11, Class A4, 3.281% due 5/15/52 | 794,934 | ||||||
35,688,318 | Series 2019-B9, Class XA, 1.214% due 3/15/52(a)(c) | 2,847,496 | ||||||
997,000 | BHMS, Series 2018-ATLS, Class A, 3.015% (1-Month USD-LIBOR + 1.250%) due 7/15/35(a)(b) | 997,745 | ||||||
BX Commercial Mortgage Trust: | ||||||||
984,000 | Series 2018-BIOA, Class D, 3.086% (1-Month USD-LIBOR + 1.321%) due 3/15/37(a)(b) | 984,615 | ||||||
866,464 | Series 2018-IND, Class A, 2.515% (1-Month USD-LIBOR + 0.750%) due 11/15/35(a)(b) | 866,788 | ||||||
BX Trust: | ||||||||
279,650 | Series 2017-SLCT, Class D, 3.815% (1-Month USD-LIBOR + 2.050%) due 7/15/34(a)(b) | 279,645 | ||||||
474,300 | Series 2017-SLCT, Class E, 4.915% (1-Month USD-LIBOR + 3.150%) due 7/15/34(a)(b) | 474,290 | ||||||
112,516 | Series 2018-EXCL, Class A, 2.853% (1-Month USD-LIBOR + 1.088%) due 9/15/37(a)(b) | 112,412 | ||||||
903,000 | Series 2018-GW, Class A, 2.565% (1-Month USD-LIBOR + 0.800%) due 5/15/35(a)(b) | 899,604 | ||||||
100,000 | Series 2018-GW, Class D, 3.535% (1-Month USD-LIBOR + 1.770%) due 5/15/35(a)(b) | 100,062 | ||||||
Caesars Palace Las Vegas Trust: | ||||||||
1,373,000 | Series 2017-VICI, Class B, 3.835% due 10/15/34(b) | 1,425,821 | ||||||
1,373,000 | Series 2017-VICI, Class C, 4.138% due 10/15/34(b) | 1,432,984 | ||||||
1,145,000 | CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class A, 2.835% (1-Month USD-LIBOR + 1.070%) due 12/15/37(a)(b) | 1,147,141 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 22.4% (continued) | ||||||||
CD Mortgage Trust: | ||||||||
$ | 400,000 | Series 2017-CD3, Class A4, 3.631% due 2/10/50 | $ | 430,348 | ||||
20,109,235 | Series 2017-CD4, Class XA, 1.465% due 5/10/50(a)(c) | 1,421,952 | ||||||
16,210,673 | CFCRE Commercial Mortgage Trust, Series 2017-C8, Class XA, 1.787% due 6/15/50(a)(c) | 1,397,691 | ||||||
Citigroup Commercial Mortgage Trust: | ||||||||
37,448,896 | Series 2015-GC35, Class XA, 1.005% due 11/10/48(a)(c) | 1,276,899 | ||||||
1,250,000 | Series 2016-GC37, Class A4, 3.314% due 4/10/49 | 1,315,808 | ||||||
1,180,000 | Series 2019-GC43, Class A4, 3.038% due 11/10/52 | 1,222,420 | ||||||
Citigroup Mortgage Loan Trust: | ||||||||
6,623,044 | Series 2018-A, Class A1, 4.000% due 1/25/68(a)(b) | 6,644,155 | ||||||
2,907,020 | Series 2019-B, Class A1, 3.258% due 4/25/66(a)(b)(d) | 2,918,596 | ||||||
Commercial Mortgage Trust: | ||||||||
245,673,427 | Series 2013-CR9, Class XA, 0.160% due 7/10/45(a)(c) | 680,540 | ||||||
1,127,000 | Series 2016-GCT, Class F, 3.577% due 8/10/29(a)(b) | 1,116,046 | ||||||
Credit Suisse Commercial Mortgage Capital Trust: | ||||||||
713,000 | Series 2017-LSTK, Class C, 3.229% due 4/5/33(b) | 712,438 | ||||||
848,000 | Series 2017-LSTK, Class D, 3.442% due 4/5/33(a)(b) | 846,785 | ||||||
1,246,000 | Series 2017-LSTK, Class E, 3.442% due 4/5/33(a)(b) | 1,239,861 | ||||||
69,653,000 | Series 2017-LSTK, Class XACP, 0.681% due 4/5/33(a)(b)(c) | 179,113 | ||||||
25,355,000 | Series 2017-LSTK, Class XBCP, 0.316% due 4/5/33(a)(b)(c) | 26,466 | ||||||
4,842,525 | Series 2019-RPL2, Class A1, 3.893% due 7/25/58(a)(b) | 4,909,274 | ||||||
2,646,819 | CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-9, Class 5A6, 5.500% due 10/25/35 | 2,324,819 | ||||||
1,090,000 | CSWF, Series 2018-TOP, Class A, 2.765% (1-Month USD-LIBOR + 1.000%) due 8/15/35(a)(b) | 1,089,650 | ||||||
920,714 | DBGS Mortgage Trust, Series 2018-BIOD, Class A, 2.568% (1-Month USD-LIBOR + 0.803%) due 5/15/35(a)(b) | 916,663 | ||||||
1,220,588 | Exantas Capital Corp. Ltd., Series 2019-RSO7, Class A, 2.763% (1-Month USD-LIBOR + 1.000%) due 4/15/36(a)(b) | 1,219,132 | ||||||
Federal Home Loan Mortgage Corp. (FHLMC), REMICS: | ||||||||
3,059,758 | Series 4116, Class AP, 1.350% due 8/15/42 | 2,945,820 | ||||||
10,388,970 | Series 4223, Class SB, 3.281% (1-Month USD-LIBOR + 5.431%) due 7/15/43(a) | 10,455,641 | ||||||
5,665,672 | Series 4610, Class LA, 2.500% due 1/15/41 | 5,715,996 | ||||||
3,061,195 | Series 4627, Class Z, 3.000% due 10/15/46 | 3,018,273 | ||||||
12,263,464 | Series 4640, Class VB, 3.000% due 3/15/37 | 12,443,131 | ||||||
7,897,004 | Series 4653, Class Z, 3.000% due 2/15/47 | 8,013,477 | ||||||
8,375,445 | Series 4655, Class CZ, 3.000% due 2/15/47 | 8,482,672 | ||||||
13,892,338 | Series 4664, Class TC, 3.000% due 6/15/41 | 14,024,046 | ||||||
11,816,966 | Series 4745, Class EC, 3.000% due 12/15/44 | 12,021,223 | ||||||
8,000,000 | Series 4749, Class LV, 3.500% due 4/15/38 | 8,324,109 | ||||||
16,106,990 | Series 4750, Class PA, 3.000% due 7/15/46 | 16,490,865 | ||||||
Federal National Mortgage Association (FNMA), REMICS: | ||||||||
3,116,942 | Series 2014-11, Class KZ, 2.500% due 10/25/41 | 3,054,490 | ||||||
5,341,173 | Series 2015-55, Class PD, 2.500% due 3/25/43 | 5,318,793 | ||||||
12,751,018 | Series 2016-61, Class MZ, 3.000% due 9/25/46 | 12,311,778 | ||||||
15,837,074 | Series 2017-107, Class GA, 3.000% due 8/25/45 | 16,174,208 | ||||||
27,554,514 | Series 2017-12, Class TA, 3.000% due 4/25/42 | 27,788,719 | ||||||
7,731,019 | Series 2017-24, Class LG, 3.000% due 4/25/37 | 7,962,119 | ||||||
17,688,524 | Series 2017-32, Class CA, 3.000% due 10/25/42 | 17,854,292 | ||||||
17,529,432 | Series 2018-33, Class C, 3.000% due 5/25/48 | 17,809,733 | ||||||
7,711,982 | Series 2018-38, Class LA, 3.000% due 6/25/48 | 7,783,357 | ||||||
4,000,000 | FMC GMSR Issuer Trust, Series 2019-GT2, Class A, 4.230% due 9/25/24(a)(b) | 3,988,606 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 22.4% (continued) | ||||||||
Freddie Mac Multifamily Structured Pass-Through Certificates: | ||||||||
$ | 1,750,000 | Series K020, Class A2, 2.373% due 5/25/22 | $ | 1,765,910 | ||||
1,540,000 | Series K062, Class A2, 3.413% due 12/25/26 | 1,661,763 | ||||||
300,000 | Series K078, Class A2, 3.854% due 6/25/28 | 334,761 | ||||||
2,778,896 | FWDSecuritization Trust, Series 2019-INV1, Class A3, 3.110% due 6/25/49(a)(b) | 2,793,991 | ||||||
4,794,825 | Government National Mortgage Association (GNMA), Series 2012-32, Class Z, 3.500% due 3/20/42 | 4,931,458 | ||||||
GS Mortgage Securities Corp. Trust: | ||||||||
400,000 | Series 2018-TWR, Class A, 2.665% (1-Month USD-LIBOR + 0.900%) due 7/15/31(a)(b) | 398,502 | ||||||
400,000 | Series 2018-TWR, Class D, 3.365% (1-Month USD-LIBOR + 1.600%) due 7/15/31(a)(b) | 398,423 | ||||||
400,000 | Series 2018-TWR, Class E, 3.865% (1-Month USD-LIBOR + 2.100%) due 7/15/31(a)(b) | 401,037 | ||||||
400,000 | Series 2018-TWR, Class F, 4.565% (1-Month USD-LIBOR + 2.800%) due 7/15/31(a)(b) | 401,423 | ||||||
400,000 | Series 2018-TWR, Class G, 5.690% (1-Month USD-LIBOR + 3.925%) due 7/15/31(a)(b) | 402,510 | ||||||
1,250,000 | Series 2019-SOHO, Class E, 3.640% (1-Month USD-LIBOR + 1.875%) due 6/15/36(a)(b) | 1,247,249 | ||||||
GS Mortgage Securities Trust: | ||||||||
896,614 | Series 2012-GC6, Class A3, 3.482% due 1/10/45 | 914,520 | ||||||
10,505,747 | Series 2017-GS7, Class XA, 1.278% due 8/10/50(a)(c) | 713,754 | ||||||
8,357,337 | HarborView Mortgage Loan Trust, Series 2006-14, Class 2A1A, 1.883% (1-Month USD-LIBOR + 0.150%) due 1/25/47(a) | 8,304,206 | ||||||
1,168,478 | HPLY Trust, Series 2019-HIT, Class F, 4.915% (1-Month USD-LIBOR + 3.150%) due 11/15/36(a)(b) | 1,176,489 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp.: | ||||||||
101,458 | Series 2017-FL10, Class B, 2.765% (1-Month USD-LIBOR + 1.000%) due 6/15/32(a)(b) | 100,934 | ||||||
161,000 | Series 2017-FL10, Class C, 3.015% (1-Month USD-LIBOR + 1.250%) due 6/15/32(a)(b) | 159,885 | ||||||
523,000 | Series 2017-FL10, Class D, 3.665% (1-Month USD-LIBOR + 1.900%) due 6/15/32(a)(b) | 518,639 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust: | ||||||||
771,107 | Series 2012-C8, Class A3, 2.829% due 10/15/45 | 783,691 | ||||||
918,738 | Series 2018-LAQ, Class A, 2.765% (1-Month USD-LIBOR + 1.000%) due 6/15/32(a)(b) | 918,725 | ||||||
JP Morgan Mortgage Trust: | ||||||||
4,390,259 | Series 2006-S1, Class 2A9, 6.500% due 4/25/36 | 4,804,427 | ||||||
8,879,899 | Series 2006-S4, Class A7, 6.000% due 1/25/37 | 6,539,430 | ||||||
3,057,181 | Series 2018-7FRB, Class A2, 2.573% (1-Month USD-LIBOR + 0.750%) due 4/25/46(a)(b) | 3,055,146 | ||||||
1,667,000 | JPMBB Commercial Mortgage Securities Trust, Series 2015-C27, Class C, 4.452% due 2/15/48(a) | 1,715,669 | ||||||
1,770,816 | Legacy Mortgage Asset Trust, Series 2019-SL3, Class A, step bond to yield, 3.474% due 11/25/61(b)(d) | 1,752,937 | ||||||
8,616,766 | Merrill Lynch Mortgage Investors Trust, Series 2006-AF1, Class AF1, 5.750% due 8/25/36 | 5,521,531 | ||||||
1,082,000 | Monarch Beach Resort Trust, Series 2018-MBR, Class A, 2.685% (1-Month USD-LIBOR + 0.920%) due 7/15/35(a)(b) | 1,080,292 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust: | ||||||||
431,972 | Series 2014-C15, Class A3, 3.773% due 4/15/47 | 456,971 | ||||||
2,000,000 | Series 2014-C17, Class C, 4.657% due 8/15/47(a) | 2,103,653 | ||||||
18,562,146 | Series 2014-C19, Class XA, 1.152% due 12/15/47(a)(c) | 730,868 | ||||||
852,000 | Series 2016-C31, Class C, 4.458% due 11/15/49(a) | 876,845 | ||||||
Morgan Stanley Capital I Trust: | ||||||||
1,964,000 | Series 2011-C1, Class D, 5.554% due 9/15/47(a)(b) | 2,017,841 | ||||||
17,772,189 | Series 2016-UB11, Class XA, 1.761% due 8/15/49(a)(c) | 1,340,990 | ||||||
14,369,604 | Series 2016-UB12, Class XA, 0.917% due 12/15/49(a)(c) | 556,150 | ||||||
1,083,000 | Series 2018-SUN, Class A, 2.665% (1-Month USD-LIBOR + 0.900%) due 7/15/35(a)(b) | 1,080,970 | ||||||
1,356,000 | Series 2019-H7, Class AS, 3.524% due 7/15/52 | 1,425,796 | ||||||
583,000 | Series 2019-H7, Class B, 3.725% due 7/15/52 | 612,851 | ||||||
22,150,000 | Morgan Stanley Capital I Trust 2019-L3, Series 2019-L3, Class XA, 0.645% due 11/15/29(a)(c) | 1,199,518 | ||||||
784,022 | Motel 6 Trust, Series 2017-MTL6, Class A, 2.685% (1-Month USD-LIBOR + 0.920%) due 8/15/34(a)(b) | 783,525 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 22.4% (continued) | ||||||||
$ | 1,122,000 | MSCG Trust, Series 2018-SELF, Class A, 2.665% (1-Month USD-LIBOR + 0.900%) due 10/15/37(a)(b) | $ | 1,123,050 | ||||
PMT Credit Risk Transfer Trust: | ||||||||
2,965,367 | Series 2019-2R, Class A, 4.555% (1-Month USD-LIBOR + 2.750%) due 5/27/23(a)(b)(d) | 2,987,690 | ||||||
2,991,972 | Series 2019-3R, Class A, 4.164% (1-Month USD-LIBOR + 2.700%) due 8/27/24(a)(b)(d) | 3,001,673 | ||||||
10,800,000 | PRPM 2019-GS1, Series 2019-GS1, Class A1, 3.500% due 10/25/24(a)(b) | 10,804,509 | ||||||
8,411,513 | PRPM LLC, Series 2019-1A, Class A1, step bond to yield, 4.500% due 1/25/24(b)(d) | 8,431,045 | ||||||
Rali Trust: | ||||||||
2,334,362 | Series 2005-QS13, Class 1A3, 5.500% due 9/25/35 | 2,184,335 | ||||||
23,440,232 | Series 2007-QH5, Class AII, 1.938% (1-Month USD-LIBOR + 0.230%) due 6/25/37(a) | 12,564,769 | ||||||
5,361,730 | Residential Asset Securitization Trust, Series 2005-A8CB, Class A6, 5.000% due 7/25/35 | 4,708,497 | ||||||
Rosslyn Portfolio Trust: | ||||||||
429,000 | Series 2017-ROSS, Class A, 2.715% (1-Month USD-LIBOR + 0.950%) due 6/15/33(a)(b) | 428,865 | ||||||
429,000 | Series 2017-ROSS, Class B, 3.015% (1-Month USD-LIBOR + 1.250%) due 6/15/33(a)(b) | 428,438 | ||||||
6,200,000 | Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MV, 3.000% due 2/25/59 | 6,367,551 | ||||||
5,732,953 | UBS Commercial Mortgage Trust, Series 2017-C1, Class XA, 1.729% due 6/15/50(a)(c) | 507,308 | ||||||
4,688,121 | UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class XA, 1.088% due 3/10/46(a)(b)(c) | 114,591 | ||||||
6,400,000 | Verus Securitization Trust, Series 2019-INV2, Class M1, 3.499% due 7/25/59(a)(b) | 6,452,861 | ||||||
Wells Fargo Commercial Mortgage Trust: | ||||||||
295,000 | Series 2010-C1, Class C, 5.783% due 11/15/43(a)(b) | 301,140 | ||||||
275,000 | Series 2015-C31, Class A4, 3.695% due 11/15/48 | 294,792 | ||||||
1,000,000 | Series 2015-LC20, Class A3, 3.086% due 4/15/50 | 1,015,339 | ||||||
2,581,000 | Series 2015-NXS4, Class E, 3.750% due 12/15/48(a)(b) | 2,284,542 | ||||||
10,339,268 | Series 2017-C38, Class XA, 1.209% due 7/15/50(a)(c) | 637,886 | ||||||
1,200,000 | Series 2017-C42, Class A4, 3.589% due 12/15/50 | 1,292,681 | ||||||
1,505,000 | WFRBS Commercial Mortgage Trust, Series 2012-C6, Class A4, 3.440% due 4/15/45 | 1,535,411 | ||||||
| | | | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $436,198,192) | | | 436,611,877 | |
U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 20.2% | ||||||||
U.S. GOVERNMENT OBLIGATIONS - 19.8% | ||||||||
U.S. Treasury Bonds: | ||||||||
1,000,000 | 5.250% due 11/15/28 | 1,287,734 | ||||||
500,000 | 6.250% due 5/15/30 | 712,578 | ||||||
600,000 | 5.375% due 2/15/31 | 817,266 | ||||||
2,450,000 | 4.500% due 5/15/38 | 3,390,283 | ||||||
300,000 | 4.375% due 11/15/39 | 412,254 | ||||||
3,500,000 | 3.875% due 8/15/40 | 4,532,910 | ||||||
3,000,000 | 4.375% due 5/15/41 | 4,155,586 | ||||||
2,500,000 | 3.125% due 11/15/41 | 2,919,238 | ||||||
3,500,000 | 2.750% due 8/15/42 | 3,855,742 | ||||||
1,000,000 | 2.750% due 11/15/42 | 1,101,953 | ||||||
3,500,000 | 2.875% due 5/15/43 | 3,938,320 | ||||||
300,000 | 3.750% due 11/15/43 | 387,398 | ||||||
3,500,000 | 3.125% due 8/15/44 | 4,118,652 | ||||||
1,475,000 | 2.500% due 2/15/45 | 1,559,063 | ||||||
3,000,000 | 2.875% due 8/15/45 | 3,395,039 | ||||||
1,000,000 | 2.500% due 2/15/46 | 1,057,852 | ||||||
2,500,000 | 2.500% due 5/15/46 | 2,645,605 | ||||||
1,700,000 | 2.875% due 11/15/46 | 1,932,555 | ||||||
3,500,000 | 3.000% due 2/15/47 | 4,075,176 | ||||||
1,000,000 | 3.000% due 5/15/47 | 1,164,297 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
U.S. GOVERNMENT OBLIGATIONS - 19.8% (continued) | ||||||||
$ | 1,100,000 | 2.750% due 8/15/47 | $ | 1,222,977 | ||||
1,000,000 | 2.750% due 11/15/47 | 1,112,422 | ||||||
500,000 | 3.000% due 8/15/48 | 583,867 | ||||||
23,400,000 | 2.875% due 5/15/49 | 26,767,406 | ||||||
300,000 | 2.250% due 8/15/49 | 302,637 | ||||||
400,000 | 2.375% due 11/15/49 | 414,578 | ||||||
6,616,064 | U.S. Treasury Inflation Indexed Notes, 0.625% due 4/15/23 | 6,679,172 | ||||||
U.S. Treasury Notes: | ||||||||
3,500,000 | 2.000% due 1/15/21 | 3,511,348 | ||||||
9,000,000 | 2.125% due 1/31/21 | 9,044,648 | ||||||
10,000,000 | 2.250% due 3/31/21 | 10,071,875 | ||||||
3,500,000 | 1.125% due 6/30/21 | 3,469,785 | ||||||
12,000,000 | 2.125% due 6/30/21 | 12,083,906 | ||||||
1,000,000 | 2.875% due 10/15/21 | 1,022,148 | ||||||
4,000,000 | 1.875% due 1/31/22 | 4,019,531 | ||||||
500,000 | 1.750% due 2/28/22 | 501,250 | ||||||
6,000,000 | 1.875% due 3/31/22 | 6,034,219 | ||||||
800,000 | 1.750% due 4/30/22 | 802,563 | ||||||
4,000,000 | 1.750% due 6/30/22 | 4,014,531 | ||||||
5,500,000 | 1.875% due 7/31/22 | 5,536,523 | ||||||
1,500,000 | 1.625% due 8/15/22 | 1,500,527 | ||||||
1,000,000 | 1.625% due 8/31/22 | 1,000,312 | ||||||
2,000,000 | 1.375% due 10/15/22 | 1,986,328 | ||||||
4,000,000 | 1.875% due 10/31/22 | 4,029,375 | ||||||
1,250,000 | 2.000% due 11/30/22 | 1,263,818 | ||||||
2,500,000 | 1.750% due 1/31/23 | 2,510,156 | ||||||
7,250,000 | 2.375% due 1/31/23 | 7,417,373 | ||||||
5,000,000 | 1.500% due 3/31/23 | 4,981,641 | ||||||
5,000,000 | 1.625% due 5/31/23 | 5,000,977 | ||||||
6,000,000 | 1.375% due 8/31/23 | 5,947,500 | ||||||
2,500,000 | 1.625% due 10/31/23 | 2,500,391 | ||||||
9,000,000 | 2.250% due 12/31/23 | 9,219,727 | ||||||
5,000,000 | 2.750% due 2/15/24 | 5,224,219 | ||||||
19,300,000 | 2.125% due 2/29/24 | 19,682,231 | ||||||
9,500,000 | 2.125% due 3/31/24 | 9,692,598 | ||||||
2,600,000 | 2.000% due 4/30/24 | 2,640,016 | ||||||
2,000,000 | 2.500% due 5/15/24 | 2,073,594 | ||||||
900,000 | 2.000% due 5/31/24 | 914,273 | ||||||
4,500,000 | 1.750% due 6/30/24 | 4,521,797 | ||||||
4,000,000 | 2.000% due 6/30/24 | 4,062,812 | ||||||
24,400,000 | 2.125% due 7/31/24 | 24,924,219 | ||||||
1,000,000 | 1.875% due 8/31/24 | 1,010,703 | ||||||
1,400,000 | 1.500% due 9/30/24 | 1,390,922 | ||||||
1,400,000 | 2.125% due 9/30/24 | 1,430,844 | ||||||
4,000,000 | 2.250% due 11/15/24 | 4,113,750 | ||||||
4,000,000 | 2.125% due 11/30/24 | 4,090,312 | ||||||
2,400,000 | 2.250% due 12/31/24 | 2,469,094 | ||||||
2,500,000 | 2.000% due 2/15/25 | 2,541,992 | ||||||
2,000,000 | 2.875% due 7/31/25 | 2,128,203 | ||||||
1,000,000 | 2.000% due 8/15/25 | 1,016,914 | ||||||
2,000,000 | 2.750% due 8/31/25 | 2,115,391 | ||||||
32,200,000 | 2.250% due 11/15/25 | 33,196,187 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
U.S. GOVERNMENT OBLIGATIONS - 19.8% (continued) | ||||||||
$ | 5,000,000 | 1.625% due 2/15/26 | $ | 4,974,805 | ||||
2,000,000 | 2.500% due 2/28/26 | 2,093,203 | ||||||
26,750,000 | 1.625% due 5/15/26 | 26,603,711 | ||||||
2,250,000 | 1.625% due 10/31/26 | 2,234,268 | ||||||
4,000,000 | 2.250% due 2/15/27 | 4,141,250 | ||||||
400,000 | 2.375% due 5/15/27 | 418,016 | ||||||
2,000,000 | 2.250% due 8/15/27 | 2,073,594 | ||||||
5,000,000 | 2.250% due 11/15/27 | 5,187,891 | ||||||
5,000,000 | 2.750% due 2/15/28 | 5,381,641 | ||||||
3,350,000 | 2.875% due 8/15/28 | 3,649,406 | ||||||
1,500,000 | 3.125% due 11/15/28 | 1,667,812 | ||||||
1,400,000 | 2.375% due 5/15/29 | 1,471,586 | ||||||
5,000,000 | 1.625% due 8/15/29 | 4,925,977 | ||||||
TOTAL U.S. GOVERNMENT OBLIGATIONS | 386,076,243 | |||||||
U.S. GOVERNMENT AGENCIES - 0.4% | ||||||||
Federal Home Loan Banks (FHLB): | ||||||||
1,000,000 | 1.375% due 2/18/21 | 996,311 | ||||||
2,000,000 | 3.625% due 6/11/21 | 2,058,955 | ||||||
555,000 | 3.125% due 6/13/25 | 594,567 | ||||||
Federal Home Loan Mortgage Corp. (FHLMC).: | ||||||||
1,645,000 | 2.375% due 1/13/22 | 1,669,565 | ||||||
1,300,000 | 6.250% due 7/15/32 | 1,896,489 | ||||||
Federal National Mortgage Association (FNMA): | ||||||||
350,000 | 2.625% due 1/11/22 | 356,886 | ||||||
1,000,000 | 1.875% due 4/5/22 | 1,005,069 | ||||||
TOTAL U.S. GOVERNMENT AGENCIES | 8,577,842 | |||||||
| | | | TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost - $380,699,295) | | | 394,654,085 | |
CORPORATE BONDS & NOTES - 19.7% | ||||||||
Basic Materials - 0.9% | ||||||||
350,000 | Air Products & Chemicals Inc., Senior Unsecured Notes, 3.000% due 11/3/21 | 357,239 | ||||||
AK Steel Corp., Company Guaranteed Notes: | ||||||||
30,000 | 7.625% due 10/1/21 | 29,775 | ||||||
30,000 | 6.375% due 10/15/25 | 25,363 | ||||||
400,000 | Alcoa Nederland Holding BV, Company Guaranteed Notes, 6.125% due 5/15/28(b) | 431,000 | ||||||
ArcelorMittal SA, Senior Unsecured Notes: | ||||||||
150,000 | 4.550% due 3/11/26 | 157,217 | ||||||
25,000 | 7.000% due 10/15/39 | 30,216 | ||||||
100,000 | Barrick North America Finance LLC, Company Guaranteed Notes, 5.750% due 5/1/43 | 129,237 | ||||||
200,000 | BHP Billiton Finance USA Ltd., Company Guaranteed Notes, 4.125% due 2/24/42 | 233,444 | ||||||
600,000 | Braskem Idesa SAPI, Senior Secured Notes, 7.450% due 11/15/29(b) | 610,500 | ||||||
750,000 | Celulosa Arauco y Constitucion SA, Senior Unsecured Notes, 5.500% due 4/30/49(b) | 770,250 | ||||||
800,000 | CSN Islands XII Corp., Company Guaranteed Notes, 7.000% (e) | 699,000 | ||||||
400,000 | CSN Resources SA, Company Guaranteed Notes, 7.625% due 4/17/26(b) | 409,800 | ||||||
Dow Chemical Co., Senior Unsecured Notes: | ||||||||
250,000 | 3.150% due 5/15/24 | 258,621 | ||||||
250,000 | 4.625% due 10/1/44 | 272,466 | ||||||
730,000 | DuPont de Nemours Inc., Senior Unsecured Notes, 5.419% due 11/15/48 | 908,718 | ||||||
150,000 | Eastman Chemical Co., Senior Unsecured Notes, 3.800% due 3/15/25 | 157,343 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
Basic Materials - 0.9% - (continued) | ||||||||
Freeport-McMoRan Inc., Company Guaranteed Notes: | ||||||||
$ | 1,300,000 | 5.400% due 11/14/34 | $ | 1,290,250 | ||||
850,000 | 5.450% due 3/15/43 | 816,000 | ||||||
800,000 | Fresnillo PLC, Senior Unsecured Notes, 5.500% due 11/13/23 | 867,000 | ||||||
560,000 | Georgia-Pacific LLC, Senior Unsecured Notes, 3.600% due 3/1/25(b) | 593,284 | ||||||
95,000 | Hexion Inc., Company Guaranteed Notes, 7.875% due 7/15/27(b) | 95,713 | ||||||
International Paper Co., Senior Unsecured Notes: | ||||||||
100,000 | 3.000% due 2/15/27 | 102,136 | ||||||
100,000 | 7.300% due 11/15/39 | 139,015 | ||||||
100,000 | 4.400% due 8/15/47 | 106,164 | ||||||
600,000 | Inversiones CMPC SA, Company Guaranteed Notes, 4.750% due 9/15/24 | 629,122 | ||||||
80,000 | Kraton Polymers LLC/Kraton Polymers Capital Corp., Company Guaranteed Notes, 7.000% due 4/15/25(b) | 81,600 | ||||||
100,000 | LYB International Finance II BV, Company Guaranteed Notes, 3.500% due 3/2/27 | 104,146 | ||||||
100,000 | Mosaic Co., Senior Unsecured Notes, 4.050% due 11/15/27 | 104,233 | ||||||
250,000 | Newmont Goldcorp Corp., Senior Unsecured Notes, 2.800% due 10/1/29 | 247,421 | ||||||
150,000 | Nutrien Ltd., Senior Unsecured Notes, 6.125% due 1/15/41 | 186,641 | ||||||
100,000 | PPG Industries Inc., Senior Unsecured Notes, 2.800% due 8/15/29 | 100,366 | ||||||
200,000 | Rio Tinto Finance USA Ltd., Company Guaranteed Notes, 5.200% due 11/2/40 | 261,851 | ||||||
160,000 | Schweitzer-Mauduit International Inc., Company Guaranteed Notes, 6.875% due 10/1/26(b) | 172,000 | ||||||
100,000 | Sherwin-Williams Co., Senior Unsecured Notes, 4.500% due 6/1/47 | 114,212 | ||||||
200,000 | Sociedad Quimica y Minera de Chile SA, Senior Unsecured Notes, 4.375% due 1/28/25 | 209,000 | ||||||
Southern Copper Corp., Senior Unsecured Notes: | ||||||||
125,000 | 3.875% due 4/23/25 | 130,778 | ||||||
125,000 | 6.750% due 4/16/40 | 162,878 | ||||||
1,600,000 | Syngenta Finance NV, Company Guaranteed Notes, 5.676% due 4/24/48 | 1,666,906 | ||||||
1,100,000 | UPL Corp., Ltd, Senior Unsecured Notes, 3.250% due 10/13/21 | 1,103,457 | ||||||
100,000 | Vale Overseas Ltd., Company Guaranteed Notes, 6.250% due 8/10/26 | 116,025 | ||||||
400,000 | Vedanta Resources Finance II PLC, Company Guaranteed Notes, 9.250% due 4/23/26(b) | 390,000 | ||||||
1,600,000 | Vedanta Resources Ltd., Senior Unsecured Notes, 6.125% due 8/9/24 | 1,430,400 | ||||||
100,000 | Westlake Chemical Corp., Company Guaranteed Notes, 5.000% due 8/15/46 | 108,342 | ||||||
Total Basic Materials | 16,809,129 | |||||||
Communications - 2.1% | ||||||||
Alibaba Group Holding Ltd., Senior Unsecured Notes: | ||||||||
200,000 | 3.600% due 11/28/24 | 210,074 | ||||||
200,000 | 4.000% due 12/6/37 | 215,437 | ||||||
255,000 | Altice France SA, Senior Secured Notes, 7.375% due 5/1/26(b) | 272,213 | ||||||
Amazon.com Inc., Senior Unsecured Notes: | ||||||||
845,000 | 2.800% due 8/22/24 | 874,677 | ||||||
635,000 | 3.800% due 12/5/24 | 686,621 | ||||||
250,000 | 3.150% due 8/22/27 | 265,651 | ||||||
200,000 | 4.050% due 8/22/47 | 238,857 | ||||||
250,000 | America Movil SAB de CV, Senior Unsecured Notes, 4.375% due 7/16/42 | 284,025 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
Communications - 2.1% - (continued) | ||||||||
AT&T Inc., Senior Unsecured Notes: | ||||||||
$ | 600,000 | 3.200% due 3/1/22 | $ | 613,762 | ||||
250,000 | 3.800% due 3/1/24 | 264,030 | ||||||
840,000 | 3.400% due 5/15/25 | 876,686 | ||||||
250,000 | 4.250% due 3/1/27 | 273,509 | ||||||
100,000 | 4.300% due 2/15/30 | 109,931 | ||||||
250,000 | 5.250% due 3/1/37 | 297,776 | ||||||
250,000 | 5.350% due 9/1/40 | 298,981 | ||||||
250,000 | 4.850% due 7/15/45 | 281,452 | ||||||
200,000 | 4.500% due 3/9/48 | 217,684 | ||||||
300,000 | 5.700% due 3/1/57 | 380,904 | ||||||
1,000,000 | Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20 | 1,008,380 | ||||||
200,000 | Baidu Inc., Senior Unsecured Notes, 4.875% due 11/14/28 | 226,316 | ||||||
1,600,000 | C&W Senior Financing DAC, Senior Unsecured Notes, 6.875% due 9/15/27 | 1,689,000 | ||||||
200,000 | Cable Onda SA, Senior Unsecured Notes, 4.500% due 1/30/30(b) | 204,000 | ||||||
CBS Corp., Company Guaranteed Notes: | ||||||||
100,000 | 3.375% due 3/1/22 | 102,295 | ||||||
100,000 | 5.900% due 10/15/40 | 122,854 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes: | ||||||||
740,000 | 5.750% due 2/15/26(b) | 781,595 | ||||||
125,000 | 5.000% due 2/1/28(b) | 131,563 | ||||||
125,000 | Cengage Learning Inc., Senior Unsecured Notes, 9.500% due 6/15/24(b) | 105,834 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes: | ||||||||
490,000 | 4.464% due 7/23/22 | 513,964 | ||||||
250,000 | 4.908% due 7/23/25 | 274,076 | ||||||
350,000 | 5.050% due 3/30/29 | 394,328 | ||||||
250,000 | 6.484% due 10/23/45 | 309,767 | ||||||
195,000 | Cincinnati Bell Inc., Company Guaranteed Notes, 7.000% due 7/15/24(b) | 182,569 | ||||||
Cisco Systems Inc., Senior Unsecured Notes: | ||||||||
150,000 | 2.200% due 9/20/23 | 151,375 | ||||||
100,000 | 3.625% due 3/4/24 | 106,705 | ||||||
100,000 | 5.500% due 1/15/40 | 136,734 | ||||||
Clear Channel Worldwide Holdings Inc.: | ||||||||
126,000 | Company Guaranteed Notes, 9.250% due 2/15/24(b) | 138,795 | ||||||
115,000 | Senior Secured Notes, 5.125% due 8/15/27(b) | 119,600 | ||||||
200,000 | Colombia Telecomunicaciones SA ESP, Junior Subordinated Notes, 8.500% (5-Year USD Swap Rate + 6.958%) (a)(e) | 202,200 | ||||||
Comcast Corp., Company Guaranteed Notes: | ||||||||
250,000 | 3.000% due 2/1/24 | 258,702 | ||||||
250,000 | 3.300% due 2/1/27 | 265,299 | ||||||
500,000 | 4.150% due 10/15/28 | 563,692 | ||||||
150,000 | 4.400% due 8/15/35 | 175,922 | ||||||
400,000 | 3.400% due 7/15/46 | 409,556 | ||||||
870,000 | 4.700% due 10/15/48 | 1,079,634 | ||||||
100,000 | 3.999% due 11/1/49 | 111,899 | ||||||
CommScope Inc., Senior Secured Notes: | ||||||||
105,000 | 5.500% due 3/1/24(b) | 109,069 | ||||||
100,000 | 6.000% due 3/1/26(b) | 104,750 | ||||||
500,000 | Comunicaciones Celulares SA Via Comcel Trust, Senior Unsecured Notes, 6.875% due 2/6/24 | 513,125 | ||||||
325,000 | Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes, 6.750% due 10/1/26(b) | 333,531 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
Communications - 2.1% - (continued) | ||||||||
Corning Inc., Senior Unsecured Notes: | ||||||||
$ | 100,000 | 3.900% due 11/15/49 | $ | 101,741 | ||||
50,000 | 5.450% due 11/15/79 | 54,883 | ||||||
CSC Holdings LLC, Senior Unsecured Notes: | ||||||||
345,000 | 5.250% due 6/1/24 | 370,875 | ||||||
295,000 | 5.750% due 1/15/30(b) | 311,225 | ||||||
175,000 | Diamond Sports Group LLC/Diamond Sports Finance Co., Senior Secured Notes, 5.375% due 8/15/26(b) | 177,625 | ||||||
507,159 | Digicel Group Two Ltd., Senior Unsecured Notes, 9.125% (7.125% Cash or 2.000% PIK) due 4/1/24(b)(f) | 78,610 | ||||||
Discovery Communications LLC, Company Guaranteed Notes: | ||||||||
400,000 | 3.800% due 3/13/24 | 419,367 | ||||||
350,000 | 4.125% due 5/15/29 | 374,769 | ||||||
120,000 | DISH DBS Corp., Company Guaranteed Notes, 5.875% due 11/15/24 | 119,850 | ||||||
100,000 | eBay Inc., Senior Unsecured Notes, 4.000% due 7/15/42 | 98,498 | ||||||
195,000 | Embarq Corp., Senior Unsecured Notes, 7.995% due 6/1/36 | 195,936 | ||||||
Empresa Nacional de Telecomunicaciones SA, Senior Unsecured Notes: | ||||||||
200,000 | 4.875% due 10/30/24 | 206,870 | ||||||
800,000 | 4.750% due 8/1/26 | 826,275 | ||||||
Expedia Group Inc., Company Guaranteed Notes: | ||||||||
1,000,000 | 3.800% due 2/15/28 | 1,036,301 | ||||||
65,000 | 3.250% due 2/15/30(b) | 63,368 | ||||||
Frontier Communications Corp.: | ||||||||
Senior Unsecured Notes: | ||||||||
45,000 | 8.500% due 4/15/20 | 22,950 | ||||||
100,000 | 7.125% due 1/15/23 | 45,875 | ||||||
80,000 | Secured Notes, 8.500% due 4/1/26(b) | 79,000 | ||||||
125,000 | Senior Secured Notes, 8.000% due 4/1/27(b) | 129,062 | ||||||
190,000 | Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., Senior Secured Notes, 9.875% due 5/1/24(b) | 199,728 | ||||||
Gray Television Inc., Company Guaranteed Notes: | ||||||||
65,000 | 5.125% due 10/15/24(b) | 67,438 | ||||||
190,000 | 7.000% due 5/15/27(b) | 210,425 | ||||||
80,000 | GrubHub Holdings Inc., Company Guaranteed Notes, 5.500% due 7/1/27(b) | 73,800 | ||||||
250,000 | Grupo Televisa SAB, Senior Unsecured Notes, 4.625% due 1/30/26 | 267,703 | ||||||
140,000 | GTT Communications Inc., Company Guaranteed Notes, 7.875% due 12/31/24(b) | 85,400 | ||||||
iHeartCommunications Inc.: | ||||||||
Senior Secured Notes: | ||||||||
45,000 | 6.375% due 5/1/26 | 48,600 | ||||||
105,000 | 5.250% due 8/15/27(b) | 107,882 | ||||||
75,000 | 4.750% due 1/15/28(b) | 75,473 | ||||||
25,000 | Company Guaranteed Notes, 8.375% due 5/1/27 | 27,250 | ||||||
Intelsat Jackson Holdings SA, Company Guaranteed Notes: | ||||||||
110,000 | 5.500% due 8/1/23 | 87,417 | ||||||
210,000 | 8.500% due 10/15/24(b) | 172,725 | ||||||
270,000 | Iridium Communications Inc., Senior Unsecured Notes, 10.250% due 4/15/23(b) | 288,676 | ||||||
Level 3 Financing Inc., Company Guaranteed Notes: | ||||||||
320,000 | 5.375% due 1/15/24 | 325,200 | ||||||
160,000 | 4.625% due 9/15/27(b) | 162,800 | ||||||
255,000 | Match Group Inc., Senior Unsecured Notes, 5.000% due 12/15/27(b) | 261,375 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
Communications - 2.1% - (continued) | ||||||||
Millicom International Cellular SA, Senior Unsecured Notes: | ||||||||
$ | 400,000 | 6.000% due 3/15/25 | $ | 414,000 | ||||
200,000 | 6.625% due 10/15/26(b) | 217,750 | ||||||
400,000 | 5.125% due 1/15/28 | 408,500 | ||||||
700,000 | 6.250% due 3/25/29(b) | 758,800 | ||||||
Netflix Inc., Senior Unsecured Notes: | ||||||||
140,000 | 5.875% due 2/15/25 | 153,335 | ||||||
75,000 | 5.375% due 11/15/29(b) | 78,945 | ||||||
60,000 | 4.875% due 6/15/30(b) | 60,450 | ||||||
600,000 | Network i2i Ltd., Company Guaranteed Notes, 5.650% (5-Year CMT Index + 4.277%) (a)(b)(e) | 562,500 | ||||||
110,000 | Nexstar Broadcasting Inc., Company Guaranteed Notes, 5.625% due 7/15/27(b) | 115,872 | ||||||
100,000 | Omnicom Group Inc./Omnicom Capital Inc., Senior Unsecured Notes, 3.600% due 4/15/26 | 105,615 | ||||||
250,000 | Orange SA, Senior Unsecured Notes, 9.000% due 3/1/31 | 388,252 | ||||||
180,000 | Radiate Holdco LLC/Radiate Finance Inc., Senior Unsecured Notes, 6.875% due 2/15/23(b) | 183,600 | ||||||
150,000 | Rogers Communications Inc., Company Guaranteed Notes, 5.000% due 3/15/44 | 183,373 | ||||||
155,000 | Scripps Escrow Inc., Senior Unsecured Notes, 5.875% due 7/15/27(b) | 159,214 | ||||||
600,000 | SingTel Group Treasury Pte Ltd., Company Guaranteed Notes, 4.500% due 9/8/21 | 622,975 | ||||||
Sirius XM Radio Inc., Company Guaranteed Notes: | ||||||||
225,000 | 5.375% due 7/15/26(b) | 237,656 | ||||||
110,000 | 5.500% due 7/1/29(b) | 118,113 | ||||||
415,000 | Sprint Capital Corp., Company Guaranteed Notes, 6.875% due 11/15/28 | 442,502 | ||||||
395,000 | Sprint Corp., Company Guaranteed Notes, 7.125% due 6/15/24 | 425,613 | ||||||
1,000,000 | Telecom Argentina SA, Senior Unsecured Notes, 8.000% due 7/18/26(b) | 875,000 | ||||||
250,000 | Telefonica Celular del Paraguay SA, Senior Unsecured Notes, 5.875% due 4/15/27(b) | 266,250 | ||||||
200,000 | Telefonica Chile SA, Senior Unsecured Notes, 3.875% due 10/12/22 | 204,125 | ||||||
200,000 | Telefonica Emisiones SA, Company Guaranteed Notes, 5.213% due 3/8/47 | 235,868 | ||||||
Telesat Canada/Telesat LLC: | ||||||||
130,000 | Senior Secured Notes, 4.875% due 6/1/27(b) | 132,113 | ||||||
130,000 | Senior Unsecured Notes, 6.500% due 10/15/27(b) | 134,056 | ||||||
100,000 | TELUS Corp., Senior Unsecured Notes, 3.700% due 9/15/27 | 106,372 | ||||||
Time Warner Cable LLC, Senior Secured Notes: | ||||||||
150,000 | 4.000% due 9/1/21 | 153,559 | ||||||
150,000 | 7.300% due 7/1/38 | 192,287 | ||||||
150,000 | 4.500% due 9/15/42 | 150,150 | ||||||
500,000 | T-Mobile USA Inc., Company Guaranteed Notes, 4.500% due 2/1/26 | 513,125 | ||||||
TWDC Enterprises 18 Corp., Company Guaranteed Notes: | ||||||||
150,000 | 2.450% due 3/4/22 | 152,191 | ||||||
125,000 | 3.150% due 9/17/25 | 132,861 | ||||||
Uber Technologies Inc., Company Guaranteed Notes: | ||||||||
130,000 | 8.000% due 11/1/26(b) | 131,950 | ||||||
70,000 | 7.500% due 9/15/27(b) | 69,388 | ||||||
45,000 | Univision Communications Inc., Senior Secured Notes, 5.125% due 5/15/23(b) | 44,381 | ||||||
Verizon Communications Inc., Senior Unsecured Notes: | ||||||||
493,000 | 4.329% due 9/21/28 | 559,165 | ||||||
650,000 | 4.016% due 12/3/29 | 726,003 | ||||||
285,000 | 4.272% due 1/15/36 | 325,041 | ||||||
500,000 | 5.250% due 3/16/37 | 631,566 | ||||||
500,000 | 5.012% due 4/15/49 | 642,827 | ||||||
200,000 | Viacom Inc., Senior Unsecured Notes, 5.850% due 9/1/43 | 246,505 | ||||||
Vodafone Group PLC, Senior Unsecured Notes: | ||||||||
350,000 | 4.375% due 5/30/28 | 388,636 | ||||||
250,000 | 4.375% due 2/19/43 | 265,227 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
Communications - 2.1% - (continued) | ||||||||
VTR Finance BV, Senior Secured Notes: | ||||||||
$ | 1,263,000 | 6.875% due 1/15/24 | $ | 1,292,996 | ||||
270,000 | 6.875% due 1/15/24(b) | 276,413 | ||||||
Walt Disney Co., Company Guaranteed Notes: | ||||||||
250,000 | 3.375% due 11/15/26 | 269,935 | ||||||
100,000 | 2.000% due 9/1/29 | 97,295 | ||||||
150,000 | 4.750% due 11/15/46 | 195,739 | ||||||
Total Communications | 39,712,460 | |||||||
Consumer Cyclical - 1.4% | ||||||||
1011778 BC ULC/New Red Finance Inc., Secured Notes: | ||||||||
240,000 | 5.000% due 10/15/25(b) | 248,887 | ||||||
145,000 | 4.375% due 1/15/28(b) | 145,544 | ||||||
330,000 | Allison Transmission Inc., Senior Unsecured Notes, 5.000% due 10/1/24(b) | 337,837 | ||||||
115,000 | American Axle & Manufacturing Inc., Company Guaranteed Notes, 6.250% due 3/15/26 | 114,856 | ||||||
American Honda Finance Corp., Senior Unsecured Notes: | ||||||||
225,000 | 2.050% due 1/10/23 | 225,216 | ||||||
500,000 | 2.900% due 2/16/24 | 514,676 | ||||||
305,000 | Aramark Services Inc., Company Guaranteed Notes, 5.000% due 4/1/25(b) | 318,344 | ||||||
250,000 | AutoZone Inc., Senior Unsecured Notes, 3.125% due 4/18/24 | 259,012 | ||||||
Beacon Roofing Supply Inc.: | ||||||||
215,000 | Company Guaranteed Notes, 4.875% due 11/1/25(b) | 208,281 | ||||||
90,000 | Senior Secured Notes, 4.500% due 11/15/26(b) | 90,900 | ||||||
130,000 | Boyd Gaming Corp., Company Guaranteed Notes, 4.750% due 12/1/27(b) | 131,317 | ||||||
370,000 | Boyne USA Inc., Secured Notes, 7.250% due 5/1/25(b) | 401,450 | ||||||
215,000 | Caesars Resort Collection LLC/CRC Finco Inc., Company Guaranteed Notes, 5.250% due 10/15/25(b) | 222,194 | ||||||
125,000 | Carvana Co., Company Guaranteed Notes, 8.875% due 10/1/23(b) | 129,531 | ||||||
280,000 | Cedar Fair LP, Company Guaranteed Notes, 5.250% due 7/15/29(b) | 298,900 | ||||||
115,000 | Century Communities Inc., Company Guaranteed Notes, 6.750% due 6/1/27(b) | 121,900 | ||||||
140,000 | Constellation Merger Sub Inc., Senior Unsecured Notes, 8.500% due 9/15/25(b) | 117,250 | ||||||
500,000 | Controladora Mabe SA de CV, Company Guaranteed Notes, 5.600% due 10/23/28 | 548,000 | ||||||
235,000 | Dana Financing Luxembourg SARL, Company Guaranteed Notes, 5.750% due 4/15/25(b) | 246,162 | ||||||
45,000 | Dana Inc., Senior Unsecured Notes, 5.375% due 11/15/27 | 45,572 | ||||||
705,000 | Delta Air Lines Inc., Senior Unsecured Notes, 3.625% due 3/15/22 | 721,782 | ||||||
645,000 | Dollar Tree Inc., Senior Unsecured Notes, 4.000% due 5/15/25 | 680,337 | ||||||
180,000 | Eldorado Resorts Inc., Company Guaranteed Notes, 6.000% due 4/1/25 | 189,450 | ||||||
250,000 | Ford Motor Co., Senior Unsecured Notes, 5.291% due 12/8/46 | 233,866 | ||||||
500,000 | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.810% due 1/9/24 | 500,306 | ||||||
General Motors Co., Senior Unsecured Notes: | ||||||||
205,000 | 2.694% (3-Month USD-LIBOR + 0.800%) due 8/7/20(a) | 205,384 | ||||||
100,000 | 6.750% due 4/1/46 | 116,300 | ||||||
100,000 | 5.400% due 4/1/48 | 101,487 | ||||||
General Motors Financial Co., Inc.: | ||||||||
Company Guaranteed Notes: | ||||||||
500,000 | 3.450% due 1/14/22 | 509,685 | ||||||
810,000 | 3.033% (3-Month USD-LIBOR + 0.990%) due 1/5/23(a) | 802,178 | ||||||
415,000 | 3.950% due 4/13/24 | 431,199 | ||||||
100,000 | 4.350% due 1/17/27 | 103,695 | ||||||
Senior Unsecured Notes: | ||||||||
250,000 | 5.100% due 1/17/24 | 270,135 | ||||||
150,000 | 5.650% due 1/17/29 | 166,604 | ||||||
1,000,000 | Gohl Capital Ltd., Company Guaranteed Notes, 4.250% due 1/24/27 | 1,042,098 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
Consumer Cyclical - 1.4% - (continued) | ||||||||
$ | 105,000 | Golden Entertainment Inc., Senior Unsecured Notes, 7.625% due 4/15/26(b) | $ | 111,038 | ||||
Golden Nugget Inc.: | ||||||||
50,000 | Company Guaranteed Notes, 8.750% due 10/1/25(b) | 53,000 | ||||||
340,000 | Senior Unsecured Notes, 6.750% due 10/15/24(b) | 351,050 | ||||||
640,000 | Hasbro Inc., Senior Unsecured Notes, 3.500% due 9/15/27 | 633,318 | ||||||
510,000 | Hilton Domestic Operating Co., Inc., Company Guaranteed Notes, 4.250% due 9/1/24 | 518,925 | ||||||
Home Depot Inc., Senior Unsecured Notes: | ||||||||
250,000 | 2.625% due 6/1/22 | 254,678 | ||||||
250,000 | 2.125% due 9/15/26 | 250,522 | ||||||
565,000 | 3.900% due 6/15/47 | 644,016 | ||||||
250,000 | 3.500% due 9/15/56 | 268,349 | ||||||
210,000 | IAA Inc., Senior Unsecured Notes, 5.500% due 6/15/27(b) | 220,837 | ||||||
155,000 | Installed Building Products Inc., Company Guaranteed Notes, 5.750% due 2/1/28(b) | 162,556 | ||||||
240,000 | IRB Holding Corp., Company Guaranteed Notes, 6.750% due 2/15/26(b) | 250,500 | ||||||
255,000 | KAR Auction Services Inc., Company Guaranteed Notes, 5.125% due 6/1/25(b) | 259,144 | ||||||
150,000 | Las Vegas Sands Corp., Senior Unsecured Notes, 3.500% due 8/18/26 | 152,505 | ||||||
Latam Finance Ltd., Company Guaranteed Notes: | ||||||||
400,000 | 6.875% due 4/11/24 | 420,800 | ||||||
600,000 | 7.000% due 3/1/26(b) | 636,600 | ||||||
200,000 | Lions Gate Capital Holdings LLC, Company Guaranteed Notes, 6.375% due 2/1/24(b) | 194,500 | ||||||
310,000 | Live Nation Entertainment Inc., Company Guaranteed Notes, 5.625% due 3/15/26(b) | 330,150 | ||||||
250,000 | Lowe's Cos. Inc., Senior Unsecured Notes, 3.700% due 4/15/46 | 255,383 | ||||||
250,000 | Lowe's Cos., Inc., Senior Unsecured Notes, 2.500% due 4/15/26 | 250,909 | ||||||
330,000 | LTF Merger Sub Inc., Company Guaranteed Notes, 8.500% due 6/15/23(b) | 338,250 | ||||||
18,000 | Macy's Retail Holdings Inc., Company Guaranteed Notes, 4.500% due 12/15/34 | 16,780 | ||||||
250,000 | Marriott International Inc., Senior Unsecured Notes, 3.600% due 4/15/24 | 262,575 | ||||||
210,000 | Marriott Ownership Resorts Inc./ILG LLC, Company Guaranteed Notes, 6.500% due 9/15/26 | 228,375 | ||||||
McDonald's Corp., Senior Unsecured Notes: | ||||||||
250,000 | 3.500% due 3/1/27 | 267,167 | ||||||
75,000 | 4.875% due 12/9/45 | 91,963 | ||||||
250,000 | 4.450% due 3/1/47 | 289,522 | ||||||
115,000 | MGM Resorts International, Company Guaranteed Notes, 5.750% due 6/15/25 | 128,369 | ||||||
255,000 | Murphy Oil USA Inc., Company Guaranteed Notes, 4.750% due 9/15/29 | 269,255 | ||||||
100,000 | Nordstrom Inc., Senior Unsecured Notes, 4.000% due 3/15/27 | 102,785 | ||||||
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.: | ||||||||
80,000 | Company Guaranteed Notes, 8.500% due 5/15/27(b) | 81,700 | ||||||
150,000 | Senior Secured Notes, 6.250% due 5/15/26(b) | 159,188 | ||||||
230,000 | Penn National Gaming Inc., Senior Unsecured Notes, 5.625% due 1/15/27(b) | 238,625 | ||||||
200,000 | Performance Food Group Inc., Senior Unsecured Notes, 5.500% due 10/15/27(b) | 212,500 | ||||||
PetSmart Inc.: | ||||||||
130,000 | Company Guaranteed Notes, 7.125% due 3/15/23(b) | 117,000 | ||||||
76,000 | Senior Secured Notes, 5.875% due 6/1/25(b) | 74,480 | ||||||
225,000 | Resideo Funding Inc., Company Guaranteed Notes, 6.125% due 11/1/26(b) | 216,000 | ||||||
400,000 | SACI Falabella, Senior Unsecured Notes, 3.750% due 4/30/23 | 406,205 | ||||||
200,000 | Sands China Ltd., Senior Unsecured Notes, 5.400% due 8/8/28 | 227,262 | ||||||
Scientific Games International Inc.: | ||||||||
Senior Unsecured Notes: | ||||||||
30,000 | 7.000% due 5/15/28(b) | 31,275 | ||||||
70,000 | 7.250% due 11/15/29(b) | 73,150 | ||||||
80,000 | Company Guaranteed Notes, 8.250% due 3/15/26(b) | 86,608 | ||||||
200,000 | Senior Secured Notes, 5.000% due 10/15/25(b) | 208,906 | ||||||
155,000 | Scotts Miracle-Gro Co., Senior Unsecured Notes, 4.500% due 10/15/29(b) | 156,550 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
Consumer Cyclical - 1.4% - (continued) | ||||||||
$ | 280,000 | Six Flags Entertainment Corp., Company Guaranteed Notes, 4.875% due 7/31/24(b) | $ | 289,800 | ||||
Staples Inc.: | ||||||||
155,000 | Senior Secured Notes, 7.500% due 4/15/26(b) | 162,169 | ||||||
55,000 | Senior Unsecured Notes, 10.750% due 4/15/27(b) | 56,655 | ||||||
Starbucks Corp., Senior Unsecured Notes: | ||||||||
250,000 | 3.100% due 3/1/23 | 258,055 | ||||||
150,000 | 3.550% due 8/15/29 | 162,325 | ||||||
235,000 | Stars Group Holdings BV/Stars Group US Co.-Borrower LLC, Company Guaranteed Notes, 7.000% due 7/15/26(b) | 253,800 | ||||||
225,000 | Superior Plus LP/Superior General Partner Inc., Senior Unsecured Notes, 7.000% due 7/15/26(b) | 241,909 | ||||||
Target Corp., Senior Unsecured Notes: | ||||||||
100,000 | 2.900% due 1/15/22 | 102,248 | ||||||
125,000 | 3.500% due 7/1/24 | 133,480 | ||||||
100,000 | 3.900% due 11/15/47 | 115,733 | ||||||
320,000 | Tempur Sealy International Inc., Company Guaranteed Notes, 5.500% due 6/15/26 | 336,000 | ||||||
750,000 | Toyota Motor Corp., Senior Unsecured Notes, 3.419% due 7/20/23 | 785,962 | ||||||
150,000 | Twin River Worldwide Holdings Inc., Senior Unsecured Notes, 6.750% due 6/1/27(b) | 154,500 | ||||||
355,000 | Viking Cruises Ltd., Company Guaranteed Notes, 5.875% due 9/15/27(b) | 379,850 | ||||||
150,000 | Walgreens Boots Alliance Inc., Senior Unsecured Notes, 3.450% due 6/1/26 | 152,521 | ||||||
Walmart Inc., Senior Unsecured Notes: | ||||||||
150,000 | 3.125% due 6/23/21 | 153,089 | ||||||
250,000 | 2.550% due 4/11/23 | 254,949 | ||||||
250,000 | 3.300% due 4/22/24 | 262,767 | ||||||
250,000 | 4.300% due 4/22/44 | 308,448 | ||||||
250,000 | 4.050% due 6/29/48 | 299,147 | ||||||
245,000 | William Carter Co., Company Guaranteed Notes, 5.625% due 3/15/27(b) | 263,988 | ||||||
80,000 | Wolverine Escrow LLC, Senior Secured Notes, 9.000% due 11/15/26(b) | 80,808 | ||||||
100,000 | WW Grainger Inc., Senior Unsecured Notes, 4.200% due 5/15/47 | 112,456 | ||||||
130,000 | Yum! Brands Inc., Senior Unsecured Notes, 4.750% due 1/15/30(b) | 134,550 | ||||||
Total Consumer Cyclical | 26,758,814 | |||||||
Consumer Non-cyclical - 3.0% | ||||||||
Abbott Laboratories, Senior Unsecured Notes: | ||||||||
140,000 | 3.750% due 11/30/26 | 153,503 | ||||||
200,000 | 4.900% due 11/30/46 | 265,135 | ||||||
AbbVie Inc., Senior Unsecured Notes: | ||||||||
520,000 | 3.200% due 11/6/22 | 532,445 | ||||||
350,000 | 2.850% due 5/14/23 | 356,490 | ||||||
250,000 | 3.200% due 11/21/29(b) | 253,814 | ||||||
500,000 | 4.050% due 11/21/39(b) | 521,105 | ||||||
475,000 | 4.450% due 5/14/46 | 510,469 | ||||||
100,000 | 4.250% due 11/21/49(b) | 105,033 | ||||||
400,000 | Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 3.950% due 1/19/22 | 408,869 | ||||||
100,000 | Aetna Inc., Senior Unsecured Notes, 3.875% due 8/15/47 | 100,762 | ||||||
150,000 | Air Medical Group Holdings Inc., Senior Unsecured Notes, 6.375% due 5/15/23(b) | 130,500 | ||||||
155,000 | Albertsons Cos LLC/Safeway Inc./New Albertsons LP/Albertson's LLC, Company Guaranteed Notes, 5.875% due 2/15/28(b) | 162,169 | ||||||
155,000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed Notes, 4.625% due 1/15/27(b) | 153,078 | ||||||
100,000 | Allergan Finance LLC, Company Guaranteed Notes, 3.250% due 10/1/22 | 102,172 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
Consumer Non-cyclical - 3.0% - (continued) | ||||||||
Allergan Funding SCS, Company Guaranteed Notes: | ||||||||
$ | 290,000 | 3.850% due 6/15/24 | $ | 304,367 | ||||
405,000 | 3.800% due 3/15/25 | 424,895 | ||||||
100,000 | 4.550% due 3/15/35 | 108,881 | ||||||
84,000 | 4.750% due 3/15/45 | 92,287 | ||||||
Altria Group Inc., Company Guaranteed Notes: | ||||||||
75,000 | 4.000% due 1/31/24 | 79,314 | ||||||
250,000 | 4.800% due 2/14/29 | 276,402 | ||||||
250,000 | 3.875% due 9/16/46 | 237,134 | ||||||
555,000 | 5.950% due 2/14/49 | 667,627 | ||||||
Amgen Inc., Senior Unsecured Notes: | ||||||||
150,000 | 2.600% due 8/19/26 | 152,074 | ||||||
150,000 | 4.950% due 10/1/41 | 179,272 | ||||||
50,000 | 4.663% due 6/15/51 | 59,065 | ||||||
Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes: | ||||||||
63,000 | 3.650% due 2/1/26 | 67,567 | ||||||
450,000 | 4.700% due 2/1/36 | 523,072 | ||||||
269,000 | Anheuser-Busch InBev Finance Inc., Company Guaranteed Notes, 3.300% due 2/1/23 | 278,989 | ||||||
Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes: | ||||||||
200,000 | 4.000% due 4/13/28 | 220,613 | ||||||
350,000 | 4.950% due 1/15/42 | 415,813 | ||||||
200,000 | 3.750% due 7/15/42 | 207,522 | ||||||
250,000 | 4.600% due 4/15/48 | 289,900 | ||||||
645,000 | 5.550% due 1/23/49 | 854,997 | ||||||
Anthem Inc., Senior Unsecured Notes: | ||||||||
1,295,000 | 3.300% due 1/15/23 | 1,338,989 | ||||||
35,000 | 2.375% due 1/15/25 | 34,832 | ||||||
100,000 | 4.650% due 1/15/43 | 113,171 | ||||||
150,000 | 4.375% due 12/1/47 | 164,336 | ||||||
110,000 | ASGN Inc., Company Guaranteed Notes, 4.625% due 5/15/28(b) | 110,550 | ||||||
120,000 | ASP AMC Merger Sub Inc., Senior Unsecured Notes, 8.000% due 5/15/25(b) | 79,200 | ||||||
AstraZeneca PLC, Senior Unsecured Notes: | ||||||||
350,000 | 3.375% due 11/16/25 | 370,186 | ||||||
475,000 | 6.450% due 9/15/37 | 670,463 | ||||||
100,000 | 4.375% due 11/16/45 | 118,379 | ||||||
320,000 | Avantor Inc., Senior Unsecured Notes, 9.000% due 10/1/25(b) | 356,000 | ||||||
B&G Foods Inc., Company Guaranteed Notes: | ||||||||
205,000 | 5.250% due 4/1/25 | 207,050 | ||||||
130,000 | 5.250% due 9/15/27 | 127,075 | ||||||
BAT Capital Corp., Company Guaranteed Notes: | ||||||||
100,000 | 3.222% due 8/15/24 | 101,770 | ||||||
200,000 | 3.557% due 8/15/27 | 203,747 | ||||||
Bausch Health Cos. Inc.: | ||||||||
Company Guaranteed Notes: | ||||||||
235,000 | 7.000% due 1/15/28(b) | 257,479 | ||||||
235,000 | 7.250% due 5/30/29(b) | 263,283 | ||||||
Senior Secured Notes: | ||||||||
65,000 | 7.000% due 3/15/24(b) | 68,006 | ||||||
110,000 | 5.750% due 8/15/27(b) | 119,213 | ||||||
Becton Dickinson & Co., Senior Unsecured Notes: | ||||||||
1,280,000 | 2.894% due 6/6/22 | 1,299,238 | ||||||
200,000 | 3.363% due 6/6/24 | 208,039 | ||||||
163,000 | 3.700% due 6/6/27 | 174,490 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
Consumer Non-cyclical - 3.0% - (continued) | ||||||||
$ | 100,000 | Biogen Inc., Senior Unsecured Notes, 5.200% due 9/15/45 | $ | 121,988 | ||||
Bristol-Myers Squibb Co., Senior Unsecured Notes: | ||||||||
100,000 | 2.750% due 2/15/23(b) | 101,927 | ||||||
500,000 | 3.875% due 8/15/25(b) | 539,624 | ||||||
250,000 | 3.250% due 2/27/27 | 266,816 | ||||||
400,000 | 3.400% due 7/26/29(b) | 429,583 | ||||||
100,000 | 5.000% due 8/15/45(b) | 128,295 | ||||||
1,180,000 | 4.350% due 11/15/47(b) | 1,393,613 | ||||||
250,000 | Campbell Soup Co., Senior Unsecured Notes, 3.950% due 3/15/25 | 264,984 | ||||||
Cardinal Health Inc., Senior Unsecured Notes: | ||||||||
1,140,000 | 3.410% due 6/15/27 | 1,168,690 | ||||||
150,000 | 4.368% due 6/15/47 | 149,513 | ||||||
230,000 | Catalent Pharma Solutions Inc., Company Guaranteed Notes, 5.000% due 7/15/27(b) | 238,625 | ||||||
Centene Corp., Senior Unsecured Notes: | ||||||||
160,000 | 4.250% due 12/15/27(b) | 164,600 | ||||||
140,000 | 4.625% due 12/15/29(b) | 146,825 | ||||||
130,000 | Charles River Laboratories International Inc., Company Guaranteed Notes, 4.250% due 5/1/28(b) | 130,975 | ||||||
100,000 | Children's Hospital Corp., Company Guaranteed Notes, 4.115% due 1/1/47 | 117,856 | ||||||
Cigna Corp., Company Guaranteed Notes: | ||||||||
500,000 | 3.400% due 9/17/21 | 510,910 | ||||||
660,000 | 2.891% (3-Month USD-LIBOR + 0.890%) due 7/15/23(a) | 662,581 | ||||||
250,000 | 4.800% due 7/15/46(b) | 287,076 | ||||||
675,000 | 4.900% due 12/15/48 | 799,131 | ||||||
300,000 | Cintas Corp. No 2, Company Guaranteed Notes, 2.900% due 4/1/22 | 305,911 | ||||||
Coca-Cola Co., Senior Unsecured Notes: | ||||||||
250,000 | 2.200% due 5/25/22 | 252,459 | ||||||
100,000 | 1.750% due 9/6/24 | 99,503 | ||||||
100,000 | 2.125% due 9/6/29 | 97,614 | ||||||
CommonSpirit Health, Senior Secured Notes: | ||||||||
36,000 | 3.817% due 10/1/49 | 35,732 | ||||||
13,000 | 4.187% due 10/1/49 | 13,221 | ||||||
250,000 | Conagra Brands Inc., Senior Unsecured Notes, 4.850% due 11/1/28 | 283,941 | ||||||
350,000 | Constellation Brands Inc., Company Guaranteed Notes, 2.700% due 5/9/22 | 354,420 | ||||||
310,000 | Cott Holdings Inc., Company Guaranteed Notes, 5.500% due 4/1/25(b) | 324,725 | ||||||
CVS Health Corp., Senior Unsecured Notes: | ||||||||
125,000 | 2.125% due 6/1/21 | 125,038 | ||||||
100,000 | 3.500% due 7/20/22 | 103,227 | ||||||
1,500,000 | 3.700% due 3/9/23 | 1,560,792 | ||||||
150,000 | 4.100% due 3/25/25 | 161,139 | ||||||
350,000 | 2.875% due 6/1/26 | 354,298 | ||||||
250,000 | 4.300% due 3/25/28 | 272,636 | ||||||
250,000 | 4.780% due 3/25/38 | 284,370 | ||||||
300,000 | 5.050% due 3/25/48 | 354,746 | ||||||
25,000 | DH Europe Finance II SARL, Company Guaranteed Notes, 2.600% due 11/15/29 | 25,106 | ||||||
210,000 | Diageo Capital PLC, Company Guaranteed Notes, 2.375% due 10/24/29 | 208,212 | ||||||
138,000 | Duke University Health System Inc., Senior Unsecured Notes, 3.920% due 6/1/47 | 157,946 | ||||||
180,000 | Eagle Holding Co. II LLC, Unsecured Notes, 7.750% (7.750.% Cash or 8.500% PIK) due 5/15/22(b)(f) | 182,925 | ||||||
125,000 | Eli Lilly & Co., Senior Unsecured Notes, 3.950% due 3/15/49 | 147,290 | ||||||
200,000 | Embotelladora Andina SA, Senior Unsecured Notes, 5.000% due 10/1/23 | 212,018 | ||||||
437,984 | ENA Norte Trust, Pass-Thru Certificates, 4.950% due 4/25/23 | 452,218 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
Consumer Non-cyclical - 3.0% - (continued) | ||||||||
Encompass Health Corp., Company Guaranteed Notes: | ||||||||
$ | 65,000 | 4.500% due 2/1/28 | $ | 66,625 | ||||
20,000 | 4.750% due 2/1/30 | 20,650 | ||||||
40,000 | Envision Healthcare Corp., Company Guaranteed Notes, 8.750% due 10/15/26(b) | 16,300 | ||||||
100,000 | Estee Lauder Cos. Inc., Senior Unsecured Notes, 4.150% due 3/15/47 | 118,961 | ||||||
220,000 | Garda World Security Corp., Senior Unsecured Notes, 8.750% due 5/15/25(b) | 223,181 | ||||||
200,000 | General Mills Inc., Senior Unsecured Notes, 4.700% due 4/17/48 | 238,160 | ||||||
Gilead Sciences Inc., Senior Unsecured Notes: | ||||||||
275,000 | 2.950% due 3/1/27 | 284,796 | ||||||
250,000 | 4.150% due 3/1/47 | 279,251 | ||||||
500,000 | GlaxoSmithKline Capital Inc., Company Guaranteed Notes, 3.625% due 5/15/25 | 535,441 | ||||||
125,000 | Global Payments Inc., Senior Unsecured Notes, 4.800% due 4/1/26 | 139,228 | ||||||
400,000 | Grupo Bimbo SAB de CV, Junior Subordinated Notes, 5.950% (5-Year CMT Index + 3.280%) (a)(e) | 421,500 | ||||||
HCA Inc.: | ||||||||
Company Guaranteed Notes: | ||||||||
515,000 | 5.375% due 9/1/26 | 570,362 | ||||||
20,000 | 5.875% due 2/1/29 | 22,850 | ||||||
Senior Secured Notes: | ||||||||
65,000 | 5.250% due 4/15/25 | 72,340 | ||||||
565,000 | 4.125% due 6/15/29 | 594,160 | ||||||
100,000 | 5.250% due 6/15/49 | 112,477 | ||||||
100,000 | Hershey Co., Senior Unsecured Notes, 2.450% due 11/15/29 | 100,576 | ||||||
55,000 | H-Food Holdings LLC/Hearthside Finance Co. Inc., Senior Unsecured Notes, 8.500% due 6/1/26(b) | 41,663 | ||||||
105,000 | Hill-Rom Holdings Inc., Senior Unsecured Notes, 4.375% due 9/15/27(b) | 107,625 | ||||||
200,000 | Horizon Pharma USA Inc., Company Guaranteed Notes, 5.500% due 8/1/27(b) | 210,631 | ||||||
100,000 | Humana Inc., Senior Unsecured Notes, 4.800% due 3/15/47 | 117,674 | ||||||
JBS Investments II GmbH, Company Guaranteed Notes: | ||||||||
800,000 | 7.000% due 1/15/26(b) | 866,000 | ||||||
400,000 | 5.750% due 1/15/28(b) | 421,000 | ||||||
JBS USA LUX SA/JBS USA Finance Inc., Company Guaranteed Notes: | ||||||||
40,000 | 5.875% due 7/15/24(b) | 41,240 | ||||||
30,000 | 5.750% due 6/15/25(b) | 31,125 | ||||||
175,000 | 6.750% due 2/15/28(b) | 193,139 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.: | ||||||||
165,000 | Company Guaranteed Notes, 6.500% due 4/15/29(b) | 182,737 | ||||||
90,000 | Senior Unsecured Notes, 5.500% due 1/15/30(b) | 95,963 | ||||||
Johnson & Johnson, Senior Unsecured Notes: | ||||||||
250,000 | 2.250% due 3/3/22 | 252,650 | ||||||
150,000 | 2.950% due 3/3/27 | 158,093 | ||||||
250,000 | 3.625% due 3/3/37 | 277,862 | ||||||
81,000 | Kaiser Foundation Hospitals, Unsecured Notes, 3.266% due 11/1/49 | 81,718 | ||||||
Keurig Dr Pepper Inc., Company Guaranteed Notes: | ||||||||
250,000 | 4.597% due 5/25/28 | 283,494 | ||||||
100,000 | 5.085% due 5/25/48 | 120,117 | ||||||
Kraft Heinz Foods Co., Company Guaranteed Notes: | ||||||||
150,000 | 3.000% due 6/1/26 | 149,435 | ||||||
250,000 | 5.200% due 7/15/45 | 269,534 | ||||||
200,000 | Kroger Co., Senior Unsecured Notes, 4.450% due 2/1/47 | 213,687 | ||||||
145,000 | Kronos Acquisition Holdings Inc., Company Guaranteed Notes, 9.000% due 8/15/23(b) | 129,775 | ||||||
1,325,000 | Laboratory Corp. of America Holdings, Senior Unsecured Notes, 3.600% due 2/1/25 | 1,387,518 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
Consumer Non-cyclical - 3.0% - (continued) | ||||||||
MARB BondCo PLC, Company Guaranteed Notes: | ||||||||
$ | 200,000 | 7.000% due 3/15/24 | $ | 208,000 | ||||
900,000 | 6.875% due 1/19/25 | 946,350 | ||||||
250,000 | Medtronic Global Holdings SCA, Company Guaranteed Notes, 3.350% due 4/1/27 | 267,312 | ||||||
Medtronic Inc., Company Guaranteed Notes: | ||||||||
500,000 | 3.150% due 3/15/22 | 514,011 | ||||||
75,000 | 4.625% due 3/15/45 | 96,029 | ||||||
250,000 | Merck & Co., Inc., Senior Unsecured Notes, 3.700% due 2/10/45 | 281,019 | ||||||
Minerva Luxembourg SA, Company Guaranteed Notes: | ||||||||
600,000 | 6.500% due 9/20/26 | 632,100 | ||||||
1,000,000 | 5.875% due 1/19/28 | 1,013,750 | ||||||
150,000 | Molson Coors Brewing Co., Company Guaranteed Notes, 4.200% due 7/15/46 | 147,648 | ||||||
300,000 | Moody's Corp., Senior Unsecured Notes, 2.750% due 12/15/21 | 304,142 | ||||||
250,000 | MPH Acquisition Holdings LLC, Company Guaranteed Notes, 7.125% due 6/1/24(b) | 226,875 | ||||||
Mylan NV, Company Guaranteed Notes: | ||||||||
250,000 | 3.150% due 6/15/21 | 252,829 | ||||||
125,000 | 5.250% due 6/15/46 | 137,490 | ||||||
250,000 | NBM US Holdings Inc., Company Guaranteed Notes, 7.000% due 5/14/26(b) | 265,440 | ||||||
10,000 | Northwell Healthcare Inc., Secured Notes, 4.260% due 11/1/47 | 10,992 | ||||||
Novartis Capital Corp., Company Guaranteed Notes: | ||||||||
250,000 | 2.400% due 5/17/22 | 253,369 | ||||||
150,000 | 3.100% due 5/17/27 | 158,647 | ||||||
95,000 | NVA Holdings Inc., Company Guaranteed Notes, 6.875% due 4/1/26(b) | 102,600 | ||||||
PayPal Holdings Inc., Senior Unsecured Notes: | ||||||||
35,000 | 2.400% due 10/1/24 | 35,101 | ||||||
70,000 | 2.850% due 10/1/29 | 69,844 | ||||||
PepsiCo Inc., Senior Unsecured Notes: | ||||||||
500,000 | 2.750% due 3/5/22 | 510,799 | ||||||
150,000 | 2.375% due 10/6/26 | 153,045 | ||||||
250,000 | 3.450% due 10/6/46 | 269,067 | ||||||
Pfizer Inc., Senior Unsecured Notes: | ||||||||
500,000 | 2.800% due 3/11/22 | 510,461 | ||||||
250,000 | 4.000% due 12/15/36 | 289,986 | ||||||
150,000 | 4.125% due 12/15/46 | 177,214 | ||||||
Philip Morris International Inc., Senior Unsecured Notes: | ||||||||
500,000 | 2.625% due 2/18/22 | 506,953 | ||||||
250,000 | 3.375% due 8/15/29 | 262,678 | ||||||
100,000 | 4.125% due 3/4/43 | 108,686 | ||||||
300,000 | Pilgrim's Pride Corp., Company Guaranteed Notes, 5.875% due 9/30/27(b) | 324,000 | ||||||
120,000 | Polaris Intermediate Corp., Senior Unsecured Notes, 8.500% due 12/1/22(b)(f) | 99,570 | ||||||
Post Holdings Inc., Company Guaranteed Notes: | ||||||||
235,000 | 5.500% due 3/1/25(b) | 246,456 | ||||||
45,000 | 5.500% due 12/15/29(b) | 47,138 | ||||||
130,000 | Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes, 9.250% due 5/15/23(b) | 136,662 | ||||||
150,000 | Procter & Gamble Co., Senior Unsecured Notes, 3.500% due 10/25/47 | 170,602 | ||||||
8,000 | Providence St Joseph Health Obligated Group, Unsecured Notes, 3.930% due 10/1/48 | 8,851 | ||||||
Refinitiv US Holdings Inc.: | ||||||||
165,000 | Company Guaranteed Notes, 8.250% due 11/15/26(b) | 184,594 | ||||||
160,000 | Senior Secured Notes, 6.250% due 5/15/26(b) | 174,400 | ||||||
Reynolds American Inc., Company Guaranteed Notes: | ||||||||
1,250,000 | 4.000% due 6/12/22 | 1,300,285 | ||||||
250,000 | 5.850% due 8/15/45 | 282,560 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
Consumer Non-cyclical - 3.0% - (continued) | ||||||||
$ | 200,000 | Select Medical Corp., Company Guaranteed Notes, 6.250% due 8/15/26(b) | $ | 214,500 | ||||
250,000 | ServiceMaster Co. LLC, Company Guaranteed Notes, 5.125% due 11/15/24(b) | 259,063 | ||||||
125,000 | Shire Acquisitions Investments Ireland DAC, Company Guaranteed Notes, 2.875% due 9/23/23 | 127,217 | ||||||
650,000 | Smithfield Foods Inc., Company Guaranteed Notes, 4.250% due 2/1/27(b) | 672,512 | ||||||
130,000 | Spectrum Brands Inc., Company Guaranteed Notes, 5.000% due 10/1/29(b) | 132,600 | ||||||
7,000 | Stanford Health Care, Unsecured Notes, 3.795% due 11/15/48 | 7,854 | ||||||
350,000 | Stryker Corp., Senior Unsecured Notes, 3.375% due 11/1/25 | 369,464 | ||||||
Sysco Corp., Company Guaranteed Notes: | ||||||||
350,000 | 3.550% due 3/15/25 | 373,587 | ||||||
585,000 | 3.250% due 7/15/27 | 612,650 | ||||||
250,000 | Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 5.000% due 11/26/28(b) | 291,705 | ||||||
Tenet Healthcare Corp.: | ||||||||
Senior Secured Notes: | ||||||||
190,000 | 4.875% due 1/1/26(b) | 197,363 | ||||||
80,000 | 5.125% due 11/1/27(b) | 83,600 | ||||||
200,000 | Secured Notes, 6.250% due 2/1/27(b) | 214,000 | ||||||
180,000 | Senior Unsecured Notes, 7.000% due 8/1/25(g) | 189,225 | ||||||
150,000 | Thermo Fisher Scientific Inc., Senior Unsecured Notes, 4.100% due 8/15/47 | 170,599 | ||||||
150,000 | Tyson Foods Inc., Senior Unsecured Notes, 4.550% due 6/2/47 | 173,127 | ||||||
500,000 | Unilever Capital Corp., Company Guaranteed Notes, 3.125% due 3/22/23 | 517,907 | ||||||
United Rentals North America Inc.: | ||||||||
Company Guaranteed Notes: | ||||||||
270,000 | 6.500% due 12/15/26 | 294,733 | ||||||
15,000 | 5.250% due 1/15/30 | 15,938 | ||||||
80,000 | Secured Notes, 3.875% due 11/15/27 | 80,700 | ||||||
UnitedHealth Group Inc., Senior Unsecured Notes: | ||||||||
750,000 | 2.125% due 3/15/21 | 751,767 | ||||||
350,000 | 3.850% due 6/15/28 | 385,220 | ||||||
250,000 | 4.250% due 4/15/47 | 288,599 | ||||||
150,000 | 3.700% due 8/15/49 | 160,906 | ||||||
125,000 | Verisk Analytics Inc., Senior Unsecured Notes, 4.125% due 9/12/22 | 131,379 | ||||||
253,000 | Verscend Escrow Corp., Senior Unsecured Notes, 9.750% due 8/15/26(b) | 271,975 | ||||||
150,000 | Vizient Inc., Senior Unsecured Notes, 6.250% due 5/15/27(b) | 162,375 | ||||||
WellCare Health Plans Inc., Senior Unsecured Notes: | ||||||||
160,000 | 5.250% due 4/1/25 | 167,400 | ||||||
330,000 | 5.375% due 8/15/26(b) | 351,450 | ||||||
115,000 | West Street Merger Sub Inc., Senior Unsecured Notes, 6.375% due 9/1/25(b) | 109,250 | ||||||
Total Consumer Non-cyclical | 58,489,688 | |||||||
Diversified - 0.0% | ||||||||
CK Hutchison International 17 Ltd., Company Guaranteed Notes: | ||||||||
200,000 | 2.875% due 4/5/22(b) | 201,846 | ||||||
300,000 | 3.500% due 4/5/27(b) | 312,279 | ||||||
Total Diversified | 514,125 | |||||||
Energy - 2.5% | ||||||||
750,000 | AI Candelaria Spain SLU, Senior Secured Notes, 7.500% due 12/15/28 | 824,063 | ||||||
150,000 | Aker BP ASA, Senior Unsecured Notes, 4.750% due 6/15/24(b) | 156,187 | ||||||
105,000 | Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes, 5.750% due 3/1/27(b) | 82,950 | ||||||
250,000 | Apache Corp., Senior Unsecured Notes, 4.250% due 1/15/44 | 219,445 | ||||||
Baker Hughes a GE Co. LLC/Baker Hughes Co.-Obligor Inc., Senior Unsecured Notes: | ||||||||
145,000 | 3.337% due 12/15/27 | 150,126 | ||||||
35,000 | 3.138% due 11/7/29 | 35,477 | ||||||
500,000 | Bharat Petroleum Corp., Ltd, Senior Unsecured Notes, 4.000% due 5/8/25 | 513,964 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
Energy - 2.5% - (continued) | ||||||||
BP Capital Markets America Inc., Company Guaranteed Notes: | ||||||||
$ | 100,000 | 2.520% due 9/19/22 | $ | 101,477 | ||||
350,000 | 3.224% due 4/14/24 | 363,827 | ||||||
1,000,000 | BPRL International Singapore Pte Ltd., Company Guaranteed Notes, 4.375% due 1/18/27 | 1,042,097 | ||||||
45,000 | Calfrac Holdings LP, Company Guaranteed Notes, 8.500% due 6/15/26(b) | 18,169 | ||||||
Canacol Energy Ltd., Company Guaranteed Notes: | ||||||||
1,200,000 | 7.250% due 5/3/25 | 1,255,500 | ||||||
200,000 | 7.250% due 5/3/25(b) | 209,250 | ||||||
Canadian Natural Resources Ltd., Senior Unsecured Notes: | ||||||||
1,150,000 | 2.950% due 1/15/23 | 1,169,671 | ||||||
125,000 | 5.850% due 2/1/35 | 152,633 | ||||||
Cenovus Energy Inc., Senior Unsecured Notes: | ||||||||
150,000 | 4.250% due 4/15/27 | 157,508 | ||||||
550,000 | 5.400% due 6/15/47 | 626,150 | ||||||
150,000 | Cheniere Corpus Christi Holdings LLC, Senior Secured Notes, 5.125% due 6/30/27 | 164,323 | ||||||
Cheniere Energy Partners LP: | ||||||||
Company Guaranteed Notes: | ||||||||
185,000 | 5.625% due 10/1/26 | 194,709 | ||||||
85,000 | 4.500% due 10/1/29(b) | 85,450 | ||||||
310,000 | Senior Secured Notes, 5.250% due 10/1/25 | 319,300 | ||||||
250,000 | Chevron Corp., Senior Unsecured Notes, 2.498% due 3/3/22 | 253,571 | ||||||
400,000 | CNOOC Finance 2013 Ltd., Company Guaranteed Notes, 3.000% due 5/9/23 | 406,036 | ||||||
1,550,000 | CNOOC Finance 2015 USA LLC, Company Guaranteed Notes, 3.500% due 5/5/25 | 1,616,437 | ||||||
335,000 | CNX Midstream Partners LP/CNX Midstream Finance Corp., Senior Unsecured Notes, 6.500% due 3/15/26(b) | 305,687 | ||||||
100,000 | Concho Resources Inc., Company Guaranteed Notes, 3.750% due 10/1/27 | 103,537 | ||||||
ConocoPhillips Co., Company Guaranteed Notes: | ||||||||
150,000 | 4.950% due 3/15/26 | 172,963 | ||||||
200,000 | 5.950% due 3/15/46 | 285,615 | ||||||
280,000 | CSI Compressco LP/CSI Compressco Finance Inc., Senior Secured Notes, 7.500% due 4/1/25(b) | 265,300 | ||||||
Delek & Avner Tamar Bond Ltd., Senior Secured Notes: | ||||||||
200,000 | 5.082% due 12/30/23(b) | 206,914 | ||||||
300,000 | 5.412% due 12/30/25(b) | 314,589 | ||||||
Devon Energy Corp., Senior Unsecured Notes: | ||||||||
75,000 | 5.600% due 7/15/41 | 91,133 | ||||||
100,000 | 5.000% due 6/15/45 | 116,891 | ||||||
500,000 | Ecopetrol SA, Senior Unsecured Notes, 5.375% due 6/26/26 | 552,075 | ||||||
150,000 | Enbridge Energy Partners LP, Company Guaranteed Notes, 5.500% due 9/15/40 | 178,264 | ||||||
100,000 | Enbridge Inc., Company Guaranteed Notes, 4.000% due 10/1/23 | 105,777 | ||||||
100,000 | Encana Corp., Company Guaranteed Notes, 6.500% due 2/1/38 | 117,295 | ||||||
Energy Transfer Operating LP, Company Guaranteed Notes: | ||||||||
500,000 | 5.875% due 1/15/24 | 550,586 | ||||||
600,000 | 4.750% due 1/15/26 | 641,753 | ||||||
200,000 | 5.300% due 4/15/47 | 207,654 | ||||||
150,000 | 6.000% due 6/15/48 | 171,029 | ||||||
Enterprise Products Operating LLC, Company Guaranteed Notes: | ||||||||
500,000 | 2.850% due 4/15/21 | 505,045 | ||||||
820,000 | 3.750% due 2/15/25 | 871,175 | ||||||
250,000 | 4.900% due 5/15/46 | 287,637 | ||||||
200,000 | 4.200% due 1/31/50 | 213,907 | ||||||
115,000 | EP Energy LLC/Everest Acquisition Finance Inc., Senior Secured Notes, 7.750% due 5/15/26(b)(h) | 77,050 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Core Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
Energy - 2.5% - (continued) | ||||||||
Equinor ASA, Company Guaranteed Notes: | ||||||||
$ | 250,000 | 2.450% due 1/17/23 | $ | 253,536 | ||||
100,000 | 3.700% due 3/1/24 | 106,809 | ||||||
135,000 | Exterran Energy Solutions LP/EES Finance Corp., Company Guaranteed Notes, 8.125% due 5/1/25 | 132,975 | ||||||
50,000 | Extraction Oil & Gas Inc., Company Guaranteed Notes, 5.625% due 2/1/26(b) | 23,000 | ||||||
Exxon Mobil Corp., Senior Unsecured Notes: | ||||||||
500,000 | 3.043% due 3/1/26 | 526,546 | ||||||
100,000 | 3.567% due 3/6/45 | 109,220 | ||||||
140,000 | Foresight Energy LLC/Foresight Energy Finance Corp., Secured Notes, 11.500% due 4/1/23(b)(g) | 11,200 | ||||||
105,000 | FTS International Inc., Senior Secured Notes, 6.250% due 5/1/22 | 59,063 | ||||||
1,400,000 | Geopark Ltd., Senior Secured Notes, 6.500% due 9/21/24 | 1,424,500 | ||||||
200,000 | GNL Quintero SA, Senior Unsecured Notes, 4.634% due 7/31/29 | 208,322 | ||||||
200,000 | Gran Tierra Energy Inc., Company Guaranteed Notes, 7.750% due 5/23/27(b) | 180,500 | ||||||
1,100,000 | Gran Tierra Energy International Holdings Ltd., Company Guaranteed Notes, 6.250% due 2/15/25 | 976,250 | ||||||
185,000 | Gulfport Energy Corp., Company Guaranteed Notes, 6.375% due 5/15/25 | 120,250 | ||||||
250,000 | Halliburton Co., Senior Unsecured Notes, 5.000% due 11/15/45 | 280,370 | ||||||
100,000 | Hess Corp., Senior Unsecured Notes, 5.800% due 4/1/47 | 118,572 | ||||||
495,000 | Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., Senior Unsecured Notes, 5.625% due 2/15/26(b) | 514,800 | ||||||
210,000 | Hess Midstream Partners LP, Senior Unsecured Notes, 5.125% due 6/15/28(b) | 212,415 | ||||||
145,000 | Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes, 6.250% due 11/1/28(b) | 121,978 | ||||||
Indian Oil Corp., Ltd, Senior Unsecured Notes: | ||||||||
600,000 | 5.625% due 8/2/21 | 628,029 | ||||||
1,000,000 | 5.750% due 8/1/23 | 1,091,042 | ||||||
90,000 | Indigo Natural Resources LLC, Senior Unsecured Notes, 6.875% due 2/15/26(b) | 81,675 | ||||||
Kinder Morgan Energy Partners LP, Company Guaranteed Notes: | ||||||||
125,000 | 3.500% due 3/1/21 | 126,718 | ||||||
100,000 | 4.250% due 9/1/24 | 106,674 | ||||||
150,000 | 6.950% due 1/15/38 | 194,282 | ||||||
75,000 | 5.000% due 8/15/42 | 81,090 | ||||||
Kinder Morgan Inc., Company Guaranteed Notes: | ||||||||
550,000 | 4.300% due 3/1/28 | 596,097 | ||||||
250,000 | 5.050% due 2/15/46 | 276,467 | ||||||
100,000 | Magellan Midstream Partners LP, Senior Unsecured Notes, 3.950% due 3/1/50 | 100,742 | ||||||
Marathon Petroleum Corp., Senior Unsecured Notes: | ||||||||
250,000 | 5.125% due 3/1/21 | 259,153 | ||||||
75,000 | 6.500% due 3/1/41 | 95,091 | ||||||
90,000 | MEG Energy Corp., Company Guaranteed Notes, 7.000% due 3/31/24(b) | 88,256 | ||||||
90,000 | Moss Creek Resources Holdings Inc., Company Guaranteed Notes, 7.500% due 1/15/26(b) | 59,850 | ||||||
250,000 | MPLX LP, Senior Unsecured Notes, 5.200% due 3/1/47 | 262,905 | ||||||
120,000 | Nabors Industries Inc., Company Guaranteed Notes, 5.750% due 2/1/25 | 93,600 | ||||||
90,000 | NGL Energy Partners LP/NGL Energy Finance Corp., Company Guaranteed Notes, 7.500% due 4/15/26(b) | 80,550 | ||||||
Noble Energy Inc., Senior Unsecured Notes: | ||||||||
150,000 | 3.850% due 1/15/28 | 155,866 | ||||||
150,000 | 4.950% due 8/15/47 | 159,795 | ||||||
265,000 | NuStar Logistics LP, Company Guaranteed Notes, 6.000% due 6/1/26 | 283,550 | ||||||
Oasis Petroleum Inc., Company Guaranteed Notes: | ||||||||
165,000 | 6.875% due 3/15/22 | 154,172 | ||||||
100,000 | 6.250% due 5/1/26(b) | 71,750 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
Energy - 2.5% - (continued) | ||||||||
Occidental Petroleum Corp., Senior Unsecured Notes: | ||||||||
$ | 125,000 | 4.100% due 2/1/21 | $ | 127,081 | ||||
250,000 | 2.700% due 8/15/22 | 252,000 | ||||||
100,000 | 5.550% due 3/15/26 | 113,364 | ||||||
250,000 | 3.500% due 8/15/29 | 252,460 | ||||||
50,000 | 6.600% due 3/15/46 | 64,171 | ||||||
100,000 | 4.400% due 4/15/46 | 99,234 | ||||||
200,000 | Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 5/7/21 | 203,130 | ||||||
ONEOK Inc., Company Guaranteed Notes: | ||||||||
100,000 | 4.000% due 7/13/27 | 105,377 | ||||||
150,000 | 4.450% due 9/1/49 | 149,351 | ||||||
1,000,000 | ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 3.750% due 7/27/26 | 1,030,446 | ||||||
165,000 | Par Petroleum LLC/Par Petroleum Finance Corp., Senior Secured Notes, 7.750% due 12/15/25(b) | 167,887 | ||||||
115,000 | Parkland Fuel Corp., Company Guaranteed Notes, 5.875% due 7/15/27(b) | 123,050 | ||||||
245,000 | Parsley Energy LLC/Parsley Finance Corp., Company Guaranteed Notes, 5.625% due 10/15/27(b) | 253,269 | ||||||
225,000 | Peabody Energy Corp., Senior Secured Notes, 6.000% due 3/31/22(b) | 219,375 | ||||||
1,200,000 | Pertamina Persero PT, Senior Unsecured Notes, 4.300% due 5/20/23 | 1,264,334 | ||||||
Petrobras Global Finance BV, Company Guaranteed Notes: | ||||||||
500,000 | 5.750% due 2/1/29 | 549,400 | ||||||
200,000 | 7.250% due 3/17/44 | 238,000 | ||||||
750,000 | 6.900% due 3/19/49 | 857,775 | ||||||
Petroleos Mexicanos, Company Guaranteed Notes: | ||||||||
750,000 | 4.250% due 1/15/25 | 744,615 | ||||||
150,000 | 6.500% due 3/13/27 | 156,541 | ||||||
100,000 | 6.840% due 1/23/30(b) | 104,603 | ||||||
500,000 | 5.625% due 1/23/46 | 441,875 | ||||||
200,000 | 6.750% due 9/21/47 | 196,596 | ||||||
50,000 | 7.690% due 1/23/50(b) | 53,582 | ||||||
500,000 | Petronas Capital Ltd., Company Guaranteed Notes, 3.500% due 3/18/25 | 523,995 | ||||||
Phillips 66, Company Guaranteed Notes: | ||||||||
250,000 | 4.300% due 4/1/22 | 262,947 | ||||||
150,000 | 4.875% due 11/15/44 | 181,857 | ||||||
Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes: | ||||||||
100,000 | 4.500% due 12/15/26 | 105,211 | ||||||
100,000 | 4.900% due 2/15/45 | 96,677 | ||||||
400,000 | PTTEP Treasury Center Co., Ltd., Company Guaranteed Notes, 4.600% (5-Year CMT Index + 2.724%) (a)(e) | 408,808 | ||||||
235,000 | QEP Resources Inc., Senior Unsecured Notes, 5.250% due 5/1/23 | 223,250 | ||||||
200,000 | Raizen Fuels Finance SA, Company Guaranteed Notes, 5.300% due 1/20/27 | 216,000 | ||||||
1,750,000 | Reliance Holding USA Inc., Company Guaranteed Notes, 5.400% due 2/14/22 | 1,851,780 | ||||||
Sabine Pass Liquefaction LLC, Senior Secured Notes: | ||||||||
100,000 | 5.750% due 5/15/24 | 111,318 | ||||||
540,000 | 5.000% due 3/15/27 | 591,165 | ||||||
100,000 | 4.200% due 3/15/28 | 105,283 | ||||||
Shell International Finance BV, Company Guaranteed Notes: | ||||||||
250,000 | 1.750% due 9/12/21 | 249,430 | ||||||
250,000 | 2.500% due 9/12/26 | 252,760 | ||||||
250,000 | 2.375% due 11/7/29 | 247,379 | ||||||
100,000 | 4.000% due 5/10/46 | 114,986 | ||||||
150,000 | 3.750% due 9/12/46 | 165,693 | ||||||
1,000,000 | Sinopec Capital 2013 Ltd., Company Guaranteed Notes, 3.125% due 4/24/23 | 1,018,952 | ||||||
305,000 | SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., Company Guaranteed Notes, 7.500% due 6/15/25(b) | 276,025 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
Energy - 2.5% - (continued) | ||||||||
Suncor Energy Inc., Senior Unsecured Notes: | ||||||||
$ | 150,000 | 3.600% due 12/1/24 | $ | 158,362 | ||||
100,000 | 6.500% due 6/15/38 | 136,018 | ||||||
100,000 | Sunoco Logistics Partners Operations LP, Company Guaranteed Notes, 4.250% due 4/1/24 | 104,290 | ||||||
Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes: | ||||||||
195,000 | 5.500% due 2/15/26 | 201,581 | ||||||
105,000 | 6.000% due 4/15/27 | 111,260 | ||||||
70,000 | Tapstone Energy LLC/Tapstone Energy Finance Corp., Senior Unsecured Notes, 9.750% due 6/1/22(b) | 17,500 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp.: | ||||||||
Company Guaranteed Notes: | ||||||||
160,000 | 5.875% due 4/15/26 | 168,352 | ||||||
125,000 | 6.500% due 7/15/27(b) | 133,320 | ||||||
90,000 | Senior Unsecured Notes, 5.500% due 3/1/30(b) | 90,252 | ||||||
125,000 | TerraForm Power Operating LLC, Company Guaranteed Notes, 4.250% due 1/31/23(b) | 127,136 | ||||||
Total Capital International SA, Company Guaranteed Notes: | ||||||||
500,000 | 3.700% due 1/15/24 | 531,865 | ||||||
50,000 | 3.461% due 7/12/49 | 53,470 | ||||||
TransCanada PipeLines Ltd., Senior Unsecured Notes: | ||||||||
250,000 | 4.875% due 1/15/26 | 279,718 | ||||||
75,000 | 7.625% due 1/15/39 | 111,280 | ||||||
200,000 | 4.875% due 5/15/48 | 233,221 | ||||||
250,000 | Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes, 7.850% due 2/1/26 | 317,037 | ||||||
53,400 | Transocean Guardian Ltd., Senior Secured Notes, 5.875% due 1/15/24(b) | 53,801 | ||||||
125,000 | Transocean Inc., Company Guaranteed Notes, 7.250% due 11/1/25(b) | 111,563 | ||||||
300,000 | Transocean Poseidon Ltd., Senior Secured Notes, 6.875% due 2/1/27(b) | 306,000 | ||||||
127,500 | Transocean Proteus Ltd., Senior Secured Notes, 6.250% due 12/1/24(b) | 128,775 | ||||||
600,000 | Transportadora de Gas del Peru SA, Senior Unsecured Notes, 4.250% due 4/30/28 | 636,360 | ||||||
340,000 | USA Compression Partners LP/USA Compression Finance Corp., Company Guaranteed Notes, 6.875% due 9/1/27(b) | 347,752 | ||||||
Valero Energy Corp., Senior Unsecured Notes: | ||||||||
250,000 | 4.000% due 4/1/29 | 267,385 | ||||||
75,000 | 4.900% due 3/15/45 | 85,165 | ||||||
65,000 | Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., Company Guaranteed Notes, 8.750% due 4/15/23(b) | 26,650 | ||||||
125,000 | Viper Energy Partners LP, Company Guaranteed Notes, 5.375% due 11/1/27(b) | 129,995 | ||||||
70,000 | Weatherford International Ltd., Company Guaranteed Notes, 9.875% due 2/15/24(h) | 18,200 | ||||||
100,000 | Western Midstream Operating LP, Senior Unsecured Notes, 5.450% due 4/1/44 | 84,567 | ||||||
240,000 | Whiting Petroleum Corp., Company Guaranteed Notes, 6.625% due 1/15/26 | 136,800 | ||||||
Williams Cos. Inc., Senior Unsecured Notes: | ||||||||
525,000 | 3.750% due 6/15/27 | 537,516 | ||||||
150,000 | 5.100% due 9/15/45 | 159,737 | ||||||
155,000 | WPX Energy Inc., Senior Unsecured Notes, 5.250% due 10/15/27 | 154,992 | ||||||
YPF SA, Senior Unsecured Notes: | ||||||||
950,000 | 8.500% due 7/28/25 | 781,375 | ||||||
400,000 | 6.950% due 7/21/27 | 305,000 | ||||||
Total Energy | 48,705,183 | |||||||
Financial - 5.9% | ||||||||
230,000 | Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes, 8.125% due 2/15/24(b) | 244,375 | ||||||
350,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes, 3.500% due 5/26/22 | 359,567 | ||||||
30,000 | Aflac Inc., Senior Unsecured Notes, 4.750% due 1/15/49 | 37,028 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
Financial - 5.9% - (continued) | ||||||||
Air Lease Corp., Senior Unsecured Notes: | ||||||||
$ | 1,340,000 | 3.250% due 3/1/25 | $ | 1,375,149 | ||||
250,000 | 3.625% due 4/1/27 | 259,060 | ||||||
250,000 | Alexandria Real Estate Equities Inc., Company Guaranteed Notes, 3.950% due 1/15/28 | 269,810 | ||||||
130,000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior Unsecured Notes, 6.750% due 10/15/27(b) | 137,475 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp.: | ||||||||
150,000 | Senior Secured Notes, 6.625% due 7/15/26(b) | 158,625 | ||||||
95,000 | Senior Unsecured Notes, 9.750% due 7/15/27(b) | 99,988 | ||||||
100,000 | Allstate Corp., Senior Unsecured Notes, 4.500% due 6/15/43 | 120,619 | ||||||
American Express Co.: | ||||||||
685,000 | Senior Unsecured Notes, 2.500% due 8/1/22 | 692,208 | ||||||
500,000 | Subordinated Notes, 3.625% due 12/5/24 | 527,566 | ||||||
250,000 | American Express Credit Corp., Senior Unsecured Notes, 2.250% due 5/5/21 | 251,141 | ||||||
American International Group Inc., Senior Unsecured Notes: | ||||||||
75,000 | 3.750% due 7/10/25 | 79,730 | ||||||
250,000 | 4.200% due 4/1/28 | 275,348 | ||||||
150,000 | 4.500% due 7/16/44 | 171,780 | ||||||
American Tower Corp., Senior Unsecured Notes: | ||||||||
100,000 | 3.500% due 1/31/23 | 103,598 | ||||||
100,000 | 4.000% due 6/1/25 | 106,796 | ||||||
250,000 | 3.800% due 8/15/29 | 266,607 | ||||||
100,000 | Aon PLC, Company Guaranteed Notes, 4.750% due 5/15/45 | 118,817 | ||||||
310,000 | AssuredPartners Inc., Senior Unsecured Notes, 7.000% due 8/15/25(b) | 309,225 | ||||||
250,000 | Australia & New Zealand Banking Group Ltd., Senior Unsecured Notes, 2.050% due 11/21/22 | 249,874 | ||||||
250,000 | AvalonBay Communities Inc., Senior Unsecured Notes, 3.300% due 6/1/29 | 264,775 | ||||||
200,000 | Avation Capital SA, Company Guaranteed Notes, 6.500% due 5/15/21(b) | 207,500 | ||||||
Avolon Holdings Funding Ltd., Company Guaranteed Notes: | ||||||||
240,000 | 5.250% due 5/15/24(b) | 260,784 | ||||||
430,000 | 3.950% due 7/1/24(b) | 445,867 | ||||||
250,000 | AXA Equitable Holdings Inc., Senior Unsecured Notes, 3.900% due 4/20/23 | 261,769 | ||||||
300,000 | Banco BBVA Peru SA, Senior Unsecured Notes, 5.000% due 8/26/22 | 317,628 | ||||||
400,000 | Banco Bradesco SA, Subordinated Notes, 5.750% due 3/1/22 | 420,750 | ||||||
1,650,000 | Banco BTG Pactual SA, Subordinated Notes, 7.750% (5-Year CMT Index + 5.257%) due 2/15/29(a)(b) | 1,744,875 | ||||||
600,000 | Banco de Credito e Inversiones SA, Senior Unsecured Notes, 4.000% due 2/11/23 | 619,461 | ||||||
800,000 | Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due 2/1/23 | 836,000 | ||||||
1,800,000 | Banco do Brasil SA, Junior Subordinated Notes, 6.250% (5-Year CMT Index + 4.398%) (a)(e) | 1,777,500 | ||||||
Banco Macro SA, Subordinated Notes: | ||||||||
950,000 | 6.750% (5-Year USD Swap Rate + 5.463%) due 11/4/26(a) | 717,250 | ||||||
200,000 | 6.750% (5-Year USD Swap Rate + 5.463%) due 11/4/26(a)(b) | 151,000 | ||||||
Banco Mercantil del Norte SA: | ||||||||
Junior Subordinated Notes: | ||||||||
1,000,000 | 6.875% (5-Year CMT Index + 5.035%) (a)(e) | 1,035,000 | ||||||
1,000,000 | 7.625% (5-Year CMT Index + 5.353%) (a)(e) | 1,052,500 | ||||||
200,000 | Subordinated Notes, 5.750% (5-Year CMT Index + 4.447%) due 10/4/31(a) | 203,500 | ||||||
200,000 | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Subordinated Notes, 5.950% (5-Year CMT Index + 2.995%) due 10/1/28(a)(b) | 213,500 | ||||||
200,000 | Banco Santander SA, Senior Unsecured Notes, 4.379% due 4/12/28 | 219,200 | ||||||
400,000 | Bancolombia SA, Subordinated Notes, 4.875% (5-Year CMT Index + 2.929%) due 10/18/27(a) | 407,000 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
Financial - 5.9% - (continued) | ||||||||
Bank of America Corp.: | ||||||||
Senior Unsecured Notes: | ||||||||
$ | 500,000 | 2.625% due 4/19/21 | $ | 504,407 | ||||
1,330,000 | 2.369% (3-Month USD-LIBOR + 0.660%) due 7/21/21(a) | 1,332,604 | ||||||
430,000 | 3.004% (3-Month USD-LIBOR + 0.790%) due 12/20/23(a) | 439,026 | ||||||
750,000 | 3.875% due 8/1/25 | 806,080 | ||||||
500,000 | 3.366% (3-Month USD-LIBOR + 0.810%) due 1/23/26(a) | 521,768 | ||||||
250,000 | 3.419% (3-Month USD-LIBOR + 1.040%) due 12/20/28(a) | 262,111 | ||||||
250,000 | 3.974% (3-Month USD-LIBOR + 1.210%) due 2/7/30(a) | 273,288 | ||||||
250,000 | 4.443% (3-Month USD-LIBOR + 1.990%) due 1/20/48(a) | 303,552 | ||||||
250,000 | Subordinated Notes, 7.750% due 5/14/38 | 389,463 | ||||||
500,000 | Bank of Montreal, Senior Unsecured Notes, 1.900% due 8/27/21 | 499,505 | ||||||
Bank of New York Mellon Corp., Senior Unsecured Notes: | ||||||||
250,000 | 3.450% due 8/11/23 | 261,740 | ||||||
250,000 | 3.400% due 1/29/28 | 267,921 | ||||||
Bank of Nova Scotia, Senior Unsecured Notes: | ||||||||
500,000 | 2.700% due 3/7/22 | 507,986 | ||||||
650,000 | 3.400% due 2/11/24 | 679,084 | ||||||
250,000 | Barclays PLC, Senior Unsecured Notes, 4.950% due 1/10/47 | 287,392 | ||||||
500,000 | BB&T Corp., Senior Unsecured Notes, 2.750% due 4/1/22 | 507,843 | ||||||
BBVA Bancomer SA, Subordinated Notes: | ||||||||
200,000 | 5.350% (5-Year CMT Index + 3.000%) due 11/12/29(a) | 202,250 | ||||||
1,500,000 | 5.125% (5-Year CMT Index + 2.650%) due 1/18/33(a) | 1,477,500 | ||||||
200,000 | 5.875% (5-Year CMT Index + 4.308%) due 9/13/34(a)(b) | 206,000 | ||||||
1,000,000 | BDO Unibank Inc., Senior Unsecured Notes, 2.950% due 3/6/23 | 1,007,578 | ||||||
Berkshire Hathaway Finance Corp., Company Guaranteed Notes: | ||||||||
150,000 | 4.200% due 8/15/48 | 176,815 | ||||||
50,000 | 4.250% due 1/15/49 | 59,353 | ||||||
Berkshire Hathaway Inc., Senior Unsecured Notes: | ||||||||
250,000 | 2.750% due 3/15/23 | 256,670 | ||||||
250,000 | 3.125% due 3/15/26 | 263,399 | ||||||
Boston Properties LP, Senior Unsecured Notes: | ||||||||
100,000 | 3.200% due 1/15/25 | 103,335 | ||||||
1,280,000 | 3.650% due 2/1/26 | 1,358,472 | ||||||
250,000 | 3.400% due 6/21/29 | 261,546 | ||||||
250,000 | Branch Banking & Trust Co., Subordinated Notes, 2.636% (5-Year CMT Index + 1.150%) due 9/17/29(a) | 248,985 | ||||||
100,000 | Brighthouse Financial Inc., Senior Unsecured Notes, 3.700% due 6/22/27 | 98,811 | ||||||
250,000 | Brixmor Operating Partnership LP, Senior Unsecured Notes, 3.900% due 3/15/27 | 262,902 | ||||||
Brookfield Finance Inc., Company Guaranteed Notes: | ||||||||
350,000 | 4.000% due 4/1/24 | 371,203 | ||||||
50,000 | 4.850% due 3/29/29 | 57,099 | ||||||
250,000 | Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 3.100% due 4/2/24 | 257,631 | ||||||
Capital One Financial Corp., Senior Unsecured Notes: | ||||||||
250,000 | 3.050% due 3/9/22 | 254,890 | ||||||
250,000 | 3.750% due 3/9/27 | 264,732 | ||||||
125,000 | CBRE Services Inc., Company Guaranteed Notes, 5.250% due 3/15/25 | 140,667 | ||||||
250,000 | Charles Schwab Corp., Senior Unsecured Notes, 3.200% due 3/2/27 | 261,277 | ||||||
500,000 | Chubb INA Holdings Inc., Company Guaranteed Notes, 3.350% due 5/3/26 | 534,203 | ||||||
200,000 | CIMB Bank Bhd, Senior Unsecured Notes, 2.792% (3-Month USD-LIBOR + 0.780%) due 10/9/24(a) | 200,332 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
Financial - 5.9% - (continued) | ||||||||
Citigroup Inc.: | ||||||||
Senior Unsecured Notes: | ||||||||
$ | 250,000 | 2.700% due 3/30/21 | $ | 252,050 | ||||
100,000 | 2.350% due 8/2/21 | 100,428 | ||||||
500,000 | 2.750% due 4/25/22 | 507,267 | ||||||
500,000 | 4.044% (3-Month USD-LIBOR + 1.023%) due 6/1/24(a) | 527,962 | ||||||
1,540,000 | 3.668% (3-Month USD-LIBOR + 1.390%) due 7/24/28(a) | 1,635,250 | ||||||
100,000 | 4.650% due 7/23/48 | 124,082 | ||||||
Subordinated Notes: | ||||||||
250,000 | 4.450% due 9/29/27 | 275,101 | ||||||
100,000 | 5.300% due 5/6/44 | 126,690 | ||||||
250,000 | 4.750% due 5/18/46 | 298,567 | ||||||
250,000 | Citizens Financial Group Inc., Senior Unsecured Notes, 2.850% due 7/27/26 | 252,774 | ||||||
115,000 | CNO Financial Group Inc., Senior Unsecured Notes, 5.250% due 5/30/29 | 127,429 | ||||||
50,000 | Comerica Inc., Senior Unsecured Notes, 4.000% due 2/1/29 | 54,922 | ||||||
985,000 | Commonwealth Bank of Australia, Senior Unsecured Notes, 3.900% due 7/12/47(b) | 1,100,458 | ||||||
Cooperatieve Rabobank UA: | ||||||||
Company Guaranteed Notes: | ||||||||
500,000 | 3.875% due 2/8/22 | 519,355 | ||||||
250,000 | 3.750% due 7/21/26 | 260,942 | ||||||
250,000 | Senior Unsecured Notes, 2.750% due 1/10/23 | 254,216 | ||||||
275,000 | Credit Acceptance Corp., Company Guaranteed Notes, 6.625% due 3/15/26(b) | 290,195 | ||||||
Credit Suisse Group Funding Guernsey Ltd., Company Guaranteed Notes: | ||||||||
250,000 | 3.125% due 12/10/20 | 252,486 | ||||||
250,000 | 3.750% due 3/26/25 | 263,628 | ||||||
250,000 | 4.550% due 4/17/26 | 277,699 | ||||||
Credito Real SAB de CV SOFOM ER: | ||||||||
500,000 | Company Guaranteed Notes, 9.500% due 2/7/26(b) | 564,750 | ||||||
803,000 | Junior Subordinated Notes, 9.125% (5-Year CMT Index + 7.026%) (a)(e) | 840,139 | ||||||
Crown Castle International Corp., Senior Unsecured Notes: | ||||||||
100,000 | 3.650% due 9/1/27 | 105,772 | ||||||
570,000 | 4.300% due 2/15/29 | 627,492 | ||||||
100,000 | 4.000% due 11/15/49 | 104,870 | ||||||
50,000 | CubeSmart LP, Company Guaranteed Notes, 3.000% due 2/15/30 | 49,570 | ||||||
DBS Group Holdings Ltd.: | ||||||||
1,350,000 | Junior Subordinated Notes, 3.600% (5-Year USD Swap Rate + 2.390%) (a)(e) | 1,358,437 | ||||||
200,000 | Senior Unsecured Notes, 2.560% (3-Month USD-LIBOR + 0.620%) due 7/25/22(a) | 200,924 | ||||||
300,000 | Subordinated Notes, 4.520% (5-Year USD 1100 Run ICE Swap Rate + 1.590%) due 12/11/28(a) | 318,374 | ||||||
500,000 | Deutsche Bank AG, Senior Unsecured Notes, 3.950% due 2/27/23 | 509,046 | ||||||
250,000 | Digital Realty Trust LP, Company Guaranteed Notes, 3.600% due 7/1/29 | 260,237 | ||||||
810,000 | Discover Financial Services, Senior Unsecured Notes, 4.100% due 2/9/27 | 868,438 | ||||||
500,000 | Docuformas SAPI de CV, Senior Unsecured Notes, 10.250% due 7/24/24(b) | 508,750 | ||||||
40,000 | Duke Realty LP, Senior Unsecured Notes, 2.875% due 11/15/29 | 40,348 | ||||||
200,000 | Enstar Group Ltd., Senior Unsecured Notes, 4.500% due 3/10/22 | 207,041 | ||||||
Equinix Inc., Senior Unsecured Notes: | ||||||||
30,000 | 2.625% due 11/18/24 | 29,997 | ||||||
35,000 | 3.200% due 11/18/29 | 35,085 | ||||||
250,000 | ERP Operating LP, Senior Unsecured Notes, 3.000% due 7/1/29 | 258,313 | ||||||
ESH Hospitality Inc., Company Guaranteed Notes: | ||||||||
415,000 | 5.250% due 5/1/25(b) | 428,488 | ||||||
85,000 | 4.625% due 10/1/27(b) | 85,425 | ||||||
250,000 | Federal Realty Investment Trust, Senior Unsecured Notes, 3.200% due 6/15/29 | 260,079 | ||||||
250,000 | Fifth Third Bancorp, Senior Unsecured Notes, 3.950% due 3/14/28 | 274,773 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
Financial - 5.9% - (continued) | ||||||||
GE Capital International Funding Co. Unlimited Co., Company Guaranteed Notes: | ||||||||
$ | 250,000 | 3.373% due 11/15/25 | $ | 258,294 | ||||
250,000 | 4.418% due 11/15/35 | 268,993 | ||||||
Gilex Holding SARL, Senior Secured Notes: | ||||||||
450,000 | 8.500% due 5/2/23 | 487,125 | ||||||
200,000 | 8.500% due 5/2/23(b) | 216,500 | ||||||
235,000 | Global Aircraft Leasing Co., Ltd., Senior Unsecured Notes, 6.500% (6.500% Cash or 7.250% PIK) due 9/15/24(b)(f) | 240,358 | ||||||
1,200,000 | Global Bank Corp., Senior Unsecured Notes, 4.500% due 10/20/21 | 1,230,720 | ||||||
150,000 | GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes, 5.300% due 1/15/29 | 165,652 | ||||||
Goldman Sachs Group Inc.: | ||||||||
Senior Unsecured Notes: | ||||||||
500,000 | 2.350% due 11/15/21 | 502,022 | ||||||
200,000 | 5.750% due 1/24/22 | 214,668 | ||||||
500,000 | 3.000% due 4/26/22 | 505,640 | ||||||
1,410,000 | 3.080% (3-Month USD-LIBOR + 1.170%) due 5/15/26(a) | 1,424,647 | ||||||
500,000 | 4.223% (3-Month USD-LIBOR + 1.301%) due 5/1/29(a) | 550,731 | ||||||
Subordinated Notes: | ||||||||
250,000 | 4.250% due 10/21/25 | 269,929 | ||||||
175,000 | 6.750% due 10/1/37 | 240,356 | ||||||
250,000 | 5.150% due 5/22/45 | 307,332 | ||||||
400,000 | Grupo Aval Ltd., Company Guaranteed Notes, 4.750% due 9/26/22 | 410,500 | ||||||
100,000 | Hartford Financial Services Group Inc., Senior Unsecured Notes, 3.600% due 8/19/49 | 101,059 | ||||||
100,000 | Healthcare Trust of America Holdings LP, Company Guaranteed Notes, 3.100% due 2/15/30 | 99,454 | ||||||
100,000 | Highwoods Realty LP, Senior Unsecured Notes, 3.050% due 2/15/30 | 98,658 | ||||||
Host Hotels & Resorts LP, Senior Unsecured Notes: | ||||||||
100,000 | 3.875% due 4/1/24 | 105,320 | ||||||
50,000 | 3.375% due 12/15/29 | 49,703 | ||||||
HSBC Holdings PLC: | ||||||||
Senior Unsecured Notes: | ||||||||
500,000 | 3.262% (3-Month USD-LIBOR + 1.055%) due 3/13/23(a) | 510,049 | ||||||
250,000 | 4.041% (3-Month USD-LIBOR + 1.546%) due 3/13/28(a) | 265,891 | ||||||
Subordinated Notes: | ||||||||
150,000 | 6.500% due 5/2/36 | 202,908 | ||||||
250,000 | 5.250% due 3/14/44 | 309,158 | ||||||
200,000 | Huntington Bancshares Inc., Senior Unsecured Notes, 2.625% due 8/6/24 | 202,540 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed Notes: | ||||||||
230,000 | 6.250% due 2/1/22 | 234,600 | ||||||
60,000 | 6.375% due 12/15/25 | 63,450 | ||||||
295,000 | 6.250% due 5/15/26 | 313,806 | ||||||
300,000 | Industrial Senior Trust, Company Guaranteed Notes, 5.500% due 11/1/22 | 312,003 | ||||||
500,000 | ING Groep NV, Senior Unsecured Notes, 3.150% due 3/29/22 | 511,219 | ||||||
Intercontinental Exchange Inc.: | ||||||||
250,000 | Company Guaranteed Notes, 3.750% due 12/1/25 | 269,509 | ||||||
25,000 | Senior Unsecured Notes, 4.250% due 9/21/48 | 29,555 | ||||||
185,000 | Iron Mountain Inc., Company Guaranteed Notes, 4.875% due 9/15/29(b) | 187,313 | ||||||
105,000 | iStar Inc., Senior Unsecured Notes, 4.750% due 10/1/24 | 107,560 | ||||||
1,300,000 | Itau Unibanco Holding SA, Junior Subordinated Notes, 6.500% (5-Year CMT Index + 3.863%) (a)(e) | 1,352,000 | ||||||
100,000 | Jefferies Group LLC/Jefferies Group Capital Finance Inc., Senior Unsecured Notes, 4.850% due 1/15/27 | 108,570 | ||||||
JPMorgan Chase & Co.: |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
Financial - 5.9% - (continued) | ||||||||
Senior Unsecured Notes: | ||||||||
$ | 750,000 | 4.500% due 1/24/22 | $ | 786,654 | ||||
250,000 | 2.972% due 1/15/23 | 254,241 | ||||||
250,000 | 3.782% (3-Month USD-LIBOR + 1.337%) due 2/1/28(a) | 268,727 | ||||||
250,000 | 3.509% (3-Month USD-LIBOR + 0.945%) due 1/23/29(a) | 264,693 | ||||||
250,000 | 4.005% (3-Month USD-LIBOR + 1.120%) due 4/23/29(a) | 274,103 | ||||||
250,000 | 3.882% (3-Month USD-LIBOR + 1.360%) due 7/24/38(a) | 274,973 | ||||||
150,000 | 5.400% due 1/6/42 | 199,006 | ||||||
200,000 | 4.260% (3-Month USD-LIBOR + 1.580%) due 2/22/48(a) | 237,643 | ||||||
100,000 | 3.964% (3-Month USD-LIBOR + 1.380%) due 11/15/48(a) | 113,753 | ||||||
Subordinated Notes: | ||||||||
200,000 | 3.875% due 9/10/24 | 212,486 | ||||||
200,000 | 3.625% due 12/1/27 | 211,135 | ||||||
250,000 | KeyBank NA, Senior Unsecured Notes, 3.375% due 3/7/23 | 259,789 | ||||||
100,000 | KeyCorp, Senior Unsecured Notes, 2.550% due 10/1/29 | 97,839 | ||||||
Kreditanstalt fuer Wiederaufbau, Government Guaranteed Notes: | ||||||||
1,000,000 | 1.625% due 3/15/21 | 998,744 | ||||||
500,000 | 2.125% due 3/7/22 | 504,958 | ||||||
500,000 | 2.375% due 12/29/22 | 510,447 | ||||||
100,000 | 2.500% due 11/20/24 | 103,759 | ||||||
250,000 | 2.875% due 4/3/28 | 270,481 | ||||||
Landwirtschaftliche Rentenbank, Government Guaranteed Notes: | ||||||||
250,000 | 2.375% due 6/10/25 | 257,944 | ||||||
75,000 | 1.750% due 7/27/26 | 74,845 | ||||||
250,000 | Lincoln National Corp., Senior Unsecured Notes, 3.800% due 3/1/28 | 265,789 | ||||||
Lloyds Banking Group PLC: | ||||||||
1,000,000 | Senior Unsecured Notes, 3.100% due 7/6/21 | 1,015,245 | ||||||
200,000 | Subordinated Notes, 4.344% due 1/9/48 | 210,514 | ||||||
Macquarie Group Ltd., Senior Unsecured Notes: | ||||||||
520,000 | 3.189% (3-Month USD-LIBOR + 1.023%) due 11/28/23(a)(b) | 530,905 | ||||||
1,275,000 | 4.150% (3-Month USD-LIBOR + 1.330%) due 3/27/24(a)(b) | 1,340,759 | ||||||
1,700,000 | Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate + 2.542%) due 10/29/26(a) | 1,731,790 | ||||||
250,000 | Manulife Financial Corp., Subordinated Notes, 4.061% (5-Year USD 1100 Run ICE Swap Rate + 1.647%) due 2/24/32(a) | 260,722 | ||||||
95,000 | Markel Corp., Senior Unsecured Notes, 3.350% due 9/17/29 | 96,584 | ||||||
100,000 | Marsh & McLennan Cos. Inc., Senior Unsecured Notes, 4.900% due 3/15/49 | 126,719 | ||||||
200,000 | Mastercard Inc., Senior Unsecured Notes, 3.950% due 2/26/48 | 235,196 | ||||||
250,000 | MetLife Inc., Senior Unsecured Notes, 4.600% due 5/13/46 | 304,918 | ||||||
235,000 | MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer Inc., Company Guaranteed Notes, 5.750% due 2/1/27(b) | 263,200 | ||||||
250,000 | Mid-America Apartments LP, Senior Unsecured Notes, 3.750% due 6/15/24 | 263,291 | ||||||
Mitsubishi UFJ Financial Group Inc., Senior Unsecured Notes: | ||||||||
500,000 | 2.998% due 2/22/22 | 509,741 | ||||||
740,000 | 2.647% (3-Month USD-LIBOR + 0.740%) due 3/2/23(a) | 741,204 | ||||||
200,000 | 3.407% due 3/7/24 | 208,450 | ||||||
250,000 | 3.741% due 3/7/29 | 270,238 | ||||||
Mizuho Financial Group Inc., Senior Unsecured Notes: | ||||||||
250,000 | 2.953% due 2/28/22 | 254,191 | ||||||
250,000 | 3.663% due 2/28/27 | 266,129 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
Financial - 5.9% - (continued) | ||||||||
Morgan Stanley: | ||||||||
Senior Unsecured Notes: | ||||||||
$ | 500,000 | 2.625% due 11/17/21 | $ | 505,318 | ||||
500,000 | 3.125% due 1/23/23 | 513,300 | ||||||
1,270,000 | 3.737% (3-Month USD-LIBOR + 0.847%) due 4/24/24(a) | 1,328,289 | ||||||
250,000 | 3.591% (3-Month USD-LIBOR + 1.340%) due 7/22/28(a) | 265,523 | ||||||
250,000 | 3.772% (3-Month USD-LIBOR + 1.140%) due 1/24/29(a) | 268,622 | ||||||
250,000 | 6.375% due 7/24/42 | 370,558 | ||||||
250,000 | Subordinated Notes, 4.350% due 9/8/26 | 273,535 | ||||||
MPT Operating Partnership LP/MPT Finance Corp., Company Guaranteed Notes: | ||||||||
100,000 | 5.250% due 8/1/26 | 106,271 | ||||||
260,000 | 5.000% due 10/15/27 | 273,000 | ||||||
140,000 | 4.625% due 8/1/29 | 146,821 | ||||||
250,000 | National Australia Bank Ltd., Senior Unsecured Notes, 3.375% due 1/14/26 | 264,334 | ||||||
200,000 | Nationstar Mortgage Holdings Inc., Company Guaranteed Notes, 8.125% due 7/15/23(b) | 214,000 | ||||||
300,000 | Navient Corp., Senior Unsecured Notes, 6.500% due 6/15/22 | 325,356 | ||||||
680,000 | New York Life Global Funding, Secured Notes, 2.300% due 6/10/22(b) | 685,240 | ||||||
310,000 | NFP Corp., Senior Unsecured Notes, 6.875% due 7/15/25(b) | 302,250 | ||||||
1,250,000 | Nuveen Finance LLC, Senior Unsecured Notes, 4.125% due 11/1/24(b) | 1,351,456 | ||||||
800,000 | Oversea-Chinese Banking Corp., Ltd, Subordinated Notes, 4.250% due 6/19/24 | 850,681 | ||||||
500,000 | PNC Bank NA, Senior Unsecured Notes, 2.625% due 2/17/22 | 506,597 | ||||||
150,000 | PNC Financial Services Group Inc., Subordinated Notes, 3.900% due 4/29/24 | 159,928 | ||||||
250,000 | Principal Financial Group Inc., Company Guaranteed Notes, 3.700% due 5/15/29 | 272,083 | ||||||
125,000 | Progressive Corp., Senior Unsecured Notes, 4.125% due 4/15/47 | 145,123 | ||||||
Prudential Financial Inc.: | ||||||||
Senior Unsecured Notes: | ||||||||
143,000 | 3.935% due 12/7/49 | 155,289 | ||||||
100,000 | 3.700% due 3/13/51 | 103,907 | ||||||
250,000 | Junior Subordinated Notes, 5.625% (3-Month USD-LIBOR + 3.920%) due 6/15/43(a) | 270,725 | ||||||
1,500,000 | Radiant Access Ltd., Company Guaranteed Notes, 4.600% (e) | 1,496,250 | ||||||
75,000 | Regency Centers LP, Company Guaranteed Notes, 4.400% due 2/1/47 | 86,259 | ||||||
Royal Bank of Canada: | ||||||||
1,635,000 | Senior Unsecured Notes, 2.550% due 7/16/24 | 1,654,111 | ||||||
250,000 | Subordinated Notes, 4.650% due 1/27/26 | 277,741 | ||||||
Royal Bank of Scotland Group PLC, Senior Unsecured Notes: | ||||||||
250,000 | 4.892% (3-Month USD-LIBOR + 1.754%) due 5/18/29(a) | 282,603 | ||||||
200,000 | 4.445% (3-Month USD-LIBOR + 1.871%) due 5/8/30(a) | 217,924 | ||||||
200,000 | Sabra Health Care LP, Company Guaranteed Notes, 5.125% due 8/15/26 | 215,188 | ||||||
Santander Holdings USA Inc., Senior Unsecured Notes: | ||||||||
250,000 | 3.700% due 3/28/22 | 256,759 | ||||||
695,000 | 3.400% due 1/18/23 | 711,775 | ||||||
250,000 | Santander UK Group Holdings PLC, Senior Unsecured Notes, 3.373% (3-Month USD-LIBOR + 1.080%) due 1/5/24(a) | 254,011 | ||||||
1,500,000 | SBA Tower Trust, Asset Backed, 3.168% due 4/11/22(b) | 1,516,583 | ||||||
200,000 | Scotiabank Peru SAA, Subordinated Notes, 4.500% (3-Month USD-LIBOR + 3.856%) due 12/13/27(a) | 205,502 | ||||||
Simon Property Group LP, Senior Unsecured Notes: | ||||||||
500,000 | 2.350% due 1/30/22 | 503,752 | ||||||
100,000 | 3.375% due 10/1/24 | 105,079 | ||||||
65,000 | 3.250% due 9/13/49 | 64,445 | ||||||
SPARC EM SPC Panama Metro Line 2 SP, Senior Secured Notes: | ||||||||
939,579 | zero coupon, due 12/5/22(b) | 900,822 | ||||||
683,330 | zero coupon, due 12/5/22 | 655,143 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
Financial - 5.9% - (continued) | ||||||||
Springleaf Finance Corp., Company Guaranteed Notes: | ||||||||
$ | 115,000 | 7.125% due 3/15/26 | $ | 132,538 | ||||
40,000 | 6.625% due 1/15/28 | 44,200 | ||||||
90,000 | 5.375% due 11/15/29 | 92,700 | ||||||
Sumitomo Mitsui Financial Group Inc.: | ||||||||
Senior Unsecured Notes: | ||||||||
500,000 | 2.934% due 3/9/21 | 505,844 | ||||||
250,000 | 2.778% due 10/18/22 | 254,328 | ||||||
845,000 | 2.742% (3-Month USD-LIBOR + 0.740%) due 1/17/23(a) | 847,001 | ||||||
250,000 | 3.102% due 1/17/23 | 256,156 | ||||||
100,000 | 2.632% due 7/14/26 | 100,078 | ||||||
250,000 | Subordinated Notes, 3.202% due 9/17/29 | 254,409 | ||||||
250,000 | SunTrust Bank, Senior Unsecured Notes, 3.200% due 4/1/24 | 260,135 | ||||||
400,000 | SURA Asset Management SA, Company Guaranteed Notes, 4.875% due 4/17/24 | 425,668 | ||||||
Synchrony Bank, Senior Unsecured Notes: | ||||||||
250,000 | 3.650% due 5/24/21 | 254,489 | ||||||
350,000 | 3.000% due 6/15/22 | 354,754 | ||||||
100,000 | TD Ameritrade Holding Corp., Senior Unsecured Notes, 2.750% due 10/1/29 | 101,127 | ||||||
1,500,000 | Temasek Financial I Ltd., Company Guaranteed Notes, 2.375% due 1/23/23 | 1,518,884 | ||||||
250,000 | Toronto-Dominion Bank, Senior Unsecured Notes, 3.250% due 3/11/24 | 260,728 | ||||||
125,000 | Travelers Cos. Inc., Senior Unsecured Notes, 5.350% due 11/1/40 | 166,682 | ||||||
100,000 | UDR Inc., Company Guaranteed Notes, 3.200% due 1/15/30 | 102,782 | ||||||
1,700,000 | Unifin Financiera SAB de CV, Subordinated Notes, 8.875% (5-Year CMT Index + 6.308%) (a)(e) | 1,538,500 | ||||||
United Overseas Bank Ltd.: | ||||||||
500,000 | Junior Subordinated Notes, 3.875% (5-Year USD Swap Rate + 1.794%) (a)(e) | 505,591 | ||||||
1,000,000 | Subordinated Notes, 3.500% (5-Year USD Swap Rate + 2.236%) due 9/16/26(a) | 1,010,980 | ||||||
750,000 | US Bancorp, Senior Unsecured Notes, 2.625% due 1/24/22 | 761,407 | ||||||
100,000 | Ventas Realty LP, Company Guaranteed Notes, 4.375% due 2/1/45 | 108,836 | ||||||
Visa Inc., Senior Unsecured Notes: | ||||||||
650,000 | 2.800% due 12/14/22 | 667,059 | ||||||
100,000 | 4.150% due 12/14/35 | 119,130 | ||||||
Wells Fargo & Co.: | ||||||||
Senior Unsecured Notes: | ||||||||
550,000 | 2.625% due 7/22/22 | 556,477 | ||||||
875,000 | 3.069% due 1/24/23 | 891,343 | ||||||
250,000 | 3.000% due 4/22/26 | 257,591 | ||||||
910,000 | 3.584% (3-Month USD-LIBOR + 1.310%) due 5/22/28(a) | 967,025 | ||||||
250,000 | 4.150% due 1/24/29 | 278,433 | ||||||
Subordinated Notes: | ||||||||
250,000 | 4.400% due 6/14/46 | 288,552 | ||||||
250,000 | 4.750% due 12/7/46 | 305,391 | ||||||
1,520,000 | Welltower Inc., Senior Unsecured Notes, 4.125% due 3/15/29 | 1,657,029 | ||||||
250,000 | Western Union Co., Senior Unsecured Notes, 3.600% due 3/15/22 | 256,401 | ||||||
Westpac Banking Corp., Senior Unsecured Notes: | ||||||||
500,000 | 3.650% due 5/15/23 | 523,113 | ||||||
1,295,000 | 3.300% due 2/26/24 | 1,346,790 | ||||||
250,000 | 3.350% due 3/8/27 | 263,634 | ||||||
75,000 | WeWork Cos., Inc., Company Guaranteed Notes, 7.875% due 5/1/25(b)(g) | 53,625 | ||||||
250,000 | Weyerhaeuser Co., Senior Unsecured Notes, 4.625% due 9/15/23 | 269,166 | ||||||
Willis North America Inc., Company Guaranteed Notes: | ||||||||
50,000 | 4.500% due 9/15/28 | 55,278 | ||||||
745,000 | 3.875% due 9/15/49 | 735,593 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
Financial - 5.9% - (continued) | ||||||||
$ | 250,000 | Zions Bancorp N.A., Subordinated Notes, 3.250% due 10/29/29 | $ | 247,222 | ||||
Total Financial | 115,435,933 | |||||||
Government - 0.3% | ||||||||
250,000 | African Development Bank, Senior Unsecured Notes, 1.625% due 9/16/22 | 249,625 | ||||||
1,500,000 | Asian Development Bank, Senior Unsecured Notes, 2.000% due 2/16/22 | 1,510,155 | ||||||
European Investment Bank, Senior Unsecured Notes: | ||||||||
1,400,000 | 2.625% due 5/20/22 | 1,431,785 | ||||||
250,000 | 2.625% due 3/15/24 | 259,405 | ||||||
500,000 | 2.250% due 6/24/24 | 512,353 | ||||||
Inter-American Development Bank: | ||||||||
500,000 | Senior Unsecured Notes, 2.375% due 7/7/27 | 518,845 | ||||||
1,000,000 | Unsecured Notes, 2.625% due 4/19/21 | 1,011,113 | ||||||
300,000 | Malaysia Sovereign Sukuk Bhd, Unsecured Notes, 3.043% due 4/22/25 | 310,284 | ||||||
500,000 | Svensk Exportkredit AB, Senior Unsecured Notes, 2.375% due 3/9/22 | 506,698 | ||||||
Total Government | 6,310,263 | |||||||
Industrial - 1.4% | ||||||||
3M Co., Senior Unsecured Notes: | ||||||||
250,000 | 2.750% due 3/1/22 | 254,190 | ||||||
250,000 | 3.375% due 3/1/29 | 268,464 | ||||||
100,000 | 3.250% due 8/26/49 | 99,028 | ||||||
130,000 | Advanced Drainage Systems Inc., Senior Secured Notes, 5.000% due 9/30/27(b) | 133,250 | ||||||
255,000 | AECOM, Company Guaranteed Notes, 5.125% due 3/15/27 | 271,575 | ||||||
200,000 | Aeropuerto Internacional de Tocumen SA, Senior Secured Notes, 5.625% due 5/18/36 | 232,752 | ||||||
65,000 | Agilent Technologies Inc., Senior Unsecured Notes, 2.750% due 9/15/29 | 64,970 | ||||||
100,000 | Allegion PLC, Company Guaranteed Notes, 3.500% due 10/1/29 | 102,024 | ||||||
100,000 | Amphenol Corp., Senior Unsecured Notes, 2.800% due 2/15/30 | 98,434 | ||||||
175,000 | Amsted Industries Inc., Company Guaranteed Notes, 5.625% due 7/1/27(b) | 184,625 | ||||||
200,000 | Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Company Guaranteed Notes, 6.000% due 2/15/25(b) | 210,000 | ||||||
615,000 | Arrow Electronics Inc., Senior Unsecured Notes, 3.875% due 1/12/28 | 632,843 | ||||||
140,000 | BBA US Holdings Inc., Company Guaranteed Notes, 4.000% due 3/1/28(b) | 140,917 | ||||||
230,000 | Berry Global Inc., Secured Notes, 5.625% due 7/15/27(b) | 244,950 | ||||||
Boeing Co., Senior Unsecured Notes: | ||||||||
500,000 | 2.125% due 3/1/22 | 500,571 | ||||||
250,000 | 3.650% due 3/1/47 | 262,146 | ||||||
Bombardier Inc., Senior Unsecured Notes: | ||||||||
105,000 | 6.000% due 10/15/22(b) | 105,262 | ||||||
110,000 | 7.875% due 4/15/27(b) | 110,656 | ||||||
Builders FirstSource Inc., Senior Secured Notes: | ||||||||
273,000 | 5.625% due 9/1/24(b) | 283,920 | ||||||
70,000 | 6.750% due 6/1/27(b) | 75,572 | ||||||
Burlington Northern Santa Fe LLC, Senior Unsecured Notes: | ||||||||
150,000 | 3.250% due 6/15/27 | 159,733 | ||||||
250,000 | 4.125% due 6/15/47 | 289,114 | ||||||
100,000 | 3.550% due 2/15/50 | 106,640 | ||||||
100,000 | Canadian National Railway Co., Senior Unsecured Notes, 4.450% due 1/20/49 | 126,477 | ||||||
Canadian Pacific Railway Co.: | ||||||||
250,000 | Company Guaranteed Notes, 4.000% due 6/1/28 | 277,539 | ||||||
100,000 | Senior Unsecured Notes, 2.900% due 2/1/25 | 102,715 | ||||||
500,000 | Caterpillar Financial Services Corp., Senior Unsecured Notes, 1.700% due 8/9/21 | 497,803 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
Industrial - 1.4% - (continued) | ||||||||
Caterpillar Inc., Senior Unsecured Notes: | ||||||||
$ | 1,045,000 | 3.400% due 5/15/24 | $ | 1,104,443 | ||||
250,000 | 2.600% due 9/19/29 | 252,755 | ||||||
100,000 | 3.803% due 8/15/42 | 113,025 | ||||||
Clean Harbors Inc., Company Guaranteed Notes: | ||||||||
250,000 | 4.875% due 7/15/27(b) | 261,950 | ||||||
45,000 | 5.125% due 7/15/29(b) | 47,551 | ||||||
Colfax Corp., Company Guaranteed Notes: | ||||||||
100,000 | 6.000% due 2/15/24(b) | 106,000 | ||||||
270,000 | 6.375% due 2/15/26(b) | 291,600 | ||||||
135,000 | Crown Americas LLC/Crown Americas Capital Corp. IV, Company Guaranteed Notes, 4.500% due 1/15/23 | 141,142 | ||||||
365,000 | Crown Americas LLC/Crown Americas Capital Corp. VI, Company Guaranteed Notes, 4.750% due 2/1/26 | 382,794 | ||||||
CSX Corp., Senior Unsecured Notes: | ||||||||
250,000 | 2.600% due 11/1/26 | 255,063 | ||||||
745,000 | 3.350% due 9/15/49 | 733,907 | ||||||
250,000 | 4.500% due 8/1/54 | 291,705 | ||||||
100,000 | Eaton Corp., Company Guaranteed Notes, 4.150% due 11/2/42 | 113,260 | ||||||
200,000 | Embraer Netherlands Finance BV, Company Guaranteed Notes, 5.400% due 2/1/27 | 224,500 | ||||||
165,000 | Energizer Holdings Inc., Company Guaranteed Notes, 7.750% due 1/15/27(b) | 184,388 | ||||||
FedEx Corp., Company Guaranteed Notes: | ||||||||
100,000 | 3.300% due 3/15/27 | 103,238 | ||||||
310,000 | 4.750% due 11/15/45 | 333,468 | ||||||
250,000 | 4.400% due 1/15/47 | 254,516 | ||||||
200,000 | Fideicomiso PA Pacifico Tres, Senior Secured Notes, 8.250% due 1/15/35 | 225,000 | ||||||
140,000 | Flex Acquisition Co., Inc., Senior Unsecured Notes, 6.875% due 1/15/25(b) | 133,350 | ||||||
100,000 | Fortune Brands Home & Security Inc., Senior Unsecured Notes, 3.250% due 9/15/29 | 101,155 | ||||||
265,000 | frontdoor Inc., Senior Unsecured Notes, 6.750% due 8/15/26(b) | 289,486 | ||||||
220,000 | Gates Global LLC/Gates Global Co., Senior Unsecured Notes, 6.250% due 1/15/26(b) | 220,024 | ||||||
100,000 | GATX Corp., Senior Unsecured Notes, 3.850% due 3/30/27 | 104,225 | ||||||
General Electric Co., Senior Unsecured Notes: | ||||||||
200,000 | 6.750% due 3/15/32 | 259,204 | ||||||
540,000 | 5.875% due 1/14/38 | 661,593 | ||||||
12,000 | 4.125% due 10/9/42 | 12,662 | ||||||
GFL Environmental Inc., Senior Unsecured Notes: | ||||||||
105,000 | 5.375% due 3/1/23(b) | 105,525 | ||||||
90,000 | 8.500% due 5/1/27(b) | 95,787 | ||||||
45,000 | Hillman Group Inc., Company Guaranteed Notes, 6.375% due 7/15/22(b) | 41,400 | ||||||
Honeywell International Inc., Senior Unsecured Notes: | ||||||||
500,000 | 1.850% due 11/1/21 | 499,575 | ||||||
75,000 | 2.500% due 11/1/26 | 76,419 | ||||||
250,000 | Ingersoll-Rand Luxembourg Finance SA, Company Guaranteed Notes, 3.800% due 3/21/29 | 267,034 | ||||||
300,000 | Jeld-Wen Inc., Company Guaranteed Notes, 4.625% due 12/15/25(b) | 302,625 | ||||||
John Deere Capital Corp., Senior Unsecured Notes: | ||||||||
500,000 | 2.950% due 4/1/22 | 511,450 | ||||||
100,000 | 2.250% due 9/14/26 | 99,899 | ||||||
250,000 | 2.800% due 9/8/27 | 258,129 | ||||||
100,000 | Johnson Controls International PLC, Senior Unsecured Notes, 4.500% due 2/15/47 | 108,893 | ||||||
1,000,000 | JSL Europe SA, Company Guaranteed Notes, 7.750% due 7/26/24 | 1,068,920 | ||||||
60,000 | Kansas City Southern, Company Guaranteed Notes, 2.875% due 11/15/29 | 60,231 | ||||||
160,000 | Kratos Defense & Security Solutions Inc., Senior Secured Notes, 6.500% due 11/30/25(b) | 169,600 | ||||||
250,000 | L3Harris Technologies Inc., Senior Unsecured Notes, 4.400% due 6/15/28(b) | 279,062 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
Industrial - 1.4% - (continued) | ||||||||
Lockheed Martin Corp., Senior Unsecured Notes: | ||||||||
$ | 250,000 | 3.550% due 1/15/26 | $ | 268,831 | ||||
150,000 | 4.700% due 5/15/46 | 189,337 | ||||||
155,000 | Masonite International Corp., Company Guaranteed Notes, 5.750% due 9/15/26(b) | 164,300 | ||||||
Norfolk Southern Corp., Senior Unsecured Notes: | ||||||||
250,000 | 2.900% due 6/15/26 | 258,078 | ||||||
250,000 | 3.800% due 8/1/28 | 275,506 | ||||||
Northrop Grumman Corp., Senior Unsecured Notes: | ||||||||
200,000 | 2.550% due 10/15/22 | 202,754 | ||||||
200,000 | 4.030% due 10/15/47 | 224,265 | ||||||
100,000 | Owens Corning, Senior Unsecured Notes, 3.400% due 8/15/26 | 101,232 | ||||||
Parker-Hannifin Corp., Senior Unsecured Notes: | ||||||||
300,000 | 3.250% due 3/1/27 | 312,660 | ||||||
150,000 | 4.100% due 3/1/47 | 161,333 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes: | ||||||||
40,000 | 3.400% due 11/15/26(b) | 40,855 | ||||||
225,000 | 4.200% due 4/1/27(b) | 240,411 | ||||||
50,000 | PerkinElmer Inc., Senior Unsecured Notes, 3.300% due 9/15/29 | 50,033 | ||||||
250,000 | Republic Services Inc., Senior Unsecured Notes, 2.500% due 8/15/24 | 252,273 | ||||||
25,000 | Rockwell Automation Inc., Senior Unsecured Notes, 4.200% due 3/1/49 | 29,674 | ||||||
100,000 | Rockwell Collins Inc., Senior Unsecured Notes, 3.200% due 3/15/24 | 103,955 | ||||||
Roper Technologies Inc., Senior Unsecured Notes: | ||||||||
570,000 | 4.200% due 9/15/28 | 626,590 | ||||||
250,000 | 2.950% due 9/15/29 | 252,577 | ||||||
Ryder System Inc., Senior Unsecured Notes: | ||||||||
300,000 | 2.800% due 3/1/22 | 303,479 | ||||||
30,000 | 2.500% due 9/1/24 | 29,998 | ||||||
90,000 | 2.900% due 12/1/26 | 90,438 | ||||||
250,000 | Stanley Black & Decker Inc., Senior Unsecured Notes, 3.400% due 3/1/26 | 264,337 | ||||||
200,000 | Stevens Holding Co., Inc., Company Guaranteed Notes, 6.125% due 10/1/26(b) | 216,500 | ||||||
300,000 | Tech Data Corp., Senior Unsecured Notes, 3.700% due 2/15/22 | 305,483 | ||||||
200,000 | Tecnoglass Inc., Company Guaranteed Notes, 8.200% due 1/31/22 | 216,100 | ||||||
325,000 | Tervita Corp., Secured Notes, 7.625% due 12/1/21(b) | 324,964 | ||||||
TransDigm Inc.: | ||||||||
Company Guaranteed Notes: | ||||||||
140,000 | 6.375% due 6/15/26 | 147,134 | ||||||
125,000 | 5.500% due 11/15/27(b) | 125,000 | ||||||
220,000 | Senior Secured Notes, 6.250% due 3/15/26(b) | 236,225 | ||||||
140,000 | Trident TPI Holdings Inc., Senior Unsecured Notes, 6.625% due 11/1/25(b) | 125,300 | ||||||
Triumph Group Inc.: | ||||||||
194,000 | Company Guaranteed Notes, 7.750% due 8/15/25 | 201,760 | ||||||
55,000 | Secured Notes, 6.250% due 9/15/24(b) | 57,750 | ||||||
200,000 | Trivium Packaging Finance BV, Senior Secured Notes, 5.500% due 8/15/26(b) | 210,003 | ||||||
Union Pacific Corp., Senior Unsecured Notes: | ||||||||
250,000 | 3.350% due 8/15/46 | 246,192 | ||||||
590,000 | 4.300% due 3/1/49 | 685,564 | ||||||
125,000 | 3.875% due 2/1/55 | 130,365 | ||||||
250,000 | United Parcel Service Inc., Senior Unsecured Notes, 3.750% due 11/15/47 | 271,236 | ||||||
United Technologies Corp., Senior Unsecured Notes: | ||||||||
250,000 | 2.300% due 5/4/22 | 251,692 | ||||||
75,000 | 3.950% due 8/16/25 | 81,540 | ||||||
100,000 | 4.500% due 6/1/42 | 120,568 | ||||||
125,000 | 3.750% due 11/1/46 | 137,352 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
Industrial - 1.4% - (continued) | ||||||||
$ | 100,000 | Vulcan Materials Co., Senior Unsecured Notes, 4.500% due 6/15/47 | $ | 110,650 | ||||
825,000 | Waste Management Inc., Company Guaranteed Notes, 3.450% due 6/15/29 | 885,958 | ||||||
250,000 | Waste Pro USA Inc., Senior Unsecured Notes, 5.500% due 2/15/26(b) | 258,125 | ||||||
WRKCo Inc., Company Guaranteed Notes: | ||||||||
630,000 | 3.750% due 3/15/25 | 661,026 | ||||||
250,000 | 4.900% due 3/15/29 | 285,621 | ||||||
Total Industrial | 27,717,747 | |||||||
Technology - 0.7% | ||||||||
Apple Inc., Senior Unsecured Notes: | ||||||||
75,000 | 2.850% due 5/6/21 | 76,158 | ||||||
130,000 | 1.700% due 9/11/22 | 129,565 | ||||||
500,000 | 2.850% due 2/23/23 | 513,149 | ||||||
300,000 | 2.400% due 5/3/23 | 304,492 | ||||||
250,000 | 3.000% due 2/9/24 | 259,651 | ||||||
250,000 | 3.350% due 2/9/27 | 267,307 | ||||||
150,000 | 3.000% due 6/20/27 | 158,003 | ||||||
95,000 | 2.200% due 9/11/29 | 93,657 | ||||||
150,000 | 4.250% due 2/9/47 | 178,842 | ||||||
250,000 | 3.750% due 11/13/47 | 279,203 | ||||||
100,000 | Applied Materials Inc., Senior Unsecured Notes, 4.350% due 4/1/47 | 121,634 | ||||||
Ascend Learning LLC, Senior Unsecured Notes: | ||||||||
205,000 | 6.875% due 8/1/25(b) | 215,762 | ||||||
125,000 | 6.875% due 8/1/25(b) | 131,250 | ||||||
70,000 | Banff Merger Sub Inc., Senior Unsecured Notes, 9.750% due 9/1/26(b) | 65,607 | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., Company Guaranteed Notes: | ||||||||
500,000 | 3.000% due 1/15/22 | 505,580 | ||||||
100,000 | 3.625% due 1/15/24 | 102,874 | ||||||
250,000 | Broadcom Inc., Company Guaranteed Notes, 4.750% due 4/15/29(b) | 267,340 | ||||||
300,000 | CA Inc., Senior Unsecured Notes, 3.600% due 8/15/22 | 306,924 | ||||||
45,000 | Camelot Finance SA, Senior Secured Notes, 4.500% due 11/1/26(b) | 45,853 | ||||||
CDK Global Inc., Senior Unsecured Notes: | ||||||||
95,000 | 5.875% due 6/15/26 | 101,531 | ||||||
165,000 | 5.250% due 5/15/29(b) | 174,925 | ||||||
Dell International LLC/EMC Corp., Senior Secured Notes: | ||||||||
100,000 | 5.450% due 6/15/23(b) | 108,417 | ||||||
250,000 | 6.020% due 6/15/26(b) | 285,684 | ||||||
100,000 | 8.100% due 7/15/36(b) | 129,252 | ||||||
Dun & Bradstreet Corp.: | ||||||||
100,000 | Senior Secured Notes, 6.875% due 8/15/26(b) | 109,000 | ||||||
75,000 | Senior Unsecured Notes, 10.250% due 2/15/27(b) | 83,625 | ||||||
393,000 | DXC Technology Co., Senior Unsecured Notes, 4.750% due 4/15/27 | 413,552 | ||||||
150,000 | Fidelity National Information Services Inc., Senior Unsecured Notes, 4.750% due 5/15/48 | 180,587 | ||||||
250,000 | Fiserv Inc., Senior Unsecured Notes, 3.500% due 7/1/29 | 262,527 | ||||||
360,000 | Genesys Telecommunications Laboratories Inc./Greeneden Lux 3 SARL/Greeneden US Ho, Company Guaranteed Notes, 10.000% due 11/30/24(b) | 387,450 | ||||||
Hewlett Packard Enterprise Co., Senior Unsecured Notes: | ||||||||
250,000 | 2.250% due 4/1/23 | 249,046 | ||||||
150,000 | 6.200% due 10/15/35 | 180,008 | ||||||
100,000 | HP Inc., Senior Unsecured Notes, 6.000% due 9/15/41 | 111,010 | ||||||
260,000 | Informatica LLC, Senior Unsecured Notes, 7.125% due 7/15/23(b) | 264,225 | ||||||
Intel Corp., Senior Unsecured Notes: | ||||||||
500,000 | 2.700% due 12/15/22 | 511,519 | ||||||
250,000 | 4.100% due 5/19/46 | 290,340 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
Technology - 0.7% - (continued) | ||||||||
International Business Machines Corp., Senior Unsecured Notes: | ||||||||
$ | 250,000 | 2.500% due 1/27/22 | $ | 252,678 | ||||
250,000 | 3.300% due 1/27/27 | 265,290 | ||||||
250,000 | 3.500% due 5/15/29 | 269,560 | ||||||
100,000 | 4.000% due 6/20/42 | 110,924 | ||||||
205,000 | IQVIA Inc., Company Guaranteed Notes, 5.000% due 5/15/27(b) | 215,250 | ||||||
125,000 | KLA Corp., Senior Unsecured Notes, 4.650% due 11/1/24 | 137,313 | ||||||
100,000 | Micron Technology Inc., Senior Unsecured Notes, 5.327% due 2/6/29 | 111,963 | ||||||
Microsoft Corp., Senior Unsecured Notes: | ||||||||
250,000 | 2.400% due 2/6/22 | 253,390 | ||||||
250,000 | 2.875% due 2/6/24 | 259,470 | ||||||
250,000 | 3.300% due 2/6/27 | 269,573 | ||||||
250,000 | 3.450% due 8/8/36 | 275,498 | ||||||
550,000 | 4.250% due 2/6/47 | 681,523 | ||||||
Oracle Corp., Senior Unsecured Notes: | ||||||||
500,000 | 1.900% due 9/15/21 | 500,059 | ||||||
100,000 | 2.950% due 11/15/24 | 103,804 | ||||||
100,000 | 2.650% due 7/15/26 | 101,900 | ||||||
250,000 | 3.850% due 7/15/36 | 275,953 | ||||||
250,000 | 4.000% due 7/15/46 | 279,578 | ||||||
200,000 | 4.000% due 11/15/47 | 223,839 | ||||||
QUALCOMM Inc., Senior Unsecured Notes: | ||||||||
200,000 | 3.000% due 5/20/22 | 204,703 | ||||||
100,000 | 4.650% due 5/20/35 | 118,874 | ||||||
100,000 | 4.300% due 5/20/47 | 112,919 | ||||||
80,000 | Riverbed Technology Inc., Company Guaranteed Notes, 8.875% due 3/1/23(b) | 36,400 | ||||||
140,000 | Seagate HDD Cayman, Company Guaranteed Notes, 4.250% due 3/1/22 | 144,681 | ||||||
230,000 | Sophia LP/Sophia Finance Inc., Senior Unsecured Notes, 9.000% due 9/30/23(b) | 236,325 | ||||||
230,000 | SS&C Technologies Inc., Company Guaranteed Notes, 5.500% due 9/30/27(b) | 246,089 | ||||||
350,000 | Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Senior Unsecured Notes, 6.750% due 6/1/25(b) | 360,500 | ||||||
100,000 | Texas Instruments Inc., Senior Unsecured Notes, 3.875% due 3/15/39 | 113,976 | ||||||
Total Technology | 14,027,581 | |||||||
Utilities - 1.5% | ||||||||
1,300,000 | AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad It, Company Guaranteed Notes, 7.950% due 5/11/26 | 1,386,138 | ||||||
AES Gener SA, Junior Subordinated Notes: | ||||||||
900,000 | 7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(a)(b) | 928,051 | ||||||
600,000 | 7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(a) | 618,701 | ||||||
200,000 | 6.350% (5-Year CMT Index + 4.917%) due 10/7/79(a)(b) | 198,500 | ||||||
65,000 | Ameren Corp., Senior Unsecured Notes, 2.500% due 9/15/24 | 65,094 | ||||||
50,000 | Ameren Illinois Co., 1st Mortgage Notes, 3.700% due 12/1/47 | 54,284 | ||||||
American Water Capital Corp., Senior Unsecured Notes: | ||||||||
250,000 | 3.750% due 9/1/28 | 271,515 | ||||||
50,000 | 4.150% due 6/1/49 | 57,413 | ||||||
Atmos Energy Corp., Senior Unsecured Notes: | ||||||||
100,000 | 4.125% due 3/15/49 | 116,893 | ||||||
65,000 | 3.375% due 9/15/49 | 67,323 | ||||||
Berkshire Hathaway Energy Co., Senior Unsecured Notes: | ||||||||
200,000 | 6.125% due 4/1/36 | 276,569 | ||||||
150,000 | 5.150% due 11/15/43 | 193,784 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
Utilities - 1.5% - (continued) | ||||||||
$ | 85,000 | Black Hills Corp., Senior Unsecured Notes, 3.050% due 10/15/29 | $ | 85,089 | ||||
Calpine Corp.: | ||||||||
120,000 | Senior Secured Notes, 5.250% due 6/1/26(b) | 125,416 | ||||||
120,000 | Senior Unsecured Notes, 5.750% due 1/15/25 | 121,800 | ||||||
CenterPoint Energy Inc., Senior Unsecured Notes: | ||||||||
250,000 | 3.850% due 2/1/24 | 262,900 | ||||||
100,000 | 3.700% due 9/1/49 | 99,853 | ||||||
100,000 | Cleco Corporate Holdings LLC, Senior Unsecured Notes, 3.375% due 9/15/29(b) | 99,773 | ||||||
200,000 | Colbun SA, Senior Unsecured Notes, 3.950% due 10/11/27 | 205,750 | ||||||
1,744,200 | Cometa Energia SA de CV, Senior Secured Notes, 6.375% due 4/24/35 | 1,877,195 | ||||||
Commonwealth Edison Co., 1st Mortgage Notes: | ||||||||
75,000 | 3.750% due 8/15/47 | 82,072 | ||||||
75,000 | 4.000% due 3/1/48 | 85,373 | ||||||
50,000 | 3.200% due 11/15/49 | 50,124 | ||||||
Consolidated Edison Co. of New York Inc., Senior Unsecured Notes: | ||||||||
250,000 | 3.950% due 3/1/43 | 274,138 | ||||||
100,000 | 4.125% due 5/15/49 | 114,687 | ||||||
100,000 | Consumers Energy Co., 1st Mortgage Notes, 3.100% due 8/15/50 | 101,090 | ||||||
50,000 | Dominion Energy Inc., Senior Unsecured Notes, 4.600% due 3/15/49 | 58,422 | ||||||
100,000 | DTE Electric Co., General and Refunding Mortgage, 3.750% due 8/15/47 | 112,090 | ||||||
100,000 | DTE Energy Co., Senior Unsecured Notes, 2.950% due 3/1/30 | 99,920 | ||||||
Duke Energy Corp., Senior Unsecured Notes: | ||||||||
1,705,000 | 2.650% due 9/1/26 | 1,717,346 | ||||||
350,000 | 3.750% due 9/1/46 | 364,863 | ||||||
250,000 | Duke Energy Progress LLC, 1st Mortgage Notes, 6.300% due 4/1/38 | 353,119 | ||||||
700,000 | Empresa de Transmision Electrica SA, Senior Unsecured Notes, 5.125% due 5/2/49(b) | 787,857 | ||||||
Empresa Electrica Angamos SA: | ||||||||
247,800 | Senior Secured Notes, 4.875% due 5/25/29 | 252,295 | ||||||
900,000 | Senior Unsecured Notes, 4.560% due 4/30/25 | 797,532 | ||||||
600,000 | Empresas Publicas de Medellin ESP, Senior Unsecured Notes, 4.250% due 7/18/29(b) | 618,000 | ||||||
Energuate Trust, Company Guaranteed Notes: | ||||||||
200,000 | 5.875% due 5/3/27(b) | 203,002 | ||||||
200,000 | 5.875% due 5/3/27 | 203,002 | ||||||
600,000 | Engie Energia Chile SA, Senior Unsecured Notes, 5.625% due 1/15/21 | 618,663 | ||||||
200,000 | Entergy Louisiana LLC, Collateral Trust, 4.000% due 3/15/33 | 228,487 | ||||||
250,000 | Evergy Inc., Senior Unsecured Notes, 2.900% due 9/15/29 | 248,751 | ||||||
100,000 | Eversource Energy, Senior Unsecured Notes, 2.900% due 10/1/24 | 102,329 | ||||||
500,000 | Exelon Generation Co. LLC, Senior Unsecured Notes, 3.400% due 3/15/22 | 512,775 | ||||||
FirstEnergy Corp., Senior Unsecured Notes: | ||||||||
100,000 | 3.900% due 7/15/27 | 107,180 | ||||||
50,000 | 4.850% due 7/15/47 | 59,311 | ||||||
Florida Power & Light Co., 1st Mortgage Notes: | ||||||||
250,000 | 3.125% due 12/1/25 | 263,679 | ||||||
150,000 | 3.950% due 3/1/48 | 174,370 | ||||||
50,000 | 3.150% due 10/1/49 | 50,923 | ||||||
550,000 | Fortis Inc., Senior Unsecured Notes, 2.100% due 10/4/21 | 548,944 | ||||||
Georgia Power Co., Senior Unsecured Notes: | ||||||||
100,000 | 2.200% due 9/15/24 | 99,539 | ||||||
200,000 | 3.250% due 3/30/27 | 207,339 | ||||||
500,000 | Inkia Energy Ltd., Senior Unsecured Notes, 5.875% due 11/9/27 | 515,005 | ||||||
790,560 | LLPL Capital Pte Ltd., Senior Secured Notes, 6.875% due 2/4/39(b) | 914,599 | ||||||
756,456 | Mexico Generadora de Energia S de rl, Senior Secured Notes, 5.500% due 12/6/32 | 811,299 | ||||||
100,000 | MidAmerican Energy Co., 1st Mortgage Notes, 3.100% due 5/1/27 | 105,496 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
Utilities - 1.5% - (continued) | ||||||||
Minejesa Capital BV, Senior Secured Notes: | ||||||||
$ | 800,000 | 4.625% due 8/10/30 | $ | 822,554 | ||||
500,000 | 5.625% due 8/10/37 | 538,121 | ||||||
255,000 | Monongahela Power Co., 1st Mortgage Notes, 5.400% due 12/15/43(b) | 337,625 | ||||||
250,000 | National Rural Utilities Cooperative Finance Corp., Collateral Trust, 3.050% due 2/15/22 | 254,816 | ||||||
125,000 | NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 3.550% due 5/1/27 | 133,502 | ||||||
NiSource Inc., Senior Unsecured Notes: | ||||||||
150,000 | 3.490% due 5/15/27 | 157,263 | ||||||
100,000 | 4.375% due 5/15/47 | 111,826 | ||||||
150,000 | Northern States Power Co., 1st Mortgage Notes, 3.600% due 5/15/46 | 162,401 | ||||||
100,000 | NRG Energy Inc., Company Guaranteed Notes, 5.250% due 6/15/29(b) | 107,180 | ||||||
150,000 | NSTAR Electric Co., Senior Unsecured Notes, 3.250% due 5/15/29 | 159,968 | ||||||
100,000 | Oncor Electric Delivery Co. LLC, Senior Secured Notes, 5.300% due 6/1/42 | 132,681 | ||||||
200,000 | Orazul Energy Egenor SCA, Company Guaranteed Notes, 5.625% due 4/28/27 | 204,000 | ||||||
50,000 | PacifiCorp, 1st Mortgage Notes, 4.150% due 2/15/50 | 58,597 | ||||||
1,000,000 | Pampa Energia SA, Senior Unsecured Notes, 7.500% due 1/24/27 | 765,000 | ||||||
250,000 | PECO Energy Co., 1st Ref Notes, 4.150% due 10/1/44 | 289,978 | ||||||
PPL Capital Funding Inc., Company Guaranteed Notes: | ||||||||
100,000 | 3.400% due 6/1/23 | 102,827 | ||||||
250,000 | 3.100% due 5/15/26 | 254,727 | ||||||
50,000 | PPL Electric Utilities Corp., 1st Mortgage Notes, 3.000% due 10/1/49 | 48,129 | ||||||
125,000 | PSEG Power LLC, Company Guaranteed Notes, 3.000% due 6/15/21 | 126,449 | ||||||
100,000 | Public Service Electric & Gas Co., 1st Mortgage Notes, 4.050% due 5/1/48 | 117,290 | ||||||
100,000 | Public Service Enterprise Group Inc., Senior Unsecured Notes, 2.650% due 11/15/22 | 101,402 | ||||||
150,000 | Puget Sound Energy Inc., 1st Mortgage Notes, 4.223% due 6/15/48 | 174,965 | ||||||
100,000 | San Diego Gas & Electric Co., 1st Mortgage Notes, 6.000% due 6/1/39 | 130,451 | ||||||
125,000 | Sempra Energy, Senior Unsecured Notes, 4.050% due 12/1/23 | 132,642 | ||||||
Southern California Edison Co., 1st Ref Notes: | ||||||||
125,000 | 4.050% due 3/15/42 | 131,255 | ||||||
565,000 | 4.000% due 4/1/47 | 593,983 | ||||||
Southern California Gas Co., 1st Mortgage Notes: | ||||||||
150,000 | 3.150% due 9/15/24 | 156,931 | ||||||
100,000 | 3.950% due 2/15/50 | 111,499 | ||||||
250,000 | Southern Co., Senior Unsecured Notes, 4.400% due 7/1/46 | 280,021 | ||||||
150,000 | Southern Co. Gas Capital Corp, Company Guaranteed Notes, 4.400% due 5/30/47 | 169,061 | ||||||
250,000 | Southwestern Electric Power Co., Senior Unsecured Notes, 3.900% due 4/1/45 | 264,547 | ||||||
100,000 | Southwestern Public Service Co., 1st Mortgage Notes, 4.500% due 8/15/41 | 117,369 | ||||||
1,104,000 | Star Energy Geothermal Wayang Windu Ltd., Senior Secured Notes, 6.750% due 4/24/33 | 1,163,645 | ||||||
797,025 | Stoneway Capital Corp., Senior Secured Notes, 10.000% due 3/1/27 | 432,386 | ||||||
110,000 | Talen Energy Supply LLC, Senior Secured Notes, 6.625% due 1/15/28(b) | 107,800 | ||||||
200,000 | Transelec SA, Senior Unsecured Notes, 4.625% due 7/26/23 | 211,000 | ||||||
50,000 | Union Electric Co., 1st Mortgage Notes, 3.250% due 10/1/49 | 50,890 | ||||||
Virginia Electric & Power Co., Senior Unsecured Notes: | ||||||||
100,000 | 2.950% due 1/15/22 | 101,643 | ||||||
150,000 | 3.500% due 3/15/27 | 159,917 | ||||||
250,000 | 4.000% due 1/15/43 | 279,143 | ||||||
105,000 | Vistra Operations Co. LLC, Senior Unsecured Notes, 5.625% due 2/15/27(b) | 110,271 | ||||||
50,000 | Washington Gas Light Co., Senior Unsecured Notes, 3.650% due 9/15/49 | 51,294 | ||||||
150,000 | Wisconsin Power & Light Co., Senior Unsecured Notes, 3.000% due 7/1/29 | 155,463 | ||||||
50,000 | Wisconsin Public Service Corp., Senior Unsecured Notes, 3.300% due 9/1/49 | 50,853 | ||||||
Total Utilities | 29,079,027 | |||||||
TOTAL CORPORATE BONDS & NOTES | ||||||||
(Cost - $368,499,981) | 383,559,950 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
MORTGAGE-BACKED SECURITIES - 19.4% | ||||||||
FHLMC - 3.4% | ||||||||
Federal Home Loan Mortgage Corp. (FHLMC), Gold: | ||||||||
$ | 3,092,877 | 2.500% due 2/1/32 | $ | 3,129,213 | ||||
17,658,343 | 3.000% due 3/1/32 - 1/1/46 | 18,191,623 | ||||||
29,244,813 | 3.500% due 6/1/33 - 2/1/48 | 30,846,729 | ||||||
5,940,075 | 4.000% due 5/1/46 - 1/1/49 | 6,300,858 | ||||||
3,665,108 | 4.500% due 9/1/46 - 3/1/49 | 3,909,472 | ||||||
90,863 | 5.000% due 10/1/48 | 97,134 | ||||||
Federal Home Loan Mortgage Corp. (FHLMC), Gold UMBS: | ||||||||
516,994 | 3.000% due 8/1/34 - 12/1/49 | 525,925 | ||||||
3,065,648 | 3.500% due 6/1/33 - 11/1/49 | 3,152,112 | ||||||
345,432 | 4.000% due 7/1/29 - 6/1/49 | 358,703 | ||||||
460,988 | 4.500% due 7/1/48 | 483,990 | ||||||
TOTAL FHLMC | 66,995,759 | |||||||
FNMA - 13.7% | ||||||||
Federal National Mortgage Association (FNMA): | ||||||||
50,000 | 2.500% due 12/1/32 (i) | 50,427 | ||||||
699,000 | 2.500% due 12/1/48 (i) | 691,955 | ||||||
500,000 | 3.000% due 12/1/32 (i) | 511,699 | ||||||
1,600,000 | 3.000% due 12/1/47 (i) | 1,622,500 | ||||||
971,000 | 3.500% due 12/1/32 - 12/1/47(i) | 996,920 | ||||||
235,000 | 4.000% due 12/1/33 (i) | 245,017 | ||||||
Federal National Mortgage Association (FNMA), UMBS: | ||||||||
3,700,000 | 2.310% due 12/1/29 | 3,706,359 | ||||||
10,000,000 | 2.410% due 10/1/29 | 10,095,619 | ||||||
1,700,000 | 2.490% due 9/1/28 | 1,730,961 | ||||||
20,665,706 | 2.500% due 1/1/32 - 10/1/49 | 20,643,136 | ||||||
3,000,000 | 2.630% due 9/1/31 | 3,073,652 | ||||||
12,334,657 | 2.690% due 8/1/30 | 12,680,104 | ||||||
9,590,500 | 2.760% due 8/1/31 - 9/1/31 | 9,912,001 | ||||||
5,825,000 | 2.770% due 7/1/31 | 6,026,022 | ||||||
88,672,383 | 3.000% due 2/1/32 - 11/1/49 | 90,974,005 | ||||||
6,500,115 | 3.000% due 4/1/53 | 6,664,691 | ||||||
53,760,551 | 3.500% due 7/1/26 - 8/1/49 | 56,469,576 | ||||||
28,809,112 | 4.000% due 7/1/26 - 12/1/49 | 30,246,735 | ||||||
5,032,511 | 4.500% due 5/1/48 - 6/1/49 | 5,305,165 | ||||||
5,939,814 | 5.000% due 4/1/40 - 1/1/49 | 6,560,503 | ||||||
TOTAL FNMA | 268,207,047 | |||||||
GNMA - 2.3% | ||||||||
Government National Mortgage Association (GNMA): | ||||||||
1,100,000 | 3.000% due 12/1/47 (i) | 1,130,594 | ||||||
800,000 | 3.500% due 12/1/47 (i) | 826,641 | ||||||
Government National Mortgage Association II (GNMA): | ||||||||
402,284 | 2.500% due 1/20/47 | 405,281 | ||||||
9,827,699 | 3.000% due 6/20/46 - 5/20/47 | 10,147,853 | ||||||
15,465,290 | 3.500% due 5/20/43 - 10/20/49 | 16,125,700 | ||||||
9,700,324 | 4.000% due 9/20/45 - 10/20/49 | 10,196,123 | ||||||
4,605,850 | 4.500% due 2/20/47 - 8/20/49 | 4,841,349 | ||||||
1,376,580 | 5.000% due 3/20/48 - 4/20/49 | 1,454,418 | ||||||
TOTAL GNMA | 45,127,959 | |||||||
TOTAL MORTGAGE-BACKED SECURITIES | ||||||||
(Cost - $370,977,916) | 380,330,765 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
ASSET-BACKED SECURITIES - 7.9% | ||||||||
$ | 500,000 | 522 Funding Clo I Ltd., Series 2019-1A, Class A1, 0.000% (3-Month USD-LIBOR + 1.390%) due 1/15/33(a)(b)(d) | $ | 500,000 | ||||
1,986,200 | Aaset Trust, Series 2019-2, Class A, 3.376% due 10/16/39(b) | 1,975,901 | ||||||
2,645,075 | AASET US Ltd., Series 2018-1A, Class A, 3.844% due 1/16/38(b) | 2,658,606 | ||||||
500,000 | Americredit Automobile Receivables Trust, Series 2018-1, Class D, 3.820% due 3/18/24 | 519,068 | ||||||
500,000 | Assurant CLO III Ltd., Series 2018-2A, Class A, 3.196% (3-Month USD-LIBOR + 1.230%) due 10/20/31(a)(b) | 497,733 | ||||||
BDS Ltd.: | ||||||||
1,807,000 | Series 2019-FL4, Class A, 2.865% (1-Month USD-LIBOR + 1.100%) due 8/15/36(a)(b) | 1,807,848 | ||||||
1,807,000 | Series 2019-FL4, Class AS, 3.165% (1-Month USD-LIBOR + 1.400%) due 8/15/36(a)(b) | 1,811,676 | ||||||
Carrington Mortgage Loan Trust: | ||||||||
3,073,531 | Series 2006-NC4, Class A3, 1.868% (1-Month USD-LIBOR + 0.160%) due 10/25/36(a) | 2,861,055 | ||||||
7,100,000 | Series 2007-RFC1, Class A3, 1.848% (1-Month USD-LIBOR + 0.140%) due 12/25/36(a) | 6,674,381 | ||||||
1,695,909 | Castlelake Aircraft Securitization Trust, Series 2018-1, Class A, 4.125% due 6/15/43(b) | 1,728,189 | ||||||
1,000,000 | CFIP CLO Ltd., Series 2014-1A, Class AR, 3.321% (3-Month USD-LIBOR + 1.320%) due 7/13/29(a)(b) | 998,227 | ||||||
Citibank Credit Card Issuance Trust: | ||||||||
200,000 | Series 2017-A3, Class A3, 1.920% due 4/7/22 | 199,996 | ||||||
600,000 | Series 2018-A6, Class A6, 3.210% due 12/7/24 | 622,177 | ||||||
1,394,000 | CLNC 2019-FL1 Ltd., Series 2019-FL1, Class A, 2.983% (1-Month USD-LIBOR + 1.250%) due 8/20/35(a)(b) | 1,393,795 | ||||||
5,851,412 | Credit-Based Asset Servicing & Securitization LLC, Series 2006-CB4, Class AV4, 1.948% (1-Month USD-LIBOR + 0.240%) due 5/25/36(a) | 4,885,061 | ||||||
8,465,615 | CSMC Trust, Series 2018-RPL8, Class A1, 4.125% due 7/25/58(a)(b) | 8,538,649 | ||||||
1,000,000 | CVP CLO Ltd., Series 2017-1A, Class A, 3.306% (3-Month USD-LIBOR + 1.340%) due 7/20/30(a)(b) | 997,730 | ||||||
1,000,000 | Elevation CLO Ltd., Series 2014-2A, Class A1R, 3.231% (3-Month USD-LIBOR + 1.230%) due 10/15/29(a)(b) | 997,462 | ||||||
800,000 | Flatiron Clo 17 Ltd., Series 2017-1A, Class B, 3.510% (3-Month USD-LIBOR + 1.600%) due 5/15/30(a)(b) | 789,638 | ||||||
750,000 | Ford Credit Auto Owner Trust, Series 2017-C, Class A4, 2.160% due 3/15/23 | 752,607 | ||||||
500,000 | Fort Washington CLO 2019-1, Series 2019-1A, Class A, 3.328% (3-Month USD-LIBOR + 1.420%) due 10/20/32(a)(b) | 499,986 | ||||||
288,622 | FREED ABS Trust, Series 2019-1, Class A, 3.420% due 6/18/26(b) | 289,969 | ||||||
1,199,000 | GPMT Ltd., Series 2019-FL2, Class A, 3.065% (1-Month USD-LIBOR + 1.300%) due 2/22/36(a)(b) | 1,199,000 | ||||||
4,408,889 | Helios Issuer LLC, Series 2017-1A, Class A, 4.940% due 9/20/49(b) | 4,616,109 | ||||||
5,000,000 | Horizon Aircraft Finance III Ltd., Series 2019-2, Class A, 3.425% due 11/15/39(b) | 4,993,850 | ||||||
529,000 | Hunt CRE Ltd., Series 2018-FL2, Class A, 2.845% (1-Month USD-LIBOR + 1.080%) due 8/15/28(a)(b) | 528,683 | ||||||
Invitation Homes Trust: | ||||||||
2,240,000 | Series 2018-SFR1, Class C, 3.013% (1-Month USD-LIBOR + 1.250%) due 3/17/37(a)(b) | 2,234,430 | ||||||
1,425,000 | Series 2018-SFR1, Class D, 3.213% (1-Month USD-LIBOR + 1.450%) due 3/17/37(a)(b) | 1,422,178 | ||||||
977,500 | Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.846% due 7/30/47(b) | 1,017,832 | ||||||
1,127,000 | KREF Ltd., Series 2018-FL1, Class A, 2.863% (1-Month USD-LIBOR + 1.100%) due 6/15/36(a)(b) | 1,127,000 | ||||||
1,000,000 | LCM XV LP, Series 15A, Class DR, 5.666% (3-Month USD-LIBOR + 3.700%) due 7/20/30(a)(b) | 951,360 | ||||||
481,904 | Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, step bond to yield, 3.200% due 5/25/59(b) | 482,127 | ||||||
1,237,000 | LoanCore Issuer Ltd., Series 2019-CRE2, Class AS, 3.265% (1-Month USD-LIBOR + 1.500%) due 5/15/36(a)(b) | 1,237,000 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
ASSET-BACKED SECURITIES - 7.9% (continued) | ||||||||
$ | 1,000,000 | Madison Park Funding XI Ltd., Series 2013-11A, Class AR, 3.094% (3-Month USD-LIBOR + 1.160%) due 7/23/29(a)(b) | $ | 998,482 | ||||
1,000,000 | Marathon CLO V Ltd., Series 2013-5A, Class A1R, 2.765% (3-Month USD-LIBOR + 0.870%) due 11/21/27(a)(b) | 995,355 | ||||||
1,061,906 | Marathon CLO VII Ltd., Series 2014-7A, Class A1R, 3.256% (3-Month USD-LIBOR + 1.320%) due 10/28/25(a)(b) | 1,062,073 | ||||||
1,000,000 | Marble Point CLO XIV Ltd., Series 2018-2A, Class A1, 3.296% (3-Month USD-LIBOR + 1.330%) due 1/20/32(a)(b) | 1,001,971 | ||||||
1,500,000 | Midocean Credit CLO VII, Series 2017-7A, Class A1, 3.321% (3-Month USD-LIBOR + 1.320%) due 7/15/29(a)(b) | 1,497,262 | ||||||
1,000,000 | MP CLO III Ltd., Series 2013-1A, Class AR, 3.216% (3-Month USD-LIBOR + 1.250%) due 10/20/30(a)(b) | 992,538 | ||||||
1,000,000 | MP CLO IV Ltd., Series 2013-2A, Class ARR, 3.220% (3-Month USD-LIBOR + 1.280%) due 7/25/29(a)(b) | 997,478 | ||||||
826,353 | Nissan Auto Receivables Owner Trust, Series 2017-A, Class A3, 1.740% due 8/16/21 | 825,614 | ||||||
500,000 | Northwoods Capital XI-B Ltd., Series 2018-11BA, Class A1, 3.066% (3-Month USD-LIBOR + 1.100%) due 4/19/31(a)(b) | 493,847 | ||||||
1,000,000 | Northwoods Capital XVI Ltd., Series 2017-16A, Class A, 3.180% (3-Month USD-LIBOR + 1.270%) due 11/15/30(a)(b) | 994,829 | ||||||
13,862,423 | Option One Mortgage Loan Trust, Series 2007-6, Class 1A1, 1.898% (1-Month USD-LIBOR + 0.190%) due 7/25/37(a) | 12,601,689 | ||||||
401,512 | Palmer Square Loan Funding Ltd., Series 2017-1A, Class A1, 2.741% (3-Month USD-LIBOR + 0.740%) due 10/15/25(a)(b) | 401,181 | ||||||
1,019,883 | Pretium Mortgage Credit Partners I LLC, Series 2019-CFL1, Class A1, step bond to yield, 3.721% due 1/25/59(b)(d) | 1,021,387 | ||||||
PRPM LLC: | ||||||||
4,626,098 | Series 2019-2A, Class A1, step bond to yield, 3.967% due 4/25/24(b) | 4,636,882 | ||||||
2,481,669 | Series 2019-3A, Class A1, step bond to yield, 3.351% due 7/25/24(b) | 2,484,698 | ||||||
1,000,000 | Regatta XI Funding Ltd., Series 2018-1A, Class B, 3.652% (3-Month USD-LIBOR + 1.650%) due 7/17/31(a)(b) | 978,469 | ||||||
1,000,000 | Rockford Tower CLO Ltd., Series 2017-3A, Class A, 3.156% (3-Month USD-LIBOR + 1.190%) due 10/20/30(a)(b) | 994,753 | ||||||
1,000,000 | Sofi Professional Loan Program Trust, Series 2018-B, Class BFX, 3.830% due 8/25/47(b) | 1,036,257 | ||||||
500,000 | Sound Point Clo XXI Ltd., Series 2018-3A, Class A1A, 3.116% (3-Month USD-LIBOR + 1.180%) due 10/26/31(a)(b) | 495,749 | ||||||
1,000,000 | Steele Creek CLO Ltd., Series 2015-1A, Class AR, 3.155% (3-Month USD-LIBOR + 1.260%) due 5/21/29(a)(b) | 997,045 | ||||||
2,000,000 | Sunrun Atlas Issuer LLC, Series 2019-2, Class A, 3.610% due 1/30/55(b) | 2,002,417 | ||||||
1,000,000 | Symphony CLO XV Ltd., Series 2014-15A, Class AR2, 3.262% (3-Month USD-LIBOR + 1.260%) due 1/17/32(a)(b) | 998,363 | ||||||
1,980,000 | Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.318% due 11/25/48(b) | 2,037,875 | ||||||
1,149,246 | Textainer Marine Containers V Ltd., Series 2017-1A, Class A, 3.720% due 5/20/42(b) | 1,151,415 | ||||||
1,000,000 | THL Credit Wind River CLO Ltd., Series 2014-2A, Class AR, 3.141% (3-Month USD-LIBOR + 1.140%) due 1/15/31(a)(b) | 990,017 | ||||||
1,394,000 | TRTX 2019-FL3 Issuer Ltd., Series 2019-FL3, Class AS, 3.450% (1-Month USD-LIBOR + 1.450%) due 9/15/34(a)(b) | 1,394,001 | ||||||
Vericrest Opportunity Loan Trust: | ||||||||
4,521,938 | Series 2019-NPL3, Class A1, step bond to yield, 3.967% due 3/25/49(b) | 4,548,148 | ||||||
2,749,975 | Series 2019-NPL4, Class A1A, step bond to yield, 3.352% due 8/25/49(b) | 2,754,696 | ||||||
500,000 | Vibrant Clo X Ltd., Series 2018-10A, Class A1, 3.166% (3-Month USD-LIBOR + 1.200%) due 10/20/31(a)(b) | 497,041 | ||||||
7,914,190 | VOLT LXXII LLC, Series 2018-NPL8, Class A1A, step bond to yield, 4.213% due 10/26/48(b) | 7,918,662 | ||||||
2,924,170 | VOLT LXXX LLC, Series 2019-NPL6, Class A1A, step bond to yield, 3.228% due 10/25/49(b) | 2,926,399 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
ASSET-BACKED SECURITIES - 7.9% (continued) | ||||||||
$ | 10,145,073 | WaMu Asset-Backed Certificates WaMu Trust, Series 2007-HE4, Class 1A, 1.878% (1-Month USD-LIBOR + 0.170%) due 7/25/47(a) | $ | 7,866,083 | ||||
14,070,679 | Washington Mutural Asset-Backed Certificates WMABS Trust, Series 2006-HE3, Class 1A, 1.863% (1-Month USD-LIBOR + 0.155%) due 8/25/36(a) | 13,227,049 | ||||||
Wellfleet CLO Ltd.: | ||||||||
1,000,000 | Series 2017-2A, Class A1, 3.216% (3-Month USD-LIBOR + 1.250%) due 10/20/29(a)(b) | 997,040 | ||||||
1,000,000 | Series 2017-3A, Class A1, 3.152% (3-Month USD-LIBOR + 1.150%) due 1/17/31(a)(b) | 991,982 | ||||||
500,000 | Series 2018-2A, Class A1, 3.166% (3-Month USD-LIBOR + 1.200%) due 10/20/31(a)(b) | 497,043 | ||||||
4,000,000 | York CLO-6 Ltd., Series 2019-1A, Class A1, 3.516% (3-Month USD-LIBOR + 1.350%) due 7/22/32(a)(b) | 3,979,634 | ||||||
1,000,000 | Zais CLO 5 Ltd., Series 2016-2A, Class A1, 3.531% (3-Month USD-LIBOR + 1.530%) due 10/15/28(a)(b) | 999,699 | ||||||
TOTAL ASSET-BACKED SECURITIES | ||||||||
(Cost - $151,049,319) | 153,094,446 | |||||||
SOVEREIGN BONDS - 1.4% | ||||||||
Canada - 0.1% | ||||||||
250,000 | Export Development Canada, 1.750% due 7/18/22 | 250,357 | ||||||
1,000,000 | Province of Ontario Canada, 2.400% due 2/8/22 | 1,012,503 | ||||||
750,000 | Province of Quebec Canada, 2.375% due 1/31/22 | 759,173 | ||||||
Total Canada | 2,022,033 | |||||||
Chile - 0.0% | ||||||||
200,000 | Chile Government International Bond, 3.860% due 6/21/47 | 223,320 | ||||||
Colombia - 0.1% | ||||||||
Colombia Government International Bond: | ||||||||
400,000 | 3.875% due 4/25/27 | 420,000 | ||||||
100,000 | 6.125% due 1/18/41 | 127,350 | ||||||
250,000 | 5.625% due 2/26/44 | 306,000 | ||||||
Total Colombia | 853,350 | |||||||
Hungary - 0.0% | ||||||||
500,000 | Hungary Government International Bond, 6.375% due 3/29/21 | 528,550 | ||||||
India - 0.0% | ||||||||
200,000 | Export-Import Bank of India, 4.000% due 1/14/23 | 207,339 | ||||||
Indonesia - 0.2% | ||||||||
200,000 | Indonesia Government International Bond, 5.350% due 2/11/49 | 257,230 | ||||||
Perusahaan Penerbit SBSN Indonesia III: | ||||||||
400,000 | 3.400% due 3/29/22 | 408,384 | ||||||
2,100,000 | 3.750% due 3/1/23 | 2,175,537 | ||||||
500,000 | 4.150% due 3/29/27(b) | 534,780 | ||||||
Total Indonesia | 3,375,931 | |||||||
Italy - 0.0% | ||||||||
200,000 | Republic of Italy Government International Bond, 2.875% due 10/17/29 | 191,514 | ||||||
Japan - 0.1% | ||||||||
Japan Bank for International Cooperation: | ||||||||
200,000 | 2.500% due 5/23/24 | 204,372 | ||||||
250,000 | 2.875% due 6/1/27 | 263,232 | ||||||
250,000 | 2.750% due 11/16/27 | 261,538 | ||||||
Total Japan | 729,142 | |||||||
Mexico - 0.1% | ||||||||
Mexico Government International Bond: | ||||||||
350,000 | 3.750% due 1/11/28 | 362,600 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
Mexico - 0.1% - (continued) | ||||||||
$ | 750,000 | 4.600% due 1/23/46 | $ | 801,000 | ||||
Total Mexico | 1,163,600 | |||||||
Panama - 0.0% | ||||||||
250,000 | Panama Government International Bond, 4.500% due 5/15/47 | 295,000 | ||||||
Peru - 0.0% | ||||||||
Peruvian Government International Bond: | ||||||||
250,000 | 2.844% due 6/20/30 | 256,875 | ||||||
100,000 | 5.625% due 11/18/50 | 145,900 | ||||||
Total Peru | 402,775 | |||||||
Philippines - 0.1% | ||||||||
Philippine Government International Bond: | ||||||||
1,000,000 | 4.200% due 1/21/24 | 1,077,332 | ||||||
500,000 | 3.950% due 1/20/40 | 573,863 | ||||||
Total Philippines | 1,651,195 | |||||||
Poland - 0.0% | ||||||||
500,000 | Republic of Poland Government International Bond, 4.000% due 1/22/24 | 538,449 | ||||||
South Korea - 0.0% | ||||||||
250,000 | Export-Import Bank of Korea, 2.625% due 5/26/26 | 253,855 | ||||||
200,000 | Korea International Bond, 2.500% due 6/19/29 | 203,290 | ||||||
Total South Korea | 457,145 | |||||||
Supranational - 0.1% | ||||||||
International Bank for Reconstruction & Development: | ||||||||
1,000,000 | 1.375% due 9/20/21 | 994,621 | ||||||
500,000 | 2.500% due 3/19/24 | 516,114 | ||||||
250,000 | 1.875% due 10/27/26 | 251,444 | ||||||
250,000 | 2.500% due 11/22/27 | 262,488 | ||||||
Total Supranational | 2,024,667 | |||||||
Thailand - 0.0% | ||||||||
600,000 | Export Import Bank of Thailand, 2.998% due 5/23/24(a) | 600,288 | ||||||
United States - 0.6% | ||||||||
10,400,000 | U.S. Treasury Notes, 2.625% due 2/15/29 | 11,147,500 | ||||||
Uruguay - 0.0% | ||||||||
Uruguay Government International Bond: | ||||||||
250,000 | 4.375% due 1/23/31 | 276,750 | ||||||
250,000 | 4.125% due 11/20/45 | 265,875 | ||||||
Total Uruguay | 542,625 | |||||||
TOTAL SOVEREIGN BONDS | ||||||||
(Cost - $25,881,368) | 26,954,423 | |||||||
SENIOR LOANS(a) - 1.3% | ||||||||
251,308 | 1011778 B.C. Unlimited Liability Co., due 11/19/26 (j) | 251,183 | ||||||
67,468 | Acadia Healthcare Co., Inc., 4.202% (1-Month USD-LIBOR + 2.500%) due 2/16/23 | 67,542 | ||||||
103,766 | Access CIG LLC, 5.536% (1-Month USD-LIBOR + 3.750%) due 2/27/25 | 101,302 | ||||||
94,525 | Achilles Acquisition LLC, 5.750% (1-Month USD-LIBOR + 4.000%) due 10/13/25 | 94,052 | ||||||
154,909 | Acrisure LLC, 6.354% (3-Month USD-LIBOR + 4.250%) due 11/22/23 | 153,618 | ||||||
41,786 | Advanced Drainage Systems Inc., 4.000% (1-Month USD-LIBOR + 2.250%) due 7/31/26 | 42,021 | ||||||
99,500 | Agiliti Health Inc., 4.813% (1-Month USD-LIBOR + 3.000%) due 1/4/26 | 99,251 | ||||||
107,103 | Air Medical Group Holdings Inc., 4.972% (1-Month USD-LIBOR + 3.250%) due 4/28/22 | 100,914 | ||||||
127,334 | Air Methods Corp., 5.604% (3-Month USD-LIBOR + 3.500%) due 4/22/24 | 104,964 | ||||||
Albertson's LLC: | ||||||||
15,188 | 4.452% (1-Month USD-LIBOR + 2.750%) due 11/17/25 | 15,279 | ||||||
88,853 | 4.452% (1-Month USD-LIBOR + 2.750%) due 8/17/26 | 89,376 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
SENIOR LOANS(a) - 1.3% (continued) | ||||||||
$ | 165,000 | Aldevron LLC, 6.232% (3-Month USD-LIBOR + 4.250%) due 10/12/26 | $ | 165,825 | ||||
77,952 | Alera Group Intermediate Holdings Inc., 6.202% (1-Month USD-LIBOR + 4.500%) due 8/1/25 | 78,147 | ||||||
129,552 | Aleris International Inc., 6.452% (1-Month USD-LIBOR + 4.750%) due 2/27/23 | 129,445 | ||||||
100,000 | AlixPartners, LLP, 4.452% (1-Month USD-LIBOR + 2.750%) due 4/4/24 | 100,393 | ||||||
109,725 | Alliant Holdings Intermediate LLC, 5.015% (1-Month USD-LIBOR + 3.250%) due 5/9/25 | 109,094 | ||||||
Allied Universal Holdco LLC: | ||||||||
10,811 | 4.250% (3-Month USD-LIBOR + 4.250%) due 7/10/26 | 10,763 | ||||||
109,189 | 6.507% (3-Month USD-LIBOR + 4.250%) due 7/10/26 | 108,704 | ||||||
173,254 | Alterra Mountain Company, 4.452% (1-Month USD-LIBOR + 2.750%) due 7/31/24 | 173,544 | ||||||
73,072 | Altice France SA, 5.765% (1-Month USD-LIBOR + 4.000%) due 8/14/26 | 72,455 | ||||||
75,000 | American Airlines Inc., 3.765% (1-Month USD-LIBOR + 2.000%) due 12/14/23 | 74,991 | ||||||
72,975 | American Tire Distributors Inc., 9.202% (1-Month USD-LIBOR + 7.500%) due 9/2/24 | 63,671 | ||||||
155,475 | Applied Systems Inc., 5.354% (3-Month USD-LIBOR + 3.250%) due 9/19/24 | 154,784 | ||||||
175,000 | Aramark Intermediate HoldCo Corp.,, 3.452% (1-Month USD-LIBOR + 1.750%) due 3/11/25 | 175,292 | ||||||
169,567 | Ascend Learning LLC due 7/12/2024(j) | 169,567 | ||||||
159,840 | AssuredPartners Inc., 5.202% (1-Month USD-LIBOR + 3.500%) due 10/22/24 | 159,141 | ||||||
Asurion LLC: | ||||||||
154,444 | 4.702% (1-Month USD-LIBOR + 6.500%) due 11/3/23 | 154,564 | ||||||
35,509 | 8.202% (1-Month USD-LIBOR + 3.000%) due 8/4/25 | 35,765 | ||||||
119,875 | athenahealth Inc., 6.401% (3-Month USD-LIBOR + 4.500%) due 2/11/26 | 119,605 | ||||||
154,286 | Auris Luxembourg III SARL, 5.441% (1-Month USD-LIBOR + 3.750%) due 2/27/26 | 153,177 | ||||||
65,581 | Avantor Funding Inc., 4.702% (1-Month USD-LIBOR + 3.000%) due 11/21/24 | 66,033 | ||||||
85,187 | Avaya Inc., 6.015% (1-Month USD-LIBOR + 4.250%) due 12/15/24 | 81,098 | ||||||
147,873 | Aventiv Technologies LLC, 6.202% (1-Month USD-LIBOR + 4.500%) due 11/1/24 | 106,654 | ||||||
181,189 | Axalta Coating Systems Dutch Holding B BV, 3.854% (3-Month USD-LIBOR + 1.750%) due 6/1/24 | 181,221 | ||||||
60,000 | Azalea TopCo Inc., 5.202% (1-Month USD-LIBOR + 3.500%) due 7/24/26 | 59,689 | ||||||
49,495 | Bass Pro Group LLC, 6.702% (1-Month USD-LIBOR + 5.000%) due 9/25/24 | 48,582 | ||||||
Bausch Health Cos. Inc.: | ||||||||
51,679 | 4.765% (1-Month USD-LIBOR + 3.000%) due 6/2/25 | 51,889 | ||||||
157,500 | 4.515% (1-Month USD-LIBOR + 2.750%) due 11/27/25 | 158,051 | ||||||
30,000 | BellRing Brands LLC, 6.702% (1-Month USD-LIBOR + 5.000%) due 10/21/24 | 29,963 | ||||||
Berry Global Inc.: | ||||||||
26,700 | 3.758% (1-Month USD-LIBOR + 2.000%) due 10/1/22 | 26,777 | ||||||
232,574 | 4.258% (1-Month USD-LIBOR + 2.500%) due 7/1/26 | 233,518 | ||||||
133,876 | BJ's Wholesale Club Inc., 4.509% (1-Month USD-LIBOR + 2.750%) due 2/3/24 | 134,092 | ||||||
144,552 | Blackhawk Network Holdings Inc., 4.702% (1-Month USD-LIBOR + 3.000%) due 6/15/25 | 143,777 | ||||||
184,538 | Blackstone CQP Holdco LP, 5.656% (3-Month USD-LIBOR + 3.500%) due 9/30/24 | 184,277 | ||||||
72,492 | Boxer Parent Co., Inc., due 10/2/25(j) | 69,683 | ||||||
127,139 | Brazos Delaware II LLC, 5.722% (1-Month USD-LIBOR + 4.000%) due 5/21/25 | 101,076 | ||||||
93,512 | Bright Bidco BV, 5.473% (3-Month USD-LIBOR + 3.500%) due 6/30/24 | 44,163 | ||||||
116,460 | Brookfield WEC Holdings Inc., 5.202% (1-Month USD-LIBOR + 3.500%) due 8/1/25 | 116,364 | ||||||
90,000 | Buckeye Partners LP, 4.531% (1-Month USD-LIBOR + 2.75%) due 11/1/26 | 90,675 | ||||||
215,000 | Caesars Resort Collection LLC, due 12/23/24(j) | 213,243 | ||||||
Calpine Corp.: | ||||||||
180,678 | 4.860% (3-Month USD-LIBOR + 2.750%) due 4/5/26 | 181,220 | ||||||
15,000 | 4.202% (1-Month USD-LIBOR + 2.500%) due 8/12/26 | 15,040 | ||||||
130,000 | Camelot U.S. Acquisition 1 Co., 4.952% (1-Month USD-LIBOR + 3.250%) due 10/30/26 | 130,390 | ||||||
157,102 | Canyon Valor Companies Inc., 4.854% (3-Month USD-LIBOR + 2.750%) due 6/16/23 | 157,004 | ||||||
157,473 | Capri Acquisitions BidCo Ltd., 4.927% (3-Month USD-LIBOR + 3.000%) due 11/1/24 | 153,496 | ||||||
82,115 | Catalent Pharma Solutions Inc., 3.952% (1-Month USD-LIBOR + 2.250%) due 5/18/26 | 82,136 | ||||||
115,792 | Cengage Learning Inc., 5.952% (1-Month USD-LIBOR + 4.250%) due 6/7/23 | 105,740 | ||||||
212,265 | CEOC LLC, 3.702% (1-Month USD-LIBOR + 2.000%) due 10/7/24 | 212,456 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
SENIOR LOANS(a) - 1.3% (continued) | ||||||||
$ | 65,444 | Change Healthcare Holdings Inc., 4.202% (1-Month USD-LIBOR + 2.500%) due 3/1/24 | $ | 65,395 | ||||
34,913 | Charter NEX US Inc., 5.202% (1-Month USD-LIBOR + 3.500%) due 5/16/24 | 34,905 | ||||||
120,636 | CHG PPC Parent LLC, 4.452% (1-Month USD-LIBOR + 2.750%) due 3/31/25 | 120,335 | ||||||
65,702 | Cincinnati Bell Inc., 4.952% (1-Month USD-LIBOR + 3.250%) due 10/2/24 | 65,518 | ||||||
25,000 | Clear Channel Outdoor Holdings Inc., 5.202% (1-Month USD-LIBOR + 3.500%) due 8/21/26 | 25,067 | ||||||
77,565 | ClubCorp Holdings Inc., 4.854% (3-Month USD-LIBOR + 2.750%) due 9/18/24 | 70,714 | ||||||
119,433 | Compass Power Generation LLC, 5.202% (1-Month USD-LIBOR + 3.500%) due 12/20/24 | 119,359 | ||||||
76,635 | Concentra Inc., 4.540% (3-Month USD-LIBOR + 2.500%) due 6/1/22 | 76,603 | ||||||
58,534 | Covia Holdings Corp., 6.043% (3-Month USD-LIBOR + 4.000%) due 6/1/25 | 40,961 | ||||||
44,663 | CPM Holdings Inc., 5.452% (1-Month USD-LIBOR + 3.750%) due 11/17/25 | 42,988 | ||||||
CSC Holdings LLC: | ||||||||
15,664 | 4.015% (1-Month USD-LIBOR + 2.250%) due 7/17/25 | 15,608 | ||||||
54,588 | 4.015% (1-Month USD-LIBOR + 2.250%) due 1/15/26 | 54,424 | ||||||
169,575 | 4.327% (1-Month USD-LIBOR + 2.500%) due 4/15/27 | 169,617 | ||||||
109,914 | CSM Bakery Solutions Ltd.,, 6.030% (3-Month USD-LIBOR + 4.000%) due 7/3/20 | 104,639 | ||||||
132,838 | Cvent Inc., 5.452% (1-Month USD-LIBOR + 3.75%) due 11/29/24 | 130,016 | ||||||
40,000 | Cyanco Intermediate 2 Corp., due 3/16/25(j) | 40,050 | ||||||
103,026 | Cyxtera DC Holdings Inc., 4.770% (1-Month USD-LIBOR + 3.000%) due 5/1/24 | 85,483 | ||||||
100,000 | DCert Buyer Inc., 5.702% (1-Month USD-LIBOR + 4.000%) due 10/16/26 | 99,188 | ||||||
66,392 | Deerfield Dakota Holding LLC, 4.952% (1-Month USD-LIBOR + 3.250%) due 2/13/25 | 65,462 | ||||||
237,954 | Dell International LLC, 3.710% (1-Month USD-LIBOR + 2.000%) due 9/19/25 | 239,184 | ||||||
96,996 | Dentalcorp Health Services ULC, 5.452% (1-Month USD-LIBOR + 3.750%) due 6/6/25 | 94,662 | ||||||
45,000 | Dhanani Group Inc., 5.452% (1-Month USD-LIBOR + 3.750%) due 7/20/25 | 42,638 | ||||||
70,000 | Diamond BC BV, due 9/6/24(j) | 66,395 | ||||||
30,000 | Diamond Sports Group LLC, 4.960% (1-Month USD-LIBOR + 3.250%) due 8/24/26 | 29,897 | ||||||
54,011 | Digicel International Finance Ltd., 5.340% (3-Month USD-LIBOR + 3.250%) due 5/27/24 | 45,119 | ||||||
95,931 | Dun & Bradstreet Corp., 6.700% (1-Month USD-LIBOR + 5.000%) due 2/6/26 | 96,411 | ||||||
75,000 | Dynasty Acquisition Co., Inc., 6.104% (3-Month USD-LIBOR + 4.000%) due 4/6/26 | 75,223 | ||||||
131,690 | Dynatrace LLC, 4.452% (3-Month USD-LIBOR + 1.750%) due 8/22/25 | 132,019 | ||||||
139,300 | E.W. Scripps Company, The, 4.452% (1-Month USD-LIBOR + 2.750%) due 5/1/26 | 139,736 | ||||||
155,926 | EAB Global Inc., 5.736% (3-Month USD-LIBOR + 3.750%) due 11/15/24 | 154,757 | ||||||
139,211 | Edelman Financial Center LLC, 4.972% (1-Month USD-LIBOR + 3.250%) due 7/21/25 | 138,515 | ||||||
80,220 | Edgewater Generation LLC, 5.452% (1-Month USD-LIBOR + 3.750%) due 12/13/25 | 75,928 | ||||||
104,122 | EG Group Limited, 6.104% (3-Month USD-LIBOR + 4.000%) due 2/7/25 | 101,236 | ||||||
112,799 | Envision Healthcare Corp., due 10/10/25(j) | 88,406 | ||||||
159,593 | Equinox Holdings Inc., 4.702% (1-Month USD-LIBOR + 3.000%) due 3/8/24 | 158,994 | ||||||
78,421 | ESH Hospitality Inc., 3.702% (1-Month USD-LIBOR + 2.000%) due 9/18/26 | 78,567 | ||||||
54,650 | Exgen Renewables IV LLC, 4.910% (3-Month USD-LIBOR + 3.000%) due 11/28/24 | 52,464 | ||||||
44,669 | Explorer Holdings Inc., 5.854% (3-Month USD-LIBOR + 3.750%) due 5/2/23 | 44,502 | ||||||
156,105 | Filtration Group Corp., 4.702% (1-Month USD-LIBOR + 3.000%) due 3/29/25 | 156,325 | ||||||
70,000 | Flex Acquisition Co., Inc., 5.349% (3-Month USD-LIBOR + 3.250%) due 6/29/25 | 67,830 | ||||||
154,571 | Flexera Software LLC, 5.210% (1-Month USD-LIBOR + 3.500%) due 2/26/25 | 154,699 | ||||||
194,425 | Foresight Energy LLC, 7.659% (3-Month USD-LIBOR + 5.750%) due 3/28/22 | 84,575 | ||||||
173,688 | Forest City Enterprises LP, 5.202% (1-Month USD-LIBOR + 3.500%) due 12/8/25 | 174,014 | ||||||
83,530 | Forterra Finance LLC, 4.702% (1-Month USD-LIBOR + 3.000%) due 10/25/23 | 80,224 | ||||||
92,857 | Frontdoor Inc., 4.250% (1-Month USD-LIBOR + 2.500%) due 8/16/25 | 93,089 | ||||||
65,507 | Frontera Generation Holdings LLC, 6.015% (1-Month USD-LIBOR + 4.250%) due 5/2/25 | 55,026 | ||||||
95,000 | Genesee & Wyoming Inc., due 11/6/26 (j) | 95,628 | ||||||
157,936 | Gentiva Health Services Inc., 5.500% (1-Month USD-LIBOR + 3.750%) due 7/2/25 | 158,431 | ||||||
94,399 | Getty Images Inc., 6.250% (1-Month USD-LIBOR + 4.500%) due 2/19/26 | 90,830 | ||||||
168,777 | Go Daddy Operating Co. LLC, 3.452% (1-Month USD-LIBOR + 1.750%) due 2/15/24 | 169,480 | ||||||
112,667 | GOBP Holdings Inc., 5.084% (1 Week USD-LIBOR + 3.5%) due 10/22/25 | 113,230 | ||||||
130,000 | Golden Nugget Inc., due 10/4/23(j) | 129,905 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
SENIOR LOANS(a) - 1.3% (continued) | ||||||||
$ | 199,112 | GoodRx Inc., 4.503% (1-Month USD-LIBOR + 2.750%) due 10/10/25 | $ | 198,713 | ||||
122,480 | Graftech International Ltd., 5.202% (1-Month USD-LIBOR + 3.500%) due 2/12/25 | 119,418 | ||||||
239,497 | Gray Television Inc., 4.281% (1-Month USD-LIBOR + 2.500%) due 1/2/26 | 240,196 | ||||||
155,218 | Greeneden U.S. Holdings I LLC, 4.952% (1-Month USD-LIBOR + 3.250%) due 12/1/23 | 154,470 | ||||||
5,000 | Grifols Worldwide Operations Ltd., due 11/15/27 (j) | 5,027 | ||||||
82,188 | GTT Communications Inc., 4.450% (1-Month USD-LIBOR + 2.750%) due 5/31/25 | 63,341 | ||||||
128,049 | Gulf Finance LLC, 7.160% (3-Month USD-LIBOR + 5.250%) due 8/25/23 | 96,403 | ||||||
61,321 | Harbor Freight Tools USA Inc., 4.202% (1-Month USD-LIBOR + 2.500%) due 8/18/23 | 59,938 | ||||||
39,944 | Hayward Industries Inc., 5.202% (1-Month USD-LIBOR + 3.500%) due 8/5/24 | 39,195 | ||||||
20,000 | HCA Inc., due 3/18/26 (j) | 20,065 | ||||||
104,472 | HD Supply Inc., 3.452% (1-Month USD-LIBOR + 1.750%) due 10/17/23 | 104,915 | ||||||
59,850 | Hexion Inc., 5.600% (3-Month USD-LIBOR + 3.500%) due 7/1/26 | 59,813 | ||||||
Hyland Software Inc.: | ||||||||
154,908 | 5.202% (1-Month USD-LIBOR + 3.500%) due 7/1/24 | 155,248 | ||||||
45,596 | 8.702% (1-Month USD-LIBOR + 7.000%) due 7/7/25 | 46,128 | ||||||
43,763 | IAA Inc., 4.000% (1-Month USD-LIBOR + 2.250%) due 6/29/26 | 43,927 | ||||||
58,093 | iHeartCommunications Inc., 5.781% (1-Month USD-LIBOR + 4.000%) due 5/1/26 | 58,432 | ||||||
144,483 | Informatica LLC, 4.952% (1-Month USD-LIBOR + 3.250%) due 8/5/22 | 144,535 | ||||||
65,000 | Inmarsat PLC, due 9/23/26 (j) | 64,659 | ||||||
49,382 | ION Trading Technologies SARL, 6.064% (3-Month USD-LIBOR + 4.000%) due 11/21/24 | 46,185 | ||||||
Iqvia Inc. (Quintiles IMS): | ||||||||
173,671 | 4.104% (3-Month USD-LIBOR + 2.000%) due 1/17/25 | 174,366 | ||||||
85,318 | 3.854% (3-Month USD-LIBOR + 1.750%) due 6/11/25 | 85,467 | ||||||
170,639 | IRB Holding Corp., 5.216% (3-Month USD-LIBOR + 3.250%) due 2/5/25 | 170,553 | ||||||
64,525 | IRI Holdings Inc., 6.202% (1-Month USD-LIBOR + 4.50%) due 12/1/25 | 61,083 | ||||||
215,000 | Iron Mountain Information Management LLC, 3.452% (1-Month USD-LIBOR + 1.750%) due 1/2/26 | 213,388 | ||||||
189,912 | Jaguar Holding Co., I LLC, 4.202% (1-Month USD-LIBOR + 2.500%) due 8/18/22 | 190,064 | ||||||
257,887 | JBS USA Lux SA, 4.202% (1-Month USD-LIBOR + 2.500%) due 5/1/26 | 258,880 | ||||||
52,056 | KAR Auction Services Inc., 4.000% (1-Month USD-LIBOR + 2.250%) due 9/19/26 | 52,316 | ||||||
102,335 | KBR Inc., 5.452% (1-Month USD-LIBOR + 3.750%) due 4/25/25 | 102,591 | ||||||
65,159 | Kindred Healthcare LLC, 6.750% (1-Month USD-LIBOR + 5.000%) due 7/2/25 | 65,322 | ||||||
72,218 | Klockner Pentaplast of America Inc., 6.177% (3-Month USD-LIBOR + 4.250%) due 6/30/22 | 58,903 | ||||||
137,111 | Kronos Acquisition Intermediate Inc., 5.702% (1-Month USD-LIBOR + 4.000%) due 5/15/23 | 131,862 | ||||||
155,311 | Kronos Incorporated, 4.909% (3-Month USD-LIBOR + 3.000%) due 11/1/23 | 155,198 | ||||||
174,888 | Level 3 Financing Inc., 4.362% (1-Month USD-LIBOR + 2.250%) due 2/22/24 | 174,801 | ||||||
154,819 | Life Time Fitness Inc., 4.658% (1-Month USD-LIBOR + 2.750%) due 6/10/22 | 154,791 | ||||||
39,044 | Lions Gate Capital Holdings LLC, 3.952% (1-Month USD-LIBOR + 2.250%) due 3/24/25 | 38,002 | ||||||
129,137 | Lower Cadence Holdings LLC, 5.702% (1-Month USD-LIBOR + 4.000%) due 5/22/26 | 121,712 | ||||||
134,086 | Lucid Energy Group II Borrower LLC, 4.702% (1-Month USD-LIBOR + 3.000%) due 2/17/25 | 115,090 | ||||||
42,967 | McDermott International Inc., 7.104% (3-Month USD-LIBOR + 5.000%) due 5/9/25 | 20,575 | ||||||
MED ParentCo LP | ||||||||
12,988 | 2.950% (3-Month USD-LIBOR + 2.1250%) due 8/31/26 | 12,874 | ||||||
52,012 | 5.952% (1-Month USD-LIBOR + 4.250%) due 8/31/26 | 51,557 | ||||||
55,131 | Messer Industries GmbH, 4.604% (3-Month USD-LIBOR + 2.500%) due 3/1/26 | 55,238 | ||||||
120,167 | MGM Growth Properties Operating Partnership LP, 3.702% (1-Month USD-LIBOR + 2.000%) due 3/21/25 | 120,417 | ||||||
217,963 | Minotaur Acquisition Inc., 6.702% (1-Month USD-LIBOR + 5.000%) due 3/27/26 | 207,246 | ||||||
Mister Car Wash Holdings Inc.: | ||||||||
6,435 | 3.500% 3-Month USD-LIBOR + 3.500%) due 5/14/26 | 6,414 | ||||||
128,386 | 5.410% (3-Month USD-LIBOR + 3.500%) due 5/14/26 | 127,958 | ||||||
107,814 | Misys Ltd., 5.696% (3-Month USD-LIBOR + 3.500%) due 6/13/24 | 105,322 | ||||||
68,092 | Mitchell International Inc., 4.952% (1-Month USD-LIBOR + 3.250%) due 11/29/24 | 65,113 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
SENIOR LOANS(a) - 1.3% (continued) | ||||||||
$ | 62,464 | MLN US HoldCo LLC, 6.281% (1-Month USD-LIBOR + 4.500%) due 11/30/25 | $ | 54,753 | ||||
40,000 | Motion Acquisition Ltd due 10/16/26 (j) | 40,288 | ||||||
110,117 | MPH Acquisition Holdings LLC, 4.854% (3-Month USD-LIBOR + 2.750%) due 6/7/23 | 105,189 | ||||||
62,234 | NASCAR Holdings LLC, 4.513% (1-Month USD-LIBOR + 2.750%) due 10/19/26 | 62,632 | ||||||
45,000 | NCR Corp., 4.210% (1-Month USD-LIBOR + 2.500%) due 8/28/26 | 45,019 | ||||||
143,913 | NEP Group Inc., 4.952% (1-Month USD-LIBOR + 3.250%) due 10/20/25 | 134,702 | ||||||
185,000 | Nexstar Broadcasting Inc., 4.452% (1-Month USD-LIBOR + 2.750%) due 9/18/26 | 185,694 | ||||||
64,076 | Nouryon Finance BV, 5.005% (1-Month USD-LIBOR + 3.250%) due 10/1/25 | 63,371 | ||||||
45,000 | ON Semiconductor Corp., 3.702% (1-Month USD-LIBOR + 2.000%) due 9/19/26 | 45,164 | ||||||
175,000 | Option Care Health Inc., 6.202% (1-Month USD-LIBOR + 4.500%) due 8/6/26 | 171,645 | ||||||
44,663 | Outcomes Group Holdings Inc., 5.408% (1-Month USD-LIBOR + 3.500%) due 10/24/25 | 43,956 | ||||||
52,696 | Panther BF Aggregator 2 L P, due 4/30/26(j) | 52,663 | ||||||
69,159 | Parexel International Corporation, 4.452% (1-Month USD-LIBOR + 2.750%) due 9/27/24 | 66,689 | ||||||
49,786 | PCI Gaming Authority, 4.702% (1-Month USD-LIBOR + 3.000%) due 5/29/26 | 50,035 | ||||||
52,085 | Peak 10 Holding Corp., 5.604% (3-Month USD-LIBOR + 3.500%) due 8/1/24 | 41,720 | ||||||
44,774 | Penn National Gaming Inc., 3.952% (1-Month USD-LIBOR + 2.250%) due 10/15/25 | 44,917 | ||||||
162,596 | PetSmart Inc., 5.770% (1-Month USD-LIBOR + 4.000%) due 3/11/22 | 158,216 | ||||||
68,422 | Pike Corp., 4.960% (1-Month USD-LIBOR + 3.25%) due 7/24/26 | 68,522 | ||||||
67,526 | Playa Resorts Holding BV, 4.450% (1-Month USD-LIBOR + 2.750%) due 4/29/24 | 65,782 | ||||||
66,254 | Ply Gem Midco Inc., 5.509% (1-Month USD-LIBOR + 3.750%) due 4/12/25 | 65,343 | ||||||
145,799 | PODS, LLC, 4.515% (1-Month USD-LIBOR + 2.750%) due 12/6/24 | 145,738 | ||||||
77,794 | PowerTeam Services LLC, 5.354% (3-Month USD-LIBOR + 3.250%) due 3/6/25 | 67,389 | ||||||
87,750 | Prairie ECI Acquiror LP, 6.854% (3-Month USD-LIBOR + 4.750%) due 3/11/26 | 84,021 | ||||||
65,000 | Pregis TopCo LLC, 5.702% (1-Month USD-LIBOR + 4.000%) due 7/31/26 | 63,619 | ||||||
100,000 | Prime Security Services Borrower LLC, 5.035% (1-Month USD-LIBOR + 3.250%) due 9/23/26 | 98,850 | ||||||
70,000 | Pro Mach Group Inc. due 3/7/25(j) | 67,332 | ||||||
123,286 | Project Alpha Intermediate Holding Inc., 5.490% (3-Month USD-LIBOR + 3.50%) due 4/26/24 | 121,951 | ||||||
98,124 | Radiate Holdco LLC, 4.702% (1-Month USD-LIBOR + 3.000%) due 2/1/24 | 97,405 | ||||||
106,799 | Radiology Partners Inc., due 7/9/25(j) | 105,220 | ||||||
123,183 | Refinitiv US Holdings Inc., 5.452% (1-Month USD-LIBOR + 3.750%) due 10/1/25 | 123,901 | ||||||
96,110 | Regionalcare Hospital Partners Holdings Inc., 6.202% (1-Month USD-LIBOR + 4.500%) due 11/16/25 | 96,606 | ||||||
123,252 | Renaissance Holding Corp., 4.952% (1-Month USD-LIBOR + 3.250%) due 5/30/25 | 120,633 | ||||||
316,483 | RentPath LLC, 6.659% (1-Month USD-LIBOR + 4.750%) due 12/17/21 | 167,208 | ||||||
103,368 | Reynolds Group Holdings Inc., 4.452% (1-Month USD-LIBOR + 2.750%) due 2/5/23 | 103,506 | ||||||
112,089 | RPI Finance Trust, 3.702% (1-Month USD-LIBOR + 2.000%) due 3/27/23 | 112,702 | ||||||
155,533 | Scientific Games International Inc., 4.452% (1-Month USD-LIBOR + 2.750%) due 8/14/24 | 154,755 | ||||||
145,540 | Sedgwick Claims Management Services Inc., 4.952% (1-Month USD-LIBOR + 3.250%) due 12/31/25 | 142,837 | ||||||
241,125 | Select Medical Corp., 4.580% (3-Month USD-LIBOR + 2.500%) due 3/6/25 | 239,919 | ||||||
40,000 | Servicemaster Co. LLC, due 11/5/26 (j) | 40,050 | ||||||
121,182 | Severin Acquisition LLC, 5.144% (3-Month USD-LIBOR + 3.250%) due 8/1/25 | 119,212 | ||||||
50,000 | Sinclair Television Group Inc., 4.270% (1-Month USD-LIBOR + 2.50%) due 9/30/26 | 50,047 | ||||||
50,000 | SIWF Holdings Inc., due 6/15/25(j) | 49,188 | ||||||
144,638 | Six Flags Theme Parks Inc., 3.460% (1-Month USD-LIBOR + 1.750%) due 4/17/26 | 144,792 | ||||||
65,900 | Solenis Holdings LLC, 5.909% (1-Month USD-LIBOR + 4.000%) due 6/26/25 | 62,165 | ||||||
155,395 | Solera LLC, 4.452% (1-Month USD-LIBOR + 2.750%) due 3/3/23 | 152,741 | ||||||
143,953 | Sophia LP, 5.354% (3-Month USD-LIBOR + 3.250%) due 9/30/22 | 144,005 | ||||||
105,000 | Sotera Health Holdings LLCdue 11/20/26 (j) | 104,738 | ||||||
168,020 | Sound Inpatient Physicians Inc., 4.452% (1-Month USD-LIBOR + 2.750%) due 6/27/25 | 168,091 | ||||||
61,650 | Southern Graphics Inc., 4.952% (1-Month USD-LIBOR + 3.250%) due 12/31/22 | 37,298 | ||||||
138,596 | SpeedCast International Ltd., 4.854% (3-Month USD-LIBOR + 2.750%) due 5/15/25 | 112,263 | ||||||
156,967 | Sprint Communications Inc., 4.250% (1-Month USD-LIBOR + 2.500%) due 2/2/24 | 155,201 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||||
SENIOR LOANS(a) - 1.3% (continued) | ||||||||||
$ | 197,977 | SS&C Technologies Holdings Inc., 3.952% (1-Month USD-LIBOR + 2.250%) due 4/16/25 | $ | 198,917 | ||||||
74,682 | Staples Inc., 6.781% (1-Month USD-LIBOR + 5.000%) due 4/16/26 | 73,681 | ||||||||
81,854 | Stars Group Holdings BV, 5.604% (3-Month USD-LIBOR + 3.500%) due 7/10/25 | 82,169 | ||||||||
35,000 | Sunshine Luxembourg VII SARL, 6.349% (3-Month USD-LIBOR + 4.250%) due 10/1/26 | 35,094 | ||||||||
Syncreon Group BV: | ||||||||||
31,906 | 6.702% (1-Month USD-LIBOR + 5.000%) due 10/1/24 | 30,311 | ||||||||
56,931 | 7.702% (1-Month USD-LIBOR + 6.000%) due 4/1/25 | 49,103 | ||||||||
60,000 | TAMKO Building Products LLC, 5.124% (1-Month USD-LIBOR + 3.250%) due 5/29/26 | 60,225 | ||||||||
Telesat Canada: | ||||||||||
75,000 | Due 11/21/26 (d)(j) | 74,906 | ||||||||
60,622 | 4.610% (3-Month USD-LIBOR + 2.500%) due 11/17/23 | 60,607 | ||||||||
177,468 | Tempo Acquisition LLC, due 5/1/24(j) | 177,505 | ||||||||
53,887 | Titan Acquisition Ltd., 4.702% (1-Month USD-LIBOR + 3.000%) due 3/28/25 | 51,499 | ||||||||
158,165 | TKC Holdings Inc., 5.460% (1-Month USD-LIBOR + 3.750%) due 2/1/23 | 150,126 | ||||||||
40,000 | Trans Union LLC, 3.452% (1-Month USD-LIBOR + 1.750%) due 11/16/26 | 40,015 | ||||||||
194,934 | Transdigm Inc., 4.202% (1-Month USD-LIBOR + 2.500%) due 6/9/23 | 194,934 | ||||||||
148,125 | Travel Leaders Group LLC, 5.708% (1-Month USD-LIBOR + 4.000%) due 1/25/24 | 148,125 | ||||||||
59,454 | Travelport Finance (Luxembourg) SARL, 7.104% (3-Month USD-LIBOR + 5.000%) due 5/29/26 | 54,103 | ||||||||
70,000 | Trident TPI Holdings Inc., due 10/17/24 (j) | 66,112 | ||||||||
39,695 | U.S. Anesthesia Partners Inc., 4.702% (1-Month USD-LIBOR + 3.000%) due 6/23/24 | 39,191 | ||||||||
Uber Technologies Inc.: | ||||||||||
9,974 | 5.202% (1-Month USD-LIBOR + 3.500%) due 7/13/23 | 9,718 | ||||||||
83,489 | 5.763% (1-Month USD-LIBOR + 4.000%) due 4/4/25 | 80,984 | ||||||||
207,915 | UFC Holdings LLC, due 4/29/26(j) | 208,826 | ||||||||
64,800 | UGI Energy Services LLC, 5.452% (1-Month USD-LIBOR + 3.750%) due 8/13/26 | 65,003 | ||||||||
80,000 | Ultimate Software Group Inc., 5.452% (1-Month USD-LIBOR + 3.750%) due 5/4/26 | 80,355 | ||||||||
65,000 | United Natural Foods Inc., due 10/22/25 (j) | 53,442 | ||||||||
30,000 | Univar Solutions USA Inc., due 7/1/26 (j) | 30,009 | ||||||||
40,000 | Univision Communications Inc., due 3/15/24 (j) | 39,141 | ||||||||
55,000 | Upstream Newco Inc., due 11/20/26 (j) | 55,069 | ||||||||
210,000 | U.S. Foods Inc., due 9/13/26(j) | 210,315 | ||||||||
114,431 | USIC Holdings Inc., 4.952% (1-Month USD-LIBOR + 3.250%) due 12/8/23 | 112,858 | ||||||||
78,621 | Vantage Specialty Chemicals Inc., 5.310% (3-Month USD-LIBOR + 3.500%) due 10/28/24 | 68,138 | ||||||||
167,221 | Verscend Holding Corp., 6.202% (1-Month USD-LIBOR + 4.500%) due 8/27/25 | 167,346 | ||||||||
163,460 | Vertafore Inc., due 7/2/25(j) | 158,474 | ||||||||
259,917 | VICI Properties 1 LLC, 3.716% (1-Month USD-LIBOR + 2.000%) due 12/20/24 | 260,676 | ||||||||
57,436 | Victory Capital Holdings Inc., 5.349% (3-Month USD-LIBOR + 3.250%) due 7/1/26 | 57,676 | ||||||||
243,520 | Virgin Media Bristol LLC, due 1/31/28(j) | 243,554 | ||||||||
240,171 | Vistra Operations Co. LLC, 3.464% (1-Month USD-LIBOR + 2.00%) due 12/31/25 | 240,846 | ||||||||
34,825 | Vizient Inc., 4.452% (1-Month USD-LIBOR + 2.750%) due 5/6/26 | 34,836 | ||||||||
149,625 | Wand Newco 3 Inc., 5.202% (1-Month USD-LIBOR + 3.500%) due 2/5/26 | 150,111 | ||||||||
35,000 | Web.com Group Inc., 5.513% (3-Month USD-LIBOR + 3.750%) due 10/10/25 | 34,374 | ||||||||
115,000 | WestJet Airlines Ltd., due 8/7/26(j) | 115,591 | ||||||||
105,000 | Whatabrands LLC, due 8/2/26(j) | 105,307 | ||||||||
146,615 | Wink Holdco Inc., 4.702% (1-Month USD-LIBOR + 3.000%) due 12/2/24 | 144,782 | ||||||||
143,980 | WP CPP Holdings LLC, 5.679% (3-Month USD-LIBOR + 3.750%) due 4/30/25 | 141,940 | ||||||||
40,000 | Zelis Cost Management Buyer Inc., 6.452% (1-Month USD-LIBOR + 4.750%) due 9/30/26 | 39,950 | ||||||||
TOTAL SENIOR LOANS | ||||||||||
(Cost - $26,317,202) | 25,744,345 | |||||||||
MUNICIPAL BONDS - 0.2%†† | ||||||||||
California - 0.1% | ||||||||||
125,000 | AA | Bay Area Toll Authority, Revenue Bonds, Series F2, 6.263% due 4/1/49 | 195,715 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||||
California - 0.1% - (continued) | ||||||||||
$ | 100,000 | AA+ | Los Angeles Community College District, GO, Series E, 6.750% due 8/1/49 | $ | 165,657 | |||||
150,000 | AA+ | Los Angeles Department of Water & Power Power System, Revenue Bonds, Series B, 6.603% due 7/1/50 | 241,007 | |||||||
150,000 | A+ | Los Angeles Unified School District, GO, Series RY, 6.758% due 7/1/34 | 210,167 | |||||||
State of California, GO: | ||||||||||
25,000 | AA- | 3.500% due 4/1/28 | 27,248 | |||||||
40,000 | AA- | 4.600% due 4/1/38 | 44,932 | |||||||
100,000 | AA- | 7.500% due 4/1/34 | 152,143 | |||||||
200,000 | AA- | 7.550% due 4/1/39 | 324,542 | |||||||
125,000 | AA- | 7.600% due 11/1/40 | 208,079 | |||||||
University of California, Revenue Bonds: | ||||||||||
100,000 | AA | Series AJ, 4.601% due 5/15/31 | 115,608 | |||||||
25,000 | AA | Series AX, 3.063% due 7/1/25 | 26,160 | |||||||
75,000 | AA | Series R, 5.770% due 5/15/43 | 102,575 | |||||||
Total California | 1,813,833 | |||||||||
Florida - 0.0% | ||||||||||
20,000 | A | County of Miami-Dade FL Aviation, Revenue Bonds, Series C, 4.280% due 10/1/41 | 21,722 | |||||||
Illinois - 0.0% | ||||||||||
20,000 | A | Chicago O'Hare International Airport, Revenue Bonds, Series C, 4.472% due 1/1/49 | 24,887 | |||||||
State of Illinois, GO: | ||||||||||
250,000 | BBB- | 5.100% due 6/1/33 | 269,070 | |||||||
100,000 | BBB- | Series 3, 6.725% due 4/1/35 | 116,685 | |||||||
Total Illinois | 410,642 | |||||||||
Massachusetts - 0.0% | ||||||||||
100,000 | AA | Commonwealth of Massachusetts, GO, Series E, 5.456% due 12/1/39 | 131,349 | |||||||
Nevada - 0.0% | ||||||||||
100,000 | AA- | County of Clark Department of Aviation, Revenue Bonds, Series C, 6.820% due 7/1/45 | 161,785 | |||||||
New Jersey - 0.0% | ||||||||||
100,000 | A+ | New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.414% due 1/1/40 | 160,586 | |||||||
New York - 0.1% | ||||||||||
150,000 | AA | Metropolitan Transportation Authority, Revenue Bonds, Series C, 7.336% due 11/15/39 | 236,269 | |||||||
125,000 | AA+ | New York City Water & Sewer System, Revenue Bonds, Series AA, 5.440% due 6/15/43 | 174,920 | |||||||
200,000 | AA- | Port Authority of New York & New Jersey, Revenue Bonds, 4.458% due 10/1/62 | 249,324 | |||||||
Total New York | 660,513 | |||||||||
Ohio - 0.0% | ||||||||||
100,000 | A | American Municipal Power Inc., Revenue Bonds, Series B, 8.084% due 2/15/50 | 175,435 | |||||||
Texas - 0.0% | ||||||||||
75,000 | AAA | State of Texas, GO, Series A, 5.517% due 4/1/39 | 103,060 | |||||||
Wisconsin - 0.0% | ||||||||||
10,000 | AA- | State of Wisconsin, Revenue Bonds, Series C, 3.154% due 5/1/27 | 10,448 | |||||||
TOTAL MUNICIPAL BONDS | ||||||||||
(Cost - $3,145,124) | 3,649,373 | |||||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS | ||||||||||
(Cost - $1,762,768,397) | 1,804,599,264 | |||||||||
SHORT-TERM INVESTMENTS - 8.2% | ||||||||||
TIME DEPOSITS - 5.1% | ||||||||||
10,508,035 | Banco Bilbao Vizcaya Argentaria SA - Madrid, 0.920% due 12/2/19 | 10,508,035 | ||||||||
88,769,494 | Banco Santander SA - Frankfurt, 0.920% due 12/2/19 | 88,769,494 | ||||||||
TOTAL TIME DEPOSITS | ||||||||||
(Cost - $99,277,529) | 99,277,529 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
Face Amount | Security | Value | ||||||
U.S. GOVERNMENT OBLIGATIONS - 3.1% | ||||||||
U.S. Treasury Bills: | ||||||||
$ | 25,800,000 | 2.557% due 1/2/20(k) | $ | 25,754,324 | ||||
7,400,000 | 1.844% due 2/13/20(k) | 7,376,535 | ||||||
28,100,000 | 2.512% due 2/27/20(k) | 27,994,403 | ||||||
TOTAL U.S. GOVERNMENT OBLIGATIONS | ||||||||
(Cost - $61,064,923) | 61,125,262 | |||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost - $160,342,452) | 160,402,791 | |||||||
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 0.0% | ||||||||
MONEY MARKET FUND - 0.0% | ||||||||
231,165 | Federated Government Obligations Fund, Premier Class, 1.573%(l) | |||||||
(Cost - $231,165) | 231,165 | |||||||
TOTAL INVESTMENTS - 100.7% | ||||||||
(Cost - $1,923,342,014#) | 1,965,233,220 | |||||||
Liabilities in Excess of Other Assets - (0.7)% | (14,513,742 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 1,950,719,478 |
†† | 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 November 30, 2019. |
(b) | Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at November 30, 2019, amounts to approximately $273,494,113 and represents 14.02% of net assets. |
(c) | Interest only security. |
(d) | Illiquid security. The aggregate value of illiquid holdings at November 30, 2019, amounts to approximately $20,688,233 and represents 1.06% of net assets. |
(e) | Security is perpetual in nature and has no stated maturity date. |
(f) | Payment in-kind security for which part of the income earned may be paid as additional principal. |
(g) | All or a portion of this security is on loan. |
(h) | Security is currently in default. |
(i) | This security is traded on a TBA basis. |
(j) | This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
(k) | Rate shown represents yield-to-maturity. |
(l) | Represents investment of collateral received from securities lending transactions. |
# | Aggregate cost for federal income tax purposes is substantially the same. |
Abbreviations used in this schedule: | ||
CLO | — | Collateralized Loan Obligation |
CMT | — | Constant Maturity Treasury Index |
GO | — | General Obligation |
LIBOR | — | London Interbank Offered Rate |
LLC | — | Limited Liability Company |
LP | — | Limited Partnership |
PLC | — | Public Limited Company |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Core Fixed Income Fund (continued)
REMICS | — | Real Estate Mortgage Investment Conduit |
SARL | — | Société à Responsabilité Limitée |
UMBS | — | Uniform Mortgage Backed Securities |
Summary of Investments by Security Type^ | ||||
Collateralized Mortgage Obligations | 22.2 | % | ||
U.S. Government Agencies & Obligations | 20.1 | |||
Corporate Bonds & Notes | 19.5 | |||
Mortgage-Backed Securities | 19.3 | |||
Asset-Backed Securities | 7.8 | |||
Sovereign Bonds | 1.4 | |||
Senior Loans | 1.3 | |||
Municipal Bonds | 0.2 | |||
Short-Term Investments | 8.2 | |||
Money Market Fund | 0.0 | * | ||
100.0 | % |
^ As a percentage of total investments. |
* Position represent less then 0.05%. |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Low Duration Fixed Income Fund |
Face Amount/Units† | Security | Value | ||||||
CORPORATE BONDS & NOTES - 51.0% | ||||||||
Basic Materials - 1.1% | ||||||||
$ | 65,000 | DuPont de Nemours Inc., Senior Unsecured Notes, 3.766% due 11/15/20 | $ | 66,073 | ||||
100,000 | Freeport-McMoRan Inc., Company Guaranteed Notes, 4.550% due 11/14/24 | 105,096 | ||||||
200,000 | Inversiones CMPC SA, Company Guaranteed Notes, 4.500% due 4/25/22 | 205,994 | ||||||
2,556,000 | PQ Corp., Senior Secured Notes, 6.750% due 11/15/22(a) | 2,642,265 | ||||||
100,000 | Sociedad Quimica y Minera de Chile SA, Senior Unsecured Notes, 5.500% due 4/21/20 | 101,174 | ||||||
Southern Copper Corp., Senior Unsecured Notes: | ||||||||
300,000 | 5.375% due 4/16/20 | 302,701 | ||||||
50,000 | 3.500% due 11/8/22 | 51,556 | ||||||
200,000 | Syngenta Finance NV, Company Guaranteed Notes, 3.698% due 4/24/20 | 200,608 | ||||||
200,000 | UPL Corp., Ltd, Senior Unsecured Notes, 3.250% due 10/13/21 | 200,628 | ||||||
85,000 | Vale Overseas Ltd., Company Guaranteed Notes, 4.375% due 1/11/22 | 87,975 | ||||||
Total Basic Materials | 3,964,070 | |||||||
Communications - 19.5% | ||||||||
200,000 | Alibaba Group Holding Ltd., Senior Unsecured Notes, 3.125% due 11/28/21 | 203,737 | ||||||
150,000 | AT&T Inc., Senior Unsecured Notes, 2.800% due 2/17/21 | 151,301 | ||||||
200,000 | Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20 | 201,676 | ||||||
7,302,000 | CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes, 5.250% due 9/30/22 | 7,402,402 | ||||||
6,222,000 | CenturyLink Inc., Senior Unsecured Notes, 5.625% due 4/1/20 | 6,284,780 | ||||||
6,486,000 | Cogent Communications Group Inc., Company Guaranteed Notes, 5.625% due 4/15/21(a) | 6,543,596 | ||||||
250,000 | Colombia Telecomunicaciones SA ESP, Junior Subordinated Notes, 8.500% (5-Year USD Swap Rate + 6.958%) (b)(c) | 252,750 | ||||||
140,000 | Comcast Corp., Company Guaranteed Notes, 3.450% due 10/1/21 | 143,877 | ||||||
200,000 | Comunicaciones Celulares SA Via Comcel Trust, Senior Unsecured Notes, 6.875% due 2/6/24 | 205,250 | ||||||
2,199,000 | CSC Holdings LLC, Company Guaranteed Notes, 5.375% due 7/15/23(a) | 2,256,724 | ||||||
150,000 | eBay Inc., Senior Unsecured Notes, 2.750% due 1/30/23 | 151,955 | ||||||
200,000 | Globo Comunicacao e Participacoes SA, Senior Unsecured Notes, 4.875% due 4/11/22 | 206,500 | ||||||
1,185,000 | HC2 Holdings Inc., Senior Secured Notes, 11.500% due 12/1/21(a) | 1,090,200 | ||||||
5,379,000 | Inmarsat Finance PLC, Company Guaranteed Notes, 4.875% due 5/15/22(a) | 5,431,584 | ||||||
3,580,000 | Lee Enterprises Inc., Senior Secured Notes, 9.500% due 3/15/22(a) | 3,535,250 | ||||||
6,228,000 | Level 3 Parent LLC, Senior Unsecured Notes, 5.750% due 12/1/22 | 6,228,000 | ||||||
6,468,000 | EUR | Linkem SpA, Senior Secured Notes, 7.000% due 8/9/22(a) | 7,057,249 | |||||
2,304,000 | Mediacom Broadband LLC/Mediacom Broadband Corp., Senior Unsecured Notes, 5.500% due 4/15/21 | 2,304,000 | ||||||
140,000 | Omnicom Group Inc./Omnicom Capital Inc., Senior Unsecured Notes, 3.625% due 5/1/22 | 144,760 | ||||||
4,574,000 | Sirius XM Radio Inc., Company Guaranteed Notes, 3.875% due 8/1/22(a) | 4,665,480 | ||||||
Sprint Communications Inc.: | ||||||||
1,718,000 | Company Guaranteed Notes, 7.000% due 3/1/20(a) | 1,730,352 | ||||||
9,239,000 | Senior Unsecured Notes, 7.000% due 8/15/20 | 9,460,182 | ||||||
4,249,000 | TEGNA Inc., Company Guaranteed Notes, 4.875% due 9/15/21(a) | 4,249,000 | ||||||
200,000 | Telefonica Chile SA, Senior Unsecured Notes, 3.875% due 10/12/22 | 204,125 | ||||||
150,000 | Verizon Communications Inc., Senior Unsecured Notes, 3.010% (3-Month USD-LIBOR + 1.100%) due 5/15/25(b) | 152,775 | ||||||
361,000 | VTR Finance BV, Senior Secured Notes, 6.875% due 1/15/24 | 369,574 | ||||||
Total Communications | 70,627,079 | |||||||
Consumer Cyclical - 1.8% | ||||||||
175,000 | Daimler Finance North America LLC, Company Guaranteed Notes, 2.300% due 2/12/21(a) | 175,202 | ||||||
145,000 | Delta Air Lines Inc., Senior Unsecured Notes, 3.400% due 4/19/21 | 146,819 | ||||||
1,700,000 | EUR | European Lingerie Group AB, Senior Secured Notes, 7.750% (3-Month EURIBOR + 0.078%) due 2/22/21 | 1,745,601 | |||||
7,000,000 | SEK | Gaming Innovation Group PLC, Senior Unsecured Notes, 7.000% due 6/28/22 | 705,778 | |||||
150,000 | Hyundai Capital America, Company Guaranteed Notes, 2.850% due 11/1/22(a) | 151,141 | ||||||
1,004,000 | MGM Resorts International, Company Guaranteed Notes, 6.750% due 10/1/20 | 1,041,148 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Low Duration Fixed Income Fund (continued) |
Face Amount/Units† | Security | Value | ||||||
Consumer Cyclical - 1.8% - (continued) | ||||||||
$ | 2,705,000 | Yum! Brands Inc., Senior Unsecured Notes, 3.875% due 11/1/20 | $ | 2,732,050 | ||||
Total Consumer Cyclical | 6,697,739 | |||||||
Consumer Non-cyclical - 3.4% | ||||||||
80,000 | AbbVie Inc., Senior Unsecured Notes, 2.300% due 11/21/22(a) | 80,132 | ||||||
200,000 | Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 3.950% due 1/19/22 | 204,435 | ||||||
150,000 | Anthem Inc., Senior Unsecured Notes, 2.500% due 11/21/20 | 150,768 | ||||||
285,000 | AstraZeneca PLC, Senior Unsecured Notes, 2.375% due 11/16/20 | 286,109 | ||||||
215,000 | BAT Capital Corp., Company Guaranteed Notes, 2.764% due 8/15/22 | 217,284 | ||||||
150,000 | Bristol-Myers Squibb Co., Senior Unsecured Notes, 2.600% due 5/16/22(a) | 152,528 | ||||||
225,000 | Cardinal Health Inc., Senior Unsecured Notes, 2.616% due 6/15/22 | 227,114 | ||||||
150,000 | Cigna Corp., Company Guaranteed Notes, 3.400% due 9/17/21 | 153,273 | ||||||
145,000 | Cintas Corp. No 2, Company Guaranteed Notes, 2.900% due 4/1/22 | 147,857 | ||||||
175,000 | Coca-Cola Femsa SAB de CV, Company Guaranteed Notes, 4.625% due 2/15/20 | 175,799 | ||||||
145,000 | CVS Health Corp., Senior Unsecured Notes, 3.700% due 3/9/23 | 150,877 | ||||||
291,989 | ENA Norte Trust, Pass-Thru Certificates, 4.950% due 4/25/23 | 301,479 | ||||||
150,000 | Grupo Bimbo SAB de CV, Company Guaranteed Notes, 4.875% due 6/30/20 | 151,726 | ||||||
Mondelez International Inc., Senior Unsecured Notes: | ||||||||
135,000 | 3.000% due 5/7/20 | 135,606 | ||||||
15,000 | 3.625% due 5/7/23 | 15,713 | ||||||
9,558,000 | Nielsen Finance LLC/Nielsen Finance Co., Company Guaranteed Notes, 4.500% due 10/1/20 | 9,577,116 | ||||||
120,000 | PayPal Holdings Inc., Senior Unsecured Notes, 2.200% due 9/26/22 | 120,465 | ||||||
35,000 | Reynolds American Inc., Company Guaranteed Notes, 4.000% due 6/12/22 | 36,408 | ||||||
Total Consumer Non-cyclical | 12,284,689 | |||||||
Diversified - 0.1% | ||||||||
200,000 | Hutchison Whampoa International 11 Ltd., Company Guaranteed Notes, 4.625% due 1/13/22 | 208,730 | ||||||
Energy - 1.3% | ||||||||
200,000 | Bharat Petroleum Corp., Ltd, Senior Unsecured Notes, 4.375% due 1/24/22 | 205,445 | ||||||
1,551,000 | CITGO Petroleum Corp., Senior Secured Notes, 6.250% due 8/15/22(a) | 1,568,449 | ||||||
200,000 | CNOOC Finance 2012 Ltd., Company Guaranteed Notes, 3.875% due 5/2/22 | 206,481 | ||||||
200,000 | CNOOC Finance 2015 Australia Pty Ltd., Company Guaranteed Notes, 2.625% due 5/5/20 | 200,186 | ||||||
200,000 | CNPC HK Overseas Capital Ltd., Company Guaranteed Notes, 4.500% due 4/28/21 | 205,740 | ||||||
160,000 | Delek & Avner Tamar Bond Ltd., Senior Secured Notes, 4.435% due 12/30/20(a) | 162,165 | ||||||
200,000 | Indian Oil Corp., Ltd, Senior Unsecured Notes, 5.625% due 8/2/21 | 209,343 | ||||||
75,000 | Occidental Petroleum Corp., Senior Unsecured Notes, 2.700% due 8/15/22 | 75,600 | ||||||
200,000 | Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 5/7/21 | 203,130 | ||||||
200,000 | ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 2.875% due 1/27/22 | 200,092 | ||||||
200,000 | Pertamina Persero PT, Senior Unsecured Notes, 5.250% due 5/23/21 | 208,110 | ||||||
150,000 | Petrobras Global Finance BV, Company Guaranteed Notes, 5.375% due 1/27/21 | 154,575 | ||||||
200,000 | Petronas Global Sukuk Ltd., Senior Unsecured Notes, 2.707% due 3/18/20 | 200,174 | ||||||
200,000 | PTTEP Treasury Center Co., Ltd., Company Guaranteed Notes, 4.600% (5-Year CMT Index + 2.724%) (b)(c) | 204,404 | ||||||
250,000 | Reliance Holding USA Inc., Company Guaranteed Notes, 5.400% due 2/14/22 | 264,540 | ||||||
105,000 | Schlumberger Holdings Corp., Senior Unsecured Notes, 3.750% due 5/1/24(a) | 110,528 | ||||||
200,000 | Sinopec Group Overseas Development 2015 Ltd., Company Guaranteed Notes, 2.500% due 4/28/20 | 200,106 | ||||||
Total Energy | 4,579,068 | |||||||
Financial - 4.1% | ||||||||
70,000 | Air Lease Corp., Senior Unsecured Notes, 2.500% due 3/1/21 | 70,266 | ||||||
140,000 | American Express Co., Senior Unsecured Notes, 3.700% due 11/5/21 | 144,344 | ||||||
150,000 | Avolon Holdings Funding Ltd., Company Guaranteed Notes, 3.625% due 5/1/22(a) | 153,280 | ||||||
300,000 | Banco BBVA Peru SA, Senior Unsecured Notes, 5.000% due 8/26/22 | 317,628 | ||||||
350,000 | Banco Bradesco SA, Subordinated Notes, 5.900% due 1/16/21 | 362,688 | ||||||
150,000 | Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due 2/1/23 | 156,750 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Low Duration Fixed Income Fund (continued) |
Face Amount/Units† | Security | Value | ||||||
Financial - 4.1% - (continued) | ||||||||
$ | 200,000 | Banco del Estado de Chile, Senior Unsecured Notes, 2.668% due 1/8/21 | $ | 199,940 | ||||
200,000 | Banco do Brasil SA, Junior Subordinated Notes, 8.500% (5-Year CMT Index + 7.782%) (b)(c) | 208,750 | ||||||
200,000 | Banco Mercantil del Norte SA, Junior Subordinated Notes, 6.875% (5-Year CMT Index + 5.035%) (b)(c) | 207,000 | ||||||
300,000 | Banco Nacional de Comercio Exterior SNC, Subordinated Notes, 3.800% (5-Year CMT Index + 3.000%) due 8/11/26(b) | 304,125 | ||||||
150,000 | Banco Santander Chile, Senior Unsecured Notes, 2.500% due 12/15/20 | 149,629 | ||||||
250,000 | Bancolombia SA, Senior Unsecured Notes, 5.950% due 6/3/21 | 261,625 | ||||||
200,000 | Bangkok Bank PCL, Senior Unsecured Notes, 4.800% due 10/18/20 | 204,133 | ||||||
145,000 | Bank of America Corp., Senior Unsecured Notes, 2.917% (3-Month USD-LIBOR + 0.790%) due 3/5/24(b) | 145,808 | ||||||
70,000 | Bank of Montreal, Senior Unsecured Notes, 2.900% due 3/26/22 | 71,349 | ||||||
70,000 | BB&T Corp., Senior Unsecured Notes, 2.200% due 3/16/23 | 70,188 | ||||||
350,000 | BBVA Bancomer SA, Subordinated Notes, 6.500% due 3/10/21 | 365,750 | ||||||
95,000 | Capital One Financial Corp., Senior Unsecured Notes, 2.400% due 10/30/20 | 95,311 | ||||||
225,000 | Citigroup Inc., Senior Unsecured Notes, 2.930% (3-Month USD-LIBOR + 1.023%) due 6/1/24(b) | 227,569 | ||||||
200,000 | DBS Group Holdings Ltd., Junior Subordinated Notes, 3.600% (5-Year USD Swap Rate + 2.390%) (b)(c) | 201,250 | ||||||
200,000 | Global Bank Corp., Senior Unsecured Notes, 4.500% due 10/20/21 | 205,120 | ||||||
200,000 | Grupo de Inversiones Suramericana SA, Senior Unsecured Notes, 5.700% due 5/18/21 | 207,750 | ||||||
3,811,000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed Notes, 5.875% due 2/1/22 | 3,832,837 | ||||||
100,000 | Industrial Senior Trust, Company Guaranteed Notes, 5.500% due 11/1/22 | 104,001 | ||||||
3,211,000 | Iron Mountain Inc., Company Guaranteed Notes, 4.375% due 6/1/21(a) | 3,231,069 | ||||||
200,000 | Itau Unibanco Holding SA, Subordinated Notes, 5.750% due 1/22/21 | 205,700 | ||||||
145,000 | JPMorgan Chase & Co., Senior Unsecured Notes, 3.207% (3-Month USD-LIBOR + 0.695%) due 4/1/23(b) | 148,207 | ||||||
110,000 | Macquarie Bank Ltd., Senior Unsecured Notes, 2.100% due 10/17/22(a) | 109,907 | ||||||
200,000 | Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate + 2.542%) due 10/29/26(b) | 203,740 | ||||||
115,000 | Marsh & McLennan Cos Inc., Senior Unsecured Notes, 3.304% (3-Month USD-LIBOR + 1.200%) due 12/29/21(b) | 115,067 | ||||||
105,000 | Mitsubishi UFJ Financial Group Inc., Senior Unsecured Notes, 3.218% due 3/7/22 | 107,530 | ||||||
220,000 | Morgan Stanley, Senior Unsecured Notes, 2.883% (3-Month USD-LIBOR + 0.930%) due 7/22/22(b) | 222,003 | ||||||
206,179 | Peru Enhanced Pass-Through Finance Ltd., Pass-Thru Certificates, zero coupon, due 6/2/25 | 190,973 | ||||||
100,000 | Prudential Financial Inc., Senior Unsecured Notes, 3.500% due 5/15/24 | 105,875 | ||||||
350,000 | Scotiabank Peru SAA, Subordinated Notes, 4.500% (3-Month USD-LIBOR + 3.856%) due 12/13/27(b) | 359,629 | ||||||
115,000 | Simon Property Group LP, Senior Unsecured Notes, 2.000% due 9/13/24 | 114,316 | ||||||
300,000 | Sinochem Overseas Capital Co., Ltd., Company Guaranteed Notes, 4.500% due 11/12/20 | 305,541 | ||||||
341,665 | SPARC EM SPC Panama Metro Line 2 SP, Senior Secured Notes, zero coupon, due 12/5/22 | 327,572 | ||||||
220,000 | Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes, 2.058% due 7/14/21 | 220,147 | ||||||
150,000 | Toronto-Dominion Bank, Senior Unsecured Notes, 3.250% due 6/11/21 | 153,123 | ||||||
200,000 | United Overseas Bank Ltd., Subordinated Notes, 3.500% (5-Year USD Swap Rate + 2.236%) due 9/16/26(b) | 202,196 | ||||||
145,000 | Welltower Inc., Senior Unsecured Notes, 3.625% due 3/15/24 | 152,390 | ||||||
Total Financial | 14,742,076 | |||||||
Government - 0.1% | ||||||||
250,000 | Wakala Global Sukuk Bhd, Senior Unsecured Notes, 4.646% due 7/6/21 | 259,594 | ||||||
Industrial - 10.3% | ||||||||
2,989,000 | ATS Automation Tooling Systems Inc., Company Guaranteed Notes, 6.500% due 6/15/23(a) | 3,086,142 | ||||||
6,695,000 | Ball Corp., Company Guaranteed Notes, 4.375% due 12/15/20 | 6,828,900 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Low Duration Fixed Income Fund (continued) |
Face Amount/Units† | Security | Value | ||||||
Industrial - 10.3% - (continued) | ||||||||
$ | 1,677,000 | Borealis Finance LLC, Senior Secured Notes, 7.500% due 11/16/22(a) | $ | 1,579,526 | ||||
2,006,000 | Briggs & Stratton Corp., Company Guaranteed Notes, 6.875% due 12/15/20 | 1,865,580 | ||||||
65,000 | Caterpillar Financial Services Corp., Senior Unsecured Notes, 1.900% due 9/6/22 | 65,020 | ||||||
3,172,000 | FXI Holdings Inc., Senior Secured Notes, 7.875% due 11/1/24(a) | 2,862,730 | ||||||
110,000 | General Electric Co., Senior Unsecured Notes, 2.700% due 10/9/22 | 110,885 | ||||||
600,000 | Golar LNG Partners LP, Senior Unsecured Notes, 6.299% (3-Month USD-LIBOR + 4.400%) due 5/22/20(b) | 591,000 | ||||||
4,564,000 | Great Lakes Dredge & Dock Corp., Company Guaranteed Notes, 8.000% due 5/15/22 | 4,843,892 | ||||||
1,800,000 | MPC Container Ships Invest BV, Senior Secured Notes, 6.909% (3-Month USD-LIBOR + 4.750%) due 9/22/22(b) | 1,759,684 | ||||||
155,000 | Northrop Grumman Corp., Senior Unsecured Notes, 2.080% due 10/15/20 | 155,185 | ||||||
150,000 | Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes, 2.700% due 11/1/24(a) | 150,805 | ||||||
70,000 | Republic Services Inc., Senior Unsecured Notes, 2.500% due 8/15/24 | 70,636 | ||||||
7,154,922 | Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, Senior Secured Notes, 5.750% due 10/15/20 | 7,163,508 | ||||||
1,178,000 | SFL Corp., Ltd, Senior Unsecured Notes, 5.750% due 10/15/21 | 1,232,563 | ||||||
300,000 | Stolt-Nielsen Ltd., Senior Unsecured Notes, 6.375% due 9/21/22 | 307,429 | ||||||
200,000 | Tecnoglass Inc., Company Guaranteed Notes, 8.200% due 1/31/22 | 216,100 | ||||||
145,000 | Union Pacific Corp., Senior Unsecured Notes, 3.200% due 6/8/21 | 147,609 | ||||||
140,000 | Waste Management Inc., Company Guaranteed Notes, 2.950% due 6/15/24 | 144,504 | ||||||
3,405,000 | Welbilt Inc., Company Guaranteed Notes, 9.500% due 2/15/24 | 3,609,300 | ||||||
783,000 | WESCO Distribution Inc., Company Guaranteed Notes, 5.375% due 12/15/21 | 784,957 | ||||||
Total Industrial | 37,575,955 | |||||||
Technology - 5.7% | ||||||||
150,000 | Analog Devices Inc., Senior Unsecured Notes, 2.950% due 1/12/21 | 151,367 | ||||||
2,583,000 | Dell International LLC/EMC Corp., Company Guaranteed Notes, 5.875% due 6/15/21(a) | 2,621,745 | ||||||
6,295,000 | EMC Corp., Senior Unsecured Notes, 2.650% due 6/1/20 | 6,287,131 | ||||||
145,000 | Microchip Technology Inc., Senior Secured Notes, 3.922% due 6/1/21 | 148,055 | ||||||
4,225,000 | NCR Corp., Company Guaranteed Notes, 5.875% due 12/15/21 | 4,227,641 | ||||||
7,560,000 | Xerox Corp., Senior Unsecured Notes, 5.625% due 12/15/19 | 7,550,550 | ||||||
Total Technology | 20,986,489 | |||||||
Utilities - 3.6% | ||||||||
200,000 | AES Gener SA, Junior Subordinated Notes, 7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(a)(b) | 206,233 | ||||||
145,000 | Consolidated Edison Inc., Senior Unsecured Notes, 2.000% due 5/15/21 | 145,046 | ||||||
DTE Energy Co., Senior Unsecured Notes: | ||||||||
70,000 | 2.250% due 11/1/22 | 69,849 | ||||||
70,000 | 2.529% due 10/1/24 | 70,008 | ||||||
200,000 | Israel Electric Corp., Ltd, Senior Secured Notes, 6.875% due 6/21/23 | 227,086 | ||||||
150,000 | NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 2.900% due 4/1/22 | 152,711 | ||||||
Pacific Gas & Electric Co., Senior Unsecured Notes: | ||||||||
5,171,000 | 3.500% due 10/1/20(d) | 5,103,131 | ||||||
1,738,000 | 4.250% due 5/15/21(d)(e) | 1,711,930 | ||||||
655,000 | 3.250% due 9/15/21(d) | 641,900 | ||||||
50,000 | Pampa Energia SA, Senior Unsecured Notes, 7.375% due 7/21/23 | 42,875 | ||||||
200,000 | Perusahaan Listrik Negara PT, Senior Unsecured Notes, 5.500% due 11/22/21 | 211,500 | ||||||
140,000 | PSEG Power LLC, Company Guaranteed Notes, 3.850% due 6/1/23 | 146,891 | ||||||
4,079,000 | Vistra Energy Corp., Company Guaranteed Notes, 5.875% due 6/1/23 | 4,161,437 | ||||||
Total Utilities | 12,890,597 | |||||||
TOTAL CORPORATE BONDS & NOTES (Cost - $185,295,692) | 184,816,086 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Low Duration Fixed Income Fund (continued) |
Face Amount/Units† | Security | Value | ||||||
SENIOR LOANS(b) - 11.3% | ||||||||
$ | 5,286,087 | Advanced Disposal Services Inc., 3.848% (1-Week USD-LIBOR + 2.250%) due 11/10/23(f) | $ | 5,294,492 | ||||
1,949,489 | Crestwood Holdings LLC, 9.270% (1-Month USD-LIBOR + 7.500%) due 3/6/23 | 1,841,448 | ||||||
4,764,000 | EP Energy LLC, (USD-LIBOR + 2.750%) due 11/23/21(f)(k) | 4,692,540 | ||||||
3,476,000 | Fieldwood Energy LLC, 7.177% (3-Month USD-LIBOR + 5.250%) due 4/11/22 | 2,800,370 | ||||||
5,185,021 | Infor (US) Inc., 4.854% (3-Month USD-LIBOR + 2.750%) due 2/1/22 | 5,190,050 | ||||||
1,605,828 | Internap Corp., 7.980% (1-Month USD-LIBOR + 6.250%) due 4/6/22 | 1,083,934 | ||||||
2,142,418 | LSC Communications Inc., 7.090% (1-Week USD-LIBOR + 5.500%) due 9/30/22(f) | 1,300,448 | ||||||
700,817 | Monitronics International Inc., 8.604% (3-Month USD-LIBOR + 6.500%) due 3/29/24 | 603,579 | ||||||
775,591 | Town Sports International LLC, 5.202% (1-Month USD-LIBOR + 3.500%) due 11/15/20 | 554,547 | ||||||
Windstream Services LLC: | ||||||||
6,487,250 | 4.210% (1-Month USD-LIBOR + 2.500%) due 2/26/21 | 6,483,227 | ||||||
5,552,000 | 9.750% (Prime Lending Rate + 5.000%) due 3/29/21 | 5,266,072 | ||||||
5,923,622 | Zayo Group LLC, 3.702% (1-Month USD-LIBOR + 2.000%) due 1/19/21 | 5,925,459 | ||||||
TOTAL SENIOR LOANS (Cost - $43,573,908) | 41,036,166 | |||||||
ASSET-BACKED SECURITIES - 8.6% | ||||||||
496,550 | Aaset Trust, Series 2019-2, Class A, 3.376% due 10/16/39(a) | 493,975 | ||||||
317,601 | AccessLex Institute, Series 2004-2, Class A3, 2.130% (3-Month USD-LIBOR + 0.190%) due 10/25/24(b) | 311,329 | ||||||
1,324,083 | Ajax Mortgage Loan Trust, Series 2019-C, Class A, 3.950% due 10/25/58(a)(b) | 1,352,893 | ||||||
445,998 | Arivo Acceptance Auto Loan Receivables Trust, Series 2019-1, Class A, 2.990% due 7/15/24(a) | 445,710 | ||||||
1,000,000 | Assurant CLO IV Ltd., Series 2019-1A, Class A, 3.316% (3-Month USD-LIBOR + 1.350%) due 4/20/30(a)(b) | 996,984 | ||||||
841,464 | Bayview Opportunity Master Fund IVa Trust, Series 2019-SBR1, Class A1, step bond to yield, 3.475% due 6/28/34(a) | 842,866 | ||||||
352,000 | BSPRT Issuer Ltd., Series 2019-FL5, Class A, 2.915% (1-Month USD-LIBOR + 1.150%) due 5/15/29(a)(b) | 352,000 | ||||||
500,000 | Catamaran CLO Ltd., Series 2018-1A, Class A1, 3.190% (3-Month USD-LIBOR + 1.250%) due 10/25/31(a)(b) | 493,409 | ||||||
1,000,000 | Cathedral Lake V Ltd., Series 2018-5A, Class A1, 3.166% (3-Month USD-LIBOR + 1.200%) due 10/21/30(a)(b) | 991,945 | ||||||
423,281 | Credit Suisse Commercial Mortgage Capital Trust, Series 2018-RPL8, Class A1, 4.125% due 7/25/58(a)(b) | 426,932 | ||||||
DRB Prime Student Loan Trust: | ||||||||
311,764 | Series 2016-R, Class A1, 3.608% (1-Month USD-LIBOR + 1.900%) due 10/25/44(a)(b) | 313,076 | ||||||
935,292 | Series 2016-R, Class A2, 3.070% due 10/25/44(a) | 937,509 | ||||||
186,977 | Earnest Student Loan Program LLC, Series 2017-A, Class A2, 2.650% due 1/25/41(a) | 187,172 | ||||||
288,622 | FREED ABS Trust, Series 2019-1, Class A, 3.420% due 6/18/26(a) | 289,969 | ||||||
GLS Auto Receivables Issuer Trust: | ||||||||
283,959 | Series 2019-1A, Class A, 3.370% due 1/17/23(a) | 285,720 | ||||||
362,986 | Series 2019-2A, Class A, 3.060% due 4/17/23(a) | 365,009 | ||||||
274,263 | GLS Auto Receivables Trust, Series 2018-3A, Class A, 3.350% due 8/15/22(a) | 275,565 | ||||||
1,000,000 | Greywolf CLO V Ltd., Series 2015-1A, Class A1R, 3.100% (3-Month USD-LIBOR + 1.160%) due 1/27/31(a)(b) | 993,510 | ||||||
1,000,000 | Greywolf CLO VII Ltd., Series 2018-2A, Class A1, 3.146% (3-Month USD-LIBOR + 1.180%) due 10/20/31(a)(b) | 993,959 | ||||||
500,000 | Hayfin Kingsland VIII Ltd., Series 2018-8A, Class A, 3.086% (3-Month USD-LIBOR + 1.120%) due 4/20/31(a)(b) | 495,386 | ||||||
Invitation Homes Trust: | ||||||||
187,266 | Series 2017-SFR2, Class A, 2.613% (1-Month USD-LIBOR + 0.850%) due 12/17/36(a)(b) | 187,003 | ||||||
186,153 | Series 2018-SFR1, Class A, 2.463% (1-Month USD-LIBOR + 0.700%) due 3/17/37(a)(b) | 184,472 | ||||||
397,575 | Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX, 2.340% due 10/25/48(a) | 398,012 | ||||||
591,431 | Legacy Mortgage Asset Trust, Series 2018-SL1, Class A, 4.000% due 2/25/58(a)(b) | 596,223 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Low Duration Fixed Income Fund (continued) |
Face Amount/Units† | Security | Value | ||||||
ASSET-BACKED SECURITIES - 8.6% (continued) | ||||||||
$ | 530,953 | Marathon CLO VII Ltd., Series 2014-7A, Class A1R, 3.256% (3-Month USD-LIBOR + 1.320%) due 10/28/25(a)(b) | $ | 531,036 | ||||
Marlette Funding Trust: | ||||||||
129,629 | Series 2018-3A, Class A, 3.200% due 9/15/28(a) | 129,946 | ||||||
365,758 | Series 2019-2A, Class A, 3.130% due 7/16/29(a) | 368,245 | ||||||
341,000 | NLY Commercial Mortgage Trust, Series 2019-FL2, Class AS, 3.365% (1-Month USD-LIBOR + 1.600%) due 2/15/36(a)(b) | 341,648 | ||||||
259,662 | NRZ Excess Spread-Collateralized Notes, Series 2018-PLS1, Class A, 3.193% due 1/25/23(a) | 260,624 | ||||||
1,000,000 | Ocean Trails CLO V, Series 2014-5A, Class ARR, 3.281% (3-Month USD-LIBOR + 1.280%) due 10/13/31(a)(b) | 986,750 | ||||||
250,000 | OCP CLO Ltd., Series 2014-5A, Class A1R, 3.016% (3-Month USD-LIBOR + 1.080%) due 4/26/31(a)(b) | 247,880 | ||||||
299,809 | Prosper Marketplace Issuance Trust, Series 2019-2A, Class A, 3.200% due 9/15/25(a) | 300,923 | ||||||
1,000,000 | Race Point IX CLO Ltd., Series 2015-9A, Class A1AR, 3.211% (3-Month USD-LIBOR + 1.210%) due 10/15/30(a)(b) | 996,414 | ||||||
1,000,000 | Regatta Funding LP, Series 2013-2A, Class A1R2, 3.251% (3-Month USD-LIBOR + 1.250%) due 1/15/29(a)(b) | 999,392 | ||||||
500,000 | Rockford Tower CLO Ltd., Series 2018-1A, Class A, 2.999% (3-Month USD-LIBOR + 1.100%) due 5/20/31(a)(b) | 494,758 | ||||||
Sofi Consumer Loan Program Trust: | ||||||||
15,048 | Series 2018-2, Class A1, 2.930% due 4/26/27(a) | 15,058 | ||||||
93,538 | Series 2018-3, Class A1, 3.200% due 8/25/27(a) | 93,771 | ||||||
Sofi Professional Loan Program LLC: | ||||||||
411,949 | Series 2015-C, Class A2, 2.510% due 8/25/33(a) | 413,502 | ||||||
4,529 | Series 2017-C, Class A2A, 1.750% due 7/25/40(a) | 4,527 | ||||||
323,725 | Series 2019-A, Class A1FX, 3.180% due 6/15/48(a) | 327,122 | ||||||
1,000,000 | Sound Point CLO VI-R Ltd., Series 2014-2RA, Class A, 3.216% (3-Month USD-LIBOR + 1.250%) due 10/20/31(a)(b) | 996,532 | ||||||
500,000 | Sound Point CLO XVIII Ltd., Series 2017-4A, Class A1, 3.086% (3-Month USD-LIBOR + 1.120%) due 1/21/31(a)(b) | 492,763 | ||||||
Steele Creek CLO Ltd.: | ||||||||
1,000,000 | Series 2015-1A, Class AR, 3.155% (3-Month USD-LIBOR + 1.260%) due 5/21/29(a)(b) | 997,045 | ||||||
1,000,000 | Series 2018-2A, Class A, 3.104% (3-Month USD-LIBOR + 1.200%) due 8/18/31(a)(b) | 994,689 | ||||||
458,333 | TAL Advantage V LLC, Series 2014-2A, Class A2, 3.330% due 5/20/39(a) | 458,564 | ||||||
371,525 | Tesla Auto Lease Trust, Series 2018-B, Class A, 3.710% due 8/20/21(a) | 376,819 | ||||||
1,000,000 | Trimaran Cavu Ltd., Series 2019-1A, Class A1, 3.426% (3-Month USD-LIBOR + 1.460%) due 7/20/32(a)(b) | 995,504 | ||||||
396,239 | Triton Container Finance IV LLC, Series 2017-2A, Class A, 3.620% due 8/20/42(a) | 396,519 | ||||||
274,301 | Upgrade Receivables Trust, Series 2018-1A, Class A, 3.760% due 11/15/24(a) | 275,070 | ||||||
398,776 | Vericrest Opportunity Loan Trust, Series 2019-NPL8, Class A1A, step bond to yield, 3.278% due 11/25/49(a) | 398,748 | ||||||
503,053 | VOLT LXIV LLC, Series 2017-NP11, Class A1, step bond to yield, 3.375% due 10/25/47(a) | 504,185 | ||||||
1,479,288 | VOLT LXXII LLC, Series 2018-NPL8, Class A1A, step bond to yield, 4.213% due 10/26/48(a) | 1,480,124 | ||||||
1,287,076 | VOLT LXXV LLC, Series 2019-NPL1, Class A1A, step bond to yield, 4.336% due 1/25/49(a)(g) | 1,296,688 | ||||||
1,000,000 | VOLT LXXXIII LLC, Series 2019-NPL9, Class A1A, step bond to yield, 3.327% due 11/26/49(a) | 1,000,492 | ||||||
300,000 | VOLT LXXXIV LLC, Series 2019-NP10, Class A1A, step bond to yield, 3.426% due 12/26/49(a)(g) | 299,752 | ||||||
351,634 | Zais CLO 2 Ltd., Series 2014-2A, Class A1AR, 3.140% (3-Month USD-LIBOR + 1.200%) due 7/25/26(a)(b) | 351,653 | ||||||
TOTAL ASSET-BACKED SECURITIES (Cost - $31,019,075) | 31,037,371 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Low Duration Fixed Income Fund (continued) |
Face Amount/Units† | Security | Value | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 7.8% | ||||||||
$ | 118,000 | Atrium Hotel Portfolio Trust, Series 2017-ATRM, Class E, 4.815% (1-Month USD-LIBOR + 3.050%) due 12/15/36(a)(b) | $ | 117,998 | ||||
BANK: | ||||||||
1,548,665 | Series 2017-BNK4, Class XA, 1.587% due 5/15/50(b)(h) | 119,850 | ||||||
1,875,084 | Series 2017-BNK6, Class XA, 0.997% due 7/15/60(b)(h) | 91,888 | ||||||
426,000 | BBCMS Mortgage Trust, Series 2018-TALL, Class A, 2.487% (1-Month USD-LIBOR + 0.722%) due 3/15/37(a)(b) | 424,136 | ||||||
108,400 | Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PW10, Class AJ, 5.776% due 12/11/40(b) | 110,250 | ||||||
86,023 | Bellemeade Re Ltd., Series 2018-2A, Class M1A, 2.658% (1-Month USD-LIBOR + 0.950%) due 8/25/28(a)(b) | 86,035 | ||||||
316,000 | BFLD, Series 2019-DPLO, Class E, 4.005% (1-Month USD-LIBOR + 2.240%) due 10/15/34(a)(b) | 315,431 | ||||||
BHMS: | ||||||||
75,000 | Series 2018-ATLS, Class A, 3.015% (1-Month USD-LIBOR + 1.250%) due 7/15/35(a)(b) | 75,056 | ||||||
650,000 | Series 2018-ATLS, Class C, 3.665% (1-Month USD-LIBOR + 1.900%) due 7/15/35(a)(b) | 649,992 | ||||||
BHP Trust: | ||||||||
216,000 | Series 2019-BXHP, Class A, 2.740% (1-Month USD-LIBOR + 0.975%) due 8/15/36(a)(b) | 214,922 | ||||||
216,000 | Series 2019-BXHP, Class C, 3.288% (1-Month USD-LIBOR + 1.522%) due 8/15/36(a)(b) | 215,056 | ||||||
118,000 | BX Commercial Mortgage Trust, Series 2018-BIOA, Class E, 3.716% (1-Month USD-LIBOR + 1.951%) due 3/15/37(a)(b) | 117,851 | ||||||
BX Trust: | ||||||||
180,621 | Series 2017-APPL, Class B, 2.915% (1-Month USD-LIBOR + 1.150%) due 7/15/34(a)(b) | 180,618 | ||||||
250,000 | Series 2018-GW, Class F, 4.185% (1-Month USD-LIBOR + 2.420%) due 5/15/35(a)(b) | 250,623 | ||||||
118,000 | Series 2018-MCSF, Class F, 4.412% (1-Month USD-LIBOR + 2.647%) due 4/15/35(a)(b) | 117,998 | ||||||
323,000 | Series 2019-MMP, Class B, 3.065% (1-Month USD-LIBOR + 1.300%) due 8/15/36(a)(b) | 322,999 | ||||||
117,000 | BXMT Ltd., Series 2017-FL1, Class C, 3.713% (1-Month USD-LIBOR + 1.950%) due 6/15/35(a)(b) | 117,000 | ||||||
1,682,010 | CD Mortgage Trust, Series 2017-CD4, Class XA, 1.465% due 5/10/50(b)(h) | 118,937 | ||||||
CFCRE Commercial Mortgage Trust: | ||||||||
1,346,232 | Series 2017-C8, Class XA, 1.787% due 6/15/50(b)(h) | 116,072 | ||||||
287,000 | Series 2017-C8, Class XB, 1.115% due 6/15/50(b)(h) | 18,123 | ||||||
405,000 | Series 2018-TAN, Class B, 4.690% due 2/15/33(a) | 429,687 | ||||||
296,902 | CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class A, 2.555% (1-Month USD-LIBOR + 0.790%) due 7/15/32(a)(b) | 296,717 | ||||||
118,000 | CGGS Commercial Mortgage Trust, Series 2018-WSS, Class D, 4.065% (1-Month USD-LIBOR + 2.300%) due 2/15/37(a)(b) | 118,109 | ||||||
CHT Mortgage Trust: | ||||||||
117,000 | Series 2017-CSMO, Class A, 2.695% (1-Month USD-LIBOR + 0.930%) due 11/15/36(a)(b) | 116,999 | ||||||
41,000 | Series 2017-CSMO, Class F, 5.507% (1-Month USD-LIBOR + 3.741%) due 11/15/36(a)(b) | 41,051 | ||||||
178,000 | Citigroup Commercial Mortgage Trust, Series 2018-TBR, Class B, 2.915% (1-Month USD-LIBOR + 1.150%) due 12/15/36(a)(b) | 177,609 | ||||||
942,601 | Citigroup Mortgage Loan Trust, Series 2018-C, Class A1, step bond to yield, 4.125% due 3/25/59(a) | 947,486 | ||||||
Commercial Mortgage Trust: | ||||||||
21,092,527 | Series 2013-CR9, Class XA, 0.160% due 7/10/45(b)(h) | 58,429 | ||||||
2,072,824 | Series 2013-LC6, Class XA, 1.483% due 1/10/46(b)(h) | 70,576 | ||||||
325,000 | Series 2014-FL5, Class C, 3.300% (1-Month USD-LIBOR + 2.150%) due 10/15/31(a)(b) | 324,809 | ||||||
344,000 | Series 2014-FL5, Class D, 3.300% (1-Month USD-LIBOR + 4.000%) due 10/15/31(a)(b) | 340,797 | ||||||
321,000 | Series 2015-CR23, Class CMD, 3.807% due 5/10/48(a)(b) | 321,390 | ||||||
227,000 | Series 2018-HCLV, Class A, 2.765% (1-Month USD-LIBOR + 1.000%) due 9/15/33(a)(b) | 226,571 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Low Duration Fixed Income Fund (continued) |
Face Amount/Units† | Security | Value | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 7.8% (continued) | ||||||||
Credit Suisse Commercial Mortgage Capital Trust: | ||||||||
$ | 70,000 | Series 2017-CHOP, Class D, 3.665% (1-Month USD-LIBOR + 1.900%) due 7/15/32(a)(b) | $ | 69,890 | ||||
650,000 | Series 2017-CHOP, Class E, 5.065% (1-Month USD-LIBOR + 3.300%) due 7/15/32(a)(b) | 649,992 | ||||||
107,000 | Series 2017-LSTK, Class C, 3.229% due 4/5/33(a) | 106,915 | ||||||
128,000 | Series 2017-LSTK, Class D, 3.442% due 4/5/33(a)(b) | 127,817 | ||||||
47,000 | Series 2017-LSTK, Class E, 3.442% due 4/5/33(a)(b) | 46,768 | ||||||
8,157,000 | Series 2017-LSTK, Class XACP, 0.681% due 4/5/33(a)(b)(h) | 20,976 | ||||||
2,969,000 | Series 2017-LSTK, Class XBCP, 0.316% due 4/5/33(a)(b)(h) | 3,099 | ||||||
Credit Suisse Commercial Mortgage Securities Corp.: | ||||||||
344,000 | Series 2019-SKLZ, Class A, 3.015% (1-Month USD-LIBOR + 1.250%) due 1/15/34(a) | 344,537 | ||||||
14,357,895 | Series 2019-SKLZ, Class XCP, 1.622% due 7/15/34(a)(b)(h) | 146,696 | ||||||
352,000 | Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class A, 2.745% (1-Month USD-LIBOR + 0.980%) due 5/15/36(a)(b) | 352,494 | ||||||
CSAIL Commercial Mortgage Trust: | ||||||||
817,947 | Series 2017-C8, Class XA, 1.391% due 6/15/50(b)(h) | 48,967 | ||||||
4,801,468 | Series 2017-CX10, Class XA, 0.860% due 11/15/50(b)(h) | 217,778 | ||||||
3,524,818 | Series 2018-CX12, Class XA, 0.777% due 8/15/51(b)(h) | 154,042 | ||||||
Deephaven Residential Mortgage Trust: | ||||||||
111,988 | Series 2017-1A, Class A1, 2.725% due 12/26/46(a)(b) | 111,855 | ||||||
111,988 | Series 2017-1A, Class A2, 2.928% due 12/26/46(a)(b) | 111,846 | ||||||
209,241 | Series 2018-3A, Class A2, 3.891% due 8/25/58(a)(b) | 210,753 | ||||||
Federal Home Loan Mortgage Corp. (FHLMC), REMICS: | ||||||||
524,364 | Series 4703, Class FA, 2.115% (1-Month USD-LIBOR + 0.350%) due 7/15/47(b) | 520,014 | ||||||
729,376 | Series 4718, Class FA, 2.115% (1-Month USD-LIBOR + 0.350%) due 9/15/47(b) | 723,296 | ||||||
968,553 | Series 4920, Class FA, 2.215% (1-Month USD-LIBOR + 0.450%) due 10/25/49(b) | 966,800 | ||||||
Federal National Mortgage Association (FNMA), REMICS: | ||||||||
425,891 | Series 2012-110, Class MF, 2.168% (1-Month USD-LIBOR + 0.460%) due 10/25/42(b) | 427,131 | ||||||
73,178 | Series 2013-81, Class EF, 2.058% (1-Month USD-LIBOR + 0.350%) due 12/25/42(b) | 72,871 | ||||||
532,950 | Series 2014-84, Class BF, 2.382% (1-Month USD-LIBOR + 0.350%) due 12/25/44(b) | 533,015 | ||||||
388,979 | Series 2018-49, Class FB, 2.008% (1-Month USD-LIBOR + 0.300%) due 7/25/48(b) | 387,086 | ||||||
185,251 | Series 2018-55, Class FA, 2.008% (1-Month USD-LIBOR + 0.300%) due 8/25/48(b) | 183,681 | ||||||
382,736 | Series 2018-77, Class FA, 2.008% (1-Month USD-LIBOR + 0.300%) due 10/25/48(b) | 379,921 | ||||||
1,593,460 | Series 2019-57, Class FE, 2.158% (1-Month USD-LIBOR + 0.450%) due 10/25/49(b) | 1,589,990 | ||||||
GS Mortgage Securities Corp. Trust: | ||||||||
77,000 | Series 2017-500K, Class E, 3.265% (1-Month USD-LIBOR + 1.500%) due 7/15/32(a)(b) | 76,879 | ||||||
53,000 | Series 2017-500K, Class F, 3.565% (1-Month USD-LIBOR + 1.800%) due 7/15/32(a)(b) | 53,050 | ||||||
GS Mortgage Securities Trust: | ||||||||
5,247,893 | Series 2016-GS4, Class XA, 0.694% due 11/10/49(b)(h) | 144,922 | ||||||
1,764,643 | Series 2017-GS6, Class XA, 1.189% due 5/10/50(b)(h) | 118,419 | ||||||
3,612,152 | Series 2017-GS8, Class XA, 1.123% due 11/10/50(b)(h) | 219,215 | ||||||
78,000 | Hilton Orlando Trust, Series 2018-ORL, Class B, 2.815% (1-Month USD-LIBOR + 1.050%) due 12/15/34(a)(b) | 77,975 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust: | ||||||||
2,754,245 | Series 2014-C20, Class XA, 1.106% due 7/15/47(b)(h) | 72,186 | ||||||
321,000 | Series 2019-MFP, Class A, 2.725% (1-Month USD-LIBOR + 0.960%) due 7/15/36(a)(b) | 320,799 | ||||||
1,337,095 | JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class XA, 1.513% due 11/15/48(b)(h) | 49,395 | ||||||
Legacy Mortgage Asset Trust: | ||||||||
1,366,592 | Series 2019-GS6, Class A1, step bond to yield, 3.000% due 6/25/59(a)(g) | 1,367,586 | ||||||
1,492,987 | Series 2019-GS7, Class A1, step bond to yield, 3.250% due 6/25/59(a)(g) | 1,493,715 | ||||||
244,000 | MF1 FL2 Ltd., Series 2019-FL2, Class A, 2.905% (1-Month USD-LIBOR + 1.130%) due 12/25/34(a)(b) | 244,154 | ||||||
227,000 | Monarch Beach Resort Trust, Series 2018-MBR, Class A, 2.685% (1-Month USD-LIBOR + 0.920%) due 7/15/35(a)(b) | 226,642 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Low Duration Fixed Income Fund (continued) |
Face Amount/Units† | Security | Value | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 7.8% (continued) | ||||||||
Morgan Stanley Capital I Trust: | ||||||||
$ | 278,250 | Series 2007-T27, Class AJ, 6.144% due 6/11/42(b) | $ | 294,594 | ||||
164,000 | Series 2011-C1, Class D, 5.554% due 9/15/47(a)(b) | 168,496 | ||||||
300,000 | Series 2014-CPT, Class F, 3.560% due 7/13/29(a)(b) | 300,641 | ||||||
1,487,469 | Series 2016-UB11, Class XA, 1.761% due 8/15/49(b)(h) | 112,236 | ||||||
4,153,037 | Series 2016-UB12, Class XA, 0.917% due 12/15/49(b)(h) | 160,736 | ||||||
76,000 | Series 2017-ASHF, Class D, 3.965% (1-Month USD-LIBOR + 2.200%) due 11/15/34(a)(b) | 75,999 | ||||||
162,000 | Series 2017-ASHF, Class E, 4.915% (1-Month USD-LIBOR + 3.150%) due 11/15/34(a)(b) | 162,100 | ||||||
123,000 | Series 2017-ASHF, Class F, 6.115% (1-Month USD-LIBOR + 4.350%) due 11/15/34(a)(b) | 123,152 | ||||||
186,000 | Series 2017-CLS, Class E, 3.715% (1-Month USD-LIBOR + 1.950%) due 11/15/34(a)(b) | 186,000 | ||||||
206,000 | Series 2017-CLS, Class F, 4.365% (1-Month USD-LIBOR + 2.600%) due 11/15/34(a)(b) | 206,000 | ||||||
981,523 | Series 2017-H1, Class XA, 1.595% due 6/15/50(b)(h) | 72,974 | ||||||
142,000 | Series 2018-SUN, Class A, 2.665% (1-Month USD-LIBOR + 0.900%) due 7/15/35(a)(b) | 141,734 | ||||||
Natixis Commercial Mortgage Securities Trust: | ||||||||
350,000 | Series 2018-850T, Class C, 2.919% (1-Month USD-LIBOR + 1.154%) due 7/15/33(a)(b) | 349,354 | ||||||
350,000 | Series 2018-850T, Class D, 3.219% (1-Month USD-LIBOR + 1.454%) due 7/15/33(a)(b) | 349,355 | ||||||
344,000 | OBP Depositor LLC Trust, Series 2010-OBP, Class A, 4.646% due 7/15/45(a) | 344,537 | ||||||
244,000 | PFP Ltd., Series 2019-6, Class A, 2.964% (1-Month USD-LIBOR + 1.050%) due 4/14/37(a)(b) | 244,220 | ||||||
841,151 | PRPM LLC, Series 2019-1A, Class A1, step bond to yield, 4.500% due 1/25/24(a)(g) | 843,104 | ||||||
589,322 | RCO Trust, Series 2017-INV1, Class A, 3.197% due 11/25/52(a)(b) | 587,141 | ||||||
Rosslyn Portfolio Trust: | ||||||||
198,000 | Series 2017-ROSS, Class A, 2.715% (1-Month USD-LIBOR + 0.950%) due 6/15/33(a)(b) | 197,938 | ||||||
35,000 | Series 2017-ROSS, Class B, 3.015% (1-Month USD-LIBOR + 1.250%) due 6/15/33(a)(b) | 34,954 | ||||||
351,964 | Shelter Growth CRE Issuer Ltd., Series 2019-FL2, Class B, 4.065% (1-Month USD-LIBOR + 2.300%) due 5/15/36(a)(b) | 352,409 | ||||||
165,644 | SLIDE, Series 2018-FUN, Class A, 2.665% (1-Month USD-LIBOR + 0.900%) due 6/15/31(a)(b) | 165,539 | ||||||
UBS Commercial Mortgage Trust: | ||||||||
1,743,143 | Series 2012-C1, Class XA, 2.264% due 5/10/45(a)(b)(h) | 66,004 | ||||||
1,110,790 | Series 2017-C1, Class XA, 1.729% due 6/15/50(b)(h) | 98,294 | ||||||
Verus Securitization Trust: | ||||||||
247,238 | Series 2018-1, Class A1, 2.929% due 2/25/48(a)(b) | 247,410 | ||||||
1,301,424 | Series 2019-INV2, Class A3, 3.219% due 7/25/59(a)(b) | 1,308,449 | ||||||
510,493 | VMC Finance LLC, Series 2018-FL2, Class A, 2.683% (1-Month USD-LIBOR + 0.920%) due 10/15/35(a)(b) | 509,523 | ||||||
Wells Fargo Commercial Mortgage Trust: | ||||||||
2,707,720 | Series 2015-LC22, Class XA, 0.984% due 9/15/58(b)(h) | 98,574 | ||||||
5,251,760 | Series 2015-NXS2, Class XA, 0.857% due 7/15/58(b)(h) | 163,888 | ||||||
3,474,678 | Series 2018-C46, Class XA, 1.111% due 8/15/51(b)(h) | 200,646 | ||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $29,673,990) | 28,390,233 | |||||||
U.S. GOVERNMENT OBLIGATIONS - 1.0% | ||||||||
U.S. Treasury Notes: | ||||||||
900,000 | 2.250% due 3/31/20 | 901,688 | ||||||
1,170,000 | 1.625% due 4/30/23 | 1,170,137 | ||||||
1,740,000 | 2.250% due 12/31/23 | 1,782,481 | ||||||
140,000 | 1.750% due 6/30/24 | 140,678 | ||||||
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost - $3,933,325) | 3,994,984 | |||||||
SOVEREIGN BONDS - 0.3% | ||||||||
Brazil - 0.1% | ||||||||
200,000 | Brazilian Government International Bond, 4.875% due 1/22/21 | 205,750 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Low Duration Fixed Income Fund (continued) |
Face Amount/Units† | Security | Value | ||||||
Colombia - 0.1% | ||||||||
$ | 200,000 | Colombia Government International Bond, 4.375% due 7/12/21 | $ | 206,200 | ||||
Dominican Republic - 0.1% | ||||||||
200,000 | Dominican Republic International Bond, 7.500% due 5/6/21 | 208,500 | ||||||
Indonesia - 0.0% | ||||||||
200,000 | Perusahaan Penerbit SBSN Indonesia III, 3.400% due 3/29/22 | 204,192 | ||||||
Mexico - 0.0% | ||||||||
200,000 | Nacional Financiera SNC, 3.375% due 11/5/20 | 200,500 | ||||||
Thailand - 0.0% | ||||||||
200,000 | Export Import Bank of Thailand, 2.799% due 11/20/23(b) (3-Month USD-LIBOR + 0.900%) | 200,940 | ||||||
TOTAL SOVEREIGN BONDS (Cost - $1,223,239) | 1,226,082 | |||||||
MORTGAGE-BACKED SECURITY - 0.2% | ||||||||
FNMA - 0.2% | ||||||||
600,000 | Federal National Mortgage Association (FNMA), 2.670% due 9/1/21 (Cost - $604,565) | 602,299 |
Shares/Units | Security | Value | ||||||
EXCHANGE TRADED FUND (ETF) - 2.8% | ||||||||
198,023 | iShares Core 1-5 Year USD Bond(e) (Cost - $9,926,948) | 9,980,359 | ||||||
COMMON STOCK - 0.1% | ||||||||
BASIC MATERIALS - 0.1% | ||||||||
Forest Products & Paper - 0.1% | ||||||||
20,309 | Appvion Inc.*(g)(k) (Cost - $395,660) | 201,059 | ||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $305,646,402) | 301,284,639 |
Face Amount† | Security | Value | ||||||
SHORT-TERM INVESTMENTS - 17.6% | ||||||||
COMMERCIAL PAPERS - 12.0% | ||||||||
4,251,000 | Bemis Co., Inc., 1.853% due 12/13/19(i) | 4,248,029 | ||||||
Constellation Brands Inc.: | ||||||||
1,842,000 | 2.007% due 1/13/20(i) | 1,836,036 | ||||||
2,579,000 | 1.987% due 1/15/20(i) | 2,570,256 | ||||||
7,165,000 | Ford Motor Credit Co. LLC, 2.466% due 1/13/20(i) | 7,141,355 | ||||||
4,703,000 | General Motors Financial Co., 2.156% due 1/9/20(i) | 4,689,197 | ||||||
5,924,000 | Keurig Dr Papper Inc., 1.803% due 12/19/19(i) | 5,917,846 | ||||||
4,396,000 | Marriott International Inc., 1.834% due 1/3/20(i) | 4,388,050 | ||||||
6,697,000 | Royal Caribbean Cruises Ltd., 2.261% due 1/6/20(i) | 6,682,233 | ||||||
6,142,000 | Walgreens Boots Alliance Inc., 2.058% due 2/5/20(i) | 6,119,563 | ||||||
TOTAL COMMERCIAL PAPERS (Cost - $43,605,335) | 43,592,565 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Low Duration Fixed Income Fund (continued) |
Face Amount | Security | Value | ||||||
TIME DEPOSITS - 4.9% | ||||||||
$ | 2,068,202 | ANZ National Bank - London, 0.920% due 12/2/19 | $ | 2,068,202 | ||||
11,955,946 | Banco Santander SA - Frankfurt, 0.920% due 12/2/19 | 11,955,946 | ||||||
3,690,799 | Citibank - New York, 0.920% due 12/2/19 | 3,690,799 | ||||||
TOTAL TIME DEPOSITS (Cost - $17,714,947) | 17,714,947 | |||||||
U.S. GOVERNMENT OBLIGATIONS - 0.7% | ||||||||
U.S. Treasury Bills: | ||||||||
420,000 | 1.968% due 12/5/19(i) | 419,932 | ||||||
900,000 | 1.964% due 1/30/20(i) | 897,671 | ||||||
690,000 | 1.940% due 2/6/20(i) | 688,017 | ||||||
840,000 | 1.536% due 4/30/20(i) | 834,553 | ||||||
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost - $2,839,326) | 2,840,173 | |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost - $64,159,608) | 64,147,685 | |||||||
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 1.4% | ||||||||
MONEY MARKET FUND - 1.4% | ||||||||
4,925,025 | Federated Government Obligations Fund, Premier Class, 1.573%(j) | |||||||
(Cost - $4,925,025) | 4,925,025 | |||||||
TOTAL INVESTMENTS - 102.1% (Cost - $374,731,035#) | 370,357,349 | |||||||
Liabilities in Excess of Other Assets - (2.1)% | (7,697,795 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 362,659,554 | ||||||
† | 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 November 30, 2019, amounts to approximately $106,004,761 and represents 29.23% of net assets. |
(b) | Variable rate security. Interest rate disclosed is that which was in effect at November 30, 2019. |
(c) | Security is perpetual in nature and has no stated maturity date. |
(d) | Security is currently in default. |
(e) | All or a portion of this security is on loan. |
(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) | Illiquid security. The aggregate value of illiquid holdings at November 30, 2019, amounts to approximately $5,501,904 and represents 1.52% of net assets. |
(h) | Interest only security. |
(i) | Rate shown represents yield-to-maturity. |
(j) | Represents investment of collateral received from securities lending transactions. |
(k) | Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs. |
# | Aggregate cost for federal income tax purposes is substantially the same. |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Low Duration Fixed Income Fund (continued) |
Abbreviations used in this schedule: | ||
CLO | — | Collateralized Loan Obligation |
CMT | — | Constant Maturity Treasury Index |
EURIBOR | — | Euro Interbank Offered Rate |
LIBOR | — | London Interbank Offered Rate |
LLC | — | Limited Liability Company |
LP | — | Limited Partnership |
PCL | — | Public Company Limited |
PLC | — | Public Limited Company |
REMICS | — | Real Estate Mortgage Investment Conduit |
Summary of Investments by Security Type^ | ||||
Corporate Bonds & Notes | 49.9 | % | ||
Senior Loans | 11.1 | |||
Asset-Backed Securities | 8.4 | |||
Collateralized Mortgage Obligations | 7.7 | |||
Exchange Traded Fund (ETF) | 2.7 | |||
U.S. Government Agencies & Obligations | 1.1 | |||
Sovereign Bonds | 0.3 | |||
Mortgage-Backed Security | 0.2 | |||
Common Stock | 0.0 | * | ||
Short-Term Investments | 17.3 | |||
Money Market Fund | 1.3 | |||
100.0 | % |
^ As a percentage of total investments. |
* Position represents less than 0.05%. |
At November 30, 2019, Destinations Low Duration Fixed Income 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) | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||
Contracts to Sell: | ||||||||||||||||||||||||
Euro | 8,010,000 | BBH | $ | 8,832,695 | 12/16/19 | $ | 20,518 | $ | – | $ | 20,518 | |||||||||||||
Swedish Krona | 6,860,000 | BBH | 716,948 | 12/16/19 | – | (9,526 | ) | (9,526 | ) | |||||||||||||||
Net Unrealized Appreciation on Open Forward Foreign Currency Contracts | $ | 20,518 | $ | (9,526 | ) | $ | 10,992 |
Currency Abbreviations used in this schedule: |
EUR | — | Euro |
SEK | — | Swedish Krona |
Counterparty Abbreviations used in this schedule: |
BBH | — | Brown Brothers Harriman & Co. |
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund
Face Amount/Units† | Security | Value | ||||||
CORPORATE BONDS & NOTES - 66.4% | ||||||||
Argentina - 0.1% | ||||||||
$ | 900,000 | Pampa Energia SA, Senior Unsecured Notes, 7.375% due 7/21/23 | $ | 771,750 | ||||
Australia - 0.9% | ||||||||
550,000 | BHP Billiton Finance USA Ltd., Company Guaranteed Notes, 6.750% (5-Year USD Swap Rate + 5.093%) due 10/19/75(a)(b) | 644,353 | ||||||
4,100,000 | CNOOC Finance 2015 Australia Pty Ltd., Company Guaranteed Notes, 2.625% due 5/5/20 | 4,103,813 | ||||||
2,000,000 | QBE Insurance Group Ltd., Subordinated Notes, 6.750% (USD Swap Rate + 4.300%) due 12/2/44(a)@ | 2,230,000 | ||||||
Total Australia | 6,978,166 | |||||||
Austria - 0.1% | ||||||||
554,000 | JBS Investments GmbH, Company Guaranteed Notes, 6.250% due 2/5/23 | 560,233 | ||||||
Bahamas - 1.2% | ||||||||
9,325,000 | Silversea Cruise Finance Ltd., Senior Secured Notes, 7.250% due 2/1/25(b) | 9,893,825 | ||||||
Bermuda - 1.1% | ||||||||
1,100,000 | Digicel Group Two Ltd., Senior Unsecured Notes, 8.250% due 9/30/22(b) | 270,347 | ||||||
2,327,000 | SFL Corp., Ltd, Senior Unsecured Notes, 5.750% due 10/15/21 | 2,434,783 | ||||||
5,100,000 | Stolt-Nielsen Ltd., Senior Unsecured Notes, 6.375% due 9/21/22 | 5,226,289 | ||||||
9,330,000 | SEK | Vostok New Ventures Ltd., Senior Secured Notes, 5.750% due 10/4/22 | 993,143 | |||||
Total Bermuda | 8,924,562 | |||||||
Brazil - 2.0% | ||||||||
1,600,000 | B3 SA - Brasil Bolsa Balcao, Senior Unsecured Notes, 5.500% due 7/16/20 | 1,624,000 | ||||||
1,800,000 | Banco Bradesco SA, Subordinated Notes, 5.900% due 1/16/21 | 1,865,250 | ||||||
Banco BTG Pactual SA: | ||||||||
2,300,000 | Senior Unsecured Notes, 4.000% due 1/16/20 | 2,300,000 | ||||||
700,000 | Subordinated Notes, 7.750% (5-Year CMT Index + 5.257%) due 2/15/29(a)(b) | 740,250 | ||||||
1,900,000 | Banco do Brasil SA, Junior Subordinated Notes, 8.500% (5-Year CMT Index + 7.782%) (a)(c) | 1,983,125 | ||||||
3,230,000 | Globo Comunicacao e Participacoes SA, Senior Unsecured Notes, 4.875% due 4/11/22 | 3,334,975 | ||||||
Itau Unibanco Holding SA: | ||||||||
400,000 | Junior Subordinated Notes, 6.125% (5-Year CMT Index + 3.981%) (a)(c) | 410,000 | ||||||
Subordinated Notes: | ||||||||
800,000 | 6.200% due 4/15/20 | 810,800 | ||||||
2,400,000 | 5.750% due 1/22/21 | 2,468,400 | ||||||
400,000 | 6.200% due 12/21/21 | 423,252 | ||||||
Total Brazil | 15,960,052 | |||||||
British Virgin Islands - 2.7% | ||||||||
3,200,000 | CNOOC Finance 2012 Ltd., Company Guaranteed Notes, 3.875% due 5/2/22 | 3,303,692 | ||||||
4,965,000 | CNPC General Capital Ltd., Company Guaranteed Notes, 3.950% due 4/19/22 | 5,132,758 | ||||||
1,200,000 | CNPC HK Overseas Capital Ltd., Company Guaranteed Notes, 4.500% due 4/28/21 | 1,234,440 | ||||||
4,800,000 | Sinochem Overseas Capital Co., Ltd., Company Guaranteed Notes, 4.500% due 11/12/20 | 4,888,656 | ||||||
3,900,000 | Sinopec Group Overseas Development 2015 Ltd., Company Guaranteed Notes, 2.500% due 4/28/20 | 3,902,067 | ||||||
Sinopec Group Overseas Development 2016 Ltd., Company Guaranteed Notes: | ||||||||
800,000 | 2.000% due 9/29/21(b) | 793,324 | ||||||
1,500,000 | 2.000% due 9/29/21 | 1,487,482 | ||||||
Sinopec Group Overseas Development 2017 Ltd., Company Guaranteed Notes: | ||||||||
200,000 | 3.000% due 4/12/22(b) | 202,172 | ||||||
1,000,000 | 3.000% due 4/12/22 | 1,010,860 | ||||||
Total British Virgin Islands | 21,955,451 |
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units† | Security | Value | ||||||
Canada - 0.5% | ||||||||
$ | 1,153,000 | CAD | DHX Media Ltd., Subordinated Notes, 5.875% due 9/30/24(b) | $ | 709,772 | |||
950,000 | Emera Inc., Junior Subordinated Notes, 6.750% (3-Month USD-LIBOR + 5.440%) due 6/15/76(a) | 1,068,750 | ||||||
1,872,000 | NOVA Chemicals Corp., Senior Unsecured Notes, 5.250% due 6/1/27(b) | 1,890,720 | ||||||
200,000 | PTTEP Canada International Finance Ltd., Company Guaranteed Notes, 5.692% due 4/5/21 | 208,560 | ||||||
Total Canada | 3,877,802 | |||||||
Cayman Islands - 4.2% | ||||||||
1,500,000 | Alibaba Group Holding Ltd., Senior Unsecured Notes, 3.125% due 11/28/21 | 1,528,030 | ||||||
1,500,000 | Banco Continental SA Via Continental Senior Trustees Cayman Ltd., Senior Unsecured Notes, 5.500% due 11/18/20 | 1,543,125 | ||||||
CK Hutchison International 17 Ltd., Company Guaranteed Notes: | ||||||||
2,000,000 | 2.875% due 4/5/22(b) | 2,018,460 | ||||||
2,500,000 | 2.875% due 4/5/22 | 2,523,875 | ||||||
1,400,000 | Comunicaciones Celulares SA Via Comcel Trust, Senior Unsecured Notes, 6.875% due 2/6/24 | 1,436,750 | ||||||
2,000,000 | Grupo Aval Ltd., Company Guaranteed Notes, 4.750% due 9/26/22 | 2,052,500 | ||||||
651,435 | Guanay Finance Ltd., Senior Secured Notes, 6.000% due 12/15/20 | 658,763 | ||||||
1,900,000 | Hutchison Whampoa International 11 Ltd., Company Guaranteed Notes, 4.625% due 1/13/22 | 1,982,930 | ||||||
2,600,000 | Latam Finance Ltd., Company Guaranteed Notes, 6.875% due 4/11/24 | 2,735,200 | ||||||
2,495,000 | Nexteer Automotive Group Ltd., Company Guaranteed Notes, 5.875% due 11/15/21(b) | 2,538,602 | ||||||
230,920 | Peru Enhanced Pass-Through Finance Ltd., Pass-Thru Certificates, zero coupon, due 6/2/25 | 213,890 | ||||||
SPARC EM SPC Panama Metro Line 2 SP, Senior Secured Notes: | ||||||||
2,618,010 | zero coupon due 12/5/22(b) | 2,510,017 | ||||||
4,326,335 | zero coupon due 12/5/22 | 4,147,874 | ||||||
1,900,000 | Tecnoglass Inc., Company Guaranteed Notes, 8.200% due 1/31/22 | 2,052,950 | ||||||
1,025,000 | Vale Overseas Ltd., Company Guaranteed Notes, 4.375% due 1/11/22 | 1,060,875 | ||||||
4,980,000 | Vantage Drilling International, Senior Secured Notes, 9.250% due 11/15/23(b) | 4,664,617 | ||||||
Total Cayman Islands | 33,668,458 | |||||||
Chile - 2.6% | ||||||||
AES Gener SA, Junior Subordinated Notes: | ||||||||
1,000,000 | 7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(a)(b) | 1,031,168 | ||||||
2,200,000 | 7.125% (5-Year USD Swap Rate + 4.644%) due 3/26/79(a) | 2,268,569 | ||||||
Banco del Estado de Chile, Senior Unsecured Notes: | ||||||||
1,899,000 | 2.668% due 1/8/21 | 1,898,434 | ||||||
500,000 | 3.875% due 2/8/22 | 513,690 | ||||||
800,000 | Banco Santander Chile, Senior Unsecured Notes, 2.500% due 12/15/20 | 798,024 | ||||||
Corp. Nacional del Cobre de Chile, Senior Unsecured Notes: | ||||||||
300,000 | 3.875% due 11/3/21 | 307,773 | ||||||
400,000 | 3.000% due 7/17/22 | 404,850 | ||||||
3,000,000 | Engie Energia Chile SA, Senior Unsecured Notes, 5.625% due 1/15/21 | 3,093,313 | ||||||
5,135,000 | Inversiones CMPC SA, Company Guaranteed Notes, 4.500% due 4/25/22 | 5,288,903 | ||||||
900,000 | Sociedad Quimica y Minera de Chile SA, Senior Unsecured Notes, 5.500% due 4/21/20 | 910,566 | ||||||
4,000,000 | Telefonica Chile SA, Senior Unsecured Notes, 3.875% due 10/12/22 | 4,082,504 | ||||||
Total Chile | 20,597,794 | |||||||
Colombia - 1.8% | ||||||||
Bancolombia SA: | ||||||||
4,071,000 | Senior Unsecured Notes, 5.950% due 6/3/21 | 4,260,301 | ||||||
1,100,000 | Subordinated Notes, 6.125% due 7/26/20 | 1,126,400 | ||||||
Colombia Telecomunicaciones SA ESP: | ||||||||
1,222,000 | Junior Subordinated Notes, 8.500% (5-Year USD Swap Rate + 6.958%) (a)(c) | 1,235,442 | ||||||
1,443,000 | Senior Unsecured Notes, 5.375% due 9/27/22 | 1,458,152 | ||||||
1,445,000 | Grupo de Inversiones Suramericana SA, Senior Unsecured Notes, 5.700% due 5/18/21 | 1,500,994 |
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units† | Security | Value | ||||||
Colombia - 1.8% - (continued) | ||||||||
$ | 4,500,000 | Oleoducto Central SA, Senior Unsecured Notes, 4.000% due 5/7/21 | $ | 4,570,425 | ||||
Total Colombia | 14,151,714 | |||||||
Denmark - 0.1% | ||||||||
600,000 | EUR | Georg Jensen AS, Senior Secured Notes, 6.000% due 5/15/23 | 650,223 | |||||
Dominican Republic - 0.1% | ||||||||
1,100,000 | Banco de Reservas de la Republica Dominicana, Subordinated Notes, 7.000% due 2/1/23 | 1,149,500 | ||||||
France - 0.6% | ||||||||
1,000,000 | BNP Paribas SA, Junior Subordinated Notes, 6.625% (5-Year USD Swap Rate + 4.149%) (a)(b)(c) | 1,072,500 | ||||||
1,675,000 | Credit Agricole SA, Junior Subordinated Notes, 8.125% (5-Year USD Swap Rate + 6.185%) (a)(b)(c) | 2,020,469 | ||||||
Societe Generale SA, Junior Subordinated Notes: | ||||||||
1,090,000 | 7.875% (5-Year USD Swap Rate + 4.979%) (a)(b)(c) | 1,212,625 | ||||||
490,000 | 8.000% (5-Year USD 1100 Run ICE Swap Rate + 5.873%) (a)(b)(c) | 570,237 | ||||||
Total France | 4,875,831 | |||||||
Germany - 0.4% | ||||||||
200,000 | Commerzbank AG, Junior Subordinated Notes, 7.000% (5-Year USD Swap Rate + 5.228%) (a)(c) | 209,233 | ||||||
2,765,000 | EUR | LifeFit Group, 7.500% due 7/26/23 | 3,107,125 | |||||
Total Germany | 3,316,358 | |||||||
India - 1.9% | ||||||||
3,150,000 | Adani Ports & Special Economic Zone Ltd., Senior Unsecured Notes, 3.950% due 1/19/22 | 3,219,844 | ||||||
Bharat Petroleum Corp., Ltd, Senior Unsecured Notes: | ||||||||
1,500,000 | 4.375% due 1/24/22 | 1,540,834 | ||||||
4,000,000 | 4.625% due 10/25/22 | 4,170,040 | ||||||
Indian Oil Corp., Ltd, Senior Unsecured Notes: | ||||||||
2,995,000 | 5.625% due 8/2/21 | 3,134,911 | ||||||
2,000,000 | 5.750% due 8/1/23 | 2,182,085 | ||||||
700,000 | ONGC Videsh Ltd., Company Guaranteed Notes, 3.750% due 5/7/23 | 718,172 | ||||||
Total India | 14,965,886 | |||||||
Indonesia - 1.0% | ||||||||
Pertamina Persero PT, Senior Unsecured Notes: | ||||||||
4,500,000 | 5.250% due 5/23/21 | 4,682,475 | ||||||
2,500,000 | 4.875% due 5/3/22 | 2,635,052 | ||||||
1,000,000 | Perusahaan Listrik Negara PT, Senior Unsecured Notes, 5.500% due 11/22/21 | 1,057,500 | ||||||
Total Indonesia | 8,375,027 | |||||||
Ireland - 0.4% | ||||||||
3,100,000 | C&W Senior Financing DAC, Senior Unsecured Notes, 7.500% due 10/15/26 | 3,328,625 | ||||||
Israel - 0.4% | ||||||||
2,479,000 | Delek & Avner Tamar Bond Ltd., Senior Secured Notes, 4.435% due 12/30/20(b) | 2,512,549 | ||||||
500,000 | Israel Electric Corp., Ltd, Senior Secured Notes, 6.875% due 6/21/23 | 567,715 | ||||||
Total Israel | 3,080,264 | |||||||
Italy - 1.6% | ||||||||
635,000 | Intesa Sanpaolo SpA, Company Guaranteed Notes, 7.700% (5-Year USD Swap Rate + 5.462%) (a)(b)(c) | 677,862 | ||||||
10,374,000 | EUR | Linkem SpA, Senior Secured Notes, 7.000% due 8/9/22(b) | 11,319,094 | |||||
650,000 | UniCredit SpA, Junior Subordinated Notes, 8.000% (5-Year USD Swap Rate + 5.180%) (a)(c)@ | 699,563 | ||||||
Total Italy | 12,696,519 |
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units† | Security | Value | ||||||
Luxembourg - 0.5% | ||||||||
$ | 400,000 | Euronav Luxembourg SA, Company Guaranteed Notes, 7.500% due 5/31/22(b) | $ | 408,000 | ||||
Millicom International Cellular SA, Senior Unsecured Notes: | ||||||||
2,200,000 | 6.000% due 3/15/25 | 2,277,000 | ||||||
600,000 | 6.625% due 10/15/26 | 653,250 | ||||||
400,000 | Swiss Re Finance Luxembourg SA, Company Guaranteed Notes, 5.000% (5-Year CMT Index + 3.582%) due 4/2/49(a)(b) | 442,000 | ||||||
Total Luxembourg | 3,780,250 | |||||||
Malaysia - 2.2% | ||||||||
7,500,000 | Axiata SPV2 Bhd, Senior Unsecured Notes, 3.466% due 11/19/20 | 7,562,850 | ||||||
1,715,000 | Malayan Banking Bhd, Subordinated Notes, 3.905% (5-Year USD Swap Rate + 2.542%) due 10/29/26(a) | 1,747,070 | ||||||
500,000 | Petronas Capital Ltd., Company Guaranteed Notes, 3.125% due 3/18/22 | 507,978 | ||||||
6,855,000 | Petronas Global Sukuk Ltd., Senior Unsecured Notes, 2.707% due 3/18/20 | 6,860,964 | ||||||
1,000,000 | Wakala Global Sukuk Bhd, Senior Unsecured Notes, 4.646% due 7/6/21 | 1,038,377 | ||||||
Total Malaysia | 17,717,239 | |||||||
Marshall Islands - 0.8% | ||||||||
5,067,000 | Borealis Finance LLC, Senior Secured Notes, 7.500% due 11/16/22(b) | 4,772,486 | ||||||
200,000 | Chembulk Holding LLC, Senior Secured Notes, 8.000% due 2/2/23(b) | 182,000 | ||||||
1,200,000 | Golar LNG Partners LP, Senior Unsecured Notes, 6.299% (3-Month USD-LIBOR + 4.400%) due 5/22/20(a) | 1,182,000 | ||||||
Total Marshall Islands | 6,136,486 | |||||||
Mauritius - 0.4% | ||||||||
3,000,000 | UPL Corp., Ltd, Senior Unsecured Notes, 3.250% due 10/13/21 | 3,009,427 | ||||||
Mexico - 3.8% | ||||||||
5,400,000 | Banco Mercantil del Norte SA, Junior Subordinated Notes, 6.875% (5-Year CMT Index + 5.035%) (a)(c) | 5,589,000 | ||||||
5,000,000 | Banco Nacional de Comercio Exterior SNC, Subordinated Notes, 3.800% (5-Year CMT Index + 3.000%) due 8/11/26(a) | 5,068,750 | ||||||
500,000 | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Subordinated Notes, 5.950% (5-Year CMT Index + 2.995%) due 10/1/28(a)(b) | 533,750 | ||||||
BBVA Bancomer SA: | ||||||||
2,000,000 | Junior Subordinated Notes, 7.250% due 4/22/20 | 2,025,000 | ||||||
Subordinated Notes: | ||||||||
1,500,000 | 6.500% due 3/10/21 | 1,567,500 | ||||||
1,300,000 | 6.750% due 9/30/22 | 1,405,950 | ||||||
1,943,000 | 5.350% (5-Year CMT Index + 3.000%) due 11/12/29(a) | 1,964,859 | ||||||
Cemex SAB de CV, Senior Secured Notes: | ||||||||
1,200,000 | 6.125% due 5/5/25 | 1,242,000 | ||||||
1,000,000 | 7.750% due 4/16/26 | 1,082,500 | ||||||
1,700,000 | Coca-Cola Femsa SAB de CV, Company Guaranteed Notes, 4.625% due 2/15/20 | 1,707,761 | ||||||
350,000 | Fomento Economico Mexicano SAB de CV, Senior Unsecured Notes, 2.875% due 5/10/23 | 352,587 | ||||||
Grupo Bimbo SAB de CV: | ||||||||
Company Guaranteed Notes: | ||||||||
610,000 | 4.875% due 6/30/20 | 617,021 | ||||||
1,400,000 | 4.500% due 1/25/22 | 1,450,188 | ||||||
3,400,000 | Junior Subordinated Notes, 5.950% (5-Year CMT Index + 3.280%) (a)(c) | 3,582,750 | ||||||
2,450,000 | Unifin Financiera SAB de CV, Company Guaranteed Notes, 7.250% due 9/27/23 | 2,538,812 | ||||||
Total Mexico | 30,728,428 |
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units† | Security | Value | ||||||
Netherlands - 2.0% | ||||||||
$ | 1,290,000 | AerCap Holdings NV, Company Guaranteed Notes, 5.875% (5-Year CMT Index + 4.535%) due 10/10/79(a) | $ | 1,370,573 | ||||
400,000 | AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad It, Company Guaranteed Notes, 7.950% due 5/11/26 | 426,504 | ||||||
3,903,000 | Alcoa Nederland Holding BV, Company Guaranteed Notes, 6.750% due 9/30/24(b) | 4,107,907 | ||||||
600,000 | ING Groep NV, Junior Subordinated Notes, 6.750% (5-Year USD 1100 Run ICE Swap Rate + 4.204%) (a)(c) | 642,750 | ||||||
3,000,000 | MPC Container Ships Invest BV, Senior Secured Notes, 6.909% (3-Month USD-LIBOR + 4.750%) due 9/22/22(a) | 2,932,808 | ||||||
1,644,000 | Petrobras Global Finance BV, Company Guaranteed Notes, 5.375% due 1/27/21 | 1,694,142 | ||||||
200,000 | Syngenta Finance NV, Company Guaranteed Notes, 3.698% due 4/24/20 | 200,608 | ||||||
4,400,000 | VTR Finance BV, Senior Secured Notes, 6.875% due 1/15/24 | 4,504,500 | ||||||
Total Netherlands | 15,879,792 | |||||||
Norway - 0.2% | ||||||||
2,200,000 | Jacktel AS, Senior Secured Notes, 10.000% due 12/4/23(b) | 1,760,000 | ||||||
Panama - 1.4% | ||||||||
1,500,000 | Banco Latinoamericano de Comercio Exterior SA, Senior Unsecured Notes, 3.250% due 5/7/20 | 1,503,750 | ||||||
Banistmo SA, Senior Unsecured Notes: | ||||||||
300,000 | 3.650% due 9/19/22(b) | 303,000 | ||||||
500,000 | 3.650% due 9/19/22 | 505,000 | ||||||
4,448,164 | ENA Norte Trust, Pass-Thru Certificates, 4.950% due 4/25/23 | 4,592,729 | ||||||
2,900,000 | Global Bank Corp., Senior Unsecured Notes, 4.500% due 10/20/21 | 2,974,240 | ||||||
1,000,000 | Multibank Inc., Senior Unsecured Notes, 4.375% due 11/9/22 | 1,030,010 | ||||||
Total Panama | 10,908,729 | |||||||
Peru - 0.2% | ||||||||
165,000 | Banco BBVA Peru SA, Senior Unsecured Notes, 5.000% due 8/26/22 | 174,696 | ||||||
1,040,000 | Scotiabank Peru SAA, Subordinated Notes, 4.500% (3-Month USD-LIBOR + 3.856%) due 12/13/27(a) | 1,068,610 | ||||||
Total Peru | 1,243,306 | |||||||
Philippines - 0.1% | ||||||||
800,000 | Union Bank of the Philippines, Senior Unsecured Notes, 3.369% due 11/29/22 | 815,582 | ||||||
Portugal - 0.0% | ||||||||
70,068 | Invepar, 0.000% zero coupon due 12/30/28(d)(e) | 2,996 | ||||||
Singapore - 3.2% | ||||||||
DBS Group Holdings Ltd.: | ||||||||
5,000,000 | Junior Subordinated Notes, 3.600% (5-Year USD Swap Rate + 2.390%) (a)(c) | 5,031,250 | ||||||
Senior Unsecured Notes: | ||||||||
200,000 | 2.592% (3-Month USD-LIBOR + 0.490%) due 6/8/20(a) | 200,298 | ||||||
1,400,000 | 2.850% due 4/16/22 | 1,419,267 | ||||||
500,000 | Subordinated Notes, 4.520% (5-Year USD 1100 Run ICE Swap Rate + 1.590%) due 12/11/28(a) | 530,623 | ||||||
4,365,000 | ONGC Videsh Vankorneft Pte Ltd., Company Guaranteed Notes, 2.875% due 1/27/22 | 4,367,008 | ||||||
3,000,000 | SP PowerAssets Ltd., Senior Unsecured Notes, 2.700% due 9/14/22 | 3,040,271 | ||||||
3,450,000 | Temasek Financial I Ltd., Company Guaranteed Notes, 2.375% due 1/23/23 | 3,493,432 | ||||||
United Overseas Bank Ltd., Subordinated Notes: | ||||||||
4,500,000 | 3.500% (5-Year USD Swap Rate + 2.236%) due 9/16/26(a) | 4,549,410 | ||||||
800,000 | 2.880% (5-Year USD Swap Rate + 1.654%) due 3/8/27(a) | 799,672 | ||||||
1,900,000 | 3.750% (5-Year CMT Index + 1.500%) due 4/15/29(a) | 1,967,698 | ||||||
Total Singapore | 25,398,929 |
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units† | Security | Value | ||||||
Switzerland - 0.4% | ||||||||
Credit Suisse Group AG, Junior Subordinated Notes: | ||||||||
$ | 1,000,000 | 6.375% (5-Year CMT Index + 4.822%) (a)(b)(c) | $ | 1,070,000 | ||||
655,000 | 7.500% (5-Year USD Swap Rate + 4.600%) (a)(b)(c) | 713,361 | ||||||
1,400,000 | UBS Group AG, Company Guaranteed Notes, 7.000% (5-Year USD Swap Rate + 4.866%) (a)(c)@ | 1,580,894 | ||||||
Total Switzerland | 3,364,255 | |||||||
Thailand - 0.8% | ||||||||
Bangkok Bank PCL, Senior Unsecured Notes: | ||||||||
1,300,000 | 4.800% due 10/18/20 | 1,326,864 | ||||||
1,800,000 | 3.875% due 9/27/22 | 1,867,454 | ||||||
3,200,000 | PTTEP Treasury Center Co., Ltd., Company Guaranteed Notes, 4.600% (5-Year CMT Index + 2.724%) (a)(c) | 3,270,463 | ||||||
Total Thailand | 6,464,781 | |||||||
United Kingdom - 2.4% | ||||||||
1,700,000 | Barclays PLC, Junior Subordinated Notes, 7.750% (5-Year USD Swap Rate + 4.842%) (a)(c) | 1,836,000 | ||||||
1,713,000 | EUR | CentralNic Group PLC, Senior Secured Notes, 7.000% (3-Month EURIBOR + 7.000%) due 7/3/23(a) | 1,929,469 | |||||
862,000 | Ferroglobe PLC/Globe Specialty Metals Inc., Company Guaranteed Notes, 9.375% due 3/1/22(b) | 525,820 | ||||||
2,015,000 | Inmarsat Finance PLC, Company Guaranteed Notes, 6.500% due 10/1/24(b) | 2,112,727 | ||||||
1,700,000 | Lloyds Banking Group PLC, Junior Subordinated Notes, 7.500% (5-Year USD Swap Rate + 4.760%) (a)(c) | 1,876,375 | ||||||
4,600,000 | MARB BondCo PLC, Company Guaranteed Notes, 7.000% due 3/15/24 | 4,784,000 | ||||||
1,645,000 | Royal Bank of Scotland Group PLC, Junior Subordinated Notes, 8.625% (5-Year USD Swap Rate + 7.598%) (a)(c) | 1,775,580 | ||||||
2,400,000 | EUR | SB Holdco PLC, Senior Secured Notes, 8.000% (3-Month EURIBOR + 8.000%) due 7/13/22 | 2,480,147 | |||||
600,000 | Standard Chartered PLC, Junior Subordinated Notes, 7.750% (5-Year USD Swap Rate + 5.723%) (a)(b)(c) | 658,500 | ||||||
Vedanta Resources Ltd., Senior Unsecured Notes: | ||||||||
800,000 | 7.125% due 5/31/23 | 779,200 | ||||||
200,000 | 6.125% due 8/9/24 | 178,800 | ||||||
370,000 | Vodafone Group PLC, Junior Subordinated Notes, 7.000% (5-Year USD Swap Rate + 4.873%) due 4/4/79(a) | 428,274 | ||||||
Total United Kingdom | 19,364,892 | |||||||
United States - 24.3% | ||||||||
167,010 | America West Airlines Pass-Through Trust, Pass-Thru Certificates, 8.057% due 7/2/20 | 172,691 | ||||||
7,647,000 | American Airlines Group Inc., Company Guaranteed Notes, 4.625% due 3/1/20(b) | 7,685,235 | ||||||
706,000 | American Express Co., Junior Subordinated Notes, 5.200% (3-Month USD-LIBOR + 3.428%) (a)(c) | 708,647 | ||||||
1,350,000 | American International Group Inc., Junior Subordinated Notes, 5.750% (3-Month USD-LIBOR + 2.868%) due 4/1/48(a) | 1,481,537 | ||||||
1,230,000 | Assurant Inc., Subordinated Notes, 7.000% (3-Month USD-LIBOR + 4.135%) due 3/27/48(a) | 1,379,137 | ||||||
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) | 2,416,380 | ||||||
Bank of America Corp., Junior Subordinated Notes: | ||||||||
885,000 | 6.100% (3-Month USD-LIBOR + 3.898%) (a)(c) | 985,509 | ||||||
450,000 | 6.250% (3-Month USD-LIBOR + 3.705%) (a)(c) | 501,669 | ||||||
1,340,000 | 6.300% (3-Month USD-LIBOR + 4.553%) (a)(c) | 1,534,300 | ||||||
245,000 | Bayer US Finance II LLC, Company Guaranteed Notes, 2.736% (3-Month USD-LIBOR + 0.630%) due 6/25/21(a)(b) | 245,754 | ||||||
1,645,000 | BB&T Corp., Junior Subordinated Notes, 4.800% (5-Year CMT Index + 3.003%) (a)(c) | 1,677,900 |
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units† | Security | Value | ||||||
United States - 24.3% - (continued) | ||||||||
$ | 1,600,000 | Capital One Financial Corp., Junior Subordinated Notes, 5.550% (3-Month USD-LIBOR + 3.800%) (a)(c) | $ | 1,620,000 | ||||
1,005,000 | CenterPoint Energy Inc., Junior Subordinated Notes, 6.125% (3-Month USD-LIBOR + 3.270%) (a)(c) | 1,057,762 | ||||||
290,000 | CIT Group Inc., Junior Subordinated Notes, 5.800% (3-Month USD-LIBOR + 3.972%) (a)(c) | 296,525 | ||||||
2,410,000 | CITGO Petroleum Corp., Senior Secured Notes, 6.250% due 8/15/22(b) | 2,437,112 | ||||||
Citigroup Inc., Junior Subordinated Notes: | ||||||||
515,000 | 5.000% (SOFR rate + 3.813%) (a)(c) | 532,381 | ||||||
2,389,000 | 5.950% (3-Month USD-LIBOR + 3.905%) (a)(c) | 2,600,427 | ||||||
500,000 | 6.300% (3-Month USD-LIBOR + 3.423%) (a)(c) | 537,500 | ||||||
835,000 | Citizens Financial Group Inc., Junior Subordinated Notes, 6.375% (3-Month USD-LIBOR + 3.157%) (a)(c) | 889,275 | ||||||
1,175,000 | CoBank ACB, Junior Subordinated Notes, 6.250% (3-Month USD-LIBOR + 4.660%) (a)(b)(c) | 1,286,625 | ||||||
Comcast Corp., Company Guaranteed Notes: | ||||||||
520,000 | 2.429% (3-Month USD-LIBOR + 0.330%) due 10/1/20(a) | 521,104 | ||||||
260,000 | 2.539% (3-Month USD-LIBOR + 0.440%) due 10/1/21(a) | 261,261 | ||||||
469,227 | Continental Airlines Class A Pass-Through Trust, Pass-Thru Certificates, 5.983% due 4/19/22 | 495,487 | ||||||
268,365 | Continental Airlines Class A-1 Pass-Through Trust, Pass-Thru Certificates, 7.707% due 4/2/21 | 275,777 | ||||||
20,577 | Continental Airlines Class C-2 Pass-Through Trust, Pass-Thru Certificates, 6.236% due 3/15/20 | 20,713 | ||||||
3,675,000 | Cott Holdings Inc., Company Guaranteed Notes, 5.500% due 4/1/25(b) | 3,849,563 | ||||||
7,367,000 | CSC Holdings LLC, Company Guaranteed Notes, 5.375% due 7/15/23(b) | 7,560,384 | ||||||
535,000 | Dairy Farmers of America Inc., Junior Subordinated Notes, 7.125% (b)(c) | 526,975 | ||||||
1,615,000 | Diamond Sports Group LLC/Diamond Sports Finance Co., Senior Secured Notes, 5.375% due 8/15/26(b) | 1,639,225 | ||||||
1,060,000 | Discover Financial Services, Junior Subordinated Notes, 5.500% (3-Month USD-LIBOR + 3.076%) (a)(c) | 1,101,075 | ||||||
7,688,000 | Dollar Tree Inc., Senior Unsecured Notes, 2.702% (3-Month USD-LIBOR + 0.700%) due 4/17/20(a) | 7,688,896 | ||||||
2,922,000 | DXC Technology Co., Senior Unsecured Notes, 3.082% (3-Month USD-LIBOR + 0.950%) due 3/1/21(a) | 2,922,047 | ||||||
3,944,000 | EP Energy LLC/Everest Acquisition Finance Inc., Senior Secured Notes, 7.750% due 5/15/26(b)(f) | 2,642,480 | ||||||
135,000 | Farm Credit Bank of Texas, Junior Subordinated Notes, 6.200% (3-Month USD-LIBOR + 3.223%)(a)(b)(c)(d) | 141,692 | ||||||
1,944,000 | Five Point Operating Co. LP/Five Point Capital Corp., Company Guaranteed Notes, 7.875% due 11/15/25(b) | 1,903,506 | ||||||
5,222,000 | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 2.922% (3-Month USD-LIBOR + 0.790%) due 6/12/20(a) | 5,223,529 | ||||||
3,452,000 | Foxtrot Escrow Issuer LLC/Foxtrot Escrow Corp., Senior Secured Notes, 12.250% due 11/15/26(b) | 3,477,890 | ||||||
Freeport-McMoRan Inc., Company Guaranteed Notes: | ||||||||
1,500,000 | 3.550% due 3/1/22 | 1,507,500 | ||||||
2,900,000 | 4.550% due 11/14/24 | 3,047,784 | ||||||
2,126,000 | Fresh Market Inc., Senior Secured Notes, 9.750% due 5/1/23(b) | 1,190,560 | ||||||
2,095,000 | General Electric Co., Junior Subordinated Notes, 5.000% (3-Month USD-LIBOR + 3.330%) (a)(c) | 2,049,350 | ||||||
1,935,000 | General Motors Financial Co., Inc., Junior Subordinated Notes, 5.750% (3-Month USD-LIBOR + 3.598%) (a)(c) | 1,905,975 | ||||||
2,524,000 | Goldman Sachs Group Inc., Junior Subordinated Notes, 5.500% (5-Year CMT Index + 3.623%) (a)(c) | 2,677,070 | ||||||
HC2 Holdings Inc.: | ||||||||
2,791,000 | Senior Secured Notes, 11.500% due 12/1/21(b) | 2,567,720 | ||||||
1,668,000 | Senior Unsecured Notes, 7.500% due 6/1/22(b) | 1,133,220 |
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units† | Security | Value | ||||||
United States - 24.3% - (continued) | ||||||||
$ | 3,207,000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed Notes, 6.250% due 5/15/26 | $ | 3,411,446 | ||||
JPMorgan Chase & Co., Junior Subordinated Notes: | ||||||||
1,745,000 | 5.000% (SOFR rate + 3.380%) (a)(c) | 1,819,163 | ||||||
2,650,000 | 6.750% (3-Month USD-LIBOR + 3.780%) (a)(c) | 2,984,562 | ||||||
475,000 | KeyCorp, Junior Subordinated Notes, 5.000% (3-Month USD-LIBOR + 3.606%) (a)(c) | 505,814 | ||||||
Land O' Lakes Inc., Junior Subordinated Notes: | ||||||||
415,000 | 7.000% (b)(c)(d) | 387,506 | ||||||
2,050,000 | 7.250% (b)(c)(d) | 1,950,063 | ||||||
6,856,000 | Lee Enterprises Inc., Senior Secured Notes, 9.500% due 3/15/22(b) | 6,770,300 | ||||||
575,000 | Level 3 Financing Inc., Senior Secured Notes, 3.400% due 3/1/27(b) | 575,489 | ||||||
593,000 | Liberty Media Corp., Senior Unsecured Notes, 2.750% due 12/1/49(b) | 606,257 | ||||||
3,256,000 | LSC Communications Inc., Senior Secured Notes, 8.750% due 10/15/23(b) | 1,644,280 | ||||||
1,125,000 | M&T Bank Corp., Junior Subordinated Notes, 5.125% (3-Month USD-LIBOR + 3.520%) (a)(c) | 1,205,156 | ||||||
575,000 | Macquarie Infrastructure Corp., Senior Unsecured Notes, 2.000% due 10/1/23 | 543,326 | ||||||
985,000 | MetLife Inc., Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR + 2.959%) (a)(c) | 1,090,888 | ||||||
13,692,000 | Mueller Industries Inc., Subordinated Notes, 6.000% due 3/1/27 | 14,116,452 | ||||||
510,000 | NiSource Inc., Junior Subordinated Notes, 5.650% (5-Year CMT Index + 2.843%) (a)(c) | 521,475 | ||||||
Pacific Gas & Electric Co., Senior Unsecured Notes: | ||||||||
9,149,000 | 3.500% due 10/1/20(f) | 9,028,919 | ||||||
2,625,000 | 2.950% due 3/1/26(f) | 2,552,813 | ||||||
902,000 | PNC Financial Services Group Inc., Junior Subordinated Notes, 5.000% (3-Month USD-LIBOR + 3.300%) (a)(c) | 955,552 | ||||||
905,000 | Provident Financing Trust I, Limited Guaranteed Notes, 7.405% due 3/15/38 | 1,088,263 | ||||||
Reliance Holding USA Inc., Company Guaranteed Notes: | ||||||||
3,700,000 | 4.500% due 10/19/20 | 3,761,309 | ||||||
3,400,000 | 5.400% due 2/14/22 | 3,597,744 | ||||||
11,118,573 | Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, Senior Secured Notes, 5.750% due 10/15/20 | 11,131,915 | ||||||
SESI LLC, Company Guaranteed Notes: | ||||||||
2,733,000 | 7.125% due 12/15/21 | 2,036,085 | ||||||
2,779,000 | 7.750% due 9/15/24 | 1,588,671 | ||||||
2,273,000 | Sirius XM Radio Inc., Company Guaranteed Notes, 5.000% due 8/1/27(b) | 2,392,333 | ||||||
Southern Copper Corp., Senior Unsecured Notes: | ||||||||
4,400,000 | 5.375% due 4/16/20 | 4,439,615 | ||||||
425,000 | 3.500% due 11/8/22 | 438,225 | ||||||
1,360,000 | SunTrust Banks Inc., Junior Subordinated Notes, 5.050% (3-Month USD-LIBOR + 3.102%) (a)(c) | 1,387,200 | ||||||
4,020,000 | Tapestry Inc., Senior Unsecured Notes, 4.250% due 4/1/25 | 4,219,999 | ||||||
632,299 | Toll Road Investors Partnership II LP, Senior Secured Notes, zero coupon, due 2/15/45(b) | 170,852 | ||||||
Trimble Inc., Senior Unsecured Notes: | ||||||||
2,930,000 | 4.150% due 6/15/23 | 3,078,949 | ||||||
3,901,000 | 4.750% due 12/1/24 | 4,225,907 | ||||||
Triumph Group Inc.: | ||||||||
945,000 | Company Guaranteed Notes, 7.750% due 8/15/25 | 982,800 | ||||||
1,178,000 | Secured Notes, 6.250% due 9/15/24(b) | 1,236,900 | ||||||
2,083,000 | W&T Offshore Inc., Secured Notes, 9.750% due 11/1/23(b) | 1,916,360 | ||||||
5,628,000 | Welbilt Inc., Company Guaranteed Notes, 9.500% due 2/15/24 | 5,965,680 |
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units† | Security | Value | ||||||
United States - 24.3% - (continued) | ||||||||
$ | 3,810,000 | Wells Fargo & Co., Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR + 3.990%) (a)(c) | $ | 4,232,110 | ||||
Total United States | 194,937,527 | |||||||
TOTAL CORPORATE BONDS & NOTES (Cost - $527,469,601) | 531,290,659 | |||||||
SENIOR LOANS - 8.4%(a) | ||||||||
1,534,805 | Appvion Operations Inc., 8.213% (3/6-Month USD-LIBOR + 6.000%) due 6/12/26 | 1,534,805 | ||||||
2,351,360 | BI-LO LLC, 10.033% (3-Month USD-LIBOR + 8.000%) due 5/31/24 | 2,171,481 | ||||||
6,807,520 | Crestwood Holdings LLC, 9.270% (1-Month USD-LIBOR + 7.500%) due 3/6/23 | 6,430,247 | ||||||
6,177,472 | Dell International LLC (EMC Corporation), 3.710% (1-Month USD-LIBOR+2.000%) due 9/19/25 | 6,209,410 | ||||||
6,477,000 | Fieldwood Energy LLC, 7.177% (3-Month USD-LIBOR + 5.250%) due 4/11/22 | 5,218,066 | ||||||
2,168,000 | General Nutrition Centers Inc., 8.710% (1-Month USD-LIBOR + 7.000%) due 12/31/22 | 2,161,973 | ||||||
4,309,518 | IEA Energy Services LLC, 10.354% (3-Month USD-LIBOR + 8.250%) due 9/25/24 | 4,287,971 | ||||||
5,379,223 | Internap Corp., 7.980% (1-Month USD-LIBOR + 6.250%) due 4/6/22 | 3,630,975 | ||||||
2,764,050 | Lee Enterprises Inc, 12.000% (3-Month USD-LIBOR + 12.000%) due 12/15/22 | 2,736,409 | ||||||
2,530,928 | LSC Communications Inc., 7.090% (1-Week USD-LIBOR + 5.500%) due 9/30/22 | 1,536,273 | ||||||
3,095,663 | McDermott International Inc., 7.104% (3-Month USD-LIBOR + 5.000%) due 5/9/25 | 1,482,389 | ||||||
1,153,891 | Monitronics International Inc., 8.604% (3-Month USD-LIBOR+6.500%) due 3/29/24 | 993,789 | ||||||
2,450,000 | Production Resource Group LLC, 8.900% (3-Month USD-LIBOR + 7.000%) due 8/21/24 | 2,388,750 | ||||||
1,069,837 | RA Acquisition Purchaser LLC, 12.104% (3-Month USD-LIBOR + 10.000%) due 5/31/23(e) | 1,069,837 | ||||||
1,407,219 | Town Sports International LLC, 5.202% (1-Month USD-LIBOR + 3.500%) due 11/15/20 | 1,006,162 | ||||||
5,143,241 | Trico Group LLC, 9.104% (3-Month USD-LIBOR + 7.000%) due 2/2/24 | 5,001,802 | ||||||
Windstream Services LLC (fka Windstream Corporation): | ||||||||
9,515,903 | 4.210% (1-Month USD-LIBOR + 2.500%) due 2/26/21 | 9,510,003 | ||||||
7,653,000 | 9.750% (Prime Lending Rate + 5.000%) due 3/29/21 | 7,258,871 | ||||||
2,728,883 | YI LLC, 6.104% (3-Month USD-LIBOR + 4.000%) due 11/7/24 | 2,619,728 | ||||||
TOTAL SENIOR LOANS (Cost - $72,866,557) | 67,248,941 | |||||||
SOVEREIGN BONDS - 4.1% | ||||||||
Brazil - 0.1% | ||||||||
900,000 | Brazilian Government International Bond, 4.875% due 1/22/21 | 925,875 | ||||||
Chile - 0.5% | ||||||||
Chile Government International Bond: | ||||||||
1,800,000 | 3.875% due 8/5/20 | 1,818,000 | ||||||
2,000,000 | 2.250% due 10/30/22 | 2,001,000 | ||||||
Total Chile | 3,819,000 | |||||||
Colombia - 0.9% | ||||||||
6,900,000 | Colombia Government International Bond, 4.375% due 7/12/21 | 7,113,900 | ||||||
Costa Rica - 0.1% | ||||||||
1,150,000 | Costa Rica Government International Bond, 9.995% due 8/1/20 | 1,196,000 | ||||||
Dominican Republic - 0.8% | ||||||||
6,320,000 | Dominican Republic International Bond, 7.500% due 5/6/21 | 6,588,600 | ||||||
India - 0.3% | ||||||||
2,000,000 | Export-Import Bank of India, 3.125% due 7/20/21 | 2,017,574 | ||||||
Indonesia - 0.9% | ||||||||
Indonesia Government International Bond: | ||||||||
3,000,000 | 4.875% due 5/5/21 | 3,112,740 | ||||||
2,795,000 | 3.700% due 1/8/22 | 2,869,887 |
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount/Units† | Security | Value | ||||||
Indonesia - 0.9% - (continued) | ||||||||
$ | 1,000,000 | Perusahaan Penerbit SBSN Indonesia III, 3.400% due 3/29/22 | $ | 1,020,960 | ||||
Total Indonesia | 7,003,587 | |||||||
Mexico - 0.2% | ||||||||
1,500,000 | Nacional Financiera SNC, 3.375% due 11/5/20 | 1,503,750 | ||||||
Peru - 0.2% | ||||||||
1,500,000 | Fondo MIVIVIENDA SA, 3.500% due 1/31/23 | 1,528,515 | ||||||
Philippines - 0.1% | ||||||||
1,000,000 | Philippine Government International Bond, 4.000% due 1/15/21 | 1,021,910 | ||||||
TOTAL SOVEREIGN BONDS | 32,718,711 |
Shares/Units | ||||||||
PREFERRED STOCKS - 2.4% | ||||||||
Bermuda - 0.4% | ||||||||
30,926 | Aspen Insurance Holdings Ltd., 5.625%(c) | 795,726 | ||||||
17,350 | Athene Holding Ltd., 6.350% (3-Month USD-LIBOR + 4.253%)(a)(c) | 477,125 | ||||||
16,495 | Axis Capital Holdings Ltd., 5.500%(c) | 417,488 | ||||||
42,868 | Enstar Group Ltd., 7.000% (3-Month USD-LIBOR + 4.015%)(a)(c) | 1,145,433 | ||||||
Total Bermuda | 2,835,772 | |||||||
United States - 2.0% | ||||||||
10,100 | Air Lease Corp., 6.150% (3-Month USD-LIBOR + 3.650%)(a)(c) | 266,539 | ||||||
22,090 | American Equity Investment Life Holding Co., 5.950% (5-Year CMT Index + 4.322%)*(a)(c) | 559,098 | ||||||
9,755 | AXA Equitable Holdings Inc., 5.250%*(c) | 243,485 | ||||||
3,000 | CoBank ACB, 6.250% (3-Month USD-LIBOR + 4.557%)(a)(b)(c) | 320,250 | ||||||
1,000 | Dairy Farmers of America Inc., 7.875%(b)(c) | 98,480 | ||||||
50,000 | Delphi Financial Group Inc., 5.348% (3-Month USD-LIBOR + 3.190%)(a) | 1,100,000 | ||||||
21,970 | Farm Credit Bank of Texas, 6.750% (3-Month USD-LIBOR + 4.010%)(a)(b)(c) | 2,328,820 | ||||||
25,550 | GMAC Capital Trust I, 7.943% (3-Month USD-LIBOR + 5.785%)(a) | 662,511 | ||||||
54,847 | Huntington Bancshares Inc., 6.250%(c) | 1,430,410 | ||||||
Morgan Stanley: | ||||||||
75,960 | 5.850% (3-Month USD-LIBOR + 3.491%) (a)(c) | 2,117,765 | ||||||
49,200 | 6.375% (3-Month USD-LIBOR + 3.708%) (a)(c)(g) | 1,370,220 | ||||||
20,000 | New York Community Bancorp Inc., 6.375% (3-Month USD-LIBOR + 3.821%)(a)(c) | 539,600 | ||||||
45,000 | NuStar Energy LP, 7.625% (3-Month USD-LIBOR + 5.643%)(a)(c) | 987,300 | ||||||
43,830 | Regions Financial Corp., 5.700% (3-Month USD-LIBOR + 3.148%)(a)(c) | 1,173,767 | ||||||
19,075 | Synchrony Financial, 5.625%*(c) | 487,939 | ||||||
13,000 | Synovus Financial Corp., 5.875% (5-Year CMT Index + 4.127%)(a)(c) | 338,780 | ||||||
90,000 | Voya Financial Inc., 5.350% (5-Year CMT Index + 3.210%)(a)(c) | 2,406,600 | ||||||
Total United States | 16,431,564 | |||||||
TOTAL PREFERRED STOCKS (Cost - $19,038,376) | 19,267,336 | |||||||
COMMON STOCKS - 1.5% | ||||||||
Colombia - 0.0% | ||||||||
21,182 | Frontera Energy Corp.(e) | 150,218 | ||||||
United States - 1.5% | ||||||||
88,882 | Alpine Income Property Trust Inc.*(d) | 1,668,315 | ||||||
76,960 | AMCI Acquisition Corp., Class A Shares*(d) | 774,987 | ||||||
267,281 | Appvion Inc.*(d) (e) | 2,646,082 | ||||||
8,888 | Consolidated-Tomoka Land Co. | 557,189 | ||||||
13,753 | HC2 Holdings Inc.* | 29,431 | ||||||
61,500 | Landcadia Holdings II Inc., Class A Shares* | 603,930 | ||||||
52 | Real Alloy Holding Inc.*(e)(d) | 1,583,057 | ||||||
240,010 | Schultze Special Purpose Acquisition Corp.*(d) | 2,412,101 | ||||||
80,750 | Tuscan Holdings Corp. II*(d) | 786,505 | ||||||
96,200 | VectoIQ Acquisition Corp.*(d) | 987,974 | ||||||
Total United States | 12,049,571 | |||||||
TOTAL COMMON STOCKS (Cost - $14,098,082) | 12,199,789 |
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
WARRANTS - 0.0% | ||||||||
Brazil - 0.00% | ||||||||
58,463 | OAS SA*(e) | $ | – | |||||
United States - 0.0% | ||||||||
40,375 | Tuscan Holdings Corp. II*(d) | 16,150 | ||||||
TOTAL WARRANTS (Cost - $23,985) | 16,150 |
Number of | Notional Amounts | |||||||
PURCHASED OPTIONS - 0.0% | ||||||||
United States - 0.0% | ||||||||
172 | 545,584 | Crestwood Equity Partners LP, Put $25.00, expires 04/17/20 | 6,880 | |||||
288 | 2,503,872 | iShares iBoxx HighYield Corp., Put $85.00, expires 12/20/19 | 3,744 | |||||
United States | 10,624 | |||||||
TOTAL PURCHASED OPTIONS (Cost - $18,002) | 10,624 | |||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $666,003,828) | 662,752,210 | |||||||
Face Amount† | Security | Value | ||||||
SHORT-TERM INVESTMENTS - 15.8% | ||||||||
COMMERCIAL PAPERS - 12.5% | ||||||||
$ | 9,856,000 | Arrow Electronics Inc., 2.073% due 12/27/19(h) | 9,836,529 | |||||
11,508,000 | Bemis Co., Inc., 1.873% due 12/12/19(h) | 11,500,549 | ||||||
10,000,000 | Constellation Brands Inc., 1.966% due 1/13/20(h) | 9,967,625 | ||||||
9,881,000 | EI du Pont de Nemours & Co., 2.218% due 12/6/19(h) | 9,877,542 | ||||||
6,056,000 | Ford Motor Credit Co. LLC, 2.466% due 1/13/20(h) | 6,036,015 | ||||||
7,315,000 | General Motors Financial Co., 2.156% due 1/9/20(h) | 7,293,531 | ||||||
9,213,000 | Keurig Dr Papper Inc., 1.803% due 12/19/19(h) | 9,203,429 | ||||||
9,595,000 | LyondellBasell Investment LLC, 2.005% due 12/13/19(h) | 9,587,978 | ||||||
6,837,000 | Marriott International Inc., 1.834% due 1/3/20(h) | 6,824,636 | ||||||
10,407,000 | Royal Caribbean Cruises Ltd., 2.261% due 1/6/20(h) | 10,384,052 | ||||||
9,552,000 | Walgreens Boots Alliance Inc., 2.058% due 2/5/20(h) | 9,517,105 | ||||||
TOTAL COMMERCIAL PAPERS (Cost - $100,057,713) | 100,028,991 | |||||||
TIME DEPOSITS - 3.3% | ||||||||
19,092,605 | Banco Bilbao Vizcaya Argentaria SA - Madrid, 0.920% due 12/2/19 | 19,092,605 | ||||||
7,628,474 | Citibank - New York, 0.920% due 12/2/19 | 7,628,474 | ||||||
TOTAL TIME DEPOSITS (Cost - $26,721,079) | 26,721,079 | |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost - $126,778,792) | 126,750,070 | |||||||
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 0.0% | ||||||||
MONEY MARKET FUND - 0.0% | ||||||||
$ | 2,693 | Federated Government Obligations Fund, Premier Class, 1.573%(i) (Cost - $2,693) | $ | 2,693 | ||||
TOTAL INVESTMENTS - 98.6% (Cost - $792,785,313#) | 789,504,973 | |||||||
Other Assets in Excess of Liabilities - 2.1% | 10,981,171 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 800,486,144 |
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
† | 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 November 30, 2019. |
(b) | Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at November 30, 2019, amounts to approximately $125,984,725 and represents 15.74% of net assets. |
(c) | Security is perpetual in nature and has no stated maturity date. |
(d) | Illiquid security. The aggregate value of illiquid holdings at November 30, 2019, amounts to approximately $13,357,427 and represents 1.67% of net assets. |
(e) | Security is valued in good faith at fair value by or under the direction of the Board of trustees using significant unobservable inputs. |
(f) | Security is currently in default. |
(g) | All or a portion of this security is on loan. |
(h) | Rate shown represents yield-to-maturity. |
(i) | Represents investment of collateral received from securities lending transactions. |
# | Aggregate cost for federal income tax purposes is substantially the same. |
@ | Restricted security – Investment in security not registered under the Securities Act of 1933. The investment is deemed to not be liquid and may be sold only to qualified buyers. |
Security | Acquisition Date | Acquisition Cost | Market Value | Percent of Net Assets | ||||||||||
QBE Insurance Group Ltd., Subordinated Notes, 6.750% (USD Swap Rate +4.300%) due 12/2/44 | 10/2/18 | $ | 2,109,000 | $ | 2,230,000 | 0.28 | % | |||||||
UniCredit SpA, Junior Subordinated Notes, 8.000% (5-Year USD Swap Rate + 5.180%) | 5/4/17 | 328,006 | 699,563 | 0.09 | % | |||||||||
UBS Group Funding Switzerland AG, Company Guaranteed Notes, 7.000% (5-Year USD Swap Rate + 4.866%) | 4/18/17 | 1,300,500 | 1,580,894 | 0.20 | % | |||||||||
Total | $ | 4,510,457 | 0.57 | % |
Abbreviations used in this schedule: | ||
CMT | — | Constant Maturity Treasury Index |
EURIBOR | — | Euro Interbank Offered Rate |
ICE | — | Intercontinental Exchange |
LIBOR | — | London Interbank Offered Rate |
LLC | — | Limited Liability Company |
LP | — | Limited Partnership |
PCL | — | Public Company Limited |
PLC | — | Public Limited Company |
Summary of Investments by Security Type^ | ||||
Corporate Bonds & Notes | 67.3 | % | ||
Senior Loans | 8.5 | |||
Sovereign Bonds | 4.1 | |||
Preferred Stocks | 2.4 | |||
Common Stocks | 1.6 | |||
Warrants | 0.0 | * | ||
Purchased Options | 0.0 | * | ||
Short-Term Investments | 16.1 | |||
Money Market Fund | 0.0 | * | ||
100.0 | % |
^ As a percentage of total investments. | |
* Position represents less than 0.05%. |
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Schedule of Options Contracts Written
Equity Options
Number of Contracts | Notional Amount | Security Name | Counterparty | Expiration Date | Exercise Rate | Value | ||||||||||||||||
86 | 272,792 | Crestwood Equity Partners LP | DB | 4/17/20 | $ | 35.00 | $ | 9,030 | ||||||||||||||
288 | 2,503,872 | iShares iBoxx HighYield Corp. | DB | 12/20/19 | 87.00 | 4,608 | ||||||||||||||||
TOTAL OPTIONS CONTRACTS WRITTEN | ||||||||||||||||||||||
(Premiums received — $17,569) | $ | 13,638 |
At November 30, 2019, Destinations Global Fixed Income Opportunities Fund had open forward foreign currency contracts as described below.
The unrealized appreciation/(depreciation) on the open contracts were as follows:
Foreign Currency | Local Currency | Counterparty | Market Value | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||||
Contracts to Sell: | ||||||||||||||||||||||||||
Canadian Dollar | 960,000 | BBH | $ | 722,851 | 12/16/19 | $ | 3,366 | $ | – | $ | 3,366 | |||||||||||||||
Euro | 18,555,000 | BBH | 20,460,756 | 12/16/19 | 47,529 | – | 47,529 | |||||||||||||||||||
Swedish Krona | 9,535,000 | BBH | 996,515 | 12/16/19 | – | (13,240 | ) | (13,240 | ) | |||||||||||||||||
Net Unrealized Appreciation on Open Forward Foreign Currency Contracts | $ | 50,895 | $ | (13,240 | ) | $ | 37,655 |
Currency Abbreviations used in this schedule: | ||
CAD | — | Canadian Dollar |
EUR | — | Euro |
SEK | — | Swedish Krona |
Counterparty Abbreviations used in this schedule: | ||
BBH | — | Brown Brothers Harriman & Co. |
DB | — | Deutsche Bank |
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Global Fixed Income Opportunities Fund (continued)
Face Amount† | Security | Value | ||||||
SECURITIES SOLD SHORT - 0.8% | ||||||||
CORPORATE BONDS & NOTES - 0.6% | ||||||||
Basic Materials - 0.1% | ||||||||
824,000 | EUR | BASF SE, Senior Unsecured Notes, 0.875% due 11/15/27 | $ | 953,944 | ||||
Communications - 0.2% | ||||||||
$ | 1,604,000 | SoftBank Group Corp., Senior Unsecured Notes, 4.750% due 9/19/24 | 1,624,162 | |||||
Consumer Non-cyclical - 0.3% | ||||||||
1,418,000 | DaVita Inc., Company Guaranteed Notes, 5.125% due 7/15/24 | 1,455,223 | ||||||
840,000 | McKesson Corp., Senior Unsecured Notes, 3.950% due 2/16/28 | 891,296 | ||||||
Total Consumer Non-cyclical | 2,346,519 | |||||||
TOTAL CORPORATE BONDS & NOTES | ||||||||
(Proceeds - $4,741,328) | 4,924,625 | |||||||
Shares/Units | Security | Value | ||||||
COMMON STOCK - 0.1% | ||||||||
COMMUNICATIONS - 0.1% | ||||||||
Telecommunications - 0.1% | ||||||||
124,857 | HC2 Holdings Inc.* (Proceeds - $280,923) | 267,194 | ||||||
EXCHANGE TRADED FUND (ETF) - 0.1% | ||||||||
11,660 | iShares iBoxx $ High Yield Corporate Bond (Proceeds - $1,022,901) | 1,013,720 | ||||||
TOTAL SECURITIES SOLD SHORT - 0.8% (Proceeds - $6,045,152) | 6,205,539 |
† | Face amount denominated in U.S. dollars, unless otherwise noted. |
* | Non-income producing security. |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Multi Strategy Alternatives Fund |
Face Amount/Units/Shares | Security | Value | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 21.0% | ||||||||
$ | 1,527,788 | Bear Stearns ALT-A Trust, Series 2004-8, Class 1A, 2.408% (1-Month USD-LIBOR + 0.700%) due 9/25/34(a) | $ | 1,527,644 | ||||
1,642,655 | Federal National Mortgage Association (FNMA), Connecticut Avenue Securities, Series 2015-C01, Class 1M2, 6.008% (1-Month USD-LIBOR + 4.300%) due 2/25/25(a) | 1,750,734 | ||||||
Federal National Mortgage Association (FNMA), Connecticut Avenue Securities@: | ||||||||
2,117,983 | Series 2014-C04, Class 2M2, 6.708% (1-Month USD-LIBOR + 5.000%) due 11/25/24(a) | 2,264,632 | ||||||
5,573,352 | Series 2016-C01, Class 2M2, 8.658% (1-Month USD-LIBOR + 6.950%) due 8/25/28(a) | 6,046,276 | ||||||
5,000,000 | Series 2016-C03, Class 1M2, 7.008% (1-Month USD-LIBOR + 5.300%) due 10/25/28(a) | 5,410,566 | ||||||
8,286,720 | Series 2016-C03, Class 2M2, 7.608% (1-Month USD-LIBOR + 5.900%) due 10/25/28(a) | 8,938,094 | ||||||
11,359,659 | Series 2016-C05, Class 2M2, 6.158% (1-Month USD-LIBOR + 4.450%) due 1/25/29(a) | 11,954,724 | ||||||
19,088,043 | Series 2016-C07, Class 2M2, 6.058% (1-Month USD-LIBOR + 4.350%) due 5/25/29(a) | 20,049,770 | ||||||
12,480,000 | Series 2017-C01, Class 1M2, 5.258% (1-Month USD-LIBOR + 3.550%) due 7/25/29(a) | 13,119,624 | ||||||
14,600,000 | Series 2017-C02, Class 2M2, 5.358% (1-Month USD-LIBOR + 3.650%) due 9/25/29(a) | 15,443,957 | ||||||
5,812,875 | Series 2017-C03, Class 1M2, 4.708% (1-Month USD-LIBOR + 3.000%) due 10/25/29(a) | 6,051,334 | ||||||
836,000 | Series 2017-C04, Class 2M2, 4.558% (1-Month USD-LIBOR + 2.850%) due 11/25/29(a) | 865,772 | ||||||
21,261,000 | Series 2017-C05, Class 1M2, 3.908% (1-Month USD-LIBOR + 2.200%) due 1/25/30(a) | 21,530,936 | ||||||
11,695,000 | Series 2017-C06, Class 1M2, 4.358% (1-Month USD-LIBOR + 2.650%) due 2/25/30(a) | 12,030,714 | ||||||
19,180,000 | Series 2017-C07, Class 1M2, 4.108% (1-Month USD-LIBOR + 2.400%) due 5/25/30(a) | 19,472,273 | ||||||
21,299,000 | Series 2018-C01, Class 1M2, 3.958% (1-Month USD-LIBOR + 2.250%) due 7/25/30(a) | 21,510,910 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes@: | ||||||||
10,258,000 | Series 2017-HQA1, Class M2, 5.258% (1-Month USD-LIBOR + 3.550%) due 8/25/29(a) | 10,762,149 | ||||||
10,075,000 | Series 2017-HQA2, Class M2, 4.358% (1-Month USD-LIBOR + 2.650%) due 12/25/29(a) | 10,327,813 | ||||||
1,240,135 | MASTR Adjustable Rate Mortgages Trust, Series 2004-9, Class M2, 2.858% (1-Month USD-LIBOR + 1.150%) due 11/25/34(a) | 1,230,774 | ||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | ||||||||
(Cost - $191,000,157) | 190,288,696 | |||||||
CORPORATE BONDS & NOTES - 12.9% | ||||||||
Communications - 3.6% | ||||||||
14,773,000 | Consolidated Communications Inc., Company Guaranteed Notes, 6.500% due 10/1/22(b) | 12,667,848 | ||||||
7,400,000 | EIG Investors Corp., Company Guaranteed Notes, 10.875% due 2/1/24 | 7,270,500 | ||||||
2,240,000 | Gogo Inc., Senior Unsecured Notes, 6.000% due 5/15/22(c) | 2,388,351 | ||||||
10,877,500 | HC2 Holdings Inc., Senior Secured Notes, 11.500% due 12/1/21(b)(c) | 10,007,300 | ||||||
Total Communications | 32,333,999 | |||||||
Consumer Cyclical - 1.1% | ||||||||
6,715,000 | Arrow Bidco LLC, Senior Secured Notes, 9.500% due 3/15/24(b)(c) | 6,362,463 | ||||||
4,000,000 | CEC Entertainment Inc., Company Guaranteed Notes, 8.000% due 2/15/22 | 3,880,000 | ||||||
Total Consumer Cyclical | 10,242,463 | |||||||
Consumer Non-cyclical - 3.6% | ||||||||
8,000,000 | Avon Products Inc., Senior Unsecured Notes, 8.950% due 3/15/43 | 9,920,000 | ||||||
2,800,000 | Cytokinetics Inc., Senior Unsecured Notes, 4.000% due 11/15/26 | 3,122,693 | ||||||
5,238,000 | Endo Dac/Endo Finance LLC/Endo Finco Inc., Company Guaranteed Notes, 6.000% due 2/1/25(c) | 3,260,655 | ||||||
4,799,000 | HLF Financing SARL LLC/Herbalife International Inc., Company Guaranteed Notes, 7.250% due 8/15/26(c) | 5,014,955 | ||||||
3,778,000 | Revlon Consumer Products Corp., Company Guaranteed Notes, 5.750% due 2/15/21 | 3,041,290 | ||||||
8,899,000 | Vector Group Ltd., Senior Secured Notes, 6.125% due 2/1/25(b)(c) | 8,509,669 | ||||||
Total Consumer Non-cyclical | 32,869,262 | |||||||
Energy - 1.4% | ||||||||
2,252,000 | American Energy- Permian Basin LLC, Senior Secured Notes, 12.000% due 10/1/24(c)(d) | 1,384,980 | ||||||
13,375,000 | California Resources Corp., Secured Notes, 8.000% due 12/15/22(c) | 3,343,750 | ||||||
EP Energy LLC/Everest Acquisition Finance Inc.: |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Multi Strategy Alternatives Fund (continued) |
Face Amount/Units/Shares | Security | Value | ||||||
CORPORATE BONDS & NOTES – 12.9% - (continued) | ||||||||
Energy - 1.4% - (continued) | ||||||||
Company Guaranteed Notes: | ||||||||
$ | 1,340,000 | 9.375% due 5/1/20(e) | $ | 3,350 | ||||
1,660,000 | 7.750% due 9/1/22(e) | 4,150 | ||||||
11,951,000 | 6.375% due 6/15/23(e) | 29,877 | ||||||
11,986,000 | Secured Notes, 9.375% due 5/1/24(c)(e) | 149,825 | ||||||
12,619,000 | Senior Secured Notes, 8.000% due 11/29/24(c)(e) | 4,921,410 | ||||||
Sanchez Energy Corp., Company Guaranteed Notes: | ||||||||
36,976,000 | 7.750% due 6/15/21(e) | 1,294,160 | ||||||
430,000 | 6.125% due 1/15/23(e) | 15,050 | ||||||
6,085,271 | Ultra Resources Inc., Secured Notes, 11.000% due 7/12/24(f) | 973,643 | ||||||
Total Energy | 12,120,195 | |||||||
Financial - 3.2% | ||||||||
1,000,000 | BlackRock Capital Investment Corp., Senior Unsecured Notes, 5.000% due 6/15/22 | 998,331 | ||||||
21,207 | Capital Southwest Corp., Corporate Unsecured Notes, 5.950% due 12/15/22(g) | 551,382 | ||||||
7,253,000 | Genworth Holdings Inc., Company Guaranteed Notes, 7.700% due 6/15/20(g) | 7,361,795 | ||||||
11,600,000 | ILFC E-Capital Trust I, Limited Guaranteed Notes, 3.770% due 12/21/65(a)(b)(c) | 9,019,000 | ||||||
19,935 | Portman Ridge Finance Corp., Corporate Unsecured Notes, 6.125% due 9/30/22 | 504,754 | ||||||
28,346 | TriplePoint Venture Growth BDC Corp., Corporate Unsecured Notes, 5.750% due 7/15/22(g) | 729,892 | ||||||
11,142,000 | USB Realty Corp., Junior Subordinated Notes, 3.148% (3-Month USD-LIBOR + 1.147%) (a)(b)(c)(h) | 9,623,903 | ||||||
Total Financial | 28,789,057 | |||||||
TOTAL CORPORATE BONDS & NOTES | ||||||||
(Cost - $164,559,995) | 116,354,976 | |||||||
SENIOR LOANS(a) - 2.7% | ||||||||
9,200,000 | Asurion LLC, 8.202% (1-Month USD-LIBOR + 6.500%) due 8/4/25 | 9,266,148 | ||||||
8,000,000 | Cerence Inc., 7.781% (1-Month USD-LIBOR + 6.000%) due 10/1/24 | 7,500,000 | ||||||
8,000,000 | Fossil Group Inc., 8.202% (1-Month USD-LIBOR + 6.500%) due 9/26/24 | 7,546,640 | ||||||
TOTAL SENIOR LOANS | ||||||||
(Cost - $24,385,194) | 24,312,788 | |||||||
ASSET-BACKED SECURITIES - 1.2% | ||||||||
Ellington Loan Acquisition Trust: | ||||||||
470,962 | Series 2007-1, Class M1, 3.808% (1-Month USD-LIBOR + 2.100%) due 5/25/37(a)(c) | 403,908 | ||||||
1,565,000 | Series 2007-2, Class M1A, 3.708% (1-Month USD-LIBOR + 2.000%) due 5/25/37(a)(c) | 1,329,467 | ||||||
602,383 | Finance America Mortgage Loan Trust, Series 2004-2, Class M7, 4.408% (1-Month USD-LIBOR + 2.700%) due 8/25/34(a) | 548,309 | ||||||
2,572,525 | First Franklin Mortgage Loan Trust, Series 2006-FF17, Class A5, 1.858% (1-Month USD-LIBOR + 0.150%) due 12/25/36(a) | 2,254,625 | ||||||
2,814,808 | GSAMP Trust, Series 2006-HE5, Class A2C, 1.858% (1-Month USD-LIBOR + 0.150%) due 8/25/36(a) | 2,748,151 | ||||||
1,584,350 | Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class AV1B, 1.968% (1-Month USD-LIBOR + 0.260%) due 7/25/35(a) | 1,583,883 | ||||||
4,447,000 | Renaissance Home Equity Loan Trust, Series 2005-3, Class M1, step bond to yield, 5.256% due 11/25/35 | 2,187,521 | ||||||
TOTAL ASSET-BACKED SECURITIES | ||||||||
(Cost - $11,132,358) | 11,055,864 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Multi Strategy Alternatives Fund (continued) |
Face Amount/Units/Shares | Rating† | Security | Value | |||||
MUNICIPAL BONDS - 0.0% | ||||||||
Ohio - 0.0% | ||||||||
$ | 14,650 | NR | Ohio Air Quality Development Authority, Revenue Bonds, 3.100% due 3/1/23(a)(e) | $ | 12,929 | |||
Pennsylvania - 0.0% | ||||||||
Beaver County Industrial Development Authority, Revenue Bonds: | ||||||||
10,000 | NR | Series A, 2.700% due 4/1/35(a)(e) | 8,825 | |||||
10,000 | NR | Series A, 3.500% due 4/1/41(a)(e) | 8,825 | |||||
Total Pennsylvania | 17,650 | |||||||
TOTAL MUNICIPAL BONDS | ||||||||
(Cost - $23,105) | 30,579 | |||||||
Shares/Units | ||||||||
OPEN-END FUND - 18.9% | ||||||||
14,883,216 | JPMorgan Strategic Income Opportunities Fund, Class R6 Shares | 170,710,493 | ||||||
(Cost - $172,734,356) | ||||||||
CLOSED-END FUNDS - 16.3% | ||||||||
289,680 | Aberdeen Emerging Markets Equity Income Fund Inc., Class Common Shares | 2,054,121 | ||||||
726,879 | Aberdeen Total Dynamic Dividend Fund, Class Common Shares | 6,265,697 | ||||||
407,910 | AllianzGI NFJ Dividend Interest & Premium Strategy Fund, Class Common Shares(g) | 5,217,169 | ||||||
36,863 | BlackRock California Municipal Income Trust, Class Common Shares | 495,807 | ||||||
628,413 | BlackRock Debt Strategies Fund Inc., Class Common Shares | 6,855,986 | ||||||
135,474 | BlackRock New York Municipal Income Quality Trust, Class Common Shares | 1,845,440 | ||||||
170,255 | BlackRock Resources & Commodities Strategy Trust, Class Common Shares | 1,304,153 | ||||||
572,845 | BrandywineGLOBAL Global Income Opportunities Fund Inc., Class Common Shares | 7,023,080 | ||||||
196,676 | Clough Global Equity Fund, Class Common Shares(g) | 2,358,145 | ||||||
439,455 | Clough Global Opportunities Fund, Class Common Shares | 4,126,482 | ||||||
107,605 | Cornerstone Strategic Value Fund Inc., Class Common Shares(g) | 1,212,708 | ||||||
306,785 | Delaware Enhanced Global Dividend & Income Fund, Class Common Shares(g) | 3,104,664 | ||||||
74,660 | Duff & Phelps Utility & Corporate Bond Trust Inc. | 677,913 | ||||||
64,525 | Eaton Vance Floating-Rate Income Plus Fund | 1,006,590 | ||||||
781,133 | Eaton Vance Ltd. Duration Income Fund, Class Common Shares(g) | 10,076,616 | ||||||
268,807 | Eaton Vance Senior Income Trust(g) | 1,677,356 | ||||||
162,438 | Eaton Vance Tax-Managed Buy-Wr, Class Common Shares | 1,647,121 | ||||||
184,884 | Gabelli Dividend & Income Trust* | 3,893,510 | ||||||
40,366 | GDL Fund, Class Common Shares | 372,457 | ||||||
24,494 | General American Investors Co., Inc., Class Preferred Shares(h) | 665,992 | ||||||
55,357 | Highland Global Allocation Fund, Class Common Shares | 488,802 | ||||||
239,524 | Highland Income Fund, Class Z Shares | 2,771,293 | ||||||
46,015 | India Fund Inc., Class Common Shares(g) | 946,068 | ||||||
523,561 | Invesco Dynamic Credit Opportunities Fund, Class Common Shares(g) | 5,827,234 | ||||||
243,396 | Invesco High Income Trust II, Class Common Shares | 3,478,129 | ||||||
33,529 | Invesco Municipal Opportunity Trust, Class Common Shares | 416,095 | ||||||
928,440 | Invesco Senior Income Trust, Class Common Shares(g) | 3,890,164 | ||||||
89,742 | John Hancock Tax-Advantaged Global Shareholder Yield Fund | 623,707 | ||||||
245,676 | Kayne Anderson MLP/Midstream Investment Co., Class Common Shares | 3,083,234 | ||||||
74,313 | Lazard World Dividend & Income Fund Inc., Class Common Shares | 724,552 | ||||||
8,101 | Neuberger Berman California Municipal Fund Inc., Class Common Shares(g) | 111,065 | ||||||
52,891 | Neuberger Berman High Yield Strategies Fund Inc., Class Common Shares | 636,808 | ||||||
63,887 | Neuberger Berman New York Municipal Fund Inc., Class Common Shares | 789,643 | ||||||
153,606 | NexPoint Strategic Opportunities Fund, Class Common Shares | 2,586,725 | ||||||
295,005 | Nuveen AMT-Free Municipal Credit Income Fund | 4,764,331 | ||||||
121,126 | Nuveen AMT-Free Quality Municipal Income Fund, Class Common Shares | 1,707,877 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Multi Strategy Alternatives Fund (continued) |
Shares/Units | Security | Value | ||||||
CLOSED-END FUNDS – 16.3% - (continued) | ||||||||
719,182 | Nuveen Credit Strategies Income Fund, Class Common Shares | $ | 5,336,330 | |||||
163,102 | Nuveen Georgia Quality Municipal Income Fund, Class Common Shares(g) | 2,033,882 | ||||||
73,723 | Nuveen Intermediate Duration Quality Municipal Term Fund, Class Common Shares | 1,013,485 | ||||||
25,219 | Nuveen Mortgage Opportunity Term Fund 2, Class Common Shares | 556,583 | ||||||
32,861 | Nuveen Ohio Quality Municipal Income Fund, Class Common Shares | 513,946 | ||||||
632,568 | PGIM Global High Yield Fund Inc., Class Common Shares | 9,191,213 | ||||||
150,257 | PGIM High Yield Bond Fund Inc., Class Common Shares | 2,246,342 | ||||||
130,367 | PIMCO Energy & Tactical Credit Opportunities Fund | 2,058,495 | ||||||
143,263 | Putnam Municipal Opportunities Trust(g) | 1,898,235 | ||||||
269,917 | Royce Micro-Capital Trust Inc., Class Common Shares | 2,234,913 | ||||||
54,596 | Source Capital Inc., Class Common Shares | 2,076,286 | ||||||
106,401 | Special Opportunities Fund Inc., Class Common Shares | 1,529,057 | ||||||
144,590 | Swiss Helvetia Fund Inc.* | 1,174,085 | ||||||
1,109,063 | Templeton Global Income Fund, Class Common Shares | 6,521,290 | ||||||
62,891 | Tortoise Midstream Energy Fund Inc., Class Common Shares | 621,363 | ||||||
123,590 | Voya Emerging Markets High Income Dividend Equity Fund, Class Common Shares | 935,576 | ||||||
2,448 | Voya Global Equity Dividend & Premium Opportunity Fund | 15,006 | ||||||
113,981 | Voya Natural Resources Equity Income Fund | 429,708 | ||||||
1,122,686 | Voya Prime Rate Trust, Class Common Shares | 5,422,573 | ||||||
6,596 | Western Asset Corporate Loan Fund Inc., Class Common Shares | 63,322 | ||||||
305,810 | Western Asset Global High Income Fund Inc., Class Common Shares | 2,960,241 | ||||||
595,886 | Western Asset High Income Opportunity Fund Inc., Class Common Shares | 2,979,430 | ||||||
TOTAL CLOSED-END FUNDS | ||||||||
(Cost - $146,113,075) | 146,538,095 | |||||||
COMMON STOCKS - 16.2% | ||||||||
COMMUNICATIONS - 1.6% | ||||||||
Advertising - 0.3% | ||||||||
947,028 | Clear Channel Outdoor Holdings Inc., Class A Shares* | 2,348,629 | ||||||
Telecommunications - 1.3% | ||||||||
664,737 | Consolidated Communications Holdings Inc. | 2,412,995 | ||||||
199,938 | HC2 Holdings Inc.*(g) | 427,868 | ||||||
260,750 | Zayo Group Holdings Inc.*(b) | 8,928,080 | ||||||
Total Telecommunications | 11,768,943 | |||||||
TOTAL COMMUNICATIONS | 14,117,572 | |||||||
CONSUMER NON-CYCLICAL - 8.4% | ||||||||
Biotechnology - 2.7% | ||||||||
75,274 | Argenx SE, ADR*(b) | 11,144,316 | ||||||
106,009 | BELLUS Health Inc.* | 742,063 | ||||||
24,433 | Blueprint Medicines Corp.* | 2,004,483 | ||||||
65,000 | Medicines Co.* | 5,473,000 | ||||||
445,158 | Orchard Therapeutics PLC, ADR*(b) | 5,070,350 | ||||||
Total Biotechnology | 24,434,212 | |||||||
Healthcare-Products - 0.7% | ||||||||
340,962 | Alphatec Holdings Inc.* | 2,403,782 | ||||||
50,769 | Inspire Medical Systems Inc.* | 3,602,568 | ||||||
Total Healthcare-Products | 6,006,350 | |||||||
Healthcare-Services - 0.6% | ||||||||
253,708 | SI-BONE Inc.*(b) | 4,513,465 | ||||||
97,259 | Vapotherm Inc.* | 1,075,684 | ||||||
Total Healthcare-Services | 5,589,149 | |||||||
Pharmaceuticals - 4.4% | ||||||||
51,621 | Allergan PLC | 9,546,788 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Multi Strategy Alternatives Fund (continued) |
Shares/Units | Security | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
CONSUMER NON-CYCLICAL - (continued) | ||||||||
Pharmaceuticals - 4.4% - (continued) | ||||||||
40,341 | Ascendis Pharma AS, ADR*(b) | $ | 4,646,476 | |||||
624,303 | Cytokinetics Inc.*(b) | 6,037,010 | ||||||
23,446 | Ideaya Biosciences Inc.*(g) | 179,362 | ||||||
362,083 | Merus NV* | 5,967,128 | ||||||
137,251 | MyoKardia Inc.*(b) | 8,941,902 | ||||||
108,781 | Odonate Therapeutics Inc.* | 3,739,891 | ||||||
63,596 | Sutro Biopharma Inc.* | 704,644 | ||||||
101,038 | Trevi Therapeutics Inc.* | 355,654 | ||||||
Total Pharmaceuticals | 40,118,855 | |||||||
TOTAL CONSUMER NON-CYCLICAL | 76,148,566 | |||||||
DIVERSIFIED - 2.6% | ||||||||
SPACs - 2.6% | ||||||||
76,557 | 8i Enterprises Acquisition Corp.* | 767,101 | ||||||
42,677 | Act II Global Acquisition Corp.* | 433,172 | ||||||
100,702 | Agba Acquisition Ltd.*(d) | 1,023,132 | ||||||
41,641 | Alberton Acquisition Corp.* | 439,313 | ||||||
87,675 | Alussa Energy Acquisition Corp.* | 877,627 | ||||||
62,007 | Amplitude Healthcare Acquisition Corp.* | 618,830 | ||||||
42,105 | Andina Acquisition Corp. III*(d)(g) | 418,945 | ||||||
36,775 | B Riley Principal Merger Corp.* | 375,105 | ||||||
50,725 | Big Rock Partners Acquisition Corp.*(d) | 532,613 | ||||||
33,529 | Boxwood Merger Corp., Class A Shares* | 337,972 | ||||||
24,648 | CF Finance Acquisition Corp.* | 258,065 | ||||||
28,503 | ChaSerg Technology Acquisition Corp., Class A Shares* | 312,108 | ||||||
18,907 | Churchill Capital Corp. II* | 204,196 | ||||||
43,875 | DD3 Acquisition Corp.*(g) | 445,331 | ||||||
483,000 | Diamond Eagle Acquisition Corp.*(b)(d) | 5,071,500 | ||||||
28,503 | Edtechx Holdings Acquisition Corp.*(d) | 293,581 | ||||||
2 | Far Point Acquisition Corp.* | 21 | ||||||
16,206 | Far Point Acquisition Corp., Class A Shares* | 166,111 | ||||||
37,048 | Fellazo Inc.* | 373,444 | ||||||
25,081 | FinTech Acquisition Corp. III* | 268,367 | ||||||
38,120 | GigCapital2 Inc.* | 396,067 | ||||||
16,736 | Gordon Pointe Acquisition Corp.* | 176,063 | ||||||
43,099 | Graf Industrial Corp.* | 453,401 | ||||||
85,388 | Greenvision Acquisition Corp.* | 856,442 | ||||||
35,473 | GX Acquisition Corp.*(d) | 366,436 | ||||||
26,238 | Haymaker Acquisition Corp. II* | 273,925 | ||||||
22,488 | Health Sciences Acquisitions Corp.* | 235,674 | ||||||
32,628 | Hennessy Capital Acquisition Corp. IV* | 352,056 | ||||||
40,972 | Insurance Acquisition Corp.*(d) | 422,421 | ||||||
1,676 | Juniper Industrial Holdings Inc.* | 16,794 | ||||||
48,677 | Landcadia Holdings II Inc.* | 489,204 | ||||||
61,710 | Leisure Acquisition Corp.*(g) | 636,847 | ||||||
2,813 | LF Capital Acquisition Corp., Class A Shares* | 28,805 | ||||||
101,645 | Merida Merger Corp. I* | 1,013,401 | ||||||
10,785 | Monocle Acquisition Corp.* | 108,389 | ||||||
18,239 | Opes Acquisition Corp.* | 190,780 | ||||||
49,581 | Osprey Technology Acquisition Corp.* | 496,306 | ||||||
14,462 | Pivotal Acquisition Corp., Class A Shares* | 146,355 | ||||||
95,271 | Proficient Alpha Acquisition Corp.*(d) | 952,710 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Multi Strategy Alternatives Fund (continued) |
Shares/Units | Security | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
DIVERSIFIED - 2.6% - (continued) | ||||||||
SPACs - 2.6% - (continued) | ||||||||
32,032 | PropTech Acquisition Corp.* | $ | 324,804 | |||||
30,657 | Pure Acquisition Corp.*(d) | 316,687 | ||||||
43,473 | Schultze Special Purpose Acquisition Corp.*(d) | 452,119 | ||||||
51,279 | South Mountain Merger Corp.*(d) | 520,482 | ||||||
16,858 | Stable Road Acquisition Corp.* | 169,760 | ||||||
8,304 | Tiberius Acquisition Corp.* | 86,445 | ||||||
32,225 | Tuscan Holdings Corp.* | 335,140 | ||||||
18,561 | Twelve Seas Investment Co.* | 190,807 | ||||||
17,313 | VectoIQ Acquisition Corp.*(d) | 177,804 | ||||||
32,363 | Wealthbridge Acquisition Ltd.* | 327,190 | ||||||
Total SPACs | 23,729,848 | |||||||
TOTAL DIVERSIFIED | 23,729,848 | |||||||
FINANCIAL - 3.6% | ||||||||
Banks - 1.2% | ||||||||
506,355 | HarborOne Bancorp Inc.* | 5,372,426 | ||||||
410,186 | Kearny Financial Corp.(b) | 5,783,623 | ||||||
Total Banks | 11,156,049 | |||||||
Insurance - 1.2% | ||||||||
1,162,479 | FGL Holdings(b) | 10,613,434 | ||||||
Investment Companies - 0.9% | ||||||||
621,187 | Barings BDC Inc. | 6,466,557 | ||||||
235,091 | Garrison Capital Inc. | 1,422,300 | ||||||
Total Investment Companies | 7,888,857 | |||||||
Savings & Loans - 0.3% | ||||||||
102,249 | OceanFirst Financial Corp.(b) | 2,451,931 | ||||||
TOTAL FINANCIAL | 32,110,271 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost - $135,578,293) | 146,106,257 | |||||||
PREFERRED STOCKS - 0.4% | ||||||||
FINANCIAL - 0.4% | ||||||||
Investment Companies - 0.4% | ||||||||
Oxford Square Capital Corp.: | ||||||||
33,078 | 6.250% | 815,042 | ||||||
11,832 | 6.500% | 295,918 | ||||||
60,018 | PennantPark Investment Corp., 5.500%* | 1,500,450 | ||||||
34,533 | THL Credit Inc., 6.125% | 899,958 | ||||||
Total Investment Companies | 3,511,368 | |||||||
TOTAL FINANCIAL | 3,511,368 | |||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost - $3,479,324) | 3,511,368 | |||||||
WARRANTS - 0.0% | ||||||||
DIVERSIFIED - 0.0% | ||||||||
SPACs - 0.0% | ||||||||
25,362 | Big Rock Partners Acquisition Corp.*(d) | 3,934 | ||||||
32,931 | BiomX Inc.*(d) | 15,478 | ||||||
33,529 | Boxwood Merger Corp.*(d) | 23,470 | ||||||
14,251 | ChaSerg Technology Acquisition Corp.*(d) | 28,502 | ||||||
43,875 | DD3 Acquisition Corp.*(d) | 18,019 | ||||||
5,402 | Far Point Acquisition Corp.*(d) | 6,590 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Multi Strategy Alternatives Fund (continued) |
Shares/Units | Security | Value | ||||||
WARRANTS - (continued) | ||||||||
DIVERSIFIED - 0.0% - (continued) | ||||||||
SPACs - 0.0% - (continued) | ||||||||
16,736 | Gordon Pointe Acquisition Corp.*(d) | $ | 5,275 | |||||
22,488 | Health Sciences Acquisitions Corp.*(d) | 20,617 | ||||||
42,092 | Legacy Acquisition Corp.*(d) | 18,100 | ||||||
30,854 | Leisure Acquisition Corp.* | 18,565 | ||||||
2,813 | LF Capital Acquisition Corp.*(d) | 985 | ||||||
18,239 | Opes Acquisition Corp.*(d) | 2,265 | ||||||
36,319 | Pensare Acquisition Corp.*(d) | 8,135 | ||||||
14,462 | Pivotal Acquisition Corp.*(d) | 11,136 | ||||||
15,328 | Pure Acquisition Corp.*(d) | 16,094 | ||||||
8,304 | Tiberius Acquisition Corp.*(d) | 9,633 | ||||||
4,232 | Trident Acquisitions Corp.*(d) | 323 | ||||||
18,561 | Twelve Seas Investment Co.*(d) | 10,392 | ||||||
190,596 | Ultra Petroleum Corp.*(d) | 1,906 | ||||||
17,313 | VectoIQ Acquisition Corp.*(d) | 9,425 | ||||||
32,363 | Wealthbridge Acquisition Ltd.*(d) | 2,913 | ||||||
23,299 | X4 Pharmaceuticals Inc.*(d)(i) | 81,547 | ||||||
Total SPACs | 313,304 | |||||||
TOTAL DIVERSIFIED | 313,304 | |||||||
FINANCIAL - 0.0% | ||||||||
Investment Companies - 0.0% | ||||||||
76,557 | 8i Enterprises Acquisition Corp.*(d) | 28,326 | ||||||
TOTAL WARRANTS | ||||||||
(Cost - $547,521) | 341,630 | |||||||
RIGHTS - 0.0% | ||||||||
76,557 | 8i Enterprises Acquisition Corp.*(d) | 27,561 | ||||||
50,724 | Big Rock Partners Acquisition Corp.*(d) | 12,681 | ||||||
72,639 | Pensare Acquisition Corp.*(d) | 20,121 | ||||||
18,561 | Twelve Seas Investment Co.* | 11,693 | ||||||
32,363 | Wealthbridge Acquisition Ltd.*(d) | 9,890 | ||||||
TOTAL RIGHTS | ||||||||
(Cost - $197,415) | 81,946 | |||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS | ||||||||
(Cost - $849,750,793) | 809,332,692 |
Face Amount | ||||||||
SHORT-TERM INVESTMENTS - 8.3% | ||||||||
TIME DEPOSITS - 8.3% | ||||||||
20,137,735 | Banco Bilbao Vizcaya Argentaria SA - Madrid, 0.920% due 12/2/19 | 20,137,735 | ||||||
54,707,170 | Banco Santander SA - Frankfurt, 0.920% due 12/2/19 | 54,707,170 | ||||||
TOTAL TIME DEPOSITS | ||||||||
(Cost - $74,844,905) | 74,844,905 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Multi Strategy Alternatives Fund (continued) |
Face Amount | Security | Value | ||||||
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 1.3% | ||||||||
MONEY MARKET FUND - 1.3% | ||||||||
$ | 12,091,731 | Federated Government Obligations Fund, Premier Class, 1.573%(j) | ||||||
(Cost - $12,091,731) | $ | 12,091,731 | ||||||
TOTAL INVESTMENTS - 99.2% | ||||||||
(Cost - $936,687,429#) | 896,269,328 | |||||||
Other Assets in Excess of Liabilities – 0.8% | 6,881,514 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 903,150,842 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Multi Strategy Alternatives Fund (continued) |
† | All ratings are by Standard & Poor's Rating Service, unless otherwise noted. |
* | Non-income producing security. |
(a) | Variable rate security. Interest rate disclosed is that which was in effect at November 30, 2019. |
(b) | All or a portion of this security is pledged by the Fund as collateral for short sales or derivative transactions. |
(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 November 30, 2019, amounts to approximately $65,719,636.and represents 7.28% of net assets. |
(d) | Illiquid security. The aggregate value of illiquid holdings at November 30, 2019, amounts to approximately $12,326,728 and represents 1.36% of net assets. |
(e) | Security is currently in default. |
(f) | Payment in-kind security for which part of the income earned may be paid as additional principal. |
(g) | All or a portion of this security is on loan. |
(h) | Security is perpetual in nature and has no stated maturity date. |
(i) | Security is valued in good faith at fair value by or under the direction of the Board of Trustees using significant unobservable inputs. |
(j) | Represents investment of collateral received from securities lending transactions. |
# | Aggregate cost for federal income tax purposes is substantially the same. |
@ | Restricted security – Investment in security not registered under the Securities Act of 1933. The investment is deemed to not be liquid and may be sold only to qualified buyers. |
Security | Acquisition Date | Acquisition Cost | Market Value | Percent of Net Assets | |||||||
Federal National Mortgage Association (FNMA), Connecticut Avenue Securities: | |||||||||||
Series 2014-C04, Class 2M2, 6.708% (1-Month USD-LIBOR + 5.000%) due 11/25/24 | 8/7/19 | $ | 2,498,335 | $ | 2,264,632 | 0.25 | % | ||||
Series 2016-C01, Class 2M2, 8.658% (1-Month USD-LIBOR + 6.950%) due 8/25/28 | 3/18/19 | 7,972,647 | 6,046,276 | 0.67 | % | ||||||
Series 2016-C03, Class 1M2, 7.008% (1-Month USD-LIBOR + 5.300%) due 10/25/28 | 3/18/19 | 5,759,570 | 5,410,566 | 0.60 | % | ||||||
Series 2016-C03, Class 2M2, 7.608% (1-Month USD-LIBOR + 5.900%) due 10/25/28 | 6/10/19 | 1,054,779 | 8,938,094 | 0.99 | % | ||||||
Series 2016-C05, Class 2M2, 6.158% (1-Month USD-LIBOR + 4.450%) due 1/25/29 | 4/12/19 | 2,178,672 | 11,954,724 | 1.32 | % | ||||||
Series 2016-C07, Class 2M2, 6.058% (1-Month USD-LIBOR + 4.350%) due 5/25/29 | 5/9/19 | 8,830,334 | 20,049,770 | 2.22 | % | ||||||
Series 2017-C01, Class 1M2, 5.258% (1-Month USD-LIBOR + 3.550%) due 7/25/29 | 4/15/19 | 2,040,051 | 13,119,624 | 1.45 | % | ||||||
Series 2017-C02, Class 2M2, 5.358% (1-Month USD-LIBOR + 3.650%) due 9/25/29 | 7/23/19 | 8,501,250 | 15,443,957 | 1.71 | % | ||||||
Series 2017-C03, Class 1M2, 4.708% (1-Month USD-LIBOR + 3.000%) due 10/25/29 | 9/13/19 | 2,236,672 | 6,051,334 | 0.67 | % | ||||||
Series 2017-C04, Class 2M2, 4.558% (1-Month USD-LIBOR + 2.850%) due 11/25/29 | 9/11/19 | 860,035 | 865,772 | 0.10 | % | ||||||
Series 2017-C05, Class 1M2, 3.908% (1-Month USD-LIBOR + 2.200%) due 1/25/30 | 9/13/19 | 4,239,102 | 21,530,936 | 2.39 | % | ||||||
Series 2017-C06, Class 1M2, 4.358% (1-Month USD-LIBOR + 2.650%) due 2/25/30 | 11/8/19 | 13,633,794 | 12,030,714 | 1.33 | % | ||||||
Series 2017-C07, Class 1M2, 4.108% (1-Month USD-LIBOR + 2.400%) due 5/25/30 | 10/2/19 | 5,062,500 | 19,472,273 | 2.16 | % | ||||||
Series 2018-C01, Class 1M2, 3.958% (1-Month USD-LIBOR + 2.250%) due 7/25/30 | 9/11/19 | 849,450 | 21,510,910 | 2.38 | % | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes: | |||||||||||
Series 2017-HQA1, Class M2, 5.258% (1-Month USD-LIBOR + 3.550%) due 8/25/29 | 9/9/19 | 4,467,906 | 10,762,149 | 1.19 | % | ||||||
Series 2017-HQA2, Class M2, 4.358% (1-Month USD-LIBOR + 2.650%) due 12/25/29 | 11/18/19 | 6,234,469 | 10,327,813 | 1.14 | % | ||||||
$ | 185,779,544 | 20.57 | % |
Abbreviations used in this schedule: | ||
ABS | — | Asset-Backed Security |
ADR | — | American Depositary Receipts |
AMT | — | Alternative Minimum Tax |
LIBOR | — | London Interbank Offered Rate |
LLC | — | Limited Liability Company |
MASTR | — | Mortgage Asset Securitization Transactions Incorporation |
PLC | — | Public Limited Company |
SPACs | — | Special Purpose Acquisition Companies |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Multi Strategy Alternatives Fund (continued) |
Summary of Investments by Security Type^ | ||||
Collateralized Mortgage Obligations | 21.2 | % | ||
Open-End Fund | 19.1 | |||
Closed-End Funds | 16.4 | |||
Common Stocks | 16.3 | |||
Corporate Bonds & Notes | 13.0 | |||
Senior Loans | 2.7 | |||
Asset-Backed Securities | 1.2 | |||
Preferred Stocks | 0.4 | |||
Warrants | 0.0 | * | ||
Rights | 0.0 | * | ||
Municipal Bonds | 0.0 | * | ||
Short-Term Investments | 8.4 | |||
Money Market Fund | 1.3 | |||
100.0 | % |
^ As a percentage of total investments. | ||||
* Position represents less than 0.05%. | ||||
At November 30, 2019, Destinations Multi Strategy Alternatives Fund held the following Cleared Credit Default Swap Contracts:
OTC Credit Default Swaps on Corporate Issues - Buy Protection(1)
Reference Obligation | Fixed Deal Receive | Maturity Date | Payment Frequency | Counterparty | Implied 11/30/2019(2) | Notional Amounts in (000’s)(3) | Market Value | Upfront Premiums (Received) | Unrealized Appreciation | ||||||||||||||||||
CDX IG CDSI Series 31 5Y | 1.000 | % | 12/20/23 | 3-Month | GSC | 1.401 | % | $ | 20,000 | $ | (275,757 | ) | $ | (1,206,000 | ) | $ | 930,243 | ||||||||||
CDX IG CDSI Series 31 5Y | 1.000 | % | 12/20/23 | 3-Month | GSC | 1.401 | % | 10,000 | (137,878 | ) | (750,000 | ) | 612,122 | ||||||||||||||
CDX.NA.IG.33 | 1.000 | % | 12/20/24 | 3-Month | GSC | 2.280 | % | 10,000 | (595,510 | ) | (920,000 | ) | 324,490 | ||||||||||||||
(1,009,145 | ) | (2,876,000 | ) | 1,866,855 |
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Multi Strategy Alternatives Fund (continued) |
(1) If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either: (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of on emerging country as of period end serve as indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(3) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
Currency Abbreviations used in this schedule:
GSC — Goldman Sachs & Co.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Multi Strategy Alternatives Fund (continued) |
Face Amount | Security | Value | ||||||
SECURITIES SOLD SHORT - 8.0% | ||||||||
CORPORATE BOND & NOTE - 0.5% | ||||||||
Consumer Non-cyclical - 0.5% | ||||||||
$ | 4,164,000 | Hadrian Merger Sub Inc., Senior Unsecured Notes, 8.500% due 5/1/26(a) | $ | 4,150,696 | ||||
(Proceeds - $3,966,210) | ||||||||
Shares/Units | ||||||||
EXCHANGE TRADED FUNDS (ETFs) – 6.7% | ||||||||
202,997 | Invesco Senior Loan | 4,559,313 | ||||||
118,400 | iShares iBoxx HighYield Corporate Bond | 10,293,696 | ||||||
87,693 | iShares Nasdaq Biotechnology | 10,492,467 | ||||||
103,000 | SPDR Bloomberg Barclays Short Term HighYield Bond | 2,749,070 | ||||||
263,905 | SPDR S&P Biotech | 24,714,703 | ||||||
137,460 | SPDR S&P Regional Banking | 7,728,001 | ||||||
TOTAL EXCHANGE TRADED FUNDS (ETFs) | ||||||||
(Proceeds – $56,934,472) | 60,537,250 | |||||||
COMMON STOCKS - 0.8% | ||||||||
CONSUMER NON-CYCLICAL - 0.8% | ||||||||
Agriculture - 0.0% | ||||||||
21,722 | Vector Group Ltd. | 291,944 | ||||||
Pharmaceuticals - 0.8% | ||||||||
44,703 | AbbVie Inc. | 3,921,794 | ||||||
10,117 | Herbalife Nutrition Ltd.* | 461,436 | ||||||
52,768 | Ra Pharmaceuticals Inc.* | 2,465,849 | ||||||
Total Pharmaceuticals | 6,849,079 | |||||||
TOTAL CONSUMER NON-CYCLICAL | 7,141,023 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Proceeds - $6,074,990) | 7,141,023 | |||||||
TOTAL SECURITIES SOLD SHORT - 8.0% | ||||||||
(Proceeds - $66,975,672) | 71,828,969 | |||||||
* 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 November 30, 2019, amounts to approximately $4,150,696 and represents 0.46% of net assets.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS - 93.1% | ||||||||||
Alabama - 1.2% | ||||||||||
$ | 2,000,000 | AA- | Auburn University, Revenue Bonds, Series A, 5.000% due 6/1/35 | $ | 2,484,320 | |||||
1,835,000 | Aa2(a) | Black Belt Energy Gas District, Revenue Bonds, Series A, 4.000% due 7/1/46(b) | 1,904,088 | |||||||
355,000 | AA- | County of Jefferson AL, GO, Series B, 5.000% due 4/1/21 | 372,278 | |||||||
220,000 | A | Industrial Development Board of the City of Mobile Alabama, Revenue Bonds, 1.850% due 6/1/34(b) | 220,347 | |||||||
Mobile County Board of School Commissioners, Special Tax: | ||||||||||
260,000 | A- | 5.000% due 3/1/28 | 304,767 | |||||||
175,000 | A- | 5.000% due 3/1/29 | 204,369 | |||||||
180,000 | A- | 5.000% due 3/1/30 | 209,403 | |||||||
185,000 | A- | 5.000% due 3/1/31 | 214,483 | |||||||
145,000 | A- | 5.000% due 3/1/32 | 167,392 | |||||||
215,000 | A- | 5.000% due 3/1/33 | 247,669 | |||||||
Montgomery Medical Clinic Board, Revenue Bonds: | ||||||||||
60,000 | BBB- | 5.000% due 3/1/26 | 68,524 | |||||||
115,000 | BBB- | 5.000% due 3/1/27 | 130,861 | |||||||
125,000 | BBB- | 5.000% due 3/1/28 | 141,736 | |||||||
105,000 | BBB- | 5.000% due 3/1/29 | 118,619 | |||||||
125,000 | BBB- | 5.000% due 3/1/30 | 140,675 | |||||||
3,500,000 | A3(a) | Southeast Alabama Gas Supply District, Revenue Bonds, Series A, 4.000% due 6/1/49(b) | 3,819,095 | |||||||
Total Alabama | 10,748,626 | |||||||||
Alaska - 0.2% | ||||||||||
1,000,000 | AA+ | Alaska Housing Finance Corp., Revenue Bonds, Series A, 5.000% due 6/1/30 | 1,214,450 | |||||||
50,000 | AA | Borough of North Slope AK, GO, Series A, Prerefunded 6/30/20 @ 100, 5.000% due 6/30/21(c) | 51,129 | |||||||
215,000 | AA | State of Alaska, GO, Series A, 5.000% due 8/1/33 | 252,513 | |||||||
225,000 | A1(a) | State of Alaska International Airports System, Revenue Bonds, Series B, 5.000% due 10/1/33 | 263,120 | |||||||
Total Alaska | 1,781,212 | |||||||||
Arizona - 4.2% | ||||||||||
Arizona Department of Transportation State Highway Fund Revenue, Revenue Bonds: | ||||||||||
5,000,000 | AA+ | 5.000% due 7/1/27 | 6,139,900 | |||||||
3,810,000 | AA+ | 5.000% due 7/1/34 | 4,582,211 | |||||||
2,000,000 | AA | Arizona State University, Revenue Bonds, Series A, 5.000% due 7/1/39 | 2,517,000 | |||||||
1,800,000 | A+ | Chandler Industrial Development Authority, Revenue Bonds, 5.000% due 6/1/49(b)(d) | 2,061,450 | |||||||
City of Glendale AZ, Revenue Bonds: | ||||||||||
105,000 | AA | 5.000% due 7/1/23 | 118,880 | |||||||
95,000 | AA | 5.000% due 7/1/25 | 113,613 | |||||||
85,000 | AA | 5.000% due 7/1/32 | 103,431 | |||||||
230,000 | AA+ | Series A, 5.000% due 7/1/27 | 273,265 | |||||||
260,000 | AA+ | Series A, 5.000% due 7/1/28 | 310,496 | |||||||
235,000 | AA+ | Series A, 5.000% due 7/1/29 | 277,476 | |||||||
65,000 | AA | City of Glendale AZ, GO AGM-Insured, 4.000% due 7/1/21 | 67,878 | |||||||
City of Glendale AZ Transportation Excise Tax Revenue, Revenue Bonds: | ||||||||||
55,000 | AA | 5.000% due 7/1/24 | 64,121 | |||||||
60,000 | AA | 5.000% due 7/1/25 | 71,827 | |||||||
105,000 | AA | 5.000% due 7/1/26 | 124,726 | |||||||
City of Phoenix Civic Improvement Corp., Revenue Bonds: | ||||||||||
30,000 | AAA | Series A, 5.000% due 7/1/20 | 30,668 | |||||||
65,000 | AA- | Series A, 5.000% due 7/1/27(d) | 79,908 | |||||||
90,000 | AA- | Series A, 5.000% due 7/1/28(d) | 109,954 | |||||||
6,365,000 | AAA | Series B, 4.000% due 7/1/29 | 7,036,762 | |||||||
30,000 | AAA | Series C, 5.000% due 7/1/21 | 31,825 | |||||||
1,000,000 | AAA | City of Scottsdale AZ, GO, 5.000% due 7/1/23 | 1,135,200 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Arizona - 4.2% - (continued) | ||||||||||
County of Pima AZ Sewer System Revenue, Revenue Bonds: | ||||||||||
$ | 15,000 | AA | Series A, 5.000% due 7/1/22 | $ | 16,460 | |||||
30,000 | AA | Series A, 5.000% due 7/1/23 | 32,911 | |||||||
60,000 | AA | Series B, 5.000% due 7/1/20 | 61,343 | |||||||
60,000 | AA | Series B, Prerefunded 7/1/21 @ 100, 5.000% due 7/1/25(c) | 63,572 | |||||||
4,200,000 | BBB+ | Industrial Development Authority of the City of Phoenix, Revenue Bonds, 1.450% due 12/1/35(b)(d) | 4,198,992 | |||||||
820,000 | AAA | Maricopa County Community College District, GO, Series D, 4.250% due 7/1/25 | 860,549 | |||||||
Maricopa County Industrial Development Authority, Revenue Bonds: | ||||||||||
800,000 | AA- | 5.000% due 1/1/46(b) | 968,792 | |||||||
145,000 | NR | 6.000% due 1/1/48(e) | 151,789 | |||||||
70,000 | AA- | Series A, 5.000% due 1/1/22 | 75,383 | |||||||
145,000 | AA- | Series A, 5.000% due 1/1/23 | 161,290 | |||||||
190,000 | AA- | Series A, 4.000% due 1/1/24 | 210,317 | |||||||
60,000 | AA- | Series A, 5.000% due 1/1/24 | 68,791 | |||||||
225,000 | AA- | Series A, 5.000% due 1/1/25 | 265,498 | |||||||
735,000 | A2(a) | Series B, 5.000% due 9/1/45(b) | 848,418 | |||||||
430,000 | AA- | Series B, 5.000% due 1/1/48(b) | 474,600 | |||||||
290,000 | AA- | Series C, 5.000% due 1/1/48(b) | 337,731 | |||||||
50,000 | AA- | McAllister Academic Village LLC, Revenue Bonds, 5.000% due 7/1/21 | 53,001 | |||||||
145,000 | AA+ | Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Series A, 5.000% due 1/1/33 | 180,938 | |||||||
State of Arizona, COP: | ||||||||||
245,000 | AA- | Series A, 5.000% due 10/1/20 | 252,745 | |||||||
215,000 | AA- | Series A, 5.000% due 10/1/21 | 229,884 | |||||||
225,000 | AA- | Series A, 5.000% due 10/1/22 | 248,893 | |||||||
300,000 | AA- | Series A, 5.000% due 10/1/23 | 342,381 | |||||||
310,000 | AA- | Series A, 5.000% due 10/1/24 | 364,042 | |||||||
Tempe Industrial Development Authority, Revenue Bonds: | ||||||||||
5,000 | NR | Series A, 6.000% due 10/1/37(e) | 5,746 | |||||||
15,000 | NR | Series A, 6.125% due 10/1/47(e) | 17,090 | |||||||
15,000 | NR | Series A, 6.125% due 10/1/52(e) | 17,037 | |||||||
225,000 | NR | Series B, 4.000% due 10/1/23(e) | 226,967 | |||||||
Western Maricopa Education Center District No 402, GO: | ||||||||||
560,000 | AA- | Series B, 4.000% due 7/1/21 | 584,881 | |||||||
330,000 | AA- | Series B, 5.000% due 7/1/25 | 395,439 | |||||||
Total Arizona | 36,966,071 | |||||||||
Arkansas - 0.0% | ||||||||||
90,000 | Aa2(a) | Little Rock School District, GO, 3.000% due 2/1/22 | 93,150 | |||||||
California - 2.4% | ||||||||||
60,000 | A- | Alameda Corridor Transportation Authority, Revenue Bonds, Series A, 5.000% due 10/1/23 | 68,816 | |||||||
Bay Area Toll Authority, Revenue Bonds: | ||||||||||
2,000,000 | AA | Series A, 2.250% due 4/1/45(b) | 2,041,240 | |||||||
255,000 | AA | Series A, 2.950% due 4/1/47(b) | 276,563 | |||||||
210,000 | AA | Series B, 2.850% due 4/1/47(b) | 225,326 | |||||||
195,000 | AA | Series C, 2.100% due 4/1/45(b) | 198,422 | |||||||
California Health Facilities Financing Authority, Revenue Bonds: | ||||||||||
115,000 | AA- | Series A, 5.000% due 7/1/25 | 130,462 | |||||||
85,000 | AA- | Series D, 5.000% due 8/15/35 | 89,862 | |||||||
California Municipal Finance Authority, Revenue Bonds: | ||||||||||
55,000 | BBB(f) | 5.000% due 6/30/28(d) | 68,134 | |||||||
45,000 | BBB(f) | 5.000% due 12/31/28(d) | 55,610 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
California - 2.4% - (continued) | ||||||||||
$ | 60,000 | BBB(f) | 5.000% due 6/30/29(d) | $ | 73,802 | |||||
335,000 | BB | 4.000% due 7/15/29(d) | 380,088 | |||||||
30,000 | BBB(f) | 5.000% due 12/31/29(d) | 36,808 | |||||||
90,000 | BBB(f) | 5.000% due 6/30/31(d) | 109,267 | |||||||
85,000 | BBB(f) | 5.000% due 12/31/31(d) | 103,057 | |||||||
California State Public Works Board, Revenue Bonds: | ||||||||||
60,000 | A+ | Series A, 5.000% due 4/1/22 | 65,445 | |||||||
145,000 | A+ | Series A, 5.000% due 4/1/23 | 157,704 | |||||||
115,000 | A+ | Series A, 5.250% due 10/1/24 | 123,618 | |||||||
115,000 | A+ | Series A, 5.250% due 10/1/25 | 123,596 | |||||||
70,000 | A+ | Series D, 5.000% due 12/1/21 | 75,487 | |||||||
30,000 | A+ | Series G, 5.000% due 11/1/23 | 33,277 | |||||||
30,000 | A+ | Series G, 5.000% due 11/1/24 | 33,268 | |||||||
3,000,000 | AA- | City of Riverside CA Sewer Revenue, Revenue Bonds, Series A, 5.000% due 8/1/36 | 3,779,820 | |||||||
Golden State Tobacco Securitization Corp., Revenue Bonds: | ||||||||||
175,000 | A+ | Series A, AMBAC, zero coupon, due 6/1/24 | 163,791 | |||||||
145,000 | A+ | Series A, 5.000% due 6/1/29 | 163,092 | |||||||
115,000 | BBB | Series A1, 5.000% due 6/1/25 | 133,484 | |||||||
30,000 | BBB | Series A1, 5.000% due 6/1/26 | 35,466 | |||||||
290,000 | AA | Los Angeles Department of Water & Power Power System Revenue, Revenue Bonds, Series A, 5.000% due 7/1/29 | 343,450 | |||||||
1,500,000 | Aa3(a) | Los Angeles Unified School District, GO, Series A, 5.000% due 7/1/27 | 1,886,415 | |||||||
Modesto Irrigation District, Revenue Bonds: | ||||||||||
30,000 | A+ | Series A, 5.000% due 7/1/22 | 31,901 | |||||||
110,000 | A+ | Series A, 5.000% due 7/1/23 | 116,790 | |||||||
170,000 | Aa3(a) | Oakland Alameda County Coliseum Authority, Revenue Bonds, Series A, 5.000% due 2/1/23 | 184,231 | |||||||
Oakland Unified School District, GO: | ||||||||||
100,000 | AA | 5.000% due 8/1/26 | 120,034 | |||||||
30,000 | A- | Series A, 5.000% due 8/1/28 | 35,686 | |||||||
145,000 | A+ | Port of Oakland, Revenue Bonds, Series P, 5.000% due 5/1/22(d) | 157,569 | |||||||
Poway Unified School District Public Financing Authority, : | ||||||||||
35,000 | NR | Series A, 5.000% due 9/1/25 | 40,946 | |||||||
45,000 | NR | Series A, 5.000% due 9/1/28 | 52,290 | |||||||
50,000 | NR | Series A, 5.000% due 9/1/32 | 57,369 | |||||||
90,000 | A | Sacramento City Financing Authority, Series A, NPFG, zero coupon, due 12/1/26 | 76,820 | |||||||
255,000 | AA- | San Diego Convention Center Expansion Financing Authority, Revenue Bonds, Series A, 5.000% due 4/15/23 | 278,646 | |||||||
75,000 | AA- | San Diego Unified School District, GO, Series C, zero coupon, due 7/1/34 | 52,916 | |||||||
San Marcos Unified School District, GO: | ||||||||||
105,000 | AA- | Series B, zero coupon, due 8/1/35 | 71,422 | |||||||
60,000 | AA- | Series B, zero coupon, due 8/1/37 | 38,357 | |||||||
55,000 | AA+ | Santa Monica-Malibu Unified School District, GO, zero coupon, due 8/1/20 | 54,617 | |||||||
State of California, GO: | ||||||||||
80,000 | AA- | 5.000% due 9/1/29 | 98,061 | |||||||
3,125,000 | AA- | 4.000% due 12/1/30(b) | 3,260,875 | |||||||
3,000,000 | AA- | 5.000% due 4/1/36 | 3,806,070 | |||||||
435,000 | AA- | Series B, 5.000% due 8/1/26 | 538,186 | |||||||
205,000 | AA- | Series C, 5.000% due 8/1/29 | 250,822 | |||||||
State of California Department of Water Resources, Revenue Bonds: | ||||||||||
65,000 | AAA | Series AI, 5.000% due 12/1/25 | 70,164 | |||||||
140,000 | AAA | Series AI, Prerefunded 12/1/21 @ 100, 5.000% due 12/1/29(c) | 151,407 | |||||||
40,000 | AA+ | Union Elementary School District, GO, Series A, zero coupon, due 9/1/20 | 39,654 | |||||||
100,000 | Aa3(a) | Washington Township Health Care District, GO, Series A, 5.500% due 8/1/40 | 117,831 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
California - 2.4% - (continued) | ||||||||||
$ | 230,000 | AA- | West Contra Costa Unified School District, GO, 5.000% due 8/1/26 | $ | 253,851 | |||||
Total California | 20,931,885 | |||||||||
Colorado - 1.4% | ||||||||||
City & County of Denver CO Airport System Revenue, Revenue Bonds: | ||||||||||
65,000 | A+ | Series A, 5.000% due 11/15/24(d) | 75,953 | |||||||
30,000 | A+ | Series A, 5.000% due 11/15/27(d) | 37,135 | |||||||
145,000 | A+ | Series A, 5.000% due 11/15/28(d) | 178,189 | |||||||
145,000 | A+ | Series A, 5.000% due 11/15/29(d) | 176,875 | |||||||
115,000 | A+ | Series A, 5.000% due 11/15/30(d) | 139,324 | |||||||
Colorado Health Facilities Authority, Revenue Bonds: | ||||||||||
655,000 | Aaa(a) | zero coupon, due 7/15/22 | 632,343 | |||||||
2,115,000 | AA | 5.000% due 11/15/36(b) | 2,407,843 | |||||||
220,000 | A- | 2.800% due 5/15/42(b) | 227,687 | |||||||
190,000 | A3(a) | 5.000% due 9/1/46 | 216,777 | |||||||
640,000 | AA | 5.000% due 11/15/49(b) | 783,526 | |||||||
500,000 | BBB+ | Series A, 5.000% due 8/1/44 | 590,300 | |||||||
325,000 | BBB+ | Series B-2, 5.000% due 8/1/49(b) | 384,456 | |||||||
220,000 | BBB+ | Series D3, 5.000% due 10/1/38(b) | 234,373 | |||||||
145,000 | A+ | Colorado Housing & Finance Authority, Revenue Bonds, Series H, 4.250% due 11/1/49 | 160,274 | |||||||
E-470 Public Highway Authority, Revenue Bonds: | ||||||||||
60,000 | A | zero coupon, due 9/1/35 | 38,674 | |||||||
85,000 | A | zero coupon, due 9/1/37 | 50,963 | |||||||
110,000 | A | zero coupon, due 9/1/38 | 63,517 | |||||||
140,000 | A | Series B, zero coupon, due 9/1/20 | 138,677 | |||||||
1,500,000 | AAA | Metro Wastewater Reclamation District, Revenue Bonds, Series A, Prerefunded 4/01/22 @ 100, 4.000% due 4/1/30(c) | 1,600,035 | |||||||
2,250,000 | AA- | State of Colorado, COP, Series A, 4.000% due 12/15/36 | 2,567,093 | |||||||
1,435,000 | Aa1(a) | University of Colorado, Revenue Bonds, Series C, 2.000% due 6/1/54(b) | 1,468,923 | |||||||
210,000 | AA | University of Colorado Hospital Authority, Revenue Bonds, Series C, 5.000% due 11/15/38(b) | 223,295 | |||||||
Total Colorado | 12,396,232 | |||||||||
Connecticut - 1.3% | ||||||||||
Connecticut State Health & Educational Facilities Authority, Revenue Bonds: | ||||||||||
705,000 | NR | Series A, 5.000% due 7/1/25(e) | 773,018 | |||||||
1,030,000 | AAA | Series A, 2.050% due 7/1/35(b) | 1,043,730 | |||||||
385,000 | NR | Series A, 5.000% due 7/1/49(e) | 414,942 | |||||||
505,000 | AA- | Series B, 1.800% due 7/1/49(b) | 512,398 | |||||||
65,000 | A- | Series S, 5.000% due 7/1/26 | 78,437 | |||||||
30,000 | A- | Series S, 5.000% due 7/1/29 | 37,330 | |||||||
4,465,000 | AAA | Series V1, 0.650% due 7/1/36(b) | 4,465,000 | |||||||
State of Connecticut, GO: | ||||||||||
90,000 | A | Series A, 5.000% due 3/15/26 | 108,349 | |||||||
375,000 | A | Series A, 5.000% due 4/15/26 | 452,276 | |||||||
150,000 | A | Series A, 5.000% due 4/15/30 | 188,909 | |||||||
170,000 | A | Series A, 5.000% due 4/15/34 | 210,897 | |||||||
60,000 | A | Series A, 5.000% due 4/15/35 | 74,237 | |||||||
85,000 | A | Series E, 5.000% due 9/15/23 | 93,371 | |||||||
100,000 | A | Series E, 5.000% due 10/15/26 | 121,893 | |||||||
150,000 | A | Series E, 5.000% due 10/15/29 | 180,015 | |||||||
1,600,000 | A | Series F, 5.000% due 9/15/26 | 1,946,896 | |||||||
330,000 | A+ | University of Connecticut, Revenue Bonds, Series A, 5.000% due 11/1/27 | 409,576 | |||||||
Total Connecticut | 11,111,274 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Delaware - 0.4% | ||||||||||
Delaware River & Bay Authority, Revenue Bonds: | ||||||||||
$ | 85,000 | A | Series C, 5.000% due 1/1/22 | $ | 91,591 | |||||
35,000 | A | Series C, 5.000% due 1/1/24 | 40,143 | |||||||
80,000 | A | Series C, 5.000% due 1/1/25 | 91,674 | |||||||
3,160,000 | NR | State of Delaware, GO, Series B, Prerefunded 7/1/24 @ 100, 5.000% due 7/1/27(c) | 3,684,086 | |||||||
Total Delaware | 3,907,494 | |||||||||
District of Columbia - 0.7% | ||||||||||
District of Columbia, Revenue Bonds: | ||||||||||
120,000 | AAA | Series A, 5.000% due 12/1/36 | 128,055 | |||||||
195,000 | A1(a) | Series A, 5.000% due 6/1/40 | 198,136 | |||||||
Metropolitan Washington Airports Authority, Revenue Bonds: | ||||||||||
90,000 | AA- | Series A, 5.000% due 10/1/21(d) | 96,011 | |||||||
50,000 | AA- | Series A, 5.000% due 10/1/22(d) | 55,059 | |||||||
75,000 | AA- | Series A, 5.000% due 10/1/23(d) | 84,993 | |||||||
2,500,000 | AA- | Series A, 5.000% due 10/1/24(d) | 2,909,050 | |||||||
225,000 | AA- | Series A, 5.000% due 10/1/25(d) | 268,061 | |||||||
115,000 | AA- | Series A, 5.000% due 10/1/28(d) | 144,722 | |||||||
280,000 | AA- | Series A, 5.000% due 10/1/29(d) | 345,472 | |||||||
95,000 | AA- | Series A, 5.000% due 10/1/30(d) | 117,795 | |||||||
205,000 | AA- | Series A, 5.000% due 10/1/31(d) | 251,316 | |||||||
60,000 | AA- | Series A, 5.000% due 10/1/34(d) | 72,090 | |||||||
55,000 | AA- | Series A, 5.000% due 10/1/36(d) | 65,764 | |||||||
195,000 | AA- | Series C, 5.000% due 10/1/22(d) | 207,962 | |||||||
210,000 | AA- | Series C, 5.000% due 10/1/23(d) | 223,999 | |||||||
190,000 | AA- | Series C, 5.000% due 10/1/24(d) | 202,665 | |||||||
255,000 | AA- | Series C, 5.000% due 10/1/25(d) | 271,950 | |||||||
240,000 | AA- | Washington Metropolitan Area Transit Authority, Revenue Bonds, Series B, 5.000% due 7/1/34 | 292,711 | |||||||
Total District of Columbia | 5,935,811 | |||||||||
Florida - 5.2% | ||||||||||
Brevard County School District, COP: | ||||||||||
95,000 | Aa3(a) | 5.000% due 7/1/27 | 109,837 | |||||||
215,000 | Aa3(a) | 5.000% due 7/1/30 | 246,317 | |||||||
85,000 | Aa3(a) | Series C, 5.000% due 7/1/24 | 98,767 | |||||||
Citizens Property Insurance Corp., Revenue Bonds: | ||||||||||
80,000 | A+ | Series A1, 5.000% due 6/1/21 | 84,490 | |||||||
60,000 | A+ | Series A1, 5.000% due 6/1/22 | 65,546 | |||||||
City of Clearwater FL Water & Sewer Revenue, Revenue Bonds: | ||||||||||
40,000 | AA | 5.000% due 12/1/21 | 43,052 | |||||||
65,000 | AA | Series Prerefunded 12/1/21 @ 100, 5.000% due 12/1/23(c) | 69,947 | |||||||
70,000 | AA | Series Prerefunded 12/1/21 @ 100, 5.000% due 12/1/24(c) | 75,328 | |||||||
685,000 | AA- | City of Gainesville FL Utilities System Revenue, Revenue Bonds, Series A, 5.000% due 10/1/44 | 846,770 | |||||||
City of Jacksonville FL, Revenue Bonds: | ||||||||||
115,000 | A+ | 5.000% due 10/1/22 | 126,772 | |||||||
155,000 | A+ | 5.000% due 10/1/23 | 170,774 | |||||||
City of Tallahassee FL, Revenue Bonds: | ||||||||||
15,000 | Baa1(a) | 5.000% due 12/1/19 | 15,000 | |||||||
35,000 | Baa1(a) | 5.000% due 12/1/21 | 37,335 | |||||||
50,000 | Baa1(a) | 5.000% due 12/1/40 | 55,988 | |||||||
55,000 | A+ | City of Tampa FL, Revenue Bonds, 5.000% due 9/1/28 | 60,047 | |||||||
County of Broward FL Airport System Revenue, Revenue Bonds: | ||||||||||
60,000 | A+ | 5.000% due 10/1/30(d) | 72,601 | |||||||
90,000 | A+ | 5.000% due 10/1/31(d) | 108,596 | |||||||
120,000 | A+ | Series A, 5.000% due 10/1/29(d) | 140,376 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Florida - 5.2% - (continued) | ||||||||||
$ | 85,000 | A+ | Series A, 5.000% due 10/1/31(d) | $ | 98,853 | |||||
115,000 | A+ | Series A, 5.000% due 10/1/32(d) | 133,452 | |||||||
1,000,000 | A+ | Series B, 5.000% due 10/1/29(d) | 1,265,720 | |||||||
90,000 | A+ | Series Q1, 5.000% due 10/1/23 | 99,610 | |||||||
County of Hillsborough FL Solid Waste & Resource Recovery Revenue, Revenue Bonds: | ||||||||||
40,000 | AA+ | Series A, 5.000% due 9/1/20(d) | 41,095 | |||||||
40,000 | AA+ | Series A, 5.000% due 9/1/21(d) | 42,544 | |||||||
50,000 | AA+ | Series A, 5.000% due 9/1/22(d) | 54,744 | |||||||
60,000 | AA+ | Series A, 5.000% due 9/1/23(d) | 67,574 | |||||||
65,000 | AA+ | Series A, 5.000% due 9/1/24(d) | 75,044 | |||||||
65,000 | AA+ | Series A, 5.000% due 9/1/25(d) | 76,812 | |||||||
65,000 | AA+ | Series A, 5.000% due 9/1/26(d) | 78,521 | |||||||
120,000 | AA | County of Miami-Dade FL, GO, Series A, 5.000% due 11/1/23 | 137,350 | |||||||
County of Miami-Dade FL, Revenue Bonds: | ||||||||||
210,000 | A+ | Series B, 5.000% due 6/1/20 | 213,912 | |||||||
160,000 | A+ | 5.000% due 10/1/28 | 194,616 | |||||||
120,000 | A+ | 5.000% due 10/1/29 | 145,707 | |||||||
215,000 | A+ | 5.000% due 10/1/30 | 260,419 | |||||||
65,000 | A+ | Series A, 5.000% due 10/1/25 | 71,596 | |||||||
County of Miami-Dade FL Aviation Revenue, Revenue Bonds: | ||||||||||
175,000 | A | Series A, 5.000% due 10/1/21(d) | 186,853 | |||||||
85,000 | A | Series A, 5.000% due 10/1/22(d) | 93,700 | |||||||
290,000 | A | Series A, 5.000% due 10/1/24(d) | 319,090 | |||||||
55,000 | A | Series A, 5.000% due 10/1/27(d) | 63,637 | |||||||
80,000 | A | Series A, 5.000% due 10/1/29(d) | 91,881 | |||||||
70,000 | A | Series A, 5.000% due 10/1/30 | 84,337 | |||||||
30,000 | A | Series A, 5.000% due 10/1/31 | 36,054 | |||||||
160,000 | A | Series A, 5.000% due 10/1/33(d) | 182,251 | |||||||
70,000 | A | Series A, 5.000% due 10/1/35(d) | 79,493 | |||||||
90,000 | A | Series A1, 5.000% due 10/1/22 | 92,891 | |||||||
1,800,000 | A2(a) | Series A1, Prerefunded 10/1/20 @ 100, 5.375% due 10/1/41(c) | 1,862,892 | |||||||
105,000 | A | Series B, 5.000% due 10/1/20(d) | 108,248 | |||||||
65,000 | A | Series B, 5.000% due 10/1/24 | 71,998 | |||||||
295,000 | AA | Series B, 5.000% due 10/1/35 | 303,655 | |||||||
215,000 | A | Series B, 5.000% due 10/1/37 | 245,859 | |||||||
County of Miami-Dade FL Transit System, Revenue Bonds: | ||||||||||
35,000 | AA | 5.000% due 7/1/21 | 37,084 | |||||||
50,000 | AA | 5.000% due 7/1/42 | 54,063 | |||||||
Duval County Public Schools, COP: | ||||||||||
125,000 | A+ | Series B, 5.000% due 7/1/27 | 147,354 | |||||||
30,000 | A+ | Series B, 5.000% due 7/1/28 | 35,277 | |||||||
190,000 | A+ | Series B, 5.000% due 7/1/30 | 222,781 | |||||||
650,000 | BBB- | Florida Higher Educational Facilities Financial Authority, Revenue Bonds, 5.000% due 10/1/27 | 774,514 | |||||||
Florida Municipal Power Agency, Revenue Bonds: | ||||||||||
30,000 | A2(a) | 5.000% due 10/1/24 | 35,230 | |||||||
45,000 | A2(a) | 5.000% due 10/1/27 | 53,723 | |||||||
355,000 | A2(a) | Series A, 5.000% due 10/1/26 | 389,257 | |||||||
55,000 | A2(a) | Series A, 5.000% due 10/1/30 | 66,501 | |||||||
60,000 | A2(a) | Series A, 5.000% due 10/1/31 | 72,364 | |||||||
80,000 | A1(a) | Florida Municipal Power Agency, Revenue Bonds, Series A, 5.000% due 10/1/22 | 88,518 | |||||||
2,500,000 | AA | Florida's Turnpike Enterprise, Revenue Bonds, Series C, 4.375% due 7/1/37 | 2,693,675 | |||||||
Greater Orlando Aviation Authority, Revenue Bonds: | ||||||||||
100,000 | A+ | Series A, 5.000% due 10/1/28(d) | 122,711 | |||||||
60,000 | A+ | Series A, 5.000% due 10/1/30(d) | 72,746 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Florida - 5.2% - (continued) | ||||||||||
Halifax Hospital Medical Center, Revenue Bonds: | ||||||||||
$ | 35,000 | A- | 5.000% due 6/1/28 | $ | 40,566 | |||||
70,000 | A- | 5.000% due 6/1/35 | 79,821 | |||||||
Indian River County School Board, COP: | ||||||||||
75,000 | AA- | Series A, 5.000% due 7/1/24 | 87,075 | |||||||
60,000 | AA- | Series A, 5.000% due 7/1/25 | 71,577 | |||||||
200,000 | A | JEA Electric System Revenue, Revenue Bonds, Series B, 5.000% due 10/1/26 | 241,864 | |||||||
Lake County School Board, COP: | ||||||||||
30,000 | AA | Series A, AGM, 5.000% due 6/1/25 | 34,549 | |||||||
50,000 | AA | Series A, AGM, 5.000% due 6/1/26 | 57,395 | |||||||
15,000 | AA | Series A, AGM, 5.000% due 6/1/28 | 17,165 | |||||||
Lee Memorial Health System, Revenue Bonds: | ||||||||||
1,305,000 | A+ | Series A, 5.000% due 4/1/33(b) | 1,574,073 | |||||||
415,000 | A+ | Series A, 5.000% due 4/1/35 | 509,624 | |||||||
60,000 | AA | Manatee County School District, Revenue Bonds AGM-Insured, 5.000% due 10/1/25 | 72,787 | |||||||
Miami-Dade County Expressway Authority, Revenue Bonds: | ||||||||||
45,000 | A | Series A, 5.000% due 7/1/31 | 53,154 | |||||||
115,000 | A | Series A, 5.000% due 7/1/32 | 135,524 | |||||||
95,000 | A | Series A, 5.000% due 7/1/33 | 111,354 | |||||||
30,000 | A | Series A, 5.000% due 7/1/34 | 35,164 | |||||||
235,000 | A | Series A, 5.000% due 7/1/40 | 239,766 | |||||||
85,000 | A | Series A, 5.000% due 7/1/44 | 94,617 | |||||||
Mid-Bay Bridge Authority, Revenue Bonds: | ||||||||||
105,000 | BBB+ | Series A, 5.000% due 10/1/27 | 122,619 | |||||||
145,000 | BBB+ | Series A, 5.000% due 10/1/28 | 168,834 | |||||||
80,000 | BBB+ | Series A, 5.000% due 10/1/29 | 92,770 | |||||||
70,000 | BBB+ | Series A, 5.000% due 10/1/30 | 80,752 | |||||||
Orange County Health Facilities Authority, Revenue Bonds: | ||||||||||
200,000 | A+ | Series A, 5.000% due 10/1/39 | 234,816 | |||||||
365,000 | A+ | Series A, 5.000% due 10/1/42 | 388,886 | |||||||
150,000 | A+ | Series B, 5.000% due 10/1/42 | 159,816 | |||||||
Orange County School Board, COP: | ||||||||||
115,000 | Aa2(a) | Series B, Prerefunded 8/1/22 @ 100, 5.000% due 8/1/26(c) | 126,761 | |||||||
200,000 | Aa2(a) | Series C, 5.000% due 8/1/29 | 237,072 | |||||||
Orlando Utilities Commission, Revenue Bonds: | ||||||||||
50,000 | AA | Series A, 5.000% due 10/1/23 | 57,124 | |||||||
25,000 | AA | Series A, 5.000% due 10/1/25 | 30,250 | |||||||
100,000 | AA | Series B, 5.000% due 10/1/20 | 103,195 | |||||||
60,000 | A+ | Orlando-Orange County Expressway Authority, Revenue Bonds, 5.000% due 7/1/20 | 61,319 | |||||||
Palm Beach County Health Facilities Authority, Revenue Bonds: | ||||||||||
10,000 | WD(f) | 5.000% due 12/1/23 | 11,453 | |||||||
20,000 | WD(f) | 5.000% due 12/1/24 | 23,493 | |||||||
Palm Beach County School District, COP: | ||||||||||
55,000 | Aa3(a) | Series A, 5.000% due 8/1/22 | 60,490 | |||||||
35,000 | Aa3(a) | Series A, 5.000% due 8/1/23 | 39,741 | |||||||
40,000 | Aa3(a) | Series A, 5.000% due 8/1/24 | 46,766 | |||||||
135,000 | Aa3(a) | Series A, 5.000% due 8/1/25 | 162,292 | |||||||
705,000 | Aa3(a) | Series A, 5.000% due 8/1/26 | 867,172 | |||||||
135,000 | Aa3(a) | Series B, 5.000% due 8/1/25 | 162,292 | |||||||
300,000 | Aa3(a) | Series B, 5.000% due 8/1/26 | 358,476 | |||||||
240,000 | Aa3(a) | Series B, 5.000% due 8/1/27 | 286,058 | |||||||
160,000 | Aa3(a) | Series B, 5.000% due 8/1/28 | 190,037 | |||||||
695,000 | Aa3(a) | Series D, 5.000% due 8/1/26 | 830,469 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Florida - 5.2% - (continued) | ||||||||||
$ | 315,000 | Aa3(a) | Series D, 5.000% due 8/1/27 | $ | 375,452 | |||||
110,000 | Aa3(a) | Series D, 5.000% due 8/1/28 | 130,650 | |||||||
250,000 | AA+ | Palm Beach County Solid Waste Authority, Revenue Bonds, 5.000% due 10/1/24 | 267,417 | |||||||
School Board of Miami-Dade County, COP: | ||||||||||
570,000 | A+ | Series A, 5.000% due 5/1/31 | 675,205 | |||||||
120,000 | AA | Series A, AGM, 5.000% due 5/1/27 | 141,708 | |||||||
220,000 | A+ | Series B, 5.000% due 8/1/27 | 266,466 | |||||||
395,000 | A+ | Series B, 5.000% due 5/1/28 | 462,348 | |||||||
340,000 | A+ | Series D, 5.000% due 11/1/24 | 398,637 | |||||||
355,000 | A+ | Series D, 5.000% due 11/1/25 | 416,223 | |||||||
230,000 | A+ | Series D, 5.000% due 11/1/26 | 268,831 | |||||||
115,000 | A+ | Series D, 5.000% due 2/1/29 | 136,511 | |||||||
190,000 | A+ | Series D, 5.000% due 2/1/30 | 224,686 | |||||||
School District of Broward County, COP: | ||||||||||
155,000 | A+ | Series A, 5.000% due 7/1/21 | 164,178 | |||||||
145,000 | A+ | Series A, 5.000% due 7/1/22 | 158,917 | |||||||
45,000 | A+ | Series A, 5.000% due 7/1/25 | 49,331 | |||||||
460,000 | A+ | Series A, 5.000% due 7/1/26 | 534,925 | |||||||
265,000 | A+ | Series A, 5.000% due 7/1/27 | 314,409 | |||||||
115,000 | A+ | Series A, 5.000% due 7/1/28 | 135,779 | |||||||
70,000 | A+ | Series A, 5.000% due 7/1/32 | 83,441 | |||||||
120,000 | NR | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/25(c) | 131,572 | |||||||
580,000 | NR | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/26(c) | 635,929 | |||||||
60,000 | A+ | Series B, 5.000% due 7/1/25 | 71,862 | |||||||
335,000 | A+ | Series B, 5.000% due 7/1/26 | 398,647 | |||||||
230,000 | A+ | Series B, 5.000% due 7/1/27 | 272,883 | |||||||
390,000 | A+ | Series B, 5.000% due 7/1/28 | 460,469 | |||||||
Seminole County School Board, COP: | ||||||||||
60,000 | Aa3(a) | Series C, 5.000% due 7/1/23 | 67,684 | |||||||
50,000 | Aa3(a) | Series C, 5.000% due 7/1/24 | 58,026 | |||||||
115,000 | AA | South Florida Water Management District, COP, 5.000% due 10/1/30 | 137,380 | |||||||
South Miami Health Facilities Authority, Revenue Bonds: | ||||||||||
75,000 | AA- | 5.000% due 8/15/24 | 87,451 | |||||||
120,000 | AA- | 5.000% due 8/15/25 | 143,388 | |||||||
St Lucie County School Board, COP: | ||||||||||
60,000 | A | Series A, 5.000% due 7/1/25 | 67,192 | |||||||
125,000 | A | Series A, 5.000% due 7/1/27 | 139,193 | |||||||
State of Florida, GO: | ||||||||||
5,995,000 | AAA | 5.000% due 7/1/32 | 7,648,901 | |||||||
2,615,000 | AAA | Series B, 5.000% due 7/1/32 | 3,376,776 | |||||||
358,000 | AAA | Series C, 5.000% due 6/1/20 | 364,866 | |||||||
289,000 | AAA | Series C, 5.000% due 6/1/22 | 305,687 | |||||||
145,000 | AAA | Series E, 5.000% due 6/1/24 | 153,306 | |||||||
2,000,000 | AA+ | State of Florida Department of Transportation, Revenue Bonds, 5.000% due 7/1/27 | 2,525,060 | |||||||
Tampa Bay Water, Revenue Bonds: | ||||||||||
70,000 | AA+ | Series A, NPFG, 6.000% due 10/1/29 | 97,402 | |||||||
70,000 | AA+ | Series NPFG, 5.500% due 10/1/22 | 78,424 | |||||||
Volusia County School Board, COP: | ||||||||||
600,000 | Aa3(a) | 5.000% due 8/1/24 | 699,720 | |||||||
145,000 | AA | Series A, 5.000% due 8/1/32 | 170,498 | |||||||
Total Florida | 45,830,207 | |||||||||
Georgia - 2.3% | ||||||||||
830,000 | A- | Burke County Development Authority, Revenue Bonds, 2.925% due 11/1/53(b) | 867,076 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Georgia - 2.3% - (continued) | ||||||||||
City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds: | ||||||||||
$ | 30,000 | AA- | 5.000% due 11/1/27 | $ | 35,686 | |||||
70,000 | AA- | 5.000% due 11/1/29 | 82,795 | |||||||
205,000 | Aaa(a) | Colquitt County Development Authority, Revenue Bonds, zero coupon, due 12/1/21 | 199,137 | |||||||
45,000 | A+ | County of DeKalb GA Water & Sewerage Revenue, Revenue Bonds, Series A, 5.250% due 10/1/25 | 48,296 | |||||||
DeKalb County Hospital Authority, Revenue Bonds: | ||||||||||
170,000 | WD(f) | Series Prerefunded 9/1/20 @ 100, 6.000% due 9/1/30(c) | 176,142 | |||||||
310,000 | WD(f) | Series Prerefunded 9/1/20 @ 100, 6.125% due 9/1/40(c) | 321,489 | |||||||
155,000 | AA- | Fulton County Development Authority, Revenue Bonds, 5.000% due 6/15/44 | 191,750 | |||||||
Main Street Natural Gas, Inc., Revenue Bonds: | ||||||||||
1,690,000 | Aa1(a) | Series B, 4.000% due 8/1/49(b) | 1,882,542 | |||||||
840,000 | Aa2(a) | Series C, 4.000% due 8/1/48(b) | 916,499 | |||||||
195,000 | A3(a) | Monroe County Development Authority, Revenue Bonds, 2.350% due 10/1/48(b) | 197,012 | |||||||
Municipal Electric Authority of Georgia, Revenue Bonds: | ||||||||||
45,000 | A- | Series A, 5.250% due 1/1/20 | 45,134 | |||||||
265,000 | A- | Series A, 5.000% due 1/1/21 | 275,194 | |||||||
160,000 | A- | Series A, 5.000% due 1/1/27 | 192,442 | |||||||
145,000 | A- | Series A, 5.000% due 1/1/30 | 178,447 | |||||||
105,000 | A | Series GG, 5.000% due 1/1/24 | 116,083 | |||||||
35,000 | A | Series GG, 5.000% due 1/1/25 | 38,667 | |||||||
145,000 | A | Municipal Electric Authority of Georgia, Revenue Bonds, Series GG, 5.000% due 1/1/26 | 159,957 | |||||||
Municipal Gas Authority of Georgia, Revenue Bonds: | ||||||||||
60,000 | AA- | Series Q, 5.000% due 10/1/22 | 66,159 | |||||||
35,000 | AA- | Series S, 5.000% due 10/1/22 | 38,593 | |||||||
70,000 | AA- | Series S, 5.000% due 10/1/24 | 77,042 | |||||||
40,000 | AA- | Series U, 5.000% due 10/1/24 | 46,646 | |||||||
State of Georgia, GO: | ||||||||||
5,000,000 | AAA | Series A, 5.000% due 7/1/29 | 6,417,650 | |||||||
2,500,000 | AAA | Series A, 5.000% due 7/1/32 | 3,243,650 | |||||||
3,835,000 | AAA | Series C, 5.000% due 7/1/29 | 4,811,889 | |||||||
Total Georgia | 20,625,977 | |||||||||
Hawaii - 0.1% | ||||||||||
City & County of Honolulu HI, GO: | ||||||||||
115,000 | Aa1(a) | Series D, 5.000% due 9/1/22 | 126,993 | |||||||
90,000 | Aa1(a) | Series D, 5.000% due 9/1/26 | 111,043 | |||||||
500,000 | AA+ | State of Hawaii, GO, Series FH, 5.000% due 10/1/28 | 614,705 | |||||||
115,000 | AA- | State of Hawaii Airports System Revenue, Revenue Bonds, Series A, 5.000% due 7/1/45(d) | 130,681 | |||||||
Total Hawaii | 983,422 | |||||||||
Idaho - 0.4% | ||||||||||
Idaho Housing & Finance Association, Revenue Bonds: | ||||||||||
60,000 | A2(a) | 5.000% due 7/15/20 | 61,392 | |||||||
90,000 | A2(a) | 5.000% due 7/15/21 | 95,429 | |||||||
100,000 | A2(a) | 5.000% due 7/15/22 | 109,467 | |||||||
45,000 | A2(a) | 5.000% due 7/15/23 | 50,753 | |||||||
35,000 | A2(a) | 5.000% due 7/15/24 | 40,595 | |||||||
35,000 | A2(a) | 5.000% due 7/15/25 | 41,691 | |||||||
95,000 | A2(a) | 5.000% due 7/15/27 | 118,174 | |||||||
75,000 | Aa1(a) | Series A, 4.000% due 1/1/50 | 82,136 | |||||||
2,380,000 | Aa1(a) | Kootenai County School District No 271 Coeur d'Alene, GO, 4.000% due 9/15/28 | 2,789,979 | |||||||
Total Idaho | 3,389,616 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Illinois - 6.8% | ||||||||||
Chicago Board of Education, GO: | ||||||||||
$ | 185,000 | BB- | Series A, 5.000% due 12/1/27 | $ | 215,118 | |||||
1,180,000 | BB- | Series A, 5.000% due 12/1/30 | 1,392,848 | |||||||
60,000 | BB- | Series A, 5.000% due 12/1/41 | 62,340 | |||||||
55,000 | BB- | Series A, 5.000% due 12/1/42 | 58,112 | |||||||
45,000 | BB- | Series A, NPFG, 5.250% due 12/1/21 | 47,619 | |||||||
240,000 | BB- | Series B, 5.000% due 12/1/28 | 282,305 | |||||||
100,000 | BB- | Series C, 5.000% due 12/1/24 | 111,439 | |||||||
640,000 | BB- | Series C, 5.000% due 12/1/25 | 724,198 | |||||||
1,465,000 | BB- | Series C, 5.000% due 12/1/26 | 1,679,652 | |||||||
505,000 | BB- | Series C, 5.000% due 12/1/27 | 587,214 | |||||||
45,000 | BB- | Series C, 5.250% due 12/1/39 | 49,429 | |||||||
170,000 | BB- | Series C, 5.500% due 12/1/39 | 178,483 | |||||||
530,000 | BB- | Series D, 5.000% due 12/1/46 | 597,427 | |||||||
30,000 | BB- | Series F, 5.000% due 12/1/20 | 30,888 | |||||||
Chicago Midway International Airport, Revenue Bonds: | ||||||||||
65,000 | A | Series A, 5.000% due 1/1/29(d) | 76,128 | |||||||
100,000 | A | Series A, 5.000% due 1/1/30(d) | 116,622 | |||||||
70,000 | A | Series A, 5.000% due 1/1/31(d) | 81,337 | |||||||
190,000 | A | Series A, 5.000% due 1/1/32(d) | 212,300 | |||||||
30,000 | A | Series B, 5.000% due 1/1/22 | 32,281 | |||||||
95,000 | A | Series B, 5.000% due 1/1/24 | 108,513 | |||||||
Chicago O'Hare International Airport, Revenue Bonds: | ||||||||||
75,000 | BBB+ | 5.000% due 7/1/38(d) | 88,216 | |||||||
50,000 | A | Series A, 5.000% due 1/1/22 | 53,856 | |||||||
130,000 | A | Series B, 5.000% due 1/1/20 | 130,383 | |||||||
200,000 | A | Series B, 5.000% due 1/1/22(d) | 214,694 | |||||||
65,000 | A | Series C, 5.000% due 1/1/22 | 70,012 | |||||||
40,000 | A | Series C, 5.000% due 1/1/23 | 44,494 | |||||||
45,000 | A | Series C, 5.000% due 1/1/24 | 51,555 | |||||||
65,000 | A | Series C, 5.000% due 1/1/25 | 76,455 | |||||||
60,000 | A | Series C, 5.000% due 1/1/26 | 72,137 | |||||||
70,000 | A | Series C, 5.000% due 1/1/33 | 82,256 | |||||||
80,000 | A | Series C, 5.000% due 1/1/34 | 93,866 | |||||||
420,000 | A | Series C, Prerefunded 1/1/21 @ 100, 6.500% due 1/1/41(c) | 443,995 | |||||||
60,000 | A | Series D, 5.000% due 1/1/27(d) | 72,651 | |||||||
15,000 | A | Series D, 5.000% due 1/1/28(d) | 18,058 | |||||||
85,000 | A | Series D, 5.000% due 1/1/31(d) | 100,865 | |||||||
45,000 | A | Series D, 5.000% due 1/1/33(d) | 53,143 | |||||||
Chicago Transit Authority, Revenue Bonds: | ||||||||||
50,000 | A+ | 5.000% due 6/1/22 | 54,032 | |||||||
45,000 | A+ | 5.000% due 6/1/23 | 49,952 | |||||||
500,000 | BBB+ | City of Chicago IL, GO, zero coupon, due 1/1/20 | 499,250 | |||||||
40,000 | A | City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds, 5.000% due 1/1/23 | 42,703 | |||||||
30,000 | AA | City of Chicago IL Waterworks Revenue, Revenue Bonds AGM-Insured, 5.250% due 11/1/33 | 30,082 | |||||||
Cook County Forest Preserve District, GO: | ||||||||||
30,000 | AA- | Series B, 5.000% due 12/15/23 | 32,183 | |||||||
40,000 | AA- | Series B, 5.000% due 12/15/24 | 42,887 | |||||||
60,000 | AA- | Series C, 5.000% due 12/15/25 | 64,176 | |||||||
155,000 | Aaa(a) | Cook Kane Lake & McHenry Counties Community College District No 512, GO, Series B, 5.000% due 12/1/24 | 182,156 | |||||||
County of Cook IL, GO: | ||||||||||
565,000 | AA- | Series A, 5.250% due 11/15/24 | 586,004 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Municipal Fixed Income Fund (continued) |
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Illinois - 6.8% - (continued) | ||||||||||
$ | 60,000 | AA- | Series C, 5.000% due 11/15/22 | $ | 65,526 | |||||
145,000 | AA- | Series C, 5.000% due 11/15/23 | 158,053 | |||||||
540,000 | AA- | Series C, 5.000% due 11/15/24 | 588,287 | |||||||
15,000 | AA | Series C, AGM, 5.000% due 11/15/25 | 16,460 | |||||||
85,000 | AA- | Series G, 5.000% due 11/15/25 | 87,752 | |||||||
35,000 | Aa3(a) | Grundy & Will Counties Community Unit School District No 1 Coal City, GO, 5.000% due 2/1/29 | 41,842 | |||||||
835,000 | AA+ | Illinois Development Finance Authority, Revenue Bonds, zero coupon, due 7/15/23 | 790,219 | |||||||
Illinois Finance Authority, Revenue Bonds: | ||||||||||
485,000 | AA+ | 4.000% due 2/15/41(g) | 530,949 | |||||||
90,000 | AA- | 5.000% due 8/15/23 | 92,426 | |||||||
40,000 | AA+ | 5.000% due 7/15/25 | 47,718 | |||||||
60,000 | AA+ | 5.000% due 7/15/26 | 73,217 | |||||||
75,000 | A+ | 5.000% due 11/15/26 | 81,813 | |||||||
25,000 | Baa1(a) | 5.000% due 8/15/27 | 28,930 | |||||||
70,000 | A | 5.000% due 5/15/28 | 83,011 | |||||||
60,000 | AA+ | 5.000% due 7/15/28 | 75,244 | |||||||
40,000 | A | 5.000% due 5/15/29 | 47,146 | |||||||
150,000 | AAA | 5.000% due 7/1/29 | 184,002 | |||||||
25,000 | A+ | 5.000% due 11/15/29 | 27,128 | |||||||
110,000 | A3(a) | 5.000% due 12/1/29 | 129,063 | |||||||
145,000 | AAA | 5.000% due 1/1/30 | 177,487 | |||||||
255,000 | AAA | 5.000% due 7/1/31 | 310,478 | |||||||
235,000 | AA+ | 5.000% due 9/1/32 | 255,572 | |||||||
175,000 | Baa1(a) | 5.000% due 8/15/35 | 198,328 | |||||||
170,000 | A | 5.000% due 1/1/36 | 196,676 | |||||||
870,000 | A | 5.000% due 1/1/38 | 1,005,476 | |||||||
315,000 | AA+ | 5.000% due 9/1/38 | 340,619 | |||||||
2,230,000 | A3(a) | 5.000% due 12/1/40 | 2,550,250 | |||||||
95,000 | A+ | 5.000% due 11/15/43 | 100,759 | |||||||
1,300,000 | A | 5.000% due 1/1/44 | 1,484,457 | |||||||
840,000 | Baa1(a) | 5.000% due 8/15/44 | 937,230 | |||||||
100,000 | A3(a) | 5.000% due 12/1/46 | 113,456 | |||||||
25,000 | BBB+ | 5.000% due 8/1/49 | 28,280 | |||||||
4,360,000 | AA+ | 5.000% due 7/15/57(b) | 4,828,003 | |||||||
10,000 | A+ | Series A, 5.000% due 11/15/21 | 10,712 | |||||||
45,000 | A | Series A, 5.000% due 5/15/23 | 48,814 | |||||||
495,000 | AA- | Series A, 5.000% due 2/15/24 | 566,087 | |||||||
95,000 | AA- | Series A, 5.000% due 2/15/25 | 111,426 | |||||||
45,000 | AA- | Series A, 5.000% due 2/15/26 | 53,986 | |||||||
30,000 | A | Series A, 5.000% due 11/15/27 | 35,452 | |||||||
35,000 | A | Series A, 5.000% due 11/15/28 | 41,128 | |||||||
1,000,000 | A | Series A, 5.000% due 5/15/29 | 1,237,250 | |||||||
55,000 | A | Series A, 5.000% due 11/15/29 | 64,159 | |||||||
1,000,000 | A | Series A, 5.000% due 5/15/30 | 1,228,020 | |||||||
75,000 | A | Series A, 5.000% due 7/1/30 | 88,546 | |||||||
1,000,000 | A | Series A, 5.000% due 5/15/31 | 1,216,630 | |||||||
100,000 | A | Series A, 5.000% due 11/15/32 | 115,483 | |||||||
95,000 | BBB | Series A, 5.000% due 8/15/33 | 108,996 | |||||||
50,000 | A | Series A, 5.000% due 7/1/34 | 58,008 | |||||||
15,000 | AA+ | Series A, 5.000% due 9/1/34 | 17,113 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Municipal Fixed Income Fund (continued) |
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Illinois - 6.8% - (continued) | ||||||||||
$ | 60,000 | A+ | Series A, 5.000% due 11/15/34 | $ | 68,653 | |||||
255,000 | A | Series A, 5.000% due 7/1/36 | 294,127 | |||||||
70,000 | A | Series A, 5.000% due 11/15/45 | 78,254 | |||||||
20,000 | BBB+ | Series A, 5.000% due 8/1/47 | 22,648 | |||||||
60,000 | AA+ | Series A, 6.000% due 5/1/20 | 61,187 | |||||||
60,000 | WD(f) | Series A, Prerefunded 2/15/20 @ 100, 5.500% due 8/15/24(c) | 60,518 | |||||||
40,000 | WD(f) | Series A, Prerefunded 2/15/20 @ 100, 5.750% due 8/15/29(c) | 40,366 | |||||||
185,000 | AA+ | Series A, Prerefunded 5/1/20 @ 100, 6.250% due 5/1/21(c) | 188,848 | |||||||
85,000 | A+ | Series B, 5.000% due 11/15/26 | 100,006 | |||||||
35,000 | AA+ | Series C, 3.750% due 2/15/34 | 37,830 | |||||||
160,000 | AA+ | Series C, 4.000% due 2/15/36 | 177,435 | |||||||
35,000 | AA+ | Series C, 5.000% due 2/15/22 | 37,862 | |||||||
40,000 | BBB+ | Series C, 5.000% due 8/1/22 | 43,410 | |||||||
15,000 | AA+ | Series C, 5.000% due 2/15/24 | 17,253 | |||||||
45,000 | BBB+ | Series C, 5.000% due 8/1/24 | 51,297 | |||||||
75,000 | AA+ | Series C, 5.000% due 2/15/26 | 90,864 | |||||||
200,000 | AA+ | Series C, 5.000% due 2/15/28 | 246,444 | |||||||
135,000 | AA+ | Series C, 5.000% due 2/15/29 | 165,440 | |||||||
50,000 | AA+ | Series C, 5.000% due 2/15/31 | 60,540 | |||||||
365,000 | AA+ | Series C, 5.000% due 2/15/32 | 440,628 | |||||||
145,000 | AA+ | Series C, 5.000% due 2/15/33 | 174,610 | |||||||
65,000 | AA+ | Series C, 5.000% due 2/15/36 | 77,123 | |||||||
315,000 | AA+ | Series C, 5.000% due 2/15/41 | 369,284 | |||||||
45,000 | NR | Series C, Prerefunded 8/15/20 @ 100, 5.000% due 8/15/23(c) | 46,201 | |||||||
1,055,000 | AA+ | Series E, 1.750% due 11/15/42(b) | 1,061,087 | |||||||
60,000 | AA- | Series L, Prerefunded 12/1/21 @ 100, 5.000% due 12/1/22(c) | 64,443 | |||||||
230,000 | Baa2(a) | Series Prerefunded 5/15/22 @ 100, 5.000% due 5/15/43(c) | 250,511 | |||||||
Illinois Municipal Electric Agency, Revenue Bonds: | ||||||||||
290,000 | A | Series A, 5.000% due 2/1/28 | 341,055 | |||||||
105,000 | A | Series A, 5.000% due 2/1/31 | 122,227 | |||||||
Illinois State Toll Highway Authority, Revenue Bonds: | ||||||||||
50,000 | AA- | Series A, 5.000% due 12/1/31 | 58,647 | |||||||
365,000 | AA- | Series A, 5.000% due 1/1/40 | 418,691 | |||||||
290,000 | AA- | Series C, 5.000% due 1/1/38 | 330,006 | |||||||
175,000 | AA- | Series D, 5.000% due 1/1/24 | 200,191 | |||||||
255,000 | Aa3(a) | Kane Cook & DuPage Counties School District No U-46 Elgin, GO, Series B, AMBAC AMBAC-Insured, zero coupon, due 1/1/22 | 247,715 | |||||||
Kane McHenry Cook & De Kalb Counties Unit School District No 300, GO: | ||||||||||
260,000 | AA | 5.000% due 1/1/26 | 301,917 | |||||||
55,000 | AA | 5.000% due 1/1/29 | 66,442 | |||||||
155,000 | Baa2(a) | Lake County Community High School District No 117 Antioch, GO, Series B, NPFG, zero coupon, due 12/1/20 | 152,232 | |||||||
230,000 | AA | McHenry & Kane Counties Community Consolidated School District No 158 Huntley, GO, zero coupon, due 1/1/24 | 212,168 | |||||||
McHenry County Community Unit School District No 200 Woodstock, GO: | ||||||||||
215,000 | Aa2(a) | Series B, NPFG, zero coupon, due 1/15/24 | 199,386 | |||||||
225,000 | Aa2(a) | Series B, NPFG, zero coupon, due 1/15/25 | 204,100 | |||||||
170,000 | Aa2(a) | Series B, NPFG, zero coupon, due 1/15/26 | 150,360 | |||||||
McHenry County Conservation District, GO: | ||||||||||
65,000 | AA+ | 5.000% due 2/1/24 | 74,452 | |||||||
175,000 | AA+ | 5.000% due 2/1/27 | 204,477 | |||||||
Metropolitan Pier & Exposition Authority, Revenue Bonds: | ||||||||||
75,000 | Baa2(a) | Series A, NPFG, zero coupon, due 6/15/20 | 74,299 | |||||||
105,000 | Baa2(a) | Series A, NPFG, zero coupon, due 6/15/23 | 97,455 | |||||||
195,000 | BBB | Series A, NPFG, zero coupon, due 12/15/23 | 178,616 | |||||||
4,680,000 | BBB | Series A, NPFG, zero coupon, due 6/15/28 | 3,732,768 | |||||||
115,000 | AA | Series B, AGM, zero coupon, due 6/15/47 | 44,627 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Municipal Fixed Income Fund (continued) |
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Illinois - 6.8% - (continued) | ||||||||||
Railsplitter Tobacco Settlement Authority, Revenue Bonds: | ||||||||||
$ | 310,000 | A | 5.000% due 6/1/23 | $ | 347,026 | |||||
405,000 | A | 5.000% due 6/1/24 | 465,657 | |||||||
405,000 | WD(f) | Series Prerefunded 6/1/21 @ 100, 5.500% due 6/1/23(c) | 430,843 | |||||||
Regional Transportation Authority, Revenue Bonds: | ||||||||||
70,000 | AA | Series A, 5.000% due 7/1/20 | 71,501 | |||||||
70,000 | AA | Series A, 5.000% due 7/1/21 | 74,065 | |||||||
State of Illinois, GO: | ||||||||||
95,000 | BBB- | 5.000% due 3/1/20 | 95,766 | |||||||
120,000 | BBB- | 5.000% due 11/1/20 | 123,520 | |||||||
345,000 | AA | 5.000% due 1/1/21 | 345,956 | |||||||
80,000 | BBB- | 5.000% due 3/1/21 | 83,114 | |||||||
45,000 | BBB- | 5.000% due 8/1/21 | 47,246 | |||||||
225,000 | BBB- | 5.000% due 1/1/22 | 238,435 | |||||||
145,000 | BBB- | 5.000% due 3/1/22 | 154,326 | |||||||
190,000 | BBB- | 5.000% due 8/1/22 | 204,396 | |||||||
45,000 | BBB- | 5.000% due 2/1/23 | 48,799 | |||||||
220,000 | BBB- | 5.000% due 4/1/23 | 239,474 | |||||||
100,000 | BBB- | 5.000% due 8/1/23 | 109,662 | |||||||
225,000 | BBB- | 5.000% due 6/1/25 | 253,597 | |||||||
65,000 | BBB- | 5.000% due 2/1/26 | 71,354 | |||||||
3,005,000 | BBB- | 5.000% due 6/1/26 | 3,430,959 | |||||||
270,000 | BBB- | 5.000% due 2/1/27 | 306,164 | |||||||
180,000 | BBB- | 5.000% due 2/1/28 | 205,497 | |||||||
60,000 | BBB- | 5.000% due 4/1/28 | 65,950 | |||||||
25,000 | BBB- | 5.000% due 5/1/28 | 27,518 | |||||||
165,000 | BBB- | 5.000% due 2/1/29 | 187,706 | |||||||
70,000 | BBB- | 5.000% due 5/1/32 | 76,332 | |||||||
190,000 | BBB- | 5.000% due 5/1/33 | 206,882 | |||||||
305,000 | BBB- | 5.250% due 2/1/31 | 334,695 | |||||||
115,000 | BBB- | 5.500% due 7/1/38 | 126,049 | |||||||
65,000 | BBB- | Series A, 4.000% due 1/1/23 | 67,341 | |||||||
105,000 | BBB- | Series A, 5.000% due 1/1/33 | 109,883 | |||||||
365,000 | BBB- | Series B, 5.000% due 9/1/21 | 384,312 | |||||||
360,000 | BBB- | Series B, 5.000% due 9/1/22 | 388,095 | |||||||
365,000 | BBB- | Series B, 5.000% due 9/1/23 | 400,996 | |||||||
365,000 | BBB- | Series B, 5.000% due 9/1/24 | 407,234 | |||||||
1,500,000 | BBB- | Series B, 5.000% due 10/1/26 | 1,720,260 | |||||||
620,000 | BBB- | Series D, 5.000% due 11/1/23 | 681,182 | |||||||
405,000 | BBB- | Series D, 5.000% due 11/1/25 | 457,330 | |||||||
390,000 | BBB- | Series D, 5.000% due 11/1/26 | 444,588 | |||||||
735,000 | A2(a) | Tender Option Bond Trust Receipts/Certificates, Series 2017XG0108, 1.250% due 4/1/46(b)(e) | 735,000 | |||||||
University of Illinois, Revenue Bonds: | ||||||||||
115,000 | A- | 6.250% due 10/1/38 | 131,179 | |||||||
115,000 | A- | 6.000% due 10/1/42 | 129,819 | |||||||
Will County Community Unit School District No 365 Valley View, GO: | ||||||||||
2,420,000 | Aa2(a) | Series A, 5.000% due 11/1/25 | 2,879,969 | |||||||
165,000 | AA | Series B, zero coupon, due 11/1/26 | 143,492 | |||||||
200,000 | AA | Will County School District No 86 Joliet, GO AGM-Insured, zero coupon, due 11/1/21 | 194,048 | |||||||
Total Illinois | 59,957,898 | |||||||||
Indiana - 2.0% | ||||||||||
City of Indianapolis IN Thermal Energy System Revenue, Revenue Bonds: | ||||||||||
315,000 | A | Series A, 5.000% due 10/1/24 | 365,422 | |||||||
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Municipal Fixed Income Fund (continued) |
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Indiana - 2.0% - (continued) | ||||||||||
$ | 340,000 | A | Series A, 5.000% due 10/1/25 | $ | 404,444 | |||||
240,000 | AA | Series B, AGM, 5.000% due 10/1/20 | 247,404 | |||||||
160,000 | AA | Series B, AGM, 5.000% due 10/1/21 | 170,806 | |||||||
City of Whiting IN, Revenue Bonds: | ||||||||||
360,000 | A- | 5.000% due 12/1/44(b)(d) | 426,445 | |||||||
1,020,000 | A- | 5.000% due 11/1/45(b)(d) | 1,116,982 | |||||||
415,000 | A- | 5.250% due 1/1/21 | 431,845 | |||||||
300,000 | A- | County of St Joseph IN, Revenue Bonds, 4.000% due 4/1/38 | 324,945 | |||||||
330,000 | AA+ | Hobart Building Corp., Revenue Bonds, Series Prerefunded 1/15/20 @ 100, NPFG, 6.500% due 1/15/29(c) | 332,059 | |||||||
Indiana Finance Authority, Revenue Bonds: | ||||||||||
600,000 | BBB+ | 1.400% due 5/1/34(b)(d) | 600,000 | |||||||
535,000 | AA | 1.650% due 12/1/42(b) | 538,066 | |||||||
320,000 | AA | 2.250% due 12/1/58(b) | 332,019 | |||||||
30,000 | AA- | 5.000% due 3/1/22 | 32,524 | |||||||
90,000 | AA- | 5.000% due 8/15/25 | 101,408 | |||||||
30,000 | AA- | 5.000% due 9/1/25 | 35,669 | |||||||
30,000 | AA- | 5.000% due 9/1/26 | 36,411 | |||||||
15,000 | AA- | 5.000% due 9/1/29 | 17,918 | |||||||
5,000,000 | AAA | 5.000% due 2/1/35 | 6,289,450 | |||||||
240,000 | AA- | 5.000% due 3/1/36 | 273,907 | |||||||
60,000 | AA- | 5.000% due 9/1/36 | 70,454 | |||||||
115,000 | AA | Series A, 5.250% due 10/1/24 | 123,227 | |||||||
65,000 | AA | Series A, 5.000% due 10/1/25 | 71,940 | |||||||
70,000 | AA | Series A, 5.000% due 10/1/26 | 81,739 | |||||||
35,000 | AA | Series A, 5.000% due 10/1/28 | 40,706 | |||||||
45,000 | AA- | Series Prerefunded 3/01/22 @ 100, 5.000% due 3/1/23(c) | 48,785 | |||||||
30,000 | AA- | Series Prerefunded 3/01/22 @ 100, 5.000% due 3/1/30(c) | 32,524 | |||||||
155,000 | AA- | Series Prerefunded 3/01/22 @ 100, 5.000% due 3/1/41(c) | 168,039 | |||||||
Indiana Health Facility Financing Authority, Revenue Bonds: | ||||||||||
2,500,000 | AA+ | Series E, 1.080% due 11/15/39(b) | 2,500,000 | |||||||
1,000,000 | AA+ | Series F, 2.000% due 11/15/36(b)(g) | 1,019,760 | |||||||
295,000 | Aaa(a) | Indiana Housing & Community Development Authority, Revenue Bonds, Series B, 3.500% due 1/1/49 | 317,789 | |||||||
Indiana Municipal Power Agency, Revenue Bonds: | ||||||||||
20,000 | A+ | Series A, 5.000% due 1/1/24 | 21,813 | |||||||
20,000 | A+ | Series A, 5.000% due 1/1/25 | 21,802 | |||||||
55,000 | A+ | Series A, 5.000% due 1/1/26 | 59,926 | |||||||
10,000 | NR | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/24(c) | 10,991 | |||||||
10,000 | NR | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/25(c) | 10,991 | |||||||
25,000 | NR | Series A, Prerefunded 7/1/22 @ 100, 5.000% due 1/1/26(c) | 27,478 | |||||||
515,000 | AAA | Indiana University, Revenue Bonds, Series W-1, 5.000% due 8/1/26 | 601,613 | |||||||
Lake Central Multi-District School Building Corp., Revenue Bonds: | ||||||||||
40,000 | AA+ | Series B, 4.000% due 1/15/22 | 42,273 | |||||||
30,000 | AA+ | Series B, 5.000% due 7/15/22 | 32,848 | |||||||
80,000 | AA+ | Series B, 5.000% due 7/15/23 | 89,018 | |||||||
120,000 | AA+ | Series B, 5.000% due 7/15/24 | 133,409 | |||||||
125,000 | AA+ | Series B, 5.000% due 7/15/25 | 138,846 | |||||||
Total Indiana | 17,743,695 | |||||||||
Iowa - 1.4% | ||||||||||
1,155,000 | Aa1(a) | City of Cedar Rapids IA, GO, Series A, 5.000% due 6/1/25 | 1,340,470 | |||||||
Iowa Finance Authority, Revenue Bonds: | ||||||||||
3,840,000 | AAA | 5.000% due 8/1/31 | 4,766,899 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Municipal Fixed Income Fund (continued) |
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Iowa - 1.4% - (continued) | ||||||||||
$ | 90,000 | BBB(f) | Series A, 5.000% due 5/15/43 | $ | 100,961 | |||||
105,000 | BBB(f) | Series A, 5.000% due 5/15/48 | 117,387 | |||||||
5,000,000 | A3(a) | PEFA Inc., Revenue Bonds, 5.000% due 9/1/49(b) | 5,931,050 | |||||||
Total Iowa | 12,256,767 | |||||||||
Kansas - 0.2% | ||||||||||
1,000,000 | Aa2(a) | Geary County Unified School District No 475, GO, Series B, 5.000% due 9/1/20 | 1,028,740 | |||||||
30,000 | AA- | Kansas Development Finance Authority, Revenue Bonds, Series H, 5.000% due 3/1/25 | 30,284 | |||||||
Wyandotte County-Kansas City Unified Government Utility System Revenue, Revenue Bonds: | ||||||||||
130,000 | A | Series A, 5.000% due 9/1/24 | 142,741 | |||||||
30,000 | A | Series A, 5.000% due 9/1/30 | 35,140 | |||||||
35,000 | A | Series A, 5.000% due 9/1/32 | 40,754 | |||||||
30,000 | A | Series B, 5.000% due 9/1/23 | 32,949 | |||||||
45,000 | A | Series B, 5.000% due 9/1/24 | 49,410 | |||||||
Total Kansas | 1,360,018 | |||||||||
Kentucky - 1.7% | ||||||||||
City of Pikeville KY, Revenue Bonds: | ||||||||||
595,000 | Baa2(a) | 6.000% due 3/1/22 | 624,298 | |||||||
185,000 | Baa2(a) | Series Prerefunded 3/1/21 @ 100, 6.000% due 3/1/22(c) | 195,956 | |||||||
County of Carroll KY, Revenue Bonds: | ||||||||||
1,250,000 | A | 1.200% due 2/1/32(b)(d) | 1,248,525 | |||||||
280,000 | A | 1.750% due 10/1/34(b)(d) | 277,788 | |||||||
Kenton County Airport Board, Revenue Bonds: | ||||||||||
25,000 | A1(a) | 5.000% due 1/1/25 | 29,513 | |||||||
15,000 | A1(a) | 5.000% due 1/1/26 | 18,141 | |||||||
45,000 | A1(a) | 5.000% due 1/1/29 | 53,727 | |||||||
50,000 | A1(a) | 5.000% due 1/1/30 | 59,442 | |||||||
1,530,000 | A2(a) | Kentucky Bond Development Corp., Revenue Bonds, Series A, 5.000% due 9/1/24 | 1,774,020 | |||||||
Kentucky Economic Development Finance Authority, Revenue Bonds: | ||||||||||
45,000 | AA | 5.000% due 12/1/47 | 48,837 | |||||||
50,000 | Baa3(a) | Series B, 5.000% due 6/1/25 | 57,378 | |||||||
55,000 | Baa3(a) | Series B, 5.000% due 6/1/26 | 62,951 | |||||||
55,000 | Baa3(a) | Series B, 5.000% due 6/1/27 | 62,749 | |||||||
60,000 | Baa3(a) | Series B, 5.000% due 6/1/28 | 68,234 | |||||||
65,000 | Baa3(a) | Series B, 5.000% due 6/1/29 | 73,673 | |||||||
65,000 | Baa3(a) | Series B, 5.000% due 6/1/30 | 73,420 | |||||||
5,000,000 | A1(a) | Kentucky Public Energy Authority, Revenue Bonds, Series B, 4.000% due 1/1/49(b) | 5,523,250 | |||||||
Kentucky State Property & Building Commission, Revenue Bonds: | ||||||||||
145,000 | A- | 5.000% due 5/1/28 | 178,276 | |||||||
15,000 | A- | 5.000% due 5/1/29 | 18,288 | |||||||
40,000 | AA | 5.000% due 5/1/31 | 48,950 | |||||||
110,000 | A- | Series A, 5.000% due 10/1/27 | 123,307 | |||||||
165,000 | A- | Series A, 5.000% due 2/1/29 | 193,340 | |||||||
170,000 | A- | Series A, 5.000% due 2/1/30 | 198,234 | |||||||
65,000 | A- | Series A, 5.000% due 2/1/32 | 75,292 | |||||||
80,000 | A- | Series A, 5.000% due 2/1/33 | 92,464 | |||||||
1,285,000 | A- | Series B, 5.000% due 11/1/27 | 1,542,231 | |||||||
55,000 | A1(a) | Series D, 5.000% due 5/1/21 | 57,843 | |||||||
35,000 | A1(a) | Series D, 5.000% due 5/1/26 | 41,759 | |||||||
30,000 | A1(a) | Series D, 5.000% due 5/1/27 | 36,415 | |||||||
30,000 | A1(a) | Series D, 5.000% due 5/1/28 | 36,195 | |||||||
Louisville/Jefferson County Metropolitan Government, Revenue Bonds: | ||||||||||
525,000 | A | Series A, 5.000% due 10/1/29 | 629,968 | |||||||
95,000 | A | Series A, 5.000% due 10/1/32 | 112,482 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Municipal Fixed Income Fund (continued) |
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Kentucky - 1.7% - (continued) | ||||||||||
$ | 70,000 | A | Series A, 5.500% due 10/1/33 | $ | 79,090 | |||||
185,000 | A | Series A, 5.750% due 10/1/38 | 209,768 | |||||||
100,000 | BBB+ | Series Prerefunded 6/01/22 @ 100, 5.000% due 12/1/28(c) | 108,949 | |||||||
335,000 | BBB+ | Series Prerefunded 6/01/22 @ 100, 5.000% due 12/1/29(c) | 364,979 | |||||||
20,000 | BBB+ | Series Prerefunded 6/01/22 @ 100, 5.000% due 12/1/30(c) | 21,790 | |||||||
355,000 | A+ | University of Louisville, Revenue Bonds, Series C, 3.000% due 9/1/21 | 364,997 | |||||||
Total Kentucky | 14,786,519 | |||||||||
Louisiana - 0.9% | ||||||||||
Calcasieu Parish Memorial Hospital Service District, Revenue Bonds: | ||||||||||
100,000 | BB+ | 5.000% due 12/1/25 | 116,200 | |||||||
100,000 | BB+ | 5.000% due 12/1/26 | 117,870 | |||||||
100,000 | BB+ | 5.000% due 12/1/27 | 119,283 | |||||||
100,000 | BB+ | 5.000% due 12/1/28 | 120,304 | |||||||
90,000 | AA- | City of New Orleans LA, GO, 5.000% due 12/1/20 | 93,352 | |||||||
1,500,000 | AA | Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, 5.000% due 10/1/26 | 1,824,765 | |||||||
Louisiana Public Facilities Authority, Revenue Bonds: | ||||||||||
40,000 | A | Series A, 5.000% due 12/15/22 | 44,420 | |||||||
85,000 | A | Series A, 5.000% due 12/15/23 | 97,146 | |||||||
60,000 | A2(a) | Louisiana Stadium & Exposition District, Revenue Bonds, Series A, 5.000% due 7/1/24 | 67,527 | |||||||
New Orleans Aviation Board, Revenue Bonds: | ||||||||||
70,000 | A- | Series B, 5.000% due 1/1/24(d) | 79,243 | |||||||
85,000 | A- | Series B, 5.000% due 1/1/25(d) | 98,531 | |||||||
65,000 | A- | Series B, 5.000% due 1/1/27(d) | 74,804 | |||||||
10,000 | A- | Series B, 5.000% due 1/1/29(d) | 11,923 | |||||||
20,000 | A- | Series B, 5.000% due 1/1/31(d) | 23,632 | |||||||
20,000 | A- | Series B, 5.000% due 1/1/36(d) | 23,364 | |||||||
15,000 | A- | Series B, 5.000% due 1/1/37(d) | 17,463 | |||||||
20,000 | A- | Series D2, 5.000% due 1/1/26(d) | 23,663 | |||||||
15,000 | A- | Series D2, 5.000% due 1/1/29(d) | 17,885 | |||||||
20,000 | A- | Series D2, 5.000% due 1/1/30(d) | 23,731 | |||||||
45,000 | A- | Series D2, 5.000% due 1/1/32(d) | 53,021 | |||||||
35,000 | A- | Series D2, 5.000% due 1/1/35(d) | 40,956 | |||||||
15,000 | A- | Series D2, 5.000% due 1/1/38(d) | 17,419 | |||||||
Parish of St John the Baptist LA, Revenue Bonds: | ||||||||||
565,000 | BBB | 2.000% due 6/1/37(b) | 564,802 | |||||||
270,000 | BBB | 2.100% due 6/1/37(b) | 270,581 | |||||||
600,000 | BBB | 2.200% due 6/1/37(b) | 601,074 | |||||||
3,500,000 | AA- | State of Louisiana, GO, Series C, 5.000% due 7/15/20 | 3,582,740 | |||||||
Total Louisiana | 8,125,699 | |||||||||
Maine - 0.3% | ||||||||||
Maine Health & Higher Educational Facilities Authority, Revenue Bonds: | ||||||||||
155,000 | BBB | 5.000% due 7/1/43 | 166,114 | |||||||
60,000 | BBB | Series A, 4.000% due 7/1/41 | 62,597 | |||||||
80,000 | BBB | Series A, 4.000% due 7/1/46 | 83,064 | |||||||
25,000 | BBB | Series A, 5.000% due 7/1/41 | 27,896 | |||||||
15,000 | BBB | Series A, 5.000% due 7/1/46 | 16,678 | |||||||
2,500,000 | AA+ | Maine State Housing Authority, Revenue Bonds, Series B, 3.150% due 11/15/39 | 2,567,300 | |||||||
Maine Turnpike Authority, Revenue Bonds: | ||||||||||
65,000 | AA- | 5.000% due 7/1/25 | 78,200 | |||||||
60,000 | AA- | 5.000% due 7/1/27 | 71,293 | |||||||
Total Maine | 3,073,142 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Municipal Fixed Income Fund (continued) |
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Maryland - 3.4% | ||||||||||
City of Baltimore MD, Revenue Bonds: | ||||||||||
$ | 105,000 | AA | Series C, 5.000% due 7/1/28 | $ | 129,505 | |||||
195,000 | AA | Series C, 5.000% due 7/1/31 | 238,005 | |||||||
200,000 | AA | Series C, 5.000% due 7/1/33 | 242,994 | |||||||
170,000 | AA- | Series D, 5.000% due 7/1/33 | 206,166 | |||||||
2,500,000 | SP-1+ | County of Baltimore MD, GO, 4.000% due 3/19/20(g) | 2,521,250 | |||||||
2,500,000 | AAA | County of Howard MD, GO, Series D, 5.000% due 2/15/30 | 3,154,250 | |||||||
County of Prince George's MD, GO: | ||||||||||
3,595,000 | AAA | Series A, 5.000% due 7/15/22 | 3,955,866 | |||||||
5,805,000 | AAA | Series A, 5.000% due 7/15/29 | 7,429,355 | |||||||
2,065,000 | AAA | Series C, 4.000% due 8/1/26 | 2,264,149 | |||||||
Maryland Community Development Administration, Revenue Bonds: | ||||||||||
405,000 | Aa2(a) | Series B, 4.000% due 9/1/49 | 444,188 | |||||||
320,000 | Aa2(a) | Series C, 5.000% due 9/1/28 | 402,739 | |||||||
315,000 | Aa2(a) | Series C, 3.500% due 3/1/50 | 339,598 | |||||||
Maryland Economic Development Corp., Revenue Bonds: | ||||||||||
45,000 | Baa3(a) | Series A, 5.000% due 6/1/23 | 50,082 | |||||||
45,000 | Baa3(a) | Series A, 5.000% due 6/1/24 | 51,424 | |||||||
45,000 | Baa3(a) | Series A, 5.000% due 6/1/25 | 52,529 | |||||||
60,000 | Baa3(a) | Series A, 5.000% due 6/1/26 | 71,464 | |||||||
40,000 | Baa3(a) | Series A, 5.000% due 6/1/27 | 48,472 | |||||||
30,000 | Baa3(a) | Series A, 5.000% due 6/1/31 | 36,376 | |||||||
30,000 | Baa3(a) | Series A, 5.000% due 6/1/32 | 36,272 | |||||||
35,000 | BBB | Series D, 5.000% due 3/31/30(d) | 40,690 | |||||||
65,000 | BBB | Series D, 5.000% due 3/31/51(d) | 72,700 | |||||||
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds: | ||||||||||
30,000 | BBB | 5.000% due 7/1/27 | 35,239 | |||||||
40,000 | BBB | 5.000% due 7/1/28 | 46,832 | |||||||
65,000 | BBB | 5.000% due 7/1/29 | 75,842 | |||||||
30,000 | BBB | 5.000% due 7/1/31 | 34,793 | |||||||
35,000 | A | Series A, 5.000% due 7/1/24 | 38,163 | |||||||
30,000 | A | Series A, 5.000% due 7/1/25 | 32,663 | |||||||
65,000 | BBB | Series A, 5.000% due 7/1/33 | 75,713 | |||||||
50,000 | BBB | Series A, 5.000% due 7/1/34 | 58,074 | |||||||
20,000 | BBB | Series A, 5.000% due 7/1/35 | 23,156 | |||||||
50,000 | BBB | Series A, 5.000% due 7/1/36 | 57,705 | |||||||
155,000 | BBB | Series A, 4.000% due 7/1/42 | 164,179 | |||||||
70,000 | WD(f) | Series Prerefunded 7/1/20 @ 100, 5.625% due 7/1/30(c) | 71,819 | |||||||
225,000 | WD(f) | Series Prerefunded 7/1/20 @ 100, 5.750% due 7/1/38(c) | 231,007 | |||||||
State of Maryland, GO: | ||||||||||
2,000,000 | AAA | Series A, 5.000% due 8/1/31 | 2,595,040 | |||||||
1,500,000 | AAA | Series C, 5.000% due 8/1/20 | 1,538,610 | |||||||
3,000,000 | AAA | State of Maryland Department of Transportation, Revenue Bonds, 3.500% due 10/1/33 | 3,261,120 | |||||||
Total Maryland | 30,128,029 | |||||||||
Massachusetts - 1.3% | ||||||||||
Commonwealth of Massachusetts, GO: | ||||||||||
290,000 | AA | Series A, Prerefunded 4/1/21 @ 100, 5.000% due 4/1/23(c) | 304,941 | |||||||
400,000 | AA | Series B, 5.250% due 8/1/20 | 411,008 | |||||||
90,000 | AA | Series B, 5.000% due 7/1/22 | 98,904 | |||||||
520,000 | AA | Series C, 5.000% due 4/1/23 | 585,816 | |||||||
2,000,000 | AA | Series C, 5.000% due 5/1/42 | 2,481,940 | |||||||
45,000 | AA | Massachusetts Bay Transportation Authority, Revenue Bonds, Series A, 5.000% due 7/1/45 | 52,027 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Municipal Fixed Income Fund (continued) |
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Massachusetts - 1.3% - (continued) | ||||||||||
Massachusetts Development Finance Agency, Revenue Bonds: | ||||||||||
$ | 45,000 | AA- | 5.000% due 7/1/23 | $ | 50,999 | |||||
115,000 | AA- | 5.000% due 7/1/24 | 134,238 | |||||||
50,000 | A | 5.000% due 7/1/30 | 63,062 | |||||||
235,000 | A | 5.000% due 7/1/31 | 294,732 | |||||||
500,000 | Baa2(a) | 5.000% due 7/1/34 | 607,920 | |||||||
65,000 | AAA | Series A, 5.000% due 7/15/22 | 71,560 | |||||||
145,000 | NR | Series A, Prerefunded 11/15/23 @ 100, 6.250% due 11/15/28(c)(e) | 168,396 | |||||||
140,000 | BBB | Series D, 5.000% due 7/1/44 | 157,133 | |||||||
500,000 | AA+ | Series N, 1.450% due 7/1/41(b) | 501,785 | |||||||
55,000 | AA- | Series Q-1, 5.000% due 7/1/21 | 55,163 | |||||||
105,000 | AA- | Series S, 5.000% due 7/1/30 | 130,864 | |||||||
585,000 | A+ | Series S-1, 5.000% due 10/1/24 | 689,990 | |||||||
335,000 | AA- | Series S4, 5.000% due 7/1/38(b) | 384,989 | |||||||
215,000 | AA- | Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Series I4, 5.000% due 7/1/20 | 215,617 | |||||||
1,170,000 | AA | Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, Revenue Bonds, Series A, 5.000% due 1/1/39(b) | 1,298,068 | |||||||
2,500,000 | AA- | University of Massachusetts Building Authority, Revenue Bonds, Series 1, 4.000% due 11/1/43 | 2,641,075 | |||||||
Total Massachusetts | 11,400,227 | |||||||||
Michigan - 1.5% | ||||||||||
160,000 | AA | City of Detroit MI Sewage Disposal System Revenue, Revenue Bonds, Series G, AGM-Insured, 2.006% due 7/1/32(b) | 157,808 | |||||||
85,000 | Aa1(a) | Clarkston Community Schools, GO, 5.000% due 5/1/22 | 92,601 | |||||||
155,000 | AA | Detroit Downtown Development Authority, Series A, AGM-Insured, 5.000% due 7/1/37 | 172,690 | |||||||
Grand Rapids Public Schools, GO: | ||||||||||
40,000 | AA | 5.000% due 5/1/27 | 49,678 | |||||||
55,000 | AA | 5.000% due 5/1/29 | 67,467 | |||||||
100,000 | AA | 5.000% due 5/1/30 | 119,502 | |||||||
145,000 | AA | 5.000% due 5/1/31 | 172,727 | |||||||
20,000 | AA | 5.000% due 5/1/32 | 23,772 | |||||||
90,000 | AA | 5.000% due 5/1/33 | 106,812 | |||||||
Kalamazoo Hospital Finance Authority, Revenue Bonds: | ||||||||||
100,000 | A2(a) | 5.000% due 5/15/27 | 119,295 | |||||||
75,000 | A2(a) | 5.000% due 5/15/28 | 89,141 | |||||||
100,000 | AAA | Kent County Building Authority, Revenue Bonds, 5.500% due 6/1/22 | 110,287 | |||||||
Kent Hospital Finance Authority, Revenue Bonds: | ||||||||||
30,000 | AA | Series A, 5.000% due 11/15/20 | 31,059 | |||||||
20,000 | AA | Series A, 5.000% due 11/15/21 | 21,440 | |||||||
Michigan Finance Authority, Revenue Bonds: | ||||||||||
310,000 | AA | 5.000% due 7/1/22 | 339,670 | |||||||
1,250,000 | Aa3(a) | 5.000% due 11/1/23 | 1,421,475 | |||||||
45,000 | AA- | 5.000% due 12/1/23 | 51,429 | |||||||
750,000 | Aa3(a) | 5.000% due 11/1/24 | 877,793 | |||||||
50,000 | AA- | 5.000% due 12/1/24 | 58,813 | |||||||
85,000 | AA- | 5.000% due 12/1/25 | 102,650 | |||||||
40,000 | AA- | 5.000% due 12/1/26 | 49,362 | |||||||
10,000 | AA- | 5.000% due 7/1/27 | 11,799 | |||||||
35,000 | AA- | 5.000% due 12/1/27 | 44,043 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Municipal Fixed Income Fund (continued) |
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Michigan - 1.5% - (continued) | ||||||||||
$ | 160,000 | A+ | 5.000% due 8/15/28 | $ | 179,850 | |||||
60,000 | AA- | 5.000% due 12/1/28 | 74,900 | |||||||
30,000 | AA- | 5.000% due 7/1/29 | 35,160 | |||||||
60,000 | A+ | 5.000% due 8/15/29 | 67,260 | |||||||
35,000 | AA- | 5.000% due 7/1/31 | 40,874 | |||||||
30,000 | AA- | 5.000% due 7/1/32 | 34,964 | |||||||
25,000 | AA- | 5.000% due 7/1/33 | 29,160 | |||||||
205,000 | A+ | 5.000% due 11/15/36 | 223,128 | |||||||
45,000 | A+ | 5.000% due 11/15/42 | 48,496 | |||||||
735,000 | AA- | 5.000% due 12/1/44(b) | 861,244 | |||||||
45,000 | WR(a) | Series A, 5.000% due 6/1/21 | 47,470 | |||||||
190,000 | A | Series A, 5.000% due 11/15/48 | 229,533 | |||||||
65,000 | WR(a) | Series A, Prerefunded 6/1/22 @ 100, 5.000% due 6/1/27(c) | 71,069 | |||||||
140,000 | WR(a) | Series A, Prerefunded 6/1/22 @ 100, 5.000% due 6/1/39(c) | 153,072 | |||||||
Michigan State Building Authority, Revenue Bonds: | ||||||||||
495,000 | AA- | Series I, 5.000% due 10/15/34 | 593,465 | |||||||
80,000 | AA- | Series I, 5.000% due 4/15/35 | 95,809 | |||||||
Michigan State Hospital Finance Authority, Revenue Bonds: | ||||||||||
750,000 | AA- | Series C, 5.000% due 12/1/19 | 750,000 | |||||||
700,000 | AA- | Series C, 5.000% due 12/1/20 | 726,215 | |||||||
45,000 | AA- | Series C, 5.000% due 12/1/24 | 52,932 | |||||||
40,000 | AA- | Series C, 5.000% due 12/1/25 | 48,306 | |||||||
60,000 | AA- | Series C, 5.000% due 12/1/26 | 74,043 | |||||||
40,000 | AA- | Series C, 5.000% due 12/1/27 | 50,335 | |||||||
60,000 | AA- | Series C, 5.000% due 12/1/28 | 74,900 | |||||||
180,000 | AA+ | Series C, 2.400% due 11/15/47(b) | 185,501 | |||||||
710,000 | AA+ | Series F5, 4.000% due 11/15/47(b) | 790,897 | |||||||
Michigan Strategic Fund, Revenue Bonds: | ||||||||||
290,000 | A | 1.450% due 8/1/29(b) | 289,301 | |||||||
35,000 | A | 1.450% due 9/1/30(b) | 34,916 | |||||||
500,000 | A | 1.800% due 10/1/49(b)(d) | 500,525 | |||||||
Portage Public Schools, GO: | ||||||||||
35,000 | AA- | 5.000% due 11/1/27 | 42,423 | |||||||
90,000 | AA- | 5.000% due 11/1/29 | 108,435 | |||||||
Royal Oak Hospital Finance Authority, Revenue Bonds: | ||||||||||
30,000 | A+ | 5.000% due 9/1/22 | 33,017 | |||||||
60,000 | A+ | 5.000% due 9/1/24 | 68,993 | |||||||
95,000 | AA | State of Michigan, Revenue Bonds, 5.000% due 3/15/27 | 118,486 | |||||||
280,000 | AA+ | State of Michigan Trunk Line Revenue, Revenue Bonds AGM-Insured, 5.500% due 11/1/20 | 291,239 | |||||||
Warren Consolidated Schools, GO: | ||||||||||
130,000 | AA | 5.000% due 5/1/30 | 153,711 | |||||||
140,000 | AA | 5.000% due 5/1/31 | 165,008 | |||||||
145,000 | AA | 5.000% due 5/1/32 | 170,524 | |||||||
Wayne County Airport Authority, Revenue Bonds: | ||||||||||
5,000 | A | Series A, 5.000% due 12/1/29 | 6,174 | |||||||
10,000 | A | Series A, 5.000% due 12/1/30 | 12,289 | |||||||
10,000 | A | Series A, 5.000% due 12/1/31 | 12,242 | |||||||
15,000 | A | Series A, 5.000% due 12/1/36 | 18,108 | |||||||
620,000 | A | Series B, 5.000% due 12/1/29(d) | 756,344 | |||||||
15,000 | A | Series B, 5.000% due 12/1/30(d) | 18,198 | |||||||
15,000 | A | Series B, 5.000% due 12/1/31(d) | 18,153 | |||||||
10,000 | A | Series B, 5.000% due 12/1/33(d) | 12,044 | |||||||
25,000 | A | Series B, 5.000% due 12/1/36(d) | 29,896 | |||||||
60,000 | A | Series C, 5.000% due 12/1/22 | 66,530 | |||||||
65,000 | A | Series C, 5.000% due 12/1/23 | 74,204 | |||||||
70,000 | A | Series C, 5.000% due 12/1/24 | 82,153 | |||||||
60,000 | A | Series C, 5.000% due 12/1/25 | 72,191 | |||||||
45,000 | A | Series C, 5.000% due 12/1/26 | 55,265 |
See Notes to Financial Statements.
Schedules of Investments |
November 30, 2019 (unaudited) |
Destinations Municipal Fixed Income Fund (continued) |
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Michigan - 1.5% - (continued) | ||||||||||
$ | 45,000 | A | Series C, 5.000% due 12/1/27 | $ | 56,281 | |||||
Total Michigan | 13,096,546 | |||||||||
Minnesota - 1.7% | ||||||||||
60,000 | Baa1(a) | City of Maple Grove MN, Revenue Bonds, 5.000% due 9/1/26 | 70,792 | |||||||
40,000 | WD(f) | Housing & Redevelopment Authority of The City of St Paul Minnesota, Revenue Bonds, Series Prerefunded 11/15/25 @ 100, 5.000% due 11/15/40(c) | 48,396 | |||||||
2,500,000 | AAA | Metropolitan Council, GO, Series I, 3.000% due 3/1/27 | 2,589,025 | |||||||
Minnesota Agricultural & Economic Development Board, Revenue Bonds: | ||||||||||
120,000 | AA | Series C1, 5.000% due 2/15/21 | 120,909 | |||||||
165,000 | AA | Series C1, 5.000% due 2/15/22 | 166,262 | |||||||
130,000 | A- | Northern Municipal Power Agency, Revenue Bonds, Series A1, 5.000% due 1/1/20 | 130,383 | |||||||
State of Minnesota, GO: | ||||||||||
5,000,000 | AAA | Series A, 5.000% due 8/1/37 | 6,255,250 | |||||||
4,835,000 | AAA | Series B, 5.000% due 8/1/27 | 6,111,392 | |||||||
Total Minnesota | 15,492,409 | |||||||||
Mississippi - 0.7% | ||||||||||
Mississippi Hospital Equipment & Facilities Authority, Revenue Bonds: | ||||||||||
225,000 | A2(a) | 5.000% due 1/1/30 | 282,713 | |||||||
435,000 | A2(a) | 5.000% due 1/1/34 | 538,743 | |||||||
3,000,000 | A+ | State of Mississippi, Revenue Bonds, Series A, 5.000% due 10/15/34 | 3,717,870 | |||||||
State of Mississippi, GO: | ||||||||||
160,000 | AA | Series A, 5.000% due 10/1/30 | 199,624 | |||||||
1,250,000 | AA | Series A, 5.000% due 10/1/34 | 1,544,400 | |||||||
Total Mississippi | 6,283,350 | |||||||||
Missouri - 0.4% | ||||||||||
Cape Girardeau County Industrial Development Authority, Revenue Bonds: | ||||||||||
30,000 | BBB- | Series A, 5.000% due 3/1/27 | 35,435 | |||||||
35,000 | BBB- | Series A, 5.000% due 3/1/36 | 40,047 | |||||||
Health & Educational Facilities Authority of the State of Missouri, Revenue Bonds: | ||||||||||
30,000 | A+ | 5.000% due 5/15/29 | 35,820 | |||||||
30,000 | A+ | 5.000% due 5/15/30 | 35,637 | |||||||
30,000 | A+ | 5.000% due 5/15/31 | 35,486 | |||||||
85,000 | A+ | 5.000% due 5/15/36 | 98,990 | |||||||
20,000 | AA- | Series B, 4.000% due 2/1/40 | 21,348 | |||||||
70,000 | AA- | Series B, 5.000% due 2/1/30 | 82,042 | |||||||
80,000 | AA- | Series B, 5.000% due 2/1/32 | 93,183 | |||||||
65,000 | AA- | Series B, 5.000% due 2/1/36 | 74,881 | |||||||
105,000 | AA- | Series B, 5.000% due 2/1/45 | 119,028 | |||||||
2,500,000 | AAA | Metropolitan St Louis Sewer District, Revenue Bonds, Series A, 5.000% due 5/1/37 | 3,034,125 | |||||||
5,000 | A | Missouri Development Finance Board, Revenue Bonds, Series A, 6.000% due 6/1/20 | 5,111 | |||||||
85,000 | AA+ | Missouri Housing Development Commission, Revenue Bonds, 4.000% due 5/1/50 | 93,498 | |||||||
10,000 | Aaa(a) | Missouri State Environmental Improvement & Energy Resources Authority, Revenue Bonds, 5.125% due 1/1/20 | 10,032 | |||||||
100,000 | BB+(f) | St Louis County Industrial Development Authority, Revenue Bonds, 5.125% due 9/1/48 | 112,523 | |||||||
Total Missouri | 3,927,186 | |||||||||
Montana - 0.1% | ||||||||||
Montana Board of Housing, Revenue Bonds: | ||||||||||
120,000 | AA+ | Series A-1, 4.000% due 12/1/47(d) | 125,930 | |||||||
40,000 | AA+ | Series B, 4.000% due 6/1/50 | 44,596 | |||||||
Montana Facility Finance Authority, Revenue Bonds: | ||||||||||
35,000 | A+(f) | 5.000% due 2/15/21 | 36,545 | |||||||
40,000 | A+(f) | 5.000% due 2/15/22 | 43,135 | |||||||
60,000 | A+(f) | 5.000% due 2/15/23 | 66,634 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Montana - 0.1% - (continued) | ||||||||||
$ | 60,000 | A+(f) | 5.000% due 2/15/24 | $ | 68,432 | |||||
60,000 | A+(f) | 5.000% due 2/15/25 | 70,243 | |||||||
90,000 | A+(f) | 5.000% due 2/15/26 | 107,503 | |||||||
Total Montana | 563,018 | |||||||||
Nebraska - 0.1% | ||||||||||
Nebraska Investment Finance Authority, Revenue Bonds: | ||||||||||
240,000 | AA+ | Series B, 4.000% due 9/1/49(d) | 260,628 | |||||||
275,000 | AA+ | Series E, 3.750% due 9/1/49(d) | 293,967 | |||||||
Nebraska Public Power District, Revenue Bonds: | ||||||||||
115,000 | A+ | Series B, 5.000% due 1/1/31 | 136,653 | |||||||
125,000 | A+ | Series B, 5.000% due 1/1/34 | 147,608 | |||||||
155,000 | A+ | Series B, 5.000% due 1/1/36 | 182,247 | |||||||
Total Nebraska | 1,021,103 | |||||||||
Nevada - 1.3% | ||||||||||
City of Carson City NV, Revenue Bonds: | ||||||||||
20,000 | A- | 5.000% due 9/1/24 | 22,884 | |||||||
15,000 | A- | 5.000% due 9/1/28 | 18,115 | |||||||
20,000 | A- | 5.000% due 9/1/30 | 23,900 | |||||||
20,000 | A- | 5.000% due 9/1/32 | 23,764 | |||||||
20,000 | A- | 5.000% due 9/1/34 | 23,604 | |||||||
Clark County School District, GO: | ||||||||||
75,000 | A+ | Series A, 5.000% due 6/15/21 | 79,210 | |||||||
65,000 | A+ | Series A, 5.000% due 6/15/23 | 72,963 | |||||||
170,000 | A+ | Series A, 5.000% due 6/15/25 | 201,571 | |||||||
3,620,000 | A+ | Series A, 5.000% due 6/15/28 | 4,513,778 | |||||||
1,000,000 | A+ | Series C, 5.000% due 6/15/23 | 1,122,510 | |||||||
280,000 | A+ | County of Clark Department of Aviation, Revenue Bonds, Series C, 5.000% due 7/1/21(d) | 296,397 | |||||||
2,250,000 | AA+ | County of Clark NV, GO, Series A, 5.000% due 6/1/35 | 2,792,880 | |||||||
345,000 | A- | County of Clark NV, Revenue Bonds, Series A, 1.875% due 6/1/31(b) | 345,169 | |||||||
1,300,000 | A+ | County of Washoe NV, Revenue Bonds, 2.050% due 3/1/36(b)(d) | 1,311,895 | |||||||
Las Vegas Valley Water District, GO: | ||||||||||
85,000 | AA+ | Series A, 5.000% due 6/1/32 | 102,417 | |||||||
145,000 | AA+ | Series A, 5.000% due 6/1/33 | 174,361 | |||||||
155,000 | AA+ | Series A, 5.000% due 6/1/34 | 186,070 | |||||||
30,000 | AA+ | Series B, 5.000% due 6/1/22 | 32,828 | |||||||
60,000 | AA+ | Series B, 5.000% due 6/1/23 | 65,687 | |||||||
60,000 | AA+ | Series B, 5.000% due 6/1/24 | 65,655 | |||||||
30,000 | AA+ | Series B, 5.000% due 6/1/25 | 32,828 | |||||||
130,000 | AA+ | Nevada Housing Division, Revenue Bonds, Series B, 4.000% due 10/1/49 | 142,983 | |||||||
State of Nevada, GO: | ||||||||||
40,000 | AA+ | 5.000% due 8/1/21 | 42,533 | |||||||
80,000 | AA+ | 5.000% due 3/1/25 | 89,666 | |||||||
Total Nevada | 11,783,668 | |||||||||
New Hampshire - 0.4% | ||||||||||
1,535,000 | BBB+ | City of Manchester NH General Airport Revenue, Revenue Bonds, Series A, 5.000% due 1/1/21 | 1,592,885 | |||||||
740,000 | A- | New Hampshire Business Finance Authority, Revenue Bonds, 2.150% due 7/1/27(b)(d) | 746,283 | |||||||
New Hampshire Health & Education Facilities Authority Act, Revenue Bonds: | ||||||||||
40,000 | A- | 4.000% due 7/1/22 | 42,512 | |||||||
40,000 | AA- | 5.000% due 7/1/24 | 46,692 | |||||||
35,000 | A- | 5.000% due 7/1/26 | 37,985 | |||||||
135,000 | A- | 5.000% due 10/1/26 | 163,161 | |||||||
145,000 | A- | 5.000% due 10/1/27 | 173,853 | |||||||
60,000 | A- | 5.000% due 10/1/28 | 71,570 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
New Hampshire - 0.4% - (continued) | ||||||||||
$ | 70,000 | AA- | 5.000% due 7/1/30 | $ | 87,242 | |||||
210,000 | A- | 5.000% due 10/1/30 | 247,834 | |||||||
25,000 | A- | 4.000% due 10/1/38 | 26,991 | |||||||
70,000 | A2(a) | Series A, 5.000% due 10/1/43 | 75,361 | |||||||
New Hampshire State Turnpike System, Revenue Bonds: | ||||||||||
65,000 | AA- | Series B, 5.000% due 2/1/22 | 70,281 | |||||||
65,000 | AA- | Series B, 5.000% due 2/1/23 | 70,238 | |||||||
50,000 | AA- | Series B, 5.000% due 2/1/24 | 54,006 | |||||||
Total New Hampshire | 3,506,894 | |||||||||
New Jersey - 2.0% | ||||||||||
Camden County Improvement Authority, Revenue Bonds: | ||||||||||
60,000 | BBB+ | 5.000% due 2/15/24 | 68,091 | |||||||
30,000 | BBB+ | 5.000% due 2/15/25 | 33,973 | |||||||
City of Bayonne NJ, GO: | ||||||||||
45,000 | AA | 5.000% due 7/1/31 | 53,094 | |||||||
30,000 | AA | 5.000% due 7/1/32 | 35,314 | |||||||
30,000 | AA | 5.000% due 7/1/33 | 35,245 | |||||||
New Jersey Economic Development Authority, Revenue Bonds: | ||||||||||
40,000 | BBB+ | 5.000% due 3/1/25 | 44,136 | |||||||
30,000 | AA | 5.000% due 6/1/25 | 35,260 | |||||||
40,000 | AA | 5.000% due 6/1/27 | 48,846 | |||||||
60,000 | AA | 5.000% due 6/1/28 | 72,725 | |||||||
45,000 | AA | 5.000% due 6/1/29 | 54,200 | |||||||
100,000 | NR | 5.000% due 10/1/39(e) | 100,147 | |||||||
220,000 | BBB+ | Series II, 5.000% due 3/1/21 | 230,208 | |||||||
1,000,000 | BBB+ | Series EEE, 5.000% due 6/15/30 | 1,184,360 | |||||||
270,000 | BBB+ | Series NN, 5.000% due 3/1/23 | 298,256 | |||||||
370,000 | BBB+ | Series NN, 5.000% due 3/1/24 | 406,863 | |||||||
580,000 | BBB+ | Series XX, 5.000% due 6/15/26 | 667,574 | |||||||
55,000 | Baa1(a) | New Jersey Educational Facilities Authority, Revenue Bonds, Series A, 5.000% due 7/1/29 | 64,863 | |||||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds: | ||||||||||
10,000 | BBB | 5.000% due 7/1/21 | 10,528 | |||||||
25,000 | BBB | 5.000% due 7/1/22 | 27,160 | |||||||
90,000 | BBB | 5.000% due 7/1/23 | 100,389 | |||||||
25,000 | BBB | 5.000% due 7/1/24 | 28,547 | |||||||
25,000 | BBB | 5.000% due 7/1/25 | 29,166 | |||||||
10,000 | BBB | 5.000% due 7/1/26 | 11,875 | |||||||
15,000 | BBB | 5.000% due 7/1/27 | 17,766 | |||||||
75,000 | BBB | 5.000% due 7/1/28 | 88,343 | |||||||
250,000 | BBB- | 5.000% due 7/1/41 | 283,743 | |||||||
620,000 | AA- | 5.000% due 7/1/42(b) | 736,938 | |||||||
615,000 | AA- | 5.000% due 7/1/45(b) | 748,461 | |||||||
15,000 | AA | Series A, 5.000% due 7/1/28 | 18,265 | |||||||
45,000 | AA | Series A, 5.000% due 7/1/33 | 53,967 | |||||||
New Jersey Higher Education Student Assistance Authority, Revenue Bonds: | ||||||||||
165,000 | Aa1(a) | Series A, 5.000% due 12/1/22 | 182,855 | |||||||
115,000 | Aa1(a) | Series A, 5.000% due 12/1/23 | 131,139 | |||||||
65,000 | Aa1(a) | Series A, 5.000% due 12/1/24 | 76,114 | |||||||
125,000 | Aa1(a) | Series A, 5.000% due 12/1/25 | 149,842 | |||||||
40,000 | AA | Series 1A, 5.000% due 12/1/22(d) | 44,093 | |||||||
100,000 | AA | Series 1A, 5.000% due 12/1/24(d) | 115,999 | |||||||
40,000 | AA | Series 1B, 5.000% due 12/1/21(d) | 42,800 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
New Jersey - 2.0% - (continued) | ||||||||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds: | ||||||||||
$ | 435,000 | A+ | 5.000% due 6/15/27 | $ | 513,335 | |||||
870,000 | BBB+ | Series A, zero coupon, due 12/15/27 | 704,508 | |||||||
195,000 | BBB+ | Series A, zero coupon, due 12/15/28 | 152,342 | |||||||
2,000,000 | BBB+ | Series A, 5.000% due 12/15/34 | 2,329,580 | |||||||
215,000 | BBB+ | Series AA, 5.000% due 6/15/23 | 233,234 | |||||||
345,000 | BBB+ | Series AA, 5.000% due 6/15/24 | 373,925 | |||||||
360,000 | BBB+ | Series AA, 5.000% due 6/15/25 | 408,909 | |||||||
215,000 | BBB+ | Series AA, 5.000% due 6/15/26 | 243,662 | |||||||
145,000 | BBB+ | Series AA, 5.000% due 6/15/29 | 156,078 | |||||||
90,000 | BBB+ | Series B4, 5.250% due 12/15/19 | 90,114 | |||||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds: | ||||||||||
5,000,000 | A+ | 5.000% due 6/15/24 | 5,726,550 | |||||||
220,000 | BBB+ | Series A, 5.000% due 12/15/33 | 256,874 | |||||||
New Jersey Turnpike Authority, Revenue Bonds: | ||||||||||
60,000 | A+ | Series C1, 1.587% due 1/1/21(b) | 60,086 | |||||||
555,000 | A+ | Series C5, 1.707% due 1/1/28(b) | 555,494 | |||||||
Total New Jersey | 18,135,836 | |||||||||
New Mexico - 0.1% | ||||||||||
340,000 | A- | City of Farmington NM, Revenue Bonds, Series A, 1.875% due 4/1/29(b) | 340,173 | |||||||
City of Santa Fe NM, Revenue Bonds: | ||||||||||
10,000 | BB+(f) | 2.250% due 5/15/24 | 10,007 | |||||||
20,000 | BB+(f) | 2.625% due 5/15/25 | 20,017 | |||||||
185,000 | Aaa(a) | New Mexico Mortgage Finance Authority, Revenue Bonds, Series D, 3.750% due 1/1/50 | 201,456 | |||||||
Total New Mexico | 571,653 | |||||||||
New York - 11.0% | ||||||||||
City of New York NY, GO: | ||||||||||
5,000,000 | AA | 5.000% due 8/1/38(b) | 5,646,100 | |||||||
190,000 | AA | Series A, 5.000% due 8/1/22 | 209,334 | |||||||
2,035,000 | AA | Series B1, 5.000% due 12/1/38 | 2,430,278 | |||||||
90,000 | AA | Series C, 5.000% due 8/1/27 | 106,324 | |||||||
5,000,000 | AA | Series D1, 5.000% due 12/1/34 | 6,247,650 | |||||||
1,000,000 | AA | Series F1, 5.000% due 4/1/43 | 1,206,100 | |||||||
2,825,000 | AA+ | Series F4, 1.040% due 6/1/44(b) | 2,825,000 | |||||||
5,620,000 | AA | Series H, 5.000% due 1/1/36 | 7,001,846 | |||||||
90,000 | AA | Series J, 5.000% due 8/1/22 | 99,158 | |||||||
1,925,000 | AA | County of Nassau NY, GO, Series A, AGM-Insured, 5.000% due 4/1/32 | 2,385,691 | |||||||
Dutchess County Local Development Corp., Revenue Bonds: | ||||||||||
30,000 | AA | Series A, AGM, 5.000% due 7/1/20 | 30,659 | |||||||
30,000 | A- | Series A, Prerefunded 7/01/20 @ 100, 5.750% due 7/1/40(c) | 30,789 | |||||||
Hudson Yards Infrastructure Corp., Revenue Bonds: | ||||||||||
115,000 | A+ | Series A, 5.000% due 2/15/32 | 140,647 | |||||||
215,000 | A+ | Series A, 5.000% due 2/15/35 | 260,638 | |||||||
Long Island Power Authority, Revenue Bonds: | ||||||||||
1,000,000 | A | Series B, 1.650% due 9/1/49(b) | 1,002,340 | |||||||
60,000 | A | Series B, 5.000% due 9/1/22 | 66,172 | |||||||
45,000 | A | Series B, 5.000% due 9/1/23 | 51,138 | |||||||
40,000 | A | Series B, 5.000% due 9/1/24 | 46,759 | |||||||
Metropolitan Transportation Authority, Revenue Bonds: | ||||||||||
770,000 | A | Series A1, 5.000% due 11/15/45(b) | 795,918 | |||||||
3,765,000 | SP-1 | Series B1A, 5.000% due 5/15/20 | 3,827,273 | |||||||
2,000,000 | SP-1 | Series B1D, 5.000% due 5/15/20 | 2,033,080 | |||||||
2,735,000 | SP-1 | Series B2D, 5.000% due 5/15/21 | 2,876,618 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
New York - 11.0% - (continued) | ||||||||||
$ | 1,000,000 | SP-1 | Series C2, 5.000% due 9/1/21 | $ | 1,061,980 | |||||
290,000 | A | Series C2, zero coupon, due 11/15/33 | 201,782 | |||||||
MTA Hudson Rail Yards Trust Obligations, Revenue Bonds: | ||||||||||
370,000 | A2(a) | Series A, 5.000% due 11/15/51 | 392,884 | |||||||
860,000 | A2(a) | Series A, 5.000% due 11/15/56 | 954,093 | |||||||
3,000,000 | AA | New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds, Series S1, 5.000% due 7/15/29 | 3,728,040 | |||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds: | ||||||||||
2,500,000 | AAA | 1.180% due 8/1/45(b) | 2,500,000 | |||||||
770,000 | AAA | 5.000% due 11/1/20 | 772,441 | |||||||
160,000 | AAA | Series A, 5.000% due 11/1/21 | 171,957 | |||||||
2,000,000 | AAA | Series A3, 4.000% due 8/1/42 | 2,214,860 | |||||||
145,000 | AAA | Series B, 4.000% due 2/1/21 | 149,956 | |||||||
100,000 | AAA | Series B, 5.000% due 2/1/21 | 104,569 | |||||||
275,000 | AAA | Series C2, 5.000% due 5/1/32 | 342,788 | |||||||
New York City Water & Sewer System, Revenue Bonds: | ||||||||||
1,725,000 | AA+ | 5.000% due 6/15/23 | 1,958,686 | |||||||
4,285,000 | AA+ | 1.180% due 6/15/50(b) | 4,285,000 | |||||||
5,000,000 | AA+ | Series AA, 5.000% due 6/15/32 | 5,279,100 | |||||||
New York State Dormitory Authority, Revenue Bonds: | ||||||||||
2,000,000 | AA- | 2.000% due 7/1/33 | 1,897,340 | |||||||
385,000 | AA | 5.000% due 5/15/23 | 420,951 | |||||||
750,000 | A- | 5.000% due 5/1/48(b) | 843,741 | |||||||
85,000 | AA+ | Series A, 5.000% due 2/15/20 | 85,664 | |||||||
30,000 | A- | Series A, 5.000% due 7/1/23 | 33,797 | |||||||
70,000 | A- | Series A, 5.000% due 7/1/25 | 83,093 | |||||||
4,000,000 | Aa1(a) | Series A, 5.250% due 3/15/38 | 5,032,600 | |||||||
7,000,000 | AA+ | Series C, 5.000% due 3/15/33 | 8,699,110 | |||||||
2,150,000 | AAA | New York State Environmental Facilities Corp., Revenue Bonds, Series A, 5.000% due 6/15/33 | 2,698,659 | |||||||
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) | 238,048 | |||||||
65,000 | AA+ | Series A1, 5.000% due 4/1/20 | 65,824 | |||||||
60,000 | AA+ | Series A1, 5.000% due 4/1/21 | 63,050 | |||||||
New York State Urban Development Corp., Revenue Bonds: | ||||||||||
5,000,000 | AA+ | Series A, 5.000% due 3/15/20 | 5,055,350 | |||||||
285,000 | AA+ | Series A, 5.000% due 3/15/22 | 301,607 | |||||||
80,000 | AA+ | Series A, 5.000% due 3/15/32 | 97,463 | |||||||
New York Transportation Development Corp., Revenue Bonds: | ||||||||||
245,000 | Baa3(a) | 5.000% due 7/1/41(d) | 271,524 | |||||||
395,000 | Baa3(a) | 5.250% due 1/1/50(d) | 439,528 | |||||||
630,000 | AA | Oneida County Local Development Corp., Revenue Bonds AGM-Insured, 5.000% due 12/1/25 | 718,364 | |||||||
5,000,000 | AA- | Port Authority of New York & New Jersey, Revenue Bonds, Series 207, 5.000% due 9/15/24(d) | 5,811,050 | |||||||
400,000 | AA+ | Sales Tax Asset Receivable Corp., Revenue Bonds, Series A, 4.000% due 10/15/32 | 446,060 | |||||||
90,000 | Aa1(a) | State of New York Mortgage Agency, Revenue Bonds, Series 211, 3.500% due 10/1/32(d) | 96,783 | |||||||
Triborough Bridge & Tunnel Authority, Revenue Bonds: | ||||||||||
85,000 | AA- | Series B, 5.000% due 11/15/23 | 97,795 | |||||||
115,000 | AA- | Series B, 5.000% due 11/15/24 | 132,263 | |||||||
Total New York | 97,067,312 | |||||||||
North Carolina - 2.3% | ||||||||||
County of New Hanover NC, Revenue Bonds: | ||||||||||
25,000 | A+ | 5.000% due 10/1/27 | 29,868 | |||||||
205,000 | A+ | 5.000% due 10/1/47 | 233,421 | |||||||
100,000 | BBB | Nash Health Care Systems, Revenue Bonds, 5.000% due 11/1/41 | 105,585 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
North Carolina - 2.3% - (continued) | ||||||||||
North Carolina Medical Care Commission, Revenue Bonds: | ||||||||||
$ | 655,000 | A | 2.200% due 12/1/48(b) | $ | 664,000 | |||||
175,000 | A | 5.000% due 6/1/21 | 178,269 | |||||||
115,000 | A | 5.000% due 6/1/22 | 117,131 | |||||||
State of North Carolina, Revenue Bonds: | ||||||||||
330,000 | AA | 5.000% due 3/1/22 | 357,822 | |||||||
290,000 | AA | 5.000% due 3/1/23 | 324,841 | |||||||
6,500,000 | AAA | State of North Carolina, GO, Series A, 5.000% due 6/1/26 | 8,028,345 | |||||||
10,000,000 | AAA | University of North Carolina at Chapel Hill, Revenue Bonds, Series B, 1.544% due 12/1/34(b) | 10,014,800 | |||||||
Total North Carolina | 20,054,082 | |||||||||
Ohio - 1.1% | ||||||||||
1,605,000 | Baa2(a) | Akron Bath Copley Joint Township Hospital District, Revenue Bonds, 5.250% due 11/15/46 | 1,874,447 | |||||||
American Municipal Power, Inc., Revenue Bonds: | ||||||||||
45,000 | A | 5.000% due 2/15/21 | 46,997 | |||||||
60,000 | A | 5.000% due 2/15/22 | 64,865 | |||||||
40,000 | A | 5.000% due 2/15/42 | 42,657 | |||||||
800,000 | A | Series A, 2.300% due 2/15/38(b) | 812,032 | |||||||
65,000 | A | Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/23(c) | 70,360 | |||||||
60,000 | A | Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/24(c) | 64,948 | |||||||
10,000 | NR | Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/42(c) | 10,825 | |||||||
City of Cleveland OH Airport System Revenue, Revenue Bonds: | ||||||||||
30,000 | AA | Series A, AGM, 5.000% due 1/1/26 | 35,317 | |||||||
45,000 | AA | Series A, AGM, 5.000% due 1/1/28 | 52,440 | |||||||
65,000 | AA | Series A, AGM, 5.000% due 1/1/29 | 75,479 | |||||||
60,000 | AA | Series A, AGM, 5.000% due 1/1/30 | 69,451 | |||||||
Cleveland Department of Public Utilities Division of Water, Revenue Bonds: | ||||||||||
35,000 | AA | Series A, Prerefunded 1/1/22 @ 100, 5.000% due 1/1/26(c) | 37,803 | |||||||
45,000 | AA | Series A, Prerefunded 1/1/22 @ 100, 5.000% due 1/1/27(c) | 48,605 | |||||||
55,000 | AA | Columbus City School District, GO, 5.000% due 12/1/32 | 66,002 | |||||||
80,000 | A+ | County of Allen OH Hospital Facilities Revenue, Revenue Bonds, Series B, 5.000% due 8/1/47(b) | 86,925 | |||||||
County of Fairfield OH, Revenue Bonds: | ||||||||||
70,000 | Ba2(a) | 5.000% due 6/15/25 | 75,831 | |||||||
75,000 | Ba2(a) | 5.000% due 6/15/26 | 80,944 | |||||||
80,000 | Ba2(a) | 5.000% due 6/15/27 | 86,016 | |||||||
85,000 | Ba2(a) | 5.000% due 6/15/28 | 91,048 | |||||||
County of Franklin OH, Revenue Bonds: | ||||||||||
60,000 | Aa2(a) | 5.000% due 11/1/25 | 72,306 | |||||||
60,000 | Aa2(a) | 5.000% due 11/1/26 | 73,909 | |||||||
65,000 | Baa1(a) | County of Lake OH, Revenue Bonds, 5.000% due 8/15/27 | 75,674 | |||||||
135,000 | BBB | County of Lucas OH, Revenue Bonds, Series A, Prerefunded 11/15/21 @ 100, 6.500% due 11/15/37(c) | 148,748 | |||||||
County of Muskingum OH, Revenue Bonds: | ||||||||||
35,000 | BB+ | 5.000% due 2/15/20 | 35,201 | |||||||
170,000 | BB+ | 5.000% due 2/15/27 | 184,734 | |||||||
465,000 | A3(a) | County of Scioto OH, Revenue Bonds, 5.000% due 2/15/29 | 530,010 | |||||||
County of Wood OH, Revenue Bonds: | ||||||||||
20,000 | Ba2(a) | 5.000% due 12/1/32 | 21,143 | |||||||
25,000 | Ba2(a) | 5.000% due 12/1/42 | 26,180 | |||||||
140,000 | A | Ohio Higher Educational Facility Commission, Revenue Bonds, Series A, 5.250% due 1/15/21 | 140,651 | |||||||
60,000 | Aaa(a) | Ohio Housing Finance Agency, Revenue Bonds, Series B, 4.500% due 3/1/50 | 67,192 | |||||||
335,000 | A+ | Ohio Turnpike & Infrastructure Commission, Revenue Bonds, Series A2, zero coupon, due 2/15/42 | 174,029 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Ohio - 1.1% - (continued) | ||||||||||
$ | 2,000,000 | AAA | Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, Series A, 1.060% due 12/1/36(b) | $ | 2,000,000 | |||||
1,500,000 | AAA | State of Ohio, GO, Series U, 5.000% due 5/1/28 | 1,920,300 | |||||||
State of Ohio, Revenue Bonds: | ||||||||||
75,000 | AA | 5.000% due 1/1/27 | 92,950 | |||||||
145,000 | AA | 5.000% due 1/1/29 | 182,282 | |||||||
Total Ohio | 9,538,301 | |||||||||
Oklahoma - 0.3% | ||||||||||
560,000 | AA- | Canadian County Educational Facilities Authority, Revenue Bonds, 5.000% due 9/1/26 | 681,262 | |||||||
Grand River Dam Authority, Revenue Bonds: | ||||||||||
35,000 | AA- | Series A, 5.000% due 6/1/27 | 40,505 | |||||||
45,000 | AA- | Series A, 5.000% due 6/1/28 | 51,958 | |||||||
Oklahoma City Public Property Authority, Revenue Bonds: | ||||||||||
30,000 | AA- | 5.000% due 10/1/25 | 35,908 | |||||||
45,000 | AA- | 5.000% due 10/1/26 | 53,493 | |||||||
35,000 | AA- | 5.000% due 10/1/27 | 41,530 | |||||||
Oklahoma Development Finance Authority, Revenue Bonds: | ||||||||||
30,000 | BB+ | Series B, 5.000% due 8/15/27 | 36,339 | |||||||
30,000 | BB+ | Series B, 5.000% due 8/15/28 | 36,913 | |||||||
10,000 | BB+ | Series B, 5.000% due 8/15/29 | 12,199 | |||||||
90,000 | WR(a) | Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/23(c) | 97,422 | |||||||
210,000 | WR(a) | Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/42(c) | 227,319 | |||||||
Oklahoma Municipal Power Authority, Revenue Bonds: | ||||||||||
50,000 | A | Series A, 5.000% due 1/1/26 | 58,754 | |||||||
175,000 | A | Series A, 5.000% due 1/1/27 | 204,817 | |||||||
60,000 | A | Series A, 5.000% due 1/1/28 | 70,048 | |||||||
45,000 | A | Series A, 5.000% due 1/1/29 | 52,421 | |||||||
115,000 | AA | Series A, AGM, 5.000% due 1/1/21 | 115,346 | |||||||
360,000 | AA | Series A, AGM, 5.000% due 1/1/22 | 361,084 | |||||||
60,000 | A | Series B, 5.000% due 1/1/27 | 70,223 | |||||||
Total Oklahoma | 2,247,541 | |||||||||
Oregon - 1.5% | ||||||||||
20,000 | NR | Clackamas County Hospital Facility Authority, Revenue Bonds, 3.000% due 11/15/22 | 20,012 | |||||||
3,800,000 | A+ | Oregon State Business Development Commission, Revenue Bonds, Series 232, 2.400% due 12/1/40(b) | 3,928,478 | |||||||
3,695,000 | A+ | Salem Hospital Facility Authority, Revenue Bonds, 5.000% due 5/15/39 | 4,491,051 | |||||||
2,675,000 | AA+ | Salem-Keizer School District No 24J, GO, 5.000% due 6/15/32 | 3,375,716 | |||||||
1,035,000 | AA+ | State of Oregon, GO, Series A, 5.000% due 5/1/20 | 1,051,498 | |||||||
85,000 | Aa1(a) | Washington County School District No 1 West Union, GO, 5.000% due 6/15/30 | 105,313 | |||||||
Total Oregon | 12,972,068 | |||||||||
Pennsylvania - 2.1% | ||||||||||
600,000 | A+ | Allegheny County Hospital Development Authority, Revenue Bonds, 5.000% due 7/15/25 | 715,416 | |||||||
City of Philadelphia PA, GO: | ||||||||||
195,000 | A | Series A, 5.000% due 8/1/20 | 199,900 | |||||||
550,000 | A | Series A, 5.000% due 8/1/22 | 602,773 | |||||||
1,000,000 | A | Series B, 5.000% due 2/1/24 | 1,146,720 | |||||||
85,000 | A | Series B, 5.000% due 8/1/27 | 100,733 | |||||||
300,000 | A | Series B, 5.000% due 8/1/29 | 351,348 | |||||||
320,000 | A | Series B, 5.000% due 8/1/30 | 373,434 | |||||||
335,000 | A | Series B, 5.000% due 8/1/31 | 389,997 | |||||||
City of Philadelphia PA Airport Revenue, Revenue Bonds: | ||||||||||
50,000 | A | Series B, 5.000% due 7/1/30(d) | 60,262 | |||||||
70,000 | A | Series B, 5.000% due 7/1/31(d) | 84,088 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Pennsylvania - 2.1% - (continued) | ||||||||||
Commonwealth Financing Authority, Revenue Bonds: | ||||||||||
$ | 1,010,000 | A | Series A, 5.000% due 6/1/28 | $ | 1,245,694 | |||||
500,000 | A | Series B, 5.000% due 6/1/25 | 585,080 | |||||||
Commonwealth of Pennsylvania, GO: | ||||||||||
60,000 | A+ | 5.000% due 7/1/21 | 63,611 | |||||||
3,070,000 | A+ | 5.000% due 1/15/24 | 3,525,189 | |||||||
290,000 | A+ | 5.000% due 10/15/27 | 330,298 | |||||||
810,000 | A+ | 5.000% due 9/15/29 | 975,710 | |||||||
110,000 | A+ | 5.000% due 3/15/31 | 127,836 | |||||||
220,000 | NR | Erie County Hospital Authority, Revenue Bonds, Series A, Prerefunded 7/1/20 @ 100, 7.000% due 7/1/27(c) | 227,308 | |||||||
General Authority of Southcentral Pennsylvania, Revenue Bonds: | ||||||||||
190,000 | Aa3(a) | 5.000% due 6/1/38 | 234,751 | |||||||
310,000 | Aa3(a) | 5.000% due 6/1/39 | 382,053 | |||||||
Lehigh County Industrial Development Authority, Revenue Bonds: | ||||||||||
165,000 | A | 1.800% due 2/15/27(b) | 166,658 | |||||||
1,375,000 | A | Series A, 1.800% due 9/1/29(b) | 1,382,727 | |||||||
95,000 | A+ | Monroeville Finance Authority, Revenue Bonds, 5.000% due 2/15/26 | 114,594 | |||||||
Montgomery County Higher Education & Health Authority, Revenue Bonds: | ||||||||||
10,000 | BBB- | 5.000% due 10/1/23 | 11,002 | |||||||
40,000 | BBB- | 5.000% due 10/1/28 | 45,948 | |||||||
45,000 | BBB- | 5.000% due 10/1/29 | 51,452 | |||||||
140,000 | BBB- | 5.000% due 10/1/32 | 158,336 | |||||||
325,000 | A | 5.000% due 9/1/33 | 401,482 | |||||||
225,000 | BBB- | 5.000% due 10/1/36 | 252,473 | |||||||
500,000 | BBB- | 5.000% due 10/1/40 | 554,515 | |||||||
115,000 | A | Series A, AMBAC, 6.000% due 6/1/22(g) | 125,716 | |||||||
Northampton County General Purpose Authority, Revenue Bonds: | ||||||||||
75,000 | A- | 4.000% due 8/15/48 | 79,987 | |||||||
1,000,000 | A+ | 5.000% due 11/1/27 | 1,261,370 | |||||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds: | ||||||||||
90,000 | A | 5.000% due 3/1/21 | 93,879 | |||||||
60,000 | A | 5.000% due 3/1/22 | 64,642 | |||||||
165,000 | A- | Series A, 1.700% due 8/1/37(b)(d) | 165,107 | |||||||
300,000 | BBB+ | Series B, 1.450% due 4/1/49(b)(d)(g) | 299,946 | |||||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds: | ||||||||||
35,000 | AA | Series A, 5.000% due 8/15/27 | 43,870 | |||||||
35,000 | AA | Series A, 5.000% due 8/15/28 | 43,447 | |||||||
60,000 | AA | Series A, 5.000% due 8/15/30 | 73,652 | |||||||
Pennsylvania Turnpike Commission, Revenue Bonds: | ||||||||||
15,000 | A1(a) | Series A1, 5.000% due 12/1/22 | 16,656 | |||||||
15,000 | A1(a) | Series A1, 5.000% due 12/1/23 | 17,143 | |||||||
45,000 | A1(a) | Series A1, 5.000% due 12/1/29 | 55,796 | |||||||
30,000 | A1(a) | Series A1, 5.000% due 12/1/34 | 36,568 | |||||||
35,000 | A | Series A2, 5.000% due 12/1/28 | 43,870 | |||||||
35,000 | A | Series A2, 5.000% due 12/1/33 | 42,963 | |||||||
Philadelphia Gas Works Co., Revenue Bonds: | ||||||||||
30,000 | A | 5.000% due 8/1/23 | 33,891 | |||||||
20,000 | A | 5.000% due 8/1/24 | 23,196 | |||||||
25,000 | A | 5.000% due 8/1/25 | 29,619 | |||||||
30,000 | AA | Pittsburgh School District, GO, Series A, AGM, 5.000% due 9/1/20 | 30,856 | |||||||
250,000 | AA | Pittsburgh Water & Sewer Authority, Revenue Bonds, Series A, AGM-Insured, 5.000% due 9/1/44 | 304,967 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Pennsylvania - 2.1% - (continued) | ||||||||||
School District of Philadelphia, GO: | ||||||||||
$ | 405,000 | A2(a) | Series C, 5.000% due 9/1/20 | $ | 416,182 | |||||
175,000 | A2(a) | Series C, 5.000% due 9/1/21 | 179,897 | |||||||
State Public School Building Authority, Revenue Bonds: | ||||||||||
40,000 | A2(a) | 5.000% due 6/1/26 | 46,798 | |||||||
180,000 | AA | 5.000% due 12/1/28 | 214,452 | |||||||
130,000 | AA | 5.000% due 12/1/33 | 152,117 | |||||||
Total Pennsylvania | 18,757,975 | |||||||||
Rhode Island - 0.4% | ||||||||||
Rhode Island Health & Educational Building Corp., Revenue Bonds: | ||||||||||
240,000 | AA | 5.000% due 5/15/25 | 283,145 | |||||||
165,000 | BBB+ | 5.000% due 5/15/39 | 188,751 | |||||||
2,000,000 | AA+ | Series A, 5.000% due 9/1/29 | 2,523,100 | |||||||
195,000 | BB- | Series A, 5.000% due 9/1/31 | 222,507 | |||||||
155,000 | AA+ | Rhode Island Housing & Mortgage Finance Corp./RI, Revenue Bonds, Series 70, 4.000% due 10/1/49 | 170,089 | |||||||
100,000 | AA | Rhode Island Student Loan Authority, Revenue Bonds, Series A, 3.500% due 12/1/34(d) | 104,793 | |||||||
Tobacco Settlement Financing Corp., Revenue Bonds: | ||||||||||
55,000 | BBB | Series A, 5.000% due 6/1/27 | 63,205 | |||||||
70,000 | BBB | Series A, 5.000% due 6/1/28 | 80,231 | |||||||
Total Rhode Island | 3,635,821 | |||||||||
South Carolina - 3.2% | ||||||||||
Beaufort-Jasper Water & Sewer Authority, Revenue Bonds: | ||||||||||
30,000 | AA+ | Series B, 5.000% due 3/1/22 | 32,557 | |||||||
30,000 | AA+ | Series B, 5.000% due 3/1/24 | 34,659 | |||||||
30,000 | AA+ | Series B, 5.000% due 3/1/25 | 35,644 | |||||||
County of Charleston SC, GO: | ||||||||||
4,385,000 | AAA | 5.000% due 11/1/22 | 4,871,998 | |||||||
2,500,000 | AAA | Series C, 5.000% due 11/1/27 | 3,181,225 | |||||||
13,000,000 | Aa2(a) | Patriots Energy Group Financing Agency, Revenue Bonds, Series A, 4.000% due 10/1/48(b) | 14,192,360 | |||||||
Scago Educational Facilities Corp. for Colleton School District, Revenue Bonds: | ||||||||||
115,000 | A- | 5.000% due 12/1/27 | 134,556 | |||||||
95,000 | A- | 5.000% due 12/1/29 | 110,572 | |||||||
South Carolina Jobs-Economic Development Authority, Revenue Bonds: | ||||||||||
65,000 | A+ | 5.000% due 2/1/22 | 69,890 | |||||||
30,000 | A+ | 5.000% due 2/1/24 | 34,115 | |||||||
50,000 | A+ | 5.000% due 2/1/25 | 58,318 | |||||||
50,000 | A+ | 5.000% due 2/1/26 | 59,579 | |||||||
200,000 | A+ | Series Prerefunded 11/1/22 @ 100, 5.000% due 11/1/28(c) | 221,738 | |||||||
South Carolina Ports Authority, Revenue Bonds: | ||||||||||
65,000 | A+ | 5.000% due 7/1/28(d) | 80,875 | |||||||
140,000 | A+ | 5.000% due 7/1/30(d) | 172,078 | |||||||
South Carolina Public Service Authority, Revenue Bonds: | ||||||||||
2,080,000 | A | Series A, 5.000% due 12/1/49 | 2,310,090 | |||||||
355,000 | A | Series A, 5.000% due 12/1/50 | 400,894 | |||||||
515,000 | A | Series A, 5.500% due 12/1/54 | 582,882 | |||||||
185,000 | A | Series B, 5.000% due 12/1/35 | 219,353 | |||||||
275,000 | A | Series B, 5.000% due 12/1/36 | 325,374 | |||||||
115,000 | A | Series C, 5.000% due 12/1/25 | 134,004 | |||||||
115,000 | A | Series C, 5.000% due 12/1/26 | 133,836 | |||||||
90,000 | A | Series C, 5.000% due 12/1/27 | 104,439 | |||||||
105,000 | A | Series C, 5.000% due 12/1/46 | 118,013 | |||||||
190,000 | A | Series E, 5.500% due 12/1/53 | 213,237 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
South Carolina - 3.2% - (continued) | ||||||||||
$ | 230,000 | Aaa(a) | South Carolina State Housing Finance & Development Authority, Revenue Bonds, Series A, 4.000% due 1/1/50 | $ | 254,463 | |||||
50,000 | Aa3(a) | South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series A, 5.000% due 10/1/25 | 60,312 | |||||||
Total South Carolina | 28,147,061 | |||||||||
South Dakota - 0.0% | ||||||||||
South Dakota Health & Educational Facilities Authority, Revenue Bonds: | ||||||||||
30,000 | AA- | 5.000% due 7/1/23 | 33,820 | |||||||
15,000 | AA- | 5.000% due 7/1/24 | 17,401 | |||||||
10,000 | AA- | 5.000% due 7/1/27 | 12,357 | |||||||
50,000 | AA- | 5.000% due 7/1/33 | 59,928 | |||||||
40,000 | AA- | 5.000% due 7/1/35 | 47,738 | |||||||
35,000 | A+ | Series B, 5.000% due 11/1/24 | 40,891 | |||||||
35,000 | A+ | Series B, 5.000% due 11/1/25 | 40,859 | |||||||
5,000 | A+ | Series B, 5.000% due 11/1/26 | 5,805 | |||||||
Total South Dakota | 258,799 | |||||||||
Tennessee - 1.6% | ||||||||||
1,585,000 | AAA | City of Chattanooga TN, GO, Series A, 4.000% due 2/1/33 | 1,855,639 | |||||||
Greeneville Health & Educational Facilities Board, Revenue Bonds: | ||||||||||
30,000 | A- | Series A, 5.000% due 7/1/29 | 36,744 | |||||||
35,000 | A- | Series A, 5.000% due 7/1/30 | 42,590 | |||||||
Knox County Health Educational & Housing Facility Board, Revenue Bonds: | ||||||||||
35,000 | BBB | 5.000% due 9/1/22 | 37,976 | |||||||
30,000 | BBB | 5.000% due 4/1/24 | 33,799 | |||||||
30,000 | BBB | 5.000% due 9/1/24 | 34,150 | |||||||
40,000 | BBB | 5.000% due 4/1/25 | 46,051 | |||||||
200,000 | A- | Lewisburg Industrial Development Board, Revenue Bonds, 1.450% due 7/2/35(b)(d) | 199,950 | |||||||
145,000 | A | Memphis-Shelby County Airport Authority, Revenue Bonds, Series B, 5.625% due 7/1/20(d) | 148,655 | |||||||
2,505,000 | AAA | State of Tennessee, GO, Series A, 5.000% due 9/1/27 | 3,178,294 | |||||||
6,240,000 | Aa2(a) | Tennergy Corp., Revenue Bonds, Series A, 5.000% due 2/1/50(b) | 7,188,043 | |||||||
Tennessee Energy Acquisition Corp., Revenue Bonds: | ||||||||||
675,000 | A3(a) | 4.000% due 11/1/49(b) | 751,376 | |||||||
350,000 | A3(a) | Series A, 4.000% due 5/1/48(b) | 375,284 | |||||||
Total Tennessee | 13,928,551 | |||||||||
Texas - 13.6% | ||||||||||
1,895,000 | AAA | Alamo Community College District, GO, 5.000% due 8/15/34 | 2,336,668 | |||||||
40,000 | AA- | Austin Community College District, Revenue Bonds AMBAC-Insured, zero coupon, due 2/1/22 | 38,820 | |||||||
2,525,000 | Aa3(a) | Brownsville Independent School District, GO, 4.000% due 8/15/22 | 2,708,820 | |||||||
Central Texas Regional Mobility Authority, Revenue Bonds: | ||||||||||
70,000 | A- | 5.000% due 1/1/31 | 82,209 | |||||||
145,000 | A- | 5.000% due 1/1/32 | 169,951 | |||||||
95,000 | A- | 5.000% due 1/1/35 | 110,738 | |||||||
45,000 | A- | 5.000% due 1/1/36 | 52,349 | |||||||
35,000 | A- | Series A, 5.000% due 1/1/31 | 40,729 | |||||||
30,000 | A- | Series A, 5.000% due 1/1/32 | 34,847 | |||||||
60,000 | A- | Series A, 5.000% due 1/1/34 | 69,452 | |||||||
160,000 | A- | Series A, 5.000% due 1/1/40 | 183,174 | |||||||
510,000 | A- | Central Texas Turnpike System, Revenue Bonds, Series A, 5.000% due 8/15/42(b) | 516,023 | |||||||
90,000 | AA | City of Arlington TX, Series C, 5.000% due 2/15/45 | 93,246 | |||||||
80,000 | A | City of Austin TX Airport System Revenue, Revenue Bonds, 5.000% due 11/15/29(d) | 92,734 | |||||||
45,000 | AA | City of Austin TX Electric Utility Revenue, Revenue Bonds, Series A, 5.000% due 11/15/23 | 49,813 | |||||||
City of Dallas TX, GO: | ||||||||||
130,000 | AA- | 5.000% due 2/15/23 | 140,837 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Texas - 13.6% - (continued) | ||||||||||
$ | 170,000 | AA- | 5.000% due 2/15/24 | $ | 195,388 | |||||
2,060,000 | AA- | 5.000% due 2/15/25 | 2,434,281 | |||||||
City of Houston TX, GO: | ||||||||||
60,000 | Aa3(a) | Series A, 5.000% due 3/1/23 | 67,046 | |||||||
2,290,000 | Aa3(a) | Series A, 5.000% due 3/1/24 | 2,635,400 | |||||||
120,000 | Aa3(a) | Series A, 5.000% due 3/1/25 | 141,905 | |||||||
City of Houston TX Airport System Revenue, Revenue Bonds: | ||||||||||
230,000 | A+ | Series A, 5.000% due 7/1/20(d) | 235,041 | |||||||
350,000 | A+ | Series A, 5.000% due 7/1/23(d) | 381,164 | |||||||
50,000 | A1(a) | Series A, 5.000% due 7/1/26(d) | 60,544 | |||||||
60,000 | A1(a) | Series A, 5.000% due 7/1/27(d) | 73,953 | |||||||
30,000 | A1(a) | Series A, 5.000% due 7/1/28(d) | 37,543 | |||||||
90,000 | A1(a) | Series B, 5.000% due 7/1/28 | 114,511 | |||||||
360,000 | A1(a) | Series B, 5.000% due 7/1/29 | 454,788 | |||||||
190,000 | A1(a) | Series B, 5.000% due 7/1/30 | 238,456 | |||||||
2,000,000 | A1(a) | Series D, 5.000% due 7/1/24 | 2,332,640 | |||||||
1,500,000 | A1(a) | Series D, 5.000% due 7/1/25 | 1,796,550 | |||||||
1,500,000 | A1(a) | Series D, 5.000% due 7/1/26 | 1,838,355 | |||||||
City of Houston TX Combined Utility System Revenue, Revenue Bonds: | ||||||||||
250,000 | Aa2(a) | Series B, 4.000% due 11/15/21 | 263,747 | |||||||
70,000 | Aa2(a) | Series B, 5.000% due 11/15/33 | 84,384 | |||||||
75,000 | AA | Series C, 5.000% due 5/15/28 | 86,496 | |||||||
1,040,000 | AAA | City of Irving TX, GO, 5.500% due 8/15/23 | 1,201,054 | |||||||
City of San Antonio TX Airport System, Revenue Bonds: | ||||||||||
500,000 | A | Series A, 5.000% due 7/1/27(d) | 610,710 | |||||||
480,000 | A+ | Series A, 5.000% due 7/1/28(d) | 596,803 | |||||||
City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds: | ||||||||||
45,000 | AA | 5.000% due 2/1/29 | 56,209 | |||||||
30,000 | AA | 5.000% due 2/1/30 | 37,349 | |||||||
45,000 | AA | 5.000% due 2/1/31 | 55,673 | |||||||
35,000 | AA | 5.000% due 2/1/33 | 42,995 | |||||||
90,000 | AA | 5.250% due 2/1/25 | 107,558 | |||||||
205,000 | AA- | Series B, 2.000% due 2/1/33(b) | 206,874 | |||||||
1,500,000 | AA- | Series 2019, 2.750% due 2/1/48(b) | 1,560,825 | |||||||
County of Harris TX, Revenue Bonds: | ||||||||||
30,000 | AA- | Series C, 5.000% due 8/15/24 | 32,936 | |||||||
110,000 | AA- | Series C, 5.000% due 8/15/25 | 120,704 | |||||||
County of Travis TX, GO: | ||||||||||
85,000 | AAA | Series A, 5.000% due 3/1/24 | 98,240 | |||||||
1,490,000 | AAA | Series A, 5.000% due 3/1/38 | 1,864,794 | |||||||
2,215,000 | AAA | County of Williamson TX, GO, 5.000% due 2/15/30 | 2,719,466 | |||||||
Cypress-Fairbanks Independent School District, GO: | ||||||||||
145,000 | AAA | 5.000% due 2/15/22 | 157,020 | |||||||
145,000 | AAA | 5.000% due 2/15/23 | 162,145 | |||||||
725,000 | AAA | 5.000% due 2/15/24 | 834,874 | |||||||
620,000 | AAA | 5.000% due 2/15/25 | 734,012 | |||||||
105,000 | AAA | 5.000% due 2/15/27 | 127,160 | |||||||
9,000,000 | AAA | Series B1, 2.125% due 2/15/40(b) | 9,123,030 | |||||||
165,000 | AAA | Series B2, 1.400% due 2/15/40(b) | 165,079 | |||||||
180,000 | AAA | Series B3, 1.400% due 2/15/44(b) | 180,086 | |||||||
90,000 | AAA | Series C, 5.000% due 2/15/44 | 101,714 | |||||||
210,000 | AA+ | Dallas Area Rapid Transit, Revenue Bonds AMBAC-Insured, 5.250% due 12/1/29 | 280,337 | |||||||
185,000 | A2(a) | Dallas County Utility & Reclamation District, GO, 5.000% due 2/15/24 | 211,893 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Texas - 13.6% - (continued) | ||||||||||
Dallas Independent School District, GO: | ||||||||||
$ | 85,000 | AAA | 5.000% due 2/15/36(b) | $ | 91,718 | |||||
20,000 | Aaa(a) | Series Prerefunded 2/15/22 @ 100, 5.000% due 2/15/36(c) | 21,649 | |||||||
Dallas Love Field, Revenue Bonds: | ||||||||||
40,000 | A | 5.000% due 11/1/30(d) | 46,744 | |||||||
90,000 | A | 5.000% due 11/1/31(d) | 104,960 | |||||||
Dallas/Fort Worth International Airport, Revenue Bonds: | ||||||||||
85,000 | A+ | Series B, 5.000% due 11/1/26(d) | 93,513 | |||||||
35,000 | A+ | Series B, 5.000% due 11/1/27(d) | 38,464 | |||||||
80,000 | A+ | Series B, 5.000% due 11/1/28(d) | 87,821 | |||||||
155,000 | A+ | Series B, 5.000% due 11/1/30(d) | 169,688 | |||||||
330,000 | A+ | Series B, 5.000% due 11/1/31(d) | 360,875 | |||||||
420,000 | A+ | Series B, 5.000% due 11/1/32(d) | 458,795 | |||||||
290,000 | A+ | Series B, 5.000% due 11/1/33(d) | 316,613 | |||||||
70,000 | A+ | Series B, 5.000% due 11/1/34(d) | 76,362 | |||||||
1,500,000 | A+ | Series E, 5.000% due 11/1/22(d) | 1,655,670 | |||||||
85,000 | AAA | Denton Independent School District, GO PSF-GTD-Insured, zero coupon, due 8/15/25 | 77,895 | |||||||
Fort Bend Independent School District, GO: | ||||||||||
80,000 | AAA | Series C, PSF-GTD, 1.350% due 8/1/42(b) | 80,010 | |||||||
160,000 | AAA | Series D, PSF-GTD, 1.500% due 8/1/42(b) | 160,418 | |||||||
Fort Worth Independent School District, GO: | ||||||||||
80,000 | AAA | 5.000% due 2/15/22 | 86,723 | |||||||
105,000 | AAA | 5.000% due 2/15/26 | 127,697 | |||||||
Grand Parkway Transportation Corp., Revenue Bonds: | ||||||||||
150,000 | AA+ | Series A, 5.000% due 10/1/31 | 187,085 | |||||||
125,000 | AA+ | Series A, 5.000% due 10/1/32 | 155,331 | |||||||
190,000 | AA+ | Series A, 5.000% due 10/1/33 | 235,437 | |||||||
145,000 | AA+ | Series A, 5.000% due 10/1/34 | 179,153 | |||||||
70,000 | BBB | Series A, 5.125% due 10/1/43 | 77,090 | |||||||
170,000 | BBB | Series A, 5.500% due 4/1/53 | 190,595 | |||||||
1,210,000 | AA+ | Series B, 5.000% due 10/1/52(b) | 1,366,876 | |||||||
35,000 | AA+ | Series B, 5.000% due 4/1/53 | 38,805 | |||||||
70,000 | AA+ | Series B, 5.250% due 10/1/51 | 78,927 | |||||||
940,000 | WR(a) | Gregg County Health Facilities Development Corp., Revenue Bonds, Series C, Prerefunded 7/1/22 @ 100, 5.000% due 7/1/42(c) | 1,029,385 | |||||||
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds: | ||||||||||
1,025,000 | A+ | 5.000% due 6/1/24 | 1,167,506 | |||||||
590,000 | A+ | 5.000% due 7/1/49(b) | 672,398 | |||||||
Harris County Flood Control District, Revenue Bonds: | ||||||||||
1,000,000 | AAA | Series A, Prerefunded 10/1/20 @ 100, 5.000% due 10/1/34(c) | 1,031,860 | |||||||
5,000,000 | AAA | Series A, Prerefunded 10/1/20 @ 100, 5.000% due 10/1/39(c) | 5,159,300 | |||||||
2,000,000 | AAA | Houston Independent School District, GO, Series PSF-GTD PSF-GTD-Insured, 5.000% due 2/15/36 | 2,459,140 | |||||||
Irving Hospital Authority, Revenue Bonds: | ||||||||||
15,000 | A+ | 5.000% due 10/15/24 | 17,290 | |||||||
20,000 | A+ | 5.000% due 10/15/26 | 23,831 | |||||||
15,000 | A+ | 5.000% due 10/15/27 | 17,787 | |||||||
20,000 | A+ | 5.000% due 10/15/29 | 23,477 | |||||||
30,000 | A+ | 5.000% due 10/15/31 | 34,911 | |||||||
40,000 | A+ | 5.000% due 10/15/35 | 45,966 | |||||||
30,000 | A+ | 5.000% due 10/15/36 | 34,405 | |||||||
35,000 | A+ | 5.000% due 10/15/39 | 39,870 | |||||||
45,000 | A+ | 5.000% due 10/15/44 | 50,873 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Texas - 13.6% - (continued) | ||||||||||
Lamar Consolidated Independent School District, GO: | ||||||||||
$ | 7,280,000 | AAA | Series PSF-GTD, 5.000% due 2/15/31 | $ | 8,919,019 | |||||
7,050,000 | AAA | Series PSF-GTD, 5.000% due 2/15/34 | 8,553,695 | |||||||
1,225,000 | AA+ | Lewisville Independent School District, GO, Series B, 5.000% due 8/15/28 | 1,454,026 | |||||||
Lower Colorado River Authority, Revenue Bonds: | ||||||||||
1,135,000 | A | 5.000% due 5/15/22 | 1,196,233 | |||||||
135,000 | A | 5.000% due 5/15/32 | 167,446 | |||||||
70,000 | A | 5.000% due 5/15/34 | 86,234 | |||||||
70,000 | A | 5.000% due 5/15/36 | 85,796 | |||||||
400,000 | A | Series B, 5.000% due 5/15/21 | 406,980 | |||||||
195,000 | A | Series B, 5.000% due 5/15/25 | 231,401 | |||||||
85,000 | A | Series B, 5.000% due 5/15/27 | 100,092 | |||||||
85,000 | A | Series B, 5.000% due 5/15/28 | 99,386 | |||||||
245,000 | A | Series B, 5.000% due 5/15/29 | 286,763 | |||||||
25,000 | A | Series D, 5.000% due 5/15/22 | 27,283 | |||||||
20,000 | A | Series D, 5.000% due 5/15/23 | 22,526 | |||||||
35,000 | A | Series D, 5.000% due 5/15/24 | 40,586 | |||||||
40,000 | A | Series D, 5.000% due 5/15/26 | 47,392 | |||||||
2,720,000 | AAA | Midlothian Independent School District, GO, Series B PSF-GTD-Insured, 2.500% due 8/1/52(b) | 2,740,862 | |||||||
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds: | ||||||||||
60,000 | Aa2(a) | Series A, 5.000% due 8/15/24 | 69,901 | |||||||
70,000 | Aa2(a) | Series A, 5.000% due 8/15/25 | 83,600 | |||||||
45,000 | Aa2(a) | Series A, 5.000% due 8/15/26 | 55,013 | |||||||
45,000 | Aa2(a) | Series A, 5.000% due 8/15/27 | 56,107 | |||||||
70,000 | Aa2(a) | Series A, 5.000% due 8/15/30 | 85,646 | |||||||
Newark Higher Education Finance Corp., Revenue Bonds: | ||||||||||
65,000 | A3(a) | 5.000% due 4/1/27 | 76,415 | |||||||
40,000 | A3(a) | 5.000% due 4/1/28 | 46,778 | |||||||
125,000 | AAA | North East Independent School District, GO, Series B PSF-GTD-Insured, 1.420% due 8/1/40(b) | 125,019 | |||||||
North Harris County Regional Water Authority, Revenue Bonds: | ||||||||||
30,000 | AA- | 4.000% due 12/15/23 | 32,394 | |||||||
55,000 | AA- | 4.000% due 12/15/24 | 59,349 | |||||||
North Texas Tollway Authority, Revenue Bonds: | ||||||||||
50,000 | A+ | Series A, 5.000% due 1/1/23 | 55,698 | |||||||
145,000 | A+ | Series A, 5.000% due 1/1/24 | 166,432 | |||||||
35,000 | A+ | Series A, 5.000% due 1/1/30 | 41,654 | |||||||
40,000 | A+ | Series A, 5.000% due 1/1/33 | 48,314 | |||||||
3,000,000 | A+ | Series A, 5.000% due 1/1/38 | 3,682,290 | |||||||
200,000 | A+ | Series A, 5.000% due 1/1/39 | 233,028 | |||||||
370,000 | WD(f) | Series A, Prerefunded 9/1/21 @ 100, 5.500% due 9/1/41(c) | 397,510 | |||||||
30,000 | WD(f) | Series A, Prerefunded 9/1/21 @ 100, 6.000% due 9/1/41(c) | 32,483 | |||||||
290,000 | A+ | Series B, 5.000% due 1/1/29 | 338,291 | |||||||
160,000 | A+ | Series B, 5.000% due 1/1/30 | 186,381 | |||||||
20,000 | A | Series B, 5.000% due 1/1/31 | 23,614 | |||||||
85,000 | A | Series B, 5.000% due 1/1/32 | 102,681 | |||||||
685,000 | Aaa(a) | Northside Independent School District, GO PSF-GTD-Insured, 2.750% due 8/1/48(b) | 716,990 | |||||||
Permanent University Fund - University of Texas System, Revenue Bonds: | ||||||||||
50,000 | Aaa(a) | Series B, 5.000% due 7/1/22 | 54,839 | |||||||
50,000 | Aaa(a) | Series B, 5.000% due 7/1/29 | 60,854 | |||||||
430,000 | Aaa(a) | Prosper Independent School District, GO PSF-GTD-Insured, 5.000% due 2/15/44 | 528,156 | |||||||
50,000 | AAA | Rockwall Independent School District, GO PSF-GTD-Insured, zero coupon, due 2/15/25 | 46,243 | |||||||
1,195,000 | Aaa(a) | San Antonio Independent School District, GO, Series A PSF-GTD-Insured, 5.000% due 8/1/28 | 1,457,792 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Texas - 13.6% - (continued) | ||||||||||
San Antonio Public Facilities Corp., Revenue Bonds: | ||||||||||
$ | 140,000 | AA+ | 5.000% due 9/15/23 | $ | 154,273 | |||||
215,000 | AA+ | 5.000% due 9/15/24 | 236,797 | |||||||
270,000 | AA+ | 5.000% due 9/15/25 | 297,216 | |||||||
San Antonio Water System, Revenue Bonds: | ||||||||||
175,000 | NR | 5.000% due 5/15/22 | 191,249 | |||||||
2,000,000 | AA | Series A, 5.000% due 5/15/36 | 2,465,280 | |||||||
390,000 | AA | Series B, 2.000% due 5/1/44(b) | 395,846 | |||||||
Sherman Independent School District, GO: | ||||||||||
2,130,000 | AAA | Series B, 3.000% due 8/1/48(b) | 2,153,324 | |||||||
45,000 | Aaa(a) | Series B, Prerefunded 8/1/20 @ 100, 3.000% due 8/1/48(b)(c) | 45,528 | |||||||
State of Texas, GO: | ||||||||||
240,000 | AAA | 1.850% due 8/1/29(b) | 240,705 | |||||||
1,085,000 | AAA | 2.250% due 8/1/29(b) | 1,091,608 | |||||||
360,000 | AAA | 4.000% due 8/1/21(d) | 375,977 | |||||||
3,500,000 | Aaa(a) | 5.000% due 8/1/21 | 3,722,414 | |||||||
2,500,000 | AAA | 5.000% due 10/1/24 | 2,899,900 | |||||||
150,000 | AAA | 5.000% due 8/1/26(d) | 173,736 | |||||||
45,000 | AAA | Series A, 5.000% due 8/1/21(d) | 47,734 | |||||||
350,000 | AAA | Series B, 5.000% due 8/1/25(d) | 396,340 | |||||||
45,000 | AAA | Series C, 5.000% due 8/1/20(d) | 46,098 | |||||||
40,000 | AAA | Series C, 5.000% due 8/1/21(d) | 42,430 | |||||||
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds: | ||||||||||
165,000 | AA | 5.000% due 2/15/25 | 194,433 | |||||||
30,000 | AA- | 5.000% due 8/15/25 | 33,953 | |||||||
45,000 | AA- | 5.000% due 8/15/26 | 50,808 | |||||||
45,000 | AA- | 5.000% due 8/15/28 | 50,600 | |||||||
110,000 | AA- | 5.000% due 8/15/33 | 122,387 | |||||||
60,000 | AA | 5.000% due 2/15/34 | 71,378 | |||||||
155,000 | A | 5.500% due 9/1/43 | 172,523 | |||||||
400,000 | A(f) | Series B, 5.000% due 11/15/40 | 453,536 | |||||||
165,000 | AAA | Texas A&M University, Revenue Bonds, Series C, 5.000% due 5/15/23 | 186,313 | |||||||
Texas Department of Housing & Community Affairs, Revenue Bonds: | ||||||||||
420,000 | Aaa(a) | 2.950% due 7/1/36 | 432,365 | |||||||
440,000 | AA+ | Series A, 4.000% due 3/1/50 | 490,490 | |||||||
460,000 | Baa3(a) | Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, 7.000% due 12/31/38(d) | 537,841 | |||||||
600,000 | AA+ | Texas Public Finance Authority, Revenue Bonds, 5.000% due 2/1/28 | 759,024 | |||||||
135,000 | Aa2(a) | Texas State University System, Revenue Bonds, Series A, 5.000% due 3/15/29 | 165,507 | |||||||
Texas Transportation Commission, Revenue Bonds: | ||||||||||
800,000 | Baa3(a) | zero coupon, due 8/1/35 | 456,328 | |||||||
500,000 | Baa3(a) | zero coupon, due 8/1/36 | 270,260 | |||||||
Texas Water Development Board, Revenue Bonds: | ||||||||||
125,000 | AAA | Series A, 5.000% due 4/15/22 | 136,253 | |||||||
180,000 | AAA | Series A, 5.000% due 4/15/25 | 214,574 | |||||||
75,000 | AAA | Series A, 5.000% due 10/15/25 | 90,607 | |||||||
125,000 | AAA | Series A, 5.000% due 4/15/26 | 152,791 | |||||||
190,000 | AAA | Series A, 5.000% due 4/15/29 | 238,606 | |||||||
505,000 | AAA | Series A, 5.000% due 4/15/30 | 632,043 | |||||||
Travis County Health Facilities Development Corp., Revenue Bonds: | ||||||||||
2,305,000 | NR | Series Prerefunded 1/1/21 @ 100, 7.000% due 1/1/32(c) | 2,447,956 | |||||||
1,365,000 | NR | Series Prerefunded 1/1/21 @ 100, 7.125% due 1/1/46(c) | 1,451,487 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Texas - 13.6% - (continued) | ||||||||||
University of Houston, Revenue Bonds: | ||||||||||
$ | 10,000 | AA | 5.250% due 2/15/25 | $ | 10,030 | |||||
190,000 | AA | Series A, 5.000% due 2/15/30 | 227,312 | |||||||
University of Texas System, Revenue Bonds: | ||||||||||
1,785,000 | NR | Series A, Prerefunded 2/15/22 @ 100, 5.000% due 8/15/27(c) | 1,934,244 | |||||||
90,000 | AAA | Series B, 5.000% due 8/15/22 | 99,263 | |||||||
60,000 | AAA | Series D, 5.000% due 8/15/20 | 61,626 | |||||||
65,000 | AAA | Series D, 5.000% due 8/15/21 | 69,245 | |||||||
70,000 | AAA | Series D, 5.000% due 8/15/22 | 77,205 | |||||||
80,000 | AAA | Series E, 5.000% due 8/15/22 | 88,234 | |||||||
90,000 | AAA | Series J, 5.000% due 8/15/22 | 99,263 | |||||||
Total Texas | 120,739,187 | |||||||||
Utah - 0.4% | ||||||||||
Salt Lake City Corp. Airport Revenue, Revenue Bonds: | ||||||||||
35,000 | A+ | Series A, 5.000% due 7/1/26(d) | 42,235 | |||||||
115,000 | A+ | Series A, 5.000% due 7/1/28(d) | 140,497 | |||||||
85,000 | A | Utah Associated Municipal Power Systems, Revenue Bonds, Series A, Prerefunded 9/1/22 @ 100, 5.000% due 9/1/24(c) | 93,596 | |||||||
2,500,000 | A+ | Utah Transit Authority, Revenue Bonds, Series A, 5.000% due 6/15/31 | 3,233,150 | |||||||
Total Utah | 3,509,478 | |||||||||
Virginia - 2.3% | ||||||||||
30,000 | BBB | City of Chesapeake VA Chesapeake Expressway Toll Road Revenue, Revenue Bonds, Series A, 5.000% due 7/15/22 | 32,662 | |||||||
2,635,000 | AAA | City of Suffolk VA, GO, Series A, 5.000% due 2/1/27 | 3,295,990 | |||||||
5,000,000 | AAA | Commonwealth of Virginia, GO, Series B, 4.000% due 6/1/24 | 5,488,800 | |||||||
Fredericksburg Economic Development Authority, Revenue Bonds: | ||||||||||
40,000 | A3(a) | 5.000% due 6/15/27 | 45,902 | |||||||
40,000 | A3(a) | 5.000% due 6/15/29 | 45,667 | |||||||
45,000 | A3(a) | 5.000% due 6/15/33 | 51,041 | |||||||
3,180,000 | AA | Hampton Roads Transportation Accountability Commission, Revenue Bonds, Series A, 5.000% due 7/1/35 | 3,949,178 | |||||||
1,065,000 | A- | King George County Economic Development Authority, Revenue Bonds, 2.500% due 6/1/23(b)(d) | 1,092,317 | |||||||
320,000 | AA | Norfolk Economic Development Authority, Revenue Bonds, Series B, 5.000% due 11/1/48(b) | 404,461 | |||||||
Stafford County Economic Development Authority, Revenue Bonds: | ||||||||||
20,000 | A3(a) | 4.000% due 6/15/37 | 21,420 | |||||||
50,000 | A3(a) | 5.000% due 6/15/32 | 59,074 | |||||||
65,000 | A3(a) | 5.000% due 6/15/34 | 76,341 | |||||||
Virginia College Building Authority, Revenue Bonds: | ||||||||||
2,805,000 | AA+ | Series A, 5.000% due 9/1/32 | 3,538,620 | |||||||
165,000 | AA+ | Series D, 5.000% due 2/1/26 | 200,703 | |||||||
265,000 | AA+ | Series E, 5.000% due 2/1/30 | 332,964 | |||||||
305,000 | AA+ | Series E, 5.000% due 2/1/31 | 381,482 | |||||||
360,000 | AA+ | Virginia Commonwealth Transportation Board, Revenue Bonds, Series A, 5.000% due 5/15/30 | 450,983 | |||||||
220,000 | BBB | Virginia Small Business Financing Authority, Revenue Bonds, 5.000% due 1/1/40(d) | 233,919 | |||||||
Winchester Economic Development Authority, Revenue Bonds: | ||||||||||
60,000 | A+ | 5.000% due 1/1/32 | 70,625 | |||||||
75,000 | A+ | 5.000% due 1/1/33 | 87,944 | |||||||
400,000 | BBB+ | Wise County Industrial Development Authority, Revenue Bonds, Series A, 1.875% due 11/1/40(b) | 401,052 | |||||||
100,000 | BBB+ | York County Economic Development Authority, Revenue Bonds, Series A, 1.900% due 5/1/33(b) | 101,248 | |||||||
Total Virginia | 20,362,393 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Washington - 4.0% | ||||||||||
$ | 60,000 | AA | Chelan County Public Utility District No 1, Revenue Bonds, Series A, NPFG, zero coupon, due 6/1/24 | $ | 55,882 | |||||
City of Tacoma WA Electric System Revenue, Revenue Bonds: | ||||||||||
30,000 | AA | 5.000% due 1/1/29 | 36,812 | |||||||
35,000 | AA | 5.000% due 1/1/36 | 42,072 | |||||||
85,000 | Aaa(a) | Clark County School District No 37 Vancouver, GO, Series C, NPFG, zero coupon, due 12/1/19 | 85,000 | |||||||
Grant County Public Utility District No 2, Revenue Bonds: | ||||||||||
30,000 | AA | Series A, 5.000% due 1/1/22 | 32,333 | |||||||
30,000 | AA | Series A, 5.000% due 1/1/23 | 32,879 | |||||||
65,000 | AA | Series A, 5.000% due 1/1/24 | 71,013 | |||||||
Port of Seattle WA, Revenue Bonds: | ||||||||||
25,000 | A | 5.000% due 6/1/23(d) | 28,031 | |||||||
35,000 | A+ | 5.000% due 2/1/27 | 42,143 | |||||||
70,000 | A+ | 5.000% due 2/1/29 | 83,590 | |||||||
135,000 | AA- | Series B, 5.000% due 10/1/29(d) | 160,129 | |||||||
State of Washington, GO: | ||||||||||
2,500,000 | AA+ | Series 2010E, Prerefunded 2/1/20 @ 100, 5.000% due 2/1/34(c) | 2,515,800 | |||||||
5,000,000 | AA+ | Series 2010E, Prerefunded 2/1/20 @ 100, 5.000% due 2/1/35(c) | 5,031,600 | |||||||
50,000 | AA+ | Series 2017A, 5.000% due 8/1/27 | 61,446 | |||||||
8,430,000 | AA+ | Series A, 5.000% due 8/1/32 | 10,598,775 | |||||||
5,000,000 | AA+ | Series C, 5.000% due 2/1/33 | 6,328,750 | |||||||
50,000 | AA+ | Series R2017A, 5.000% due 8/1/28 | 61,102 | |||||||
50,000 | AA+ | Series R2017A, 5.000% due 8/1/30 | 60,606 | |||||||
725,000 | AA+ | Series R2018D, 5.000% due 8/1/32 | 892,888 | |||||||
640,000 | AA+ | Series R2018D, 5.000% due 8/1/33 | 786,509 | |||||||
5,000,000 | AA+ | Series R2018D, 5.000% due 8/1/35 | 6,113,750 | |||||||
Tobacco Settlement Authority, Revenue Bonds: | ||||||||||
70,000 | A | 5.000% due 6/1/23 | 77,931 | |||||||
100,000 | A | 5.000% due 6/1/24 | 111,330 | |||||||
Washington Health Care Facilities Authority, Revenue Bonds: | ||||||||||
5,000 | A | 5.000% due 7/1/25 | 5,926 | |||||||
60,000 | A | 5.000% due 7/1/26 | 72,778 | |||||||
70,000 | AA- | 5.000% due 10/1/27 | 87,267 | |||||||
110,000 | BBB | 5.000% due 8/15/28 | 129,663 | |||||||
60,000 | AA- | 5.000% due 10/1/28 | 76,180 | |||||||
40,000 | A+ | 5.000% due 1/1/29 | 46,476 | |||||||
90,000 | A | 5.000% due 7/1/29 | 111,411 | |||||||
275,000 | BBB | 5.000% due 8/15/31 | 320,229 | |||||||
95,000 | BBB | 5.000% due 8/15/32 | 110,326 | |||||||
20,000 | A | 5.000% due 7/1/34 | 24,178 | |||||||
700,000 | A | 5.000% due 7/1/42 | 823,858 | |||||||
115,000 | AA- | Series A, 5.000% due 10/1/24 | 126,805 | |||||||
65,000 | A2(a) | Series Prerefunded 7/1/20 @ 100, 5.500% due 7/1/30(c) | 66,642 | |||||||
Washington Higher Education Facilities Authority, Revenue Bonds: | ||||||||||
15,000 | Baa1(a) | Series A, 5.000% due 10/1/29 | 17,610 | |||||||
35,000 | Baa1(a) | Series A, 5.000% due 10/1/30 | 40,846 | |||||||
40,000 | Baa1(a) | Series A, 5.000% due 10/1/31 | 46,538 | |||||||
210,000 | Baa1(a) | Series A, 5.000% due 10/1/33 | 243,138 | |||||||
Total Washington | 35,660,242 | |||||||||
West Virginia - 1.7% | ||||||||||
State of West Virginia, GO: | ||||||||||
9,860,000 | AA- | Series B, 5.000% due 12/1/34 | 12,299,463 | |||||||
2,000,000 | AA- | Series B, 5.000% due 6/1/35 | 2,493,200 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
West Virginia - 1.7% - (continued) | ||||||||||
$ | 190,000 | BBB+ | West Virginia Hospital Finance Authority, Revenue Bonds, 5.000% due 1/1/33 | $ | 230,375 | |||||
Total West Virginia | 15,023,038 | |||||||||
Wisconsin - 1.5% | ||||||||||
Public Finance Authority, Revenue Bonds: | ||||||||||
300,000 | A- | 1.450% due 10/1/25(b)(d) | 299,925 | |||||||
35,000 | BB(f) | 5.000% due 5/15/23(e) | 38,227 | |||||||
35,000 | BB(f) | 5.000% due 5/15/30(e) | 39,640 | |||||||
25,000 | BB(f) | 5.000% due 10/1/43(e) | 27,671 | |||||||
30,000 | BB(f) | 5.000% due 10/1/48(e) | 33,121 | |||||||
130,000 | BB(f) | 5.000% due 10/1/53(e) | 143,161 | |||||||
10,000 | BB(f) | 5.250% due 5/15/37(e) | 11,277 | |||||||
15,000 | BB(f) | 5.250% due 5/15/42(e) | 16,771 | |||||||
15,000 | BB(f) | 5.250% due 5/15/47(e) | 16,715 | |||||||
25,000 | BB(f) | 5.250% due 5/15/52(e) | 27,791 | |||||||
535,000 | A2(a) | Series A, 5.000% due 10/1/44 | 640,678 | |||||||
610,000 | BBB | Series A, 5.250% due 10/1/43 | 703,843 | |||||||
610,000 | BBB | Series A, 5.250% due 10/1/48 | 700,786 | |||||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds: | ||||||||||
80,000 | NR | 2.550% due 11/1/27 | 80,475 | |||||||
130,000 | NR | 2.825% due 11/1/28 | 130,783 | |||||||
400,000 | A2(a) | 5.000% due 10/1/23 | 454,580 | |||||||
255,000 | AA- | 5.000% due 11/15/24 | 298,238 | |||||||
325,000 | A2(a) | 5.000% due 10/1/25 | 388,599 | |||||||
25,000 | BBB+ | 5.000% due 5/1/26 | 28,098 | |||||||
50,000 | A3(a) | 5.000% due 6/1/27 | 53,663 | |||||||
215,000 | NR | 5.000% due 11/1/27 | 239,310 | |||||||
195,000 | AA- | 5.000% due 11/15/27 | 226,344 | |||||||
50,000 | BBB+ | 5.000% due 5/1/28 | 55,922 | |||||||
25,000 | BBB+ | 5.000% due 5/1/29 | 27,929 | |||||||
30,000 | A3(a) | 5.000% due 6/1/32 | 32,046 | |||||||
50,000 | BBB- | 5.000% due 9/1/34 | 57,413 | |||||||
65,000 | BBB- | 5.000% due 9/1/36 | 73,994 | |||||||
70,000 | A3(a) | 5.000% due 6/1/39 | 74,214 | |||||||
7,255,000 | AA | 5.000% due 8/15/54(b) | 8,095,524 | |||||||
200,000 | WR(a) | Series B, Prerefunded 7/1/23 @ 100, 5.000% due 7/1/36(c) | 226,086 | |||||||
30,000 | WR(a) | Series B, Prerefunded 7/1/23 @ 100, 5.000% due 7/1/25(c) | 33,913 | |||||||
50,000 | NR | Series C, Prerefunded 8/15/22 @ 100, 5.000% due 8/15/32(c) | 55,046 | |||||||
55,000 | NR | Series Prerefunded 7/1/20 @ 100, 5.750% due 7/1/30(c) | 56,452 | |||||||
50,000 | WR(a) | Series Prerefunded 7/1/20 @ 100, 5.500% due 7/1/40(c) | 51,248 | |||||||
35,000 | WD(f) | Series Prerefunded 8/15/25 @ 100, 4.000% due 2/15/38(c) | 39,948 | |||||||
Total Wisconsin | 13,479,431 | |||||||||
TOTAL MUNICIPAL BONDS | ||||||||||
(Cost - $791,009,092) | 823,295,914 | |||||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS | ||||||||||
(Cost - $791,009,092) | 823,295,914 | |||||||||
SHORT-TERM INVESTMENTS - 6.5% | ||||||||||
MUNICIPAL BONDS - 5.1% | ||||||||||
4,125,000 | SP-1+ | City of Los Angeles CA, Revenue Notes 5.000% due 6/25/20 | 4,216,823 | |||||||
10,000,000 | MIG1(a) | Cobb County School District, GO 3.000% due 12/18/19 | 10,005,749 | |||||||
10,000,000 | SP-1 | County of Fulton GA, Revenue Notes 2.500% due 12/31/19 | 10,008,095 | |||||||
2,200,000 | MIG1(a) | School District of Philadelphia, Revenue Notes, Series C 4.000% due 3/31/20 | 2,219,712 |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Face Amount | Rating†† | Security | Value | |||||||
MUNICIPAL BONDS – (continued) | ||||||||||
Municipal Bonds - 5.1% - (continued) | ||||||||||
$ | 18,000,000 | SP-1+ | State of Texas, Revenue Notes 4.000% due 8/27/20 | $ | 18,374,760 | |||||
TOTAL MUNICIPAL BONDS | ||||||||||
(Cost - $44,801,597) | 44,825,139 | |||||||||
TIME DEPOSITS - 1.4% | ||||||||||
9,277,513 | Banco Bilbao Vizcaya Argentaria SA - Madrid, 0.920% due 12/2/19 | 9,277,513 | ||||||||
3,084,849 | Barclays Bank PLC - London, 0.920% due 12/2/19 | 3,084,849 | ||||||||
TOTAL TIME DEPOSITS | ||||||||||
(Cost - $12,362,362) | 12,362,362 | |||||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||||
(Cost - $57,163,959) | 57,187,501 | |||||||||
TOTAL INVESTMENTS - 99.6% | ||||||||||
(Cost - $848,173,051#) | 880,483,415 | |||||||||
Other Assets in Excess of Liabilities - 0.4% | 3,932,149 | |||||||||
TOTAL NET ASSETS - 100.0% | $ | 884,415,564 |
†† | All ratings are by Standard & Poor's Rating Service, unless otherwise noted. |
(a) | Rating by Moody's Investors Service. All ratings are unaudited. |
(b) | Variable rate security. Interest rate disclosed is that which was in effect at November 30, 2019. |
(c) | Pre-refunded bonds are escrowed with government obligations and/or government agency securities and are considered by the Manager to be triple-A rated even if the issuer has not applied for new ratings. |
(d) | Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (AMT). |
(e) | Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at November 30, 2019, amounts to approximately $2,964,506 and represents 0.34% of net assets. |
(f) | Rating by Fitch Ratings Service. All ratings are unaudited. |
(g) | Illiquid security. The aggregate value of illiquid holdings at November 30, 2019, amounts to approximately $4,497,621 and represents 0.51% of net assets. |
# | Aggregate cost for federal income tax purposes is substantially the same. |
Abbreviations used in this schedule: | ||
AGM | — | Assured Guaranty Municipal Corporation |
AMBAC | — | American Bond Assurance Corporation |
AMT | — | Alternative Minimum Tax |
COP | — | Certificate of Participation |
GO | — | General Obligation |
LLC | — | Limited Liability Company |
MTA | — | Metropolitan Transportation Authority |
NPFG | — | National Public Finance Guarantee Corporation |
PLC | — | Public Limited Company |
PSF-GTD | — | Permanent School Fund Guaranteed |
See Notes to Financial Statements.
Schedules of Investments
November 30, 2019 (unaudited)
Destinations Municipal Fixed Income Fund (continued)
Summary of Investments by Security Industry^ | ||||
General Obligation | 45.5 | % | ||
Education | 15.4 | |||
Health Care Providers & Services | 10.7 | |||
Transportation | 7.1 | |||
Water and Sewer | 4.2 | |||
Airport | 3.4 | |||
Development | 1.9 | |||
Power | 1.5 | |||
Single Family Housing | 0.9 | |||
Nursing Homes | 0.9 | |||
Pollution | 0.9 | |||
Utilities | 0.7 | |||
Tobacco | 0.2 | |||
Multifamily Housing | 0.1 | |||
Student Loan | 0.1 | |||
Facilities | 0.0 | * | ||
Housing | 0.0 | * | ||
Mello-Roos | 0.0 | * | ||
Bond Bank | 0.0 | * | ||
Short-Term Investments | 6.5 | |||
100.0 | % |
^ As a percentage of total investments. |
* Position represents less than 0.05%. |
See Notes to Financial Statements.
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.
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.
Notes to Financial Statements
November 30, 2019 (unaudited)
1. Organization
Brinker Capital Destinations Trust (“Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust currently consists of Destinations Large Cap Equity Fund, Destinations Small-Mid Cap Equity Fund, Destinations International Equity Fund, Destinations Equity Income Fund, Destinations Real Assets Fund, Destinations Core Fixed Income Fund, Destinations Low Duration Fixed Income Fund, Destinations Global Fixed Income Opportunities Fund, Destinations Municipal Fixed Income Fund and Destinations Multi Strategy Alternatives Fund (individually, a “Fund” and collectively, the “Funds”). Each Fund currently offers two classes of shares designated as Class I and Class Z shares.
Brinker Capital, Inc. (“Brinker Capital” or the “Adviser”), serves as the investment adviser for the Funds. The Funds employ a multimanager strategy. The Adviser selects and oversees professional money managers (each a “Sub-adviser”) who are responsible for investing the assets of the Funds allocated to them.
2. 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.
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 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:
Unadjusted Quoted Prices | Significant | Significant | ||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||
Total Fair Value at | for Identical Investments | Inputs | Inputs | |||||||||||||
30-Nov-19 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Destinations Large Cap Equity Fund | ||||||||||||||||
Investments, at value | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Basic Materials | $ | 105,708,114 | $ | 105,708,114 | $ | - | $ | - | ||||||||
Communications | 647,046,110 | 647,046,110 | - | - | ||||||||||||
Consumer Cyclical | 269,528,198 | 269,528,198 | - | - | ||||||||||||
Consumer Non-cyclical | 1,003,084,116 | 1,003,084,116 | - | - | ||||||||||||
Energy | 209,029,057 | 209,029,057 | - | - | ||||||||||||
Financial | 621,383,396 | 619,567,153 | - | 1,816,243 | ||||||||||||
Industrial | 384,238,094 | 384,238,094 | - | - | ||||||||||||
Technology | 678,006,572 | 678,006,572 | - | - | ||||||||||||
Utilities | 86,551,622 | 86,551,622 | - | - | ||||||||||||
Preferred Stocks | 3,031,915 | - | - | 3,031,915 | ||||||||||||
Exchange Traded Fund (ETF) | 1,821,209 | 1,821,209 | - | - | ||||||||||||
Right | 293 | 293 | - | - | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Time Deposits | 87,887,317 | - | 87,887,317 | - | ||||||||||||
Money Market Fund | 18,763,870 | 18,763,870 | - | - | ||||||||||||
Total Investments, at value | $ | 4,116,079,883 | $ | 4,023,344,408 | $ | 87,887,317 | $ | 4,848,158 | ||||||||
Other Financial Instruments - Assets | ||||||||||||||||
Futures Contract | $ | 388,633 | $ | 388,633 | - | - | ||||||||||
Total Other Financial Instruments - Assets | $ | 388,633 | $ | 388,633 | $ | - | $ | - |
Unadjusted Quoted Prices | Significant | Significant | ||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||
Total Fair Value at | for Identical Investments | Inputs | Inputs | |||||||||||||
30-Nov-19 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Destinations Small-Mid Cap Equity Fund | ||||||||||||||||
Investments, at value | ||||||||||||||||
Common Stocks | $ | 937,553,716 | $ | 937,553,716 | $ | - | $ | - | ||||||||
Exchange Traded Funds (ETFs) | 49,913,018 | 49,913,018 | - | - | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Time Deposits | 32,407,842 | - | 32,407,842 | - | ||||||||||||
Money Market Fund | 22,378,821 | 22,378,821 | - | - | ||||||||||||
Total Investments, at value | $ | 1,042,253,397 | $ | 1,009,845,555 | $ | 32,407,842 | $ | - |
Unadjusted Quoted Prices | Significant | Significant | ||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||
Total Fair Value at | for Identical Investments | Inputs | Inputs | |||||||||||||
30-Nov-19 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Destinations International Equity Fund | ||||||||||||||||
Investments, at value | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Argentina | $ | 5,968,686 | $ | 5,968,686.00 | $ | - | $ | - | ||||||||
Australia | 28,655,475 | - | 28,655,475 | - | ||||||||||||
Austria | 6,289,697 | - | 6,289,697 | - | ||||||||||||
Belgium | 2,060,253 | - | 2,060,253 | - | ||||||||||||
Bermuda | 4,832,900 | - | 4,832,900 | - | ||||||||||||
Brazil | 35,918,801 | 17,483,914 | 18,434,887 | - | ||||||||||||
Canada | 35,727,233 | 35,727,233 | - | - | ||||||||||||
China | 163,449,388 | 53,755,468 | 109,693,920 | - | ||||||||||||
Denmark | 9,015,826 | - | 9,015,826 | - | ||||||||||||
Egypt | 4,855,430 | - | 4,855,430 | - | ||||||||||||
Finland | 759,050 | - | 759,050 | - | ||||||||||||
France | 119,171,169 | - | 119,171,169 | - | ||||||||||||
Germany | 106,702,495 | - | 106,702,495 | - | ||||||||||||
Greece | 4,074,121 | - | 4,074,121 | - | ||||||||||||
Hong Kong | 22,660,359 | - | 22,660,359 | - | ||||||||||||
Hungary | 1,816,337 | - | 1,816,337 | - | ||||||||||||
India | 128,127,764 | 843,515 | 126,745,586 | 538,663 | ||||||||||||
Indonesia | 16,739,246 | - | 16,739,246 | - | ||||||||||||
Ireland | 15,753,282 | 3,256,395 | 12,496,887 | - | ||||||||||||
Israel | 9,437,668 | 5,998,207 | 3,439,461 | - | ||||||||||||
Italy | 7,101,627 | - | 7,101,627 | - | ||||||||||||
Japan | 273,175,920 | - | 273,175,920 | - | ||||||||||||
Malaysia | 3,191,555 | - | 3,191,555 | - | ||||||||||||
Mexico | 24,542,617 | 7,291,572 | 17,251,045 | - | ||||||||||||
Netherlands | 40,527,370 | 10,337,729 | 30,189,641 | - | ||||||||||||
Nigeria | 135,990 | - | 135,990 | - | ||||||||||||
Panama | 4,497,776 | 4,497,776 | - | - | ||||||||||||
Peru | 2,949,268 | 2,949,268 | - | - | ||||||||||||
Philippines | 20,055,906 | - | 20,055,906 | - | ||||||||||||
Poland | 2,330,988 | - | 2,330,988 | - | ||||||||||||
Portugal | 12,648,520 | - | 12,648,520 | - | ||||||||||||
Russia | 9,092,425 | 7,287,037 | 1,805,388 | - | ||||||||||||
Saudi Arabia | 1,891,768 | - | 1,891,768 | - | ||||||||||||
Singapore | 3,366,515 | - | 3,366,515 | - | ||||||||||||
South Africa | 26,375,808 | 822,925 | 25,552,883 | - | ||||||||||||
South Korea | 53,900,512 | - | 53,900,512 | - | ||||||||||||
Spain | 17,388,772 | - | 17,388,772 | - | ||||||||||||
Sweden | 40,908,587 | - | 40,908,587 | - | ||||||||||||
Switzerland | 99,586,913 | - | 99,586,913 | - | ||||||||||||
Taiwan | 64,731,943 | 23,498,431 | 41,233,512 | - | ||||||||||||
Thailand | 14,030,904 | 122,539 | 13,908,365 | - | ||||||||||||
United Arab Emirates | 9,106,934 | - | 9,106,934 | - | ||||||||||||
United Kingdom | 143,162,976 | 3,849,992 | 139,308,979 | 4,005 | ||||||||||||
United States | 67,919,914 | 67,792,283 | 127,631 | - | ||||||||||||
Exchange Traded Funds (ETFs) | 269,010,924 | 269,010,924 | - | - | ||||||||||||
Preferred Stock | 793,594 | - | - | 793,594 | ||||||||||||
Short-Term Investments: | - | - | - | - | ||||||||||||
Time Deposits | 44,349,536 | - | 44,349,536 | - | ||||||||||||
U.S. Government Agency | 16,612,000 | - | 16,612,000 | - | ||||||||||||
Money Market Fund | 35,456,829 | 35,456,829 | - | - | ||||||||||||
Total Investments, at value | $ | 2,030,859,571 | $ | 555,950,723 | $ | 1,473,572,586 | $ | 1,336,262 | ||||||||
Other Financial Instruments - Asset | ||||||||||||||||
Forward Foreign Currency Contract | $ | 501,783 | - | $ | 501,783 | - | ||||||||||
Total Other Financial Instruments - Assets | $ | 501,783 | - | $ | 501,783 | - |
Unadjusted Quoted Prices | Significant | Significant | ||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||
Total Fair Value at | for Identical Investments | Inputs | Inputs | |||||||||||||
30-Nov-19 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Destinations Equity Income Fund | ||||||||||||||||
Investments, at value | ||||||||||||||||
Common Stocks | $ | 428,179,689 | $ | 428,179,689 | $ | - | $ | - | ||||||||
Exchange Traded Funds (ETFs) | 82,455,569 | 82,455,569 | - | - | ||||||||||||
Convertible Preferred Stock | 2,437,834 | 2,437,834 | - | - | ||||||||||||
Warrants | 2,308,792 | - | 2,308,792.00 | - | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Time Deposits | 12,092,616 | - | 12,092,616 | - | ||||||||||||
Money Market Fund | 15,190,350 | 15,190,350 | - | - | ||||||||||||
Total Investments, at value | $ | 542,664,850 | $ | 528,263,442 | $ | 14,401,408 | $ | - |
Unadjusted Quoted Prices | Significant | Significant | ||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||
Total Fair Value at | for Identical Investments | Inputs | Inputs | |||||||||||||
30-Nov-19 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Destinations Real Assets Fund | ||||||||||||||||
Investments, at value | ||||||||||||||||
Exchange Traded Funds (ETFs) | $ | 1,887,042 | 1,887,042 | $ | - | $ | - | |||||||||
Short-Term Investments: | ||||||||||||||||
Time Deposits | 318,569 | - | 318,569 | - | ||||||||||||
Money Market Fund | 193,000 | 193,000 | - | - | ||||||||||||
Total Investments, at value | $ | 2,398,611 | $ | 2,080,042 | $ | 318,569 | $ | - |
Unadjusted Quoted Prices | Significant | Significant | ||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||
Total Fair Value at | for Identical Investments | Inputs | Inputs | |||||||||||||
30-Nov-19 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Destinations Core Fixed Income Fund | ||||||||||||||||
Investments, at value | ||||||||||||||||
Collateralized Mortgage Obligations | $ | 436,611,877 | $ | - | $ | 436,611,877 | $ | - | ||||||||
U.S. Government Agencies & Obligations | 394,654,085 | - | 394,654,085 | - | ||||||||||||
Corporate Bonds & Notes | 383,559,950 | - | 383,559,950 | - | ||||||||||||
Mortgage-Backed Securities | 380,330,765 | - | 380,330,765 | - | ||||||||||||
Asset-Backed Securities | 153,094,446 | - | 153,094,446 | - | ||||||||||||
Sovereign Bonds | 26,954,423 | - | 26,954,423 | - | ||||||||||||
Senior Loans | 25,744,345 | - | 25,744,345 | - | ||||||||||||
Municipal Bonds | 3,649,373 | - | 3,649,373 | - | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Time Deposits | 99,277,529 | - | 99,277,529 | - | ||||||||||||
U.S. Government Obligations | 61,125,262 | - | 61,125,262 | - | ||||||||||||
Money Market Fund | 231,165 | 231,165 | - | - | ||||||||||||
Total Investments, at value | $ | 1,965,233,220 | $ | 231,165 | $ | 1,965,002,055 | $ | - |
Unadjusted Quoted Prices | Significant | Significant | ||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||
Total Fair Value at | for Identical Investments | Inputs | Inputs | |||||||||||||
30-Nov-19 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Destinations Low Duration Fixed Income Fund | ||||||||||||||||
Investments, at value | ||||||||||||||||
Corporate Bonds & Notes | $ | 184,816,086 | $ | - | 184,816,086 | $ | - | |||||||||
Senior Loans | 41,036,166 | - | 41,036,166 | - | ||||||||||||
Asset-Backed Securities | 31,037,371 | - | 31,037,371 | - | ||||||||||||
Collateralized Mortgage Obligations | 28,390,233 | - | 28,390,233 | - | ||||||||||||
U.S. Government Obligations | 3,994,984 | - | 3,994,984 | - | ||||||||||||
Sovereign Bonds | 1,226,082 | - | 1,226,082 | - | ||||||||||||
Mortgage-Backed Security | 602,299 | - | 602,299 | - | ||||||||||||
Exchange Traded Fund (ETF) | 9,980,359 | 9,980,359 | - | - | ||||||||||||
Common Stock | 201,059 | - | - | 201,059 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Commercial Papers | 43,592,565 | - | 43,592,565 | - | ||||||||||||
Time Deposits | 17,714,947 | - | 17,714,947 | - | ||||||||||||
U.S. Government Obligations | 2,840,173 | - | 2,840,173 | - | ||||||||||||
Money Market Fund | 4,925,025 | 4,925,025.00 | - | - | ||||||||||||
Total Investments, at value | $ | 370,357,349 | $ | 14,905,384 | $ | 355,250,906 | $ | 201,059 | ||||||||
Other Financial Instruments - Assets | ||||||||||||||||
Forward Foreign Currency Contracts | $ | 20,518 | $ | - | $ | 20,518 | $ | - | ||||||||
Total Other Financial Instruments - Assets | $ | 20,518 | $ | - | $ | 20,518 | $ | - | ||||||||
Other Financial Instruments - Liabilities | ||||||||||||||||
Forward Foreign Currency Contract | $ | (9,526 | ) | $ | - | $ | (9,526 | ) | $ | - | ||||||
Total Other Financial Instruments - Liabilities | $ | (9,526 | ) | $ | - | $ | (9,526 | ) | $ | - |
Unadjusted Quoted Prices | Significant | Significant | ||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||
Total Fair Value at | for Identical Investments | Inputs | Inputs | |||||||||||||
30-Nov-19 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Destinations Global Fixed Income Opportunities Fund | ||||||||||||||||
Investments, at value | ||||||||||||||||
Corporate Bonds & Notes | ||||||||||||||||
Argentina | $ | 771,750 | $ | - | $ | 771,750 | $ | - | ||||||||
Australia | 6,978,166 | - | 6,978,166 | - | ||||||||||||
Austria | 560,233 | - | 560,233 | - | ||||||||||||
Bahamas | 9,893,825 | - | 9,893,825 | - | ||||||||||||
Bermuda | 8,924,562 | - | 8,924,562 | - | ||||||||||||
Brazil | 15,960,052 | - | 15,960,052 | - | ||||||||||||
British Virgin Islands | 21,955,451 | - | 21,955,451 | - | ||||||||||||
Canada | 3,877,802 | - | 3,877,802 | - | ||||||||||||
Cayman Islands | 33,668,458 | - | 33,668,458 | - | ||||||||||||
Chile | 20,597,794 | - | 20,597,794 | - | ||||||||||||
Colombia | 14,151,714 | - | 14,151,714 | - | ||||||||||||
Denmark | 650,223 | - | 650,223 | - | ||||||||||||
Dominican Republic | 1,149,500 | - | 1,149,500 | - | ||||||||||||
France | 4,875,831 | - | 4,875,831 | - | ||||||||||||
Germany | 3,316,358 | - | 3,316,358 | - | ||||||||||||
India | 14,965,886 | - | 14,965,886 | - | ||||||||||||
Indonesia | 8,375,027 | - | 8,375,027 | - | ||||||||||||
Ireland | 3,328,625 | - | 3,328,625 | - | ||||||||||||
Israel | 3,080,264 | - | 3,080,264 | - | ||||||||||||
Italy | 12,696,519 | - | 12,696,519 | - | ||||||||||||
Luxembourg | 3,780,250 | - | 3,780,250 | - | ||||||||||||
Malaysia | 17,717,239 | - | 17,717,239 | - | ||||||||||||
Marshall Island | 6,136,486 | - | 6,136,486 | - | ||||||||||||
Mauritius | 3,009,427 | - | 3,009,427 | - | ||||||||||||
Mexico | 30,728,428 | - | 30,728,428 | - | ||||||||||||
Netherlands | 15,879,792 | - | 15,879,792 | - | ||||||||||||
Norway | 1,760,000 | - | 1,760,000 | - | ||||||||||||
Panama | 10,908,729 | - | 10,908,729 | - | ||||||||||||
Peru | 1,243,306 | - | 1,243,306 | - | ||||||||||||
Philippines | 815,582 | - | 815,582 | - | ||||||||||||
Portugal | 2,996 | - | - | 2,996 | ||||||||||||
Singapore | 25,398,929 | - | 25,398,929 | - | ||||||||||||
Switzerland | 3,364,255 | - | 3,364,255 | - | ||||||||||||
Thailand | 6,464,781 | - | 6,464,781 | - | ||||||||||||
United Kingdom | 19,364,892 | - | 19,364,892 | - | ||||||||||||
United States | 194,937,527 | - | 194,937,527 | - | ||||||||||||
Senior Loans | 67,248,941 | - | 66,179,104 | 1,069,837 | ||||||||||||
Sovereign Bonds | 32,718,711 | - | 32,718,711 | - | ||||||||||||
Preferred Stocks: | ||||||||||||||||
Bermuda | 2,835,772 | 2,835,772 | - | - | ||||||||||||
United States | 16,431,564 | 15,233,084 | 1,198,480 | - | ||||||||||||
Common Stocks: | ||||||||||||||||
Colombia | 150,218 | - | - | 150,218 | ||||||||||||
United States | 12,049,571 | 7,820,432 | - | 4,229,139 | ||||||||||||
Warrants: | ||||||||||||||||
Brazil | – | * | - | - | – | * | ||||||||||
United States | 16,150 | 16,150 | - | - | ||||||||||||
Purchased Options | 10,624 | 3,744 | 6,880 | - | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Commercial Papers | 100,028,991 | - | 100,028,991 | - | ||||||||||||
Time Deposits | 26,721,079 | - | 26,721,079 | - | ||||||||||||
Money Market Fund | 2,693 | 2,693 | - | - | ||||||||||||
Total Investments, at value | $ | 789,504,973 | $ | 25,911,875 | $ | 758,140,908 | $ | 5,452,190 | ||||||||
Other Financial Instruments - Asset | ||||||||||||||||
Forward Foreign Currency Contract | $ | 50,895 | $ | - | $ | 50,895 | $ | - | ||||||||
Total Other Financial Instruments - Assets | $ | 50,895 | $ | - | $ | 50,895 | $ | - | ||||||||
Other Financial Instruments - Liabilities | ||||||||||||||||
Forward Foreign Currency Contract | $ | (13,240 | ) | $ | - | $ | (13,240 | ) | $ | - | ||||||
Options Contracts Written | (13,638 | ) | (4,608 | ) | (9,030 | ) | - | |||||||||
Securities Sold Short: | ||||||||||||||||
Corporate Bonds & Notes | (4,924,625 | ) | - | (4,924,625 | ) | - | ||||||||||
Common Stock | (267,194 | ) | (267,194 | ) | - | - | ||||||||||
Exchange Traded Fund (ETF) | (1,013,720 | ) | (1,013,720 | ) | - | - | ||||||||||
Total Other Financial Instruments - Liabilities | $ | (6,232,417 | ) | $ | (1,285,522 | ) | $ | (4,946,895 | ) | $ | - |
Unadjusted Quoted Prices | Significant | Significant | ||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||
Total Fair Value at | for Identical Investments | Inputs | Inputs | |||||||||||||
30-Nov-19 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Destinations Municipal Fixed Income Fund | ||||||||||||||||
Investments, at value | ||||||||||||||||
Municipal Bonds | $ | 823,295,914 | $ | - | $ | 823,295,914 | $ | - | ||||||||
Short-Term Investments: | ||||||||||||||||
Time Deposits | 12,362,362 | - | 12,362,362 | - | ||||||||||||
Municipal Bonds | 44,825,139 | - | 44,825,139 | - | ||||||||||||
Total Investments, at value | $ | 880,483,415 | $ | - | $ | 880,483,415 | $ | - |
Unadjusted Quoted Prices | Significant | Significant | ||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||
Total Fair Value at | for Identical Investments | Inputs | Inputs | |||||||||||||
30-Nov-19 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Destinations Multi Strategy Alternatives Fund | ||||||||||||||||
Investments, at value | ||||||||||||||||
Corporate Bonds & Notes: | ||||||||||||||||
Communications | $ | 32,333,999 | $ | - | $ | 32,333,999 | $ | - | ||||||||
Consumer Cyclical | 10,242,463 | - | 10,242,463 | - | ||||||||||||
Consumer Non-cyclical | 32,869,262 | - | 32,869,262 | - | ||||||||||||
Energy | 12,120,195 | - | 12,120,195 | - | ||||||||||||
Financial | 28,789,057 | 1,786,029 | 27,003,028 | - | ||||||||||||
Collateralized Mortgage Obligations | 190,288,696 | - | 190,288,696 | - | ||||||||||||
Senior Loans | 24,312,788 | - | 24,312,788 | - | ||||||||||||
Asset-Backed Securities | 11,055,864 | - | 11,055,864 | - | ||||||||||||
Municipal Bonds | 30,579 | - | 30,579 | - | ||||||||||||
Open-End Fund | 170,710,493 | 170,710,493 | - | - | ||||||||||||
Closed-End Funds | 146,538,095 | 146,538,095 | - | - | ||||||||||||
Common Stocks | 146,106,257 | 146,106,257 | - | - | ||||||||||||
Preferred Stock | 3,511,368 | 3,511,368 | - | - | ||||||||||||
Warrants | 341,630 | 341,630 | - | - | ||||||||||||
Rights | 81,946 | 81,946 | - | - | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Time Deposits | 74,844,905 | - | 74,844,905 | - | ||||||||||||
Money Market Fund | 12,091,731 | 12,091,731 | - | - | ||||||||||||
Total Investments, at value | $ | 896,269,328 | $ | 481,167,549 | $ | 415,101,779 | $ | - | ||||||||
Other Financial Instruments - Assets | ||||||||||||||||
OTC Credit Default Swaps | $ | 1,866,855 | $ | - | $ | 1,866,855 | $ | - | ||||||||
Total Other Financial Instruments - Assets | $ | 1,866,855 | $ | - | $ | 1,866,855 | $ | - | ||||||||
Other Financial Instruments - Liabilities | ||||||||||||||||
Securities Sold Short: | ||||||||||||||||
Corporate Bond & Note | $ | (4,150,696 | ) | - | $ | (4,150,696 | ) | - | ||||||||
Exchange Traded Funds (ETFs) | (60,537,250 | ) | (60,537,250 | ) | - | - | ||||||||||
Common Stocks | (7,141,023 | ) | (7,141,023 | ) | - | - | ||||||||||
Total Other Financial Instruments - Liabilities | $ | (71,828,969 | ) | $ | (67,678,273 | ) | $ | (4,150,696 | ) | $ | - |
The level classification by major category of investments is the same as the category presentation in the Schedules of Investments.
During the period ended November 30, 2019, Destinations International Equity Fund had transfer from Level 1 to Level 2 of $4,356,425 and transfer from Level 2 to Level 1 of $1,750,348. Destinations Global Fixed Income Opportunities Fund had transfer from Level 1 to Level 3 of $150,218.
The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period February 28, 2019 through November 30, 2019:
Total | Common Stocks | Corporate Bonds & Notes | Preferred Stocks | Senior Loans | Warrants | Closed-End Funds | ||||||||||||||||||||||
Destinations Large Cap Equity Fund | ||||||||||||||||||||||||||||
Balance as of February 28, 2019 | $ | 1,991,162 | $ | 1,584,623 | $ | - | $ | 406,539 | $ | - | $ | - | $ | - | ||||||||||||||
Purchases | 2,666,030 | - | - | 2,666,030 | - | - | - | |||||||||||||||||||||
(Sales/Paydowns) | - | - | - | - | - | - | - | |||||||||||||||||||||
Total realized gain (loss) | - | - | - | - | - | - | - | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) | 190,966 | 231,620 | - | (40,654 | ) | - | - | - | ||||||||||||||||||||
Transfers In | - | - | - | - | - | - | - | |||||||||||||||||||||
Transfers Out | - | - | - | - | - | - | - | |||||||||||||||||||||
Balance as of November 30, 2019 | $ | 4,848,158 | $ | 1,816,243 | $ | - | $ | 3,031,915 | $ | - | $ | - | $ | - | ||||||||||||||
Change in unrealized appreciation (depreciation) from Investments held as of November 30, 2019 | $ | 190,966 | $ | 231,620 | $ | - | $ | (40,654 | ) | $ | - | $ | - | $ | - | |||||||||||||
Destinations International Equity Fund | ||||||||||||||||||||||||||||
Balance as of February 28, 2019 | $ | 4,107 | 4,107 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||
Purchases | 1,655,539 | 861,945 | - | 793,594 | - | - | - | |||||||||||||||||||||
(Sales/Paydowns) | - | - | - | - | - | - | - | |||||||||||||||||||||
Total realized gain (loss) | - | - | - | - | - | - | - | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) | (323,384 | ) | (323,384 | ) | - | - | - | - | - | |||||||||||||||||||
Transfers In | - | - | - | - | - | - | - | |||||||||||||||||||||
Transfers Out | - | - | - | - | - | - | - | |||||||||||||||||||||
Balance as of November 30, 2019 | $ | 1,336,262 | $ | 542,668 | $ | - | $ | 793,594 | $ | - | $ | - | $ | - | ||||||||||||||
Change in unrealized appreciation (depreciation) from Investments held as of November 30, 2019 | $ | (323,384 | ) | $ | (323,384 | ) | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Destinations Low Duration Fixed Income Fund | ||||||||||||||||||||||||||||
Balance as of February 28, 2019 | $ | 264,017 | $ | 264,017 | $ | - | $ | - | ||||||||||||||||||||
Purchases | - | - | - | - | - | |||||||||||||||||||||||
(Sales/Paydowns) | - | - | - | |||||||||||||||||||||||||
Accrued Discounts (premiums) | - | - | - | - | - | - | - | |||||||||||||||||||||
Total realized gain (loss) | - | - | - | |||||||||||||||||||||||||
Change in unrealized appreciation (depreciation) | (62,958 | ) | (62,958 | ) | - | |||||||||||||||||||||||
Transfers In | - | - | - | - | - | - | - | |||||||||||||||||||||
Transfers Out | - | - | - | - | - | - | ||||||||||||||||||||||
Balance as of November 30, 2019 | $ | 201,059 | $ | 201,059 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
Change in unrealized appreciation (depreciation) from Investments held as of November 30, 2019 | $ | (62,958 | ) | $ | (62,958 | ) | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Destinations Global Fixed Income Opportunities Fund | ||||||||||||||||||||||||||||
Balance as of February 28, 2019 | $ | 4,869,557 | $ | 3,799,720 | $ | - | $ | - | $ | 1,069,837 | $ | - | $ | - | ||||||||||||||
Purchases | 931,781 | * | 909,120 | 22,661 | - | - | - | * | - | |||||||||||||||||||
(Sales/Paydowns) | - | - | - | - | - | - | - | |||||||||||||||||||||
Accrued Discounts (premiums) | - | - | - | - | - | - | - | |||||||||||||||||||||
Total realized gain (loss) | - | - | - | - | - | - | - | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) | (499,366 | ) | (479,701 | ) | (19,665 | ) | - | - | - | - | ||||||||||||||||||
Transfers In | 150,218 | 150,218 | - | - | - | - | - | |||||||||||||||||||||
Transfers Out | - | - | - | - | - | - | - | |||||||||||||||||||||
Balance as of November 30, 2019 | $ | 5,452,190 | * | $ | 4,379,357 | $ | 2,996 | $ | - | $ | 1,069,837 | $ | - | * | $ | - | ||||||||||||
Change in unrealized appreciation (depreciation) from Investments held as of November 30, 2019 | $ | (499,366 | ) | $ | (479,701 | ) | $ | (19,665 | ) | $ | - | $ | - | $ | - | $ | - |
* Includes securities that are fair valued at $0.
Destinations Multi Strategy Alternatives Fund | ||||||||||||||||||||||||||||
Balance as of February 28, 2019 | $ | - | * | $ | - | $ | - | * | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Purchases | 19,487 | - | - | - | - | - | 19,487 | |||||||||||||||||||||
(Sales/Paydowns) | (19,487 | )* | - | - | * | - | - | - | (19,487 | ) | ||||||||||||||||||
Accrued Discounts (premiums) | - | - | - | - | - | - | - | |||||||||||||||||||||
Total realized gain (loss) | - | * | - | - | * | - | - | - | - | |||||||||||||||||||
Change in unrealized appreciation (depreciation) | - | * | - | - | * | - | - | - | - | |||||||||||||||||||
Transfers In | - | - | - | - | - | - | - | |||||||||||||||||||||
Transfers Out | - | - | - | - | - | - | - | |||||||||||||||||||||
Balance as of November 30, 2019 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
Change in unrealized appreciation (depreciation) from Investments held as of November 30, 2019 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
* Includes securities that are fair valued at $0.
3. Investments
At November 30, 2019, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:
Fund | Aggregate Cost For Federal Income Tax Purposes | Gross | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Destinations Large Cap Equity Fund | $ | 3,389,022,829 | $ | 809,193,487 | $ | (81,747,800 | ) | $ | 727,445,687 | |||||||
Destinations Small-Mid Cap Equity Fund | 917,057,564 | 151,598,290 | (26,402,457 | ) | 125,195,833 | |||||||||||
Destinations International Equity Fund | 1,745,701,550 | 352,076,499 | (66,416,695 | ) | 285,659,804 | |||||||||||
Destinations Equity Income Fund | 508,465,319 | 48,617,659 | (14,418,128 | ) | 34,199,531 | |||||||||||
Destinations Real Assets Fund | 2,392,521 | 15,906 | (9,816 | ) | 6,090 | |||||||||||
Destinations Core Fixed Income Fund | 1,923,544,677 | 56,420,988 | (14,732,445 | ) | 41,688,543 | |||||||||||
Destinations Low Duration Fixed Income Fund | 375,066,492 | 894,891 | (5,593,042 | ) | (4,698,151 | ) | ||||||||||
Destinations Global Fixed Income Opportunities Fund | 793,889,538 | 10,892,417 | (15,235,396 | ) | (4,342,979 | ) | ||||||||||
Destinations Municipal Fixed Income Fund | 851,589,481 | 29,570,268 | (676,334 | ) | 28,893,934 | |||||||||||
Destinations Multi Strategy Alternatives Fund | 936,687,429 | 23,815,041 | (62,366,287 | ) | (38,551,246 | ) |